HomeMy WebLinkAboutR-89-0516J-89-454
05/02/89
RESOLUTION NO.
A RESOLUTION ACCEPTING AND APPROVING THE
CITY OF MIAMI COMPREHENSIVE ANNUAL
REPORT FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1988, AS REQUIRED BY THE
STATE OF FLORIDA STATUTES.
WHEREAS, the external auditors of the City of Miami, Coopers
and Lybrand, in association with Sanson, Kline and Jacomino and
W. B. Koon and Co., have completed their examination of the City
of Miami's Comprehensive Annual Financial Report for the Fiscal
Year ended September 30, 1988; and
WHEREAS, State of Florida Statutes, Section 11.45 requires
the adoption of the Comprehensive Annual Financial Report in a
public meeting of the Commission of the City of Miami; and
WHEREAS, presented herewith is the Comprehensive Annual
Financial Report for the Fiscal Year ended September 30, 1988;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI , FLORIDA:
Section 1. The City Commission adopts the attached
Comprehensive Annual Financial Report of the City of Miami for
the Fiscal Year ended September 30, 1988, as required by the
State of Florida.
PASSED AND ADOPTED this _ 7th_ _ _ _ _day of June , 1989.
ATTEST:
MATTY H RAI, CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
ATTACHMENTS TO
RESOLUTION 89-516
filed in pocket folder of Meeting 13926
JUNE 7, 1989
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
r
Honorable Mayor and Members
TO of the City Commission DATE MAY 3 Q 1989 FILE _
SUBJECT: Commission Meeting of
May 11, 1989.
FROM : Cesar H. Odio REFERENCES Comprehensive Annual
City Manager Financial Report.
ENCLOSURES:
RECOMMENDATION:
It is respectfully recommended that the attached resolution
-accepting the Comprehensive Annual Financial Report of the City
of Miami, Florida for the Fiscal Year ended September 30', 19889
as submitted by the Finance Department, be approved.
BACKGROUND:
The Comprehensive Annual Financial Report for the Fiscal Year
ended 1988 is presented herewith as required by State Law,. for
your approval. The annual report prepared by the Finance
Department presents the City's financial position as of September
30, 1988, and the results of its operations for. the year then
ended, as examined by the City's External Auditors, Coopers &
Lybrand in association with Sanson, Kline and Jacomino and W. B.
Koon and Co.
=7ATTIIACHM�,C-m�l
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FOR CA-32
CITY COMT'11SSION
MEETING OF
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CITY COMMISSION
Xavier L. Suarez Mayor
Victor de Yurre
Miller J. Dawkins
Rosario Kennedy
J. L. Plummer, Jr.
Cesar H. Odio
Vice -Mayor
Commissioner
Commissioner
Commissioner
City Manager
Jorge Luis Fernandez City Attorney
Matty Hirai City Clerk
CERTIFIED PUBLIC ACCOUNTANTS
COOPERS & LYBRAND
In Association With
SANSON, KLINE, JACOMINO & COMPANY
W. B. KOON & COMPANY
8.9-516
CITY OF MIAMI, FLORIDA,
_
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fuca! Year Ended September 30, 1988
TABLE OF CONTENTS
Exhibit/
Scheduff0
Pegs
INTRODUCTORY SECTION
Letter of Transmittal.............................................................................................
5-8
Certificate of Achievement....................................................................................
9
INA Organizational Chart .............................................................................................
10
FINANCIAL SECTION
Independent Auditors' Report ................................................................................
13
General Purpose Financial Statements
Combined Balance Sheet —All Fund Types
and Account Groups.........................................................................................
1
18-19
Combined Statement of Revenues,
Expenditures and Changes in Fund
Balances —All Governmental Fund
Types and Expendable Trust Funds.....................................................................
II
21
Combined Statement of Revenues, Expenditures
�s and Changes in Fund Balances —Budget
and Actual -General Fund, Special Revenue Funds
and Debt Service Funds.....................................................................................
III
22-23
Combined Statement of Revenues,
Expenses and Changes in Fund
Equity —All Proprietary Fund Types
i and Pension Trust Funds...................................................................................
IV
24
Combined Statement of Changes in
Financial Position —All
Proprietary Fund Types
andPension Trust Funds...................................................................................
V
25
Notes to Financial Statements...............................................................................
26-47
Supplemental Combining and Individual Fund Statements and Schedules
General Fund:
Schedule of Revenues, Expenditures and Changes in
Fund Balance —Budget and Actual —Budgetary Basis ........................................
A-1
54-55
WM Special Revenue Funds:
now Combining Balance Sheet..................................................................................
B-1
59
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances..............................................................................
B-2
61
w, 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. and Law Enforcement Special Revenue Funds
B-3
62-64
1 Debt Service Funds:
Combining Balance Sheet..................................................................................
C-1
67
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances..............................................................................
C-2
69
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances —Budget and
Actual —General Obligation Bonds, Utilities
Service Tax Bonds, MSEA Subordinate Obligation Note and
MSEA Special Obligation Bonds Debt Service Funds ..........................................
C-3
70-71
Capital Projects Funds:
CombiningBalance Sheet..................................................................................
D-1
76
Combining Statement of Revenues, Expenditures and
Changesin Fund Balances..............................................................................
D-2
76
1
}FINANCiIAL SECTION (continued) -
X` ExMW
floh
ht Bttferprise Funds:
Combining Balance Sheet .......................................... ........ E-1 80-81
Combining Statement of Revenues, Expenses and -
Changes in Fund Equity ........................................ .......... E-2 82 -
Combining Statement of Changes in Financial Position..... ...... ....................... E-3 83
F Internal Service Funds:
r ` Combining Balance Sheet ....................................................... F-1 87 _
Combining Statement of Revenues. Expenses and
Changes in Fund Equity ............................................ ... F-2 88-
k ' Combining Statement of Changes in Financial Position... ...................................... F-3 89
Trust and Agency Funds:
Combining Balance Sheet.......................................................................... G-1 93
Combining Statement of Revenues, Expenditures
-
c. �. and Change in Fund Balances —Expendable Trust Funds .................:................ G-2 94 -
Combining Statement of Revenues, Expenses -
and Changes in Fund Balances —Pension Trust Funds ....................................... G-3 95
Combining Statement of Changes in Financial
Position —Pension Trust Funds ..................................................... ............. G-4 96
Combining Statement of Changes in Assets
and Liabilities —Agency Funds........................................................................ G-5 97
Other Supplemental Information:
Enterprise Funds Schedules of Operations —Budget and Actual .............................. H-1 102-105
Internal Service Funds Schedules of Operations —Budget and Actual ...................... H-2 106-107
low
Revenue and Special Obligation Bonds, Notes and Loans Principal and Interest_
Requirements................................................................................................ H-3 108-109
General Obligation Bonded Indebtedness Principal and Interest Requirements........... H-4 110
STATISTICAL SECTION
,-
General Fund Expenditures and Other Uses by Function ......................................... 113
Percent of Total General Expenditures
and Other Uses by Function........................................................................... 113
General Fund Revenues and Other Financing Sources ............................................ 114 -
Percent of Total General Fund Revenues and
Other Financing Sources................................................................................. .114
Property Tax Levies and Collections......................................................... .. 115
Assessed Value of All Taxable Property................................................................ 116
Property Tax Rates and Tax Levies ........................................... ....... 6 _ : ....... .. ..
... 11
g Special Assessments Collections and Receivables ................................................. 117
Ratio of Net General Bonded Debt to Net
Assessed Value and Net Bonded Debt per Capita .............................................. 117
Ratio of Annual Debt Service Expenditures for
b h' General Bonded Debt to Total General Fund
°y Expenditures and Other Uses .......................................... ................ i 1$
Schedule of Direct and Overlapping General Obligation Debt ............. 118
Schedule of Legal Debt Margin ............................................... 11$
Currant Debt Ratios.............................................................. .. 118
t
Schedule of Revenue Bond Coverage
Ertl rpn4e Funds with Outstanding Revenue Bonds ............... .. . 120 _
n Ton 4,argest Tax Assessments ................................ 121
yBank Deposits .................................................. ..... 1
Permits.. ,. 1
aphic Statistics
of Miami
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January 20, 1989
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, 1988, 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 are accurate in all material respects and are reported
ii , 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 City's
organizational chart, and a list of principal officials. The
financial section includes the general purpose financial state-
ments and the combining and individual fund and account
group financial statements and schedules, as well as the
independent auditors' report on the financial statements and
schedules. 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 the full range of municipal
services for its citizens. 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 Citywhose 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. The Downtown Development
Authority, a dependent special district of the City of Miami,
is included in this report as a special revenue fund.
The Miami Sports and Exhibition Authority (MSEA) is an
independent and autonomous agency and instrumentality of
the City whose voting members are appointed by the City
Commission. It is disclosed within the various funds and
account groups in this report.
5
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 City of Miami Health Facilities Authority, the Miami Police
Relief and Pension Fund, and the Miami Firefighters Relief
and Pension Fund is so remote so as to exclude them from
the City's reporting entity.
ECONOMIC CONDITION AND OUTLOOK
The City, situated at the mouth of the Miami River on
the western shore 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 south-
eastern region. The City comprises 34.3 square miles of
land and 19.5 square miles of water. The City is almost
completely urbanized with downtown boundaries comprising
approximately 2 square miles. Its proximity to the Caribbean
and Latin America has been crucial to Miami's emergence
as a hub for international business with countries in that
region. In recent years Latin American nations experienced
a series of significant economic ills, such as high inflation
and large foreign debts. These problems led to a decline in
the growth of international business with these countries.
Nevertheless, statistics indicate that that sector of the econ-
omy is again showing significant growth. A 1988 study of
the Economic Impact of International Banking in Florida,
conducted by the University of Miami, estimated the total
impact on the Florida economy to be $791 million in 1987
or a 16% increase over 1985.
International exports from the Miami area have grown
significantly from $6.0 billion in 1986 to $7.7 billion in 1987,
while in the first eleven (1 1) months of 1988, Florida exports
had reached $12.17 billion, surpassing the previous annual
record set in 1981 of $10.97 billion.
The City's diversified economic base is comprised of
light manufacturing, trade, commerce, wholesale and retail
trade, and tourism. While the City's share of Florida's tourist
trade remains an important economic force, the great gains
the City has made in the areas of banking, international
business, real estate and transhipment have fortified the
economic base.
Downtown Miami experienced unprecedented growth
during the 1980s, particularly in the development of com-
mercial office space. Completed projects represented an
estimated investment of public and private funds in excess
of $2.4 billion.
Unemployment rate for the City in 1988 was 6.7%,
compared to 12% in 1983. The 1988 population of
369,007 provided by the State of Florida is being challenged
by the City. According to City estimates, the 1988 popula-
tion is approximately 380,000 and is expected to increase
to 400,000 by the year 2000.
The expansion experienced by the local economy in
recent years is expected to continue into the next decade.
While having a positive impact, this growth and issues related
to refugee resettlement, also presents significant challenges
for the City. If this present high level of services is to be
maintained, the City will need to explore new methods of
obtaining financial resources.
MAJOR INITIATIVES
For the Year. During fiscal year 1987-88, the City's
budgetary policy emphasized cost containment and a general
reorientation of resources and fiscal priorities. As a result of
this policy, the City was able to reduce its general operating
ad valorem tax millage rate by .2405 mills.
To offset this millage reduction, collection efforts have
been strengthened in revenue -producing areas resulting in
stronger collections, as evidenced by an increase of
$250,000 in 1988 over the previous year in solid waste fee
collections.
The City began construction during the year of the new
Dinner Key Marina, pictured on the cover of this report. This
facility is being completely rebuilt and expanded to 540 boat
slips at a cost in excess of $12.8 million, being financed
through retained earnings and a loan from the Sunshine State
Financing Committee to be repaid with marina revenues.
During the year the new Miami Arena was inaugurated.
This multi -purpose sports and entertainment facility was
developed by the Miami Sports and Exhibition Authority and
the Decoma Venture, a private group formed by a real estate
developer and a construction company. The Arena, home
to the Miami Heat and the University of Miami Hurricanes,
contains 300,000 gross square feet and provides seating
capacity of 15,600. Built in the Southeast Overtown/Park
West Redevelopment Area, adjacent to a rapid -transit sta-
tion, construction of the facility was financed by a combina-
tion of resources, including a $38 million bond issue to be
repaid with collections of a convention development tax
received by the Miami Sports and Exhibition Authority. The
Miami Arena is operated by Decoma under a long-term
contract.
For the Future. In preparing the fiscal year 1988-89
budget, the City has identified several areas of services of
importance to its residents which are being improved as
follows:
The Police Department's "Return to Basics" ap-
proach reprograms police personnel and related re-
sources to emphasize street patrol and more direct
services to the public. The 1988-89 budget asks for
an increase in the number of sworn personnel, in
addition to a greater reliance on reserve officers and
other volunteer services, increasing the depth of the
department's crime fighting capabilities.
u
• The Parks Department has embarked on an $8.3
million Citywide Neighborhood Parks Renovations Pro-
gram funded by $4 million from available discretionary
funds and $4.3 million borrowed from the Sunshine
State Financing Committee bond pool, to be repaid
with rental income derived from the Rouse Company's
Bayside project in downtown's Bayfront Park.
• The City's Housing Conservation and Development
Agency has appropriated $1 1.2 million for the preser-
vation and rehabilitation of the City's private housing
stock. An additional $1 million has been allocated to
provide housing opportunities for low and moderate
income families in the City. Its capital improvement
fund of $6 million is used as a revolving loan program
for the improvement of housing in the City.
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 are compiled to allow for the preparation of financial
statements in conformity with generally accepted accounting
principles. The internal control structure is designed to
provide reasonable, but not absolute, assurance that these
objectives are met. The concept of reasonable assurance
recognizes that: (1) the cost of a control should not exceed
the benefits likely to be derived; and (2) the valuation of
costs and benefits requires estimates and judgments by
management.
Budgeting Controls. In addition, the City maintains bud-
getary controls. The objective of these budgetary controls
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 and debt 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 by function
and activity at the individual fund level, except for the General
Fund, which is at the department level. The City also
maintains an encumbrance accounting system as one tech-
nique of accomplishing budgetary control. Open encum-
brances for the General and Capital projects funds are re-
ported on a GAAP basis as reservations of fund balance at
September 30, 1988.
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 man-
agement. As within the financial section, all amounts sched-
uled in the remainder of this letter are expressed in
thousands.
General Fund Functions. The following schedule pres-
ents a summary of General fund, revenues and other finan-
cing sources for the fiscal year ended September 30, 1988
89-5IC
and the amount and percentage of increases and decreases
in relation to prior year amounts.
)ncreaee
rnn Reviee and otfior
Amount
Percent
of
Decreaee
!Limn 11 1
Pem" of
Increase
FinenNnt( epeurcys
(DWI)
Tout
(Of
(Oecteeaej
Taxes.... __. - _
$109,480
60.3%
$ 1,528
1 4%
Licenses and permits _
6,399
3 5
317
5.2
intergovernmental...
_ 30.225
166
2.360
8.5
Intragovernmeniat _.
3.237
18
(1,915)
(37.21
Charges for services .
1,648
09
026)
(16 5)
Interest.... _..... ,. _. _.
1.783
10
74
43
Other revenues,.. ....
1,229
7
(6451
34.4
Operating transfers in ......
27,663
15.2
13,991)
(12..6)
Total._ ...............
$181,664
100.0%
$(2.598)
(1.4)%
Operating transfers in for fiscal year 1987 were unusu-
ally high due to a $5 million non -recurring transfer from the
Internal service fund to the General fund, in comparison,
the fiscal year 1988 operating transfers in decreased
significantly.
Sales taxes revenues, shared with the State of Florida,
increased by $2.7 million over the prior year, producing a
net increase in intergovernmental revenues for the year.
Reduction of intragovernmentai revenues is mostly at-
tributable to a decrease in engineering charges made by the
Public Works Department to Capital projects for design and
other related services.
The nominal increase in revenues from taxes is due to
the fact that the millage rate for the General fund was
reduced in 1988 by .2405 mills, compared to 1987, while
the net assessed taxable value increased by more than $300
million.
The following schedule presents a summary of General
fund expenditures and other financing uses for the fiscal year
ended September 30, 1988 and the percentage of increases
and decreases in relation to prior year amounts.
Increase
(Oscreau Percent
Expen res and Amount Percent Over 199� of Increase
Other Financing Uses (0005) of Total (000s) (decrease)
General government ........... $ 20,205 10.8% $ 867 4.5%
Public safety ...................... 111.869 601 (15) —
Public improvements .......... 12,521 6.7 (1,274) (9.2)
Culture and recreation ........ 10,321 5.5 454 (4.6)
Other expenditures ............. 11,058 5.9 (3,336) (23.2)
Operating transfers out ....... 20,363 1 1 0 1,941 to.5
$186,337 100.0% $(1.3631 (.7%)
The decrease in 1988 other expenditures is attributable
in part to the 1987 buy-out by the City of certain accumulated
compensated absences. Other discretionary spending was
reduced under the City's cost containment program.
General Fund Balance. The fund balance of the General
fund was $6.9 million on a GAAP basis as of the end of the
fiscal year. The reduction in fund balance of $4.7 million is
the net result of a fund balance appropriation of $6.5 million
made as part of the fiscal year 87-88 budget.
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,
and other rental properties.
v
I.
Results of enterprise operations for the fiscal years 1988
and 1987 are summarized below:
1989
1987
Operating revenues ......................
$37,892
$38,633
Operating expenses ....................
(51,973)
(52,069)
Depreciation expenses ..................
(4,107)
(4,115)
Non -operating expenses —net.......
(4,545)
(4,61(3)
Loss before operating transfers in...
(22,733)
(22,167)
Operating transfers in —net...........
20,598
20,168
Loss before extraordinary item .......
(2,135)
(1,999)
Extraordinary item —loss on debt
refinancing ............................
6,940
Net loss ................................
$ (9,075)
$ (1.999)
Losses before operating transfers for the Solid Waste
and Convention Center operations amounted to $16.2 mil-
lion and $4.2 million, respectively, requiring cash operating
transfers of $15.6 million to the Solid Waste Department
and $2.1 million to the Convention Center. Additional cash
subsidies are projected for future years requiring support
from the General fund or the Utilities Service Tax fund.
During the year the City sold $65,271,325 Special
Revenue Refunding Bonds, Series 1987, to advance refund
the $60,000,000 Convention Center and Parking Garage
Revenue Bonds, Series 1980. The issuance of the refunding
bonds will cause aggregate debt service payments to be
reduced by approximately $2.5 million with net present value
savings of approximately $2.4 million, though for accounting
purposes a $6.9 million loss on debt refinancing has been
recognized and reported as such in the financial statements.
Risk Management Operations. The operations of the
City's Self Insurance Fund remained relatively stable in 1988.
Although its revenues increased only by 2.4%, its expendi-
tures remained virtually at the same level. The total amount
of claims payable at year end was $38.2 million or a 6.1%
increase over the previous year. This increase compares
favorably with the 16.4% increase experienced between
fiscal years 1986 and 1987. evidencing the efforts being
made by the City to reduce its claims experience.
Historically, the City has been accounting for its risk
management operations within the Self Insurance Expend-
able Trust Fund. The long-term portion of claims payable,
including amounts for claims incurred but not reported
(IBNR), is included in the General Long Term Debt Account
Group. In December 1988, as a result of a lengthy research
project, the Governmental Accounting Standards Board
(GASB) issued a Proposed Statement of the GASB—
Accounting and Reporting for Risk Financing and Related
Insurance Issues (Exposure Draft). If ultimately adopted in
its present form, the Exposure Draft among other things,
would require accounting for the City's risk management
activities within the General fund or an internal service fund.
The City is closely monitoring the progress of this Exposure
Draft and expects to conform to the provisions of a final
Statement, when issued.
Pension Trust Funds Operations. The carrying value of
investments of the City -sponsored pension plans, the Gen-
eral Employees and Sanitation Employees Retirement Trust
f
(GESE) and the Fire Fighters' and Police Officers' Retirement
Trust (FIPO), increased from $459.2 million at September
30, 1987 to $488.6 million as of September 30, 1988.
The most recent percentages of pension benefit obliga-
tion funded are 85% for FIPO and 57% for GESE.
Debt Administration. As of the end of the fiscal year,
the City's net general obligation bonded debt was
$186,041,000 or 1.9% of net assessed value, well below
the 15% limit of assessed value, or $1,471,022,850, im-
posed by its charter. Net direct general debt per capita
equalled $504.17 as of year end.
The City maintained its 1987 bond ratings of 'A-1" and
"A + " by Moody's Investors Service and Standard and Poor's
Corporation, respectively. During 1988 each of the various
principal and interest installments were paid as scheduled.
General obligation debt principal retired during the year
amounted to $12,009,000. There was no issuance of new
general obligation debt during the fiscal year. Subsequent
to the end of the fiscal year, in November, 1988, the City
issued $18,400,000 in general obligation bonds.
During the fiscal year, the City issued $65,271,325
Special Revenue Refunding Bonds to advance refund the
$60,000,000 Convention Center and Parking Garage Reve-
nue Bonds, Series 1980, as previously discussed.
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 en-
abling the City to obtain the highest rates available. The
Miami Sports and Exhibition Authority, Downtown Develop-
ment Authority, Department of Off -Street Parking, G & O,
GESE, FIPO and deferred 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
demand deposits, certificates of deposit, obligations of the
U.S. Treasury, and prime commercial paper. The Pension
Trust funds' investment portfolio also included corporate
bonds.
The City's investment performance ranks favorably when
compared to the composite rate, an average of the telerate
(daily rate), which is an index of investment return perfor-
mance for the type of investments governmental units typi-
cally make. The City earned 6.85% on pooled investments
for the year ended September 30, 1988, while the compos-
ite rate was 6.27%.
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 fed-
eral depository insurance or collateralized. All 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.
OTHER INFORMATION
Independent Audit. Florida State statutes and the Gry
Charter require an annual audit by independent certified
8
public accountants. The accounting firm of Coopers &
Lybrand, in association with the minority -owned accounting
firms of Sanson, Kline, Jacomino & Company, and W. B.
Koon & Company, has examined the general purpose finan-
cial statements of the City for the year ended September
30, 1988. The independent auditors' report on the general
purpose financial statements and combining and individual
fund statements and schedules 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,
1987. This was the sixth consecutive year that the City has
received this prestigious award. In order to be awarded a
Certificate of Achievement, the City published an easily
readable and efficiently organized comprehensive annual
financial report. This report satisfied both generally accepted
accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one
year only. We believe that our current comprehensive
annual financial report continues to meet the Certificate of
Achievement Program's requirements and we are submitting
it to the GFOA to determine its eligibility for another
certificate.
In addition, the City also received the GFOA's Award for
Distinguished Budget Presentation for its annual appro-
priated budget dated July 10, 1987. 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 plan-
ning, and organization.
Acknowledgments. The preparation of the comprehen-
sive 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 gratefully appreciated. We also wish to express
ourappreciation to our Certified Public Accountants, Coopers
& Lybrand, in association with Sanson, Kline, Jacomino &
Company, and W. B. Koon & Company, for their cooperation
and assistance.
Sincerely,
A_�)
Cesar H. Odio
City Manager
Gka _
Carlos E. Garcia, CPA
Finance Director
89-5IC
---_ _ -- ,LYT�
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Cite of Miami,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1987
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
President
Y�f�
W. 4Wto
Executive Director
E
IMP,
py
a
i
Si s"
CITY MIAMI
OF
ORGANIZATIONAL CHART
� e
w
RESIDENTS OF MIAMI
t
' rt
Fr7ryCOMMISSION
t
}
�t
CIVIL
CITY
DOWNTOWN
MIAMI SPORTS
DEPARTMBNTOF
CITY
C�1f
SERVICE
MANAGER'S
DEVELOPMENT
& EXHIBITION
OFFv�IfEET
'ATTORNEY
CLERK
BOARD
OFFICE
AUTHORITY
AUTHORITY
PARIWG
—
BUDGET
MIVOWIY
PROCUREMENT
�
. " GTIf
.' MAwm
CTIY�
MANAGER
FCITY
MANAGER
MANAGER
MANAGER
RNANCE
ammim
OEVELOPNENTH
COMIBTIONS
ZONNNG
I
COIvEUTm
--
HOUSING
RD
DEVELINI ENT
�•' r:WW�gpjil.l
1-7 7 _
rs Coo Y rorlihed public accountants
p�e
&L Dand
INDEPENDENT AUDITORS' REPORT
The Honorable Mayor and City Commissioners
City of Miami, Florida
We have audited the general purpose financial state-
ments of the City of Miami, Florida as of and for the year
ended September 30, 1988, as listed in the foregoing Table
of Contents. These general purpose financial statements
are the responsibility of the City's management. Our respon-
sibifity is to express an opinion on these general purpose
financial statements based on our audit.
We conducted our audit in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assur-
ance about whether the financial statements are free of
material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates
made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements
referred to above present fairly, in all material respects, the
financial position of the City of Miami, Florida at September
30, 1988, and the results of its operations and the changes
in financial position of its proprietary fund types and pension
trust funds for the year then ended in conformity with gener-
ally accepted accounting principles.
Our audit was made for the purpose of forming an
opinion on the general purpose financial statements taken
as a whole. The combining and individual fund financial
statements and schedules and other supplemental informa-
tion listed in the Table of Contents are presented for purposes
of additional analysis and are not a required part of the
general purpose financial statements of the City of Miami,
Florida. The information in the combining and individual fund
statements and schedules and other supplemental data has
been subjected to the auditing procedures applied in the
audit of the general purpose financial statements and, in our
opinion, is fairly stated in all material respects in relation to
the general purpose financial statements taken as a whole.
Certain 1987 data included in the general purpose
financial statements and the accompanying supplemental
combining and individual fund financial statements and
schedules were contained in the City's Comprehensive
Annual Financial Report for the year ended September 30,
1987, and are included for comparative purposes only.
The information shown in the statistical section listed in
the Table of Contents has not been subjected to auditing
procedures sufficient to enable us to express an opinion as
to the fairness of all the information included therein and,
accordingly, we do not express an opinion thereon.
Miami, Florida
January 20, 1989
13 -51c
17
Assets:
Equity in pooled cash and investments $ 5,714 $ 7.048 $ 5,290
$64.373 $ 1.448 $
998 $ 7,379 $
$
92250 $
5726
124,707
4,598
i[Notes 2(E) and 41 .............................
'Cash and cash equivalents [Note 4) ........
— 816 —
646 4,264
—
502.7 57
470,556
pension cash and investments, including
—
— —
— 502,757
accrued interest [Note 2(F) and 41 .......
—
Receivables, not of allowance for doubtful
4,933
4257
accounts of $6,1 19 ...........................
Tam ........... I .................. ...........
— 3.271
1,662 920 —
2.520
1,573 1,987
95
—
7.095
5. 237
5:098
7.764
Accounts .............. ...... .............. ......
Assessment lens [Note 2(C)J.. ............
— — 5,237
—
— —
1,285
1,285
241
2.458
505
proceeds from securities sold ..............
— — —
— —
— —
241
927
7,092
9.660
Pension members' contributions..........
Due from other funds [Note 5 ........
Note t - 6 )
3.171 12 141
1,976 6,639 —
2.522 319
7,356 —
— —
15,971
121
8,516
11
e .....
Due from other go
—
— 121
848
677
Notes receivable ..................................
— —
105
743 —
1 4
1.459
1,760
Inventories (Note 2(G)) - - - � .....................
132 42 —
— 1.280
Other assets .......................................
Restricted cash and investments,
including accrued interest [Notes 4 and
8.483
7.345 14,291
4,791 —
36.881
61.956
S(E)I .......................
propartV, plant and equipment.
— 1,971
144.822
15.641 —
330 —
428.726
—
589189
1731
526.068
2.652
[Notes (K) and 71 .............................
(N
66nd issuance costs, net [Note 20)] ......
1,401
other debits:
Amount available for debt service:
—
— 1.309
— 7.767
1309
7:767
3,772
14.840
General obligation -bonds ....................
—
— 457
457
1.311
Special obligation bonds .....................
Subordinate Obligation Note ...............
Amount available in Sell insurance Fund
—
— 3,157
3.157
2.817
for claims paVable ..............................
Amount to be ,provided for retirement of
— 186,041
186.041
195.578
=eneral long-term debt:
bonds
—
—
— 67.520
67,520
54,278
8.689
al obligation ..................
,Special obligation bonds and loans ......
—
8,293
— 13.252
8,293
13,252
14,439
Subordinate Obligation Note ...............
— 34,885
34,885
34.077
Accrued compensated absences.........
Claims and other payables ..................
$83,815
.688
j-512
j4-28 1322.681
.726
$1,595,497
�1,561.044
Total assets a nd other debits ...........
�15,175 17=448 $22.422
(continued)
EXH151I I
(continued)
Fiduciary
Proprietary Fund Fund
Types Types
Account Groups
Totals
(Memorandum Only) a
Govemmental
Fund
Types
General General
Special Debt Capital Internal Trust and
Service Projects Enterprise Service Agency
Fixed Long -Term
Asset Debt
1988
)
1987
General
Revenue
i
a
LIABILITIES
$
- $
4,366 $
53 $
$
4.182 $
710 $
- $
- $ - $
9,311 $
20,345
6.694
12,798
Deficit in pooled cash and investments ..
1,448
2.680
8 781
5,182
1,500
773
- _
2.006
4,681
Vouchers and accounts payable ............
Payable for securities purchased.... .._...
-
-
-
6
-
1,261
-
525
2.006
-
-
- 13,252
18,888
19.585
9,660
Accrued expenses [Note 2(H)1 . ... .....
3.609
44
235
657
-
2,700
639
2.12
-
927
- -
-
7,092
8,328
9,822
(`
Due to other funds [Note 51. _... ... _
2
5-
-
-
1,506
-
- -
3,015
Deferred revenue _ _ - - -
Deoosits (Note 101...... .....
591
568
-
-
-
350
-
1.405
- 36,750
38,155
5.139
35.955
Clams payable [Notes 8 and 12]_
-
-
5 077
4, i 15
Matured bonds and interest payable
-
-
5,077
-
-
-
_
[Note 81 _.. _
-
1
6
Payable from restricted assets
Construction contracts and other _
-
178
-
-
-
_
1,813
106
-
-
-
- -
-
19
1,919
595
2.219
315
Accrued interest... ...
Current portion of bonds payable .. _ _
-
-
-
-
595
-
-
-
85,336
75,887
Revenue bonds payable -net of current
-
-
-
-
85.336
-
-
- 187.350
187.350
199.350
portion [Note 81 ..._.. _._....
General obligation bonds oayable [Note 81
-
-
_
_
_
-
-
-
-
- 8,750
8,750
10,000
Subordinate Obligation Note [Note 81....
-
-
- 75 287
88,044
82,375
Special Obligation Bonds and Loans
_
-
12,757
-
-
-
11.740
14,060
-•
[Note 81 ...
Certificates of participation [Note 81..
-
-
_
-
-
-
11,740
-
-
14,144
11,372
Deferred compensation plan liabilities
-
-
-15
-
-
-
14,144
- -
- 1,292
1,5t0
2.502
[Note 141...........__ ...... .._........
Other payables [Note 81
-
--
12,889
-
9.426
203
114,566
-
14,581
-
20.761
- 322,6$1
511,783
504.535
Total liabilities . _. ,_. __...
8.195
8,684
EQUITY AND OTHER CREDITS
-
77,549
73.772
Contnbuted capital ....... ....................
-
-
-
-
-
_
68,097
9.452
-
-
-
428,726 -
428,726
376,530
_
Investment in general fixed assets .. _ .
-
-
-
23.081
Retained earnings (deficit).
-
-
1 1.883
4.791
-
-
-
30.828
t30.828}
(23.413}
Reserved (Note 91 ..........................
-
-
-
(24,508)
(6.320)
-
-
Unreserved ....... .. _ .. ..... ..
-
Fund balances:
Reserved for
-
-
-
488,770
-
-_
488,770
10,449
459,734
14,434
Employee retirement plan benefits ....
-
1,162
-
-
_
9,287
-
-
-
-_
14.023
39,497
Encumbrances ................... _........
8.224
5,799
-
-
_ -
1,793
-
Debt service and construction.........
-
-
1,793
-
--
-
Miami ...................
Unreserved:
-
-
-
-
500
- -
-
500
2,657
50O
2,817
Designated for hurricane loss ...........
-
-
-
-
-
-
-
2,657
-
Designated for claims payment ........
-
Designated for subsequent year's
- -
54.407
80,860
expenditures and approved
3 500
1,604
-
59,303
-
-
-
-
-
-
8,994
11,697
projects .........................
Undesignated ....................... ....
2.318
5,367
1,309
-
-
-
577,439
606,207
Total retained earnings (deficit)/fund
6,980
8.764
9.533
74,389
0 2,625)
( 1,529)
491.927
-
-
1,083,714
1,056.509
balances ...................................
6,980
8,764
9,533
74.389
55,472
7,923
491,927
428.726
---
•; '^
Total equity and other credits...........
Total liabilities, equity and other
$22,422
$83.815
$170,038
$22,504
$512,688
$428,726 $322,681
$1,595,497
$1,5 1, 044
credits ......................................
$15,175
$17,448
See accompanying notes to the financial statements
EXHIBIT 11
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYRES AND EXPENDABLE
TRUST FUNDS
YEAR ENDED SEPTEMBER
30, 1 S88
(in thousands)
Goremmental
Fund Types
Fiduciary
fund Types
Touts
Wemomridum Onlyi
Speclei
Debt
capital
Expendable
General
Rev 0
Service
Projects
trust
JOBS
1987
Revenues:
Taxes [Note 31 .............................
$109.480
$ 2,887
$ 53.464
$ -
$ -
$165,831
$165,867
ilk
Licenses and permits ....................
6,399
-
-
-
-
6,399
6,082
Intergovernmental .........................
30,225
21,649
-
8,888
5,053
66,015
57,318
W�11111
Intragovernmental .........................
3,237
-
-
-
35,956
39,193
40,795
PW
Charges for services ......................
1,648
-
-
-
-
1,648
1,974
Contributions from employees
and retirees ...............................
-
-
-
--
1,604
1,604
1,311
Assessment lien collections............
-
-
2,403
-
-
2,403
2,468
Interest ........................................
1,783
582
1.543
5,979
425
10,312
11,384
Other ..........................................
1,229
_2,899
-
8,631
977
13,736
5,310
Total revenues ....................
154,001
28,217
57A10
23,498
44,015
307,141
292,509
Expenditures:
Current:
General government ...................
20,205
-
-
-
-
20,205
19,338
Public safety ..............................
111,869
2,293
-
-
-
114.162
114,372
Public improvements ................1.
12,521
-
-
-
-
12,521
13,795
Culture and recreation ................
10,321
-
-
-
-
10,321
9,867
Grants and related expenditures ..
-
16.847
-
-
-
16,847
19.646
Contributions to pension funds
[Note 14] ..............................
-
-
-
-
29,878
29.878
29,593
Insurance .................................
-
-
-
-
1,961
1,961
1,920
Economic development ..............
-
1,673
-
-
-
1,673
1,025
Claim payments .........................
-
-
-
-
9,855
9,855
9,609
Other .......................................
11,058
7,038
552
-
2,371
21.019
22,437
Debt service:
Principal retirement [Note 8) .......
-
-
13,912
-
-
13,912
11,630
Interest and fiscal charges ..........
-
-
18,527
489
-
19.016
16,055
Capital outlay ...............................
-
-
-
63.753
-
63,753
57,924
Total expenditures ...............
165,974
2 7,85 1
32,991
64,242
44,065
335.123
327,211
Excess (deficiency) of reve-
nues over expenditures .....
(11,973)
366
24,419
(40,744)
(50)
(27,982)
(34,702 )
Other financing sources (uses):
Operating transfers in (Note 11 ..
27,663
6,058
3,013
11,092
-
47,826
45,280
Operating transfers out [Note 11J
(20,363)
(6,086)
(35,275)
(11,379)
(110)
(73,213)
(60,448)
Proceeds from debt issuance, net
-
-
-
6,755
-
6,755
54,334
Total other financing sources
(uses) .............................
7.300
(28)
132,262)
6,468
(110)
(18,632)
39,166
Cumulative effect of accounting
change [Note 2(C)(1)] ...................
-
-
(368)
-
-
(368)
-
Excess (deficiency) of reve-
nues and other financing
sources over expenditures
and other uses .................
(4,673)
338
(8,211)
(34,276)
(160)
(46,982)
4,464
Fund balances at beginning of year.....
11,153
6,747
19,923
108,665
3,317
149,805
160,120
Equitytransfer from other funds
No111....................................
500
2.179
-
-
-
2,679
9,152.
Equity transfer to other funds [Note 11 ]
-
(500)
(2,179)
-
-
(2,679)
(23,931)
Fund balances at end of year .............
$ 6,980
$ 8,764
$ 9,533
$ 74,389
$ 3,157
$102,823
$149,805
See accompanying notes
to financial statements
21
1
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
-� FUND BALANCE$ -BUDGET AND ACTUAL
GENERAL FUND, SPECIAL REVENUE FUNDS AND DEBT SERVICE FUNDS
e
YEAR ENDED SEPTEMBER 30,1988
5
(in thotmnde)
QsnsnlFund
Encumbrances
`
Bspinntn0
ActualActual
VNimtoFGVO"�s�
i x
(QAAP W rr Yew
I ry
BudpK
(Unaiwa 6b)
Fteven 'a
Taxes [Note 3]......: ......... ......... ......:. ........:.....
$109,480 $ - $ -
$109,480
$108,325
$ 1,155
;I.icenees end permits ........ ........ ........ .. ...:...
6,399 - -
8,399
8,142
267
.Irttergovemmerttal...:..........:..:....:..,.. ........:.......... .......
30,225 - -
30,225
29,102
1,123
- Intrapovemmental ................................. ..........I..............
3,237 - -
3,237
3,828
(689)
Charges for services ............. ..............................
1.648 - -
1,848
3,582
(1,934)
Assessment lien collections .........................................
- - -
-
--
-
Interest....................................................... ..............
1,783 - -
1,783
1,820
(37)
Other......................................... ................. ..........
1.229 - -
1,229
321
908
Total revenues ..................... .................. .....
154.001 - -
154,001
153.118
883
Expenditures:
General government.......................................................
20,205 120 240
20,325
21,608
1,283
-` Public safety.................................................................
111,869 15 98
111,952
112,800
8"
Public improvements......................................................
12.521 103 424
12,842
13,800
758
Culture and recreation....................................................
10,321 6 54
10,369
10,872
303
Economic development ..................................................
- - -
-
-
--
Other...........................................................................
11,058 681 346
10,723
10,894
171
- Debt service:
Principal retirement [Note 8)........................................
- - -
-
-
--
- . Interest and fiscal charges ...........................................
- - -
-
-
Total expenditures ................................................
165.974 925 1,182
166.211
169,374
3.183
Excess (deficiency) of revenues over expenditures ....
(11,973) - -
(12,210)
11 6,258)
4,048
Other Mamma sources (uses).
Operating transfers in [Note 11]......................................
27,663
- -- 27.683
31,716
Operating transfers out [Note 11 ]....................................
(20.383)
- -- (20.363)
(21,9801
Total other financing sources (uses)........................
7,300
- - 7.300
9,756
Cumulative affect of accounting change (Note 2(C)(1)] ..........
-
-- - -
-
Excess (deficiency) of revenues and other financing
sources over expenditures and other uses............
(4,873) S
925 S 1,162
Fund balances at beginning of year ..............
Equity transfers from (to) other funds [Note 11) ....................
500
Fund balances at end of year ..............................................
$ 6,980
y
A w;1.
(4,053)
1.597
(2.458)
$ 1.590
EXHIBIT III
Special
flovenue(iI
DotytSomicall)
Vorlanco
Veriance
Bur
Actual
Favorebfa/
(Unfevara ej
Budget
Actual
Fewrable/
(Unfavorable)
$ 3,811 $
2,887
$ (924) $
50,715 $
53,084
$ 2,369
15,856
18,001
2,145
-
-
-
-
-
-
2,760
2,403
(347)
639
479
(60)
1,537
1,541
4
-
532
532
-
-
-
wp
20,206
4,066
21,899
1,693
55,002
57,028
2,026
2,293
1,773
-
-
-
1,734
1,673
61
-
-
-
15,909
16,281
(372)
420
550
(130)
-
-
-
13,400
13,400
-
-
-
-
17,510
16,886
624
21,709
20,247
1,462
31,330
30,836
494
(1,503)
1,652
3,155
23,672
26,192
2,520
1,320
2,252
932
1,490
1,240
(250)
(176)
1,144
(3,911)
(3,735)
(2,8031
(31,368) J35,275)
(29,878) (34,035)
(3,907)
(4,157)
(1,659)
-
-
-
-
(368f
(368)
$ (359)
(7)
4,098
$ 352 $
(6,206)
(8,211)
19,919
$ (2,005)
2,179
(2,179)
$
6,270
$
9,529
23
j
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND EQUITY
ALL PROPRIETARY FUND TYPES
AND PENSION TRUST FUNDS
YEAR ENDED SEPTEMBER 30, 1988
(in thousands)
Operating revenues:
Charges for services .......................................
Contributions from employers (Note 141...........
Contributions from employees and retirees (Note
14]...........................................................
- 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.........................................................
ii Intragovemmental charges ..............................
Other...........................................................
Total operating expenses .............................
Operating income (loss) before depreciation
expense.................................................
Depreciation expense ........................................
Operating income (loss) ...............................
- Nonoperating revenues (expenses):
Interest income .............................................
Interest and fiscal charges ...............................
Other............................. . .............................
Net nonoperating revenues (expenses) ..........
Income (loss) before operating transfers ........
Operating transfers in Note 11
Operating transfers out (Note 111 .......................
=.' Net operating transfers ................................
f
<< Income (loss) before extraordinary item .........
Extraordinary item -loss on debt refinancing (Note
EXHIBIT IV
Fiduciary Totals
Proprietary Fund Types Fund Typos (Memorandum Only)
Internal Pension
Enterprise Service Tnut 1988 1987
$ 37,892 $13,109 $ - $ 51,001 $ 54,639
- - 23,616 23,616 26,708
-
-
12,960
12,960
12,766
-
-
(4,532)
(4,532)
56,780
-
-
28.039
28,039
22,636
,
37,892
13,109
60,083
111,084
173,529
29,662
9,427
1,451
40,540
39,903
W T
5,834
1,443
-
7,277
8,037
418
2,965
-
3,383
3,594
-
-
-
2.7,535
27,535
25,499
-
-
2,098
2,098
1,327
1,234
1,619
-
2,853
3,026
-�
3.614
-
-
3,614
4,599
11,211
428
-
11,639
10.866
51,973
15,882
31.084
98,939
96,851
'
.r_
(14,081)
(2,773)
28.999
12,145
76,678
4,107
3,683
-
7,790
7,208
(18,188)
(6,456)
28,999
4,355
69,470
�1
2,569
669
-
3,238
2,763
(6,615)
(949)
-
(7,564)
(8,864)
�-
(499)
200
37
(262)
1,674
(4,545)
(80)
37
(4,588)
(4,427)
(22,733)
(6,536)
29,036
(233)
65,043
22,780
5,378
-
28,158
22,382
(2,182)
(589)
-
(2,771)
(7,214)_
20,598
4,789
-
25,387
15,168
(2,135)
(1,747)
29.036
25,154
80,211
............................................................
(8.940)
- -
(6,940)
-
Net income (loss) .......................................
( 9,075)
(1,747) 29,036
18,214
80 211
,
Retained earnings (deficit) at beginning of year......
(3.550)
218 459,734
456.402
380,615
Equity transfers from other funds ..................
-
- -
-
2,168
Equity transfers to other funds ......................
--
(6,690)
Retained earnings (deficit) at end of year ..............
(12,625)
(1,529) 488,770
474,616
466,402
4 ` Contributed capital at beginning of year ...............
64.503
9,269 -
73,772
68,706
Contributions from other governments...........
370
-
370
100
Contributions from (to) other funds (Note 11 ] .
3,224
183
3.407
4,988
Contributed capital at end of year ........................
68.097
9.462 --
77,549
73,772
r Total fund equity .........................................
$ 55.472
$ 7,923 $488.770
$552. 8
$530.174
See accompanying notes to financial statements
air :,uiA
4,7777777,
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS
YEAR ENDED SEPTEMBER 30, 1988
(in thousands)
Working capital provided by:
Operations:
Income (loss) before extraordinary item ...
Items not requiring current outlays of
working capital:
Depreciation, amortization and bond
accretion .......................................
Loss on dispositions of property, plant
and equipment ..............................
Total provided by operations before
extraordinary item_ ..............................
Extraordinary item -loss on debt
refinancing (Note 8(F)] ..........................
Total provided by (applied to)
operations. . ................................
Other:
Decrease (increase) in restricted
accounts......................................... .
Contributions and equity transfers, net ....
Proceeds from long-term debt ................
Increase in other liabilities ......................
Transfers of Certificate of Participation -
long -term portion ..............................
Total............................................
Working capital applied:
Additions of property, plant and
equipment ........................................
Reduction of debt .................................
Increase in bond discount ......................
Decrease in other liabilities ....................
Increase (decrease) in other assets, net ..
Total............................................
Increase (decrease) in working capital .....
Summary of increases (decreases) in working
capital:
Cash and investments ...........................
Pension investments .............................
Accounts receivable, net .......................
Due from other funds ............................
Due from other governments .................
Inventories ..........................................
Prepaid expenses .................................
Accounts payable and accrued expenses
Due to other funds ...............................
Deposits refundable ..............................
Payable for securities purchased .............
Deferred revenue .................................
Current portion of Certificate of
EXHIBIT V
Fiduciary Total*
Proprietary Fund Types Fund Type* (Memorandum Only)
Irrtemal Pension
Enterprise Service Trust Funds 1988 1987
$ (2,135) $ (1,747) $ 29,036 $ 25,154 $ 80,211
4,726
425
3,016
(6,940)
(3,924)
559
3,594
68,771
194
69,194
16,266
60,580
(336)
(724)
75,786
$ (6,592)
3,766
- 8,492
7,512
644
- 1,069
(36)
2,663
29,036 34,715
87,687
-
- (6,940)
-
2,663
29,036 27,775
87,687
2,603
- 3,162
(8,205)
183
- 3,777
642
-
- 68,771
2,000
-
- 194
76
-
- -
13,855
5,449
29,036 103,679
96,055
3,465 -
2,250 -
5,715 -
$ (266) $ 29,036
19,731
15,663
62,830
2,333
(336)
523
(724)
130
81,501
18,649
$ 22,178
$ 77,406
$ (3,271)
$ (448) $ -
$ (3,719)
$ (5,930)
29,429
29,429
90,333
(527)
- (1,437)
(1964),
4,465
(297)
- -
(297)
(238)
158
36
138 -
174
(82)
(352)
709
(1,442)
(26) (134)
(1,602)
(5,295)
)
(340
(1,497)
(2'34)
_
0
1191)
- 2,675
2,675
(3,676)
(335)
- -
(335)
153
Participation ..................................... - 70 - _ 70 (2,320)
Increase in working capital ........................... $ (6,592) $ (266) $ 29,036 $ 22,178 $ 77,406
See accompanying notes to financial statements
25
CITY OF MIAMI, FLORIDA
NOTES TO
FINANCIAL STATEMENTS
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 fcrm
of government and provides the following services: public
safety, public works, solid waste, parks and recreation,
public facilities, planning, zoning, housing, and community
development. Dade County (the County) is a separate
governmental entity and its financial statements are not
included in this report.
The Florida Legislature, in 1955, approved and submitted
to a general election, a constitutional amendment designed
to give a new form of government to the County. The
County is, in effect, a municipality with governmental powers
effective 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 County Government
has assumed responsibility on a county -wide service basis
for a number of functions, including county -wide police
services, complementing the municipal police service; uni-
form system of fire protection, complementing the municipal
fire protection; consolidated two-tier court system; consoli-
dation 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 Governmental
Accounting Standards Board (GASB) is the standard -setting
body for governmental accounting and financial reporting.
The GASB, upon assuming the standard -setting role in June
1984, adopted the existing National Council on Governmen-
tal Accounting (NCGA) standards. The more significant of
the City's accounting policies 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 determined
on the basis of such factors as budget adoption, taxing
26
authority, outstanding debt secured by revenues or general
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 potential component units addressed in defining the
reporting entity for the City:
(1) Included within the entity
DOWNTOWN DEVELOPMENT AUTHORITY (DDA)
—The DDA is governed by a board approved 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 since its inception.
MIAMI SPORTS AND EXHIBITION AUTHORITY
(MSEA)—The MSEA was created to promote the devel-
opment of sports, convention and exhibition facilities
within the City using the City's portion of the 3% Conven-
tion Development Tax. The City Commission must
approve the MSEA's board membership and operating
budget. The various funds of the MSEA have been
included in the reporting entity since its inception in
1983.
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 in the reporting entity as an enterprise fund.
The City has also authorized the Off -Street Parking Board
to administer the operations of the Maurice Gusman
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,
DOSP or the City will provide any necessary cash require-
ment. Cash needs are reimbursed by the City.
CITY OF MIAMI FIRE FIGHTERS' AND POLICE OFFI-
CERS' RETIREMENT TRUST (FIPO) and CITY OF MIAMI
GENERAL EMPLOYEES' AND SANITATION EMPLOY-
EES' RETIREMENT TRUST (GESE)—Both FIPO and
GESE are essentially single -employer public employee
retirement systems under the administration and man-
agement of separate Boards of Trustees and are in-
cluded in the reporting entity as pension trust funds.
(2) Excluded from the entity
MIAMI CAPITAL DEVELOPMENT, INC. (MC0 I)_MCD(
is a non-profit corporation which facilitates business
a►}
SR'�,
NJ
development within the City under a delegate agency
agreement with the City by providing financial assistance
to entrepreneurs and thus foster citywide and neighbor-
hood 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 Directors, repre-
senting principally the private business and financial
community.
HEALTH FACILITIES AUTHORITY (HFA)—The HFA is
an agency established by State Statute to issue revenue
bonds. Such debt is not an obligation of the City.
The HFA has no significant operations other than the
issuance of such debt.
MIAMI POLICE AND FIREFIGHTERS' RELIEF AND PEN-
SION FUNDS —These money purchase benefit plans,
established under Florida State Statutes Sections 175
and 185, are funded solely by certain excise taxes
collected by the State of Florida. The City has no
financial o'r oversight responsibility for these plans, nor
are plan benefits financially integrated with those pro-
vided under the City's FIPO Trust. Boards of Trustees
are independent of the City Commission. (See Note
14(c)).
B. Basis of Presentation
The financial transactions of the City are recorded in individual
funds and account groups. Each is accounted for by provid-
ing a separate set of self -balancing accounts that comprise
its assets, liabilities, reserves, fund equity, revenues and
expenditures or expenses. The various funds and account
groups are reported by generic classification within the
financial statements.
The following fund types and account groups are used by
the City:
Governmental Funds
Governmental funds are those through which most govern-
mental functions of the City are financed. The acquisition,
use and balances of the City's expendable financial resources
and the related current liabilities (except those accounted for
in proprietary funds) are accounted for through governmental
funds. The measurement focus is upon determination of
financial position and changes in financial position, rather
than upon net income determination. The following are the
City's governmental 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 special assessments, expendable trusts or major
capital projects) that are legally restricted to expenditures
for specified purposes.
Debt Service Funds —Debt service funds are used to
account for the accumulation of resources for, and the
payment of, general long-term debt principal, interest and
related costs.
Capital Projects Funds —Capital projects funds are used to
account for financial resources to be used for the acquisition
27
or construction of major capital facilities (other than those
financed by proprietary funds).
Proprietary Funds
Proprietary funds are used to account for the City's organiza-
tions and activities which are similar to those often found in
the private sector. This means that all assets, liabilities,
equities, revenues, expenses and transfers related to the
City's business activities —where net income and capital
maintenance are measured —are accounted for through
proprietary funds. The measurement focus is upon determi-
nation of net income, financial position, and changes in
financial position.
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 services
to the general public on a continuing basis be financed
or recovered primarily through user charges; or
• where the City has decided that periodic determination
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 Notes 9 and
15).
Internal Service Funds —Internal service funds are used to
account for the financing of goods or services provided by
one department or agency to other departments or agencies
of the City, on a cost -reimbursement basis.
Fiduciary Funds
Trust and Agency Funds —Trust and agency funds are used
to account for assets held by the City in a Trustee capacity
or as an agent for individuals, private organizations, other
governments, and/or other funds. These include expendable
trust, pension trust, and agency funds. Pension trust funds
are accounted for in essentially the same manner as propde-
tary funds since capital maintenance is critical. The City's
expendable trust funds (Self-insurance and Pension Adminis-
tration) are accounted for in essentially the same manner as
governmental funds. The City's agency funds are custodial
in nature (assets equal liabilities) and used to account for
deposits held under issuance of a cable T.V. license and
assets held under three deferred 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
account for all fixed assets of the City, other than those
accounted for in the enterprise funds and internal service
funds.
General Long -Term Debt —This account group is used to
®_ account for the long-term portion of claims payable, accrued
compensated absences, lease purchase obligations and
outstanding principal balances of long-term debt, other than
revenue and special obligation bonds payable and other long-
term liabilities recorded in the enterprise funds and internal
_ service funds.
Totals (Memorandum Only) —Amounts in the "Totals
(Memorandum Only)" columns in the combined financial
statements represent a summation of the combined financial
statement line items of the fund types and account groups
and are presented for analytical purposes only. The summa-
tion includes fund types and account groups that use different
bases of accounting, includes interfund transactions that
have not been eliminated and the caption "Amounts to
be provided," which is not an asset in the usual sense.
Consequently, amounts shown in the "Totals (Memorandum
Only)" columns are not comparable to a consolidation and
do not represent the total resources available or total reve-
nues and expenditures/expenses of the City.
Certain 1987 comparative totals have been reclassified to
reflect the 1988 classifications.
C. Basis of Accounting
Basis of accounting refers to when revenues and expendi-
tures or expenses are recognized in the accounts and re-
ported in the financial statements. Basis of accounting
_ relates to the timing of the measurements made, regardless
of the measurement focus applied.
(1) Modified Accrual
All governmental funds and expendable trust funds are
accounted for using the modified accrual basis of
accounting. 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 services, investment earnngs, fines
and forfeitures, franchise taxes, are susceptible to ac-
crual. The City considers property taxes as available
when collected in the current year or within 60 days
subsequent to September 30th. A one year availability
period is used for revenue recognition for all other
governmental fund revenues. Occupational license rev-
enues collected in advance of periods to which they
relate are recorded as deferred revenues. Where grants
revenue is dependent upon expenditures by the City,
revenue is accrued as obligations are incurred.
Special assessments are recorded as receivables and
deferred revenue when levied and recognized as reve-
nue when due, provided they are collected in the current
year or within 60 days subsequent to September 30th.
Special assessments are recorded in the General Obliga-
tion Bonds Debt Service Fund since they represent a
partial reimbursement of costs incurred in certain capital
projects originally financed with general obligation
28
bonds. The City does not issue special assessment
bonds.
Expenditures under the modified accrual basis of
accounting 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
fund resources have been provided during the current
year for payment of principal and interest due early in
the following year. MSEA recognized principal and
interest only when due, but in 1988 conformed to the
City's policy. The cumulative effect of this accounting
change in the debt service funds was an increase in
expenditures of approximately $368,000.
The agency funds are custodial in nature and do not
involve measurement of results of operations. They
are accounted for under the modified accrual basis of
accounting. Assets and liabilities are recognized when
they occur regardless of the timing of related cash flows.
(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 at
the time liabilities are incurred.
D. Budgetary Data
(1) Budget Policy
The City Commission annually adopts the budget ordi-
nance for all governmental funds of the City, except for
the following funds:
• Metro -Dade Tourist Tax Special Revenue Fund
• Other Special Revenue Fund
• Other Special Obligation Bonds Debt Service Fund
Annual operating budgets for the General, special reve-
nue and debt service funds are adopted on a basis
substantially consistent with generally accepted
accounting principles (GAAP) except that budgetary
comparisons for the General fund include encumbrances
as expenditures and certain activity within the Miami
Sports and Exhibition Authority special revenue fund
related to the Miami Arena operations is not included
within the administrative budget.
Adjustments necessary to compare the results of opera-
tions in the special revenue and debt service funds as
presented in the Combined Statement of Revenues,
Expenditures and Changes in Fund Balances (Exhibit
II) to that presented in the Combined Statement of
Revenues, Expenditures and Changes in Fund
89— aid ,
Balance —Budget and Actual (Exhibit III) are as follows
(in thousands):
Excess
(Deficiency)
of Revenues
and Other
Financing
Fund
Sources Over
Balance
Expenditures
September
—!
and
30,
Sp sclai Revenue Funds
Other Uses
1988
Actual —Exhibit II .................
$ 338
$ 8,764
Less Funds not Budgeted.
Metro -Dade Tourist Tax.....
—
—
Other Funds ....................
(492)
(2,641)
EMMA Plus net effect of MSEA activity
® not budgeted ....................
147
147
Actual —Exhibit III ................
$ (7)
$ 6.270
Debt Service Funds
Actual —Exhibit II .................
$(8,211)
$ 9,533
Less Funds not Budgeted:
Other Special Obligation
r�1♦ Bonds ..........................
—
(4)
Actual Exhibit III ...................
$(8,21 1)
$ 9,529
In addition, Capital project funds are budgeted on a total
project basis for which annual budgets are not available.
The City also adopts non -appropriated operating bud-
gets for the proprietary funds substantially on a GAAP
basis, with several exceptions. Such exceptions include:
• Debt principal payments are budgeted as debt service.
The portion of debt service representing principal
payments reduces the related liability on a GAAP
basis.
• Depreciation expense is not budgeted.
• Certain non -operating expenditures for capital outlays
are not budgeted.
(2) Budget —Legal Compliance
The City follows these procedures in establishing the
budgetary data reflected in the financial statements:
• Prior to August 31 st, the City Manager submits to the
City Commission a proposed operating budget for the
fiscal year commencing the following October 1st.
The operating budget includes proposed expenditures
and the means of financing them. Budgetary control
is legally maintained at the fund level except for the
General Fund, which is at the departmental level.
• Public hearings are conducted to obtain tarpayer
comments.
• Prior to October 1st, the budget is legally enacted
through passage of an ordinance.
• Overall changes to the adopted budget must be ap-
proved by a majority vote of the Commission.
• Generally, the Commission and City Manager may
transfer among departments any part of an unencum-
bered balance of an appropriation to a purpose or
29
object for which an appropriation for the current year
has proved insufficient. At the close of each fiscal
year, the unencumbered balance of each appropria-
tion reverts to the fund from which it was appropriated
and is subject to future appropriations.
Budgeted amounts in the accompanying financial state-
ments are as originally adopted, or as amended by the
City Commission and City Manager through the year.
During the year, four supplementary appropriations were
approved in the arnounts of approximately $10 million.
(3) Encumbrances
Encumbrance accounting, under which purchase
orders, contracts, and other commitments for the ex-
penditure of monies are recorded in order to reserve
that portion of the applicable appropriation, is employed
in the General and Capital projects funds. On a non-
GAAP budgetary basis, encumbrances are recorded as
expenditures of the current year. On a GAAP basis,
encumbrances outstanding at year-end are reported as
reservations of fund balance since they do not constitute
expenditures or liabilities because the commitments will
be honored during the subsequent year.
(4) Excess of Expenditures Over Appropriations
In Individual Funds
The following subfunds incurred an excess of expendi-
tures over appropriations for the fiscal year ended Sep-
tember 30, 1988 (in thousands):
Special Revenue Funds:
Rescue Services .................................... $ 8
Debt Service Funds:
MSEA Subordinate Obligation Note ......... 68
E. Pooled Cash and Investments
The City maintains an accounting system in which substan-
tially all cash, investments and accrued interest are recorded
and maintained in a separate group of accounts. All such
cash and investments, including accrued interest, are re-
flected as pooled cash and investments. Investments are
stated at cost or amortized cost, which approximates market.
All investments consist of U.S. governmental obligations and
time deposits with approved financial institutions and prime
commercial paper. Interest income is allocated 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. The cash and
investment pool is available for all funds, except for the
following:
• 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)
89_5 C4
• Exhibition Expansion Capital Projects Fund (MSEA)
• Off -Street Parking Enterprise Fund
• G&O Enterprise Fund
• FIPO Pension Trust Fund
• GESE Pension Trust Fund
• Deferred Compensation Agency Fund
The funds listed above maintained separate cash and invest-
ment balances. In addition, certain other City funds maintain
separate restricted cash and investment accounts in compli-
ance with debt requirements (See Notes 4 and 8).
F. Pension investments
Pension investments for the FIPO and GESE Trust Funds are
carried at cost. Debt securities are adjusted for amortization
of premiums and discounts. Premiums and discounts are
amortized using the straight-line basis over the life of the
investment. Approximate market values 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 valued
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:
• Unlimited investments in bonds, notes or other obliga-
tions of the United States Government and its agen-
cies 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 three percent of 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.
A I deterred compensation assets recorded in the Deferred
Compensation Agency fund are shown at market value.
G. inventories
Inventories are valued at the lower of cost (first -in, first -out
basis) or net realizable value. inventory in the Internal service
funds consists of expendable supplies held for consumption.
30
H. 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
overtime hours can be accrued and carried forward as earned
time off.
Unused vacation time and sick leave is payable upon separa-
tion 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
employees, and by limiting the accumulation of current year's
earned vacation time. Accumulated unpaid compensated
absences are accrued when earned in the governmental and
proprietary funds, with the long-term portion of governmental
funds' liability being recorded in the general long-term
account group.
I. Intragovernmental Allocation of Administrative
Expenses
The General fund incurs certain administrative expenses for
other funds including accounting, legal, data pro-
cessing, personnel administration, engineering and other
services. A brief description of the major components of
such charges are as follows:
• Project Management. The Public Works Department
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
$2,327,000 for fiscal year 1988.
• Indirect Cost Allocation. The General fund charges
other funds for general and administrative expenses to
allocate certain overhead costs as determined under a
central services cost allocation plan. Such charges
approximated $586,000 for fiscal year 1988.
J. 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.
K. 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
("Infrastructure") general fixed assets consisting of certain
improvements 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.
Capital acquisition costs for governmental funds are segre-
gated as capital outlay expenditure, with the exception of
the General fund, wherein capital outlay is included within
51J,
departmental expenditures. Capital outlay in the General
Fund during 1988 totaled approximately $761,000.
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
proprietary funds is charged as expense against their opera-
tions. Accumulated depreciation is netted against the related
fixed asset amount on the proprietary fund balance sheets.
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 current period as part of the cost of the assets,
net of related interest earned on unexpended portions of
such borrowings. Interest costs of approximately $15,000
were capitalized in 1988.
L. Interfund Transactions
Quasi -external transactions are accounted for as fund reve-
nues, expenditures or expenses (as appropriate). All inter -
fund transactions except advances, quasi -external transac-
tions and reimbursements are accounted for as transfers.
Nonrecurring or nonroutine transfers of equity between funds
are considered equity transfers. All other interfund transac-
tions are treated as operating transfers.
M. Deferred Compensation
The City offers its employees three deferred compensation
plans created in accordance with Internal Revenue Code
Section 457 that permit the deferral of a portion of an
employee's salary until future years. The deferred compen-
sation is not available to employees until termination, retire-
ment, death, or unforeseeable emergency.
Membership in one plan is limited to key management
personnel, while the other plans are open to all City employ-
ees. 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 benefits 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.
Pursuant to GASB Statement No. 2 Financial Reporting of
Deferred Compensation Plans Adopted under the Provi-
sions of IRC Section 457, the City has classified its deferred
compensation plans as an agency fund (see Note 10).
31
Deferred compensation plan assets are earned at market
value.
N. Fund Equity
Reserves
Reservations of retained earnings of the proprietary funds
represent net assets restricted for debt service and capita!
acquisitions. Earnings on restricted assets are included in
net income of the proprietary funds. The increase in re-
stricted assets decreases unreserved retained earnings and
increases reserved retained earnings.
Reserves of the governmental funds are those portions of
fund balance which are either not available for appropriations
or are legally segregated for a specific use.
Designations
Fund balance designations are established to reflect manage-
ment's plans for financial resource allocation in a future
period. Such plans or intentions are subject to change.
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 percent
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's 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, 1987, upon
which the 1987-88 levy was based, was approximately
$9,806,819,000. The City is permitted by Article 7, Section
8 of the Florida Constitution to levy taxes up to $10 per
$1,000 of assessed valuation for general governmental
services other than the payment of principal and interest on
general obligation long-term debt. In addition, unlimited
amounts may be levied for the payment of principal and
interest on general obligation long-term debt, subject to a
limitation on the amount of debt outstanding. The tax rate
to finance general governmental services (other than the
payment of principal and interest on general obligation long-
term debt) for the year ended September 30, 1988, was
$9.5995 per $1,000. The debt service tax rate for the
same period was $ 2.2224 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 $1,662,000 and $390,000 for
the General and debt service funds, respectively.
4. EQUITY IN POOLED CASH AND INVESTMENTS, RESTRICTED AND OTHER CASH AND INVESTMENTS
At September 30, 1988, the City's non -pension cash and investments consisted of the following (in thousands):
Equity in pooled cash ............................................. $ 92,250
Deficits in pooled cash ........................................... (9,311)
Cash and cash equivalents ................................. 5,726
Restricted cash and investments ............................. 36,881
Total............................................................. $125,546
Investments......................................................... $1 18,443
Deposits.............................................................. 6,049
Accrued interest ................................................... 1,054
Total non pension cash and investments............ $125,546
Deposits
The City's bank deposits at September 30, 1988 were as follows (in thousands):
Carrying Balance
Amount Per Banks
Demand deposits ......................................... $3,849 $5,838
Time deposits .............................................. 2,200 1,600
$6,049 $7,438
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 risks as
defined in GASB Statement No. 3.
Investments
The City Code authorizes the Director of Finance to purchase and invest idle funds prudently in bonds and obligations of
agencies of the United States, provided such are guaranteed by the United States or by the issuing agency; general obligations
of states, counties, municipalities, school districts, or other political subdivisions; revenue and excise tax bonds of the various
municipalities of the State of Florida, provided none of such securities have 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 as defined by Government Accounting Standards Board (GASB) Statement No. 3 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.
The City's non -pension investments are classified as follows (in thousands):
Credit Risk Category
Tot�alll
CAnuk
V*h
1 2
3
ad
U.S. Treasury Notes and Bills ...........................
$48.464 $ 8,934
$ —
$ 57,398
$ 57,193
U.S. Agency Securities ....................................
— 11,306
2,240
13.546
13,492
Investments held under repurchase agreements.
— 240
—
240
240
Commercial Paper ..........................................
41,099 —
600
41,099
42,527
Short -Term Investment Pool .............................
— —
5,560
5,580
5.589
$89.563 $20,480
$8.400
$118,443
$119,021
32
f
Investments held by the. City's pension plans and deferred compensation plans consisted of the following September 30
1988 (in thousands):
Carrying Market
Amount Value
U.S. Government and Agency Obligations .................................
$174,554 $175,581
Corporate Stocks... .......... ................................ .....
. . . 215,973 220,656
Corporate Bonds..................................................................
31,605 30,963
Short Term Investment Pool. . ...... ..........................................
61,771 61,771
Accrued Interest and Other. . ... ............................................
4,710 223
Total Pension Investments......................................................
488,613 489,194
Deferred Compensation Investments (Note 14(C)] .....................
14,144 14,144
Total Pension and Deferred Compensation Investments ..............
$502,757 $503,338
The pension investments are held by a custodian such that they meet the criteria of category three credit risk as defined by
Governmental Accounting Standards Board Statement No. 3.
5. DUE FROM/TO OTHER FUNDS
Due from/to other funds are loans from one fund to another for specific purposes. At September 30, 1988, the balance in
due from/to other funds consisted of the following (in thousands):
Due from Due to
Fund
Other Funds Other Funds
General................................................................................
$3,171 $ 44
Special Revenue:
Downtown Development Authority ........................................
12 -
OtherFunds.......................................................................
- 657
Debt Service:
Utility Service Taxes............................................................
- 2,700
Other Special Obligation Bonds ............................................
141 -
Capital Projects:
Transportation....................................................................
1,704 -
Culture and Recreation........................................................
173 35
PublicUse.........................................................................
645 604
Enterprise Funds:
Department of Off -Street Parking ..........................................
319 -
G&O Enterprise Fund..........................................................
- 180
OrangeBowl......................................................................
- 1,704
Marinas.............................................................................
- 62
Convention Center..............................................................
- 110
ParkingGarage...................................................................
- 69
Trust and Agency:
Pension Administration........................................................
- 927
FIPO Pension Trust.............................................................
927 -
Total........................................................................
$7,092 $7,092
6. OTHER RECEIVABLES
Amounts due from other governments primarily represent amounts relating to grants awarded by other governmental agencies,
and other receivables from state and local governments. 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, 1988,
rehabilitation loans outstanding totaled approximately $18 million.
7. PROPERTY, PLANT AND EQUIPMENT
The following is a summary of changes in general fixed assets for the year ending September 30, 1988 (in thousands):
Balance,
Additions Deletions Balance,
October 1,
and and September 30,
1987
Transfers Transfers 1988
Land............................................................... $ 71,284
$ 4,382 $ (468) $ 75,198
Building & Improvements ................. I ....... I......... 25,303
47,460 (23) 72,740
Machinery & Equipment ......................... I ... I...... 24,900
930 (72.6) 25,104
Improvements Other than Buildings ..................... 181,130
12,105 (296) 192,939
Construction in Progress .................................... 73,913
50.075 (61,243) 62,745
Total............................................................ $376,530
$1 14,952 $(62,756) $428,726
See Note 15 for a discussion of the construction projects currently in progress.
33
z-
A summary of proprietary fund type property, plant and equipment at September 30, 1988, is as follows (in thousands):
Enterpril
Internal
Service
Land ...........................................
$ 17,935
$
Buildings and Improvements..........
140,236
4,408
Machinery and Equipment .............
7,305
29,429
Construction in Progress ...............
14,702
-
Total ....................................
180,178
33,837
Less Accumulated Depreciation.....
(35,356)
(18,196)
Net ............................................
$144,822
$ 15,641
S. 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, 1988 (in thousands):
awww LonwTom DeM
Propr%tm
FwW D@W
0WWW
W
Rsvwuw
V
0= Pwdahmdon
AbPwWAoamW
Toul
Balance at October 1, 1987.........
$199,350 $79,119 $34,410 $ 2,483 $14,439
$329.801 $78,248
$13,610 $14,060
Now bonds issued ....................
- 6,831 - - -
6,831 68,771
- -
Accretion on Capital Appreciation
Bonds.................................
- - - - -
- 550
-
Debt defeased .........................
- - - - -
- (60,000)
-
Decrease in lease payables ........
- - - 0.191) -
(1,191) -
-
Increase in long-term claim
liabilities ...............................
- - 2,340 - -
2,340 -
-
Decrease in long-term
accumulated unpaid
compensated absences .........
- - - - (1,187)
(1,187) -
- -
Debt retired .............................
(12,000) (1,912) - - -
(13,912) (335)
(246) (2.320
Balance at September 30, 1988... $187,350 $84,038 $36,750 $ 1.292 $13,252 $322,682 $ 87.234 $13,365 $11.740
B. Summary of Annual Debt Service Requirement
The annual requirements to amortize all bonds, notes, loans, certificates and, other payables outstanding as of September
30, 1988, including interest payments of $349,534,000 are as follows (in thousands):
General Long -Term Debt Proprietary Fund Debt
Card- 0-
1111catesi
nw
and
General
Special Other
at Pard-
Special
OWkmrdon
ObUgation(l) Paysibles
clekgon
0 Ilgation12)
1989
$ 20,357
$ 9,321 $1,292
$ 5,224
$ 6,788
1990
24,349
9,093
4,425
11,703
1991
22,579
9.464
5,150
8,418
1992
22,336
7,410 -
10.815
8,686
1993
20,832
7,326 -
-
9,052
1994-1998
92,562
31,903 -
45,141
1999-2003
67,177
29,213 -
42,120
2004-2008
33,977
28,393
49,636
2009-2013
12,097
25.515
31.908
2014-2018
1,442
7,584 -
10.713
$317,708
$165.222 il �29 2
$25,614
1224,165
(1) Includes debt service on the Floating/Fixed Rate Special Obligation Bonds, the Subordinate Obligation Note, and the Ht
loan at a rate of 7%.
(2) Includes accretion on the Capital Appreciation Bonds as interest in the year payable at maturity.
34
4
C. Summery of Long-term Debt
Long-term debt at September 30, 1988 was comprised of
the following:
(ODDS)
General and Special Obligation Bonds, Notes and
Loans —Long -Term Debt:
$38,500,OOD—Police Headquarters
Improvement Bonds; nine issues, maturing
through 2005; interest at rates ranging from 3%
to1 1 /o...........................................................
$ 24,635
$38,500,000—Storm Sewer Improvement
Bonds; eleven issues, maturing through 2014;
interest at rates ranging from 2.5% to 11 % .........
27,520
$39,890,000—Public Parks and Recreation
Facilities Bonds; two issues, maturing through
2003; interest at rates ranging from 3.5% to
7.5%..............................................................
17,795
$60,500,000—Sanitary Sewer Improvement
Bonds; ten issues, maturing through 2013;
interest at rates ranging from 3% to 1 1 % ...........
28.900
$30,375,000—Street and Highway
Improvement Bonds; eight issues, maturing
through 2007; interest at rates ranging from 3%
to11 %...........................................................
23.625
$4,290.000 Housing Special Obligation Bonds;
one issue, maturing through 2006; interest at
rates from 4.1 % to 7.4%..................................
4,085
$38,000,000 Miami Sports and Exhibition
Authority Floating/Fixed Rate Special Obligation
Bonds, Series 1985, maturing in various amounts
from 1991 through 2015; interest rates vary
weekly at 70% of prime rate subject to
adjustment under certain circumstances .............
38,000
$10,000,000 Miami Sports and Exhibition
Subordinate ObligaiontNote, maturing
Authority
in quarterly installments of $312,500 through
December 1995; interest rates vary at 70% of
prime rate subject to adjustments under certain
conditions.......................................................
8,750
$38,355,000 General Obligation Refundingg
Bonds, Series 1986, maturing througgh 2014;
35,755
interest rates ranging from 4.5% to 7.7%...I........
$27,630,900 Sunshine State Governmental
Financing Commission, maturing through 2015;
interest rate at 6%............................................
27,244
$5,958,400 Section I OB HUD Promissory note,
interest to be paid annually at a variable rate.
Annual principal payments of $1,986,000 are to
begin on August 1, 1989.................................
5,959
$63,065,000 Other Issues, maturing through
2013; interest at rates ranging from 1% to
1 1.5%............................................................
29,120
$271,386
35
(OOOs)
Revenue and Special Obligation Bonds and
Other Debt —Proprietary Funds.
$65,271,325 Special Revenue Refunding Bonds,
Series 1987, due in installments from
approximately $630,000 to $5,490.000 through
2015; interest at rates ranging from 5.25% to
7.30% ... ...... ... _............ ... .......... ............. ..$
65,82.1
$16,275,000 Parking System Revenue Bonds,
Series 1986, maturing through 2009 at varying
rates of interest ranging from 4.25% to 7.75% ....
15.870
$5,500,000 Subordinated Parking System
Revenue Bonds $3,500,000 due in 1990,
$2,000,000 due in 2006, interest at 6% through
1992, thereafter at 80% of prime rate ................
5.500
$225.000 Orange Bowl Warehouse Revenue
Bonds, maturing through 1989; interest at 6.5% .
43
$13,720,000 Government Center Parking Garage
Special Obligation Bonds; maturing through
2008: interest at rates ranging from 5.625% to
8.875% ............... _......................................
13,365
$16.175,000 Certificates of Participation, Series
1986, maturing through 1992; interest at rates
from 4.6% to 6A%.........................................
11,740
112,339
Less Unamortized Bond Discount .......................
(1,911)
$110,428
D. Summary of New Debt Issuances
$65,271,325 Special Revenue Refunding Bonds —On
March 1, 1988, the City sold $65,271,325 Special Revenue
Refunding Bonds, Series 1987, with interest rates between
5.25% and 8% to advance refund the $60,000,000 Con-
vention Center and Parking Garage Revenue Bonds, Series
1980, which carry interest rates between 6.5% and 8.5%.
The proceeds from the Series 1987 Bonds (net of approxi-
mately $1.9 million in issuance costs and original issue
discount) were used to purchase U.S. Government securities
which were deposited in an irrevocable trust with an escrow
agent to provide for all future debt service payments on the
Series 1980 bonds (see Note 8(F)). The Series 1987
Bonds are collateralized by a pledge of net revenues of the
Convention Center, certain public service tax revenues and
certain other monies as set forth in the Trust Indenture. The
Series 1987 bonds consist of "Current Interest Bonds" in
an aggregate principal amount of $51,386,000, which bear
interest semiannually, and "Capital Appreciation Bonds",
which accrete in value until maturity, in an original principal
amount of $13,886,325. During 1988, approximately
$550,000 in Capital Appreciation Bond principal was ac-
creted and recognized as interest expense.
$27,630,900 Sunshine State Governmental Financing
Commission Loan —During 1988, the City obtained an
additional $6,830,900loan from the Sunshine State Govern-
mental Financing Commission (the Commission) raising the
total loan balance to $27.630,900. The proceeds from the
1988 loan are to be used to fund capital projects. The
previous drawdowns are funding certain parks and marinas
improvements. The Commission was created in November,
1985, by the Cities of Orlando and Tallahassee, Florida,
through an interlocal agreement, as a pooled financing vehi-
cle to allow for a limited number of high quality local govern-
mental units (Cities and Counties) to join together in a variable
rate financing program and thereby benefit from the inherent
economies of scale.
89_5i
The City's obligation is a covenant to budget and appropriate
(from non -ad valorem revenues) to pay the debt service on
its $27,630,900loan. The loan agreement does not provide
for either a rate covenant or an additional bonds test but
requires a minimum dilution level be maintained to enable the
City to issue senior lien (non -ad valorem and non-proprietary
obligations) without acquiring prior consent.
$3,500,000 Subordinated Parking System Revenue
Bonds —During fiscal year 1988, the Department of Off -
Street Parking issued Subordinated Parking System Revenue
Bonds Series 1988 in an aggregate principal amount of
$3,500,000. The bonds mature on October 1, 2006, and
bear an interest rate of 6% for the first five years, with interest
equal to 80% of the prime rate for the remainder of the bond
term. These bonds are secured by, and funding for debt
service is provided from Parking System revenues in a posi-
tion subordinate to the Series 1986 Bonds. A majority of
the proceeds from the bonds were used to purchase a parcel
of land.
The Subordinated Bonds are additionally secured by an
irrevocable standby letter of credit of up to $2,120,000.
The letter of credit, which must be renewed annually, may
be drawn upon only in the event of a failure to make required
payments on the Subordinated Bonds or an unsecured
default of the Bond Indenture.
E. Synopsis of Bond Covenants
The various bond indentures contain significant limitations
and restrictions on annual debt service requirements, mainte-
nance of and flow of monies through various restricted
accounts, minimum amounts to be maintained in various
sinking funds, and minimum revenue bond coverages. A
summary of major provisions and significant debt service
requirements follows:
General Obligation Bonds —Debt service is provided for by
a tax levy on non-exempt property value and collections on
assessment liens from projects financed by proceeds of such
bonds. 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, 1988, the
statutory limitation for the City was approximately
$1,471,023,000, providing a debt margin of approximately
$1, 284,982,000 after consideration of the $187,350,000
of general obligation bonds outstanding at September 30,
1988, less approximately $1,309,000 available in the re-
lated debt service fund.
General obligation bonds authorized but unissued at Septem-
ber 30. 1988, totaled $42,500,000.
$65,271,325 Special Revenue Refunding Bonds —Debt
service is provided by a pledge of net revenues of the
Convention Center -Garage, the pledged portion of the public
service telecommunications tax revenues, and by a covenant
and agreement of the City to provide, to the extent neces-
sary, 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 required
to be maintained under the terms of the Trust Indenture
pursuant to which the bonds were issued. Those funds or
accounts pertaining to these provisions include the Revenue
Fund, Bond Service Account, the Redemption Account, the
Reserve Account, the Construction Account, the Supple-
mental Reserve Fund, the Renewal and Replacement Fund,
and the Surplus Fund.
The Trust Indenture provides that the gross revenues of the
Convention Center -Garage will be deposited, as received,
with the Trustee to the credit of the Revenue Fund. The
Trustee shall transfer from the Revenue Fund, on a monthly
basis, all money remaining in the fund in excess of current
expenses to the following accounts or funds in the following
order:
• to the Bond Service Account the amount, if any,
required so that the account balance shall equal the
accrued aggregate debt service as of the last day of
the month. Accrued aggregate debt service is equal
to the sum of interest accrued and unpaid, principal
installments due and unpaid and the portion of princi-
pal installments for the series next due accrued to end
of the month;
• to the Redemption Account, the amount, if any, so
that the account balance shall equal the component
of accrued aggregate debt service comprised of amor-
tization installments or portions thereof, as of the last
day of the month in which transfer is made;
• to the Reserve Account, such amount, if any, of the
balance remaining after making the deposits under
the two preceding provisions, as may be required to
make the amount then held for the credit of the
Reserve Account equal to the debt service reserve
requirement as of the last day of the month;
• to the Renewal and Replacement Fund, commencing
on April 1, 1988, one -twelfth (' 12) of $100,000 and
one -twelfth (%) of such additional amount, if any,
which a consultant retained for such purpose in its
latest written report prepared pursuant to the Trust
Indenture shall have recommended;
• to the Supplemental Reserve Fund; such amount, if
any, as may be required to make the amount then
held for the credit of the Supplemental Reserve Fund
equal to approximately $1,500,000;
• to the Surplus Fund, the balance, if any, of the amount
so withdrawn.
At September 30, 1988, the City had on deposit with
the Trustee for these bonds approximately $9,405,000
including accrued interest receivable, in the required re-
stricted funds and accounts.
$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") consists
of serial bonds payable in installments of $315,000 to
$1,390,000 from 1988 through 2009. At September 30,
1988, the City had on deposit with the Trustee for these
bonds approximately $2,859,000 including accrued interest
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, Re-
demption, and Insurance and Condemnation Award
Accounts). The nature, purpose and funding requirements
of these funds and accounts are similar to those described
above relative to the Convention Center.
8-51 i
$13,720,000 Spectai uoligation Bonds —Debt service is
provided 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 and oas in an amount not
to exceed the principal and interest requirements in the
ensuing fiscal year. A reserve must be maintained equal to
the maximum annual debt service requirement. Various
funds and accounts held by the Trustee include the Revenue
Fund, Bond Service Account, Redemption Account, Reserve
Account and the General Reserve Fund. The nature, purpose
and funding requirements of these funds and accounts are
similar to those described above relative to the Special
Revenue Refunding Bonds for the Convention Center. At
September 30, 1988, the City had on deposit with the
Trustee for these bonds approximately $2,027,000 includ-
ing accrued interest, in the restricted funds and accounts,
$38,000,000 MSEA Special Obligation Bonds, Series
1985—These Bonds are limited special obligations of the
Miami Sports & Exhibition Authority (MSEA) and are payable
solely from and secured by a pledge of (i) MSEA's allocated
portion of the 3% Convention Development Tax levied and
collected in Dade County, (ii) investment earnings on certain
reserve accounts required to be maintained with the Trustee,
and (iii) from the date of original issuance of the Bonds
through December 30, 1990 (except upon the earlier occur-
rence of certain events) from funds drawn under a bank letter
of credit in a stated amount equal to the principal amount of
the Bonds plus 55 days interest thereon at an interest rate
of 12%. No funds were drawn on the Letter of Credit
in 1988; however, Letter of Credit fees of approximately
$225,000 were paid in 1988. The bonds carry a variable
interest rate calculated weekly. During 1988, the average
rate on the bonds was 5.25%. The bonds were issued to
provide funding for the construction of the Miami Arena (see
Note 15).
Upon issuance in December, 1985, the proceeds of these
Bonds, net of original issue discount of $512,000, were
distributed to various reserve funds and accounts held by
the Trustee in compliance with the provisions of the Bond
Indenture. Those funds and accounts pertaining to these
provisions include the Tax fund, the Bond Interest and
Principal accounts, the Debt Service Reserve account, the
Replacement Reserve fund, the Maintenance fund, the Capi-
talized Interest account and the Expense account. Receipts
of convention development tax proceeds are to be deposited
in the Tax fund and distributed to the following funds or
accounts as follows:
• to the Debt Service Reserve account, deposits to
bring balance to $3,375,000 (fully funded at bond
closing);
• to the Miami Sports and Exhibition Authority's operat-
ing fund, $30,000 per month up to $350,000 ad-
justed by the consumer price index;
• to the Replacement Reserve fund, deposits to bring
balance to $3,700,000 (fully funded in 1987);
• to the Maintenance fund, deposits to bring balance
to $2,250,000 (fully funded in 1988) and;
• to the subordinate note debt service accounts to
provide funds sufficient to meet the quarterly debt
service payments.
37
• to the Authority for any of its lavvful corporate
purposes
At September 30, 1988, debt service -related accounts
contained approximately $7,524,000 on deposit with the
Trustee.
$10,000,000 MSEA Subordinate Obligation Note—MSEA
issued on December 27, 1985 a $10.000,000 Subordinate
Obligation Note (the Note), Series 1985, to fund permanent
or temporary exhibition facilities or any other lawful purpose
of the Authority. The Note is 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
Floating/Fixed Rate Special Obligation Bonds. Interest on
the Note is at 70% of prime rate subject to adjustment under
certain conditions. During 1988, the average rate on the
Note was 7.6%. Interest is payable quarterly; quarterly
principal payments of $312,500 commenced January 1,
1988, with the final installment due in December 1995.
The proceeds of the Note provide funding for the Coconut
Grove Exhibition Center expansion and the Convention
Center renovation.
Interest payments until February, 1989 will be provided from
funds deposited at closing in a capitalized interest account;
thereafter, debt service shall be provided from convention
development tax proceeds (after meeting the funding re-
quirements of the Floating/Fixed Rate Special Obligation
Bonds), and any additional pledged revenues of MSEA or
the City. See Note 16 regarding a proposed refinancing of
the Note subsequent to year-end.
$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 acquired
during the prior two years. The Certificates represent a
limited and special obligation of the City and evidence undiv-
ided proportionate interests in "basic rent payments" to be
made by the City pursuant to a lease purchase agreement
for the acquisition and financing of the equipment. Title 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 appropriated 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.
F. Defeasances of Long -Term Debt
On March 1, 1988, the City sold $65,271,325 Special
Revenue Refunding Bonds, Series 1987, to advance refund
the $60,000,000 Convention Center and Parking Garage
Revenue Bonds, Series 1980. The proceeds from the Series
1987 Bonds (net of approximately $1.9 million in issuance
costs and original issue discount) were used to purchase
U.S. government securities which were deposited in an
irrevocable trust with an escrow agent to provide for all future
debt service payments on the Series 1980 bonds. As a
result, the Series 1980 bonds are considered to be de-
5
Aid
feased. Although the advance refunding results in the accounting recognition of an extraordinary loss in the Convention Center.
enterprise fund of approximately $6,940,000 for the year ending September 30, 1988, the issuance of the refunding debt
at interest rates lower than the Series 1980 bonds will cause aggregate debt service payments to be reduced by approximately
$2,490,000, with a net present value savings of approximately $2,387,000.
In prior years, the City defeased certain outstanding general obligation and revenue bonds by placing the proceeds of the
- refunding bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust
accounts and the defeased bonds are not included in the City's financial statements. At September 30, 1988, the following
-
additional outstanding bonds are considered defeased (in thousands):
-_
Parking Facilities Revenue Bonds:
SeriesB.................................................................................................. $ 1,420
- Series C .............................................................................................. 3,005
-
Series1980............................................................................................ 8,515
} ` Parking System Revenue Bonds, Series 1983 .......................... 13,185
,r
Parking Revenue Bonds:
-
Series1981............................................................................................ 10.025
General Obligation Bonds:
Firefighting, Series 1984................... ................ 1,630
AM
-a' Housing, Series 1984............................................................................... 17,670
Storm Sewer Improvement, Series 1984..................................................... 2,779
Street and Highway, Series 1984............................................................... 6,814
_.
9. FUND EQUITY
The only non-proprietary City subfund having a deficit fund equity at September 30, 1988 was the Downtown Development
�-
-' Authority Special Revenue fund, which had a deficit fund balance of approximately $13,000. The following schedule lists the
equity components of all City proprietary funds as of September 30, 1988 (in thousands):
-�
ReUlned Eamings (Deficit)
Reserved Total
- fer Co tee Fund
t Unreserved Total Capi sl oEQe�lfl_kciyt
Enterprise Funds: tlnmee
_
Off -Street Parkin ........ $ 1,885 $ 7,529 $ 9,414 $ - $ 9,414
XV
G&O Enter rise Fund - 14491 14491 1 100 651
p..................................
Marine Stadium .......................................... - (335)
M' ' Stad' m - (661)
_
-
lull w...........................................
Orange Bowl Stadium .................................
-
1,433
Convention Center ......................................
8.535
(30,155)
_.
Marinas.....................................................
-
7.669
Auditorium .................................................
-
(2,635)
` .
Golf Courses ..............................................
-
(101)
Warehouse Property ...................................
-
330
Parking Garage..
1,463
(5,065)
Building and Zoning
-
(274)
Solid Waste
025
Property and Lease Management .................
--
231
$11.883
$(24,508)
InganM Service Funds:
Flest Management ......................................
$ 4,791
$ (4,304)
Rroperty Maintenance .................................
---
(140)
Print Shop
--
1 823)
Procurement Management ..........................
---
169
-
Communications Services ............................
-
(1,222)
$ 4,791
$ (6,320)
Note 13 for selected financial information regarding the enterprise funds.
38
�r
'i
Ina����
(335)
699
364
(661)
1,654
993
1,433
4,471
5,904
(21,620)
46,248
24.628
7,669
2,787
10,456
(2,635)
5,572
2,937
(101)
391
290
-
330
-
330
(3,602)
634
(2,968)
(274)
267
(7)
.,r
(2,025)
1,987
(38)
231
2,287
2,518
VR_
$112,625)
$68,097
$55.472
$ 487
$ 6,652
$ 7,139
(140)
273
133
(823)
178
(645)
169
23
192
0.222)
2,328
1,104
w
$ (1,529)
$ 9,452
$ 7,923
_�
-
aw-
10. CHANGES IN AGENCY FUNDS
The Cable T.V. Agency Fund is used to account for the $1,500,000 refundable deposit made by the Cable T.V. licensee and
interest thereon, which is payable to the licensee. The changes in the Cable T.V. Agency Fund are as follows (in thousands):
Accounts
Payable Deposits Cash
Balance at beginning of year ................................... $ 229 $1, 500 $1,729
Investment earnings paid to licensee ....................... (103) - (103)
Balance at end of year ........................................... $ 126 $1,500 $1,626
As described in Note 2(M), the City sponsors three deferred compensation programs for its employees administered by ICMA,
the Copeland Trust, and the U.S. Conference of Mayors. In response to the issuance of GASB Statement No. 2, the Deferred
Compensation Agency Fund was established to account for these programs. Investments held in this fund are recorded at
market value. The changes in deferred compensation assets during 1988 were as follows (in thousands):
Assets at beginning of the year .................................. $1 1,372
Contributions:
Employer.............................................................. -
Employee.............................................................. 3,117
Investment Income .................................................... 1,117
Benefits paid and termination refunds .......................... (1,462)
Assets at end of year ................................................. $14,144
11. INTERFUND TRANSFERS
A summary of interfund transfers and contributions by fund type for the fiscal year ending September 30, 1988, is as follows
(in thousands):
Transfers In
Special
Debt
Ca ital
Internal
General
Revenue
Service
Pro acts
Enterprise
Service
Total
Transfers Out
Operating transfers:
General .........................................
$ -
$ 691
$ 929
$ 712
$16,444
$1,587
$20,363
Special revenue ..............................
600
2,587
-
2,217
682
-
6,086
Debt service ..................................
22,659
1,656
1,240
4,433
2,084
3,201
35,275
Capital projects ..............................
2,820
1,124
135
3,730
3,570
-
11,379
Enterprise ......................................
1,474
-
708
-
-
-
2,182
Internal service ...............................
-
-
-
-
-
589
589
Expendable trust ............................
110
-
-
-
-
-
110
$27,663
$6,058
$3,013
$11,092
$22,780
$5,378
$75,984
Equity transfers and contributions:
Special revenue ..............................
$ 500
$ -
$ -
$ -
$ -
$ -
$ 500
Debt service ..................................
-
2.179
-
-
-
-
2,179
General fixed assets ........................
-
-
-
-
3,224
183
3,407
$ 500
$2.179
$ -
$ -
$ 3,224
$ 183
$ 6,086
39
84,9""51 ( t
8WV .operating departments are based upon amounts determined by management to be necessary to meet the
youts during the fiscal year. The estimated liability for insurance claims includes estimated future liability on a
for all pending clams and an sctuaneRV determined amount for claims incurred but not reported. The long-term
estimated liability, which is expected to be funded from future operations, is reflected in the'General tong -Term
up IM TD) and amounted to apprrndmatey $36 750 rM as of September 30 1988 as follows (in thousands)*
Self-Insurs nas GLTTDD Cla ms
h (Ccw*enti (IMoPayabn CrJrr+r¢
4 A. Workers Compansatbn
AD workers compensation costs are paid from the Self-insurance Fund, with
r a� 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 bans is
established. The estimated liabilities are periodically reviewed and revised
a8 claims develop. Most liabilities in this area will be payable over several years. $ 407 $16,930
D. Aenaral Coverage
Departments of the City are assessed for property and casualty, including
police professional liability and public official's liability, coverage 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 exposures, 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 on a case -by -case basis is established. 123 20,820
C. Group Acddent and Heafth
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,
1988 the plan covered approximately 900 active employees, 1,160
retirees and BOO dependent units. Costs of the plan for the year then ended
were approximately $6 million. The City's plan did not cover, during fiscal
year 1988, members of the police and firefighter unions, which have
established separate group benefit plans. Effective October 1, 1988. 570
active firefighter union members, of which 367 had family coverage, joined
the plan since their se ate group benefit plan ceased to exist. The current
portion of claims pay le at September 30. 1988 represents payments
made by the City in October and November, 1988 on claims incurred on or
. _ Were September 30, 1988. 875
'� $1,405 �36,750
4 , In D4aernber, 1988 Governmental Accounting Standards Board (GAS$) issued a Proposed 8tatenvant of the 0AS8--
n �ts4�wlAfdtlg errr# Aepsardr>g for fsicFinancing and itelated Inscrresrtca Issues 'Exposure Draft). If ultimately adopted in its present
f�rxt the Expgeure Draft among other things, would require accounting for the City's risk management activities within the General
%Mdw an lntemal service fund. The City is closely monitoring the progress of this Exposure Draft and expects to conform to the
t at a final Statement, when issued.
"
u
13. SEGMENT INFORMATION -ENTERPRISE FUNDS
The City maintains
enterprise operations
which
provide various recreational, cultural,
convention
and parking facilities.
Selected
financial information for
the fiscal
year ended September 30,
1988 is as follows
(in thousands);
Off-street
G&O
EnterPAse
Cammntinn
Galf
Perking
Buflding &
Solid
Pro�eKY
t+. lcMse
Porting
Fund
Stadiums
Center
Mednes
Auditorium
Courses
Gera
Zoning
Waste Menep anent
Total
Current assets ....................
$ 4,449
$ 519
$ 229
$ 70
$ 420
$ 57
$ 14
$ 314
$ 287
$ 1,359
$ 525
$ 8,243
Current liabilities ..................
1,526
393
2,674
3,071
1,645
313
614
_ 126
353
3,069
78
13,862
Net working capital ..............
$ 2,923
$ 126
$ (2,4451
$ (3,001)
$ (1,225)
$ (256)
$ (600)
$ 188
$ (66)
$ (1,710)
$ 447
$ (5,619)
Restricted assets .................
$ 2,859
$ -
$ -
$ 9,405
$ -
$ -
$ -
$ 2.027
$ -
$ -
$ -
$ 14,291
Current liabilities payable from
restricted assets ...............
974
-
-
_ 870
-
-
-
564
-
-
-
2,408
Net restricted assets ............
$ 1,885
$ -
$ -
$ 8,536
$ -
$ -
$ -
$ 1,463
$ -
$ -
$ -
$ 11,883
Property, plant and
equipment ........................
$23,848
$ 525
$10,079
$ 83,164
$11,681
$ 3,193
$ 890
$ 7.641
$ 58
$ 1.672
$ 2,071
$144.822
Total assets ........................
$32,561
$1,044
$10,308
$ 93,418
$12,101
$ 3,250
$ 904
$10,479
$ 346
$ 3,031
$ 2,596
$170,038
Bonds payable, long-term
(net) .................................
$20,444
$ -
$ 43
$64,849
$ -
$ -
$ -
$12,757
$ -
$ -
$ -
$ 98,093
Contributed capital ...............
$ -
$1,100
$ 6,824
$ 46,248
$ 2,787
$ 5,572
$ 391
$ 634
$ 267
$ 1,987
$ 2,287
$ 68,097
Total retained earnings.........
$ 9,414
$ (449)
$ 767
$(21,620)
$ 7,669
$(2,635)
$ (101)
$ (3,6021
$ (274)
$ (2,025)
$ 231
$ 11 2,625)
Total equity .........................
$ 9,414
$ 651
$ 7,591
$ 24,628
$10,456
$ 2,937
$ 290
$ (2,968)
$ (71
$ (38)
$ 2,518
$ 55,472
Operating revenues ..............
$ 7,720
$ 765
$ 2,367
$ 3,396
$ 1,606
$ 546
$1,111
$ 861
$3.744
$ 14,254
$ 1,522
$ 37,892
Operating income (loss)
revenues before non -
operating revenues
(expenses) •..••••••.•••.•.....•..
$ 1,250
$ (206)
$ (1,199)
$ (2,133)
$ (430)
$ (113)
$ (61)
$ 413
$ (7331
$(16,155)
$ 1,179
$ 1( 8,188)
Non -operating revenues
(expenses):
Interest income .................
408
12
17
1,810
120
-
20
158
-
5
19
2,569
Interest and fiscal charges.
(1,408)
-
(3)
(4,026)
-
-
-
(1,175)
(1)
-
-
(6,615)
Other ...............................
-
-
19
(400)
10
-
1
-
(110)
(19)
-
(499)
Total non -operating revenues
(expenses) .......................
(1,000)
12
33
(2,618)
130
-
21
(1,0171
(111)
(14)
19
(4,545)
Net transfers from (to) other
funds ...............................
-
-
125
2,103
2,943
-
-
596
696
15,609
(1,474)
20,598
Extraordinary loss on
defeasance .......................
-
-
-
(6,940)
-
-
-
-
-
-
-
(6,940)
Net income (loss) .................
$ 250
$ (194)
$ (1,041)
$ (9,588)
$ 2,643
$ (113)
$ (40)
$ (8)
$ (t481
$ (560)
$ 1276)
$ 19,075)
Depreciation expense...........
$ 1,160
$ 119
$ 569
$ 1,592
$ 142
$ 152
$ 56
$ 159
$ 15
$ 77
$ 66
$ 4,107
Additions to property, plant
and equipment, net ...........
$ 4,872
$ 120
$ 1,137
$ 3,486
$ 6,290
$ 178
$ 50
$ -
$ 13
$ 56
$ 5
$ 16,207
Additions of contributed
capital ..............................
$ -
$ 370
$ -
$ 3.003
$ -
$ 165
$ -
$ -
$ 2
$ 54
$ -
$ 3,594
Increase (decrease) in
working capital .................
$ (386)
$ 175
$(1,630)
$ (582)
$(3,444)
$ 26
$ (33)
$ (215)
$ 67
$ (355)
$ (215)
$ (6,592)
41
ti r
by the year 2011 for APO and by the year 2007
for GESE.
• Any increase in the unfunded liability of either APO or
GESE arising from lawful increases in benefits provided
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 benefits re-
sulting from collective bargaining shall be amortized
in level annual 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 APO and GESE repre-
senting employee contributions of 2% of salary.
8' Actuarial Information
The pension benefit obligation and the estimated actuarially
determined employer contribution provided by the City were
calculated by consulting actuaries based on actuarial valua-
tions for FIPO and GESE. The pension benefit obligation,
which is the actuarial present value of credited projected
benefits, is a standardized disclosure measure of the present
value of pension benefits, adjusted for the effects of projected
salary increases, to be payable in the future as a result or
employee service to date. The measure is independent o
the actuarial funding method used to determine contribution:
to the pension plan. The estimated actuarially determine,
unfunded prior service cost is calculated using the frozer
entry age normal cost method.
-r�
14: 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'
Retirement Trust (GESE). The plans cover substantially all
City,employees who contribute a percentage of their base
salaries or wages on a bi-weekly basis. This percentage
a
was 8.5% for APO and 8% for GESE. Contributions from
—t employees are recorded in the period the City makes payroll
_ deductions from participants. The City is to contribute such
amounts as are necessary on an actuarial basis to provide
FIPO and GESE with assets sufficient to meet the benefits
to be paid. GESE also receives contributions, through the
F ` ' City, from Metropolitan Dade County and the State of Florida
on behalf of certain plan participants, totaling approximately
$545,050 in 1988.
Retirement benefits are based upon a percentage (2.5% for
FIPO, 2% for GESE) for each service year of the average
compensation earned over the highest two years of member-
ship service. Provisions for additional benefits for longevity
are available. Early retirement after twenty years of service
is available. Benefits for disability and death are also provided
—_ under the plans.
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.
• The City's total annual contributions to APO and GESE
beginning with fiscal year 1984/85 are required to
consist of:
•• Non -investment expenses
•• Actuarial contributions for normal cost using the
entry age method: a mechanism has been agreed
upon to resolve possible disagreement on annual
contributions by a third party.
•• Annual unfunded liability contributions based on a
schedule that requires $5,000,000 for APO and
$6,400,000 to GESE, respectively, for 1984/85,
increasing thereafter by approximately 5% per
year. The total unfunded liability, including the
effect of certain plan improvements, was calcu-
lated 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 liability balances are expected to in-
crease 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
42
The more significant assumptions underlying the actuarial valuations as computed by the actuaries engaged by the City are
as follows:
GE&E
Assumed rate of return on investments
7.5% per annum, compounded annually
Active mortality basis
1971 Group Annuity Mortality Table, set back 6 years for
females
Rate of Withdrawal
AQe Years of Service
1 3 5+
Employee turnover
20 .105 .072 .048
30 .105 .072 .036
40 .105 .072 .024
50 .105 .072 .012
Annual Rate of
Ape Salary Increase
Salary Scale
20 .100
30 .085
40 .075
50 .075
60 .075
Annual Rate of
Ape Retirement
Retirement
55 .300
60 .140
65 1.000
Asset Value
Lower of market value or statement value
FIPO
Assumed rate of return on investments
7.5% per annum compounded annually
Active mortality basis
1983 Group Annuity Mortality Table producing the following
specimen rates:
Ape Male Female
20 .0377% .0189%
30 .0607 .0342
40 .1238 .0665
50 .3909 .1647
60 .9158 .4241
Employee turnover
In accordance with the following specimen rates:
Age Rate
20 4.8%
30 3.6
40 1.8
50 0.0
Salary scale
Projected salary increases of 4.5% compounded annually attributable
to inflation and additional projected salary increase up to 4.8/o 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 1 0% at age 55.
Asset value
Moving market value average.
43 89-5°.
for
Selected Informatlon related to FIPO and GESE is as follows: er
Significant actuarial assumptions used to compute the contribution requirements are the same as those used to compute the -
pension benefit obligation.
FIPO GESE
—
Calculation of Unfunded Pension Benefit Obligations:
Valuation date..............................................................................
Oct. 1, 1988 Oct. 1, 1988
Pension benefit obligation:
Retirees receiving benefits and terminated members ...................
$144,900,000 $115,700.000
Current employees:
—'
Accumulated member contributions ...................................
44,900,000 36,700,000
—.
Employer —financed vested ..............................................
116.300,000
83,000,000 s
Employer —financed non -vested ........................................
83,000.000 33,900.000
Total........................................................................
357,900,000 302,600,000
-
Net assets available for benefits, at cost (market value is
$307.010,000 for FIPO, $181,200,000 for GESE................. 304.400.000 172,500,000
Unfunded pension benefit obligation ...................................
$ 53,500,000 $130,100,000
% of P80 funded....................................................................
85% 57%
Accrued covered payroll..........................................................
$ 63,300,000 $ 59,304,000
Unfunded P80 as % of covered payroll .....................................
82% 219%
Participants:
Retirees and beneficiaries currently receiving benefits ..................
942 1,604
Current employees:
=
Vested............................................................................
735 736
Non-vested.....................................................................
994 1,304 _
Total........................................................................
2,671 3,644
—
Actuarially —determined contribution requirement:
Valuationdate........................................................................
Oct. 1, 1986 Oct. 1, 1986
For fiscal year ended...............................................................
Sept. 30. 1988 Sept. 30, 1988
Normal costs.........................................................................
$ 10,884,000 $ 9,814.000
Amortization of unfunded accrued liability ..................................
5.335.000 7,400,000
-
Noninvestment expense..........................................................
375,000 374,000
Total........................................................................
$ 16,694.000 $ 17,588.000
-
Employee contributions ..................................... I.....................
$ 5,078.000 $ 4,998,000
Employer contributions...........................................................
$ 11,516,000 $ 12,590.000
Historical Trend Information
Employer contributions as % of covered payroll-1988 ..............
18% 21 %
—1987 ..............
23% 21 %
—1986 ..............
24% 20% !'
-
Due to the long-standing litigation discussed in Section A of
City are allowed to loin the ICMA Retirement Trust's 401(a) _
this Note, there had been, in prior years, significant differ-
plan. This defined contribution deferred compensation plan,
ences in the actuarially -determined liabilities and funding
which covers governmental employees throughout the coon -
requirements as calculated by the City and the two Trusts.
try, is governed by a Board of Directors responsible for
Therefore, historical trend information regarding the pension
carrying out the overall management of the organization,
benefit obligation is not currently available. The City shall
including investment administration and regulatory compli-
compile such information on a prospective basis. Selected
ance. Membership for City of Miami employees is limited ,..
10 year historical financial information is provided in the
by the City Code to specific members of the City Clerk, City
separately issued PERS financial statements for GESE and
Manager, and City Attorney's offices; Department Directors,
FIPO.
Assistant Directors; and other executives. To participate in
4.
Through 1988 the City has maintained a Pension Administra-
the plan a written trust agreemAnt must be executed, which
tion Trust fund (expendable trust fund), which charges each
requires the City to contribute 8% of the individual's earnable
Department of the City and other governmental contributors
compensation, and the employee to contribute between 5%
their respective share of estimated pension plan contribu-
to 10% of his or her salary. Participants may withdraw funds
tions. Substantially all amounts charged were to the General
at retirement or upon separation based on a variety of payout
fund, and the remainder to various other funds, principally
options. The following information relates to the City of
Enterprise and Internal Service. The Pension Administration
Miami participation in this plan:
.
Trust fund then disburses the actuarially determined required
_
1000'8I
contributions to the pennon trust funds.
Total current year payroll for all employees .................. $141,914
C. Sp"W Benefit PUS
Current year payroll for employees
1n addition to the deferred compensation plans described in
10. executive employees of the
......................... .
covered in the plan ... ontr...... $ 1,Et14
Current year employer contribution
Note 2(M) and Note certain
at an %rate ...... ................... ..................... S 122
44
In addition to coveraoe under the FIPO Pension Plan, City of
Miami firefighters and police officers are members of separate
non-contributory money purchase benefit plans established
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 coveraoe
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
minimum benefit provisions of Statute Chapters 175/185
are met by FIPO, the City is entitled to levy such excise taxes
solely for the use of the money purchase benefit plans.
The City is currently under no obligation to make further
contributions to the plans. The total of such excise taxes
received from the State of Florida and remitted to the plans
was approximately $4.5 million for the year ended Septem-
ber 30, 1988. Benefits are allocated to the participants
based upon their service during the year and the level of
funding received during said year. Participants are fully
vested after nine years of service. On termination of service,
a participant may elect one of three options: to receive a
lump sum payment, or five substantially equal payments or
not less than 10% the first year and the remainder any way
over the next four years. The total must be paid out within
five years.
15. COMMITMENTS AND CONTINGENCIES
Capital Improvement Program
The City's Capital Improvement Ordinance identified ongoing
and future projects totalling $256 million. Major emphasis
is placed on maintaining and expanding the City's infrastruct-
ure. The greater number of projects are directed to housing
programs, street improvement, park facilities, storm sewers,
and transportation -related efforts. The community redevel-
opment projects are designed to assist in neighborhood
revitalization and the expansion of the City's economic base.
Shown below is a functional distribution of the Capital Im-
provement Ordinance and proposed funding sources exclud-
ing projects financed by the Department of Off -Street Parking
and Miami Sports and Exhibition Authority (in thousands):
Functional Category Amount
Housing Programs ..................................
_ .. _ $ 16,748
Street Improvements .............................
35,872
Parks Facilities ......................................
..... 35,342
Community Redevelopment ..........................
26,348
Sanitary Sewers ............................................
39.634
Storm Sewers .......................................
...... 14,675
Police .......... ........... ...._
_ ....._ 15,083
Fire............................................. .........
_ _. _ 16,447
Marinas ........................................
... 17,919
Solid Waste.. ..................
2.135
Auditoriums .................................
... .._ .. 8,276
Stadiums.................................... ..............
4,277
Mass Transit ....... ........ ....._...
_.. _ . 2,000
Economic Development ......... _ ....
_ _.. _ _ ... 3,666
General Government .................... .....
17,678
Total Capital Improvement Program... _ _.. . $256,120
Proposed Sources of Funding Amount
City
General Obligation Bonds ......... ........
_ $147,736
Revenue and Special Obligation Bonds ..
32,666
Interest Earnings and Other _
_ 47,074
2.27,476
45
Proposed Sources of Funding Amount
Non -City
Federal Grants _ __ .. 23,527
State Grants _.... 2,609
Private and Developer Contributions . _ _. _ 2,508
28,644
TotalFuncting _ _ __ . $256,120
As of September 30, 1988, the City's Department of Public
Works was monitoring 45 construction projects in progress
or awaiting final approval with budgets totaling approximately
$63 million in costs The most significant of these public
works projects were.
• Police Substations —two district substations are being
funded by an appropriation of $10 million in police
facilities general obligation bonds.
• Neighborhood Parks Renovation Program —over
twenty parks are being renovated throughout the City
at a total cost in excess of $9 million. Funding for the
program is provided by a $4.4 million loan proceeds
from the Sunshine State Governmental Financing
Commission and other discretionary City funds.
• Dinner Key Marina Renovation —the 374 slip Dinner
Key Marina is being renovated and expanded to 540
slips at a total cost of approximately $12.7 million.
Funding of this renovation and expansion is through
loan proceeds from the Sunshine State Governmental
Financing Commission and Marinas Enterprise Fund
retained earnings.
• Bayfront Park Redevelopment —A $20 million Down
town Waterfront Park Redevelopment Project. Majo,
funding sources include $6.8 million if Federal grants
$4.4 million in Sunshine State Governmental Finan
cing loan proceeds, $3 million from the New Por
Bridge land sale and $1.8 million in private secto
contributions.
Southeast Overtown/Parkwest
The Southeast Overtown/Parkwest Redevelopment Prograr
entails the redevelopment of 200 acres of prime real estat--
adjacent to the central business district, for new residenti:
and commercial activity. The general redevelopment coi
cept for the project area is the provision of a wide range r
housing opportunities, with supporting commercial uses, t
serve the area's future population. By the end of the centur,
the project area is envisioned to have the capacity to suppo
over 9,000 residential units and over one million square fe:
of commercial space. The City of Miami has been delegate
limited redevelopment powers for the implementation of ti
redevelopment plan. Public sector involvement will foci
on land acquisition, resident relocation, demolition, proje
marketing, infrastructure improvements and constructir
and, in some instances, the provision of "gap" financing.
is estimated that over $1.0 billion in private investment v
occur during the next 20 years. Phase I development
underway, with 1,139 units anticipated to be under co
struction by the end of 1989. Public infrastructure wo,
including utilities, street improvements and pedestrian am
nities, is now being designed for implementation in conjur
lion with the private development. Total public investmr-
in Phase I Redevelopment is over $45 million of whi
09--f-IC
approximately $26,348,000 is included in the City's Capital
Improvement Ordinance. New private construction in the
amount of $200 million is programmed to occur over the
next five years for a total of 1,900 residential units and
250,000 square feet of commercial space.
Coconut Grove Exhibition Center
On June 15, 1987, the City of Miami entered into a Profes-
sional Services Agreement with a private consultant for the
purpose of expanding the Coconut Grove Exhibition Center.
The Agreement calls for the addition of approximately
32,000 square feet of new exhibition space, bringing the
total amount of exhibition space to 150,000 square feet.
This additional space allows the facility to attract larger
shows and more exhibitions to the City of Miami. Total
construction costs are anticipated to be approximately $7.2
million, of which $5.2 million will be funded by the Miami
Sports and Exhibition Authority's Exhibition Expansion Capi-
tal project fund.
The basic scope of work for this project calls for the renova-
tion of existing space, upgrading to code requirements and
expanding the actual exhibit space. Also included in this
project is the relocation of City offices as well as the construc-
tion of a prefunction area and bus drop off area. Construction
began in 1988 and costs of approximately $458,000 have
been incurred as of September 30, 1988.
Miami Arena
Construction was completed in 1988 on the Miami Arena,
a sports/ exhibition facility seating approximately 15,600.
The total construction cost of approximately $47,460,000
include approximately $3,632,000 in costs not paid as of
September 30, 1988. Under the terms of the Miami Arena
Construction Funding Agreement between the Miami Sports
and Exhibition Authority (MSEA) and the private developer,
(Decoma), funding for the construction costs was provided
by proceeds from the $38 million Special Obligation Bonds,
an initial contribution of $4.7 million from MSEA, convention
development taxes received in excess of debt service require-
ments, and a contribution of approximately $7.1 million
from Dacoma. A receivable balance of approximately
$1,568,000 has been recorded in the Miami Arena Capital
Project fund for the remaining contribution owed from
Decoma.
The Miami 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 $300,000 for the first 30 years, subject to market adjust-
ment thereafter.
Under the terms of the Miami Arena Contract ("Contract"),
the operations of the Miami Arena shall be managed by
Decoma, or designee, ("operator") for a term of 32 years
plus two ten-year renewal options. The Contract calls for
an allocation of net operating income and seat user charges
($.75 per ticket sales) as follows:
Net Opperaid! j Income Operator MSEA
Up to $1,750.000 _..._ _ _. 57 5% 42.5%
$1,750,000 to $3,500,000 _. _ _. _ 45 55
Over $3,500,000 .......... _ . 40 60
46
Seat User Charge
Up to$1.350,000 ............................. 75 % 25 %
Over $1,350,000 .............................. 50 50
Operating deficits are to be funded by amounts held in
MSEA's Maintenance Fund, which held approximately
$1.97 million at September 30, 1988, and by amounts
provided by future Miami Arena operations to be deposited
in a Replacement Fund maintained by the operator, which
is intended to provide for capital improvements. Decoma
will provide 14% of operating losses after first exhausting
reserves, in years when the operating revenue and MSEA's
seat use charges are less than operating expenses. Miami
Arena operating expenses shall include $50,000 each year,
increased to $150,000 each fifth year, as a contribution out
of operating income to the Replacement Fund. MSEA will
incur liability for operating losses resulting from operating
expenses more than 115% of approved budget for such
year. MSEA will review annual Arena operating budgets and
will review pro forma operating 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) on amount equal to 7.5 times the operator's best income
year. Subject to the limitations in Exhibit D of the contract,
such termination fee may be reduced based upon either the
timing of the termination by MSEA or the severity of the
operator default.
MSEA has agreed to not sponsor a competing facility to the
Arena at which substantially similar events can be presented
on a commercial basis to audiences of comparable size
other than the James L. Knight International Center, Marine
Stadium (as they presently exist), and a proposed
exhibition/convention hall facility.
MSEA's contribution to offset the Arena's operating loss
for the initial period of operation, July 7, 1988 through
September 30, 1988 was approximately $178,000.
MSEA's allocated portion of seat use revenues was approxi-
mately $31,000 Both the seat use revenues and the
operating loss have been recorded 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, the Authority has agreed to
reimburse the Heat for certain excess insurance and utilities
expenses paid to the Arena 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 required as of September 30, 1988,
as the Heat's occupancy of the Arena began in October
1988.
Pledge of Utility Service Tax Revenues
As of September 30, 1988, the City had pledged revenues
from utility service taxes to provide funding for the following
items:
1. Convention Center
In March 1988, the City issued $65,271,325 Special Reve-
nue Refunding Bonds, Series 1987. As discussed in Note
8, the bonds are collateralized under the trust indenture by
a first lien or, the pledge of the net revenues of the Convention
Center -Garage, certain telecommunications utility service
taxes and by a covenant and agreement of the City to
provide, to the extent necessary, revenues of the City other
than ad valorem tax revenues, sufficient to make up any
deficiency with respect to the payment of operating expenses
and debt service and the maintenance of the reserves re-
quired under the bond indenture. The City has appropriated
approximately $1,658,000 of utility service tax revenue for
these purposes for the fiscal year ended September 30,
1989. It is anticipated that future transfers of such revenues
will be necessary thereafter on an annual basis through fiscal
1990 to subsidize Convention Center deficits.
American Telephone & Telegraph has notified the City of
a $1,602,510 overpayment of telecommunications utility
service taxes to the City in fiscal years 1986-87 and 1987-
88. The ultimate outcome of this claim for the return of the
alleged overpaid taxes cannot presently be determined.
Accordingly, the City has not recorded a liability for this
contingency.
2. Government Center Parking Garage
In July 1986, the City issued $13,720,000 of Special
Obligation Bonds, Series 1985, for the purpose of refinan-
cing the $10,400,000 Parking Revenue Bonds issued in
1982 to finance construction of a 1,1 10 car parking garage
adjacent to the Government Center. The facility opened to
the public in 1983. The Series 1985 bonds are collateralized
under the bond ordinance by net revenues from the parking
garage and the revenues of the City derived from water and
gas utility services tax in an amount not to exceed the
maximum principal and interest requirements in the ensuing
fiscal year. The City has appropriated approximately
$856,000 of utility service tax revenue for this purpose for
the fiscal year ending September 30, 1989.
3. MSEA Subordinate Obligation Note
In order to fulfill the requirements of the Note Purchase
Agreement to break escrow on the $10 million subordinate
obligation note, the City has made a secondary pledge of
47
water and gas utility sei vice taxes to provide funding for debt
service on the note should the proceeds of the convention
development tax prove insufficient This pledge is on a basis
subordinate to that of the Government Center Parking Garage
Special Obligation Bonds. See Note 16 for a discussion of
a proposed refinancing of the Note.
Solid Waste —Enterprise Fund
The City"s solid waste operations which are accounted for
as an enterprise fund, are partially funded by fees billed on
a semi-annual basis. In addition, the City has budgeted
for a contribution of approximately $14,054,000 from the
General fund ,n fiscal year 1988/89 to subsidize these
operations.
Litigation
There are a number of claims and lawsuits outstanding
against the City, arising principally from personal injuries
incurred on City property, for which a liability of
$36,750,000, including an actuarially -determined portion
for claims incurred but not reported, was recorded in General
Long -Term Debt as of September 30, 1988, as described
in Note 12.
16. SUBSEQUENT EVENTS
On November 22. 1988, the City issued $18,400,000 of
General Obligation Bonds (Series 1988) to provide for various
Police, Fire Fighting, Street and Sewer capital projects. The
bonds were issued at interest rates of 7.2% through 7.25%
with semiannual interest payments. Serial principal maturi-
ties begin in 1990 through 2013 in amounts from $125,000
to $1,560,000.
On January 10, 1989, the Miami Sports and Exhibition
Authority approved a proposed refinancing of the outstand-
ing balance of $8,750,000 of Subordinate Obligation Note
using proceeds from the proposed issuance of $8,750,000
Floating/Fixed Rate Subordinate Obligation Bonds, Series
1989A. As a part of the refinancing, the January 1, 1989
principal payment of $312,500 due on the Note was de-
ferred for ninety days.
THIS PAGE INTENTIONALLY LEFT BLANK
53
0,1155x���'��x?r�^'tm
l.
SCHEDULE A-1
CITY OF MIAMI, FLORIDA
GENERALFUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE -BUDGET
r AND ACTUAL -BUDGETARY BASIS
YEAR ENDED SEPTEMBER 30, 1988
with comparative actual amounts for year ended September 30.1987
(in thousands)
1988
Variance
Favorable Actual
Budget Actual (Unfavorable) 1887
k
Y
ti
" Revenues:
Taws:
Property tax collections including penalties and interest ........ $ 91,185 $ 89,396 $(1,789) $ 90,888
Business and excise taxes ................................................ 17,140 20,084 2,944 17,066
108,325 109,480 1,155 107,952
Licenses and permits:
Business licenses and permits ............................................ 6,071 6,326 255 6,003
Construction permits........................................................ 71 73 2 79
6.142 6,399 257 6,082
Intergovernmental:
State revenue sharing ...................................................... 11.500 11,187 (313) 11,466
Sales taxes .................................................................. 14,000 15,623 1,623 12,957
Court fines .............................. ......... ......................... 2,120 2,437 317 2.509
Other ............................ 1,482 978 (504) 933
29.102 30,225 1,123 27,865
Inteagovemmental:
Engineering services and other.. ......_.. ........................... 3,826 3,237 (589) 5,152 r=
Charges for services:
Public safety................................................................... 1,160 1,226 66 1,127
Recreation ................... 648 364 (284) 284
Other .... . .............. ........... .... „ ...... ...... 1,774 58 (1,716) 583
3,582 1,648 (1,934) 1,974
1820 1,783 (37) 1,709
Interest.
.................................... ...
Y> tc.revenues 1,229 908 1,874
154 001 83 52,808
t r Total reVorluea , t., .., ..... , ,. r+..re a • • �G„v,,.�•,,..
1 Fi8,118
8 1
i
Continued
� ; S
_r ,z�
f k's`•g3 � � 1 _ a t �, 5« �z.� t CG• k'� r
ky'M,
P.h F 7 4
����
4 t Y C
SCHEDULE A-1
(continued)
lsss
Variance
Favorable Actual
Budget Actual (Unfavorable) 1987
Expenditures:
General Government.
Mayor and commission.
$ 1,124
City manager.. ...
1,571
City clerk.. ... _._ _ . _ ._...
................. ... 878
Management and budget. _.. ... _ . ..............
2,270
Finance..... ... _... ... .............
............ 3,672
Legal. _ ...... ... .......... _ ........
_... .......... 3,115
Civil service. .... .__ _. .. ....
_................... 268
Personnel management. ...._.....
...................... 1,870
Internal audit ................... ..... .. _..
..................... 1.335
Computers ..- _ ....... __ _ ._... .......................
5,505
Public safety:
Police ......................
73,500
Fire.... ..... .................... ..............
39,100
112,600
Public improvements:
Publicworks ....-_.......................................................
9,137
Development.................................................................
1,791
Community development ..................... I.... I .......................
1,041
Planning and zoning boards .............................................
1,631
13,600
Culture and recreation..._.._.... ... _....................
10,672
Other:
Employee benefits ............ _.....................................
1,713
Special programs ............. ......................................
675
Intragovernmental charges ..........................................
2,777
Miscellaneous ................................. _...........................
5,729
10,894
Total expenditures ........... ..__... ...........................
169,374
Excess (deficiency) of revenues over expenditures ........ ...........
(16,256)
Other financing sources (uses):
Operating transfers in ....... _ _ _.. _ _ ................
31,716
Operating transfers out.. .. _ .. ........... _.......
(21,960)
Total other financing sources (uses) . _.....
9,756
Excess (deficiency) of revenues and other financing sources
over expenditures and other uses ..... _........_._
$ (6,500)
Fund balance at beginning of year
Equity transfers from other funds
Fund balance at end of year _ ..
55
$ 1,020
1,511
816
2,045
3,397
3,017
241
1,594
1,260
5,424
20.325
73,177
38,775
111.952
8,575
1,748
1,034
1,485
12,842
10.369
1,705
671
2,762
5,585
10,723
166,211
(12,210)
27,663
(20,363)
7,300
(4,910)
10,228
500
$ 5,818
$ 104
60
62
225
275
98
27
276
75
81
1,283
323
325
648
562
43
7
146
758
303
8
4
15
144
171
3.163
4,046
(4,053)
1,597
(2,456)
$ 1,590
$ 969
1,586
607
1.850
3,240
2.782
252
1.790
1,204
4,981
19,261
73,656
38,128
111,784
9,859
1,847
690
1,175
13,571
9,704
2,865
173
2,983
7,606
13,627
167,947
(15,3391
31,654
(18,422)
13,232
(2,107)
12,143
192
$ 10,228
FP -51F.
SCHEDULE B-1
CITY OF MIAMII, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
with comparative totals for year ended September
30, 1987
(in thousands)
Miami
Downtown
Law
Sports &
Develop-
Community
Enforce-
Totals
Exhtbftlon
ment
Rescue Develop- Cable
ment
Metro -Dade
Other
A_ mhfldry
Authority
Services meat T.V.
Fund
Tourist Tax
Funds
1988
1987
ASSETS
Equity in pooled cash and
investments ... ........... _ _
$ -
$ -
$ 304 $ - $ 449
$ 2,514
$ -
$ 3,781
$ 7,048
$ 6.211
Cash and cash eauivalents
772
44
- - -
-
-
-
816
688
Accounts receivable .. _.._.. ....
438
28
112 - -
-
325
17
920
328
Due from other funds. .._ _..
-
12
- -- -
----
-
-
12
11
Due from other governments
-
-
- 6,189 -
99
-
351
6,639
2,786
Other assets......... _ _.. _ . _ _
-
30
- 1 -
-
-
11
42
16
Restricted cash and investments,
including accrued interest........
1,971
-
- - -
-
-
-
1,971
-
Total assets .............
$ 3,181
$ 1 14
$ 416 $ 6,190 $ 449
$ 2,613
$ 325
$ 4,160
$17,448
$10,040
LIABILITIES AND
FUND BALANCES
Liabilities:
Deficit in pooled cash and
investments.... I .......................
$ -
$ -
$ - $ 4,041 $ -
$ -
$ 325
$ -
$ 4,366
$ 1,716
Vouchers and accounts payable ....
125
122
2 2,107 11
63
-
250
2,680
930
Accrued expenses (principally
salaries) ................................
-
5
143 39 -
1
-
47
235
184
Due to other funds ......................
-
-
- - -
-
-
657
657
18
Deposit refundable ......................
-
-
- 3 -
-
-
565
56B
445
Payable from restricted assets.......
178
-
- - -
-
-
-
178
445
Total liabilities ....................
303
127
145 6,190 11
64
325
1,519
8,684
3,738
Fund balances:
Reserved for Miami Arena ............
1,793
-
- - -
-
-
-
1,793
-
Unreserved:
Designated.. ............................
1,054
-
- - 550
-
-
-
1,604
105
Undesignated .........................
31
(13)
271 - (112)
2,549
-
2,641
5,367
6.197
Total fund balances............
2,878
(13)
271 - 438
2,549
-
2,641
8,764
6,302
Total liabilities and fund
balances .................. _....
$ 3,181
$ 114
$ 416 $ 6,190 $ 449
$ 2,613
$ 325
$ 4.160
$17.448
$10,040
59
J
SCHEDULE 8-2
CITY OF WAMI, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVEVUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1988
with comparative totals for year ended September 30, 1987
(in thousands)
Miami
Downtown
Low
Sports &
Exhibition
Develop-
ment
Rescue
Community
Develop-
Cable
Enforce-
mein
MetroDade
Other
Totals
Authority
Authority
Services
Mont
T.V.
Fund
Tourist Tax
Funds
1988
1987
Revenues:
Property taxes .......................
$ -
$1,332
$ -
$ -
$ -
$ -
$ -
$ - $
1.332
$ 1,297
Business and excise taxes .......
-
-
1,314
-
241
--
-
-
1,555
1,406
Intergovernmental ...................
-
-
-
16,928
-
1,073
1,387
2,461
21,849
21,949
Interest ...................................
153
15
15
14
167
115
-
103
582
555
Other ..................... _...............
31
18
9
505
-
-
-
2,336
2,899
_ 2,030
Total revenues...._ ...............
184
1,365
1,338
17,447
408
1.188
1,387
4,900
28,217
27,237
Expenditures:
Public safety ..........................
-
-
1,908
-
-
385
-
-
2.293
2,488
Grants and related
expenditures ........................
-
-
-
15,036
-
-
-
1,81 1
16,847
19,646
Economic development .............
-
1,673
-
-
-
-
-
--
1.673
1,025
Other ......................................
814
-
-
-
609
-
336
5,279
7,038
5,291
Total expenditures ................
814
1,673
1,908
i5,036
609
385
336
7,090
27,851
28,450
Excess (deficiency) of
revenues over
expenditures .....................
(630)
(308)
(570)
2,411
(201)
803
1,051
(2,190)
366
(1,213)
Other financing sources
(uses):
Operating transfers in ...............
1,656
-
596
-
-
-
-
3,806
6,058
2,085
Operating transfers out .............
(724)
-
-
(2,411)
(600)
(176)
(1,051)
(1,124)
(6,086)
(100)
Total other financing sources
(uses) ...............................
932
-
596
(2,411)
(600)
(176)
(1,051)
2,682
(28)
1,985
Excess (deficiency) of revenues
and other financing sources
over expenditures and other
302
(308)
26
-
(801)
627
-
772
uses .................................
Fund balances at beginning of year
397
295
245
-
1,239
1,922
-
649
2,649
747
6,747
981
5,981
Equity transfers from other funds ...
2,179
-
-
-
-
-
-
2,179
"'-
Equity transfers to other funds ......
-
-
-
-
-
-
-
(500)
(500)
(6)
Fund balances (deficits) at end of
$2,878
$ (13)
$ 271
$ -
$ 438
$2,549
$ -
$ 2,641 $ 8,764
$ 6.747
year ........................................
M.
M
VWIIL"
11,11 1111,1,1111
IcIll 11111 wW EW09don Audwft
Variance
A9tW-
Vwlwm
Favor"
1987
y
Vwhw"
FavorObs
1987
Favor"
1987
& .W
Be
9,W..
"'0"
u�±�
L
AcUW
begob LU&M"tj
ACUW
FWPIM tax"........ s
$
$
$1,375
$1,332
S j43)
$1.297
—
$ —
1,289
$
1 314
$
25
$
1,406
.......................
&WWOS WW GXCWO tvm ..............
15
15
15
9
ir"Overl"Or" ..................... I ....
163
163
16
—
15
15
8
9
9
123
YMxest........................................3
Other.—.....................1111-11"I'll
153
—153
—
19
—
Is
=365
18
=1 0)
1,320
7304
—
34
1,538
'rowrovems ...........................
Exparmbses.,
1,900
1,908
(8)
1,849
P,"Q $a . ................. I ............
1,734
1,673
61
1,025
Econor* develoPmOnt ..................
724
W
88
429
1,873
61
=025
900
1908
m
I'89
TOW experodlum .....................
Oltw ........... . - .............
724
636
as
429
—
1734
51
295
(596)
(570)
26
(311)
Excas (drOdWWO Of revenues
(724)
(483)
241
(410)
1359)
(308)
am expenditures ..................
Ot1w his"CN Sources On"),
—
—
—
596
696
—
458
C)pomting transfers In .............
724
1,856
932
463
—
—
—
—
—
Opemtft transfers out..........
—
_(724)
(7_24)
596
596
—
458
ToW Odw financing SoLwce*
724
932
208
463
(4") .................................
Excm tdaftiomV) of rovenues
WW other OMX*V sOm"
51
296
26
147
over expenditures and other
wobudgStary be . ..........
449
2
—412—
53
_59)
W
(308
96
W bdw%W Wkbl at begitrArs of
397
3"
295
245
—
Vast ................... *,,*,*,,
Eq,,* Vowfos in (M ......................
2.179
—
8397
—
LAI=31
$ 29i
271
$245
FundF,bWOIW WOW4 at end Of year
13.025
Continued
MW77T77
W7 7M
'77
CITY OF MIAMI, FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITY. DOWNTOWN DEVELOPMENT
AUTHORITY, RESCUE SERVICES, COMMUNITY DEVELOPMENT,
CABLE T.V. AND LAW ENFORCEMENT SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES —BUDGET AND ACTUAL —BUDGETARY BASIS
YEAR ENDED SEPTEMBER 30, 1988
(in thousands)
with comparative actual amounts for year ended September 30, 1987
—_� Community Develnpmem _ _ _ Gahte T.V.
Actual- Variance Actual- Variance
Budgetary Favorable 1987 Budgetary Favorable 1987
Beset basis (Unfavorable) Actual Budget basis (Unfavorable) Actual
Revenues.
Property taxes
S —
Business and excise taxes
—
Intergovernmental.
13.850
Interest ... ..
—
Other ....... ..-
Total revenues..
13,850
Expenditures.
Public safety .......
—
Economic development.....
—
Other ......__................. . .. ..
13,850
Total expenditures ......... _
13,850
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 ex•
penditures and other uses•bud-
getarybasis .................... _....... .
S —
Fund balances (deficits) at beginning of
year........................................ ..
Equity transfers in (out) ............. _.
Fund balances (deficits) at end of year.
-
-
—
16,751
1,147
241
(9061
16,928
3,078
—
--
-
--
14
14
184
188
167
(21)
505
505
658
—
--
--
_ —
17.447
3,597
_
17,5 33
_
— 1,335
408
(9271
15.036
(1,186)
17,593
1.335
_ 609
_ 726
15.036
(1.186)
17,593
1,335
60 9
726
2,411
2.411
—
—
(201)
1201)
12.411) — — 1600) (600)
12.411) -- — (600) (600)
1.239
S S 438
$ (001)
(995)
2,234
S 1.239
SCHEDULE B-3
(continued)
77777
4l 5' P 1 R t t
V'S} Z
f 4
SCHEDULE 8-3
4 � Z l^},{• .�S�9 l r ! 1 ) (continued).
{ ITY Of MIAmI, FLORIDA
r{ x IV1�AN118PORTS AND EXH BlTION AUTHORITY, DOWNTOWN DEVELOPMENT
r' AUTHORITY, RESCUE SERVICES, COMMUNITY DEVELOPMENT,
!` CABLE T.V. AND LAW ENFORCEMENT SPECIAL REVENUE FUNDS
:aq' CbMDIM11Nd STATEMENT OF REVENUES. EXPENDITURES AND CHANGES -
a&»FUND BALANCES --BUDGET AND ACTUAL --BUDGETARY BASIS
r x YEAR ENDED SEPTEM13ER 30,1988
r
(in thousands)
a.�
with comparative actual amounts for Year ended September 30, 1987
Total a taw Enlorcenwd Var{sna l
FfIT_ WOf�O�Nj Bum �1987a" t�l%YOfe
but
_
Wdot
i 1,375 S 1.332 i (43) i 1,297
propKeY1W� ......$ $ - i - S 1,555 1881) 18,157 �71
_ _ - 2.436
fl111YiNs qxn - 281 15,858 18,001 2,145 281
�..: .... 2.008 1,073 (933) 104 539 479 (801 607
t 338 116 21) 363 532 532 1,145
t 0{fur. 718 20,208 21,899 1,893
2.342 1,188 11,154)
'' 1,781 639 4.068 21293 1,J73 2,488
2,166 385 1,873 81 1,025
3 Nft S&W.................. - _. 1,734
Ep4noni CWAIOpnMt,, - _ 15,909 16,281 (372) 19,188
+use 2,188 385 1,781 839 21,709 20.247 1,482 22,709
Exsese"Ift ncoofravenuse 176 803 627 78 (1,603) 1,852 3.155 (i,342)
overiqwdwm.........
OtMt fifwiclnQ soutaes (uses): - - 1,320 2,252 932 921 a {.
pperaftvMqtusin..................... - - 11761 (3y911) (3.735) -
pp41.11ndsnout.................. (178) - 1761 - 921
T iNwKNIoraca ......• (178) (178) - 1.144 (1,8691 (2,803)
�.... ......
of aw
usw 827 S 827 79 S (359) S 352 (421)
pgla....... ... i 4.094 4.519
s fiMidbra +)n 1,922 1,843
of"W....... 2,1J9 i 4099
!arty "n&I h (outl...................... i 2,649 i 1822 �8,270
y Fund b4itnasddsif M Itend of year. ' '"•"T'"'
Yf t h
SON
�<v,, f i' t � ,: t � S A. ryr�tvt. t � `t' � t. �. b `!• x ; Jr
n
4
CITY OF MIAMI, FLORIDA
_
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
with comparative totals for year ended September 30, 1987
(in thousands)
MSEA
MSEA
Other
General Utilities Subordinate
Special
Specisi
Obligation Service Obligation
Obligation
Obligation
.._
Bonds Tax Bonds Note
Bonds
Bonds
ASSETS
Equity in pooled cash and investments
$ 5,009
$ 281
Receivables.
Taxes ......... _...__.._ . .. ... _
390
2,419
Assessment Dens ....... _ . _ _
5,237
-
Due from other funds .... ...
-
-
Restricted cash and investments . _ _ .
-
-
Total assets .......................... ......
$10,636
$ 2,700'
LIABILITIES AND FUND BALANCES
F
Liabilities:
Deficit in pooled cash and investments ...
$ -
$ -
Due to other funds ........................ .....
-
2,700
Deferred revenue -assessments .... _..
5,044
-
Matured bonds and interest payable .... _
4,268
-
Otherpayables............. ........... _........ ..
15
-
Total liabilities .......... .......
9,327
2,700
Fund balances:
Reserved for debt service ........
-
-
Unreserved:
Designated for subsequent year's
expenditure ..................................
-
-
Undesignated ................ ... .... .... ...
1,309
-
Total fund balances .......................
1,309
-
Total liabilities and fund balances.... $10,636 $ 2,700
405
959 7,524
$ 959 $ 7,929
SCHEDULE C-1
Total
1988 1987
$ - $ 5,290 $ 7.417
57 3.271
3,121
- 5,237
7,764
141 141
-
- 8,483
15,989
$ 198 $22,422
$34,291
$ - $ - $ 53 $ 53 $ -
- 2,700 2,864
- 5,044 7,487
502 166 141 5,077 4,009
- - - 15 8
502 166 194 12,889 14.368
457 7,763 4 8,224 16,151
- - - - 2,000
- - - 1,309 1,772
457 7,763 4 9,533 19,923
$ 959 $ 7,929 $ 198 $22,422 $34,291
CITY OF MIAMI, FLORIDA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1988
with comparative totals for year ended September 30, 1987
(in thousands)
MSEA MSEA Other
General Utilities Subordinate Special Special
Obligation Service Obligation Obligation Obligation
Bonds Tax Bonds Note Bonds Bonds
Revenues
Taxes _ __ _ __
$20.868
$ 27,906
Assessment lien collections _.__....
2,403
-
Interest .. ... ..... _ _ _ . _.. . _
641
114
Other.... _ ... ... ...... ........ . _ .
-
--
Total revenues
23,912
28,020
Expenditures:
Debt Service
Principal retirement...._ ......
12,000
150
Interest and fiscal charges- ... .......
14,176
3
Other ........ ................ .
199
-
Total expenditures ... ...... _. _.
26,375
153
Excess (deficiency) of revenues
over expenditures ... _....... ...... ...
(2,463)
27,867
Other financing sources (uses):
Operating transfers in .............. ...
-
-
Operating transfers out.......... .. _
-
(27,946)
Proceeds from debt issuance.
-
Total other financing sources and
uses.................................
Cumulative effect of accounting change .
Excess (deficiency) of revenues and
other financing sources over
expenditures ...........................
Fund balances at beginning of year ....
Equity transfers to other funds...
Fund balances at end of year ......... .....
SCHEDULE C•2
Total
1988 1987
$ -
$ 4,310
$ 380
$53,464
$55,212
-
-
-
2,403
2,468
73
713
2
1,543
2,260
-
-
_ -
1
_ 73
5,023
382
57,410
59,941
1,250
-
512
13,912
11,630
733
1,974
1,641
18,527
16,055
2
349
2
552
726
1,985
2,323
2,155
32,991
28,411
(1,912)
2,700
(1,773)
24.419
31,530
1,240
-- (27,946) 1,240
(182)
(2,463) (79) (854)
3,772 79 1 ,31 1
$ 1,309 $ - $ 457
-
1,773
3,013
842
(7,329)
-
(35,275)
(30,198)
-
-
-
10,000
(7,329)
1,773
(32,262)
(19,356)
(186)
-
(368)
-
(4,815)
-
(8,211)
12,174
14.757
4
19,923
16,541
(2,179)
-
(2,179)
(8.792)
$ 7,763
$ 4
$ 9,533
$19,923
SCHEDULE C-3
MSEA Subordinate Obligation Nate
MSEA Special Oblation Bonds
Thai
Budget
Actual
Variance
Favorable
1987
Variance
Favorable
1987
Variance
Favorable
1987
(Unfavorable)
Actual
Budget
Actual
(Unfavorable)
Actual
Bud et
Actual
(Unfavorable)
Actual
$
$ -
$ - $
-
$ 4,000
$ 4,310
$ 310
$ 3,975
$ 50,715
$ 53,084
$ 2,369
$ 55,212
-
-
-
-
-
-
--
-
2,750
2,403
(347)
2,468
68
73
5
84
740
713
(27)
1,080
1,537
1.541
4
2,258
68
73
5
84
4,740
5.023
283
5.05',
55,002
Ei7.028
2,026
59,939
1,250
1,250
-
-
-
-
-
-
13,400
13,400
-
11,550
667
733
(66)
544
2.660
1,974
686
1,676
17,510
16.886
624
15,837
-
2
(2)
3
220
349
(129)
411
420
550
(130)
726
1,917
1,985
(68)
547
2,880
2,323
557
2,087
31,330
30,836
494
28,113
(1,849)
(1,912)
(53)
(463)
1,860
2,700
840
2,968
23,672
2.6,192
2,520
31,826
1,490
1,240
(250)
542
-
-
-
-
1,490
1,240
(250)
542
-
-
-
(78)
(5.707)
(7,329)
(1,622)
(917)
(31,368)
(35,275)
(3,907)
(30,198)
-
-
-
10,000
-
-
-
-
-
-
-
10,000
1,490
1,240
(250)
10,464
(5,707)
(7,329)
(1,622)
(917)
(29,878)
(34,035)
(4,157)
(19,656)
-
(182)
(182)
-
_ -
(186)
(186)
-
-
(368)
(368)
-
$ (359)
(854)
$ (495)
10,001
$ (3,847)
(4,815)
$ (968)
2,051
$ (6,206)
(8.211)
$ (2,005)
12,170
1,311
(8,690)
14,757
12,706
19,919
7,749
-
-
(2,179)
-
(2,179)
-
$ 457
$
1.311
$ 7,763
$ 14.757
$ 9,529
$ 19,919
SCHEDULE D-1
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
with
comparative
totals for year ended September 30, 1987
(in thousands)
Street
- Totals
Improve-
ments
Culture &
Recreation
Municipal Public
Use Use Sewers
Miami
Arena
Exhibition
Expansion
1988
1987
ASSETS
Equity in pooled cash and
investments .....................
$ 8,871
$ 7,799
$18,514 $23,359 $5,830
$ -
$ -
$64,373
$ 84,995
Cash and cash equivalents ...
-
-
- - -
646
-
646
-
Accounts receivable ............
9
-
- (4) -
1,568
-
1,573
36
Due from other funds...........
1,704
173
- 645 -
-
-
2,522
1,023
Due from other governments
-
6,303
- - 1,053
-
-
7,356
4,245
Restricted cash and
investments .....................
-
128
- - -
1,463
5,754
7,345
23,467
Total assets ...........
$10,584
$14,403
$18,514 $24,000 $6,883
$3,677
$5,754
$83,815
$113,766
LIABILITIES AND
FUND BALANCES
Liabilities:
Vouchers and accounts
payable ........................
$ 1,213
$ 1,130
$ 1,306 $ 373 $1,127
$3,632
$
$ 8,781
$ 4,372
Accrued expenses............
-
2
3 - 1
-
-
6
4
Due to other funds ...........
-
35
- 604 -
-
-
639
725
Total liabilities........
1,213
1,167
1,309 977 1,128
3,632
-
9,426
5,101
Fund balances:
Reserved for
encumbrances ..............
983
1,958
4,837 206 1,303
-
-
9,287
13,
Reserved for construction.
-
-
- - -
45
5,574
5,799
46
23,346
Unreserved -designated
for approved projects....
8,388
11,278
12,368 22,817 4,452
-
-
59,303
71,810
Total fund balances.
9,371
13,236
17,205 23,023 5,755
45
5,754
74,389
108,665
Total liabilities and
fund balances......
$10,584
$14,403
$18.514 $24,000 $6,883
$3,677
$5,754
$83,815
$113,766
75
y � x
M
d
t
`i
SCHEDULE D-2
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
} r
COMBINING
STATEMENT OF REVENUES, EXPENDITURES
7 ;«
AND CHANGES IN FUND BALANCES
EyR(, b
r'p
YEAR ENDED SEPTEMBER 30,1988
September 30,1987
�w =
with
comparative
totals for year ended
in thousands)
Totals
Wr
Improve -
Culture &
Municipal Public
Use Sewers
Miami Exhibition
Arena Expansion
1988
1887
a
menu
Recreadon
Use
- : ''
iieventws
itttergovarrunental
$ 1,507
$ 7,381
$ - $ - $ -
$ -
$ -
731
$ 8,888
6,979
$ 2,471
6,628
interest ....
771
302
1,084 1,523 878
230 63
590
6,866
-
8,831
11188
� z Other ,,,, ....
Total revenues .............
1,399
3,677
69
7,752
24
1,108 1,753 1,031
7,448
731
23,488
10,1EA�85
�; Eicp�itures:
r'sow,projects................
10,491
5,483
8,387 1,443 7,068
27,213
3,668
63,753
489
57.924
-
F Interest ...........................
Total expenditures .....
-
-
6,483
- 489 -
8,387 1,932 7,068
_
27,213
-
3,688
84,242
67,824
10,491
Excess (deficiency) of
revenues over
expenditures ..........
(6,814)
2,269
(7,279) (179) 6,037)
�-
19,787)
�_
(2,837)
40,744)
�_
47,759)
F Other financing sources
iusesl.
Operating transfers in .......
2,050
2.903
492 490 -
5,157
-
11,092
10,888
operating transfers out.....
(250)
(137)
(525) (6,692) (3,775)
-
-
(11,379)
(11,728)
' Proceeds from debt
6,607
- 148 -
-
-
6,755
44,334
'
issuance, net ................
-
Total other financing
sources(uses)..........•
1,800
9,373
(33) (6,054) (3,775)
6,157
-
8,488
43,305
Excess (deficiencyy) of
revenues and otherfi-
nancing sources over
and other
. expenditures
11,642
(7,312) (6,233) (9,812)
(14,610)
(2,937)
(34,276)
(4,454)
uses ,,,,,,,,,,,,,,,..........
(51014)
EFund balances at beginning of
14,385
1,594
24,517 29,256 15,567
14,665
81691
108,665
119,292
. , y „•,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Ety transfers from other
-_
_ _ -
-
-
-
8,880
to other
_ - -
_
-
-
1� 5,133)
F�transfers
ces at and of year
$ 9,371
$13,236
$17.205 $23,023 $ 5,755
$ 45
$ 5,754
$ 74,388
$106,665
4
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Val
SCHEDULE E-1
(continued)
Q0
CIO
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
with comparative totals for September 30, 1987
(in thousands)
Off- G&O
Street Enterprise
Marine
Miami
Orange
Bowl
Convention Golf Warehouse Parking Building
Solid
Propel
and Lail
Totals
Parking
Fund
Stadium
Stadium
Stadium
Center Marinas Auditorium Counas
Property
Gnre & Za+ierg
Waste
Msnageme"t
1988
1987
LIABILITIES AND
FUND EQUITY
Current liabilities (payable
from current assets)
Deflca m pooled cash $ —
$ —
$ 134
$ 466
$ —
$ 2,246 $ — $ 268 $ 523
$ —
$ —
$ —
$ 545
$ —
$ 4,182 .$
3,395
Vouchers and accounts
payable
820
80
4
61
201
687 1,487 12 57
—
57
18
1,675
a
5,163
3.734
Accrued expenses
(principally salaries)
—
—
—
13
48
28 56 6 32
—
—
219
849
10
1.261
1.250
Due to other funds
—
180
—
—
1.704
110 62 — —
—
69
—
—
—
2.125
1.379
Deferred revenue
624
80
3
2
34
— — 26 —
—
—
—
—
12
781
448
Deposits refundable .
82
53
—
2
2
— 40 1 2
—
116
—
52
350
689
Total current liabilities
(payable from current
assets) . _ .
1,526
393
141
544
1,989
3,071 1,645 313 614
126
353
3,069
78
13.862
10.895
Current liabilities (payable
from restricted assets)'
—
6
Construction contracts
—
—
—
—
—
— — —
870 — — —
—
299
—
—
—
1,813
2,219
Accrued interest . _
644
—
—
—
—
Current portion of rev-
— —
265
—
—
—
595
316
enue bonds payable
330
—
—
—
—
— —
Total current liabilities
(payable from
cted assets)
restricted
974
—
—
—
—
870 — — —
—
664
—
—
—
2.408
_ 2,540
Long ;erm l abhties
Revenue bonds payable
64,849 — — —
43
—
—
—
—
95.3:36
75,887
—net . . _ .
20.444
—
—
—
—
Special obligation bonds
— — —
—
12.757
—
—
—
12.203
13.257
payable —net _
—
—
—
—
—
—
—
—
--
—
7.03
t0
Other payables
203
—
—
—
—
— — — —
Total long-term
Iiabdfl es
20.647
_
_
_
—
64.849 — — —
43
12.757
—
—
—
98,296
89,154
_
Total liabilities
23,147
393
141
544
1,989
68.790 1.645 313 614
43
13,447
353
3.069
78
114.56E
102,589
Fund equity.
Contributed capital _
—
1.100
699
1.654
4,471
46,248 2,787 5,572 391
634
267
1.987
2,287
68,097
111
Retained earnings
(deficit)
Reserve for construc-
1,885
—
—
—
—
_
8,535 — —
—
1 483
-_
—
—
1 1,883
12.687
tion and debt service
Unreserved.. ._... ..
7,529
(449)
(335)
(661)
1,433
(30,155) 7,669 (2.635) 1101)
330
(5,065)
(274)
(2.025)
231
124.5081_116.7.37y
Total retained earnings
(deficit)._.._
9.414
(449)
(335)
(661)
1.433
(21,620) 7,669 (2,635) (101)
330
(3,602)
(274)
(2,025)
231
(12,625)
(3.550)
__
Total fund equity ....
9.414
651
364
993
5.904
24,628 10.456 2.937 290
330
(2,968)
(7)
(38)
2,5 i8
55 472
Ill
Total liabilities and
fund equity.........
$32,561
$1,044
$ 505
$1,537
$7.893
$ 93.418 $12.1.01 $ 3.250 $ 904
$373
$10.479
$ 346
$ 3.031
$2,598
$t70,038 t63,542
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- gluten**
SCHEDULE E-3
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES
IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30, 1988
with comparative totals for the year ended September 30, 1987
(in thousands)
il
Sties EmerpriN
Marine
Miami
Bolls Co—ontlon
Ca11
Wwsh— P.Arl 8u8eNnq 3
SOW
wd teens
TOr
park lr+p
fund
Stadium
Stadium
St"um
Canter
Marinas Audhorh+m
Cosines
_Prop .ti r
Cws
Z
Wars
Mwreown.rte
1989
1987
Workmq caD-tat provided by
•
farolied to)
Operanons
Income ILoss) Wore
extraordmayaem S 250
$11941
St901
$(146)S (7951$
(2.6481S 2.643
3 (1 131
So0i
S1101
S (8)
S0491
$(560)
S1276)
$ (2.13515
14601
Hems no! requaing
current Outlays of
.
W `kmq capral
Deprecation, a1onaa-
ti0n and bond accreDon
1.224
119
57
68
429
2.142
142
152
55
13
i 6 7
T 5
77
66
A, 726
4,r)55
LASS lga�n) on bSDds
iions of p,operty. plan:
t
20
61
t
130125
to
and egnpm•ent net
—
1'
Iota! wo,,ded by (apo!,ed
tot onorat;ons cefore
extraord:narvItem
1.474
f751
1331
!77)
(366)
086)
2.846
39
17
3
159
74
(353)
!2101
3.01R
3.505
Exranrdna'V ,tem—ions
e!ma,c"q
—
6.9401
—
6.94ai
12.5611)
Tota Wov.ded ty OPoled
10)operanons
1474
f75)
(331
(77)
!3661
(7.426)
2.846
39
17
t59
78
(3531
t2101
t3.92t1
t,rJ3F,
01'e•
Decrease lincrease,
147,
—
—
—
—
735
—
—
—
—
:.1291
—
--
—
55,1
(378)
'eAticlen accounts
Con`,buno�S and eduav
CA transfers. net
—
370
—
—
—
3.003
—
165
—
—
—
t
54
—
3,594
1.0 13
W Proceeds from Long-term
3,500
—
—
—
65.271
—
—
—
—
—
—
—
—
38.777
16.275
der';
!�c•ease ^ other I:aD:!:res
194
—
—
—
—
—
—
—
'-
—
—
ig4
6
T ota
5.121
2%
t331
(771
13661
61.583
2.846
204
17
3
_30
ti0
12991
210)
6, .1
1 7.15 2
Wo'ong rap'tal cool-ed—
Aril !,ons 01 propPrlY.
part and equipment.
ne;
4.931
120
—
1
1.136
3.486
6.290
178
5G
—
—
t3
56
_
i63,266
3•995
Retirement of revenue
60.000
—
—
—
20
245
--
—
—
6D.680
t3.652
bonds payable
315
—
—
—
—
increase(decrease) bond
—
(4241
—
—
—
—
—
—
—
—
1336)
310
dscourt .
88
—
—
—
Decrease m other
--
_
—
—
—
337
Increase idecreasel in
173
—
—
(8971
—
—
—
--
—
—
172'i!
34
other assets
Total!
5.507
120
1
1.136
62,165
6,290
178
'
50
20
24.9
13
56
5
75.7.96
t8..:?83
increase (decrease) in
S
$175
S(33)
S (781
$0.5021S
(582)
S(3.4441
S 26
S(331
Si17i
S1219)
i dl
3i355)
$1215)
S IG.592;5
l431)
workmgcapltai..
13861
Summary of ,,creases
(decreases) rn working
capaal
Cashandmvestments
S 165
S 189
S 21
SI2461
S (4801$
86
S(2077)
S (651
SI381
$071
St2901
S 95
SI9241
5 31f)
S 13.2715
!333)
Accountsreceivabte net.
72
4
(60)
8
(74)
22
35
l51
(41
50
(5,51
(527)
273
Due from other funds..
(165)
—
—
—
(1321
—
—
—
—
—
—
—
—
—
(7971
581
Due from/other govern-
—
—
—
—
—
—
—
257
menu_._ - _.
Inventories ....
—
36
—
—
—
—
—
—
—
—
—
—
—
—
—
—
'-
—
—'
—
—
_.
36
(591
a
r�am"
Prepaid expenses and
1320)
75
—
—
—
(107)
—
—
13521
(99)
1,i d
otherassets...__ _
Accounts payable and
086)
(161
1
6
(74)
(519)
11.300)
31
10
—
53
3
520
29
0.442)
(310)
accrued expense: ....
05)
—
132
(8541
32
(61)
—
—
—
22
—
—
—
(7441
(4171,1,
Due to other funds _.
—
8
—
(28)
—
—
--
—
(27)
(1)
21
340
(3611
Deposits refundable .�.�.
340
18)
5
30
—
—
—
(335)
37
D<ferred revenue _ ._- .
(328)
(54)
—
—
22
—
—
25
—
—
—
Increase(decrease)in
S
S 175
S(33)
S (78i
SI1.502}S
(582)
$13.444)
S 26
SI33)
S(17)
S1215)
$ 67
$1355)
S12151
3 ifl.592)$
t431)
Workingcamat ......._..
(396)
SCHEDULE F-1
INTERNAL SERVICE FUNDS
COMBINING BALANCE
SHEET
SEPTEMBER 30, 1988
with comparative
totals for September 30,
1987
(in thousands)
Fleet
Property
Print Procurement Communications
Totals
Management
Maintenance
S12p Management
Services
1988
1987
ASSETS
Current assets
Equity in pooled cash and investments
$ 819
$ 70 $
- $
109
$ -
$ 998 $
2,318
Inventories.. _ _ . _
242
223
41
96
141
743
608
Total current assets
1.061
293
41
205
141
1,741
2,926
Restricted cash and investments including
accrued interest..... ...
4,791
--
-
-
-
4.791
7.394
Property, plant and equipment.
30,030
259
119
33
3,396
33.837
32.635
Less: Accumulated depreciation _
(15,775)
(184)
(66)
(17)
(2,154)
(18,196)
(16,130
Property, plant and equipment, net
14,255
75
53
16
1,242
15,641
16,505
Bond issuance costs ..._ __._ _
330
-
-
-
-
330
414
Other assets . ...... _ _ _ _
1
-
-
-
-
1
2
Total assets ............. .._
$ 20,438
$ 368 $
94 $
221
$ 1,383
$ 22,504 $
27,241
LIABILITIES AND FUND EQUITY
(DEFICIT)
Current liabilities:
Deficit in pooled cash. _....... _... ..
$ -
$ - $
626 $
-
$ 84
$ 710 $
1,583
Vouchers and accounts payable......
1,172
84
87
9
148
1,500
1,476
Accrued expenses (principally salaries)
281
151
26
20
47
525
529
Current portion of Certificates of
Participation .................... ... .._
2,250
-
-
-
-
2,250
2,320
Accrued interest ................ _..
106
-
--
-
-
106
106
Total current liabilities .. _
3,809
235
739
29
279
5,091
6,014
Long-term liabilities:
Certificates of Participation -net of
-
9,490
11,740
current portion ..............
9.490
-
-
-
Total long-term liabilities ....
9,490
-
-
-
-
9,490
11,740
Total liabilities ............. ... ._..
13,299
235
739
29
279
14,581
17,754
Fund equity (deficit):
Contributed capital ..........................
6,652
273
178
23
2,326
9,452
9,269
Retained earnings (defjcit):
Reserved ............... .................. ...
4,791
-
-
-
-
4,791
7,394
Unreserved ................................ ..
(4,304)
(140)
(823)
169
(1,222)
(6,320)
(7,176)
Total retained earnings (deficit).....
487
(140)
(823)
169
(1,222)
(1,529)
218
Total fund equity (deficit) ............
7.139
133
_ (645)
192
1,104
7,923
9,487
Total liabilities and fund equity......
$ 20,438
$ 368 $
94 $
221
$ 1,383
$ 22,504 $ 27,241
87 Oz-51C
1
SCHEDULE F-2 -
Q
Fret Property Print Procurement Communications Took
MenaQemerrt Maintenance Shoo ManayemeM services 1988 1907
Operating revenues:
Charges for services ::....... ............. $ 6.818 $ 3,468 $ 467 $ 215 $ 2,141 $ 13,109 $ 16,006
Operating expenses:
Personal services ...... ...:.......................
4,959
2,879
379
399
811
_
Contractual services. ........... ..............
375
625
234
50
159
-
Materials and supplies ..........................
2,094
516
67
194
94
Utilities ...............................................
112
19
6
21
1,461
Other .................................................
397
2
27
-
2
Total operating expenses ................
7,937
4,041
713
664
2,527
Operating income (loss) before de-
preciation expense .....................
(1,119)
(573)
(246)
(449)
(386)
' Depreciation expense ..............................
3,384
11
9
7
272
Operating income (loss) ..................
(4,503)
(584)
(255)
(456)
(658)
Nonoperating revenues (expenses):
Interest income ...................................
651
4
-
14
-
ii
Interest and fiscal charge ......................
(949)
-
-
-
-
Other.............................
-
-
Total nonoperating revenues
(expenses) .................................
(109)
6
-
23
-
Income (loss) before operating
transfers ....................................
(4.612)
(578) _
(255) (433)
(658)
._
Operating transfers in ..............................
3.790
500
-
588
500
Operating transfers out ...........................
(183)
(206)
(30)
(40)
(130)
Net operating transfers ..................
3.607
294
(30)
548
370
Net income (loss)..........................
(1,005)
(284)
(285)
115
(288)
Retained earnings (deficit) at beginning of
year ...................................................
1,492
144
(538)
54
(934)
Equity transfers from other funds ...........
-
-
-
-
-
Equity transfers to other funds ..............
-
-
-
-
-
=•
_ Retained earnings at end of year ...............
487
(140)
(823)
169
(11222)
Contributed capital at beginning of year .....
6,652
273
178
23
2.143
Contributions from other funds ..............
-
-
-
-
183
Contributions to other funds .................
Contributed Capital at end of year .............
6.652
273
178
23
2.326
Total fund equity (deficit) • . • • • • • . . • •
$ 7.139
$ 133 $
(645) $
192
$ 1,104
9,427
9,484
1,443
1,685
2,965
3,084
1,619
1.823
428
281
15.882
16,357
(2,773)
(351)
3,683
3,093
(6,456)
(3,444)
669
1,051
(949)
(1,057)
200
182
(80)
176
(6,536) (3,268)
5,378 525
(589) (5,525)
4,789 (5,000)
(1,747) (8,268)
218
12,034
---
2,166
--
(5,714)
(1,529)
218
9,269
9,001
183
1,574
--
(1,3061
9.452
9,269
$ 7,923
$ 9,487
Es
L--M
SCHEDULE F-3
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CHANGES
IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30, 1988
with comparative totals for the year ended September 30, 1987
(in thousands)
Fleet Property Print Procurement Communications totals
Management Maintenance Shop Management Services 1988 1987
Working capital provided by (applied to):
Operations:
Net income (loss)...... ... ... _ _ $ (1,005) $
Items not requiring current outlays of
working capital
(284) $ (285) $ 115 $ (288) $ (1.747) $ (8,268)
Depreciation ........... ........
3,467
11
9
7
Loss on dispositions of property, plant
and equipment, net .....................
643
—
—
—
Total provided by (applied to)
operations ....... ......... _. ..
3,105
(273)
(276)
122
Decrease (increase) in restricted assets
2,603
—
—
—
Proceeds from Certificates of Participation..
—
—
—
—
Contributions and equity transfers, net .....
—
—
—
—
Total .................... ... ....... ....
5,708
(273)
(276)
122
Working capital applied:
Increase in bond discount .......... _ ... _.
—
—
—
—
Principal reduction of Certificates of
Participation ...................................
2,250
—
—
—
Additions of property, plant and
equipment ......................................
3,234
2
12
—
Total.........................................
5AB4
2
12
—
Increase (decrease) in working capital........
$ 224 $
(275) $
(288) $
122
Summary of increases (decreases) in
working capital:
Cash and investments .......................
$ (1) $
(268) $
(217) $
98
Inventories ..........................................
45
32
23
14
Accounts payable and accrued expenses
110
(39)
(94)
10
Short-term portion of Certificates of
Participation .....................................
70
—
—
—
Increase (decrease) in working capital........
$ 224 $
(275) $
(288) $
122
272
3.766
3.176
1
644
—
(15)
2,663
(5,092)
—
2,603
(7,394)
—
—
13,855
183
183
(3,280)
168
5,449
(1,911)
—
—
497
—
2,250
2.115
217
3,465
5.967
217
5.715
8,579
$ (49)
$ (266) $ (10,490)
$ (60)
$ (448) $
(6,853)
24
138
(99)
(13)
(26)
(1,218)
—
70
(2,320)
$ (49)
$ (266) $
(10,490)
SCHEDULE G-1
CITY OF MIAMI, FLORIDA
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1988
with comparative
totals for year ended September
30, 1987
(in thousands)
Expendable Trust Funds Agency Funds
Pension Trust Funds
Total
Self Pension Cable Deferred
GESE
FIPO
Insurance Administration T.V. Compensation
Trust
Trust
1988
1967
ASSETS
Equity in pooled cash and investments .........
$ 4,915 $ 838 $ 1,626 $ -
$ -
$ -
$ 7,379 $ 7,753
Pension investments, including accrued interest
- - - 14,144
177,174
311,439
502.757
470,556
Accounts receivable:
Proceeds from securities sold .... ..... ........
- - - -
797
488
1,285
2,458
Pension members' contributions..... ..........
- - - -
241
-
241
505
Other... .......................... ............ . .....
1 94 - -
-
-
95
1,769
Due from other funds ............................ _
- - - -
-
927
927
4,674
Prepaid expenses ................................ _ ...
4 - - -
-
-
4
-
Total assets ....................................
$ 4,920 $ 932 $ 1,626 $ 14,144
$178,212
$312,854
$512,688 $487,715
LIABILITIES AND FUND BALANCES
Liabilities:
Vouchers and account payable ......... ........
$ 356 $ 1 $ 126 $ -
$ 218
$ 72
$ 773 $
890
Payable for securities purchased ..........
- - - -
652
1,354
2,006
4,681
Due to other funds ..................... _...._.. _ ..
- 927 - -
-
-
927
4,674
Deposits .................................... ...... ..
2 4 1,500 -
-
-
1,506
1,502
Claims payable ........................................
1,405 - - -
-
-
1,405
1,545
Deferred compensation plan liabilities......._.
- - - 14,144
-
-
14,144
11,372
1,763 932 1,626 14,144
870
1,426
20,761
24.664
Fund balance:
Reserved for employee retirement plan
benefits ...............................................
- - - -
177,342
311,428
488,770
459,734
Unreserved:
Designated for hurricane loss .................
500 - - -
-
-
500
500
Designated for pension -related
expenditures .....................................
- - - -
-
-
-
-
Designated for claim payments ...............
2,657 - - -
-
-
2,657
2,817
Total fund balances ............................
3,157 - - -
177, 442
3 11,428
491,927
463,051
Total liabilities and fund balances..........
$ 4,920 $ 932 $ 1,626 $ 14,144
$178,212
$312.854
$512,688 $487,715
93 89 51-C
,
i.,,y
�-
i ss
M'r , CITY OF MIAMI, FLORIDA
M 4°'-,i i��,�� k t t 13 } _ RININ�#'iATEMNNT OF TRUST FUNDS
Eis'EXPENDITURES
AND 'C14 ESIN FUND BALANCES
"$ YEAR ENDED SEPTEMBER 30,1988
f '' h► coetr parat%w Wtab ftx y"r ended September 30,1987
;�r Y (in tho wands)
w SrH Pension Ta_R_al
Inswanoe 1!!88 78a7
x Seventies
$ _
$ 5,053
$ 5,053 $
5,033
(nte�r>alavemrnerital .
10,099
2 5 857
35,956
35 843
,
t ,. .,........
Intragovemmentaf • .....
1,604
—
1.604
1 ,311
Contributions from employees and retirees .....
4
425
332
Interest. ... .. !,
421
977
—
977
239
Other .
13.101
30,914
44,015
42,558
Total revenues. ....
penatures:
272
1,332
900
Personal services .....
,080
418
758
301
Contractual services .......................................340
9
4
Materials and supplies ...............................`2
9
—
9—
21,961
593
21,920
Contribution to retirement funds........
Insurance....... I ...........................
9,855
9,855
9,609
Claim payments ................................... . .
36
238
274
621
Other.............................I..................... ......I... ... .........
13,261
30,804
44,065
43,148
Total expenditures ............................................................
Excess (deficiency) of revenues over expenditures ...............:........
(180)
110
(50)
(59)
Qthe( financing uses:
(110)
(110)
--
Operating transfers out..............................................................—
(160)
—
(180)
(590)
;. Excess of expenditures and other financing uses over revenues......
3,317
3,907
Furl balances at beginning of year .................... ..........................
3.317
—
..
$ 3,157
$ —
$ 3,157 $$ 3�317
Fclr balances at end of year ...................... ......... .....................
ay 4� ' fhy SUM
SCHEDULE G-3
CITY OF MIAMI, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMIBER 30, 1988
with comparative totals for year ended September 30, 1987
(in thousands)
GESE
FIFO
Totals
Trust
Trust
1988
1987
Operating revenues:
Contributions from employers.........................................................
$ 12,590 $
11,026 $
23,616 $
26,708
Contributions from employees and retirees .......................................
6,171
6,789
12,960
12,766
Net realized gain on investments......................................................
(4,682)
150
(4,532)
56,780
Interest and dividends ................................. .......... ........................
. 8,955
19,084
28,039
22,636
Total operating revenues.............................................................
23,034
37,049
60,083
118,890
Operating expenses:
Personal services.........................................................................
1,007
444
1,451
1,364
Benefit payments .........................................................................
13,659
13,876
27,535
25,681
Refunds.......................................................................................
1,378
720
2,098
1,380
Total operating expenses...........................................................
16,044
15,040
31,084
28,425
Operating income.....................................................................
6,990
22,009
28,999
90,465
Nonoperating revenues:
Other..............................................................................................
31
6
37
13
Net income...............................................................................
7,021
22,015
29,036
90,478
Fund balances at beginning of year...........................................................
170,321
289,413
459,734
369,256
Fund balances at end of year...................................................................
$177,342 $31 1,428 $488,770 $459,734
95
SCHEDULE G-5
CITY OF MIAMI, FLORIDA
AGENCYFUNDS
COMBINING STATEMENT OF CHANGES
IN ASSETS AND LIABILITIES
YEAR ENDED SEPTEMBER 30,1988
with comparative totals for year ended September 30, 1987
(in thousands)
Cable
Deferred
Totals
T.V. Compensation
1988
1987
Pooled cash and investments .....
....... ......... . ..... $ 1,626
$ —
1,626
$ 1,729
Deferred compensation plan assets ....
—
14,144
14,144
11,372
Total assets —end of year .......... . .
... . ... ..... $ 1,626
$14,144
$15,770
$13,101
OF
Total liabilities —beginning of year .........
........ . .... ... ... .. .... $ 1,729
$11,372
$13,101
$ 9.657
Add: Contributions
—
677
Employee ......... .........
.... .. . .
—
3,117
3.117
2086
Employer ....... ..
1,117
1,117
1,,555
Investment earnings ....... .....
.
(1,462)
(1,462)
(283)
NJ
Less: Withdrawals & terminations ......
.. ... .. .. .. ..... .....
(103)
—
(103)
(591)
Payments to Licensee ... . .....
. . ... ... ... . ... . .........
$ 1,626
$14,144
$15,770
$13,101
Total liabilities —end of year ................
... .... .. . . . . . . . ................
97 89--sic
z '7
_
CITY OF MIAMI, FLORIDA
' ENTERPRISE FUNDS��
:SCHEDULES OFOPERATIONS--BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30,1988
r
(in thousands)
(G&O Enterprise Fund Marirn 8ts�um``
Off-SUeet ParWng
Variance
Favorable ---
NVa
Favorable
9u actual Nnb.) Budget Amal ,,baBudget
o able l
) revenues:
$ 7,926 $ 7,720 $ (206) $ 708 $ 765 $ 57 $ 25t
$ 183 $ (68I
sforservices :.. ...........
)expensesc
.. .,, ,o� eoln% 9a� 273 (28) 97
69 28
SCHEDULE H-1
Miami Stadium Orange Bow! Stadium Convention Center Marinas
Variance Variance Variance Variance
Favorable Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actue! (Unfavorable)
$ 363 $ 118 $ (245) $ 2,231 $ 2.066 $ (165) $ 3,887 $ 3,396 $ (491) $ 2,417 $ 1.606 $ _(611)
181
94
87
1,300
1,285
15
564
565
(1)
939
990
(51)
239
224
15
899
1,179
(280)
3,576
3,372
204
846
904
(58)
420
318
102
2,199
2,464
(265)
4,140
3,937
203
1.785
1.894
(109)
(57)
(200)
(143)
32
(398)
(430)
(253)
(541)
(288)
632
(288)
(920)
—
—
—
—
11
11
513
1,810
1,297
100
120
20
—
—
—
—
—
—
(5,143)
(4.028)
1,115
—
—
-
-
—
—
—
19
19
—
(400)
(400)
90
10
(80)
—
—
—
—
30
30
(4,630)
(2,618)
2,012
190
130
(60)
(57)
(200)
(143)
32
(368)
(400)
(4,883)
(3,159)
1,724
822
(158)
(980)
57
123
66
—
2
2
4,883
2,103
(2,780)
450
3,651
3,201
—
—
—
—
—
—
—
—
—
(916)
(708)
208
$ — $
(77) $
(77)
$ 32
(366) $
(398) $
—
0.056)
$ (1,056)
$ 356
2,785
$ 2,429
(69)
$ (146)
(429)
$ (795)
103
(1,592)
$ (2,648)
(142)
$ 2,643
(Continued)
69 -sic
SCHEDULE H-1
(continued)
Propperty and lease
Parking Garage
8ulidin%end
Zo ning
Solid Waste
Managamerrt
Variance
Favorable
_
Variance
Favorable
Variance
Favorable
Variance
Favorable
Budge
Actual
(Unfavorable)
Budget
Actvat
(Unfavorable)
Budget
Actual (Unfavorable)
Budget
Actual
(Unfavorable)
$ 847
$ 861
$ 14
$ 3,612
$3,744
$ 132
$ 18,945
$ 14,254
$(4,691)
$ 1,947
$ 1,522
$(425)
—
—
—
4,215
4.033
i82
18.520
18.564
(44)
196
197
(1)
430
289
141
475
429
46
12,134
11.768
366
248
80
168
430
289
141
4,690
4.462
228
30,654
30,332
^322.
444
277
_167
417
572
155
(1,078)
(718)
360
(11.709)
(16,0781
(4,369)
1,503
1,245
(258)
129
158
29
—
—
—
—
5
5
—
19
19
(1.4231
(1,420)
3
—
M
(1)
—
—
--
—
—
—
500
—
1500)
(110)
(110)
—
—
(19)
(19)
—
—
—
(794)
(1,262)
(468)
(110)
(111)
(1)
—
(14)
(14)
—
19
19
(377)
(690)
(313)
(1,188)
(829)
359
(11.709)
(16,092)
(4,383)
1,503
1,264
(239)
377
596
219
1,188
696
(492)
11,709
15,609
3,900
—
—
-
-
—
—
—
—
—
—
—
—
(1,503)
(1,474)
29
$ —
(94)
$ (94)
$ —
(133)
$(133)
$ —
(483)
$ (483)
$ —
(210)
$(210)
(159)
15
77
66
245
—
$ (8)
$ (148)
$ (560)
$ (276)
F
� ,?
ri
q
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
SCHEDULES OF OPERATIONS--BUDaE"f AND ACTUAL
on flumwndksl
F}m
u., rn*tY
Fleet N1c111" I
Nora l
Actual
Actual
• 5 a N$s! 1, r us '�
` feVen $ 8,087 $ 8,818 $ (1,249) $ 4,433 $ 3.488 . $ (985)
> 'CftarEes for services -----
expenses:_ S3 2,877 2,879 l21
fi.042 4.959 1.350 1.183 187
grsonaf,ae�ices;. ....,.. t ... ., 1,874
Contractua) senricea and other operating expenses ?.259 6,385 1,957 4,227 4,042 185
N 12.301 10,344
Total oper>Ung expenses
708 206 (5 4) 1780)
operating income before depreciation (4' 234) (3 526) 7
expens® . ..... .......
i (Vogoperating revenues (expenses): 381 — 4 4
270 851
Interest income'. ;..... 2 2
194 — —
_ 189 l51
Other ..:......,: g 376 6 8
Total. nonoperating revenues (axpensesl 484 1,084 206 (5f38) )
Income before operating transfers �3 770) 12,888) 500500
4.131 3,790 (341) --
Operadng, transfers in 381) (183) 178 (206) 1208) —
operating transfers out —�"—' 3.607 l e3) �208) 294 500
Net operating transfers........ .. 3,770: _"�
(274) $ (274)
$ — 921 $ 854 $
Net income --budgetary bass,...•,•........... —
p$co= ation to GAAP-basis: 407 —
Capita lizedexpenditures ..... ,......................
... 2. (11)
(3,384)
pepreciation expense.............................
�949) —
interest onCertificates ofParticipation .•.......;••• --- $$ (284)
basis .. $$j1_005)
Net income- GAAP ......... .........
A
'.l
F�kY
Y Wit'
N .„r,.
"I �
.� z*+'
k�ISis }r 3 t z Y u
77
�,.`'ka,
,f }.
�r y,i.r.,
Print Shop
Variance
Favorable
Budget
Actual
(Unfavorable)
$ 738
$ 467
$ (271)
378
379
(1)
330
350
(20)
708
729
(21)
30
(262)
(292)
30
(262)
(292)
(30)
(30)
—
(30)
(30)
$ —
(292)
$ (292)
16
(9)
$ (285)
SCHEDULE H-2
Prom amert Maneeement
Cnmmunicat:ons Services
Variance
Favorable
Variance
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ —
$ 215
$ 215
$2,787
$2,141
$ (646)
434
399
35
916
811
105
387
265
122
1,771
1,735
36
821
664
157
2.687
2,546
141
(821)
(449)
372
100
(405)
(505)
—
14
14
30
—
(30)
_
9
9
—
23
23
30
—
(30)
(821)
(426)
395
130
(405)
861
588
(273)
—
500
500
(40)
(40)
—
(130)
(130)
—
821
548
(273)
(130)
_370
500
$ —
122
$ 122
$ —
(35)
$ (35)
_ 19
(7) (272)
$ 115 $ (288)
y
..
�..
"
CITY OF MIAMI
OBLIt3ATION BONDS, NOTES AND
LOANS
;
REVENUE
AND SPECIAL
PRINCIP INTERET
AND
S30,19$8 REQUIREMENTS
as of $eptembe
Year';
Subordinate Special Warehouse Parkingt3erafls
p avenue
MSEA
gp�ie�
0
;•<
8g
R
Reventle Bonds Bonds
�getlon
ds
1989
Bonds
$ 330.000
Bards Sonde(l)
$ 21,000 $ 265.000
$ 130,000
135,000
f990
346.000
22,000 285,000
$ 3,500,000 $ 1,570,000 310,000
$ 600,000
140,000
,
1991
370,000
2.080,000
335.000
645,000
150.000
1992
385.000
2.460.000
380,000
890,000
180,000
�-
1993
415,000
2,980,000
390,000
735,000
170,000
-�=
440,000
3,180,000
425,000
785,000
180,000
1995
485,000
3,355.000
465.000
845.000
190,000
;t996
500,000.
3,570,000 510,000
900,000
200.000
1997.
535.000
3,805,000 can nnn
965.000
215,000
WN IF,
,.�s.
SCHEDULE H-3
Sunshine
MISEA
State
Govemmantal
Subordinate
Financing
HUD
Total
Obligation
Commission
Section Certificates of
Total
Total
Principal
Note
Loan
108 Loan Participation
Principal
Interest(l)
and Interest
$ 1.250,000
$ 405,000
$ 1,986,000 $ 2,250,000
$ 6,637,000
$ 14,695,465
$ 21,332,465
1,250,000
429,000
1,986.000 1,915,000
11,437.000
13,783,878
25,220,878
1,250,000
454,000
1,986,400 2,335,000
9,505.400
13,527.023
23,032.423
1,250,000
611,900
5,240,000
11,076,900
15,834,773
26.911,673
1,250,000
651,000
6,506,000
9,872,103
16,378.103
1.250,000
692,000
6,837,000
9,445,325
16.282,325
1,250,000
729,000
7,189,000
8,987,861
16,176,861
773.000
6,343,000
8,529,740
14,872,740
820,000
6,770,000
8,088.567
14,858,567
869,000
7,249,000
7,605,417
14,854,417
924,000
7,759,000
7.080,193
14,839.193
978,000
8,323,000
6,511,405
14,834.405
1,034,000
7,954,000
5,935,488
13.889,488
1,098,000
8.538,000
5,352,896
13,890,896
1,165,000
9,155,000
4,724,815
13,879,815
1.235,000
9,076,064
8,209,419
17,285,483
1.308,000
5,836,829
7,948.474
13,785.303
1,390.000
5,985,371
7,796.021
13,781.392
1,470,000
7,756,353
7,554,764
15,311.117
1,560,000
10,770,099
7,095.612
17,865,711
1,652,000
6,122,359
6,695,627
12.817.986
1,751,000
6,379,229
6,442,877
12,822,106
1.859,000
5,167,410
6,163,508
11.330,918
1,966.000
5,316,815
5.725,326
11,042,141
445,000
3,906,229
5,503,157
9,409.386
475,000
4,056,160
5.287.326
9,343.486
500,000
4,174,407
4,778,743
8,953,150
$ 8,750,000
$ 27,243,900
$ 5,958.400 $ 11,740,000
$195,826,625
$219,175,803
$415,002,428
109ZY""Q��y
-- -. -_ -.-. ix� fiA4as s ..: .ctt:. r '•c. u *.:s., _ - _ - _ '' -
r '
SCHEDULE H-4
CITY OF INtAMi. FLORIDA
dEN iiiA►t, V"TJON BONDED INDEBTEDNESS
F�R1NCiiIkL11►N0 INTEREST aEQU1RENIENTS
' K > AOF BEpTEMBER 30,1988
S
�—
t� t P inter6st Total30
-
� � .�4l��f 9.055,000 $ 1-1,302,212 $ 20,351,212
11,y10.000 12.639.426 24,349,428 WNW
188b. 11,854,043 22,579,043
981...... ..• 10.725.000 -
11,Z85,000 11,050,913 22,335,913
1892 10,246,708 20,831,708
10.585,000 19.928,138
` 10,475.000 9,453,136
1994 19,507,552
10.750,000 8,757,552
10,590,000 8,075,332 18,665,332
1898 7.379,780 18,014,780
10,835,000-
1997 6,860,710 16.445,710
t99$ ...............: ............ 9,785.000 14,922,177
8 945,000 5,977,177
1999 • 13,546,547
8,235.000 5,311,547
200d 4,630,153 13,395,153
..... .......:... $.785,000 12.776,514
2001 3,958,514
8,820,000 12,536,639
2002 3,246,639
2003..................................... 9.290,000 10,021.192
7,510,000 2,511,192
2004 .... 8,912.649
7,010,000 1,902.649
2005 _. ...... 6,670.595 —
5,230,000 1,440,595
200 .......... 4,850,
8 1,110,300 300
740,000 �#
200.............................. 3, 3.522,
7000 842,265 265
2,680. 3, 288.115 .._
2008 "' 668,1.15
.......... 2,820,000 3,215,018
2Q08 490,018
. 2,725 000
2010 ....:.
2,055,000 350,055 2,405,055
•-• 1,621,488
2911 ... 251,488
1,370,000 1,567,550
2012 ..................................... 167,550
Qt 3 .......... 1,400.000 1 441,800
..., .... .... 1.360.000
81,600
2014
To1at.,........
$187,350,000 $130,357.669 $317,707,889
� t
y 54 i
k 5
am
��•%
0v T Mam
} r .,�,'�k.
1 '�� i' .,
CITY OF MIAMI, FLORIDA
GENERAL FUND EXPENDITURES AND OTHER USES BY FUNCTION!
LAST TEN FISCAL YEARS
(in thousands)
CULTURE
OTHER
POLICE PUBLIC GENERAL
AND
EXPEND -
FISCAL AND SOLID IMPROVE- GOVERN-
RECREA-
ITURES
YEAR FIRE WASTE MENTS MENT
TION
& USES
TOTAL
1988 $1 1 1 .869 $15.609 $ t 2,52 1 $20.205
» 10,321
$15.812
$186,337
1987 111,884 16,0?1t11 13,795119.338
9.867
16.785
187,700
1986 103,893 24,T12 20'339(?) 16,328
R.439
15,522
189,424
1985 99,681 22.802 14,973 17,099
8.651
17,999
181,805
1984 93.84 t 22.57(, 13,401 16.135
8,378
12.549
166,880
1983 87.371 21,733 11,62414) 14,,9�)
7.691
8,726
151,740
1982 7 4.8 13 1 9,394 13,609 14.114
7,116
8,998
138,043
1981 6 1,50 1 17,386 12.331 11,734
7,518
8,511
118.981
1980(4) 53.084 14.491 11.448 10.308
7.378
5,095
101,794
1979 50,205 14,312 10,637 9,356
fi,870
5,437
96,817
(1) Beginning in FY 1987. solid waste activities were accounted for in a separate Solid
Waste Enterprise Fund The amounts shown after
FY 1987 reflects the General Fund's operating subsidy of that enterprise fund
(2) Beginning in FY 1987, Budding and Zoning activriies were accounted for in a separate
Budding and Zoning
Enterprise Fund.
The amounts
after 1987 under Public Improvements do not reflect the General Fund operating
subsidy which is reflected under `Other Expenditures
"
(3) The Departments of Development and Community Development, which had expenditures
totaling
$2 108 million in FY
85 formerly
classified under oeneral government are, beginning in FY 86. classified under Public
improvements
(4) The Budding Department was merged during 1983 into the Fire Department. Expenditures
of approwmately
$2.2 million were classified
as public improvements in 1982
CITY OF MIAMI, FLORIDA
PERCENT OF TOTAL
GENERAL FUND EXPENDITURES
AND OTHER USES BY FUNCTION
60.0 Police
59.6 and
54.8 Fire
8.4
8.6
Solid Waste
13.2
6.7
7.9
Public Improvement
10.7
10.8
10.3
General Government
8.6
5.5
5.3 Culture & Recreation
4.5
8.5
8.9 Other
8.2
10%
20% 30% 40% 50%
60%
1987.88 Actual Expenditures
1986.87 Actual Expenditures
1985-66 Actual Expenditures
113
89-5i�;
OTHER
-
CITY
BUSINESS
INTER-
LICENSES
CHARGES
REVENUE
AND
FISCAL
PROPERTY
& EXCISE
GOVERN-
AND
FOR
FINANCING
- YEAR
TAXES
TAX
MENTAL
PERMITS
SERVICES
SOURCES
1988
$89,396
$42,743
$30,225
$6,399
$ 1,648
$11,283
_ . 1987
90,886
40.822
27,865(1)
6,082
1,974(2)
16,633
1986
88,138
36,511
33,094
6,016
18,410
6,934
1985
84,209
33,636
38,191
6,041
17,634
7,169
1984
78,968
27,186
35,514
5,853
14,834
5,610
1983
67,619
27,351
35,948(3)
5.288
13,977
3,783
1982
61,865
25,593
26,041
5.452
13,301
5,492
- 1981
54,060
23,388
24,634
6,096
13,213
3,665
1980
42,679
23,529
20.298
5,593
6,636
4,156
- 1979
39,388
20.050
23,327
4,793
2,506
5,772
In
TOTAL
$181.664
184.262
189.103
186,880
167,965
153,966
137,744
125,056
102,891
95,836
(1) Reflects loss of Federal Revenue Sharing Funds, which amounted to $7.1 million in 1986.
(2) Beginning in FY 1987 Charges for Services do not include revenues pertaining to solid waste collection fees and Building and Zoning, as
these revenues are now recorded within their respective enterprise funds.
(3) Included since 1983 is new revenue source from the State of Florida, a 50% portion of the one cent sates tax increase.
CITY OF MIAMI. FLORIDA
PERCENT OF TOTAL
GENERAL FUND REVENUES
AND OTHER FINANCING SOURCES
49.2
49.3 Property Tax
46.6
23.5
22.2 Business & Excise Taxes
19.3
16.6
15.1 Intergovernmental
17.5
3.6
3.3 License & Permits
3.2
0.9
1.1
Charges for Service
9.7
6.2
9.0
All Other Sources
3.7
10%
1987-08 Actual Revenues
20% 30% 40%
50% 60%
1944-87 Actual Revenues
1945-06 Actual Revenues
CITY OF MIAMI, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
(in thousands)
..
COLLECTION PERCENT OF
COLLECTION
FISCAL
TOTAL
OF CURRENT LEVY
OF DELINQUENT
YEAR
TAX LEVY(1)
YEAR'S TAXES COLLECTED
TAXES
1988
$1 15,935
$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
j 1981
72,619
70,288 96.79
437
1980
60,984
58,790 96.40
308
1979
58,389
57,325 98.18
431
TOTAL
OUTSTANDING
COLLECTIONS
OUTSTANDING
DELINQUENT
FISCAL
TOTAL TAX
AS % OF
DELINQUENT
TAXES AS % OF
CITY
YEAR
COLLECTIONS CURRENT LEVY
TAXES(2)
CURRENT LEVY
MILLAGE(1)
1988
$110,264
95.11%
$4,621
3.99%
11.8219
1987
113,346
97.20
2,894
2.48
12.2910
1986
106,401
96.83
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
1981
70,725
97.39
2,027
2.79
11.9870
1980
59,098
96.91
1,939
3.18
13.9600
1979
57,756
98.92
1,559
2.67
14.4870
�j
(1) Includes levies for general operations
and debt sevice.
®
(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.
Si
-
tt
w
CITY OF MIAMI, FLORIDA
_
r
ASSESSED VALUE OF ALL TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(in thousands)
E
NET
:.;
FISCAL
- YEAR;
REAL'
PROPERTY
PERSONAL
PROPERTY GROSS TOTAL
HOMESTEAD ASSESSED
EXEMPTIONS VALUE
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
19$8
8,979,226
1,205,707 10,184,933
953,516
9,231,417
1085
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
7,211.464
5,748,550
873,815 6,622,365
564,238
6,058,127
rh '
1980
3,743,051
822,729 4,565,780
197,311
4,368,489
1979,
3,420,381
806,794 4,227,175
196,708
4,030,467
SOURCE: Metropolitan Dade County Property Appraiser's Office.
CITY OF MIAMI, FLORIDA
f ' .
PROPERTY TAX RATES (1) AND TAX LEVIES
ALL OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
TAX RATES
YEAR
CITY
COUNTY SCHOOLS
STATE
TOTAL
1988
11.8219
9.608 7.650
.564
29.6439
1987
12.2910
9.032 7.551
.497
29.3710
sue'
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
_
1981
11.9870
7.013 8.220
.402
27.6220
1980
13.9600
9.342 6,750
.422
30.4740
1979
14.4870
9.260 8.000
.397
32.1440
TAX LEVIES
(in 000's)
1988
$115,935
$94,224 $75.022
$5,531 $290,712
1987
116.612
85,692 71.641
4,715
278,660
1986
109,938
85,151 67,537
4.053
266,679
;,•;`
1985
104,135
76,616 64.366
3,734
248,851
1984
93,340
73,455 61,767
3,583
232,145
s.;.
1983
83,025
56,057 50,300
2,971
192,353
1982
76,903
50,473 51,490
2,582
181,448
{ `
1981
72,619
42.486 49,798
2,435
167,338
1980
80,984
40,810 29,487
1,844
133,125
sE
1979
58,389
37,322 32,244
1,600
129,555
4,
7�
CITY OF MIAMI, FLORIDA
SPECIAL ASSESSMENTS COLLECTIONS AND RECEIVABLES
LAST TEN FISCAL YEARS
CURRENT ASSESSMENTS
FISCAL LIENS RECEIVABLE
YEAR COLLECTIONS AT YEAR-END
1988
$2,402,451
$193,952
1987
2,468,224
2.77,432
1986
3.735,080
405,894
1985
2,688,028
414,730
1984
2,743,429
302,760
1983
1,900,365
303,469
1982
1,764,407
119,867
1981
1,761,291
94,268
1980
1,167,056
9.234
1979
948,365
3,138
NOTE: The City of Miami's Special Assessments consist of assessment hens for various capital projects such as sanitary and
storm sewer improvements. The collections shown above are on a cash basis and includes interest, prior year
delinquencies, and full pay offs. The assessment liens receivable at year-end, which represent amounts susceptible to
accrual provided that they pertain to liens assessed prior to year-end, are shown net of deferred revenue. Billings for
fiscal year 1988 approximated $1,120,000.
CITY OF MIAM1, FLORIDA
RATIO OF NET GENERAL BONDED DEBT TO
NET ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
.
LAST TEN FISCAL YEARS
NET NET
ASSESSED HOMESTEAD TAXABLE BONDED
FISCAL
VALUE EXEMPTION VALUATION DEBT
PER
YEAR
POPULATION (000's) (000's) (000's) (000's)
RATIO
CAPITA
1988
$369,007(1) $10,761,797 $954,978 $9,806,819 $186,041
1.90%
$504.17
1987
368,210(1) 10,420,911 933,300 9,487,611 195,578
2.06
514.70
1986
371,9750) 10,184,933 953,516 9,231,417 190,697
2.07
512.66
1985
380,446(1) 9,696,610 952,430 8,744,180 170,087
1.95
447.07
.,
1984
383,027(1) 9,346,033 954,979 8,391,054 146,102
1.74
381.44
M
1983
382,726(2) 8,659,281 920,895 7,738,386 124,955
1.61
326.49
1982
382,726(2) 7,962,129 750,665 7,211,464 109,398
1.52
285.84
1981
399,995(3) 6,622,365 564,238 6,058,127 118,038
1.95
295.09
1980
346,865(3) 4,565,780 197,311 4,368,469 123,020
2.82
354.66
1979
345,000(4) 4,227,175 196,708 4,030,467 134,786
3.34
390.68
(1) Estimate provided by the State of Florida, Division of Population Studies, Bureau of Business and Economic Research,
University of Florida.
(2) Based on July 1, 1982 population estimate used by the Office of Revenue Sharing of the Federal Government.
(3) The City
of Miami was involved in litigation with the Federal Census Bureau challenging the 346,865 population count of 1980; as a
result, during 1981 the population count was adjusted upward to 399,995 for Federal Revenue Sharing purposes.
(4) Estimated by the City on the basis of added electric and water connection and new dwelling units constructed.
rCJt dr:
,. 117�:'
} FOR GENERAL BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES
»x, AND OTHER USES
��x r
L ' LAST TEN FISCAL YEARS
On thousands)
TOTAL
GENERAL BONDED GENERAL FUND
FlBCAL BOND BOND DEBT SERVICE EXPENDITURES
YEAR PRINCIPAL INTEREST EXPENDITURES & OTHER USES RATIO
fi .5S
n3 s 1988 $12,000 $14,176 $26,176 $186,337 14.05%
11,400 13,609 25,009 187,700 13.33
'A 1988 10.800 13,281 24,281 189,424 12.71
sx' 1985 10,010 12,540 22,550 181,805 12.40
;, -9,84 9,570 7,924 17,494 166,880 10.48
' j " 1983 9,990 6,570 16,560 151,740 10.91
Y`
1982 10,310 7,130 17,440 138,043 12.63
1,981 10,735 6,620 17,355 118,981 14,59
f 1980 10,160 7,235 17,395 101,794 17.09
1979 ' 9,860 7,202 17.062 96,817 17.62
CITY OF MIAMI, FLORIDA
SCHEDULE OF DIRECT AND OVERLAPPING
GENERAL OBLIGATION DEBT
SEPTEMBER 30,1988
(in thousands)
a
AMOUNT PERCENTAGE
AVAILABLE APPLICABLE CITY'S SHARE
I GROSS DEBT AND RESERVES NET DEBT TO CITY OF DEBT
r.. city of Miami ..................... $187,350 $1,309 $186.041 100% $186,041
Metro -Dade County ........... 534,876 7,077 527,799 19%(1) 100.282
$722,226 $8,386 $713,840 $286.323
(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 30,1988
Not Assessed Value .......................................:...... $10,781,797,000
Homestead Exempt Valuation ................................. 954.978.000
Net Taxable Assessed Valuation ............................. $ 9,806.819.000
,' .• Debt Limitation for Bonds
`.(15%of$9,806.819,000)(1)............................. $ 1,471,022,850
Present Debt Application to Debt Limitation:
General Obligation Debt ................................... $187,350,OQ0
Less Amount Available in Debt Service Fund ...... (1,309,000) 186,041.000
Legal Debt Margin ......................... . . . ........ $ 1.28i.981.850
1) 8eoticln 5$ of the City Charter limits the General Obligation bonded debt of the City to 15% of the assessed valuation of
Alt real and. personal property within the City limits as determined by the preceding assessment roll of the. City.
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sr
CITY OF MIAMI, FLORIDA
CURRENT DEBT RATIOS
SEPTEMBER 30, 1988
FACTORS:
Net Assessed Value (1)
$10,761,797,000
Net Taxable Valuation
$
9,806,819,000
City of Miami Debt, Net of Reserve Funds
General Obligation
$186,041,000
Special Obligation (2)
168,521.000
Combined Direct Debt
$
354,562,000
Overlapping Debt, Net of Resenle Funds (3)
General Obligation
$100,282,000
Special Obligation
59,123,000
Combined Net Overlapping Debt
159,405,000
Total Net Direct and Net Overlapping Debt
$
513,967,000
Population of Miami per State of Florida (adjusted for 1988).............................
_ _ .. _........ _ _ .........
369,007
Net Assessed Valuation per Capita. . . .............. ................ .....
$
29,164
Net Taxable Valuation per Capita ..... ..... ...... ........ ........._........._...............
.........._......_.......
$
26,576
DEBT RATIOS:
Net Direct General Obligation Debt as a percent of Taxable Assessed Valuation ................................. 1.90%
Combined Net Direct and Overlapping General Obligation Debt as a Percent of Taxable Assessed Valuation 2.90%
Net Direct General Obligation Debt Per Capita................................................................................. $ 504.17
Combined Net Direct General and Special Obligation Debt Per Capita ................................................. $ 960.85
Combined Net Direct and Overlapping General Obligation Debt Per Capita ........................................... $ 775.93
Combined Net Direct and Overlapping General and Special Obligation Debt Per Capita ......................... $ 1,392.84
(1) Assessed valuation as of the final tax roll from Metropolitan Dade County, using 100% of assessed values 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.
119
t asri
t $ �
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Y�7M � �4
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CITY OF MIAMI, FLORIDA
TEN LARGEST TAX ASSESSMENTS
1988 ASSESSED VALUE
NAME OF
TAXPAYER
1 . City National Bank
2. Southern Bell Telephone & Telegraph
3. Southeast Bank
4. Florida Power & Light
5. Florida East Coast Properties
6. Equitable Insurance Company
7. Mayfair
8. Brickell Associates
9. Centrust Tower Ltd
10. Knight Ridder Newspaper
SOURCE: Metropolitan Dade County Property Appraiser's Office
FINANCIAL INSTITUTIONS
NATURE
ASSESSED
OF
VALUEIN
ACTIVITY
(000,S)
Hotel/Office Building
$264,732
Utility
240,911
Bank/Office Building
212,159
Utility
149,498
Real Estate
121,709
Office Buildings
118,156
Hotel/Shopping Center
98,011
Office Building
74,177
Bank/Office Building
72,500
Newspaper/Publishing
66,094
CITY OF MIAMI, FLORIDA
BANK DEPOSITS (1)
LAST TEN YEARS
Dade County is an international financial center with approximately 41 foreign bank branches and 10 representative offices
operating in the community. Additionally, there are 29 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, permitted banks to open international banking
subsidiaries outside their home states. The Federal Reserve System has located a branch office in Dade County to assist the
Atlanta office with financial transactions in the South Florida area.
There are 69 local banks in Dade County which together have a total of $26 billion in deposits. A ten year summary is
presented below:
NUMBER
YEAR
OF BANKS
TOTAL DEPOSIT
1988
69
$25,958,000,000
1987
73
23,042,378,000
1986
75
21,615,733,000
1985
76
21,770,028,000
1984
74
19,256,581,000
1983
70
16,158,326,000
1982
65
13,486,248,000
1981
65
9,234,540,000
1980
63
9,341,691,000
1979
71
7,982,108,000
SOURCE: F.D.I.C., Atlanta, GA.
(1) The information presented is for Metropolitan Dade County as a whole which includes the City of Miami. These figures
include national and state chartered banks that are F.D.I.C. insured. Non-insured state chartered banks are excluded.
f - 121
77
9t4+3,5•plyS�:
jhi�C +'yrr
n
CiTY OF MIAMI, FLORIDA
GENERAL STATISTICAL DATA
GEOGRAPHY
The City of Miami encompasses 34.3 square miles of
land and 19.5 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 and is 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.
LOCAL MASS TRANSIT
Metropolitan Dade County Rapid Transit System: One
of the most important developments affecting Dade County
in general and downtown Miami in particular, is the imple-
mentation of a rapid transit rail system. The system passes
through the western portion of Miami's Central Business
District and has 21 stations. Construction which began in
May 1979 was completed in 1985.
Downtown Component of Metrorail: The Downtown
Component of Metrorail is an extension of the Metrorail
Transit System that will distribute passengers throughout
Miami's Central District. it is planned to consist of a two-
way, elevated rail line around the District's core with spur
lines extending north and south to the outer portion of the
downtown areas. The central core line became operational
in 1986.
ECONOMY
The economic base of Greater Miami has diversified in
recent years, shifting from a reliance of 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 com-
bined to make the Miami area a prime relocation area fcr
major manufacturing firms and international corporate
headquarters.
PORT OF MIAMI
The Port of Miami is operated by the Seaport Depart-
ment of Metropolitan Dade County. From 1979 to 1988,
the number of passengers sailing from the Port increased
from 1,350,332 to 2,502,411, an increase of 85%. 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 of Miami has increased by 14%
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 begun in 1980, designed to move 16 million tons
123
of caroo 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 con-
duct business through the Port.
A ten year summary of the growth in revenues, passen-
gers, and caroo handled follows.
Total
Cargo
Year
Revenues
Passengers
[Tarrnagr)
1988
26,489,275
$2,502,411
2,602,556
1987
19,933,197
2,633,041
2,425,937
1986
17,973.52.2
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
1981
12.468,522
1.567,709
2,757,374
1980
12,056,896
1,459,144
2,485.791
1979
8,110,840
1,350,332
2,291,382
SOURCE:
Dade County Seaport Department
MIAMI INTERNATIONAL AIRPORT
Metropolitan Dade County owns and operates five air-
ports in the Miami area. Miami International Airport ranks
ninth in the nation and eleventh in the world in passengers
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 1988 over 24 million air
travelers were serviced by Miami International Airport, and
over 1.4 billion pounds of cargo was handled. Miami Interna-
tional Airport is in the midst of a $1 billion 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
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
1981
19,849
1,170,009
1980
20,507
1.130,799
1979
19.628
1,066,313
SOURCE: Miami International Airport
FILM INDUSTRY
The Dade County film and television industry ranks third
nationally behind New York and Los Angeles in its annual
dollar volume of production costs. As estimated by the State
of Florida, the total direct production expenditures in the
South Florida area was almost $256 million in 1988 a
56% increase from 1987 and the Greater Miami portion is
estimated at approximately $155 million.
b, �t
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F
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5• G',4fi M1
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,
'FACTO
�Z,tl?t`
r K F i
WATER
CUSTOMERS
AND SALES
i
Data reflecting the growth of the economy of the Metro-
`Dade
111umb.r
IM�-
1
p�31'tten County (including the City of Miami), are pros
Yse.
W~ Notsm
Galloeal
dated in the ten year summaries below:
CITY OF MIAMI, FLORIDA
1988
19$7
198e
307,959
295,000
293,000
96,570
94,300
91,025
;
GROWTH FACTORS RELATIVE
1985
2812,200
,
86,186
1'
TO DADE COUNTY, FLORIDA
1984
282,900
95.252
z
ELECTRICITY CUSTOMERS AND SALES
1983
280;000
93,500Tmw
1982
246,000
91,000
Commercial
Total KWH ` Residential Customers
1981
180 800
89,253
1
Sales Customers Average '
1980
174,300
83,449
'
Yen (000's) Average Number Number
1979
187;000
78,383
1988 16,740,= 672,429 88,082
Motor Whide
Ssles Tax
Collections
._
j
1987 17,500,000 855,000 88,000
Yeui
Repiatratbns
(000'e)
1
1986 16,821,410 ; 840;000 , 85,200
1988
1,758,674
$1.040,079
'
19$b 15.479,000 623,000 81,100
1987
1,714,684
787,874
t984 16,092.6b3 620,000 80,100
1986
.1,608,982
742.533
1983 16.203.147 808,000 74,700
1985
1,589,173
686.399
I
ice-
1882 15,318,870 598,900 72,200
1984
1,470,024
664.014
`
1981 14;815,300 595,300 87J00
1983
1,453,991
575,065
# -
7980 14,787,600 687,200 85,100
1982
1,288.844
470,818
t979 . ; 14,280,000 572.200 : 62,400
1981
1,288,067
488,563
1980
1,173,813
381,381
1979
1,058,734
308.678
SOURCE; Appropriate utility or
responsible govemment
agency.AL
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