HomeMy WebLinkAboutR-88-0509J=88=533
06/01/88
RESOLUTION N0. fo� —.t;oq
A RESOLUTION ACCEPTING, APPROVING AND ADOPTING THE CITY
OF MIAMI, FLORIDA, COMPREHENSIVE ANNUAL REPORT FOR THE
FISCAL YEAR ENDED SEPTEMBER 30, 1987 AS REQUIRED BY
FLORIDA LAW.
WHEREAS, Coopers and Lybrand, in association with Sanson,
Kline and Jacomino and W. B. Coon and Co., the auditors for the
City of Miami, Florida, have completed their financial audit of
the City of Miami's accounts and records and have completed the
City of Miami's Comprehensive Annual Financial Report for the
Fiscal year ended September 30, 1987; and
WHEREAS, Florida law requires the adoption of the
Comprehensive Annual Financial Report in a public meeting of the
Commission of the City of Miami; and
WHEREAS, attached hereto is the Comprehensive Annual
Financial Report for the Fiscal Year ended September 30, 1987;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section T. The Miami City Commission hereby accepts,
approves and adopts the attached Comprehensive Annual Financial
Report of the City of Miami for the Fiscal Year ended September
3U, 1987, as required by Florida Law.
PASSED AND ADOPTED THIS XXXAAVIER
f June 198$.
. SUAR MAYOR
ATTE
2
MA Y HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
R 0 B E R T F. CL RK
CHIEF DEPUTY CITY ATTORNEY
ATT Lei 4i Y
EN -01
APPROVED AS TO FORM AND
CORRECTNESS:
CITE ATTORNEY
CITY COMMISSION
MEETING OF
JUN pp9 1988
RESOLUTION No.
REMARKS:
Y 0tt t a in T,
it ��a�o Oo►.Ip
CITY COMMISSION
Xavier L. Suarez
Rosario Kennedy
J. L. Plummer
Victor de Yurre
Miller J. Dawkins
Cesar H. Odio
Lucia A. Dougherty
Matty Hirai
Mayor
Vice -Mayor
Commissioner
Commissioner
Commissioner
City Manager
City Attorney
City Clerk
CERTIFIED PUBLIC ACCOUNTANTS
COOPERS & LYBRAND
In Association With
SANSON, KLINE, JACOMINO & COMPANY
W. B. KOON & COMPANY
€INANCIAL SECTION (continued)
Exhibit/
Schedule
Page
Trust and Agency Funds
Combining Balance Sheet
G•1
97
Combining Statement of Revenues, Expenditures
and Changes .n Fund Balances -- Evpendat:ale bust Funds
G•2
98
Combinino Statement of Revenues Expenses
and Changes in Fund Ba:ances -Pension Trust Funds
G•3
99
Combining Statement of, Chances n Finanoai
Position --Pension Trost Funds
G-4
100
Combining Statement of Changes :n Assets
and Liabilities ---Agency Funcis
G•5
101
Other Supplemental Informal;on
Enterprise Funds Schedule of Operations . Budget and .Actual
H•1
106.109
Internal Service Funds Schedule of Opel at:ons-- Budget and Actuai
H•2
110.111
Revenue and Special OU,gahon Bonds Princgpal and Interest Reau:rements
H•3
112.113
General Obl!gabon Bonded lndebtedncss Principal and Interest Requirements
H•4
114
STATISTICAL SECTION
General Fund Expenditures inci Other Uses by Frriction
117
Percent of Total General Fund Expendih,res
and Other Uses by Function
117
Genera! Fund Revenues and Oilier Financing Sources
118
Percent of Total General Fund Revenues and
Other Financinc Sources
118
Property Tax Levies arid Collections
119
Assessed Value of All Taxable Property
120
Property Tax Raies and Tax Lewes
120
Special Assessments Coi;ecrons
...
121
Ratio of Net General Bonded Debt to Net
Assessed Value ana Net Bonded Debt per Capita
121
Ratio of Annual Debt Service Expenditures for
General Bonded Deht to Total General Fund
Expenditures and Oiner Uses
....
122
Schedule of Direct and Overlapping General Obligation Debt
122
Scnedule of Lega! Debt Margin
122
Current Debi Ratios
123
Schedule of Revenue Bond Coverage
Enterprise Fund with Outstanding Revenue Bonds
124
Ten Largest Property Assessments ....
...
125
Bank Deposits --Last Ten Years
125
Budding Permits --Last Ten Years ........
....
126
Demographic Slat stics---Cit y of Miami
and Metropolitan Dade County Population ......
126
Genera! Statistical Data
127
Growth Factors Relative to Dade County. Florida .. . .....
...
127
Miami International Airport ..... ...
128
Port of Miami ... .........
128
0
3
GENERAL PURPOSE
1
FINANCIAL STATEMENTS
l
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19
�s'wsIMP x
THIS PAGE INTENTIONALLY LEFT BLANK
21
CITY OF MIAMI, FLORIDA
COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1987
(in thousands)
Fiduciary -'
Proprietary Fund Account Groups
Governmental Fund Types Fun tl Types Types General General Totals
Special Debt Capital Internal Trust and Fixed Long -Term (Memorandum Only)
General Revenue Service Projects Enterprise Service Agency Assets Debt 1987 1966 _
ASSETS
Equity m nooled cash and investments
(Notes 2(E) and 4) . $11,605 $4 495 S 7 417 S 85 ' +6 S 892 5 735 S 11 153 $ S - S 118.013 $ 121,728
Cash and cash equivalents (Note 4) - 688 -- 3 910 -- -- - - 4 598 4,768
Pension cash and investments including
accrued interest (Note 2(f) 4 and 17) - - - -- - 459 ' 84 - 459 184 368 851
Receivables net of allovrance for
doubtful accounts of $2.743,000
_
Ta*es
1.136
- 3.121 -
-
- - --
-
4,257
2.742
Accounts
459
328 - 36
2 506
- 1 769 -
-
5 098
4,225
Assessment Dens. net (Note 2(C))
-
- 277 -
-
- - -
-
277
406
Proceeds from securities sold
_
_ - -
-
- 2.458 -
-
2.458
323
Pension members contributions
-
- - -
-
- 505 -
-
505
481
Due from other funds (Note 5)
3.336
11 -- 1 023
616
- 4 674 -
-
9.660
4.797
Due from other governments
(Note 6)
1.485
2.786 - 4 245
-
- - --
--
8.516
8,181
...
Notes receivable
-
- - -
; ;
- - -
-
11
17
Inventories (Note 2(G))
-
- - -
69
608 - -
-
677
761
Other assets
97
16 - -
1.645
2 - -
-
1.760
1,623
Restricted assets (Note 8)
Cash and investments with fiscal
agent including accrued interest
-
- 15.989 23.346
15.227
7.394 - -
-
61,956
77,829
Property. plant and equipment,
net (Notes 2(K) and 7)
-
- - -
133,033
16.505 - 376.530
-
526,068
472,128
Bond issuance costs. net
�..
(Note 2(J))
-
- - -
2 236
414 - -
-
2.652
2,299
Deterred compensation plan
assets (Notes 10 and 15)
-
- - -
-
- 11.372 -
-
11.372
7,434
Amount available for debt service
General obligation bonds
-
- -• -
-
- - -
3.772
3.772
3,678
3
Special obligation bonds
-
- - -
-
- - -
14,840
14,840
12,761
Subordinate Obligation Note
-
- - -
-
- - -
1,311
1,311
-
Amount available in Self Insurance
ON
Fund for claims payable
-
- - -
-
- - -
2.817
2,817
3.286
2
Amount to be provided for
retirement of general long-term debt
General obligation bonds
-
- - -
-
- - -
195 578
195.578
190,697
Ift
Special obligation bonds
-
- - -
-
- - -
48.320
48.320
25.539
16
Subordinate Obligation Note
and other payables
-
- - -
-
- - -
17.131
17.131
6.673
Certificates of participation.
-
- - -
-
- - --
-
-
16,175
�fl
Accrued compensated absences
-
- - -
-
- - -
14.439
14,439
14,844
-
Claims payable
- - -
-
- - -
31.593
31.593
26,049
Total assets
$18.118
$8,324 $26,804 $113.766
$160.147
$25 658 S487.715 $376 530
$329 801
$1.546 863
$1 378 295
22
fi 1
' r Y
EXHIBIT 1
Fiduciary
Proprietary
Fund
Account Groups
Governmental
Fund Types_
Fund Types_
Types
General General
Totals
Special
Debt Capital
Internal
Trust and
Fixed Long -Term
(Memorandum Only)
General
Revenue
Service Projects
Enterprise
Service
Agency
Assets Debt
1987
1986
LIABILITIES
Vouchers and accounts payable
' 396
S 930
S 4 17,'
? 734
S 76
j 890
S ¢ _
$ 12 798
S 9 616
Payable for securities purchased
--
-
-
4 68'
4.68'
1.005
Accrued expenses (Note 2(h))
3 179
'B4
4
250
�29
-
44 439
19.585
16898
Due to other funds (Note 5)
-
18
2 664 25
379
-
4 674
- -
9,660
4.797
Deferred revenue
' 887
--
- -
446
--
- -
2,335
2,464
Deposits (Note 101
503
445
-
689
-
' S02
- -
3,139
2,861
Claims payable (Notes 8 and 13)
-
-
- -
-
-
1.545
- 34.410
35.955
30.890
Matured bonds and interest
payable (Note 8)
-
-
4 009 -
-
106
--
-
4.115
4,215
Pa able from res,rVed assets
Cons'rocnon contracts
-
-
- -
6
-
-
- -
g
416
Accrued interest
-.
-
- --
2 219
--
-
- -
2,219
1,876
Current oor'ron of bonds payable
-
-
- -
315
-
--
- -
315
90
Revenue bonds payable -net of
current nolton (Notes 8 and 17)
-
-
- -
75.687
-
--
- -
75,887
74,107
General oblrgano,n bonds payable
(Note 8)
-
-
-- --
--
-
-
- 199.350
199 350
194,375
Subordinate Obligation Note (Note 8)
-
-
- -
-
-
-
- 10.000
10.000
10,000
Special obligation bonds payable
(Note 8)
-
-
- -
13.257
-
-
- 63.160
76.417
51,643
Certificates of oaticipat,on (Note 8)
-
-
- -
-
14 060
--
- -
14,060
16,175
Deferred compensation plan
liabilities (Notes 10 and 15)
-
-
- -
--
-
' 1.372
- -
11.372
7.434
Other payables (No'e 8)
-
-
8 -
10
-
-
- 8,442
8,460
6.882
Total liabilities
6.965
1 577
6 881 5 lot
99194
' 6 171
24 664
- 329.801
490.354
437.744
FUND EQUITY
Contributed capital
-
--
- -
64.503
9 269
-
- -
73.772
68,707
Investment n general fixed assets
-
-
- -
-
--
-
376 530 -
376.530
331.106
Retained earnings (def-ci')
Reserved (Note 9)
-
-
- -
12.687
-
-
- -
12.6B7
12,096
Unreserved
-
-
- -
116.237)
218
-
- -
(16.019)
(737)
Fund balances
Reserved for
Employee retirement plan benefits
-
-
- -
-
-
459,734
- -
459.734
369.256
Encumbrances
925
-
- 13,509
-
-
-
- -
14.434
21,041
Debt service and construction
-
-
16,151 23 346
-
-
-
- -
39.497
41,052
Eqwpment purchases
-
-
- -
-
-
-
- -
-
12,268
Subordinate Obligation Note
(Note 8)
-
-
- -
--
-
-
- -
-
102
Unreserved
Designated for hurricane loss
-
-
- -
-
-
500
- -
500
500
Designated for pension
related expenditures
-
-
- -
-
-
-
- -
-
121
Designated for claims payment
-
--
- -
-
-
2.817
- -
2,817
3,286
Designated for subsequent yea s
expenditures and approved
projects
6.500
550
2 000 71 810
-
-
-
- -
80.860
72.603
Undesignated
3.728
6,197
1,772 -
-
-
-
- -
11,697
9,148
Total retained earnings
(deficit)'fund balances
11.153
6,747
19,923 108 665
(3 550)
218
463.051
- -
606,207
540,736
Total fund equr'y
11.153
6 747
19 923 108.665
60,953
9.487
463.051
376,530 -
1,056.509
940.551
Comwi-nents and contingent
liabilities (Notes 13. 15. 16 and 17)
Total liabilities and fund equity
518.118
$8.324
$26804 $113 766
5160.147
$25658
548T715
$376530 $329.801
$1.546.863
$1,378,295
See accompanying notes to financial statements
23
P@-!�oq°
f
J
w
CITY OF MIAMI, FLORIDA
EXHIBIT II
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
_ ALL GOVERNMENTAL FUND TYPES
AND EXPENDABLE TRUST FUNDS
YEAR ENDED SEPTEMBER 30, 1987
(in thousands)
Governmental
Fund Types
totals
Special
Debt
Capital
Expendable
(Memorandum Only)
_
General
Revenue
Service
Projects
Trust
1987
1986
(Restated)
Renent,es
• ' Tapes (No1N 3)
?t;..
_ .
- .._ ..
w —
$fiS 857
5154 995
Lcenses and ne.rrrds
E: 1182
6 082
3.810
nterpovernnienta!
; 8r;,
21 a4!a
2 471
5 033
57 318
58612
In!ragovemmenta:
".
--
29 977
35 129
28 948
_ Chatges 'or serv,ces
1 C,,,;
1 974
4 663
Contnhuttions from emnfovees and retirees
6 977
6 977
6 468
Assessment lien coliecnons
46r.'
--
2 468
3.726
r,terest
7i)ra
55-5
16i;
6 528
332
11 384
12.970
Offer
1 874
2 030
166
239
5.310
5 500
" Tota! revenues
52 608
2' :IJ 7
-59 9.1,
10 165
-12 558
292 509
279 692
Current
General Government
19 338
-
19.338
16.328
Pubic safety
111 88.1
2 48E
-
114372
106,279
Public irnproverrents
13 795
-
13 795
17.496
Cu:ture arld recreation
9 867
-
-
9 867
8.439
Grants and related emend lures
-
19 646
19 6.16
14.328
•~ ConinbuDons to pension funds (Note 15)
-
-
29 593
29 593
28.563
Insurance
-
-
1 121
1.421
1065
Economic develooment
1 025
-
1 025
950
Claim oayrnentS
_
9 609
9.609
9.677
Other
14 394
5 291
726
2 525
22 936
19 305
' - Debt service.
Pnncioal retirement (Note 8)
-
'' 630
---
11 630
10.950
Interest and fiscal charges (Note 8)
-
-
16 055
-
16 055
15 030
Capita' outlay
97.294
57.924
38 847
• - Tota' ernendrlures
169 278
-
28,150
—
28 4'1
---
57 924
43.148
327 211
287,257
Excess (deficiency) of revenues
over exnenditures
(16670!
(1 213)
31 S31n
147 759)
(590)
(34 702)
(7.565)
Otrher'mancing sources fuses)
Operating transfers in (Note 1 1)
31 (i54
2 085
8.12
10 699
-
45.280
34,170
Operating transfers out (Note 11)
(18 •122)
(100)
t--- 0 198)
(11 728)
-
(60.448)
(51.445)
Proceeds 'corn debt issuance (Note 8)
10 000
44 33.1
--
54.334
113,913
Depossts for debt de'easance tNote 8)
-
_ -
_
--
-
---
(35.551)
Total other 'inancng sources (uses)
13 232
1 985
119.356)
43.305
--
39.166
61.087
Excess (deficiency) o' revenues and otne,
financing sources over e,:nend,lwes
and other uses
(3 438)
772
12.1 7.1
(.1.4541
(590)
4.464
53.522
Fund balances at beginning o` year
1.399
5 981
16 541
119292
3 907
160.120
106.905
Equity transfers to other funds (Note 11)
-
(6)
(8 792)
(15 133)
--
(23.931)
(8.955)
Equity transfers Torn other !ands (Note 11)
19:'
_
8 960
--
9.152
8,648
Fund balances at end of year
S 11 153
S 6 747
$ !9 923
$108 665
S 3 317
S149.805
$160.120
See actor„pang ng notes!,) •,r!w ccal staternenls
25
8S_505.
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GENERAL FUND, SPECIAL REVENUE FUNDS AND DEBT SERVICE FUNDS
YEAR ENDED SEPTEMBER 30, 1987
--`
(In thousands)
General Fund
Encumbrances
Actual
Variance
Actual Beginning End of
(Budgetary
Favorable/
(GAAP basis) of Year Year
Basis)
Budget
(Unfavorable)
Revenues
Taxes (Note 3)
$107952 $ - $-
$107952
$109.459
$0.507)
^ ,
Licenses and permits
6.082 - -
6.082
4.800
1.282
Intergovernmental
27 865 - -
27.865
26 705
1.160
Intragovernmental
5 152 - -
5.152
5 084
68
Charges for services
1974 - -
1.974
1 033
941
Assessment lien collections
_ _ -
-
-
_
Interest
1709 - -
1,709
1.838
(129)
Other
1,874 - -
1874
1.805
69
Total revenues
152 608 -
152.608
150.724
1.884
..
Expenditures
General government
19 338 197 120
19.261
21 232
1971
Public safety
111,884 115 15
111,784
113.191
1.407
Public improvements
13.795 327 103
13.571
14.550
979
^"
Culture and recreation
9.867 169 6
9 704
9.704
-
Economc development
- - -
-
-
-
Other
14.394 1.446 681
13.629
14.633
1.004
Debt service
Principal retirement
Interest and fiscal charges
- - -
-
-
-
Total expenditures
169.278 2.254 925
167.949
173.310
5.361
Excess (deficiency) of revenues over expenditures (16,670) -
(15.341)
(22.586)
7.245
r�
Other financing sources (uses)
Operating transfers in (Note 11)
31.654 - -
31,654
29.973
1.681
Operating transfer out (Note 11) ..
(18.422) - -
(18,422)
(18.387)
(35)
Total other financing sources (uses)
13.232 -
13.232
11.586
1.646
Excess (deficiency) of revenues and other
financing sources
over expenditures and other uses
(3.438) $2.254 $925
$ (2,109)
$(11.000)
$8.891
Fund balances at beginning of year .
14.399
Equity transfers from other funds (Note 11).
192
Fund balances at end of year
$ 11.153
A
(1) Does not include funds for which
budgets have not been adopted. See Note 2(D)(1)
See accompanying notes to financial statements
26
zi
6
R 4'
r RNOT III
Special Revenue (1)
bebt Service (1)
Variance
Variance
Favorable/
Favorable/
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ 1.322
$ 1.297
$ (25)
$ 48.968
$ 51 237
$ 2.269
18.070
18.157
87
-
-
-
-
-
-
2.750
2.468
(282)
-
403
403
1.025
1,096
71
25
792
761
-
1
1
19.417
20.649
1.232
52.743
54,802
2.059
1.728
1.849
(121)
-
-
-
1,347
1.025
322
-
-
-
18,863
19,196
(333)
387
312
75
-
-
-
11.890
11.630
260
-
-
-
13.787
13.835
(48)
21.938
22.070
(132)
26.064
25.777
287
(2,521)
(1,421)
1.100
26.679
29.025
2.346
808
921
113
300
300
-
-
-
-
(26.979)
(29.203)
(2.224)
808
921
113
(26,679)
(28.903)
(2.224)
$(1.713)
(500)
$1.213
$ -
122
$ 122
2,676
3.733
$ 2,176
$ 3.855
27 SCS-Sys"'5
0
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, 1987
(in thousands)
Propietary Fund Types
Internal Pension
Enterprise Service Trust
Operating revenues:
Charges for services
Contributions from employers (Note 15)
Contributions from employees and retirees
Net realized gain on sale of pension investments
Interest and dividends.
Total revenues
Operating expenses.
Personal services
Contractual services
Materials and supplies
Benefit payments
Refunds .
Utilities
Intragovernmenta! 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 nonoperabng revenues (expenses) .
income (loss) before operating transfers
Operating transfers in (Note 1 1)
Operating transfers out (Note 11)
Net operating transfers
Net income (loss) before extraordinary item
Extraordinary item -loss on
$ 38.633 $ 16.006 $ -
26 708
' 2 766
- 56 780
- 22.636
38.633 16.006 118.890
EXHIBIT IV
Totals
(Memorandum Only)
19_B7_
198U
_
(Restated)
$ 54 639
$ 47.002
26.708
24.271
12.766
12.069
56.780
29,242
22.823
_22.636
173.529
135,407
26.820
9 484
1 364
39 668
32.876
6.352
1.685
-
8 037
7.022
510
3.084
-
3.594
3.519
-
--
25 681
25.681
22.663
-_
-
1.380
1 380
1,231
1 203
1.823
3 026
2.958
4.599
-
4.599
2.707
10.585
281
10.866
9.507
52.069
_
16.357
28.425
96.851
82.483
(13-436) (351)
4.115
3.093
(17,551)
_
(3.444)
1,712
1.051
(7.807)
(1.057)
1,479
182
(4.616)
176
(22.167)
{3,268)
21.857
525
(1.689)
(5.525)
20.168
(5.000)
(1.999)
(8.268)
debt refinancing (Note 8)
-
Net income (loss) .
(1.999)
(8,268)
Retained earnings (deficit)/fund balance at beginning of year
(675)
12.034
Equity transfers from other funds (Notes 11 and 12)
--
2.166
Equity transfers to other funds (Notes 11 and 12)
(876)
_ (5.714)
Retained earnings (deficjt)/fund balance at end of year
(3.550)
218
Contributed capital at beginning of year
59.705
9.001
Contributions from other governments
100
-
Contributions from other funds (Note 11)
4.698
1,574
Contributions to other funds (Note 11)
-
(1,306)
Contributed capital at end of year
64.503
9 269
Total fund equity
$ 60.953
S 9.487
See accompanying notes to financial statements
28
90.465 76.678
52.924
--_ 7.208
6.389
90.465 69.470
46.535
13
13
90.478
90,478
369,256
459,734
$459.734
2.763
(8.864)
1,674
(4.427)
65.043
22.382
(7,214)
15,168
80.211
80.211
380.615
2.166
(6,590)
456,402
68.706
100
6,272
(1.306)
73.772
$530,174
2.609
(7,875)
126
(5,140)
41,395
18.834
11 ccrn
58,670
(2,569)
56.101
324,514
380,615
67,647
749
310
68,706
$449,321
EXHIBIT V
i
CITY OF MIAMI. FLORIDA
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES AND PENSION TRUST
FUNDS
YEAR ENDED SEPTEMBER 30, 1987
(in thousands)
Propietary Fund
Types
Totals
Internal
Pension
(Memorandum Only)
Enterprise
Service
Trust
1987
1986
Working capital provided by.
Operations
-
Income (loss) before e+.haorduiary item
S(' .999)
q (8 268.)
$90.478
$80.21 1
$58.670
■
Items not requiring current outlays
of working capital
Deprecation and amortizabon
1 336
3 176
-
7.512
6,553
-
Loss on dispositions of property.
plant and equipment
(36)
(36)
(316)
.
Total provided by operations before
--
_`_
_
extraordinary dem
2,301
(5.092)
90.478
87,687
64.907
Extraordinary item --loss on debt
refinancing (Note 8)
_ _
_
_
(2,569)
Total provided by operations ..
2.301
(5.092)
90,478
87,687
62.338
Other.
Decrease (increase) in restricted accounts
(811)
(7.394)
--
(8,205)
(378)
Contributions and equity transfers. net .
3.922
(3.280)
--
642
1,059
Proceeds from long-term debt
2.000
-
-
2.000
16.275
Increase in other liabilities
76
---
-
76
6
-.
Transfers of Certificates of Participation --
long-term portion
-
13.855
-
13,855
--
Total
7 488
(1 911)
90.478_
96,055
79.300
..
Working capital appl,ed.
Additions of property. plant and
equipment
9.696
5,967
-
15.663
4,621
Reduction of debt
218
2,115
-
2.333
13,652
.�
Increase in bond discount .
26
497
-
523
310
Decrease in other liabilities
-
--
-
-
332
Increase in other assets. net
130
-
-
130
94
Total
10.070
8.579
-
18,649
19.009
Increase (decrease) in working capital
S(2,582)
S(10.490)
$90,478
$77,406
$60.291
Summary of increases (decreases) in working capital.
Cash and investments
S 923
$ (6,853)
$ -
$ (5,930)
$ (2,203)
Pension investments
--
-
90,333
90,333
64,142
Accounts receivable. net
646
-
3.819
4,465
(1,909)
Due from other funds
(238)
--
--
(238)
581
Due from other governments .
158
---
-
158
257
Inventories
17
(99)
(82)
(159)
Prepaid expenses
709
_
709
(99)
Accounts payable and accrued expenses
(4.026)
(1,218)
(51)
(5,295)
37
Due to other funds.
(733)
53
(680)
(2,239)
Depos,ts refundable ....
(191)
--
-
(191)
(361)
Payable for securities purchased
_
-
(3.676)
(3,676)
2,207
Deferred revenue
153
153
37
Current portion of Certificates of Participation
--
(2,320)
-
(2,320)
-
Increase (decrease) in working capital
S(2,582)
$(10,490)
$90.478
$77.406
$60,291
See accompanying notes to financial statements
yam,, 29 'As
CITY OF MIAMI, FLORIDA
NOTES TO
FINANCIAL STATEMENTS
1. GENERAL DESCRIPTION
"COIP-Wit(ld in 18?6 ano 14
"ri(ler !ne Corin-;%s;on;ci,v manaq(ir
urov'do,5 Tile
q sefv;ccs aS dt;'�U cl t)v 's
safWy So!(1 0"
rjuh-;c 'acc,t,es ojan,),w, ,rin,nn a7wi
County (lt)e County) Is a separate e"! Ii.
f-nanc'ai stalen)enls are not included n III's fiuol*
Tno n 1955 apj?roqtl(j ano
c a qonpla e tica on a co*1s,
9 vO a new form of government to the Top
in eflect a --r1(;Mcij)a:;Iy with go,,:etnmon%j ci,Iof - *rVe (am".
tv'-entv-seven cl-os and ,in!ncorcioralct I areas ;(,%(,C n(j C IV
of tvoirrr :t nas no', c1snliced or re:vaceri !ne e t7ut
supplements fnem Trie Count,, car' !a,,e oie, D9!1(-,Ua'
activities of the City S operal!ons (1) 1 1nQ ,,of v,ces f,ji
mI11JI11Ijm S!anaarcls set by Tne Count. Com- s,,w)
!ne co -sent of !no qove!—iq !?olly Of it"
Since ils:nception ine CoL,n,,-, tia, Illy
asst,.-t-1 rot-q)o,i5
on a serv-ce oas's 'or a 01
nc,!Ljcliqq countv-vocjc nctce seli,''COS co-oe"-enir-j
munlcpa: ?a-,ce
complementing tne munic)D& fare (I;j!e
tier COLM system consoiidallon ol e—ilo, .3n(:
coorainatjon of Ire var 01.6 Sl-;r'aCC -,n
installation of a central tralf c co-111ro, CUMPi"or
all public transportation systems into a county s;ste-m oftoci!ng
a combined public !lnrary System anc contra'.. aro'i of Ine.
property appraiser an(" !a), zWecto,
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES AND REPORTING PRACTICES
The ftnanclai staterren,S of ttie C.!.Y, ir'avo teen
11 accorcl"I"Ice'.I.-It, Clones "accen?er: I), nc.:nIes
(GAAP) as applied to governmenia' un,?s 7rl(? Gover!imen!ai
Accounting Standards Board iGASB) If; ifle
body for governmental accnun4nq anci f,mjnC'd% report rig Tie
GASB upon assun,!nq Tne s!ancjara ,,e!!-1,;!o'o In JWW 1984
adopted the existinq National Cniinc-: on Governr-ental.
Accounting (NCGA) standards Tne fl,ore saln I!cxi! )f
accounting I:)o(,C1es are cesicr:1)CO ne,u,.*.
A. FINANCIAL REPORTING ENTITY
For financIal report,nq pWOOSeF, !F10 C," n(::i.,(IoS IT)OSe
tunas accoun' qrioup,, aqenc,ec; bn,arrc C0r1tr,5,;i,)n1;
ana ai,lno, lios 1n;iI are qene,:i f*i;,, t),,- 0,
aepenaeni on the City Control I).,, o, cifipen(ience on Tne
City is determined on tne CMSIS 0' 'ACWS as tA.C(lo'.
adoption ta), ing autnoiI1,, 01 jfc;far,(j rl(; aol)l by
reVe,jUc, or general C)f ItfC,� V nt! if'o Of
Inc City to finance any deficits Ina! wa; occur a, receipt
30
(1) Included within the entity
I-I-1 4C'P-'v iDD41
a ',I- -;o 1;-ceS,,,atj,.Shelf
n trig
Y i SP(-IRTS '4%() EX" B 7 ON AUTHORITY
l,e C.'I Co7, SS an ilis'l approve
sst,a-,ce of clen"
P.%. R E% 7 Dr- Of-F STPEET PARKING
nr]
C,i, Co!-- SSO, nas reserved the
of ne 0*1 Street Parking
i",(: "ves ann C.'arges for
DOSP oueralinci
tiuoqe! and :o aUttiorI,,e the issuance of revenue
boticis Tne DOSP s inc!udeo ,n tric reporting entity
as an en*ern—ze f,.:nd
The City nas also aulliorizea the Ott -Street Parking
Boarn !o aor,inistef Inc operations of the Maurice
AMR
Gusman CUtWal Center and the Olympia Budding
woicti are properiip� ., owned by !ne City Such
operations are separate!y accounted for under the title
of trip- G&O Enterprise Fund in tne event that
opera! ng evenuff, of !ne G&O Enterprise Fund are
not si4f'jc en' - cove, I,, onera'Inq expenses Inc City
w,lf provicie an, ,, necessary cash requirement.
CITY OF MIAMI FIRE FIGHTERS AND POLICE
OFFICERS RETIREMENT TRUST (FIPO) AND CITY
Or M:Af,PI GENERAL - EMPLOYEES AND
SANITATION EMPLOYEES RETIREMENT TRUST
(GESE) -- BoIn FRO and GESE are essentially single
employer re'retren, trusts uncle,, re aorrInistralon
')0a-1S ofTrusteesancl
are nCluned in ine ret)ort;nq eni-ty as pension trust
Ids
(2) Excluded from the entity
MIAMI CAPITAL DEVELOPMENT INC (MCDI)-
A'Itiouqn itle Cil'y' ;)"OVICIeS fUnoinq 'or !ne MCDI s
,erlcl,nq program :tie C?y Corrri;ss,on nas llmtteo
to nfitience opera! ons
i;:
I
I
I
L
r�
I
I
e
q
91
I
11,
71
tl
I
is an ariency 9s!ah11Fl1rA I-, State
City, The fif-A
the (SSUanCe Of St)Ct) dt-hl,
the City has neletm;necllrinl tF, decvee of
arid fina!10,31 rQSK11rIs,t,H,,- ;-Jv?,
rpt-nole so a,, In E0kjCli_, thenrf ffO If t�tj;""f 'i'I
entity.
8. BASIS OF PRESENTATION
The financfa! trarisact,ons of lile C!t,,:re
Individual funds ard accowil wouns. Fich
for by providing a sepatale .,e*, of -e�' h&z.vic-rut accorl*-s
that comprise its assets 1•al_ItOics. eo,ijir,
and eypend!!Ljres at exr)enses The ,qv oi,;s ;v,J
account groups are reported by generic
the financial %latements
The follo,.aina fund types and account (J,C.v.)�, I—,
the City
Governmental Funds
Governmental funds are those tnro,,gn vti,cn rn ' cis!
governmental functions of Ine Ct*,v are t-tiancecl the
acquisition, use and haiances of trie C,t), s e.' ten.-,.al;ie
financial resources and the related current 1ia0!lil!0s (except
those accounted for in proprietary funcIS) are accounted
for through governmental funds. The focus
s upon deter ni,nation of f.!nancial pos;tiwi a-),J
n financial position. rather than upo(, net
determination I ne folloviino are ine Cii;*s
fund types
General Fund - The Genera) F,,a)ci 1t)L, yerii;r;ii
operating fund Of the City it -S used to aC,,C(1t;rJf fr,,)r a:+
financial resources excep! !nose required to be wco;iwe;:i
for in another fund
Special Revenue Funds - Snecia; Roverioe i: w%115 �Vcl
used to account for the proceed,, of specific reveraie
sources (other than expendable trusts of inalof cap :,ai
projects) that are legally restricted to e,neivt,turn; 11(y
specified purposes.
Debt Service Funds —Dent Serv.ce Ftrw-, are ; :,,Q(: tt)
account for the accumulation of !Osowces 'or, and the
payment at. general long-term oehl princ,ria;. interest in(I
related costs.
Capital Projects Funds --Capita! Prole(,t,, rlunus are iic:kau
to account for financial resources I,) be i ' sQ(i for trie
acquisition or construction of major capital iae'lit,01., (01I)EIf
than Incise financed by Proprielaty Furics)
Proprietary Funds
Proprietary Funds are used to aCCOUT11 tor the C,1,� 16
organizations and activities vvnid) are similar to !nose often
found in the private sector This irrearis Ina! all asells
liabilities, equities. revenues, expenses and transfers
related to the City's business activities - ,.,nere net Income
and capital maintenance are rneasureo —are acrounteci
for through proprietary funds The moaswei focus Is
upon determination of net InCOMe, financ;al position, ano
changes in financiaf position
31
Ewerpi Vunds
:.
.,s oe f,nanced
e!ll to these
!nf:sr? act
frorl
fw"Is (See Notes
U!Itu')rlse fwlus
ci';d building and
Go,mai Fund Both
i i,_; C! .,Lisle C,L)er-31,10ns
a,(, pv! -1 1 :C'A i:,,w ft-osario ;)!esenlalion
.;i- jl-i ,ze iiiw ont!ate basis
to, clt if; (c,-ee Note 12).
Internal Service Funds i, c,e Fw)us are used
provtcled
t o1ii(,-r ierartments or
on a ("o"l-
Fid(iciary Funds
Trust and Agency Funds -Vjuric, Funds are
""Soo to I, f"", it ;J III,-, (iv In a Trustee
-V;CW f',:f private
G!(ja jo%ei an._ l a! other funds,
lfi;,si, and agency
,unos Pen -,;,,: tf t.st v(e ick-ounteo for in essentially
ti,e f(,r)d, sitice capital
�ri nature (assets
w,il',l 'i,, acco!int to! deposits held
t.nu . ei (if licerise 11no assets held
I incier plans for certain
Account Groups
g controi
and a 1%; qe, ier a! tined assets and
if 01 lcm(term obligations
lhey do not reflect
reiatea liabilities -but are
i -il:(le q,,era! fined assets and general
General Fixed Assets '31 is Used to
61 o! th,: C:!,, utner than those
anci it ite it 1 e , e
la
M1J
General long -Term Debt -!, .3Cc _::it (;rc.:) tc—s
'n acC lt!nt fur .r;e . it drill i) i•t l'.r, C - C.,a ...c pj, 7f
aCC!UCd ";r1 ,J)::�1 :. �lL ?;'.(!�'• ri`-.e _;r;. �t-.e
Otit'pat Url anq i)ufSt:g t dn: 1 t;U; lGpa t i anc-e:�-: o,`
debt other tr -- : rC'.i n t +-•L)r'C:a C`ti� a� uv ltl5
enterpr,st! funds
Totals (Memorandum Only) otas
(Merrotancium On;',) ' co ur, n� ,','tle cart ned `nanaa'
618iementS tepresC•nt d suit„" a''O') r' the COr*,t);nr rt
financiii slaiemm�)t I:ne tens s p' tilt, fu,ici i', pes a'1:1 account
groups and are p'eset)'ed fo! 3')a'.�1'C'.a' pt:rDOS@S 0',1,,' Tnt
summal;on Ir1C''J,IES fund '1{)eS a')Cj accoi.nt grot.us n!)a',
use d:ue'ent t)ases of aCC 1u,1*,i' ' nGudeS ntetfUrld
transactions that have neol ht', t.-t '�rl i;e;, and the c.ay;P 7
''Amounts f0 be pro, deci wiicr, s riet an asset 'n '!)F'
usual senF,e. Consequent v. amounts sno�%n ,n !t e 7ata s
(Memorandumn Qn±y) co!!.rmns are not comparat)-e to a
cerise! dat on and tic, not represe'tt tr,e iota resot.rces
available or Iotal revenues and exoendilures e knenseS of
the City
The 1986 Uperahrng Sta!en•en' tola!s nave been
reclassified. where pract cable. to ret;ect ctianges .n fund
classifications disCllssed in Nole 12
C. BASIS OF ACCOUNTING
Basis of accounting refers to wnen revenues and
expenaitures or expenses are recognizea in the accounts
and reported in the f,rnanc cal siaterrents. Bass of
accounting reiates to the brn ng of the measurements
made, regardless of file n)easurement focus applied
(1) Modified Accrual
All Governmental Funds and Experidab!e Tnist Funds
are accounted for t,sing the modif;ed accrual basis of
accounting Their revenues are recognized ,n the
period in v.n Cr they become st:scept!ble to accrual
i e.. when tney become measurat ie and available to
pay liabilities of the current period Ad Vaiorem taxes
and charges for ser vices are suscept bie to accrual
when co!!ected in the current fear or ':,,;run 60 days
subsequent to September 30th. proviced that amounts
received pertained to b!l!:ngs tnrougn tre fiscal year
just ended. Occupat!onai licenses revenues coi;ecleci
in advance of periods to %-.tucn they relate are recorded
as deferred reveni:es lin0y service taxes. fines and
forfeitures. trancrnse taxes. licenses and permits are
susceptible to accrual .,Tien colieciea in the current
year or wrtnin 30 ca ys of year-end oy. the C,ty. provided
that revenues are generated prior to year-end.
Investment earnings are recorded as revenue when
earned since they are measurable aria ava!!ab!e
Where grants revenue is dependent upon
expenditures by the C;ty. revenue is accrued as
obligations are incurred.
Special assessnients are cons.cere(l susceptible to
accrual when coi!ecteo ,n the cu!rent year of rr!tn!n
30"t—,i l'!UYid!'l'i tt'ai
;�" pier to!r)e
C i'r-. t .:& ,'ea' 'r1C t?e a'� a5, . sment
e-v r,.,, i U` i ; f.1 :15F of :vhiCh
'}Ili] s: .:4? 'lilt; (?tl'.. att: snoV':ri )et
r!e'r eo E' of ' 486, 926 to more
tGr 7et)t
se!ice Sueca-user_.;.^e')tc are 'c'corded �n '!le
t)t:'t;t Cw.,,ce Fund yrlce
rc,� ,bcnsement of costs
.nccurec.j !)r,,�r a,r, cao to trr,!t,,,ts financed with
dt:nr�rd' �,:ii•Ua,�Ct') t:onds Tr:r? (;(� -JlJeS not Issue
SpeCia� 3SSeSs!"fill! 1 `•o'ti�l�.
t AI)E rill turfs t:r'dp! the n:tni!fiecf acuruai basis of
acco'.r:t n{� ate ea y recot_t, ,e)ct :•mien the related
un 1 !�abi''ty S �'iCUrrt'r7 and e,t)eCted to be!:qu'daled
*ltn ava-!ab e resac,rces E Vicept':ons to tins general ruie
rc!ude pnr,c'p ' and nteresi on genera long-term
debt L1 ,zr aril Fs:.cni.1111Pij 'when due
Tile a:)enC� +unas X0. CuS;nrj'a� n nature and do not
involve measurement of results of operations. They are
3ccoun',ed for under the mod `:led accrual basis of
aCcountuiq AssWs and liabl',ties ate recognized v:hen
the`.' occur regardless of tl)p liming of re!aled cash
flows.
(2) Accrual
AP Propretary and Pens,ori 1 rust Funds are accounted
for a! using the accrual bass of accounting. Their
tevenues are recoar) zed'.%nen they are earned, and
their erperses ale reCi}C7!)•<ei] Y.nen they are ;nCurred.
D. BUDGETARY DATA
(1) Budget Policy
The C;ty Commiss or) annually adopts the budget
o'd,nance for at go. emrnenta'. tunas of the Ctt'y. except
to' the }ci;o::+nc7 furlas
• La':: Enforcement Special Revenue Fund
Other Soec,a'i Re'venue Funos
• Convention Development Tax Bonds Debt Service
Fund (MSE4)
• Subord pate Obkgat;on Note Debt Service Fund
(MSEA)
Annual operating bucyets for the General. Special
Revenue and Debt Ser•,r,(:e Fraids are adopted on a
basis suostan?'ally consistent wdh generally accepted
accounting pr;nopies (GA.AP) except that budgetary
comparisons for the General Fund include
encumbrances as expenditures.
A.djustrnents necessarti to compare the results of
operations in the Special Revenue ana Debt Service
Funds as presented to the Combined Statement of
Revenues. Expendilt,res and Changes in Fund
Balances tExntb!t it) to tnat presented in the Combined
Statement of Revenues. Expenditures ana Changes
32
A
00%
t
14111111111
lei
in Find Balance Bud(let anJ AcniV (F�tr,t 1�;) a,E,
e i or,j. Ct�:! a,(i Cilv tanager may
as f()!lo%%.5, (;,I thotjsarloF,)
,in earl Of an
Excess
171, ( . d T� 11 1 ,
(Deficiency)
,,ti -,i) an ;inprow,atior) for the
of Revenues
C L; t f C" I' ',T"; i' t' Tt ell At ?he close of
and Other
Financing Fund
ij,i,t balance of each
Sources Over Balance
r :j:;nr, rp,cr,o -nn !(,n(l ttuiri .%,1hich it was
Expenditures September 30.
Special Revenue Funds and Other Uses 1987
A 01. j,! t �i, jo 1. utijre
Actual_ E lhrbit 11 S 7 -1-? $ f3 7-17
Less Funds not Buclge!ed
1snancial
Law En!orcernerit ( -Cl, 4, )t
nji.i is -1 (1 or as amended
olnel Funds
o C,,t, 1C, ct n a, i (i C Manager ! h f 0 u g ti the
Act t, at — E x t i , J), t iil C1 001 5 �78
year
Debt Service Funds
Actual— E*rilbit i!
(3) Encumbrances
Less Funds not BUcicipled
Convention Develoorrent
Enri,mti dri e accoutrilino. under which purchase
orijers. contracts, and other commitments for the
Tax Bonds 12 �51) 4 757)
exnend,tt,rk� Cl ry,on!es are recorded in order to reserve
Suboul-ale Obli(gai,o�
that po,lio of the applicable appropriation. is
Note tio 001) 1 1 1, 1 ,
_12
erlpioyeo -, - the Genera! and Cap tat Projects Funds
ACtUal Exhibit ill 2 E 3 855
On a ncr, GP.AP budgetary basis. encumbrances are
recoided a:, e,i)end,tuies of the current year. On a
While no budgets were legally adopted for lite Convention
GAAP bass e,)c,-.jm.')rances outstanding at year-end
Development Tax Bonds and Subordinate Obhaa!!o,) Nole
are of fund baiance since they
Debt Service Subtuncls for fiscal year 1987. budgetary
control is exercised over these subfunos by the fl_jndin:l
do !lot const:1—te exoendilures or kabi�lties
requirements of the re:aled Bond Indenture (see Note 8)
(4) Excess of Expenditures Over
In addition, Capital Project Funds are budgeted on a total
Appropriations in Individual Funds
project basis for which annual budgets are not available
ltic,, subhnds incurred an excess of
The City also adopts non-aL)propr,aten operating nucigets
expeni-i *,ure, o,.f,, at) iDr ot)r: at tons for the fiscal year
for the Proprietary Funds suostant!atly on a GAAP basis,
ended September 30 198T
with several exceptions. Such exceptions include
F_!,cls
,
Sr��),s 1t(1 Fr, S 32043
a Debt principal payments are budgeted as debt service
The portion of debt service repreSenttng pr;ricipal
Rescue Se,,-,,ces 120.351
Corrrrurii,, Deve'oornent 793.695
payments reduces tne related IaW,ty on a GAAP basis
* Depreciation expense is budgeted. hovvever, certain
,
Dent Service F.jrcisSorv,ce Tak Bonos 5,608
ut:Iay
expenditures for capital outlays are also budgeted
These outlays are capitalized into fixed assets on a GAAP
E. POOLED CASH AND INVESTMENTS
basis.
* Certain non -operating revenues for capital outlay are not
The City maintains an accounting system in which
substantially all general city cash. investments and accrued
budgeted.
interest are recorded and maintained in a separate group
of accounts All such cash and investments, including
(2) Budget Calendar
The City follows these in establishing the
accrued interest. are reflected as pooled cash and
investments investments are stated at cost or amortized
procedures
budgetary data reflected in the financial statements
cost. which approximates market All investments consist
• Prior to August 31 st, the City Manager submits to
of U S Treasury and Agency obligations, time deposits
the City Commission a proposed operating budget
with approved financial inst,tutions. and commercial paper.
Investment income is allocated based upon the
for the fiscal year commencing the follovving October
approximate proportionate balances of each fund's equity
1st. The operating budget includes proposed
in pooled cash and investments. No interest is charged
expenditures and tne means of financing them.
to funds having deficit balances The cash and investment
Budgetary control is legally maintained at the fund
level except for Ine General Funcl. whicin is at the
pool is available for all funds. except for the following:
departmental level
* Miami Sports and Exhibition Authority Special Revenue
• Public hearings are conducted to obtain taxpayer
Fund
comments.
- Downtown Development Authority Special Revenue
Fund
• Prior to October I st, the budget is legally enacted
through passage of an orainance
& M S E A Special Obligation Bonds Debt Service Fund
33
• M S.E.A Si_ihord,nat(.? Oh!vvit+ori Note Dehi Sir ,v,i.e
Fund
• Miami .Arena Cac?itai Prolr-,c! Fund
• Exhibition Centet E�nansiori Capital Ptofec: Fruit,,
(MSEA)
• Oft-SUeel Parking Enterprise Find
• G80 Enterprise Fund
• F1P0 Pennon Tres: Fund
• GESE Pennon Tfust Fund
The funds listed above mantaned separate cash aid
investment balances in addition certain oi!,er Cit,
maintain separate rest-cted cash and .nvestr^� acca.n!;
n compliance with debt reaunements (Se e h4ote.- a aid 8)
F. PENSION INVESTMENTS
Pennon investments are carried at cos! Dent
are adlusted for amortization of prerriun,s aria aiscounis
PremIumS and discounts are amortized us,ng the stra,rtnt-
line bass over the life of the invesimerr, Apc?ro> male
market values of investments are determi,ieo a-
• Securities traded on a national securities excnancte are
valued at the last reported sales prices on the ast
business day of the fiscal year
• Securities traded in the over-thie-counter market and
listed securities for wnicn no sale was reported on that
date are valued at the last reported bid trice:
• Commercial paper and money market funds are valued
at cost vvhich approximates market.
• Mortgages are valued based on current market geld.
• Rental property is valued at the purchase option price
Investment policy is determined by the Boards of Trustees
and is implemented by outside investment advisors
Investment advisors use the following guidelines
• Unlimited investments ,n bonds. notes or otner
obligations of the United States Government and ,is
agencies and in bank certificates of deposit
• Individual investments in the following cannot exceed
10% of the funds available for investments.
•• Corporate common stock, preferred stock,
convertible debentures (provided the aggregate
investment 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.
G. INVENTORIES
Inventories in the Proprietary Funds are valued at the lower
of cost (first -in, first -out basis) or net realizable value. and
consist of expendable supplies held for consumption
34
H. ACCUMULATED UNPAID VACATION. SICK PAY.
AND OTHER EMPLOYEE BENEFIT AMOUNTS
yo grafited
� i .r r• i .. ir,••i� i o;,•- �.adihnnaliv
i�(,y,.i., ;,=.c ,, r•..i� i' to .-i..'Gr•,i ,l���i Carrnd forwa'd
aavable upon
'0 V'PI(A s Iimilalions
dr (m:.1��, i (,;,•, ,,,,,,�,�(,o,,(„, anti cavil service
;n(,a!d comloensa!ed
ca`f,,; n 'tie Governmental
. )tfr_C0rl Of'vid
tier-q recorded in the
Gonenai Lti•u7 To—Circ,.;n n! A ci irnrc
I. INTRAGOVERNMENTAL ALLOCATION OF
ADMINISTRATIVE EXPENSES
The Genetai Fun! r)ci.ts certain ad7:nn,strative expenses
fOr Ott'ier 'u'%U`.; .(lnil 3CCounhng. legal. data
Lirocess.r,r ; c r ,,}r, ,e _iCt^ -r? siraf on eng neering and
Other services A t)ri('' neSc7,tPon of the malor components
of such cnarcies are as fo!iov s
• Prolect Manrac;ement - Tne Public Works Department
charges malor cap;!a' improvement prolects of the City
for design survey and inspect;ori services. These
charges are based on d;rect iabor charges plus an
overhead factor for administrative expenses of the
engineering division. and totaled approximately
$2,802.000'or f;scai vear 1987
• In(j!rect Cost Alloca!,on-- 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 S1.13G 000 for fiscal year 1987.
BOND DISCOUNT AND ISSUANCE COSTS
Discounts on revenue and special obligation bonds
payable within the Proprietary Funds are amortized using
the interest moVioci over lne life of the bonds Bond
asuance cost; are capitaLzect and amortized or) a straight-
line bass 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
( 'Infrastrucrure' ) 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 along with
other general fixed assets No uepreciation has been
provided on general fixed assets.
Capital acquisition costs for Governmental Funds are
segregated as capita! outlay expenditure, with the
e*ception of the General Fund, wherein capital outlay is
included witnin departmental expenditures. Capital outlay
in the General Fund during t987 totaled approximately
$540.000
P%
P"
Oft
10011111
911111111
S"
Ail
iI
o"!
n
5
I
I
A
0
I
I
A
N
All property plan! -vii') equipment ate vaioeo at h+<.ictr+cd;
cost Or esfin-hated ,(v�l Doriate(i tltoriet?y p:iint ,tru:1
equipmerl1, are valued at their est;ma'ed `au --title !' Irie
date donated
Depreclatlon of all (`)haUstib!e faxed u5A?d tij the
Proprietary Fundn is charged as (-pense ,a 1;i n��! «rio r
operations. Accur,,u'ated denreclalw l Is *Iotii agai•l,�t
related fl,.ed asset amount ore the Ptcuirielar�+ Fund tiairtrcr
sheets Depreciatior) has been provided over tr,e i "1, ( (1
useful lives using the straight l;l,e ineth(I(f
useful lives are as till c,:~s
• t3 «Pic1."rrS a -d 'r'i;li0,( nryc .ji) �.. .; a"
• tv1 trr nPry arld
• I'Tl [)rOv(3^"f? i , +�thr r 1. t.a^�. i . d.!l qs i �'l; vPn'r,
Interest costs associaled with En;ert)r'SC F u',d bOr (i,•;u1 7S
(revenue bonds) user: for c orisin,cbo,n
capitail,ed during file current, veriod as pa! o !ne cost
of the assets. net, of reated interest eamed On une oo:-,oe(l
portions of sued borto:*.;rigs NO SL1C:tl l'i'efeSt COti;S :•.'ern
reauired to he caprta+izen in 1987
L. INTERFUND TRANSACTIONS
Quay external hansacl:ons are accour'iicd 'or as fLat(1
revenues. expenditures or e,penses as A;;
ulterfund transactions except aavances cli,as (,ytc'rr,a
transactions and rermbursements are accounted for as
transfers. Nonrecurring or nonroutine transfers of eq,;,ty
between funds are considered e(101ty tra'-sferS A'! otr1C'r
InterfUnd transiacllons are trealed as opera*' cl
M. DEFERRED COMPENSATION
The City offers its employees three ciefetred ccrrpensaihon
plans under iRS Section 457 that hermit tree deferral o, a
portion of an employees salary unfit f:dwe "ejes Trig
deferred compensation is not availab e to emr-iloyee5 ;intil
termination. retirement, death. or whore seeah;e
emergency
Membership in one ;:)'an is f:m;ted to k.ey rnanA(lern(;nf
personnel, while the others are open to ail Citj ernployees
The plans are funded through employee payroll
deductions
All contributions are paid to 6L,tS!C1e f'n,.,ciaF aged';
However, all amounts of compensation deterred urirler the
plans. all property and rights purcnasea, v:ith tnoso
amounts, and all income atinhutat)te to these amounts.
property. or rights ate (until paid or made avalah;e to the
employee or other beneficiary) soieiy the properly and
rights of the City (without being restricted to the mov;sions
of benefits under the plan). subject only to ;nu of
the City s general creditors Parlicipahv, s r:qn!s inner the
plan are equal to those of general creditors of the Gil: ire
an amount equal to the fair market value of the U(.'f rrrti(i
account for each parLapant
Pursuant to the GASB Staternen; 172 Financial Reporting
of Deferred Compensation Plans Adopted under the
Provisions of IRC Section 457. true C;ty accoiiw,, or ,fs
tie rleflci fiF)dS(sePNote
are carr-ed at
N. FUND EQUITY
Reserves
; .r -ne Proprietary Funds
.,; 1- for debt
I,:):. tc ir' (a-t ;mac!„a' obligations.
sc, nCrgaS(1S result
« t �ln(1 other rnlrafund
'r �:'l:r• .;,:: +, - •,-,•,;'ct(�(t 3 �r.unts Earrings on
1 3 if I 'ie' '1cnrT'E' of the
l rct;1'.Gted assets
Ur E' •r r F if '( a nea ear l ngc and increases
Fu-io i are Ignited in the
tare iI!ler not available lable for
SCi.lterldied t,_ a SpE?GIfIC use
Designations
established to reflect
a !or ! Ica it,'a' rerou!ce al!ocattorl m a
utL:re aC'rrrit Sucn plans or ntennons are subject to
Cn'a' iC1«,
3. PROPERTY TAXES
Prororty ta-os :arC e'.'c=; on January 1st and are payable
1!1 Nlc, oe vlq" St ,. '' d;bcOUnt,,aiiov�ed of one to four percent
1),ii1 r1ri1' ro %`iiirch lsr of ih(, folfo-,1'ina calendar year.
Ta •.rlaty0rc, :]i,J n,vve fne CiptiCl'i of pay!ng their taxes in advance
!1 crgi,a! (.]L.arteti,, ;)aymi t)ased on the prior year's tax
assessr�er,t a+th q(,arter!y (asroimts v, ry!ng betaveen 61 and
2' o A;wipci o taxes o- eal ario personal properly become
Clei,!IQlient On Apr;i 1�t of the fo!V,-,,mg year and bear interest
ai t 8' c i ant t a "a ?s31c: Cert!f:cate !s so c,, at auction Dade County
bills and coiiccts a'! txopert taxes for the City. aria sells tax
Cc!i f :ittP$ for rfPhrttlllr_tnt Idy.l'.s
The assessed value (I luer)erty. as established by the Dade
Count; Assessor of Property at January 1. 1986, upon which
Pit, 1986 87 o,, I- �.as based. was approximately
S9 487.61 1.000 1 no Ciro is permitted by Article 7. Section 8
or ant' Fon(1a Gonst;u;rr1 to levy taxes up to $10 per $1,000
of .tssrssed va!ilttt;nrl for genera; governmental services other
than tr.t It or lninooal ancf interest on general obligation
icvti it-Itrn den?. in 3dila Oil unlimited anti may be levied
for the jma ,rnenr of principal and interest on general obligation
loricl' arm dent, sut);ecf to a limitation on the amount of debt
ou.stanciiiq The ta, rate to finance generai governmental
services (other than the payment of principa! and interest on
general ob!:gat,on ionglorm ciehl) for the year ended
Sepieil'.h(°r 30 1987 ',%as S9 8.1 per S1 .000 The debt service
I'll .. ra?:i'o! It sane: nwioil ,vas $24512 per $1.000.
Proper!-, lece,✓.airs' as of Vie ertd of the fiscal year.
repres(lnlinil cullection5 60 aays subsequent to
Sop;en!ber 30 for n111ings through the fiscal year then ended
arT orstte(f to appro-irnaVy $1 136.000 and $164.000 for the
Gener.il vie Dahl Ser i, ce Funas. respectively.
4. EQUITY IN POOLED CASH AND INVESTMENTS,
CASH WITH FISCAL AGENTS AND OTHER
CASH AND INVESTMENTS
I I k, Set?'('-t'er Ki 1 UP7 -f-, &'1
" ""OstrrP-i!s
exciu(l)n,,) Inose held by the pcnsln-n
!f, wese!I a ,rited o
the co-b,riccl t)alance Sheet as
i ti,()usinos)
P. 0 1 3
O'd ca', A"O ':m
a
T
84 96
These balances are composed of the following elements (in
thousands).
Cash and Vme deposits owith banks
S 20 147
Investments
162698
Accrued interest
1 722
Total
511 84,567
The carrying amount of the City s cash and lirle deposits was
approximately 520 147,000. Whereas the bank balance .-.,as
520 537.000 All cash deposits and ceriif,cales of ceoos,' a,e
held in banking instilullons aolotovec: by tine Stale o! F'r,fla
State Treasurer to hold public funds Under the Florida Statutes
Chapter 280. Florida Security for Pubic Dei)oslis Act Inc
State Treasurer eoulres all auaYied Dbt]ilC C1e00S!0'e'1 '0
deposit With the Treasurer or another baIK'n(I 0" e
collateral equal to from 500,b to 1 100 o of !ne average cla ty
balance for each month Of all public depos,ls.n e>.cess of an,
applicable deposit insurance neld The percentage of e, nb 0
collateral (generally. U S Governirren, and agency sec:.,' CIS
stale or local government debt. or corporate bonas)!o puol C
deposits is dependent upon the depository S 4;nanc a, n,stony
and its compliance voln Cnaver 280
36
:,,. ' 30 1987
Cott Market
00.016d and Restricted:
("o-I--e-c-a Ilavw 28345 28 54-5
*6 017- 16 cc",
5'62 698 S'K 862
Trip C ly s ce"(11a'v 0,1,ter netcl t)y a Ih,d ncarly
,3qevil 'or nr n) irp nai-e of the C11Y of fully C01161e'al-MO in
d . 5.(-103'a'C3CC70W!' 'I "a.,re 0' the Cly Sucn,nvcStiT1en!S
rreel!ne one c,e(V asks :is el ne CI I by GASB
ncv-cy "to 'esoecl !c i!s t)co, on
invest-enis:S'.0 I"i reourcmase agreer-ents inc.'uried
ent poo, 'includes p:)o a. ;!-a'.e'y
�Je Snc!t !p'!T' x
$295 000 re'aled tc DDA Th s lnves*-m-f-' s esse--!ta!1v
',ne C I I -�OS,- ., , onanl 5 Iflee'ole Cass'eo
as a ca!egory three creel !sK under GASB Stwernen! No 3
Pens,clri cash and nves',ments as a' SeDtli?.-oer 30 1987 are
Cost Market
Or, (:a* ()-s S'213 765 512' '54
232 539 1170 033
co'no"l-e Bo-0,; 27975 26085
,
::on 1� a"(', J-00S IS 1 479 7. .1170
- Alzc'.;f?A '1-d o!"il" 3426 334.1
i• -59' BI, iso- 995
:nves',,,ren', oo,,c;esfor the GESE and FPO pension trust Tunas
we descr,beo in No!e 2(F) See additional discussions in Note
17 concern,ng ctlanges n market values subsequent to
September 30. 1987
6- DUE FROWTO OTHER FUNDS
Due frorntto other funds are loans from one fund to another for specific ()urposes At September 30. 1987, the balance in
due from/to other funds consisted of the following (in thousands,)
Out from Due to
Fund Other Funds Other Funds
General S3 336 $ ---
Special Revenue
Downtown Develooment Authm,t>, 1 7
Other Funds t 1
Debt Service
Uli!ily Service Ta�.es 2 864
Canitat Protects
Transportation 850
Culture and Rec,eat;o, 173 —.
Public Use 725
Enterprise Funds
Department o' O" Street Parking 484 --
G&O Enterprise Fund 163
Orange Bowl 132 850
Miami Stadrum 132
Convention Center -- 142
Govt Center Park,ng Garage — 92
Trust and Agency
Pension Admnrstrat,o^ 1 955 2.719
GESE Pension Trust 1.955
FRO Pension Trust 2 719 --
Total $9.660 $9.660
6. OTHER RECEIVABLES
Amounts due from other governments primarily represents amounts relating to grants awarded by other governmental agencies,
and other receivables from state and local governments. As a part of its Community Development Block Grant program, the City
issues single and multifamily 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 fully reserved. As of September
30, 1987, rehabilitation loans outstanding totaled approximately $14.4 million.
7. PROPERTY, PLANT AND EQUIPMENT
The following is a summary of changes in general fixed assets for the year ending September 30, 1987 (in thousands):
Balance, Additions Deletions Balance,
October 1, and and September 30,
1986 Transfers Transfers 1987
Land $ 65.599 $ 6.707 $ 1.022 $ 71.284
Building & Improvements 26.538 — 1,235 25.303
Machinery & Equipment 24.955 934 989 24,900
Improvements Other than Buildings 161,746 19,817 433 181,130
Construction in Progress 52.270 43.082 21.439 73,913
Total $331.108 $70.540 $25,118 $376,530
See Note 16 for a discussion of the construction projects currently in progress and Note 12 for an explanation of general fixed
assets transferred to the newly created Solid Waste and Building & Zoning Enterprise Funds.
A summary of Proprietary Fund type property, plant and equipment at September 30. 1987, follows (in thousands):
Internal
Enterprise Service
Land $ 14.579 $ —
Build+ngs and Improvements 135 375 4.400
Machinery and Equipment 6.616 28,235
Construction in. Progress 7.874
Total 164,444 32,635
Less Accumulated Deprecation (31,411) (16.130)
Net $133.033 $ 16.505
37
19S. Egh✓.
S. LONG -TAM DE13T
A. CHANGES IN LONG-TERM b€bT
_
The ioliowrnq s a summary 04 Changes �n long-term cfe; �t (,,f lice City `or the year ended
September 30 1987 (!n thousands)
Internal
Enterprise service
General Long -Term Debt
Fund Debt Fund Debt
M.S.E.A.
Special
Obligation
General Bonds and Certificates
Certificates
.�
Obligation Subordinate of Claims Other Compensated
Revenue Special of
Bonds Note Participation Payable Payables Absences
Total Bonds Obligation Participation
B a,ance at
October 1186 S+ i.::�'. =u . , : 't �;:') .. - t, ,' ;Z IA,�:�
.,. :' (= S' ., '?e S
New Bonus ss ,act 10 ; ". i:
2 000
Subordinate
Note P`oceecf
releasml •or-
Drawdowns on
SCchon 108
HUD note 2 P..69
2 869
Dec'ea�e -
Leaso P:lvaber:
nn
increase n Lonq Tern1
C;airn L;abdit-es , i 'S-
Dec'eaSe "i Lo^ij Te""
ACG. ^1 r:�a:ed Unlllit
�w
Co-ce"sa:ed
Absences (405)
(405)
Trans'er o' Cerr`T.a1e5
o' Part,ot?a,or^ to
�nterna' Sery Ce
F,,^ds (Nox' '-'� r. ,
6 .751 _ ,6'75
Debt Retired (1 r 400) i2301
(++ 6301 (108) (1101 (2 115)
Ba a-ce at
Sen,!e—be r 30 ' 98' $ 199 350 S73 ' 60 c, S3a -:1 0 S 8 42 S' 439
`:329 P.0' :76 248 S15 6' 0 S14 060
B. SUMMARY OF ANNUAL DEBT SERVICE REQUIREMENT
The annual requirements to amortize all bonds. certificates and, other payables outstanding
as of September 30, 1987,
s,
including interest payments of approximately $364.861,000. are as follows (in thousands):
Certificates
General Special of
Other
Obligation Obligation (1) Participation
Revenue Payables (1)
1988 $ 20.537 S 7204 S 3.169
S 6,778 $1,609
».w
1989 24.671 7,942 2 974
6,777 3,672
1990 24.349 7 855 2.510
6.874 2,241
1991 22,579 8.370 2.815
7,079 2,102
1992 22,336 8.290 5.575
7.360
q
1993.1997 96.948 38.090
38,699
1998.2002 71.086 32,203
38.229
2003.2007 42.991 32 024
39.447
Thereafter 17.062 39.147
50,023
a1a
$342,559 $181.125 $17,043
$201.266 $9,624
(1) Includes debt service on the MSEA Special Obligation Bonds. the Subordinate Obligation Note, and the Section 108
HUD Promissory Note at an assumed rate of 7%.
�1
am
38
I
C. SUMMARY OF LONG-TERM DEBT
R L
o" is
Bonds pavabie at S(iL)ternhe, 30, 1987are comprsed
of
h000
the foll()Wirla lssLje-,
(000s)
s6o
General and Sreoa! OU,gaiion Boci--. (Geneta
15, 100 09 r, SA 7<1 (it Q
Lanq ierm Dft-):)
A "o P S 60000
S38.500 000-- Poiicrt Headuuafiers :n,;rove!!Ie.^•l
C, 275
Elon(is, P,qlit issues matw,ria tt)tow,) 2005
19FE X "(109 a!
Interest at rates ranging 'ror, JV n to I!()
S 26 090
1 . I : .
rates o' nie!ez,! 16,185
4 1,000 000---Storrz, Seger ;rr)woveen! Bonds,
$Z 000 000 S.t,cvcjxedl Px- -1
I melve issues. maturing thtougf- 2014 rtwest a,
Bo-o 108tj -1 (1 ()" OC�Ot)C` ')00(')
S(!r:f
fa!es ranging Irom 2 5c,c- to I I cic,
27,575
, I.,,
a! 6' r! 1 09-.� "r ["ra
$44.640 000-. Public Pa,is and Recleal or,
tal(, 2000
Facilities Bonds "V®r I.SSUeS maturing ^h,00qr,
$225 000 Orat)('
2003interest at rates rar,g,rg 1rorr, 3 50r to 7 501,,
20540
Bonds !e,es: x 6 5`- r 63
170 1011000- San,la,y Serer Bonds
elpven issues maturing tnroogn 2013 !`,e!esI al
c I J 7' - 1C, 000 Con'(- Pa- ()?I ;Garage -
snec"'i ot,,! �1,:Il qty,cl�, f,�zitti,.na "�touoll 2008
tales ranging 'ro!n 30 (1 to I V1 (,
31 510
I interest al rate- 'totn 5 625" n rD B 875c'! 13610
S38.375000--St!eel and Hiohe;ay rnwovernenl
91 858
Bonds, e,gl,l issues Maldl:llg ltIMLIgn 2014
Les,; U!,amo,1,1-ed Bot,il D scount (2399)
interest at rates ranging 1,om 30 o to I 1,c,
25085
$ 89459
$4 290 000 HOLISI-0 Svec,a; Ot:' gal:or Boi-.cz
one issue, maturing throuqt, 2006 -terest, at rates
from 4 10o to 7 40c)
4.210
$16,175,000 Certificates of Participation —On August
$38,000,000 Miarm Sports a-)r.j Exlriibilion Aujnwily.
29. 1986. the City issued $16.175.000 Certificates of
finance the
Special Obligation Bonds Series 1985 rriaiurincj n
Participation, Series 1986 (the Certificates) to
1991
acquisition through August 1. 1989 of equipment for use
various amounts morn li-ougi, 2015 interest
70'JO 'ale 10
in essential City services and to reimburse the
rates vary %veekiy at 0' WIMe SLIO!eCl
adjustment under Certain VCUMSIXICL's Durg
providing
City for equ,pmenl acquired during the prior two years.
1987 toe average rate :.as 4 52(ic
38000
The Certificates represent a limiled and special obligation
S1 0.000 000 Miam, Sports and E n1),I.on Aultor.ly
of Vie City and evidence Undivided proportionate interests
Subordinate Obligat:on Note na,,,r:nq ;r. oar!e.r;y I
in *'basic rent payments to be made by the City pursuant
installments of $312 500 txg,nn ng Jai,,a-,, '988
to a lease purchase agreement to, the acquisition and
through December 1995 n1west, rate,.; :ay at
financing of the equipment Title to all equipment
700b of prime rate sut.,)jec! to ad:u,!neT!s wit.101
purcnasea rests in the City. Basic rent payments consist
certain conditions payan,e quarietiy D,;r,rq 1()87
of an annual principal component and semi-annual interest
the average rate on the note 4 4 2 0
10000
components at interest rates from 4.6% to 6.4% through
$38 355.000 Genera! Onitgairon Re'undaig Bonds
1992 The City is obligated to make rental payments under
Series 1986. ma(unrig trlrougr, 201.1 nteresf rates
the lease only from funds appropriated from general
ranging from 4 54,o to 7 7,In
38355
revenues of the City from Sources other than ad valorem
$20,800 000 SLinsnine Slate Gntu.enta!
taxes The obligation of the City to make rental payments
Financing Commission Loan Serves 1986.
does not constitute an obligation of the City for which the
maturing inrougn 2016 interes! rate at 60(n
20,800
City is obligated to levy or pledge any form of taxation.
$63,140 000 0111er issues, maturing ilhrooqk, 2014
See Note 12 for a discussion of the reclassification of all
interest at rates ranging from 11',) to 1 11 500
30345
certificate of participation activity to the Motor Pool Internal
$272,510
Service Fund during 1982.
1
I
I
39
Section 108 HUD Promissory Note - f) 1987 t!,e
5 ti 4 COv 9 00
prr,r*!j c;St�jrt, fi,c)jj. It jn ;cif and
HUD 0
, ) 8
of trie ��i 1y fiat Ao o' 1974
I-) fw-1 d It'ic. So Al�t:%as,! I; park, A est p ru;eCt
(see
See Nova" 16) "f!"e"4 t*!f' ;-i (I X)f`;,;,-0'7 On All,ijUsl
%,ar:ate e tatf' , (
and te,at(!A Irog"Ifl, Tcr;1`10 Xe
the note
S20,800,000 Sunshine State Governmental Financing
Commission Loan - D,,-nq Senloint-)(,r 1987 ,f)e C:ty
obtained a $20 800.000 oan !rw-'l flie Stale
Government,ai Financ,-!,rj Cet-tn�sstcr
The Proceeds from tt-1-5 170arl are to t--Ie t"sed to fund pafi('s
and marinas 1rT1L)to',eZT1eIjfi*, The Cor-in-ss,on -.,ias cfealecl
in November. 1985. by the Cjl,es of Orianoo and
Tallahassee Ro,ida.!t1rouqti an ititeroca aqfer)en,, as
a tooled fina,ic;ng vehic'e in a'i(w. 4,)! .I fT1.1ed numbef
of high auak!v !C;ca: governinerl!al wits (C,!(".-, and
Counties) to loan logo'..Ilt2t n a ;,ar,ab:(, rate ':i18I1C:Mg
program and ttseret)y !iccw-eccricries
of, scare
Trie City -; ohiig; licin ii C:0,'erlliilt 1C1 I,L1QLJP1 and
appropriate (fFOIT) non -ad va'orem revenues) 10 pay the
debt service or, its 520.800 000 :can The)oa,) aqreenleril
does not provide for ei!tlf-'r a 1`31,e cmena,)t C), all ad(10,onai
bonds test but reautrei a ci,iullon tie
masnIa!ned to enahle tne C;ly to sstie ,,enior (non -ad
valorem and non-proprietary ohh,;ai;nn, acglanng
prior Consent
S4,290,000 Housing Special Obligation Bonds. Series
1986 A --in October 1986 Int-, City S4.290.000 in
Special Ontigat,on Bones. Set es 1986 A. !ci pro,,•(w
financing for cons!ruct-on of owner OCC, 1: j 1("(1 es aenr.e
under the Scatterer; Sle Prngian'- in Ihe C,*, I; ,,,
Development Target areas Ttf(,- t),,)nfis nave -seria�
retirements from 1987 throucin 1996 ri tfoni
$80.000 to $190.000 ari!i a terra pa rnent of S2,830.000
in 2006. Debt service on the tjnilot� are na"ziIiie solei-,;frorn
certain telephone and telegraph trancrn,,c fees
D. SYNOPSIS OF BOND COVENANTS AND DEBT
AGREEMENTS
The various bon(I 1r1ae1-1lWes acid riWeel-TIMIN Cr)f1!a-f1
significant limitations arld res!r,C:Ions on annual det)t service
requirements. maintenance of ana f(o,% of mon,estirit-oij,P)
various restrictieO aCCOL;111S. a1`110U!ItS, 10 ')C
maintained in various sinki.rig tLifldS. W10 [?!,t1JT1tJI1
bond coverages A sunima!i of major provisions and
significant debt service requirements toljo,..'s
General Obligation Bonds
by a tax levy on nor, eveirip, properly ;'glue canct coilectioris
on assessment liens from protects I -ill-M I;, Wc-)(0ou"
of sucn bonds Trio tuia: rjei1c,,r,i; on!iqfl,on ot-o'
outstanding is lim-ted tjy trie City Ctiziftur to t-i!oer) percent
of lneassessed non eiewpi ;)fo;)or!y a;',e At S(?,1*:ewI;et
30. 1987, the slalutory iun,iXion to, itle C,!,,
approximately $1 423 142 000 clet)t Walf;111
of approximately $1.227.564.000allflr ("Ofw"Ideration ol the
$199.350,000 of general (A)W01)(fl)
sco&Ll at
S60,000.000 Convention Center and Parking Garage
Revenue Bonds r, a ,,,edge
4 „,,j
ro,.enUes
".'!y to -wott-ld(,
�,i tit, C,y otne, tr)a,i
r
d .a n, orti:�w'r !�j, eii! T) make tio
ajn,, ;,,e ern , Pei.j funds
Trustee are
'.tie '0-1' of the Trust
.we,ssijed Toose
;)rn'V15tot)S inClUcle
f3fv-(I-St?- co the) Reneff)pt!on
ine Res(.Ir,.t= !rie Constrk.,ction Fund.
v Fl,no :tiv Rr--ne,%al a,
Fu-ia
ttat Inn, qy,)ss revenues of
the Co-v,ention CeTi!er &ragv oe deported as
it,(, !c; *,re crest of ,ne Revenue
Fund 7tv-, Tfus!ee snall i-�jns!e, iron, the Revenue Fund.
"I :he fund in
tx4e, 01 cz,t, enj e,per-��,es ti-, the follo.vificj accounts or
.;L4
wics n :tie DILIe,
• to tflo Bo,wl sel'!CU an a!1;&jnl equal to the
S.:J- of eq!,a! stun l,,-) ofthe t,iterest
payabie cv-r a; :he t,c,,)ds on line next
(7xol a-)d (il) -owmencing it'
January 1989 11" aii'ou:li eqzja, to ono-tk%elfln (I ;:) of
me nekt of principal of all serval
bonds
• to *,fit-, on cowinenc;ng ,,) January
2001, an arTinwi! ecpizji io orte-,,.-,elftfi (! :2) of the principal
amount of triv twnn re(IL.,teCl to be fellred on the
rlefl 'ILXC(A�d j
• to ioe Reserve A(.-.cotint sticti arnount. 4 any. Of any
balance enitri,n-nq after making the deposits under the
t,,%o p!(1ceen,no ;,iovision--, as ri-.a.; be requir6d to make
we aM0,11`11 It)(?!) veld for the credit of the Reserve
Account e(ji,a: to too riia,.iwuw annual principal and
MIA
irlieret;l 1eqtwomenisto! 'tie cu-critor any succeeding
fisca';eair.
• to the Rere.*.,al inci Heo!acen,(,rit Fund, one-ttwitth
C)fSIOOOOOand (',Ile-tvAelft?l(' ::)Of SUC.naciditional
If arty ,.n:cn a consultant retained for such
p,,rl--)fjse ..,, •is report niepaieo pursuant to
me Trust indenture stial; nave I econ-i 'Tien decl:
Such amount. if any.
as may be feql.;,rea to make tne arnOW11 then held for
Me credal of the S:;;-)lyefTenjai Reserve Fund equal to
$1.500 000:
• to tne S, it I)!c;s F if io. tne naiance. it any, of the amount
so t.0ndfa.,.n
ON
At Septomut-tr 30, 1987 !i)e City naa on deposit with the
40 jilislee icit appromrialely $10.551.000
B
Ir
�t
Fit
e
A
!j
711
7
Ill Clllrti 't:7 ,�I:i 'u:'rl !'1'F'i l'�f '6 -. ..!fin - •. ,,. �. .. .
It? If:E..e tI`i1 ;.Ii ,.i: i' 'ef'r�;
of itie rrfwId'rll of •l,c. i"-1!1i ,tic,l. :(1"'r ,I.:t'.�, •l7
Septc rr hot :30 , n8;
$16,275,000 Parking System Revenue Bonds
(DOSP) - DFbI SRry r.,e is (, ival �E Sine' i i , ttit r n ,•;f,•":
Of the Off -Street Park.f,_1 fai ii,e5 Tn uf- (Sc ,quF+ t
consists of sertaj ilor;cis
to $1.390.000 fron, 1987 thrnu�;fi 200� A' �if,t.r� r itw. { �
1987. the C!y r"ad r>n depost ''h r,� uar, nr ..
bonds anprok matei'. g2 R03 0(10
interest recevabie :n var,ous resi'ry
accounts consists Of the Pa,k. %j SiA stf'rr, ; aria (Re'ce.`rli,n
Revenue anti Repfacement. :vnc1 Gt:r^e`a' Pf-er,e
accounts) and line Bond F u u1 I ,te r c ,vl:l n
Snkino Fund. Reserve: Rede t ;i(n I .1
Condemnation Award ACCOUNS) Toe nature. t;i.rpOse art;1
funding requirements of iriesf? funds ui ae
similar to those described at:o'.e e a' (I .t le
Center
$13,720,000 Special Obligation Bonds - Debt 'I,,v.cer
is provided by a niedge of net revenues Of the GoverrirT•ent
Center Parkin0 Garage and services ?a es C�l�t?ctrld
by the City from the sale ofand to an
not to exceeo the brincipa! and !nterc-s'. requ�re—eni5 n
the ensuing fiscal year A reserve must be r"'a"I',t-ned eaua]
to the maximum annual debt ,ervice reat,-rement Var-ous
funds and accounts held h','he Tn.,s'ee uir,l,:,;cie tnf-I
Revenue Fund Bonet Service Accoun! Reder'.ir':on
Account. Reserve Account and ine Gone Resent' Fi,i-!n
The nature. purpose and fund:nd reel., cinerf. of it',ese
funds and accounts are similar to ;riof:.e desr.r.ixo a! -Jove
relative to the Convention Center At Sentomber 30 1987
the City had on deposit wain the T,,,siee. for inese bonds
approximately $1.873.000 accn,er, interest. in
the restricted funds and accoi,n!s
$38,000,000 M.S.E.A. Special Obligation Bonds,
Series 1985 --These Bonds are i1mi!er1 snec�.ii ohil�nalions
of the Miami Sports g Exhibition AELnoniy tNISUo and itre
payable solely from and securea ny a piecige Or hi MSEA s
allocated portion of the 34 c Convention Deveioprnent Tax
levied and collected in Dade County (, 1 nvesirn.e,)t
earnings on certain reserve account,, rerz reo fo rye
maintained wttn the Trustee ar1C1 f:,.1 'to!-, tnf� claie of
original issuance of the Bonds trnougn Decemter 30 1990
(except upon the earlier occurrence o` certa:r) evews) from
funds drawn under a bank letter of credit :n a staled amount
equal to the principal amount of ine Bonus plus 55 days
interest thereon at an interest rate of 12 ;o Concurrent �;'Itn
the issuance of the honds the MSEA t-Weted iWo a
remarketing agreement to effect ine of an;
tendered bonds or any bonds held !or line t;eno'I Of the
letter of credit provider as set form :n the Bohr, Rf' ;plat+ori
Tne Special Obligation Boners v.ere csuera or1 nail; as
variable interest rate bonds com;er',hie at the ot,hon of
the MSEA to a fixed nierest tCj,e as do?crm rnttr, h, ine
remarketing agent Prior to the convets:ori to tree
Interest mope. bonds nerd may be let 00!0ct t0 vie
remarketing agent and held for ine benefit of ine eater tY
credit provider. The letter of cred!t agreet', :en! e•-p:re upon
conversion to the fixed rate mode or on December 30.
1990. No funds were drawn on the Letter of Cre!f::t :n 1987. 41
t- t Pi; i '!1e it R f} e r { oCCed� O ties,.
ct S512.000. were
and accounts held hV
i.,ov s ohs of the Bond
pt,rrar,viq to these
'tie Bona ,'e.eSt and
Pr ' - _ x r_ Reswve account. the
: :r'P itiSa t'e,iante t'-,rid the
w?'.. r(! ih,, F x r)ense =iccount The
It ", t. ,., It r: :.e•,,,..'011r (241 month
n tee o j.e rile Canl?ahzed
co are 'o he made
�.• l r -{ � { .,erne accouni Receipts of
are to be deposited
'I"lEi {• -i^ia f fir h,,too '".l.;r!'lfl ine Capitah ed
ci'Exc• P"' ; ' _ o fo��r,os or accounts as follows
• 'cl'he [)E•h' `(, ce. Ho5oro, accoi int. oeoos!ts t0 bring
1,a.,art,;r: ..; 5; 3?5 ir00 funded at bond closing).
• ,.. !tlo tv1„{r'•. AlittIMty'S operating
` 30 000 t)w rr up to S350.000 annually
ad,U eE: L. r-Ft C ,, .'w once codex.
• ?EI ,:t' Rc•ji':ilr-",- „�• Reser,e 'u'ld deoosits to bring
000 0U0
• to foe Maetft ri;3 iCE 'unu, deposits to bang balance to
S3.000.0('10.
• i� ?ne 510 000-000 Suhotci:nate Obi:gation Note debt
io cle fundS sufficient t0 meet the
rn„fr.E r, ;,e t . Ser !ce pawrienis tnereon, and
• to use A!,tric;r r; for an,, of ,ts iawiul cotporate purposes.
At Seoiember 30. 1987, these accounts and funds related
to the bonds co,)i vned approxmately $14,462,000 on
denOs!1 a •;n the ''rustec
S10.000,000 M.S.E.A, Subordinate Obligation Note—
MSEA issue,cl on December 27, 1985 a $10.000.000
Suhordinato Ohiigation Note" Series 1985 (the Note), to
fund or ternporary exhibition facilities or any
other la:ti h.' purpose of the Authority. The Note is secured
t,y a nledge of MSEA's allocated portion of the 3%
Convention Devciopment Tax. but on a basis subordinate
and µ;ruor tc the pledge to the S38.000.000 Floating/Fixed
Rate Special Obiigation Bo`tds Series 1985.
Tile proceeds of ine Note were held in escrow until
February 1987 pendrncl satisfaction of certain financial
conditions to a sbursernent and final approval of the
proposed e•vibition faalites by the Note holder, also acting
as Trustee Upon breakinq escrow. approximately $8.5
rniiiion ;n note proceeds plus accrued interest was
transferred to the Cat Dal Protects Fund to provide funding
for the Coconut Grove Exnibrtion Center expansion and
the Convention Center renovation
Tile Note v.as self-liquidating with respect to interest
payments wnOe the proceeds were held in escrow. Debt
service for file first 24 months after breaking escrow is
provided from funds deposited at closing in the Capitalized
Interest Account thereafter. debt service shall be provided
from convention development tax proceeds. (after meeting
Me funding requirements of the Bonds ) and any additional
pledged revenues of MSEA or the City.
E. bEEEASANGES OF LONG -TOM 003t
In prior years. the City defeased certain outstanding general obligation and
revenue bonds by placing
the proceeds of the
refunding bonds in irrevocable trusts 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. 1987, the
following
outstanding bonds are considered defeased (in thousands).
PatkFac 'es npv,,& 3cni.!5
se. et. C
a G25
'^
se^es ' 98C)
Park:np StSte^' t?E'v Et'?,;e aC+^C:S
Se'les 1983
Park nq RE' e^u„ Sty" 15
Ser,es '98'
,n -20
Gene,a Oo i;a' c^ B;,nas
Housra Series 1984
17510
Slot- se'.%e'
ser�es 1984
2 820
S!,ee' a^r; H l.d. Se, es ' 984
6 89C
w.�
9. FUND EQUITY
The only City sub'unds having deficit'und eau-ty at Seote^fiber 30 1987 „ere among the
prop' etary
fund types The
!ollow!ng
schedule lists the eouity components of al; C'!y proprietary funds as of Seplembe'
30 1987 (in tnousand5)
Retained Earnings (Deficit)
Total
Reserved for
Contributed
Fund Equity
Enterprise Funds Bond Retirement
Unreserved
Total
Capital
(Deficit)
O"-Street Parking S ' 838
S , 326
5 9164
S -
S 9'64
..�
G80 S^'erose F,;,,ci -
125F1
I?55;
730
4, 5
Marine S1ad;um
1245)
1245)
699
454
Main, S!aa, rn -
1515)
(5,51
654
139
Orange Ba,v S!ad.ur•,
2 228
2 228
4 47'
6 699
Convert on Center 9 26r,
12' 292)
('2 032)
.3245
3' 213
"
Ma -as
5 126
5 026
2 787
7 813
Auddonums -
1215221
12 522)
5 407
2 885
Go'
t6 t 1
(61)
391
330
Warenouse Property' -
340
340
--
340
„^
Parking Garage f 589
i5 183)
13 594)
634
(2 960)
Bu,!d ng ana 7_on nc: -
�' 26,
1.261
265
139
Solid Waste -
(' 165)
(1 465)
1 933
468
Prooerty and Lease Management
501
507
2.287
2 794
S' 2 687
S(16 23 7)
S (3 550)
S64 503
S60 953
Internal Service
City Garage S-
S 2 064
S 2064
S 6 279
S 8 343
Motor Poo,
15721
6721
373
(199)
Property Maintenance —
144
144
273
417
Print Snoo
t538)
(538)
178
(360)
Procurement Management
54
54
23
77
CoTmucar.ons Services
(93.11
(9341
2 143
1 209
OR
S -
S 218
S 218
S 9 269
S 9 467
The def,c,f In the Parking Garage Funa resulting from the $2 468 039 extraordinary loss on
debt refinancing in 1985.
is expected
to be eliminated by future transfers of Utility Service Tax revenues as needed See Note 14 for selected financial
information
regarding the Enterprise Funds
ge
do
am
42
10. CHANGES IN AGENCY FUNDS
Tt,,e City F Cabe TV Agency FILPICI �S WSPCI 000,efu,idat):f_, Oeuos,, from, tne Cabe TV. !icensee and
interest 11,eireoit, Vdilct, is. llayabie to int?c-c,?i,�ce Tile cria-IgOF 'ik',Ie C; 5 caht". T %, A-Ile-iu, F ;o a'o as fo", ovs (in thousandc
Accounts
Payable Deposits Cash
Ra'.vlco at S'
rl,:eslerl! to
Re%in(i to rensee J, f 5 00
I)an
(P -29
As described in Note 2(M) :he City spo,isors three deterred cor-oet'sa!,on far :s err,p!ovees adr.-iinistered by ICMA
the Copeland Trust and the U S Conlerence of Mayo,s In responi-e to the ssianco of GASB'S!,ilem-en! 02 the Deferred
Compensation Agency Fund i,vas es!abl!shed lo accou,11 fo� ttlese ptoo!a�r�; The charges I,, tic, l')ro'gralln assets during 1987
were as tollows (in thousands)
A,35f,*s ii i,' �e $ 7 43.1
Co.", bw 0,S
Foo,,'e, C, 7
Be s ,,Id a-d e -,I' o",
As5e1s at cr-1 31 yew ',;1 1 3 7.?
11. INTERFUND TRANSFERS
A summary of interfund transfers and contributions by fund type and account group is as follows (in thousands).
Transfers In
General
Special Debt Capital Internal Long -Term
General Revenue Service Projects Enterprise Service Debt Total
Transfers Out
Operating transfers
Genera; $1 122 S S 690 $16610 S $18.422
Special revenue -- Too 100
Debt service --
24256 542 453 4.947 30.198
Capital projects 1 000 963 300 9.165 300 11,728
Enterprise 1 398 - 291 1.689
internal service 5.000 - 525 5.525
5-25 $__ $67.662
$842 $10 699 i21 857 i3l 654 $2085
Equity transfers and conlr;bwtions
Special revenue S 6 S $ $ 6
Debt service 8 792 - 8.792
Capital projects 168 2500 12.465 15.133
Enterprise 186 - - 15 675 876
internal Service - -- 3.472 16.175 19,647
General fixed assets - 2,374 56 - 2.430
1-92 8.960 $ 4-874 i�1_6.008 it 6-8 5 0 $46,884
Certain amounts in the above table reconcile to the financial statements as follows.
Equity Transfers In Equity Transfers Out
Internal Internal
Enterprise Service Service
Balances per table $4.874 $ 16.0D8 $(19.647)
Accumulated depreciation on assets Vanserred;n (176) -
Capitalized issuence costs and accrued interest in Certificates of Participation - 359
Certificates of Participation proceeds lrans!errecl ;n - (12,268) 12.268
Balances per Exhibit IV $4698 $ 3.740 $ (7.020)
These adjustments are a result of the cnanges in fund classification discussed in Note 12.
43
12. CHANGES IN FUNb CLASSIFICATION
Effective October 1. 1986 tiie City Conir,.,SsiL`n author,,-ec1 the transtet O} itlr' sc,:Ct N✓d51f? coiieclion operations and budding
and zoning inspection from the Lenora Ft :tld to 'lei•.• sm)atate• enlev!se �tiblwlds %i�ana,,iernent relieves that accounting for
such opefatlon, as entet,uri,e firl.l_ N°,R c)rCw de 3 i;Cert? at?Iltopnate Ptas s rt-)r f.a3,1-cC_, 2i1 `i4 �3nd rtlanallnmOni COnir01 The
..r
amounts transferred to the rlev;ly Ctealed et?iPrp';gf rut7fi;ttrls :nC!(ide ti t1 tfli 0. ;tiC7 t'tt th0usa'ld 1
Solid Building
Waste and Zoning
Cic;�e•eIt F,xc'.it �.tiSP'S s3.Cfi'., Gt:i.;C
0.:o T-,a� cnst
Tc�a; Cc?r,t•a .aec t sca+'a -�
Re'r� t.ed tsar•, ;� t ;,t' c _
Genetx F.act
ACCr-reo iE'
g i1HEih ��--
Genera Lu-g Tt•.. Cfif
�1^c^ued Ct,•,rS>,,tiated at;"„•,cf ,6'_i
�Je.i 'ntet!,tnt1 ;•:j.. rt�r t ..
Also effective October 1 1986. the account:n;; to, Cert f,cate of Pah, paLorh-roceeds a-ld debt service *as reclassified from ...
the Equipment Acquisition Cap,ta! Prole::ts FL,rhCl ano Get,eta Long Terry. Deot Account Grouo to the Motor Pooi Internal Service
Fund. This change vas made to reflect the Cly s fleas on to t.se tt,e r e^,a;r..ny Cert,hcate uro(:ee(is to purchase Motor Pool Internal
Service Fund assets and to tend the CetW:cales (ieLt set ;,ce n part fror user charges generated by such assets As a result.
the Capital Acquisition Caotta: Protects soWun(i was ctosea Reta-ne.; eam:ngs o` tyre %4otor Pool Internal Service Fund was reduced
by the net amount of thts transfer s,nce the capital out:ai t:otla!ly ft:nue1 inrougn the Equipment Acguis1ti0ns Capital
Projects Fund in 1986 '::ere or,g,na!ly ;n'enrec to be f,nanced by a transter of accurnu!ated ea n,ngs from the Motor Pool internal
Service Fund. Details of the transfet are as foilaNS (In 1nGuSandS) -,
tju•i:•nt:r • 4t:�3..r>.. i:.tt 'a' r'ti';i:•�.. •,,f
Rest! c!ed ; 12,266
Gene ai L ;rtU-Tr r ,. Dt9 n, (''
Cf, tt.4CdtBF V z a'l,, d,..3 u ? 0 ?S.a Y.'• j; I' 6.175)
Azi;,;s!rnents try acct•.;a, -3�:r5
Can:tai-zea costs 497
Accrued rneiest nayat,-e (139)
Nei tepac!o^ F:'?ar,6a Eta•. 1 ^l ,:o. °oo.. sterna Set-.!ce F:,nrf 5 (3,548)
.0%
44
a
Ll
1
13. SrELF-INSURANCE
The City maintains a Sell Insurance Exoc-dabie Tni�zt FunE+ established ry Clty Crlarter to :account for Insurance activities
relating to certain properly and llab'lity risk.. gaol ip accident a! id he,aItl) acid y'lOrker i CC7ml:r. n53tinrt Tice fund is under the administration
of a Seff-insurance and Insurance Comm,ttee appo;rated h ' irtf? C-iy Va_naget
Charges to participating operating departments are ba-ed upn i atr,ol rtr de,f r , nod t y management to be necessaryto meet
the required annual payouts during the fiscal veal The r ;'+n, t ed iahi i,J !or i r i,r:arice ci,a,ms nchides eslimaeed future liability
on a case by case bass for all pendinq clamis and an act'ux;a; de'ern- nevi ,vr-,a;int for claims'ncurred but not reported. The
long-term portion of the total eshmated'labihty. r.rt,E,ri Is e>;>e:.?r).1 to tie ft.rulecl fr r ` i'urrr opr�ra';c:ns is reflected in It General
Long -Term Debt Account Grouts (GLTD) and amounted to ar+t ro+m ate!y $34 .110 .n00 as or Septpmber 30, 1987. as follow
Self-insurance GLTD Claims
Claims Payable Payable
(Current Portion) (Non -Current)
(000'8) (000's)
Workers' Compensation
All EVorkerS cornpen Sa Non c05t5 are i,a:,7 '!or r',f'
the City assessed a oharae bas-,d uuo' 3 v';ia' (7,dSi' A<-, e-ia nS die 'vItoripci
they are inVP-511CTatpd by n'a rig )(?,sc)nriej a d at P� ia;f (i' hah ry i t DISC t i E::lsf. t d;;S
is established. The esti na'ed fiat ,i' es a e Ise !Od E ally rcaat .ed and re. seL,. as de •elou
Most liability in this area will ;,e na,abie eye svve,,3yex, S 135 $13860
General Coverage
Departments Of Ine Cay are assessed !of wope,! a .d cast 4 y nct-. d rig [)Ol,ce pro, es4vinal
liability and public O":ca' s ',ahn-., coverage basE 7 u ?" trie t as" ev r en pn;s of tr e Set'
Insurance Fund and their teialr e st,are o' '-''e !ota, risk Tt e C.!y n'is c0;11,(i,)ed to nu,chase
certain casualty InSutance 'or vdi 01 ti',e orernv'T? �s Snail v .e;eLnr to the cOber�igo prov ded
The City is Insured subject to a $100.000 dedUCibf 'or TV tvatwrtv iOtS P,nJ',erpS er.c.el`f as
related to parks and iec pat on 'aced es h CY 3!e C sided ih•e Of. s Se' n trance
program As the casua y cla,ms art-- 'enorltd 1t•e,, ate n.es gated by the Sri, nr..s0 "tei
and an estimate of liabd.iy on a case by case bass a estabnsnpd 546 20.550
Group Accident and Health
Certain employees and rpCrees 0' 1r'e C cltf ac-tu)'ts Or deductions
front pension pa'yment_i to we co5i Of (1tJJ., t�pne',is Tt,e rE: a;,,( L)' i.e to as neceSS,iry are
contributed by the City hased upon ltie n;,n be' of oari,cnanfs --i ,t,e, plan As o' Senternber
30, 1987 the plan coveted apt?ro r ,tei, 900 act ve en nOrepS 750 efu2rs .-id 800'arnily
and dependent un;ts Costs of ' t tla o 'tie yea men f 1f o .;r t anniowi avy $4 3
million The City S plan does not G.i�et n e'r".bets Of t"e ponce and 'tef,gWer,t Uons. wmcn
have established separate gr0u^. beapfa pla't5 Tne amount of ciarri,s di September 30 1987
represents nayrnents made by fi p C !� nctoDer and rJorer' bar 1987 nn cia:ns ,•,rurrpd on
or before September 30 1987 864 —
! $1.545 $34,410
1
a
n
45
14. 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, 1987 is as follows (in thousands)
Off-
G&O
Building
Property
Street
Enterprise
Convention
Golf Parking b Solid
and Lease
..
Parking
Fund
Stadiums
Center
Marinas Auditorium Courses Garage Zoning Waste Management
Total
Cu•rent assets
5 4 662
S 251
S 535
S 12 08!1
S24175
S 1'81,
5 ,1 c c0a c 113.; c 1 6B7
c op
S B 473
Ckwer•t l,ab
1 352
30C1
351
338
256
VA 3 u43
7 500
Net wwk,nq
cav-ta)
5 3 310
S 1491
S 18151
5 12 419!
Gr 2 19
c i28; ,
5 c ... :31, a 151,i
5 661
S 973
19estr,cted assets
S 2 803
S __
c _
S 10 551
c __
c __
c _ c B __ c
_
S 15 227
Current f-ab.11,es
Payable from
restr,cled assets
965
—
29
--
-
- 91 -- -
-
2 540
Net resir-cled
assets
S 1 838
c—
c __
c 9 260
c _,
c—
c_ c 1 589 S— S —
S—
S 12 687
Property plant and
"^
eau,prnen!
$20 024
S 524
S 9 510
S 8! 290
$5 594
S 3 15;
S A97 S 799 S 2 7! S 1 824
S 2 133
5133 033
Total assets
S28 721
S 775
S10 046
$91 436
S8 069
$2 986
5-432 S10~7B1 5 467 S 3 511
S 2 923
$160 147
Bonds Payable
Iona -term cried
S1 7 230
S —
S 63
S 58 594
S --
S --
S — S13 257 S — S —
S —
S 89 144
Contributed capital
S
S 730
S 6 824
-_—
S 43 245
$2 767
5 5 407
S 391 S 634 5-265 SJ1 933
S 2 287
S 64 503
Total retained
earnings laef,ctl
S 9 164
St255)
S I BOB
5112 0321
S5 026
S12 522,
S i61) 513 594) S 0261 S !1 4651
S 507
S i3 5501
Total equity (aefic,tt
S 9 164
$475
S 8 632
S 31 213
S7 813
S 2 885
S 330 S 12 960) S 139 S 46B
$2 794
5 60.953
Operating revenues
S 7 586
S 732
S 3 166
S 3 710
S1 405
5 589
S1 147 S 443 S3 5B7 S 14.002
S 2 246
S 38.633
Operating income
floss)
before non -operating
revenues iexpenses)
S 1 498
WOO)
S 16771
S 11 834)
S (611
S 1176)
S 13 S (521 S (995) St/6.7371
S 1.670
$117.551)
revenues
(expenses)
Interest income
436
9
42
61b
148
-
18 162 - 64
17
1.712
Interest and fiscal
charges
o 328)
—
(5)
(5 2591
—
—
— tt 199) 1161 —
—
(7.807)
Other
35
—
7
1258
27
9
2 103 38
- ----
-
1479
Total non -operating
-----
------
-----
--
----
- _ _ _ _-
revenues (expenses)
- 1857)
- 9
44
13 185)
- 175
- 9
J20 1 0371 - 87 102
17
(4.616)
w
Net transfers from (to)
other funds
—
252
430
3 354
(-,1)
40
— 968 782 16.031
(! 6181
20.168
Net income (loss)
S 641
S 61
S (2031
S 11 665)
S 43
5 027i
S 33 S 0211 S (126) S 1604)
5 69
S 0.999)
Depreciation expense
S 1 161
S 104
S 579
S 1585
$176
S 142
S 51 S 159 S 11 S 79
S 68
S 4.115
Additions to progeny.
---
plant and
equipment.
net
S 3.143
S 145
5 823
S 264
S3 109
5 6
S 61 S 154) S 282 S 1.903
S 12
S 9.696
Increase (decrease)in
contributed capital
S —
$100
S (15)
S —
52.500
S —
S — $ — S 265 S 1.072
$ —
$ 3,922
Increase (decrease)in
working capital.
S 47
$ 120
S (460)
$ (657)
$ 1390)
S 7
S 23 $ 111 $ (132) S (1,356)
S 125
$ (2,582)
46
"'1
15. PENSION PLANS
A. PLAN DESCRIPTION
The City saonsors two (2) separate del. 'ne(j t)enef j
contributory pension plans under the adm!rustratlon
and management of separate Boards of Trustee`; Tt,e
City of Miami Fire righters and Poi,ce Otficets
Retirement Trust (FIPO) and the C,ty of Miami Gene'al
Employees and San,labon Employees Retirement
Trust (GESE) The plans cover suhstanra!y a!! Cay
employees who contribute a nercenlage o` trie r time
salaries or wages on a b• t!a s s Th;c
Percentage was 8 50'c, for FiPO and 811e for GESE
Contributions from employees are recoroed ,-: the
period the City makes pavro!' deductions fror�
parbcipants The C!ty is to contr,bule such a t,,,- is
as are necessary on an actuar-al bass to provide F APO
and GESE with assets sufI ent to meet the benefts
to be paid GESE also receives conir;but:ons througn
the City, from Metropofttan Dade Co,,nty and the Slate
of Florida on behalf of certain plan nartiapants Such
contributions totalled approximately $623 000 in 1987
The City was involved in long slang ng !-tlgal,on
principally related to fundu,q o"ne t-4c olans wn:cn
was settled under an agreement approved by the C-Ty
Commission on June 13 1985 ( the Gates
Settlement ) The major terms of the Gates Seti errent
are as follows
• Each of the two Boards of Trustees (Boards). n its
discretion, may nave fs ov+n er-proyees
administrator attorneys accountants money
managers. and other professjor,a-s
• The City s total annual conInbul-ons to FIFO and
GESE beginning wrtr, fiscal year 1984,85 are
f 4 required to consist of
•• Administrative expenses
•• Actuarial contributions for norme! cost using the
! entry age method. a rnecnan,sm nas been
agreed upon to resolve possible disagreement
on annual contributions by a thud party
Annua
unfuncled
lity contributions based on
•• a Schetdule that estimates s $5.000000 for IPO
and $6.400.000 to GESE respectively for
1984185, increasing thereafter by approximately
5% per year. Tne total unfunded liability,
including the effect of certain plan
7
7
47
calculated to be
icr ale 5•' 0.1 51 0 000 'or F!PO as o'
Ja t;ary 1 983 anti S'08 954,000 for GESE
a, o' Oclot,r_r ' 1982 esfabhsh,nq the bass for
tnr co•r'rt?,,t ;� �;,neUu�e
,fv lAances were
ert e_ r raj t , ,creatie^�, 3 �'or approximately
f, nex n Vedic un*;' t"e annual unfunded
at,,the C:', exceeds the
:r r e f s tn� ; a d balance The
balances are
nr •A cad ti-1 Ue e, - -,a'ed U,r thr year 2012 for
F:PO a•,a b, the yea, 200E 'or GESE
Anti• Increase -n the tmfunded babel-ly of either FIPO
or GESE ar s,nq from awfu -ncreases in benefits
t%'ov,dr'd by the City wiJaleral;v shin be amort;zed
,n eve! annual •nsta!Iments over the shorter of (1)
30 years from the beginning of the fiscal year in
.%-M ch tr,e change occurred or (2) the period over
�%n-ch s.fcr, be^.eff' ncrease )s expected to be paid
A',v .•,.:"ease pr decrease :n the unfunded l,abdity
resutt!ng ;n canges In actuarial assumptions or
cnange`; n uenefits resu+t;ng from coHecbve
bargaln;n( shX! be amoabzed ,n level annual
sta" 'exits o-ver a perod of 30 gears from the
beginning of the fiscal year in which the change
occurred
A Cosi of L;vtng Adjustment Fund (COLA Fund) was
created ,vith a designated amount of savings
generated by the tax qualification of FIPO and GESE
being contributed by the employees. an additional
240 of base salaries.
B. ACTUARIAL INFORMATION
The present value of vested benefits (benefits to which
participants are entitled, regardless of future service
with the City) and the estimated actuarially determined
unfundea prior service cost were calculated by
consulting actuaries as of October 1, 1985 for FIPO
and GESE as a basis for determining the City's
contribution for the City's fiscal year ended September
30• 1987. The estimated actuarially determined
unfunded prior service cost is calculated using the
frozen entry age actuarial cost method.
The more significant assumptions underlying the
actuarial valuations as computed by the City are as
follows:
milk
dt§t
Assumed rate of return on investments
_
04%
Prior to retirement
81'o per annum compounded annually
After retirement
71'n per annum compounded annually
Active mortality basis
1971 Group Annuity Mortamy Table set back 6 years for
females
mil
ate al
RYearstofithd
Employee turnover
Age e Serve
�- -- -3- 54
20 175 120 .080
30 175 120 060
40 175 120 040
50 175 120 020
Annual Rate of
Age Salary Increase
Salary Scale
20 _ too
30 085
40 075
50 075
nook
60 075
Annual Rate of
Age Retirement
Retirement
—
55 300
„M
60 140
65 1 000
Asset Value
Lower of market value or statement value
FIPO
^vk
Assumed rate of return on investments
7 5co per annum compounded annually
Active mortality basis
1971 Group Annu-ly Mortabty Table producing the following
specimen rates
Age Male Female
20 05030o 02600o
30 0809 0469
40 1633 0938
50 5285 2165
60 1 3119 5649
Employee turnover
In accordance with the following specimen rates
Age Rate
.�
20 8 0010
30 6 0
40 3 0
50 0.0
a�
Plus 150o additional in first year of employment
Salary scale
Seniority scale providing annual earnings increases ranging
Irom 4 80o at age 20. 2 50'o at age 30. 1 70o at age 40. 1.4% at
age 50. to Onn at age 60 In addition. a 50o annual increase due
s�
to inflation is assumed
Retirement
Probabilities of retiring ranging from foe at age 40. 3.5°o at age
45. 500n at age 50. to 1000o at age 55
Asset value
Moving market value average
No
48
A suir"irnw, of certain Intomation in the most recent actuarial valuationsisas follows:
...GESE
A 9 30 Be,
4
0.)0 1 10 540 10100
-RUC S, 1 (,2 F * Z 000
K 9(D3 000
7
S 0 2 0 0 0
riv 0,71S! '2 7g2 000
I`Aurr-bel o' :%a,t c a! Oi,!�A 1986
Ac!ive emo�u�k?e�,
R(rl,reol cl'qat P.i a,),I vez",Ieti
L� c-7 2 09'
I - , 6 -_; 1 594
To,W
5 8fi, 2 3,685
lo, !I-e yea, Se;!j-,- t:.(, 3C.
i 17 1 al i 2 0 00
FIPO
For fisca year e-iaecl
as co,.we,:
y 3Q S r 9 3C aFS 9 730 85
GESE
For 1;scn. vc-at ft--;-wo
E-olover co,- co f ir-i
Due to the long - stat io;rig i,tigat,on discussed in Section
9 R', 8 9 Z3 st 9;30 65
22" 2 1c o
t.
peilajnunq to 'ne prior ea, s ccvitt,b,t,on va)[cli was
A of this footnote. there nad )een, ;"1 01`10, years,
setiled and pa.d subsequent to September 30. 1987
significant differences in acttiar-aliv-determined
liabilities and funding reclLffernents as calculated by
The provisions of tne Gales Settlement provide for
specific r.)t0CedLl!eS 10 resolve differences in the
the City and the tvo Trusts. Tnerefore. it would ncii be
meaningful at this time to present historical trend
aClUar?al assumptions For 1987 ine actuary for FIPO
nas Calculated a contribution requiternent from the City
information regarding the oension trusts 011)ef !tian that
presented above The City !s ri lne rmocess of
developing such mlormal!ori
of approxiniatel,, $1.660 000 greater man that
calculated by tnec,ly-s actuary This dispute pertains
to the assurnou rate of return on investments utilized
Through 1987 tric City has ma;nta:necl a Pe,,-,S;on
Administration Trust Fund (expendable trust fund)
in the actuarial valuations. Tile City S actuary used a
rate of 7 50o as compared to the 70 o used by F]PO's
which charges each department of ine City and otne,
governmental contributors the respective snare of
estimated pension plat) contributions Substantially al!
amounts charged were to ine General: Fund. and ,he
remainder to various other turios. principally Enlerpnse
actuary Tne actuarial information ,)resented above for
FlF`0 sas provided by Ine City s actuary. The
difference Oel.,•,een tne two contribution calculations
has been reccroea as an other receivable in the FIPO
Pension Trust fund pending all agreement between
and Internal Service The Pension Administration Trust
We City s and the FIPO'S actuaries Tile change in the
Fund then disburses the actuarially determined
required contributions to the pension trust ftinds Tile
City's cash contributions ;.)aid to FIPO and GESE
through September 30. 1987 ($11.900.000 and
$13,100,000. respectively) v,ere based upon amounts
interest rate assumptions reduced the estimated
actuarially determined unfunded liability as of the
valuation dale by approximately $24,900 000 and the
actuarial present value of accumulated plan benefits
by approximately $17.449,000.
specified in the Gates Settlement The City nas also
recorded a current liability 11.1,1nin the Pen --,ion
Administration Trust Fund for tne o1ference between
C. DEFINED CONTRIBUTION PLANS
In liucw;wl to :rle oeferrecj Compensation plans
actuarially determined contribution calculated by the
City's actuary and the total cash contributions as of
year-end, resulting in a net liab-lity to FIPO of
approximately $647.000 and a net o:erpayment to
GESE of approximately $593.000 TnesearTIOLMTS are
in addition to a net liability otapproxirnatel,,, $710.000
oescia)e(i in Note 2(NI) ana Note (10). certain
executive en iployees of the City are allowed to join the
iCMA Retirement TrL,s,,,; -201(a) plan This defined
CIDTIll'iDLAVI deterred compensation plan.wnicin covers
governmental employees IMOL19110LA tne COUnIfY. is
(lovomeci b',, a Boa,o of Drrectors responsible for
49
4-0
c.'irrv:n(1 ow no
requia"or" col" to C21v of ".I 1:-
fqrini()Vee f'Z !'n"!oo L", the ("I" 0'a0c., 'e; ijc
niUrnoors of tii(, C,t% ' c! r. C,t� mtriaq;-t i c'
Allo!nevt;
plan a fuss licit 1,n i
which realp! u';. the C I', to CO' ;11't 1.81
of 1he lnci;vidti�5i ') cia'n'lh:e
(10) fietcent of tlis' Or rul�l
wittidtaw funds it -)tire dent on .1 vX Iclt
-
C11v of Miami r)ali'cipal cm ri 1);'j!1
';Vw
coveled 1) 1�'e
Cu I! yea' ef *I I )I It C' I !t 't bt T
at an 8110
The City a;so makes COW!IbUIVIS thICAIgn the PenSt0!)
Administration Trust Fund to the Police ano Firerie,i s
Relief and Pension Trust Funds. Wh�Ch are rl()*, 1-irioOr
the jurisdiction of the City, and therefore not it"CiUded
herein as part of the reporting entity. Funding for Such
contributions wrvch *,ot;1ilecl $4.409 4,13 !or 1987. s
solely from the State of Florida Bureau of Munic,pal
Police and Firefighters' Ret:!en-enl Func, pursuant 10
Chapters 175 and 185 of the F!ort(,J,,i StalLl'eS
16. CONSTRUCTION AND OTHER COMMITMENTS
Capital Improvement Program
The City s Capital Improvement Orn!narice has (,lent:fieu
ongoing and future projects tola:llng S231 698 000 Maio!
emphasis is placed on ma,nta:n,rig anti eypano,ng ine City s
infrastructure. The greater number of prolec!s are di,ecterl to
housing proqrams, street iniorovemen'. park facilities. storm
sewers. and tranSpo!tat:on-refatecl efforts The connvi,j,i;f.y
redevelopment projects are de-,,9ned to assist ri ne,c)n5ornood
revitalization and the expansion of the Citj s economic base
Shown below is a fUnctiona; breakdown of the Capital
Improvement Ordinance and proposed tonaing sources (in
thousands)
Functional Category Amount
Housing Programs
S 15398
Street ;mr;,roverre,;(,,;
38 612
Parks Facilities
35 751"
Storm Servers
-1 299
Community Redeveiorxi;ent
25 824
Sanitary Se,.-.ets
28 617
Police
I J 78:3
Fire
13 55",
Marinas
17 024
Solid Waste
1 3-12
Auditoriums
930
Stad,urris
0A.
Economic Deveicipmeril
7 8 4
General Govetnrreril
it:, 375
Total Canilal Imi)roeffient Plorlia",S i C19P
Proposed Sources of Funding Amount
S,1 3A
7
'iE, 048
194 92'
3' 453
2512
2812
As n' 30 tlie Cd,, s Dermrtnient cif Putilc
molests triprogress
ap;iovai budgets totaling
n 3vp,e):r,� �a:e; ii) 328�000 Y1 cos'sts s El'ICL.r brance,
hated tt�crete. n inc, C.,ii)!tai Projec's Funds ',o,a'p-(j
ar)p,o S 13 509,000 at, SelAef-ibe! 30 1987 The
pr
Olecis viern
• Po'-ce Sunt�at-o:is tyro (1,sti-cl sunsta,;ons are being
'o! $ 10 million in police
1:i("J;I:es qeoetal OtPqal'orl t)orlds.
Pwo,s Renovation Program over twenty
patl'.s ate helll; !t?'Iovaled 111!0-u�00ut tne City at a total
coS!'n excess of S9 i--ho,-; Fund-nq for the otociran,
!S ry(),,/.,i(,Cj by S4 4 nil!!:on :oan proceeds from trie
Sunstwle S"-Aie Financing Con )mission
ano ntt)e, discretionary C,',v funds.
• D,nne, Kei %la, --,i R(.Ino,alfon exis, rig 374 Slip
Dinner Key Ma,,na ts, oei,,iq renovateiA and expanded
of aoutox!iIialeiv $12 7mililon.
a,id e,.painslonisthrougn loan
!rn!n the Sunshine State Governmental
F!nanc;nq Con nrss on ano tuncis available n the
Ma!,r-ias En,( -,!wise Fund
• Ba,,iro,-i! P;i,k Rec-e-,oloprnent - -a $20 minion Downtown
'A-fa!eOru:i! Palk Rel-o..;Piopmen', Project Major funding
sources nducle $6.8 million of Federal grants. $4.4
null on ri S:insn-e State Governmental Financing
Cnrnrii-ss wi oan prcceecjs. and St 8 million in private
recto! contr.fiutions.
Miami Sports Arena
During October 1986. the Miami Sports and Exhibition
Authority (the Awnority) entered into a development
agreement a ih a ;)r;va!o oev eloper for the construction
and operation of a IS 000 seat sports arena facility in
dov,nto,.-vn Miami Ine arena -,hilti an estimated cost of
$51 7 wiNiori is tone funded from proceeds of the M S.E A
Special Obiiqation Bonds Series 1985 and contributions
of $4 7 million trom Ine ALIVIOrlt'V and S7 1 million hom the
private ae,,e!opet Tne ueve-loprileril agreement calls for
an e,qn!f-,eri (18) month construction schedule. As of
Septeriltief 30 1987. Lippioximater; S20.3 million in land
ecgwsit,un stria constn-ict on costs had been incurred under
tne development agreement.
Pledge of Utility Service Tax Revenues
As of September 30 1987 tne City oiad pledged revenues
tiom tiiiiii,r service taxes to provide funding for the following
tem",
50
-a
I
Mw%
M"
1011111�L
1H
A
I
I
Y
I't
I
11
I
I
M
r
n
1 Convention Center
in August 1980 the City 45sueci $60 OO() o00
Convention Center and P,atl,�n0 Garage P(?, nu0
Bonds to f,nance cons! rucl,On ()f itle C",
Miami'Un�Vers!ty Of M�am� ,jar)es L N;n�ght U-'% ��'r,rr,�
Center As discussed :n No1F, 8 )e be ifs, are
collateralized under the ir,_iSt ii1�^,tL.rP t"; a
the pledge of the net ieve uses c,f the C:t:n,nnt;ci•
Center -Garage ci,rta:n to ecor
service taxes and by a covens-1 3r•a a i'ee—nnt
City to provide to the extent eve,i ,e,, c'
the City other than ad valorer- tag ur.e^:,e „`f c e
to make up any def,CIOnCV '.viih rnct,rC rCr'!a ,ja�mt�".
of operating expenses and debt sErv.ce and the
maintenance of the reserves rt C�,,rr.:U r ider tr,e hoed
indeniure The City has apprnpr-cited anutorate v
$748.000 of uti!jty serv!ce 1a, re:f�rwe 'Cr these
purposes for the fiscal year endea Setifer)be, 30 1988
It is anticipated that add bona' iranslers of suit revenues
will be necessary thereafter on X) ,V)nua hays mrougn
fiscal 1989 to subsid,ze Con v ent,on Center 1r.?' c is
2 Government Center Parking Garage
In July 1985. the City Issued $13 720,000 0' Speca'
Obligation Bonds ser,es 1985 for ine purpose o'
refinancing the $10 400 000 Pa,io, ita Re>:enue Bonds
issued in 1982 to finance construction of a 1 1 10 car
parking garage adjacent to the Government Center Tne
facility opened to the pub!fc tr) 1983 TI)e Ser•es 1985
bonds are collateralized unaer the bond crd:nance by
net revenues from the parking garage and the revenues
of the City derived from v.ater and qas ubiitrseroce
taxes in an amount not to e,ceec lne rnax,mur,
principal and mierest reawrer,en's r) the ensu!ng `aca'
year The City has appropi, ales approx:,mately
$1.058.000 of utility service lax re,renuil!or th,s purpose
for the fiscal year ending September 30 1988
3 M.S.E.A. Subordinate Obligation Note
In order to fulfill the requirements o! the Note Purcnase
Agreement to break escrov, on i,)e $10 million
Subordinate Obligation Note the C iy nas made a
secondary pledge of water and gas U!'YY service taxes
to provide funding for debt serwce on the Note should
the proceeds of the convention development lax prove
insufficient. This pledge is on a bass subordinate to that
of the Utility Service Tax Special Obligation Bonds
($63.000 outstanding at September 30 1987) and the
Government Center Parking Garage Soecaa! Obligation
Bonds.
Miami Cablevision
During September 1986, the C,ly Commission approved
certain revisions to the franchise agreement •&,tin the City s
Cable Television Francn,see Miam Cat,!ev,son Tne
revisions to the agreement are intended to resolve a
dispute between the City and the francn1see v.,tn regard
to prepayments of francnise fees ,n previous years Under
the terms of the new agreement fuaure francr,,se lees
(consisting of 4010 of the franchise s gross revenues) are
to be offset against the prepayments. plus a provision for
the time value of the prepayments
51
Solid Waste Enterprise Fund
C v s solid waste operations
are ac .-_;i..'F ,?ti ar• E 'e t rEe 1iind beginning in 1987
?t,f, .:.�.:..-. r. 'i S.F� •.,I1F"a' "�^C arE' nari�e'�y'Unded
cry..,: annua� has's In addition. the City
of iripro,ximalely $11 4
,-� ,: r;, e r•i F . •,i .n 'sca' year 1988 to
Litigation
i1)s ,ind 'ar.si is outstand ng
araa , , it ,, ; , •.n ,Via'y `ro'- Personal njunes
S34 410 001') :as recorded ,, General Long Term Debt as
bi oo!,?i nr :3 i 1 y87 as c1e ,cr bed r) Note 13
17.SUBSEQUENT EVENTS
Apl)r0. ^'atE"''r 5U"n of line investments of the City s two
pensic,n 1',;str, .%ere ,, equ ty securires as of September 30
1987 Lh,r,-,g tr:,? r ;tn or October 1987. the U S equity
r^arV_E?tg tiu`!(?rF?ri n'le t r tro r'ost severe decl.nes .n ihe,r history
The fo,�o�% no scheilu e retiecis a comparison of market values
and cost o'. PenSio,i Investmenis as of January 31 1988 (in
'housandst
Market
Coat Value
Fa10 s'^ e -' $291 895 5294 389
73 876 ' 68 214
,wa $465 771 5462 603
The Denson trusts have a long-term commitment to the equity
markets and view investment performance with a long-range
perspective
On March 1 1988, the City sofa $65.271.325 Special Revenue
Refunding Bonds. Series 1987. with interest rates between
5 250,o and 8n o to advance refund the $60,000.000 Convention
Center and Parking Garage Revenue Bonds. Series 1980,
which carry intrresl rates between 6 50/16 and 6.5%. The
proceeds !rOn! ine Serves 1987 Bonds (net of approximately
$1 9 million �i .ssuance 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 defeased 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. 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 ford) in the Trust Indenture. The Series 1987
bonds consist of "Current Interest Bonds in an aggregate
principal amount of $59,046.716, which bear interest
semiannually and "Capital Appreciation Bonds" which accrete
in value until maturity, in an original principal amount of
$6.274,609. Total annual debt service on the Series 1987 Bonds
varies from approximately $3,191,000 to $6,127,000 in years
1989 througn 2015.
1
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4
sS
- SUPPLEMENTAL COMBINING &
INDIVIDUAL FUND STATEMENTS
AND SCHEDULES
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THIS,PAGE
GENERAL
FUND
f
GENERAL FUND —to account for resources traditionally associated With'another
are not required to be accounted for in another fund.
government
which
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57
CItY OF MIAMI, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE —BUDGET
(NON-GAAP BUDGETARY BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1981
With comparative actual amounts tot year ended September 30. 1986
(in thousands)
lost
Valiance
Favorable Actual
Budget Actual (Unfavorable) 1086
(Restated)
Revenues
Taxes
Property tax collections
including penalties and interest
Business and excise taxes
Licenses and permits
Business licenses and oermds
Construction permits
Intergovernmental
State revenue sharing
Sales taxes .
Court tines
Other
Intragovernmental
Engineering services
Other
Charges for services
Public safety
Recreation
Other
Interest
Other revenues
Total revenues.
58
a - a
S 92 722
5 90 886
$(1 8361
S 88 138
16 737
17 066
329
18 593
109 459
107 952
(1 5071
106 731
4 700
6 003
1 303
3 738
100
79
(21)
72
4 800
6 082
1 282
3 810
11 880
11 466
(4 1 4)
1 1 099
11 500
12 957
1 457
10 994
1 820
2.509
689
2 223
1505
933
(572)
930
26.705
27 865
1 160
25 246
4 384
4 453
69
2 795
700
699
(1)
218
5 084
5 152
68
3 013
959
1 127
168
3 275
56
284
228
269
18
563
545
1.119
1033
1974
941
4.663
1.838
1.709
(129)
2.481
1.805
1874
69
356
750,724
152,608
1 884
146,300
Expenditures
General Government.
Mayor and commission
City manager
City clerk
Management and budget
Finance
Legal
Civil service
Personnel management
Internal Audit
Computer and communications
Public safety
Police
Fire
Public improvements
Public works
Development
Community development
Planning and zoning boards
Culture and recreation
Other
Employee benefits
Special programs
Intragovernmental charges
Miscellaneous
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources (uses)
Operating transfers in
Operating transfers out
Total other financing sources (uses)
Excess (deficiency) of revenues and other
financing sources over expenditures and other uses
Fund balance at beginning of year
Equity transfers to other funds
Equity transfers from other funds
Fund balance at end of year
67P]
1987
Variance
Favorable Actual
Budget Actual (Unfavorable) 1986
(Restated)
$ 1074
$ 969
$ 105
$ 998
1 700
1 586
114
1,504
684
607
77
732
2,162
1 850
312
1.610
3 485
3,240
245
2.813
2 783
2 782
1
1 539
266
252
14
204
2056
1,790
266
1143
1295
1204
91
950
5.727
4 981
746
4.336
21 232
19 261
1.971
16.429
74 274
73 656
618
66,559
38.917
38.128
789
37.396
113.191
111.784
1 407
103,955
10 366
9.859
507
13.563
1.948
1,847
101
1.850
897
690
207
760
1 339
1 175
164
1.595
14.550
13 571
979
17.768
9.704
9.704
-
8.575
2.902
2 865
37
3 559
462
173
289
1.350
3.292
2.983
309
1,646
7.977
7.608
369
6.758
14.633
13.629
1.004
13.313
173.310
167.949
5.361
160,040
(22.586)
(15.341)
7,245
(13.740)
29.973
31.654
1.681
26.850
(18.387)
(18,422)
(35)
(13,853)
11.586
13.232
1,646
12.997
$ (11.000)
(2.109)
$8.891
(743)
12.143
12.539
(54)
192
401
$ 10.226
' $ 12.143
NS- 509.
THIS PAGE INTENTIONALLY LEFT BLANK
60
SPECIAL REVENUE FUNDS
MIAMI SPORTS AND EXHIBITION AUTHORITY —to account for the administrative
operations of the Authority which was established to develop sports and exhibition
facilities in the City. The Authority's operations are principally financed by proceeds
from a convention development tax.
DOWNTOWN DEVELOPMENT AUTHORITY —to account for the general
operations of the Authority which was established to develop and revitalize the
downtown area. The Authority's operations are principally financed by a special
Ad Valorem tax levy.
RESCUE SERVICES —to account for the proceeds of an excise tax that are
restricted to expenditures that supplement the City's emergency fire rescue
operation.
COMMUNITY DEVELOPMENT —to account for the proceeds from the federal
government under the Community Development Block Grant Program.
CABLE T.V.—to account for the proceeds of the Cable Television franchise fee
that are restricted to expenditure for Cable T.V. oversight management and certain
law enforcement purposes.
LAW ENFORCEMENT FUND —to account for confiscated monies awarded to the
City under State Statutes to be used for law enforcement related expenditures.
OTHER FUNDS —to account for miscellaneous revenues from federal and state
governments and other sources that are restricted to expenditure for specific
current operating purposes.
61
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62
M° FA
f'
ASSETS
Equity (deficit) to pooled cash
and investments
Cash and cash equivalents
Accounts receivable
Due from other funds
11 �� Due from other governments
Other
Total assets
LIABILITIES AND FUND BALANCES
vouchers and accounts Dayable
Accrued expenses
(pnnciDally salaries)
Due to other tunas
Deoossts
Total liabilities
Fund balances
Unreserved
Designated for subsequent
year s expenditures
Undesignated
Total fund balances
Total liabilities
and fund balances
k„
I'
li
SCHEDULE 13•1
CITY OF MIAMI, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1987
with comparative
totals for year ended September 30, 1908
(in thousands)
Miami Sports
Downtown
Law
Totals
A Exhibition
Development Rescue Community
Enforcement
Other
Authority
Authority Services Development
Cable T.V.
Fund
Funds
1997
1996
S—
S— S269 S(' 7' 6)
S! 255
51 976
S2 709
$4 495
S5 686
426
262 — —
—
—
—
688
367
—
130 .18 34
—
—
46
328
75
—
11 — —
—
—
—
11
12
—
— — 2 183
—
—
603
2 786
3 001
—
9 — 1
—
—
6
16
2
5426
5412 $367 S 502
$1 255
$1.978
53 364
$8 324
59 143
S 29
Slog S 10 S 454
S 16
S 56
S 256
S 930
S 812
—
1 132 25
—
—
26
184
75
_
7 — —
—
—
11
18
2088
—
— — 23
—
—
422
445
187
29
117 142 502
16
56
715
1 577
3162
—
— — —
550
—
—
550
1 655
397
295 245 —
689
1.922
2 649
6.197
4 326
397
295 245 —
1 239
1.922
2.649
6.747
5 981
5426
5412 5387 S 502
51 255
S1 978
$3 364
S8 324
S9 143
63 99"509•
t
5
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.,
9.
�71
A
THIS PAGE INTENTIONALLY LEFT BLANK
64
SCHEDULE B-2
CITY OF MIAMI, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September 30, 1986
(in thousands)
Miami Sports
Downtown
law
Enforcement
Other
Totals
Exhibition
Development Rescue Community
Authority
Authority Services Development Cable T.V.
Fund
Funds
1987
1986
Revenues
Property taxes
5-
$1.297 $ - ? -
5 -
$ -
$ -
$1.297
$ 533
Business and excise taxes
-
- 1 406 --
-
-
-
1 406
1.480
Intergovernmental
-
- - 16 751
-
261
4 937
21.949
21.802
Interest
Other
16
3
15 9 184
8 123 658
179
104
353
48
885
555
2030.
622
1 720
Total revenues
19
1.320 1.538 17 593
179
718
5 870
27.237
26.157
Expenditures
Public safety
-
- 1.849 -
-
639
-
2.488
2 387
Grants and related expenditures
-
- - 17.593
-
-
2.053
19.646
14.328
Economic development
-
1.025 - -
-
-
-
1.025
950
Other
429
- - -
1174
-
3.688
5.291
1.487
i
Total expenditures
429
1.025 1 849 17.593
1 174
639
5 741
28 450
19152
Excess (deficiency)
of revenues
over expenditures
(410)
295 (311) -
(995)
79
129
(1,213)
7.005
1W
Other financing sources (uses)
Operating transfers in
463
463
- 458 -
-
-
2.085
1.015
Operating transfers out
-
- - -
-
-
(100)
(100)
(7.936)
T
Total other financing
sources (uses)
463
- 458 -
-
-
1.064
t.985
(6.921)
Excess (deficiency)
of revenues and
other financing
sources over
expenditures and
other uses . ..
53
295 147 -
(995)
79
1.193
772
84
Fund balance at beginning
of year ...
344
- 98 -
2.234
1.843
1,462
5.981
10.619
Equity transfers to other funds
- - -
-
-
(6)
(6)
(4.722)
Fund balances at end
7
ol year ...
$397
-
5 295 $ 245 3 -
S1.239
$1.922
82.649
$6.747
$5.981
' f
7
71
65
CITY OF MIAMI, FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITY, DOWNTOWN DEVELOPMENT AUTHORITY,
RESCUE SERVICES, COMMUNITY DEVELOPMENT AND CABLE T.Y. SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES —BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1987
with comparative actual amounts for year ended September 30, 1986
(in thousands)
Miami Sports and Exhibition Authority Downtown Development Authority Rescue Service!
Variance Variancei� Variance
Favorable 1986 Favorable 1986 Favorable 1986
Budget Actual (Unfavorable) Actual Budget Actual (Unfavorable) Actual Budget Actual (Unfavorable) Actual
Revenues
Property taxes
S -
$ -
S
S -
S' 322
S' 297
c 125,
5 393
S -
S -
S -
S -
Busmess and excise taxes
-
-
220
-
-
-
-
1 270
1 406
136
1 261
Intergovernmental
_
__
_
_..
-
-
303
-
-
-
-
Interest
-
16
16
115
-
15
15
5
-
9
9
10
Other
-
3
3
-
25
8
(17,
4
-
123
123
3
Total revenues
i_
19
19
335
1.34,
1 320
(27)
705
1.270
1.53E
268
1.274
Expenditures
Public safety
-
-
_
-_
-
-
-
-
1 728
1.849
1121)
1.855
Economic development
-
-
-
-
1 347
1.025
322
950
-
-
-
-
Other
398
429
(31)
352
-
-
-
-
-
-
-
-
Total expenditures
398
429
131)
352
1 347
1 025
322
950
1 728
1.849
(121)
1.855
Excess (deficiency)
of revenues
over expenditures
(398)
(410)
(12)
(17)
-
295
295
(245)
(458)
(311)
147
(581)
Other financing sources (uses)
Operating transfers in
350
463
113
-
-
-
-
-
458
458
-
560
Operating transfers out
-
-
-
-
-
-
-
-
-
-
-
-
Total other financing
sources (uses)
350
463
113
-
-
-
-
-
458
458
-
560
Excess (deficiency)
of revenues and
other financing
sources over
expenditures and
other uses
$ (48)(1)
53
S101
(17)
S -
295
$295
(245)
S -
147
S 147
(21)
Fund balances at
beginning of year
344
5.082
-
245
98
119
Equity transfers to other funds
-
(4 721)
-
-
-
-
Fund balances at
end of year
$ 397
S 344
S 295
S -
$ 245
$ 98
(1) Budget balanced by appropriation of beginning fund balance
66
om
r
a.
SCHEDULE 13-3
Community Development
Cable T.V.
Total
Variance
Variance
Variance
Favorable
1986
Favorable
1986
Favorable
1986
Budget
Actual
(Unfavorable)
Actual
Budget
Actual
(Unfavorable)
Actual
Budget
Actual
(Unfavorable)
Actual
$ —
5 —
5 —
$ —
5 —
5 —
5 —
c _
5 ' 322
5 ' 297
5 (25)
5 393
16.800
16.751
(49)
10 912
—
—
—
—
' 8 070
18 157
87
12 393
—
—
—
—
—
—
—
—
303
—
—
—
184
—
184
22
—
179
179
269
—
403
403
421
—
658
658
760
—
—
—
—
25
792
767
767
16 800
17 593
793
11 694
—
179
179
269
19 417
20 649
1 232
14 217
728
1 849
(' 211
1 853
1.347
1025
322
950
16 800
17.593
(793)
11 606
1 665
1 174
491
1 135
' 8 863
19,96
(333)
13 093
16.800
17.593
(793)
11606
1665
1174
491
1135
21938
22070
(132)
15.896
—
—
—
88
(1665)
(995)
670
(866)
(2521)
(1421)
1100
(1619)
808
921
113
560
—
—
—
(88)
—
—
—
(679)
—
—
—
(767)
—
—
—
(88)
—
—
—
(679)
808
921
113
(207)
S — — S — — SO 665) (995) 5670 (1 545) 5 (1 713) (500) $1.213 0 826)
2 234 3 779 2 676 9.224
— — (4.722)
5 - 5 - 51 239 5 2.234 5 2.176 5 2.676
67
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68
I
DEBT SERVICE FUNDS
I
r
GENERAL OBLIGATION BONDS —to account for monies for payment of principal,
interest, and other costs related to various issues of long-term general obligation
bonds. Debt service is financed primarily by an Ad Valorem tax.
UTILITIES SERVICE TAX BONDS —to account for monies for payment of principal,
interest, and other costs related to the Utilities Service Tax Special Obligation Bonds.
Debt service is financed primarily by proceeds of the municipal utilities service tax.
M.S.E.A. SUBORDINATE OBLIGATION NOTE —to account for the payment of
principal, interest and other costs related to the escrowed Subordinate Obligation
Note. The Note is collateralized by the Convention Development Tax proceeds,
but on a basis subordinate to the Floating/Fixed Rate Special Obligation Bonds,
.r
Series 1985.
M.S.E.A. SPECIAL OBLIGATION BONDS —to account for monies for payment
of principal, interest and other costs related to the M.S.E.A. Special Obligation
Bonds, Series 1985. Debt service is financed through proceeds from the
Convention Development tax.
HOUSING SPECIAL OBLIGATION BONDS —to account for monies for payment
of principal, interest and other costs related to the Special Obligation Housingd
Bonds, Series 1986A. Debt service is financed solely from certaun to up one an
'�` telegraph franchise fees.
NEI �.
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�<
70
F
{�4
'' •-ems. � ��' ,� 8v
•.-...._ .�.fz. F � •a....•F...•.1�:4,Y��?.d-� 4Yi''�`.3�IrL:. llt'ij.-Y,fi,�i..'.
SCHEDULE C-1
CITY OF MIAMI, FLORIDA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1987
with comparative totals for year ended September 30, 1986
(in thousands)
M.S.E.A.
M.S.E.A.
Housing
General Utilities Subordinate
Obligation
Special
SpecialTotals
Service Obligation
Obligation
Obligation
Bonds Tax Bonds Note
Bonds
Bonds
1987
lose
ASSETS
Equity (deficit) in pooled cash
and investments .....................
$7,348 $ 65 $ -
$ -
$ 4
$ 7,417
$ 7.276
Cash with fiscal agents ............
216 1,311
14.462
15,989
22,792
Receivables:
_
Taxes ............... ...
. ..... 164 2,662 -
295
-
3.121
504
Assessment liens, net ...............
277 - -
-
-
277
406
Other................................
- - -
-
-
-
2
Total assets ......... ........
$7,789 $2,943 $1,311
$14,757
$ 4
$26,804
$30.980
rLIABILITIES
AND FUND BALANCES
Liabilities:
-
Matured bonds and
interest payable ..........
....... $4,009 $ - $ -
$ -
$-
$ 4,009
$ 4,215
Due to other funds ..................
- 2.864 -
-
-
2,864
15
Subordinate obligation note ...........
- - -
-
-
-
10,000
Other payables ....................
8 - -
-
8
209
=
Total liabilities ..................
4,017 2,864 -
-
-
6,881
14,439
Fund balances:
Reserved:
�1
Debt Service .....................
- 79 1,311
14,757
4
16,151
12,761
r
Subordinate
Note payable ...............
.. - - -
-
-
-
102
Unreserved:
i
Designated for subsequent
year's expenditure ..............
2,000 - -
-
-
2,000
-
Undesignated ....................
1,772 - -
-
-
1,772
3,678
Total fund balances .............
3,772 79 1,311
14,757
4
19,923
16,541
Total liabilities and
fund balances ................
$7,789 $2,943 $1,311
$14,757
$ 4
$26,804
$30.980
r
7
'?
11)
71
99- 50
SCHEDULE C-2
CITY OF MIAMI, FLORIDA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September 30, 1986
(in thousands)
91
M.S.E.A.
M.S.E.A.
Housing
General
Obligation
Utilities
Subordinate
Special
Special
Totals
Service
Obligation
Obligation
Obligation
Revenues:
Bonds
Tax Bonds
Note
Bonds
Bonds
1967
1986
Taxes ................ ..... ...
$22,462
$28.775
$ -
$ 3,975
$ -
$55.212
$46.251
Assessment lien collections .. . ....
2,468
-
-
-
-
2,468
3,726
Interest .................... . ....
980
114
84
1,080
2
2.260
2,383
Other ................. ......
-
1
-
-
1
210
Total revenues ........... .... .
25.910
28.890
-�
84
5,055
2
59,941
52,570
Expenditures:
Debt Service:
Principal retirement .. ............
11,400
150
-
-
80
11,630
10,950
Interest and fiscal charges ..... ....
13,609
8
544
1,676
218
16,055
15,030
Other ..............................
307
5
3
411
-
726
748
Total expenditures .......... ....
25.316
163
547
2,087
298
28,411
26,728
Excess (deficiency) of revenues
over expenditures .............
594
28,727
(463)
2,968
(296)
31,530
25,842
Other financing sources (uses):
Operating tranfers in ................
-
-
542
-
300
842
-
Operating transfers out ..............
(500)
(28,703)
(78)
(917)
-
(30,198)
(26,704)
Proceeds from debt issuance .........
-
-
10,000
-
-
10,000
46,836
Deposits for debt retirement ..........
-
-
-
-
-
-
(35,550)
Total other financing
sources (uses) ................
(500)
(28.703)
10.464
(917)
300
(19,356)
(15.418)
Excess (deficiency) of revenues
and other financing sources
over expenditures and
other uses ...................
94
24
10,001
2,051
4
12,174
10,424
Fund balances at beginning of year .......
3,678
55
102
12,706
-
16,541
6,117
Equity transfers to other funds ............
-
-
(8,792)
-
_ -
(8,792)
Fund balances at end of year ............
$ 3,772
$ 79
$ 1,311
$14,757
$ 4
$19,923
$16.541
a
f
I '
73
CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION BONDS, UTILITIES SERVICE TAX BONDS AND HOUSING SPECIAL 013LIGATION BONDS
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES
IN FUND BALANCES —BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30,
1987
with comparative totals for year ended September 30, 1986
(in thousands)
General Obligation Bonds
_ Utilities Service Tax Bonds
Variance
Variance
Favorable
1986
Favorable
1986
Budget Actual (Unfavorable)
Actual Budget
Actual
(Unfavorable)
Actual
Revenues
Taxes..
$22331 $22.462 $131
$18.263 $26.637
$28,775
$2.138
$24.760
Assessment lien collections.
2.750 2.468 (282)
3 726 -
—
—
—
Interest
1.025 980 05)
1016 -
114
114
240
Other .... ..... .
— - -_
210
1
1
—
Total revenues
26.106 25.910 096)
23.215 26.637
28,890
2.253
25.000
Expenditures.
Debt service.
Principal retirement .........
..... 11.660 11.400 260
10.800 150
150
—
150
Interest and fiscal charges ..
13.559 13.609 (50)
13.280 8
8
—
17
Other ... ..... ...
387 307 80
10 —
5
(5)
—
Total expenditures
...... . 25.606 25 316 290
24.090 158
163
(5)
167
Excess (deficiency) of
revenues over expenditures .
500 594 94
(875) 26.479
28.727
2.248
24.833
Other financing sources (uses):
Operating transfers in .... ... ....
— — —
— —
—
—
—
Operating transfers out
(500) (500) -
— (26,479)
(28,703)
(2,224)
(26.341)
Proceeds from debt issuance
— — —
35.551 —
—
—
—
Deposits for debt defeasence .........
— — —
(35 551) —
—
—
—
Total other financing
sources (uses) ... ... ...
(500) (500) —
— (26,479)
(28,703)
(2.224)
(26,341)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other uses .......
$ — 94 $ 94
(875) $ —
24
$ 24
(1,508)
Fund balances at beginning of year
....... 3.678
4,553
55
1,563
Fund balances at end of year .........
.. $ 3,772
$ 3.678
$ 79
$ 55
r- «:74
..
oft
.s
q
oft
rr
SCHEDULIE 0-3
Housing Special Obligation Bonds
Totals
Variance
Variance
Favorable
1966
Favorable
1986
Budget
Actual
(Unfavorable)
Actual
Budget
Actual
(Unfavorable)
Actual
$ —
$ —
$-
$—
$48,968
$51.237
$2.269
$43.023
—
—
—
—
2.750
2,468
(282)
3,726
—
2
2
—
1,025
1,096
71
1.256
—
—
—
-
—
1
1
210
—
2
2
52.743
54.802
2.059
48.215
80
80
—
—
11,890
11,630
260
10,950
220
218
2
—
13,787
13,835
(48)
13.297
—
—
—
—
387
312
75
10
300
298
2
26,064
25,777
267
24.257
(300)
(296)
4
—
26.679
29,025
2,346
23,958
300
300
—
—
300
300
—
-
-
—
—
—
(26,979)
(29.203)
(2,224)
(26,341)
—
—
—
—
—
—
35,551
—
—
—
—
—
—
—
(35,551)
300
300
—
—
(26,679)
(28,903)
(2,224)
(26.341)
$ —
4
$ 4
—
$ —
122
$ 122
(2,383)
—
—
3,733
6,116
$ 4
$—
$ 3,855
$ 3,733
75
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E
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0
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F
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76 1
f',
r
CAPITAL PROJECTS FUNDS
f
Y
F
r
STREET IMPROVEMENTS —to account for expenditures made for street
improvements and other traffic -related projects.
CULTURE AND RECREATION —to account for the acquisition or construction of
major capital facilities for cultural and recreational activities such as parks and parks
facilities.
MUNICIPAL USE —to account for the acquisition or construction of major capital
facilities that support the City's police, fire, computers, communications, and
general government operations.
PUBLIC USE —to account for the acquisition or construction of major capital
facilities for public use such as housing and community redevelopment.
Y
SEWERS —to account for expenditures for the construction of sanitary and storm
sewers.
EQUIPMENT ACQUISITION —to account for the acquisition of equipment funded
_r
by the issuance of $16,175,000 of Certificates of Participation. Due to the nature
of the equipment acquired from the Certificates' proceeds, the activity in this
subfund was transfered to the Motor Pool Internal Service subfund in 1987.
MIAMI SPORTS ARENA —to account for the construction of a 15,000 seat multi-
purpose arena in Downtown Miami. The construction is funded using proceeds
from the $38,000,000 M.S.E.A. Special Obligation Bonds, Series 1985.
EXHIBITION EXPANSION —to account for the expansion of the City of
1 Miami/University of Miami James L. Knight Convention Center and the Coconut
Grove Exhibition Center that is funded by proceeds from the issuance of the
Subordinate Obligation Note.
77
—
r p
15 I c
0"
y ,
17
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_
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our'.
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_
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THIS PAGE INTENTIONALLY
78
f �
fFsx
x �
F
F
SCHEDULE 0-1
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1987
with comparative totals for year ended September 30,
1986
(in thousands)
Street
Improve-
Culture 8
Municipal Public Equipment
Miami
Sports
Exhibition
Totals
ments
Recreation
Use Use Sewers Acquisition
Arena
Expansion
1987
1986
ASSETS
Equity in pooled cash
and nveslments
514.060
52087
525110 529909 S'3950 S -
S -
S -
S 85116
S 76340
Cash with fiscal agents
-
-
- - - -
14 655
8 691
23 346
40 976
Accounts rece,vabie
29
-
- 7 - -
-
-
36
654
Due from other funds
850
! 73
- - - _
-
1 023
173
Due from other government
932
713
- 68 2 532 -
-
-
4 245
4 544
Other assets
-
-
- - -- -
-
-
-
600
Total assets
S15 871
$2 973
S25 110 S29 984 $16 482 S -
$14 655
S8 691
5113 766
5123 287
LIABILITIES
AND FUND BALANCES
Uabilittes
Vouchers and
accounts payable
S 1 486
S' 378
S 590 S 3 S 915 S -
S-
S-
S 4 372
S 3 906
Accrued expenses
-
3 - - -
-
-
4
3
Due to other funds
-
-
- 725 - -
-
-
725
86
Total liabilities
1486
1379
593 728 915 -
-
-
5101
3.995
Fund balances
Reserved for encumbrances
4 426
594
2 327 170 4 99, -
-
-
13 509
18 786
Reserved for construction
-
-
- - - -
14 655
8 691
23 346
28.291
Reserved for
-
-
-
12 268
equipment purchases
-
-
- - - -
Unreserved -designated for
approved projects
9 959
-
22 190 29 086 10 576 -
-
-
7L810
59 947
Total fund balances
14 385
1 594
24 517 29 256 15 567 -
14 655
8 691
108 665
119 292
Total liabilities
and fund balances
$15 871
52 973
525 110 $29 984 516 482 S -
$14 655
58.691
5113.766
$123.287
79
1-:16=f1
SCHEDULE 0-9
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September 30, 1986
(in thousands)
Street
Improve-
Culture 8
Municipal
Public
Equipment
Miami
Sports
Exhibition
Totals
Monts
Recreation
Use
Use
Sewers
Acquisition
Arens
Expansion
1987
1986
Revenues
Intergovernmental . .. ...
$ 15
$ 2.456
$ --
$ —
$ —
$ —
$ —
$ —
$ 2,471
$ 3,777
Interest .. . . . . . ... .
628
475
1,532
888
1144
—
1,374
487
6.528
7,071
Other ..
19
—
—
—
797
—
350
—
1,166
2.669
Total revenues ......
662
2,931
1.532
888
1 941
—
1.724
467
10,165
13,717
Expenditures:
Capital outlay .. ... .... .
9,236
5,822
7,010
10.729
9,189
—
15.814
124
57.924
38.847
Excess (deficiency) of
revenues over
expenditures . . . . .
(8.574)
(2.891)
(5,478)
(9,841)
(7.248)
—
(14.090)
363
(47,759)
(25,130)
Other financing sources (uses).
Operating transfers in .
2,931
1.946
680
4.688
—
—
454
—
10,699
3,714
Operating transfers out ........
(4,233)
(1,266)
(826)
(800)
(4,139)
—
—
(464)
(11,728)
(2.916)
Debt proceeds .... ... _ ....
7.375
—
5.500
27,959
3.500
—
—
—
44.334
70,165
Total other financing
sources (uses) .......
6.073
660
5.354
31.847
(639)
—
454
(464)
43.305
70,963
Excess (deficiency) of
revenues and other
financing sources over
expenditures and
other uses ......... ...
(2,501)
(2,211)
(124)
22,006
(7.887)
—
(13,636)
(101)
(4,454)
45,833
Fund balances at
beginning of year ..
16,718
3,973
24,838
9,750
23,454
12.268
28,291
—
119.292
69,391
Equity transfers to other funds .
—
(168)
(197)
(2,500)
—
(12.268)
—
—
(15,133)
(4,179)
Equity transfers from other funds ..
168
—
—
—
—
—
—
8,792
8,960
8,247
Fund balance at end
of year .....................
$14,385
$ 1.594
$24.517
$29.256
$15,567
$ —
$14,655
$8,691
$108,665
$119,292
80 R S--s) C
11
it
F.
r
r
ENTERPRISE FUNDS
r
r
r
r
r
r
t
f
t
OFF-STREET PARKING —to account for the operations of the Department which
operates various parking facilities throughout the City and Dade County.
G & 0 ENTERPRISE FUND —to account for the operations of the Gusman Center
for the Performing Arts and the Olympia Building as managed by The Department
of Off -Street Parking.
MARINE STADIUM —to account for the operation of the Marine Stadium on Virginia
Key.
MIAMI STADIUM —to account for the operation of the Miami Baseball Stadium.
ORANGE BOWL STADIUM —to account for the operation of the Orange Bowl
Stadium.
CONVENTION CENTER —to account for the operations of the City of
Miami/University of Miami James L. Knight International Center and Parking
Garage.
MARINAS —to account for the operations of the Dinner Key Marina and Miamarina.
AUDITORIUM —to account for the operations of the Coconut Grove Exhibition
Center.
GOLF COURSE —to account for the operations of the Mel Reese Golf Course
and the Miami Springs Golf Course.
WAREHOUSE PROPERTY —to account for the operation of a warehouse facility
leased to the Orange Bowl Committee.
PARKING GARAGE —to account for the operation of the Government Center
Parking Garage.
BUILDING AND ZONING —to account for inspection and zoning activities that
are funded via service fees.
SOLID WASTE —to account for solid waste collection costs and billings.
PROPERTY AND LEASE MANAGEMENT —to account for the operation and
management of various properties leased to private operators.
1,0
1.0
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.
THIS
wkf
• � Y
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82
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111111111
SCHEDULE E-1'
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1987
with comparative totals for September 30, 1986
(in thousands)
Off- Gao onng. �roper�
Street Enterprise Marine Miami Bowl Convention Golf Warehouse Parking Building Solid arld leas Tie'
Parking Fund Stadium Stadium Stadium Center Marina Auditorium Coureas Propety Garda & Zoning Waalr Managament 1987 1966
ASSETS
Current assets
Equity (deficit) in pooled
cash and investments
S —
5 —
S (155)
S (220)
S 508
S (2.332)
S 2.47t
S (203)
S (485)
S 132
S 604
S190
S 379
S 3
S 892 S (520)
Cash and cash equivalents
3.704
206
—
—
—
_
_
Accounts receivable (net).
_
_
_
_
_
_
1910 4,401
where applicable of
allowances for uncollect-
obles of $2.463.000
48
32
67
2
70
141
4
22
20
—
—
5
1 308
787
2 506 1928
Due from other funds
484
—
_
_
132
—
—
—
_
_
_
_
—
_
616 609
Due from other governments
—
—
—
—
_
_
_
_
_
_
_
_
_
— 258
Inventories
69
—
—
—
_
_
_
_
_
_
_
—
69 52
Prepaid expenses
357
13
—
—
—
110
—
—
—
—
480 340
Total current assets
4.662
251
(88)
(218)
710
(2,081)
2475
(181)
(465)
132
604
195
1.687
790
8473 7068
Restricted assets
Cash and investments enlh
OD
A
fiscal agent including
accrued interest
2.803
—
—
—
—
10 551
—
—
—
—
1.873
—
—
—
15 227 14 062
Notes receivable longterm
11
—
—
—
_
_
_
—
_
_
—
—
_
_
11 17
Property plant and
equipment
27.323
996
2.108
2 663
14 259
88.245
8.793
4 715
1 658
519
8 468
282
2086.
2 329
164 444 155 000
Less
Accumulated depreciation
(7299)
(472)
(1 553)
0.060)
(7178)
(6955)
(3.199)
(1 Sa8)
(761)
(248)
(6691
(11)
(262)
(196)
(31 411) (27611)
Property plant and
'-
equipment net
20 024
524
555
1 603
7 081
81 290
5 594
3 167
897
271
7 799
271
1 824
2 133
133 033 127 389
Other assets
Deposits and other assets
1 089
—
—
—
—
—
—
_
_
_
75
1
—
—
1 165 523
s a
Bond issuance costs net
132
—
—
—
—
1.676
—
—
—
—
430
—
—
—
2 238 2 298
Total assets
$28,721
$775
S 467
S 1.385
S 7 791
S91 436
S 8.069
$2 986
S 432
S 403
S10 781
$467
S3 511
$2 923
S160 147 S151 357
(continued)
111,10111111
VIEW
MW
now
SCHEDULE E-i
(continued)
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1987
with
comparative
totals for September
30, 1986
(in thousands)
OH•
G&O
Orerge
Property
Street Enterprise
Mort na
Miami
Bowl
Convention
Goff Warehouse
Parking
Building
Solid
and Leah
Totate
Parkin
Fund
Stadium
Stedlum
Stadium
Center Marinas Auditorium
Courses Property
Garage
i Zoning
Waste
Management
1987
1986
UABILITIES AND
FUND EQUITY
Current liabilities (payable
from current assets)
Vouchers and accounts
payable
S 634
S 65
S 5
S 78
S 131
S 166 S 205 S 38
S 62
S-
S 108
S 36
82 t 71
S 35
S 3 734 S
650
Accrued expenses
•
(principally salaries)
-
-
-
2
44
30 39 12
38
-
-
205
872
8
1 250
629
Due to other funds
-
163
-
132
850
142 - -
-
-
92
-
-
-
1 379
535
Deterred revenue
297
26
3
2
57
- - 51
-
-
-
-
-
12
448
600
Deposits
421
46
5
32
10
- 12 -
2
—
-
87
—
74
669
497
Total current liabilities
(payable from
current assess)
1 352
300
13
246
1.092
336 256 101
102
—
200
328
3 043
129
7 500
2.911
Current liabilities (payable
from restricted assets)
Do
tn
Construction contracts
-
-
-
-
-
6 - -
-
-
-
-
-
-
6
-
Accrued interest
650
-
-
-
-
1.285 - -
-
-
284
-
-
-
2 219
1 876
Current portion of
bonds payable
315
—
—
-
-
- -
—
—
-
—
—
315
90
Total current liabilities
(payable from
restricted assets)
965
—
—
-
-
1291 -
—
—
294
254
1966
Longterm hab,hves
Revenue bonds payable-ne!
17 230
-
-
-
-
58 594 - -
-
63
-
-
-
-
75 887
74 107
Special obligairon bonus
payable -net
-
-
-
-
-
- - -
-
-
13 257
13 25'
13 343
Other payables
to
-
-
-
-
- -
-
-
-
°
Total longterm liabilities
17 240
-
-
-
58 594 -
-
63
13 257
-
-
-
89 154
87 450
Total liabilities
19 557
300
13
246
1.092
60 223 256 101
102
63
13 741
328
3 043
129
99 194
92 327
Fund equity
Contributed capital
-
730
699
1 654
4 471
43 245 2 787 5 407
391
-
634
265
1 933
2207
64 503
59 705
Retained earnings (deficit)
Reserve for construction
170
and revenue bond
1 838
-
-
-
-
9 260 - -
-
-
1 589
-
-
-
12 607
12 096
retirement
Unreserved
7326
(255)
(245)
(515)
2.228
(21292) 5026 (2522)
(61)
340
(5183)
(1261
(1465)
507
(16237)
r12771)
Total retained earnings
(deficit)
9 164
(255)
(245)
(515)
2 228
(12.032) 5 026 (2 522)
(61)
340
(3 594)
(126)
(1 465)
507
(3 550)
675)
Total tuna equity
9 164
a75
454
1.139
6 699
31213 7.813 Z885
330
340
12 960)
139
468
2 794
60 953
59 030
Total liabilities and
fund equity
S28 72t
5775
S 467
$1.385
$7.791
S91.436 S8_069 $2 986
S432
$403
$10 781
$467
S3 511
S2 923
$160 147 S151 357
CITY OF MIAMI, FLORIDA
SCHEDULE E-2
ENTERPRISE FUNDS
COMBINING
STATEMENTS OF REVENUES, EXPENSES AND
CHANGES IN FUND EQUITY
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for the year ended September 30,
1986
(in thousands)
"
Off-
Street
G80
Enterprise
Marine
Miami
Orange
Bowi
Convention Golf
Warehouse
Parking
Building
Solid
PfOpsRy
and Lease
Totals
1 .
Parking
Fund
Stadium
Stadium
Stadium
Center Marinas Auditorium Courses
Property
Garne
3 2onin9
Waste Manegement
1987
t9ae
(Restated)
#
Operating revenues
Charges for services ..
$ 7.586
$ 732
$ 290
$ 266
S2.606
S 3.710 $1.405 $ 589 $1.147
S 24
S 443
$3,587
$ 14,002
$2,246
S 38,633
S 35.362
Operating expenses
Personal services
2,452
246
50
108
1.262
653 770 182 683
-
-
4.170
18.064
180
28.820
23 922
Contractual service
1.674
349
23
46
295
2.959 176 84 98
-
285
200
120
43
6.352
510
5.723
525
Materials and supplies
137
-
4
13
95
7 30 7 95
151 82
-
-
-
-
30
15
91
44
1
2
1,203
1.133
Utilities ...
241
158
34
68
251
21 136
2 160 95 108
-
-
!03
3.389
3
4,599
2.707
Intragovernmental charges
-
84
156
81
499
206
317 18 104 1 i
-
51
53
8 952
279
10.585
9 ?66
Other
Totals
423
4.927
75
828
9
204
472
2.608
3.959 1.290 623 1.083
=
336
4.571
30 660
508
52.069
43 116
Operating income Qoss) before
86
(206)
(2)
(249) 115 (34) 64
24
107
(984)
(16658)
1738
(t3.436)
f77541
depreciation expense
2.659
1.161
(96)
104
84
68
413
1.585 176 142 51
14
159
11
79
68
4 115
3.891
Depreciation expense
Operating income
2
(274)
(415)
(1.834) (61) (176) 13
10
(52)
(995)
(16,73n
1.670
(17551)
t11 645.
(loss)
1.498
(200)
Nonoperatrng revenues
00
(expenses)
436
9
-
-
34
816 148 - 18
B
162
-
64
17
712
+?lP.
0)
Interest income
-
(5,259) - - -
(5)
(1,199)
(t6)
-
;7.8071
(7.875�
Interest and fiscal charges
(1,328)
-
-
-
9 2
-
103
38
_
1.479
('35)
Other ... ...
35
-
7
1.258 27
Net nonoperating
41
(3.185) 175 9 20
3
(1.037)
87
102
17
t4616)
!6.1^7)
revenues (expenses)
(857)
9
-
-
income (loss) before
operating transfers
641
(191)
2
(274)
(374)
(5.019) 114 1167) 33
13
(1 089)
(908)
(16.635)
1 687
!22.167}
(17.74;)
372)
(
Operating transfers in
-
252
-
430
40
3,354 -
(71) -
960
-
782
16.031
-
(1 618)
21.857
(1 689)
118
(1 085)
Operating transfers out
-
-
-
-
-
-
td
Net income (loss) before
61
2
156
(374)
(1.665) 43 (127) 33
13
(121)
(1261
(604)
69
(1.999)
(460)
c�
extraordinary items
Extraordinary item -gain
641
_ -
_
_
_.
_
_
,2,569)
"'.
(loss) on debt refinancing
-
2
-
156
-
-
(1,665) 43 (127) 33
13
(121)
(126)
(604)
69
0 9991
f3 029)
Net income (loss)
641
61
(374)
Retained earnings (deficit)
at beginning of year
8,523
(316)
(247)
(671)
2,617
(10,367) a,983 (2.395) 19a)
327
(3.a731
-
a38
(
16)
z 3sa
.
-
(8611
(816)
-
Equity transfers to other funds
-
Retained earnings (deficit)
at end of year
9.164
(255)
(245)
(515)
2,228
(12.032) 5.026 (2.522) (6t)
3a0
(3.59a)
(t26)
(1A65)
507
(3 550}
(5751
Contributed capital at
699
1,654
4.471
43.245 287 5.407 391
-
634
-
-
7..287
59.705
58.693
beginning of year ..
-
630
Contributions from other
-
_
_
-
100
748
governments ... ..
-
100
-
-
-
- - - -
-
Contributions from
-
- 2.500 _ _
_
_
265
1.933
4,698
264
other funds ........
-
Contributed capital at
730
699
1.654
4.471
43,245 2.787 5 407 391
-
634
265
1933
2.287
64 503
59 705
end of year .......
Total fund equity ...
$ 9,164
$ 475
$ 454
$1,139
$6.699
$ 31,213 $7.813 $ 2.885 $ 330
$340
$(2,9601
S 139
$ 468
$2.794
$ 60,953
$ 59030
SCHEDULE E-3
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30,
1987
with comparative totals for September 30, 1986
(in thousands)
Off-
G&O
Orange
Pro
Entarprias
Marine
Miami
Bowl
Convention
Go" Warehouse
Parking
Building
Solid
and Low
Totals
Parking
Fund
Stadium
Stadium
Stadium
Center Marinas Auditorium Courses Property
Ga_ rap
& Zonfng
Waste
Manapamrnr
1997
19M
Working capital provided by
(applied to):
Operations.
Income (loss) before extra•
ordinary item: .
$ 641
S 61
$ 2
$ 156
$ (374)
$(1.665) $ 43 $(127)
$33 $13
S(121)
$1126)
S (604)
S 69
$11,999)
S (460)
Items not requiring current
outlays of working capital.
Depreciation and
amortization
1,218
104
84
68
413
1,705 176 142
51 14
203
11
79
68
4.336
4,055
Loss (gain) on dispositions
of property. plant and
equipment, net .
__(36)
i
-
- -
-
-
(36)
10
Total provided by (applied
— —
to) operations before
extraordlnrayitem
1,823
165
86
224
39
40 219 15
84 27
82
(115)
(525)
IV
2301
3,605
Extraordinary Qem-loss
on debt refinancing .
-
-
-
-
-
- -
_ _
_
_
_
_
_
(2,56
Total provided by operations
1.823
165
86
224
39
40 219 15
84 27
82
E1 l5)
(525)
337
2.301
1 036
Other
—
—
— —
—
—
CD
(Increase) decrease in
4
restricted accounts
(463)
-
-
-
-
(433) - -
- -
85
-
--
(811)
ON)
Contributions and equity
transfers, net
-
100
-
-
(15)
- 2,500 -
- -
-
265
1.072
-
3922
1.013
Proceeds from long-term debt
2.000
-
-
-
-
- - -
- -
-
-
-
2.000
16.275
Increase in other liabilities
76
-
-
-
-
- - -
- -
-
-
76
6
Total
3,436
265
86
224
24
(393) 2,719 15
84 27
167
150
547
737
7.488
17952
Working capital applied
—
Additions of property, plant
and equipment, net ..
3,143
145
4
524
295
264 3.109 8
61 -
(54)
282
1.903
12
9696
3.995
Retirement of revenue
bonds payable ... .
90
-
-
-
-
- - -
- 18
110
-
-
--
218
13 652
Increase (decrease)in
bond discount . .
26
-
-
-
-
- - -
- -
-
-
-
-
26
310
Decrease in other liabilities
-
-
-
-
-
- - -
- -
-
-
-
332
Increase (decrease) in
other assets ....
130
-
- -
-
-
-
—12
130
94
Total .....
3.389
14545
a
224
295
264 3. t O9 8
61 2 8
16
282
1 903
t 0 070
18.383
Increase (decrease)in
working capital
$ 47
$120
$82
S(300)
S (271)
$ (657) S (390) $ 7
$23 $_9
$ t+t
5(132)
5(1 356)
$125
S(2.582)
$ (431)
Summary of increases (decreases)
—
in working capital.
Cash and investments ....
$ (520)
$ 30
$19
S (70)
$1.171
S (307) S (222) S 94
$50 S 9
$ 129
SIN
S 379
"a (29)
S 923
S (333)
Accounts receivable. net ....
12
(21)
57
(1)
(578)
(303) (43) (40)
1 -
-
5
1.308
249
646
273
•
Due from other funds .. ..
(111)
-
-
(132)
-
(15) - -
- -
20
-
--
-
(238)
58t
Due tromlto other
governments
(125)
171
_
112
t58
257
Inventories.... ..
17
-
-
-
_ _
-
-
17
(59)
tJ
Prepaid expenses and
other assets . ...
739
(35)
-
4 - -
- -
-
t
-
-
709
(99)
A
Accounts payable and
accrued expenses .
(141)
(24)
7
(64)
71
(236) (124) (20)
(26) -
(150)
(241)
(3.043)
(35)
(4,026)
(310)
Due to other funds .......
-
90
-
-
(850)
29 - -
(2) -
-
-
-
-
(733)
(477)
Deposits refundable .....
(36)
35
0
(32)
(10)
- (1) -
- -
-
(87)
-
(601
(191
(361)
37
Deferred revenue ........ ..
87
45
(1)
(1)
50
- - (27)
— —
—
—
—
increase (decrease) in
working capital ... .........
$ 47
$120
$82
$(300)
$ (271)
$ (657) $ (390) $ 7
123 S 9
$ 111
f32J
1.356)
$125
$(2.582)
5 (431!
THIS PAGE INTENTIONALLY LEFT BLANK
88
0
r
0
G
C
iI
L
L."
L
H�l
INTERNAL SERVICE FUNDS
r
r
CITY GARAGE --to account for the costs of operating a heavy equipment fleet
and related maintenance facility.
MOTOR P00
L—to account for the costs of financing and operating a light vehicle
fleet and related maintenance facility.
PROPERTY MAINTENANCE —to account for the costs of providing various
building repairs, maintenance, and janitorial services.
PRINT SHOP —to account for the costs of providing printing services.
*r
PROCUREMENT MANAGEMENT —to account for the cost of providing centralized
purchasing and supplies services.
COMMUNICATIONS SERVICES —to account for the costs of operating a
communications maintenance facility, the costs of basic telephone services and
data transmission lines.
'.1
2
-
e.
•, t
_
P,
89
• .. .,
...
all
-
L
- ..
.. 77,
a -
-a3
'!
_
_
f j S
i
ft�
r
Y t'3
:THIS PAGE -INTENTIONALLY LEFT BLANK
a
t;
r ��
_
_
•� .k:pda
\
R
r
r
r
f
SCHEDULE F•1
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1987
with comparative totals for September 30, 1986
(in thousands)
City Motor Property Print Procurement Communications Totals
Garage Pool Maintenance Shop Management Services 1987 1986
ASSETS
Current assets
(deficity) in pooled
rEquity
cash and investments
$ (1,150)
$ 1,970
Inventories .
127
70
Total current assets
(1,023)
2,040
Restricted assets
i
Cash and investments including
accrued interest .
-
7,394
Property, plant and equipment
17.043
12.015
Less. Accumulated depreciation
(7,434)
(6.576)
r
Property, plant and equipment, net .
9.609
5.439
Bond issuance costs
-
414
Other assets ..... _
2
-
TTotal
assets
$ 8,588
$15,287
LIABILITIES AND
FUND EQUITY (DEFICIT)
r
Current liabilities:
l
Vouchers and accounts payable
$ 50
$ 1.218
Accrued expenses (principally salaries) ....
195
102
Current portion of
T
Certificates of Participation ....... ..
_
2,320
Accrued interest
106
Total current liabilities ... .......
245
3.746
Long-term liabilities:
Certificates of Participation .............
-
11,740
Total long-term liabilities ............
-
11,740
Total liabilities .... ............
245
15,486
Fund equity (deficit):
Contributed capital .............. ....
6.067
585
Retained earnings (deficit) ......... ......
2,276
(784)
}
Total fund equity (deficit) ...........
8,343
(199)
Total liabilities and
fund equity (deficit) ... .... .....
$ 8,588
$15,287
..M
$337
$(409)
$ 11
$ (24)
$ 735
$ 7.586
192
18
82
119
608
709
529
(391)
93
95
1,343
8,295
-
-
-
-
7,394
-
258
107
33
3,179
32.635
27,336
(173)
(56)
(10)
(1,881)
(16,130)
(13.706)
85
51
23
1,298
16.505
13,630
-
-
-
-
414
-
-
-
-
-
2
1
$614
$(340)
$116
$1.393
$25,658
$21,926
$ 54
$ 6
$ 15
$ 133
$ 1,476
$ 448
143
14
24
51
529
443
-
-
-
-
2,320
-
-
-
-
-
106
-
197
20
39
184
4,431
891
-
-
11,740
-
-
-
11,740
-
197
20
39
184
16,171
891
273
178
23
2,143
9,269
9,001
144
(538)
54
(934)
218
12,034
417
(360)
77
1,209
9,487
21,035
$614
$(340)
$116
$1,393
$ 25,658
$ 21,926
91
A8-509
SCHEDULE F-2
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES
EXPENSES AND CHANGES IN FUND EQUITY
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September 30, 1986
(in thousands)
City Motor Property Print Procurement Communications totals
Garage Pool Maintenance Shop Management Services 1967 1986
Operating revenues
Charges for services .
$ 4,531
$ 3 514
$4 166
$ 486
$666
$ 2.643
$16.006
$11.640
Operating expenses:
Personal services ...
2.941
2.188
2.722
329
424
880
9.484
8.205
Contractual services ... ..
583
195
664
160
50
33
1.685
1.299
Materials and supplies . . ....
1.105
1.134
506
75
198
66
3.084
2,993 _
Utilities ... ......
105
42
20
6
19
1.631
1,823
1,825
Other....
128
147
1
—
5
—
281
401
Total
4,862
3.706
3.913
570
696
2,610
16.357
14,723
Operating income (loss) before
depreciation expense .....
(331)
(192)
253
(84)
(30)
33
(351)
(3,083)
Depreciation expense ..... ...... . . .
1,422
1.322
11
10
7
321
3,093
2,498
Operating income (loss) .... ..
. (1.753)
(1,514)
242
(94)
(37)
(288)
(3,444)
(5,581) ..
Nonoperating revenues (expenses)
Interest income . . . I ........
136
874
15
--
8
18
1,051
701
Interest and fiscal charge ... ... .. .
—
(1,057)
—
—
—
—
(1.057)
—
Other ..... .... ...... . ..... .
36
146
—
—
—
—
182
261
Total nonoperating
revenues (expenses) ..... ......
172
(37)
15
—
8
18
176
962
Income (loss) before
operating transfers .........
(1,581)
(1,551)
257
(94)
(29)
(270)
(3.268)
(4,619) —
Operating transfers in ......... .... ......
525
—
—
—
—
525
462
Operating transfers out.. . ..........
(3,000)
(1.013)
(675)
—
—
(837)
(5,525)
(474)
Net operating transfers ... ...........
(2,475)
(1,013)
(675)
—
(837)
(5,000)
(12) _.
Net income (loss) ...................
(4,056)
(2.564)
(418)
(94)
(29)
(1,107)
(8,268)
(4,631)
Retained earnings (deficit)
at beginning of year ................ ..
.. 8,286
3.374
562
(444)
83
173
12,034
16,665
Equity transfers from other funds .
—
2.166
—
—
—
—
2,166
— �-
Equity transfers to other funds ..............
. (2,166)
(3,548)
—
—
—
—
(5,714)
—
Retained earnings (deficit) at end of year ......
2,064
(572)
144
(538)
54
(934)
218
12.034
Contributed capital at beginning of year ........
4,555
1.829
273
178
23
2,143
9.001
8,955
Contributions from other funds ................
1.724
62
—
—
—
—
1,574
_
46
Contributions to other funds ..................
—
(1,518)
—
—
—
—
(1,306)
—
Contributed capital at end of year .............
6,279
373
273
178
23
2,143
9,269
9,001
Total fund equity (deficit) .............
$ 8,343
$ (199)
$ 417
$(360)
$ 77
$ 1,209
$ 9.487
$21,035 --
..,
F
f
SCHEDULE F•3
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CHANGES
IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for the year ended September 30, 1986
(in thousands)
City Motor Property Print
Procurement Communications
Totals
Garage Pool Maintenance Shop
Management
Services
1997
1988
r
Working capital provided by (applied to)
Operations:
Net income (loss)
$(4.056) $(2.564) $(418) $(94)
$(29)
$(1.107)
$ (8,268)
$(4,631)
r
Items not requiring current
outlays of working capital:
Depreciation
1.422 1.405 11 10
7
321
3,176
2,497
Loss on dispositions of property,
r
plant and equipment, net ....
— — i
—
—
(326)
Total provided by
(applied to) operations . ....
(2,634) (1.159) (407) (84)
(22)
(786)
(5,092)
(2,460)
Decrease (increase) in restricted assets .
— (7,394) — —
—
—
(7,394)
—
j
Transfers of Certificates of Participation—
long-term portion ... ...
— 13.855 — —
—
—
13,855
—
Contributions and equity transfers, net ..
(442) (2,838) i
—
(3,280)
46
r
Total . ...... ..... ........
Working capital applied:
. T1076) 2,464 (407) (84)
r
(22)
(786)
(1,911)
(2,414)
Reduction of Certificates of
Participation Principal ......... ..........
— 2,115 — —
—
—
2,115
—
Increase in bond discount ..........
_ — 497 —
—
497
—
Additions of property, plant and equipment...
1.730 4,142 3
92
5.967
626
Total.......
1,730 6,754 3 —
—
92
8.579
626
Increase (decrease) in working capital .........
$(4.806) $(4,290) $(410) $(84)
$(22)
$ (878)
$(10,490)
$(3,040)
I
Summary of increases (decreases)
in working capital:
Cash and investments .....................
$(4,761) $ (625) $(486) $(92)
$ 8
$ (897)
$ (6,853)
$(3,279)
7P
Inventories ............... ...........
.. (54) (83) 34 (2)
(2)
8
(99)
(100)
Accounts payable and accrued expenses ....
9 (1,262) 42 10
(28)
11
(1,218)
339
Short-term portion cf Certificates
of Participation .......................
. — (2,320) — —
—
—
(2,320)
—
:*
Increase (decrease) in working capital ..........
$(4,806) $(4,290) $(410) $(84)
$(22)
$ (878)
$(10,490)
$(3,040)
93
THIS PAGE INTENTIONALLY LEFT BLANK
94
Ian
TRUST AND AGENCY FUNDS
r
r
t
r
r EXPENDABLE TRUST FUNDS
SELF INSURANCE --to account for the costs of insuring the City in the areas of general liability, auto
liability, health and medical, and workers' compensation. Participating City departments are billed
to cover estimated premium costs and claims.
PENSION ADMINISTRATION —to account for amounts collected for and transmitted to the City's
pension trust funds.
AGENCY FUNDS
CABLE T.V.—to account for deposits held under issuance of a cable television license.
aW DEFERRED COMPENSATION —to account for certain deferred compensation plans offered by the
City for its employees.
PENSION TRUST FUNDS
GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' (GESE) AND FIRE FIGHTERS' AND
POLICE OFFICERS' (FIPO)—Both funds are used to account for the accumulation of resources to
nta.........J...u...n Qe.nurnnc oro rv%ntrihidaH by amninvPA*q at ratAS
� t c
t,+• t a r
Vy
-
't
i
t
Y
e'er
THIS PACE INTENTIONALLY LEFT BLANK
° f
96
r
r
SCHEDULE G-1
CITY OF MIAMI, FLORIDA
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1981
with comparative totals for year ended September 30, 1986
(In thousands)
Expendable Trust Funds Agency Funds
Pension Trust Funds
Self Pension Cable Deferred
GESE
FIP0
Totals
Insurance Administration T.V. Compensation
Trust
Trust
1987
1986
ASSETS
Equity in pooled cash and investments
Pension cash and investments,
$5.326 $ 698 $1.729 $ -
$ -
$ -
$ 7,753
$ 8.498
including accrued interest .
- - - -
173,411
285,773
459.184
368,851
Receivables
Proceeds from securities sold
Pension members' contribution ....
- - - -
- - - -
1,432
247
1,026
258
2,458
505
323
481
Other ...
24 85 - -
-
1,660
1.769
85
Due from other funds .....
- 1.955 - -
-
2,719
4,674
2,072
Prepaid expenses ..
- - - -
-
-
-
69
Deferred compensation plan assets
- - - 11.372
-
-
11,372
7,434
Total assets
$5.350 $2.738 $1,729 $11.372
$175,090
$291,436
$467.715
$387,613
LIABILITIES AND FUND BALANCES
Liabilities:
Vouchers and account payable......
$ 488 $ 17 $ 229 $ -
$ 120
$ 36
$ 890
$ 1,082
Payable for securities purchased
- - - -
2,694
1,987
4.681
1.005
Due to other funds
Deposits..
- 2,719 - -
- 2 1.500 -
1.955
-
-
-
4,674
1.502
2,072
1,502
Claims payable
1,545 - -
-
-
1,545
1,555
Deferred compensation plan liabilities ..
- - - 11,372
-
-
11,372
7.434
�,.
Total liabilities .... ... _ .......
2,033 2.738 1,729 11,372
4,769
2,023
24,664
14,650
Fund balance.
Reserved for employee
retirement plan benefits .. .. ... ..
- - - -
170,321
289,413
459,734
369,256
Unreserved:
Designated for hurricane loss ..... . .
500 - - -
-
-
500
500
Designated for pension -
related expenditures ........ ......
- - - -
-
-
-
121
Designated for claim payments ........
2,817 - - -
-
-
2,817
3,286
Total fund balances ... .... .. ..
3.317 - - -
170,321
289,413
463,051
373,163
Total liabilities and fund balances ...
$5,350 $2.738 $1,729 $11.372
$175.090
$291,436
$487,715
$387,813
w
ma
4%
91111111
7
rci
SCHEDULE G-2
CITY OF MIAMI, FLORIDA
EXPENDABLE TRUST FUNDS
COMBINING
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
-Ilk
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September 30,1986
(in thousands)
Self
Pension
*totals
Insurance
Administration
1981
1986
Revenues:
Intergovernmental
—
$ 5,033
$ 5,033
$ 4,699
Intragovernmental . .. .. ....... .
. 5.244
24,733
29,977
25,935
Contributions from employees and retirees
6,977
—
6,977
6.468
Interest. ... ..... .... ...........
329
3
332
413
Other— ......
... 239
—
239
345
Total revenues ....... ...
12.769
29,769
42,558
37.860
Expenditures:
Personal services ... .........
. . ........ 900
—
900
1.392
Contractual services .... ..... . .........
...... . ....... 224
77
301
159
Materials and supplies ......... .. ..
. ....... 4
—
4
7
Contribution to retirement funds .
.. ...... —
29,593
29,593
28.563
Insurance ................. ....... ..
.. . ........... __ 1,421
—
1,421
1,065
Claim payments . ....... ......... .
. ........ ... .. .. ......... 9,609
—
9,609
9.677
Other ................................
.. ........ ..... . ..... 1.100
220
1,320
2.088
Total expenditures ......... .............
.............. 13,25B
29.890
43,148
42,951
Other financing sources:
Operating transfers in .......................
..... ............ .... —
—
—
2.591
Deficiency of revenues and other financing
sources over expenditures .. ........
..... .. (469)
(121)
(590)
(2,500)
Fund balance at beginning of year . ...............
... ... ...... 3,786
121
3,907
6,408
Fund balance at end of year ........... ...
.......... . ............ ... $ 3,317
$ —
$ 3.317
$ 3,908
—4
0%
AM
ra
M-k
98 z
r
SCHEDULE
0•3
CITY OF MIAMI, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September 30, 1906
(in thousands)
GESE
FIPO
Totals
rTrust
trust
1987
1986
Operating revenues:
Contributions from employers
$ 12,507
$ 14 201
$ 26,708
$ 24,271
Contributions from employees and
retirees
6,123
6.643
12,766
12,069
Net realized gain on investments
21.633
34,947
56,780
29,242
Interest and dividends ... ...
... .. _
7.739
14.897
22.636
22,823
Total ....... .........
.... ... ......
48,202
70.688
118,890
88.405
rOperating
..
expenses:
Personal services , .
... .....
834
530
1,364
750
Benefit payments . ...... ............
.. .....
12,817
12,864
25,681
22,662
Refunds . .... . .........
.. ........ ... ... ..
812
568
1,380
1,231
rTotal
....
14,463
13.962
28,425
24.643
Operating income .................
......... ..... ......
33.739
56.726
90,465
63.762
Nonoperating revenues ...........
.. ... .. ......... ....
9
4
13
—
r
Net income .. ..... ...
............... .. .... .. ...
33,748
56.730
90.478
63,762
Fund balances at beginning of year
.... ..... ...... ... .. ... .. ..
136.573
232.683
369,256
305,494
Fund balances at end of year . .....
.......... . ....... ..... ............
$170,321
$289,413
$459,734
$369,256
r
T
.00y
0
.y
SCHEDULE 0-4
CITY OF MIAMI, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES
IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30, 1987
with comparative totals for year ended September
30, 1986
(in thousands)
GESE
FIP0
Totals
Trust
Trust
Igo?
1966
Working capital provided by:
Net income .... ... ......... ......
. .
$33,748
$56.730
$90,478
$63,762
Increase in working capital .................
... ...
$33,748
$56.730
$90,478
$63,762
Summary of increases (decreases) in working
capital
Pension investments .............
... ..... .. . . .
$35,639
$54,694
$90,333
$65,550
Proceeds from securities sold . .......
... ..... .....
1,432
703
2.135
(1,975)
Other accounts receivable .......
......
8
1,676
1,684
(207)
Due from other funds ..........
.......... .. ......... ........
(594)
647
53
(1,822)
Vouchers and accounts payable. , .
. . . .... ................ ..
(43)
(8)
(51)
a
Payable for securities purchased ...............
....... ..............
(2.694)
(982)
(3.676)
2,208
Increase in working capital ...........................................
... .
$33,748
$56.730
$0.478
$63.762
A"
Am
; �'�r , "
Ic
100
SCHWULt 0-5
CITY OF MIAMI, FLORIDA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES
IN ASSETS AND LIABILITIES
YEAR ENDED SEPTEMBER 30, 1987
with comparative
totals for year ended September
30, 1986
(in thousands)
Cable
Deferred
Totals
T.V.
Compensation
1987
1986
Pooled cash and investments.....
$1,729
$ —
$ 1.729
$2.223
Deferred compensation plan assets
—
11.372
11,372
7.434
Total assets —end of year
$1,729
$11,372
$13,101
$9,657
Total liabilities —beginning of year
$2.223
$ 7.434
$ 9,657
$7.275
Add: Contributions
Employer .. . .. . ....
. ......... . ....
—
677
677
153
Employees ... .. . .................
—
2,086
2,086
1,765
Investment interest
97
1,458
1.555
916
Less: Withdrawals & terminations
—
(283)
(283)
(292)
Payments to Licensee . .. .....
.. ... ....... . ... ..
(591)
—
(591)
(160)
Total liabilities —end of year .........
$1,729
$11,372
$13,101
$9,657
101
ul
0
H
1�
E
it
L",
H-1
p";
k
J
H
THIS PAGE INTENTIONALLY LEFT BLANK
102
OTHER 'SUPPLEMENTAL
INFORMATION
s
f..
-
J
S
1 Al
1 4
Y
t
_
�
7-
l {1
50
1
- L
4
;ram
-
�5=1
THIS PAGE` INTENTIONALLY LEFT BLANK
104
��RV
r
r
r
r
THIS PAGE INTENTIONALLY LEFT BLANK
105
Operating revenue
Charge for services
Operating expenses
Personal services
Contractual services.
maintenance and other
operating expenses
Totals
Operating income (loss)
before depreciation
expense
Depreciation expense
Operating income (loss)
Nonoperating revenues
(expenses)
Interest income
Debt service
Other
Net non operating
revenues (expenses)
Income (loss) before
operating transfers
Operating transfers in
Operating transfers out
Net income (loss) before
extraordinary items —
budgetary basis
Reconciliation to
GAAP—bans
Capitalized
expenditures
Operating transfer
funding Capital outlay
Net income (loss) before
extraordinary items—
GAAP basis
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULE OF OPERATIONS --BUDGET AND ACTUAL
YEAR ENDED
SEPTEMBER 30, 1987
(in thousands)
Off -Street Parking
G110 Enterprise Fund
Marine Stadium
Variance
Variance
Variance
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual (Unfavorable)
Budget
Actual (Unfavorable)
S 7.554
$ 7 586
S 32
$ 675
S 732 S 57
$300
$290
S(10)
2 390
2 452
(62)
277
246 31
68
50
18
2.442
2 475
(33)
470
582 (1121
143
158
(15)
4 832
4.927
(95)
747
828 (811
211
208
3
2.722
2 659
(63)
(72)
(96) (24)
89
82
(7)
1.166
1.161
5
96
104 (8)
70
84
(14)
1556
1498
(58)
(168)
(200) (32)
19
(2)
(21)
461
436
(25)
4
9 5
—
—
—
(1265)
(1.328)
(63)
—
— —
—
—
—
(55)
35
90
—
— —
—
—
—
(859)
(857)
2
4
9 5
—
—
—
697
641
(56)
(164)
(191) (27)
19
(2)
(21)
—
—
—
—
252 252
—
—
—
S 697
641
S (56)
$(164)
61 $225
$ 19
(2)
$(21)
— 4
S 641 $ 61 $ 2
106
FS -�011)
SCHEDULS H•1
Mlaml Stadium
Orango Bowl Stadium
Convention Center
Marinas
Variance
Favwobie
Variance
Favorable
Variants
Favorable
Vsdam
lavorsblo
Budget
Actual
(Unhvorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Bu6g*t
Actual
(Unfavorable
$ 418
$ 266
S052)
$2.783
$2.606
$0 77)
$ 6.491
$ 3 710
S(2 781)
$2 373
$1 405
S(968)
193
108
85
1.176
1.262
(86)
577
653
(76)
692
770
(78)
304
364
(60)
1.259
1,346
(87)
4.092
3 306
786
1.378
520
858
491
472
25
2,435
2.608
(173)
4.669
3,959
710
2070
1,290
780
(79)
(206)
(127)
348
(2)
(350)
1.822
(249)
(2.071)
303
115
(188)
28
68
(40)
325
413
(88)
1.530
1,585
(55)
158
176
(18)
(107)
(274)
(167)
23
(415)
(438)
292
(1,834)
(2.126)
145
(61)
(206)
—
—
—
—
34
34
617
816
199
—
148
148
—
—
—
—
—
—
(5.139)
(5.259)
(120)
—
—
-
-
7
7
—
1.258
1.258
—
27
27
—
—
—
—
41
41
(4,522)
(3.185)
1,337
—
175
175
(107)
(274)
(167)
23
(374)
(397)
(4,230)
(5.019)
(789)
145
114
(31)
130
130
—
—
—
—
4.230
3.354
(876)
—
—
—
(23)
—
23
(23)
—
23
—
—
(145)
(71)
74
S —
(144)
$(144j
$ —
(374)
S(374)
S —
(1.665)
S(I,665)
$ —
43
S 43
log
r 300 — — —
$156 $ (374) $(1.665) S 43
T
107
Rs�
(continued)
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULE OF OPERATIONS —BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER 30,
1987
(In thousands)
Auditorium
Golf Couraaa
Warehouse Property
Variance
Variance
Variance
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable) ._
Operating revenues
Charge for services
$745
$ 589
$(156)
$1 299
$1 147
$(152)
$ 36
$ 24
$(12)
Operating expenses
_
Personal seances
172
182
(10)
829
683
146
—
—
—
Contractual services. maintenance.
and other operating expenses
477
441
36
563
400
163
Totals
649
623
26
1392
1083
309
Operating income (loss)
before depreciation expense
96
(34)
(130)
(93)
64
157
36
24
(12)
Depreciation expense
136
142
(6)
36
51
(15)
13
14
0)
Operating income (loss)
(40)
(176)
(136)
(129)
13
142
23
10
(13) --
Nonoperating revenues (expenses)
Interest income
—
—
—
29
18
(11)
—
8
8
Debt service .. ......
—
—
—
—
—
—
(23)
(23)
—
Other
—
9
9
—
2
2
—
Net non operating
revenues (expenses)
—
9
9
29
20
(9)
(23)
(15)
8
Income (loss) before
—
operating transfers. ..
(40)
(167)
(127)
(100)
33
133
—
(5)
(5)
Operating transfers in . . ...... ...
40
40
—
100
—
(100)
—
—
—
Operating transfers out
Net income (loss) before
--
extraordinary items —
budgetary bans ... .... ... _
$—
(127)
$(127)
$ —
33
$ 33
$_
(5)
$ (5)
Reconciliation on GAAP—basis.
Principal retirement on revenue bonds
—
t8
..
Net income (loss) before
extraordinary items—GAAP bans. ....
..
$(127)
$ 33
$13
..
am
w
108
I
f
r
r
1
r
7a
y
SCHEDULE H•1
(continued)
Parking- Gimp
rape
building end toning
fi011d Waste
end
Leese snsgemeM
Variance
Variance
Variance
Variant*
Favorable
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual (Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ 648
$ 443
$(205)
$ 2,607
$3 587
$ 980
$13 945
$14.002
$ 57
$ 1 616
$ 2 246
$ 630
—
—
—
3,949
4170
(221)
18294
18.064
230
156
180
(24)
230
336
(106)
607
401
206
12681
12,596
85
141
328
(187)
230
336
(106)
4,556
4,571
(15)
30.975
30.660
315
297
508
(211)
418
107
(311)
(1,949)
(984)
965
(17.030)
(16.658)
372
1,319
1.738
419
175
159
16
—
1t
(tt)
—
79
(79)
—
68
(68)
243
(52)
(295)
(1,949)
(995)
954
(17.030)
(16.737)
293
1.319
1670
351
—
162
162
—
—
—
—
64
64
—
17
17
(1.288)
(1.289)
(1)
—
(16)
(16)
—
—
—
—
—
-
-
—
—
—
103
103
—
38
38
10
—
(10)
(1,288)
(1,127)
161
—
87
87
—
102
102
10
17
7
(1,045)
(1,179)
(134)
(1,949)
(908)
1,041
(17.030)
(16.635)
395
1,329
1,687
358
1.045
968
(77)
1.949
782
(1,167)
17,030
16.031
(999)
—
-
-
—
—
—
—
—
—
—
—
(1,329)
(1,618)
(289)
$ —
(211)
$(211)
$ —
(126)
$ (126)
$ —
(604)
$(604)
$ —
69
$ 69
90
—
—
—
$ (121)
$ (126)
$ (604)
$ 69
109
4
SS- '9
n.
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
SCHEDULE
OF OPERATIONS —BUDGET AND ACTUAL
YEAR ENDED SEPTEMBER
30, 1987
(in thousands)
City Garage
Motor Pool
Property Maintenance
Variance
Variance
Variance
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Operating revenues
Intergovernmental charges
$ 3.816
$ 4 531
$ 715
$ 3 595
$ 3 514
$ (81)
$4.448
S4 166
S(282)
Operating expenses
Personal services
2 910
2 941
(31)
2 235
2 188
47
2 455
2 722
(267)
Contractual services and other
operating expenses
1.977
1.921
56
4.795
1.518
3.277
1.818
1.191
627
Total ..
4.687
4.862
25
7.030
3.706
3 324
4.273
3.913
360 ..
Operating income before
depreciation expense
(1.071)
(331)
740
(3.435)
(192)
3 243
175
253
78
Depredation expense
824
1.422
(598)
871
1 322
(451)
11
11
Operating income (loss)
(1.895)
(1.753)
142
(4,306)
(1,514)
2.792
164
242
78 �-
Nonoperating revenues (expenses)
Interest income
—
136
136
320
874
554
—
15
15
Debt service.
—
—
—
—
—
—
—
—
—
Other
310
36
(274)
129
146
17
11
Total nonoperating
revenues (expenses)
310
172
(138)
449
1.020
571
11
15
4
Income before operating
^-
transfers
(1.585)
(1.581)
4
(3.857)
(494)
3,363
175
257
82
Operating transfers in
761
525
(236)
3.943
—
(3,943)
—
—
—
Operating transfers out .
(6.066)
(3.000)
3066
(1.013)
11.013)
—
(675)
(675)
Net operating transfers
(5.305)
(2.475)
2.830
2.930
(1.013)
(3.943)
(675)
(675)
—
Net income —budgetary basis ... ..
.. S(6.890)
(4.056)
$2.834
S (927)
(1.507)
$ (580)
$ (500)
(418)
S 82
Reconciliation to GAAP—bans:
Interest on Certificates of Participation .
....
—
(1.057)
—
Net income—GAAP bans . .. ......
$(4.056)
$(2.564)
S (418)
110
J
• is
o"
x*
AM
SCHEDULE H-7
Print Strop
procurement Management
Communications Services
Variance
Variance
Valiance
Favorable
Favorable
Favomble
Budget
Actual
(Untsvomble)
Budget
Actual
(Unlsvorable)
Budget
Actual
(Unhvorsble)
$657
S486
S(171)
$756
$666
S(90)
SIM
$ 2 643
S(440)
318
329
(11)
371
424
(53)
884
880
4
308
241
67
385
272
113
1.846
1.730
116
626
570
56
756
696
60
2.730
2.610
120
31
(84)
(115)
—
(30)
(30)
353
33
(320)
8
10
(2)
7
(7)
217
321
(104)
23
(94)
(117)
_
(37)
(37)
136
(288)
(424)
—
—
—
—
8
8
—
t8
18
i
8
8
—
t8
18
23
(94)
(117)
(29)
(29)
136
(270)
(406)
(23)
23
—
_
(837)
(837)
(23)
—
23
—
_
—
(837)
(837)
—
$—
(94)
S (94)
S—
(29)
S(29)
$ (701)
(1.107)
$(406)
3 (94)
$(29)
S(1.107)
III
Fiscal
Year
Ending
Utilities
September
Service Tax
30th
Series A
1988
$150,000
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Total $150,000
CITY OF MIAMI
REVENUE AND SPECIAL OBLIGATION BONDS
PRINCIPAL AND INTEREST REQUIREMENTS
As of September 30, 1987
Convention
Center Special
Revenue Obligation
Bonds Bonds
$ 245,000
265,000
$ 100.000
2B5,000
330,000
310,000
640,000
335,000
1,060,000
360,000
1,140.000
390,000
1,225,000
425,000
1,320,000
465,000
1,425,000
510,000
1,540,000
560,000
1,665,000
610,000
1.805,000
665,000
1.720,000
1.870,000
2,035,000
2,215,000
3,355,000
2,410,000
2,620,000
2,850,000
3,095,000
4.830,000
3,365,000
3.660,000
3,980,000
4,050,000
4,410,000
4.720.000
4,750,000
$60,000,000
$13,610,000
112
Warehouse
Property
Revenue
Bonds
$20.000
21,000
22,000
$63,000
Special
Obligation
Housing
$ 125,000
130,000
135.000
140,000
150A00
160,000
170.000
180,000
190,000
200,000
215,000
230,000
250,000
270,000
290,000
310,000
330,000
355,000
380.000
$4,210,000
4r
om
Subordin.
Parking
Rev. Bonds
)5
r�
'4
IT`
!3
►8
t1
f
►9
0
ez
2,000,000 �5
0
5
'5
:5
$2,000,000
r
..
r
SGHWULE H-3
M.S.E.A.
M.S.E.A.
Parking
Special
Subordinate
Total
Revenue
Obligation
Sunshine
Obligation
Total
Total
Principal
Bonds
Bonds
State Loan
Note
Principal
Interest
and interest
$ 315,000
$ 384,000
$ 937,500
$ 2,489,000
$ 12,131,005
$ 14,620,005
330,000
402,000
1.250,000
2.398,000
12,290,223
14,688.223
345,000
426,000
1,250,000
2,563,000
12,134,205
14,697,205
370,000
$ 600,000
451,000
1.250.000
3,451,000
11,965,881
15,416,881
385.000
645,000
478,000
1,250.000
3,883,000
11,753.624
15,636,624
415.000
690,000
507,000
1,250,000
4,442,000
11,488,216
15,930.216
440,000
735,000
538,000
1,250.000
4,663,000
11,179,225
15,842,225
465,000
785,000
570,000
1,250.000
4,900.000
10,849,397
15,749,397
500.000
845,000
604,000
312,500
3,924,000
10,529,323
14,453.323
535,000
900,000
640,000
4,210.000
10,237,078
14,447,078
575,000
965,000
679.000
4,534,000
9,920.177
14,454,177
620,000
1,030,000
719,000
4,874,000
9,574,598
14,448,598
665,000
1,105,000
763,000
5,253,000
9,199,881
14.452,881
715,000
1.180,000
808,000
4,693,000
8.825,359
13,518,359
775,000
1,265.000
857,000
5,057,000
8,472,579
13,529,579
835,000
1,355,000
908,000
5,443,000
8.085,209
13.528,209
895,000
1,450,000
963,000
9,208,000
7,519,039
16,727,039
970,000
1,550,000
1,021,000
6,306,000
6,921,673
13,227.673
1,040,000
1,655.000
1,082,000
6,777,000
6,439,482
13,216,482
1,115,000
1,775,000
1,147,000
8,887,000
5,780,625
14,667,625
1,200.000
1,900,000
1,216,000
12,241,000
5,037.036
17,278.036
1,290,000
2,030,000
1,288,000
7,973,000
4,252,558
12,225.558
1,390,000
2,175,000
1,366,000
8,591,000
3,638,240
12.229,240
2,325,000
1,448.000
7.753,000
3,031,655
10,784.655
2,485,000
1,535,000
8,070,000
2.433.775
10,503,775
2,660,000
7,070,000
1,813.350
8,883,350
2,850,000
7,570,000
1,241,275
8.811,275
3,045,000
7,795,000
628,775
8,423,775
$16,185,000
$38,000,000
$20,800,000
$10,000,000
$165,018,000
$217.373,463
$382,391,463
113
E
E
FISCAL
YEAR
ENDING
REQUIREMENTS
SEPT. so
PRINCIPAL
INTEREST
TOOL
1988
$ 9,775,000
$ 10,762.668
$ 20,537,668
1989
11,280,000
13.391.250
24,671.250
1990
11, 710.000
12,639,426
24,349,426
1991
10.725.000
11.854,043
22,579,043
1992
11,285.000
11.050,913
22.335.913
1993
10, 585,000
10,246, 708
20,831,708
1994
10,475,000
9,453.136
19,928.136
1995
10,750,000
8,757,552
19,507.552
1996
10,590,000
8,075,332
18,665,332
1997
10,635,000
7,379,780
18,014, 780
1998
9,785,000
6,660, 710
16,445, 710
1999
8,945,000
5,977,177
14,922,177
2000
8,235.000
5,311,547
13,546,547
2001
8,765,000
4,630,153
13,395.153
2002
8,820,000
3,956,514
12,776,514
2003
9,290,000
3,246,639
12,536,639
2004
7,510,000
2,511,192
10,021,192
2005
7,010,000
1,902,649
8,912.649
2006
5,230,000
1,440,595
6,670,595
2007
3,740,000
1,110.300
4,850,300
2008
2,680,000
842,265
3,522,265
2009
2,620,000
668,115
3,288.115
2010
2,725,000
490.018
3.215.018
2011
2,055,000
350.055
2,405,055
2012
1,370,000
251,488
1.621,488
2013
1,400,000
167,550
1,567.550
2014
1,360,000
81,600
1.441,600
$199.350,000
$143,209.375
$342,559,375
D
h,
i
114 g
R -50 9 ■
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_
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MR
THIS PAGE -INTENTIONALLY LEFT BLANK
116
I
I
' CITY OF MIAMI, FLORIDA
GENERAL FUND EXPENDITURES AND OTHER USES BY FUNCTION
LAST TEN FISCAL YEARS
(in thousands)
I
I
I
I
J
I
I
r
T
r
CULTURE OTHER
POLICE PUBLIC GENERAL AND EXPEND.
FISCAL AND SOLID IMPROVE- GOVERN- RECREA- ITURES
YEAR FIRE WASTE MENTS _ MENT _ TION 6 USES TOTAL
1987 $111,884 $16031 (1) $13795 (2) $19.338 $9867 $16785 $187,700
1986 103 893 24 902 20 339 (3) 16 328 8 439 15 522 189.424
1985 99.681 22 802 14 973 17,699 8.651 17.999 181.805
1984 93,841 22 576 13,401 16 135 8 378 12.549 166 880
1983 87.371 21,733 11,624 (4) 14.595 7 691 8.726 151 740
1982 74 813 19.394 13,608 14 1 14 7 116 8 998 138,043
1981 61.501 17 386 12,331 11 734 7 518 8.511 118.981
1980 53 084 14,481 11 448 10 308 7 378 5,095 101.794
1979 50.205 14.312 10 637 9,356 6 870 5,437 96,817
1978 38 123 12 022 9,149 7 263 5 104 22,051 (5) 93.712
(1) Beginning in FY 1987 solid waste activities with annual operating expenses of $30 7 million were accounted for in a separate Solid Waste
Enterprise Fund The amount shown for FY 1987 reflects the General Fund's operating subsidy of that enterprise fund
(2) Beginning in FY 1987 Building and Zoning activities with operating costs of $4 6 million were accounted for in a separate Building and Zoning
Enterprise Fund The amount shown for 1987 under Public Improvements does not reflect the General Fund operating subsidy of $782,000,
which is reflected under "Other Expenditures
(3) The Departments of Development and Community Development whLch had expenditures totaling $2 108 million in FY 85 formerly classified
under general government are, beginning in FY 86 classified under Public Improvements
(4) The Building Department was merged during 1983 into the Fire Department Expenditures of approximately $2 2 million were classified as
public improvements in 1982
(5) Includes $14.410 in Pennon Contributions Beginning in FY 1979. pennons costs are allocated to City Departments based on the number
Of pennon participants
CITY OF MIAMI, FLORIDA
PERCENT OF TOTAL
GENERAL FUND EXPENDITURES
AND OTHER USES BY FUNCTION
59.6 Police
54.8 and
54.9 Fire
8.6
-- 13.2 Solid Waste
�' ---- 12.5
7.9
10.7 Public Improvement
8.2
10.3
8.6 General Government
9.7
5.3
4.5 Culture 6 Recreation
I I!!; 4.8
8.9
8.2 Other
9.9
10% 20% 30% 40% 50% 60% �
1986.87 Actual Expenditures
t^® 1985-86 Actual Expenditures
1984.85 Actual Expenditures
117
CITY OF MIAMI, FLORIDA
GENERAL FUND REVENUES AND OTHER FINANCING SOURCES
LAST TEN FISCAL YEARS
(In thousands)
OTHER
(())
CITY
REVENUER
-
BUS((I�ESS INT2ER- LICENSES CHARGES
FISCAL PROPERTY & EXCISE GOVERN- AND FOR
FINANCING
YEAR TAXES TAX MENTAL PERMITS SERVICE
SOURCES
TOTAL
1987 $90.886 $40.822 $27.865 (3) $6,082 $ 1974 (4)
$16.633 (5)
$184.262
1986 88.138 36.511 33,094 6 016 18,410
6.934
169 103
1985 84 209 33 636 38.191 6,041 17 634
7.169
186,880
1984 78.968 27.186 35.514 5.853 14,834
5.610
167.965
1983 67,619 27 351 35.948 5,288 13.977
3.783
153.966
1982 61,865 25,593 26 041 5 452 13,301
5 492
137.744
1981 54.060 23.388 24.634 6,096 13.213
3,665
125 056
1980 42,679 23,529 20.298 5,593 6.636
4.156
102.891
1979 39.388 20,050 23,327 4.793 2 506
5.772
95 836
1978 37,223 - 25.523 4 477 2,244
26,220
95,687
(1) Business and Excise Taxes were included in Other Revenue and Financing Sources prior to fiscal year
1979
(2) Included since 1983 is new revenue source from the State of Florida, a 500/b portion of the one cent sates
tax increase
(3) Reflects loss of Federal Revenue Sharing Funds, which amounted to $7 1 million in 1986
(4) Beginning in FY 1987 "Charges for Services do not include revenues pertaining to solid waste collection fees m the amount of $14.002.000
and Building and Zoning. fees in the amount of $3.587,000 as these Revenues are now recorded within
their respective enterprise funds
(5) Includes transfers from other funds mostly nonrecurring, amounting to $7 9 million
CITY OF MIAMI, FLORIDA
PERCENT OF TOTAL
GENERAL FUND REVENUES
AND OTHER FINANCING SOURCES
49.3
-- 46.6 Property Tax
45.1
22.2
19.3 Business & Excise Taxes
18.0
15.1
17.5 Intergovernmental
-__
--=
20.4
3.3
3.2
License dr Permits
3.2
1.1
9.7
Charges for Service
9.4
IM9.0
3.7
All Other Sources
3.9
10% 20% 30% 40% 50% 60%
1986.87 Actual Revenues
® 1985.86 Actual Revenues
1984.85 Actual Revenues
118
4�,.
,E+
0
Fat
ED
t
CITY OF MIAMI, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
I
LAST TEN FISCAL YEARS
(In thousands)
TOTAL COLLECTION PERCENT OF
COLLECTION
FISCAL TAX LEVY OF CURRENT LEVY
OF DELINQUENT
YEAR (1) YEAR'S TAXES COLLECTED
TAXES
1987 $116,612 $111,740 95.82%
$1.606
1986 109.938 105.457 95.92
944
1985 104.135 100,976 96.97
1984 93.340 88,982 95.33
722 (3)
3,036
1983 83.025 78,815 94.93
1.209
1982 76.903 74,040 96.28
1.067
1981 72,619 70,288 96.79
437
1980 60,984 58,790 96.40
308
1979 58.389 57,325 98.18
431
1978 50.532 49,095 97.16
523
r
TOTAL
OUTSTANDING
COLLECTIONS OUTSTANDING
DELINQUENT
FISCAL
TOTAL TAX AS % OF DELINQUENT
TAXES AS % OF
CITY
YEAR
COLLECTIONS CURRENT LEVY TAXES (2)
CURRENT LEVY
MILLAGE
1987
$113.346 97.20% $2.894
2.48%
12.291
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
10.729
1982
75,107 97.66 2.489
3.24
10.664
1981
70,725 97.39 2,027
2.79
11.987
1980
1979
59,098 96,91 1,939
57.756 98.92 1,559
3.18
2.67
13.960
14.487
1978
49,618 98.19 3.196
6.49
13.200
(1) Includes levies for general operations and debt service.
(2) Net of reserve for early payment discounts and uncollectable taxes of approximately
5% of total tax levy.
(3) Effective in Fiscal Year 1985, current year's delinquent tax collections have been included with collection of current year's
taxes. Prior years' collection of delinquent taxes included both current year and prior years' delinquent tax collections.
r
r
r
r
119
98—S
CITY OF MIAMI, FLORIDA
ASSESSED VALUE OF ALL TAXABLE PROPERTY
LAST TEN FISCAL YEARS
(In thousands)
NET
FISCAL
REAL
PERSONAL
HOMESTEAD
ASSESSED
YEAR
PROPERTY
PROPERTY
GROSS TOTAL
EXEMPTIONS
VALUE
1987
$9.210,476
$1,210,435
$10,420,911
$933,300
$9,487,611
1986
8,979.226
1,205,707
10,184,933
953.516
9,231.417
1985
8.538.398
1.158,212
9.696.610
952.430
8.744,180
1984
8.230,309
1,115.724
9.346.033
954.979
8,391,054
1983
7.616,829
1.042,452
8,659.281
920.895
7.738,386
1982
6,976.847
985,282
7,962.129
750.665
7,211.464
1981
5,748,550
873,815
6.622,365
564,238
6.058,127
1980
3.743,051
822.729
4.565,780
197,311
4,368,469
1979
3.420,381
806,794
4.227.175
196,708
4.030.467
1978
3.279,667
744,180
4.023.847
195.664
3,828.183
SOURCE:
Metropolitan Dade County Property Appraiser's Office
NOTE:
The 39% increase
in 1981 assessments was largely
due to a change in Florida law requiring that property be assessed
at 100% of fair market
value.
Prior to this change.
the bans of assessment was approximately
75% of fair
market value.
For each fiscal year ending September 30th.
property is valued as of January 1st of the preceding calendar
year.
CITY OF MIAMI, FLORIDA
PROPERTY TAX RATES (1) AND TAX LEVIES
ALL OVERLAPPING
GOVERNMENTS
LAST TEN FISCAL YEARS
TAX RATES
YEAR
CITY
COUNTY
SCHOOLS
STATE
TOTAL
1987
12.291
9.032
7.551
.497
29.371
1986
11,9091
9 224
7 316
.439
28.8881
1985
11.9091
8.762
7.361
.427
28.4591
1984
11.1236
8.754
7.361
.427
27.6658
1983
10.729
7.244
6.50
.384
24.857
1982
10.664
6.999
7.14
.358
25.161
1981
11.987
7.013
8.22
.402
27.622
1980
13.960
9.342
6.75
.422
30.474
1979
14.487
9.260
8.00
.397
32.144
1978
13.200
9.357
8.00
.397
30.954
TAX LEVIES (In 000's)
19B7 $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
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
60,984
40.810
29.487
1,844
133,125
1979
58.389
37,322
32.244
1,600
129,555
1978
50.532
35.820
30,625
1.520
118,497
(1) Property tax rates are based on each $1.000 of net assessed value
120 �n
01`a
nm
I"
r
CITY OF MIAMI, FLORIDA
r
SPECIAL ASSESSMENTS COLLECTIONS
LAST TEN FISCAL YEARS
CURRENT ASSESSMENTS
FISCAL
LIENS RECEIVABLE
YEAR
COLLECTIONS AT YEAR-END
1987
$2.468.224 $277.432
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
1981
1.764.407 119.867
1,761.291 94.268
1980
1,167.056 9.234
1979
948.365 3.138
1978
360.090 1.186
NOTE:
The City of Miami's Special Assessments consist of assessment Dens for various capital projects such as sanitary and
storm sewer improvements The collections shown above are on a cash basis. The assessment Dens receivable at year-
end, which represent amounts susceptible to accrual provided that they pertain to Dens assessed prior to year-end, are
shown net of deferred
revenue
CITY OF MIAMI, FLORIDA
RATIO OF NET GENERAL BONDED DEBT TO
NET ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
LAST TEN FISCAL YEARS
NET NET
ASSESSED HOMESTEAD ASSESSED BONDED
FISCAL
VALUE EXEMPTION VALUE DEBT PER
YEAR
POPULATION
(000,S) (000'S) (000'S) (000,S) RATIO CAPITA
1987
380.000(1)
$10.420.911 $933.300 $9.487.611 $195.578 206% $51470
1986
371.975(2)
10 184.933 953 516 9.231 417 190.697 207 51266
1985
380,446(2)
9.696,610 952.430 8.744.180 170,087 195 447.07
1984
383,027(2)
9.346.033 954.979 8.391.054 146,102 1 74 381.44
1983
312,72613)
8,659,2111 920,895 7738,386 124,955 1.61 32649
1982
382,726(3)
7.962.129 750,665 7211.464 109.398 1.52 285.84
1981
399.995(4)
6.622.365 564.238 6.058.127 118.038 1.95 295.09
1980
346,865(4)
4.565,780 197.311 4.368.469 123.020 2.82 354.66
1979
345,000
4,227,175 196.708 4,030,467 134,716 3.34 390.68
r1978
345.000
4.023.847 195.664 3.826183 128.089 3.35 371.27
(1) Estimate provided by the City of Miami Planning Department
(2) Estimate provided by the State of Florida. Division of Population Studies. Bureau of Business and Economic Research, University of Florida.
(3) Based on July 1, 1982 population estimate used by the Office of Revenue Sharing of the Federal Government.
(4) 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.
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CITY OF MIAMI, FLORIDA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
FOR GENERAL BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES
AND OTHER USES
LAST TEN FISCAL YEARS
(In thousands)
TOTAL
GENERAL BONDED
GENERAL FUND
FISCAL
BOND
BOND DEBT SERVICE
EXPENDITURES
YEAR
PRINCIPAL
INTEREST EXPENDITURES
& OTHER USES
RATIO
1987
$11.400
$13.609 $25,009
$186.371
13.46%
1986
10.600
11281 24,281
189.424
12.71
1985
10.010
12,540 22.550
181,805
12.40
1984
9.570
7.924 17.494
166.880
10.48
1983
9.990
6.570 16.560
151,740
10.91
1982
10.310
7,130 17,440
138.043
12.63
1981
10,735
6,620 17.355
118.981
14.59
1980
10.160
7.235 17.395
101.794
17.09
1979
9.860
7.202 17.062
96,817
17.62
1978
8,270
6.600 14.870
93.712
1587
CITY OF MIAMI, FLORIDA
SCHEDULE OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT
SEPTEMBER 30, 1987
(In thousands)
AMOUNT
AVAILABLE
PERCENTAGE
AND
APPLICABLE
CITY'S SHARE
GROSS DEBT
RESERVES NET DEBT
TO CITY
OF DEBT
City of Miami $199.350
$3.772 $195,578
100%
$195,578
Metro -Dade County 546.626
4,742 541.884
19%(1)
102.958
$745,976
$B,514 $737,462
$298.536
(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, 1987
Net Assessed Value $10.420.911.000
Homestead Exempt Valuation 933.300,000
Net Taxable Assessed Valuation $ 9,487,611,000
Debt Limitation for Bonds
(15% of $9,487,611.000) (1) 1,423.141,500
Present Debt Application to Debt Limitation:
General Obligation Debt $199,350,000
Less Amount Available in Debt Service Fund 3.772,000 195.578.000
Legal Debt Margin $ 1,227,563.500
(1) Section 58 of the City Charter limits the General Obligation bonded debt of the City to 15% of the assessed valuation of all
real and personal property within the City limits as determined by the preceding assessment roll of the City.
122
CITY OF MIAMI, FLORIDA
CURRENT DEBT RATIOS
SERTEMBER 30, 1997
FACTORS:
Net Assessed Value (1) $10.420,611,000
Net Taxable for Operating Purposes $ 9,487,611.000
City of Miami Debt, Net of Reserve Funds
General Obligation $195,578,000
Special Obligation (2) 129,592,000
Combined Direct Debt $ 325.170.000
Overlapping Debt, Net of Reserve Funds (3)
General Obligation $102.597.000
Special Obligation 59.220.000
Combined Net Overlapping Debt $ 161,817.000
Total Net Direct and Net Overlapping Debt $ 486,987,000
Population of Miami (adjusted for 1987) 380,000
Net Assessed Valuation per Capita ........ .. ........................................... $ 27,423
Net Taxable Valuation per Capita .............. .......................................... $ 24,967
DEBT RATIOS:
Net Direct General Obligation Debt as a percent of Taxable Assessed Valuation .................... 2.06%
Combined Net Direct and Overlapping General Obligation
Debt as a Percent of Taxable Assessed Valuation . 3.1 %
Net Direct General Obligation Debt Per Capita ............... $ 514.70
Combined Net Direct General and Special Obligation Debt Per Capita ............................ $ 855.71
Combined Net Direct and Overlapping General Obligation Debt Per Capita ........................ $ 784.67
Combined Net Direct and Overlapping General and Special Obligation Debt Per Capita .............. $ 1,281.54
(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.
123
.t..
CITY OF MIAMI, FLORIDA
SCHEDULE OF REVENUE BOND COVERAGE
ENTERPRISE FUNDS WITH OUTSTANDING REVENUE BONDS
LAST TEN FISCAL YEARS
(In thousands)
NET
REVENUE
AVAILABLE
FISCAL
GROSS
OPERATING
FOR DEBT
bEBT SERVICE
YEAR
REVENUE
EXPENSES
SERVICE
PRINCIPAL
INTEREST
TOTAL
COVERAGE
1987
$11.763
$9.222
$2.541
$218
$7.791
$8.009
32
1986
10,818
8.665
2.153
117(5)
7.675
7,892
.27
1985
11,152
8.746
2.406
177(4)
7.851
8.028
30
1984
9.814
8.871
943
181(3)
B.191
8.372
.11
1983(2)
7.785
6.697
1.088
237
6.620
6.857
.16
1982(1)
4,730
2.877
1853
190
1.327
1.517
122
1981
48
—
48
23
13
35
1.37
1980
43
—
43
21
14
35
1.23
1979
42
—
42
20
16
36
1.17
1978
39
—
39
18
17
35
111
(1) Beginning in 1982. this schedule includes the operation of the Off -Street Parking Authority. and related $14.280.000 Parking Revenue Bonds
(2) Parking Revenue Bonds in the amount of $10.400.000 were sold March 1. 1982 The related parking garage opened to the public near the
end of fiscal year 1983 and did not earn revenues from operations until fiscal year 1984 The Miami Convention Center and Parking Garage.
financed with revenue bonds in the amount of $60 million. opened during the year also Deficits for these facilities are being funded by other
pledged revenues of the City.
(3) Principal payments for 19B4 exclude the effect of the issuance of the $13 860,000 Series 1983 Parking System Revenue Bonds. the proceeds
of which were used for the defeasance of the outstanding Parking Revenue Bonds of $14.280,000
(4) Principal payments for 1985 excludes the effect of the issuance of the $13.720.000 Special Obligation Bonds. Series 1985. the proceeds of
which were used for the defeasance of the Series 1981 $10 400 000 Parking Revenue Bonds
(5) Principal payments for 1986 exclude the effect of the issuance of $16,275,000 Parking System Revenue Bonds, the proceeds of which were
used for the defeasance of the outstanding Series 1983 Bonds
124
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CITY OF MIAMI, FLORIDA
TEN LARGEST PROPERTY ASSESSMENTS
NATURE ASSESSED
NAME OF OF VALUE IN
TAXPAYER ACTIVITY (000,S)
1. Southern Bell Telephone & Telegraph Utility $250,832
2. City National Bank Office Building 246.265
3. Equitable Insurance Company Office Building 225.076
4. Southeast Bank Bank/Office Building 142.216
5. Florida Power & Light Utility 131.704
6. Chopin Associates Office Building 106,091
7. Knight Ridder Newspapers Newspaper/Publishing 85.350
8. Mayfair Hotel/Shopping Center 74.331
9. Brickell Associates Office Building 68.406
10. One Biscayne Tower Office Building 62.687
SOURCE: Metropolitan Dade County Property Appraiser's Office
CITY OF MIAMI, FLORIDA
BANK DEPOSITS (1)
LAST TEN YEARS
FINANCIAL INSTITUTIONS
Dade County is an international financial center with approximately 42 foreign bank branches and 8 representative offices operating
in the community. Additionally, there are 30 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, Chemical 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 73 local banks in Dade County which together have a total of $23 billion in deposits. A ten year summary is presented
below:
NUMBER
YEAR OF BANKS TOTAL DEPOSITS
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
1a82 65 13,486.248,000
1981 65 9.234,540,000
1980 63 9.341,691,000
1979 71 7,982,108,000
1978 73 7,015,276.000
SOURCE: F.D.I.C., Atlanta, Georgia
(1) The information presented is for Metropolitan Dade County as a whole which includes the City of Miami.
(2) These figures include national and state chartered banks that are F.D.I.C. insured. Non-insured state chartered banks are excluded.
125
CITY OF MIAMI, FLORIDA
13UILDING PERMITS
—
LAST TEN YEARS
The dollar value of building permits issued in
the City and in the unincorporated areas of Dade County since 1978 are as follows
UNINCORPORATED
CITY OF MIAMI DADE
COUNTY
YEAR
(000's) ` -
(000's)
1987
$238.513
$1.190 493
1986
192,418
1.023.858
1985
322.785
864.862
1984
345,562
953.055
-
1983
314,362
903,706
1982
294.182
659.160
1981
548.839
901.676
1980
340.463
1,020.840
_
1979
288,463
963,144
1978
105.064
651,482
SOURCES: City of Miami Building & Zoning Department. Permits. Records and Revenue
Division. Dade County Building & Zoning
r
Department.
CITY OF MIAMI, FLORIDA
DEMOGRAPHIC STATISTICS
r'
CITY OF MIAMI AND
METROPOLITAN DADE COUNTY POPULATION
1960 CENSUS COUNT
CITY OF METRO-DADE
YEARS
MIAMI
COUNTY
0-05
23.459
113,544
6-13
30.433
169.884
_
14-18
25,575
133.369
19-29
60.257
287.216
30-59
128.049
585,896
60-64
19,973
80.586
65-74
35,951
149,550
75 +
23,168
105,736
Total
346,865
1,625,761
CITY OF
METRO-DADE
EMPLOYED PERSONS BY OCCUPATION MIAMI
COUNTY
Executive/Administrative/Management 13,639
91,567
Professional/Specialty
13.772
81,076
Technicians/Support
3.743
22,380
Sales
16,078
88.136
Administrative Support
29.232
145,265
04
Private Household Services
2,511
6,753
Protective Services
1,961
12.512
Other Services
24,470
85,328
Farm/Forestry/Fishing
2.063
11.257
PrecisionlProdUCUCraft
18.547
86.730
Machine Operators/Assemblers
18,555
53,629
Transportation/Handlers/Helpers
6,967
26.935
Total
150,538
711,568
A
SOURCE: U.S. Bureau of Census. 1980 data tape from the University of Florida libraries. Gainesville, Florida.
126
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CITY OF MIAMI FLORIDA
0 RS
GROWTH W H FACTORS
F C
GENERAL STATISTICAL DATA
Data
reflecting the growth of the economy of the
Metropolitan Dade County (including the City
of Miami), are
presented
in the ten year summaries below
GEOGRAPHY
CITY OF MIAMI, FLORIDA
The City of Miami encompasses 34.3 square miles of land
GROWTH FACTORS RELATIVE TO
and 19.5 square miles of water and is the County seat of Dade
DADE COUNTY, FLORIDA
County, which encompasses 2.000 square miles of Florida's
southeastern region. Miami is situated at the mouth of the Miami
ELECTRICITY CUSTOMERS AND SALES
River on the western shore of Biscayne Bay and is the main
Total KWH Residential
Sales Customers
Commercial
Customers
port of entry in Florida
Year
(000's) Avg. Number
Avg. Number
Miami is the southernmost major city and seaport in the
1987
17.500.000 655,000
88.000
continental United States The nearest foreign territory is the
1986
16,621.410 640.000
85.200
Bahamian Island of Bimini, 50 miles from the Miami coast
1985
15,479 000 623 000
81.100
Miami's climate is sub -tropical marine, characterized by
1984
15.092,653 620.000
80,100
long summers with abundant rainfall and mild, dry winters The
1983
15.203,147 606.000
74.700
average temperature in the summer is 81 4 degrees Fahrenheit
1982
15.318 870 598,900
72.200
and 69.1 degrees fahrenheit in the winter, with an average
1981
14,815.300 595.300
67.700
annual temperature of 75 3 degrees
1980
14,797.600 587.200
65.100
1979
14.280,000 572.200
62.400
LOCAL MASS TRANSIT
1978
13,060.000 546.000
59.500
Metropolitan Dade County Rapid Transit System One of
WATER CUSTOMERS AND SALES
the most important developments affecting Dade County in
Consumption
general and downtown Miami in particular is the
Number
(Millions Of
implementation of a rapid transit rails stem The system asses
P P Y Y P
Year
Water Meters
Gallons)
)
through the western portion of Miami's Central Business District
and has 21 stations
1987
295.000
94.300
1986
293.000
91.025
Downtown Component of Metrorail The Downtown
1985
282,200
86,186
Component of Metrora(t is an extension of the Metrorad Transit
1984
282.900
95,252
System which distributes passengers throughout Miami's
1983
260.000
93.500
Central District. It consists of a two-way elevated rail line around
1982
246,000
91,000
the District's core with spur lines extending north and south to
1981
180,600
89,253
the outer portion of the downtown areas The central core line
1980
174,300
83.449
became operational in 1986.
1979
167.000
76,363
1978
145.000
72.409
ECONOMY
Sales Tax
The economic base of Greater Miami has diversified in
Motor Vehicle
Collections
recent years, shifting from a reliance of the tourism industry to
Year
Registrations
(000'8)
a combination of manufacturing, services industries and
1987
1.714,684
$787,674
international trade. The area's advantages in terms of climate.
1986
1.608.982
742,533
geography, low taxes and skilled labor have combined to make
1985
1.589,173
686.399
the Miami area a prime relocation area for major manufacturing
1984
1,470.024
654.014
firms and international corporate headquarters.
1983
1.453,991
575.065
1981
1,288,067
818
466,553
FILM INDUSTRY
1981
1,288,067
466,553
The Dade County film and television industry ranks third
1980
1,173,813
381,381
nationally behind New York and Los Angeles in its annual dollar
1979
1.058,734
366.676
volume of production costs. As estimated by the State of Florida.
1978
1.081.224
298,386
the total direct production expenditures in Florida was $144
million in 1987 and the Greater Miami portion is estimated at
SOURCE:
Appropriate utility or responsible
government
approximately $85 million.
agency.
127
MIAMI INTERNATIONAL AIRPORT
Metropolitan Dade County owns and operates five airports
in the Miami area. Miami International Airport ranks tenth in the
nation and twelveth in the world in passangers traffic through
the airport. The airport ranks fourth in the nation and and sixth
in the world in tonnage of domestic and international cargo
movement. In 1967 over 23 million air travelers were serviced
by Miami International Airport, and over 1.3 billion pounds of
cargo was handled. Miami International 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)
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
1978 16,501 1.026,593
SOURCE: Miami International Airport
PORT OF MIAMI
The Port of Miami is operated by the Seaport Department
of Metropolitan Dade County. From 1978 to 19B7, the number
128
of passengers sailing from the Port increased from 982,275 to
2.633,041, an Increase of 168% 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 26% 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 of cargo and
four million cruise passengers by the year 2000. The additional
space is needed to accommodate the increasing number of
shippers, buyers, importers. exporters, freight forwarders, and
cruse passengers who wish to conduct business through the
Port.
A ten year summary of the growth in revenues. passengers.
and cargo handled follows
Total
Cargo
Year
Revenues
Passengers
(Tonnage)
1987
$19.933,197
2,631041
2,425,937
1986
17,973.522
2.520.511
2.406.084
1985
17.135.048
2.326,685
2,333.026
1984
15.943.548
2.217.065
2,287.281
1983
14.201,008
2.002,654
2,305,645
1982
12,949,687
1,760.255
2.665.921
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
1978
6.236.385
9B2.275
1.922,864
SOURCE: Dade County Seaport Department
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11
dity OF MIAMI. FLORIDA
INTrik-OPPICE MEMOPANbUM
to. Honorable Mayor and Members DATE. May 24, 1988
of the City Commission ONLE
SUBJECT Agenda Item
June 9, 1988
FROM: Cesar O d i o �'� REFERENCES:
City Manager
ENCLOSURES.
RECOMMENDATION:
It is respectfully recommended that the attached resolution
accepting, approving and adopting the City of Miami, Florida
Comprehensive Annual Report for the fiscal year ended September
30, 1987, as required by law, be adopted.
BACKGROUND
The Department of Finance recommends the adoption of the attached
resolution fulfilling the State of Florida Law requirement that
the governing body of the municipality accept, approve and adopt
its annual financial report in a public meeting.
This report was prepared by the City's Finance Department and
audited by the Certified Public Accounting firm of Coopers and
Lybrand in association with Sanson, Kline and Jacomino, and E.B.
Koon and Co.
Pages 7 through 11 of the report contains the Administration's
Transmittal letter to the City Commission which provides an
overview of the report.
CEG/CO:bmh
Attachment
32
3 '�?_,
■
SS-509