HomeMy WebLinkAboutR-92-0447r
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RESOLUTION NO.
A RESOLUTION, WITH ATTACHMENT(S), ACCEPTING
THE CITY OF MIAMI COMPREHENSIVE ANNUAL
FINANCIAL AUDIT REPORT AND RELATED MANAGEMENT
LETTER FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1992, AS REQUIRED BY THE RULES
OF THE AUDITOR GENERAL OF THE STATE OF
FLORIDA, SECTION 10.558.
WHEREAS, the external auditors of the City of Miami,
Deloitte and Touche, 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's
Comprehensive Annual Financial Report for the Fiscal Year ended
September 30, 1991; and
WHEREAS, the external auditors in planning and performing
their audit have developed recommendations oonoerning certain
matters related to the internal control structure and certain
administrative and operating matters which are reported in the
management letter; and
WHEREAS, the Rules of the Auditor General of the State of
Florida, Section 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;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
ATTACHMENT (S)
CONTAINED
CITY COMMISSION
MEETING OF
J U 1. 0 q 1992
Resolution No.
92- 447
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 Commission hereby accepts the
attached Comprehensive Annual Financial Report and related
management letter of the City of Miami for the Fiscal Year ended
September 30, 1991, as required by the Rules of the Auditor
General of the State of Florida, Section 10.558.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 9th day of 1992.
XAVIER SUAR MAYOR
ATTA
MATTY HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
f�J
AEL 0. DIAZ
DSPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
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ELECTED OFFICIALS
CITY COMMISSION
Xavier L. Suarez
Mayor
Miriam Alonso
Vice -Mayor
Miller J. Dawkins
Commissioner
Victor De Yurre
Commissioner
J. L. Plummer, Jr.
Commissioner
APPOINTED
OFFICIALS
Cesar H. Odio
City Manager
A. Quinn Jones, III
City Attorney
Matty Hirai
City Clerk
CERTIFIED PUBLIC ACCOUNTANTS
DELOITTE & TOUCHE
In Association With
SHARPTON BRUNSON
& COMPANY P.A.
VERDEJA, IRIONDO,
& GRAVIER
WATSON & COMPANY P.A.
92-- 447
e
CITY OF MIAM1, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended September 30, 1991
_
TABLE OF CONTENTS
INTRODUCTORY SECTION
Exhibit/
Schedule
-
Page
_
Letter of Transmittal .....................................................
Certificate of Achievement .................................................
5-9
10
Organizational Chart ......................................................
11
FINANCIAL SECTION
Independent Auditors' Report ..............................................
-
15 -
General Purpose Financial Statements
Combined Balance Sheet —All Fund Types
and Account Groups ....................................................
1
20-21 -
Combined Statement of Revenues,
Expenditures and Changes in Fund
Balances —All Governmental Fund
—
Types and Expendable Trust Funds .......................................
Combined Statement of Revenues, Expenditures
11
23
and Changes in Fund Balances —Budget and Actual —General Fund, Special Revenue Funds
and Debt Service Funds .................................................
Combined Statement of Revenues,
111
24-25
Expenses and Changes in Fund
Equity —All Proprietary Fund Types
and Pension Trust Funds ................................................
IV
26
Combined Statement of Cash Flows —All Proprietary Fund Types ...............
V
27-28
Notes to Financial Statements .............................................
29-57
Supplemental Combining and Individual Fund Statements and Schedules
General Fund:
Balance Sheet.........................................................
A-1
63•
Schedule of Revenues. Expenditures and Changes in
Fund Balance —Budget and Actual —Budgetary Basis ......................
A-2
64-65
Special Revenue Funds:
Combining Balance Sheet ...............................................
B-1
70-71
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances .............................................
B-2
72-73
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances —Budget and
Actual —Budgetary Basis —Miami Sports and Exhibition Authority,
Downtown Development Authority, Rescue Services,
Community Development, Cable T.V., Law Enforcement Fund,
Metro Dade Tourist Tax, Storm Sewer Water Fund,
and Public Service Tax Special Revenue Funds ............................
B-3
•74-77
Debt Service Funds:
Combining Balance Sheet ...............................................
C-1
81
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances .............................................
C-2
83
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
84-85
Capital Projects Funds:
Combining Balance Sheet ...............................................
D-1
89
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances .............................................
D-2
90
92- 447
s • �
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:
Schedule 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, Certificates 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 ...........................................
BancDeposits.........................................................
Building Permits .. ...................................................
Demographic Statistics --City of Miami
and Metropolitan Dade County Population .... . ...........................
General Statistical Data .................................................
Growth Factors........................................................
Exhibit/
Schedule
Page
E-1
94-95
E-2
E-3
96
98-99
E-4
100-104
F-1
107
F-2
108
F-3
109
F-4
G-1
1 10-1 11
115
G-2
116
G-3
117
G-4
118
H-1
121
H-2
122
H-3
123
1-1
128-129
1-2
130
133
133
134
134
135
136
136
137
137
138
138
138
139
14
141
141
142
142
143
144
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March 25, 1992
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, 1991, 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
1990 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 ENTITY 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 Maurice Gusman Cultural Center and the Olympia
Building ("G&O") are also operated by DOSP. DOSP and
G&O are included as enterprise funds in this report.
DOWNTOWN DEVELOPMENT AUTHORITY ("DDA")
-- The DDA is governed by a board appointed by the City
Commission. The Commission must approve the millage
levied on the special taxing district established to fund DDA.
DDA has been included within the reporting entity 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 Health Facilities Authority
("MHFA"), a public instrumentality created under the
Florida Health Facilities Authority Law, Chapter 154, Part
III, Florida Statutes, has been included in this report under
the Other Special Revenue Funds. Debt obligations issued
under the purview of the MHFA do not constitute an
indebtedness, liability or pledge of the faith or credit of the
MHFA or the City. Accordingly, the financial activity related
to such 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. FIPO and GESE are included as pension
trust funds in this report.
The City has determined that its degree of oversight
and financial responsibility over Miami Capital Development,
Inc., the Miami Police Relief and Pension Fund, and the
Miami Firefighters Relief and Pension Fund is so remote 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
southeastern region. The City comprises 34 square miles of
land and 20 square miles of water. its proximity to the
Caribbean and Latin America has been crucial to Miami's
92-- 447
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emergence as a hub for international business with
countries in that region.
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 383,000 in 1991, and is expected to
increase to 400,000 by the year 2000.
The City is almost completely urbanized with
downtown boundaries comprising 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 $2.51 billion.
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 trans -shipment have fortified the economic
base.
During 1991 the local economy was negatively
impacted by the bankruptcy of several institutions based in
Greater Miami, including Centrust Bank, Southeast Bank,
Eastern Airlines and Pan American Airlines. As a result, the
unemployment rate increased in Greater Miami to 8.7% in
1991, compared with 6.7% in 1990.
International trade, one of the City's main economic
sectors, is experiencing very strong growth as evidenced by
the increase in exports through Miami's customs district for
the quarter ending September 30. 1991, reaching $3.5
billion a 28% increase over the same quarter in 1990.
These results are attributable to the performance of the
economies in several Latin American countries. Venezuela
had an 8.5% economic growth rate in 1991. During the
year, five of the six top performing stock exchanges in the
world were in Latin America: Argentina, Brazil, Chile,
Colombia and Mexico. Growth in international trade, fueled
by booming Latin American economies, is expected to
continue.
MAJOR INITIATIVES
For the year. A participative management approach
was implemented during the year with the formation of
Labor/Management Committees at both the departmental
and citywide levels. In a typical meeting of these
committees issues are discussed among representatives of
management and labor unions with decisions made on a
consensus basis. The citywide "Summit Committee'" sets
administrative policies that prior to the implementation of
the labor/management approach would have been
established solely by the City administration. Among the
many accomplishments of these committees have been the
preparation of the operating budget for the incoming fiscal
year. As a result of this budgetary process a one-time
voluntary retirement program was offered to the City's work
force in October of 1991. This program played a major role
in balancing next year's budget as well as in downsizing the
City's work force.
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The most significant capital projects being built at year-
end were improvements to the Orange Bowl Stadium and a
Neighborhood Parks Improvements Program. Components
of the $17 million Orange Bowl renovations include a new
sound system and scoreboard; new press box; replacement
of the electrical and emergency systems; replacement of
concrete joists, and improvements to bathrooms and
concession stands. These improvements were the decisive
factor in keeping the University of Miami Hurricanes Football
Team and the Orange Bowl Classic games at the stadium
which are important parts of the history and tradition of
Miami. Pictured on the cover of this report is a Miami Police
float in the annual Orange Bowl Parade, one of the events
leading to the Orange Bowl Classic Game. The $22 million
Neighborhood Parks Improvements Program covers the
construction of a youth center, several new pools and
renovations to forty five existing parks, which are now at
various stages of construction.
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 the voluntary retirement program and
downsizing the workforce by not replacing the vast majority
of retiring employees will also produce cost avoidance in
future years. We are hopeful that the leadership of the City
Commission and the partnership forged between the
Unions and the City Administration will enable us to resolve
the important issues the City will be facing in the future.
Beginning in 1992, the City will be implementing a
Neighborhood Enhancement Teams Program ("NET").
NET's goals are to provide municipal services at the
neighborhood level and to make neighborhoods more crime
resistant rather than using police to catch criminals.
Community -based teams, composed of police officers, fire
fighters, code inspectors and other City staff, will provide
services tailored to the needs of the citizens. This program
will be implemented at no extra cost by reallocating staff
and using already existing City facilities.
This innovative change in the way City services are
delivered typifies the commitment of the City Commission
and Administration in improving the level of services
offered.
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
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reasonable assurance recognizes that: (1) the cost of
control should not exceed the benefits likely to be derived. -
and (2) the valuation of costs and benefits requires
estimates and judgment 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 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, 1991.
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,
1991, and the amount and percentage of increases and
decreases in relation to prior year amounts.
Increau
Percent
(Deere* se))
Percent of
Revenues and Other
Amount
of
From 1980
Increase
Financing sources
10006)
Total
(000s)
(Decrease)
Taxes ..:..... ......
$118.677
59.2%
$ 2.307
2.0%
Licenses and permits ...
4,773
2.4
(1,230)
(20.5)
Intergovernmental ...
25.361
12.7
324
1.3
Intragovernmental .....
6.471
3.2
3,814
143.54
Charges for services ..
4.830
2.4
974
25.3
Interest ...... I ......
3,438
1.7
1.204
53.9
Other revenues .... ...
2.837
1.4
1.404
98.0
Operating transfers in .
. 34.162
17.0
16.640)
(16.3)
Total ... ............
$200.549
100.0%
$ 2,157
The most significant fluctuation in the preceding
numbers resulted from a decrease in operating transfers
amounting to $6.6 million. Non -recurring transfers made in
7
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1990 included $3 million in discretionary funds originally
recorded in the Capital Projects fund and $3.1 transferred
from the Convention Center Enterprise fund representing
funds released from a debt service reserve replaced with a
surety bond.
The largest increase occurred in intragovernmental
revenues representing charges for engineering and
administrative services to capital projects and other funds.
The following schedule presents a summary of General
fund expenditures and other financing uses for the fiscal
year ended September 30, 1991, and the percentage of
increases and decreases in relation to prior year amounts.
increase
Expenditures
Percent
(Deere•ss�
Percent of
and
Amount
of
Over 199
Increase
Other Financing Uses
(0009)
Total
10009)
(Deeressel
General government
$ 18.536
9.2%
$ (533)
(2.91%
Public safety . . ...
128,949
64.3
3.607
2.9
Public improvements ...
13,761
69
78
18
Culture and recreation
10,664
5.3
(2001
( t .81
Principal retirement
-
-
1284)
(100.0)
Interest and fiscal charges
1.995
1.0
63
3.3
Other expenditure . . .
10,271
5.1
(1,312)
(11 3)
Operating Transfer Out
16.396
8.2
799
5.1
Total ..
$200.572
100 0%
$ 2,218
The increase in public safety expenditures is
attributable to enhanced police services. The reduction of
$1.5 million in the other expenditures category is due to
elimination of various temporary operations.
General Fund Balance. The fund balance of the
General fund was $5,123,000 on a GAAP basis as of the
end of the fiscal year, compared to $5.175.000 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 1991
and 1990 are summarized below:
1991 1990
(OOOs) (0008)
Operating revenues .......... $ 44.981 $ 48,094
Operating expenses .......... (54,260) (53.922)
Depreciation expense ........ (4,886) (5,144)
Non -operating expenses -net (5,396) (6,036)
Operating transfers -net ..... 14,706 10,059
Loss before extraordinary
item ..................... $ (4,855) $ (6,949)
Extraordinary item loss on debt
refinancing ................ -- (1,280)
Net loss ................ $ (4,855) $ (8,229)
Fiscal year 1991 losses before operating transfers -in
for the solid waste and convention center operations
amounted to $11.8 million and $6.9 million, respectively,
requiring operating transfers of $13.0 million to the Solid
92- 447
Waste Enterprise fund and $4.7 million to the Convention
Center Enterprise fund. Additional cash subsidies are
protected 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
$3.9 million during the year to $54.6 million, including
reserves for claims incurred but not reported ("IBNR") of
$17.0 million. The increase for the year is attributable to
cases under the general liability coverage.
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, 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 $590 million at
September 30, 1990, to $655 million as of September 30.
1991. The percentage of pension benefit obligation funded
was 104% for FIPO and 65% 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 $186.4
million or 1.7% 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 $486.79 as
of year end.
The City maintained its 1990 general obligation bond
ratings of "A-1" and A+" by Moody's Investors Service
and Standard and Poor's Corporation, respectively. During
1991 each of the various principal and interest installments
was paid as scheduled, including general obligation debt
principal retired amounting to $1 1.0 million.
During the fiscal year, the City issued $16.135.000
General Obligation Refunding Bonds, Series 1991, to
advance refund a portion of the 1983 general obligation
bonds, resulting in net present value savings of $961.500.
The City also sold $10,000.000 General Obligation Bonds,
Series 1991, composed of $7,000,000 in sanitary sewer
bonds and $3,000,000 in fire and rescue facilities bonds
for the purpose of funding various capital projects.
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 Deferred
8
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Compensation plans manage their own funds, and are not
included in the City's pooled cash system.
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 earned interest
revenue of 7.42% on pooled investments for the year
ended September 30, 1991, while the composite rate was
6.54%.
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 $49.7 million
dollars in investments held by the City at September 30,
1991, were classified in the category of lowest credit risk as
defined by the Governmental Accounting Standards Board.
Investments amounting to $22.4 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.; Verdeia, Inondo &
Gravier; and Watson & Company, P.A., has audited the
general purpose financial statements of the City for the year
ended September 30. 1991. 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, 1990. This was the ninth
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.
92- 447
I
7
11
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In addition, the City also received the GFOA's Award
for Distinguished Budget Presentation for its annual budget
for the fiscal year beginning October 1, 1990. In order to
qualify for the Distinguished Budget Presentation Award,
the City's budget document was judged to be proficient in
several categories including policy documentation, financial
planning, and organization.
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
the Finance Department. Each member of the department
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
Miami is greatly appreciated. We also wish to express our
appreciation to our Certified Public Accountants, Deloitte &
9
Touche, in association with Sharpton, Brunson & Co., P.A.;
Verdela, Iriondo & Grawer; and Watson & Company, P.A.,
for their cooperation and assistance.
Sincerely,
AJ
Cesar H. Odio
City Manager
Carlos E. Garcia, CPA
Finance Director
92- 447
1-0
Certificate of
Achievement
for Excellence
in Financial
deporting
Presented to
City of Miami,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1990
A Certificate of Achievement for Excellence it 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.
top
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92- 447
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Certified Public Accountants Suite 2500
100 Southeast Second Street
Miami, Florida33131-2135
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, 1991 and for the year then ended, listed in
the foregoing table of contents. These general purpose
financial statements are the responsibility of City of Miami.
Florida, administration. 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:
Percentage of Total
Fund Type
Component Units
Assets Revenues
Downtown Development
Authority —Special Revenue
Fund ......................
2% 2%
Department of Off -Street
Parking —Enterprise Fund .....
18% 22%
Gusman Cultural Center and
Olympia Building —Enterprise
Fund ......................
1% 2%
Fire Fighters' and Police Officers'
Retirement Trust and General
Employees' and Sanitation
Employees' Retirement Trust —
Pension Trust Funds..........
94% 100%
Those financial statements were audited by other
auditors whose reports thereon have been provided to us,
and our opinion expressed herein, insofar as it relates to the
amounts included for those entities, is based solely on the
reports of other auditors.
15
We conducted our audit in accordance with generally
accepted auditing standards. 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 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 financia!
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, 1991 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 also comprehended the supplemental
combining and individual fund and account group
statements and schedules and other supplemental
information listed in the foregoing table of contents. This
supplemental combining and individual fund and account
group statements and schedules and other supplemental
information is also the responsibility of City of Miami.
Florida, administration. In our opinion, based on our audit
and the reports of other auditors, such supplemental
information, when considered in relation to the general
purpose financial statements, presents fairly in all material
respects the information shown therein.
March 25. 1992
f /
MNmbei 9 2 447
DRT international
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16
92 - 447
U'!,`�T�as�-`. f �'
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1 9
City of Miami, Florida
Motes to Financial Statements
portion of the applicable appropriation, is employed in
the General and Capital Projects funds. On the non-
GAAP budgetary basis, encumbrances are recorded as
expenditures of the current year. On a GAAP basis, en-
cumbrances outstanding at year-end are reported as
e
reservations of fund balance since they do not consti-
tute expenditures or liabilities since the commitments
will be honored during the subsequent year.
(4) Excess of Expenditures Over Appropriations
in Individual Funds
Special Revenue Funds:
Miami Sports and Exhibition Authority $ 97
Community Development ........... 386
Metro Dade Tourist Tax ............ 100
Debt Service Funds:
Other Special Obligation Bonds ...... 4,212
P,
L
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E. Pooled Cash and Investments
The City maintains an accounting system in which substan-
tially all cash, investments and accrued interest are record-
ed 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 respec-
tive fund with an offsetting interfund receivable reported, in
another fund (See Note 5). The funds listed below main-
tained separate cash and investment balances and are re-
corded as "Other cash and investments" in the accompa-
nying 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
• Downtown Development Authority Special Revenue
Fund
• Special Obligation Bonds Debt Service Fund (MSEA)
• Subordinate Obligation Note Debt Service Fund
(MSEA)
• Miami Arena Capital Projects Fund (MSEA)
• Exhibition Expansion Capital Projects Fund (MSEA)
• Off -Street Parking Enterprise Fund
33
LE
• G & 0 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 amorti-
zation 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 val-
ued at cost which approximates market.
Investment policy is determined by the Boards of Trustees
and is implemented by outside investment advisors. Invest-
ment 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 proper-
ty or guaranteed by the Federal Housing Administra-
tion 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.
92- 447
4",
City of Miami, Florida
Notes to Financial Statements
All of the above investments are subject to the following ag-
gregate 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 0 0%).
GESE:
+ Unlimited investments in bonds, notes or other obli-
gations of the United States Government and its
agencies and in bank certificates of deposit.
• Individual investments in the following cannot exceed
10% 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
Purchases and sales of securities are reflected on a trade
date basis. Gain or loss on sales of securities is based on
average cost.
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 cer-
tain resources set aside for their repayment are classified as
restricted cash and investments as their use is limited by ap-
plicable 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
34
W.
and proprietary funds, with the long-term portion of govern-
mental funds' liability being recorded in the general long-
term account group.
K. Intragovemmental Allocation of Administrative
Expenses
The General fund charges other funds for certain adminis-
trative expenses including accounting, legal, data process-
ing, personnel administration, engineering and other ser-
vices. 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 expenses of the
engineering division, and totaled approximately
$3,156,000 for fiscal 1991.
• Indirect Cost Allocation. The General fund charges
other funds for general and administrative expenses.
Such charges approximated $1,674.000 for fiscal
1991.
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.
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
general 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.
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
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
92- 447
2.7
v
�i THIS (PAGE INTENTIONALLY LEFT BLANK
19 -
9W 447
EXHIBIT I
CITY OF MIAMI, FLORIDA
COMBINED BALANCE SHEET —ALL FUND TYPES AND ACCOUNT
GROUPS
SEPTEMBER 30, 1991
(in thousands)
Propriatary Fund
Fiduciary
Totals
Governmental
Fund Types Types
Fund Types
Account Groups
(Memorandum Only)
General
General
Special
Debt Capital Internal
Trust and
Fixed
Ter m
General
Revenue
Service Pro Enterprise Service
Agency
Assets
Debt
1991
1990
ASSETS AND OTHER DEBITS
Assets:
Equity in pooled cash and investments
[Notes 2(E) and 41 ....................
$ 5,072
$ 257
$3,873 $43,539 $ 131 $ 312
$ 2,517
$ —
$ —
$ 55,701
$ 70,650
Other cash and investments (Note 4] ........
—
2.206
— — 6.405 —
32.773
—
—
41.384
30,950
Pension cash and investments, including
accrued interest [Notes 2(G) and 4] .......
—
—
— — — —
654.594
—
—
654,594
589,928
Receivables, net of allowance for doubtful
accounts of $4.967:
Taxes ...............................
2.386
—
705 — — —
—
—
—
3,091
4.518
1V Accounts ............................
4.884
4,220
— — 6,116 —
—
—
—
15.220
12.302
O Assessment liens [Note 2(C)] ............
—
—
— 5,717 — —
—
—
—
5,717
6.667
Proceeds from securities sold ............
—
—
— — — —
13,152
—
—
13.152
9.132
Pension members' contributions ..........
—
—
— — — —
10
—
—
10
15
Due from other funds [Note 5] .............
657
4,820
— 3,700 1.550 2.650
4.000
—
—
17.377
9.080
Due from other governments ......... ....
2.227
3.885
— 566 — —
—
—
—
6,678
3.518
Inventories[ Note 2(H)] ....................
—
—
— — — 891
—
—
—
891
804
Other assets ...........................
138
195
— — 1,108 —
355
—
—
1,796
1,704
Restricted cash and investments, including
accrued interest [Notes 2(l). 4 and 8] .....
—
6,077
4,122 26,247 16,377 1,162
—
—
—
53,985
62,237
Property, plant and equipment, net
[Notes 2(L) and 71.....................
—
—
— — 156,317 13.062
—
490.208
—
659.587
640,318
Bond issuance costs.net [Note 2(L)] .........
—
—
— — 1,175 82
—
—
—
1.257
1,614
Other debits:
Amount available for debt service:
General obligation bonds ................
—
—
— — — —
—
—
364
364
1,53t11
Special and subordinated obligation debt
s
bonds .............................
—
—
— — — —
—
—
1,856
1,856
8,002
Amount available in Self Insurance Fund for
claims payable .:......................
—
—
— — — —
—
—
500
500
540
Amount to be provided for retirement of
general long-term debt:
General obligation bonds ................
—
—
— — — —
—
—
186,441
186,441
184.302
Special and subordinate obligation debt
•
bonds
—
—
— — — —
—
—
107,130
107,130
96.555
kL1
.............................
Accrued compensated absences..........
—
—
— — — —
—
—
17.428
17.428
17,228
Claims and other payables ...............
—
—
— — — —
—
—
59,451
59,451
54.83.2
Total assets and other debits...........
$15.364
$21.660
$8.700 $79.769 $189,179 $18.159
$707.401
$490,208
$373.170
$1.903.610
$1,806,434
(continued)
__J __J
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EXHIBIT I
(continued)
Governmental
Fund Types
Proprietary Fund
Types
Fiduciary
Fund Types
Account Groups
Totals
(Memorandum Only)
General General
General
Special
Revenue
Debt
Service
Ca tal
Proicts
Enterprise
Internal
Service
Trust and
Agency
Fixed LonyTerm
Assets Debt
1991
1990
UABIUTIES
Vouchers and 2ccounts payable ............
$ 2.315
$ 2.206
$ —
$ 5,756
$ 6,375
$ 671
$ 1,551
$ — $ —
$ 18,874
16.389
$ 20,568
5,486
Payable for securities purchased ............
Accrued expenses (Note 2(1)]
—
4.953
—
278
—
—
—
6
—
3.681
—
1.545
16,389
52
— —
— 17,428
27,943
24,705
..............
Due to other funds [Note 51 ...............
—
5,564
720
—
10,596
497
—
— —
17,377
370
9,080
268
Due to other governments ............. . ..
Deferred revenue ........................
Deposits...........
—
2,129
844
—
15
1.430
—
—
—
370
5,177
—
—
799
744
—
—
—
—
—
1.452
_ —
— —
8,120
4.470
12.170
2,7
52.5
Claims payable [Notes 8 and 101 ...........
—
—
—
—
—
—
3,541
_ 52.592
56.133
5,721
41704
Matured bonds and interest payable.........
—
—
5.721
—
—
—
—
—
5,957
—
—
— —5.957
2.335
Current portion of bonds and loan payable ....
—
—
—
Payable from restricted assets:
—
—
347
1.724
28
—
— —
2,099
1.890
Accrued interest .......................
Current portion of bonds and loans payable
—
—
—
—
—
3.564
—
—
— —
3,564
2,749
Revenue bonds payable — net of current
—
—
81,907
—
— —
81,907
83.028
portion (Note 8] ....... .. ....
81
—
—
—
—
—
—
—
—
_
— 186.805
186.805
185.840
General obligation bonds payable [Note ....
Special and subordinate obligation debt bonds
—
—
—
—
42.528
—
—
— 108,986
151.514
147.839
5.240
Certificates of participation [Note 81 .........
—
—
—
—
—
—
—
—
—
32.636
— —
32.636
24,895
Deferred compensation plan liabilities ........
—
—
—
39
—
—
1,323
—
— 7.359
8,721
5.343
Other payables ..........................
N Total liabilities .......................
—
10,241
—
9,493
6,480
11,656
151,918
10,021
55.621
— 373,170
628.600
591.439
EQUITY AND OTHER CREDITS
Contributed capital (Notes 2(Pq and 9 .......
—
—
—
—
74,150
11,704
—
— —
85,854
85,876
Investment in general fixed assets ..........
—
—
—
—
—
—
—
490,208 —
490.208
471.380
Retained earnings (deficit):
Reserved [Notes 2(P) and 91 .............
—
—
—
—
5,350
(3,566)
—
— —
—
1.784
(42.239)
4.678
!39,180)
Unreserved ........ ..................
—
—
—
—
(42,239)
—
—
—
Fund balances: [Note 2(P)]
Reserved for:
—
651,280
6
592.981
0
Employee retirement plan benefits .......
—
—
—
—
—
_ _
3 ,8,532 32
9.54b
Encumbrances ......................
395
—
—
—
2,220
38,137
—
—
—
—
—
—
— —
2.220
14.754
Debt service ............... ........
—
—
—
7.118
—
—
—
— —
7.118
—
Construction ........................
—
—
—
—
—
— —
1,465
2.142
Miami Arena ........................
—
1.465
—
Unreserved: [(Note 2(P)]
—
—
—
500
—
500
500
Designated for hurricane loss ............
—
—
—
—
—
— —
40
Designated for claims payments ..........
—
—
—
—
—
Designated for subsequent year's
expenditures and approved pro)ects .....
—
2.915
—
22,858
—
25.773
12,515
62,750
9.519
Undesignated . .......................
4,728
7.787
—
—
—
—
—
Total retained earnings (deficit)/fund
5.123
12,167
2,220
68,113
(36,889)
[3,566)
651,780
— —
698,948
657,739
balances ..................
Total equity and other credits .............
5,123
12,167
2.220
68,113
37,261
8,138
651,780
490,208 —
1,275,010
1,214,995
1
Total liabilities, equity and other
$15.364
$21,660
$8.700
$79,769
$189.179
$18,159
$707,401
$490.208 $373,170
$1,903,610
$1.806,434
credits ...........................
See accompanying
notes to the financial statements.
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11
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CITY OF MIAMI, FLORIDA
EXHIBIT 11
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCES
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS
e
FOR THE
Revenues:
YEAR ENDED SEPTEMBER 30, 1991
(in thousands)
Governmental Fund Types
Special Debt Ca ital
General Revenue Service Pro ects
Fiduciary
Types
Expendable
Trust
(Memorandum Only)
1991 1990
e
Taxes [Note 3] ..........................
Licenses and permits .................... 1
Intergovernmental ........................
Intragovernmental ........................
Charges for services ......................
Contributions from employees and retirees ...
Assessment lien collections .........
Interest ................................
Impact fees .............................
Other ..................................
$118,677
4,773
25,361
6,471
4,830
-
3,438
-
2,837
$38,158
-
24�292
-
1.277
-
3.298
$29,661
-
3�1 1 1
-
549
-
119
$ -
-
1,497
-
3,548
4,937
853
1,948
$ -
-
5202
32,417
3,825
-
344
-
1,939
$186,496
4,773
59,463
38,888
4.830
3,825
3,548
10,545
853
10,141
$182,999
6,003
65,526
37,137
3,856
3,370
2.093
9,966
945
6,338
Total revenues .......................
166,387
67,025
33.440
12,783
43,727
323,362
318,233
®
Expenditures:
Current:
General government ....................
Public safety ..........................
Public improvements ...................
Personal Services .. n ..................
Culture and recreation ..
Grants and related expenditures ..........
Contributions to pension funds [Note 12]
Insurance .............................
Contractual Services :::.................
Economic development ..........
Claim payments
Other ................................
Debt service:
18,536
128,949
13,761
10,664
-
-
_
10,271
-
4,997
-
_
23.842
-
-
_
1,453
7,648
-
-
--
=
-
-
4,878
-
-
-
-
-
T
-
-
-
-
1�902
24,375
1,016
729
17,184
1,389
18,536
133.946
13,761
1,664
10,664
23,842
24,375
1,016
729
1,453
17,184
24,186
19,173
130,094
9,726
1,573
10,854,
22,428
27,673
997
275
1,292
18,068
22.928
Principal retirement [Note 8) .............
Interest and fiscal charges ...............
Capital outlay
1,995
-
11.695
17,415
_
33,519
=
11,695 410
19,410
33,519
12,645
22,533
533
27,018
Total expenditures ....................
18471 66
37,940
33,988
33.519
46,595
336,218
327,277
Excess (deficiency) of revenues over
expenditures ................
Other financing sources (uses):
.Operating transfers in .....................
Operating transfers out ...................
Proceeds from debt issuance, net ..........
Repayment of subordinate debt ............
Proceeds of refunding bonds, net ...........
1( 7,789)
34,162
(16,396)
29,085
2,465
(39,632)
1 1�270
(548)
14,528
(19,307)
38,000
(38.000
0.279�
(20,736)
22,727
(19.502)
_
9,916
(2,868)
2,828
-
=
(12,856)
76,710
(94,837)
49,270
(38 000)
8,637
(9,044)
62.650
(76,391)
=
Total other financing sources (uses) .....
177766
21 5,897)
(6.058)
13.141
2.828
1,780
(13,741)
eFund
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses ................
Fund balances at beginning of year ...........
Equity transfer from Ito) other funds ..........
balances at end of year ................
(23)
5,175
(29)
$ 5,123
3,188
9,003
(24)
$12,167
(6,607)
9,540
(713)
$ 2,220
s7,595)
4,995
713
$68,113
40)
40
-
$$ 500
(11,077)
99,253
(53)
$ 88.123
(22.785)
122.038
-
$ 99,253
See accompanying notes
to the financial statements.
J
e23
e�
s?- 447
1�
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
YEAR ENDED SEPTEMBER 30, 1991
(in thousands)
General Fund
Encumbrances
Actual
Beginning
Actual
Variance
GAAP
of End of
Budgetary
Favorable
Basis
Year Year
Basis
Budget
(Unfavorable)
Revenues:
Taxes [Note 3)..........................................
$118,677
$ — $ —
$118,677
$119.439
$ (762)
Licenses and permits .....................................
4,773
— —
4,773
4,596
177
Intergovernmental .......................................
25,361
— —
25,361
26,515
(1154)
Intragovernmental ................ ......................
6,471
— —
6,471
6,315
156
Charges for services ......................................
4.830
— —
4,830
5.424
(594)
Assessment lien col!ections................................
—
— —
—
—
—.
Interest ................................................
3,438
— —
3.438
3,785
(347)
Other .................................................
2,837
— —
2,837
2.650
187
Total revenues .....................................
166.387
— —
166,387
168,724
(2.337)
Expenditures:
General government ......................................
18.536
97 105
18,544
18,993
449
Public safety ............................................
128,949
17 89
129.021
130.333
1.312
Public improvements .....................................
13,761
8 —
13,753
14,453
700
Culture and recreation ....................................
10,664
51 15
10,628
10,794
166
Economic development ...................................
—
— —
—
—
—
Other .................................................
10,271
478 186
9,979
10.276
297
Debt service:
Principal retirement [Note 81 .............................
—
— —
—
390
390
Interest and fiscal charges ...............................
1.995
— —
1,995
774
(1,221)
Total expenditures ..................................
184.176
651 395
183.920
186,013
2.093
Excess (deficiency) of revenues over expenditures .........
(17,789)
(651) (395)
(17,533)
17.289
(244)
Other financing sources (uses):
Operating transfers in .....................................
34.162
— —
34,162
34.997
(835)
Operating transfers out ...................................
(16.396)
— —
(16,396)
(17,708)
1.312.
Total other financing sources (uses) ....................
17,766
— —
17,766
17.289
477
Excess (deficiency) of revenues and other financing sources over
expenditures and other financing uses ......................
(23)
$ (651) $(395)
$ 233
$ —
$ 233
Fund balances at beginning of year .............................
5,175
Equity transfer to other funds ................................
(29)
Fund balances at end of year ................................
$ 5,123
(1) Does not include funds for which budgets have not been adopted.
See Note 2(d)(1).
See accompanying notes to financial
statements.
24
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EXHIBIT III
Special Revenue(1)
Debt Servica(1)
Variance
Variance -
Favorable
Favorable -
eBudget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable) _
$ 37.304
$ 37,220
$ (84)
$25,177
$ 25,449
$ 272
23.855
18,192
(5_663)
3_721
3.111
(610) l
1,050
909
(141)
799
235
(564)
592
1,113
521
345
119
(226)
62.801
57,434
(5,367)
30,042
28.914
(1,128)
10.467
4,281
6,186
—
—
— —
e
15.288
1.494
15,674
1,453
(386)
41
—
—
—
—
—
—
1,177
1.374
(197)
576
4,392
(3,816)
—
—
—
11,310
11.325
(15)
—
—
—
14,744
14.442
302
28,426
22,782
5,644
26,630
30.159
(3,529)
34,375
34,652
277
3,412
(1,245)
(4,651)
1.359
1,833
474
—
3.839
3.839
(35.634)
(36,968)
(1,334)
(3,412)
(3.474)
(62)
(34.275)
(35.135)
(860)
(3,412)
365
3,777
$ 100
(483)
$ (583)
$ —
(880)
$ (880)
8,451
1.872
(24)
(713)
$ 7.944
$ 279
e
e
.
e
25
92- 447
e
w
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, 1991
(in thousands)
Operating revenues:
Charges for services ....................... .
Contributions from employers [Note 12] ..........
Contributions from employees and retirees ........
Realized gain (loss) on sale of investments ........
Interest and dividends ........................ .
Total operating revenues .......... . ......... .
Operating expenses:
Personal services ............................ .
Contractual services ...........................
Materials and supplies .........................
Benefit payments .............................
Refunds......... ............................
Utilities ......................................
Intragovernmental charges .....................
Other.......................................
Total operating expenses .....................
Operating income (loss) before depreciation
expense .................................
Depreciation expense .......................... .
Operating income (loss) ......................
Non -operating revenues (expenses):
Interest income ...............................
Interest and fiscal charges ......................
Other.......................................
Net non -operating revenue (expenses) ..........
Income (loss) before operating transfers ........
Operating transfers in ...........................
Operating transfers out ............... I ..........
Net operating transfers .......................
Income (loss) before extraordinary item .........
Extraordinary item -loss on debt refinancing
[Note 8(g)]..................................
Net income (loss) ...........................
Retained earnings (deficit) at beginning of year ......
Equity Transer to other funds .. ........... .
Retained eamings (deficit) at end of year ...........
Contributed capital at beginning of year ............
Contributions from other governments ..........
Contributions from other funds ................
Equity Transfer to other funds .................
Contributed capital at end of year .................
Total fund equity ............................
EXHIBIT IV
Proprietary
Fund Types
Fiduciary
Fund Types
Totals
Only)
Internal
Pension
_(Memorandum
Enterprise
Service
Trust
1991
1990
$ 44,981
$15,244
$ -
$ 60.225
$ 63,830
-
-
18,783
18.783
22,191
-
-
14,269
14,269
14,209
-
-
26,753
26,753
17,015
-
-
35,749
35,749
33,337
44,981
157244
95,554
155,779
150,582
32,213
10.166
1,868
44,247
41,826
5,907
1.071
-
6,978
8,404
483
3.428
-
3,911
3.518
-
-
33.259
33,259
31.443
2.152
2,152
2,437
1,520
1,462
-
2,982
3,123
3.731
10,406
784
-
11,190
10.909
54,260
16,911
37,279
108,450
105,122
(9,279)
(1,667)
58,275
47.329
45.460
4,886
3,034
-
7,920
8.484
(14,165)
(4,701)
58,275
39.409
36.976
928
300
-
1,228
1,960
(1:941)
(529)
-
(81:967)
(8
17
697)
(5,396)
(217)
17
(5,596)
(6.178)
(19,561)
(4,918)
58,292
33.813
30,798
17,256
4,225
-
21,481
21,856
(2,550)
(804)
-
(3,354)
(8,115)
14.706
3,421
-
18,127
13,741
(4,855)
(1,497)
58,292
51.940
44.539
(1,280)
(4855
)1 497
58.292
51.940
43,259
(32:433
42;069�
592.988
558.486
515,227
(36.889)
(3,566)
651,280
610.825
558,486
75,4330
10,446
85.876
84,240
07
-600 1.258
_
-
1.858
1,486
(2,287)
,--
-
(2,287)
-
74,150
11,704
-
85.854
85,876
$ 37,26137,261
$ 8,138
$651,280
$696.679
$644.362
See accompanying notes to financial statements.
92-- 447
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EXHIBIT V
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR YEAR ENDED SEPTEMBER 30, 1990
(in thousands)
Proprietary
Fund
Totals
Types
(Memorandum Only)
Internal
Enterprise
Service
1991
1990
Reconciliation of operating income to
net cash provided by operating activities:
Operating income (loss) .......................................
$(14,165) $(4,701)
$(18,866)
$ 114,408)
Adjustments to reconcile operating income to net cash provided by
operating activities:
Loss (gain) on dispositions and sale of property, plant and
equipment..............................................
6
61
67
434
Depreciation and amortization ................................
5,053
3,117
8,170
9,890
Extraordinary item —loss on debt refinancing ...................
—
(1,280)
(Increase) decrease in assets:
Inventories ................. ..............................
—
(86)
(86)
—
Accounts receivable (net) ....................................
(1,673)
—
(1,673)
(731)
Prepaid expenses and other current assets ................... . .
1
(1)
—
51
Deposits and other assets ...................................
—
—
—
21
Due from other funds .......................................
362
(1,150)
(788)
702
Increase (decrease) in liabilities:
Vouchers and accounts payable ..............................
(1,414)
(67)
(1,501)
(175)
Accrued expenses .........................................
1.965
649
2,614
118
Due to other funds .........................................
5,255
(34)
5,221
(2,429)
Deferred revenue ..........................................
(720)
—
(720)
828
Deposits refundable ........................................
227
—
227
1
Other accruals .............................................
(115)
(12)
(127)
14
Total adjustments ..........................................
8,947
2,457
11,404
7,444
Net cash provided by operating activities .......................
(5,218)
(2,244)
(7,462)
(6,964)
Cash flows from non -capital financing activities:
Increase (decrease) in advances ................................
361
—
361
--
Operating transfers in .........................................
17,256
4,225
21,481
21,929
Operating transfers out ............ . ..
(2,550)
(804 )
(3,354)
(8,133)
Net cash provided by non -capital financing activities .............
$ 15,067 $ 3,421
$ 18,488
$ 13,796
(Continued)
See accompanying notes to financial statements.
27
92- 447
EXHIBIT V
(continued)
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
ALL PROPRIETARY FUND TYPES
FOR THE YEAR ENDED SEPTEMBER 30, 1991
WITH COMPARATIVE TOTALS FOR YEAR ENDED SEPTEMBER 30, 1990
(in thousands)
i
Proprietary Fund
Totals
Types
(Memorandum Only)
Internal
^
Enterprise Service
1991
1990
Cash flows from capital and
related financing activities:
'^
Capital expenditures ..........................................
$ (5,849) $(2,285)
$ (8,134)
$ (6,070)
Contributions ................................................
407 —
407
150
Interest paid on long term debt ................................
(8,174) (526)
(8,700)
(8,807)
Proceeds from sale of Equipment ...............................
1
1
63
Proceeds from loan payable ...................................
— 2,040
2.040
--
Principal payment on debt .....................................
(1,102) (2,335)
(3,437)
(20,947)
Bond proceeds ..............................................
— —
—
15,887
Borrowings under participation agreement ........................
1.066
Other payments .............................................
(87) (1)
(88)
(107)
Net cash used for capital and
related financing activities .................................
(14,805) (3,106)
(17.911)
(18,765)
Cash flows from investing activities:
(Increase) decrease in amounts due
from other funds ...........................................
(161) —
(161)
18
Interest income ..............................................
Payments received on notes receivable ..........................
928 300
60 —
1.228
60
1.973
65
Proceeds from maturity of investments ...............
........ • .
1,494 —
1,494
1,795
Purchase of investments ........................ I .............
(1,493) —
(1,493)
(1,391)
Other......................................................
2,095 —
2,095
537
Net cash provided from investing activities .......................
2,923 300
3.223
2,997
Net increase (decrease) in cash
and cash equivalents .......................................
(2,033) (1,629)
(3,662)
(8,936)
Cash and cash equivalents at beginning of year ...................
24,946 3,103
28.049
35,465
—'
Cash and cash equivalents at end of year ........................
$ 22,913 $ 1,474
$ 24,387
$ 26,529
t
Supplemental disclosure of non cash activities:
Equity transfer to other funds ..................................
$ (24) —
$ (24)
—
I
Contributions from other funds .................................
$ 600 —
$ 600
$ 502
See accompanying notes to financial
statements.
28
92- 44'7
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CITY OF MIAMI, FLORA
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. Dade County (the "County") is a separate govern-
mental 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 Coun-
ty is, in effect, a municipality with governmental powers ef-
fective upon twenty-seven cities and unincorporated areas,
including 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, tax-
ing authority, outstanding debt secured by revenues or gen-
eral obligations of the City, obligation of the City to finance
any deficits that may occur or receipt of significant subsidies
from the City. The following is a brief review of each of the
29
potential component units addressed in defining the report-
ing entity for the City:
(1) Included within the entity
DOWNTOWN DEVELOPMENT AUTHORITY ("DDA")
— The ODA is governed by a board appointed by the
City Commission. The Commission must approve the
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 op-
erating budget. The various funds and account groups
of the MSEA have been included within the reporting
entity.
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 Maurice Gus -
man Cultural Center and the Olympia Building, which
are properties owned by the City. Such operations are
separately accounted for within the 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 necessary cash
requirement subject to authorization by the City Com-
mission.
CITY OF MIAMI FIRE FIGHTERS' AND POLICE OF-
FICERS' RETIREMENT TRUST ("FIPO") and CITY OF
MIAMI GENERAL EMPLOYEES' AND SANITATION
EMPLOYEES' RETIREMENT TRUST ("GESE")—Both
FIPO and GESE are essentially single -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 Stat-
ute to issue revenue bonds. The City Commission must
approve HFA's board membership. Debt obligations is-
sued under the purview of the HFA do not constitute an
9?- 447
0
City of Miami, Florida
(Votes to Financial Statements
indebtedness, liability or pledge of the faith or credit of
the HFA or the City. Accordingly, the financial activity
related to such obligations are not included in the ac-
companying financial statements.
(2) 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 FIRE FIGHTERS' RELIEF AND
PENSION FUNDS —These money purchase benefit
plans, established under Florida State Statutes Sec-
tions 175 and 185 are funded solely by certain excise
taxes collected by the State of Florida. The City has no
financial oversight responsibility for these plans, nor are
plan benefits financially integrated with those provided
under the City's FIPO Trust. Boards of Trustees are in-
dependent of the City Commission (See Note 12(f)).
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 govem-
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 govem-
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.
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.
30
r:
Debt Service Funds —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—Capitaf projects funds are used to
account for financial resources to be used for the acquisi-
tion 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 organi-
zations and activities which are similar to those often found
in the private sector. This means that all assets, liabilities,
equities, revenues, and expenses related to the City's busi-
ness 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 agen-
cies 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 ca-
pacity or as an agent for individuals, private organizations,
other governments, and/or other funds. These include ex-
pendable trust, pension trusts, and agency funds. The
City's expendable trust funds (Self -Insurance and Pension
Administration) are accounted for in essentially the same
manner as governmental funds. Pension trust funds (FIPO
and GESE) are accounted for in essentially the same man-
ner as proprietary funds since capital maintenance is criti-
cal. The Co's agency funds are custodial in nature (assets
92 - 447
0
City of Miami, Florida
Notes to Financial Statements
equal liabilities) and used to account for deposits held under
issuance of a cable T.V. license and assets held under three
deferred compensation 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
available financial resources and related liabilities —but are
accounting 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 thah 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, ac-
crued compensated absences, lease purchase obligations
and outstanding principal balances of long-term debt, other
than revenue and special obligation bonds payable and oth-
er 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 fund types and ac-
count groups that use different bases of accounting, in-
cludes 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)" columns are not compa-
rable to a consolidation and do not represent the total re-
sources available or total revenues and expendi-
tures/expenses of the City.
Statement of Cash Flows
The City adopted Statement No. 9 of the Governmental Ac-
counting Standards Board in fiscal year 1991 and has
presented a statement of cash flows for the proprietary
funds for fiscal year 1991.
C. Basis of Accounting
The accounting and financial reporting treatment ap-
plied to a fund is determined by its measurement focus. All
govemmental funds and expendable trust funds are ac-
counted for using a current financial resources measure-
ment focus. With this measurement focus, only current as-
sets and current liabilities generally are included on the
balance sheet. Operating statements of these funds pre-
sent increases (i.e., revenues and other financing sources)
and decreases (i.e., expenditures and other financing uses)
in net current assets.
k
31
11
All proprietary funds, nonexpendable trust funds and
pension trust funds are accounted fcr on a flow of economic
resources measurement focus. With this measurement fo-
cus, all assets and all liabilities associated with the opera-
tion 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., reve-
nues) and decreases (e.g., expenses) 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 avail-
ability period is used for revenue recognition for all oth-
er governmental fund revenues. Occupational license
revenues 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 assess-
ment projects are mostly financed with general obliga-
tion 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 in-
volve 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.
92- 447
0
City of Miami, Florida
Notes to Financial Statements
w
D. Budgetary Policy
In addition, capital project funds are budgeted on a to-
tal project basis for which annual budgets are not avail-
(1) Budget Policy
able.
The City Commission annually adopts the budget ordi-
The City also adopts non -appropriated operating budg-
nance for all governmental funds of the City, except for
ets for the proprietary funds substantially on a GAAP
the following funds:
basis, with certain exceptions. Such exceptions in-
clude:
• Other Special Revenue Funds
• Debt principal payments are budgeted as debt ser-
• MSEA Subordinate Obligation Note Debt Service
vice. The portion of debt service representing princi-
j
Fund
pal payments reduces the related liability on a GAAP
basis.
• MSEA Special Obligation Bonds Debt Service Fund
• Certain non -operating expenditures for capital outlays
• All Capital Projects Funds (budgets are adopted on a
are not budgeted.
project basis)
(2) Budget —Legal Compliance
Annual operating budgets are adopted on a basis sub-
The City follows these procedures in establishing the
stantially consistent with generally accepted account-
budgetary data reflected in the financial statements:
ing principles (GAAP) except that budgetary compari-
sons for the General fund include encumbrances as
• Prior to August 31 st, the City Manager submits to the
expenditures.
City Commission a proposed operating budget for the
Adjustments necessary to compare the results of oper-
fiscal year commencing the upcoming October 1 st.
ations in the special revenue and debt service funds as
The operating budget includes proposed expendi-
presented in the Combined Statement of Revenues,"1
lures and the means of financing them.
Expenditures and Changes in Fund Balances (Exhibit II)
• Public hearings are conducted to obtain taxpayer
to that presented in the Combined Statement of Reve-
comments.
nues, Expenditures and Changes in Fund Balance—
Budget and Actual (Exhibit III) are as follows (in
. Prior to October 1 st, the budget is legally enacted
thousands):
through passage of an ordinance.
(DeExcess
• Overall changes to the adopted budget must be ap-
of Revenues
proved by a majority vote of the Commission.
and Other
Financing
• The Commission may transfer among departments
Sources Over
any part of an unencumbered balance of an appropri-
Expenditures Fund
ation to a purpose for which an appropriation for the
and Other Balance
Financing September
current year has proved insufficient. At the close of
--
Special Revenue Funds Uses 30. 1991
each fiscal year, the unencumbered balance of each
Exhibit
Actual II ....... $ 3,188 $ 12,167
appropriation reverts to the fund from which it was
Plus (less)
s) funds not
appropriated and is subject to future appropriations.
budgeted:
Other Funds ... (3,671) (4,920)
• Budgets are monitored at varying levels of classifica-
�j
Plus net effect of PASF�4
f IVIS
lion detail, however, budgetary control is legally
g ry g y
activity not budgeted — 572
Plus
maintained at the fund level except for the General
net effect of DDA
fund, which is maintained at the departmental level.
write off of receivable
—1
and advance from City
recorded as liability.... — 125
Budgeted amounts in the accompanying financial
I
statements are as originally adopted, or as amended by
Actual —Exhibit III ...... $ (483) $ 7,944
the City Commission throughout the year. During the
Debt Service Funds
year, supplementary appropriations were approved to-
taling approximately $21.5 million including approxi-
Actual—Exhibit II ....... $(6,606) $ 2,220
mately $15 million related to the sale and repayment of
Plus (less) Funds not
Budgeted:
Tax Anticipation Notes, Series 1990.
MSEA Subordinate
Obligation Debt ..... (52) (52)
(3) Encumbrances
MSEA Special Obligation
Bonds ........... 5,778 (1,889)
'I'll
Encumbrance accounting, p
g, under which purchase or-
Actual—Exhibit$ (880) $ 279
ders, contracts, and other commitments for the expen-
......
diture of monies are recorded in order to reserve that
32
9 2 - 447
.�
t
4
0
City of Miami, Florida
Notes to Financial statements
assets, net of related interest earned on unexpended por-
tions of such borrowings. During 1991, 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 compensaton
plans created in accordance with Internal Revenue Code
Section 457 that permit the deferral of a portion of an em-
ployee's salary until future years. The deferred compensa-
tion 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 (without being restricted to the provisions of ben-
efits under the plan), subject only to the claims of the City's
general creditors. 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 car-
ried at market value.
P. Fund Equity
Contributed capital is recorded in proprietary funds that
have received capital grants or contributions from develop-
ers, customers or other funds. Reserves represent those
portions of fund balance which are either not available for
appropriations or are legally segregated for a specific use.
Designated fund balances represent tentative plans for fu-
ture use of financial resources.
(L Comparative Data
Comparative total data for the prior year has been
presented in the accompanying financial statements in or-
der to provide an understanding of changes in the City's fi-
nancial position and operations. However, comparative data
35
s
has not been presented in all statements as their inclusion
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 1991 presen-
tation.
R. Fund Changes
Effective October 1, 1990, the City budgeted and account-
ed for the activities of Cable T.V. Special Revenue Fund and
Property and Lease Management Enterprise fund in the
General fund. The transfer of these activities to the General
fund were recorded as residual equity transfers.
In addition, effective October 1, 1990, assessment liens
are being accounted for in the Municipal Use Capital
Projects fund, previously they were recorded in the General
Obligation Debt Service fund. Such change was recorded
as a residual equity transfers.
3. PROPERTY TAX
Property taxes are levied on January 1 st and are payable on
November 1 st, 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
advance in equal quarterly payments based on the prior
year tax assessment with quarterly discounts varying be-
tween 2% and 6%. All unpaid taxes on real and personal
property become delinquent on April 1 st and bear interest
at 18% until a tax sale certificate is sold at auction. Dade
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, 1990, upon
which the 1990-1991 levy was based, was approximately
$10,792,152,000. The City is permitted by Article 7. Sec-
tion 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 in-
terest on general obligation long-term debt, subject to a lim-
itation 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. 1991, was
$9,5995 per $1.000. The debt service tax rate for the
same period was $2.3381 per $1,000.
Property taxes receivable as of the end of the fiscal year,
representing collections within 60 days subsequent to Sep-
tember 30. for billings through the fiscal year then ended
amounted to approximately $2.386,000 and $571.000 for
the general and debt service funds, respectively. .
92- 447
City of Miami, Florida
Notes to Financial Statements
4. EQUITY IN POOLED CASH AND INVESTMENTS,
RESTRICTED AND OTHER CASH AND INVESTMENTS
At September 30, 1991, the City's non -pension cash and investments consisted of the following (in thousands):
Equity in pooled cash .................................. $ 55.701
Other cash and investments ............................ 41,384
Restricted cash and investments ......................... _53,985
Total............................................ $151.070
Investments .......................................... $136,508
Deposits ............................................. 14,084
Accrued interest ...................................... 478
Total non -pension cash and investments .............. $151,070
Deposits
The City's bank deposits at September 30, 1991 were as follows (in thousands):
Carrying Balance
Amount Per Banks
Demand deposits ..................................... $ 4,984 $ 6,072
Time deposits ........................................ 9,100 9,100
Total ............................................ $14,084 $15,172
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 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 agen-
cies 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.
92- 447
7
City of Miami, Florida
Notes to Financial Statements
The City's non -pension investments consisted of the following at September 30, 1991
and are classified as follows (in
thousands):
Credit Risk Category
Total
Carrying
Market
1 2 3
Amount
Value
U.S. Treasury Notes and Bills ...........
$32,549 $12,025 $ -
$ 44,574
$ 45.050
U.S. Agency Securities ................
3,005 7,971 1,000
11,976
12,094
Short -Term Commercial Paper ..
14,160 2,416 11,581
28,157
28.332
Investments held under repurchase
agreements ........................
Totals
- - 1,400
$49,714 $22.412
1,400
1.400
.......................
$13,981
86,107
86,876
Short Term Investment Pool ............
Deferred Compensation Plan Assets
17,765
17,765
......
32,636
32.636
Totals .......................
$136,508
$137,277
Investments held by the C+ty s pension plans consisted of the following at September 30, 1991
and are classified as follows
(in thousands):
eCredit
Total
Risk Category
Carrying
Marital
1 2 3
Amount
Value
U.S. Government and
Agency Obligations ....................
$173,664 $1 1,127 -
$184, 791
$192,030
Corporate Stocks .......................
302,504 - -
302.,504
362,085
Corporate Bonds ........................
87,779 -
87.779
90,621
Other Investments .........
675
675
680
e
Totals ............ ............
$564,622 $11,127 $-
575,749
645,416
Short Term Investment Pool ..............
73,032
75,766
Accrued Interest and Other ...............
5,813
5,813
Total Pension Investments
$654.594
$726,995
........
e
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.
R
37
92- 447
City of Miami, Florida
Notes to Financial Statements
S. DUE FROMITO OTHER FUNDS _.
Due from/ to other funds are loans from one fund to another for specific purposes. At September 30, 1991, the balance in due
from/to other funds consisted of the following (in thousands):
Fund
Due from
Other Funds
Due to
Other Funds
.�
Iyi
General .................... ........................
$ 657(1)
$ —
Special Revenue:
Miami Sports and Exhibition Authority .....................
720(1)
—
.�
Law Enforcement ......................................
2,015(1)
—
Community Development ................................
—
2,881
):
Public Service Tax ......................................
—
2,683
Other Funds ..........................................
2,085(1)
—
Debt Service:
MSEA Special Obligation Bonds ..........................
--
720
Capital Projects:
PublicUse ............................................
700(1)
—
Municipal Use .........................................
3,000(1)
—
Enterprise Funds:
Department of Off -Street Parking .........................
970(1)
—
G & O Enterprise Fund ..................................
—
970
Marine Stadium ........................................
--
353
71
Miami Stadium ........................................
—
709
Orange Bowl ..........................................
5800)
—
Convention Center .....................................
—
1.366
Marinas.......................................
Exhibition Center
—
612
....................
—
96
Golf Courses ..........................................
—
228
Parking Garage ........................................
—
49
Building and Zoning ..................................
Solid Waste
—
135
...........................................
—
6,078
Internal Service:
Fleet Management .....................................
5500)
—
PrintShop ............................................
—
497
Communication Services ................................
2,100(1)
—
Trust and Agency:
Self Insurance .........................................
3,000(1)
—
CableT.V.............................................
1,0000)
—
Total ...........................................
$17.377
$17.377
(1) These amounts relate to loans to cover other funds deficits in pooled cash and investments.
7
3$
92- 447
a
City of Miami, Florida
Notes to Financial Statements
S. OTHER RECEIVABLES
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, 1991, rehabilitation loans outstanding totaled approximately
$41,026.000.
(� 7. PROPERTY, PLANT AND EQUIPMENT
® The following is a summary of changes in general fixed assets for the year ending September 30. 1991 (in thousands):
Balance, Additions Deletions Balance, -
October 1, and and September 30,
1990 Transfers Transfers 1991 -
Land .......... .................................. T 82.105 $ 1,972 $ _ $ 84.077
Building & Improvements ............................ 74.323 1.336 75,659
Machinery & Equipment ............................. 29.062 1.095 673 29,484
Improvements Other than Buildings . ' ................. 200,985 9.477 — 210,462
Construction in Progress .. 84,905 15.069 9.448 90,526
Total ........................................... $471,380 $28.949 $10.121 $490,208
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. 1991 is as follows (in thousands):
Internal —
e Enterprise Service —
Land ........................... $ 17.630 $ —
Buildings and Improvements ....... 143,338 4.408
Machinery and Equipment ......... 9,130 34.118
Construction in Progress ..34.309 —
Total ................ ._. . . . . 204.407 38,526 -
Less Accumulated Depreciation .... 48.090 25.464 -
$156.317 $ 13,062
Net ............................
e -
0
ril
0
E
39
9*2- 447
5
City of Miami, Florida 0 9
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, 1991 (in thousands):
General Lony.Twm Dsbt Proprietary Fiord Debt
Ipstion ipatlon
Clonal Bonds, Bonds certificates
Obiigatlon Nuts and Claims Other Compsmratsd Revenus and of Other
bonds Losm Psyabls Psysbles Absences Total Bonds Loan Participation Payabl"
Balance at October 1,
1990 ...... .....
$185.840
$104.557 $50,092
$5,280 $17.228
New bonds and loans
issued............
26,135
49.500 -
3.004 --
Accretion on Capital
Appreciation Bonds
-
- -
- -
Debt defeased .......
(14,175)
(38.000) -
- -
Decrease in lease
payables ..........
-
- -
(926) -
Increase in long-term
claim liabilities .....
-
- 2,500
- -
Increase in long-term
accumulated unpaid
compensated
absences .........
--
-- -
- 200
Debt retired .........
(10,995)
(7,070) -
- -
Balance at September
30, 1991 .........
$186.805
$108,987 $52,592
$7,358 $17,428
$362,997 $86.858 $43,601 $7,575 $ -
78,639 - - - 2,261
- 1.635 96 - -
(52.175) - - - -
(926) - - - -
2.500 - - - -
200 - - - -
(18,065) (2,430) (319) (2,335) (221)
$373,170 $86.063 $43,378 $5,240 $2.040
B. Summary of Annual Debt Service Requirements
The annual requirements for all bonds, notes, loans, certificates and, other payables outstanding as of September 30, 1991,
including interest of $375,807,446 are as follows (in thousands):
General Long -Term Debt Proprietary Fund Debt
Revenue
Certificates
and
General
Special
Other
of
Special
Other
Obligation
Obligation(1)(2)
Payables
Participation
Obligation(2)
Payables
1992
$ 21,312
$ 9,689
$1,597
$5,576
$ 10,575
$ 843
1993
23,603
9,695
1,705
-
11,198
843
1994
22,753
9,698
1,705
-
11.409
567
1995
22,324
9.702
1,382
-
11.604
-
1996
21.450
9,991
--
-
29,445
-
1997-2001
90,296
51,824
-
-
49.543
-
2002-2006
65,263
50,864
-
-
48,871
-
2007-2011
28.353
44.002
1,709
-
44,876
-
2012-2016
5.944
37,481
-
-
23,117
-
2017-2021
-
20,146
-
-
-
-
$301,298
$253,092
$8.098
$5,576
$240.638
$2,253
(1) Includes debt service on the MSEA's Special Obligation Refunding Bonds and the Subordinate Obligation Bonds.
(2) Includes accretion on the Capital Appreciation Bonds.
0
92- 447
-1
Cl
J_-
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0
51
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0
R
City of Miami, Florida
Notes to Financial Statements
C. Summary of Long -Term Deht
Long-term debt at September 30, 1991 was comprised of
the following:
(000)
General and Special Obligation Bonds, Notes
and Loans —Long -Term 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%.................................
$8,750,000 Miami Sports and Exhibition
Authority Floating/Fixed Subordinate Obligation
Bonds, Series 1989 A, maturing in various
amounts from 1991 throuqh 2004; interest
rates vary weekly as described above .......
$4,290,000 Housing Special Obligation
Bonds; one issue, maturing through 2006;
interest at rates from 4.1 °% to 7.4% ........
$6,500,000 Guaranteed Entitlement Revenue
Bonds, Series 1989. maturingg through 2009;
interest rates ranging from 6.25°% to 7°% ... .
$22.605.000 General Obligation Refunding
Bonds, Series 1987, maturingg through 2010;
interest rates ranging from 6.8% to 7.4°% ... .
$38.355.000 General Obligation Refunding
Bonds, Series 1986. maturing through 2014:
interest rates ranging from 4.5% to 7.7°% .....
$16,135,000 General Obligation Refunding
Bonds, Series 1991, maturingg througgh 2013;
interest rates ranging from 5.3% to 6.6°% ... .
$54.705.000 Sanitary Sewer Improvement
Bonds; ten issues, maturing through 2014;
interest at rates ranging from 3°% to 1 1 % ....
$31,060.000 Street and Highway
Improvement Bonds; nine issues, maturing
through 2014; interest at rates ranging from
3% to 11% ............................
$36,765,000 Storm Sewer Improvement Bonds;
twelve issues,•matunng through 2014; interest at
rates ranging from 2.5°% to 11 % ............
$36,645.000 Police Headquarters
Improvement Bonds; eight issues, maturing
through 2014. interest at rates ranging from
3%to 11°%............................
$38.000,000 Miami Sports and Exhibition
Authority Special Obligation Refunding Bonds,
Series 1991. maturing in various amounts from
1992 through 2020; interest at rates ranging
from 5.75% to 7.2% ....................
$13.210,900 Sunshine State Governmental
Financing Commission, maturing through
2015; interest at variable rate (4.95°% at
September 30, 1991) ...................
$30.000.000 Rental Revenue Bonds, Series
1988. maturing through 2019; with interest at
8.65%..... ..........................
$ 12.800
8,030
3.680
6.160
22.575
32,015
16.135
27.845
16.990
19,060
18,550
38,000
11,772
30,000
41
$39.075,000 Other Issues, maturing through
2014; interest at rates ranging from 3% to
11%................................
$11,500,000 Community Redevelopment
Revenue Bonds, Series 1990, maturing
through 2015; interest rates ranging from
7.15% to 8.5%................ ........
Revenue and Special Obligation Bonds and
Other Debt -Proprietary Funds:
$16,175,000 Certificates of Participation,
Series 1986. maturing through 1992; interest
at rates ranging from 4.6% to 6.4% ........
$5.500.000 Subordinated Parking System
Revenue Bonds, $3,000,000 due in 1994,
interest at 81 °% of the prime rate (8% at
September 30, 1991) and $2,000,000 due in
2006, interest at 6% through 1991, thereafter
at 80% of the prime rate .................
$6,500,000 First Municipal Loan Council
Pooled Loan Program, principal due in
December 1995. interest at a calculated
variable rate (5.02% at September 30, 1991)
$16,000,000 Florida League of Cities' First
Municipal Loan; maturing through 1996;
interest at variable rate (4.83% at
September 30. 1991) ...................
$12.386,658 Government Center Parking
Garage Refunding Special Obligation Bonds;
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
$126,000 as of September 30. 1991) ......
$16,275.000 Parking System Refunding
Bonds, Series 1986, maturing through 2009
at varying rates of interest ranging from 4.25°%
to7.75% .............................
$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 oi,ciation bond form had
accreted value of approximately $4.59 million
as of September 30. 1991) ...............
$14,420.000 Sunshine State Governmental
Financing Commission, maturing through
2015; interest at variable rate (4.95% at
September 30, 1991) ...................
Less Unamortized Bond Discount ......... .
(000)
20,835
11,345
$295,792
$ 5,240
5,000
1,065
16,000
12,513
14.825
66,238
13,800
134,681
(1,442)
$133,239
92- 447
0
City of Miami, Florida
Notes to Financial Statements
D. Summary of New Debt Issuances
$11,500,000 Community Redevelopment Revenue
Bonds, Series 1990—On November 8, 1990, the City is-
sued $1 1,500,000 Community Redevelopment Revenue
Bonds, Series 1990, for the Southeast Overtown/Park
West Redevelopment Area (the "Redevelopment Area").
The proceeds of the bonds are to be used mainly to refi-
nance the $5.958,400 Section 108 HUD Promissory Note,
to reimburse the City for monies advanced to the Redevel-
opment Area in an amount not to exceed $750,000, to fi-
nance the acquisition and clearing of certain real property,
and the construction of infrastructure improvements in the
Redevelopment Area. The bonds were issued at rates rang-
ing from 7.15% to 8.50%, with serial and term bonds ma-
turing through 2015. Debt service is payable from the Tax
Increment Revenues of the Redevelopment Area and a
pledge of guaranteed entitlement revenues up to
$300,000 annually.
$16,135,000 General Obligation Refunding Bonds, Series
1991—On April 10, 1991. the City sold $16.135,000
General Obligation Refunding Bonds, Series 1991, with in-
terest rates from 5.30% to 6.90% to advance refund a por-
tion of certain general obligation bonds originally issued in
aggregate principal amounts consisting of $8,000,000 Fire
Fighting, Fire Prevention and Rescue Facilities Bonds,
$1.000,000 Housing Bonds, $6,000,000 Sanitary Sewer
System Bonds, $4,000,000 Storm Sewer Improvement
Bonds, and $6.000,000 Street and Highway Improvement
Bonds, all dated May 1, 1983. The outstanding balance of
the bonds refunded totaled $14.175,000. The proceeds
from the Series 1991 Bonds (net of approximately
$415,270 in issuance costs, original issue discount, insur-
ance premium and accrued interest) were deposited in an
irrevocable trust with an escrow agent to provide for all fu-
ture debt service payments on the refunded bonds. Part of
the amount escrowed was used to purchase direct obliga-
tions of the United States of America with the balance of
the escrow requirement funded with cash.
$10.000,000 General Obligation Bonds, Series 1991—
In July, 1991, The City sold $10,000,000 General Obliga-
tion Bonds, Series 1991, with serial bonds payable in in-
stallments of $295,000 to $880,000 from 1993 through
2011. with interest rates ranging between 6.6% and
6.75%. The City pledges its full faith, credit and taxing pow-
er to general obligation bonds, which are payable from un-
limited ad valorem taxes on all taxable property within the
City.
$38,000,000 MSEA Special Obligation Refunding Bonds,
Series 1991—On February 6, 1991, MSEA issued $38
million Special Obligation Refunding Bonds, Series 1991 to
redeem in full the currently outstanding $38 million MSEA
Special Obligation Bonds, Series 1985, The Series 1991
bonds mature in annual increments from $465,000 to
42
11
$2,915,000 through 2020 carrying interest rates from
5.75% to 7.2%. Under terms of the Series 1991 bond in-
denture, the funding requirement for the debt service re-
serve account and replacement reserve fund have been re-
leased. In addition, the Series 1991 Bond Resolution
provides for the transfer from the Trustee of the remaining
Senior Bond reserve funds. The revised flow of funds pro-
vides for a maximum of $650,000 annually (increasing 3%
per annum) in convention development tax receipts to fund
the Authority's operations, and establishes a Capital Re-
serve and Operating Deficit Account to meet certain obliga-
tions under the Miami Arena contract (see Note 9). Any
convention development tax receipts in excess of the Series
1991 Bond Resolution funding requirements shall be trans-
ferred by the Trustee on a monthly basis according to the
written directions of the County. Due to the variable interest
rates on the Series 1985 bonds, the net economic impact
of the redemption cannot be calculated.
E. OTHER PAYABLES
Capital Leases
The City has entered into a lease agreement 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
present value of the future minimum lease payments as of
the date of their inception. The following is an analysis of
equipment leased under capital leases as of September 30,
1991 (in thousands):
General Internal
Fixed Service
Assets Fund
Machinery and equipment ......... $5.769 $2.261
Less: accumulated depreciation .... — (226)
Carrying value ................... $5,769 $2,035
The following is a schedule of the future minimum lease
payments under these capital leases, and the net minimum
lease payments at September 30, 1991:
General Internal
Fiscal Year Ending
Long -Term
Service
September 30
Debt
Fund
1992....................
$1.273
$ 843
1993 ....................
1,273
843
1994 ....................
1,273
568
1995 ....................
1,274
Total Minimum Lease Payment...
$5,093
$2,254
Less Amount Representing
Interest ....................
739
214
Present Value of Future Minimum
Lease Payments .............
$4,354
$2,040
1
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Other Liabilities
At September 30, 1991, other liabilities accounted for in
the general long-term debt account group, consists of the
following:
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 be-
tween Northwest First Street and Northwest Eighth Street.
GCC is a large property owner in the adjacent area with fu-
ture development 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 ex-
tent funds in the Trust Fund are available after required pay-
ments for the Series 1990 are made or provided for. As of
September 30, 1991 no payments were made.
The City entered into a settlement agreement with AT&T
Communications of the Southern States, Inc. (AT&T). in
the amount of $1,296,000 payable in 36 equal monthly
payments of $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 balance in other payables at September 30, 1991 are
summarized as follows:
Capital leases ................................. $4,354
Gran Central Corporation loan .................... 1,708
ATT settlement ............................... 1,296
Total .................................... $7.358
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 ac-
counts, minimum amounts to be maintained in various sink-
ing funds, and minimum revenue bond coverages. A
summary of major provisions and significant debt service re-
quirements 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, 1991. the statutory limitation for the City
amounted to approximately $1.618,823,000 providing a
debt margin of approximately $1,432,382,000 after con-
sideration of the $186,805,000 of general obligation
bonds outstanding at September 30, 1991, less approxi-
mately $364,000 available in the related debt service fund.
General obligation bonds authorized but unissued at Sep-
tember 30, 1991, totaled $32,500,000.
43
11
$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
property 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 re-
quired to be maintained under the terms of the Trust Inden-
ture pursuant to which the bonds were issued. Those funds
or accounts pertaining to these provisions include the Reve-
nue Fund, Bond Service Account, the Redemption Ac-
count, the Reserve Account, the Construction Account, the
Supplemental Reserve Fund, the Renewal and Replace-
ment Fund, and the Surplus Fund. The Trust Indenture pro-
vides that the gross revenues of the Convention
Center/Garage will be deposited, as received, with the Trus-
tee to the credit of the Revenue Fund.
At September 30, 1991. the City had on deposit with the
Trustee for these bonds approximately $4,948,000 includ-
ing 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 re-
serve accounts. The released cash was used to fund ap-
proximately $2,500,000 in expenses of the Miami Conven-
tion Center with the rest being transferred to the General
fund.
$16,275,000 Parking System Revenue Bonds (DOSP)--
Debt service is payable solely from the revenues of the Off -
Street Parking facilities. This issue ("Series 1986") con-
sists of serial bonds payable in installments of $315,000 to
$1,390,000 from 1988 through 2009. At September 30,
1991 the City had on deposit with the Trustee for these
bonds approximately $3,350,000 including accrued inter-
est receivable in various reserve accounts. These accounts
consist of the Parking System Fund (Revenue, Revenue and
Replacement, and General Reserve accounts), and the
Bond Fund (Interest and Principal, Sinking fund, Reserve,
Redemption, and Insurance and Condemnation Award Ac-
counts). The nature, purpose and funding requirements of
these funds and accounts are similar to those described
above relative to the Convention Center.
$2,000,000 Subordinated Parking System Revenue
Bonds —In 1986, the City's Department of Off Street Park-
ing sold $2.000,000 in Subordinated Bonds to provide fi-
nancing 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.
$38,000,000 IVISEA Special Obligation Refunding Bonds,
Series 1991—On February 6, 1991. the Authority issued
$38,000,000 Special Obligation Refunding Bonds Series
92- 447
1
City of Miami, Florida
(Votes to Financial Statements
1991 (the "Series 1991 Bonds") to redeem in full the cur-
rently outstanding Senior Bonds. The Series 1991 Bonds
mature in annual increments from $465.000 beginning in
1992 to $2,915,000 through 2020 carrying interest rates
from 5.75% to 7.2%. Costs of issuance of the Series 1991
Bonds, including bond insurance premiums and reserve
fund insurance premiums, totaled approximately $1.3 mil-
lion and were funded from available Senior Bond reserve
fund cash.
Under the terms of the Series 1991 Bond Resolution, the
original funding requirement for the Debt Service Reserve
Account and Replacement Reserve Fund have been re-
leased. In addition, the Series 1991 Bond Resolution pro-
vides for the transfer from the Trustee of the remaining Se-
nior Bond reserve funds, The •evised flow of funds provides
Convention Development Tax receipts to fund the Authori-
ty's operations up to a maximum of $650,000 annually (in-
creasing 3% per annum), and establishes a Capital Reserve
and Operating Deficit Account to meet certain obligations
under the Miami Arena contract according to a prescribed
funding schedule agreed to by the Authority and the Coun-
ty. Any Convention Development Tax receipts in excess of
the Series 1991 Bond Resolution funding requirements
shall be transferred by the Trustee on a monthly basis ac-
cording to the written directions of the County.
$16,175,000 Certificates of Participation --During 1986,
the City issued $16,175,000 Certificates of Participation,
series 1986 (the "Certificates") to finance the acquisition
through August 1, 1989 of equipment for use by the Fleet
Management Internal Service fund in providing essential
City services and to reimburse the City for equipment ac-
quired during the prior two years. The Certificates represent
a limited and special obligation of the City and evidence un-
divided proportionate interests in "basic rent payments" to
be made by the City pursuant to a lease purchase agree-
ment for the acquisition and financing of the equipment. Ti-
tle to all equipment purchased rests in the City. Basic rent
payments consist of an annual principal component and
semi-annual interest components at interest rates from
4.6% to 6.4% through 1992. The City is obligated to make
rental payments under the lease only from funds appropriat-
ed from general revenues of the City from sources other
than ad valorem taxes. The obligation of the City to make
rental payments does not constitute an obligation of the
City for which the City is obligated to levy or pledge any form
of taxation.
$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 of $2,830.000 in 2006. Debt service on the
bonds, are payable solely from certain telephone and tele-
graph franchise fees.
a
$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 are to be used to fund certain
parks and marinas improvernents and other capital projects.
The Commission was created in November, 1985. by the
Cities of Orlando and Tallahassee, Florida, through an in-
terlocal agreement, as a pooled financing vehicle to allow
for a limited number of high quality local governmental units
(Cities and Counties) to join together in a variable rate fi-
nancing program and thereby benefit from the inherent
economies of scale. The City has pledged certain non -ad
valorem revenues 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 Flor-
ida 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 rev-
enues.
$8,750,000 Floating/Fixed Rate Subordinate Special Ob-
ligation Bonds, Series 1989A—On May 4, 1989. MSEA
issued $8,750,000 in Floating/Fixed Rate Subordinate
Special Obligation Bonds, Series 1989A to refund the out-
standing balance of the $10,000.000 Subordinate Obliga-
tion Note Series 1985, which was paid in full using pro-
ceeds from the bond issuance. The bonds are secured by a
pledge of MSEA's allocated portion of the 3% Convention
Development Tax, but on a basis subordinate and junior to
the pledge to the senior bonds and from the date of original
issuance through April 29, 1994 (except upon earlier oc-
currence of certain events) by funds drawn under a bank let-
ter of credit in a stated amount equal to the principal
amount of the bonds plus 55 days interest thereon at an in-
terest rate of 12%. The bonds carry a variable interest cal-
culated weekly. For the year ended September 30. 1991,
the average rate on the bonds was 5.03%. Interest is paya-
ble monthly.
Upon meeting certain conditions and providing notices,
MSEA may convert the bonds to a fixed interest rate, as de-
termined by a remarketing agent, that would allow the
Bonds to be remarketed at par value. Upon conversion to
fixed rate, the bonds will no longer be secured by the Bank
Letter of Credit.
$30,000,000 Rental Revenue Bonds, Series 1988—Dur-
ing 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.
92- 447
l
I"
1 0
City of Miami, Florida
Notes to Financial Statements
$6,500,000 Guaranteed Entitlement Revenue Bonds, Se-
ries 1989—During 1989, the City issued $6,500,000
Guaranteed Entitlement Revenue Bonds, Series 1989 to fi-
nance the cost of certain capital improvements and equip-
ment within the City. At September 30, 1991, the City had
on deposit with the Trustee for these bonds approximately
$612,000 in various reserve accounts within a Sinking
Fund. These accounts consist of the Interest Account, the
Principal Account, the Bond Redemption Account and the
Service Account.
$12,386,658 Special Obligation Refunding Bonds, Series
1990—In May 1990, the City sold $12,386,618 Special
Obligation 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
8.875%. The Series 1990 bonds are made up of
$11.095.000 in current interest form and $1.291,658 in
capital appreciation form. The Series 1990 bonds are col-
lateralized 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.
$3,500,000 Subordinated Parking System Refunding
Revenue Bonds, Series 1990. In April 1990, the City sold
$3,500,000 Subordinated Parking System Refunding Rev-
enue Bonds, Series 1990, with interest at 81 % of the prime
rate. The Series 1990 bonds are secured by DOSP parking
revenues.
R
11
$6,500,000 First Municipal Loan Council Pooled Loan
Program. During 1989, DOSP and the City entered into a
participation agreement to draw up to $6,500,000 in fund-
ing under the First Municipal Loan Council Pooled Loan Pro-
grams sponsored by the Florida League of Cities. As of Sep-
tember 30, 1991. and 1990, $1,065.000 had been
drawn under such agreement. Amounts drawn bear interest
at a calculated variable rate. The loan is secured by a pledge
of DOSP parking revenues.
$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 proceeds of the bonds are to be used mainly to refi-
nance the $5,958,400 Section 108 HUD Promissory Note,
to reimburse the City for monies advanced to the Redevel-
opment Area in an amount not to exceed $750,000, to fi-
nance the acquisition and clearing of certain real property,
and the construction of infrastructure improvements in the
Redevelopment Area. The bonds were issued at rates rang-
ing from 7.15% to 8.50%, with serial and term bonds ma-
turing through 2015. Debt service is payable from the Tax
Increment Revenues of the Redevelopment Area and a
pledge of guaranteed entitlement revenues up to
$300,000 annually.
L_
r_
c
e
45
��- 447
City of Miami, Florida
Notes to Financial Statements
G. Defeasances of Long -Term Debt
On April 10, 1991, the City issued $16,135,000 General Obligation Refunding Bonds, Series 1991, to advance refund a
portion of certain general obligation bonds originally issued in aggregate principal amounts consisting of $8,000,000 Fire
Fighting, Fire Prevention and Rescue Facilities Bonds, $1,000,000 Housing Bonds, $6,000,000 Sanitary Sewer System
Bonds, $4,000,000 Storm Sewer Improvement Bonds, and $6,000,000 Street and Highway Improvement Bonds, all dated
May 1, 1983. The outstanding balance of the bonds refunded totaled $14,175,000. The proceeds from the Series 1991
Bonds (net of approximately $415.270 in issuance costs, original issue discount, insurance premium and accrued interest)
were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the refunded
bonds. Part of the amount escrowed was used to purchase direct obligations of the United States of America with the balance
of the escrow requirement funded with cash. As a result, the refunded bonds are considered to be defeased. The issuance of
the refunding debt at interest rates lower than the refunded bonds will cause aggregate debt service payments to be reduced
by approximately $985.800, with a net present value savings of approximately $961,500.
In prior years, the City 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. Ac-
cordingly, the trust accounts and the defeased bonds are not included in the City's financial statements. At September 30,
1991, in addition to the above, the following outstanding bonds are considered defeased (in thousands):
Parking Facilities Revenue Bonds:
SeriesB............................................................
SeriesC............................................................
Senes1980.........................................................
Parking System Revenue Bonds:
Series1983.........................................................
General Obligation Bonds:
Firefighting, Series 1984..............................................
Housing, Series 1984................................................
Storm Sewer Improvement, Series 1984..................................
Street and Highway, Series 1984.......................................
Police Headquarters Improvements, Series 1985 ..........................
Storm Sewer Improvements, Series 1985 ................................
Sanitary Sewer Improvements, Series 1985 ..............................
Street and Flighway Improvement, Series 1985 ...........................
Firefighting, Fire Prevention and Rescue Facilities, Series 1985 ..............
Special Obligation Bonds:
Series1981.........................................................
Series1985.........................................................
46
$ 740
2,925
600
12.535
1,100
16,260
2,375
5,895
3,304
6,735
3,795
3,215
3,386
9,645
12,505
92- 447
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. 1991 (in thousands):
=
Retained Eamings (Deficit)
_
Enterprise Funds:
Reserved
for Debt
Service Unreserved
Total
Contributed
Capital
Total Fund
Equity
(Deficit)
_
=
_
_j
_
Off -Street Parking ......................
G&O Enterprise Fund ...................
Marine Stadium ........................
Miami Stadium ..
Orange Bowl Stadium ...................
Convention Center .....................
Marinas ..............................
Exhibition Center .......................
Golf Courses ..........................
Warehouse Property ....................
Parking Garage ........................
Building and Zoning ....................
Solid Waste ...........................
Manuel Artime Center ..
$2,403 $ 7,134
— (1,749)
_ (443)
(1,071)
— (1 1 1)
2,715 (33,037)
— 3,164
— (2,775)
— (32)
199
232 (5,826)
(748)
_ (6,908)
(36)
$5,350 $(42,239)
$ 9,537
(1,749)
(443)
(1,071)
(1 1 1)
(30,322)
3,164
(2,775)
(32)
199
(5,594)
(748)
(6,908)
(36)
$(36,889)
$ --
2,633
699
1,654
4,552
46,256
2,787
10,929
405
22
634
267
3_312
$74,150
$ 9,537
884
256
583
4,441
15,934
5.951
8,154
373
221
(4,960)
(481)
(3,596)
(36)
$37.261
=
Internal Service Funds:
_
Fleet Management .....................
Property Maintenance ..................
Print Shop ............................
Procurement Management ..............
Communications Services ...............
$ — $ (2,983)
_ (186)
(653)
— (20)
— 276
$ -- $ (3,566)
$ (2,983)
(186)
(653)
(20)
276
$ (3,566)
$ 7,777
273
178
23
3,453
$11,704
$ 4.794
87
(475)
3
3,729
$ 8.138
See Note 11 for selected financial information regarding the enterprise funds.
1
4,
�
92- 44'7
u
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 report-
ed. The long-term portion of the total estimated liability, which is expected to be funded from future operations, is reflected in
the General Long -Term Debt account group and amounted to approximately $52,592,000 as of September 30. 1991 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. $18,371
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 fully insured, subject to a $100,000 deductible, for all property loss exposure,
except as related to parks and recreation facilities, which are included in the City's self-
insurance program. 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, 1991, the plan covered approximately 1,116 active employees, 1,056
retirees and 1.197 employee -retiree dependent units. Costs of the plan for the year then
ended were approximately $10.8 million.
Total
Less: current portion, which represents payments made by the City in October and November
1991 on claims incurred on or before September 30, 1991.
Long-term claims payable
48
92- 447
4,J
1.0
t�
36,197
-1
9i
3�
1,565
56,133 9
3,541
$52,592
s
City of Miami, Florida
Notes to Financial Statements
11. SEGMENT INFORMATION -ENTERPRISE FUNDS
-
Off -Street
011,0
En so
Stadiums
Convention
Exhibition
Oaif Perking
Building &
mmil
Solid AMrtfm*
'
Perking
Fund
(1)
Center
Marines
Comer Courses asrage
Zoning
Waste Center Total
Current assets
S 7,612
$ 634
$ 1,210
S 48
S 28
$ 74 $
26 S 33
S 569
S 4.505 $ 12 $ 14.751
-
Current liabilities
2.875
370
2.644
1,697
1,166
250
390 144
1,112
10.723 54 21,425
-_
Net workmg capital
Restricted assets ..
$ 4,137
$ 3,350
$ 264
$ -
$ (1,434)
$ 7,973
$ (1,649)
$ 4.648
$ (1,138)
$ -
$ (176) $ (364) $ (111)
$ - $ - $ 406
$ (543)
S-
S (6.218) $ (42) S (6.674)
$ - $ - $ 16,377
Current liabilities payable from
restricted assets..
947
-
24
3,281
292
47
- 697
-
- - 5.288
Net restricted assets ... ...... .
$ 2,403
$ -
$ 7,949
$ 1.367
$ (292)
$ (47) $ - $ (291)
$ -
$ - $ - $ 11.089
Property, plant and equipment ..
$21,723
$1.390
$14,932
$ 78,461
$18.975
$10,244 $
737 $ 7,165
$ 62
$ 2.622 S 6 $156.317
Total assets ..............
$33.396
$2.024
$24.169
$ 83.847
$19.003
$10,318 S
763 $ 7,883
$ 631
$ 7.127 $ 18 $189.179
Bonds payable, long-term debt (net)
$20.037
$16.000
$ 62.935
$11.594
$ 1,867
$12.002
S124,435
-
Contributed capital .... ... ..
Total retained earnings (deficit) ..
$ -
9,537
$2.633
(1,749)
$ 6.927
(1,426)
$ 46,256
(30,322)
$ 2.787
(3,164)
$10,929 $
(2.775)
405 $ 634
(32) (5,594)
$ 267
(748)
$ 3,312 $ - S 74,150
(6,908) (36) (36.889)
Total fund equity (deficit) . ..... .
$ 9,537
$ 884
$ 5,501
$ 15.934
$ 5.951
$ 8.154 $
373 $ (4,960)
S (481)
$ (3.596) $ (36) $ 37,261
Operating revenues ...... .....
$ 9,745
$ 768
S 2,280
$ 3.861
$ 2.585
$ 592 $1.268 $ 631
$5,630
$ 17.503 $ 118 $ 44.981
Depreciation expense ......... .
$ 0.556)
$ (283)
$ (611)
$ (1,757)
$ (114)
$ (156) $
(42) $ (159)
$ (12)
$ (1951 $ (1) $ (4.8861
-
Operating income (loss) before non -
operating revenues (expenses)
1,738
(453)
(745)
(2,110)
819
(192)
(32) 19,
307
(13.039) (477) (14.165)
_
-
Non -operating revenues(expenses):
Interest income ..............
505
6
20
236
-
7
- 22
119 - 928
Interest and fiscal charges ....
(1,604►
-
(225)
(5,031)
(490)
-
(915)
-13
(8.265)
Other ............. .......
--
-
1.954
-
-
41
- -
6
(60) - 1,941
Total non -operating revenues
-
(expenses) .
0.099)
6
1.749
(4,795)
(490)
48
- (893)
19
-
59 (5.396)
Net transfers from (to) other funds
-
-
(1,974)
4,651
113
-
- 173
(550)
11,847 446 14,706
Net income (loss) ..... ........
639
(447)
(970)
(2,254)
442
(144)
(32) (701 )
(224)
(1,133) (311 14.8551
Additions to property, plant and
equipment, net ..............
$ 165
$ 106
$ 4.982
$ 4
S 275
$ 244 $
4 $ -
$ 17
$ 594 $ 1 $ 6.392
_f
Additions of contributed capital ....
$ -
$ -
$ -
$ 8
S -
$ - $
14 $ -
$ -
$ 578 $ - $ 600
Increase (decrease) in working
capital .................. ..
$ 2.157
$ (370)
$ 123
$ 3.253
$ (320)
$ 184 $
111 $ (190)
$ (147)
$ (3,331) $ (11)$ 83
(1) Includes operations of the Orange Bowl Warehouse Property, p g p rty, the
Miami Stadium, the Marine Stadium and the Orange
1 `
Bowl Stadium.
1
49
92- 447
r�
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 Fighters'
and Police Officers' Retirement Trust ("FIPO") and the City
of Miami General Employees and Sanitation Employees' Re-
tirement Trust ("GESE"). The plans cover substantially all
City employees who contribute a percentage of their base
salary or, wage on a bi-weekly basis. The payroll for employ-
ees covered by APO and GESE for the year ended Septem-
ber 30, 1991 was $71.4 million and $61.5 million,
respectively; the City's total payroll was $159 million.
At October 1, 1991, the date of the most recent actuarial
valuation, membership in the FIPO and
GESE consisted
of
the following:
FIPO
GESE
Retirees and beneficiaries currently
receiving benefits and terminated
employees entitled to benefits but
not yet receiving them ............
1,024
1,625
Current employees:
Vested .......................
925
914
Nonvested ....................
816
973
Totals ........................
2,765
3,512
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 sal-
ary to FIPO and 8% to GESE. Contributions from employees
are recorded in the period the City makes payroll deductions
from participants. The City is required to contribute such
amounts 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 pursu-
ant to City of Miami Code Sections 40.205 and 40.230, re-
spectively.
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"). The major 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.
a
• The City's total annual contributions to FIPO and
GESE beginning with fiscal year 1984/85 are re-
quired to consist ot:
• • 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
schedule that requires $5,000,000 for FIPO and
$6,400,000 to GESE, respectively, for 1984/85,
increasing thereafter by approximately 5% per
year. The total unfunded liability, including the ef-
fect of certain plan improvements, was calculated
to be approximately $104,500,000 for FIPO as of
January 1, 1983 and $109,000.000 for GESE as
of October 1, 1982, establishing the basis for the
contribution schedule. The respective unfunded li-
ability balances are expected to increase annually
for approximately the next 9 years, until the annual
unfunded liability contribution by the City exceeds
the accumulated interest on the unpaid balance.
The currently existing unfunded liability balances
are scheduled to be eliminated by the year 2011
for FIPO and by the year 2007 for GESE.
• Any increase in the unfunded liability of either FIPO or
GESE arising from lawful increases in benefits provid-
ed by the City unilaterally shall be amortized in level
annual installments over the shorter of (1) 30 years
from the beginning of the fiscal year in which the
change occurred, or (2) the period over which such
benefit increase is expected to be paid. Any increase
or decrease in the unfunded liability resulting in
changes in actuarial assumptions or changes in bene-
fits resulting from collective bargaining shall be amor-
tized in level installments over a period 'of 30 years
from the beginning of the fiscal year in which the
change occurred.
• 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.
B. Funding Status and Progress
The amounts shown below as the "pension benefit obliga-
tion" 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 em-
ployers.
92- 447
11
City of Miami, Florida -
Notes to Financial Statements
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.
i
The pension benefit obligation and the estimated actuarially determined employer contribution provided by the City were cal-
culated by consulting actuaries based on actuarial valuations for FIPO and GESE.
follows:
The more significant assumptions underlying the actuarial valuations are as
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 4.8% 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 Annual Rate of
Age Salary Increase
20 .100
25 .090
30 .085
35 .080
40 .075
50 .075
60 .075
_
Retirement Annual Rate of
RRII
Age Retirement
-
55 .200
60 .100
65 .200
70 1.000
Following is the calculation of the unfunded (overfunded) pension benefit obligations (in thousands):
FIPO GEESE Total
='
Valuation Date ............................................... Oct. 1, 1991 Oct. 1, 1991
Pension benefit obligation:
'
Retirees receiving benefits and terminated members $172.300 $133,200 $305,500
Current employees:
Accumulated member contributions ...................... 59,000 46,000 105,000
Employer —financed vested ............................ 76.400 124,100 200.500
Employer —financed non -vested 94,900 23,700 118,600
........................
Total ............................................ 402.600 327,000 729.600
-
Net assets available for benefits, at cost (market value is
$455,900 for FIP0, $248,700 for GESE) .................. 419,400 213.100. .632,500
t r
Unfunded (overfunded) pension benefit obligation .......... $(16,800) $1 13,900 $ 97.100
1 51
92- 44"7
=A -
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.
i310C
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, 1991 the recommend-
ed contribution rate was 20.5% of participating payroll, or
$15,045.571 (12% or $8.959,044 employer and .8.5%,
exclusive of 2% contribution to the COLA Account, or
i
$6,086,527 estimated for employees), based upon an ac-
tuarial valuation performed as of October 1, 1989. The con-
tribution requirement consists of $8,722,135 for the nor-
mal cost and $6,323,436 for the amortization of the
unfunded actuarial accrued liability. Contributions (exclud-
ing contributions to the COLA Account) made to FIPO per-
taining to the year ended September 30, 1991 were ap-
proximately $15,434,000.
GESE
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, 1991, contributions to-
taling $14,891,205 ($9,823,728-employer and
$5,067,477-employee) were accrued in accordance
with actuarially determined contribution requirements,
based on an actuarial valuation performed as of October 1,
1989. These contributions consisted of $5.614,884 for
the normal cost and $9,276,321 for the amortization of the
unfunded actuarial accrued liability. Contributions repre-
sented 24.4% of the covered payroll (employer-16.4%;
employees 8%, exclusive of 2% for COLA).
D. Trend Information
Following is a schedule of analysis of funding progress (dollars in millions):
(1)
Net Assets
Available for
Fiscal Year
Benefits, at
Ended
Cost (Excludes
September 30
COLA Account)
FIPO
1991
$419.4
1990
375.6
1989
339.4
GESE
1991
$213.1
1990
201.2
1989
188.0
(Overf4unded)
Unfunded
(3)
Pension
Pension
Percentage
Benefit
Benefit
Funded
Obligation
Obligation
(1)/(2)
(2)-(1)
(Overfunded)
Unfunded
Pension
Benefit
Obligation
Employer
as a
Contributions
(5)
Percentage
as a
Annual
of Covered
Percentage
Covered
Payroll
of Covered
Payroll
(4)/(5)
Payroll
$402.6
104%
$ (16.8)
$71.4
(24)%
12.5%
409.3
92%
33.7
71.1
47%
13.5%
385.9
88%
46.5
71.6
65%
15.5%
$327.0
65%
$113.9
$61.5
185%
16.4%
311.3
65%
110.1
62.5
176%
21.3%
302.2
62%
114.2
59.9
190%
18.5%
Due to the long-standing litigation discussed in Section A of
this Note, there had been, in prior years, significant differ-
ences in the actuarially determined liabilities and funding re-
quirements as calculated by the City and the two Trusts.
Therefore, historical trend information regarding the pen-
sion benefit obligation is not currently available. The City
shall compile such information on a prospective basis. Se-
lected 10 year historical financial information is provided in
52
the separately issued financial statements for FIPO and
GESE.
The City maintains a Pension Administration trust fund (ex-
pendable trust fund), which charges each department of
the City and other governmental contributors their respec-
tive share of estimated pension plan contributions. Substan-
tially all amounts charged were to the General fund, and the
remainder to various other funds, principally enterprise and
1
92- 447 -�
0
City of Miami, Florida
Notes to Financial Statements
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.
1990, the Department's pension benefit obligation totaled
approximately $1,642,547. The net assets available for
plan benefits totaled approximately $1,674,000 as of Sep-
tember 30. 1990. For the year ended September 30,
1991, actuarially determined employer contributions and
overall contribution requirements were met under the plan.
Refer to the Department's pension plan financial state-
ments for additional 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.
Membership for City of Miami employees is limited by the
City Code to specific members of the City Clerk, City Man-
ager, and City Attorney's offices; Department Directors, As-
sistant Directors; and other executives. To participate in the
plan a written trust agreement must be executed, which re-
quires the City to contribute 8% of the individual's earnable
compensation, and the employee to contribute 10% of their
salary. Participants may withdraw funds at retirement or up-
on separation based on a variety of payout options. The fol-
lowing information relates to the City of Miami participation
in this plan (in thousands):
Total current year payroll for all employees ...... $ 159,469
Current year payroll for employees covered in the
plan.................................. 2,784
Current year employer contribution at an 8% rate 223
53
El
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 cov-
erage within the City limits. This tax, which is collected from
insurers by the State of Florida, is remitted directly by the
City to the plans' Boards of Trustees. As long as the mini-
mum 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 contri-
butions to the plans. The total of such excise taxes received
from the State of Florida and remitted to the plans was ap-
proximately $5,197,000 for the year ended September 30.
1991. Benefits are allocated to the participants based upon
their service during the year and the level of funding re-
ceived during said year. Participants are fully vested after
nine years of service. On termination of service, a partici-
pant 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. Substantially all of
the City's general employees and firefighters may become
eligible for those benefits when they reach normal retire-
ment age while working for the City. As indicated in Note
10(C), 1,056 of the 2,172 covered participants are retir-
ees. Cost of the post -employment health benefits, funded
on a pay as you go basis, approximated $3.5 million.
W- 447
City of Miami, Florida --
Notes to. Financial Statements
13. INTERFUND TRANSFERS
A summary of interfund transfers by fund type for the fiscal year ending September 30, 1991, is as follows (in
thousands):
Transfers In
Special Debt
Capital Internal Expendable
General Revenue Service
Projects Enterprise Service Trust
Total
t
Transfers Out
General .......... $ — $ 668 $ —
$ — $12,294 $ 606 $2.828
$16.396
..,
Special revenue.... 26.485 218 1,635
3,656 4,823 2,815 —
39.634
Debt service ...... 3,627 740 10,057
4,883 — — —
19.307
Capital projects .... 1,500 839 2.836
14,188 139 — —
19,502
Enterprise ........ 2,550 — —
— — — —
2.550
Internal service .... -- — —
— — 804 —
804
$34.162 $2,465 $14,528
$22,727 $17.256 $4.225 $2,828
$98,191
�.
14. COMMITMENTS AND CONTINGENCIES
Proposed Sources of Funding
Amount
Capital Improvement Program
City
General Obligation Bonds ..............
$103,754
I
The City's capital improvement ordinance identified ongoing
Revenue and Special Obligation Bonds ...
95,874
and future projects totaling $297 million. Major emphasis is
Interest Earnings and Other .............
57.804
placed on maintaining and expanding the City's infrastruc-
257.432
ture. The greater effort is directed to public facilities, street
Non -City
i -
improvement, park facilities, storm sewers, and sanitary
� ;
Federal Grants
747 $ 30
_
sewers. The community redevelopment projects are de-
signed to assist inneighborhood revitalization and the ex-
.......................
Private and Developer Contributions ......
.
6.169
-
pansion of the City's economic base. A functional distribu-
tion of the capital improvement ordinance and funding
39,468
sources, excluding projects financed by DOSP and MSEA
Total Funding ........................
$296,900
follows (in thousands):
---�
-- -
Functional Category Amount
Parks ................................. $ 42.079
General Government ......... 44.324
Sanitary Sewers ........................ 14.562
Street Improvements .................... 17,249
_
Parking Facilities ........................ 21.757
Community Redevelopment .............. 23,225
Marinas ............................... 18,440
i
Housing ............................... 18.805
Storm Sewers .......................... 31.348
Stadiums .............................. 11,602
Fire .................................. 16,309
Police ................................. 15,580
Exhibition Centers ....................... 8,521
Economic Development .................. 5,482
Solid Waste ........................... 3,789
Mass Transit ........................... 3.808
Total Capital Improvement Program ...... $296,900
--`
i
54
92-- 447
0
City of Miami, Florida
Notes to Financial Statements
During fiscal year 1991, the City's Department of Public
Works was monitoring 129 construction projects in pro-
gress, or awaiting final approval, with budgets totaling ap-
proximately $155 million in costs. The most significant of
these public works projects were:
• Neighborhood Parks Program —Over 40 parks are
being improved and renovated throughout the City at
a total cost in excess of $22 million. Funding for the
program is provided by a $6.7 million loan proceeds
from the Sunshine State Governmental Financing
Commission, $3.0 million in City of Miami Guaran-
teed Entitlement Bonds, $3 million loan proceeds
from the Florida League of Cities and other discre-
tionary City funds.
Bayfront Park Redevelopment —A $20 million down-
town waterfront park redevelopment project. Major
funding sources include $6.6 million in federal
grants, $4.4 million in Sunshine State Governmental
Financing Commission loan proceeds, $3.2 million
from the New Port Bridge land sale, $2.0 million in
private sector contributions, and $1.3 million direct
appropriations from the State of Florida.
• Orange Bowl Renovations —A $17 million project to
renovate the City's major stadium, includes various
structural repairs, renovated and expanded
restrooms, and installation of a new scoreboard and
sound system. This project is being funded from Flori-
da League of Cities Bond Pool proceeds and a contri-
bution from Dade County's professional sports
franchise tax bond proceeds.
Southeast Overtown/Park West
The Southeast Overtown/Park West redevelopment pro-
gram entails the redevelopment of 200 acres of prime real
estate, adjacent to the central business district, for new res-
idential 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
Ell
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 im-
provement ordinance. New private construction in the
amount of $200 million is planned over the next five years
for a total of 1,100 residential units and 250,000 square
feet of office and commercial space.
Miami Sports and Exhibition Authority
Construction was completed in 1988 on the Miami Arena
("Arena"), a sports/exhibition facility seating approximately
15,600. Under the terms of the Miami Arena Construction
Funding Agreement between MSEA and the private devel-
oper ("Decoma"), funding for the construction costs of ap-
proximately $48,060.000 was provided by proceeds from
the $38 million special obligation bonds issued by MSEA,
an initial contribution of $4.7 million from MSEA, and a con-
tribution of approximately $7.1 million from Decoma.
The Arena was constructed on land leased from the City
pursuant to a Land Lease Agreement between the City,
MSEA and Decoma for an initial term of 52 years with the
sole option of the City to renew, upon request of MSEA, for
any increment of years up to 47 years, at an annual rental of
$300,000 for the first 30 years, subject to market adjust-
ment thereafter. Under the terms of the Miami Arena Con-
tract (the "Contract"), the operations of the Arena shall be
managed by Decoma, or designee ("Operator"). for a term
of 32 years plus two ten-year renewal options. The contract
calls for an allocation of net operating income and seat user
charges ($.75 per ticket sales) as follows:
Net Operating Income
Operator
MSEA
Up to $1,750.000 ................
57.5%
42.5%
$1,750,000 to $3,500,000 .......
45.0
55.0
Over $3,500,000 ................
40.0
60.0
Seat User Charge
Up to $1,350,000................
75.0%
25.0%
Over $1.350,000 ................
50.0%
50.0%
Operating deficits are to be funded by amounts held in
MSEA's maintenance fund, which held approximately $1.5
million at September 30, 1991, and by amounts provided
by future Arena operations to be deposited in a replacement
fund maintained by the Operator, which is intended to pro-
vide for capital improvements. Decoma will provide 14% of
operating losses, after first exhausting reserves, in years
when the operating revenues are less than operating ex-
penses. Arena operating expenses shall include $50,000
each year, increased to $150,000 each third year, as a
contribution out of operating income to the replacement =-
fund. Decoma will incur liability for operating losses result-
ing from operating expenses more than 1 15% of approved
budget for such year. MSEA will review annual Arena oper-
ating budgets and will review pro forma operating state- =—
ments.
f_
55
92- 447
City of Miami, Florida
Notes to Financial Statements
As more specifically described in Exhibit D to the contract,
in the event of an operator default, MSEA is required to pay
a termination fee to the Operator equal to the greater of (a)
the Operator's private capital contributed to the project or
(b) an amount equal to 7.5 times the Operator's best in-
come year. Subject to the limitations in Exhibit D of the con-
tract, such termination fee may be reduced based upon ei-
ther the timing of the termination by MSEA or the seventy of
the Operator default.
MSEA's allocated portion of seat use revenues was approx-
imately $224,469. The seat use revenues have been re-
corded in the Miami Sports and Exhibition Authority special
revenue fund.
Under an agreement dated May 20, 1988 between MSEA
and the Miami Heat Limited Partnership (the "Heat"), a
major tenant of the Arena, MSEA has agreed to reimburse
the Heat for certain excess insurance and utilities expenses
paid to the Operator. Such reimbursements shall be limited,
in any fiscal year, to the amount of net revenues from Arena
operations allocable to MSEA plus MSEA's allocated share
of seat use revenues. No such reimbursements were re-
owred for as of September 30, 1991.
The Heat and the Operator are currently involved in litigation
seeking declatory relief and interpretation of certain portions
of the license agreement. As a result of this dispute, the
Heat has refused to pay for certain staffing costs and ex-
cess selected expenses billed to them. The litigation also in-
volves a claim for damages caused to the Arena's sound
system as a consequence of the Heat's installation of the
scoreboard. The litigation is at its initial discovery stage and
there are presently settlement discussions occurring.
Losses, if any, resulting from this litigation are not expected
to significantly impact MSEA's allocated share of Arena op-
erating income or losses.
G & O Enterprise Fund
The Maurice Gusman Cultural Center and the Olympia
Building, whose operations are accounted for under the G &
0 enterprise fund, incurred operating losses before depreci-
ation for fiscal years 1991 and 1990 of $169.755 and
$227,820. 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 years 1991 and 1990. In March 1991, the City
agreed to reimburse such operating losses over the six year
period ending September 30, 1996, if planned cost reduc-
tions are not sufficient to allow G&O to make such reim-
bursements from their operation. The City and the DOSP
are working together to identify various alternatives to im-
prove the economic viability of G&O. Due to the contingent
nature of funds to be provided no amounts will be recorded
until actually paid.
Litigation
There are a number of claims and lawsuits outstanding
against the City, arising principally from personal injuries in-
curred on City property, for which liability of $54,568.000,
including an actuarially determined portion for claims in-
curred but not reported, was recorded in General Long -
Term Debt as of September 30, 1991. as described in
Note 10.
Miami Marine Exposition, Inc. fled 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 City's motion to dismiss or for
summary judgement was denied and the case is set for trial.
The ultimate outcome of this claim cannot presently be de-
termined. However, in the City attorney's opinion, it is likely
the City may prevail on the merits.
15. SUBSEQUENT EVENTS
The City Commission approved a voluntary retirement plan
in September, 1991, with the purpose of inducing employ-
ees to retire on October 4, 1991. The additional retirement
benefits provided were an increase in the retirement multi-
plier of .25% and a ten percent (10%) salary increase retro-
active to October 4, 1990. Costs associated with this pro-
gram amounted to $7.9 million, of which $1.1 million were
recorded and paid in fiscal year 1991. The remaining
amounts were paid on October 1991 and are not recorded
in these financial statements.
On October 3, 1991, the City issued $20,000,000 in Tax
Anticipation Notes, Series 1991, to pay for appropriations
made by the City for the fiscal year ending September 30,
1992, in anticipation of the receipts of ad valorem taxes to
be collected during the fiscal year. The notes were issued at
the rate of 4.60%. General Fund ad valorem taxes are being
transferred in the new fiscal year to a "Note Fund" until bal-
ance of the "Note Fund" equals the principal and interest
due on the Notes at Maturity on September 28. 1992,
- i
56 —
92- 447
1
i
1
1
1
1
1
1
1
i
1
0
City of Miami, Florida
Notes to Financial Statements
On February 4, 1992. the City issued $4,415,000 Re-
funding Revenue Bonds, Series 1992, for the purpose of
advance refunding the outstanding Certificate of Participa-
tion, Series 1986 dated August 28. 1986. The bonds were
issued at rates ranging from 3.50% to 5.25% with serial
bonds maturing through 1996.
57
92- 447
1
1
1
1
E
it
E.
i
1=
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THIS PAGE INTENTIONALLY LEFT BLANK
58
92- 44'7
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SCHEDULEA-1
CITY OF MIAMI, FLORIDA
GENERALFUND
COMPARATIVE BALANCE SHEET
SEPTEMBER 30,1991
(in thousands)
1991
1990
Equity in pooled cash and investments ..................................................
ASSETS
. $ 5,072
$ 6.608
Receivables:
Taxes
Accounts............................................................
...
..........
2.386
4,884
3,050
3,750
Due from other funds ....................
* ............................................
657
329
Due from other governments .................
Other assets ........................................................................
I ........................................
2,227
138
2,602
141
Total assets ..............................................
: ..................
$15.364
$16,480
LIABILITIES AND FUND BALANCES
Liabilities:
Vouchers and accounts payable ................................................
$ 2,315
$ 3,748
Accrued expenses ...............................................................
Deferred revenue ................................................................
4,953
2.129
4,565
2,157
Deposits........................................................................
844
835
Total liabilities ................
..............................................
10.241
11,305
Fund balances:
Reserved for encumbrances .......................................................
395
651
Unreserved: undesignated ..........................................................
4.728
4.524
Total fund balances .............................................................
5,123
5,175
Total liabilities and fund balances
.................................................
$15,364
$16,480
r
I
r�
63
92- 447
SCHEDULE A-2
CITY OF MIAMI, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE --BUDGET
AND ACTUAL --BUDGETARY BASIS
YEAR ENDED SEPTEMBER 30, 1991
with comparative actual amounts
for year ended September 30, 1990
"?
(in thousands)
i
1991
Variance
Favorable
Actual
Budget
Actual
(Unfavorable)
1990
Revenues:
Taxes:
.,.
Property tax collections including
penalties and interest ...... $101,369
$ 99,966
$(1,403)
$ 98,366
Business and excise taxes ................
I ............. 18,070
18,711
641
18,004
119,439
118,677
(7621
116,370
_
Licenses and permits:
Business licenses and permits ...........................
4,520
4.628
108
5,913
Construction permits ....................
I ............. 76
145
69
90
4,596
4,773
177
6,003
_
Intergovernmental:
State revenue sharing ..................................
4,135
4,361
226
4,947
Sales taxes ............................................
16.486
15,406
(1,080)
15,501
Court fines ...........................................
3,031
3,083
52
2,463
Other .................... •
.......................... 2.863
2,511
(352)
2,126
26,515
25,361
(1,154)
25,037
Intragovernmental:
Engineering services and other
.......................... 6.315
6,471
156
2.657
Charges for services:
Public safety .........................................
3,587
3.821
234
2,417
Recreation ...........................................
584
406
(178)
813
Other ................................................
1,253
603
(650)
626
--.
5,424
4,830
(594)
3.856
Interest ...............................................
3,785
3.-:3?
(347)
2,234
Other revenues .........................................
2,650
2,837
187
1,433
Total revenues ....................................
$168,724
$166,387
$(2,337)
$157,590
Continued
sa 7
92- 447
SCHEDULE A-2
(continued)
1991
Variance
Budget
Actual
Favorable
(Unfavorable)
Actual
1990
enditures: Ex
General government:
Mayor and commission ..
$ 1,065
$ 1,004
$ 61
$ 1,069
City manager............I.........I..................
1,114
1.101
13
1,544
City clerk ............................................
Budget ..............................................
879
1,377
ell
1.336
68
41
1.010
1,412
Finance .............................................
Legal ..
Civil service
3,189
3.382
3.107
3.284
82
98
3.145
3,366
.......................
Personnel management ................................
291
1,974
284
1,955
7
19
266
1,698
Internal audit .........................................
Computers ...........................................
999
4,723
997
4,665
2
58
886
4.673
18,993
18,544
449
19,069
Public safety:
Police ...............................................
Fire
85,346
84,291
1,055
82,531
.................................................
44,987
130.333
44,730
257
1,312
42,811
129,021
125,342
Public improvements:
Public works .........................................
Planning and toning boards .............................
12.856
1.597
12.190
1,563
666
34
8.257
1,426
- 14,453
13,753
700
9,683
Culture and recreation ...................................
10,794
10,628
166
10,864
Other:
Employee benefits .....................................
Special programs .....................................
1,360
1,103
362
1,385
998
(212)
1,131
Intragovernmental charges ..............................
Miscellaneous ........................................
2,548
5,265
2,536
5,696
(431)
2,953
10,878
a
Debt service:
10,276
9,979
297
15,583
Principal retirement ...................... I .............
390
-
390
284
Interest and fiscal charges ..............................
774
1,995
0.221)
1,932
Total expenditures .................................
1,164
1,995
183,920
(831)
2.093
2.216
182,757
186,013
Deficiency of revenues over expenditures .................... .
1( 7,289)
(17.533)
(244)(25,167)
Other financing sources and (uses):
a
Operating transfers in .................. : ... : ... : .......
Operating transfers out ..
Total financing
34,997
(17,708)
34,162
1( 6,396)
(835)
1,312
40,802
1( 5,597)
other sources (uses) ..................
17.289
17,766
477
25,205
Excess of revenues and other financing sources over
expenditures and other financing uses ..............
Fund balance at beginning of year .........................
$ -
233
4,524
$ 233
38
4,486
Equity transfers from other funds ..........................
129)
-
Fund balance at end of year -budgetary basis ...............
4.728
4,524
Reconciliation to GAAP basis:
Encumbrances .......................................
Fund balance at basis
395
651
end of year-GAAP .
$ 5,123
$ 5,175
65
92- 44'7
Ell
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:-V
92- 447
�=
4
mm
2-
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92-- 447
CITY OF MIAMI, FLORIDA
i
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1991
with romparative totals for September 30, 1990
(in thousands)
Miami
Sports & Downtown
Exhibition Development
Rescue
Community
Cable
Authority Authority
Services
Development
T.Y.
ASSETS
"?
Equity in pooled cash and investments ............ $ — $ —
$
170
$ —
$ --
Other cash and investments ..................... 2,119 87
—
—
—
Accounts receivable ............................ 616 —
—
507
Due from other funds .......................... 720 —
—
—
--
Due from other governments .................... — 238
11
3,322
Other assets .................................. — —
—
189
—
Prepaid expenses .............................. — —
—
5
—
Restricted cash and investments, including accrued
interest .................................... 1.465 —
—
—
—
Total assets ............................. $ 4.920 $ 325
$
181
$ 4,023
$ —
—�
LIABILITIES AND FUND BALANCES
Liabilities:
Vouchers and accounts payable ................ $ 384 $ 65
$
33
$ 1,096
$ —
Accrued expenses (principally salaries) .......... — 34
129
46
—
R
Due to other funds ........................... — —
—
2.881
—
Deferred revenue ............................ — —
—
—
Deposit refundable ........................... — —
—
—
—'
1
Total liabilities ........................... 384 99
162
4,023
—
Fund balances:
—�
Reserved for Miami Arena ..................... 1,465 —
—
—
—
Unreserved:
Designated for approved projects ............. 2,915 ---
—
—
—
Undesignated ............................. 156 226
19
—
Total fund balances ....................... 4,536 226
19
—
--
Total liabilities and fund balances ........... $ 4,920 $ 325
$
181
$ 4.023
$ —
7
.i
i
t
70
I
02- 44'7
I
SCHEDULE B-1
'
i
Lew
Enforcement
Metro -Dade
Storm Sewer
Public
Service
Other
-
Totals
=
Fund
Tourist Tax
Water Fund
Tax Fund
Funds
1991
1990
$
70
$
14
$
3
$ -
$ -
$ 257
$ 4,356 =
-
4
-
-
-
-
-
2,206
1,888
-
-
398
2,689
10
4,220
3,554
2,015
-
-
-
2,085
4,820
4,953 _
314
3,885
869
-
_
-
-
-
189
4
-
--
-
-
1
6
-
-
-
-
-
-
4,612
6,077
1,422
$
2.085
$
14
$
401
$ 2,689
$ 7,022
$21,660
$17,046
$
35
$
-
$
-
$ -
$ 593
$ 2,206
$ 2.760
5
-
-
-
64
278
227
-
-
-
-
2,683
-
5.564
2,179 _-
-
-
-
-
-
15
15
2,539 =
-
-
-
-
1,430
1,430
338
40
-
-
2,683
2,102
9,493
8,043
-
-
-
-
-
1,465
2,142
_
-
-
-
-
-
2,915
1.866
2.045
14
401
6
4,920
7,787
4,995
2,045
14
401
6
4.920
12.167
9.003 =
$
2.085
$
14
$
401
$ 2,689
$ 7,022
$21.660
$17,046
i
71
-
-z
92- 44'7 -
-
CITY OF MIAMI, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1991
with comparative totals for year ended September
30, 1990
(in thousands)
Miami
Sports & Downtown
Exhibition Development
Rescue
Community Cable
Authority Authority
Services
Development T.V.
Revenues:
Property taxes ............................... $ — $ 1.496
$ —
$ — $ --
Business and excise taxes ..................... — —
1,364
— —
Intergovernmental ...... ..................... 230 9
147
15,202
Interest .............. .................... 237 11
2
497 —
Other ...................................... 238 4
113
749 —
Total revenues ........................... 705 1,520
1,626
16,448 — —'
Expenditures:
Public safety ................................ — —
2.273
— —
Grants and related expenditures ................ — —
—
15,674 — ^
Economic development ....................... — 1.453
—
— —
Other...................................... 1,049 —
—
--- —
Total expenditures ........................ 1,049 1,453
2,273
15,674 — •.y
Excess (deficiency) of revenues
i
over expenditures ...................... (344) 67
(647)
774 --
Other financing sources (uses):
Operating transfers in ......................... 990 —
618
225 —
Proceeds from debt issuance .................. — —
—
— —
Operating transfers out ....................... (230) —
(2)
(999) —
Total other financing sources (uses) ......... 760 —
616
(774) —
Excess (deficiency) of revenues and other
financing sources over expenditures and
—'
other financing uses .................... 416 67
(31)
— --
Fund balances at beginning of year ............... 4,120 159
50
-- 24
Equity transfers to other funds ................... — —
--
— (24)
Equity transfers from other funds ................. — —
—
— — "w
Fund balances at end of year .................... $ 4,536 $$ 226
$ 19
$
72 -�
i
92- 447
Law
Enforcement
Metro -Dade
Storm Sewer
Public
Service
Other
Totals
Fund
Tourist Tax
Water Fund
Tax Fund
Funds
1991
1990
$ -
$ -
$ -
$ -
$ -
$ 1,496
$ 1,512
-
-
5,756
28,604
938
36,662
34,935
1,073
1,540
-
-
6.091
24,292
26,007
144
-
-
i8
368
1,277
1,399
-
-
-
-
2,194
3.298
1,579
1,217
1,540
5,756
28,622
9.591
67,025
65,432
2.008
-
-
-
716
4,997
4,616
-
-
-
-
8,168
23,842
22.428
-
-
-
-
-
1,453
1,292
-
300
25
-
6,274
7,648
5,017
2.008
300
25
-
15,158
37,940
33,353
(791)
1,240
5,731
28,622
(5,567)
29.085
32,079
-
-
-
-
632
2,465
3.079
-
-
-
-
11.270
11.270
-
-
(1,240)
(5,333)
(29.164)
(2,664)
(39,632)
(36,844)
-
(1,240)
(5,333)
(29.164)
9,238
(25,897)
(33,765)
(791)
-
398
(542)
3,671
3,188
(1,686)
2,836
14
3
548
1.249
9,003
10,570
-
_
-
-
-
(24)
-
-
-
-
-
-
-
119
$ 2,045
$ 14
$ 401
$ 6
$ 4,920
$ 12,167
$ 9,003
73
SCHEDULE 8-2
92= 447
E
CITY OF MIAMI, FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITY,
DOWNTOWN DEVELOPMENT AUTHORITY, RESCUE SERVICES,
COMMUNITY DEVELOPMENT, CABLE T.V., LAW ENFORCEMENT FUND,
METRO DADE TOURIST TAX, STORM SEWER WATER FUND,
AND PUBLIC SERVICE TAX SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES —BUDGET AND ACTUAL —BUDGETARY BASIS
YEAR ENDED SEPTEMBER 30, 1991
with comparative actual amounts for year ended September 30, 1990
(in thousands)
Miami Sports and Exhibition Authority Downtown Development Authority
Variance
Variance
Favorable 1990
Favmabfe 1990
Budget Actual (Unfavorable) Actual Budget Actual (Unfavorable) Actual
Revenues:
Property taxes ..................... $ — $ — $ — $ — $ 1,478 $ 1,496
$ 18 $ 1.512
Business and excise taxes ............ — — — — — —
— —
Intergovernmental .................. — 230 230 — — —
— —
Interest ..... — ................... — 237 237 291 8 11
3 10
Other ............................ 268 238 (30) 278 108 13
(95) 57
Total revenues .................. 268 705 437 569 1,594 1,520
(74) 1,579
Expenditures:
Public safety ...................... — — — — — —
— —
Grants and related expenditures ....... — — — — — —
— —
Economic development .............. — — — — 1,494 1,453
41 1.292
Other ............................ 952 1.049 (97) 943 — —
_— —
Total expenditures ............... 952 1.049 (97) 943 1,494 1,453
41 1,292
Excess (deficiency) of revenues over
expenditures ................. (684) (344) 340 (374) 100 67
(33) 287
Other financing sources (uses):
Operating transfers in ................ 684 990 306 760 — —
— --
Operating transfers out — (230) (230) — — —
— —
Total other financing
sources (uses) ................ 684 760 76 760 — —
— —
Excess (deficiency) of revenues and other
financing sources over expenditures and
other financing uses ............... $ — 416 $ 416 386 $ 100 67
$ (33) 287
Fund balances (deficits) at beginning of year 4,692 4.306 284
(3)
Equity transfer to other fund ............ — — —
—
Furd balances at end of year ........... $ 5,108 $ 4,692 $ 351
$ 284
74
92- 447
7
l
� -1
0
SCHEDULE 8-3
Rescue Services
Community Development
Cable T.V.
Variance
Variance
Variance
Favorable
1990
Favorable
1990
Favorable
1990
Budget
Actual
(Unfavorable)
Actual
Budget
Actual
(Unfavorable)
Actual Budget
Actual (Unfavorable)
Actual
1.450
1,364
(86)
1,265
--
—
—
— —
— —
577
541
147
(394)
288
15,288
15,202
(86)
11,943 —
— —
--
9
2
(7)
4
—
497
497
590 —
— —
207
216
113
(103)
4
—
749
749
370 —
— —
—
2.216
1,626
(590)
1,561
15.288
16.448
1,160
12,903 —
— —
784
2.889
2,273
616
2,272
—
—
—
— —
— —
-
-
—
—
—
15,288
15,674
(386)
12,627 —
— —
—
—
—
—
—
—
—
—
— —
— —
458
2,889
2.273
616
2,272
15,288
15.674
(386)
12,627 —
— —
458
(673)
(647)
26
(711)
--
774
774
276 —
— —
326
675
618
(57)
736
—
225
225
— —
— —
--
(2)
(2)
—
—
—
(999)
(999)
(276) —
— —
(680)
673
616
(57)
736
—
(774)
(774)
(276) —
— —
(680)
$ —
(31)
$ (31)
25
$ —
—
$ —
— $ —
— $ —
(354)
50
25
--
—
24
378
—
—
—
—
(24)
—
$ 19
$ 50
$ —
$ —
$ —
$ 24
75
Continued
92- 44'7
CITY OF MIAMI, FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITY,
DOWNTOWN DEVELOPMENT AUTHORITY, RESCUE SERVICES,
COMMUNITY DEVELOPMENT, CABLE T.V., LAW ENFORCEMENT FUND,
METRO DADE TOURIST TAX, STORM SEWER WATER FUND,
AND PUBLIC SERVICE TAX SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES —BUDGET AND ACTUAL —BUDGETARY BASIS
YEAR ENDED SEPTEMBER 30, 1991
with comparative actual amounts for year ended September 30, 1990
(in thousands)
Lew Enforcement Fund
Metro Dade Tourist Tax
Variance
Variance
Favorable
1990
Favorable
1990
Budget
Actual
(Unfavorable)
Actual
Budget Actual (Unfavorable)
Actual
Revenues:
Property taxes ...... ..............
$ —
$ —
$ —
$ —
$ — $ — $ —
$ —
Business and excise taxes ............
--
—
—
—
— — —
—
Intergovernmental ......... ........
6,566
1,073
(5,493)
481
1.460 1.540 80
1.534
Interest ...........................
1,012
144
(868)
224
— — —
—
Other............................
—
—
—
1
— — —
—
Total revenues ..................
7,578
1,217
(6,361)
706
1.460 1,540 80
1,534
Expenditures:
Public safety ....................... 7.578 2.008 5.570 1.409 — —
Grants and related expenditures ....... — — — — — '—
Economic development .............. — — — — — —
Other ............................ — — — — 200 300
Total expenditures ............... 7.578 2,008 5,570 1,409 200 300
Excess (deficiency) of revenues over
expenditures ................. — (791) (791) (703) 1.260 1,240
Other financing sources (uses):
Operating transfers in ................ — —
Operating transfers out .............. — —
Total other financing
sources (uses) ................ — —
Excess (deficiency) of revenues and other
financing sources over expenditures and
192 — -
- 0.260) (1,240)
192 11.260) 0.240)
other financing uses ............... $ — (791) $ (791) (511) $ —
Fund balances (deficits) at beginning of year 2,836 3,347
Equity transfer to other fund ............ _ — --
Fund balances at end of year ........... $ 2,045 $ 2.836
14
$ 14
(100)
644
(100)
644
(20)
890
20 (897)
20 (897)
$ —
(7)
21
$
14
99- 447
4
SCHEDULE
B-3 _
(continued)
Total
Storm Sewer Water Fund
Public Service Tax Fund
-
Variance
Favorable
1990
Variance
Favorable
1990
Variance
Favorable
1990 -
Budget
Actual
(Unfavorable) Actual
Budget
Actual
(Unfavorable)
Actual
Budget
Actual
(Unfavorable)
Actual =
$ -
$ -
$ - $
-
$ -
$ -
$ -
$ -
$ 1.478
$ 1,496
$ 18
$ 1,512
6,250
5,756
(494)
4,724
28,126
28,604
478
28,363
35,826
35,724
(102)
34,929 -
-
-
-
--
23,855
18,192
(5,663)
14,246
_
=
_
_
21
18
(3)
30
1,050
909
(141)
1,356
-
-
-
-
-
-
-
-
592
1,113
521
710 _
6,250
5.756
(494)
28,147
28,622
475
28,393
62,801
57,434
(5,367)
52,753 =
_4,724
-
-
-
-
-
-
10,467
4,281
6,186
3,681
_
-
-
-
-
-
-
-
15,288
15,674
(386)
12,627
-
-
-
-
-
1,494
1,453
41
1,292
-
25
-
25
-
-
55
-
1,177
1,374
(197)
2,100
25
25
-
55
-
-
-
-
- 28,426
22,782
5,644
19.700 i
6,225
5.731
(494)
4,669
28,147
28.622
475
28,393
34,375
34,652
277
33.053
-
-
-
-.
-
-
-
-
1,359
1,833
474
1,688
(6,225)
(5,333)
892
(4,666)
(28,147)
(29,164)
(1,017)
(28,388)
(35.634)
(36,968)
(1,334)
(34.907)
(6,225)
(5,333)
892
(4,666)
(28,147)
(29,164)
(1,017)
(28.388)
(34.275)
(35.135)
(860)
(33,219)
$ -
398
$ 398
3
$ -
(542)
$ (542)
5
$ 100
(483)
$ (583)
(166)
3
-
548
543
8,451
8,617
-
-
-
-
(24)
-
ryj
$ 401
$
3
$ 6
$ 548
$ 7,944
$ 8,451
m
77
92- 447
THIS PAGE INTENTIONALLY LEFT BLANK
78
92- 447
in iy—f�-'r*�s'fi .r2s. ib r?��''�`t�rgss:},—h s � Sri T ;,a� _ .
� ,.„ �,,�
�, � c4 �`f:�� � � : �� : i
L I
W
0
SCHEDULE C-1
CITY OF MIAMI, FLORIDA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1991
with comparative totals for September 30, 1990
(in thousands)
MSEA MSEA
Subordinate Special
Other
General Special Obligation
Obligation Obligation
Special Totals
Refunding
Obligation
Bonds Bonds Bonds
Bonds 1991 1990
ASSETS
Equity in pooled cash and investments ..... $ 3,529 $ — $ — $ 344 $ 3,873 $ 4,530
Receivables'.
Taxes ....................
320
Assessment liens .....................
Restricted cash and investments ..........
103
I
Total assets ......................
LIABILITIES AND FUND BALANCES
$ 3,952
Liabilities:
Due to other funds ....................
Deferred revenue --assessments ........
$ —
—
Matured bonds and interest payable .....
3,549
Other payables .......................
Total liabilities ....................
39
. 3,588
Fund balances (deficit):
Reserved for debt service ..............
Total fund balances (deficit) .........
364
364
Total liabilities and fund balances ....
$ 3,952
I
ti
—
385
—
705
1,468
—
—
—
—
6,667
454
3,554
11
4.122
8,316
$ 454
$ 3,939
$ 355
$ 8,700
$20,981
$ —
$ 720
$ —
$ 720
$ 720
—
—
—
—
5,954
402
1,330
440
5,721
4,704
—
—
—
39
_ 63
402
2,050
440
6,480
11,441
52
1,889
(85)
2.220
9,540
52
1,889
(85)
2.220
9,540
$ 454
$ 3.939
$ 355
$ 8.700
$20.981
81
92-- 447
w
L"
3'
36
I)
91
I
4�
0
L I
'fl
11
in
I
I■i
CITY OF MIAMI, FLORIDA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1991
with comparative totals for year ended September 30,
1990
(in thousands)
MSEA MSEA
Subordinate Special
General
Other
Special Obligation
Obligation
Special
Obligation Refunding
Obligation
Bonds Bonds Bonds
Bonds
Revenues:
Taxes.............................
Assessment lien collections ...........
Intergovernmental .. ................
Interest ...........................
Other.............................
Total revenues ..................
Expenditures:
Debt service:
Principal retirement ........... .
Interest and fiscal charges ..........
Other.............................
Total expenditures ...............
Excess (deficiency) of revenues over
expenditures .....................
Other financing sources (uses):
Operating transfers in ................
Operating transfers out ............ I .
Proceeds from debt issuance .........
Repayment of debt ..................
Bond issuance costs ................
Total other financing sources (uses)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other financing
uses ..
Fund balances at beginning of year ......
Equity transfer to other fund ............
Fund balances (deficit) at end of year ... .
SCHEDULE C-2
Totals
1991 1990
$ 24,743.
$ —
$ 4,212
$ 706
$ 29.661
$ 30,182
—
—
—
—
—
2.093
—
—
—
3,111
3,111
3,629
109
19
295
126
549
1,078
—
—
—
119
119
356
24,852
19
4,507
4.062
33,440
37.338
10,995
370
—
330
11,695
12.361
12,363
475
2.498
2,079
17,415
19.799
1,573
46
440
2,819
4,878
932
24,931
891
2.938
5,228
33.988
33.092
(79)
(872)
_1.569
(1,166)
(548)
4,246
—
1,034
9.655
3.839
14,528
3,834
(382)
(110)
(15,723)
(3,092)
(19,307)
(8,528)
—
—
38,000
—
38.000
-
-
—
(38.000)
—
(38.000)
-
-
—
(1,279)
—
(1,279)
—
(382)
924
(7,347)
747
(6,058)
(4,694)
(461)
51
(5,778)
(419)
(6,607)
(448)
1,538
1
7.667
334
9.540
9.988
(713)
—
—
—
(713)
—
$ 364
$ 52•
$ 1.889
$ (85)
$ 2,220
$ 9.540
CITY OF MIAMI, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES --
BUDGET AND ACTUAL —GENERAL OBLIGATION BONDS AND OTHER
SPECIAL OBLIGATION BONDS DEBT SERVICE FUNDS
YEAR ENDED SEPTEMBER 30, 1991
with comparative totals for year ended September 30, 1990
(in thousands)
Revenues:
Taxes..................................................
Assessment lien collections ................................
Intergovernmental ........................................
Interest ................................................
Other..................................................
Total revenues .......................................
Expenditures:
Debt service:
Principal retirement .................................... .
Interest and fiscal charges ...............................
Other..................................................
Total expenditures ....................................
Excess (deficiency) of revenues over expenditures .........
Other financing sources (uses):
Operating transfers in .....................................
Operating transfers out .................................. .
Total other financing sources (uses) .....................
Excess (deficiency) of revenues and other financing sources over
expenditures and other financing uses .....................
Fund balances at beginning of year ...........................
Equity transfer to other fund .................................
Fund balances (deficit) at end of year .........................
84
General Obligation Bonds
Variance
Favorable
1990
Budget
Actual
(Unfavorable)
Actual
$ 24.769
$ 24,743
$ (26)
$ 24.077
—
—
—
2,093
500
109
(391)
387
345
—
(345)
356
25,614
24,852
(762)
26,913
10,995
10,995
—
11,711
14,043
12,363
1.680
13.778
576
1,573
(997)
516
25.614
24,931
683
26,005
—
(79)
(79)
908
—
(382)
(382)
(1,060)
—
(382)
(382)
(1,060)
$ —
(461)
$ (461)
(152)
1,538
1.690
(713)
—
$ 364
$ 1,538
92- 447
N"
SCHEDULE C•3
Other Special Obligation Bonds
Total
Variance
Variance
Budget
Actual
Favorable
(Unfavorable)
1990
Actual
Budget
Actual
Favorable
(Unfavorable)
1990
Actual
$ 408
$ 706
$ 298 $
633
$ 25,177
$ 25,449
$ 272
$ 24,710
-
-
-
-
-
-
-
2,093
3,721
3.111
(610)
3,629
3,721
3,111
(610)
3,629
299
126
(173)
-
799
235
(564)
387
-
119
119
-
345
119
(226)
356
4,428
4,062
(366)
4,262
30,042
28,914
(1,128)
31,175
315
330
(15)
300
11,310
11,325
(15)
12,011
701
2,079
(1,378)
3,227
14,744
14,442
302
17,005
-
2,819
(2,819)
2
576
4,392
(3,816)
518
1,016
_5,228
(4,212)
3,529
26,630
30,159
(3,529)
29,534
3,412
(1,166)
(4,578)
733
3,412
(1,245)
(4,657)
1,641
-
3,839
3,839
2,892
-
3,839
3,839
2,892
(3,412)
(3,092)
320
(3,546)
(3,412)
(3,474)
(62)
(4,606)
(3,412)
747
4,159
(654)
(3,412)
365
3,777
(1,714)
$ -
(419)
$ (419)
79
$ -
(880)
$ (880)
(73)
$ 334
$
255
$ 1,872
$ 1,945
-
-
(713)
-
$ (85)
$
334
$ 279
$ 1,872
85
92- 447
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■17�11�1
• F.r
SCHEDULE D-1
CITY
OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1991
with
comparative totals for September
30, 1990
(in thousands)
street
Culture and
Municipal Public
Miami
Exhibition
Totals
Improvements
Recreation
Use Use
Sewers
Arens
Expansion
1991
1990
ASSETS
Equity in pooled cash and
investments .............
$8.876
$ 8,221
$ 9�347 $11�117
$5 978
$
$
$43_539
$50�116
Accounts receivable .........
=
_
6
Assessment liens receivable
5,717
5,717
Due from other funds .......
-
-
3,000 700
-
-
-
3.700
168
Due from other
governments ........ ...
-
-
- -
566
-
-
566
47
Restricted cash and
investments .............
-
772
18,308 -
-
6.101
1,066
26,247
29.184
Total assets ........
$8,876
$ 8,993
$38,372 $11,817
$6,544
$6.101
$1,066
$79,769
$79.521
LIABILITIES AND
FUND BALANCES
Liabilities:
Vouchers and accounts
payable ...............
$ 418
$ 541
$ 2,155 $ 356
$2,237
$ 49
$ -
$ 5.756
$ 4,150
Accrued expenses ........
-
2
4 -
-
-
-
6
6
Deferred revenue
assessments ...........
-
-
5,177 -
-
-
-
5,177
--
Due to other funds ........
-
-
-- -
-
-
102
Due to other governments
115
27
139 46
43
_
_
370
268
Accrued interest ........ .
-
-•
347 -
_ -
-
-
347
-
Total liabilities ......
Fund balances:
533
570
7.822 402
2,280
49
_ -
_11,656
4,526
Reserved for:
Encumbrances .........
2.945
1.598
28,550 780
4,264
-
-
38.137
8,897
Construction ...........
Unreserved -designated for
-
-
_ -
-
6.052
1,066
7.118
5,214
approved projects .......
5.398
6,825
10,635
22.858
+68.113
60.884
Total fund balances
8,343
8,423
28,550 1 1,415
4,264
6.052
1,066
74,995
Total liabilities and
fund balances.....
$8,876
$ 8,993
$36.372 $11,817
$6,544
$6,101
$1,066
$79,769
$79.521
1. r�
i`
f
89
92- 447
Revenues:
Intergovernmental
Assessment hen
collections .......
Interest .......... .
Impact fees ...... .
Other ............
Total revenues
Expenditures:
Capital outlay ......
Interest ...........
Total
expenditures
Excess
(deficiency)
ofrevenues
over
expenditures
Other financing sources
(uses):
Operating transfers in
Operating transfers
out .
Proceeds from debt
issuance, net ....
Total other
financing
sources
(uses).....
Excess
(deficiency)
ofrevenues
and other
financing
sources over
expenditures
and other
financing
uses ......
Fund balances, at
beginning of year ...
Equity transfer to other
funds ............
Equity transfer from
other funds .......
Fund balances at end
of year ...........
SCHEDULE D•2
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1991
with
comparative totals for year ended September
30, 1990
(in thousands)
Strom
Culture and Municipal Public
Miami Exhibition
Totals
Improvements
Recreation Use Use Sewers
Arens Expansion
1991
1990
$ 12
$ 567 $ 274 $ — $ 644 $
— $ —
$ 1.497 $
4,884
3,548
3,548
534
430 2.459 766 422
274 52
4,937
4.793
853 —
— —
853
945
994
— 824 130 —
— —
1,948
1.084
1,540
997 7.105 1,749 1.066
274 52
12,783
11,706
4,255
3,155 10.554 2,548 12,963
4 40
33.519
27.018
— — — =
— —
—
802
4,255
3,155 10,554 2.548 12.963
4 40
33,519
27.820
(2,715) (2,158) (3,449)
(799) (11,897) 270
12 (20,736)
(16,114) —
5,392 — 1.312
1,258 9.891 4,874
— 22,727
11.696 ' -
(3,159) (1,231) (5,555)
(491) (8,576) (488)
(2) (19,502)
(15,422)
— — 3,000
— 6,916 —
— _ 9,916
—
2.233 (1,231) (1,243) 767 8,231 4.386 (2) 13,141 (3,726) 1
C
(482) (3.389) (4,692) (32) (3,666) 4,656 10
(7,595)
(19.840)
8,825 11.812 32.529 11.447 7,930 1.396 1,056
74.995
94,954
(119)
— 713 — — —
713
$ 8.343 $ 8.423 $ 28.550 $ 11.415 $ 4,264 $ 6.052 $ 1,066
$ 68,113
$ 74,995
�I
i�
1
so
92- 447
y
"''"'�I➢�illifili�;�ii inann.iaaea. enn isw: a�i.wwws
s F UP
U
THIS PAGE INTENTIONALLY LEFT BLANK
93
92- 447
W
i�
SCHEDULE E-1
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1991
with comparative totals for September 30, 1990
(in thousands)
liti0
OrulOp
suildirg
PrWarry
Manual
Totsis
od-straat Entwpri a
Par♦Rinp Fund
marim Miami tlowl
sodium sta�um stad.
Convarttfon EAVaiden Go" WWWWuae
antor CMWW" cantor cam" Ptoparty
--
pNidny
llama=
and
Zoning
SONS anrt L"" Art6m
Waste Mwo9eme nt Cantor
1991
1990
ASSETS
Current assets:
Equity in pooled cash and
$ -
$ -
$ - $ - $ 121
$ - $ - $
1
$ -
$ -
$ -
$ -
$ 9
$ 131
$
investments ...........
Other cash and investments
5,937
468
- -- -
- - - -
-
-
-
-
-
-
6.405
4.4
Accounts receivable (net),
where applicable of
allowances for
uncollecables of $1.729
256
102
14 - 493
48 28 74 26
-
-
567
4.505
-
3
6.116
4.619
Due from other funds ......
970
-
- - 580
- - - -
-
-
-
-
-
-
1,550
1,771
gyp, Prepaid expenses ......
449
64
- - -
- - - -
i
33
2
-
-
549
854
Total current assets ....
7.612
634
14 - 1,194
48 28 74 26
2
33
569
4,505
-
12
14,751
11.441
Restricted cash, investments
and accrued interest
including cash with fiscal
agents ................
3.350
-
- - 7.973
4.648 - - -
-
406
-
-
-
16.377
20.749
Property, plant and equipment
33.701
2.698
2.308 2.654 21.752
92.198 22.612 12,418 1.606
519
8,468
118
3.347
-
8
204.407
200,395
Less: Accurrvilated
depreaai m.............
(11.978)
(1.308)
(1.685) 11.314) (9.002) (13,737) (3.637) (2.174) (869)
(300)
(1.303)
(561
(725)
-
(2)
(48.090)
(44,062)
Property, plant and
equipment, net .......
21.723
1.390
623 1.340 12.750
76.461 18.975 10,244 737
219
7,165
62
2.622
-
B
156.317
t5d.333
Other assess:
- -
-
75
-
-
-
-
559
705
Deposits and other assets
484
-
- - -
- -
Bond issuance costs, net ...
227
-
- - 54
690 - - -
-
204
-
-
-
1.175
1,449
Total other assets .......
711
-
- - 54
690 - - -
-
279
-
-
-
-
1.734
2.1^"
Total assets ...........
533,396
$2,024
S 637 $1.340 $21,971
$83.847 $19.003 $10.318 S 763 $
221
$ 7.883
$ 631
$7.127
$ -
$ 18
$189.179
$190.�
(Continued)
d
�_J _-j -_J ---j ____1 _J _-J ___1 __._._.J _l .J I I .I _1 I I
III IL_ i I -- )I 11I i I 4 1 l,li_ II I�� , �� l �i �I II I I l �I I�Li� i 11, ICIII III
- �__ .._ _ ._ �. .. I. V.� l I«ll I I I I �I � I I � l
SCHEDULE E
(continue
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1991
with comparative totals for September 30, 1990
(in thousands)
Olf•Streat
Parlckrg
G&Op�
Err or"
Fund
Marine Miami
Stadium Sta�urn
Bowl
Stadkwn
Convention Exhibition Golf Warehouse
Comer Markus Center Courses Property
Parking
Garage
Build!
and
Zoning
Solid
Waste
Property Manuel
and lease Artime
Management Center
Totals
1991 1990
UABIUTIES AND
FUND EQUITY
Current liabilities (payable
from current assets):
Vouchers and accounts
payable...........
$ 2.218
$ 116
$ 8 $ 16
$ 1.218
$ 221 $ 105 $ 95 $ 72 $ -
$ 95
$ 83
$2.107
$ -
$ 21
$ 6.375 5
7,;
Accrued expenses
(principally salaries)
-
-
13 22
Ito
110 156 25 88 -
-
591
2,538
-
28
3,681
1.7f
Due to other funds ....
-
200
353 709
-
1.366 612 96 228 -
49
135
6,078
-
-
9,826
5, i f
Deferred revenue .....
585
1
5 -
173
- - 34 - -
-
-
-
-
t
799
1,5'.
Deposits refundable ...
72
53
2 10
5
- 293 - 2 -
-
303
-
-
4
744
5:
Total current liabilities
(payable from
current assets) ...
2,875
370
381 757
1.506
1.697 1,166 250 390 -
144
1.112
10.723
-
54
21.425
16,7;
Current liabilities (payable
from restricted assets):
Accrued interest.....
562
-
- -
24
821 - - - -
317
-
-
-
-
1.724
1.8°
Current portion of
revenue bonds
payable...........
385
-
- -
-
2.460 292 47 - -
380
-
-
--
-
3,564
2.74
Total current liabilities
(payable from
restricted assets)
947
-
- -
24
3,281 292 47 - -
697
-
-
-
-
5.28d
4,59
Long-term liabilities:
Revenue bonds
payable -net ......
18.972
-
- -
-
62,935 - - - -
-
-
-
-
-
Bi,907
83.02
Special obligation bonds
and loan payable -
net ..
1.065
-
- -
16,000
- 11,594 1,867 - -
12,002
-
-
-
-
42.528
43.2.
.........
Due to other funds ....
-
770
- -
-
- - - - -
-
-
-
-
770
-
Total long-term
liabilities ......
20.037
770
- -
16,000
62.935 11,594 1.867 - -
12.002
-
-
-
• 125.205
128.31
Total liabilities......
23,859
1.140
381 757
17,530
67.913 13,052 2.164 390 -
12.843
1.112
10.723
-
54
1f>1.918
t47.88
Fund equity.
Contributed capital ...
-
2.633
699 1.654
4,552
46.256 2.787 10.929 405 22
634
267
3.312
-
74.150
75.43
Retained eammgs (deficit).
�
Reserved for debt
2,403
- -
-
2,715 - - - -
232
-
-
-
-
5.350
4,67.
service ...........
Unreserved .........
7.134
(1.749)
(443) (1.071)
(111)
(33,037) 3.164 (2,775) 1321 199
(5,896)
(748)
(6,908)
-
(38)
(42.239)
137.11
Total retained
earnings (deficit)
9,537
(1,749)
(443) (1,071)
(111)
(30,322) 3,164 (2,775) (32) 199
(5.594)
(748)
(6.908)
-
136)
(36,889)
f32,43:
Total fund equity
(deficit) .
9.537
884
256 583
4,441
15.934 5.951 8.154 373 221
(4.960!
(481)
(3.596)
_
(381
37,261
42,99
.......
Total liabilities and
fund equity .. .
$33.396
$2,024
$ .637 $1,340
$21.971
$83,847 $19,003 $10,318 $ 763 $ 221
$ 7,883
$ 631
$7,127
$ -
$ 18
$189.179 $190.87'
III PIl ill III Di " I II lllrlI II I it� I+ I
n hll llII v i ��n�
,..�.n.�ee r. I l i 1 11 II i li :,J.1�„� i, ,,(_ i IL.. J t . l i i I I i � I I I I I�� I• .
SCHEDULE E•2
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN FUND EQUITY
YEAR ENDED SEPTEMBER 30, 1991
With comparative totals for the year ended September 30, 1990
(in thousands)
Off•Street Aso
Marine
Miami
Or
Convention
Fihibitlan
(iof(
Warahoup
Paritlnp
su"�
,�iolld
end Lsafr
Mrtima
Totals
Parldno
Fund
s a m Stedum
8tatlium
Catltar
Marinas
Center Causal
Property
Garage
Zoning
Wants
Management Center
1991
1990
Operating revenues:
Charges for services ....
$9.745
v
$ 768
$ 163 $ 168
S1,949
S 3,861
$2.585
S 592 $1.268
S -
S 631
$5.630
$17.503
S -
$118
S44.981
S48,094
Operating expenses,
Personal setwces ......
3,101
398
122
122
1.172
977
1.185
231
743
-
-
4.711
19.119
-
332
32.213
31.055
Contractual services ....
1,692
41
25
5
98
2.922
68
129
119
-
444
247
89
-
28
5.907
7.090
Materials and supplies
94
-
2
1
70
11
30
10
112
-
-
38
99
-
16
4a3
487
Utilities ..............
253
193
36
48
258
10
301
185
90
-
-
4
41
-
101
1,520
1,377
Inlragavernmental charges
-
-
56
38
276
9
40
73
160
-
-
150
2.820
-
109
3,731
3.4624p�.1
Other ...............
1.311
306
9
3
73
285
28
-
34
-
9
161
8,179
-
8
10.406
10.45
Total ..............
6,451
938
250
217
1,947
4,214
1,652
628
1,258
-
453
5.311
30,347
-
594
54,260
53.922
Operating income (loss) before
depreciation expense .....
3.294
(170)
(87)
(49)
2
(353)
933
(36)
10
-
178
319
(12.844)
-
(476)
(9,2791
(5.828)
Depreciation expense ......
1.556
283
34
68
495
1,757
114
156
42
14
159
12
195
-
1
4,886
5,144
Operating income (loss)
1,738
(453)
(121)
(117)
(493)
(2,110)
819
(192)
(32)
(14)
19
307
(13.039)
-
(477)
(14.165)
(10,972)
Nonoperating revenues
(expenses)
Interest income .. .....
505
6
-
-
20
236
-
7
-
-
22
13
119
-
-
928
1.604
Interest and fiscal charges
(1,604)
-
-
-
(225)
(5,031)
(490)
-
-
-
(915)
-
-
-
-
(8.265)
(8,249)
Other ...............
-
-
2
(6)
1.958
-
-
41
-
-
-
6
(60)
-
-
1.941
609
Net nonoperatmg
revenues (expenses)
(1,0991
6
2
(6)
1.753
(4,795)
(490)
48
-
-
(8931
19
59
-
-
(5.396)
16,036)
Income (loss) before
operating transfers
639
(447)
(119)
(123)
1,260
(6,905)
329
(144)
(32)
(14)
(874)
326
(12,980)
-
(477)
(19.561)
(17.008)
Operating transfers in ......
-
-
26
-
-
4.651
113
-
-
-
173
-
11,847
-
446
17.256
17.425
Operating transfers out .....
-
-
-
-
(2,000)
-
-
-
-
-
-
(550)
-
-
-
(2.550)
17,366)
Income (loss) before
extraordinary item......
639
(447)
(93)
(123)
(740)
(2,254)
442
(144)
(32)
(14)
(701)
(224)
0.1331
-
(31)
(4,855)
(6.949)
Extraordinary item -Loss on
debt refinancing .........
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1,280)
Net income (loss) ...
639
(447)
(93)
(1231
(740)
(2,254)
442
(144)
(32)
(14)
(7011
(224)
(1.133!
-
1311
(4,855)
(8.229)
Retained earnings (deficit) at
beginning of year ........
8.898
(1,3021
(350)
(948)
629
(28,068)
2.722
(2,631)
-
213
(4,893)
(524)
(5,775)
(399)
(5)
(32.4331
(24.204
Equity transfer to other funds
-
-
-
--
-
-
-
-
-
-
-
-
-
399
-
399
/)
-
Retained earnings Idefrcit)
at end of year ..........
9.537
(1,749)
(443) (i.071)
(111)
(30,322)
3,164
(2.775)
(32)
199
(5,594)
(748)
(6.908)
-
(36)
(36.889)
(32.433)
t„ C
Contributed capital
at beginning of year ......
-
2,226
699
1,654
4.552
46.248
2.787
10,929
391
22
634
267
2.734
2.287
-
75.430
74.778
Contributions from other
governments ...........
-
407
-
-
-
-
-
-
-
-
407
150
Equity transfer to other hinds
-
-
-
-
-
-
-
-
-
-
-
-
-
(2.287)
-
(2.287)
-
Contnbutions from other funds
-
-
-
-
-
8
-
-
14
-
-
-
578
-
-
600
502
Contributed capital at end of
year ..................
-
2.633
699
1,654
4.552
46.256
2.787
10.929
405
22
634
267
3.312
-
-
74.150
75.430
e�
Total fund equity
r
(deficit) ..........
$9,537
$ 884
$ 256 S
583 $4.441
$15.934
$5.951 $ 8.154 $
373
S 221
S(4,960)
S (481)
$ (3,596)
$ -
S (36) $37.261 $42,997
'_._- -_-A ___._1 _ ___._1 -_1 ____1 _.._l . __ 1 ______.8 _._If ___ __1 J . __J ____ ! . _. f _ . 1
____. , _ . , , 11 I I i III -I - r I III ' III -
THIS PAGE INTENTIONALLY LEFT BLANK
97
92- 447
SCHEDULE E-3
CITY OF MIAMI. FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30, 1991
with comparative totals for year ended September 30, 1990
tan thousands)
pry
Warehoase PnWr+p
Building
ut g
Sand
property
Lase Manuel
Totals
QM•Straat
Parking
Errtarprisa
Fund
Marina
$tadiwn
Miami Bowl
Stadium Stadium
convention Exhibition Golf
Cwttw Marinas Cents► Courses Property
Ga:i9a
Zoning
Waste
and
ManagimaM CenI
1991
1990
Reconciliation of operating
income to net cash
provided by operating
activities:
Operating Income (loss) ...
$ 1.738
S(453)
$(121i
$(117) S (493)
S(2.110) S 819 S(192) S 132) $(14)
S 19
$307
$03.039)
$— $(477) $(14,165)$(10.972)
Adjustments to reconcile
operating income to net
cash provided by
operating acwttes:
Loss (gain) on
property, plant
— — — —
4
—
—
— —'
6
434
attd equipment .....
—
—
2
— —
—
Depreciation and
amontzatton........
1,556
283
34
68 504
1,790 114 156 56 14
270
12
195
— i
5.053
6.466
Extraordinary ttem—
loss on debt
— — —
—
—
—
— _
—
11.2ao►
refinancing ........
—
—
—
— —
— —
to (increase) decrease
Co in assets:
Accounts receivable
(net) .............
(87)
(40)
(14)
— 227
131 (13) (23) 12) —
—
(557)
(1.3211
— 26
(1.673)
(7341
Prepaid expenses and
other current
assets ...........
93
(57)
—
— —
-- — — — —
(33)
(2)
—
— —
1
5 t
Deposits and other
_ _
_
_
_
_ _
—
21
assets .........
Due from other funds ...
—
(15)
—
— 1580)
— — 290 — —
392
275
—
— —
362
991
Increase (decrease) in
liabilities:
Vouchers and accounts
payable ...........
371
(58)
(18)
(60) 498
(92) (323) (95) (14) —
24
(49)
(1.557)
— (41)
(1,414)
(173)
Accrued expenses
54
—
10
6 54
57 81 13 47 —
—
283
1,339
— 21
1.965
1
Due to other funds ....
—
—
141
102 (123)
1.358 270 96 (50) —
(42)
135
3,368
— —
5,255
(1.638)
Deferred revenue ..
37
11)
—
— 11i3
— — 13) — —
—
—
(870)
— 1
(720)
828
Deposits refundable .. .
25
(5)
2
10 5
— 42 — — —
—
144
—
— 4
227
1
Other accruals ... ...
—
—
—
— 7
(631 (641 — — —
5
—
—
— —
(1 15)
24
Total adjustments .....
2.049
107
157
126 708
3.181 107 434 37 14
616
241
1,158
— 12
8.947
4.992
Net cash provided byi
operating activities ...
3,787
(346)
36
215
1,071 926 242 5
635
548
(11,881)
— (465)
(5,2181
(5.9801
Cash flows from non -capital
financing activities:
Increase (decrease)
361
—
— —
— — — — —
—
—
—
— —
3$1
—
in advances ..
Operating transfers in ....
—
—
—
26
— —
4,651 113 — — —
173
—
11,847
— 446
17.256
17.498
Operating transfers out ...
—
—
—
— 12,000)
— — — —
—
(550)
—
— —
(2.550)
(7,384)
Net cash provided by
non -capital financing
activities ..........
S —
$ 361
S 26
S— S(2.000)
$ 4,651 S 113 $ — $ — S—
$ 173
$(550)
$ 11.847
$ — S 446 $ 15,067 $ 10.114
(Continued)
__J - -1 1 . _.f _1 I ! _I
n sassissi —on
-- .— - --q —1 as in- --K."I
SCHEDULE E-3
Mcminuac'
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED SEPTEMBER 30,1991
with comparative totals for year ended September 30, 1990
(in thousands)
Off S"ift
pas"
"o
En Uffass amadrim" 0= convontion Exhil4tim OW Warehouse
sudium Bud" cwdw
FundUls"M Marinas c"W Count"
aua&,V Solid
mar"Jol
P,'do= Artimill Totals
Cash flaws from capital and
Pmparty
Zorting Waste
mamililimem canter 1991 1990
related financing activities:
—
Capital expenditures. , . . ,
Contributions ........
S 1215)
—
$(106)
407
S (64)
—
S (3) $(4.8761 $ (18) $ (274) S(245) S (5) $—
— — — —
$ (17) $ (25)
$—$ (1) $ (5,849)S (4,686)
Interest paid on long term
407 ISO
debt ...............
Bond proceeds ........
(1.513)
—
—
—
—
—
— (225) (5,031) (490)
— — (915)
(8.174) (9.2210'rl
Borrowings under
15,887
PartxVittiort agreement
—
—
—
—
Principal payments on debt
Other payments
(370)
—
—
— — 1378) (275) (44) 35
1,066
. .
—
6) (20) (1) —
0.102) 1? 9.032)
Net cash used for capital
160)
— 87) (106)
and related financing
activities . . . .......
(2,098)
301
(64)
(9) (5,121) (5,427) (1,039) (290) (5) (950)
(17) (85l
Cash flows from investing
—
— (1) (14,805) (16.222)
activities:
(Increase) decease in
amounts due from other
funds ... I ...
(161)
—
—
Interest income ........
505
6
20 236 7 22
Payments received on
13 119
928 1.617
notes receivable .....
60
—
Proceeds from maturity of
60 65
investments . ... ....
1.494
—
Purchase of investments
(1.493)
—
1,494 1.795
Other ................
—
—
2
—
1,958 — — 41 — 88
— —
6
(1,493) (1,391)
Net cash provided from
—
2,095 537
investing activities. . .
405
6
2
1.978 236 — 48 — 110
19 119
Net increase (decrease) in
—
— —
2.923 2,641
cash and cash
equivalents ..........
Cash and cash equivalents
2.094
322
(4.928) 531 — (32i
— —
(201 (2.033) (8,167)
at beginning of year . . .
7.193
146
13.022 4,117 — 1 438
Cash and cash equivalents
— —
29 24.946 31.593
at end of year ........
$9,287
$468
S—
S— S8,094 $4.648 S — $ — $— $ 1 $406
$— $ —
$
Suppiementa! disclosure of
9 $ 22.913 $ 23.426
noncash activities!
Equity transfer to other
funds .............
S
S—
S—
S— $ $ $ — S— $— $—
S— $
$ (241 $ — $ (24)$ —
Equity transfer from other
funds ......... ....
S
S—
$ —
$— S $ 8 $ — S— $ 14 $—$ —
$ — $ 578
$ — $— $ 600 $ 502
aiij
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULES OF OPERATIONS —BUDGET AND ACTUAL
YEAR ENDED
SEPTEMBER 30, 1991
(in thousands)
Off -Streat Perking G&O Enterprise
Fund
Marine Stadium
Variance
Variance
Variance
Budget
Actual
Favorable Favorable
(Unfavorable) Budget Actual (Unfavorable) Budget
Actual
Favorable
(Unfavorable)
Operating revenues:
Charges for seances.........
$ 9,601
$ 9,745
$ 144 $ 945 _$ 768
$ (177) $
251
$ 163
$ (88)
Operating expenses:
Personal services ...........
3.152
3,101
51 411 398
13
125
122
3 ...
Contractual services,
maintenance, and other
operating expenses... ....
2,937
3,350
(413) 526 540
(14)
126
128
(2)
Total operating expenses
6,089
6,451
(362) 937 938
(1)
251
250
1
Operating income (loss) before
depreciation expense........
3,512
3,294
(218) 8 (170)
(178)
—
(87)
(87)
Nonoperating revenues
(expenses):
..
Interest income ............
400
505
105 16 6
(10)
—
—
—
Debt service ...............
(1,660)
(1,604)
56 — —
—
—
—
—
Other....................
—
—
— — —
—
—
2
2
Net nonoperating revenues
(expenses) .............
(1,260)
(1,099)
161 16 6
(10)
—
2
2
Income (loss) before operating
transfers ..................
2,252
2,195
(57) 24 (164)
(188)
—
(85)
(85)
Operating transfers in........
—
—
— — —
—
—
26
26
Operating transfers out ......
—
—
Income (loss) budgetary basis
$ 2,252
7195
$ (57) $ 24 (164)
$ (188) $
—
(59)
$ (59)
Reconciliation to GAAP-basis:
Depreciation expense........
0,556)
(283)
(34)
w
Income (loss) before
extraordinary items—GAAP
basis .................
$ 639
$ (447)
$ (93)
erj
I
100 —1
J2-- 447
11
D
SCHEDULE E-4
Miami Stadium
Orange Bowl Stadium
Convention Center
Marinas
_
Variance
Variance
Variance
_
Variance
Favorable
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ 184
$ 168
$ (16)
$ 2,625
$ 1,949
$ (676)
$ 5,953
$ 3,861
$(2.092)
$ 2,798
$ 2,585
$ (213)
102
122
(20)
1,009
1,172
(163)
879
977
(98)
1.054
1.185
(131)
82
95
(13)
1,626
775
851
3,307
3,237
70
1,684
467
1,417
184
217
(33)
2,635
1,947
688
4.186
4,214
(28)
2,938
1,652
1.286
—
(49)
(49)
(10)
2
12
1,767
(353)
(2,120)
(140)
933
1,073
—
—
—
10
20
10
193
236
43
—
—
-
-
—
—
—
(225)
(225)
(5,778)
(5,031)
747
—
(490)
(490)
—
(6)
(6)
2,000
1.958
(42)
—
--
—
—
—
—
—
(6)
(6)
2,010
1,753
(257)
(5,585)
(4,795)
790
—
(490)
(490)
—
(55)
(55)
2,000
1,755
(245)
(3,818)
(5,148)
(1,330)
(140)
443
583
—
—
—
—
—
—
3.818
4.651
833
140
113
(27)
—
—
—
(2,000)
(2,000)
—
—
—
—
—
—
—
$ —
(55)
$ (55)
$ —
(245)
$ (245)
$ —
(497)
$ —
$ —
556
$ 556
(68)
(495)
(1.757)
(114)
$ (123)
$ (740)
$(2,254)
$ 442
101
(Continued)
92- 447
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULES OF OPERATIONS —BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1991
(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
$ _ 780 $ 592 $ (188) 1 1,555
$ 1,268 $ (287)
$ — $ — $ —
Operating expenses:
Personal services ....
206 231 (25) 864
743 121
— — —
Contractual services,
maintenance, and
other operating
expenses......... 609 397 212 700 515
Total operating
expenses ... 815 628 187 1,564 1.258
Operating income (loss)
before depreciation
expense ........... _ (35) (36) (1) (9) 10
Nonoperating revenues
(expenses):
Interest income ..... 35 7 (28) 9 —
Debt service ........ — — — — —
Other ............. 41 41 — —
Net nonoperatmg
revenues
185 — — —
306 — — —
(expenses)...... 35 48 13 9 — (9) —
Income (loss) before
operating transfers ... — 12 12 — 10 10 —
Operating transfers in — — — — — — —
Operating transfers out — — — — — — —
Income (loss) —
budgetary basis $ — 12 $ 12 $ — 10 $ 10 $ —
Reconciliation to GAAP-
basis:
Depreciation expense (156)
Income (loss) before
extraordinary
—, items—GAAP
j basis .......... $ (144)
(42)
$ (32)
(14)
$ (14)
102
i
92- 447
SCHEDULE E-4
(continued)
Parking Garage
Building and Zoning
_
Solid Weate
Variance
Variance
Variance
=
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual (Unfavorable)
$
848
$ 631
$ (217)
$ 5,430
$ 5,630
$ 200
$ 14,228
$ 17,503 $
3,275
—
—
—
4,237
4,711
(414)
17,892
19,119
(1,227)
=
1,149
453
696
683
600
83
11,654
11,228
426
=
1,149
453
696
4,920
5,311
(391)
29,546
30,347
(801)
(301)
178
479
510
319
(191)
(15.318)
(12,844)
2,474
-
113
22
(91)
40
13
(27)
200
119
(81)
-
—
-
(915)
—
(915)
—
—
—
—
6
—
6
—
1,440
—
(60)
-
0.500)
"
-
113
(893)
(1,006)
40
19
(21)
1,640
59
0.581)
(188)
(715)
(527)
550
338
(212)
(13.678)
(12,785)
893
188
173
(15)
—
—
—
13,678
11,847
(1,831)
-
—
—
—
550
(550)
$
$
—
(542)
$ (542)
$ —
(212)
$ (212)
$ --
(938)
(938)
-
(159)
(12)
(195)
-
$ (701)
$ (224)
$ (1,133)
(Continued)
103
2-
447
19
SCHEDULE E-4
(continued)
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULES OF OPERATIONS —BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1991
(in thousands)
Manuel Airtime Center
—i_
Variance
-
Favorable
=
Budget
Actual
(Unfavorable)
-
-
Operating revenues:
Charges for services .............
$ 137
$ 118
$ (19)
_
Operating expenses:
Personal services :..............
299
332
(33)
Contractual services.
-
maintenance, and
-
other operating
expenses ....................
285
262
23
Total operating
e
expenses ..............
584
594
(10)
_
Operating income (loss)
_
before depreciation
-
expense ......................
(447)
(476)
(29)
_
Nonoperatmg revenues
(expenses):
-
Interest income ................
—
-'`
Debt service ...................
—
—
-
-
-
Other ........................
—
—
—
-
Net nonoperating
revenues
-_
_
(expenses) ...... ..........
—
—
—
t,
Income (loss) before
operating transfers ..............
(447)
(476)
(29)
Operating transfers in ............
447
446
(1)
-
Operating transfers out ..........
—
—
—
-
r
Income (loss) —
_-
budgetary basis .............
$ —
(30)
$ (30)
Reconciliation to GAAP-
bans:
Depreciation expense ............
_ (1)
_
=
Income (loss)—
GAAP basis ................
$ (31)
..i
1
.i
104
i
99-- 447
-R, -� T If -
SCHEDULE F•1
CITY OF MIAM1, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING
BALANCE SHEET
SEPTEMBER 30, 1991
with comparative totals for September 30, 1990
(in thousands)
Fleet
Management
Property
Maintenance
PrInt Procurement Communications
Shop Management Services
Totals
1991 1990
ASSETS
Current assets:
Equity in pooled cash and investments
Due from other funds ...
$ 23
550
$ 229
$ -- $
29
-
$ 31
2,100
$ 312
2,650
$ 537
1.500
Inventories .......................
295
266
78
73
179
891
804
Total current assets ...........
868
495
78
102
2,310
3,853
2.841
Restricted cash and investments including
accrued interest ...................
1.162
- _
-
-
-
1,162
2,566
Property, plant and equipment .........
33,277
269
133
36
4,811
38,526
35,242
Less: Accumulated depreciation ........
Property, plant and equipment, net
(22.200)
11,077
(209)
60
(79)
(33)
3
(2,943)
11,868
(25.464)
13.062
(22.637)
12.605
54 -
Bond issuance costs, net .............
82
-
-
-
_
82
165
Total assets .................
$ 13,189
$ 555
$ 132 $
105
$ 4,178
$ 18.159
$ 18.177
LIABILITIES AND FUND EQUITY
(DEFICIT)
Current liabilities:
Vouchers and accounts payable ......
Accrued expenses (principally salaries)
$ 265
822
$ 63
405
$ 33 $
77
11
91
$ 219
$ 671
1,545
$ 758
896
Due to other funds .................
497
-
`150
497
531
Current portion of Certificates of
Participation ....................
5,240
-
-
-
-
5.240
2,335
Current portion of loan payable .......
717
717
-
Accrued interest ...................
28
'+
_
�-
28
40
Total current liabilities .........
7,072
468
607
102
449
8.698
4,560
lia
Long-term es:
Certificates es of of Participation -net of
current portion .. ....
-
-
-
-
-
-
5,240
Loans payable (net of current portion)
1,323
-
-
-
-
1,323
-
Total long-term liabilities .......
Total liabilities ...............
1.323
8,395
-�
468
-
-
102
-
449
1.323
5,240
607
10.021
9,800
Fund equity (deficit):
Contributed capital .................
Retained earnings (deficit):
1,777
273
178
23
3,453
11,704
10,446
Unreserved .....................
(2,983)
(186)
(653)
(20)
276
(3,566)
(2,069)
Total retained earnings (deficit)
(2,983)
(186)
(653)
(20)
276
(3,566)
(2.069)
Total fund equity (deficit) .......
4,794
87
(475)
3
3,729
8,138
8,377
Total liabilities and fund equity
$ 13,189
$ 555
$ 132 $
105
$ 4,178
$ 18,159
$ 18,177
107
92- 447
SCHEDULE
F-2
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND EQUITY
"
YEAR ENDED SEPTEMBER 30, 1991
with comparative
totals for year ended September 30, 1990
(in thousands)
Fleet
Property Print Procuremant
Communications
Totals
Management
Maintenance Shop Management
Services
1991
1990
Operating revenues:
Charges for services ................
$ 7,021
$ 3.892 $ 871 $
223
$ 3.237
$ 15,244
$ 15,736
Operating expenses:
Personal services ..................
5,268
2.603 546
677
1,072
10.166
9,283
Contractual services ................
148
688 171
14
50
1,071
1,314
Materials and supplies...... .......
2.598
416 90
201
123
3.428
3,031
Utilities .................. .......
133
17 1
23
1,288
1.462
1,746
Other ...........................
539
91 29
58
67
784
458
Total operating expenses ......
8,686
3,815 837
973
2,600
16.911
15,832
Operating income (loss) before
depreciation expense ........
11,665)
77 34
(750)
637
11,667)
(96)
Depreciation expense ................
2.714
10 10
2
298
3,034
3,340
Operating income (loss)........
(4.379)
67 24
(752)
339
(4,701)
(3,436)
Nonoperating revenues (expenses):
Interest income ...................
187
26 —
5
82
300
356
Interest and fiscal charges ...........
(526)
— —
—
—
(526)
(586)
Other...........................
9
— —
—
—
9
63
Total nonoperating revenues
(expenses) ................
(330)
26
5
82
(217)
(167)
Income (loss) before operating
transfers ..................
(4,709)
93 24
(747)
421
(4.918)
(3,603)
Operating transfers in ........... — .
3,618
— —
607
—
4.225
4,431
Operating transfers out .............
(442)
(174) (381
(34)
(116)
(804)
(749)
Net operating transfers ........
3,176
(174) (38)
573
(116)
3,421
3,682
Net income (loss) ............
(1,533)
(81) (14)
(174)
305
11.497)
79
Retained earnings (deficit) at beginning of
(1,450)
(105) (639)
154
(29)
(2.069)
(2.148)
year ............................
Retained earnings (deficit) at end of year
(2.983)
(186) (653)
(20)
_ 276
(3.566)
(2.069)
Contributed capital at beginning of year
7.114
273 178
23
2.858
10.446
9,462
Contributions from other funds .......
663
— —
—
595
1.258
984
Contributed capital at end of year .......
7.777
273 178
23
3,453
11.704
10.446
Total fund equity (deficit) .......
$ 4.794
$ 87 $ (475) $
3
$ 3,729
$ 8.138
$ 8.377
SCHEDULE
F-3
4
CITY OF MIAMI, FLORIDA
_-
INTERNAL SERVICE FUNDS
'
COMBINING STATEMENT OF CASH FLOWS
INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
YEAR ENDED SEPTEMBER 30, 1991
with comparative
totals for year ended September 30,
1990
(in thousands)
Fleet
Property Print Procurement
Communications
Totals
Management
Maintenance Shop Management
Services
1991
1990
Reconciliation of operating income to net
cash provided by operating activities:
Operating income (loss)
$ (4,379)
$ 67 $ 24 $
(752)
$ 339
$ (4,701) $
(3,436
-
Adjustments to reconcile operating
income to net cash provided by
-
operating activities:
_
Loss (gain) on property, plant and
+
(
equipment ....................
61
— —
—
—
61
—
Depreciation ....................
2,714
10 10
2
298
3.034
3,340
Amortization of bond issue costs and
discounts, and bond accretion ....
83
83
84
(Increase) decrease in assets:
f
Inventory .......................
(22)
(46) (7)
4
(15)
(86)
3
Prepaid expenses ................
—
— —
(1)
—
(1)
—
Due from other funds .............
(550)
— —
—
(600)
11.150)
(289)
Increase (decrease) in liabilities:
Vouchers and accounts payable.....
120
(66) (12)
(22)
(107)
(87)
(2)
Accrued expenses ...............
337
164 40
45
63
649
117
Due to other funds ...............
(17)
— (17)
—
—
(34)
(791)
Other accruals ..................
(12)
— —
—
(12)
(10)
Total adjustments ..............
•2,714
62 14
28
_—
(361)
2.457
2,452
-
Net cash provided by operating
activities .......................
(1,665)
129 38
(724)
(22)
(2.244)
(984)
Cash flows from non -capital financing
1t
activities:
-:
Operating transfers in .............
3,618
— —
607
—
4,225
4.431
_
Operating transfers out ............
(442)
(174) (38)
(34)
(1 16)
(804)
(749)
-
Net cash provided by non -capital
financing activities ................
3,176
(174) (38)
573
(116)
3.421
3,682
I
Cash flows from capital and related
financing activities:
.:
Capital expenditures ................
(2,259)
(8) —
—
(18)
(2,285)
(1,384)
Interest paid term debt .......
(526)
(526)
(586)
-
a!
Proceeds from sale of equipment ..
se
1
_
_
_
1
63
Proceeds from loan payable ..........
2.040
2,040
-
-
Principal payments on debt ..........
(2,335)
(2,335)
(1.915)
Other payments ...................
(11 —
—
—
(1)
(1►
-
Net cash used for capital and related
financing activities .................
(3.079)
(9) —
—
(18)
(3,106)
(3,823)
_
Cash flows from investing activities:
r
Interest income ...................
Net cash provided from investing activities
187
187
26 —
26
5
5
82
82
300
300
356
356
I
Net increase (decrease) in cash and cash
equivalents .......................
(1.381)
(28) —
(146)
(74)
(1,629)
(769)
Cash and cash equivalents at beginning of
_
year ............................
2,566
257 —
175
105
3.103
3.872
Cash and cash equivalents at end of year
$ 1.185
$ 229 $ — $
29
$ 31
$ 1474 $
3,103
rl
109
r
92- 447
1
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
SCHEDULES
OF OPERATIONS —BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1991
(in thousands)
Fleet Management
Property Maintenance
Variance
Variance
Favorable
Favorable
Budget Actual (Unfavorable)
Budget
Actual
(Unfavorable)
Operating revenues:
Charges for services .........................
$ 7,822 $ 7,021 $ (801)
$ 3,861
$ 3,892
$ 31
Operating expenses:
Personal services .......... ................
4,997 5.268 (271)
2,405
2.603
(198)
Contractual services and other operating expenses 5,503 6,348 (845)
1,290
1.220
70
Total operating expenses ...............
10,500 11,616 (1,116)
3,695
3.823
(128) ^,
Operating income (loss) .................
(2,678) (4,595) (1,917)
166
69
(97)
Nonoperating revenues (expenses):
^'
Interest income ............................
— (339) (339)
—
26
26
Other ....................................
(498) _ 9 507
8
—
(8)
Total nonoperating revenues (expenses)....
(498) (330) 168
8
26
18
Income (loss) before operating transfers.
. . . (3,176) (4,925) (1,749)
174
95
(79)
Operating transfers in
3,618 3.618 —
—
--
—
Operating transfers out ........................
(442) (442) —
(174)
(174)
Net operating transfers ......................
3,176 3,176 —
(174)
(174)
—
Net income (loss) —budgetary basis.......
$ — (1,749) $ (1,749)
$ —
(79)
$ (79)
Reconciliation to GAAP-basis:
Capitalized expenditures ......................
2,930
8
Depreciation expense ........................
(2,714)
(10)
Net income (loss)—GAAP basis ..........
$ (1,533)
$ (81)
110
(
)
2- 447
ME
a6s
1
1
4
0
0
0
0
c
E
SCHEDULE F-4
Print Shop
Procurement Management
Communications Services
Variance
Variance
Variance
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ 720
$ 871
$ 151
$ 225
$ 223
$ (2)
$ 2,024
$ 3,237
$ 1.213
507
546
(39)
568
677
(109)
988
1,072
(84)
315
291
24
232
296
164)
1,414
2,141
(727)
822
837
(151
800
973
(173)
2,402
3,213
(811)
(102)
34
136
(575)
(750)
(175)
(378)
24
402
5
5
—
82
82
140
—
(140)
(73)
—
73
711
—
(711)
140
—
(140)
(73)
5
78
711
82
(629)
38
34
(4)
(648)
(745)
(97)
333
106
(227)
—
682
607
(75)
—
(38)
(38)
(34)
(34)
—
(116)
(116)
—
(38)
(38)
—
648
573
(75)
(116)
(116)
—
$ _—
(4)
$ (4)
$ —
(172)
$ (172)
$ 217
(10)
$ (227)
_
—
613
(10)
(2)
(298)
$ (14)
$ (174)
$ 305
ill
92- 447
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THIS PAGE INTENTIONALLY LEFT BLANK
112
92- 447
G-1
CITY OF MIAMI, FLORIDASCHEDULE
TRUST AND AGENCY FUNDS
COMBINING
BALANCE SKEET
September 30, 1991
with comparative totals for September 30, 1990
(in thousands)
Expendable Trust Funds Agency Funds
Pension Trust Funds
Totals
ii
SeN
Pension Cable Deferred
GESE
FIPO
Inaurence
Administration T.V. Compensation
Trust
Trust
1991
1990
ASSETS
Equity in pooled cash and investments ....
$
2.088
$ 413 $ 16 $ —
$ —
$ —
S 2.517
$ 4,473
Other cash and investments ............
—
— — 32,636
117
20
32,773
24.895
Pension investments,
including accrued interest ............
Accounts receivable:
—
— — —
219,472
435,122
654.594
589,928
I
Proceeds from securities sold .........
—
— — —
3,785
9,367
13.152
9,132
Pennon members' contributions .......
—
— — —
10
—
10
15
Other ............................
—
2 — —
—
350
352
373
Due from other funds .................
3,000
— 1.000 —
—
—
4.000
359
Prepaid expenses .....................
3
— — —
—
—
3
—
Total assets .....................
$
5.091
$ 415 $ 1,016 $ 32,636
$223,384
$444.859
$707,401
$629,175
LIABILITIES AND FUND BALANCES
Liabilities:
Vouchers and accounts payable .......
$
557
$ 404 $ 16 $ —
$ 501
$ 73
$ 1.551
$ 1.405
Accrued expenses ..................
43
9 — —
—
—
52
—
Payable for securities purchased .......
3_099
13,290
16.389
5.486
Due to other funds ..............
_
_ _ =
359
Deposits ..........................
450
2 1,000 —
—
—
1,452
1,002
Claims payable .....................
3,541
— — --
—
—
3,541
2,500
Deferred compensation plan liabilities
...
—
— — 32,636
—
--
32,636
24,895
Total liabilities ....................
4,591
415 1.016 32,636
3TO-0
13,363
55,621
35,647
Fund balance:
Reserved for employee retirement plan
benefits .........................
—
— — —
219,784
431.496
651.280
592.988
Unreserved:
'I
Designated for hurricane loss .. .....
500
— — —
—
—
500
500
Designated for claims payment ......
—
— — —
—
—
40
(�
Total fund balances ...............
500
— — —
—
219,784
431.496
651,780
593,528
(�
Total liabilities and fund balances .....
$
5.091
$ 4 i 5 $ 1,016 $ 32,636
$223.384
$444.859
$707,401
$629,175
i
m
115
M .92- 447
1h
CITY OF MIAMI, FLORIDA
EXPENDABLE TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1991
with comparative totals for year ended September 30, 1990
(in thousands)
Revenues:
Intergovernmental ........................................
Intragovern mental ........................................
Contributions from employees and retirees ...................
Interest.................................................
Other..................................................
Total revenues .......................................
Expenditures:
Personal services ........................................
Contractual services ........... . .......................
Materials and supplies ....................................
Contribution to retirement funds ............................
Insurance...............................................
Claim payments .........................................
Other..................................................
Total expenditures ....................................
Deficiency of revenues over expenditures .................
Other financing sources:
Operating transfers in .....................................
Excess (deficiency) of revenues and other
financing sources over expenditures ...................
Fund balances at beginning of year .............................
Fund balances at end of year ..................................
116
SCHEDULE G-2
Self
Pension
Totals
Insurance
Administration
1991
1990
$ —
$ 5,202
$ 5,202
$ 5,969
12,470
19,947
32,417
34.480
3,825
—
3,825
3,370
344
—
344
462
—
1,939
1,886
_1,939
18,578
25,149
43,727
46,167
1,768
134
1,902
1,573
669
60
729
275
16
—
16
15
—
24.375
24,375
27.673
1.016
—
1.016
997
17,184
—
17.184
18.068
70
1,303
1,373
1,486
20,723
25,872
46,595
50.087
(2,145)
(723)
(2,868)
(3,920)
2.105
723
2.828
3,239
(40)
—
(40)
(681)
540
—
540
1,221
$ 500
$ —
$ 500
$ 540
92- 447
I
I
I
1
0
9
al
Pi,
0
I
ki,
I
U
J11
CITY OF MIAMI, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1991
with comparative totals for year ended September 30, 1990
(in thousands)
Operating revenues:
Contributions from employers ............................ .
Contributions from employees and retirees ..................
Net realized gain on investments ..........................
Interest and dividends ...................................
Total operating revenues .............................
Operating expenses:
Personal services .......................................
Benefit payments .......................................
Refunds......... .....................................
Total operating expenses .............................
Operating income ...................................
Nonoperating revenues:
Other.................................................
Net income ........................................
Fund balances at beginning of year ............................
Fund balances at end of year .................................
117
SCHEDULE G-3
GESE
FIPO
Totals
Trust
Trust
1991
1990
$ 9,824
$ 8,959
$ 18,783
$ 22,191
6,289
7,980
14,269
14,209
2.882
23,871
26,753
17,015
11,920
23,829
35,749
33,337
30,915
64,639
95.554
86.752
893
975
1,868
1,488
15.916
17,343
33.259
31,443
1,520
632
2,152
2,437
18.329
18,950
37,279
35,368
12.586
45,689
58,275
51,384
3
14
17
25
12,589
45,703
58,292
51,409
207,195
385,793
592,988
541,579
$219,784
$431,496
$651,280
$592.988'
92- 447
III
Adak
SCHEDULE G-4
CITY OF MIAMI, FLORIDA
AGENCY FUNDS
STATEMENT OF CHANGES
IN ASSETS AND LIABILITIES
YEAR ENDED SEPTEMBER 30, 1991
(in thousands)
Balance Balance
act 90 1 Additions Deletions 5 199r 30,
1
CABLE T.V.
ASSETS
Equity in pooled cash.. ........................................
$
668
$ 348
$1,000
$
16
Due from other funds ..........................................
359
1,000
359
1,000
Total assets ...........................................
$
1,027
$1,348
$1,359
$
1,016
LIABILITIES
Vouchers and account payable.
$
27
$ —
$ 11
$
16
Deposits.....................................................
1,000
—
—
1,000
Total liabilities ............ . ............................
$
1,027
$ -
$ 11
$
1.016
DEFERRED COMPENSATION
ASSETS
Other cash and investments ..................................... $24,895 $7,741 $ — $32,636
LIABILITIES
Deferred compensation plan liabilities ............................. $24.895 $7,741 $ — $32,636
118
92-- 447
ell,
k
CITY OF MIAMI, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS
BY SOURCE
SEPTEMBER 30, 1991
(in thousands)
General fixed assets:
Land ....................................
$ 84.077
Buildings .................................
75,659
Improvements other than buildings ...........
210.462.
Machinery and equipment ..................
29,484
Construction in progress ....................
90,526
Total general fixed assets .................
$490,208
Investment in general fixed assets by source:
Prior to 10/ 1 /89—undesignated .............
$471,380
General fund .............................
2,070
Special revenue funds ......................
258
Capital project funds .......................
16,500
Total investment in general fixed assets .....
$490,208
121
SCHEDULE H-1
92- 447
SCHEDULE H-2
CITY OF MIAM1, FLORIDA
=
SCHEDULE OF GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 1991
-s
(in thousands)
-
i
Improvements
Machinery
Construction
Function and Activity
Other Than
Land Buildings Buildings
and
Equipment
In
Progress
Total
-
e
Prior to 10/1/89-undesignated .....
$82,105 $74,323 $200,985
$29,062
$84,905
$471,380
General government:
-
Commission ....................
— — —
5
—
5
Manager .......................
— — —
1
—
1
Attorney ........................
— — —
1
Clerk.......:...................
— — —
1
—
t
Personnel .......................
— — —
1
Planning ...... .................
— — —
1
Finance and administration ........
1,059 1,241 29
20
—
2,349
-
Other ..........................
— 95 —
21
—
116
-
Total general government .......
1,059 1,336 29
51
—
2,475-
Public safety:
-
Police ..........................
— — —
2
—
2
Fire ............................
— — —
30
—
30
Total public safety ..............
— —
32
32
--� -
Street improvement ................
— -- 5,611
4
1
5,616
Public use ........................
743 -- —
—
566
1,309
Municipal use .....................
112 — 1,336
260
4,449
6,157
- ' Sanitation ........................
— — —
--
—
-
-` Culture and recreation ..............
58 — 2.501
75
605
3,239
-
Total general fixed assets ...........
$84,077 $75,659 $210,462
$29.484
$90.526
$490,208
-
-1
1}
i
i
i
J
?
122
92- 447
�
SCHEDULE H-3
CITY OF MIAM1, FLORIDA
SCHEDULED CHANGES IN GENERAL FIXED ASSETS
BY FUNCTION AND ACTIVITY
YEAR ENDED SEPTEMBER 30, 1991
(in thousands)
General
General
Fixed
Fixed
Assets
Assets
October 1,
September 30,
Function and Activity
1990
Additions
Deductions
1991
Prior to 10/1/89—undesignated
General government:
........................... $453,929
$ —
$ —
$453.929
'
Commission ..........................................
5
5
—
10
Manager.............................................
1
7
7
1
Attorney....................
.................................................
20
9
—
3
10
11
10
1
IClerk
Personnel .............................................
27
—
—
27
Planning ..............................................
22
9
17
14
Finance and administration
Other................................................
.............................. 95
81
2,358
101
—
—
2,453
182
Total general government
.......................... 260
2,483
45
2,698
Public safety:
Police ................................................
383
11
22
372
Fire ..................................................
192
411
541
62
Total public safety ....................................
575
422
563
4.34
Street improvement ................. I ....................
6,310
5,610
—
11.920
Public use ..................... I........:...............
1,585
743
—
2,328
Municipal use ...........................................
2,648
1,984
65
4.567
Roads and streets .......................................
6
4
—
10
Sanitation ..............................................
1,483
—
—
1,483
Culture and recreation ....................................
332
2.634
_ —
2,966
Construction in progress ..................................
4,252
15,069
9.448
9,873
Total general fixed assets .................................
$471,380
$28,949
$10.121
$490.208
123
92- 447
THIS PAGE INTENTIONALLY LEFT BLANK
124
92- 447
u
D
F
H
1
F
f�.
• �.` t `. `.. t F t + +.' 1 >+ i' s �t i F � i �t �V9j t tx :¢4�3 �i'� � � 4 �'�i :- �q�r'4� +')? y.i }�A sd *� � r, < 1. + _
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0
THIS PAGE INTENTIONALLY LEFT BLANK
127
92- 447
CITY OF MIAM1, FLORIDA
REVENUE AND SPECIAL OBLIGATION BONDS, CERTIFICATES AND
LOANS
_=
PRINCIPAL AND INTEREST REQUIREMENTS
AS OF SEPTEMBER 30, 1991
Fiscal
Parking
Subordinated Parking
Parking Garage
Year
System
Subordinated Parking System Special System
Special
Obligation
Rental
First
Municipal
--�
Ending
Revenue
Parking System Revenue Bonds Revenue First
Refunding Municipal
Refunding
Revenue
Pool
September
Bonds
Revenue Bonds Refunding
_
30th
Series 1988
Series 1986 Series 1990 Bonds(l) Pool Loan
r
Bonds
Bonds
Loan
; -
1992
$ 385,000
$ 2,460.000
$ 380,000
—
1993
415.000
2.980,000
545.000
$
100,000
1994
440.000
3.160,000
585.000
300,000
1995
465,000
3,355.000
625.000
500.000
—
1996
500.000
$3,000,000 3.570,000 $1.065,000
670,000
15,100,000
1997
535.000
3,805,000
720.000
1998
575,000
4,065,000
775.000
1999
620,000
4,345,000
835,000
2000
665,000
4.660.000
895.000
$ 610,000
—
2001
715,000
4.755,000
459.821
660.000
r,
2002
775,000
5,110.000
428.479
720,000
t
2003
835.000
5.490.000
403.358
780,000
=
2004
895.000
1.811.064
975.000
850,000
—_
2005
970.000
1,653,829
1.050.000
925.000
..�
2006
1,040.000
1,520,371
1,135.000
1,005,000
2007
1.115.000
$2,000,000 1,396,353
1,225.000
1.090.000
2008
1.200.000
1,280,099
680.000
1,185,000
2009
1.290.000
1,150.359
1,285.000
2010
1.390.000
1.063,229
1.395.000
2011
983,410
1,520,000
2012
865.815
1,650,000
2013
2014
801.229
731,160
1,795,000
1,950,000
=
2015
629,407
2,115,000
2016
2,300,000
2017
2,500,000
2018
2.715,000
2019
2,950.000
=
2020
=_
Total
$14,825,000
$2,000,000 $3,000,000 $61.641.325 $1.065,000
$12.386.658
$30,000,000 $16,000.000
(1) Accretion on the Capital
Appreciation Bonds portion of the Series 1987 Special Revenue Refunding Bonds
and the
Series
1990 Special Obligation Bonds are included as interest.
-
^�
I
1 =
7
...1 -
128
�2 4E4'7
.A
N 0 0
E
0
C
I
11
MSEA
Spacial
Obligation
MSEA
Subordinate
Housing
Sunshine
State
Governmental
Speclot
Obligation
S.E.Overtown
Community
Refunding
Obligation
Special
Obligation
Financlng
Commission
Guaranteed
Entitlement
1isdevelo�rment
Bonds
Bonds
Bonds
Bonds
Loan
Bonds
Series 1990
$ 465.000
$ 400,000 $
150,000
$ 628,400 $ 185.000
$ 165,000
490,000
425,000
160,000
668.400
200.000
160,000
520,000
455,000
170.000
710,400
210,000
190,000
550,000
490.000
180.000
753.400
225,000
205,000
585,000
520,000
190.000
799,400
240.000
225,000
620.000
560.000
200.000
849,400
255.000
240,000
660.000
600,000
215.000
901.400
275,000
260,000
700.000
640,000
230.000
956,400 .
290,000
280,000
745.000
685.000
250,000
1.015,400
310,000
305,000
795.000
735,000
270.000
1,077,400
330,000
330.000
850.000
785,000
290,000
1,143,400
355,000
355,000
905,000
840,000
310,000
1,211,400
380,000
390,000
970.000
895.000
330.000
1.288,400
405,000
420,000
1.035.000
355.000
1,366,400
435,000
455,000
1,110,000
380.000
1,450,400
465.000
495,000
1.185,000
1,537,400
500,000
535.000
1.270.000
1,632.400
530,000
585.000
1.360.000
1,730,000
570.000
635.000
1.455.000
1,836.400
685.000
1.560.000
1,948,400
745.000
1.670.000
2,066,700
810.000
1,790.000
875.000
1.920.000
950.000
2,055,000
1.030.000
2,205.000
2,365,000
2.535.000
2,715.000
2,915.000
$38.000,000 $8,030,000 $3,680,000 $25,571,300 $6,160,000
$11,345,000
129
SCHEDULE I-1
Certificate of Tout
Total
PTl
rincciipal
Participation Principal
Interest(l)
and Interest
$5,240,000 $ 10,458,400 $
15.381,968
$ 25,840.368
6,163,400
14.732,342
20,895.742
6.740.400
14.361.650
21,102,050
7.348.400
13,958.814
21,307,214
26,464,400
12,687.698
39,152,098
7 , 784, 400
12,044,402
19,828.802
8.326,400
11,493,416
19,819.816
8,896.400
10,924,919
19,821.319
10,140.400
10,309.439
20,449.839
10,127.221
10.123,165
20,250.386
10,811.879
9,468.545
20,280,424
11,544,758
8,755.099
20.299.857
8,839,464
11.432.669
20.272,133
8,245.229
11,088.695
19.333.924
8,600.771
10.751,620
19,352.391
10,583,753
10,289.150
20.872,903
8,362.499
9.829.532
18.192.031
8.020,359
9.481.728
17.502.087
7.824.629
9.079.205
16.903.834
6,756.810
8.736,173
15,492,983
7,062.515
8.170.269
15.232,784
5,261.229
7.805.893
13,067,122
5,551.160
7,444.441
12,995.601
5.829,407
6.776,193
12.605.600
4.505.000
1.822.143
6.327.143
4,865.000
1,464.433
6,329.433
5.250,000
1.077.903
6.327.903
5.665,000
660.535
6.325.535
2.915.000
209,880
3,124.880
$5,240,000 $238,944,283 $260.361.919
$499.306.202.
92- 447
- E
E
CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION BONDED INDEBTEDNESS
PRINCIPAL AND INTEREST REQUIREMENTS
AS OF SEPTEMBER 30, 1991
Fiscal Year
Ending September 30
1992...........
1993
..............
1994
..............
1995
..............
1996
..............
1997
..............
1998
..............
1999
..............
2000
..............
2001
..............
2002
..............
2003
..............
2004
..............
2005
..............
2006
..............
2007
..............
2008
..............
2009
..............
2010
..............
2011
..............
2012
..............
2013
..............
2014
..............
Total.......
Principal
$ 9,575,000
11,745,000
11,770,000
12,125,000
12,015,000
12,115,000
11,335,000
10,550,000
9,880.000
10,450.000
10,540,000
11,055,000
9,310,000
8,900,000
7,200,000
5,840,000
4,915,000
5.000,000
3,895,000
3.275,000
1,735.000
1,795,000
1.785,000
$186.805,000
Interest
$ 11,737,066
11,858,104
10,983,440
10,198,757
9,434,562
8,678,732
7,935,510
7,21 1,253
6,445,839
5,695,013
5,112,185
4,370,661
3,592,991
2,919,804
2,262,636
1,747,803
1,352,262
1,041,435
767,579
518,134
321,439
211,316
97,006
$114,493,527
Total
$ 21,312,066(1)
23,603,104
22,753,440
22.323,757
21,449.562
20,793.732
19,270,510
17,761,253
16,325,839
16.145,013
15,652.185
15,425,661
12,902,991
11,819,804
9,462,636
7.587,803
6,267,262
6,041,435
4,662.579
3,793.134
2,056,439
2,006,316
1,882,006
$301,298,527
(1) Excludes October 1, 1991 installment in the amount of $3,549.000 recorded in the general obligation debt service fund.
130
92- 447
L
U
C�
0
I'll"t-JOIT53"Flul
4 114 V41 E :;! *:7k, 91 : i V, -
CITY OF MIAMI, FLORIDA
`f
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
�$10,664
USES
TOTAL
'1
1991
$128,949
$11,847
$13,761 $18,536
$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
193,018(1)
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
15.522
189.423
1985
99.681
22.802
14,973 17,699
8,651
17,999
181,805
1984
93,841
22,576
13,401 16,135
8,378
12,549
166.880
1983
87,371
21,733
11,624 14,595
7,691
8.726
151,740
1982
74.813
19.394
13,608 14,114
7,116
8,998
138,043
(1) 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.
(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.
(4) The Departments of Development and Community Development, which had expend;tures totaling $2.108 million in FY 85 formerly
classified under general government are, beginning in FY 86, classified under Public Improvements.
7
j• Excludes computer lease transactions of $5,769,000.
133
92- 44'7
IC
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
YEAR TAXES TAX(9) MENTAL PERMITS SERVICES
AND FINANCING
SOURCES(1)
TOTAL
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)
19B8 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
1983 67,619 27,351 35,948(6) 5,288 13,977
3,783
153.966
1982 61,865 25,593 26,041 5,452 13,301
5,492
137,744
(1) Transfers from other funds representing public utilities service taxes are presented in this schedule as btisiness 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 Fnarng 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.
(61 Included since 1983 is new revenue source from the State of Florida, a 50% portion of the one cent sales tax increase.
CITY OF MIAMI, FLORIDA
PERCENT OF TOTAL
GENERAL FUND REVENUES
ANn OTHFR FINANCING SOUR(
3:0 License & Permits
3.3
Charges for Service
20.6
20:7 Business & Excise Taxes
Intergovernmental
All Other Sources
Property
Tax
49.
49.6
49.1
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
90.91 Actual
89-90 Actual
® W89 Actual'
' Excludes computer lease transactions of $5,769,000.
134
92- 447
CITY OF MIAMI, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(in thousands)
-q TOTAL COLLECTION PERCENT OF COLLECTION
FISCAL TAX OF CURRENT LEVY OF DELINQUENT
YEAR LEVY(1) YEAR'S TAXES COLLECTED TAXES
1991 $128,832 $119,036 92.40% $7,419
1`7 1990 125,743 119,363 94.93 4,592
j 1989 122.260 114,535 93.68 3,710
1988 115,935 107,908 93.08 2,356
1987 116,612 111,740 95.82 1,606
1986 109,938 105,457 95.92 944
1985 104,135 100,976 96.97 722(3)
1984 93,340 88,982 95.33 3,036
1983 83,025 78,815 94.93 1,209
") 1982 76,903 74,040 96.28 1,067
i
TOTAL OUTSTANDING
COLLECTIONS OUTSTANDING DELINQUENT
j FISCAL TOTAL TAX AS % OF DELINQUENT TAXES AS % OF CITY
YEAR COLLECTIONS CURRENT LEVY_ TAXES(2) CURRENT LEVY MILLAGE(1)
1991 y $126,455 98.16% $5,059 3.93% 11.9376
1990 123,955 98.58 5,162 4.11 11.9376
1 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
`-i 1986 106,401 96.83 3,318 3.01 11.9091
1985 101,698 97.66 3,970 3.81 11.9091
1984 92,018 98.58 3,367 3.61 11.1238
1983 80,024 96.38 2,925 3.52 10.7290
1982 75.107 97.66 2,489 3.24 10.6640
(1) Includes levies for general operations and debt service.
(2) Net of reserve for early payment discounts and uncollectable taxes 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.
?"9
135
I H�
92- 447
=
CITY OF MIAMI, FLORIDA
ASSESSED VALUE OF ALL TAXABLE PROPERTY
—
LAST TEN FISCAL YEARS
_
(in thousands)
_
NET
FISCAL REAL PERSONAL
HOMESTEAD
ASSESSED
YEAR PROPERTY PROPERTY TOTAL
EXEMPTIONS
VALUE
1991 $10,534,602 $1,243,083 $11,777,685
$985,533
$10,792,152
1990 10,243.901 1,271,210 11,515,111
981,728
10,533.383
=
1989 9,997,519 1,213,466 11,210,985
969,335
10,241,650
—
1988 9,519,481 1,242,316 10.761,797
954,978
9,806.819
1987 9,210,476 1.210,435 10.420,911
933,300
9,487,611
1986 8,979.226 1,205,707 10,184,933
953,516
9,231,417
-,
=
1985 8,538,398 1,158,212 9,696,610
952,430
8,744.180
1984 8,230,309 1,115,724 9,346,033
954,979
8.391,054
-=
1983 7,616,829 1,042,452 8,659,281
920,895
7.738,386
1982 6,976,847 985,282 7,962,129
750.665
7,21 1,464
_
=)
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
STATE
TOTAL
—
1991 11.9376 9.679 9.001
.602
31.2196
=
1990 11.9376 9.348 8.549
.584
30.4186
1989 11.9376 9.547 7.693
.609
29.7866
1988 11.8219 9.608 7.650
.564
29.6439
—
1987 12.2910 9.032 7.551
.497
29.3710
1986 11.9091 9.224 7.316
.439
28.8881
1985 11.9091 8.762 7.361
.427
28.4591
_=
-
1984 11.1238 8.754 7.361
.427
27.6658
1983 10.7290 7.244 6.500
.384
24.8570
1982 10.6640 6.999 7.140
.358
25.1610
—,
TAX LEVIES (in thousands)
1991 $128,832 $104.457 $97,140
$6,497
$336,926
-
1990 125,743 98,466 90,049
6,151
320,409
_
1989 122,260 97,777 78,789
6,237
305,063
1988 115,935 94,224 75,022
5,531
290.712
j
.
1987 116,612 85.692 71,641
4,715
278,660
1986 109,938 85,151 67,537
1985 104,135 76,616 64,366
4,053
3.734
266.679
248,851
1984 93,340 73,455 61,767
3,583
232,145
1983 83,025 56,057 50.300
2,971
192,353
1982 76,903 50,473 51,490
2,582
181.448
"^
(1) Property tax rates are based on each $1,000 of net assessed value.
Additional Information —
Tax rates limits:
Discount allowed:
s
County 10.00 mills
November
-4%
j
Schools 10.00 mills
December
-3%
State 1.00 mill
January
-2%
Tax assessed —January 1
February
-1%
Taxes levied —November 1
Taxes delinquent —April
►
�5
,
CITY OF MIAMI, FLORIDA
=' SPECIAL ASSESSMENTS COLLECTIONS AND RECEIVABLES
' LAST TEN FISCAL YEARS
CURRENT ASSESSMENTS
FISCAL LIENS RECEIVABLE
{ YEAR COLLECTIONS AT YEAR-END
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
i 1984 2,743,429 302,760
1983 1,900,365 303,469
1982 1,764,407 119,867
7 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, are shown net of deferred revenue. &Wings for
new assessments in fiscal year 1991 approximated $859,900. Effective in 1991. assessment liens are being
i 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
"-1 FISCAL POPULATION VALUE EXEMPTION VALUATION DEBT PER
YEAR (1) (000) (000) (000) (000) RATIO CAPITA
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 10,533,383 184,302 135 481.20
"Z 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 8,744,160 170.087 1,95 447.07
1984 383.027 9,346,033 954,979 8,391,054 146,102 1.74 381.44
1983 382,726(3) 8,659,281 920,895 7,738,386 124,955 1.61 326.49
1982 382.726(3) 7,962,129 750.665 7,211,464 109,398 1.52 285.84
(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.
t
(3) Based on July 1, 1982 population estimate used by the Office of Revenue Sharing of the Federal Government.
t
137
ri; t
'` .� 2 - 447
CITY OF MIAM1, FLORIDA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES
AND OTHER FINANCING USES
LAST TEN FISCAL YEARS
(in thousands)
TOTAL
GENERAL FUND
EXPENDITURES
GENERAL BONDED
& OTHER
FISCAL
BOND
BOND
DEBT SERVICE
FINANCING
YEAR
PRINCIPAL
INTEREST
EXPENDITURES
USES
RATIO
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
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
1983
9,990
6,570
16,560
151.740
10.91
1982
10,310
7,130
17,440
138,043
12.63
1981
10,735
6,620
17,355
118,981
14.59
CITY OF MIAM1, FLORIDA
SCHEDULE OF
DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT
SEPTEMBER
30, 1991
(in thousands)
AMOUNT
PERCENTAGE
AVAILABLE
APPLICABLE
CITY'S SHARE
GROSS DEBT
AND RESERVES_ NET DEBT
TO CITY
OF DEBT
City of Miami ..................
$186,805
$ 364 $186.441
100%
$186,441
Metro -Dade County .............
515.746
29,237 486,509
19%(1)
92,437
$702,551
$29,601 $672.950
$278,878
(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, 1990
(in thousands)
Assessed value............................................................. $11,777,685
Less homestead exempt valuation ......................................... 985.533
Net taxable assessed valuation ................................................ $10,792.152
Debt limitation for bonds
(15% of$10,792,152)(1).................................................. $ 1.618,822
Present debt application to debt limitation:
General obligation debt .................................................. $ 186,805
Less amount available in debt service fund .................................. 364 186,441
Legal debt margin ................................................... $ 1,432.381
(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.
138
92- 447
CITY OF MIAMI, FLORIDA
CURRENT DEBT RATIOS
SEPTEMBER 30, 1991
=
FACTORS:
4
Assessed value(1)..................................... ..........
$11,777,685,000 =—
Net taxable valuation..................................................... .............
$10,792,152,000 =_
,.,
City of Miami debt, net of reserve funds:
_
Genera! obligation.................................................... $186,441.000
—
Special obligation (2)................................................. 226,326,000
=_
—;
Combined direct debt ..............................................................
$ 412.767.000
Overlapping debt, net of reserve funds: (3)
—
j
General obligation.................................................... $ 92,437,000
Special obligation..................................................... 73,375,000
—
j
Combined net overlapping debt ......................................................
165,812.000
(
Total net direct and net overlapping debt ..............................................
$ 578,579,000
Population of Miami (4).................................................................
383.000
Net assessed valuation per capita........................................................
$ 30,751
Net taxable valuation per capita..........................................................
$ 28,178 r
DEBT RATIOS:
Net direct general obligation debt as a percent of taxable assessed valuation ....................
1.73%_
{
Combined net direct and overlapping general obligation debt as a percent of taxable assessed
valuation...........................................................................
2.58% —_
I
Net direct general obligation debt per capita ...............................................
$ 486.79
Combined net direct general and special obligation debt per capita .............................
$ 1.077.72 =
r.
Combined net direct and overlapping general obligation debt per capita .........................
$ 728.14
Combined net direct and overlapping general and special obligation debt per capita ...............
$ 1,510.65
(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 -
--�
challenged by the City and is expected to be adjusted.
.� 139
92- 447
CITY OF MIAM1, FLORIDA
SCHEDULE OF REVENUE BOND COVERAGE
ENTERPRISE FUNDS WITH OUTSTANDING REVENUE BONDS
LAST TEN FISCAL YEARS
(in thousands)
NET
REVENUE
AVAILABLE
DEBT SERVICE
FISCAL
GROSS
OPERATING
FOR DEBT
YEAR(1)
REVENUE(2)
EXPENSES(3)
SERVICE PRINCIPAL
INTEREST(4)
TOTAL COVERAGE
1991
$14.237
$11,118
$3,119 $2,430
$5.59 7
$8.027
.39
1990
15,072
10,792
4,280 2,436
6,263
8,699
A9
1989
13,911
10,707
3,204 617
6,248
6,865
.47
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
1983
7,785
6,697
1.088 237
6,620
6,857
.16
1982
4,730
2,877
1.853 190
1,327
1,517
1.22
(1) This schedule incorporates operations and debt service of enterprise funds in the fiscal years indicated
below:
FISCAL YEAR
ADDITIONAL ENTERPRISE
1982
Off Street Parking Authority
1983
Convention Center
1984
Parking Garage
(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
92- 447
7
i
NAME OF
TAXPAYER
1.
City National Bank
2.
Southern Bell Telephone
3.
Southeast Bank
i 4.
Equitable Life Assurance
5.
Florida Power & Light
6.
Brickell Associates
7.
Mayfair
B.
One Biscayne Tower
9.
Inter -Continental Florida Ltd
- 10.
Miami Center Joint Venture
11.
All others
Total
CITY OF MIAMI, FLORIDA
TEN LARGEST TAX ASSESSMENTS
1991 ASSESSED VALUE
NATURE
ASSESSED
OF
VALUE
PERCENT
ACTIVITY
(000)
%
Bank/Trustee
$ 222,254
1.89
Utility
218,537
1.85
Bank/Office Buildings
193,986
1.65
Real Estate Investments
179.242
1.52
Utility
166,555
1.41
Office Building
89.000
.76
Hotel/Shopping Center
83,075
.70
Office Building
63.800
.54
Real Estate Investment
59,400
.50
Developer
59.130
.50
Various
10,442.706
88.23
$11,777.685
100%
SOURCE: Metropolitan Dade County Property Appraiser's Office
CITY OF MIAMI, FLORIDA
BANK DEPOSITS
LAST TEN YEARS
- FINANCIAL INSTITUTIONS
Dade County is second only to New York in the greatest concentration of international and Edge Act Banks in North America
with approximately 46 foreign bank branches and 16 representative offices operating in the community. Additionally, there are
16 Edge Act Banks that are located in the Miami area. These include: BankAmerica International, Bankers Trust International,
Banco de Santander International, Chase Bank International, Citibank International, Irving Trust, American Express Bank -
International, Manufacturers Hanover International, and Morgan Guaranty International. 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
==1 include national and state chartered banks which are FDIC insured. Non-insured state chartered banks are excluded.
NUMBER
JUNE 30
OF BANKS
TOTAL DEPOSIT
1991
68
$22,087,323,000(1)
1990
69
22,783,647,000
1989
73
21,695,337.000
1988
75
20,070,795,000(2)
�i 1987
69
25.958,000,000
1986
73
23,042,378,000
1985
75
21,615,733,000
1984
76
21,770,028,000
1983
74
19,256,581,000
1982
70
16,158.326,000
SOURCE: F.D.I.C., Atlanta, GA
i
(1) F.D.I.C. data not available as of the printed date
of this report. This
data was provided by Florida Bankers Assoc.
(2) Reduction in deposits is attributable to more stringent FDIC regulations, which have caused a shift to other investments
not insured by the FDIC.
i
141
92- 447
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 1982 are as
follows:
..,
UNINCORPORATED
CITY OF MIAMI DADE
COUNTY
YEAR
(000)
(000)
1991
$208,914
$1,493,522
1990
237.039
1.046,389
1989
308,941
2.731,505
1988
288,771
2,702,387
1987
238,513
1,190,493
~�
1986
192,418
1,023,858
1985
322.785
864,862
1984
345,562
953,055
1983
314,362
903,706
1982
294,182
659,160
SOURCE: City of Miami and Dade County Building & Zoning Departments
CITY OF MIAMI, FLORIDA
DEMOGRAPHIC STATISTICS
CITY OF MIAMI AND METROPOLITAN DADE COUNTY POPULATION
1990 CENSUS COUNT
CITY OF METRO-DADE
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, 1990 data from the University of Florida Libraries, Gainesville,
Florida.
CITY OF
METRO-DADE
EMPLOYED PERSONS BY OCCUPATION
MIAMI
COUNTY
Executive/Administrative/Management
13,639
91,567
-1
Professional/Specialty
13,772
81.076
1
Technicians/Support
3,743
22,380
Sales
16,078
88,136
Administrative Support
28.232
145,265
Private Household Services
2.511
6,753
Protective Services
1,961
12,512
Other Services
24.470
85,328
Farm/Forestry/Fishing
2,063
11.257
Precision/Product/Craft
18.547
86.730
Machine Operators/Assemblers
18,555
53,629
Transportation/Handlers/Helpers
6,967
26,935
Total
150,538
711,568
SOURCE: U.S. Bureau of Census, 1980 data
from the University of Florida Libraries,
Gainesville,
Florida.
The 1990 data is not available as
of the printing date of this report.
I
142
92- 447
CITY OF MIAMI, FLORIDA
GENERAL STATISTICAL DATA
[tronpAPHY
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
The 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 1982 to
1991, the number of passengers sailing from the Port
increased from 1,790.255 to 2,928,532, an increase of
66%. 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 46% 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.
143
A ten
year summary
of the growth
in revenues,
passengers,
and cargo handled follows:
Total
Cargo
Year
Revenues
Passengers
Tonnage
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
1983
14,201.008
2.002.654
2,305.645
1982
12.949,687
1,760,255
2,665.921
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 five
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
fourth in the nation and seventh in the world in tonnage
of domestic and international cargo movement. In
1991 over 26 million air travelers were serviced by
Miami International Airport, and over 1.8 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)
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
1983 19,322 1,184,526
1982 19,388 1,246.700
SOURCE: Miami International Airport
92- 447
r
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
Commercial
Total KWH
Residential
Customers
Sales
Customers
Average
Year
(000)
Average Number
Number
1991
(1)
(1)
(1)
1990
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
1983
15,203,147
606,000
74,700
1982
15,318,870
598,900
72.200
WATER CUSTOMERS AND SALES
Consumption
Number
(Millions Of
Year
Water Meters
Gallons)
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
1983
259,932
78,828
1982
245.953
75,527
MOTOR VEHICLE REGISTRATION AND SALES TAX COLLECTION
Sales Tax
Motor Vehicle
Collections
Year
Registrations
(0001
1991
1.978,169
$1.104.537
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
1983
1,453.991
575.065
1982
1.288,844
470.818
SOURCE: Appropriate utility or responsible government agency
(1) The 1991 data was not available from Florida Power and Light Company
144
92 447
r
C11 r OF 'v'iAM F_OPIDA
INTER -OFFICE MEMORANDUM CA='13
TO Honorable Mayor and Members DATE `j:i,� ) J 1992 FILE
of the City Commission
SUEUECT Agenda item - Audit
Reports.
FROM REFERENCES
Cesar H. odio
City Manager ENCLOSURES.
la • V I w 14-mly.y4j • 13
It is respectfully recommended that the attached resolution be
adopted accepting the Audit Reports for the Fiscal Year ended
September 30, 1991 as required by the Rules of the Auditor
General of the State of Florida, Section 3.0.558.
If Wig:
The Comprehensive Annual Financial Report for the Fiscal Year
ended 1991 and related management letter 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, 1991 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.
92- 44'7
CAl3-/
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
To: Honorable Mayor and Members
of the City Commission
FROM : Cesar H. Odlo
City Manager
DATE : June 30, 1992 FILE
SUBJECT : Management Letter from
External Auditors
REFERENCES:
ENCLOSURES:
The Departments of Finance, Computers, and Risk Management have
reviewed the comments and recommendations presented by the City's
external auditors headed by the firm of Deloitte & Touche in
their Management Letter dated March 25, 1992. Each
recommendation has been reviewed and evaluated to determine the
operational efficiency of the improvements.
In general, we are in agreement with the recommendations
presented, but in some instances there is divergence of opinion
which results from alternative controls already in place,
alternative approaches not considered, and changes or constraints
in operational procedures. It must be remembered that our
program of implementation is based solely on the resulting
benefits which can be derived from increasing efficiency and
improved internal control over the City's assets.
Enclosed its a complete management letter and the city's
responses preceded by a brief summary of the applicable
recommendation.
cc: Audit Advisory Committee Members
92- 447
__......_.._.........__.__�..._.�.. .......... .. ... .. ... _. . _.�._�_.._._�._...a __._. .. u,__.._.. a �� r '..f: Tr- :R f�'
Deloitte &
buche
Ow
March 25, 1992
The Honorable Mayor and City
Commissioners
c/o the Audit Advisory Committee
City of Miami, Florida:
I
Certified Public Accountants
Suite 2500
100 Southeast Second Street
Miami, Florida 33131-2135
Telephone: (305) 358.4141
Facsimile: (305) 358-1451
In planning and performing our audit of the general purpose financial statements of the City of Miami
(the "City") for the year ended September 30, 1991 (on which we have issued our report dated
March 25, 1992), we developed the following recommendations concerning certain matters related to
the internal control structure and certain administrative and operating matters. Our observations and
recommendations are presented under the following major captions:
Recommendations - General
H Recommendations - Computer Controls
III State Reporting Requirements
Since our recommendations were developed at various dates during the audit of the general purpose
financial statements, it is possible that corrective action may have subsequently been implemented.
It is important to note the Finance Department is associated with or impacted by most of the comments
and recommendations herein. However, responsibility for corrective action or implementation will
require the involvement of certain other City departments in addition to the Finance Department.
Ibis report is intended solely for the information and use of the City Commission, management and
others within the City. This restriction is not intended to limit the distribution of the report, which is a
matter of public record.
We will be pleased to discuss these comments with you and, if desired, to assist you in implementing
any of the recommendations.
Yours truly,
i 74-0--C-�
92- 44'7
Member
RRTInternational
EXHIBIT I
RECOMMENDATIONS - GENERAL
I V 1 1 111 ,"a Z R Fa_1, rQW971,
The Accounting System (Restated From Prior Years
Ile 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 re-
potting 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 ("GASB"), the body recognized as the primary
source of governmental accounting standards, greater accounting and financial reporting requirements
have evolved. On the City's horizon is "the Big Bang," a series of innovative changes under develop-
ment by the GASB, effective for fiscal 1995, which will have a major impact on the City's accounting
and financial reporting systems. These changes will impact the City's method of reporting transactions
and their presentation for financial reporting purposes. While FAMIS is a functional system, the
City's needs have far outgrown the system's capabilities. The ability of the system to meet these sub-
stantial requirements should be of major concern and a top priority to City administration.
The City must 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 must determine its informational needs and
reporting requirements (both internal and external) and make sure the new system is responsive,
efficient, effective and user friendly.
A more dynamic and responsive accounting system would provide substantial employee time savings,
as well as possible cost savings. Such time and cost savings could be redirected within the Finance
Department to improve the department's analytical capacities and reporting abilities.
SELF-INSURANCE PROGRAM
The City of Miami maintains a self-insurance program to lessen the impact of ever increasing insurance
costs. As described in last year's letter, the City only funds this program on a pay-as-you-go basis,
which covers the current year's claims and costs. No funding of future claims or funding of a reserve
for incurred but not reported claims is made. Over the past ten years, the amount of unfunded estimated
claims payable has risen each year and, as disclosed in the financial statements, is approximately
$53 million as of September 30, 1991. In addition, the issuance of Statement of Government Auditing
Standards Number 10, Accounting and Reaortin for or Risk Financing and Related Insurance Issues by
GASB requires that the City's risk management activities be accounted for within the general fund or an
internal service fund (which would have the same effect on the general fund). The impact of such treat-
ment on the financial statements of the City will be significant as the unfunded portion of the estimated
claim liability would be recorded against the fund balance of the general fund, causing a large deficit
balance. This standard will be effective for the year ended September 30, 1994. The City
z- 92-- 447
should develop an action plan designed to fund these estimated claims payable as soon as possible, thus
strengthening the self-insurance reserves and reducing the impact this reporting change will have on
the fund balance of the general fund in 1994.
Claims Listing ftgrt (Re, tated From Iast Year)
The risk management department maintains a claims listing report which indicates an estimated reserve
amount for pending cases. Such reserve amount is determined by risk management upon receipt of the
claim and is based upon previous knowledge and experience. As more information is received, risk
management will adjust the reserve amount. Once a case goes to litigation, the law department is re-
sponsible for adjusting the reserve amount. This report is used to develop the estimated claim liability
which is recorded in the General Long -Term Debt Account Group and includes an actuarially deter-
mined amount for incurred but not reported claims.
This report was found to have errors such as changes to the reserve made by the law department not
reflected on the listing, and cases settled and paid on the listing.
With the advent of the above accounting change, the importance of a more accurate estimate increases.
Therefore, the claims listing report should be reviewed periodically to make sure it is as up to date and
accurate as possible, with a detailed review made before it is given to the actuary.
r
EXHIBIT II
RECOMMENDATIONS - COMPUTER CONTROLS
THE EDP SYSTEM
Security_ Folicies_and_Procedures (Restated F)rom Last Ywr)
The City should formulate a comprehensive data security policy and develop a corresponding
procedures manual. Implementation of such procedures would minimize inconsistent and/or inadequate
security procedures and improve data security administration, documentation and review. Formalizing
and documenting the policies and procedures will strengthen the City's data security and will avoid
inconsistencies, misunderstandings and errors. Written data security standards assist by:
.. Defining the responsibilities of system users.
.. Describing the City's exposure and penalties for misuse of access authorities.
• • Outlining the procedures performed by the data security administrator and others involved in data
security.
The data security policy and related procedures manual should include the following (some of which
are already in place):
.. Individual user access authorization documentation, including:
... Use of standard written authorization forms to document individual user access levels.
•.. Formal approval by management of individual access levels prior to granting users
access to the system.
• • • Periodic documented reviews of actual user access capabilities to current employee
listings and authorized user access documentation.
• • Specific password change procedures.
• . Password distribution and user acknowledgment procedures.
.. Procedures regarding the review, investigation and resolution of attempted and perpetrated
security violations.
.. Procedures covering the prompt reporting of employee resignations, terminations or transfers to
the security administrator.
-a- 92- 447
System Development Methodology (Restated From Last Year)
The City should consider implementing a system development methodology. This is in recognition of
the fact that the City is increasingly dependent 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 pre-
established approaches that detail the responsibilities of all those involved.
More realistic planning through the use of standard workplans 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.
Should a disaster, such as flooding, fire, electrical problems or other major events occur, it is vital that
the loss of information and/or downtime due to damage to the system be minimized to the fullest extent
possible. The impact of such events to the City is especially significant when considering how important
EDP systems have become in operating certain City operations and business sites. Loss of such sys-
tems, without adequate contingency planning, can create significant loss of service and/or reporting
capability. Accordingly, the following recommendations address procedures and controls effective in
maintaining an effective disaster preparedness program:
Disaster Contingency Planning - City management should develop comprehensive written City-
wide contingency plans. Increasing use of EDP systems in several City operations makes certain
business processes critically dependent on EDP support. As a result, effective disaster contin-
gency planning is crucial in the event a disaster renders the data center or the business site
inoperable or unusable.
Disaster contingency plans are a series 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 which includes:
. • Data Center Plans - Address the data processing equipment and facilities which must be
restored should disaster occur.
• • End -User Plans - Support the City during a data center outage and assist in resuming use
of the data center computer applications when data processing support is restored.
.. Business Site Plans - Support essential business functions in the event of a disaster at one
of the City's locations.
.. Emergency Procedures - Address a wide variety of emergency situations including fires,
flooding, intruders, severe weather, power failures, etc.
-5- 92-- 447
EXHIBIT III
"STATE REPORTING REQUIREMENTS"
The rules of the Auditor General, State of Florida, require that this report be filed with the Auditor
General together with the audited general purpose financial statements. In connection with our audit of
the general purpose financial statements of the City of Miami, Florida ( the "City") pursuant to Chapter
10.550, the Rules of the Auditor General, State of Florida - Local Government Entity Audits, we report
the following:
1. The financial report of the City filed with the Department of Banking and Finance, State of
Florida, pursuant to Section 218.32, Florida statutes, is in agreement with the general purpose
financial statements for the year ended September 30, 1991.
2. Nothing came to our attention to cause us to believe that the City is, or during the fiscal year
ended September 30, 1991 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.
In addition, under the requirements of the Auditor General, State of Florida, we have reported to the
City on our consideration of the internal control structure and the City's compliance with applicable
laws, regulations, contracts and grants, in separate letters dated March 25, 1992, titled Independent
Auditors' Report on the Internal Control Structure in Accordance with Government Auditing Standards
and Independent Auditors' Compliance Report Bled on art,Audit of General -Purpose Financial
Statements Performed in Accordance with Government Auditing Standards, respectively.
-6-
92-- 447
I]
E 3
RESPONSES TO CURRENT YEAR'S RECOMMENDATIONS - GENERAL
RECOMP___ END TIO�T : The Accountiri System�F estated F at�_Pr_, �'
Y_ears_I-
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. The City must replace the FAMIS
general ledger system and implement a state-of-the-art fund
accounting software system. A more dynamic and responsive
accounting system including a fixed asset module which should
interface with the general ledger system, would provide
substantial employee time savings, as well as possible cost
savings.
Management_esponse :_
The City completed a study that included representatives from all
major user departments approximately four years ago. 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 includes most of the advances made in the computer industry
as mentioned in the auditors' recommendation.
The City is currently waiting for an upgraded version of the
system to be debugged as it was recently installed in the Denver
Colorado Public School System. The City plans to proceed with
acquisition of the system after August 1992 when the debugging
process is completed.
RECOMMENDAT ON: Funding of Program (Restated From Prior
YeArsL
The, City of Miami maintains a self-insurance program to lessen
the impact of ever increasing insurance costs. As described in
last year's letter, the City only funds this program on a pay-as-
you-go basis, which covers the current year's claims and costs.
The City should develop an action plan designed to fund these
estimated claims payable as soon as possible, thus strengthening
the self-insurance reserves and reducing the impact the mandatory
accounting reporting change will have on the fund balance of the
general fund in 1994.
I.. W I !1-73 f0w- • • I
In light of the accounting changes that will be required by GASB
10, the Risk management Department will work closely with the
Finance and Budget Departments in order to develop an action plan
to address the estimated claims payable issue.
92- 447
RECOMMENDATION: Claims Lsting__Report CRestated FroLast
Year
The Risk Management Department maintains a claims listing report
which indicates an estimated reserve amount for pending cases.
Such reserve amount is determined by Risk Management upon receipt
of the claim and is based upon previous knowledge and experience.
This report was found to have errors such as changes 'to the
reserve made by the Law Department not reflected on the listing,
and cases settled and paid on the listing.
Management Response:
The Risk Management and Law Departments have established a
procedure to ensure the accuracy of the claims listing report.
On a quarterly basis the Law Department will provide Risk
Management with a reserve report on open and pending litigation
cases. Risk Management will compare the reserve amounts and
provide Law with an abstract of those cases where a discrepancy
exists. Law will review, modify and resubmit the abstract to
Risk Management in order that records be updated.
Additionally, one month prior to the end of the fiscal year, the
claims. report will be reviewed by Risk Management and the Law
Department to insure its accuracy before the yearly actuarial
study is performed.
92-- 447
CURRENT YEAR'S RECOMMENDATIONS - COMPUTER CONTROLS
RECOMMENpATION. Security_Policies and Proced e Res tech
From Last Yearj_
The City should formulate a comprehensive data security policy and
develop a. corresponding procedures manual. Implementation.of such
procedures would minimize inconsistent and/or inadequate security
procedures and improve data security administration, documentation
and review. Formalizing and documenting the policies and
procedures will strengthen the City's data security and will avoid
inconsistencies, misunderstandings and errors.
Management response:
Data Security Policy - We agree that a City wide comprehensive
data security policy should be developed. Since this policy would
encompass all City department, a group/committee should be formed
with representation from the various departments. The Department
of Computers has implemented and documented some data security
issues and will initiate this project.
RE9DM1EHDJ9JD_HSystem Development Methodology (Restated From
Last Year_
The City should consider implementing a system development
methodology. This is in recognition of the fact that the City is
increasingly dependent 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 formal system development methodology.
-•-!!-t bm-WRI .••
Although the Department of Computers has an informal System
Development Methodology in place, it has been considering
formalizing it into a departmental standard. Because of the
external auditors suggestions in their Management Letter to the
City, Department of Computers will consider making this a priority
item for the coming year.
Should a disaster, such as flooding, fire, electrical problems or
other major events occur, it is vital that the loss of information
and/or downtime due to the system be minimized to the fullest
extent possible. The impact of such events to the City if
especially significant when considering how important EDP systems
have become in operating certain City operations and business
sites. Loss of such systems, without adequate contingency
planning, can create significant loss of service and/or reporting
capability. City Management should develop City-wide contingency
plans.
92- 447
Management Pesponse.
In 1987-88 a Department of Computers consultant developed the
guidelines for a Disaster Recovery Plan for the Tigertail Computer
Center. Since that time, the Computer Center has moved to the 5th
Floor of the Miami Police Department. Currently the Department of
Computers is working with the Miami Police Department trying to
formulate a disaster recovery/business continuation plan to
address all the areas addressed in the Management Letter. The
actual development, writing and implementation of such a plan will
require the services of an outside contractor that will be hired
when budget parameters permit.
9?-- 447