HomeMy WebLinkAboutR-87-0425J-87-487
6/7/87
RESOLUTION NO. 87--40205
A RESOLUTION ACCEPTING, APPROVING AND
ADOPTING THE CITY OF MIAMI, FLORIDA,
COMPREHENSIVE ANNUAL REPORT FOR THE FISCAL
YEAR ENDED SEPTEMBER 30, 1986 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, 1986; 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, 1986;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. 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 30, 1986, as required by Florida law.
PASSED AND ADOPTED this 14th day of May 1987.
XAVIER L. SUAR MAYOR
NATTY HIRAI
CITY CLERK
PREPARED AND APPROVED BY: APPROVED ?TO FORM AND
CORRECT E
ROBERT F. CLERK LItIA A. DOUGH9RTY
CHIEF DEPUTY CITY ATTORNEY CITY ATTORNEY
RFC : bss : M428 CITY C4bOUSSION
MEETING OF
MAY 14 1981
RLSOLUDON No. s ! - ! S
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CITY OF MIAMI, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended September 30, 1986
TABLE OF CONTENTS
INTRODUCTORY SECTION
Exhlb1V
Schedule Page
Letter of Transmittal..........................................................
t c;ial
7-12
City of Miami Officials .............................................. i .........
13
Certificate of Achievement ................................... ...:::............
15
City of Miami Organization Chart ............................... 1 ...............
16
FINANCIAL SECTION
Report of Independent Certified Public Accountants ................................
19
General Purpose Financial Statements
Combined Balance Sheet —All Funds Types
and Account Groups ............................. ....... :.. .,..., I
24-25
Combined Statement of Revenues,
Expenditures and Changes in Fund
Balances —All Governmental Fund
Types and Expendable Trust Funds .....................................,..: II
27
Statement of Revenues, Expenditures
and Changes in Fund Balances —Budget
and Actual -General Fund, Special Revenue Funds
and Debt Service Funds ...... III
28-29
Combined Statement of Revenues,
Expenses and Changes in Fund
Equity —All Proprietary Fund Types
and Pension Trust Funds ..................................... ...,...... IV
30
Combined Statement of Changes in
Financial Position —All
Proprietary Fund Types
and Pension Trust Funds ................................................. V
31
N F'mStatements ....... .......
32.53
oteso an ............................ ..
_ 7
1
FINANCIAL SECTION (continued)
Exhibit/
Schedule
Page
Supplemental Combining and Individual Fund Statements and Schedules
General Fund:
Schedule of Revenues. Expenditures and Changes in
A-1
59-60
Fund Balance —Budget (Non-GAAP Budgetary Basis) and Actual ................
.
Special Revenue Funds:
13yi
64
Combining Balance Sheet . . . • • . • • • • • • •
• •
Combining Statement of Revenues, Expenditures and
65
Changes in Fund Balances . •••........••
Revenues, Expenditures and
Combining Statement of
Changes in Fund Balances —Budget (GAPP Basis) and
Actual —Miami Sports and Exhibition Authority,
Downtown Development Authority, Federal Revenue
Sharing, Cable T.V. and Rescue Services Special
B-3
66-68
Revenue Funds ..
Debt Service Funds:
72
Combining Balance Sheet ... ..................................
:. ..:.:.:..
C-1
Combining Statement of Revenues, Expenditures and
C-2
73
Changes in Fund Balances ..................... ........................
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances —Budget (GAAP Basis) and
Actual —General Obligation Bonds and Utilities
C-3
74-75
Service Tax Bonds Debt Service Funds .................................
.
Capital Projects Funds:
.
Combining Balance Sheet ....... .......... ..............................
D-1
79
Combining Statement of Revenues, Expenditures and
D-2
80
Changes in Fund Balances ...........................................
Enterprise Funds:
Combining Balance Sheet ................................................
E-1
84-87
Combining Statement of Revenues, Expenses and
E-2
88-89
Changes in Fund Equity ................................................
E-3
90-91
Combining Statement of Changes in Financial Position .........................
E-4
92-95
Schedules of Operations Compared to Budget ................................
Internal Service Funds:
Combining Balance Sheet ................................................
F-1
99
Combining Statements of Revenues, Expenses and
............
Changes in Fund Equity .........................
........ ...
F-2
F-3
100
101
Combining Statement of Changes in Financial Position .................
• • • • • • • •
Schedules of Operations Compared to Budget ................................
F-4
102-103
2
ExhibW
Schedule page
A-1 59-60
B-1 64
B-2 655
............. B-3 66'68
C-1 72
C-2 73
C-3 74-75
D-1 79
D-2 80
E-1 84-87 NIR
E-2 88-89
E-3 90-91
E-4 92-95
F-1 99
F-2 100
F-3 101
F-4 102-103
FINANCIAL SECTION (continued)
Exhibit/
Schedule
Trust and Agency Funds:
G-1
Combining Balance Sheet .............................
Combining Statement of Revenues, Expenditures
—Expendable Trust Funds .............
G-2
and Changes in Fund Balances
Combining Statement of Revenues, Expenses
G-3
and Changes in Fund Balances —Pension Trust .................
Combining Statement of Changes in Financial
Position —Pension Trust Funds .........................
Combining Statement of Changes in Assets
G-5
and Liabilities —Agency Funds .........................
STATISTICAL SECTION
General Fund Expenditures and Other Uses by Function ...........
Percent of Total General Fund Expenditures
and Other Uses by Function ......................•••••.••
General Fund Revenues and Other Financing Sources ............:.. .
Percent of Total General Fund Revenues and . • .
Other Financing Sources ............... ........••••
Property Tax Levies and Collections .... . • • . . • • • • • • • • • • • • `
Assessed Value of All Taxable Property ... • • • • • • • • • • • • • • • • • • ' ' . `
Property Tax Rates and Tax Levies ................ • • • • • ............. ; ,
+
Special Assessment Collections ............... • .
Ratio of Net General Bonded Debt to Net
.
I.
Assessed Value and Net Bonded Debt per Capita .............
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Other General Fund
.. .
Expenditures and Other Uses . • • • • • • • • • • • • • • • • ...' • ....• ..' .. ; :. ,
Overlapping General Obligation Debt ......... .
Schedule of Direct and
Schedule of Legal Debt IJiaroin ........................... ..................
Current Debt Ratios
Schedule of Revenue Bond Coverage
Enterprise Fund ....
General Obligation Bonded Indebtedness .........
Principal and Interest Requirements ........ • • • • • • • • • • • • • '
Revenue Bonds and Special Obligation Bonds . +
Principal and Interest Requirements .............. • .... • • ......... , . • ..
Ten Largest Real Property Assessments ...............
Bank Deposits —Last Ten Years ......................... . •
. .
Building Permits —Last Ten Years ....................................I ..............
Demographic Statistics —City of Miami
..
and Metropolitan Dade County Population ......... • .. • . • •
General Statistical Data ......................... • • • • • • • • •
to Dade County, Florida .......................
• .
Growth Factors Relative • • •
• '
.
Miami International Airport ...................... • • • • • • ; : ; ; ; :::::
• .
Port of Miami .........................................
3
page
107
108
109
110
111
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PART 1
INTRODUCTORY SECTION
M
Crtti't o 41-11 a lilt
January 9, 1987
The Honorable Mayor and Members
of the City of Miami Commission
City of Miami, Florida
The City of Miami Comprehensive Annual Finan-
cial Report for the fiscal year ended September 30,
1986, is submitted herewith. This report was prepared
by the City's Finance Department. It contains the
audited financial statements for all funds and account
groups under the direct legislative control of the City
Commission or for which the City otherwise has over-
sight responsibility. The City of Miami is responsible for
the accuracy, completeness and fairness of the pre-
sented data, including all disclosures. We believe the
information, as presented, is accurate in all material
aspects; that it is presented in a manner designed to
fairly set forth the financial position and results of op-
eration of the City of Miami as measured by the finan-
cial activity of its various funds; and that all disclosures
necessary to enable the reader to gain the maximum
understanding of the City's financial affairs have been
included.
This Comprehensive Annual Financial Report is
presented in three main sections. introductory, finan-
cial, and statistical. The introductory section introduces
the reader to the report and includes a table of contents,
this transmittal letter, a list of the City's principal offi-
cials, the Certificate of Achievement for Excellence in
Financial Reporting for fiscal year 1985, and the City's
organization chart as of September 30, 1986.
The financial section includes the independent
auditors' report, combined statements, notes to the fi-
nancial statements, and more detailed combining and
individual statements and schedules. The statistical
section includes selected financial and general infor-
mation presented on multi -year comparative basis.
The accompanying financial statements have been
examined by the City's Certified Public Accountants,
Coopers & Lybrand, in association with Sanson, Kline,
Jacomino & Company and W. B. Koon & Company, as
required by the City Charter and the State of Florida
Statutes. Their opinion as to the fair presentation of
the City's financial statements is included as part of
thefinancial section of this report. The notes to the
financial statements summarize the City's significant
accounting policies, identify the entities included in this
report and disclose additional information which is con-
sidered necessary to the fair presentation of the finan-
cial statements.
FINANCIAL HIGHLIGHTS
The City's commitment to policies of sound fiscal
management is evidenced by the following financial
highlights for fiscal year '86:
• Year-end fund balance for the General Fund
amounted to $14.4 million on a GAAP (Generally
Accepted Accounting Principles) basis, represent-
ing a slight increase of $17,000 over fiscal year '85.
• General Obligation Bonds in the amount of
$22.000,000 were sold in June, 1986 at an interest
rate of 7.63616, or 5 basis points below the 20 G.O.
Bond Index published by Credit Markets for that
week. The City maintained its 1985 general obliga-
tion bond ratings of A , and A-1.
• General Obligation Refunding Bonds in the amount
of $38,355,000 were issued in August, 1986 to ad-
vance refund General Obligation Bonds originally
issued in 1984, resulting in total present value debt
service savings in excess of $1 million.
• The City was awarded a Certificate of Achievement
for Excellence in Financial Reporting by the Gov-
ernment Finance Officers Association for its Fiscal
Year 1985 Comprehensive Annual Financial Re-
port.
ACCOUNTING, BUDGETARY AND INTERNAL
CONTROLS
The City's accounting records for governmental
and expendable trust funds operations are maintained
on a modified accrual basis, with revenues being
recorded when available and measurable and expendi-
tures being recorded when the services or goods are
received and the liabilities are incurred. Accounting re-
cords for the City's proprietary and pension trust funds
are maintained on the accrual basis.
Budgetary control is maintained at the departmen-
tal level, with additional control at the major object
level, by the encumbrance of estimated purchase
amounts prior to the release of purchase orders to ven-
dors. Purchase orders that could result in an over run
of balances are not released until additional appropria-
tions are made available. Open encumbrances for
the General and Capital Projects Funds are reported
on a GAAP basis as reservations of fund balance at
September 30, 1986.
In developing and maintaining the City's account
-- ing system. consideration is given to the adequacy of
internal accounting controls. Internal accounting con-
trols are designed to provide reasonable, but not abso-
lute. assurance regarding the safeguarding of assets
against loss for unauthorized use or disposition and the
reliability of financial records for preparing financial
statements and maintaining accountability for assets
We believe the City s Internal accounting controls
adequately safeguard assets and provide reasonable
assurance of proper recording of flnancla! transac-
tions The concept of reasonable assur ante recognizes
that the cost of control should not exceed the benefits
likely to be derived and the evaluation of costs and
benefits requires estimates and judgment by manage-
ment. Additionally, the Department of Internal Audits
conducts various audits of the City s revenues and op-
erations on a periodic basis
REPORTING ENTITY AND ITS SERVICES
This report includes all of the funds and account
groups of the City The City provides the full range of
municipal services for its citizens These include public
safety (Police and Fire). solid waste collection, parks
and public facilities, planning and zoning, develop-
ment, and general administrative services.
The Department of Off -Street Parking is an agency
and instrumentality of the City whose board members
are appointed by the City of Miami Commission. Its fi-
nancial information is included as an Enterprise Fund
in this report. The Downtown Development Authority, a
dependent special district of the City of Miami, is in-
cluded as a part of the City's reporting entity as a Spe-
cial Revenue Fund
The Miami Sports and Exhibition Authority is an in-
dependent and autonomous agency and instrumental-
ity of the City whose voting members are appointed by
the City Commission. Its various Funds are included as
part of the City's reporting entity
The City of Miami Fire Fighters and Police Officers
Retirement Trust (FIPO), and the City of Miami General
Employees and Sanitation Employees Retirement Trust
(GESE) are essentially single -employer retirement
plans under the administration and management of
separate boards of trustees. FIPO and GESE are in-
cluded as Pension Trust Funds in this report.
The City has determined that its degree of over-
sight and financial responsibility over Miami Capital
Development, Inc., and the City of Miami Health Facili-
ties Authority is so remote so as to exclude them from
the City's reporting entity. Although the City provides
funding for Miami Capital Development, Inc.'s admini-
stration and lending program, the City Commission has
limited ability to influence its operations. The City of Mi-
8
ami Health Facilities Authority is empowered by State
law to issue revenue bonds for health facilities in the
City Such debt is not an obligation of the City.
GENERAL FUND OPERATIONS
The General Fund is used to account for the general
operations of the City except those accounted for in an-
other fund The following Is a summary of General Fund
operations for 1986 on a GAAP basis. related percent-
ages of total revenues and other financing sources and
expenditures and other uses. and their increase or de-
crease when compared to the previous fiscal year.
Revenues and Other Financing Sources
(In Thousands)
Increase
Percentage (Decrease)
Amount
of Total
From 1985
Taxes
S106.731
56.4°0
$6,449
Licenses & Permits
6.016
3.2
(25)
Intergovernmental
25.246
134
(1,027)
Intragovernmental
3.013
16
214
Charges for Services
18.410
9.7
776
Interest
2.481
13
(236)
Miscellaneous Revenues
356
.2
(28)
Operating Transfers In
26,850
14.2
(3,900)
$189.103
100.0°0
$2.223
Expenditures and Other Uses
(In Thousands)
Increase
Percentage (Decrease)
Amount
of Total
From 1965
General Government
$16,328
8.60b
$737
Public Safety
103,892
54.9
4.211
Public Improvements
20.339
10.7
3,258
Solid Waste
24,902
13.1
2,100
Culture & Recreation
8.439
4.5
(213)
Other
13.425
7.1
(1,282)
Operating Transfer Out
2,098
1.1
(1.193)
$189,423
100,000
$7.618
The nominal increase of revenues and other fi-
nancing sources recorded in the General Fund, 1.1 %
over the prior year, is attributable to a reduction of op-
erating transfers in from other funds. Transfers from
the Federal Revenue Sharing Special Revenue Fund
decreased by $1.8 million from the previous year due to
cuts in federal funding. A transfer of $3 million received
by the General Fund in the prior year liquidating the Lo-
cal Option Gas Tax Special Revenue Fund was a non-
recurring transfer.
The property tax revenues increase of 4.7% over
the prior year is attributable to additions to the property
tax roll and increased assessed values, since the oper-
ating mileage rate remained constant from fiscal year
1984/85.
r
r
The limited increase in expenditures and other
uses of funds of 4.301) reflect cost containment pro-
grams initiated during the year. The public safety func-
tion accounted for the largest expenditure increment.
$4.2 million, attributable to increase in personnel costs.
The public improvement category accounted for the
largest percentage increase due to consolidation under
the newly formed Department of Development of sev-
eral functions previously reported in other expenditure
categories. Fund balance for the General Fund (includ-
ing reserved and designated amounts) on a GAAP ba-
sis, was $14 4 million at September 30, 1986, a slight
increase over the prior year
SPECIAL REVENUE FUNDS
The City's Special Revenue Funds were estab-
lished to account for resources restricted to expendi-
tures for specific operating purposes. The significant
subfunds included in the Special Revenue Funds are as
follows:
• Miami Sports and Exhibition Authority —An autono-
mous entity established to promote the develop-
ment of sports, convention and exhibition facilities.
The Authority is funded by the City's share of a
county -wide Convention Development Tax on hotel
rooms.
• Downtown Development Authority —A semi-
autonomous entity that is charged with fostering
the development of the downtown Miami area. The
Authority is principally funded through a special
levy of ad valorem taxes on property in the down-
town area, as well as other revenues
• Rescue Services —Accounts for a portion of the
electrical franchise tax especially designated by
the electorate lot this purpose
• Cable T.V --Accounts for revenues to be expended
for specific uses related to the cable television li-
cense.
• Law Enforcement Fund ---Accounts for proceeds of
sale of confiscated properties that have been for-
feited to the Police Department due to their use in
connection with contraband activities. These reve-
nues are restricted to use for law enforcement pur-
poses, in accordance with Florida Statutes.
• Grant Funds —Includes Federal Revenue Sharing
and Community Development Block Grants. Reve-
nues from these grants are designated for specific
purposes within the City.
DEBT ADMINISTRATION
General long-term debt and Enterprise Fund debt as of
September 30, 1986 and 1985 comparative totals were
as follows (in thousands):
1986 1985
General Long Term Debt:
General Obligation Bonds
Special Obligation Bonds
certificates of Participation
Self Insurance Claims Payable
Compensated Absences
Other
$194.375 $174.640
38.300
450
16,175
-
29.335
24,060
14,844
12,519
6.673
4.630
$299.702 $216,299
Enterprise Fund Debt: $76.356 $73,803
Revenue Bonds
Special Obligation Bonds 13.720 13,720
8
$90.076 $87.523
The ratio of net bonded debt to assessed valuation
and the amount of net bonded debt per capita are useful
indicators of the City's debt position to the City admini-
stration, citizens, and investors. Comparative informa-
tion for 1986 and 1985 is presented below:
1988 1985
Net Direct Bonded Debt $190.697.000 $170,087,000
Ratio of Net Debt to 1.95%
Assessed Value 2.0740
Net Debt Per Capita $512.66 $447.07
Subsequent to September 30, 1986 the City issued
general obligation bonds totaling $6,375,000 to be used
for capital projects construction. For this issue the City
maintained its 1985 bond ratings of "A-1" and ''A " by
Mloody's Investors Service and Standard and Pool S
Corporation. respectively. During 1986. each of the
various principal and interest installments were paid as
scheduled General obligation debt principal retired
during the fiscal year arnounted to $10.800.000.
The various bond indentures contain significant
limitations and restrictions on annual debt service re-
quirements, maintenance of and flow of monies
through various restricted accounts, minimum
amounts to be maintained in various sinking funds and
minimum revenue bond coverages.
A summary of major provisions and significant debt
service requirements is included in Note 8 to the Finan-
cial Statements.
CAPITAL CONSTRUCTION
The City s Capital Improvement Program consists
of two basic types of projects projects funded solely by
bond proceeds and projects funded with multiple
sources The Capital Improvement Program for fiscal
years 1986--91 identifies over 250 projects, either ongo-
ing or scheduled to be initiated during the six -year
period
The Capital Improvement Budget for fiscal year
1986-87. the first year of the six year capital improve-
ment program, appropriates approximately $230 mil-
lion for ongoing projects or those to be initiated during
the year.
A summary of the Capital Improvement Budget, as
well as amounts actually expended in fiscal year
1985-86 are presented below.
Capital Actual
Improvement Expenditures
Budget Summary _FY 1985-86
(In Thousands)
Municipal Use
$ 53.480
$ 5.302
Public Use
44.923
9.582
Culture and Recreation
40.417
5.613
Street Improvementsf
Traffic Related
38,893
6.OZ5
Sewer Systems
52.606
7.798
$230.319
$34,320
General Obligation bonds authorized but unissued
at September 30, 1986 totaled $77,275.000. Other sig-
nificant funding sources anticipated in the Capital Im-
provement Program include revenue bonds, state and
federal grants, accumulated retained earnings, interest
earnings, and franchise taxes.
In addition to the projects in the preceding cost
summary, during the year, the f0iami Sports and Exhi-
bition Authority began construction of a $50.6 million
Sports Arena, of which $4.5 million was expended in
1986. Also, in August. 1986. the City sold $16,175,000
Certificates of Participation. Series 1986. pursuant to a
Lease Purchase Agreement for financing of certain
equipment, most of which will be acquired through
August, 1989.
ENTERPRISE FUNDS
Enterprise Funds are established to finance and
account for the acquisition, maintenance and operation
of facilities which are predominately self -supported
through the collection of charges from users The City
facilities in this category include off-street parking fa-
cilities, a convention center, marinas. stadiums, an ex-
hibition hall, golf courses, the Gusman Center and
Olympia Building, and other rental properties
Comparative results of 1986 and 1985 operations
for the Enterprise Funds are summarized below.
1986 1985
(In Thousands)
Operating revenues
$19.407
(15.370)
$ 18.954
(14.120)
Operahngexpenses
(3.891)
(3.544)
Depreciation expense
net
(6,101)
(5.834)
Non-operaling expenses---
Loss before operating
(5.955)
(4,544)
transfers
Operating transfers in --net
5.495
3.382
Loss before extraordinary item
(460)
(1.162)
Extraordinary item—
(2,569)
2,468)
loss on debt refinancing
Net loss
$(3.029) $ (3.630)
For 1986 and 1985, the Convention Center had an
annual loss before operating transfers of approxi-
mately $6 million requiring a subsidy of $5.2 million in
1986 and $3.4 million in 1985. principally to cover debt
service. The City is currently considering the refinanc-
ing of the Convention Center Revenue Bonds.
The Orange Bowl Stadium experienced a loss be-
fore operating transfers of $103,495 in 1986, compared
with an income before transfers of $634,392 in 1985.
This fluctuation is attributable mostly to a reduction in
the number of concerts held in the stadium in 1986.
Parking System Revenue Bonds, Series 1986, in
the amount of $16,275.000 were issued by the Depart-
ment of Off -Street Parking during the year to refinance
bonds outstanding in the amount of S13.545,000, issued
as Parking System Revenue Bonds, Series 1983. The
increase in principal amount caused the extraordinary
loss on debt refinancing of $2.569 million, reflected in
the preceding summary. The lower average interest
rate at which the new bonds were sold. 7.659o versus
the original bonds average rate of 9.960ro, reduced the
total net present value of debt service payments by
over $250,000, but more significantly increases the De-
partment's flexibility for future financings.
10
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�J
INTERNAL SERVICE FUNDS
Internal Service Funds account for the financing of
goods or services provided by one department to other
departments of the City on a cost -reimbursement basis.
Operations recorded in the Internal Service Funds dur-
ing 1986 included the City Garage. Motor Pool, Property
Maintenance, Print Shop. Procurement Management.
and Communication Services Results of these opera-
tions for 1986 and 1985. were as follows
1986 1985
(In Thousands)
Charges for services
S 11.640
S 17.799
Operating expenses
(14.723)
(14.357)
Depreciation expense
(2.498)
(2,454)
Non -operating revenues --net
961
1.544
Operating transfers out net
_(12)
-
Net income
$ (4.632)
S 2.532
A restructuring of intergovernmental rates for City
Garage and Motor Pool services reduced revenues in
1986 by approximately $6 million. Fund equity as of the
end of 1986 totaled $21 million, compared with $25.6
million for 1985.
TRUST & AGENCY FUNDS
Trust and Agency Funds are established for the
purpose of accounting for assets held in a trustee ca-
pacity or as an agent for individuals. private organiza-
tions and other governments. As of September 30, 1986.
the following were recorded as Trust and Agency
Funds:
Expendable Trust Funds Agency Funds
Self -Insurance Cable T.V.
Pension Administration Deferred Compensation
Pension Trust Funds
The City of Miami Fire Fighters and Police
Officers' Retirement Trust (FIPO)
The City of Miami General Employees' and
Sanitation Employees' Retirement Trust
(GESE).
The Self -Insurance Expendable Trust Fund ac-
counts for insurance activities relating to certain prop-
erty and liability risks, group accident and health, and
workers' compensation, on a basis consistent with
prior years. The unfunded long-term portion of the total
estimated liability, which is expected to be funded from
future operations, is reflected in the General Long Term
Debt account group and totaled approximately $29.3
million at September 30, 1986.
The Pension Administration Fund is used to aggre-
gate employer contributions from various City depart-
ments and other governmental contributors before
transfer to the Pension Trust Funds.
11
The Pension Trust Funds account for retirement
plans under the administration and management of
separate Boards of Trustees.
The Cable T.V. Fund accounts for deposits held un-
der the issuance of a cable television license
The Deferred Compensation Fund accounts for two
deferred compensation plans made available to certain
City employees. In accordance with GASB Statement 2.
these Plans have been reclassified from the Pension
Administration Expendable Trust Fund. where they
were accounted for in prior years. to a separate Agency
Fund
CASH MANAGEMENT
The City follows the pooled cash concept which al-
lows greater investment flexibility. and consequently, a
better investment return. Investments are competi-
tively bid among banks and investment brokers which
enables the City to obtain the highest rates available.
Investments consist of certificates of deposit with fi-
nancial institutions. U S Government obligations, and
commercial paper rated Al • . All certificates of deposit
are guaranteed by the State of Florida's qualified public
depository collateral pool Interest earnings on pooled
investments amounted to $10.6 million Based on an av-
erage daily balance of $126 1 million, the yield on in-
vestments was 8 40' Interest earned by the General
Fund was approximately $2 5 million.
The Miami Sports and Exhibition Authority, Down-
town Development Authority. Department of Off -Street
Parking, G&O Enterprise Fund. and the Pension Trust
Funds manage their own funds and are not included in
the City's pooled cash system Note 4 to the Financial
Statements includes those disclosures pertaining to
cash deposits and investments called for under GASB
Statement 3
GENERAL FIXED ASSETS
The General Fixed Assets of the City are those fixed
assets used in the performance of general governmen-
tal functions and exclude the fused assets of the Enter-
prise and Internal Service Funds As of September 30,
1986. the General Fixed Assets of the City amounted to
$332 million This amount represents the original cost
or, in the case of gifts and contributions, the estimated
fair market value at the time of the gift or contribution.
As is customary in governmental accounting, deprecia-
tion of General Fixed Assets is not recognized in the
City's financial statements
STATISTICAL SECTION
This section reflects the General Fund revenues
and expenditures for the last ten years, property tax
rates, levies and collections, assessed valuations of
property located within the City, net bonded debt, legal
debt margin, overlapping debt, current debt ratios,
bonded indebtedness and miscellaneous statistical
facts reflecting tinancial trends as well as other eco-
nomic information.
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE
IN FINANCIAL REPORTING
The Government Finance Officers Association of
the United States and Canada IGFOAI awarded a Cer-
tificate of Achievement for Excellence in Financial Re-
porting to the City of Miami. Florida. for its
Comprehensive Annual Financial Report for the fiscal
year ended September 30. 1985
In order to be awarded a Certificate of Achieve-
ment, a governmental unit must publish an easily read-
able and efficiently organized Comprehensive Annual
Financial Report. whose contents conform to program
standards Srrch reports must satisfy both generally ac-
cepted accounting principles and applicable legal re-
quirements
A Certificate of Achievement is valid for a period of
one year only We believe our current report continues
to conform to Certificate of Achievement Program re-
quirements. and we are submitting it to GFOA to deter-
mine its eligibility for another Certificate.
PROSPECTS FOR THE FUTURE
The City of Miami streamlined its administration
during fiscal year 1985 86, reducing the number of de-
partments and offices from 32 to 20 This leaner organi-
zation reflects the City Commission commitment to
provide same level of services to City residents at
lower costs Of the 314 4 million General Fund Balance
as of September 30. 1986, $11 million is appropriated in
the 1986-87 budget
A targeted savings program has been innple-
mented to produce savings from the budget to replen-
ish the General Fund balances appropriated These
actions, among othersrepresent the City s determina-
tion to remain nn a sound fiscal condition despite the
loss of federal revenue sharing
Several nev; developments in downtown Milan" will
further its vitality and role as the center of an inleina-
tional city. The Bayside Specialty Center. a ,,128 million
waterfront project developed and financed by an affili-
ate of the Rouse Company is scheduled to open in April.
1987. This facility. adjacent to Bayfront Park. voll in-
clude 235.000 square feet of restaurants. shops, mar-
kets and entertainment in two pavilions. A 1.200 car
garage to be managed by the Department of Off -Street
Parking will provide convenient parking.
Construction is underway on the 28 acre Bayfront
Park redevelopment project, which has been
redesigned by noted sculptor, Isamu Noguchi, and
scheduled for completion in the winter of 1987. The
redesigned park will include a 1,800 foot baywalk, a
natural amphitheater. a light tower, a large fountain, as
well as play areas
Within walking distance of Bayfront Park. a 15,000
seat sports arena is being built at a cost of $50.6 million.
This facility. being constructed under a development
agreement between the Miami Sports & Exhibition
Authority and a private developer, will be utilized for in-
door sports as well as for entertainment events. The
300,000 square foot building occupies five acres in the
S E Overtown/Park West Redevelopment Area.
Ground breaking for Stage I. of the S E Overtown/
Park West Redevelopment Program is expected in
early 1987 Stage I comprises 940 residential units,
1.000 parking spaces and 30.000 square feet of com-
mercial area The total redevelopment project, located
in a tax increment district covers 200 acres adjacent to
the central business district targeted for development
of new residential and commercial activity The public
sector has financial responsibilities to' land acquisi-
market-
ing. relocation and demolition costs, project
infrastructure improvements and the provision of
gap -financing for construction The private sector will
be responsible for project construction and financing.
These projects are serving as a catalyst to addi-
tional development in downtown Miami, invigorating
the local economy.
ACKNOWLEDGMENTS
Your guidance and cooperation in planning and
conducting the financial affairs of the City of Miami in a
responsible and progressive manner is gratefully ap-
preciated We also wish to express our appreciation for
the efforts of the staff of the Finance Department who
participated in the preparation of the report and to our
Certified Public Accountants, Coopers & Lybrand, in
association with Sanson. Kline. Jacomino & Company,
and W. B Koon & Company, for their cooperation and
assistance
12
Respectfully submitted,
Cesar H. Odio
City Manager
CarI s E. Garcia, C.P.A.
Director of Finance
Cr itLT of �#tiaxrtt
I or/\
q�f CO.f LOQ�O
CITY COMMISSION
Xavier L. Suarez Mayor
J. L. Plummer Vice -Mayor
Joe Carollo Commissioner
Miller J. Dawkins Commissioner
Rosario Kennedy Commissioner
Cesar H. Odio
Lucia A. Dougherty
Matty Hirai
City Manager
City Attorney
City Clerk
CERTIFIED PUBLIC ACCOUNTANTS
COOPERS & LYBRAND
In Association With
SANSON, KLINE, JACOMINO & COMPANY
W. B. KOON & COMPANY
13
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of
Miami, Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30. 1985
A Certificate of Achievement f[>r Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
governmental units and public employee retirement
systems «hose comprehensive annual financial
reports (CAFR's) are judged to substantially
conform to program standards
r
nosurtf' 9 ANDF resident
fNl[►40 I'
Executive Director
15
CITY OF MIAMI
TABLE OF ORGANIZATION
CITIZENS OF MIAMI
City Commission
Civil Downtown Miami Department of
City Attorney City Clerk Service City Manager Development Sports & Exhib. Off -Street
Board Authority i Authority E Parking
Assistant Assistant Assistant Technical Succor L1araQeirer*
Services Services Services
City Manager City Manager City Manager Administrator Administrator Administrator
i
i
Community Building & Conferences & General Services Personnel
Development Zoning Conventions Communications Administration Computers Management
Planning & Parks. Recreation
Development Zoning Board & Public Facilities Fire Public Works Solid Waste]
Administration
Planning Internal Audits
Housing g and Reviews
Finance I Management
and Budget
Police
PART II
FINANCIAL. SECTION
1_
Coopers
Y
U brand
The Honorable Mayor and City Commissiorlers
City of Miami. Florida
We have examined the general purpose financial
statements of the City of Miami. Florida as of and for the
year ended September 30, 1986, as listed in the forego-
ing Table of Contents. Our examination was made in ac-
cordance with generally accepted auditing standards
and, accordingly. included such tests of the accounting
records and such other auditing procedures as we con-
sidered necessary in the circumstances.
In our opinion, the general purpose financial state-
ments referred to above present fairly the financial po-
sition of the City of Miami, Florida at September 30,
1986 and the results of its operations and the changes in
financial position of its proprietary fund types and pen-
sion trust funds for the year then ended, in conformity
with generally accepted accounting principles applied
on a basis consistent with that of the preceding year.
Our examination was made for the purpose of form-
ing an opinion on the general purpose financial state-
ments taken as a whole. The combining and individual
fund statements and schedules listed in the Table of
Contents are presented for purposes of additional
oedilied public a=untilinls
19
analysis and are not a required part of the general pur-
pose financial statements of the City of Miami, Florida.
The information in the combining and individual fund
statements and schedules has been subjected to the
auditing procedures applied in the examination of the
general purpose financial statements and, in our opin-
ion, is fairly stated in all material respects in relation to
the general purpose financial statements taken as a
whole.
Certain 1985 data included in the general purpose
financial statements and the accompanying supple-
mentary information were contained in the City's com-
prehensive annual financial report for the year ended
September 30, 1985, and are included for comparative
purposes only.
Miami, Florida
January 9, 1987
low -GENERAL
PURPOSE
—
�—
FINANCIAL STATEMENTS
worE
utMR
"'LR 4
yL i
�
t�
t41�t
:.7
y3
41�
ia
21
ZyF A
4.FY
.'..
::
Exhibit 1
CITY OF MIAMI, FLORIDA
COMBINED
BALANCE SHEETS — ALL FUND TYPES AND ACCOUNT
GROUPS
SEPTEMBER 30, 1986
Proprietary
Fiduciary
Governmental Fund Types Fund Types
Fund Type Account Groups
General
General
Totals
Special
Debt Capital Internal
Trust and Fixed
Long -Term
(Memorandum Only)
r;
General
Revenue
Service Projects Enterprise Service
Agency Assets
Debt
1986
1965
ASSETS
Pooled cash and investment
S16 860 377
S5.M 265
S % 276 522 S 76 340.282 S - 5 7 586 20A
S A a97 659 S
S
S , -2 24- 313
,
3 121 469 659
10 552 193
[Notes 21E) and 41
-
36, 252
- 4401.090
2659797
;.8 39
Cash and cash egmvolent[Note 41
Pension investments, including
- -
366 191_ 161 -
-
366 141 161
",02 049 272
accrued interest [Notes 2(f) and 41
-
-
- -
Receivables, net of allowance
for doubtful accounts of S9.289.110.
_ _
-
2 742 537
4 193 049
Ta.es
2.238.655
1.483.190
-
75.118
503,882 - - _
- 654.106 1.927.793
84.625 _
_
a Z2s 8J2
224 832
6543503
0
Accounts
Assessment liens. net [Note 21C)I
-
405'694
-
-
322.876 _
_
-
322 878
2 298 047
Proceeds from securities sold
-
-
- - -
490.437 _
_
480931
693.573
Pension members contributions
-
1.930.765
-
11.526
- 172,600 609.304
2.072.405 _
_
.9.796600
35,3933
5 110.17A
Due from other funds (Note 51
Due from other governments INote 61
378.215
3.001 437
_
- 4,54142t 216.969
_
-
-
_
8 116 80
Notes receivable
-
1B'� -
-_
51.953 708.837
-
- _
_
760 590
919 110
inventories [Note 21G11
_
1.992
_
1.863 600.000 863.133 900
69.404 -
1 623 559
1 131 l i e
Other assets ,
86,247
Restricted assets ]Notes 4 and 81.
N Cash and investments with
-
_
22.792.077 40.975.603 14.061,651 -
_ _
-
77 829 531
14 406 99
fiscal agent Including accrued interest
A Property, plant and equipment. -
127.389.970 t3.630.478
_ 331 108.1&1
-
472 531
t42 4
net [Notes 2(K) and 71
-
-
- _
-2.298 691
_
_
2 298 69 t
9;
? 110 506
Bond Issuance casts, net [Note 2(J)l
-
-
Deferredcompensatlonplan
_ _ _
9.073.337 -
-
9 073 337,
;176982
assets. at market INote 141
-
-
-
Amount available for debt service.
_ -
3.678478
3678.478
1 553 376
General obligation bonds
-
-
- _ _ _
_ _
12.7fi0.675
12 %60 6%5
_53 395
Special obligation bonds
-
-
-
Amount available in Sell Insurance
_ _
- -
3.285.603
3.285603
1492 186
Fund for claims payable
-
-
- _
Amount to be provided for retirement
of general long-term debt.
- _ _
_ -
190.696 522
190 696 522
170.086 624
General obligation bonds
-
-
-
Special obligation bonds
_ _
_ -
32.212 507
32 212 507
4 826 405
and other payables
-
-
- _
_
_ -
16,175000
16.175.000
-
Certificates of participation
-
-
- _ _
_
_ _
14 843 888
14 843 888
12.519 202
Accrued compensated absence
-
-
_
-_ _
26.049.397
26 049 J97
19.567 814
Claims payable
-
-
_-
522.977,M8
S9.1143,590
$30.980.258 S1230287.012 S151,877.453 S21.926.223
S389.452.203 S331.108.193
S299.702.070
it.,16G.454441
S1. 140.924.229
Total asset
[continued)
N
U1
CITY OF MIAMI, FLORIDA
COMBINED BALANCE SHEETS - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1986
Fiduciary
Governmental Fund Types Proprietary Fund Types Fund Type
Account Groups
Exhibit I
(continued)
General
General
Totals
Internal
Trust and
Fixed
Long —Term
(Memorandum Only)
Special
Debt
Service
Capital
Projects
Enterprise
Service
Agency
Assets
Debt
1986
196
General
Revenue
LIABILITIES
S
Deficit in pooled ca th and
S -
5 -
S -
S 519.561
$ -
S -
S
S
S 519.581
investments [Notes 2 IGI and 41
S
9.8t5.872
10.455,249
vouchers and accounts
3.134.135
811.875
_
3.489.658
649.765
448,341
1,082.095
1-005.049
-
-
_
-
1,005.049
3.212,690
payable
Payable for securities purchased
2.904.425
75.239
_
2.417
_
-
443,236
-
_
14.843-tl88
14.790'600
4.796.600
716
15 513 933
J.S1J,93J
Accrued ew peruses [Note 21h11
-
2.087.610
15.000
86.215
535.310
381009
_
2.072.405
_
_
2.464.313
1.879.005
Due to other funds (Note 51
1'�'�
-
_
1,501.875
-
-
2.861,222
Deferred revenue
Deposits [Note 101
675.862
187-064
_
-
_
496.381
_
-
_
1:554,878
_
29.335-000
30.889.678
4,215.277
5.933.632
25,93J,832
4.162.408
Claims payable INoles 8 and 121
-
-
4.215.277
_
_
_
_
Matured bonds and interest payable [Note 61
-
_
418229
15.350
Payable lrom restricted assets
_
_
418.Y29
-
-
-
-
_
1,.0D
8900
2,254,070
conslrucnon contracts
-
_
-
-
1.675.709
-
-
_
9.000
160,000
Accrued interest
_
_
90,000
-
-
_
Current portion of revenue bonds payable
14.107.480
71.739.641
Revenue bonds payable - net of current
_
_
74.107.460
-
-
_
_
194,375.000
194.375.000
174.640.000
porton 1Note B1
_
_
_
_
_
_
=
General obligation bonds payable [Note 81
t0.000-000
-
38,300.000
51,643.140
56.175.
13,786-994
Subordinale obligation note in escrow [Note 81
-
_
-
13.343.146
_
_
=
16.175.000
00
16.175.000
Special obligation bonds payable 1Note 81
-
-
_
_
-
-
-
Cerhticates of partiupahon[Note 81
-
_
9.073,337
8,476.962
Deferred compensal!on plan
-
_
_
_
_
-
9.073.337
-
6,673.182
6.882473
4,880.283
liabilities INote 10 and 141
-
209.291
-
Omer parables (Note 81
691,577
18.289,840
299.702.070
439,903,718
341.514.384
8.578.90
3.161.606
14.439.568
3.994.579
92.845.530
Total liabilities
FUND EOUITY
_
59.705.885
9.001.204
-
-
-
68 707 089
331.108.183
67,647.924
300,343.226
Coninbuled capital
-_
_
_
_
_
-
331.108.183
-
Investment rr1 general feed assets
-
_
-
12096.142
11.530.804
Retained earnings (deficit)
_
-
12.096.142
-
-
_
1736.6621
7,485.667
Reserved (Note 91
_
_
_
_
_
-
(12.770.104)
12,033.442
-
_
Unreserved
Fund balances
-
369.235.859
-
-
369.255.659
305,493.972
11 585,183
Reserved for
Fmployee retirement plan benefits
_
2.235.492
_
_
_
_
18.765.720
_
-
_
_
_
_
21.041 212
41,05t,591
253.395
Encumbrances
-
_
12,760.675
28.290.916
-
-
Debt se—ce and construction
_
_
12.260.458
EQu'pmenl purchases under
-
_
12.28BA58
-
-
-
Certificates o1 Participation
_
_
101.537
-
Subordinate obligation note-
_
_
101.537
-
-
_
_
_
-
-
300'000
m escrow [Note 81
-
-
-
_
Trafficrelated e■penddures
-
_
_
_
500.000
�•�
Unreserved-'�
Designated for hurricane loss
-
121.301
_
-
121.301
1,415.333
Designated for pension
_
_
_
_
-
3.295,803
-
_
3.285.603
4.492.195
related expenditures [Note 141
_
-
_
-
Designated for claims payment
-
_
-
72.602.528
68.140.779
Designated for subsequent year s
11A00.000
1.655.189
-
59,947.339
-
_
-
_
_
-
9.148.082
20.238,376
ex penddures and approved projects
1,143.011
4,326.593
3,678.478
-
-
-
undesrgnated
-
y10.735.451
431,418.695
Total retained earnings Idelluth
t4.398.503
5.981.782
15.540 fi90
i19.292.433
1673.9621
12,033.442
373.162.563
-
799.409.845
fund balances
119,292433
59,031.923
21.034,646
373.162.563
331,108.183
940.550.723
Total lurid equity
14.398.503
5981,182
16.540.690
Commitments and contingent
liabilities (Notes 12. 14, and 151
S389452.203
S331,108.163
S29g.702.010
51.380A54.44t
41.140.924,2 29
522.977.449
59.143.590
530.960258
S123 287 012
S151 877,45J
S21926.223
Total liabilities and fund equdy
See accompanying
notes to
the financial statements
EXHIBIT II
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS
YEAR ENDED SEPTEMBER 30. 1986
Governmental Fund Types
_-_
Totals
Special
Debt
Capital Expendable
(Memorandum Only)
General
Revenue
Service
Projects _
Trust
1986
1985
Revenues:
Taxes (Note 31
$106,730.702 $2.013.7 14
546.251.009
$ $
_
$154.995,425 $148.648.076
6.016.306
6,041,021
Licenses and permits
Intergovernmental
6,016,306
25,245.573
21,801.785
6.865.813 4,699.055
25,934.749
58.612.226
28,947,955
55.373,540
117,633.0733
Intra3,013.206
overnme
-
-
18,410.106
services
Charges for services
Char
18,410.106
-
Contributrons from
_
6,467.696
6,467.696
7.527.220
employees and retirees
-
3.726,244
-
-
3.726.244
12.969.850
2.799.998
12.480,21
Assessment lien collections
Interest (Note 41
2.481.093
621,659
2.383.272
7,071,021
2.869.448
412.805
345,269
5,500.106
2.315,795
Other
356.118
1.719,587
209,684
_
162,253.104
26.156.745
52.570.209
16.806,282 37.859.574
295,645.914
278.083.680
Total revenues
Expenditures
Current
-
-
16.327,714
15,554,777
General government
103,892.604
03.892,604
2.386.880
_
-
_
106,279.484
20.339.375
101,499,700
17,117.720
Public safety
Public improvements
24,902.216
-
-
_
-
_
_
24.902.216
22,801.942
Solid waste
28,438.817
-
-
_
-
8,438.817
8,651.374
Culture and recreation
Grants and related expenditures
8,438,817
-
-
14.327.864
_
_
-
28.563,268
14.327,864
28.563.268
14,808.811
24.255.306
Contributions to pension funds (Note 141
-
-
_
-
1,064.715
1.064.715
1,824.789
Insurance
Economic development
_
949.989
_
_
-
9,676.915
949.989
9,676.915
945,324
10,325.051
Claim payments
13,424.845
1,486.552
_
747.781
-
3,645.831
19.305.009
18,906,034
Other
Debt service
Principal retirement (Note 81
-
_
10,950,000
-
-
-
-
10,950,000
15,030,325
10,160,000
12,558,002
Interest and fiscal charges
-
_
_
15,030.325
-
38.846.875
-
38.846,875
27,535.235
Capital outlay
-
187,325.571
19,151,285
26.728.106
38,846,875
42.950,729
315,002.566
286.944.065
Total expenditures
Excess (deficiency) of revenues
(25,072,467)
7.005.460
25,842,103
(22.040.593►
(5.091,155)
(19,356.652)
(8.860,385
over expenditures
Other financing sources (uses):
Operating transfers m (Note 111
26.850,245
1,015.418
_
3.713.711
2.590.540
_
34,169,914
(34,169,914
(39,653.162
42.022,533
(42.404,385)
Operating transfers out (Note 11j
(2,097.921)
(7.935.584)
(26,703.994)
(2,915.663)
-
45.404,385
0,000
Proceeds from debt issuance (Note 81
-
Deposits lot debt
-
_
(35.550,575)
-
-
(35,550,575)
-(12.000,000)
defeasance (Note 81
Total other financing sources (uses)
24,752,324
(6.920.166)
(15,418.153)
67,874.132
2,590.540
72.878,677
29,618,148
Excess (deficiency) of
revenues and other financing
sources over expenditures
(320,143)
85.294
10.423.950
45.833.539
(2.500.615)
757.763
and other uses
14,371,267
10,618.955
6,116,740
69,390.771
6,407.519
06.905,252
18,955
86,529,
86(626,015)
Fund balances at beginning of year
(4.179.138)
226)
Equity transfer to other funds (Note 111
( 53,621)
(4,722.467)
-
8247 261
-
8,648,261
243.891
Equity transfer from other funds (Note 111
401,000
-
-
$ 14.398,503
$5.981.782
$16,540,690
$119,292.433
$3.906.904
$160,120,312
$106,905.252
Fund balances at end of year
See accompanying notes to financial statements
27
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. 1986
General Fund
Encumbrances
Actual
Variance
Actual
Beginning of End of
(Budgetary
Favorable/
(GAAP basis)
Year Year
Basis)
Budget
(Unfavorshle)
Revenues:
Taxes (Note 31
$106.730.702
$ - $ -
$106.730.702
$105.927.652
$803.050
Licenses and permits
6,016.306
- -
6.016.306
25.245.573
5.983.949
24.844,722
32.357
400.851
Intergovernmental
Intragovernmenlal
25.245,573
3.013.206
- -
- -
3.013,206
2.805.000
208,206
_
Charges for services
18.410.106
- -
18,410.106
19.479,860
(1,069,754)
Assessment lien collections
-
2,481.093
- -
- -
-
2.481.093
2,160.000
321,093
Interest
Other
356.118
- - _
356.118
50.500
305,618
Total revenues
162.253.104
- -
162,253.104
161.251,683
1,001,421
Expenditures
General government
16.327.714
97.128 198.266
16.428,852
17.420,647
991,795
Public safety
103.892.604
53,278 115.126
103,954.452
107.062,745
3.108.293
Public improvements
20.339.375
54.945 326,801
20,611.231
22.446.658
1,835.427
Solid waste
24.902.216
46.117 8.993
24.865.092
25.140.158
275,066
Culture and recreation
8.438,817
32.667 169,194
8.575.344
9,315.408
740,064
Economic development
Other
-
13.424.845
- -
1.548,345 1,437.112
-
13,313.612
-
13,394.758
81.146
Principal retirement:
Long-term debt
-
- -
-
-
_
Interest and fiscal charges
-
- -
-
-
-
Total expenditures
187.325,571
1.832,480 2.255.492
187.748,583
194,780.374
7,031,791
Excess (deficiency) of revenues
over expenditures
(25,072.467)
1,832,480 (2.255,492)
(25,495,479)
(33.528,691)
8.033.212
-
Other financing sources (uses)'
Operating transfers in [Note 111
26,850,245
- -
26.850,245
29.126,633
(2,276.388)
Operatina transfers out [Note 11]
(2.097.921)
- -
(2.097.921)
(2,097,942)
21
Proceeds from debt issuance (Note 8]
-
- -
-
-
-
Deposits for debt defeasance [Note 8]
-
- -
-
-
-
aa
Total other fmancino sources (uses)
24.752,324
- -
24.752.324
27.028.691
(2,276,367)
Excess (deficiency) of revenues
and other financma sources
over expenditures and other uses
(320,143)
$1,832.480 $(2,255,492)
$ (743.155)
$(6,500,000)
$ 5.756,645
Fund balances at beginning of year
14,371.267
Equily transfers to other funds (Note 11)
(53.621)
Equity transfers from other funds (Note 111
401.000
Fund balances at end of year
$ 14,398.503
(1) Does not include funds for which annual budgets have not
been adopted. See Note 2(D) (1)
See accompanying notes to financial statements
28
EXHIBIT III
Special Revenue (1) Debt Service (1)
Variance Variance
Favorable) Favorable)
Budget Actual (Unfavorable) Budget Actual (Unfavorable)
$ 360,683 $ 393.397 $ 32.714 $43,101,549 $ 43.023,757 $(77.792)
1,271,376 1.480.378 209.002 - _
7,472,185 7.420.389 (51,796)
_ 3,400.000 3.726.244 326.244
399,029 399.029 800.000 1.255.298 455,298
39,800 8,021 (31,779) - 209,684 209,684
9,144,044 9.701,214 557,170 47,301,549 48.214,983 913,434
1,831.274 1,854,680 (23,406)
936,383 949,989 (13,606) — 9,727 56,673
1,819,345 1,486.552 332.793 66,400
_ 10,950.000 10.950.000 -
13.269.933 13.297.271 (27,338)
4,587,002 4,291,221 295,781 24,286,333 24.256.998
29,335
4,557,042 5,409,993 852,951 23,015.216 23,957,985 942.769
559.898 559,698 -
at tk (7,635,371) (7,827.634) 7,737 (26,341.291) (26.341,291)
= = 38.355.000 35.550,575 (2 804,425)
(38,355,000) (35,550,575)
1 (7,275,473) (7.267,736) 7.737 (26.341,291) (26.341,291)
"! t
'r'� ,t
)au'3 942.769
' $(2,718,431) (1,857,743) $ 860.696 $(3.326,075) (6.186,740) $
9,255.347 _
(4,721,467) _
$ 3,733,434
$2,676,137
29
1 --
EXHIBIT IV
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. 1986
Operating revenues
Charges for services
Contributions from employers [Note 14)
Contributions from employees and retirees
Realized gain on sale of investments
Interest and dividends
Total revenues
Operating expenses
Personal services
Contractual services
Materials and supplies
Benefit payments
Refunds
Utilities
Intragovernmental charges
Other
Total operating expenses
Operating income (loss! before depreciation expense
Depreciation expense
Operating income floss)
Nonoperating revenues (expenses)
Interest income
Interest expense and fiscal charges
Other
Net nonoperating revenues (expenses)
Income (loss) before operating transfers
Operating transfers in [Note 111
Operating transfers out [Note 111
Net operating transfers
Income (loss) before extraordinary item
Extraordinary item -loss on debt refinancing [Note 8)
Net Income (loss)
Retained earnings -fund balance at beginning of year
Equity transfers born (to) other funds
Retained earnmgs-lund balance (deficit) at end of year
Contributed capital at beginning of year
Contributions from other governments
Contributions from other funds [Note 111
Contributed capital at end of year
Total fund equity
Proprietary Fund Types
Internal Pension
Enterprise Service Trust
$19,407.624 S11,639.928 S -
- -- 24.270.690
12,069.065
- 29,242.379
22.822.764
19.407.624 11,639.928 88.404,898
6.012.691
5.168,285
452,195
1.110.278
895.196
1,731.356
15,370.001
4.037.623
3.890.884
146.739
1,908,377
(7,875.259)
(134.445)
(6,101.327)
(5.954,588)
6,579.959
(1.085.004)
5.494.955
(459.633)
(2.568.724)
(3,028.357)
2,354,395
8.205.013 749.597
1,298.785 -
2.993.298 -
- 22.662.390
- 1,231,224
1.824.922 -
401,318 -
14.723.336 24.643.211
(3.083.408r 63.761,687
2.497.860 -
(5.581.268i 63.761.687
700.588 -
260.753 -
961.341 -
(4.619.927) 63.761,687
462.416 -
(474,123) -
111.707) -
(4.631.634) 63,761.687
(4,631.634) 63,761.687
16.665,076 305.493,972
(673.962) 12,033.442 369.255.659
58.692,826 8.955.098 -
748.646 - -
264,413 46.106 -
59,705.885 9.001.204 -
$59,031.923 $21.034,646 $369.255,659
See accompanying notes to financial statements
30
Totals
(Memorandum Only)
1986 1985
$ 31.047.552 S 36,753.572
24.270.690 20,859.599
12.069.065 9.712.085
29.242.3 79 14.614.803
22.822.764 20.7 89.919
119, 452, 4 50 102. 729.978
14.967, 301
12.970.679
6.467.070
5.830.207
3,445,493
4.515,921
22,662.390
20,206,700
1.231,224
1.419,762
2,935,200
2.883,719
895,196
967,583
2.132,674
1.914.586
54,736,548
50,709,157
64,715.902
52.020.821
6.388,744
5.997,912
58,327,158 46,022,909
2,608.965 2,910,687
(7,875,259) (7,850,741)
126,308 658,010
(5.139,986) (4.282.044)
53.187,172 41.740,865
7,042,375 5,756.992
(1,559.127) (2,375,140)
5,483,248 3.381,852
58.670.420 45,122,717
(2.568,724) (2,468.039)
56,101,696 42,654,678
324,513,443 281,860,095
- (1,330)
380,615.139 324.513,443
67,647,924 64.969,715
748,646 418.441
310,519 2,259.768
68,707,089 67.647,924
$449,322,228 $392,161,367
M
M
r
EXHIBIT V
CITY OF MIAMI. FLORIDA
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS
YEAR ENDED SEPTEMBER 30, 1986
Working capital provided by:
Operations
Income (loss) before extraordinary item
Items not requiring current outlays of working capital:
Depreciation and amortization
Loss on dispositions of property. plant and equipment
Total provided by operations before extraordinary item
Extraordinary item - loss on debt
refinancing [Note 8]
Total provided by operations
Other
Decrease (increase) in restricted accounts
Contributions and equity transfers. net
Proceeds from long-term debt
Increase in other liabilities
Total
Working capital applied
Additions of property. plant and equipment, net
Reduction of revenue bonds payable, net
Increase in bond discount
Decrease in other liabilities
Increase in other assets. net
Total
Increase in working capital
Summary of increases (decreases) in working capital:
Cash and investments
Pension investments
Accounts receivable. net
Due from other funds
Due from other governments
Inventories
Prepaid expenses
Accounts payable and accrued expenses
Due to other funds
Deposits refundable
Payable for securities purchased
Deterred revenue
Increase in working capital
Proprietary Fund Types
Internal Pension
Enterprise Service _ _Trust
Totals
(Memorandum Only)
1986 1985
$(459.633)
S(4.631.634)
$63.761.687
$58.670.420
$45.122.717
4.055,332
2.497.860
-
6.553,192
(315.960)
6.349.642
724.172
10.095
(326.055)
-
3,605,794
(2,459.829)
63.761.687
64,907.652
52,196.531
(2.568.724)
-
-
(2.568.724)
(2.468.039)
1.037.070
(2.459.829)
63.761.687
62.338.928
49.728.492
(377,548)
-
(377,548)
1,532.302
1.013.059
46.106
-
1.059.165
16,275.000
2,922.118
13.720.000
16,275.000
-
-
5.585
-
5.585
-
-
17,953.166
(2,413.723)
63.761,687
79.301.130
67.902.912
3.995.232
625.523
-
13.652.000
-
-
309.553
-
-
332.338
-
-
93.752
-
18,382.875
625.523
-
$(429,709)
$(3.039.246)
$63,761.687
$(332.817)
$(3.278.773)
$ 1,408.416
64.141.870
272.804
-
(2.181.805)
581.285
-
257.255
-
-
(58.842)
(99,678)
-
(98.995)
-
(310,094)
339.205
(416.655)
-
(1.827,776)
(360.868)
-
-
_
-
2,207.641
37.218
-
-
$(429.709)
$(3.039.246)
$63.761.667
See accompanying notes to financial statements
31
4.620.755 7,786,174
13.652,000 10,522.000
309.553 222.921
332.338 8,359
93.752 331,440
19,008.398 18.870.894
$60,292, 7 32 $49.032,018
$(2.203.174) S 5,859.830
64,141.870 41.276.663
(1.909.001) (3.008.429)
581,285 2.536.758
257.255 (1,136.165)
(158.520) 86.606
(98,995) 292.377
36.887 553.557
(2,238.886) -
(360,868) (19,352)
2.207,641 2.393.352
37,218 196.821
$60.292.712 $49,032,018
THE CITY OF MIAMI, FLORIDA
NOTES TO
FINANCIAL STATEMENTS
September 30, 1986
1. GENERAL DESCRIPTION
The City of Miami (the City). in the County of Dade.
was incorporated in 1896. and comprises approximately
34 square miles of land and 20 square miles of water The
City operates under the Commssion%City Manager form
of government and provides the following services as
authorized by its charter public safety. public works.
solid waste, parks and recreation. and community devel-
opment. Dade County (the County) is a separate govern-
mental entity and its financial statements are not
included in this report
The Florida Legislature. in 1955. approved and sub-
mitted to a general election, a constitutional amendment
designed to give a new form of government to the
County. The County is. in effect, a municipality with gov-
ernmental powers effective upon twenty-seven cities
and unincorporated areas, including the City of Miami. It
has not displaced or replaced the cities. but supplements
them. The County can take over particular activities of
the City's operations (1) if the services fall below mini-
mum standards set by the County Commission. or (2)
with the consent of the governing body of the City
Since its inception. the Metropolitan Dade County
Government has assunied responsibility on a county-
wide service basis for a number of functions. including
county -wide police services. supplementing the munici-
pal police service: unifor rn system of fire protection. sup-
plementing the municipal fire protection: consolidated
two-tier court system. consolidation of vrater and sewer
services: coordination of the various surface transporta-
tion programs: installation of a central traffic control
computer system: merging all public transportation sys-
tems into a county system. effecting a combined public
library system, and centralization of the property ap-
praiser and tax collector functions
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES AND REPORTING PRACTICES
The financial statements of the City have been pre-
pared in accordance with generally accepted accounting
principles (GAAP) as applied to governmental units. The
Governmental Accounting Standards Board (GASB) is
the standard -setting body for governmental accounting
and financial reporting. The GASB, upon assuming the
standard -setting role in June 1984, adopted the existing
National Council on Governmental Accounting (NCGA)
standards. The more significant of these accounting poli-
cies are described below.
32
A. Financial Reporting Entity
For financial reporting purposes. the City includes
those funds, account groups. agencies. boards. com-
missions and authorities that are generally con-
trolled by or dependent on the City Control by or
dependence on the City is determined on the basis of
such factors as budget adoption, taxing authority.
outstanding debt secured by revenues or general
obligations of the City, obligation of the City to fi-
nance any deficits that may occur or receipt of sig-
nificant subsidies from the City The following is a
brief review of each of the potential component units
addressed in defining the reporting entity for the
City,
(1) Included Within The Entity
Downtown Development Authority (DDA) - The DDA
is governed by a board approved by the City Com-
mission The Commission must approve the millage
levied on the special taxing district established to
fund DDA DDA has been included within the report-
ing entity as a special revenue fund since its
inception.
Miami Sports and Exhibition Authority (IVISEA)—The
MSEA was created to promote the construction of
sports exhibition convention facilities using the
City's portion of the 3% Convention Development
Tax The City Commission must approve the IvISEA s
board membership. the issuance of debt. contracts
and operating budget. The various funds of the
MSEA have been included in the reporting entity
since its inception in 1983.
Department of Off -Street Parking (DOSP)—The
DOSP is an agency and instrumentality of the City,
which owns and operates parking facilities within the
City. The City Commission has reserved the right to
confirm new members of the Off -Street Parking
Board, to establish and fix rates and charges for
parking services. to approve the DOSP operating
budget and to authorize the issuance of revenue
bonds. The DOSP is included in the reporting entity
as an enterprise fund.
The City has also authorized the Off -Street Parking
Board to administer the operations of the Maurice
Gusman Cultural Center and the Olympia Building
which are properties owned by the City. Such opera-
tions are separately accounted for under the title of
the "G&O Enterprise Fund" and are also included
7
within the reporting entity. In the event that operating
revenues of the G&O Enterprise Fund are not suffi-
cient to cover its operating expenses. DOSP or the
City will provide any necessary cash requirement
Cash needs funded by DOSP are reimbursed by
the City.
City of Miami Fire Fighters' and Police Officers' Re-
tirement Trust (FIPO) and City of Miami General Em-
ployees' and Sanitation Employees' Retirement
Trust (GESE)-- -Both FIPO and GESE are essentially
single employer retirement trusts under the admini-
stration and management of separate boards of trus-
tees and are included in the reporting entity as
pension trust funds
(2) Excluded from the Entity
Miami Capital Development, Inc. (MCDI)—Although
the City provides funding for the MCDI's lending pro-
gram, the City Commission has limited ability to in-
fluence operations.
Health Facilities Authorities (HFA)—The HFA is an
agency established by State Statute to issue revenue
bonds. Such debt is not on obligation of the City. The
HFA has no significant operations other than the is-
suance of such debt.
The City has determined that its degree of oversight
and financial responsibility over these agencies is
so remote so as to exclude them from the City's
reporting entity.
B. Basis of Presentation
The financial transactions of the City are recorded in
individual funds and account groups. Each is ac-
counted for by providing a separate set of self -bal-
ancing accounts that comprise its assets, liabilities,
reserves, fund equity, revenues and expenditures or
expenses. The various funds and account groups are
reported by generic classification within the finan-
cial statements
Amounts in the ''Totals (Memorandum Only)''
columns in the combined financial statements repre-
sent a summation of the combined financial state-
ment line items of the fund types and account groups
and are presented for analytical purposes only. The
summation includes fund types and account groups
that use different bases of accounting, includes inter -
fund transactions that have not been eliminated and
the caption ''Amounts to be provided.'' which is not
an asset in the usual sense Consequently, amounts
shown in the ''Totals (Memorandum Only)" columns
are not comparable to a consolidation and do not
represent the total resources available or total reve-
nues and expenditures/expenses of the City.
The following fund types and account groups are
used by the City:
33
GOVERNMENTAL FUNDS
Governmental funds are those through which most
governmental functions of the City are financed. The
acquisition, use and balances of the City's expend-
able financial resources and the related current li-
abilities (except those accounted for in proprietary
funds) are accounted for through governmental
funds The measurement focus is upon determina-
tion of financial position and changes in financial po-
sition. rather than upon net income determination.
The following are the City s governmental fund
types:
General Fund —The General Fund is the general op-
erating fund of the City it is used to account for all
financial resources except those required to be ac-
counted for in another fund.
Special Revenue Funds —Special Revenue Funds
are used to account for the proceeds of specific reve-
nue sources (other than special assessments, ex-
pendable trusts or major capital projects) that are
legally restricted to expenditures for specified
purposes
Debt Service Funds —Debt Service Funds are used
to account for the accumulation of resources for, and
the payment of, general long-term debt principal, in-
terest and related costs
Capital Projects Funds —Capital Projects Funds are
used to account for financial resources to be used for
the acquisition or construction of major capital facili-
ties (other than those financed by Proprietary
Funds)
PROPRIETARY FUNDS
Proprietary Funds are used to account for a City's or-
ganizations and activities which are similar to those
often found in the private sector. This means that all
assets. liabilities. equities. revenues. expenses and
transfers related to the City's business activities —
where net income and capital maintenance are
measured —are accounted for through proprietary
funds. The measurement focus IS upon (letermina-
tion of net income. financial position. and changes in
financial position
Enterprise Funds —Enterprise funds are used to ac-
count for operations
1) that are financed and operated in a manner Simi-
lar to private business enterprises —where the
interest of the City is that the costs of providing
goods or services to the general public on a con-
tinuing basis be financed or recovered primarily
through user charges, or
2) where the City has decided that periodic deter-
mination of revenues earned, expenses
incurred. and/or net income is appropriate for
capital maintenance, public policy, manage-
ment control. accountability, or other purposes.
Certain enterprise funds have historically operated
at a loss and have required operating subsidies from
the General fund It future operations are not suffi-
cient to offset these deficits, the City will continue to
support these activities from the General fund or
other discretionary funds (See Notes 9 and 15).
Internal Service Funds --- Internal Service Funds are
used to account for the financing of goods or
services provided by one department or agency to
other departments or agencies of the City. or to other
governments on a cost-reimbursernent basis
FIDUCIARY FUNDS
Trust and Agency Funds --Trust and Agency Funds
are used to account for assets held by the City in a
Trustee capacity or as an agent for individuals, pri-
vate organizations. other governments. and/or other
funds These include expendable trust. pension
trust. and agency funds Pension trust funds are ac-
counted for in essentially the same manner as pro-
prietary funds since capital maintenance is critical.
The City s expendable trust funds (Self -Insurance
and Pension Administration) are accounted for in es-
sentially the same manner as governmental funds
The City s agency funds are custodial in nature (as-
sets equal liabilities) and used to account for depos-
its held under issuance of a Cable T V. license and
assets held under two deferred compensation plans
for certain employees
ACCOUNT GROUPS
Account Groups are used to establish accounting
control and accountability for the City's general fixed
assets and the unmatured principal of its general
long-term obligations The two accounts are not
funds. They do not reflect available financial re-
sources and related liabilities —but are accounting
records of the general fixed assets and general long-
term obligations
General Fixed Assets ---This account group is used
to account for all fixed assets of the City, other than
those accounted for in the enterprise funds and inter-
nal service funds
General Long -Term Debt --This account group is
used to account for the long-term portion of claims
payable, accrued compensated absences, lease
purchase obligations and outstanding principal bal-
ances of long-term debt. other than revenue and
special obligation bonds payable and other long-
term liabilities recorded in the enterprise funds.
C. Basis of Accounting
Basis of accounting refers to when revenues and ex-
penditures or expenses are recognized in the ac-
counts and reported in the financial statements.
Basis of accounting relates to the timing of the meas-
urements made, regardless of the measurement fo-
cus applied.
34
(1) Modified Accrual
All Governmental Funds and Expendable Trust
Funds are accounted for using the modified accrual
basis of accounting Their revenues are recognized
in the period in which they become susceptible to ac-
crual i e . when they become measurable and avail-
able to pay liabilities of the current period. Ad
Valorem taxes, fines and forfeitures, and charges for
services are susceptible to accrual when collected in
the current year or within 60 days subsequent to Sep-
tember 30th. provided that amounts received per-
tained to billings through the fiscal year just ended
Occupational licenses revenues collected in ad-
vance of periods to which they relate are recorded
as deferred revenues Utility service taxes, fran-
chise taxes. licenses and permits are susceptible to
accrual when collected in the current year by the City
or by an intermediary government serving as collec-
tion agent Investment earnings are recorded as
revenue when earned since they are measurable
and available Where grants revenue is dependent
upon expenditures by the City, revenue is accrued
as obligations are incurred
Special assessments are considered susceptible to
accrual when collected in the current year or within
60 days subsequent to September 30th, provided
that amounts received pertain to liens assessed
prior to the end of the current fiscal year. The special
assessment receivables at year-end of $7.735.858. of
which $439.205 are delinquent, are shown net of de-
ferred revenues of $7,329,964 to more appropriately
reflect current amounts available for debt service.
Special assessments are recorded in the General
Obligation Bonds Debt Service Fund since they rep-
resent only a partial reimbursement of costs in-
curred in certain capital projects financed with
general obligation bonds. The City does not issue
special assessment bonds
Expenditures under the modified accrual basis of ac-
counting are generally recognized v; hen the related
fund liability is incurred and expected to be liqui-
dated with available resources Exceptions to this
general rule include principal and interest on gen-
eral long-term debt which are recognized when due.
The agency funds are custodial in nature and do not
involve measurement of results of operations. They
are accounted for under the modified accrual basis
of accounting. Assets and liabilities are recognized
when they occur regardless of the timing of related
cash flows.
(2) Accrual
All Proprietary and Pension Trust Funds are
accounted for all using the accrual basis of account-
ing. Their revenues are recognized when they are
earned, and their expenses are recognized when
they are incurred.
D. Budgetary Data
(1) Budget Policy
The City Commission annually adopts the budget or-
dinance for all governmental funds of the City. ex-
cept for the following funds
• Community Development Special Revenue Fund
• Law Enforcement Special Revenue Fund
• Other Special Revenue Funds
• Special Obligation Bonds Debt Service Fund
(MSEA)
• Subordinate Obligation Note Debt Service
Fund (MSEA)
Annual operating budgets for the General, Special
Revenue and Debt Service Funds are adopted on a
basis substantially consistent with generally ac-
cepted accounting principles (GAAP) except that
budgetary comparisons for the General Fund
include encumbrances as expenditures.
Adjustments necessary to compare the results of op-
erations in the Special Revenue and Debt Service
Funds as presented in the Combined Statement of
Revenues, Expenditures and Changes in Fund Bal-
ances (Exhibit II) to that presented in the Combined
Statement of Revenues, Expenditures and Changes
in Fund Balances —Budget and Actual (Exhibit III)
are as follows:
Excess IDehciencyl Ot
Revenues And Other Fund
Financing Sources Balances
Over E.penddwes September
SPECIAL REVENUE FUNDS And Other Uses 30 1986
Actual - Exhibit II S 65294 S5981 762
Less Funds not Budgeted _
Community Development 11769321 11 8434471
Law Enforcement 11 7661051 11 462 1981
Other
Actual - E.hibd III SI1.857 7431 S2.676 137
DEBT SERVICE FUNDS
Actual - Exhibit tl
$10 423 950
516 540 690
Less Funds not Budgeted
Special Obligation Bonds tAISEAI
Subordinate Obhgahon
Note II,ISEA1
Actual Exhlbll III
112 705 7191 112 705 7191
1101 537. It015371
S, 2 393 306 i S 3 733 434
In addition, Capital Project Funds are budgeted on a
total project basis for which annual budgets are not
available.
The City also adopts non -appropriated operating
budgets for the Proprietary funds substantially on a
GAAP basis, with several exceptions, as follows:
•
•
Debt principal payments are budgeted as debt
service expenditures. The portion of debt serv-
ice representing principal payments reduces
the related liability on a GAAP basis.
Depreciation expense as well as capital expen-
ditures are budgeted. Expenditures for capital
outlays are capitalized into fixed assets on a
GAAP basis.
35
(2) Budget Calendar
The City follows these procedures in establishing the
budgetary data reflected in the financial statements.
• Prior to August 31st, the City Manager submits to
the City Commission a proposed operating
budget for the fiscal year commencing the fol-
lowing October 1st The operating budget in-
cludes proposed expenditures and the means of
financing them Budgetary control is legally
maintained at the fund level except for the Gen-
eral Fund, which is at the departmental level.
• Public hearings are conducted to obtain tax-
payer comments.
• Prior to October 1st. the budget is legally en-
acted through passage of an ordinance.
• Generally, the Commission and City Manager
may transfer among departments any part of an
unencumbered balance of an appropriation to a
purpose or object for which an appropriation for
the current year has proved insufficient. At the
close of each fiscal year, the unencumbered bal-
ance of each appropriation reverts to the fund
from which it was appropriated and shall be sub-
ject to future appropriations.
• Budgeted amounts in the accompanying finan-
cial statements are as originally adopted, or as
amended by the City Commission and City Man-
ager through the year.
(3) Encumbrances
Encumbrance accounting. under which purchase or-
ders, contracts. and other commitments for the ex-
penditure of monies are recorded in order to reserve
that portion of the applicable appropriation, is em-
ployed in the General and Capital Projects Funds.
On a non-GAAP budgetary basis, encumbrances are
recorded as expenditures of the CLnrent year. On a
GAAP basis. encumbrances outstanding at year-end
are reported as reservations of fund balance since
they do not constlhil .• expenditures Or liabilities.
(4) Excess Of Expenditures Over
Appropriations In Individual Funds
The following subtunds incurred an excess of expen-
ditures over appropriations for the fiscal year ended
September 30. 1986.
Special Revenue Funds:
Downtown Development Authority $23,606
06
Rescue Services
Debt Service Funds: 3,492
Utility Service Tax Bonds
E. Pooled Cash and Investments
The City maintains an accounting system in which
substantially all cash, investments and accrued in-
terest are recorded and maintained in a separate
group of accounts. All such cash and investments, in-
cluding accrued interest, are reflected as pooled
cash and investments. Investments are stated at cost
or amortized cost, which approximates market. All
investments consist of U.S. government obligations
and time deposits with approved financial institu-
tions. At September 30, 1986. accrued interest on
pooled investments amounted to approximately
$1.600,000 Interest income is allocated based upon
the approximate proportionate balances of each
fund's equity in pooled cash and investments No in-
terest is charged to funds having deficit balances.
The cash and investment pool is available for all
funds. except for the following
• Miami Sports and Exhibition Authority Special
Revenue Fund
• Downtown Development Aulhonty Special
Revenue Fund
• Special Obligation Bonds Debt Service Fund
(MSEA)
• Subordinate Obligation Note Debt Service
Fund (MSEA)
• Miami Arena Capital Project Fund (MSEA)
• Off -Street Parking Enterprise Fund
• G&O Enterprise Fund
• FIPO Pension Trust Fund
• GESE Pension Trust Fund
• Individual investments in the following can-
not exceed 10°0 of the funds available for
investments:
• • Corporate common stock. preferred stock.
convertible debentures (provided the ag-
gregate 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 are valued at the lower of cost (first -in,
first -out basis) or net realizable value Inventory in
the Internal Service Funds consists of expendable
supplies held for consumption.
H. Accumulated Unpaid Vacation, Sick Pay, and
Other Employee Benefit Amounts
The funds listed above maintained separate cash Under terms of Civil Service regulations, labor con -
and investment balances. In addition, certain other tracts and administrative policy, City employees are
City funds maintain separate restricted cash and in- granted vacation and sick leave in varying amounts.
vestment accounts in compliance with debt require- Additionally, certain overtime hours can be accrued
ments (See Notes 4 and 8). and carried forward as earned time off.
F. Pension Investments
Pension investments are carried at cost. Debt secu-
rities are adjusted for amortization of premiums and
discounts. Premiums and discounts are amortized
using the straight-line basis over the life of the in-
vestment. Approximate market values of invest-
ments are determined as follov;s: Securities traded
on a national securities exchange are valued at the
last reported sales prices on the last business day of
the fiscal year; securities traded in the over-the-
counter market and listed securities for which no
sale was reported on that date are valued at the last
reported bid price; commercial paper and money
market funds are valued at cost which approximates
market; mortgages are valued based on current
market yield; and 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 in bonds, notes or
other obligations of the United States Gov-
ernment and its agencies and in bank certifi-
cates of deposit.
36
Unused vacation time and sick leave is payable upon
separation from service, subject to various limita-
tions depending upon the employee's seniority and
civil service classification. Accumulated unpaid
compensated absences are accrued when earned in
the Governmental and Proprietary Funds. with the
long-term portion of Governmental Funds' liability
being recorded in the General Long -Term Debt
Group of Accounts.
I, Intragovernmental Allocation Of Administrative
Expenses
The General Fund incurs certain administrative ex-
penses for other funds including accounting, legal,
data processing, personnel administration, engi-
neering and other services. A brief description of the
major components of such charges are as follows:
• Project Management —The Public Works De-
partment charges for design, survey and inspec-
tion services on major capital improvement
projects of the City. These charges are based on
direct labor charges plus an overhead factor for
administrative expenses of the engineering divi-
sion, and totaled approximately $2,007,000 for
fiscal year 1986.
• Indirect Cost Allocation —The General Fund
charges other funds for general and administra-
tive expenses to allocate certain overhead costs
0
l.`
as determined under a central services cost al-
location plan Such charges approximated
$573,000 for fiscal year 1986
J. Bond Discount and !ssuance Costs
Discounts on reveniie and special obligation bonds
payable within the FronnPtary Funds are amortized
using the interest method over the life of the bonds.
Bond issuance costs are capitalized and amortized
on a straight-line basis over the Irfe of the bonds
K. Property, Plant and Equipment
Property, plant and egmprent used in Governmen-
tal Fund type operations (general fixed assets) are
accounted for in the General Fixed Assets Account
Group Public domain ('Infrastructure ) general
fixed assets consisting of certain improvements
other than buildings. including roads, bridges, curbs
and gutters. streets and sidewalks, drainage sys-
tems, and lighting systerns are capitalized along
with other general fixed assets No depreciation has
been provided on general fixed assets
Capital acquisition costs for Governmental Funds
are segregated as capital outlay expenditures, with
the exception of the General Fund, wherein capital
outlay is included within departmental expenditures.
Capital outlay in the General Fund during 1986 to-
taled approximately $635.000.
All property, plant and equipment are valued at his-
torical cost or estimated cost Donated property.
plant and equipment are valued at their estimated
fair value on the date donated
Depreciation of all exhaustible fixed assets used by
the Proprietary Funds is charged as expense against
their operations Accumulated depreciation is netted
against related fixed asset amount on the Proprie-
tary Fund balance sheets Depreciation has been
provided over the estimated useful lives using the
straightline method The estimated useful lives are
as follows
• Buildings and Improvements 30 - 50 years
• Machinery and Equipment 4 - 20 years
• Improvements other
than buildings 10 - 20 years
Interest costs associated with Enterprise Fund bor-
rowings (revenue bonds) used for construction pro-
jects are capitalized during the current period as
part of the cost of the assets, net of related interest
earned on unexpended portions of such borrowings.
As no revenue bond construction projects were on-
going in 1986, no interest costs were capitalized.
L. Interfund Transactions
Quasi -external transactions are accounted for as
fund revenues, expenditures or expenses (as appro-
priate). All interfund transactions except advances,
quasi -external transactions and reimbursements
are accounted for as transfers. Nonrecurring or non -
routine transfers of equity between funds are consid-
37
ered equity transfers All other interfund
transactions are treated as operating transfers.
M. Deferred Compensation
The City offers its employees two deferred compen-
sation plans that permit the deferral of a portion of an
employees salary until future years The deferred
compensation is not available to employees until ter-
mination, retirement. death, or unforeseeable emer-
gency
One plan, for key management personnel, provides
for contributions from the City and employee of 8%
and 1011,, of annual salary, respectively. The other
plan. open to all City employees. is funded through
employee payroll deductions only.
All contributions are paid to outside fiduciary agents.
However, all amounts of compensation deferred un-
der the plans, all property and rights purchased with
those amounts, and all income attributable to those
amounts, property, or rights are (until paid or made
available to the employee or other beneficiary)
solely the property and rights of the City (without be-
ing restricted to the provisions of benefits under the
plans). subject only to the claims of the City's gen-
eral creditors. Participants' rights under the plans
are equal to those of general creditors of the City in
an amount equal to the fair market value of the de-
ferred account for each participant.
Pursuant to the GASB Statement 42 Financial Re-
porting of Deferred Compensation Plans Adopted
under the Provisions of IRC Section 457, the City has
reclassified its Deferred Compensation Fund (previ-
ously included in the Pension Administration Ex-
pendable Trust Fund) to an agency fund (see Note
10) Deferred compensation assets are carried at
fair market value
N. Fund Equity
Reserves
Reservations of retained earnings of the Proprietary
Funds are created by increases in assets restricted
for debt service, renewal and replacement, contrac-
tual obligations. and other capital project reserves.
These increases result from earnings on restricted
assets and other intrafund transfers to and from re-
stricted accounts Earnings on restricted assets are
included in net income of the proprietary funds. The
increase in restricted assets decreases unreserved
retained earnings and increases reserved retained
earnings.
Reserves of the Governmental Funds are limited to
the portions of fund balance which are either not
available for appropriations or are legally segre-
gated for a specific use.
Designations
Fund balance designations are established to reflect
management's plans for financial resource alloca-
tion in a future period. Such plans or intentions are
subject to change.
3. PROPERTY TAX
Property taxes are levied on January 1st and are
payable on November 1st, with discounts allowed of one
to four percent if paid prior to March 1st of the following
calendar year. All tmpaid taxes on real and personal
property become delinquent on April 1st and bear inter-
est at 18% Until a tax sale certificate is sold at auction
Dade County bills and collects all property taxes for the
City, and sells tax certificates for delinquent taxes
The assessed value of property, as established by
the Dade County Assessor of Property, at September 30,
1985, upon which the 1985-86 levy was based, was ap-
proximately $9,231,417,000. The City is permitted by Arti-
cle 7, Section 8 of the Florida Constitution to levy taxes up
to $10 per $1,000 of assessed valuation for general gov-
ernmental services other than the payment of principal
and interest on general obligation long-term debt. In ad-
dition, unlimited amounts may be levied for the payment
of principal and interest on general obligation long-term
debt, subject to a limitation on the amount of debt out-
standing. The tax rate to finance general governmental
services (other than the payment of principal and inter-
est on general obligation long-term debt) for the year
ended September 30, 1986, was $9.8571 per $1,000. The
debt service tax rate for the same period was $2.052 per
$1,000.
4. EQUITY IN POOLED GASH AND INVESTMENTS,
CASH WITH FISCAL AGENTS AND OTHER CASH
AND INVESTMENTS
At year-end, the carrying amount of the City's cash
and time deposits was $74,349,407 and the bank balance
was $77,341,106. All cash deposits and certificates of de-
posit are held in banking institutions approved by the
State of Florida State Treasurer to hold public funds. Un-
der the State of Florida Statutes Chapter 280, "Florida
Security for Public Deposits Act the State Treasurer re-
quires all qualified public depositories to deposit v,ith the
Treasurer or another banking institution eligible collat-
eral equal to from 500,o to 1109,10 of the average daily bal-
ance for each month of all public deposits in excess of
any applicable deposit insurance held. The percentage
of eligible collateral (generally, U.S. Government and
agency securities, state or local government debt, or
38
corporate bonds) to public deposits is dependent upon
the depository's financial history and its compliance with
Chapter 280
The City's investments as of September 30. 1986 are
categorized below
Cost pUlarket
Pooled and Restricted:
U S Treasury Notes and Bills
S 65,473.965
S 66,705,203
Federal Farm Credit Bureau
1,446.719
1.620.930
Commercial Paper
6.199.188
6.199,200
Short-term investment pool
21.294.865
21.295.000
Repurchase Agreements
26.063.372
26.063.000
S121.398.111
5122.783.333
ArCruPr1i,i1P,PS1 nn IhP above I PSITPnIS and ,nt
PrPSI.bParinq bank
dPp OS'IS IOIa IPd ap-
p,o..aiPiv s i i 2nn 0m at SPpiember 30 198$
Pension Investments:
U S Government Obligations
s 88.648.488
s 95.699.000
Corporate Stocks
186.604213
212.924,000
Corporate Bonds
31.955.048
32.768.000
Commercial Paper
7,886.141
7,686.000
Short Term Investment Pool
47.882.611
47.883.000
Accrued interest and other
3.214.660
3.122.000
$366,191.161 5400,282,000
The City's investments are either held by a third
party agent for or in the name of the City or, with regard
to overnight repurchase agreements, fully collateralized
in a separate account in the name of the City. The City's
policy with respect to its pooled investments is to not in-
vest in repurchase agreements. Overnight and short-
term (7 days or less) repurchase agreements were
purchased throughout the course of the year from bond
proceeds deposited in the Miami Arena Capital Project
fund in anticipation of the commencement of the arena
construction (See Note 16). Investment policies for the
GESE and FIPO pension trust funds are described in
Note 2 (F).
During 1986, the City increased a reserve for loss on
investments by $300,000 for a S640,000 investment in cor-
porate bonds made in prior years that was previously re-
served for $300,000. The loss was allocated to the
various funds participating in pooled cash and invest-
ments.
5. DUE FROMITO OTHER FUNDS
Due from/to other funds are loans from one fund to another for specific purposes. At September 30. 1986, the bal-
ance in due from/to other funds consisted of the following:
Due from
Due to
Fund
Other Funds
Other Funds
General
$1.930,765
$ —
Special Revenue:
Downtown Development Authority
11,526
13.019
Other Funds
O
—
2,074.591
Debt Service:
—
15,000
Utility Service Taxes
Capital Projects.
172,600
-
Culture and Recreation
-
86,275
Public Use
Enterprise Funds:
Department of Off -Street Parking
594,304
_
25353,199
G&O Enterprise Fund
15,000
170,524
Convention Center
111.587
Govt. Center Parking Garage
-
Trust and Agency:
710.527
Pension Administration
-
-
1,361.878
GESE Pension Trust
FIPO Pension Trust
2,072,405
-
Total
$4.796,600
$4,796.600
6. DUE FROM OTHER GOVERNMENTS
Amounts due from other governments primarily represents amounts relating to grants awarded by other govern-
mental agencies, and other receivables from state and local governments.
7. PROPERTY, PLANT AND EQUIPMENT
The following is a summary of changes in general fixed assets for the year ending September 30. 1986:
Balance, Additions Deletions Balance,
October 1, and and September 30,
1985 Transfers Transfers 1986
Land
Building & Improvements
Machinery & Equipment
Improvements Other than Buildings
Construction in Progress
Total
$56.956,076 $8.751.762
26.532,705
5.178
24.682,573
1.477.643
139,812,895
22,238.995
52.358.977
10.328.7 79
$300,343,226 $42.802.357
$109.007 $65,598,831
- 26.537.883
1.204.996 24.955,220
305.946 161,745,944
10.417.451 52,270,305
$12.037.400 $331,108,183
A summary of Proprietary Fund type property,
plant and equipment at September 30, 1986, is as follows:
Internal
Enterprise
Service
Land
$ 12.302,988
$ 401
Buildings and Improvements
133,757,343
4.407,882
Machinery and Equipment
5,532,883
22,927,658
Construction in Progress
3,406,921
-
Total
155,000.135
27,335,941
Less Accumulated Depreciation
(27,611.265)
(13.705,463)
Net
$127,388.870
$13.630,478
39
8. LONG-TERM DEBT
A. Changes in Long -Term Debt
The following is a summary of changes in long-term debt of the City for the year ended September 30. 1986 (in thousands of dollars):
Enterprise
General long -Term Debt
Fund Debt
General
Obligation
Special
Obligation
Certificates
of
Claims
Other
Compensated
Revenue Special
Pe
Bonds
Bonds
Participation
Payable
Payabies
Absences
Total
Bonds Obligation
Balance at October 1, 1985
$174,640
$ 450
$ -
$24.060
S4.630
S12.519
$216.299
S73,803 S13.720
New Bonds and
Certificates Issued
60,355
38.000
16,175
-
-
-
1 t4,530
16.275 _
-
-
3.089
-
3,089
- -
Drawdowns on HUD loan
-
-
Debt Defeased
(29,820)
-
-
-
-
-
(29.820)
(13.545) -
Decrease in Lease Payabies
-
-
-
-
(1,048)
(1,046)
p, Increase in Long -Term Claim
C
-
-
5.275
-
-
5;275
Liabilities
-
Increase in Long -Term
Accumulated Unpaid
-
-
2,325
7.325-
- _
Compensated Absences
-
-
-
Debt Retired
(10,800)
(150)
-
-
-
-
(10.950)
(1771 -
Balance at
September 30, 1986
$194.375
$38.300
$16.175
$29,335
S6.673
S14.844
S299.702
$76,356 S13.720
8. LONG-TERM DEBT (Continued)
B. SUMMARY OF LONG-TERM DEBT
Bonds payable at Septemher 30. 1986 are comprised of the following issues:
General and Special Obligation Bonds (General Long -Term Debt):
S37.000,000
Police HVadquarters Improvement Bonds. eight issues.
at rates ranging from 3°-'o to 11°%
95.730,000
maturing through 2005. interest
$40,000,000
Storm Sewer Improvement Bonds twelve issues.
maturing through 2014. interest at rates ranging from 2 5% to 11%
29 200000
$44,640,000 -
Public Parks and Recreation Facilities Bonds.
five issues, maturing through 2003. interest at
21.450,000
rates ranging from 3 500 to 7 500
$68,000,000 -
Sanitary Sewer Improvement Bonds. eleven issues, 0
through 2013. interest at rates ranging from 30. to 11 ,o
30.830,000
maturing
$31.000,000 -
Street and Highway Improvement Bonds: eight issues.
through 2014. interest at rates ranging from 3% to 11 10
18.845,000
$38,000,000 -
maturing
Miami Sports and Exhibition Authority Floating/Fixed Rate Special
Obligation Bonds. Series 1985, maturing in various amounts from
1991 through 2015. interest rates vary weekly at 70°o of prime rate
38.000,000
subject to adjustment under certain circumstances
$38,355,000 -
General Obligation Refunding Bonds. Series 1986, maturing
38,355.000
through 2014. interest rates ranging from 4 50o to 7.70o
$59.140,000 -
Other Issues. maturing through 2014, interest at rates
30.265,000
ranging from V0 to 11 500
$232.675.000
Revenue Bonds and Special Obligation Bonds (Enterprise Funds):
$60,000,000 -
Convention Center and Parking Garage Revenue Bonds.
due in installments of S100.000 to S4.750.000 through
$ 60000 000
2015. interest at rates ranging from 6.50o to 8 S0o
$16,275.000 -
Parking System Revenue Bonds. Series 1986, maturing /o uring through
7.75
16,275.000
2009 at varying rates of interest ranging from 4.25 0 to
S 225,000 -
Orange Bowl Warehouse Revenue Bonds, maturing through
81.000
1989. interest at 6 510
$13,720,000 -
Government Center Parking Garage Special Obligation Bonds:
maturing through 2008, interest at rates ranging from
13.720.000
5.6250 0 to 8 8750 0
90,076,000
Less Unamortized Bond Discount
(2,625.394)
$ 87,450.606
On August 29. 1986, the City issued $16.175.000 Cer-
tificates of Participation, Series 1986 (the Certificates) to
finance the acquisition through August 1. 1989 of equip-
ment for use in providing essential City services and to
reimburse the City for equipment acquired during the
prior two years. The Certificates represent a limited and
special obligation of the City and evidence undivided
proportionate interests in ''basic rent payments'' to be
made by the City pursuant to a lease purchase agree-
ment for the acquisition and financing of the equipment.
Title to all equipment purchased rests in the City. Basic
rent payments consist of an annual principal component
and semi-annual interest components at interest rates
from 4.61o to 6.4% through 1992. The City is obligated to
make rental payments under the lease only from funds
appropriated from general revenues of the City from
sources other than ad valorem taxes. The obligation of
the City to make rental payments does not constitute an
obligation of the City for which the City is obligated to
levy or pledge any form of taxation. Unexpended pro-
ceeds of the Certificates are accounted for in the Equip-
ment Acquisition Capital Project Fund and totaled
$12,268,458 at September 30, 1986.
41
During 1986. the city drew down $3.089,206 on a $5.958.400 promissory note from the U S Department of Housing and
Urban Development (''HUD ) issued under Section 108 of the Housing and Community Development Act of 1974 to par-
tially fund the Southeast Overtown/Parkwest project (see Note 15) Interest is to be paid annually on August 1 at a vari-
able rate Annual principal payments of $1.986.000 will begin on August 1. 1989 All HUD grants and related program
income are pledged under the note
The annual requirements to amortize all bonds. certificates and other payables outstanding as of September 30. 1986,
including interest payments of 5346.268.000. are as follows (in thousands of dollars)
Year Ending
Certificates
September
General
Special
of
Other
Revenue
Payables (1)
30, 1986
Obligation
Obligation (1)
Participation
1987
$ 20.713
S 4.081
$ 3.066
$ 5.430
$1.316
1988
24.657
4.200
3.169
6.658
1,408
1989
23.123
4.052
2.974
6.657
3.471
1990
22.613
4.054
2,510
6.754
1,168
1991
21.396
4.659
2.815
6.960
-
1992-1996
92.441
23,329
5.575
37.721
-
1997-2001
68.634
22,702
-
37.855
-
2002-2006
43.841
22.549
-
36.968
-
Thereafter
20.115
34,819
-
57.414
-
$337.533
$124,445
$20,109
$202.417
$7,363
(1) Includes debt service on the $38.000.000 Floating Fixed Rate Special Obligation Bonds. Series 1985.
and the HUD loans at an assumed rate of 7
On December 27. 1985, the Miami Sports and Exhibi-
tion Authority issued a $10,000.000 Subordinate Obliga-
tion Note, Series 1985. to fund a permanent/temporary
exhibition center This Note is secured by a pledge of the
Authority's allocated portion of the 3` Convention De-
velopment tax, but on a basis subordinate and junior to
the pledge of the Series 1985 Floating, Fixed Rate Special
Obligation Bonds The Note proceeds have been held in
escrow by the Trustee pending an agreement between
the City and the 1-1 uStC e as to the projects to be funded by
the Note Should such an agreement not be reached by
February 1987. the. Note proceeds will be refunded to the
bank. Interest on the note is at 70"; of prime rate subject
to adjustment under certain conditions. Interest is pay-
able quarterly, with quarterly principal payments of
$312.500 commencing January 1988 While the proceeds
have been held in escrow, the debt service on the Note
has been self-liquidating
See Note 16 for a description of issuances of debt
subsequent to September 30. 1986.
C. SYNOPSIS OF BOND COVENANTS
The various bond indentures contain significant limi-
tations and restrictions on annual debt service re-
quirements, maintenance of and flow of monies
through various restricted accounts, minimum
amounts to be maintained in various sinking funds,
and minimum revenue bond coverages. A summary
of major provisions and significant debt service re-
quirements follows:
General Obligation Bonds -Debt service is pro-
vided for by a tax levy on non-exempt property value
and collections on assessment liens from projects fi-
42
nanced by proceeds of such bonds. The total general
ubliyation debt outstanding is limited by the City
Charter to fifteen percent of the assessed non-ex-
empt property value At September 30, 1986. the
statutory limitation for the City was approximately
$1,384.713.000 providing a debt margin of approxi-
mately $1,194.016.000 after consideration of the
$194.375.000 of general obligation bonds outstand-
ing at September 30, 1986, less approximately
$3,678,000 available in the related debt service fund.
General obligation bonds authori-led but unissued at
September 30. 1986, totaled $77.275.000.
S60,000,000 Convention Center and (parking Garage
Revenue Bonds
Debt service is provided by a pledge of net revenues
of the Convention Center -Garage, a pledge of cer-
tain telephone and telegraph excise tax revenues.
and by a covenant and agreement of the City to pro-
vide, to the extent necessary, revenues of the City,
other than ad valorem property tax revenues, suffi-
cient to make up any deficiency in certain of the re-
quired restricted funds and accounts.
Various funds and accounts held by the Trustee are
required to be maintained under the terms of the
Trust Indenture pursuant to which the bonds were is-
sued. Those funds or accounts pertaining to these
provisions include the Revenue Fund, Bond Service
Account, the Redemption Accounts, the Reserve Ac-
count, the Construction Fund, the Supplemental Re-
serve Fund, the Renewal and Replacement Fund and
the Surplus Fund.
T
S
_T
3
R
:r-
The Trust Indenture provides that the gross reve-
nues of the Convention Center -Garage will be de-
posited, as received, with the Trustee to the credit of
the Revenue Fund. The Trustee shall transfer from
the Revenue Fund. on a monthly basis, all money re-
maining in the fund in excess of current expenses to
the following accounts or funds in the following or-
der:
• to the Bond Service Account. an amount equal to
the sum of (i) an arnount equal to one -sixth ( /,) of
the interest payable on all the outstanding bonds
on the next ensuing interest payment date: and
(if) commencing in January 1989. an amount
equal to one -twelfth (• /•. ) of the next maturing in-
stallment of principal of all serial bonds.
• to the Redemption Account. commencing in
January 2001. an amount equal to one -twelfth
(ib2) of the principal amount of the term bonds
required to be retired on the next succeeding
January 1st,
• to the Reserve Account, such amount. if any, of
any balance remaining after making the depos-
its under the two preceding provisions. as may
be required to make the amount then held for the
credit of the Reserve Account equal to the maxi-
mum annual principal and interest requirements
for the current or any succeeding fiscal year:
• to the Renewal and Replacement Fund. one -
twelfth (,/,:) of $100.000 and one -twelfth (/ :) of
such additional amount, if any, which a consult-
ant retained for such purpose in its latest written
report prepared pursuant to the Trust Indenture
shall have recommended.
• to the Supplemental Reserve Fund: such
amount, if any. as may be required to make the
amount then held tot the credit of the Supple-
mental Reserve Fund equal to Two Million Five
Hundred Thousand Dollars (S2.500.000):
• to the Surplus Fund. the balance, if any, of the
amount so withdrawn
At September 30. 1986. the City had on deposit with
the Trustee for these bonds approximately
$10,118,000 including accrued interest receivable, in
the required restricted funds and accounts.
$16,275,000 Parking System Revenue Bonds
Debt service is payable solely from the revenues of
the Off -Street Parking facilities. This issue (''Series
1986•') consists of serial bonds payable in install-
ments of $90.000 to 1,390,000 from 1987 through
2009. At September 30, 1986, the City had on deposit
with the Trustee for these bonds approximately
$1,986,000 including accrued interest receivable in
various reserve accounts. These accounts consists
of the Parking System Fund (Revenue. Revenue and
Replacement. and General Reserve accounts), and
the Bond Fund (Interest and Principal, Sinking Fund,
43
Reserve. Redemption, and Insurance and Condem-
nation Award Accounts). The nature, purpose and
funding requirements of these funds and accounts
are similar to those described above relative to the
Convention Center
$13,720,000 Special Obligation Bonds
Debt service is provided by a pledge of net revenues
of the Government Center Parking Garage and utili-
ties services taxes collected by the City from the sale
of water and gas in an amount not to exceed the prin-
cipal and interest requirements in the ensuing fiscal
year. A reserve must be maintained equal to the
maximum annual debt service requirement. Various
funds and accounts held by the Trustee include the
Revenue Fund, Bond Service Account, Redemption
Account. Reserve Account and the General Reserve
Fund. The nature, purpose and funding require-
ments of these funds and accounts are similar to
those described above relative to the Convention
Center. At September 30. 1986. the City had on de-
posit with the Trustee for these bonds approximately
$1,958,000 including accrued interest. in the re-
stricted funds and accounts
$38,000,000 Floating/Fixed Rate Special Obligation
Bonds, Series 1985
Upon issuance in December. 1985. the proceeds of
these Bonds, net of original issue discount of
$512.000, were distributed to various reserve funds
and accounts held by the Trustee in compliance with
the provisions of the Bond Indenture Those funds
and accounts pertaining to these provisions include
the Tax fund, the Bond Interest and Principal ac-
counts, the Debt Service Reserve account. the Re-
placement Reserve fund, the Maintenance fund. the
Capitalized Interest account and the Expense ac-
count. The Indenture provides that, for the twen-
tyfour (24) month period subsequent to the issuance
date (the Capitalized Interest Period), all debt serv-
ice payments are to be made from the Capitalized In-
terest account. Receipts of convention development
tax proceeds are to be deposited in the Tax fund and
distributed during the Capitalized Interest Period to
the following funds or accounts as follovls.
• to the Debt Service Reserve account, deposits to
bring balance to $3,375,000 (fully funded at bond
closing).
• to the Miami Sports and Exhibition Authority's
operating fund. $30,000 per month up to $350,000
adjusted by the consumer price index:
• to the Replacement Reserve fund, deposits to
bring balance to $5,000.000 ($700,000 funded at
closing);
• to the Maintenance fund, deposits to bring bal-
ance to $3.000,000 ($700,000 funded at closing);
and
• to the Authority for any of its lawful corporate
purposes.
At September 30. 1986. these accounts and funds
contained approximately $12.457.000 on deposit
with the Trustee
D. DEFEASANCES OF LONG-TERM DEBT
On August 4. 1986 the City sold S38.355.000 General
Obligation Refunding Bonds with in average rate of
6J"o to advance refund 529.820.000 of Series 1984
General Obligation honds ,vith an average interest
rate of 10 5"" The entire proceeds of $35,550.000
(net of $2.805.000 of nriginal issue discount. under-
writing fees and other costs of issuance) were used
to purchase U S government securities which were
deposited in an irrevocable trust with an escrow
agent to provide for ail future deht service payments
on the Series 1984 bonds As a result. the Series 1984
bonds are considered to be defeased and the liability
for those bonds has been removed from the General
LongTerm Debt Account Group The refunding trans-
action will save the City aggregate debt service pay-
ments of approximately $1,050,000 over the life of the
Series 1984 bonds and resulted in present value sav-
ings of approximately $1.000,000
On August 7, 1986. the Department of Off -Street
Parking issued $16.275.000 City of Miami. Florida
Parking System Revenue Bonds, Series 1986. with
an average rate of 7.65 to advance refund
$13.545,000 of the Series 1983 bonds with an average
interest rate of 9961o. The entire proceeds of ap-
proximately $15.4 Million (net of $875,000 of under-
writers discount. fees, insurance. and other
issuance costs) plus an additional $655,000 of Series
9. FUND EQUITY
1983 sinking fund monies were used to purchase
state and local government securities. which were
deposited in an irrevocable trust with an escrow
agent to provide for all future debt service payments
on the Series 1983 Bonds As a result, the Series
1983 Bonds are considered to be defeased and the
liability for those bonds has been removed from the
balance sheet Although the advance refunding re-
sulted in the accounting recognition of an extraordi-
nary loss of $2,568,724 for the year ended September
30. 1986, the issuance of refunding debt at interest
rates lower than the previous rates will cause aggre-
gate debt service payments to be reduced by ap-
proximately S470.000. the present value of these
savings is approximately $266.000
In prior years, the City defeased certain outstanding
general obligation and revenue bonds by placing the
proceeds of the refunding bonds in an irrevocable
trust to provide for all future debt service payments
on the old bonds Accordingly, the trust accounts and
the defeased bonds are not included in the Depart-
ment's financial statements. At September 30, 1986,
the following additional outstanding bonds are con-
sidered defeased.
Parking Facilities Revenue Bonds (DOSP):
Series A $ 535,000
Series B 1,440,000
Series C 3,040,000
Series 1980 8,680,000
Parking Revenue Bonds:
Series 1981 $10,205,000
The following individual funds had a deficit fund equity at September 30, 1985:
Fund Amount
Enterprise - Parking Garage $2,839,305
Internal Service -- Print Shop $ 265.778
The deficit in the Parking Garage Fund, resulting primarily from the $2,468.039 extraordinary loss on debt refinancing in
1985. will be eliminated by future transfers of Utility Service Tax revenues. The deficit in the Print Shop Fund is expected
to be eliminated by operating surpluses in the future.
Fund equity in the Enterprise Funds at September 30, 1986 consists of the following:
Retained Earnings
Reserved for
Construction
and Revenue
Total Fund
Bond
Contributed
Equity
Retirement
Unreserved
Capital
(Deficit)
Off -Street Parking
$ 1,599,789
$ 6,923,220
$ -
$ 8,523,009
G&O Enterprise Fund
-
(315,788)
629,828
314,040
Marine Stadium
-
(246,999)
699,435
452,436
Miami Stadium
-
(670,977)
1,654,481
983,504
Convention Center
8,827,312
(19,194,013)
43,245,119
32,878,418
Auditoriums
-
(2,394,868)
5,407,084
3,012,216
Golf
-
(94,157)
391,051
296,894
Parking Garage
1,669,041
(5,142,246)
633,900
(2,839,305)
Other
-
_ 8,365,724
7,044.987
15,410,711
$12,096,142
$(12,770,104)
$59,705.885
$59,031,923
See Note 13 for selected financial information regarding the Enterprise Funds.
44
10. CHANGES IN AGENCY FUNDS
The City's Cable T.V. Agency Fund is used to account for the $2,000,000 refundable deposit by the Cable T.V. licen-
see and interest thereon, which is payable to the licensee. The changes in the City's Cable T.V. Agency Fund are as
follows:
Deposits and accrued interest
beginning of year $2,228430
,710
Interest earned ,
Interest paid to licensee (159,77171)
Deposits and accrued interest end of year $2,223.369
As described in Note 2(M), the City sponsors two deferred compensation programs for its employees administered
by ICMA and the U.S. Conference of Mayors. In prior years, the deferred compensation assets and liabilities were ac-
In to the issuance of GASB Statement ##2,
counted for in the Pension Administration Expendable Trust Fund.
response
The changes in the program
the Deferred Compensation Agency Fund was established to account
for these programs.
assets during 1986 were as follows:
Assets at beginning of the year
$6,476,982
2,246,239
Contributions
843,694
Investment Income
(493,578)
Benefits paid and termination refunds
$9,073,337
Assets at end of year
11. INTERFUND TRANSFERS
A summary of interfund transfers and contributions by fund
type is as follows:
Transfers In
Special Capital
Internal Trust end Total
Enterprise Service Agency
General Revenue Projects
Transfers From
Operating transfers:
$ - $ 955.107 $ 487.998
$ 654.816 $ _ $ - $ 2.097.921
- 7.935,584
General
Special revenue 7,847.634 60.311 27,639
362,705
_
S.B33.142 _ 2,590.540 26,703,994
Debt service 17,917,607 -
_ 2,823.662
_ _ 2.915,663
92.001
1,085,004
Capital projects - _
Enterprise 1,085,004 -
11,707
_
_ 462.416 _ _ 474.123
Internal service -
$1,015,418 $3,713.711
$6.579.959 $462,416 $2.590.540 $41.212.289
$26,850,245
Equity transfers and
$ - $ 53,621
contributions: $ _ $
$ -
$ 25.595 $ 28,026
- 4.722,467
General 4721467
Special revenue 1.000 4,721.467
- 3.525,794
- -
13.344 - 4,179.138
10.363
248.295
Capital projects 400,000
-
8,295 2,088 3.554
Enterprise - _
906 2.648 -
_
General fixed assets
$a.247.261
- $ 8.969.163
$ 274,796 $ 46.106 S _
$ 401,1)DO S -
45
12. SELF-INSURANCE
The City maintains a Self -Insurance Expendable Trust Fund established by City Charter to account for insurance
activities relating to certain property and liability risk, group accident and health and workers' compensation. The fund
is under the administration of a self-insurance and insurance committee appointed by the City Manager.
Charges to participating operating departments are based upon amounts determined by management to be neces-
sary to meet the required annual payouts during the fiscal year The estimated liability for insurance claims includes
estimated future liability on a case -by -case basis for all pending claims and an actuarially determined amount for
claims incurred but not reported The unfunded long-term portion of the total estimated liability, which is expected to be
funded from future operations. is reflected in the General Long -Term Debt Account Group (GLTD) and amounted to
approximately $29.335,000 as of September 30. 1986. as follows.
Self -Insurance GLTD Claims
Claims Payable Payable
(Current Portion) (Non -Current)
A. Workers Compensation
All workers compensation costs are paid from the Self -Insur-
ance Fund, with all departments of the City assessed a charge
based upon annual cash requirements. As claims are re-
ported, they are investigated by claims personnel. and an esti-
mate of liability on a case -by -case basis is established. The
estimated liabilities are periodically reviewed and revised as
claims develop. Most liability in this area will be payable over
$ 549,475 $12,960,000
several years.
8. General Coverage
Departments of the City are assessed for property and casu-
alty coverage. including police professional liability and public
official's liability, based upon the cash requirements of the
Self -Insurance Fund and their relative share of the total risk.
The City has continued to purchase certain casualty insurance
for which the premium is small in relation to the coverage pro-
vided. The City is fully insured. subject to a $10,000 deductible,
for all property loss exposures. As the casualty claims are
reported, they are investigated by the claims personnel and an
estimate of liat,'.'ity on a case -by -case basis is established.
301,676 18,375,000
C. Group Accident and Health
Certain employees and retirees of the City contribute through
pay -roll deductions or deductions from pension payments to
the cost of group benefits. The remainder of the funds neces-
sary are contributed by the City based upon the number of par-
ticipants in the plan. As of September 30, 1986 the plan covered
approximately 1600 active employees. 800 retirees and 800 de-
pendents. Costs of the plan for the year then ended were ap-
proximately $5.2 million. The City's plan does not cover
members of the police and firefighter unions, which have es-
tablished separate group benefit plans. The amount of claims
at September 30, 1986 represents payments made by the
City in October and November, 1986 on claims incurred at
September 30, 1986
703,826 —
$1,554,876 $29,335,000
46
13. SEGMENT INFORMATION - ENTERPRISE FUNDS
Convention,
and parking
facilities.
Selected financial
twelve (12) enterprise operations which provide v rious
recreational,
cultural
The City maintains
September 30, 1986 1s as
information for the fiscal year ended
Property
G&O
Parking
and Lease
off -Street Enterprise
Convention
Marinas
Audit_ o=iums
Golf
Garage
Management
Parking Fund Stadiums
Center
$ 17,895
5 74.702
$ 538,575
$ 5.086.532 S 278,360 $ 918,543
S 564.993 $ 46,708
(2 =63.210)
S 61,964
351,270
617,895
(297,069)
2,084
Current assets
Current liabilities 1.302,856 446,362 1,251.548
2,328,021
___
S (589,458)
5 371.771
S 536.491
$ 333.005)
$ 3.783.676 $1168,002) 1
$ (1,763,028)
$ 2,609,918
$ (289.306)
y
S 1.958.152
$ -
Net working capital
$ $
$ 17 - -
S 10.117,782
S
5
_
Restricted assets
Current liabilities payable
from restricted assets
Net restricted assets
Property. plant and equipment
Total assets
Bonds payable. long-term (net)
Contributed capital
Total retained earnings (deficit)
Total equity (deficit)
Operating revenues
A
Operating income (loss)
before non -operating
revenues(expenses)
Non -operating revenues
(expenses).
Interest income
Interest and fiscal charges
Other
Total non -operating
revenues(expenses)
Net transfers from (to)
other funds
Extraordinary loss
on debt refinancing
Net income (loss)
Depreciation expense
Additions to property.
plant and equipment. net
increase(decrease)in
contributed capital
Increase(decrease)in
working capital
1.985.9
_
289,111
-
386.128
-
_
1.290,470
S _
S 1.669,041
S -
$ 1.599.789
$ -
$
_
S 8,827.312
S - -
5 -
3.301.522
S 886.352
S 8.011,982
$2.188,104
517,982.536
S 482.042
S 9,264,867
S 82.610.489
S 2,660.976
S
S 904,247
S 10,495.883
S 2,726,679
S 760.402
S10.183.710
S 95.025.186
5 2.707.684
S 3.363.486
S25.710,176
S 13.343.146
S -
z==�-
$15.498.183
S -
S
81.000
S 58.528.277
5 -
S
S 5.407,084
S _
S 391.051
5 633,900
52.286.681
S _
S 629.828
S 6,824.820
S 43.2-15.119
S 287.403
S 1.94.157)
S (3.473.205)
S 437.914
5 8.523.009
S(315.788)
S2.026.342
S(10.366.701)
$ 4.983.491
S12.394.868)
-
296.894
S (2.839.305)
52,724,595
S 8.523.009
S 314.040
S 8.851.162
S 32.8
$5.270.894
S 3.012,216
S
S 1.070.991
S 349.141
S 1.668.170
S 809.952
S 3.165.179
S 3.658.090
5 1.436.677
S 465,440
S 6.783.984
S 452.920
S (239,410)
S (117,400)
$ 42,710)
$ 1,400,995
$ 1.617.075
5 (230.325)
$
(412.702)
S (2.281,214)
21.451
122.448
693.475
8.642
18.002
847.375
196.984
-
-
-
-
(1,201,272)
-
610
(1,470.830)
-
(4,048)
(5.199,109)
142.527
16.070
-
6,654
_
(302.076)
-
1.770
28.105
(1,078.824)
610
8.642
15,724
(4,209,207)
213.054
-
(1,079.431)
1.040,820
(986.967)
_
80.110
100.444
5.213.053
(98.037)
145.532
-
(2,568.724)
-
$ 567.447
$ (93.878)
$ (89.295)
S (80,714)
$ 414.638
$ (2.031.080)
5(1d1,5731
S
_
(296.534)
$ (1.277,368)
S 141.445
-
$ 51,323
$ 148.719
S 69,897
$ 1,114.371
S 71,496
S
547,293
S 1,569.966
S 176.374
5 871.506
S 406.096
$ 6.772
-
S 117.911
29.205
$ 1.384.334
S 215,228
964.180
$ -
�-
$ _
S 200.000
S
813.826
$ 1,321
-----
_
337.335
$ 40,374
(35.821)
S (110,177)
S 455,330
$ (235.861)
S (85.305)
S
81.635
$ (877,219)
$
$
�,�it�irnn»��,... �_,,�n;,�-,. •.,_.,. Il)P��t1��l�1!II�I�'�
14. PENSION PLANS
A. Plan Description
The City shnnsors two (2) separate defined benefit
contributory pennon plans under the administration
and management of separate Boards Of Trustees.
The City of Miami Fire Fighters and Police Officers'
Retirement Trust (FIPO) and the City of Miami Gen-
eral Employees and Sanitation Employees Retire-
ment Trust (GESE) The plans cover substantially all
City employees who contribute a percentage of their
base salaries or wages on a hi -weekly basis This
percentage was 10 5' , for FIPO and 10 for GESE.
Contributions from employees are recorded in the
period the City makes payroll deductions from par-
ticipants. The City is to contribute such amounts as
are necessary on an actuarial basis to provide FIPO
and GESE with assets sufficient to meet the benefits
to be paid. GESE also receives contributions,
through the City. from Metropolitan Dade County and
the State of Florida on behalf of certain plan partici-
pants.
The City was involved in long-standing litigation,
principally related to funding of the two plans, which
was settled under an agreement approved by the
City Commission on June 13, 1985 (''the Gates Set-
tlement"). The major terms of the Gates Settlement
are as follows:
• Each of the two Boards of Trustees (Boards), in
its discretion, may have its own employees, ad-
ministrator, attorneys, accountants, money
_ managers, and other professionals.
• The City's total annual contributions to FIPO and
GESE beginning with fiscal year 1984/85 are re-
quired to consist of:
• Administrative expenses
• Actuarial contributions tot, normal cost us-
ing the entry age method, a mechanism has
been agreed upon to resolve possible dis-
agreement on annual contributions by a
third party.
• Annual unfunded liability contributions
based on a schedule that requires
$5.000,000 for FIPO and $6.400,000 to GESE,
respectively, for 1984/85, increasing there-
48
after by approximately 5% per year. The to-
tal unfunded liability. including the effect of
certain plan improvements. was calculated
to be approximately $104.500,000 for FIPO
as of January 1. 1983 and $109.000.000 for
GESE as of October 1, 1982. establishing the
basis for the contribution schedule
The respective unfunded liability balances
are expected to increase annually for ap-
proximately the next 9 years. until the an-
nual unfunded liability contribution by the
City exceeds the accumulated interest on
the unpaid balance The currently existing
unfunded liability balances are scheduled to
be eliminated by the year 2012 for FIPO and
by the year 2008 for GESE
• Any increase in the unfunded liability of either,
FIPO or GESE arising from lawful increases in
benefits provided by the City unilaterally shall
be amortized in level annual installments over
the shorter of (1) 30 years from the beginning of
the fiscal year in which the change occurred, or
(2) the period over which such benefit increase
is expected to be paid. Any increase or decrease
in the unfunded liability resulting in changes in
actuarial assumptions or changes in benefits re-
sulting from collective bargaining shall be amor-
tized in level annual installments over a period
of 30 years from the beginning of the fiscal year
in which the change occurred.
• A Cost -of -Living Adjustment Fund (COLA Fund)
was created with a designated amount of sav-
ings generated by the tax qualification of FIPO
and GESE being contributed by the employees.
B. Actuarial Information
The present value of vested benefits (benefits to
which participants arc entitled, regardless of future
service with the City) and the estimated actuarially
determined unfunded prior service cost v;ere calcu-
lated by consulting actuaries as of October 1, 1984
for FIPO and GESE as a basis for determining the
City's contribution for the City's fiscal year ended
September 30, 1986. The estimated actuarially de-
termined unfunded prior service cost is calculated
using the entry age actuarial cost method.
The more significant assumptions underlying the actuarial computations are as follows:
GESE
Assumed rate of return on investments:
compounded annually
Prior to retirement.
8°'o per annum,
70% per annum. compounded annually
After retirement:
1971 Group Annuity Mortality Table. set back 6
Active mortality basis
years for females
Rate of Withdrawal
Employee Turnover
Age Years of Service
1 54
- --- — --
20 .175--- - -
120 .080
30 .175 .120 .060
40 .175 .120 .040
50 .175 .120 .020
Annual Rate of
Salary Scale
Age Salary Increase
20 .100
30 .085
40 .075
50 .075
60 .075
Annual Rate of
Retirement
Age Retirement
55 .300
60 .140
65 1.000
Lower of market value or statement value
Asset Value
FIPO
Assumed rate of return on investments:
7% per annum compounded annually
1971 Group Annuity Mortality Table producing the
Active mortality basis
following specimen rates.
Age Male Female
20 .050300 0260°-0
30. .0809 .0469
40 .1633 .0938
50 .5285 .2165
60 1.3119 .5649
In accordance with the following specimen rates:
Employee Turnover
Rate
Age
20 8.0° o
30 6.0
40 3.0
50 0.0
Plus 15% additional in first year of employment.
Salary Scale
Seniority scale, providing annual earnings increases
ranging from 4.80"0 at age 20. 2.5% at age 30.1.7% at
age 40, 1.40/6 at age 50, to 01 o at age 60. In addition, a
5% annual increase due to inflation is assumed.
Probabilities of retiring ranging from 1% at age 40,
Retirement Age
3.5% at age 45, 50% at age 50, to 100% at age 55.
Moving market value average.
Asset Value
49
A summary of certain information in the most recent actuarial valuations is as follows.
FIPO GESE
To determine the City contribution
for year commencing
Valuation date
Actuarial value of net assets
Actuarial present value of accumulated
plan benefits
Vested
Non -Vested
Total
Estimated actuarially determined
unfunded accrued liability
Number of participants
Active employees
Retired. disabled and deterred vested
Total
Actuarially -determined employer contribution
for the year ended September 30, 1986
Through 1986 the City has maintained a Pension Ad-
ministration Trust Fund (expendable trust fund), which
charges each Department of the City and other govern-
mental contributors (5559.012 in 1986) their respective
share of estimated pension plan contributions. Substan-
tially all amounts charged were to the General Fund, and
the remainder to various other funds principally Enter-
prise and Internal Ser vice. The pension Administration
Trust Fund thcn disburses the actr_i.1rrally determined re-
quired contributions to the pension trust funds For 1986.
the City's contributions paid to F1130 and GESE
($11,360.163 and S12.200.000, respectively) were based
upon amounts specified in the Gates Settlement pending
a resolution of differences between the City's actuary
and the Plans' actuaries The provisions of the Gates Set-
tlement provide for specific procedures to resolve differ-
ences in the actuarial assumptions.
50
10/1/86 10/1/86
10/1/85 10/1/85
$194, 718.000 $112.353.000
$222.020,000
$186,956.000
22.232.000
7.756,000
$244.252.000
$194.712.000
$113, 942.000 $111, 340, 000
1.673
2,047
911
1,565
2.584
3,612
$ 13,432.568 $ 10,838,122
The City also makes contributions through the Pen-
sion Administration Trust Fund to the Police and Fire-
men's Relief and Pension Trust Funds, which are not
under the jurisdiction of the City, and therefore. not in-
cluded herein as part of the reporting entity Funding for
such contributions, which totalled S4.140,043 for 1986, is
solely from the State of Florida But of Miiunicipal Po-
lice and Firefighters' Retirement Fund pursuant to Chap-
ters 175 and 185 of the Florida Statutes
The fund balance of the Pension Administration
Trust Fund at September 30. 1986 of $121.301. which rep-
resents the accumulated excess of charges to other
funds and miscellaneous revenues over actuarial re-
quirements and other expenditures, has been desig-
nated for future pension plan contributions.
W
r
r
No
}
15. CONSTRUCTION AND OTHER COMMITMENTS
AND CONTINGENCIES
Capital Improvement Program
The City Capital Improvement Ordinance has iden-
tified ongoing and future prolects totaling $230,319.700
Major emphasis is placed on maintaining and expanding
the City s infrastructure The _greater number of projects
are directed to housing programs. street improvement.
park facilities. storm sewers, and transportation -related
efforts The community redevelopment projects are de-
signed to assist in neighborhood revitalization and the
expansion of the City s economic base. Shown below is a
functional breakdown of the Capital Improvement Ordi-
nance and proposed funding sources:
Functional Category:
Amount
Housing Programs
$ 10.900.400
Street Improvements
38,893.000
Parks Facilities
26,621,000
Storm Sewers
24,216.000
Community Redevelopment
22,887.400
Sanitary Sewers
28.390.500
Police
17,006.000
Fire
20.298.700
Marinas
8,145,000
Solid Waste
2,302,500
Auditoriums
1,400.000
Stadiums
4,250,700
Economic Development
11.135.200
General Government
13,873,300
Total Capital Improvement
Programs $230,319,700
Proposed Sources of Funding:
City:
General Obligation Bonds
$ 166,026.200
Revenue Bonds
2.000.000
Interest earnings and other
15,420,300
183,446, 500
Non -City:
Federal Grants
25,885.800
State Grants
1,388,000
Private Developer Contribution
2,052,000
Dade County Resort Tax
3,075,700
Other Revenues
12,931,500
Funding Undetermined
1,540.200
Total Funding
$ 230,319,700
51
As of September 30. 1986. the City's Department of
Public Works was monitoring 27 construction projects in
progress or awaiting final approval which totaled ap-
proximately $30 3 million in costs Outstanding capital
projects encumbrances at September 30. 1986 totaled
approximately S18 8 million The most significant of
these public works projects were
• Bayfront Park Redevelopment— existing contracts
of $7 6 million on a $10 million project to redevelop
the Bayfront Park in downtown Miami Funding for
the project will include S6 6 million in federal grants
and $1 7 million in contributions from the private
sector
• Winona Sanitary Sewer Improvements --existing
contracts of S5 9 Million on a S6 9 Million project
funded from the proceeds of General Obligation
Bonds
In February 1976. the City Commission passed an
ordinance which approved the issuance of $25.000,000
General Obligation Housing Bonds of the City for the
purpose of providing housing for families and persons,
including the elderly. of low and moderate income. Dur-
ing fiscal year 1983/84. the City issued the final
$18,100,000 of the approved bonds. The current and pro-
posed uses of the proceeds are as follows:
• Pursuant to agreements between the City of Miami
and Dade County. certain of the proceeds of such
bonds have been deposited in trust for a reserve
fund to provide additional security for certain hous-
ing revenue bonds issued by Dade County or ex-
pended as capital contributions to Dade County for
projects built within City limits. As of September 30.
1986 approximately $9,600,000 of these bonds pro-
ceeds have been expended for land acquisition for
various housing projects within the City limits con-
ducted in conjunction with Dade County and ap-
proximately $2.600.000 had been transferred to the
trustee for debt service reserve requirements. The
amounts transferred to the trust account have been
recorded as receivables in the capital projects
funds and, due to the uncertainty of collection, an al-
lowance for the full amount has been established.
• As of September 30, 1986, approximately
$10.000.000 of Housing bond proceeds has been
used for land acquisition costs associated with the
Southeast Overtown Park West Redevelopment
Project, which targets for redevelopment 200 acres
of prime real estate adjacent to the City's central
business district The public sector has financial re-
sponsibility for land acquisition. relocation and
demolition costs, project marketing, infrastructure
improvements and the provision of interim financ-
ing for construction The private sector will be re-
sponsible for project construction and financing.
Bayside Specialty Center
During 1985 the City entered into a lease agreement
with an outside developer (Rouse -Miami. Inc ) to allow
the construction of a proposed $126 million retail center
on 20 acres of City -owned property along the edge of the
Miamarina to be named the Bayside Specialty Center
The lease agreement has a term of 45 years with two re-
newal options of 15 years each Annual rent is set at the
greater of 35", of the net income of the project or the
minimum base rental as defined in the agreement
Rental payments shall be received monthly after the pro-
ject commences operation targeted for Spring 1987
The retail center is financed by a construction loan of
$72 million obtained by the developer, a $3 million equity
contribution from the developer and S4 million in infra-
structure improvements to be provided by the City. It is
projected that tenant improvements will represent an ad-
ditional $30 million investment
In October 1985, the City issued $17.010.000 of Indus-
trial Development Revenue Bonds. Series 1985 (Bayside
Center Limited Partnership Project) to finance the con-
struction of a multilevel parking garage adjacent to the
Bayside Specialty Center Project. These bonds are pay-
able from revenues generated from the operation of the
garage and repayment is the responsibility of Rouse -Mi-
ami, Inc. The bonds do not constitute a debt of the City,
nor is the City obligated to pay the interest thereon.
Miami Sports Arena
During October 1986, the Miami Sports and Exhibi-
tion Authority (the Authority) entered into a development
agreement with a private developer for the construction
and operation of a 15,000 seat sports/exhibition arena fa-
cility in downtown Miami. The arena, with an estimated
cost of $50.6 million is to be funded from proceeds of the
Series 1985 Floatina Fixed Rate Special Obligation
Bonds and contributions of $4.7 million from the Author-
ity and $7.1 miilion from the private developer. The de-
velopment agreement calls of an eighteen (18) month
construction schedule. As of September 30. 1986, ap-
proximately $4.6 million in land acquisition and other
preconstruction costs had been incurred through the
MSEA Miami Sports Arena Capital Projects Fund under a
pre -development agreement.
52
Convention Center
In August 1980. the City issued $60,000.000 Conven-
tion Center and Parking Garage Revenue Bonds to fi-
nance construction of the City of Miami/University of
Miami James L Knight International Center. As dis-
cussed in Note 8. the bonds are collateralized under the
trust indenture by a first lien on the pledge of the net
revenues of the Convention Center -Garage, certain tele-
phone and telegraph utility service taxes and by a cove-
nant and agreement of the City to provide. to the extent
necessary, revenues of the City other than ad valorem
tax revenues. sufficient to make up any deficiency with
respect to the payment of operating expenses and debt
service and the maintenance of the reserves required
under the bond indenture The City has appropriated ap-
proximately $4.041,000 of utility service tax revenue for
these purposes for the fiscal year ended September 30.
1987 It is anticipated that similar transfers Of such reve-
nues will be necessary thereafter on an annual basis
through fiscal 1989 to subsidize Convention Center defi-
cits
The City entered into an agreement with the Univer-
sity of Miami, whereby the University leases space in
the Convention Center for a term of 30 years, including
two 30-year renewal options for a total of $2.906,000
paid as basic rent in advance in 1983 The City also en-
tered into a lease agreement with a private developer
for certain air space over a portion of the Convention
Center for a hotel The lease is for a term of 45 years,
with a 45-year renewal option and provides for a base
rent of $2.900,000 paid to the City in advance in 1983 plus
additional rent payable annually as a graduated per-
centage of gross sales in excess of S20.000.000 No addi-
tional rent was received during 1986 under this
provision. The amounts received as base rent in 1983
were accounted for as equity contributions to the Con-
vention Center.
The City also entered into an agreement with a sepa-
rate private developer to lease air space over a portion
of the parking garage for a 37-story \`World Trade Center.
currently under construction The lease agreement pro-
vides for lease extensions yielding a total term of 90
years. Base rent is set at $150,000 per annum, with up to
an additional $150.000 annually to be received based
upon the World Trade Center's occupancy rates. Both
rent components are adjusted annually for changes in
the consumer price index.
Government Center Parking Garage
In July 1985. the City issued $13.720,000 of Special
Obligation Bonds. Series 1985, for the purpose of
refinancing the $10,400.000 Parking Revenue Bonds is-
sued in 1982 to finance construction of a 1.110 car park-
ing garage adjacent to the Government Center The
facility opened to the public in 1983 The Series 1985
bonds are collateralized under the bond ordinance by
net revenues from the parking garage and the revenues
of the City derived from water and gas utility services
tax in an amount not to exceed the maximum principal
and interest requirements in the ensuing fiscal year.
The City has appropriated approximately $1,045.000 of
utility service tax revenue for this purpose for the fiscal
year ending September 30, 1987
Miami Cablevision
During September 1986. the City Commission ap-
proved certain revisions to the franchise agreement
with the City's Cable Television Franchisee, Miami
Cablevision The revisions to the agreement are in-
tended to resolve a dispute between the City and the
franchisee with regard to prepayments of franchise fees
in previous years. Under the terms of the new agree-
ment, future franchise fees (consisting of 4 of the fran-
chise's gross revenues) are to be offset against the
prepayments. plus a provision for the time value of the
prepayments. In addition, the City is to return $500.000
53
of the $2 million security deposit accounted for in the Ca-
ble TV Agency Fund.
Litigation
There are a number of claims and lawsuits out-
standing against the City, arising principally from per-
sonal injuries incurred on City property, for which a
liability of $29,335.000 was recorded in General Long -
Term Debt as of September 30, 1986, as described in
Note 12.
16. SUBSEQUENT EVENTS
On October 22. 1986, the City issued $6,375,000 of
General Obligation Pollution Control and Street and
Highways Bonds (Series 1986 A) to provide for various
capital projects The bonds were issued at interest rates
of 5°. though 7 4'"., with semiannual interest payments.
Serial principal maturities begin in 1988 through 2000 in
amounts from S325,000 to $350.000. with a term maturity
of $1.905.000 in 2006
On October 23. 1986. the City issued $4,290,000 in
Special Obligation Bonds, Series 1986 A, to provide fi-
nancing for construction of owner occupied residences
under the Scattered Site Program in the City's Commu-
nity Development Target areas The bonds carry inter-
est rates at 4.1°, to 7.375°,,. with serial retirements
beginning 1987 through 1996 in amounts from $80,000 to
$190,000 and a term payment of $2.830,000 in 2006. Debt
service on the bonds are payable solely from certain
telephone and telegraph franchise fees.
pro
INDIVIDUAL FUND STATEMENTS
i
GENERALFUND
GENERAL FUND —to account for resources traditionally associated with govern-
ments which are not required to be accounted for in another fund.
-
kfy
Vfr
"n
i
� SCHEDULE A-1
CITY OF MIAfAI.FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES
i AND CHANGES IN FUND BALANCE - BUDGET
(NON-GAAP BUDGETARY BASIS) AND ACTUAL
- YEAR ENDED SEPTEIkABER 30, 1986
With Comparative Actual Amounts For Year Ended September 30, 1985
1986
Variance
Favorable Actual
} Budget Actual (Unfavorable) lees —
Revenues:
Taxes:
Property tax collections including
1 penalties and interest
Business and excise taxes
i Licenses and permits:
i Business licenses and permits
Construction permits
Intergovernmental:
State revenue sharing
Sales taxes
Court fines
Other
Intragovernmental:
Engineering services
Other administrative
Charges for services:
Public safety
Recreation
Solid Waste
Other
Interest
Other revenues:
Rents
Miscellaneous
Total revenues
AM
alp
$ 87.122,560
S 88,137.669
S1.015.109
$ 84,2008,646
16.073.050
18.805,092
18.593.033
(212.059)
105,927,652
106.730.702
803.050
100.281.696
5.913.949
5.944.044
30.095
5.956.449
84.572
70,000
72.262
2.262
5.983.949
6.016.306
32.357
6.041.021
10.936.648
11.098.641
161.993
11.962.175
11,354.993
11.000.000
10.993.863
(6.137)
443.289
1,477,170
1.780.000
2.223.289
(198.294)
1.478.949
1.128.074
929.780
24.844.722
25.245.573
400.851
26,273,287
2.805.000
2.795.144
(9.856)
2,775.073
23.751
_
218.062
218.062
2.805,000
3.013.206
208,206
2.798.824
3,324.770
3.274.984
(49.786)
3.594.644
253,590
255.300
268,526
13.747.182
13.226
267.182
12.993.917
13.480.000
2.419.790
1.119.414
(1.300.376)
791.582
19.479.860
18.410.106
(1.069.754)
17.633.733
2.160.000
2.481.093
321.093
2,717.703
_
2.866
50.500
356.118
305.618
381.183
50.500
356.118
305.618
384,049
$161.251.683
$162.253.104
$1.001.421
$156,130.313
59
(Continued)
SCHEDULE A-1
CITY OF MIAMI,F!_ORlr)A
(Continued)
GENERAL FUND
SCHEDULE OF REVENUES, EXPENDITURES
AND
CHANGES IN FUND RALANCE - BUDGET
(NON-GAAP
BUDGETARY BASIS)
AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Actual Amounts For Year
Ended September 30, 1985
1986
- -
Variance
_
Favorable
Actual
Budget
Actual
(Unfavorable)
1985
Expenditures:
General Government'
Mayor and commission
$ 1.030.370
S 998,055
$ 32.315
$ 893,211
_
City manager
1.552.996
1.503,583
49,413
2,234,024
City clerk
756.321
732.265
24.056
528.514
Management and budget
1,782,339
1.610,141
172.198
1.414,701
Finance
2.883.253
2,812.994
70,259
2.804,307
Legal
1.555.311
1.538.925
16.386
1,248.346
Civil service
245.888
203.812
42.076
188,281
Personnel management
1.836.920
1.743.116
93.802
1.626.207
Internal Audit
1,104.292
949.966
154,326
585.950
Computer and communications
4.672.957
4.335.993
336.964
4.036,236
17,420,647
16.428.852
991.795
15.559.777
Public safety.
Police
69,664.644
66.558,719
3.105,925
62.972,667
Fire
37.398,101
37.395,733
2.368
36.312,302
_
107,062,745
103,954.452
3.108.293
99.284,969
Public improvements:
Public works
14.371.515
13.562,839
808.676
13.610,802
Development
2,463.240
1.849.921
613,319
1,083,588
Community development
925.465
760.059
165,406
1.060,997
Planning and zoning boards
4,686.438
4,438,412
248,026
1.358.661
_
22,446.658
20,611,231
1,835,427
17,114,048
Solid waste
25,140,158
24.865,092
275,066
22,830.100
Culture and recreation
9,315.408
8,575.344
740,064
8,669,148
Other:
Employee benefits
3,462.571
3.559.156
(96.585)
2,852,723
Special programs
1,519,962
1,349,871
170,091
1,916,971
Intragovernmental charges
1.646,695
1.646,695
-
4,126,636
Miscellaneous
6.765.530
6.757,890
7,640
5,822.043
13,394.758
13,313,612
81.146
14,718,373
Total expenditures
194,780,374
187,748,583
7.031,791
178,176,415
Excess (deficiency) of revenues
over expenditures
(33,528.691)
(25.495,479)
8,033,212
(22,046,102)
Other financing sources (uses):
Operating transfers in
29,126,633
26,850,245
(2,276.388)
30,750,042
Operating transfers out
(2,097,942)
(2,097,921)
21
(3.290,586)
Total other financing sources uses)
27.028,691
24,752.324
(2,276,367)
27,459.456
Excess (deficiency) of revenues and
-
other financing sources over
expenditures and other uses
$(6,500,000)
(743.155)
$ 5,756,845
5,413.354
Fund balance at beginning of year
12,538,787
679
7(267,529,
Equity transfers to other funds
(53,621)
(26729)
Equity transfers from other funds
401.000
14,283
Fund balance at end of year
$12.143.011
$12.538,787
DUO
k
SPECIAL REVENUE ENUE 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 pro-
ceeds 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 proceeds from grants
and a special Ad Valorem tax levy.
FEDERAL REVENUE SHARING —to account for the proceeds from the federal gov-
ernment under the General Revenue Sharing Program.
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 gov-
ernment 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 purpcset
LAVA' t;t iii t t.'irl:l' i I t.f' t --1c` .ivcotti;t for con'i�-c if d Ino i£ ;! v_av cd to the
City undoi :, �atc f�l ,ft_trn io bc,, U`iC;l1 for lav, t rit�JiC:�'(T l'�it ffr:is ,:•i3 (` 1},**-,- � Itp3SL". .
OTHER 1c� t.t�t:ourrt to n iccc:lla'ec_}u rc��'ivic s+ ffoln ledc, al and state
governments and other SLWrC (15 thi t We i esirlcted to f-;:(:('.'rt('itlirt3 tot specific cur-
rent operating purpebes-
SCHEDULE 3-1
T
CITY OF MIAMI, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEETS
SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 198S
Miami Sports
Downtown
Federal
Law
Totals
& Exhibition
Development Revenue
Rescue
Community
Enforcement
Other
Authority
Authority
Sharing
Services
Development
Cable T.V.
Fund
Funds
1986
1985
ASSETS
Equity (deficit) in pooled cash
and investments
$ -
S -
$1,286,743
$178.483
$ (927,871)
$2,240,118
$1.850,077
$1.058.715
$5,686,265
$ 3,356.978
Cash and cash equivalents
358.741
8,511
-
-
-
-
-
-
367.252
5.042.835
Taxes receivables
-
-
-
-
-
-
-
-
-
468,309
Accounts receivable
-
63.751
-
-
-
-
-
11,367
75.118
104,913
Due from other funds
-
11.526
-
-
-
-
-
-
11,526
3,653
Due from other governments
-
-
-
-
1.536,150
-
-
1,465.287
3.001,437
3.531.889
Other
-
540
-
-
1.452
-
-
-
1,992
3.026
Total assets
$358.741
$84.328
$1.286.743
$178.483
$ 609,731
$2.240.118
S1,850.077
$2.535.369
39.143.590
$12,511.603
LIABILITIES AND
FUND BALANCES
Vouchers and accounts payable
$ 14.250
$60.943
$ -
$ 16.969
$ 566.403
$ 6,278
$ 5.987
$ 141.045
$ 811,875
S 612,975
Accrued expenses
(principally salaries)
-
10.366
-
63.708
-
-
643
522
75,239
19,616
Due to other funds
-
13.019
1.286,743
-
-
-
-
787.848
2,087.610
973,522
Deposit refundable
-
-
-
-
43.328
-
-
143.756
187.084
286.535
Total liabilities
14,250
84.328
1.286.743
80,677
609.731
6,278
6.630
1,073.171
3.161.808
1.892,648
Fund balances
Unreserved
Designated for subsequent
years expenditures
-
-
-
-
-
1,655,189
-
-
1,655.189
-
Undesignated
344,491
-
-
97.806
-
578,651
1,843.447
1,462,198
4.326.593
10,818,955
Total fund balances
344,491
-
-
97,806
-
2.233,840
1,843,447
1,462,198
5,981.782
10.618.955
Total liabilities
and fund balances
$358.741
$84,328
$1.286,743
$178,483
$ 609.731
$2.240.118
$1.850.077
$2.535.369
$9.143.590
$12,511,603
Revenues:
Property taxes
Business and excise taxes
Intergovernmental
Interest
Other
Total revenues
Expenditures
Public safety
0) Grants and related expenditures
Cn Economic development
Other
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses).
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess (deficiency)
of revenues and other
financing sources over
expenditures and other uses
Fund balance at beginning of year
Equity transfers to other funds
Fund balances at end of year
CITY OF MIAMI, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENTS OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 1985
Miami Sport; Downtown Federal Law
Totals
SCHEDULE: 3-2
& Exhibition
Development Revenue
Rescue
Community
Enforcement
Other
1985
Authority
Authority Sharing
Services
Development
Cable T.V.
Fund
Funds
1986
g
S 393,397 S -
S -
S -
S -
S -
S 139,939
S 533.336
S 335.566
219.768
- -
1,260.610
-
-
-
-
1.480.378
6,752.561
-
302.559 7.117,830
-
10.912.293
-
-
3.469.103
21,801,785
22,854.205
115.879
4.897 -
9.627
22.332
268.626
147.143
53.155
621.659
894.512
_
4.208 -
3,813
759.907
-
561,989
389.670
1.719.587
1,117.739
335,647
705.061 7.117.830
1.274.050
11.694,532
268.626
709,132
4.051,867
26.156.745
31.954.583
1.854.680
-
-
532,200
-
2.386.880
1,818.707
- _
-
11.606.582
-
-
2.721.282
14,327.864
14.808.811
_
-
-
949,989
945.324
-
949.989 -
-
-
-
-
1.134.654
-
-
1.486.552
1,199.381
351.898
- -
-
351.898
949.989 -
1,854.680
11.606.582
1,134.654
532.200
2.721,282
19.151.285
18.772.223
(16.251) (244.928) 7.117.830 (580.630) 87.950 (866.028)
559,898 - -
(7.148.548) - (87,950) (679,086)
(7.148.548) 559.898 (87.950) (679.086)
176.932 1.330.585 7.005.460 13.182.360
455,520 1,015.418 1,912.425
(20.000) (7.935.584) (12,445.649)
435,520 16.920.166) (10.533.224)
(16.251) (244.928) (30.718) (20.732) -
(1.545.114) 176.932 1.766,105
85,294
2,649.136
5,082.209 244.928 30.718 118.538 -
(4,721.467) - - - -
3.778.954 1.666.515 (302.907)
- - - (1.000)
10,618.955
(4.722.467)
8.266.357
(296,538)
$ 344,491 $ - $ - S 97.806 $ -
$2,233,840 S1.843.447 $1.462.198
S 5.981.782
S10.618.955
I �� I IIIU�'If,,iilRll�l'���l��i� ...� ... •.�� ��I�6�IIIII���I���'',��,II�II I I ' �I
� I .� : , I
-
I , � ,
a
SCHEDULE B-3
CITY OF MIAMI, FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITY, DOWNTOWN DEVELOPMENT AUTHORITY,
FEDERAL REVENUE SHARING, RESCUE SERVICES AND CABLE T.V. SPECIAL REVENUE FUNDS
COMBINING
STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 1985
Miami Sports and Exhibition Authority Downtown Development Authority
Variance
Variance
Favorable 1985
Favorable
1985
Budget Actual (Unfavorable) Actual Budget Actual
(Unfavorable)
Actual
Revenues:
Property taxes
S - S - S - S - S 360,683 S393.397
S 32.714
$335.566
Business and excise taxes
- 219,768 219.768 5.519.191 - -
-
-
Intergovernmental
- - - - 315.900 302.559
13 3.111
32.365
Interest
- 115.879 115,879 152.261 - 4.897
4.897
7.776
Other
- - - - 39.800 4.208
(35.592)
58.579
Total revenues
- 335.647 335.647 5.671.452 716.383 705.061
11,322)
434.286
Expenditures:
Public safety
- - - - -
-
Economic development
- - - - 936,383 949.989
(13.606)
945.324
pp��
O) Other
398.769 351.898 46.871 399.783 - -
--
-
Total expenditures
398.769 351.898 46.871 399.783 936.383 949.989
113.606)
945.324
Excess (deficiency) of revenues
over expenditures
(398,769) (16,251) 382.518 5.271.669 (220.000) (244.928)
(24.928)
1511.038)
Other financing sources (uses):
Operating transfers in
- - - - - -
-
772.095
Operating transfers out
- - - - - -
-
-
Total other financing
sources (uses)
- - - - - -
-
772.095
Excess (deficiency) of revenues
and other financing sources over
expenditures and other uses
$(398.769) (16.251) $ 382,518 5.271,669 S(220.000) (244.928)
S(24.928)
261.057
Fund balances at beginning
(1) (1)
ofyear
5.082,209 (189.460) 244.928
(16.129)
Equity transfers to other funds
(4.721.467) - -
-
Fund balances at end of year
$ 344,491 $5.082.209 $ -
$244,928
(1) Budget balanced by appropriation of beginning fund balance
(Continued)
0)
CITY OF MIAMI, FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITY, DOWNTOWN DEVELOPMENT AUTHORITY,
FEDERAL REVENUE SHARING, RESCUE SERVICES AND CABLE T.V. SPECIAL REVENUE FUNDS
COMBINING STATEMEI`ITS OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALARICES - BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 1985
Revenues:
Property taxes
Business and excise taxes
Intergovernmental
Interest
Other
Total revenues
Expenditures
Public safety
Economic development
Other
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources (uses)
Excess (deficiency) of revenues and
other financing sources over
expenditures and other uses
Fund balances at beginning
of year
Equity transfers to other funds
Fund balances at end of year
SCHEDULE B-3
(Continued)
Rescue Services
Federal Revenue Sharing
Variance
Variance
Favorable
1985
Favorable
1985
Actual
Budget
Actual
(Unfavorable)
Actual
Budget
Actual
(Unfavorable)
$1.271,376 $
1.260.610
(10.766)
1.233,370
7.156.285
7.117.830
(38.455)
8.811.281
-
9.627
9.627
10.157
-
-
-
_
3,813
3.813
10.428
-
(38.455)
8,811.281
1.271,376
1.274.050
2.674
1.253,949
7.156,285
7,117,830
_
1.831.274
1.854,680
(23.406)
1.818.707
_
1.831.274
1.854.680
(23.406)
1.818.707
138.455)
8,811.281
(559.898)
1580.630i
(20.7321
(564.758)
7.156.285
7.117.830
_
559.898
559.898
-
511.434
(7.156.285)
(7.148.548)
7.737
(8,921.088)
-
-
-
7.737
(8.921,0881
559,898
559.898
-
511.434
(7.156.285)
(7.148.548)
$ -_
(20.732)
S (20.732)
(53.324)
S -
(30,718)
S (30.718)
_—
(109,807)
118.538
171,862
30.718
140.525
-
-
$ 97,806
S 118.538
$ 30,718
$ _
(Continued)
1
SCHEDULE B-3
(continued)
CITY OF MIAMI, FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITY, DOWNTOWN DEVELOPMENT AUTHORITY,
FEDERAL REVENUE SHAFTING. RESCUE SERVICES AND CABLE T.V. SPECIAL REVENUE FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 1985
Cable T.V.
Total
Variance
Variance
Favorable
1985
Favorable
1985
Budget
Actual
(Unfavorable)
Actual
Budget
Actual
(Unfavorable)
Actual
Revenues:
$ - S
S S
.683
$39337
5209
5
Property taxes
-
_
1.271.376
1,480.378
002
6.752.561
Business and excise taxes
-
-
7,172.185
7.420.389
15i.796t
8.813.616
Intergovernmental
-
-
268.626
268.626
359,990
399.029
399.029
530.178
Interest
-
-
5.942
39.800
8.021
i31.779)
71.949
Other
-
-
268.626
268.626
365.932
9.144,044
9.701,214
557.170
16.536.900
Total revenues
Expenditures:
-
1.831.274
1.854.680
(23.4061
1.818.707
Public safety
-
-
936.383
949.989
13.606)
945.324
Economic development
-
1.420,576
1,134.654
285,922
799.598
1.819.345
1.486,552
332.793
1.199.381
Other
Total expenditures
1.420,576
1,134.654
285.922
799.598
4.587.002
4.291.221
295.781
3.963,412
Excess (deficiency) of revenues
(1.420.576)
(866.028)
554,548
1433.666)
4.557.042
5,409.993
852.951
12.573.488
over expenditures
Other financing sources (uses):
-
_
559.898
559.898
-
1.283,529
Operating transfers in
-
(679.086)
-
(679.086)
-
-
(7.835.3711
(7.827.634)
7.737
(8.921.088)
Operating transfers out
Total other financing
(679.086)
(679.086)
-
-
(7,275.473)
(7.267.736)
7.737
(7.637.559)
sources (uses)
Excess (deficiency) of revenues
and other financing sources over
S(2,099,662)
(1.545.114)
$554,548
(433.666)
S(2.718.431i
(1.857.743)
5860.688
1.935.929
expenditures and other uses
Fund balances at beginning
(1)
3,778.954
4.212.620
9.255.347
4.319.418
of year
-
(4,721.467)
-
Equity transfers to other funds
-
S 2.233.840
S 3,778,954
S 2,676.137
S 9.255.347
Fund balances at end of year
(1) Budget balanced by appropriation of beginning
fund balance
r .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.
SUBORDINATE OBLIGATION NOTE —To account for the proceeds and 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.
SPECIAL OBLIGATION BONDS —To account for monies for payment of principal,
interest and other costs related to the Floating/Fixed Rate Special Obligation
Bonds, Series 1985. Debt Service is financed through proceeds from a Convention
Development tax.
f
k
W
ME
DEBT SERVICE FUNDS
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.
SUBORDINATE OBLIGATION NOTE —To account for the proceeds and 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.
SPECIAL OBLIGATION BONDS —To account for monies for payment of principal,
interest and other costs related to the Floating/Fixed Rate Special Obligation
Bonds, Series 1985. Debt Service is financed through proceeds from a Convention
Development tax.
CITY OF MIAMI, FLORIDA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 1985
ASSETS
Equity (deficit) in pooled
cash and investments
Cash with fiscal agents
Receivables:
Taxes
Assessment liens, net
Other
Total assets
LIABILITIES AND
FUND BALANCES
Liabilities:
i
Matured bonds and
_
interest payable
Subordinated obligation
note - in escrow
Due to other funds
Other payables
Total liabilities
Fund balances:
Reserved for debt service
Reserved for subordinate
obligation note
i
Unreserved:
_r
Designated for
subsequent year's
expenditures
Undesignated
Total fund balances
Total liabilities and
fund balances
General
Utilities
Subordinate
Special
Obligation
Service
Obligation
Obligation
Bonds
Tax Bonds
Note
Bonds
$7.436,248
$(159,726) $ - $ -
-
227,799 10,107,537 12,456,741
236.904
- - 266,978
405,894
- - -
-
1,883 - -
$8,079,046
$69,956 $10,107,537 $12,723,719
$4,215,277 $ - $ - $ -
- $10,000,000 -
15,000 -
185,291 - 6,000 18,000
4,400, 568 15,000 10,006,000 18,000
- 54,956 - 12,705,719
- 101,537 -
3,678,478 - - -
3,678,478 54,956 101,537 12,705,719
$8,079,046 $69,956 $10,107,537 $12,723,719
SCHEDULE C-1
Totals
1986 1985
$7,276,522 $9,203,060
22,792,077 253,395
503,882
413,887
405,894
414,730
1,883
2,490
$30,980,258
$10,287,562
$4,215,277
10,000,000
15,000
209,291
14,439,568
12,760,675
101,537
3,678,478
16,540,690
$4,162,408
8,414
4,170,822
253,395
1,762,711
4,100,634
6,116,740
$30,980,258 $10,287,562
72
w
M
CITY OF MIAM1, FLORIDA
DEBT SERVICE FUNDS
COMBINING STATEMENTS OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCE
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 1985
Revenues:
Tax collections
Assessment lien
collections
Interest
Other
Total revenues
Expenditures:
Principal retirement
Interest and fiscal
charges
Other
Total expenditures
Excess (deficiency)
of revenues over
expenditures
Other financing sources
(uses):
Operating transfers out
Proceeds from
debt issuance
Deposits for debt
defeasence
Total other financing
sources and uses
Excess (deficiency) of
revenues and other
financing sources
over expenditures
Fund balances at beginning
of year
Fund balances at end
of year
General
Utilities
Obligation
Service
Bonds
Tax Bonds
$18,263,497
$24,760,260
3,726,244
-
1,015,933
239,365
209,684
-
23,215,358
24,999,625
10,800,000
150,000
13,280,529
16,742
9,727
-
24,090,256
166,742
(874,898) 24.832,883
- (26,341,291)
35,550,575 -
(35,550,575) -
- (26,341,291)
(874,898) (1,508,408)
4,553,376 1,563,364
$ 3,678,478 $ 54,956
Subordinate
Special
Obligation
Obligation
Note
Bonds
$ -
$ 3,227,252
528,548
599,426
528,548
3,826,678
73
359,011
1,374,043
68,000
670,054
427.011
2,044,097
101,537 1,782,581
(362,703)
11,285.841
SCHEDULE C-2
Totals
1986
1985
$46,251,009
$41,278,253
3,726,244
2,799,998
2,383,272
1,357,076
209,684
-
52,570,209
45,435,327
10,950,000
10,165,000
15,030,325
12,553,002
747,781
20,789
26,728,106 22,738,791
25,842,103 22,696,536
(26,703,994) (22,400,225)
46,836,416 12,000,000
(35,550,575) (12,000,000)
10,923,138 (15,418,153) (22,400,225)
101,537 12,705,719
$101.537 $12.705,719
10,423,950 296,311
6,116,740 5,820,429
$16.540,690 $ 6,116,740
CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION AND UTLITIES SERVICE TAX BONDS
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES —
BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTt=MBER 30, 1986
With Comparative Totals For Year Ended September 30. 1985
General Obligation Bonds
Variance
Favorable
1985
Budget
Actual
(Unfavorable)
Actual
Revenues:
Tax collections
$18,160,372
$18,263.497
$ 103.125
$17,489,346
Assessment lien collections
3,400.000
3,726,244
326,244
2,799,998
1,283,469
Interest
800,000
1,015,933
215,933
Other
-
_ 209,684
209,684
-
Total revenues
22,360,372
23,215,358
854,986
21,572,813
Expenditures:
Principal retirement:
10,800,000
10,800,000
-
10,010,000
Long-term debt
Interest and fiscal charges
13,257,183
13,280,529
(23,346)
12,540,227
Other
65,900
9,727
56,173
17,317
Total expenditures
24,123,083
24,090,256
32,827
22,567,544
Excess (deficiency) of revenues over
(1,762,711)
(874,898)
887,813
(994,731)
expenditures
Other financing sources (uses):
_
Operating transfers out
Operatds from debt issuance
Procee
-
38,355,000
-
35,550,575
(2,804,425)
12,000,000
Deposits for debt defeasance
(38,355,000)
(35,550,575)
2,804,425
(12,000,000)
Total other financing sources (uses)
-
-
-
Excess (deficiency) of revenues and other
financing sources over expenditures
and other uses
(1,762,711)
(874,898)
887,813
(994,731)
Fund balances at beginning of year
4,553,376
4,553,376
-
5,548,107
Fund balances at end of year
$ 2,790,665
$ 3,678,478
$ 887,813
$ 4,553,376
74
Utilities Service Tax Bonds
Variance
Favorable 1985
Budget Actual (Unfavorable) Actual
$24,941,177 $24,760.260
239,365
24,941,177 24,999,625
150,000 150,000
12,750 16,742
500 -
163,250 166,742
24,777,927 24,832,883
(26,341-291) (26,341,291)
(26,341.291) (26,341,291)
(1,563.364) (1,508,408)
1,563,364 1,563,364
$ $ 5954 6
$(180,917)
$23.788,907
239,365
73,607
58,448
23,86 ,,5142
150,000
(3,992) 17,775
500 3,472
(3,492) 171,247
54,956 23,691,267
- (22,400,225)
- (22,400.225)
1,291,042
- 272,322
$ 54,956 $ 1,563,364
64
SCHEDULE C-3
Total
Variance
Favorable 1985
Budget Actual (Unfavorable) Actual
$43,101,549
$43,023,757
$(77,792)
$41,278,253
2,799,998
3,400.000
3,726,244
1,255,298
326,244
455,298
1,357,076
800,000
-
209,684
209,684
__
47,301,549
48,2 941 83
913,434
45,435,327
10,950,000
10,950,000
-
(27,338)
10,160,000
12,558,002
13,269,933
13,297,271
9,727
56,673
20,789
66,400
-
_
24,286,333
24,2 965 98
29,335
22,738,791
23,015,216
23,957,985
_ 942,769
22,6_ 96_536
(26,341,291)
(26,341,291)
-
(2,804,425)
(22,400,225)
12,000,000
38,355,000
(38,355,000)
35,550,575
(35,550,575)
2,804,425
(12,0_ 00__000)
------
(26,341,291)
(26,3_ 41,291)---
-
(22,400,225)
(3,326,075)
(2,383,306)
942,769
296,311
5,820,429
6,116,740
6,116,740
-
$ 2,790 665
$ 3,733,434
$942,769
$ 6,116,740
75
W_
ow CAPITAL PROJECTS FUNDS
No
STREET IMPROVEMENTS/TRAFFIC RELATED —to account for expenditures made
for street improvements and other transportation related projects.
CULTURE AND RECREATION —to account for the acquisition or construction of ma-
activities such as parks and parks
jor capital facilities for cultural and recreational
facilities.
MUNICIPAL USE —to account for the acquisition or construction of major capital fa-
cilities that support the City's police, fire, computers, communications, and general
government operations.
or construction of major capital facili-
PUBLIC USE —to account for the acquisition
ties for public use such as housing and community redevelopment.
SEWERS —to account for expenditures for the construction of sanitary and storm
sewers.
EQUIPMENT ACQUISITION —to account for the acquisition of equipment funded by
the Issuance of $16,175,000 of Certificates of Participation.
MIAMI SPORTS ARENA —to account for the construction of a 15,000 seat multi -pur-
is funded using proceeds from
pose arena in Downtovvn Kainr:. The construction
the issuance of the Floating/Fixed Rate Special Obligation Bonds, Series 1085.
5—
lTf
040
Vol
1
u
!a�
y 4
77
Y � I
S
$OHEOULE 01-1
r CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
- SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 1985
t
E4ufpmem
Miami sp"
TOWN
iN6
Trtnepor-
Culture 6
Munitlpal
Public
use
Sewers
aequNl6on
Anna
11111
htlon
Recreation
Use
_
�
ASSETS
S -
S 76,340.282
$88.289-138
Equity (deficit) in pooled
$16.135,700
$3 300 918
`;24 912.744
S9.662-424
522.128.496
_
12268.458
28,707.145
40.975.603
cash and investments
_
-
_
854,t06
2,826.159
Cash with fiscal agents
-
_
-
-
172,600
112.600
Accounts receivable
654.106
-
_
172.600
_
-
-
_
_
_
4.541,42t
1.280.965
Due from other funds
254.059
1857.105
-
Bt.t97
2.352.060
-
-
600.000
58,765
-
Due from Other governments
Other assets
600.000
_
-
-
S12.266.158
$28�15
5123� 12
$72=7.6 27
517.6p.865
$5.330.62J
f24,912.7d1
$9,943.621
S24.480.556
-
-
---
Total assets
nv,
LIABILITIES AND
FUND BALANCES
-622
M
Liabilities.
S 72.668
S tO7.J49
S 1.026.I2S
$ _
S 418.229
S J.902.417
2.117
S J,211.234
1.234
Vouchers end accounts payable
f 925.921
51,357.592
-
2 217
200
-
-
-
-
56,275
-
Accrued espenses
_
_
_
86275
-
�
_
��
-
_
--
Due to other funds
-
116.229
3.994.578
3.216.856
925.924
1.357.592
74.885
193.824
1,o26,125
��
7
Total liabilities
_
18 785.720
9.732.7 02
Fund balances
5.745.879
4.241 609
lA03.356
255 398
7.439A7B
-
_
28.290.Bt6
28.290.916
-
rehc a
Reserved for encumbrances
-
_
Reserved for construction
-
I2.268458
-
12,268 458
-
Reserved for equipment purchases
-
_
under certificates of participation
-
-
59.947.339
59,658.069
'
Unreserved - designated
10.972.062
1268.5781
2J 734.503
9A94.399
t6.014.953
_
for approved projects
28190.916
119.292.43J
69.390.771
111 717.941
3 973 031
24.837.659
9 749,797
23 454 431
12.26E 458
Total fund balances
$t2268.458
528.107.u5
5127.28T.012
572.607.62T
Total liabilities and
$17.643.065
S5.3J0623
52t.9t2.744
59943621
524480555
fund balances
cmw_-
=r
id
7
!1
RENEW
�-3
siminis —�
79
Revenues
In tergovernmentst
linterest
Other
E■pendltures
Capital protects
E11Ce7s Idefiaencyl of revenues
over emenddures
Other financing sources(usesl
Operating transfers in
Operating transfers out
Prrx Peds from debt Issuance
Total other financing sources (uses)
E.cess (deficiency) of revenues and
ether financing sources Over
", penddures and other uses
Fund balances at beginning of year
Equity transfers to other funds
Equity transfers from ether funds
Fund balances at end of year
SCHEDULE D-2
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
-
COMBINING STATEMENTS OF REVENUE, EXPENDITURES
y�
AND CHANGES IN FUND BALANCES
_
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 1985
v
Transport-
Culture a Municipal Public Equipment
Miami Eperis
Totals -
totton
Recreation Use Use Sewers Acquisition
Arena
It"
I"S o
S 8 598
S3 081 q42 S 14 475 S 554 812 S 3 205 966 S -
S -
S 6 865 813
S 2 474.699
1.130044
290 q]11 t 311 225 t 123 260 1 694 200 -
1 541 391
7 071 021
6 727.390
-
2 623 704 - 245 -44 ..
-
2 869 449
374 57Q--a--
1 138 642
5 9P6 547 1 325 '00 1 Q23 936 4 890 166
1 541 391
16 Hc6 282
9 576 669
6.025 158
5 612 842 5 301 874 9 591 '43 7 797 9M -
4 527 272
39.P46 875
27 402.972
41.886 5161
373 705 i3 076 174 I - 657 9071 (2 907 8201 -
12 985 PP 11
122 040 593)
(17 826 3041
2308584
27 640 97 (IS,' 437 714 _
362 703
3 713.711
9.360.102 �'-
1181,0401
1228 052 i - - 12 506 5711 _.
12.915.(,631
17.267.925 )
2000000
- 12 Ono 01'n 3 c99 205 8 000 00.n 15 '94 252
203 192 627
67 076 094
33 OOO.000
4 127,544
(200 4 12 1 1Ono 3 g76 90n 5 4711 42? 15 79.1 25,
26 555 330
6; 874,132
35.092,177
(758 972)
173 293 8 600 OD5 4 130 9981 2 595 so') 15791 252
23.569 449
45.633 539
17.265 873
14 135 119
4 039 738 16 250 297 13 880 795 21 0P4 8':
-
69.390,771
51.957,274
(1840001
12400001 131441 - (2160001 13525.7941
-
14179.138)
(61,984)
3.525.794
- - - -
4.721 467
8217,261
229,608 -_ -
S16.717.941
53.973 03, $24.837.859 $9.749 797 $23 454 431 S12.266 458
S28.290.916
$119,292,433
S69,390.771
t
W-
r
R
i
VH
a.,
ENTERPRISE FUNDS
OFF—STREET PARKING —to account for the operations of the Department which op-
erates various parking facilities throughout the City and Dade County.
G & O 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/Univer-
sity, of Miami James L. Knight International Center and Parking Garage.
MARINAS —to account for the operations of the Dinner Key Marina and Miamarina.
AUDITORIUMS --to account for the operations of the Coconut Grove Exhibition
Center.
GOLF —to ccount for tiro operations of the f+"e:l Reese golf Course and the Miami
Springs C _?if Course.
Snr t€ir c�por4aien c•t��ar�.f,��t.�r�e facility
leased to the C,lrt 1r00,' P(,"vvi
� �`-t'rtt@^i- Park -
PARKING GAt,�,C�t;- 10 ac.=Alt for the opco , � }t.on of tltc. r�
ing Garage.
MIAN AGE t s%.f l'i'--to Letolwit for the opera,fion and Mon-
PROPERTY AND LEASE
agement of various properties leased to private open E'01' ,
.l
s a
r
CITY OF MIAM1, FLORIDA
Oak
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1986
{MW
With Comparative Totals For September 30, 1985
G&O
Oft -Street
Enterprise Marine Miami
Orange Bowl
Convention
Parking
Fund Stadium Stadium
Stadium
Center
Marinas
ASSETS
Current assets:
Cash and cash equivalents
$ 4,224,183
$176.907 $ - $ -
$ -
$
Accounts receivable, net
where applicable of
allowances for uncollect-
ibles of $967,141
98,405
59.471 9,815 3.140
647,620
444.200
46,708
Due from other funds
594,304
- - -
-
15,000
-
Due from other governments
-
- - -
257,968
-
-
Inventories
51,953
- - -
-
-
-
Prepaid expenses
117,687
41.982 - -
-
105.793
-
Total current assets
5.086.532
278.360 9,815 3.140
905.588
564.993
46,708
Restricted assets:
Cash and investments with
fiscal agent including
accrued interest
1.985.917
- - -
-
10,117.782
-
Notes receivable, long-term
16.800
- - -
-
-
-
Property, plant and
equipment
24,368.492
850.627 2.104.099 2,138,613
14,169,624
87,981,241
5,694,834
Less:
_
Accumulated depreciation
(6,385.956)
(368,585) (1,468,698) (992.028)
(6,971,219)
(5,370,752)
(3,033,858)
Property, plant and
a�
equipment, net
17,982.536
482,042 635.401 1,146,585
7,198.405
82,610,489
2,660,976
Other assets:
Deposits and other assets
522.669
- - -
300
-
-
Bond issuance costs, net
115.722
- - _ -
-
1,731.922
-
Total assets
$25,710.176
$760,402 $ 645,216 $1,149,725
$8.104.293
$95.025.186
$2,707,684
84
I
'
SCHEDULE E-1
3
_i
Property
Warehouse
Parking
and Lease
Totals
INS
Auditoriums
Golf
Property
Garage
Management
1986
1985
$ -
$ -
$ -
$ -
$ -
$ 4.401.090
$ 4.257,977
61.964
17.895
-
-
538.575
1.927,793
1.252.577
-
609.304
-
>•
_
_
_
_
-
257.968
263,441
1
_
_
_
_
-
51.953
110,795
-
_
-
_
74.702
-
340.164
425.967
WIN
61,964
17.895
-
74.702
538,575
7,588,272
6.310.757
1,958,152
-
14,061.851
14.153,599
_
-
16,800
- -
4.719.285
1.606,631
518.864
8,530,571
2,317,254
155,000.135
151,802,039
(1,417.763)
(720,279)
(234,388)
(518.589)
(129,150)
(27.611.265)
(24.870.546)
-
3,301.522
886,352
284,476
8,011.982
2.188,104
127.388,870
126.931,493
-
-
522,969
541,319
_
-
-
451,047
-
2.298.691
2,410.506
$3.363,486
$904.247
$284,476
$10,495,883
$2,726,679
$151,877,453
$150,347.674
SO(Continued)
,
_7N
LIABILITIES AND
FUND EQUITY
Current liabilities (payable
from current assets)
Deficit (equity) in pooled
cash and investments
Vouchers and accounts payable
Accrued expenses (principally
salaries)
Due to other funds
Deferred revenue
Deposits refundable
Total current liabilities
(payable from
current assets)
Current liabilities
(payable from
restricted assets):
Construction contracts
Accrued interest
Current portion of revenue
bonds payable
Total current liabilities
(payable from
restricted assets)
Long-term liabilities
Revenue bonds
payable - net
Special obligation bonds
payable - net
Other payables
Total long-term liabilities
Total liabilities
Fund equity.
Contributed capital
Retained earnings (deficit):
Reserve for construction
and revenue bond
retirement
Unreserved
Total retained earnings
(deficit)
Total fund equity (deficit)
Total liabilities and
fund equity
CITY OF MIAPAI, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET.
SEPTEMBER 30. 1986
With Comparative Totals For September 30, 1985
�.
Off -Street
G&O
Enterprise Marine
Miami
Orange Bowl
Convention
Center
Marinas
Parking
Fund Stadium
Stadium
Stadium
_
_
$ -
$ - S 174.316
$ 149.985
$ 662.974
$ 2,024.933
S(2.693.291)
_
99.829
17.230 11.964
6,046
200.853
89.759
102.889
433.279
23.474 -
9.683
45.532
42.805
16,142
�-
-
253.199 -
-
-
170.524
-
384.004
71.378 1.500
500
106.638
-
-
11,050
—
385.744
81.081 5,000
7
-
-
1.302.856
446.362 192.780
166,221
1,015.997
2,328.021
(2,563,210)
r�-
296,128
- -
-
-
1,290,470
-
4_
90.000
- -
-
-
386,128
- -
-
-
1,290,470
-
�►__
15,498.183
- -
-
-
58,528,277
-
m
air_
- -
-
58,528,277
-
-
15.498,183
17.187,167
446.362 192,780
166,221
1.015.997
62.146,768
(2,563,210)
k<
-
629,828 699,435
1,654,481
4.470.903
43,245,119
287,403
1,599,789
- -
-
-
8,827,312
-
i
6.923.220
(315,788) (246,999)
(670.977)
2,617,393
(19,194.013)
4,983,491
-
8,523.009
(315,788) (246.999)
(670,977)
2,617.392
(10,366.701)
4,983.491
8.523,009
314,040 452,436
983.504
7.088,296
32,878,418
5,270,894
W
$25.710,176
$ 760,402 $ 645.216
$1.149,725
$8,104.293
$ 95.025.186
$ 2,707,684
86
t
SCHEDULE E-1
(Continued)
_1
Property
Warehouse
Parking
and Lease
Totals
Auditoriums
Golf
Property
Garage
Management
1986 1985
$ 296.937
$534,330
$(123,450)
$ (475,567)
$(31.606)
$ 519.561 $ (124,154)
984.934
17,093
37.016
-
66.911
175
649.765
13.478
35.968
-
-
8.028
628.389 150.201
-
-
-
111.587
-
535.310 -
23.762
9
-
-
12.018
599.609 637,027
s,
-
30
-
-
13.469
- 496.381 122.321
351,270
607,353
(123,450)
(297.069)
2.084
3,429.215 1.770,329
s*
_
351.270
-�
5,407,084
_
(2,394.868)
(2,394.868)
3.012,216
ttt
_�` �
7w
l�
$3,363,486
_
15.350
_
-
289,111
-
1,875.709
2.254.070
-
-
90.000
160,000
_
-
289,111
-
1.965.709
2.429.420
-
81,000
-
-
74,107.460
71.739,641
-
13,343.146
-
13,343.146
13.318.994
_
_
-
1,769
-
81,000
13,343.146
-
87.450.606
85.060.404
607,353
(42.450)
13.335.188
2,084
92,845.530
89.260,153
391.051
-
633.900
2,286,681
59.705.885
58.539,751
-
1.669.041
-
12,096.142
11.724,179
(94,157)
326.926
(5,142.246)
437.914
(12.770.104)
(9.176.409)
_
(94.157)
326.926
(3.473.205)
437,914
(673,962)
2.547.770
296.894
326.926
(2,839.305)
2,724.595
59.031.923
61,087.521
$904.247
$ 284,476
$10.495.883
$2.726,679
$151.877,453
S15O.347.674
87
CITY OF MIAMI. FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENTS OF REVENUES. EXPENSES AND
CHANGES IN FUND EQUITY
YEAR ENDED SEPTEMBER 30. 1986
With Comparative Totals For The Year Ended September 30, 1985
Off-Streel
G&O
Enterprise
Marine
Miami
Orange Bowl
Convention
Marinas
Parking
Fund
Stadium
Stadium
Stadium _
Center
Operating revenue
Charges for services
$6.783,984
$609.952
$184.310
S 265.721
S2.687.988
$ 3.658.090
$1,436.67
Operating expenses:
Personal services
2.252.855
265.408
45.642
154,391
1.213.484
548.500
3.475,173
421,106
81.108
Contractual service
809.759
26.139
44.835
3.875
10.753
8.579
289.626
170,043
6.215
12.467
Materials and supplies
125.357
251.698
-
166.127
29.709
68.749
229.350
11.473
113.720
Utilities
Inlragovernmenlal charges
-
-
71.117
124.389
484,121
14,724
5.896
322.081
25,011
154.461
Other
612.869
511.107
21.707
45,494
Totals
4.052.538
968.781
216,885
412.355
2,401.348
4.369.3;fb
807.873
Operating income (loss)
before deprecation expense
2,731.446
(158.829)
(32.575)
(146.634)
286.640
(711.248)
628,804
Depreciation expense
1.114,371
71,496
84.991
50.716
399.695
1.569,966
176,374
Operating income (loss)
1.617.075
(230,325)
(117.566)
(197.350)
(113,055)
(2,281,214)
452.430
Nonoperating revenues (expenses)
693,475
8.642
-
-
8.609
847.375
196,964
Interest income
Interest and fiscal charge
(1,470.830)
-
-
-
225
951
(5.199.109)
142,527
-
16,070
Other
(302.076)
-
594
Net nonoperating revenues
(1,079,431)
8,642
594
225
9.560
(4.209.207)
213,054
(expenses)
Income (loss) before
operating transfers
537,644
(221.683)
(116.972)
(197,125)
(103,495)
(6,490,421)
665.484
Operating transfers in
-
80.110
-
100,444
-
5.213,053
-
-
-
-
-
(98,037)
Operating transfers out
-
-
Income (loss)before
extraordinary items
537,644
(141.573)
(116.972)
(96.681)
(103,495)
(1.277.368)
567,447
Extraordinary item -gain (loss)
-
on debt refinancing
(2.568,724)
-
-
-
_
Net income (loss)
(2,031,080)
(141.573)
(116.972)
(96,681)
(103.495)
(1,277.368)
567,447
Retained earnings (deficit)
at beginning of year
10.554.090
(174.215)
(130.027)
(574,296)
2,720,887
(9.089.333)
4,416,044
Retained earnings (deficit)
at end of year
8.523.010
(315.788)
(246.999)
(670.977)
2.617.392
(10.366.701)
4,983,491
Contributed capital at
beginning of year
-
429.828
675.161
1,406.186
3.929,646
43.243,798
287,403
Contributions from other
-
200,000
-
-
548.646
-
-
governments
Contributions from (to) other funds
-
-
24.274
248,295
(7,389)
1.321
-
Contributed capital at end of year
-
629.828
699.435
1,654.481
4,470,903
43,245,119
287,403
Total fund equity (deficit)
$8,523,010
$314.040
$452.436
$ 983,504
$7,088.295
$32,878.418
$5.270,894
88
INS
SCHEDULE E-2
F
an
1
a1
Property
Warehouse
Parking
and Lease
Totals
Auditoriums
Golf
Property
Garage
Management
1986
1985
$ 465.440
S1,070.991
S 27,160
$ 349.141
S1.668.170
S19.407.624
S18.954.363
176.541
757,023
-
-
177,741
6.012.691
5.174,561
88.365
95.960
237.422
9,145
5,168.285
4.641.081
8.538
115.027
-
-
2.094
452.195
924,014
151.976
86.729
-
-
747
1.110.278
1.098.426
-_ -
124.542
55,851
-
-
4.269
895.196
967.583
13.443
26,478
-
5,710
3.282
1.731.356
1.314,538
563.405
1.137.068
-
243.132
197.278
15,370.001
14,120.203
(97.965)
(66.077)
27.160
106.009
1.470.892
4.037,623
4.834.160
7
141.445
51,323
11.891
148.719
69.897
3.890.884
3,543.872
(239.410)
(117.400)
15.269
(42.710)
1,400.995
146,739
1,290.288
1•
-
21,451
9.393
122,448
-
1.908,377
2.074,621
-
-
(4.048)
(1.201.272)
-
(7.875.259)
(7,850,741)
-
6.654
-
-
610
(134,445)
(57,696)
-
28.105
5.345
(1.078,824)
610
(6,101.327)
(5.833.816)
(239.410)
(89,295)
20,614
(1.121.534)
1.401,605
(5.954.588)
(4.543.528)
145.532
-
-•
1.040,820
-
6.579.959
5.381,079
-
-
-
-
(986.967)
(1,085.004)
(1,999,227)
(93.878)
(89.295)
20.614
(80.714)
414.638
(459,633)
(1,161,676)
_
_
-
-
-
(2.568.724)
(2,468,039)
(93.878)
(89.295)
20,614
(80.714)
414.638
(3.028,357)
(3,629.715)
R
(2,300.990)
(4.862)
306.312
(3.392,491)
23.276
2.354,395
5,984,110
(2.394.868)
(94,157)
326.926
(3.473.205)
437.914
(673.962)
2,354.395
-
5,407.505
392.718
-
633.900
2.286.681
58.692.826
56.168.920
_
-
-
-
-
748.646
418.441
-1
(421)
(1.667)
-
-
-
264.413
2.105,465
5.407,084
391.051
-
633.900
2.286.681
59.705,885
58.692.826
S3,012.216
S 296,894
$326.926
$(2.839.305)
$2.724.595
S59.031.923
$61.047,221
--fv 89
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT OF CHJ!NCFS
IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30. 1986
With Comparative Totals For The Year Ended September 30, 1985
GRO
Off -Street Enterprise Marine Miami Orange Bowl Convention
Parking Fund Stadium Stadium Stadium Center Marinas
Working capital provided by (applied to).
Operations:
Income (loss) before extraordinary item
Items not requiring current
outlays of working capital.
Depreciation and amortization
Loss (gain) on dispositions of property,
plant and equipment. net
Total provided by (applied to)
operations before extraordinary item
Extraordinary item -loss
on debt refinancing
Total provided (applied) by operations
Other.
((Increase) decrease in restricted accounts
Contributions and equity transfers, net
Proceeds from long-term debt
Increase in other liabilities
Total
Working capital applied:
Additions of property.
plant and equipment. net
Reduction of revenue bonds payable
Increase (decrease)in bond discount
Decrease in other liabilities
Increase (decrease)in other assets
Total
Increase (decrease) in working capital
Summary of increases
(decreases) in %%orking capital:
Cash and investments
Accounts receivable, net
Due from other funds
Due from/to other governments
Inventories
Prepaid expenses
Accounts payable and accrued expenses
Due to other funds
Deposits refundable
Deferred revenue
Increase (decrease) in working capital
$ 537.644 $(141.573) S(116.972) $ (96.681) $(103.495)
1.138,859
71.496
84,990
50.716
399.695
7.229
-
-
-
-
1.683.732
(70.077)
(31,982)
(45,965)
296.200
(2,568,724)
-
-
-
-
(884,992)
_ 7( 0,077)
(31,982)
(45.96 5)
296.200
217,979
-
200,000
-
24.274
-
248,295
-
541,257
16,275.000
-
-
-
-
15,607,987
129,923
(7,708)
202,330
837,457
1,384,334 215,228 24,274 8,300
13,635.000 - - -
333,705 - - -
330,569 - - -
160,240 - - -
15,843,848 215,228 24,274 8,300
$ (235,861) L(85,30 5) $ (31,982) $194,030
$ 308,908
$ 1.990
$ (7,711)
$184,306
(423.862)
26,061
(12,440)
1,347
581,285
-
-
-
(713)
-
-
-
(58.842
-
-
058,577
(15,120)
-
-
(158.969)
29,258
(7,831)
8.384
(111.232)
(345,875)
(22,445)
(5,000)
(7)
20.784
6,183
1,000
-
$ (235,661)
$ (85,30 5)
$ 3( 1,982)
$194,030
90
931,606
931,606
$ (94,149)
$(1,277,368)
$567.447
1,689.273
176.374
(562)
(390)
411,343
743,431
411,343
743.431
(421:321)
-
5,585
-
(5,713)
743,431
871,506
406,096
406,096
871,506
$ (877,219)
$337,335
$(440,137)
$ (659,425)
$354,064
236,047
(24,605)
5,285
257.968
-
-
(114,862)
(50,857)
(21,279)
(38,312)
(155,524)
-
13.192
(735)
5,147
-
-
$ 94,149)
$ (877,219)
$337,335
MP•
M
SCHEDULE E-3
Property
Warehouse
Parking
and Lease
Totals
Auditoriums
Golf
Property
Garage
Management
1986 _
1985
$(93,878)
$(89,295)
$20,614
$ (80,714)
$414,638
$ (459,633)
$(1,161.676)
141,445
51,323
11.891
169,373
69.897
4,055,332
3,895,602
-
3,618
-
-
-
10,095
184,700
47,567
(34,154)
32,505
88.659
484,535
3,605.794
2,918,626
-
-
-
-
-
(2,568,724)
(2,468,039)
47,567
34,154)
32,505
88,659
484,535
1,037,070
450.587
(171,565)
(421)
(1,667)
_
-
1,013,059)
2,769.145
-
-
-
-
-
16,275,000
13,720,000
-
-
-
-
-
5.585
-
47,146
(35,821)
32,505
(82.906)
484,535
17,953,166
18,472.034
6,772
-
-
117,911
29,205
3,995,232
4,440,725
-
-
17,000
-
-
13.652,000
10,522,000
-
-
-
(24,152)
-
309,553
222,921
-
-
1,769
-
-
332.338
8,359
-
-
-
(66,48 8)
-
93,752
331,440
6,772
-
18,769
27.271
29,205
18,382,875
15,525,445
$ 40,374
$ 3( 5,821)
$13,736
$(110,177)
$455,330
$ (429,709)
$ 2.946,589
$ (3.710)
$(63,894)
$ 9.646
$ (37.533)
$ 20,679
$ (332,817)
$ 2,725,832
27,333
7,908
-
-
429,730
272,804
332,524
-
-
-
-
-
581,285
-
-
-
-
-
-
257,255
(1,136,165)
-
-
-
(58,8421
(4,099)
-
-
-
74,702
-
98,995
292,377
16,288
20,174
-
(35,759)
5.359
(310,094)
558.651
-
-
-
(111,587)
-
(416.655)
-
-
-
-
-
2
(360,868)
(19,352)
463
_ 9)
4,090
-
(440)
37,218
196,821
$ 40,374
E25,621)
$13,736
$(110,177)
$455,330
$ (429,709)
$ 2,946.589
91
N
Operating revenue:
Charges 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)
Nonoperatmg revenues (expenses):
Interest income
Interest and fiscal charge
Other
Net non -operating revenues
(expenses)
Income (loss) before
operating transfers
Operating transfers in
Operating transfers out
Income (loss) before extra-
ordinary items - budgetary basis
Reconciliation to GAAP-basis:
Capitalized expenditures
Loss on disposal of property
Income (loss) before extra-
ordinary items - GAAP basis
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULES OF OPERATIONS COMPARED TO BUDGET
YEAR ENDED SEPTEMBER 30, 1986
Off -Street Parking
G50 Enterprise Fund
Variance
Variance
Favorable
Favorable
Budget Actual (Unfavorable)
Budget Actual (Unfavorable) Budget
$6.723,000 S6.783.984 S 60.984
S 756.790 S 809.952 S 53,162 S285.400
2.340,000 2.252.855 87,145
250.587 265.408 (14,821) 43.94
1.903.400
4.243, 400
2,479,600
1.085.350
1.39,1, 250
528.200
(1,349.8001
(300.000)
(1.121.6001
272,650
$ 272.650
1.797.585
105.815
656.398
703.373
-1050.440
192,960
906.985
968,781
2,733.5-14
253.9,14
(150,
195)
(158,829)
1.11-1.371
(29.021)
62.840
71,496
1.619,173
224,923
(213,035)
(230.325)
693A75
165,275
2.900
8.642
(1.470.830)
(121.030)
-
(302.076)
(2.076)
-
(1.079.431)
42.169
2.900
8,642
539,742
267,092
(210.135)
(221,683)
-
-
-
80.110
539,742
$267,092
$(210,135)
(141.573)
5.131 -
(7,229) -
$ 537,644 $(141,573)
SCHEDULE E-4
Marine Stadium
Variance
Favorable
Actual (Unfavorable)
S 184.310 ,t 1,11 )qp.
.15 42 i.1w
06.975
166.406
171.243
•133:.
(61.796)
209.700
216,885
7 185!
(8,6341
75.700
(32.575)
1013
(8.556)
75.700
84.991
(9 '91)
(17.290)
(i 17 ,5fifii
1 1 'ilitii
5.742
5.742
-
594
79a
(11.548)
-
(116.972)
i116 9721
80.110
-
$68,562
$ -
(116,972)
$(116,972!
(continued)
I
SCHEDULE E-4
(continued)
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULES OF OPERATIONS COMPARED TO BUDGET
YEAR ENDED SEPTEMBER 30, 1986
Orange Bowl Stadium
Convention Center
Miami Stadium
Variance
Variance
Favorable
Variance
Favorable
Actual
Favorable
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Operating revenue:
$383 225
S265.721
$(117,504)
$2,895.500
$2.687,988
$(207,512)
S 5.971,698
S 3,658.090
3(2,313,608)
Charges for services
Operating expenses:
146,270
154,391
(8.121)
1.127.646
1.213,484
(85.838)
476,730
548.500
(71,720)
Personal services
Contractual services,
maintenance. and
306.899
258,314
48.585
1,413.954
1.187,864
226.090
4,6C6.166
4.520,338
85,328
other operating expenses
2.541,600
2,401.348
140,252
5.082.946
5A69.33g
13.608
453.169
412.705
40,464
Totals
co
w
Operating income (loss)
Igg,g44)
(146,984)
(77,040)
353.900
286,640
(67.260)
(45.795)
888,752
1,550,000
(t.4t 12a8)
1,569.966
00)
t2,309,g66)
before depreciation expense
30.500
50.716
(20.216)
353.900
399,695
Depreciation expense
(113,055)
(113,055)
(661.248)
2.'381.21.1I
2.319.966)
(100.444)
(197.700)
(97.256)
-
Operating income (loss)
N nenrevenues (expenses):
_
_
_
-
8,609
8,609
_
707,500
(5.259,305)
347.375
(5.199.109)
139,375
30.196
interest income
i
-
-
_
_
_
951
951
-
142.527
142.527
Interest and fiscal charge
_
225
225
_
Other
9.560
9,560
(4,551.805)
a,209.2071
342.�98
Net non operating revenues
_
225
225
-
(expenses)
Income (loss) before
(t00.444)
(197.475)
(97,031)
-
(103,495)
-
(103,495)
(5,213053)
5.213,053
(7.190,421)
5.213,C53
(t,977.368)
operating transfers
1444
100.444
-
-
-
-
Operating transfers in
�'
-
-
-
-
Operating transfers out
Income (loss) before extra-
$ -
(97,031)
$ (97,031)
$ -
103,495)
S(103,495)
S -
(1,977.368)
$(1.977.368)
ordinary items - budgetary basis
700,000
Reconciliation to GAAP-basis:
350
-
Capitalized expenditures
Income (loss) before extra-
$(96.681)
$ (103.495)
3(1.277.368)
ordinary items - GAAP basis
(continued)
SCHEDULE E-4
(continued)
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULES OF OPERATIONS COMPARED TO BUDGET
YEAR ENDED SEPTEMBER 30, 1986
Marinas
Auditoriums
Golf
Variance
Variance
Variance
Favorable
Favorable
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Operating revenue:
Charges for services
$1,890,915
S1,436.677
S(454,238)
$714,422
$465,440
3(248.982)
S1.389.152
S1.070.991
S(318.761
Operating expenses:
Personal services
425.653
421.106
4,547
197,702
176.541
21.161
827.995
757 023
70,972
Contractual services. maintenance,
and other operating expenses
579,257
386.767
192,490
525.754
392.372
133.382
509.802
394.309
115.493
Totals
1.004.910
807,873
197.037
723.456
568.913
154.543
1.337,797
1.151.332
186.465
W P.
Operating income (loss)
before depreciation expense
expense
886.005
628.804
(257,201)
(9.034)
(103.473)
(94.439)
51.955
13
(1.)Depreciation
158.200
176.374
(18,174)
136,500
141.445
(4.945)
36.000
51,323
I15.3231
Operating income (loss)
727,805
452,430
(275.375)
(145.534)
(244.918)
(99,384)
15.955
(131.6641
i 147.619)
Non -operating revenues (expenses):
Interest income
-
196.984
196,984
-
-
-
29.000
21.451
17.549)
Interest and fiscal charge
_
_
-
Other
-
16.070
16.070
-
-
-
-
6.654
6.654
Net non -operating revenues
(expenses)
-
213.054
213.054
-
-
-
29,000
28.105
(895)
Income (loss) before
operating transfers
Operating transfers in
727.805
665A84
(62,321)
(145.534)
(244.918)
(99.384)
44.955
(103,559)
(148,514)
-
-
145.534
145.532
(2)
-
-
-
Operating transfers out
(103,950)
(98.037)
5.913
-
-
Income (loss)before extra-
ordinary items - budgetary basis
$ 623.855
567,447
$ (56.408)
$ -
(99.386)
S (99,386)
S 44.955
(103,559)
S(148.514)
Reconciliation to GAAP-basis:
Capitalized expenditures
-
5.5oa
14,264
Principal retirement on revenue bond
_
Income (loss) before extra-
ordinary items - GAAP basis
$ 567.447
$(93,878)
$ (89.295)
(continued)
Wim 11111 1�dli 1! 11! 1 14,111
SCHEDULE
E--4
(continued)
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
SCHEDULES OF OPERATIONS COMPARED TO BUDGET
YEAR ENDED SEPTEMBER 30, 1986
Parking Garage
Property
and Lease Management
Warehouse Property
Variance
Variance
Variance
Favorable
Favorable
Budget Actual (Unfavorable)
Budget
Actual
Favorable
(Unfavorable)
Budget
Actual
(Unfavorable)
Operating revenue:
$ 35,843 5 27,160 S 18.6831
S 300,400
S 349.141
S 48,741
31,560.000
S t .668. 170
S t 08. t 1-0
Charges for services
Operating expenses:
_
_
-
205.676
1 %' %4 t
27.935
Personal services
Contractual services. maintenance.
-
-_
356.950
243.132
113.818
70 360
48.655
21,705
and other operating expenses
-
_ _
356.950
243.132
113,818
276.036
226.396
49.640
Totals
-
Operating income llossl
35,843 27.160 18.6831
(56.550)
106.009
162.559
1,283 964
t.44t.77.1
69.897
157.81
i69.897!
�
u+ before depredation expense
13.000 11.891 1,109
115.000
148.719
26,281
Depredation expense
22.843 15.269 17.5741
1231.550)
142.710)
188,840
1.283.964
1.371,877
87.913
Operating income (loss)
Non -operating revenues (expenses):
9.393 9.393
-
122.448
122,448
-
_
_
Interest income
122.843) 121.048i 1 795
1,327.6771
11,20L2721
126.405
-
610
610
Interest and fiscal charge
-
Other
Net non -operating revenues
122.8431 (11.655) 11.188
1.327,677)
(L078,824)
248.853
-
610
610
(expenses)
Income llossl before
3.614 3.614
1.559.227)
(1.121,534)
437.693
1,283.964
1,372.487
88,523
operating transfers
_ _
1.040,820
1,040.820
-
-
I1.283.9641
1986.9671
296.997
Operating transfers in
- _
_
-
-
Operating transfers out
-
Income (loss) before extra-
$ _ 3.614 $ 3.614
51518.4071
(80.714)
$ 437,693
S -
385.520
S 385.520
ordinary items - budgetary basis
Reconciliation to GAAP-basis'
-
_
29.118
Capitalized expenditures
17,000
-
Principal retirement on revenue bond
Income (loss) before extra-
$ 20.614
$ (80.714)
$ 414,638
ordinary items - GAAP basis
�i� n..„��'01,11e.1.1Xd;nn!nmpTlpl•67A41R"yll4ry�pnpp,pgP.l
INTERNAL SERVICE FUNDS
CITY GARAGE —to account for the costs of operating a heavy equipment fleet and
related maintenance facility.
MOTOR POOL —to account for the costs of operating a light vehicle fleet and related q
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.
PROCUREMENT MANAGEMENT —to account for the cost of providing centralized
purchasing and supplies services.
COMMUNICATIONS SERVICES —to account for the costs of operating a communi-
cations maintenance facility, the costs of basic telephone services and data trans-
mission lines.
MAE
t t
x'
MEN
i
_ CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
rr COMBINING BALANCE SHEETS
SEPTEMBER 30, 1986
With Comparative Totals For September 30, 1985
ASSETS
Current assets:
Equity (deficit) in pooled
cash and investments
Inventories
Total current assets
Property. plant and
equipment
Less Accumulated
depreciation
Property, plant and
equipment, net
Other assets
Total assets
LIABILITIES AND
FUND EQUITY (DEFICIT)
Current liabilities
Vouchers and
accounts payable
Accrued expenses
(principally salaries)
Total liabilities
Fund equity (deficit)
Contributed capital
Retained earnings
(deficit)
Total fund equity (deficit)
Total liabilities and
fund equity (deficit)
SCHEDULE F-1
Communi-
Totals
City
Garage
Motor
Pool
Property
Maintenance
Print
Shop
Procurement
Management
cations
Services
1986
1985
$ 3,610,099
181.397
$2.594.602
153.111
2.747,713
S 822.771
157.688
980.459
3(317,288)
20.795
(296.493)
S 2.910
84.333
67.243
S 873,114
111,313
984,427
S 7,586.208
8.294.845
$10.864 981
15
11,673.296
3.791,496
15.319,437
8.532.835
255.931
107,902
33.033
3,086.803
27.335.941
27.159,910
(6,017.494)
(5.914,050)
(162.840)
(47.111)
(3,756
(1,560.212)
(13,705.463)
(11,982,249)
9.301,943
2.618.785
93,091
60.791
29,277
1.526,591
13,630.447788
15.177.661
900
$13,094.339
-
-
$1.073.550
$(235.702)
$116,520
$2,511,018
$21,926,223
$26.850,957
$5,366.498
$ 90.099
163.259
253.358
$ 61.971
101.953
163.924
$ 122.005
117,048
239.053
$ 15.389
14.687
30.076
$ 7.045
3.276
10.321
$ 151.832
43,013
194.845
$ 448.341
443,236
891.577
$ 775.423
455.360
1,230.783
4,555.370
1,828,624
272.948
178.170
22.724
2,143.368
9,001.204
6,955.098
8,285.611
12.840.981
3,373.950
5,202.574
561.549
834,497
(Q43,948)
(265.778)
83.475
106.199
172.805
2.316.173
12,033.442
21,034,646
16,665,076
25,620.174
$13.094.339
$5.366.498
$1,073,550
$(235.702)
$116,520
$2.511.018
$21,926,223
$26,850,957
P
SCHEDULE F-2
CITY
OF MIAMI. FLORIDA
INTERNAL SERVICE FUNDS
COMBINING
STATEMENT
OF REVENUES
EXPENSES
AND CHANGES
IN FUND EQUITY
YEAR ENDED SEPTEMBER 30. 1986
With Comparative
Totals For Year Ended September 30. 1985
Communi-
Totals
City
Motor
Property
Print
Procurement
cations
Garage
Pool
Maintenance
Shop
Management
Services
1966
1985
Operating revenues
Intergovernmental
charges
S2.432.848
S1.832_65
S3.876 4_5
S495 505
S778_568
S2.223_766
S11.539.928
S17.799.209
Operating expenses
Personal services
2.556.088
1.861.750
2,260.266
276663
444.321
805,925
8.205.013
7.190.566
Contractual services
186.131
129.356
690.523
171.820
75,739
45,216
1.298 785
1.189.126
Materials and supplies
911.306
1.175.242
520.536
76.229
200.723
109,260
2.993.298
3.591.907
Utilities
97.821
42.985
23.384
5.400
19,470
1.635.862
1.824.922
1.785,293
Other
327.222
32.417
20,039
1.822
10.650
9.168
401.318
600,048
Total
4.078.570
3.241.750
3.514.748
531.934
750.903
2.605,431
14.723.336
14,356.940
Operating income (loss) before
depreciation expense
(1.645.722)
(1.408.9851
361.727
(36.4281
27.665
1381.665)
(3.083.408;
3.442.269
Depreciation expense
1.333.363
810,719
13.399
7,928
3.756
328.695
2.497.860
2.454.040
Operating income (loss)
(2.979.085)
(2.219.704)
348.328
(44.356)
23.909
(710.360)
(5.581.268)
988.229
Nonoperating revenues (expenses)
Interest
303.167
323.427
-
-
-
73.994
700.588
836,066
Other
135.341
123,198
1.489
725
-
-
260,753
708,206
Total nonoperatrng
revenues (expenses)
438.508
446.625
1.489
725
-
73,994
961.341
1,544,272
Income (loss) before
operating transfers
(2.540.577)
(1.773.079)
349.817
(43.631)
23.909
(636.366)
(4,619.927)
2.532,501
Operating transfers in
462.416
-
-
-
-
-
462.416
375.913
Operating transfers out
(11.707)
(196.561)
(130.137)
(23.723)
-
(111,995)
(474.123)
(375.913)
Net operating transfers
450.709
(196.561)
(130.137)
(23.723)
-
(111.995)
(11.707)
s
Net income floss)
(2.089.868)
(1,969.640)
219.680
(67.354)
23,909
(748.361)
(4,631,634)
2.532.501
Retained earnings (deficit)
at beginning of year
10.375,479
5.343.590
341.869
(376.594)
59.566
921,166
16.665.076
14.133.905
Equity transfers from
y
(to) other funds
-
-
-
-
-
-
-
(1,330)
Retained earnings
(deiicil) at end of year
8,285.611
3.373,950
561.549
(443.948)
83,475
172,805
12.033,442
16.665,076
Contributed capital at
c
beginning of year
4,550.294
1.813.612
272.199
178,170
-
2.140.823
8,955.098
8.800,795
Contributions from
other funds
5.076
15.012
749
-
22,724
2.545
46.106
154,303
Contributed capital at
-
end of year
4.555.370
1.828.624
272,948
178.170
22.724
2.143.368
9.001.204
8,955,098
Total fund equity
(deficit)
$12,840,981
$5.202.574
S 834.497
$(265.778)
$106,199
$2.316.173
$21.034.646
$25.620.174
100
SCHEDULE F-3
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CHANGES
` IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals For The Year Ended September 30, 1985
Working capital
provided by (applied to):
Operations:
Net income (loss)
Items not requiring
current outlays of
working capital.
Depreciation
Loss on dispositions
of property, plant
and equipment, net
Total provided by
(applied to) operations
Contributions and
equity transfers. net
Total
Working capital applied:
Additions of property,
plant and equipment
Total
Increase (decrease)
— in working capital
Summary of increases
(decreases)
in woikino capital:
Cash and
investments
Inventories
Accounts payable
and accrued expenses
Increase (decrease)
in working capital
AM
A
r
1
--M111
Communi-
Totals
City
Motor
Property
Print
Procurement
cations
Garage
Pool
Maintenance
Shop
Management
Services
1986
1985
$(2,089,868)
$(1.969,640)
$219.680
S(67,354)
$23.909
S(748.361)
$(4,631.634)
$2.532.501
1,333.363
810,719
13.399
7.928
3.756
328.695
2.497,860
2.454,040
(45.100)
(279,000)
-
(1,469)
-
(486)
(326,055)
539.472
(801,605)
(1,437,921)
233.079
(60.895)
27.665
(420.152)
(2.459.829)
5.526.013
5.076
15,012
749
-
22.724
2,545
46,106
152.973
(796.529)
(1.422,909)
233,828
(60,895)
50.389
(417.607)
(2,413,723)
5.678,986
12,810
502,738
(6,614)
-
33.033
83.556
625,523
3,345.449
12.810
502.738
(6,614)
-
33.033
83,556
625,523
3,345.449
$ (809.339)
S(1,925.647)
$240.442
$(60.895)
$17.356
$(501.163)
S(3,039.246)
$2,333.537
$(1,053,422)
S(2.010,980)
$280.229
$(58.294)
$22.056
S(458.362)
S(3.278.773)
$2.231.564
(15.008)
(57.152)
2.067
(2.907)
(3.845)
(22,833)
(99,678)
90.705
259.091
142.485
(41.854)
306
(855)
(19.968)
339,205
11.268
$ (809.339)
$(1,925.647)
S240.442
S(60.895)
$17.356
S(501.163)
S(3.039.246)
$2.333.537
101
Operating revenues
intergovernmental charges
02lrst"c pane^ses
Personal services
Contractual services and
other operating expenses
Total
Operating income belore
depreciation expense
OP preciallon expense
Operating incmne 1lostl
Nonoperahno revenues lexpensesl
Interesl
Other
Total nonopPral,ng
,PVen.es Pxpensesl
income before operating transfers
Operalmq transfers in
Operating transfers out
e
Net operating transfers
Net income - budgetary basis
Reconciliation to GAAP-basis
Capitalized expenditures
M9
Mw
M
_=
Net Income - GAAP basis
SCHEDULE F-4
CITY OF MIAMI.
FLORIDA
_
INTERNAL SERVICE FUNDS
-
.R -
SCHEDULES OF OPERATIONS COMPARED
TO BUDGET
YEAR ENDED SEPTEMBER 30, 1986
City Garage
Motor Pool
Property Maintenance
Variance
Variance
Variance
Favorable
Favorable
Favorable
--
Budget
Actual (Unfavorable)
Budget
Actual (Unfavorable)
Budget
Actual (Unfavorable)
S 26'3 319
S . 432 P4P 5.,,e 4,1,
c 1 921 66'
S 1 032 7t.5
c iM o22.
S3 857 741
S3 876 475
S 18 734
---
2 653 240
2 556 OPP o 152
1 933 327
1 861 'S0
71 577
2 276 000
2 260 266
15 743
_
2016 179
t : 86 81 - 2.9 362
4 361 335
2 165 862
2 195 473
1 589 933
1 265 636
324 297
4 669 419
4 342 905 326 514
6 294 662
4 02' 612
2 267 050
3 865 942
3 525 002
340 040
12 026 1001
11 910 0571 116 043
14 372 9751
12 194 8471
2 178 128
18 201 I
350 573
358 774
1 00.3 520
1 333 363 1329 8431
871 400
810 719
60 681
11 250
13 399
(2 1491
13 029 620,
13 243 4201 (213 8001
(5 2" 375)
13 005 5661
2 238 009
1194511
337 174
356 625
303 167 303 167
323 427
323427,
-
-
-
352240
135 341 (216 8991
6,2294
123 198
1549 0%)
25.000
1.489
(23.5111
352 240
438 508 86 268
672 294
446 625
(225 669)
25 000
1.489
(23 51 1)
( 2 677 3801
12 804 912) 1127 5321
l4 572 oe 11
f 2 558 941 t
2013.140
5 549
338.663
333 114
462 416
462 416 -
-
-
-
-
-
-
-
017071 (11707)
(1965611
0%561)
-
(130. 1371
(130. 1371
-
462416
450709 (117071
(1965611
o95561)
-
(130137)
(130.1371
-
S(2.214 9641
12 354 2031 Si 139 2391
S14 768 6421
12 755.502)
$2.013. 140
51124.588)
208.526
$333.114
_
264.335
785.862
11,154
!!!
S42.089 8681
S0.969.640 t
S 219,680
(continued)
102
_
Operating revenues
--
Intergovernmental charges
Operating expenses
Personal services
Contractual services and
other operating expenses
Total
.. —=
Operating income before
oeprecial'on expense
Der,eaallon expense
Operating income Moss)
- _
Nonoperating revenues lexpenti
Interest
Other
Total nonoperating
revenueslexpenses)
'
income before operating transfers
Operating transfers in
Operating transfers out
r
Net operating transfers
Net income - budgetary basis
-
RecU n�nratiVn t0 �I.NP-balls
;.
Capaalrzed expenditures
=—
i
—�A
I
Net income - GAAP basis
CITY OF MIAMI. FLORIDA
INTERNAL SERVICE FUNDS
SCHEDULES OF OPERATIONS COMPARED TO BUDGET
YEAR ENDED SEPTEMBER 30, 1986
SCHEDULE F-4
(continued)
Procurement Management
Communications Services
Print Shop
Variance
Variance
Variance
Favorable
Favorable
Favorable
Actual (Unfavorable)
Budget
Actual (Unfavorable)
Budget
Actual (Unfavorable)
Budget
$659.569
S495 506
Si 164 063:
S911 304
S%78 568
Sr 132 736)
S2 349 454
S2 221 766 S025 6861
280.684
276 663
4 021
431 292
444321
(13 0291
940 473
805 925 134 548
480.012
316 890
163.122
1 991 467
1 881 402 110 065
346.662
256 544
90118
627 346
533.207
94.139
911 304
761 211
150 093
2 931.940
2 697 327 244 613
17.357
17.357
(582 486)
(463 5611 118 925
32.223
(37.7011
169.924)
-
3.756
13.756)
2 t 7 300
328 695 I 1 1 1 395 f
8.500
7.928
572
-
11601
13,601
(799 7861
1792 2561 7 530
23123
145.6291
(69.352)
-
_
73 994 73 994
_
725
725
-
-
73 994 7 3 994
725
725
-
-
-
13.601
13.601
1799,786)
(7182621 81524
23.723
144.9041
(68627)
-
-
(111.995)
I1 t19951 -
(23.723)
(23,7231
-
-
-
-
(111.9951
(111 995) -
123.723)
123 723I
-
-
-
(68 6N)
S I6B 6271
S -
13 601
S 136011
S 191 t 7811
(830 2571 S 81 524 Y
S _
c
IO.JOB
81 896 "
1273
S
S 23
K
S 1748.36 t 1
a
SI67.3541
.909
103
TRUST AND AGENCY FUNDS
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 costs of premium and claims.
PENSION ADMINISTRATION —to account for amounts collected for and transmitted to the City's
pension trust funds.
AGENCY FUNDS
CABLE T.V.—to account for deposits held under issuance of a cable television license.
DEFERRED COMPENSATION —to account for certain deferred compensation plans offered by
the City for its employees.
PENSION TRUST FUNDS
.r. GENERAL EMPLOYEES' AND SANITATION EMPLOYEES (GESE) and FIRE FIGHTERS' AND POLICE
OFFICERS' (FIPO)—Both funds are used to account for the accumulation of resources to be used for
retirement benefit payments to the city's employees. Resources are contributed by employees at rates
fixed by law and by the city at amounts determined by an annual actuarial valuation.
i
,
.
m
, a
e }
G
p�
fi
ASSETS
Equity in pooled cash
and investments
Cash and cash equivalents
Pension investments.
including accrued interest
Accounts receivable
Proceeds from
securities sold
Pension members
contributions
Other
Due frorn other funds
Prepaid expenses
Deferred compensation
plan assets. at market
Total assets
LIABILITIES AND
FUND BALANCES
Liabilities
Vouchers and
accounts payable
Payable for securities
purchased
Due to other funds
Deposits
Claims payable
Deferred compensation
plan liabilities
Total liabilities
Fund balance
Reserved for employee
retirement plan benefits
Unreserved
Designated for
hurricane loss
Designated for pension -
related expenditures
Designated for claim
payments
Total fund
balances
Total liabilities and
fund balances
SCHEDULE G-1
CITY OF MIAMI. FLORIDA
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEETS
SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30, 1985
Expendable Trust Funds
Agency Funds
Pension Trust Funds
Totals
Self
tnsursnee
Pension
Administration
Deferred
Cable T.V. Compensation
GESE
Trust
FIPO
Trust
11M
falls
S5.456.168
S818.122
$2.223.369 $ -
$ -
$ -
$ 8.497.659
S 13,739.986
-
2.687,423
(27,626)
2.659.797
1.251.381
-
135.084.552
231.106,609
366.191,161
302,049.272
-
322,878
322,878
2,298,047
239.316
241.621
480.937
683.573
1.570
83.055
- -
-
-
84.625
12,794
2.072.405
2.072,405
2.536.758
-
69.404
31.406
69.404
-
- -
-
-
_
- 9,073.337
-
-
9.073,337
6.476,982
$5,527,142
$901,177
$2.223.369 $9,073.337
S138.011,291
$233.715,887
S389,452.203
S329.080.199
$ 186.663 $ 67,474 $ 723.369 -
- 710.527 - -
- 1,875 1,500.000 -
1,554.876 - - -
- _ - 9.073,337
1.741.539 779.876 2.223.369 9,073,337
$ 76,194 $ 28,398
- 1,005.049
1,361,878 -
1.438.072 1,033,447
$ 1,082.098 $ 1.076.771
1,005,049 3,212.690
2,072.405 2,536,758
1,501,875 2.001,875
1,554.876 1,873, 632
9,073.337 6.476.982
16,289,640 17,178,708
136.573.219 232,682.440 369.255.659 305,493,972
500.000 - - _ _ _ 500.000 500.000
- 121.301 - - - - 121,301 1,415,333
3.285.603 - - - - - 3,285.603 4,492,186
3.785.603
121.301 -
- 136.573.219
232.682,440
373.162.563
311.901,491
$5.527.142
$901.177 $2.223.369
$9.073.337 $138,011,291
$233.715,887
$389.452.203
$329.080,199
107
SCHEDULE G-2
CITY OF MIAM1, FLORIDA
EXPENDABLE TRUST FUNDS
COMBINING STATEMENTS OF REVENUE, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals For Year Ended September 30. 1985
Self
Pension
Totals
Insurance
Administration
1986
1985
Revenues:
Intergovernment charges
$ -
$ 4.699.055
$ 4.699,055
$ 3,771,349
Intragovernment charges
4,081,460
21.853,289
25,934.749
22,465,259
Contributions from
employees and retirees
6,467,696
-
6,467,696
7,527.220
Interest
367,272
45,533
412,805
783,533
Other
345,269
-
345.269
_ 439.428
Total revenues
1,261.697
26.597,877
37,859.574
34,986,789
Expenditures:
Personal services
1,191,196
201,113
1,392,309
1,055,294
Contractual services
73,973
85,250
159,223
1,517,967
Materials and supplies
4,018
2.704
6,722
10,080
Contribution to retirement
funds
-
28,563,268
28,563.268
24,255,306
Insurance
1,064,715
-
1,064,715
1,824,789
Claim payments
9.676,915
-
9.676,915
10,325,051
Other
2,063,337
24,240
2,087,577
527,487
Total expenditures
14,074,154
28,876,575
42,950,729
39,515,974
Excess (deficiency) of
revenues over
expenditures
(2,812,457)
(2,278.698)
(5,091,155)
(4,529,185)
Other financing sources;
Operating transfers in
1,605,874
984,666
2,590,540
-
Excess (deficiency)
of revenues and other
financing sources over
expenditures and other
uses
(1,206,583)
(1,294,032)
(2,500,615)
(4,529,185)
Fund balances at beginning
of year
4,992,186
1,415.333
6,407,519
10,936,704
Fund balances at
end of year
$ 3,785,603
$ 121,301
$ 3,906,904
$ 6,407,519
108
CITY OF MIAM1, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1986
With Comparative Totals For Year 'Ended September 30, 1985
Operating revenues:
Contributions from employers
Contributions from employees
and retirees
Net realized gain on
investments
Interest and dividends
Total
Operating expenses:
Personal services
Benefit payments
Refunds
Total
Operating income
Nonoperating revenues:
Other
Net income
Fund balances at
beginning of year
Fund balances at
end of year
SCHEDULE G-3
GESE
FIPO
Totals
Trust
Trust
1986
1985
$ 10,838,122
$ 13.432,568
$ 24.270,690
$ 20,859,599
5,829,241
6,239,824
12,069,065
9,712,085
9,177,290
20,065.089
29,242,379
14,614,803
8.592,777
14,229.987
22,822,764
20,789,919
34,437,430
53.967.468
88,404,898
65,976,406
373,494
376,103
749,597
605,552
10,927.346
11,735,044
22,662.390
20,206,700
660,985
570,239
1,231,224
1,419,762
11,961,825
12,681,386
24,643,211
22,232,014
22,475,605
41,286,082
63,761,687
43,744,392
_
_
_
7,500
22.475,605
41,286,082
63,761,687
43,751,892
114,097,614
191,396.358
305,493,972
261,742,080
$136,573,219
$232.682,440
$369,255,659
$305,493,972
109
CITY OF MIAMI. FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF CHANGES
IN FINANCIAL POSITION
YEAR ENDED SEPTEMBER 30. 1986
With Comparative Totals For Year Ended September 30, 1985
Working capital provided by:
Net income
Increase in
working capital
Summary of increases (decreases)
in working capital:
Cash and cash equivalents
Pension investments
Accounts receivable
Due from other funds
Vouchers and accounts payable
Payable for securities
purchased
Increase in working capital
GESE
FIPO
Totals
Trust
Trust
1986
1985
$22,475.605
$41.286,082
$63,761.687
..—
$43.751,892
$22,475,605
$41.286.082
$63.761,687
$43,751,892
$ 1.450.245
$ (41,829)
$ 1,408,416
$ 902,434
23,235,448
40.906.422
64,141,870
41,276,663 !
(708.909)
(1.472,896)
(2,181,805)
(3,340,953)
(2,587,073)
764,842
(1,822,231)
2,536,758
14.430
(6,654)
7,776
(16,362)
1,071,464
1,136,177
2,207,641
2,393,352
$22,475.605
$41,286,062
$63.761,667
$43,751,892
CITY OF MIAMI, FLORIDA
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES
IN ASSETS AND LIABILITIES
YEAR ENDED SEPTEMBER 30, 1986
Pooled cash and investments
Deferred compensation plan assets,
at market
Total assets —end of year
Total liabilities - beginning of year
Add:
Contributions
Employee
Employer
Income on investments
Less:
Withdrawals & terminations
Payments to Licensee
Total liabilities —end of year
SCHEDULE G-5
Cable
Deferred
T.V.
Compensation
Total
$2,223,369
$ -
$ 2,223,369
-
9,073,337
9,073,337
$2,223,369
$9,073,337
$11,296,706
$2,154,710
$6,476,982
$ 8,631,692
-
2,093,704
2,093,704
-
152,535
152,535
228,430
843,694
1,072,124
-
(493,578)
(493,578)
(159,771)
-
(159,771)
$2,223.369
$9,073,337
$11,296,706
a _
Oki
rmn I
III
._
STATISTICAL
SECTION
e
e-
1
—Am
All
- -
... -
_fit',";.
..
'..
i
113•
4
€k
l
CITY OF MIAMI, FLORIDA
GENERAL FUND EXPENDITURES AND OTHER USES BY FUNCTION
LAST TEN FISCAL YEARS
IN THOUSANDS
CULTURE OTHER
POLICE PUBLIC
GENERAL AND EXPEND -
FISCAL AND SOLID IMPROVE-
GOVERN- RECREA- (2) ITURES
YEAR FIRE WASTE MENTS
MENT TION PENSION A USES
TOTAL
1986 S103.893 S2-1 902 S20 339 11
S16 328 S8.439 $ - $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 (3)
14.595 7.691 - 8,726
151.740
1982 74.813 19.394 13.608
14.114 7.116 - 8.998
138.043
1981 61.501 17,386 12.331
11.734 7.518 - 8,511
118.981
1980(4) 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 14,410 7.641
93,712
1977 37.156 10.375 8.544
8.126 4,107 11.004 9.595
88.907
(1) The Departments of Development and Community Development.
which had expenditures totaling $2.108 million in FY 85 formerly
classified
under general government are, beginning in FY 86. classified under Public Improvements.
(2) Beginning in 1979. pension costs are allocated to City Departments based on the number of pension participants.
13) The Building Department was merged during 1983 into the Fire
Department Expenditures of approximately $2.2 million were
classified as
public improvements in 1982
(4) Fiscal years subsequent to 1979 do not include encumbrances
Instead, encumbrances are presented as a reservation of Fund
Balance.
10`1,
1985-86 Actual Expenditures
1984-85 Actual Expenditures
_ 1983-84 Actual Expenditures
CITY OF MIAMI, FLORIDA
PERCENT OF TOTAL
GENERAL FUND EXPENDITURES
AND OTHER USES BY FUNCTION
20°o 30°o 400'o 50% 60%
115
CITY OF MIAMI, FLORIDA
GENERAL FUND REVENUES AND OTHER FINANCING SOURCES
LAST TEN FISCAL YEARS
IN THOUSANDS
OTHER
2
REVENUE
CITY
BUSINESS
INTER-
LICENSES
CHARGES
AND
FISCAL
YEAR
PROPERTY
TAXES
& EXCISE
TAX
GOVERN.
MENTAL
AND
PERMITS
FOR
SERVICE
FINANCING
SOURCES
TOTAL
1986
$88,138
$36,511
i33,094
$6,016
$18,410
$6,934
$189,103
1985
84,209
33,636
38,191
6,041
17,634
7,169
186,680
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
96,836
1978
37,223
-
25,523
4,477
2,244
26,220
95,687
1977
34.849
-
26,146
3,911
2,437
21,322
88,665
(1) Business and Excise Taxes were included In Other Revenue and Financing Sources prior to fiscal year 1979.
(2) kx3uded since 1983 is new revenue source from the State of Florida, a 50% portion of the one cent sales tax Increase.
CITY OF MIAMI, FLORIDA
PERCENT OF TOTAL
GENERAL FUND REVENUES
AND OTHER FINANCING SOURCES
46.6
45.1 Property Tax
47.0
19.3
18.0 13usin. es & Excise Taxes 1 ,
16.2
a ,
17.5
z
20.4 tntergoverrrr►ental
21.1 I'
3.2 u
3.2 Lkento & PemVts
,
3.5
9.7
9.4 Charges for Service
8.8 -
:... 3.7
3.9 AS Other Sources
3.4
10% 20% 30% 40% 50% 00%
:. 1985-86 Actual Revenues
1954-0 Actual Revenues
_ 1963-M Actual Revenues
116
CITY OF MAW FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
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
1986
$109.938
$105.457
95.92%
$944
722 (3)
1985
104,135
100,976
96.97
95.33
3,036
1984
93.340
83.025
88.982
78,815
94.93
1,209
1983
1982
76.903
74.040
96.28
1,067
1981
72,619
70,288
96.79
437
308
1980
60,984
58,790
96.40
431
1979
58,389
57,325
98.18
523
1978
50,532
49,095
97.16
651
1977
43.854
42,969
97.98
FISCAL
TOTAL TAX
YEAR
COLLECTIONS
1986
$106,401
1985
101,698
1984
92,018
1983
80,024
1982
75,107
1981
70.725
1980
59,098
1979
57,756
1978
49,618
1977
43,620
TOTAL
OUTSTANDING
COLLECTIONS
OUTSTANDING
DELINQUENT
AS % OF
DELINQUENT
TAXES AS % OF
CITY
CURRENT LEVY
TAXES (2)
CURRENT LEVY
MILLAGE
96.830%
$3,318
3.01%
11.9091
97.66
3,970
3.81
11.9091
98.58
3,367
3.61
11.1238
96.38
2,925
3.52
10.729
97.66
2,489
3.24
10.664
97.39
2,027
2.79
11.987
96.91
1,939
3.18
13.960
98.92
1.559
2.67
14.487
98.19
3,196
6.49
13.200
99.47
2,283
5.20
11.903
(1) Includes levies for general operations and debt service.
(2) Net of reserve for early payment discounts and uncollectable taxes of approximately 5% of total tax levy.
(3) Starting in Fiscal Year 1985. current year's delinquent tax collections are included with collection of current
years Is taxes. Prior years' collection of delinquent taxes included both current year and prior years' delinquent
tax collections.
117
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
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
1977
3.256,815
681.455
3.938.270
198.559
3.739,711
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°0 of fair market value Prior to the new law, the basis of
assessment was
approximately 7500 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
1986
11.9091
9 224
7.316
439
28.8881
1985
11.9091
8.762
7.361
427
28.4591
1984
11.1238
8.754
7.361
427
27.6658
1983
10.729
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
0.342
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
1977
11.903
7.983
8.00
365
28.251
TAX LEVIES (In 000's)
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
1977
43,854
29,412
29,474
1,345
104,085
(1) Property tax rates are based on each $1,000 of net assessed value.
118
CITY OF MIAMI. FLORIDA
SPECIAL ASSESSMENTS COLLECTIONS
LAST TEN FISCAL YEARS
CURRENT ASSESSMENTS
FISCAL LIENS RECEIVABLE
YEAR COLLECTIONS AT YEAR-END__
1986
$3.735,080
$405,894
1985
2,688.028
414,730
1984
2.743.429
302,760
1983
1,900.365
303,469
1982
1.764.407
119,867
1981
1.761.291
94,268
1980
1,167.056
9,234
1979
948.365
3,138
1978
360,090
1,186
1977
244.166
2,359
NOTE: The City of Miami's Special Assessments consist of assessment liens for various capital projects such as
sanitary and storm sewer improvements. The collections shown above are on a cash basis. The assessment
liens receivable at year-end. which represent amounts susceptible to accrual provided that they pertain to
liens assessed prior to year-end, are shown net of deferred revenue.
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
PER
FISCAL
POPULATION
VALUE
EXEMPTION
VALUE
(000'S)
DEBT
(000'S)
RATIO
CAPITA
YEAR
(000'S)
_(ODO'S)
t988
371.975f 1)
510.184.933
5953 516
59 2 31.417
$190.697
2 07°o
1.95
5512.66
447.07
1985
380.4460)
9.696.610
952.430
8.744.180
170.087
146.102
1.74
381 44
1984
3830270)
9.346.033
954.979
8 391.054
7,738.386
124.955
1.61
32649
1983
382.726(2)
8.659.281
920.895
7 211.464
109.398
1 52
285.84
1982
382.726(2)
7.962.129
750.665
6 058.127
118.038
1.95
295. 09
1981
399.995131
6.622.365
564.238
4 368,469
123.020
282
354.66
1980
346.865(3)
4,565.780
197.311
4.030A67
134.786
334
390.68
1979
345.000
4.227.175
196.708
3.828.183
128.089
3 35
371.2
1978
345,000
4,023.847
195.664
3 739.711
119.341
3.19
348.95
1977
342,000
3,938.270
198,559
(1) Estimate provided by the State of Florida. Division of Populafion SWd1es, Bur eau of Business and Economic Research. University of Florida.
(2) Based on July 1. 1982 population estimate used by the Office of Revenue Sharing of the Federal Government
(3) The City of Miami was involved in litigation with the Federal Census Bureau challenging the 346.865 population count of 1980, as a result,
during 1981 the population count was adjusted upward to 399,995 for Federal Revenue Sharing purposes
M
CITY OF MIAMI, FLORIDA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES
FOR GENERAL
AND OTHER USES
LAST TEN FISCAL YEARS
IN THOUSANDS
TOTAL
GENERAL BONDED
GENERAL FUND
FISCAL
BOND
BOND DEBT SERVICE
EXPENDITURES
& OTHER USES
RATIO
YEAR
PRINCIPAL
INTEREST EXPENDITURES
1986
$10.800 -
$13.281 $24.281
$189.424
12.71 %
12.40
1985
10.010
12.540 7_?_.550
181.805
166.880
10.48
1984
9.570
7,924 17.494
16.560
151.740
10.91
1983
9.990
1.990
6,570
7.130 17.440
138.043
12.63
1982
1981
10.735
6.620 17,355
118,981
14.59
17.09
1980
10.160
7,235 17.395
101,794
96,817
17.62
1979
9.860
7,202 17.062
6.600 14.870
93.712
15.87
1978
1977
8.270
8,275
5.241 13.516
88,906
15.20
CITY OF MIAMI, FLORIDA
SCHEDULE OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT
SEPTEMBER 30, 1986
IN THOUSANDS
AMOUNT
AVAILABLE
PERCENTAGE
AND
APPLICABLE
CITY'S SHARE
GROSS DEBT
RESERVES
NET DEBT
TO CITY
OF DEBT
City of Miami $194.375
$3.678
$190.697
1004o
$190,697
99.834
Metro -Dade County 529.640
4.195
525.444
19%(1)
$724,015
$7,873
$716.142
$290,531
(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, 1986
Net Assessed Value
Homestead Exempt Valuation
Net Taxable Assessed Valuation
Debt Limitation for Bonds
(15% of $9.231.416,905) (1)
i Present Debt Application to Debt Limitation:
General Obligation Debt
Less Amount Available in Debt Service Fund
$194,375,000
9 070 A7Q
$10,184,932,913
953,516,008
$ 9,231,416,905
1,384,712,535
inn ana r00
(1) Section 58 of the City Charter limits the General Obligation bonded debt of the City to 15% of the assessed valu-
ation of all real and personal property within the City limits as determined by the preceding assessment roll of
the City.
120
U11
CITY OF MIAMI, FLORIDA
CURRENT DEBT RATIOS
SEPTEMBER 30, 1986
FACTORS:
Net Assessed Value (1) $10,184,932,913
Net Taxable Value for Operating Purposes $ 9,231,416,905
City of Miami Debt. Net of Res. Funds
General Obligation $117,7 ,72
Special Obligation (2) 117,728,474
Combined Direct Debt $308.426,996
Overlapping Debt. Net of Reserve Funds (3)
General Obligation $ ,8000
21
63
Special Obligation ,8.000
Combined Net Overlapping Debt 63,655,000
Total Net Direct and Net Overlapping Debt $472,086.996
Population of Miami (1980 Census as adjusted in 1986) ..................... • • • • • • • ' ' ' ' ' $ 371,975 27,380
7171
Net Assessed Valuation per Capita .................................................. $ 24,817
Net Taxable Valuation per Capita • • • • ' ' ' '
DEBT RATIOS:
Net Direct General Obligation Debt as a percent of Taxable Assessed Valuation
Combined Net Direct and Over General Obligation 3 1%
Debt as a Percent of Taxable Assessed Valuation .....................................
Net Direct General Obligation Debt Per Capita ......................................... $ 512.66
Combined Net Direct General and Special Obligation Debt Per Capita .................... $ 829.16
Combined Net Direct and Overlapping General Obligation Debt Per Capita .... • • • • • • • .
$ 781.05
Combined Net Direct and Overlapping General and Special Obligation Debt Per Capita ...... $
1,269.12
(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.
121
CITY OF MIAMI. FLORIDA
_-
SCHEDULE
OF REVENUE BOND COVERAGE
ENTERPRISE FUND
LAST TEN FISCAL YEARS
-
i
IN THOUSANDS
i
NET
REVENUE
AVAILABLE _ —
DEBT SERVICE
COVER
FISCAL
GROSS
OPERATING
EXPENSES
FOR DEBT
SERVICE PRINCIPAL
INTEREST
TOTAL
-AGE
YEAR-
REVENUE
1986
$10.818
$8.665
$2.153 S117 (5)
S7.875
S7.692
2730
1985
11.152
8.746
2.406 177 (4)
7.851
8.028
8.372
1984
9.814
8.871
943 181 (3)
8.191
6.620
6.857
.11
.16
1983(2)
7.785
6.697
1,088 237
190
1.327
1.517
1.22
1982(1)
4.730
2.877
1.853
13
35
1.37
1981
48
-
48 23
21
14
35
1.23
19
43
-
43
42 20
16
36
1.17
1979 79
42
-
39 18
17
35
1.11
1978
39
-
35 18
18
36
.97
1977
35
-
(1) Beginning in 1982, this schedule includes the operations of the Off -Street Parking Authority.
(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 theend 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 1984 exclude the effect of the issuance of the S13.860.000 Series 1983. Parking System Revenue Bonds. the proceeds
of which were used for the defeasance of the outstanding Parking revenue Bonds o1 S14.280.000.
(4) Principal payments lot 1985 excludes the effect of the issuance of the S13.720.000 Special Obligation Bonds, Series 1985. the proceeds of -
which were used for the defeasance of the Outstanding Series 1981 Bonds of $10,345.000
(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 defeasence of the outstanding Series 1983 bonds.
vp
122
Vol CITY OF MIAMI, FLORIDA
GENERAL OBLIGATION BONDED INDEBTEDNESS
PRINCIPAL AND INTEREST REQUIREMENTS
AS OF SEPTEMBER 30, 1986
FISCAL
YEAR
ENDING GENERAL OBLIGATION BONDS
SEPTEMBER TOTAL
30TH PRINCIPAL INTEREST ,
1987
$11,600.000
$13, 328.380
$24,928,380
1988
11,650,000
13,007.078
24,657,078
1989
10,880.000
12,242.769
23,122.769
1990
11,100,000
11,512.670
22,612.670
1991
10,630.000
10,766.163
21,396.163
1992
10,090,000
10.004,895
20.094,895
1993
9,910,000
9.244.977
19,154,977
1994
9,775.000
8,497.943
18,272.943
1995
10,015.000
7.851.534
17,866,534
1996
9,830.000
7,221.901
17,051,901
1997
9,845,000
6.580,549
16,425,549
1998
8,955.000
5,915,109
14,870,109
1999
8,105.000
5,288.306
13,393,306
2000
7,355,000
4,682,055
12,037,055
2001
7.845.000
4,063,385
11,908,385
2002
7,860.000
3,456.126
11,316,126
2003
8,285,000
2,816.466
11,101.466
2004
6,450,000
2,155.389
8,605.389
2005
5,895,000
1,626,031
7,521,031
2006
4,050.000
1.247,472
5,297,472
2007
2,490,000
1,006,218
3,496,218
2008
2,615,000
820,702
3,435,702
2009
2.550.000
650,290
3,200,290
2010
2,650,000
476.218
3,126,718
2011
1,975.000
340,567
2.315.567
2012
1.285, 000
246.600
1,5, 0
2013
1,400,000
167,550
1,567,550
2014
1,360,000
81,600
_ 1,441,600
Total
$196.450,000
$145,299,443
$341,749,443
NOTE: Principal and interest payments for October, 1986 are included in the above schedule. For financial statement presentation
purposes, principal in the amount of $2,075,000 (which represents the October. 1986 principal payment) has been reclassified
from long term debt to the debt service funds.
123
CITY OF MIAMI FLORIDA
REVENUE BONDS AND SPECIAL OBLIGATION BONDS
PRINCIPAL AND INTEREST REOUIREMENTS
AS OF SEPTEMBER 30, 1986
Fiscal
Year
Convention
Warehouse
Off -Street
Ending
Utilities
Center
Special
Property
Parking
September
Service Tax
Revenue
Obligation
Revenue
Revenue
30th
Series A
Bonds
Bonds
Bonds
Bonds
1987
$150.000
$
$ 110.000
S18,000
S 90.000
1988
150,000
245,000
20.000
315.000
1989
265.000
21,000
330,000
1990
100.000
285.000
22,000
345.000
1991
330.000
310.000
370.000
1992
640.000
335.000
385,000
1993
1,060,000
360.000
415.000
1994
1.140.000
390.000
440.000
1995
1,225.000
425,000
465,000
1996
1.320.000
465.000
500,000
1997
1.425.000
510,000
535.000
1998
1.540.000
560,000
575.000
1999
1.665.000
610,000
620.000
2000
1.805.000
665.000
665.000
2001
1.720.000
715,000
2002
1,870.000
775,000
fv 2003
A
2.035,000
835.000
2004
2,215,000
3.355.000
895.000
2005
2.410.000
910.000
2006
2.620.000
1.040.000
2007
2.850,000
1,115,000
2008
3.095.000
4,830.000
1.200.000
2009
3,365.000
1.290.000
2010
3.660.000
1.390.000
2011
3.980,000
2012
4.050,000
2013
4,410,000
2014
4.720.000
2015
4,750.000
Total
$300.000
$60,000,000
$13,720.000
$81.000
$16.275,000
S
Miami
Sports &
Exhibition
Authority
600,000
645.000
690.000
735.000
785.000
845.000
900.000
965.000
1.030,000
1.105.000
1.180.000
1,265.000
1.355.000
1.450,000
1.550,000
1.655,000
1.775,000
1.900.000
2,030,000
2.17 5.000
2,325.000
2,485.000
2,660.000
2.850.000
9 (1 IG AAA
S38,000.000
Total
Total
Total
Principal
Principal
Interest
and Interest
S 368.000
S 9.143.136
S 9.511.136
730.000
10.128.213
10.858.213
616.000
10.092,
533
10. 708. 533
752.000
10,055.527
10.807 527
1.610.000
10.008,
550
11,618, 550
2.005.000
9.899.483
11 904 483
2.525.000
9.760.262
12.285.262
2.705.000
9.579.994
12 284 994
2.900.000
9.381.741
12.281.7.1'
3.130.000
9.163.620
12.293.620
3.370.000
8,922.760
12.292 760
3.640.000
8.659.777
12,299 777
3,925.000
8.372.792
12.297 792
4.240.000
8.060.220
12, 300.220
3.615.000
7,752,019
11 367.019
3,910.000
7.469.957
11.379.957
4,225.000
7,157
719
1 t 382.719
7.915.000
6.671
217
14,586 217
4,930.000
6.157.662
11 087 662
5.315.000
5.765.537
11,080.537
5.740.000
5.342.537
11082.537
11.025.000
4,670,856
15 695.856
6.685.000
3.962,713
10 647 713
7.225.000
3.429.425
10 654 425
6.305.000
2.852
675
9.157 6,5
6,535.000
2.341.675
8.876.675
7.070.000
1.813.350
8,883.350
7.570.000
1,241.275
8,811275
7,795,000
628.775
8.42.3.775
$128,376.000
$198,486.000
S326.862.000
NOTE: Principal and interest payments for October. 1986 are included in these schedules. For financial statement presentation purposes. principal in the amount of $90.000 (Which
represents the October, 1986 payment) has been reclassified from revenue bonds payable to current portion of revenue bonds payable in the Enterprise Fund
CITY OF MIAMI. FLORIDA
TEN LARGEST REAL PROPERTY ASSESSMENTS
NATURE
ASSESSED
NAME OF
OF
VALUE IN
TAXPAYER
ACTIVITY
_ (000,S)
1.
Bank of New York
Hotel/Office Building
$186.667
169,804
2.
Equitable Insurance Company
Office Buildings
148,736
3.
Southeast Bank
Bank/Office Building
62,687
4
One Biscayne Tower
Office Building
41,721
5.
6.
Mercy Hospital
Florida East Coast Properties
Hospital
Apartments/Condominium/Hotel
39,599
7.
U.S. Development Corporation
Office Building
38,750
37,500
8.
DeBartolo
Shopping Mall
33,278
9.
Banco Industrial de Venezuela
Bank/Office Building
33,000
10.
Prudential Insurance Company
Office Building
SOURCE: Metropolitan Dade County Property Appraiser's Office
CITY OF MIAMI. FLORIDA
BANK DEPOSITS
LAST TEN YEARS
FINANCIAL INSTITUTIONS
Dade County is an international financial center with approximately 36 foreign banks operating in the community.
Additionally, there are numerous 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 Guar-
anty International. The Federal Reserve Edge Act Amendment. adopted in 1979, permitted banks to open interna-
tional 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 76 local banks in Dade County which together have a total of S21 8 billion in deposits. A ten year sum-
mary is presented below.
BANK DEPOSITS (1)
NUMBER
YEAR
OF BANKS
1985
76
1984
74
1983
70
1982
65
1981
65
1980
63
1979
71
1' 78
73
19 17
98
1976
95
SOURCE: F.D.I.C., Atlanta, Georgia
TOTAL DEPOSITS
$ 21,770.028,000
19,256,581.000
16,158,326.000
13,486,248,000
9,234,540,000
9,341,691,000
7,982,108.000
7,015,276.000
6,481,146,000
5,526,615.000
(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
BUILDING PERMITS
LAST TEN FISCAL YEARS
The dollar value of building permits issued in the City and in the unincorporated areas of Dade County since 1977
are as follows:
UNINCORPORATED
CITY OF MIAMI
DADE COUNTY
YEAR
(000's)
--- _ (000's) --
1986
$192,418
N/A
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
1977
97.151
460.689
SOURCE: City of Miami Fire. Rescue and Inspection Services Department,
Permits, Records and Revenue Divi-
sion. Dade County Building
& Zoning Department
CITY OF MIAMI, FLORIDA
DEMOGRAPHIC STATISTICS
CITY OF MIAMI AND METROPOLITAN DADE COUNTY POPULATION
1980 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 4-
23.168
105,736
Total
346,865
1,625,781
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
28,232
145,265
Private Household Services
2,511
6,753
Protective Services
1,961
12,512
Other Services
24,470
85,328
Farm/Forestry/Fishing
2,063
11,257
Percision/Product/Craft
18,547
86,730
Machine Operators/Assemblers
18,555
53,629
Transportation/Handlers/Helpers
6,967
26,935
Total
150,538
711,568
SOURCE: U.S. Bureau of Census, 1980 data tape from the University of Florida Libraries, Gainesville, Florida.
126
CITY OF MIAM1, FLORIDA
GENERAL STATISTICAL DATA
GEOGRAPHY
The City of Miami encompasses 34 3 square miles
of land and 19 5 square miles of water and is the County
seat of Dade County. which encompasses 2.000 square
miles of Florida s southeastern region Miami IS situ-
ated at the mouth of the Miami River on the western
shore of Biscayne Bay and is the main port of entry in Florida.
Miami is the southernmost major city and seaport
in the continental United States The nearest foreign
territory is the Bahamian Island of Bimini 50 miles from
the Miami cost
Miami s chmate Is sub -tropical -marine, character-
ized by long summers with abundant rainfall and mild.
dry winters The average temperature in the summer is
81 4 degrees fahrenheit and 69 1 degrees fahrenheit in
the winter. with an average annual temperature of 75 3
degrees
LOCAL MASS TRANSIT
Metropolitan Dade County Rapid Transit System:
One of the most important developments affecting Dade
County in general and downtown Miami in particular. is
the implementation of a rapid transit rail system. The
system passes through the western portion of Miami's
Central Business District and has 21 stations Construc-
tion. which began in May 1919. was completed in 1985.
Downtown Component of Netrorail The Downtown
Component of Miietrorail is an extension of the Metrorail
Transit System that v, ill distribute passengers through-
out K1iami s Central District It consists of a two-way.
elevated rail line arcund the Districts core with spur
lines extending north and south to the outer portion of
the downtoval areas The central core line became op-
erational in 1986
ECONOMY
The economic base of Greater Miami has diversi-
fied in recent years. shifting from a reliance of the tour-
ism industry to a combination of manufacturing.
services industries and international trade The area's
advantages in terms of climate. geography, low taxes
and skilled labor have combined to make the Miami
area a prime relocation area for major manufacturing
firms and international corporate headquarters
FILM INDUSTRY
The Dade County film and television industry ranks
third nationally behind New York and Los Angeles in its
annual dollar volume of production costs. As estimated
by the State of Florida. the total direct production ex-
penditures in the South Florida area was almost $80
million in 1986.
GROWTH FACTORS
Data reflecting the growth of the economy of the
Metropolitan Dade County (including the City of Miami),
are presented in the ten year summaries below:
127
CITY OF MIAMI. FLORIDA
GROWTH FACTORS RELATIVE TO
DADE COUNTY, FLORIDA
ELECTRICITY CUSTOMERSAND SALES
iResidential
mercial
Sales customers
customers
Year
(000's) Avg. Number
Avg. Number
1986
16,621,410 640,000
85.200
1985
15.479.000 623.000
81.100
1984
15,092.653 620.000
80,100
1983
15.203.147 606.000
74.700
1982
15.318.870 598.900
72,200
1981
14.815.300 595.300
67.700
1980
14,797,600 587.200
65.100
1979
14.280.000 572.200
62,400
1978
13.060.000 546,000
59.500
1977
13.032.900 537.200
57.600
WATER CUSTOMERS AND SALES
Consumption
Number
(Millions 01
Year
Water Meters
Gallons)
1986
293.000
91,025
1985
282.200
86,186
1984
282.900
95,252
1983
260.000
93.500
1982
246,000
91,000
1981
180.600
89,253
1980
174,300
83,449
1979
167,000
76.363
1978
145,000
72,409
1977
130.500
71,774
Sales Tax
Motor Vehicle
Collections
Year
Registrations
_(000's)
1986
1,608.982
$742,533
1985
1,589.173
686,399
1984
1,470,024
654,014
1983
1.453,991
575.065
1982
1,288,844
470.818
1981
1,288,067
466,553
1980
1,173,813
381,381
1979
1.058,734
366,676
1978
1,081,224
298,386
1977
1,268,632
259,119
SOURCE: Appropriate utility or responsible govern-
ment agency.
MIAMI INTERNATIONAL AIRPORT
Metropolitan Dade County owns and operates five
airports in the Miami area Miami International Airport
ranks eighth in the nation and tenth in the world in pas-
sengers traffic through the airport The airport ranks
fourth in the nation and fifth in the world in tonnage of
domestic and international cargo movement In 1986
over 21 million air travelers were serviced by Miami In-
ternational Airport, and over 1 2 billion pounds of cargo
was handled Miami International Airport is in the midst
of a $1 billion expansion planned to service over 45 mil-
lion passengers by the year 2000
A ten year summary of the growth of both passen-
gers served and cargo handled follows.
Total Total Cargo
Passengers (Thousand
Year (Thousands) Pounds)
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
1977 13.736 987,998
SOURCE: Miami International Airport
PORT OF MIAMI
The Port of Miami is operated by the Seaport De-
partment of Metropolitan Dade County. From 1977 to
1986, the number of passengers sailing from the Port in-
creased from 987.016 to 2.520.511. an increase of 1580. b.
The Port of Miami is currently the world's most active
port in numbers of passengers and frequency of sail-
ings Cargo movement through the Port of Miami has
increased by 4011,) in the last ten years of operation
The Port of Miami has almost doubled in size. from
325 acres to 600 acres. through a S250 million expan-
sion program begun in 1980. designed to move 16 mil-
lion tons of cargo and four million cruise passengers by
the year 2000 The additional space is needed to ac-
commodate the increasing number of shippers, buyers.
importers. exporters, freight forwarders, and cruise
passengers who wish to conduct business through the
Port
A ten year summary of the growth in revenues, pas-
sengers, and cargo handled follows.
Total Cargo
Year Revenues Passengers (Tonnage)
1986 $17.973,522 2,520,511 2.406,084
1985 17,135,048 2,326.685 2.333,026
1984 15,943,548 2,217,065 2,287,281
1983 14,201,008 2,002,654 2,305.645
1982 12.949,687 1,760.255 2,665,921
1981 12,468,522 1,567,709 2,757,374
1980 12,056,896 1.459,144 2,485.791
1979 8.110,840 1,350.332 2,291,382
1978 6.236,385 982,275 1,922,864
1977 5,374,978 978,016 1,711,535
1976 4,956,670 1.029,687 1,525,095
SOURCE: Dade County Seaport Department
128
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
TO Honorable Mayor and Members DATE: May 6, 1987 FILE:
of the City Commission
SUBJECT: Commission Meeting of
May 14, 1987
Cesar H. Odio � Comprehensive Annual
FROM: City Manager P0.
REFERENCES: Financial Report
ENCLOSURES:
Recommendation: It is respectfully recommended that the attached
reso u ion accepting the Comprehensive Annual Financial Report of
the City of Miami, Florida for the Fiscal Year ended September
30, 1986 as submitted by the Finance Department, be approved.
Background: The Comprehensive Annual Financial Report for the
'Fiscal ear ended 1986 is presented herewith as required by State
Law, for your approval. The annual Report prepared by the
Finance Department presents the City's financial position as of
September 30, 1986 and the results of its operations for the year
then ended, as examined by the City's Auditors Coopers & Lybrand
in association with Sanson, Kline and Jacomino and W. B. Coon
and Co.
i`
.2q- r
87-42$