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HomeMy WebLinkAboutM-86-0376TO: FROM: CITY OF MIAMI. FLORIOA INTER -OFFICE MEMORANDUM The Honorable Mayor and DATE: March 27, 1986 ME: Members of the City Commission Cesar H. Odio City Manager 0 SUBJECT: Annual Financial Report REFERENCES: ENCLOSURES: Presented herewith is the City of Miami Comprehensive Annual Financial Report for the fiscal year ending September 30, 1985. Rules of the Auditor General of the State of Florida, Chapter 10.550, requires that the Annual Financial Report prepared by a municipality must be submitted to its governing body, and be retained as a public record. The Comprehensive Annual Financial Report contains the audited financial statement for all funds and accounts under the direct legislative control of the City Commission. The data included in this report is accurate, and reported in accordance with Generally Accepted Accounting Principles. As required by the City Charter and Florida Statutes, the financial statements have been examined by the City's external auditing team composed of Coopers & Lybrand, in association with Sanson, Kline, Jacomino & Company and W. B. Koon & Company. This report of the Certified Public Accounts is included in the report. Financial Report Hiahliahts: o Year-end fund balance for the General Fund amounted to $14.4 million on a GAAP (Generally Accepted Accounting Principles) basis, an increase of $4.9 million over fiscal year 184. On a budget basis fund balance was $12.5 million as of September 30, 1985. o In 1985, the long-standing pension litigation and related matters were resolved. For the first time in almost ten years, the opinion of the City's external auditors do not contain a qualification as a result of uncertainties related to those issues. The City's two pension trusts are included for the first time as part of the reporting entity in the 1985 financial statements. 67 The Honorable Mayor and Members of the City Commission Page - 2 - o General Obligation Bonds in the amount of $33,000,000 were sold in April, 1985 at an interest rate of 9.20%, or 19 basis points below the 20 G.O. Bond Index published by Credit Markets for that week. The City maintained its 1984 general obligation bond rating of A+ and Al. o Special Obligation Bonds in the amount of $13,720,000 were issued in July, 1985 to advance refund Parking Revenue Bonds -Series 1981, resulting in total debt service savings of $1.2 million. o The City was awarded a Certificate of Conformance in financial reporting by the Government Finance Officers Association for its Fiscal Year 1984 Comprehensive Annual Financial Report. o The net outstanding General Obligation debt was approximately $171 million or 1.95% of the assessable base. The legal debt limit allowed by the City Charter is 15% of the assessable base. o Shown below is a comparison, by fund, of expenditures on a GAAP basis for fiscal year 1985 vs. fiscal year 1984. Expenditures For: 1985 1984 General Fund 181.4 167.6 Capital Projects 27.4 25.0 Pension 26.0 22.4 o By investing idle cash balances in U.S. Government collateralized securities, the City earned $12.9 million in interest income. o The Enterprise Funds loss before operating transfers and extraordinary items for fiscal year 85 declined to $4.5 million, compared with $8.4 million in 1984. It was through your guidance and support that the City was able to accomplish the above events. Your continued direction and encouragement is much appreciated. I would like to take this opportunity to express our very sincere appreciation to the independent auditing team and the personnel in the Department of Finance who have contributed to the preparation of this Annual Report. The Report reflects the long hours and diligent efforts of many people. L.; iff TIP 4�k CITY OF MIAMI, FLORIDA 11 COMPREHENSIVE C O M P R ANNUAL - FINANCIAL M REPORT YEAR ENDE- SEPTEMBER 309 ,=- 1985�„•- - " : _tz il Nei i a 0 =3r COMPREHENSIVE ANNUAL FINANCIAL REPORT CITY OF MIAMI, FLORIDA FOR THE FISCAL YEAR ENDED SEPTEMBER 30,1985 FINANCE DEPARTMENT CARLOS E. GARCIA, CPA DIRECTOR OF FINANCE r r r r r r r r r � I r t - f -THIS PAGE INTENTIONALLY LEFT BLANK w 1 1 1 1 0 CITY OF MIAMI, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended September 30, 1985 TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal..................................................... City of Miami Officials ................................................... Certificate of Conformance ............................................... City of Miami Organization Chart ........................................... FINANCIAL SECTION Report of Independent Certified Public Accountants .......................... GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet —All Funds Types and Account Groups . . Combined Statement of Revenues, Expenditures and Changes in Fund Balances —All Governmental Fund Types and Expendable Trust Funds Statement of Revenues, Expenditures and Changes in Fund Balance —Budget (Non-GAAP Budgetary Basis) and Actual —General Fund . Combined Statement of Revenues, Expenditures and Changes in Fund Balances —Budget (GAAP Basis) and Actual —Special Revenue and Debt Service Funds Combined Statement of Revenues, Expenses and Changes in Fund Equity —All Proprietary Fund Types and Pension Trust Funds Combined Statement of Changes in Financial Position —All Proprietary Fund Types and Pension Trust Funds . Notes to Financial Statements .. 1 Exhibit! Schedule Page 5.9 11 13 14 17 1 22-23 11 24 III 25 IV 26 V 27 VI 28 29-46 Iro • ., 86-376 FINANCIAL SECTION (contid) 0 i Exhlblt! AND INDIVIDUAL FUND STATEMENTS Schedule Page SUPPLEMENTAL COMBINING General Fund: Statement of Revenues, Expenditures and Changes in A-1 51-52 Fund Balance —Budget (Non-GAAP Budgetary Basis) and Actual Special Revenue Funds: Combining Balance Sheet B-1 56 Combining Statement of Revenues, Expenditures and Changes in Fund Balances B-2 57 Combining Statement of Revenues, Expenditures and Changes in Fund Balances —Budget (GAAP Basis) and Actual —Miami Sports and Exhibition , Authority, Downtown Development Authority, Federal Revenue Sharing, Rescue Services and Cable T.V. Special Revenue Funds B-3 58-59 Debt Service Funds. - Combining Balance Sheet C-1 63 Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 64 Combining Statement of Revenues, Expenditures and Changes in Fund , Balances —Budget (GAAP Basis) and Actual -Debt Service Funds C-3 65 Capital Projects Funds: Combining Balance Sheet D-1 69 Combining Statement of Revenues, Expenditures and Changes in Fund Balances D-2 70 Enterprise Funds: Combining Balance Sheet E-1 74-75 Combining Statement of Revenues, Expenses and Changes in Fund Equity E-2 76 Combining Statement of Changes in Financial Position E-3 77 Internal Service Funds: Combining Balance Sheet F-1 81 , Combining Statement of Revenues, Expenses and Changes in Fund Equity F-2 82 Combining Statement of Changes in Financial Position F-3 83 Trust and Agency Funds. - Combining Balance Sheet G-1 87 Combining Statement of Revenues, Expenditures and Changes in Fund Balances —Expendable Trust Funds G-2 88 Combining Statement of Revenues, Expenses and Changes in Fund Balances —Pension Trust Funds G-3 89 Combining Statement of Changes in Financial Position —Pension Trust Funds G-4 90 , STATISTICAL SECTION General Fund Statistics ..... ........ 93-94 Tax -Related Statistics .. . .. 95-97 ' Debt -Related Statistics .. .......... 1 98-103 General Statistical Data ...... .. ......... ... 104-107 I2 /�d7 idol , 86-376 R PART I INTRODUCTORY SECTION 3 THIS PAGE INTENTIONALLY LEFT BLANK a a 4.6 7 8' r z. 3 n in January 10, 1986 CAPORMW The Honorable Mayor and Members of the City of Miami Commission City of Miami, Florida The City of Miami Comprehensive Annual Financial Report for the fiscal year ended September 30, 1985, is submitted herewith. This report was prepared by the City's Finance Department. It contains the audited financial state- ments for all funds and account groups under the direct legislative control of the City Commission or for which the City otherwise has oversight responsibility. The City of Miami is responsible for the accuracy, completeness and fairness of the presented data, including all disclosures. We believe the data, 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 operation of the City of Miami as measured by the financial 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, financial, and statisti- cal. 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 officials, the Certificate of Conformance in Financial Reporting for fiscal year 1984, and the City's organization chart. The financial section includes the independent audi- tors' report, combined statements, notes to the financial statements, and more detailed combining and individual statements and schedules. The statistical section includes selected financial and general information presented on multi -year comparative basis. The accompanying financial statements have been exam- ined 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 the financial section of this report. The notes to the financial statements summarize the City's sig- nificant accounting policies, identify the entities included in this report and disclose additional information which is considered necessary to the fair presentation of the finan- cial statements. FINANCIAL HIGHLIGHTS The City's commitment to policies of sound fiscal man- agement is evidenced by the following financial highlights for fiscal year '85: • Year-end fund balance for the General Fund amounted to $14.4 million on a GAAP (Generally 67 Accepted Accounting Principles) basis, an increase of $4.9 million over fiscal year '84. • In 1985, the long-standing pension litigation and related matters were resolved. For the first time in almost ten years, the opinion of the City's external auditors does not contain a qualification as a result of uncertainties related to those issues. The City's two pension trusts are included for the first time as part of the reporting entity in the 1985 financial statements. • General Obligation Bonds in the amount of $33,000,000 were sold in April, 1985 at an interest rate of 9,20%, or 19 basis points below the 20 G.O. Bond Index published by Credit Markets for that week. The City maintained its 1984 general obliga- tion bond ratings of A + and A —1. • Special Obligation Bonds in the amount of $13,720,000 were issued in July, 1985 to advance refund Parking Revenue Bonds —Series 1981, resulting in total debt service savings of $1.2 million. • The City was awarded a Certificate of Conformance in financial reporting by the Government Finance Officers Association for its Fiscal Year 1984 Com- prehensive Annual Financial Report. 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 expenditures being recorded when the services or goods are received and the liabilities are incurred. Accounting records for the City's proprietary and pension trust funds are maintained on the accrual basis. Budgetary control is maintained at the departmental level, with additional control at the major object level, by the encumbrance of estimated purchase amounts prior to the release of purchase orders to vendors. Purchase orders that could result in an overrun of balances are not released until additional appropriations are made available. Open encumbrances for the General and Capital Projects Funds are reported on a GAAP basis as reservations of fund bal- ance at September 30, 1985. In developing and maintaining the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assur- ance 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 ade- quately safeguard assets and provide reasonable assur- /(a7� a,,*7 86`376 I AM ance of proper recording of financial 1ansactions. The con- cept of reasonable assurance 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 management. Additionally, the Office of Internal Audits conducts various audits of the City's reve- nues and operations 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. This includes Public Safety (Police and Fire), Solid Waste, Public Works, Parks & Recreation, Stadiums and Marinas, Planning and Zoning, Development 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 financial information is included as an Enterprise Fund in this report. The Downtown Development Authority, a dependent spe- cial district of the City of Miami, is included as a Special Revenue Fund in this report. The Miami Sports and Exhibition Authority is an inde- pendent and autonomous agency and instrumentality of the City whose voting members are appointed by the City Commission. Its financial information is included as a Spe- cial Revenue Fund in this report. 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 Trus- tees. FIPO and GESE are included as Pension Trust Funds in this report. GENERAL FUND OPERATIONS The General Fund is used to account for the general operations of the City except those accounted for in another fund. The following is a summary of General Fund opera- tions on a GAAP basis, related percentages of total reve- nues and other financing sources and expenditures and other uses, and their increase or decrease when compared to the previous fiscal year. Revenues and Other Financing Sources (In Thousands) Increase Percentage (Decrease) Amount of Total From 1984 Taxes .... $100,282 53.7% $16,429 Licenses & Permits 6,041 3.2 188 Intergovernmental 26,273 14.0 746 Intragovernmental 2,799 1.5 112 Charges for Services 17,634 9.4 5,487 Interest ....... 2,717 1.5 (633) Miscellaneous Revenue 384 .2 (1,771) Operating Transfers In 30,750 16.5 (1,643) $186,880 100.09/o $18,915 0 Expen .aces and Other Uses (In Thousands) Increase Percentage (Decrease) Amount of Total From 1984 General Government $ 17,699 9.7% $ 1,564 Public Safety 99.681 54.8 5,840 Public Improvements 14,973 8.2 1,572 Solid Waste 22,802 12.6 226 Culture & Recreation 8,652 4.8 274 Other 14,707 8.1 4,085 Operating Transfers Out 3,291 1.8 1,364 $181,805 100.0% $14,925 Overall General Fund revenues and other financing sources increased by 11.2% from the prior year. Property tax revenues increased by $5.2 million during the year, attributable to an increase in the gross assessed valuation of approximately $350 million, collection of approximately $.7 million in delinquent taxes levied in previous years, and a 3.2% increase in the millage rate. Also included in taxes for 1985 are $2.8 million in local gas option tax revenues and $12.4 million in electrical franchise taxes. In 1984, $7.5 million of these revenues were recorded in other funds. The $5.5 million increase in charges for services is attributable to higher solid waste fees assessed to users. Expenditures and other uses of funds in the General Fund increased 8.9% over 1984. Public Safety accounted for $5.8 million of the increment, or 6.2% over 1984 expenditures. A significant component in the increase in the other expenditures category was the additional charge of $1.5 million from the internal service funds for equipment replacement purposes. Fund Balance for the General Fund (including reserved and designated amounts) on a GAAP basis, was $14.4 million at September 30, 1985. as compared to $9.5 million the prior year. SPECIAL REVENUE FUNDS The City's Special Revenue Funds were established to account for resources restricted to expenditures for spe- cific operating purposes. The significant funds included in the Special Revenue Funds are as follows: • Miami Sports and Exhibition Authority -An autonomous entity established to promote the development of sports, convention and exhibition facilities. The Authority is funded by the City's share of a Convention Develop- ment Tax on hotel rooms. • Downtown Development Authority -A semi -autonomous entity that is charged with the development of the down- town Miami area. The Authority is funded through a separate levy of ad valorem taxes on property in the downtown area, and contributions from the General Fund. • Grant Funds -Includes Federal Revenue Sharing and Community Development Block Grants. Revenues from these grants are designated for specific purposes within the City. t _ - Y - I A A a 0 I I a a a C I • Rescue Services —Accounts foraportion of the elec- trical franchise tax especially designated by the elec- torate for this purpose. • Cable T.V.—Accounts for revenues to be expended for specific uses related to the cable television license. DEBT ADMINISTRATION The ratio of net bonded debt to assessed valuation and the amount of net bonded debt per capita are useful indi- cators of the City's debt position to municipal manage- ment, citizens, and investors. Comparative information for 1985 and 1984 is presented below: 1985 1984 Net Direct Bonded Debt $170,087,000 $146,102,000 Ratio of Net Debt to Assessed Value 1.95% 1.74% Net Debt Per Capita $ 447,07 $ 381.44 The City's last general obligation bond sale totaling $33,000,000 was in April, 1985. The City maintained its 1984 bond ratings of "A —1 " and "A + " by Moody's Investors Service and Standard and Poor's Corporation, respectively. During 1985, each of the various principal and inter- est installments were paid as scheduled. General obliga- tion debt principal retired during the fiscal year amounted to $10.010,000. 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 1985-90 includes over 200 projects, either on -going or scheduled to be initiated during the 6-year period. A projected cost summary for the program, as well as amounts actually expended in 1985, are presented belotiv Projected Actual Cost Summary Expenditures 1985.1990 For 1985 (In Thousands) Municipal Use S 37.714 S 5.511 Public Use 24.623 6.516 Culture and Recreation 77.984 2.616 Street Improvements/ Traffic Related 105.618 8.712 Sewers 66.114 4.047 S312.053 S27 402 General Obligation bonds authorized but unissued at September 30, 1985 totaled $99,275.000, Other significant funding sources anticipated in the Capital Improvement Program include revenue bonds, state and federal grants. accumulated retained earnings, interest earnings, and franchise taxes. 7 ENTERPRISE FUN Enterprise Funds are established to finance and account for the acquisition, operation and maintenance of facilities which are predominately self-supporting through the col- lection of charges from users. The City operations in this category include off street parking, a convention center, marinas, stadiums, an audito- rium, and golf courses. A new Property and Lease Man- agement Enterprise Fund was established in 1985 to account for leasing operations previously included in the General Fund. As a result, property, net of depreciation, in the amount of $2.3 million was transferred from General Fixed Assets Group of Accounts to this fund during the year. Comparative results of 1985 and 1984 operations for the Enterprise Funds are summarized below: 1985 1984 (In Thousands) Operating revenues $18,954 $14,894 Operating expenses (14.120) (14,117) Depreciation expense (3.544) (3,355) Non operating expenses —net (5,834) (5,847) Loss before operating transfers . (4.544) (8.425) Operating transfers in —net 3,382 7.243 Loss before extraordinary item (1,162) (1,182) Extraordinary item —gain (loss) on debt refinancing (2,468) 800 Net loss $ (3,630) $ (382) The increase in operating revenues of $4.1 over 1984 is primarily attributable to revenues of the new Property & Lease Management Fund amounting to $1.3 million, growth in Off Street Parking revenues of $.8 million, and $1.2 million revenue increase for the Orange Bowl Stadium. As a result, loss before operating transfers and extraordinary items declined to $4.5 million, compared with $8.4 million in 1984. In 1985, Special Obligation Bonds in the amount of $13,720,000 were issued during the year to refinance bonds outstanding in the amount of $10,345,000, issued as Parking Revenue Bonds —Series 1981. The increase in principal amount caused the extraordinary loss on debt refinancing of $2.486 million, reflected in the preceding summary. The lower interest rates at which the new bonds were sold, 8.97% versus the old bonds rate of 13.16%, reduced total debt service cost to the City by over $1.2 million. The City has budgeted contributions to various enterprise funds of approximately $6 million to cover projected operat- ing deficits for 1986, principally relating to the Convention Center and the Government Center Parking Garage, as compared to approximately $5 million in 1985. INTERNAL SERVICE FUNDS Internal Service Funds account for the financing of goods or services provided by one department to other • D 6 0�ry 86-376 departments of the City on a coseimbursement basis, including replacement costs. Operations recorded in the Internal Service Funds during 1985 included the City Garage, Motor Pool, Prop- erty Maintenance, Print Shop, Stationery Stock. and Com- munications Services. Results of these operations for 1985 and 1984. were as follows: 1985 1984 (In Thousands) Charges for services $ 17.799 $ 17.146 Operating expenses (14.357) (13,297) Depreciation expense (2.454) 12.658) Non operating revenues —Net 1.544 943 Net income $ 2.532 $ 2.134 TRUST & AGENCY FUNDS Trust and Agency Funds are established for the pur- pose of accounting for assets held in a trustee capacity or as an agent for individuals, private organizations and other governments. As of September 30, 1985, the following were recorded as Trust and Agency Funds: Expendable Trust Funds Agency Fund Self Insurance Cable TV Pension Administration Pension Trust Funds The City of Miami Fire Fighters' and Police Offi- cers' Retirement Trust (FIPO). The City of Miami General Employees' and Sani- tation Employees' Retirement Trust (GESE). The Self Insurance Expendable Trust Fund accounts for insurance activities relating to certain property and liability risks, group accident and health, and workers' com- pensation. 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 $24.1 mil- lion at September 30, 1985. The Pension Administration Fund is used to aggre- gate contributions from various City departments and other governmental contributors before their transfer to the Pen- sion Trust Funds. The Cable T.V. Fund accounts for deposits held under the issuance of a cable television license. The Pension Trust Funds account for retirement plans under the administration and management of separate Boards of Trustees. As explained at length in Note 14 to the com- bined financial statements, the long-standing pension liti- gation and related matters were resolved in 1985. Among other things, the settlement specified the required compo- nents of the City's annual pension contributions, established a procedure for resolving any future disagreement as to normal cost contributions, established a Cost of Living Adjustment Fund, all changed the composition and method of selection of members for the Boards of Trustees. As a result, the City's two pension trusts are included for the first time as part of the reporting entity in the 1985 financial statements. CASH MANAGEMENT The City follows the pooled cash concept which allows greater investment flexibility, and consequently, a better investment return. Investments are competitively bid among banks which enables the City to obtain the highest rates available. Investments consist primarily of certificates of deposit with financial institutions and U. S. Government obligations. All certificates of deposit are collateralized by United States Government Securities. Interest earnings on pooled investments amounted to $12.9 million. Based on an average daily balance of $131.8 million, the yield on investments was 9.76%. Interest earned by the General Fund was $2.7 million. The Miami Sports and Exhibition Authority, Downtown Development Authority, Department of Off -Street Parking and the Pension Trust Funds manage their own funds and are not included in the City's pooled cash system. GENERAL FIXED ASSETS The General Fixed Assets of the City are those fixed assets used in the performance of general governmental functions and exclude the fixed assets of the Enterprise and Internal Service Funds. As of September 30, 1985, the General Fixed Assets of the City amounted to $300 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. The values shown in this group of accounts are considerably less than their present value. As is customary in governmental accounting, depre- ciation 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, lev- ies and collections, assessed valuations of property located within the City, net bonded debt, legal debt margin, overlapping debt, current debt ratios, bonded indebtedness and miscel- laneous statistical facts reflecting financial trends as well as other economic information. CERTIFICATE OF CONFORMANCE The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Conformance in Financial Reporting to the City of Miami, Florida for its Comprehensive Annual Financial Report for the fiscal year ended September 30, 1984. In order to be awarded a Certificate of Conformance, a governmental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report, whose contents conform to program standards. Such reports must satisfy both generally accepted accounting princi- ples and applicable legal requirements. Jonah 86•s78 1 it t 1 1 1 I 1 A Certificate of Conformanc*alid for a period of one year only. We believe our current report continues to conform to Certificate of Conformance Program require- ments, and we are submitting it to GFOA to determine its eligibility for another certificate. PROSPECTS FOR THE FUTURE The City of Miami entered fiscal year 1986 experienc- ing a state of organizational and managerial transition. The challenges and demands of the future, including the loss of federal funds, required implementation of efficiencies in the City's organization and streamlining its administration. To this effect, the City has initiated the following organizational changes with significant cost savings anticipated: • Creating a new Department of Communications, combining the operations of the Offices of Public Information and Cable Communications. • Renaming the Department of Building & Vehicle Maintenance, and absorbing the functions of Pur- chasing; Property and Lease Management; and Minority and Women Procurement, into the Depart- ment of General Services Administration. • Creating a Department of Public Facilities, which consolidates the administration of three stadiums and the auditorium. • Merging tfllonvention Bureau and the Special Events Office, with the City's Conference Center. Additionally, the City has initiated a sunset review proc- ess to review specific functional areas of concern in order to implement cost reductions. The combined effect of the measures being taken will be a more efficient and respon- sive organization ready to meet the needs of its residents. 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 appreci- ated. We also wish to express our appreciation for the efforts of the staff of this Finance Department who partici- pated 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. Respectfully submitted, A�e�e�� - Cesar H. Odio City Manager • Placing the administration of city -owned Marinas under the Parks Department. • Combining under the new Development Depart Ot^ CZ0— ment, the offices of Economic Development, Inter- national Trade, Special Projects, and S. E. Carlos E. Garcia, C.P.A. Overtown/Park West Project. Director of Finance fj�,.q 0 /`l0 f7d v 56-376 THIS PAGE INTENTIONALLY LEFT BLANK 10 t :� u a 0 w(affum CITY COMMISSION Xavier L. Suarez Mayor Miller J. Dawkins Vice -Mayor Joe Carollo Commissioner Rosario Kennedy Commissioner J. L. Plummer Commissioner Cesar H. Odio City Manager Lucia A. Dougherty City Attorney Matty Hirai City Clerk CERTIFIED PUBLIC ACCOUNTANTS COOPERS & LYBRAND In Association With SANSON, KLINE, JACOMINO & COMPANY W. B. KOON & COMPANY 11 el � / _(07 l0 4 * 86-376 9 THIS PAGE INTENTIONALLY LEFT BLANK R 12 1 L1 Certificate of Conformance in Financial Reporting Presented to City of Miami, Florida For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 1984 A Certificate of Conformance 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 whose comprehensive annual financial reports (CAFR's) are judged to substantially conform to program standards. to OF trEF/Cf 9 UMTEOSTATTS Iwo o President cAAwA 6 LOA LAATIaI hM[A60 Executive Director 13 �0%�'7ai11 CITY OF MIAMI TABLE OF ORGANIZATION City Commission City Attorney City Clerk Civil Miami Downtown Off -Street !Board ervice City Manager Sports & Exhib. Development Parking Authority Authority Authority Labor Special Asst. Executive Asst. Communications Relations To City Manager To City Manager Fire I I Police Internal Audits Management And Reviews & Budget Assistant Assistant Assistant City Manager City Manager City Manager Conference & Planning Community Conventions Development Parks & Planning & Zoning Development Recreation Board Administration Public Solid Waste Finance Facilities 14 Technical Services Administrator Computers General Services Administration Public Works Management Services Administrator Personnel Management �,-h n R86-376 4 t 1 1 1 1 1 1 1 1 1' 1 PART 11 FINANCIAL SECTION I _ i - ti Rai' a T � fF t Y 15 t y•4 � 4 r4t -14 1 f� I r r fl r r r r &Lybrand The Honorable Mayor and City Commissioners City of Miami, Florida We have examined the general purpose financial state- ments of the City of Miami, Florida as of and for the year ended September 30, 1985, as listed in the foregoing Table of Contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. We did not examine the financial state- ments of the Department of Off -Street Parking of the City of Miami which statements reflect total assets and operating revenues constituting 17% and 40%, respectively, of the related combined totals of the Enterprise Funds. Those financial statements were examined by other auditors whose reports thereon have been furnished to us, and our opinion expressed herein, insofar as it relates to the amounts included for the Department of Off -Street Parking of the City of Miami, is based solely upon the reports of the other auditors. During 1985, the pension trust funds met the criteria under generally accepted accounting principles for inclusion in the general purpose financial statements of the City as part of the reporting entity as described in Note 14(a) thereto. In our opinion, based upon our examination and the reports of other auditors, the general purpose financial statements referred to above present fairly the financial position of the City of Miami, Florida at September 30, 1985 and the results of its operations and the changes in finan- 17 01 oertified public accountants clal position of its proprietary fund types and pension trust funds for the year then ended, in conformity with general accepted accounting principles applied on a basis consis- tent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund state- ments listed in the Table of Contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of the City of Miami, Florida. The information in the combining and indi- vidual fund statements has been subjected to the auditing procedures applied in the examination of the general pur- pose financial statements and, in our opinion, based upon our examination and the reports of other auditors, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. Certain 1984 data included in the accompanying sup- plementary information were contained in the City's certi- fied annual financial report for the year ended September 30, 1984, and are included for comparative purposes only. Miami, Florida December 27, 1985 16 It# 751:21;7 r 86-376 Ek E THIS PAGE INTENTIONALLY LEFT BLANK 18 147;A b GENERAL PURPOSE FINANCIAL STATEMENTS td 19 '04 THIS PAGE INTENTIONALLY LEFT BLANK 20 F I n I 0 D I I I i i THIS PAGE INTENTIONALLY LEFT BLANK -1 21 c /-© 7`id;J p S6-376 N N CITY OF MIAMI, FLORIDA COMBINED BALANCE SHEET —ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1985 Fiduciary Governmental Fund Types Proprietary Fund Types Fund Account GroupsTypes General General Special Debt Capital Internal Trust and Fixed Long -Term assETs General Revenue Service Projects Enterprise Service Agency Assets Debt Equity in pooled cash and EXHIBIT 1 Totals (Memorandum Only) investments (Note 2(E)) .............. $15,911.362 $ 3,356.978 $9,203,060 $68.269,138 $ 124,154 $10.864.981 $ 13.739.986 $ — $ — $ 121,469.659 Cash and cash equivalents .... ........ — 5.042.835 — — 4.257.977 — 1.251,381 — — 10,552,193 Pension investments, including accrued interest (Note 4) ...... .. — — — — — — 302.049,272 — — 302,049,272 Receivables. net of allowance for doubtful accounts of $10.138.152: Taxes ....... ................. 3.310.853 468.309 413.887 — — — 4,193,049 Accounts ........... .... ...... 2.347.060 104.913 — 2.826,159 1,252.577 — 12,794 — — 6.543.503 Assessment liens, net (Note 2(C)) .. — — 414.730 — — Proceeds from securities sold ...... — — — — — — — — — 2.298.047 — — — 414,730 2.298,047 Pension members' contributions .... — — — — 683.573 — — 683,573 Due from other funds (Note 5)..... 800.922 3.653 — 172,600 — — 2.536.758 — — 3,513,933 Due from other governments (Note 6) .. 33.883 3.531.889 — 1,280,965 263.441 — — — — 5,110.178 Inventories (Note 2(G)) ..... ... — — — — 110.795 808.315 919,110 Other ................... 68.145 1026 2.490 58.765 967.286 — 31,406 — — 1,131,118 Restricted Assets (Note 8): Cash and investments with fiscal agent including accrued interest . — — 253.395 — 14.153.599 — — — — 14.406,994 Property, plant and equipment. net (Notes 2 and 7)..... ...... — — — — 126,931,493 15.177.661 — 300.343.226 — 442,452.380 Bond issuance costs, net (Note 2(J)) ......... . — — — — 2.410,506 — — — — 2.410.506 Deterred compensation plan assets (Note 14) ................... ..... — — — — — — 6.476,982 — — 6,476.982 Amount available in Debt Service Funds: General obligation bonds ...... — — — — — — — — 4.553.376 4,553.376 Special obligation bonds (Note 10) . .... — — — — — — — — 253.395 253,395 Amount available in Self Insurance Fund for claims payable . .. — — — — — — — — 4.492, M 4.492.186 Amount to be provided for retirement of general long-term debt: General obligation bonds ...... .. — — — — — — — — 170,086.624 170,086,624 Special obligation bonds and other payables .......... .... — — — — — — — — 4.826,405 4,826.405 Accrued compensated absences ..... — — — — — — — — 12.519,202 12,519,202 Claims payable ................ — — — — — — — — 19,567.814 19.567,814 Total assets . .. ...... $22.472.225 $12,511.603 $10,287,562 $72,607,627 $150.a71,828 $26.850,957 $329,080,199 $300.343.226 S2t6,299,002 $1,140,924,229 i I I (Continued) r� ,�., ? ,,,... � ....r nrre I rent l flr� i !r■ 1 f>r � !M � . ® � � � r! !� �i , +errs I '�' CITY OF MIAMI, FLORIDA EXHIBIT I COMBINED BALANCE SHEET --ALL FUND TYPES AND ACCOUNT GROUPS (Continued) SEPTEMBER 30, 1985 Fiduciary Fund Account Groups Governmental Fund Types Proprietary Fund Types Types General General Tatals Special Debt Capital Internal Trust and Fixed Long -Term (Memorandum General Revenue Service Projects Enterprise Service Agency Assets Debt only) LIABILITIES Vouchers and accounts payable ................ $ 3.789,524 $ 612,975 S — $ 3.215,622 $ 984,934 $ 775,423 $ 1,076,771 $ — $ — S 10,455,249 Payable for securities purchased ............... — — — — — — 3,212,690 — — 3,212,690 r Accrued expenses (Note 2(H))................. 2,603,103 19,616 — 1,234 150,201 455,360 — — 12.519,202 15,748,716 Due to other I unds (Note 5) .................... 3,653 973,522 — — — — 2.536,758 — — 3,513,933 Deterred revenue ........................... 1,241,978 — — - 637,027 — — — — 1,879,005 Deposits (Note 9)........................... 462,700 286,535 — — 122,321 — 2,001,875 — — 2,873,431 Claims payable (Notes 8 and 12) ................ Matured bonds and interest payable (Note 8) ...... — — — — — 4,162,408 — — — — — — 1,873,632 — — — 24,060,000 — 25,933,632 4,162,408 Payable from restricted assets: Construction contracts ..................... — — — — 15,350 — — — — 15,350 Accrued interest .......................... — — — — 2,254.070 — — — — 2.254,070 Current portion of revenue bonds payable ....... — — — — 160,000 — — — — 160,000 Revenue bonds payable —net of current portion (Note 8) .......................... — — — — 71,739,641 — — — — 71,739,641 General obligation bonds payable (Note 8) ......... — — — — — — — — 174,640,000 174,640.000 Special obligation bonds payable (Note 8) ......... — — — — 13,318,994 — — — 450,000 13,768,994 Deterred compensation plan liabilities (Note 14) ....... — — — — — — 6,476,982 — — 6,476.982 Other payables (Note 8)...................... — — 8,414 — 1,769 — — — 4,629,800 4,639,983 Total liabilities ........................ 8,100,958 1,892,648 4,170,822 3,216,856 89,384,307 1.230,783 17,178,708 — 216,299,002 341,474,084 FUND EQUITY Contributed capital .......................... — — — — 58,539,751 8,955,098 — — — 67,494,849 Investment in general fixed assets .............. — — — — — — — 300.343,226 — 300,343.226 Retained earnings (Note 10) ................... — — — — 2,547,770 16,665,076 — — — 19,212,846 Fund balances: Reserved for: Employee retirement plan benefits .......... — — — — — — 305,493,972 — — 305,493,972 Encumbrances ......................... 1,832,480 — — 9,732,703 — — — — — 11,565.183 Debt service ........................... — — 253,395 — — — — — — 253,395 Traffic -related expenditures ............... 300,000 — — — — — — — — 300,000 Unreserved: Designated for hurricane loss .............. . . — — — — — — 500.000 — — 500,000 Designated for pension related expenditures (Note 14) ................... — — — — — — 1,415,333 — — 1,415,333 Designated for claims payment ............... — — — — — — 4,492.186 — — 4,492,186 Designated for subsequent year's expenditures and approved projects......... 6,500,000 220,000 1,762,711 59,658,068 — — — — -- 68,140,779 Undesignated ............................ Total retained samingsltund balances 5,738.787 14,371.267 10,398.955 4,100,634 — — 69,390,771 2.547,770 — — — 311,901,491 — — 20,238,376 431,612,070 — 16,665,076 10,618,955 6,116.740 Q Total fund equity ...................... 14,371,267 10,618,955 6,116,740 69,390,771 61,087,521 25,620,174 311,901,491 300,343,226 — 799,450,145 •,O mitments and contingent liabilities Q Notes 12, 14, 15 and 16) .3 Total liabilities and fund equity........... $22,472,225 $12.511,603 $10,287,562 $72,607,627 $150,471,828 $26.850,957 $329,080.199 $300,343.226 $216.299.002 $1,140.924,229 Qi See accompanying notes to financial statements. EXHIBIT 11 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 Special Debt Capital Expendable Total General Revenue Service Projects Trust (Memorandum Only) Revenues: Taxes (Note 3) Licenses and permits Intergovernmental Intragovernmental Charges for services Contributions from employees and retirees Assessment lien collections Interest . Other .... . Total revenues Expenditures Current: General government Public safety .. . Public improvements Solid waste Culture and recreation Grants and related expenditures Contributions to pension funds (Note 14) Insurance Economic development Claims payments Other .. Debt service: Principal retirement (Note 8) Interest and fiscal charges Capital outlay . I. Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Operating transfers in (Note 11) Operating transfers out (Note 11) Debt proceeds (Note 8) Debt retirement (Note 8) 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 (Note 11) Equity transfers from other funds (Note 11) Fund balances at end of year $100.281,696 $ 7,088,127 $41,278,253 $ — $ — $148,648,076 6,041,021 — 6,041,021 26,273.287 22,854,205 — 2,474.699 3,771.349 55.373.540 2,798,824 — — — 22.465,259 25,264,083 17,633,733 — — — — 17,633,733 — — — — 7.527,220 7,527,220 — 2, 799, 998 2,799,998 2,717,703 894,512 1,357.076 6.727,390 783,533 12,480.214 384,049 1,117,739 — 374,579 439,428 2,315,795 156,130,313 31,954,583 45,435,327 9,576,668 34.986,789 278,083,680 17,699.362 — — — — 99,680,993 1,818,707 — — — 14,973,135 — — — — 22,801,942 — — — — 8,651,374 — — — - - 14,808,811 — — - - — — — 24,255.306 — — — — 1,824,789 — 945.324 — — - - — — — 10.325,051 14,575,036 1,199,381 20,789 — 3,110.828 — 10,160,000 — — 12.558,002 132,263 — — 178,514,105 18,772,223 22,738,791 (22,383.792) 13.182,360 22,696,536 30.750,042 1.912,425 — (3,290.586) (12,445,649) (22,400,225) — 12,000,000 — (12,000,000) 27,402,972 — 27,402,972 39.515,974 0 7,826.304) (4,529,185) 9,360,066 — (7,267,925) — 33,000,000 — 27,459,456 (10,533,224) (22,400,225) 35,092,141 17,699,362 101,499,700 14,973,135 22,801,942 8,651,374 14,808,811 24,255,306 1,824,789 945,324 10,325,051 18,906,034 10,160.000 12,558,002 27,535.235 286,944,065 (8,860.385) 42.022,533 (45,404,385) 45,000,000 (12,000,000) 29,618,148 5.075,664 2,649,136 296,311 17,265,837 (4,529,185) 20,757,763 9,548.849 8,266,357 5,820.429 51.957,274 10,936.704 86,529,613 (267,529) (296,538) — (61.948) — (626,015) 14,283 — — 229,608 — 243.891 $ 14,371.267 $10.618,955 $ 6,116,740 $69,390.771 $6,407,519 $106,905,252 See accompanying notes to financial statements 24 7 I 86-37c I li�_ 'J L 1 L h EXHIBIT III CITY OF MIAMI, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE —BUDGET (NON•GAAP BUDGETARY BASIS) AND ACTUAL —GENERAL FUND YEAR ENDED SEPTEMBER 30, 1986 Revenues: Taxes ................ ........ ........ Licenses and permits .............. . ........ .. . . Intergovernmental ................................... . Intragovernmental .. ... Charges for services ....... I ........ ............ .. Interest ... .. .. ...... . Other.................... ................. Total revenues ....... ..... ...... ...... . Expenditures: Current: General government ..................... ........... Public safety ............ ..... ......... ... ...... Public improvements ................. I ........... .. I. Solid waste ........................ . ........ .. Culture and recreation ...................... ... ..... 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 .................... ..... ... Equity transfers from other funds . ...... .......... Fund balance at end of year ............. ....... ... . . General Fund Variance Favorable Budget Actual (Unfavorable) $ 97.970.616 $100,281,696 $ 2,311,080 5,991,142 6,041,021 49,879 24,933,241 26,273,287 1,340,046 2,690,000 2,798,824 108.824 17,529,376 17,633,733 104,357 2,000,000 2,717,703 717,703 50,500 384.049 333,549 151,164,875 156,130,313 4,965.436 18, 525, 580 17, 704, 362 100,593,159 99,284,969 16,821.125 14,969,463 23,431,169 22,830,100 8,810,258 8,669,148 14.958,621 14,718,373 183.139,912 178,176,415 (31,975,037) (22,046,102) 30,618,349 30,750,042 (3,443,312) (3,290,586) 27,175,037 27,459,456 $ (4,800,000) 5,413,354 See accompanying notes to financial statements 25 7,378,679 (267,529) 14,283 $ 12,538,787 821,218 1,308,190 1,851.662 601,069 141,110 240,248 4,963,497 9,928.935 131,693 152,726 284,419 $10,213,354 1%7i�q 86 - .3 7 6 0 A� EXHIBIT IV CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES —BUDGET (GAAP BASIS) AND ACTUAL SPECIAL REVENUE AND DEBT SERVICE FUNDS YEAR ENDED SEPTEMBER 30, 1985 Special Revenue (1) Debt Service Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Revenues: Property taxes $ 337,477 $ 335.566 $ (1,911) $39,908.040 $41,278,253 $ 1,370,213 Business and excise taxes 2,590,835 6,752,561 4,161,726 — — — Intergovernmental 8,955,090 8,843.646 (111,444) — — — Assessment lien collections — — — 2,500.000 2.799,998 299,998 Interest — 530,178 530.178 1.000,000 1,357,076 357.076 Other 13,684 74,949 _ 61,265 — — — Total revenues 11,897,086 16.536.900 4,639.814 43.408.040 45.435.327 2.027,287 Expenditures Public safety 1,813,906 1,818,707 (4,801) — — — Economic development 1.157,256 945,324 211,932 — — — Principal retirement: Long-term debt — — — 10.165,000 10,160.000 5,000 Interest and fiscal charges — — — 12.883.815 12,558.002 325.813 Other 1,987,858 1.199,381 788,477 65.500 20,789 44,711 Total expenditures 4,959,020 3.963.412 995.608 23.114.315 22,738,791 375,524 Excess (deficiency) of revenues over expenditures 6,938,066 12.573,488 5,635.422 20.293,725 22.696.536 2.402,811 Other financing sources (uses): Operating transfers in 1,333,601 1.283,529 (50.072) — — — Operating transfers out (8,921.090) (8,921,088) 2 (22.400,225) (22,400,225) — Debt proceeds — — — — 12,000,000 12.000.000 Debt retirement — — — — (12.000,000) (12,000,000) Total other financing sources (uses) (7,587,489) (7,637,559) (50,070) (22.400,225) (22,400,225) — Excess (deficiency) of revenues and other financing sources over expenditures and other uses (649,423) 4,935.929 5,585,352 (2,106,500) 296.311 2,402,811 Fund balances at beginning of year 4.319,418 4,319.418 — 5,820.429 5,820,429 — Fund balances at end of year $ 3,669,995 $ 9.255,347 $5,585,352 $ 3.713,929 $ 6,116,740 $ 2,402,811 See accompanying notes to financial statements. (1) Does not include funds for which budgets have not been adopted. See Note 2(D) (5) AM 26 /to AM R as IJ 26 /to IJ EXHIBIT V 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 Proprietary Fund Types Total Internal Pension (Memorandum Enterprise Service _ Trust Funds only) Operating revenues: Charges for services $18,954,363 $17,799,209 $ — $ 36,753,572 Contributions from employers . — — 20,859,599 20,859,599 Contributions from employees and retirees — — 9,712,085 9,712,085 Net gain on sales of investments . — — 14,614,803 14.614,803 Interest and dividends — — 20,789.919 20,789,919 Total .... ... 18,954,363 17,799,209 65,976,406 102.729.978 Operating expenses: Personal services .... 5,174,561 7.190,566 605_552 12,970,679 Contractual services 4,641,081 1,189,126 5,830,207 Materials and supplies . 924,014 3,591,907 — 4,515,921 Benefit payments ... — — 20,206,700 20,206.700 ■ Refunds .............. — — 1,419,762 1,419,762 Utilities ................ 1,098,426 1,785,293 2,883,719 1��11 Intragovernmental charges 967,583 — 967,583 Other ..... ..... ..... 1,314,538 600.048 — 1,914,586 Total..... ........... .. 14,120,203 14.356,940 22,232,014 50,709,157 Operating income before depreciation expense 4,834,160 3,442,269 43,744,392 52,020,821 Depreciation expense ........ ........ 3,543,872 2,454,040 — 5,997.912 Operating income (loss) 1,290,288 988.229 43,744,392 46,022,909 Nonoperating revenues (expenses): Interest ......... .. 2,074,621 836,066 — 2,910,687 Interest and fiscal charges (7,850,741) — — (7,850,741) Other .......... ...... (57,696) 708,206 _ 7,500 658,010 Net nonoperating revenues (expenses) (5,833,816) 1,544,272 7,500 (4,282,044) Income (loss) before operating transfers (4,543,528) 2,532,501 43,751,892 41,740,865 Operating transfers in (Note 11) 5,381,079 375,913 — 5,756,992 Operating transfers out (Note 11) ... (1,999,227) (375,913) — (2,375,140) Net operating transfers 3,381,852 — — 3,381,852 Income (loss)before extraordinary item (1,161,676) 2,532,501 43,751,892 45,122,717 Extraordinary item —loss on debt refinancing . .. (2,468,039) — — (2,468,039) Net income (loss) ..... ..... (3,629,715) 2,532,501 43,751,892 42,654,678 Retained earnings/fund balances at beginning of year . ... 5,932,246 14,133,905 261,742.080 281,808,231 Equity transfers from (to)other funds ... 245.239 (1,330) — 243,909 Retained earnings/fund balances at end of year 2,547,770 16,665,076 305,493,972 324,706,818 Contributed capital at beginning of year .... 56,015.845 8,800,795 — 64,816.640 Contributions from other governments .... 418,441 — — 418.441 Contributions from other funds (Note 11) ..... .. ..... 2,105.465 154,303 — 2,259,768 Contributed capital at end of year .......... 58,E39,751 8,955.098 67,494,849 Total fund equity ........ $61,087,521 $25,620,174 $305,493,972 $392,201,667 iSee accompanying notes to financial statements 27 s• �O�d/✓ 86-�7s 0 EXHIBIT VI CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS YEAR ENDED SEPTEMBER 30, 1986 Proprietary Fund Types Internal Pension Total Enterprise Service Trust Funds (Memorandum Only) 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 ............... . Total provided by operations ....... $(1,161,676) $2,532,501 $43,751,892 3.895,602 2,454,040 — 184,700 539,472 — 2,918,626 5,526,013 43,751,892 (2,468,039) — — 450,587 5,526,013 43,751,892 Other: Decrease in restricted accounts ........ . .. 1,532,302 — — Contributions and equity transfers, net .. .. .... 2,769,145 152,973 — Proceeds from long-term debt ... ..... . . ..... 13,720,000 — — Total ..................... ... .... 18,472,034 5,678,986 43,751,892 Working capital applied: Additions of property, plant and equipment, net ........... . ...... . 4,440,725 3.345,449 — Reduction of revenue bonds payable, net .............. 10,522,000 — — Increase in bond discount ................. ........ 222,921 — — Decrease in other liabilities ....................... 8,359 — — Increase in other assets, net ...... ... .. ....... .. 331,440 — — Total ................ ......... ..... 15,525,445 3,345,449 — increase in working capital ............. .......... $ 2,946,589 $2,333,537 $43,751,892 Summary of increases (decreases) in working capital: Cash and investments ................ ....... $ 2,725,832 $2,231,564 $ 902,434 Pension investments ........... ......... .. — — 41,276,663 Accounts receivable, net ............. ... ..... 332,524 — (3,340.953) Due from other governments .................. 1 (1,136,165) — — Inventories ......... ................. ....... (4,099) 90,705 — Prepaid expenses ....................... .... ... 292,377 — — Accounts payable and accrued expenses ..... ... ... 558,651 11,268 (16,362) Due to/from other funds . . ................ ........ — — 2,536,758 Deposits refundable ......... ......... ..... .... (19,352) — — Payable for securities purchased ... ....... ...... — — 2.393.352 Deferred revenue ............. ... . ..... .. ... 196,821 — — Increase in working capital ......................... $ 2,946,589 $2,333,537 $43.751,892 See accompanying notes to financial statements. 28 1.40 f-16J $45,122,717 6,349,642 724.172 52,196,531 (2,468,039) 49,728,492 1,532.302 2,922,118 13,720,000 67,902,912 7,786,174 10,522,000 222,921 8,359 331,440 18,870,894 $49,032,018 $ 5,859,830 41,276,663 (3,008,429) (1,136,165) 86,606 292,377 553,557 2,536,758 (19,352) 2,393,352 196,821 $49,032,018 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1985 1) GENERAL DESCRIPTION The City of Miami, in the County of Dade, was incorporated in 1896, and comprises approximately 34 square miles of land and 20 square miles of water. The City operates under the Commission/City Manager form of government and provides the following services as authorized by its charter: public safety, public works, solid waste, parks and recreation, and community development. The County is a separate governmental entity and its financial statements are not included in this report. The Florida Legislature, in 1955, approved and submitted to a general election a constitutional amendment designed to give a new form of government to the County of Dade. The County is, in effect, a municipality with governmental powers effective upon twenty-seven cities and unincorporated areas, including the City of Miami. It has not displaced or replaced the cities, but supplements them. The County can take over particular activities of the City's operations (1) if the services fall below minimum standards set by the County Commission, or (2) with the consent of the governing body of the City. Since its inception, the Metropolitan County Government has assumed responsibility on a county -wide service basis for a number of functions, including county -wide police services, complementing the municipal police service; uniform system of fire protection, complementing the municipal fire protection; consolidated two-tier court system; consolidation of water and sewer services; coordination of the various surface transportation programs: installation of a central traffic control computer system; merging all public transportation systems into a county system; effecting a combined public library system; and centralization of the property appraiser and tax collector functions. 2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES The accounting policies of the City of Miami, Florida conform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies: (A) Basis of Presentation The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self - balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The various 0' i• funds are grouped by type in the financial statements into seven generic fund types and three broad fund categories. The following fund types and account groups are used by the City. 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 expendable financial resources and the related current liabilities (except those accounted for in proprietary funds) are accounted for through governmental funds. The measurement focus is upon determination of financial position and changes in financial position, rather than upon net income determination. The following are the City's governmental fund types: General Fund —The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds —Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Funds —Debt Service Funds are used to account for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs. Capital Projects Funds —Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by Proprietary Funds). Prior to 1985, separate Capital Projects subfunds were maintained to account for project expenditures funded by general obligation bond proceeds, and expenditures for projects with multiple funding sources were accounted for in a single Capital Improvement Fund. Effective October 1, 1984, the City reclassified its capital projects into separate subfunds according to purpose and intended use of the capital facilities under construction: street improvements/traffic related, culture and recreation, municipal use, public use and sewers. PROPRIETARY FUNDS Proprietary Funds are used to account for a City's organizations 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 29 �R 86-976 86-976 Al measurement focus is upon determination of net income, financial position, and changes in financial position. Enterprise Funds —Enterprise Funds are used to account for operations: (1) that are financed and operated in a manner similar to private business enterprises —where the interest of the City is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (2) where the City has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Certain Enterprise Funds have historically operated at a loss and have required operating subsidies from the General Fund. If future operations are not sufficient to offset these deficits, the City will continue to support these activities from the General Fund or other discretionary funds (see Notes 13 and 15). During 1985, the City established the Property and Lease Management Enterprise Fund to account for the rent and lease of City -owned property by private businesses. 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 -reimbursement basis. Where capital replacements are necessary, particularly in the City Garage and Motor Pool Internal Service Funds, user charges include an amount necessary to provide for replacement of equipment. Substantially all excess funds are committed to the City's vehicle replacement program. FIDUCIARY FUNDS Trust and Agency Funds —Trust and Agency Funds are used to account for assets held by the City in a Trustee capacity or as an agent for individuals, private organizations, other governments, and/or other funds. These include Expendable Trust, Pension Trust, and Agency Funds. Pension Trust Funds are accounted for in essentially the same manner as proprietary funds since capital maintenance is critical. The City's Expendable Trust Funds (Self -Insurance and Pension Administration) are accounted for in essentially the same manner as Governmental Funds. The City's Agency fund is custodial in nature (assets equal liabilities) and used to account for deposits held under issuance of a Cable T. V. license. 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 resources and related liabilities —but are accounting records of the general fixed assets and general long-term obligations. General Fixed Assets —This account group is used to account for all fixed assets of the City, other than 30 those accounted for in the enterprise funds and internal service funds. General Long -Term Debt —This account group is used to account for the long-term portion of claims payable, accrued compensated absences, lease purchase obligations and outstanding principal balances of long- term debt, other than revenue and special obligation bonds payable recorded in the enterprise funds. - — (B) Financial Reporting Entity For financial reporting purposes, the City includes those funds, account groups, agencies, boards, commissions, _ and authorities that are generally controlled by or _ dependent on the City. Control by or dependence on the City is determined on the basis of such factors as budget adoption, taxing authority, outstanding debt secured by revenues or general obligations of the City, obligation of the City to finance any deficits that may occur or receipt of significant subsidies from the City. Based upon the foregoing criteria, the following organizations are included in the financial statements of the City: • Downtown Development Authority (Special Revenue) • Miami Sports and Exhibition Authority (Special Revenue) • Department of Off -Street Parking (Enterprise) • City of Miami Firefighters' and Police Officers' Retirement Trust (Pension Trust) • City of Miami General Employees' and Sanitation Employees' Retirement Trust (Pension Trust) As more fully described in Note 14, certain pension litigation and related matters were resolved in 1985 resulting in the pension trust funds sponsored by the City meeting the criteria for inclusion in the City's financial statements as part of the reporting entity, whereas they were previously excluded. (C) Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. All Governmental Funds and Expendable Trust Funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized in the period in which they become susceptible to accrual —that is, when they become measurable and available 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 September 30th, provided that amounts received pertained to billings through the fiscal year just ended. Occupational licenses revenues collected in advance of periods to which they relate are recorded as deferred revenues. Utility service taxes, franchise taxes, licenses and permits are susceptible to accrual when collected in the current year by the City or by an intermediary government serving as collection 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 ,i obligations are incurred. �y The local option gas tax collections of approximately $2,784,000 in 1985 were recognized as General Fund T= revenue whereas in 1984 the tax was recorded in a x'tx 4• i separate Special Revenue Fund. Unexpended 1984 tax revenues of approximately $2.997,000 were transferred to the General Fund in 1985 to fund traffic related expenditures. F Special assessments are considered susceptible to accrual when collected in the current year or within 60 days subsequent to September 30th, provided that i�a„•,,: ;,,;� amounts received pertain to liens assessed prior to the .; end of the current fiscal year. The special assessment receivables at year-end of $8,705,534, of which $559,000 * 4 y� ■ are delinquent, are shown net of deferred revenues of P, I $8,290,804 to more appropriately reflect current amounts available for debt service. Special assessments are recorded in the general obligation bonds debt service fund since they represent only a partial reimbursement of costs incurred in certain capital projects financed with general obligation bonds. The City does not issue special assessment bonds. t Expenditures under the modified accrual basis of 3f accounting are generally recognized when the related fund liability is Incurred and expected to be liquidated '.. with available resources. Exceptions to this general rule include principal and interest on general long- + term debt which are recognized when due. uAll Proprietary and Pension Trust Funds are accounted for using the accrual basis of accounting. Their revenues ' are recognized when they are earned, and their expenses are recognized when they are incurred. p, The Agency Fund is custodial in nature and does not involve measurement of results of operations. It is °= accounted for under the modified accrual basis of accounting. Assets and liabilities are recognized when they occur regardless of the timing of related cash ` s flows. (D) Budgets and Budgetary Accounting The City follows these procedures in establishing the budgetary data reflected in the financial statements: (1) Prior to August 31 st, the City Manager submits to the City Commission a proposed operating budget for the fiscal year commencing the following October ' 1st. The operating budget includes proposed expenditures and the means of financing them. Budgetary control over expenditures is exercised - on a departmental basis. (2) Public hearings are conducted to obtain taxpayer comments. _ (3) Prior to October 1st, the budget is legally enacted through passage of an ordinance. (4) Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed in the General and Capital Projects 31 I 0 Funds. On a non-GAAP budgetary basis, encumbrances are recorded as expenditures of the current year. On a GAAP basis, encumbrances outstanding at year-end are reported as reservations of fund balance since they do not constitute expenditures or liabilities. (5) Annual operating budgets for the General, Special Revenue and Debt Service Funds are adopted on a basis substantially consistent with generally accepted accounting principles (GAAP) except that budgetary comparisons for the General Fund include encumbrances as expenditures. Adjustments necessary to compare the results of operations in the General Fund on a GAAP basis to that on a Non-GAAP budgetary basis for the year ended September 30, 1985 are as follows: Excess of Revenues and Other Financing Fund Sources Over Balance Expenditures September and Other Uses 30, 1986 GAAP Basis $ 5,075,664 $14.371,267 Less encumbrances at September 30, 1985 (1,832,480) (1,832,480) Plus encumbrances at September 30, 1984 2,170,170 — Non-GAAP Budgetary Basis $ 5,413,354 $12,538,787 For 1985, the City did not adopt annual operating budgets for the Community Development and Miscellaneous Other Special Revenue Funds; accordingly, the applicable columns of the combined statement of revenues, expenditures, and changes in fund balances —budget and actual (Exhibit IV) exclude amounts relating to the unbudgeted funds. Actual revenues exceeded budget in 1985 for the Miami Sports and Exhibition Authority Special Revenue fund by approximately $5,233,000. During 1985, the Florida Supreme Court issued a ruling which permitted the distribution of the 3% Convention Development Tax levied in Dade County which had been withheld since 1983, The total convention development tax distributed to the Authority in 1985 was approximately $5,519,000. The Authority's approved annual budget had approximated revenues sufficient only to cover the budgeted administrative expenditures of approximately $439,000. The remaining tax proceeds are intended to provide funding for the acquisition and/or construction of convention/arena/exhibition center facilities. (see Notes 15 and 16). Budgeted revenues in the Cable T.V. Special Revenue Fund exceeded actual revenues in 1985 by approximately $534,000. This varience is primarily due to the withholding of $900,000 in franchise fees by the City's Cable T.V. franchisee. The dispute over the franchise fees arose from differing IA�� 70zd I 0 LJ 0 (E) (F) interpretations as to the applicability of certain provisions of the Cable Communications Act of 1984 concerning prepayments in prior periods. (6) 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 balance of each appropriation reverts to the fund from which it was appropriated and shall be subject to future appropriations. Budgeted amounts presented in the accompany- ing financial statements are as originally adopted, or as amended by the City Commission and City Manager through the year. Pooled Cash and Investments The City maintains an accounting system in which substantially all cash, investments and accrued interest are recorded and maintained in a separate group of accounts. All such cash and investments, including accrued interest, are reflected as pooled cash and investments. Investments are stated at cost or amor- tized cost, which approximates market. All investments consist of U.S. government obligations and time depos- its with approved financial institutions. At September 30. 1985, accrued interest on pooled investments amounted to approximately $2,426,000. Interest income is allocated based upon the approximate proportionate balances of each fund's equity in pooled cash and investments. No interest is charged to funds having deficit balances. Not included in this pooled cash sys- tem are the cash, cash equivalents and investments held by the Miami Sports and Exhibition Authority, ($4,892,901) the Downtown Development Authority ($149,934), the Department of Off -Street Parking ($4,257,977), and The Pension Trust Funds ($303,300,653). Pension Investments Pension investments are carried at cost. Debt securi- ties are adjusted for amortization of premiums and discounts. Premiums and discounts are amortized using the straight-line basis over the life of the investment. Approximate market values of investments are deter- mined as follows: Securities traded on a national secu- rities exchange are valued at the last reported sales price on the last business day of the fiscal year; securi- ties 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, money market funds and time deposits are val- ued 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 Trus- tees and is implemented by outside investment advi- sors. Investment advisors use the following guidelines: (1) Unlimited investments in bonds, notes or other obli- gations of the United States Government and its agencies and in bank certificates of deposit. AC (2) Individual investments in the following cannot exceed 10% of the funds available for investments: • Corporate common stock, preferred stock, con- vertible debentures (provided the aggregate investment does not exceed three percent of I total outstanding capital stock of any one i corporation), • Notes collateralized by first mortgages on real property or guaranteed by the Federal Hous- ing 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 securi- ties 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 sup- plies held for consumption. (H) Accumulated Unpaid Vacation, Sick Pay, and Other Employee Benefit Amounts Under terms of Civil Service regulations, labor con- tracts and administrative policy. City employees are granted vacation and sick leave in varying amounts. Additionally, certain overtime hours can be accrued and carried forward as earned time off Unused vaca- tion time and sick leave is payable upon separation from service, subject to various limitations depending upon the employee's seniority and civil service classi- fication. Accumulated unpaid compensated absences are accrued when earned in the Governmental and -- Proprietary Funds. with the long-term portion of gov- ernmental funds liability being recorded in the General Long -Term Group of Accounts. (1) Intragovernmental Allocation of Administrative Expenses The General Fund incurs certain administrative expenses for other funds including accounting, legal, data processing, personnel administration, engineering and other services. A brief description of the major compo- nents of such charges are as follows. • Project Management —The Public Works Depart- ..� ment charges major capital improvement projects of the City for design, survey and inspection serv- ices. These charges are based on direct labor charges plus an overhead factor for administrative expenses of the engineering division, and totaled approximately $1,783,000 for fiscal year 1985. • Indirect Cost Allocation —The General Fund charges — other funds for general and administrative expenses to allocate certain overhead costs as determined under a central services cost allocation plan. Such charges approximated $762,000 for fiscal year 1985. (J) Bond Discount and Issuance Costs Discounts on revenue and special obligation bonds payable within the Proprietary Funds are amortized using the interest method over the life of the bonds. 32 , 3ry Bond issuance costs are capitalized and amortized on a straight-line basis over the life of the bonds. (K) Property, Plant and Equipment Property, plant and equipment used In Governmental Fund type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group. Public domain ("Infrastructure") general fixed assets consisting of certain improvements other than buildings, includ- ing roads, bridges, curbs, and gutters, streets and sidewalks, drainage systems, and lighting systems are capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets. All property, plant and equipment are valued at histori- cal cost or estimated historical cost if actual historical cost is not available, and 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 Proprietary Fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line method. The estimated useful lives are as follows: • Buildings and Improvements .. 30-50 years • Machinery and Equipment . 4-20 years • Improvements other than Buildings . 10-20 years Interest costs associated with Enterprise Fund borrow- ings (revenue bonds) used for construction projects are capitalized during the current period as part of the assets, net of related interest earned on unexpended portions of such borrowings. As no revenue bond con- struction projects were ongoing in 1985, no interest costs were capitalized. (L) Total Columns on Combined Statements —Overview Total columns on the general purpose financial state- ments are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial anal- ysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted account- ing principles. Neither is such data comparable to a consolidation. Interfund and intrafund eliminations have not been made in the aggregation of this data. 3) PROPERTY TAX Property taxes are levied on January 1st and are pay- able on November 1st, with discounts allowed of one to four percent if paid prior to March 1st of the following calendar year. All unpaid taxes on real and personal prop- erty become delinquent on April 1st and bear interest at 18% until a tax sale certificate is sold at auction. Dade County bills and collects all property taxes for the City, and sells tax certificates for delinquent taxes. The assessed value of property, as established by the Dade County Assessor of Property, at September 30, 1984, upon which the 1984-85 levy was based, was approximately $8,744,180,000. The City is permitted by Article 7, Section 8 of the Florida Constitution to levy taxes up to $10 per $1,000 of assessed valuation for general governmental services other than the payment of principal and interest on general obligation long-term debt. In addition, unlimited amounts may be levied for the payment of principal and interest on general obligation long-term debt, subject to a limitation on the amount of debt outstanding. The tax rate to finance general governmental services (other than the payment of principal and interest on general obligation long-term debt) for the year ended September 30, 1985, was $9.8571 per $1,000. The debt service tax rate for the same period was $2.052 per $1,000. 4) PENSION INVESTMENTS Investments held by the Pension Trust Funds at Sep- tember 30, 1985 and accrued interest thereon are summa- rized as follows: Approximate Market Cost U.S. Government and Government Agencies: Bonds and Notes $ 88,719,000 $ 85.694,394 Treasury bills 20,897.000 20,525,082 Corporate Stocks 133,989,000 128.169,237 Corporate Bonds 21.282,000 21,458.217 Commercial Paper 9,699,000 9,698,371 Money Market Funds and Time Deposits 32,412,000 32,412,071 Mortgages 158,000 318,137 R t I and Other en a Real Property 125,000 125,361 Accrued Interest 3,648.000 3.648,402 $310,929,000 $302,049,272 5) DUE FROMITO OTHER FUNDS Due from/to other funds are loans from one fund to another for specific purposes. At September 30, 1985, the balance in due from/to other funds consisted of the following: 33 Due from Due to Fund Other Funds Other Funds General $ 800,922 $ 3,653 Special Revenue: Downtown Development Authority 3,653 — Miami Sports and Exhibition Authority — 197,200 Other Funds — 776,322 Capital Projects: Culture and Recreation 172,600 — Trust and Agency: — 2,536,758 Pension Administration GESE Pension Trust 1,229,195 — FIPO Pension Trust 1,307,563 — Total $3,513,933 $3.513,933 i { 6) DUE FROM OTHER GOVERNMENTS I Amounts due from other governments primarily represents amounts relating to grants awarded by other governmental agencies, Federal Revenue Sharing monies and other receivables from state and local governments. 7) PROPERTY, PLANT AND EQUIPMENT —' a ;:;.. The following is a summary of changes in general fixed assets for the year ending September 30, 1985: i J Balance Additions Deletions Balance October 1, and and September 30, 4s j A:f;,.. ° 1984 Transfers Transfers 1985 -^ {-ITLand .... ... $ 20,858,734 $37.133,792 $ 1,036,450 $ 56,956,076 Building and Improvements . 24,071,349 4,898,906 2,437,550 26,532,705 `' r Machinery and Equipment .... 23,094,610 1,850,133 262,170 24,682,573 Improvements Other Than Buildings . 136,840,517 2,972,378 — 139,812,895 Construction in Progress . 73,022,715 18,619,304 39,283,042 52,358,977 Total.... ... $277,887,925 $65,474,513 $43,019,212 $300,343,226 x r�4 ? The significant committments related to the acquisition or construction of general fixed assets are shown as encum brances in the Capital Projects Fund and as Other Payables in the Long -Term Dept Group of Accounts. General fixed assets as of September 30, 1985 summarized by funding source are as follows (unaudited): Capital Projects Funds _ P, General and Special Obligation Bonds $226,514,191 v Federal Grants ......... 21,352,321 General Fund Revenues. .. 47,007,579 Special Revenue Fund Revenues .. 5,346,893 ;. . Gifts ...... 122,242 j Total ....... .. $300,343,226 ti .: A summary of proprietary fund type property, plant and equipment at September 30, 1985, is as follows: Internal Enterprise Service Land ........... $ 12,302,455 $ 401 Buildings and Improvements ..... 132,811,816 4,407,251 Machinery and Equipment 5,369,276 22,752,258 _ Construction in Progress . . 1,318,492 — �` Total....... $151,802,039 $27,159,910 Less Accumulated Depreciation 24,870,546 11,982,249 Net $126.931,493 $15,177.661 34 � /`fvf-10 0J T as-�76 a 8) LONG-TERM DEBT The following is a summary of changes in long-term debt of the City for the year ended September 30, 1985 (in thousands of dollars): Balance at October 1, 1984 New Bonds Issued Bond Anticipation Notes Decrease in Lease Payables Increase in Long -Term Claim Liabilities Increase in Long -Term Accumulated Unpaid Compensated Absences Debt Retired Balance at 1 September 30, 1985 Enterprise General Long•Term Debt Fund Debt General Special Special Obligation Obligation Claims Other Compensated Revenue Obligation Bonds Bonds Payable Payables Absences Total Bonds Bonds $151,650 $ 600 $20.810 $ 5,758 $11,394 $190,212 $ 84.320 $ — 33,000 — — — — 33.000 — 13,720 12,000 — — — — 12.000 — — — — — (1,128) — (1,128) — — — — 3,250 — — 3.250 — — — — — — 1,125 1,125 — (22,010) (150) — — — (22.160) (10,517) — $174,640 $ 450 $24.060 $ 4,630 $12.519 $216.299 $ 73.803 $13,720 Bonds payable at September 30, 1985, are comprised of the following issues: General and Special Obligation Bonds (General Long - Term Debt): $25,000,000 Police Headquarters Improvement Bonds; seven issues, maturing through 2005; interest at rates ranging from 3% to 9.25% $ 14,775,000 $38,000,000 Storm Sewer Improvement Bonds; twelve issues, maturing through 2014; interest at rates ranging from 2.5% to 11.5% . 28,370,000 $44,640,000 Public Parks and Recreation Facilities Bonds; five issues, maturing through 2003; Interest at rates ranging from 3.5% to 9.25% .. 23,360,000 $65,000,000 Sanitary Sewer Improvement Bonds; ten issues, maturing through 2013; interest at rates ranging from 1/10% to 9.25% ............... 30,515,000 $36,100,000 Street and Highway Improvement Bonds; eight issues, maturing through 2014; interest at rates ranging from 3 % to 11.5% ... 25,365,000 $79,240,000 Other Issues, maturing through 2014; interest at rates ranging from 1 % to 11.5% ... 52,705,000 $175,090,000 35 Revenue Bonds and Special Obligation Bonds (Enterprise Funds): $60,000,000 Convention Center and Parking Garage Revenue Bonds, due in installments of $100,000 to $4,750,000 through 2015; interest at rates ranging from 6.5% to 8.5% ............ $ 60,000,000 $13,860,000 Off -Street Parking Revenue Bonds, maturing through 2009 at varying rates of interest ranging from 6% to 10.375% ..... 13.705,000 $225,000 Orange Bowl Warehouse Revenue Bonds, maturing through 1989; interest at 6.5%........... 98,000 $13,720,000 Special Obligation Bonds; maturing through 2008; interest at rates ranging from 5.625% to 8.875% .......... . 13,720.000 87,523,000 Less Unamortized Bond Discount .. (2,305,365) $ 85,218,635 ^ *; Aol 86.S76 The annual requirements to amortize all bonds and The Trust Indenture provides that the gross revenues - r je� other payables outstanding as of September 30, 1985, includ- of the Convention Center -Garage will be deposited, as _ Ing interest payments of $299,341,000 are as follows (in received, with the Trustee of the credit of the Revenue r thousands of dollars): Fund. The Trustee shall transfer from the Revenue Fund, on a monthly basis, all money remaining in the - " ' Year Ending General Special Other Obligation Obligation Revenue Payablea fund in excess of current expenses to the following September 30 accounts or funds in the following order: 1986 $ 19,982 $ 1,319 $ 6,677 $1,067 alto the Bond Service Account, an amount equal to i 1987 23,495 1,421 6,680 1,100 1988 22,846 1,540 6,678 1,192 the sum of (i) an amount equal to one -sixth (116) of _ 1989 21,220 1,392 6,677 1,292 the interest payable on all the outstanding bonds on 1990 20,432 1,394 6,775 - the next ensuing interest payment date; and (ii) com +,,,<., 1991-1995 86,022 7,010 37,143 - mencing in January 1989, an amount equal to one- - 1996-2000 63,077 7.087 38,134 twelfth 1/12 of the next maturinginstallment of principal of all serial bonds; ' 2001-2005 39,658 6,541 36,923 - Thereafter 21,243 5,902 64,665 - b)to the Redemption Account, commencing in January 2001, an amount equal to one twelfth (1/12) of the �.•.. ,.::.': $317,975 $33,606 $210,352 $4,651 principal amount of the term bonds required to be V retired on the next succeeding January 1 st; The various bond indentures contain significant limi- e)to the Reserve Account, such amount, if any, of any tations and restrictions on annual debt service requirements, balance remaining after making the deposits under maintenance of and flow of monies through various restricted _ the two preceeding provisions, as may be required accounts, minimum amounts to be maintained in various to make the amount then held for the credit of the h sinking funds, and minimum revenue bond coverages. Reserve Account equal to the maximum annual z A summary of major provisions and significant debt principal and interest requirements for the current r; service requirements follows: or any succeeding fiscal year; General Obligation Bonds -Debt service is provided d)to the Renewal and Replacement Fund, commenc- -, for by a tax levy on non-exempt property value and ing in October 1982, one lwelith (1/12) of $100,000 collections on assessment liens from projects financed and one twelfth (1112) of such additional amount, if by proceeds of such bonds. The total general obliga- any, which a consultant retained for such purpose tion debt outstanding is limited by the City charter to in its latest written report prepared pursuant to the fifteen percent of the assessed non-exempt property Trust indenture shall have recommended; value. At September 30, 1985, the statutory limitation e)to the Supplemental Reserve Fund, such amount, if ;,' .• for the City was approximately $1,311,627,000 provid- any, as may be required to make the amount then ^' ing a debt margin of approximately $1,141,540,000 held for the credit of the Supplemental Reserve Fund after consideration of the $174,640,000 of general obli- equal to Two Million Five Hundred Thousand Dollars Ys gation bonds outstanding at September 30, 1985, less ($2,500,000); .� approximately $4,553,000 available in the related Debt ♦) to the Surplus Fund, the balance, if any, of the Service Fund. amount so withdrawn. General obligation bonds authorized but unissued at At September 30, 1985, the City had on deposit with the September 30, 1985, totaled approximately $99,275,000. Trustee for these bonds approximately $9,466,000, $60,000,000 Convention Center and Parking Garage exclusive of accrued interest receivable, in the required Revenue Bonds -Debt service is provided by a pledge restricted funds and accounts of net revenues of the Convention Center -Garage, a $13,720,000 Special Obligation Bonds -In July, 1985, pledge of certain telephone and telegraph excise tax the City issued $13,720,000 of the City of Miami, Florida,- �� " { revenues, and by a covenant and agreement of the Special Obligation Bonds, Series 1985 (the "Series City to provide, to the extent necessary, revenues of 1985 Bonds"). The proceeds from the sale of the series the City, other than ad valorem property tax revenues, 1985 bonds were used to defease the previously out - sufficient to make up any deficiency in certain of the standing $10,400,000 Parkin Revenue Bonds with a -, 'r required restricted funds and accounts. balance remaining of $10,345,000. As a result, an Various funds and accounts held by the Trustee are extraordinary loss of $2,468,039 was recognized. Debt ;4 required to be maintained under the terms of the Trust service is provided by a pledge of net revenues of the Indenture pursuant to which the bonds were issued. Government Center Parking Garage and utilities serv- - .: Those funds or accounts pertaining to these provi- ices taxes collected by the City from the sale of water sions include the Revenue Fund, Bond Service Account, and gas in an amount not to exceed the principal and the Redemption Account, the Reserve Account, the interest requirements in the ensuing fiscal year. A x Construction Fund, the Supplemental Reserve Fund, reserve must be maintained equal to the maximum the Renewal and Replacement Fund and the Surplus annual debt service requirement. Various funds and Fund. accounts held by the Trustee include the Revenue 36 H,5 A) � J S Fund, Bond Service Account, Redemption Account, Reserve Account and the General Reserve Fund. The nature, purpose and funding requirements of these funds and accounts are similar to those described above relative to the Convention Center. At September 30, 1985, the City had on deposit with the Trustee for these bonds approximately $1,776,000 exclusive of accrued interest, in the restricted funds and accounts. $13,860,000 Off -Street Parking Revenue Bonds —Debt service is payable solely from the revenues of the Off -Street Parking facilities. This issue ("Series 1983'') consists of serial bonds of $3,220,000 payable in install- ments of $155,000 to $390,000 from 1984 through 1996 and term bonds of $10,640,000 maturing from 1999 to 2009. At September 30, 1985, the City had on deposit with the Trustee for these bonds approximately $2,658,000 in various reserve accounts. These accounts consists of the Parking System Fund (Revenue, Revenue and Replacement, and General Reserve accounts), the Construction Fund (Additional Facilities and Proceeds accounts), and the Bond Fund (Interest and Principal, Sinking Fund, Reserve, Redemp- tion, and Insurance and Condemnation Award accounts). 1:1 9) CHANGES IN AGENCY FUND The City's Agency Fund is used to account for the $2,000,000 refundable deposits by the Cable T.V. licensee and interest thereon, which is payable to the licensee. The changes in the City's Agency Fund are as follows: Deposits and accrued interest beginning of year $2,075,564 Interest received 183,391 Interest paid to licensee (104,245) Deposits and accrued interest end of year . $2,154,710 Due to certain controversies relating to the licensee's performance under the Cable Ordinance, the City has assessed fines against the licensee totaling approximately $950,000 as of September 30, 1985. Since the assessment is subject to ultimate City Commission approval based upon the results of an independent review of the licensee's adherence to the Ordinance, the amount of the $2,000.000 performance deposit has not been reduced by the amount of such penalties. 10) FUND EQUITY The following individual funds had a deficit fund equity at September 30, 1985: Fund Amount Enterprise — Parking Garage $2,758,591 Internal Service — Print Shop 198,424 The deficit in the Parking Garage Fund, resulting primarily from the $2,468,039 extraordinary loss on debt refinancing, 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. The expenditures in the Rescue Services Special Revenue Fund and the Utilities Service Tax Bonds Debt Service Fund exceeded appropriations by $4,801 and $2,972, respectively, for the year ended September 30, 1985. The fund balance at September 30, 1985 in the Utilities Service Tax Bonds Debt Service Fund exceeded the amount reserved for debt service by $1,309,969, which was caused by a positive variance of actual revenues over budget in 1985. The excess of utility service tax revenues over the debt service requirements of the utility service tax bonds is pledged first to provide funding as needed for debt service in the Convention Center and Parking Garage enterprise funds (see Note 8). Fund equity in the Enterprise Funds at September 30, 1985 consists of the following: Off -Street Parking Convention Center Parking Garage Auditoriums . Marine Stadium Miami Stadium Golf . Other Retained Earnings Reserved for Construction and Revenue Bond Retirement Unreserved $ 1,817,768 $ 8,755,482 8,408,935 1,497,476 $11,724,179 (17,498,268) (4,889,967) (2,300,990) (130,027) (574.296) (4,862) 7,466,519 $ (9,176,409) Contributed Capital $ 276.753 43.243,798 633,900 5,407,505 675,161 1,406,186 392,718 6,503,730 $58,539,751 See Note 13 for selected financial information regarding the enterprise funds. 37 Total Fund Equity (Deficit) $10.850,003 34,154,465 (2,758,591) 3,106,515 545,134 831,890 387,856 13,970,249 $61,087,521 �0 74/0 as-:37� 11) INTERFUND TRANSFERS A summary of Interfund transfers and contributions by fund type is as follows: Transfers In Special Ca Ital Internal General =_ Transfers From General Revenue Protects Enterprise Service Fixed Assets Total Operating Transfers: General ............ $ — $1,484,905 $1,261,890 $ 543,791 $ — $ — $ 3,290.586 Special Revenue ..... 11,918,129 427,520 100,000 — — — 12,445,649 _ Debt Service ........ 17,562,937 — — 4,837,288 — — 22,400,225 Capital Projects ..... — — 7,267,925 — — — 7,267,925 Enterprise .......... 1,268,976 — 730,251 — — — 1,999,227 Internal Service ..... — — — — 375,913 — 375.913 $30,750,042 $1,912,425 $9,360,066 $5,381,079 $375,913 $ — $47,779,525 Equity Transfers and Contributions: General............ $ — $ — $ — $ 267.529 $ — $ — $ 267,529 Special Revenue ..... — — 229,606 — 66,930 — 296,538 Capital Projects ..... 14,283 — — — 47,665 — 61,948 Enterprise .......... — — — 8,019 19,065 192,506 219,590 Internal Service ..... — — — — 510 820 1,330 General Fixed Assets . — — — 2,294,746 20,133 — 2,314,879 $ 14,283 $ — $ 229,608 $2,570,294 $154,303 $193,326 $ 3.161,814 38 1Y, ��_;�76 12) SELF-INSURANCE The City maintains a Self -Insurance Expendable Trust Fund to administer insurance activities relating to certain property and liability risks, group accident and health and workers' compensation. Charges to participating operating departments are based upon amounts determined by management to be necessary to meet the required annual payouts during the fiscal year. The estimated liability for insurance claims includes the 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 $24,060,000, as of September 30, 1985, as follows: Sell insurance GLTD Claims Payable Claims Payable (Current Portion) (Non -Current) (A) Workers Compensation All workers compensation costs are paid from the Self -Insurance Fund, with all departments of the City being assessed a charge based upon annual cash requirements. As claims are reported, they are investigated by claims personnel, and an estimate of liability on a case -by -case basis is established. The estimated liabilities are periodically reviewed and revised as claims develop. Most liability in this area will be payable over several years. $ 543.356 $11,880,000 (B) General Coverage Departments of the City are assessed for property and casualty coverage based upon the cash requirements of the Self -Insurance Fund and their relative share of the total risk. The City has continued to purchase certain casualty insurance for which the premium is small in relation to the coverage provided. The City is fully insured, subject to a $10,000 deductible, for all property loss exposures. As casualty claims are reported, they are investigated by claims personnel and an estimate of liability on a case -by -case basis is established. 748,904 12,180,000 (C) Group Accident and Health Certain employees and retirees of the City contribute through payroll deductions or deductions from pension payments to the cost of group benefits. The remainder of the funds necessary are contributed by the City based upon the number of participants in the plan. As of September 30, 1985 the plan covered approximately 1,600 active employees, 800 retirees and 1.100 dependents. Costs of the plan for the year then ended were approximately $4.4 million, During July, 1984, the labor unions representing policemen and firefighters established separate group benefit plans for both active employees and retirees. The City's plan does not cover those employees or retirees. The amount of claims at September 30, 1985 represents payments made by the City in October and November, 1985, on claims incurred at September 30, 1985. 581,372 — $1.873,632 $24,060,000 The City is a defendant in civil liability suit arising from alleged negligence on the part of a City employee while driving a City vehicle. A jury verdict against the City was reached during 1985, awarding damages of approximately $10.7 million. The City's liability in this suit is limited to $50,000 by Florida statute. However, the plaintiff has the option to seek to recover the excess damages by introducing a claims bill to the Florida Legislature under Section 768 of the Florida Statutes. Passage of a claims bill would allow the plaintiff to collect damages in an amount designated by the Legislature regardless of statutory limitations on liability. No claims bill pertaining to this case has been introduced. As of September 30, 1985, the City has recorded only the amount of the statutory liability. 39 V I -lea 60;0 M Ain ..Q'.wa 13) SEGMENT INFORMATION -ENTERPRISE FUNDS The City maintains eleven (11) enterprise funds which provide various recreational, convention and parking facilities. Selected financial information for the fiscal year ended September 30, 1985 is as follows (in thousands of dollars): Property Off •Streat Convention Parking and tease -- Parking Stadiums Center Marinas Auditoriums Golf Garage Management Total Operating Revenues ............. $ 7,597 $3,656 $ 3,327 $f,356 $ 533 $ 953 $ 202 $ 1,330 $ 18,954 Depreciation Expense ............ 937 506 1,531 172 146 44 149 59 3,544 Operating Income (Loss) ......... 2,027 386 (2,123) 776 (355) (331) (139) 1,049 1,290 Non -Operating Revenues (Expenses)and Operating Transfers ........... (985) 161 (592) 133 296 59 (499) (1,025) (2,452) r.. Net Income (Loss) .............. 1,041 547 (2,715) 910 (59) (271) (3,106)(1) 23 (3,630) Contributions and Equity Transfers .............. 155 245 - 3 79 - - 2,287 2,769 Total Equity (Deficit) ............. 10,850 8,334 34,154 4,703 3,107 388 (2,759) 2,310 61,087 Total Assets ................... 26,056 8,712 94,004 4,811 3,178 481 10,881 2,349 150,472 Property, Plant and Equipment, Net .............. 17,920 8,623 83,308 2,431 3,436 941 8,043 2,229 126,931 _ Property, Plant and _ Equipment: Additions and Transfers, Net ............... 565 871 375 310 5 27 - 2,288 4,441 _. Bonds Payable, Net ............. 13,334 98 58,468 - - - 13,319 - 85,219 Net Working Capital (Deficit) .................... 3,663 (189) (886) 2,273 (330) (554) 482 81 4.540 (1) Includes $2,468,039 In extraordinary loss on debt refinancing. 40 /YA) r @g_3-7� a I W 14) PENSION PLANS AND RESOLUTION OF PENSION LITIGATION A) Reporting Entity For a number of years, the City has sponsored two separate defined benefit contributory pension plans: Miami City Employees' Retirement System (System) for police offi- cers and firefighters and Miami City General Employees' Retirement Plan (Plan) for sanitation workers and general employees. Since 1977, the City was involved in significant pension litigation, primarily related to (1) a class action lawsuit filed on behalf of all members and beneficiaries of the Plan and System seeking to require the City, for the years 1939-1975, to retroactively make additional deposits to its pension plans totaling approximately $40,000,000 includ- ing interest through September 30, 1984, and (2) the claim from the Boards of Trustees of the Plan and System of underfunding of the pension plans in years 1980-1984 total- ing approximately $14,300,000 (Plan) and $17,100,000 (Sys- tem). Prior to 1980, the policy of the City was to make contributions to the pension trust funds based upon amounts determined to be due by the Plan and System actuarial valuation reports, which provided for a level dollar amorti- zation of unfunded prior service costs. The City CommIS- sion, in September 1979, adopted a policy limiting the increase In the portion of the pension contribution relating to the amortization of the unfunded prior service costs to five percent of the preceeding year's amount, resulting in the claim of underfunding by the Boards. Therefore, for 1980-1984, the City's contributions to the pension plans consisted of normal costs and a 5% per year increasing amortization of prior service cost over 35 years measured from 1976, less investment manager's fees paid by the City on behalf of the Plan and System. Due primarily to the special circumstances involving the litigation, both the Plan and System were excluded as part of the reporting entity of the City in prior years. In 1985 the pension litigation and related matters were resolved, as described below, resulting in the two pension trust funds meeting the criteria for inclusion in the accompanying financial statements of the City as part of the reporting entity. S) Resolution of Pension Litigation and Related Matters On May 23, 1985 a final judgement was entered by the Circuit Court of the Eleventh Judicial Circuit in and for Dade County, Florida, in settlement of the pension litigation and related matters. The major terms of the settlement, which was approved by the City Commission on June 13, 1985, are as follows: — The System became the City of Miami Fire Fighters' and Police Officers' Retirement Trust (FIPO) and the Plan is now the City of Miami General Employees' and Sanita- tion Employees' Retirement Trust (GESE). The composi- tion and method of selection of members for both Boards has been changed. 0 — Each of the two Boards of Trustees (Boards), in its discretion, may have its own employees, its own admin- istrator, its own attorneys, accountants, money man- agers, and other professionals. — The City's total annual contributions to FIPO and GESE beginning with fiscal year 1984185 are required to con- sist of: • Administrative expenses. • Actuarial contributions for normal cost using the entry age method: a mechanism has been agreed upon to resolve possible disagreement on annual contributions by a third party. • Annual unfunded liability contributions based on a rchedule that requires $5.000,000 for FIPO and $6,400,000 to GESE, respectively, increasing there- after by approximately 5% per year. The total unfunded liability, including the effect of certain pan maoel ve- ments, 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 sched- ule. The currently existing unfunded liability bal- ances 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 resulting from col- lective bargaining shall be amortized in level annual installments over a period of 30 years from the begin- ning of the fiscal year in which the change occurred. — A Cost -of -Living Adjustment Fund (COLA Fund) was created with a designated amount of savings gener- ated by the tax qualification of FIPO and GESE being contributed by the employees. The COLA Fund is funded as follows: • Two percent of the earnable compensation of each member shall be credited each pay period to the COLA Fund. 41 • A transfer to the COLA Fund of an amount equal to one percent of the total payroll of all members per fiscal year, to the extent such an amount is availa- ble from excess interest earnings determined on an accumulated basis from October 1, 1982, to the beginning of the year of determination, reduced by any COLA transfers in prior years. Contributions pursuant to this provision shall be mandatory for three -and -one-half years only, beginning October 1, 1983. Excess interest earnings are defined as being the difference between the rate of return on the actuarial market value of the average assets as t 7� k r F..rQi §f 4t hv" f 4,r,1 ?i { a .✓ .. ct ,. '� x ..�J. .r1 _.. y;it � 56 0 0 calculated in accordance with Chapter 112, Florida Statutes, less the assumed rate of return for active members on the current actuarial valuation report. — The liability, if any, of the pension trusts to pay a varia- ble annuity benefit to any past, current or future retir- ees was extinguished. — The City paid approximately $900,000 in legal fees of the various plaintiffs through the Pension Administra- tion Trust Fund (expendable trust fund) during 1985. The settlement resulted in no other liabilities assessed against the City. C) Description of Pension Plans and Actuarial Meth• ods and Assumptions FIPO and GESE are separate defined benefit plans to which member employees contribute a percentage of their base salaries or wages on a bi-weekly basis. This percent- age was 8 1l2% for FIPO and 8% for GESE until June 1, 1985, at which time the percentages were increased as a contribution to the COLA Fund. Contributions from employ- ees are recorded in the period the City makes payroll deduc- tions from participants. The City is to contribute such amounts as are necessary on an actuarial basis to provide FIPO and GESE with assets sufficient to meet the benefits to be paid. GESE also receives contributions, through the City, from Metropolitan Dade County and the State of Florida on behalf of certain plan participants. The present value of vested benefits (benefits to which participants are entitled, regardless of future service with the City) and the estimated actuarially determined unfunded prior service cost were calculated by consulting actuaries as of January 1, 1984 for FIPO and October 1, 1984 for GESE as a basis for determining the City's contribution for the City's fiscal year ended September 30, 1985. The estimated actuarially determined unfunded prior service — cost is calculated using the frozen entry age actuarial cost method. The more significant assumptions underlying the actu- arial computations are as follows: — GESE Assumed rate of return on investments: Prior to retirement 8% per annum, compounded annually After retirement 7% per annum, compounded annually _ Active mortality basis 1971 Group Annuity Mortality Table, set back 6 years for females Rate of Withdrawal Employee turnover Age Years of Service — 1 3 5+ 20 .175 .120 .080 30 .175 .120 .060 40 .175 .120 .040 50 .175 .120 .020 Annual Rate of Salary Scale Age Salary Increase a 20 .100 30 .085 40 .075 50 .075 ...� 60 .075 Annual Rate of Retirement Age Retirement 55 .300 60 .140 65 1.000 Asset Value Lower of market value or statement value or statement value 42 86_'�6 7 0 FIPO Assumed rate of return 7% per annum, compounded annually on investments Active mortality basis 1971 Group Annuity Mortality Table, producing the following specimen rates: Age Male Female 20 .0503 % .0260 % 30 .0809 .0469 40 .1633 .0938 50 .5285 .2165 60 1.3119 .5649 Employee turnover In accordance with the following specimen rates: Age Rate 20 8.0 % 30 6.0 40 3.0 50 0.0 Salary scale Plus 15% additional in first year of employment. Seniority scale, providing annual earnings, in- creases ranging from 4.8% at age 20, 2.5% at age 30, 1.7% at age 40, 1.4% at age 50, to 0% at age 60. In addition, a 5% annual increase due to inflation is assumed. Retirement Age Probabilities of retiring ranging from 1 % at age 40, 3.5% at age 45, 50116 at age 50, to 100% at age 55. Asset value Moving market value average. A summary of certain information in the actuarial valuation is as follows: FIPO GESE To determine City contribution for year ended 9/30185 9/30/85 Valuation date ... 1 /01 /84 10/01 /83 Actuarial value of net assets ... $153,367,000 $ 87,012,103 Actuarial present value of accumulated plan benefits: Vested ... $165,397,000 $155,145,000 Non -Vested ... ..... . ..... 11,311,000 5.236,000 Total ... .. $176,708,000 $160,381,000 Actuarially determined unfunded prior service cost $108,924,000 $111,778.313 Number of participants: Active employees . 1.717 2,016 Retired, disabled and deferred vested 859 1,510 Total ....... 2,576 3,526 Required employer contribution funded ... $ 10,700,000 $ 10.159,599 43 /-G o 6x 86-37 r] Through 1985 the City has maintained a Pension Admin- istration Trust Fund (expendable trust fund), which charges each Department of the City and other governmental con- tributors their respective share of estimated pension plan contributions ($17,168,000 and $540,000, respectively, in 1985). Substantially all amounts charged were to the Gen- eral Fund, and the remainder to various other funds, prin- cipally Enterprise and Internal Service. The Pension Admin- istration Trust Fund then disburses the actuarially deter- mined required contributions to the pension trust funds. For 1985, the required contributions to FIPO and GESE as a result of the settlement of the pension litigation totaled approximately $20,860,000. as compared to approximately $19,255,000 for 1984 as determined by the City's actuary prior to the settlement. The required contributions were funded to the pension trust funds during the year for which required or shortly thereafter. The fund balance of the Pension Administration Trust Fund at September 30, 1985 of $1,415,333, which repre- sents the accumulated excess of charges to other funds and miscellaneous revenues over actuarial requirements and other expenditures, has been designated for future pension plan contributions. D) Other Plans The City also makes contributions through the Pen- sion Administration Trust Fund to the Police and Firemen's Relief and Pension Trust Funds, which are not under the jurisdiction of the City, and therefore, not included herein as part of the reporting entity. Funding for such contribu- tion, which totaled approximately $3,231,000 for 1985, is from the State of Florida -Bureau of Municipal Police and Firefighters' Retirement Fund, pursuant to Chapters 175 and 185 of the Florida Statutes. The City sponsors two deferred compensation programs for its employees administered by ICMA and the U.S. Con- ference of Mayors. The ICMA administered plan provides for a City contribution of 8% of based salaries of participat- ing employees, which was approximately $165.000_ 15) COMMITMENTS AND CONTINGENCIES There are a number of claims and lawsuits outstand- ing against the City, arising principally from personal inju- ries incurred on City property, for which a liability of $24,060,000 is recorded in General Long -Term Debt as of September 30, 1985, as described in Note 12. Housing 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 pur- pose of providing housing for families and persons, includ- ing the elderly, of low and moderate income. During fiscal year 1983/84, the City issued the final $18,100,000, of the approved bonds. The current and proposed 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 expended as capital contributions to Dade County for projects built within City limits. As of Septem- ber 30, 1985, approximately $8,000,000 of these bond proceeds have been expended for land acqui- sition for various housing projects within the City limits conducted in conjunction with Dade County and approximately $2,667,000 had been transferred to the trustee for debt service reserve require- ments The amounts transferred to the trust ac- count have been recorded as receivables in the capital protects funds and. due to the uncertainty of collection. an allowance for the full amount has been established • As of September 30, 1985. approximately $6,300,000 of housing bond proceeds has been used for land acquisition costs as of September 30, 1985. asso- ciated with the Southeast Ovettown Park West Redevelopment Project, which targets for redevel- opment 200 acres of prime real estate adjacent to the City's central business district. The four con- struction contractors chosen by the City for the initial nine blocks of the project will be offered construction financing assistance. The City may issue in fiscal year 1985/86 up to $40,000,000 in three-year construction notes to be supported by an irrevocable letter of credit of a major bank. The notes would be secured by the payments to be received on account of the sale of the units, by investments held by the Trustee, and by the pledge of the City of certain non -Ad Valorem revenues. • In addition, certain bond proceeds are anticipated to be used to finance land acquisition and related costs for an affordable rental housing develop- ment program. This program's objective is the construction of rental housing units within the City of Miami for low and moderate income per- sons in conjunction with Dade County. Construc- tion is expected to be financed by the issuance of up to $65,000,000 in City of Miami Mortgage Rev- enue Bonds and equity investments from the proj- ect's developers. Convention Center In August 1980, the City issued $60.000,000 of Con- vention Center and Parking Garage Revenue bonds to finance construction of the City of Miami/University of Miami James L. Knight International Center. As discussed in Note 8, the bonds are collateralized under the trust indenture by a first lien on the pledge of the net revenues of the Conven- tion Center -Garage, certain telephone and telegraph utility service taxes and by a covenant and agreement of the City to provide, to the extent necessary, revenues of the City other than ad valorem tax revenues, sufficient to make up any deficiency with respect to the payment of operating expenses and debt service and the maintenance of the reserves required under the bond indenture. The City has appropriated approximately $4,269,000 of utility service tax revenue for these purposes for the fiscal year ended Sep- tember 30, 1986. It is anticipated that similar transfers of such revenues will be necessary thereafter on an annual 44 to 06 -0 basis through fiscal 1989 to subsidize Convention Center deficits. 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 entered 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 annu- ally as a graduated percentage of gross sales in excess of $20,000,000. No additional rent was received during 1985 under this provision. The amounts received as base rent in 1983 were accounted for as equity contributions to the Convention 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 com- ponents are adjusted annually for changes in the consumer price index. 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 issued in 1982 to finance construction of a 1 ,110 car parking garage adja- cent to the Government Center (see Note 8). 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 require- ments in the ensuing fiscal year. The City has appropriated approximately $1,559,000 of utility service tax revenue for this purpose for the fiscal year ending September 30, 1986. Bayside Specialty Center The City entered into a lease agreement with an out- side developer (Rouse -Miami, Inc.) to allow the construc- tion 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 renewal 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 project commences operation targeted for 1987. The retail center is to be financed by a construction loan of $72 million obtained by the developer, a $3 million equity contribution from the developer and $4 million in infrastructure improvements to be provided by the City. As of September 30, 1985, the City had expended approximately $370,000 in cost primarily associated with the demolition of 45 the Bayfront Auditorium, which occupied the site of the project. The City also advanced $2,650,000 to be refunded by the developers to buy out the existing lease on a res- taurant facility within the leased premises. It is projected that tenant improvements will represent an additional $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 construc- tion of a multi -level parking garage adjacent to the Bayside Specialty Center Project. These bonds are payable from revenues generated from the operation of the garage and repayment is the responsibility of Rouse -Miami, Inc., the bonds do not constitute a debt of the City. The City is not obligated to pay the bonds or interest thereon. Coliseum/Exhibition Center The Miami Sports and Exhibition Authority (Authority) is currently negotiating a comprehensive contractual agreement with Decoma Venture (Developer) to construct an arena facility. The Authority has entered into an Irrevo- cable Letter of Credit Agreement with the Developer in the amount of $100.000 payable to the Authority as security for liquidated damages in the event no agreement can be reached by May 15, 1986 under certain conditions, princi- pally the Developer's failure to negotiate in good faith. On August 20, 1985, the Authority entered into a Pre -Development Agreement (Agreement) with the Devel- oper which permits up to $1,500,000 in expenses and obli- gations to be undertaken by the Developer to accomplish or initiate pre -development activities. All payments by the Authority under the Agreement may either be credited against any future advances or payments required to be made by the Authority to the construction project or, if permitted by law, may be reimbursed out of the proceeds of any bonds issued by the Authority to finance construction. As of September 30, 1985, no pre -development expenses had been presented to the Authority for payment. On August 30, 1985, the Authority adopted a Resolu- tion authorizing the issuance of up to $65,000,000 of spe- cial obligation bonds of the Authority, payable from Con- vention Development Tax revenues to fund the arena construction. The Resolution also provided for the issu- ance of subordinate obligations for any lawful purpose of the Authority. (See Note 16—Subsequent Events). 16) SUBSEQUENT EVENTS On December 27, 1985, the Miami Sports and Exhibi- tion Authority issued $38,000,000 Floating/Fixed Rate Spe- cial Obligation Bonds, Series 1985 (Bonds) maturing in various amounts from 1991 through 2015. The Bonds are limited special obligations of the Authority and are payable solely from and secured by a pledge of (1) the Authority's allocated portion of the 3% Convention Development Tax levied and collected in Dade County, (ii) investment earn- ings on certain reserve accounts required to be maintained with the Trustee, and (iii) from the date of original issuance of the Bonds through December 30, 1990 (except upon the earlier occurrence of certain events), from funds drawn under a bank letter of credit in a stated amount equal to the /-((,747QA,) 86-376 { ry S 0 principal amount of the Bonds plus 55 days interest thereon at an interest rate of 12%. From the date of initial issuance of the Bonds through January 7, 1986 the Bonds will bear interest at 8.25%; thereafter, at a variable rate per annum calculated weekly. The Bonds were issued principally to provide funds to pay the cost of acquisition and construc- tion of arena facility, together with a $8,500,000 contribu- tion by the Developer and a contribution by the Authority of approximately $4,721,000 in accumulated Convention Devel- opment Tax revenues. J 46 On December 27, 1985, the Authority also issued a $10,000,000 Subordinate Obligation Note, Series 1985, to fund a permanent or temporary exhibition center or any other lawful purpose of the Authority. This note is secured by a pledge of the Authority's allocated portion of the 3% Convention Development Tax, but on a basis subordinate and junior to the pledge to the Series 1985 Special Obliga- tion Bonds. Interest on the note is at 70% of prime rate subject to adjustment under certain conditions. Interest is payable quarterly beginning in April 1986. Quarterly prin- cipal payments of $312,500 commence January 1987, with the final installment due in December, 1995. �at;o,J as 1 1 1 1 1 1 1 1 1- 1 1- 1 1 1 1 1 1 1 SUPPLEMENTAL COMBINING & INDIVIDUAL FUND STATEMENTS 47 il -t!kfq Ff,4, THIS PAGE INTENTIONALLY'LEFT BLANK 48— •o WX R7:4 1 1 1 f 1 GENERAL FUND GENERAL FUND —to account for resources traditionally associated with governments which are not required to be accounted for in another fund. r 7 0 5 CITY OF MIAMI, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET (NON•GAAP BUDGETARY BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1985 With Comparative Actual Amounts for Year Ended September 30, 1984 1985 Variance Favorable Budget Actual (Unfavorable) Revenues: Taxes: Property tax collections, including penalties and interest Business and excise taxes . .... . Licenses and permits: Business licenses and permits ... Construction permits ....... Intergovernmental: State revenue sharing ...... .... ... Sales taxes ........ .... ....... Court fines .................. . .. fl Other .......................... Intragovernmental: Engineering services ................ . Administrative charges ............. ... . . Charges for services: I Public safety ... ....... . Recreation ...... ...... . . ........ Solid waste ....... ..... Other........................ .... Interest ....................... . Other revenues: Rents............................. Miscellaneous ................. .............. Total revenues .............. . I� J i 51 SCHEDULE A•1 Actual 1984 $ 83.292,416 $ 84,208,646 $ 916,230 $ 78,967,870 14,678,200 16,073,050 1,394,850 4,885,370 97,970,616 100,281,696 2,311,080 83,853,240 5,924,817 5,956,449 31,632 5,779,021 66,325 84,572 18,247 73,536 5,991,142 6,041,021 49,879 5,852,557 11,220,000 11,962,175 742,175 11,715,407 10,500,000 11,354,993 854,993 10,633,775 2,100,000 1,477,170 (622,830) 2,111.474 1,113,241 1,478,949 365,708 1,066,729 24,933,241 26,273,287 1,340,046 25,527,385 2,690,000 2,775,073 85,073 - 23,751 23,751 2,690,000 2,798.824 108,824 3,220,800 3,594.644 373,844 228,000 253,590 25,590 12,540,000 12,993,917 453,917 1,540,576 791,582 (748,994) 17,529,376 17,633,733 104,357 2,000,000 2,717,703 717,703 2,866 50,500 381,183 50,500 384,049 151,164,875 156,130,313 2,646,258 41,120 2,687,378 3,479,658 248,024 7,734,936 684,418 12,147,036 3,349,836 2,866 1,458,546 330,683 696,715 333,549 2,155,261 4,965,4 38 135, 572,693 (Continued) &OAeOA 86'.?7 i SCHEDULE A•1 (Continued) CITY OF MIAMI, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET (NON•GAAP BUDGETARY BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1985 With Comparative Actual Amounts for Year Ended September 30, 1984 1985 Expenditures: General government: Mayor and commission ... City manager City clerk . `a Management and budget . . Finance Legal .. . Civil service . . 1 Human resources Community development . . Tourism and promotion . Computer and communications Public safety: Police ............ .. Fire ......... Public improvements: Public works ......... . Planning and zoning boards ... Solid waste . . . . ... . Culture and recreation ... Other: Employee benefits Special programs . ;y Intragovernmental charges ,;,.;,.-;•.,.; , . _ Miscellaneous . . Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Operating transfers in . a; Operating transfers out ... .. Total other financing sources (uses) .. Excess (deficiency) of revenues and other financing sources over expenditures and other uses ...... .. . Fund balance at beginning of year . .. . Equity transfers to other funds Equity transfers from other funds . . Fund balance at beginning of year .. . variance Favorable Actual Budget Actual (Unfavorable) 1984 $ 1,039,987 $ 893.211 $ 146,776 $ 777,715 2,943.733 2,819,974 123.759 2,522,389 549,511 528,514 20,997 708,805 1.484,867 1,414,701 70,166 1,328,269 2,850,405 2,804,307 46,098 2,785,626 1,290,329 1,248,346 41,983 1,079.236 198,364 188,281 10,083 176,484 1,724,453 1,626,207 98,246 1,649,925 1,097,549 1,060,997 36,552 944,811 1,297,460 1,083,588 213,872 1,071,578 4.048,922 4,036,236 12,686 2,984,776 18,525,580 17,704,362 821,218 16,029,614 64,091,435 62,972.667 1,118,768 59,225,684 36,501,724 36,312,302 189,422 34,879,550 100,593,159 99.284,969 1,308,190 94,105,234 15,418,230 13,610,802 1,807,428 12,212,634 1,402,895 1,358,661 44,234 1,179,871 16,821.125 14,969.463 1,851,662 13,392,505 23,431,169 22,830,100 601,069 22,592,355 8,810,258 8,669,148 141,110 8,408,933 2,818,003 2,852,723 (34,720) 2.152,216 2,321,612 1,916,971 404,641 2,204,082 4,170,156 4,126,636 43,520 2,664,396 5,648,850 5,822,043 (173,193) 4,080,059 14,958,621 14,718,373 240,248 11,100,753 183,139,912 178,176.415 4,963,497 165,629,394 (31,975,037) (22,046,102) 9,928,935 (30,056,701) 30.618,349 30,750,042 131,693 32,393,093 (3,443,312) (3,290,586) 152,726 (1,926,656) 27,175,037 27,459,456 284,419 30,466,437 $ (4,800,000) 5,413,354 $10,213,354 409,736 7,378,679 7,202,363 (267,529) (233,420) 14,283 - $ 12,538,787 $ 7,378,679 52 j I - �Tn L71 1 /'lo fi'°'tJ I ►:6'y96 1 IF IF V I 7 y W W U ■r a SPECIAL REVENUE FUNDS MIAMI SPORTS AND EXHIBITION AUTHORITY —to account for the general operations of the Authority which was established to develop sports and exhibition facilities in the City. The Authority's operations are financed by proceeds from a convention development tax. DOWNTOWN DEVELOPMENT AUTHORITY —to account for the general operations of the Authority which was established to develop and revitalize the downtown area. The Authority's operations are financed by proceeds from grants from the City of Miami and an Ad Valorem tax levy. FEDERAL REVENUE SHARING —to account for the proceeds from the federal government 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 res- cue operation. COMMUNITY DEVELOPMENT —to account for the proceeds from the federal government under the Community Development Block Grant Program. CABLE T.V.—to account for the proceeds of the Cable Television franchise fee that are restricted to expenditure for Cable T.V. oversight management and certain law enforcement purposes. LOCAL OPTION GAS TAX —formerly used to account for the proceeds of a tax on gasoline restricted to expenditures for highway and street mainte- 0 p A P) THIS PAGE INTENTIONALLY LEFT BLANK 55 If &d froV 86`476 SCHEDULE B•1 CITY OF MIAMI, FLORIDA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1986 With Comparative Totals for September 30, 1984 Miami Sports Downtown Federal and Exhibition Development Revenue Rescue Community Cable Local Oplion Other Totals Authority Authority Sharing Services Development T.V. Gas Tax Funds 1985 1984 ASSETS Equity (deficit) in pooled cash and investments ........ $ — $ — $(2.149.539) $133,703 $(390.792) S3.786.376 $ — $1.977.230 $ 3.356,978 $2,679.536 Cash and cash equivalents .. 4.892,901 149,934 — — — — — — 5.042.835 34.969 Taxes receivable .......... 434,612 33,697 — — — — — — 468.309 290.287 Accounts receivable ....... — 72,875 — — 10.586 — — 21,452 104.913 100,671 Due from other funds ...... — 3,653 — — — — — — 3.653 6.267 Due from other governments . — — 2.180.257 — 913.058 — — 438.574 3.531.889 7.742,254 Other .................. — 525 — — 2.501 — — — 3.026 29,866 Total assets ......... $5.327.513 $260,684 $ 30.718 $133.703 S 535.353 $3.786.376 $ — $2,437.256 $12,511.603 S10.883.850 LIABILITIES AND FUND BALANCES Vouchers and accounts payable ................ $ 48,104 S 4,620 $ — $ 8.115 S 423,994 S 7,422 $ — $ 120.720 $ 612,975 $1.688,049 Accrued expenses (principally salaries)..... — 11,136 — 7,050 — — — 1.430 19.616 35.603 Due to other funds ........ 197.200 — — — — — — 776,322 973,522 548.100 Due to other governments ... — — — — — — — — — 95,396 Deposits refundable ....... — — — — 111.359 — — 175.176 286.535 244.645 Other payables ........... — — — — — — — — — 5.700 Total liabilities ........ 245,304 15,756 — 15.165 535.353 7.422 — 1,073.648 1.892.648 2,617.493 Fund balances: Unreserved— undesignated ........ 5,082,209 244,928 30.718 118,538 — 3.778.954 — 1.363,608 10,618,955 8.266.357 Total liabilities and fund balances.... $5.327.513 $260.684 S 30.718 $133.703 S 535.353 $3.786,376 $ — $2.437.256 $12,511.603 $10,833,850 56 . ' • di a 0 SCHEDULE B•2 CITY OF MIAMI, FLORIDA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30, 1984 Miami Sports and Exhibition Authority Downtown Development Authority Federal Revenue Rescue Community Cable Local Opption Sharing Services Development T.V. Gas Taz Other Funds totals 1985 1981 Revenues: Property tax collections ..... $ - $ 335,566 $ $ - $ $ $ $ - $ 335,566 S 874,147 Business and excise taxes ... 5.519,191 _ _ _ _ 1,233.370 6,752,561 4.360,463 Licenses and permits ...... - - - - - - - 1,275.000 Intergovernmental......... - 32,365 8,811,281 - 9.733.468 - - 4,277,091 22,854,205 24,272.693 Interest ................. Other ................ 152,261 7,776 58,579 - 10.151 231,760 359.990 = 10,428 47.460 5,942 132,574 995,330 894,512 1,117,739 - 1,707,732 I Total revenues ........ 5.671,452 434.286 6,811,281 1,253,949 10.012.688 365.932 - 5,404,995 31,954.583 32,490,035 Expenditures: Public safety ............. - - - 1,818,707 - - - 1,818,707 1,756,491 Grants and related expenditures ............ - - - - 9,585,168 - - 5,223,643 14,808,811 16,376,935 Economic development ..... - 945.324 - - - - - - 945,324 900,580 Other ................... 399,783 - - - 799.598 - 1,199.381 932.121 Total expenditures ..... 399,783 945.324 _ 1,818,707 9,585.168 799.598 _ 5,223.643 18.772,223 19.966.127 Excess (deficiency) of revenues over expenditures ........ 5,271,669 (511,038) 8.811,281 (564,758) 427,520 (433,666) - 181,352 13.182,360 12,523.908 Other financing sources (uses): Operating transfers in ...... - 772,095 - 511,434 - - - 628,696 1,912,425 219,662 Operating transfers out ..... Total other financing - (8,921,088) - (427,520) _ (2,997,041) (100.000) (12,445,649) (10,079,503) sources (uses) ...... _ 772,095 (8,921,088) 511,434 (427,520) (2,997,041) 528,896 (10,533,224) (9,859,841) Excess (deficiency) of revenues and other financing sources over expenditures and other uses .............. 5,271,669 261,057 (109,807) (53,324) - (433,666) (2,997,041) 710,248 2,649,136 2,664,067 Fund balances at beginning ofyear ........... (189,460) (16,129) 140,525 171,862 - 4,212,620 2,997,041 949,898 8,266,357 6,214,992 Equity transfers to other funds .. - - - 86 - - - (296.538) (296.538) (931,704) Equity transfers from other funds ............... Fund balances - - - - - - - - - 319,002 at end of year .............. $5,082,209 $ 244,928 $ 30,718 $ 118,538 $ - $3,778,954 $ - $1,363,608 $ 10.618.955 $ 8,266,357 0 N 57 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 STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30,1984 Miami Sports and Exhibition Authority Downtown Development Authority Federal Revenue Sharing Variance Variance Varlence Favorable Favorable Favorable (Unfavor- (Unfavor- (uniavor- Budgel Actual able) Budget Actual able) Budget Actual able) Revenues: Property tax collections ............ $ - S - $ - $ 337,477 $335,566 $ (1,911) $ - $ - $ - Business and excise taxes ........................ 438,435 5,519,191 5,080,756 - - - - - - Licenses and permits .............. - - - - - - - - - Intergovernmental ................ - - - 34.000 32.365 (1,635) 8,921,090 8,811,281 (109,809) interest ........................ - 152,261 152,261 - 7,776 7,776 - - - Other .......................... - - - 13,684 58,579 44,895 Total revenues ............... 438,435 5,671,452 5,233,017 385,161 434,286 49,125 8,921,090 8,811,281 (109,809) Expenditures: Public Safety ................ . ... - - - - - - - - Economic development ............ - - - 1,157.256 945,324 211,932 - - - Other .......................... 438.435 399,783 38,652 - - - - - - Total expenditures ............ 436,435 399.783 38,652 1,157,256 945,324 211,932 - - - Excess (deficiency) of revenues over expenditures .............. - 5,271,669 5,271,669 (772,095) (511,038) 261,057 8,921,090 8,811,281 (109,809) Other financing sources (uses): Operating transfers in ........... - - - 772,095 772,095 - - - - Operating transfers out .......... - - - - - - (8,921.090) (8,921,088) 2 Total other financing sources (uses) ............. - - - 772.095 772,095 - (8,921,090) (8,921,088) 2 Excess (deficiency) of revenues and other financing sources over expenditures and other uses ............. - 5,271,669 5,271,669 - 261,057 261,057 - (109,807) (109,807) Fund balances at beginning of year ......................... (189,460) (189,460) - (16,129) (16,129) - 140,525 140,525 - Equity transfers to other funds ......... - - - - - - - - Fund balances (deficit) at end of year ...................... $(189,460) $5,082,209 $5.271,669 $ (16,129) $ 244,928 $ 261,057 $ 140,525 $ 30,718 $ (109,807) 58 ':. 1 ` 1 !I `9 A LA] SCHEDULE B•3 Rescue Services Cable T.V. Total Variance Variance Variance Favorable Favorable Favorable (Unfavon (Uable) r (Uable) r� 1984 Budget Actual able) Budget Actual Budget Actual Actual $ - $ - $ - $ - $ - $ - $ 337,477 $ 335,566 $ (1,911) $ 874.147 1.252,400 1,233,370 (19,030) - - - 1,690,835 6,752,561 5.061,726 1,366,120 - - - 900,000 - (900,000) (900.000) - (900,000) 1,275,000 - 8,955.090 8,843,646 (111,444) 9.729,663 - 10,151 10,151 - 359,990 359,990 - 530.178 530,178 406,261 - 10,428 10,428 - 5,942 5,942 13,684 74.949 61,265 43,373 1,252,400 1,253,949 1,549 900,000 365,932 (534,068) 11,897,086 16,536.900 4,639.814 13,694.564 1,813,906 1,818,707 (4,801) - - - 1,813,906 1.818,707 (4,801) 1,756,491 - - - - - - 1,157,256 945,324 211,932 900,580 - - - 1,549,423 799,598 749,825 1,987,858 1,199,381 788,477 827,313 1.813,906 1,818,707 (4,801) 1,549,423 799,598 749,825 4,959.020 3,963,412 995,608 3,484,384 (561,506) (564,758) (3,252) (649,423) (433,666) 215,757 6,93B4O66 12,573,488 5,635,422 10.210,180 561,506 511,434 (50,072) - - - 1.333,601 1,283,529 (50,072) - - - - - - - (8,921,090) (8,921,088) 2 (9,987,341) 561,506 511,434 (50,072) - - - (7,587,489) (7,637,559) (50,070) (9,987,341) - (53,324) (53,324) (649,423) (433,666) 215,757 (649,423) 4,935,929 5,585,352 222,839 171,862 171,862 - 4,212,620 4,212,620 - 4.319,418 4,319,418 - 4,121,841 - - - - - - - - - (25,262) $ 171,862 $ 118,538 $(53,324) $3,563,197 $3.778,954 $ 215,757 $ 3,669,995 $ 9,255,347 $5.585,352 $4,319,418 59 86-37 V -1 LAJ THIS PAGE INTENTIONALLY LEFT BLANK V 1 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 munici- pal utilities service taxes. O THIS PAGE INTENTIONALLY LEFT BLANK SCHEDULE C•1 IL +_ CITY OF MIAM1, FLORIDA _ DEBT SERVICE FUNDS COMBINING BALANCE SHEET . SEPTEMBER 30, 1986 , With Comparative Totals for year ended September 30,1984 General Obligation Utilities Service Totals �= Bonds Tax Bonds 1885 1f1'ti4 ASSETS Equity (deficit) in pooled cash and investments .............. ...... . .... .. .... $7,895,581 $1,307,479 $ 9,203.060 $7,886,900 Cash with fiscal agents ........ .. ...... ... .. ... .. — 253,395 253,395 272.322 Receivables: Taxes ............. ........ 413,887 — 413,887 122,500 � t Assessment liens, net ............ 414,730 — 414,730 302,760 � Other ......................... . •' — 2,490 2,490 563 Total assets ......................... $8,724,198 $1,563,364 $10,287,562 $8,585,045 LIABILITIES AND FUND BALANCES ' Liabilities: Matured bonds and Interest payable ............................ $4,162,408 $ — $ 4,162.408 $2,671,687 Kf Other payables....................................... 8,414 — 8,414 92,929 ` Total liabilities .................................... 4,170,822 — 4,170,822 2,764,616 ' Fund balances: Reserved for debt service .......................... . — 253,395 253,395 272,322 Unreserved: Designated for subsequent year's expenditures ....................... ........ 1,762,711 — 1,762,711 2,106,500 '= Undesignated...................................... 2,790,665 1,309,969 4,100.634 3.441,607 Total fund balances ................................ 4,553,376 1,563,364 6,116,740 5,820,429 Total liabilities and fund balances ..................... $8,724,198 $1,563,364 $10.287,562 $8.585,045 [J C! 63 7%c'0 0 0 SCHEDULE C•2 CITY OF MIAMI, FLORIDA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30,1984 General Utilities Totals Obligation Service Bonds Tax Bonds 1985 1984 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 in (out) ........................... Debt proceeds .................................... Debt retirement .. . ............................... . Excess (deficiency) of revenues and other financing sources over expenditures ........... Fund balances at beginning of year ...................... Equity transfers in (out) ................................ Fund balances at end of year .......................... . 64 $17.489,346 $23,788.907 $41.278.253 $35,522,196 2,799,998 — 2,799,998 2,742,720 1,283,469 73,607 1,357.076 1,352,450 — — — 1,656 21,572,813 23,862,514 45,435,327 39,619,022 10,010,000 150,000 10,160.000 9.720,000 12,540,227 17,775 12,558,002 7,947,041 17,317 3,472 20,789 70,891 22,567,544 171,247 22,738,791 17.737,932 (994,731) 23,691,267 22,696,536 21,881.090 — (22,400,225) (22,400,225) (22,300,752) 12,000,000 — 12,000,000 — (12,000,000) — (12,000.000) — (994,731) 1,291.042 296,311 (419,662) 5,548,107 272.322 5,820,429 7,076.984 — — — (836,893) $ 4,553,376 $ 1,563,364 $ 6,116.740 $ 5,820,429 074/ 0't'j or w4j'3 76 7 CITY OF MIAMI, FLORIDA DEBT SERVICE FUNDS COMBINING BALEXPENDITURES AND ANCES-BUDGET CHANGES ALANCEBUDGET (GAAP BASIS) AND ACTUAL NTEMENT OF YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30,1984 SCHEDULE C-3 General Obligation Bonds - Utilities Service Tax Bonds Total 1985 1995 1985 variance Variance Yaiance Favorable Favorable 1994 Favorable (Unfavor- 1984 (Unfavor• Actual able 1984 Actual Budget Actual (Unfaver- able) _ Actual Budget Actual able) Actual Budget 9.908,040 541.278.253 S 1.370.21 Revenues: $17.339.540 517.489.346 5 149.806 513.050.096 522.568.500 523.788'907 51.220.407 522.472-100 532.500.000 2.799.998 299.998 2,742.720 Tax collections ....... .. .... Assessment lien collections ..... 2.SOO.00fl 2.283.469 283.46999s 2.742.720 - 73.607 73.607 97.767 1.00o.000 1.357.076 357.076 1.351,656 i.656 Interest 1.000,000 1.283.469 283.469 1.254.099 _ - - 557 - - - ..... .. Other ...... ..... ..... 733.273 t.099 17.048.598 22.568.500 23,862.514 1,294.014 22.570.424 43.408.040 a5.435.327 2.027.287 39.619.022 Total revenues .. .. .. 20.839.540 21.572.813 Expenddures: Principal retirement: - 150.000 10 165.000 10.160.000 S.00fl 9.720.040 Long-term debt...... 10.015.000 10.010.000 5.000 9.570.000 t50.000 t50.400 - 22J25 12,883.815 12.558.002 325.813 7.947.041 V1 lnierestandtiscalcharges 12.866.040 12.540.227 325,813 7.924.316 17.775 17.775 160 55.500 20.789 44.7ii 70.891 Other 65.000 17.317 47.683 70.731 500 3.472 0.9721 Total expenditures ., 22.946.040 22,567,544 378.496 17.565.047 168,275 171,247 +2.9721 172 885 23.114.315 22.738.791 375.524 17.737.932 Excess (deficiency) of revenues 111.769 1516.4491 22.400.225 23.691.267 t29t_042 22.397 539 20.293 725 22.696 536 2.442.811 21.881.0 90 over expenditures .. .... (2.106.540) i994.7311 1. Other financing sources (uses): - - - 122.300.7521 +22.440.2251i22.400 2251 - (22.300.752) OpetdlingttanSfefSOut ... .. - - - (22.400.2251 R2.400.2251 - - - t2 400.400 t2.000.000 - Operproceeds transfers _ .. - 12AOO.000 12.000.000 - - � 12-000 0001 (12.000.0001 Debi procretireeds. - 11 2.00o.0001 (12.000-000) - - - - ment Excess (deficiency) of revenues and other financing sources over expenditures and - 1.291.042 1.291.042 97387 (2,106.5001 296.3t 1 2 A02.811 7(836.893 other uses .....- (2.106.5001 i994.731) t.n 1.769 6.0645561 2724322 272.322 - 175.535 5.820 429 5820.429 - (836.893) Fund balances at beginning of year.. 5.548.107 5.548.107 Fund balances at end0lyear ...... 5 3.44i.607 29 5 4,553.376 S t.1tt.769 5 5.548.107 S 272.322 S 1.563.364 S1.291.042 S 273,322 S 3 713929 S 6.116.744 S 2.402.811 5 5.820.4 V 2 'k to 'k lz THIS PAGE INTENTIONALLY LEFT BLANK 66 ►� -�-7 P h P F, F r F r R 9 CAPITAL PROJECTS FUNDS 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 construc- tion of major capital facilities for cultural and recreational activities such as parks and parks facilities. MUNICIPAL USE —to account for the acquisition or construction of major capital facilities that support the City's police, fire, computers, communica- tions, and general government operations. PUBLIC USE —to account for the acquisition or construction of major capital facilities for public use such as housing and community redevelopment. - SEWERS —to account for expenditures for the construction of sanitary and - storm sewers. �A 12) SCHEDULE D-1 CITY OF MIAM1, FLORIDA CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30, 1984 Street Improvements/ Culture 8 Municipal Public Totals Trallic-Related Recreation Use Use Sewers 1985 1984 ASSETS Equity in pooled cash and investments ......... .. ....... $14,558.103 $1,212,519 $17,201.350 $13.880,973 $21,416,193 $68.269.138 $49,952.362 Accounts receivable .................................. 30,000 2.796,159 — — — 2,826.159 451,226 Due from other funds .......................... ...... — 172,600 — — — 172.600 172.600 Due from other governments ................. ...... .. 863,102 178.099 — 239,764 — 1.280,965 3,531,042 Other assets ................................... .... 58.765 — — — — 58,765 35,000 Total assets ..... .......................... $15.509,970 $4.359,377 $17.201.350 $14,120.737 $21,416.193 $72,607,627 $54,142,230 LIABILITIES AND FUND BALANCES Liabilities: Vouchers and accounts payable ...................... $ 1,374.851 $ 319,639 $ 949,819 $ 239.942 $ 331.371 $ 3,215,622 $ 2,181,767 Accrued expenses ............................ .... — — 1,234 — — 1,234 469 Due to other governments ............................ — — — — — — 2,720 Total liabilities ............................... 1,374.851 319,639 951,053 239,942 331,371 3,216,856 2,184,956 Fund balances: Reserve for encumbrances ........................... 3.078,579 1,117,863 3.617.720 585,468 1.333,073 9,732,703 4,099,236 Unreserved —designated for approved projects ........... 11,056,540 2,921,875 12.632,577 13.295.327 19.751,749 59,658,068 45,689,167 Unreserved—undesignated ............. ...... .... — — — — — — 2,168.871 Total fund balances .................. .. .. 14.135,119 4,039,738 16.250.297 13.880.795 21,084,822 69,390,771 51,957,274 Total liabilities and fund balances .......... .. .. $15,509,970 $4,359,377 $17.201,350 $14,120.737 $21,416,193 $72,607,627 $54,142,230 69 rttp''�Ai.- �tt c '3 O SCHEDULE 0.2 r CITY OF MIAMI, FLORIDA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES ' AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30, 1984 Street Improvements/ Culture & Municipal Public Totals Traffic -Related Recreation Use Use Sewers 1985 1984 Revenues: Franchise taxes ............. $ — $ — $ — $ — $ — $ — $ 4,509,656 Intergovernmental .. 30,000 808.542 — 1,636,157 — 2.474,699 3.535,211 Interest........... 1.016.566 835,906 1.199.485 1.907,711 1.767,722 6.727,390 4,054,523 Other ........................................ 10.600 85,128 — 278.680 171 374,579 684.029 1.057.166 1,729.576 1,199.485 3.822.548 1.767,893 9.576,668 12.783.419 Expenditures: ' Capital projects ................................. 8,651257 2,675,210 5,511,069 6.515.930 4.047,486 27,402,972 25,024,559 Excess deficiency of revenues over expenditures..... . .... (7,596,091) (945,634) (4,311,604) (2,693,3B2) (2,279,593) (17.826.304) (12,241.140) , Other financing sources (uses): Operating transfers in ......................... 5,659.531 892,690 1,365.092 1,442,753 — 9.360,066 998.400 Operating transfers out .................... .... (343.914) (4,154,500) (800) — (2,768,711) (7,267,925) (6,547,395) General obligation bond proceeds ................ .. 6,000,000 — 10,000.000 — 17,000,000 33,000.000 30.200,000 Total other financing sources (uses) ............. 11,315.617 (3,261,810) 11,364.292 1.442,753 t4,231,289 35,092,141 24,651,005 Excess (deficiency) of revenues and other financing sources over expenditures and other uses ..................... 3,719,526 (4,207,444) 7,052,6BB (1,250,629) 11,951,696 17,265,837 12,409,865 , Fund balances at beginning of year ...................... 10,415.593 8,189.877 9.087,254 15.131,424 9.133,126 51,957,274 39,454,384 Equity transfers to other funds .......... .............. — (14.283) (47,665) — — (61.948) (15,214,056) Equity transfers from other funds .................. ... — 71.588 158.020 — — 229,608 15,307,081 Fund balances at end of year .......................... $14,135,119 $4.039,738 $16,250,297 $13,880,795 $21,084,822 $69.390,771 $51,957,274 70 i+,t Yr �. �s�' afi� yyr �`J,q� i �?M^�.= ' E � d .g.• -t'� fi a r 0 `. ENTERPRISE FUNDS U OFF-STREET PARKING —to account for the operations of the Departmei which operates various parking facilities throughout the City and Dac County. MARINE STADIUM —to account for the operation of the Marine Stadium c Virginia Key. MIAMI STADIUM —to account for the operation of the Miami Basebz Stadium. ORANGE BOWL STADIUM —to account for the operation of the Oranc Bowl Stadium. CONVENTION CENTER —to account for the operations of the City Miami/University of Miami James L. Knight International Center and Parkir Garage. MARINAS —to account for the operations of the Dinner Key Marina ar Miamarina. AUDITORIUMS —to account for the operations of the Coconut Gro\ Exhibition Center and Bayfront Auditorium. The latter facility was close during the fiscal year to allow for the construction of the Bayside Special Center. GOLF —to account for the operations of the Mel Reese Golf Course and tt Miami Springs Golf Course. WAREHOUSE PROPERTY —to account for the operation of a warehou facility leased to the Orange Bowl Committee. PARKING GARAGE —to account for the operation of the Government Cent Parking Garage. PROPERTY AND LEASE MANAGEMENT —to account for the operation a management of various properties leased to private operators. This fu was established during fiscal year 1984185. an fun 71 s e er A I li lu lh r r IN r �Z 1� THIS PAGE INTENTIONALLY LEFT BLANK 73 A10 7• Q6.6 76 SCHEDULE E•1 CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 With Comparative Totals for September 30,1984 Orange Property Totals Off-street Parking Marine Miami Bowl Convention Warehouse Stadium Stadium Stadium Center Marinas Auditoriums Golf Property Parking and Lease Garage Management 1985 1994 ASSETS Current assets: Equity (deficit) in pooled $ — $ (166,605)$ 1334.291)$ (222,837) $(1.365.508)52.339.227 S (293.227)$ (470.436)$113.804 S 513.100 S 10.927 S 124,154 $ (1.879,848) cash and investments .. — — — — 4,257.977 3.536.146 Cash and cash equivalents 4,257.977 — — — — — — Accounts receivable (net, where applicable of allowances for of $374,275) 153.262 22,258 1.793 411.573 468,805 41.423 34,631 9.987 — — 108.845 1.252.577 920.051 uncollectibles .. — 263.441 — — — — — 263,441 1.399,606 Due from other governments — — — - - 110.795 114,894 Inventories . . 110.795 — — — — — — — — — 425,967 133.590 Prepaid expenses . _ 333.366 — — — 92,601 — — — — Total current assets 4,855.400 (144.347) (332,498) 452.177 (804,102) 2,380.650 (258.596) 1460,449) 113,804 513,100 119.772 6.434,911 4,224,439 Restricted assets: A Cash and investments with fiscal _ _ — — — 9,709.170 1.786,587 — 14.253.599 15.636.259 agent including accrued interest 2.657.842 — — Due from other governments. — — — — — — 366,467 long-term PropeRy, plant and equipment 24,576,131 _ 2,079,825 2,130,696 13,015,540 87.109.735 5.288.738 4,712.513 1,669,462 518.864 8.412.660 2,287,875 151.802.039 147.858.840 Less: (6.656.312)(1,383,708) (941,695) (6,573.8761 (3.801,348)12.857.874) (1.276.318) 1727.969) 1222.4971 (369.870} i59.079) {24.870,546) (21.639.502) Accumulated depreciation Property, plant and 17,919,819 696.117 1.189.001 6.441.664 83.308,387 2.430,864 3,436,195 941.493 296,367 8,042.790 2.228.796 126,931.493 126,219,338 equipment. net.. Other assets — — 66.488 — 541.319 50.000 Depositsand other assets 474.831 — — — — — — 471.701 — 2.410.506 2.464,125 Bond issuance costs, net _.... 147,930 — — — 1,790,875 — — — $ 551.770 $ 856,503 $ 6.893.841 $94,004330 $4,811.514 $3177,599 S 481.044 $410,171 510.880,666 $2.348.568 5150,471.828 $148,965,628 Totatasseis . ... $26.055,822 CITY OF MIAMI, FLORIDA SCHEDULE E•1 ENTERPRISE FUNDS COMBINING BALANCE SHEET (Continued) SEPTEMBER 30, 1985 With Comparative Totals for September 30,1984 :? Ott -Street Marine Orange Miami Bawl Convention Warehouse Parking Property and Lease Totals Parking Stadium Stadium Stadium Center Marinas Auditoriums Golf Property Garage Management 1985 1984 LIABILITIES AND FUND EQUITY Current liabilities (payable from current assets) Vouchers and accounts payable S 611 173 S 4 136 S 17.360 S 93 376 S 75.548 S 84 250 S 31.626 S 32.126 S - S 31 152 S 4.187 S 984.934 S 1.479,592 Accrued expenses (principally salaries) - - 6 753 38A47 6 159 13.502 15 233 61 032 - - 9 375 150.201 207.927 Due to other funds - - - - Deferred revenue 482 349 2 500 - - - - 500 111 785 - - 24.225 - 4 090 - - - 11 578 - 637.027 6.267 833.848 Deposits refundable 98 505 - - - - 10.3- 30 - 15 - t3 471 122.321 102.469 Total current liabilities (payable from current assets) 1 192 027 6 636 24 613 243 308 81 707 108 067 71 084 93 188 4 090 31 152 38 611 1 894.483 2.630.603 Current liabilities (payao,e from restricted assetsl Construction contracts - - - - 15 350 - - Accrued interest 680 074 - - - - - 1 284.885 - - - - - 289 111 - - 15.350 2 254.070 33.888 2.190,891 -t Current portion of 01 revenue bands payable 160 000 - - - - - - - - - - 160 000 220.000 Total current habihhes (payable from restricted assets) 840 074 - - - 1 300.235 - - - - 289 111 - 2 429 420 2.444.779 Longterm liabilities Revenue bonds payable -net 13 173 718 - - - 58 467 923 - - - 98 000 - - 71 739 641 81.932, 028 Special obligation bonds payable -net - - - - - - - - - 13 318 994 - 13 318.994 - Other payab(es - - - - - - - - 1 769 - - t.769 10.127 Total long-term liabilities t3 173 718 - - - 58 467 923 - - - 99.769 13 318.994 - 85.060 404 81 942.155 Total liabilities 15.205 819 6 636 24 613 243 308 59 849 865 108 067 71 084 93 188 103.859 13 639.257 38 611 89 384 307 87.017.537 Fund equity Contributed capital 276 753 675 161 1 406 186 3 929 646 43 243.798 287 403 5 407 505 392 718 - 633 900 2 286 681 58.539 751 56.015.845 Retained earnings Idehpf) Reserved for construction and revenue bond retirement 1 817, 758 - - - 8.408 935 - - - - 1 497 475 - 11.724 179 13 191 480 Unreserved 8.755 482 1130 027f 1574 296) 2 720 887 117 498 268) 4.416 044 12.300 9901 (4 862f 306 3t2 (4 889.9671 23.276 (9.176.4091 (7 259.234) Total retained earnings (deficit) 10.573 250 (130 027) (574 2961 2.720,887 19.089 333) 4.416.044 (2.300.990) (4 862) 306 312 (3 392.491) 23 276 2 547.770 5.932.246 Total fund equity (dehcdl 10 850 003 545 134 831 890 6 650 533 34,t5a 465 4 703.447 3 106.515 387.856 306.312 (2.758.591) 2.309.957 61 08Z52t 6t.948.091 Total liabilities and A lund equity $26 055,822 $551 770 S 856,503 $6.893,841 $94,004.330 $4.811.514 S3.177.599 S481 044 $410-171 S10 880 666 $2 348 568 $150,471 828 S148.965.628 =EMM amwr CITY OF MIAMI, FLORIDA per a®MO =D=md �r F and SCHEDULE E-2 2mmod ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND EQUITY YEAR ENDED SEPTEMBER 30, 1985 VAth Comparative Totals for the Year Ended September 30,1984 Off-SheI Marine Orange Miami Bawl Convention Mhrshouse Parking Proms and Lease Totals Parking Stadium Stadium Stadium Center Marinas Auditoriums Gott Property Garage Management 1995 1994 Operating revenues: Charges for services. .. ... S 7.596.717 $256.025 S 182.090 53.192.478 S 3.327.341 $1.356.039 S 532.792 S 953.590 S 25.594 $ 201.895 $1.329,802 $18,954,363 514.893.830 Operating expenses: Personal services... 2.267.728 24.901 141.244 1.072.764 208,105 235.902 258.564 745.070 167 - 170.116 5.174.561 5.976.977 Contractual services ... 342.314 7.086 30.442 321,570 3.493.270 14.504 147.515 68.422 - 191.161 24.197 4.641.081 2.593.615 Materials and supplies 569.032 12.245 27,028 101.965 2.495 20.090 14.434 171.342 - 200 5.183 924,014 849.216 Utilities 416.220 28.754 90.809 237.181 4,416 46.617 177.261 96.840 - 300 28 1,098.426 1.803.923 ... . iniragovemmentalcharges. . _ - 54.482 121.015 483.877 2.031 28.866 124.457 146,293 - - 6.562 967.583 873.826 Other 1.038.220 2.590 - 5.681 209.284 11.390 19.946 11.818 - - 15.609 1.314,538 2,019.795 Totals .... 4.633,514 130.058 410.53B 2.223.038 3.919.601 407.369 742.177 1.239.785 167 192.261 221.695 14,120.203 14.117,352 Operating income Rossi before depreciation expense 2,963.203 125,967 (228.448) 969.440 4592.260) 948.670 1209.3851 (286.195) 25.427 9.634 1.108.107 4.B3a.t60 776.478 Depreciation expense ... .. 936,666 81 Al 31.275 380.176 1.530.697 172.090 145,748 44.464 12.972 148.787 59.079 3.543.872 3.355.358 Operating income (loss) - . 2.026.537 44.049 (259.723) 589.264 (2,122.957) 776.580 (355.133) (330.6591 12.455 (139.153) 1.049.028 1.290.288 (2,578.880) 0)) Norwperaling revenues (expenses): 592.385 - - - 1.118.140 172.073 - 27.746 10.108 144.885 9.284 2.074.621 2,148.514 Interest ........ .. . Interest and fiscal charges . .... (1.383.122) - - - 15.138.755) - - - (6.588) (1.322.2761 - (7.850.741) (8.176.703) Other.. (194.603) 125 25 45.128 - 60.090 (2031 31.457 - 285 (57.696) 181.643 Netnonoperatingrevenues(expensesl. (9$5.3403 S25 25 45.128 14.020.615) 232.163 (203) 59.203 3.520 (1.t77.39it 9.569 (5.833.8161 (5.846.546) Income (loss) before operating transfers . 1.041.197 44.174 (2%698) 634.392 (6.143.572) 1.008.743 (355.336) (271.456) 15 975 0.316.5441 1,058_597 (4.543.528) (8.425.426) Operating transfers in .. ..... - - 112,404 - 3.428.682 - 431.387 - - 1,408.606 5.381.079 7.379,451 - - - - (99V(ii 034.655t - - (730.251) 11 035.3211 11.999.227) 1136.300) Operating transfers out . .. .... - Net income (toss) before 1.041.197 44.174 (147,294) 634.392 (2.714.8901 909.743 (58.6041 1271.456) 15.975 r638.1B9) 23 276 (t t61.676) (1,t$2.275) extraordinary item . .. .. Extraordinary item -gain (toss) - - - - (2.468.039) - (2.468.039) 799.966 1 on debt refinancing...... - - 44.174 - - - 634.392 (2.714.890) 909.743 (58.604) (271.456) 15.975 13 106.2281 23176 13.629.7151 (382.309) - J Netincore (loss) ................ 1.041.197 (147.294) Fietained earrings (deficits) at beginning of year .. 9.532.053 {174.2011 (427.002) 2.113.579 (6.374.443) 3.505.512 (2,513,920) 266.594 290.337 1286.2631 - 5.932.246 245.239 6,379.752 .... ...I.... - - - (27.084) - 789 271_534 - - - - (65.197) Equity transfers in (out) - - Retained earnings (deficit)atend ofyear 10.573.250 1130.0271 (574.296) 2.720.887 (9.089.333) 4.4t6.044 (2.300.990) (4.862) 306.312 13.392.491) 23.276 2.547,770 5.932.246 ..... Contributed capital at beginning of year ..... 121.753 674.755 1.397.3349 3.666.205 43.243.798 285.3356 5.600.0011 392.718 _ 633_900 = 56.O15JB45 418.441 54,085.638 447,094 Contributions from other governments 155_000 263.441 - - - 240.000 d Contributions from tenants ...... , . - - - _ 2.047 (192.506) - - 2,286.681 2.105.465 1,243.113 Contributions from (to) other funds ...... - 276.753 406 675'161 8.837 - - F.406.186 3.929.646 43.243.79$ 287,403 5,407.505 397718 - fi33.90d 2-286.681 56.539.751 56.0/5.845 e Contributed capital at end at year...... $4.703A47 $3.106.515 S 387.B56 330fi.312 S{2.75B.591)52.309.957 $6tA87,521 S6t.94$A91 Total fund equity ............... $10,850.003 $545.134 S 831.890 $6.650,533 $34.154.465 ,�..i J .r eeeerrri rerelJ e�nai a.a)aJ reteeew� �r maw Mani maw siagggi now =11W CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS SCHEDULE E•3 COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for the Year Ended September 30, 1984 Orange Property and Totals Off-street Marine Miami Bowl Convention Warehouse Parking Lease Parking Stadium Stadium Stadium Center Marinas Auditoriums Golf Property Garage Management 1985 1984 Working capital provided by (applied to) Operations Income (loss) before extraordinary item S1.041 197 S 44 174 S(147 294)S 634 392 S12314 890)S 909.743 S (58.604) S(271.456) $15.975 S (638.189) S 23.276 S (1.161.676)S (1,182.275) Items not requiring current outlays of working capital Depreciation and amortization 1 '59 358 81 918 31.275 380 176 1.651 202 172.090 145.748 44.464 12.972 157,320 59.079 3.895.602 3.677.254 Loss (gam) on dispositions of property plant and equipment net 15.5141 - - - - - 189.971 - - - 243 184.700 42.203 Total provided by (applied to) operations before extraordinary item 2 195 041 126 092 (116 019) 1 014 568 11 063.688) 1.081.833 277.115 (226.992) 28.947 (480.8691 82.598 2.918.626 2.537.182 Extraordinary Item -gam (loss) on debt refinancing - - - - - - - - - (2.468.039) - 12.468.039) 799.966 Total provided by operations 2 195 041 126 092 1116 019) 1 014.568 (1 063 688) 1 081.833 277,115 (226.992) 28.947 (2.948.9081 82 598 450.587 3.337.148 Other IIncrease) decrease in restricted accounts (139 662) - - - 1.831 029 - - - - 1159.065) - 1 532.302 92.546 Contributions and equity transfers. net 155 000 406 8 837 236 357 - 2 836 79.028 - - - 2 286 681 2,769.145 1.865.010 y Proceeds from long-term debt - - - - - - 13.720.000 - 13.720.000 13.705.000 V Increase in other liabilities - - - - - - - - - - - 2.303 Total 2.210 379 126 498 (107 1821 1 250.925 767.341 1 084.669 356.143 (226 992) 28.947 10.612.027 2.369.279 18.472.034 19.002.007 Working capital applied Additions of property plant and equipment net 565 Oil 213 142 7.13 728 502 374 933 309.606 4.559 27 039 - - 2 288,119 4.440.725 3.560,571 Retirement of revenue bonds payable 160 000 - - - - - 17.000 10 345 000 - 10 522 000 14.181.000 Increase in bond discount - - - - - - - - 222.921 - 222,921 124.613 Decrease in other liabilities 8.023 - - - - - 336 - - 8.359 - increase in other assets. net 308.481 - - - - - - - - 22 959 - 331.440 68.873 Total 1 041.515 213 142 743 728 502 374.933 309.606 4.559 27.039 17.336 10 590 880 2,288,119 15.525.445 17.935.057 Increase (decrease) in working capital S1 168 864 S126 285 $1249 9251S 522.423 S 392.408 S 775.063 S351 584 S(254 031) S11.611 S 21 147 S 81 160 S 2.946 589 S 1,066.950 Summary of increase (decrease) in working capital Cash and investments S 721.831 S 93 422 S1322 7161S 164 729 S 1 373 354 S 622.191 S279.513 S(245 1821 S 9.3­6 S 18 417 S 10 927 S 2.725 832 S 2.324.063 Accounts receivable net (12 7771 10 173 (655) 232 722 (52 498) 41 423 18.172 (12.881) -- - 108 845 332.524 (309.038) Due from other governments - - - (42165) it 094000) - - - - - - (I.136.165) (2.694.394) Inventories (4 099) - - - - - - - - - - (4.099) 32.100 Prepaid expenses 203 336 - - - 89 041 - - - - - - 292.377 124.138 Accounts payable and accrued expenses 211.684 17 440 72 700 26 56.1 76.511 ill 879 48 674 4.032 - 2 730 (13 5631 558.651 (584.5811 Due to/from other funds 2 407,946 Deposits refundable (10 447) 4 250 - - - 746 (430) - - - (13 471) (19.352) 28.328 Deterred revenue 59.336 1 000 - 140 573 - - 5 225 - 2.265 - (11.5781 196.821 (261.612) Increase (decrease) in working capital $1.168 864 $126 285 $(249 925)S 522.423 S 392 408 $ 775 063 S351.584 S(254 031) S11.611 S 21 147 S 81.160 S 2.946.589 S 1.066.950 I I� ul II III ��� III III iI Uwli llfi q�l qip ) gsPl,i lilt C�99 III Iq�f r ir.:'...'"` • 3k 7 ."' 9 �I'��ill1. �I�I^�I�'I� lip^, �1IIIn v 'III I I (L11� l 1 A ��l1fll,1LJI�lirre II II' J_Li=m1:I14019[a):rAIWM01:1i: A INTERNAL SERVICE FUNDS I 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 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. STATIONERY STOCK —to account for the costs of providing centralized office supplies services. COMMUNICATIONS SERVICES —to account for the costs of operating a communications maintenance facility, the costs of basic telephone services and data transmission lines. 79 PMM W10"', 0#4 lu THIS PAGE INTENTIONALLY LEFT BLANK 80 3 7 SCHEDULEF-1 CITY OF 88UAKMA, FLORIDA �N INTERNAL SERVICE FUNDS COMBINING BALANCE SHEET SEPTE&8BER 30, 1985 VNthComparative Totals for September 30, 1984 City Motor Property Stationery Communications Totals numg --�------ Pool --------- Maintenance -------' Shop ------ Stock ------ Services 1985 1884 ASSETS --------- -------- -------- if| Current assets: ' Equity (deficit) in pooled cash and investments .. . . $ 4.863.521 $4.605.582 $542.542 $(258.994) $(19.148) %1.331.476 %10.864.981 $ 8.633.417 Inventories . . ........ . 198.405 210.283 -------- 155.621 -----' 23.702 ------- 88.178 ----- 134.146 ---'---- 808.315 -------- 717.610 -------- `^ To�a|xurmn1uoxo� o �� 4�5Q�J8 4.815.845 688.163 ) 69.032 1.485.822 11.673.280 9.351.02/ Property, p| |and equipment ......... .. . Less: Accumulated 15.871.200 8.030.097 314.109 141.257 -- 3.003.247 27.159.010 25.208.360 :r depreciation .. . . .. . 5 O02 Q04) 5 382 33 > 20OO ) (74,006) (1,232,003) O03) 11 082 24Q) 382644 ` Property, plant and equipment, net .. -1{0,578,256 2 _113104 --67,251-1,771,244 15,177,661-14,825,724 U� ��|oox�o�������� %15.438.222 $7.483.811 $811.257 *(188041} 960.032 D3.236`886 $26.850.957 *24.176.751 LIABILITIES AND FUND EQUITY K4 Current liabilities: ' Vouchers and accounts payable ............... % 345.112 * 208.444 8 70.895 8 15.895 $ 8.032 $ 127.245 $ 775.423 850.105 Accrued expenses �H (principally salaries) ..... 97/965 14,688 Total liabilities ...... ---1f67,337' 512.448 306.409 -126,304 197.198 30.383 _-1,434 9.466 '-_-47H632 174.877 ---455,360 1.230.783 __-391,946 1.242`051 |� Fund equity (dofixiV: Contributed capital ....... 4.550.294 1.813.612 272.199 178.170 -- 2.140.822 8.955.098 8.800.705 �U Retained earnings (deficit) ��������������� 10.375.479 5.343.590 __----_' 341.880 378504) 59.566 ------- 921.166 16.665.078 14.133.905 _-_-----_ ' Total fund equity (deficit) .......... 14.925.773 7.157.202 614.088 108424) 50.586 3.061.989 25.820.174 22.934.700 Total liabilities and --------- ------- -----' -------- ------ ------' -------- --------- ' fund equity (dohoi\) $15.438.222 $7.483.611 $811.267 S(168.041) @8Q.032 $3.236.886 B26.050.957 *24.176.751 rN � -1 1i 81 �� �� �����;A.. io a�� � 7 ~� =� 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 30,1984 City Motor Property Print Stationery Communications Totals Garage Pool Maintenance Shop Stock Services 1985 1984 Operating revenues - charges for services . .. $ 5.488.663 $4.839.649 $3.553.765 $ 527.950 $337.525 $3.051,657 $17.799.209 $17.145,809 Operating expenses: Personal services .... ... 2.326.120 1.724.596 2.059.299 248.385 33.580 798.586 7.190.566 6,731.258 Contractual services .... 160.333 103.971 664.869 185.134 15.398 59.421 1.189.126 1,288,112 Materials and supplies .... 1.116,881 1.364.908 596.573 98.362 294.865 120.318 3.591.907 3.411,124 Utilities ....... 100.357 74.984 24.423 5.913 - 1.579.616 1.785.293 1,633.738 Other ... ...... ..... . 591,108 2.498 608 1,431 1.511 2.892 600.048 232,899 Total ............. 4.294,799 3.270.957 3.345.772 539.225 345.354 2.560.833 14.356.940 i 13.297.131 Operating income before depre- ciation expense .... 1.193.864 1.568.692 207.993 (11.275) (7,829) 490,824 3.442.269 3.848,678 Depreciation expense .... 1,226.691 879.959 13.667 13.143 - 320.580 2.454.040 2.658.000 Operating income (loss) ........... (32,827) 688.733 194.326 (24.418) (7.829) 170.244 988.229 1.190.678 Nonoperating revenues (expenses): Interest ................ 396.891 353.873 - - 360 84,942 836,066 717,420 Other .................. 150.304 219,243 338.654 5 - - 708.206 225,970 Total nonoperating revenues (expenses) 547.195 573.116 338.654 5 360 84.942 1.544.272 943,390 Income before operating transfers . 514,368 1.261.849 532.980 (24.413) (7.469) 255,186 2.532.501 2,134.068 Operating transfers in ..... 375,913 - - - - - 375.913 461,995 Operating transfers out .... - (168.602) (153,694) (20,207) - (33.410) (375,913) (461,995) Net operating transfers ......... 375.913 (168.602) (153.694) (20.207) - (33,410) - - Net income ........ 890.281 1,093.247 379,286 (44.620) (7.469) 221.776 2.532,501 2,134.068 Retained earnings (deficit) at beginning of year....... 9,485,198 4.250.343 (37.417) (331,974) 67,035 700,720 14,133,905 12.157,338 Equity transfers from (to) other funds - - - - - (1.330) (1,330) (157.501) Retained earnings (deficit) at end of year............ 10,375,479 5,343.590 341.869 (376.594) 59.566 921.166 16,665.076 14.133.905 Contributed capital at beginning of year ......... 4,478.771 1,742,021 271.755 178.170 - 2,130,078 8,800,795 7.865.303 Contributions from other funds ............. 71.523 71,591 444 - - 10,745 154,303 935,492 Contributed capital at end of year .............. 4,550,294 1,813.612 272,199 178,170 - 2.140,823 8.955.098 8.800.795 Total fund equity (deficit) .......... $14.925,773 $7.157,202 $ 614.068 $(198,424) $ 59,566 $3,061,989 $25,620,174 $22,934,700 82 /*1��o g 96 - 376 SCHEDULE F•3 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED SEPTEMBER 30, 1985 With Comparative Totals for Year Ended September 30, 1984 CRY Motor Property Print Stationery Communications Totals Garage Pool Maintenance Shop Stock Services 1985 1984 Working capital provided by (applied to): Operations: Net income (loss)........ $ 890.281 $1.093,247 $379.286 $(44,620) $(7,469) $221,776 $2,532,501 $2,134,068 Items not requiring current outlays of working capital: Depreciation ......... 1,226,691 879,959 13,667 13.143 - 320,580 2,454,040 2,658,000 Loss on dispositions of property, plant and equipment, net ... 492,120 23,600 5,456 - - 18,296 539,472 285,959 Total provided by (applied to) operations ........ 2,609,092 1,996,806 398,409 (31,477) (7,469) 560,652 5,526,013 5,078,027 Contributions and equity transfers, net .......... 71,523 71,591 444 - - 9,415 152,973 777,991 Total ............. 2,680,615 2,068,397 398,853 (31,477) (7,469) 570,067 5,678,986 5,856,018 Working capital applied: Additions of property, plant and equipment..... 2,544,697 669,688 11.226 14,083 - 105,755 3,345,449 3,820,344 Total ............. 2,544,697 669,688 11,226 14.083 - 105.755 3,345,449 3,820,344 Increase (decrease)in working capital .......... $ 135,918 $1,398,709 $387,627 $(45,560) $(7,469) $464,312 $2,333,537 $2,035,674 Summary of increases (decreases)in working capital: Cash and investments..... $ 252,491 $1,309,919 $335,713 $(42,248) $(9,973) $385,662 $2,231,564 $2,141,786 Accounts receivable ...... - - - - - - - 13,686 Inventories ............. (57,205) 72,360 44,213 (979) 7,290 25,026 90,705 8,767 Accounts payable and accrued expenses ....... (59.368) 16,430 7,701 (2,333) (4,786) 53,624 11,268 (128,565) Increase (decrease) in working capital........ $ 135,918 $1,398.709 $387.627 $(45,560) $(7,469) $464,312 $2,333,537 $2,035,674 83 oer 0 56-376 D1 THIS PAGE INTENTIONALLY LEFT BLANK 84 /y. -6 ;A 1 66..376 LF 1> I r r I r m W W or K Li TRUST AND AGENCY FUNDS EXPENDABLE TRUST FUNDS R 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 FUND CABLE T.V.—to account for deposits held under issuance of a cable television license. PENSION TRUST FUNDS GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' (GESE) AND FIRE FIGHTERS' AND POLICE OFFICERS' (FIPO) RETIREMENT ' TRUSTS —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. 85 A e Ir r SCHEDULE G•1 CITY OF MIAMI, FLORIDA TRUST AND AGENCY FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1985 Agency Expendable Trust Funds Fund Pension Trust Funds Self Pension Cable GESE FIPO Insurance Administration T.Y. Trust Trust Total ASSETS Equity in pooled cash and investments .... $7,185,777 $ 4,399.499 $2,154,710 $ — $ — $ 13,739,986 Cash and cash equivalents — — — 1,237.178 14.203 1,251,381 Pension investments including accrued interest — — — 111,849,104 190,200,168 302,049,272 Accounts receivable: Proceeds from securities sold — — — 725,879 1,572,168 2,298,047 Pension member's contributions — — — 218.346 465,227 683,573 Other .... ...... .. 7,894 4,900 — — — 12,794 Due from other funds — 1,229_195 1,307,563 2,536,758 Prepaidexpenses . . .. 31.406 _ 31,406 Deferred compensation plan assets ....... ....... — 6,476,982 — — — 6,476,982 Total assets $7,225,077 $10,881,381 $2.154,710 $115.259,702 $193,559,329 $329,080,199 LIABILITIES AND FUND BALANCES Liabilities: Vouchers and accounts payable $ 359,259 $ 450,433 $ 154,710 $ 90,624 $ 21,745 $ 1,076,771 Payable for securities purchased ....... — — — 1,071,464 2.141,226 3,212,690 •- Due to other funds . — 2,536,758 — — — 2,536,758 Deposits — 1,875 2,000,000 — — 2,001,875 Claims payable .. .. 1,873,632 — — — — 1,873,632 Deferred compensation plan .- liabilities .... — 6,476,982 — — — 6.476.982 2,232,891 9,466,048 2,154,710 1.162,088 2,162,971 17,178,708 Fund balance: Reserved for employee retirement plan benefits — — — 114,097,614 191,396,356 305.493,972 Unreserved: Designated for hurricane loss 500,000 — — — — 500,000 — Designated for pension - related expenditures — 1,415,333 -- — — 1,415,333 Designated for claims payments . ........ 4,492,166 — — — — 4,492,186 — Total fund balances 4,992,186 1,415,333 — 114,097,614 191,396,358 311,901,491 Total liabilities and I — fund balances .. $7,225,077 $10,881,381 $2,154,710 $115,259,702 $193.559,329 $329,080,199 87 *$ISm376 SCHEDULE Q•2 CITY OF MIAMI, FLORIDA EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1985 Sell. Plnston Insurance Administration Total Revenues: Intergovernmental charges $ — $ 3,771,349 $ 3.771,349 . Intragovernmental charges 5.296,823 17,168,436 22.465.259 Contributions from employees and retirees 7,527,220 — 7.527,220 Interest ....... ... . 520.325 263_208 783,533 Other ........... 439,428 439.428 Total revenues 13,783.796 21.202.993 34.986,789 Expenditures: Personal services 1,055.294 — 1.055,294 Contractual services 167.806 1,350.161 1.517,967 Materials and supplies 10.080 — 10.080 Contributions to retirement funds — 24.255-306 24.255.306 Insurance 1.824.789 1.824,789 Claims payments .............. 10.325,051 10,325.051 Other ........... 162.434 365,053 527.487 Total expenditures ..... .. .. 13,545,454 25.970,520 39.515,974 Excess (deficiency) of revenues over expenditures 238,342 (4,767.527) (4,529.185) w Fund balances at beginning of year .. ...... 4,753,844 6,182,860 10,936.704 Fund balances at end of year .... $ 4.992.186 $ 1,415.333 $ 6,407,519 j t a 1 t 88 rP'o * 1 1 SCHEDULE G•3 CITY OF MIAM1, FLORIDA PENSION TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1985 GESE FIPO Trust _ Trust Total Operating revenues: Contributions from employers $ 10,159,599 $ 10,700,000 $ 20,859,599 Contributions from employees and retirees 4.556,893 5,155,192 9,712,085 Net realized gain on investments 3,963,841 10,650,962 14,614,803 Interest and dividends 7,479,027 13,310,892 20,789,919 Total .... 26,159,360 39,817,046 65,976,406 Operating expenses: Personal services . Benefit payments Refunds .... . Total Operating income . Nonoperating revenues: Net income .... . Fund balances at beginning of year . . Fund balances at end of year . tau Rr r 279,549 326,003 605,552 9.824,207 10,382,493 20.206,700 666,036 753,726 1,419,762 10,769,792 11,462,222 22,232,014 15,389,568 28,354,824 43,744,392 1 /�-ro�o 0$I$i376 21 SCHEDULE 0.4 CITY OF MIAMI, FLORIDA PENSION TRUST FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED SEPTEMBER 30, 1985 GESE FIPO Trust Trust Total Working capital provided by: Net income ..... ... $15,392.868 $28,359,024 $43,751,892 Increase in working capital .... $15,392,868 $28,359,024 $43,751,892 Summary of increases (decreases) in working capital: Cash and cash equivalents .... $ 1,000,798 $ (98,364) $ 902,434 Pension investments ..... ...... 13,055,793 28,220,870 41,276,663 Accounts receivable ...... .. ... (2,493,789) (847,164) (3,340,953) Due from other funds .......... . .... 1,229,195 1,307,563 2,536,758 Vouchers and accounts payable .... ...... (21,393) 5,031 (16,362) Payable for securities purchased ..... 2.622,264 (228,912) 2,393,352 Increase in working capital ............. .... ..... $15,392,868 $28,359,024 $43,751,892 /�"d . f7d 1bg6-376 M LEI ILI i61 n r, 1"i P-61 PART III STATISTICAL SECTION r�m A� � THIS PAGE INTENTIONALLY LEFT 13LANK 92 1. CITY OF MIAMI, FLORIDA GENERAL FUND EXPENDITURES AND OTHER USES BY FUNCTION Last Ten Fiscal Years In Thousands Police Culture Other Fiscal and Solid Public General and (2) Expenditures Year Fire Waste Improvements Government Recreation Pension and Uses Total 1985 $99,681 $22,802 $14,973 $17,699 $8,652 $ - $17,998 $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 (1) 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 1976 33,592 10,400 7,058 6,825 4,118 8,741 7,985 78,719 (1) Fiscal years subsequent to 1979 do not include encumbrances. Instead, encumbrances are presented as a reservation of Fund Balance. (2) Beginning in 1979, pension costs are allocated to City Departments based on the number of pension participants. (3) The Building Department was merged during 1983 into the Fire Department. Expenditures of approximately $2.2 million were classified as public improvements in 1982. CITY OF MIAMI, FLORIDA PERCENT OF TOTAL GENERAL FUND EXPENDITURES AND OTHER USES BY FUNCTION 56.5 Police 54.8 and 56.2 Fire 12.8 12.6 Solid Waste 13.5 7.2 8.2 Public Improvement 8.0 10.0 9.7 General Government 9.7 4.8 4.8 Culture & Recreation 5.1 8.7 9.9 Other 7.5 10% 20% 30% 40% 50% 60% ® - 1985.86 Budget Request -� - 1984-85 Actual Expenditures - 1983-84 Actual Expenditures 93 i to -/-1 ; X.--) $6-376 ki CITY OF MIAMI, FLORIDA GENERAL FUND REVENUES AND OTHER FINANCING SOURCES Last Ten Fiscal Years In Thousands Other (1) (2) Revenue City Business Inter. Licenses Charges and Fiscal Property $ Excise Govern• and for Financing Year Taxes Taxes _ mental Permits Service Sources Total 1985 $84.209 $33,636 $38,191 $6.041 $17.634 $7,169 $186,880 1984 78,968 27,186 35.514 5.853 14.834 5.610 167.965 1983 67,619 27,351 35,948 5,288 13,977 3,783 153.966 1982 61,865 25.593 26,041 5.452 13.301 5.492 137.744 1981 54,060 23.388 24.634 6.096 13,213 3.665 125,056 19BO 42.679 23.529 20,298 5.593 6,636 4.156 102.891 1979 39,388 20,050 23,327 4,793 2,506 5,772 95.836 1978 37,223 - 25.523 4.477 2,244 26,220 95.687 1977 34.849 - 26,146 3,911 2,437 21,322 88.665 1976 30.316 - 20.215 3.880 2.140 20,407 76.958 (1) Business and Excise Taxes were included in Other Revenue and Financing Sources prior to fiscal year 1979. (2) Included since 1983 is a new revenue source from the State of Florida. a 50% portion of the one cent sales tax increase. CITY OF •- • TOTALPERCENT OF GENERAL r REVENUES r OTHER FINANCING SOURCES Property44.4 45.1 16.2 18.0 Business R Excise Taxes 16.2 19.3 20.4 Intergovernmental 21.1 3.4 3.2 License & Permits 3.5 9.3 9.4 Charges for Service 8.8 7.4 3.9 All Other Sources 3.4 10% 20% 30% 40% ® - 1985-86 Budget Request -� - 1984.85 Actual Revenues - 1983.84 Actual Revenues 94 50 % 60 % /�(d 1 k CITY OF MIAMI, 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 All Funds Year's Taxes Collected Taxes 1985 $104,135 $100,976 96.97% $ 722(3) 1984 93,340 88,982 95.33 3,036 1983 83,025 78,815 94.93 1,209 1982 76,903 74,040 96.28 1,067 1981 72,619 70,288 96.79 437 1980 60,984 58,790 96.40 308 1979 58,389 57,325 98.18 431 1978 50,532 49,095 97.16 523 1977 43,854 42,969 97.98 651 1976 38,508 37,281 96.81 634 Total Outstanding Total Collections Outstanding Delinquent (1) Fiscal Tax as % of Delinquent Taxes as % of City Year Collections Current Levy Taxes (2) Current Levy Millage 1985 $101,698 97.66% $3.970 3.81 % 11.9091 1984 92,018 98.58 3,367 3.61 11.1238 1983 80.024 96.38 2,925 3.52 10.729 1982 75,107 97.66 2,489 3.24 10.664 1981 70,725 97.39 2,027 2.79 11.987 1980 59,098 96.91 1,939 3.18 13.960 1979 57,756 98.92 1,559 2.67 14.487 1978 49,618 98.19 3,196 6.32 13.200 1977 43,620 99.47 2,283 5.20 11.903 1976 37,915 98.46 2,048 5.32 10.930 (1) Includes levies for general operations and debt service. (2) Net of reserve for early payment discounts and uncollectable tax of approximately 5% of total tax levy. (3) Starting in Fiscal Year 1985, current year's delinquent tax collections are included with collection of current year's taxes. Prior years' collection of delinquent taxes included both current year and prior years' delinquent tax collections. 95 /,Y a6-,��►76 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 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 1976 3,123,657 672,697 3.796,354 199,421 3.596,933 SOURCE: Metropolitan Dade County Property Appraiser's Office. NOTE: The 39% increase in 1981 assessments was largely due to a change in Florida law requiring that property be assessed at 100% of actual value. Prior to the new law, the basis of assessment was approximately 75% of fair market value. For each fiscal year ending September 30th, property is valued as of January 1st of the preceding calendar year. CITY OF MIAMI, FLORIDA PROPERTY TAX RATES (1) AND TAX LEVIES All Overlapping Governments Last Ten Fiscal Years TAX RATES Year City County Schools State Total 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 9.342 6.75 .422 30.474 1979 14.487 9.260 8.00 .397 32.144 1978 13.200 9.357 8.00 .397 30.954 1977 11.903 7.983 8.00 .365 28.251 1976 10.930 7.860 8.12 .375 27.285 TAX LEVIES (In 000's) 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 1976 38,508 27,692 28,608 1,321 96,129 SOURCE: Metropolitan Dade County Property Appraiser's Office. (1) Property tax rates are based on each $1,000 of net assessed value tit /Zo/yo;cJ 1 1 1 1 1 1 1 1 1 1 a CITY OF MIAMI, FLORIDA SPECIAL ASSESSMENTS COLLECTIONS Last Ten Fiscal Years Current Assessments Fiscal Liens Receivable Year Collections At Year•End 1985 $2,702,605 $400,153 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 1976 392,117 71,529 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 Fiscal Value Exemption Value Debt Per Year Population (000's) (000's) (000's) (000's) Ratio Capita 1985 380,446(1) $9,696,610 $952,430 $8.744,180 $170,087 1.95% $447.07 1984 383,027(1) 9,346,033 954,979 8,391,054 146,102 1.74 381.44 1983 382,726(2) 8,659,281 920.895 7,738,386 124,955 1.61 326.49 1982 382,726(2) 7,962,129 750,665 7,211,464 109.398 1 52 285.84 1981 399,995(3) 6.622,365 564.238 6,058,127 118.038 1.95 295.09 1980 346,865(3) 4,565,780 197,311 4,368,469 123,020 2.82 354.66 1979 345.000 4,227,175 196,708 4.030,467 134,786 3.34 390.68 1978 345,000 4,023,847 195,664 3,828.183 128,089 3.35 371.27 1977 342.000 3,938,270 198,559 3,739,711 119,341 3.19 348.95 1976 340,000 3,796,881 199,948 3,596.933 103,827 2.89 305.37 (1) Estimate provided by the State of Florida, Division of Population Studies. Bureau of Business and Economic Research, University of Florida. (2) Based on July 1, 1982 population estimate used by the Office of Revenue Sharing of the Federal Government. (3) The City of Miami was involved in litigation with the Federal Census Bureau challenging the 346,865 population count of 1980: as a result, during 1981 the population count was adjusted upward to 399,995 for Federal Revenue Sharing purposes. 1 97 A leD 7 4/, 0 04 , / 80-3 76 CITY OF MIAMI, FLORIDA RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES AND OTHER USES Last Ton Fiscal Years In Thousands Total General Bonded General Fund V,", Fiscal Bond Bond Debt Service E endliures Principal Interest Expenditures & x8ther Uses Ratio Year 1985 $10010 $12,540 $22,550 $181,805 12.40% , 1984 9,570 7,924 17.494 166,880 10.48 10.91 1983 9,990 6,570 16,560 151,740 10,310 7,130 17,440 138,043 12.6314.59 1982 1981 10,735 6.620 17,355 118,981 1980 10,160 7,235 17,395 101,794 9,860 7,202 17,062 96,817 17.09 17.62 1979 8.270 6,600 14,870 93,712 15.87 1978 1977 8,275 5,241 13,516 88,907 15.201976 6,415 5,592 12,007 78,719 15.25 CITY OF MIAMI, FLORIDA STATEMENT OF DIRECT AND OVERLAPPING DEBT GENERAL OBLIGATION DEBT September 30, 1985 In Thousands Amount Percents 0 Available Applicable and City's Share Gross Debt Reserves Not Debt To City of Debt City of Miami ............... $174,640,000 $4,553,000 $170,087,000 100% $170,087.000 Metro -Dade County ........... 545,762,000 2,107,000 543,655,000 19%(1) 103,294,450 $720,402,000 $6,660.000 $713,742.000 $273,381,450 (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 STATEMENT OF LEGAL DEBT MARGIN SEPTEMBER 30, 1985 ASSESSED VALUATIONS Total Assessed Valuation .................... $9,696.610,196 ..... .. ....... ... Homestead Exempt Valuation ............. . 952,429.540 Net Assessed Valuation .............. ....... .. . $8.744,180,656 LEGAL DEBT MARGIN Debt Limitation for Bonds (15% of $8,744,180,656) (1) .... . ........ $1,311,627,098 Present Debt Application to Debt Limitation: $174,640.000 General Obligation Debt .............. ..... .. . .... ............. (4,553,000 $ 170,087,000 LessAmount Available in Debt Service Fund ..... . .. .. ... ......... .... $1,141,540,098 58 the City Charter limits the General Obligation bonded debt of the City to 15% of the assessed valuation of all (1) Section of real and personal property within the City limits as determined by the preceding assessment roll of the City. �l 1.7 11 r•� I 7 '•t 1 i CITY OF MIAMI, FLORIDA CURRENT DEBT RATIOS SEPTEMBER 30, 1986 FACTORS: Assessed Valuation (1) Net Taxable Assessed Valuation City of Miami Debt, Net of Res. Funds General Obligation Special Obligation (2) Combined Direct Debt (9130/85) Overlapping Debt, Net of Res. Funds (3) General Obligation Special Obligation Combined Net Overlapping Debt (9/30185) Total Net Direct and Net Overlapping Debt Population of Miami (1980 Census as adjusted in 1985) Assessed Valuation per Capita Net Taxable Assessed Valuation per Capita DEBT RATIOS: Net Direct General Obligation Debt as a Percent of Net Taxable Assessed Valuation Combined Net Direct and Overlapping General Obligation Debt as a Percent of Net Taxable Assessed Valuation Net Direct General Obligation Debt Per Capita Combined Net Direct General and Special Obligation Debt Per Capita Combined Net Direct and Overlapping General Obligation Debt Per Capita Combined Net Direct and Overlapping General and Special Obligation Debt Per Capita $9,696,610,196 $8,744,180,656 $170,087,000 75,797,562 $ 245,884,562 $103,294,450 65,684,607 168.979,057 $ 414,863,619 380,446 $ 25,488 $ 22,984 1,95% 3.1 % $ 447.07 $ 646.31 $ 718.58 $ 1,090.47 (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 which includes special obligation bonds as well as revenue bonds is 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. 99 I 4 I. t '! ." 1 �. I CITY OF MIAMI, FLORIDA SCHEDULE OF REVENUE BOND COVERAGE ENTERPRISE FUND Last Ten Fiscal Years In Thousands Net Revenue Available Debt Service Fiscal (cross Operating For Debt Cover. Year Revenue Expenses Service Principal Interest Total age r 1985 $11,152 $8,746 $2,406 $177(4) $7,851 $8,028 .30 r 1984 9,814 8,871 943 181(3) 8,191 8,372 .11 1983(2) 7,785 6,697 1.088 237 6,620 6,857 .16 1982(1) 4,730 2,877 1,853 190 1,327 1,517 1.22 1981 48 — 48 22 13 35 1.37 a 1980 43 — 43 21 14 35 1.23 1979 42 — 42 20 16 36 1.17 1978 39 — 39 18 17 35 1.11 1977 35 -- 35 18 18 36 .97 1, 1976 39 — 39 16 19 35 1.11 (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 the end of fiscal year 1983 and did not earn revenues from operations until fiscal year 1984. The Miami Convention Center and Parking Garage, financed with revenue bonds in the amount of $60 million, opened during the year also. Deficits for these facilities are being funded by other pledged revenues of the City. (3) Principal payments for 1984 exclude the effect of the issuance of the $13,860,000 Series 1983 Parking System Revenue Bonds, the proceeds of which were used for the defeasance of the outstanding Parking Revenue Bonds of $14,280,000. (4) Principal payments for 1985 excludes the effect of the issuance of the $13,720,000 Special Obligation Bonds, Series 1985, the proceeds of which were used for the defeasance of the outstanding Series 1981 bonds of $10.345.000. 100 /"-(* 147 • A) K" k i -r CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDED INDEBTEDNESS PRINCIPAL AND INTEREST REQUIREMENTS As of September 30, 1985 FISCAL Year Ending September General Obligation Bonds 30th Principal Interest_ Total 1986 $ 10,800,000 $ 13.315,068 $ 24,115,068 1987 10,880,000 12,614,808 23.494,808 1988 10,985.000 11,861.480 22.846,480 1989 10.120,000 11.099,646 21,219,646 1990 10.050,000 10,382.422 20,432,422 1991 9.555.000 9,668,703 19,223,703 1992 8,990,000 8.942.460 17.932.460 1993 8,775,000 8,223,367 16.998,367 1994 8.605.000 7,523.433 16,128,433 1995 8.810,000 6.928.904 15, 738.904 1996 8,570,000 6.358,291 14.928,291 1997 8.510,000 5,778.401 14.288.401 1998 7,550.000 5.178.944 12,728.944 1999 6,620,000 4,624,446 11,244,446 2000 5,790,000 4,097,025 9.887.025 2001 6,195,000 3,565,327 9.760.327 2002 6,105.000 3.048.301 9.153,301 2003 6.440.000 2, 507 , 688 8.94 7, 688 2004 4,495.000 1,951.682 6.446.682 2005 3,815,000 1 ,534,448 5.349.448 2006 1,835.000 1.301,542 3.136.542 2007 1,895.000 1.144.833 3.039.833 2008 2,025,000 982,302 3,007.302 2009 1,985,000 814.670 2,799,670 2010 2,105,000 642.568 2,747,568 2011 1 .455,000 506.577 1 ,961 ,577 2012 1.145,000 388,700 1.533.700 2013 1,300,000 270,530 1.570.530 2014 1,310.000 136,240 1.446,240 Total $176.715.000 $145.392.806 $322,107.806 Principal and interest for October, 1985 are included in the above schedule For financial statement presentation purposes, principal in the amount of $2.075.000 (which represents the October, 1985 principal payment) has been reclassified from long term debt group of accounts to the debt service funds 101 L- CITY OF MIAMI, FLORIDA REVENUE BONDS AND SPECIAL OBLIGATION BONDS PRINCIPAL AND INTEREST REQUIREMENTS As of September 30,1985 " F, Principal Utilities Fiscal Service Tax Year Special Special r•� Endingg Obligation Convention Warehouse Sepiamber Bonds Center Property Obligation f. 30 Series A Revenue Bonds Revenue Bonds Bonds 1986 $150,000 $ $17,000 $ y ` 1987 1988 150,000 150,000 18,000 20,000 110,000 245,000 1989 21,000 265.000 1990 100,000 22,000 285,000 1991 1992 330,000 640,000 310,000 335.000 1993 1,060,000 360,000 1994 1,140,000 390,000 1995 1,225.000 425,000 1996 1,320,000 465.000 1997 1,425,000 510,000 1998 1,540.000 560,000 1999 1,665,000 610,000 2000 1,805,000 665,000 2001 1,720,000 2002 1,870,000 2003 2,035,000 2004 2,215.000 3,355,000 2005 2,410,000 2006 2,620,000 2007 2,850,000 2008 3,095,000 4,830,000 2009 3.365,000 2010 3,660.000 2011 3,980,000 2012 4,050,000 2013 4,410.000 2014 4,720,000 2015 4,750.000 TOTAL $450,000 $60,000,000 $98,000 $13,720,000 3: w, j .0') 'l Total 'Parking Revenue Total Principal Bonds PrincipalInterest And * 160.000 $ 327.000 $ 7.608.739 $ 7.995.739 |z' 175.000 453.000 7.648.083 8.101.083 185,000 600./X0 7.618.087 8.218.087 200,000 480,000 7.583.318 8,083.318 215.000 622.000 7.547.164 8.169.164 � 235,000 875D00 7.500,996 8,375,996 250.000 1.225.000 7.435.206 8.860.206 275,000 1.695000 7.341.883 9,030,883 300.000 1.830.000 7.210.715 9.040.715 325.000 1.975.000 7.064.637 8.039.637 355,000 2,140,000 6.901.601 9,041,601 390,000 2.325,000 6.719.835 9,044,835 430.000 2.530.000 6.518.931 9.048.931 /| 470.000 2.745.000 6.297.522 9.042.822 '^ 520.000 2.900.000 6.054.770 9.044.770 570.000 2.290.000 5.819.913 8.109.913 630.000 2.500.000 5.614.383 8.114.303 || 695.000 2.730.000 5.382.831 8.112.831 765.000 6.335.000 4.981.064 11.316.064 845,000 3.255,000 4.555,862 7.810.862 or 930.000 3.550.000 4.254.018 7.804.018 `( 1.025.000 3.875.000 3.823.934 7.798.934 1.130,000 9,055.000 3.348,437 12,401,437 1,250,000 4.615.000 2.739.831 7.354.831 1,380,000 5l40.000 2.310,963 7.350,963 3.980.000 1.917.125 5.897.125 - ' 4,050.000 1.568875 5.818.875 4.410.000 1.214.500 5,624.500 4.720000 828,625 5.548,625 � 4.750.000 415�25 5.165.625 $13.705.000 $87.973.000 $155.985.453 $243.958.453 ===== ===== ===== ===== NOTE: Principal and �n�nreoi for October, 1985 are included in these schedules. For financial o1otomon\ presentation inthe amount of$1OO.0OO(which represents the October, 1985payment) has been reclassified from revenue bonds payable tocurrent portion of revenue bonds payable in the Enterprise Fund. 103 y fi a CITY OF MIAMI, FLORIDA TEN LARGEST TAX ASSESSMENTS Nature Assessed of Value In Name of Taxpayer Activity (000's) Southern Bell Telephone & Telegraph Company Utility $ 296,409 Chopin Associates Hotel/Office Building 183,734 Southeast Bank Bank/Office Buildings 182,546 Equitable Life Assurance Office Buildings 146,644 Florida Power & Light Company Utility 101,246 City National Bank Office Building/Bank 82,358 Miami Herald Newspaper 76,131 Miami Center Joint Venture Unimproved Real Estate 66,720 One Biscayne Tower, N.W. Office Building 62,982 New York Life Insurance Office Buildings 46,768 Total Assessed Valuation of Top Ten Assessments $1,245,538 which is 12.8 % of total 1985 assessed valuation SOURCE: Metropolitan Dade County Property Appraiser's Office and City of Miami Department of Finance BANK DEPOSITS LAST TEN YEARS FINANCIAL INSTITUTIONS Dade County is growing as an international financial center with 36 foreign banks operating in the community. Additionally, there are 33 Edge Act Banks that have moved to the Miami area. These include: BankAmerica International, Bankers Trust International, Banco de Santander International, Chase Bank International, Citibank International, Irving Trust, Chemical Bank International, Manufacturers Hanover International, and Morgan Guaranty International. The Federal Reserve Edge Act Amendment, adopted in 1979, permitted banks to open international banking subsidiaries outside their home states. The Federal Reserve System has located a branch office in Dade County to assist the Atlanta office with financial transactions in the South Florida area. There are 73 local banks in Dade County which together have a total of $17.6 billion in deposits. A ten year summary is presented below: BANK DEPOSITS (1) Number Year of Banks Total Deposits 1984 73 $17.603,600,000 1983 70 16.158,326,000 1982 65 13,486,248,000 1981 65 9,234,540,000 1980 63 9,341,691,000 1979 71 7.982,108,000 1978 73 7,015,276,000 1977 98 6.481,146,000 1976 95 5.526,615,000 1975 93 5,296,569,000 SOURCE: F.D.I.C. Atlanta, Georgia (1) The information presented is for Metropolitan Dade County as a whole which includes the City of Miami. These figures include national and state chartered banks that are F.D.I.C. insured. Non-insured state charter banks are excluded. 104 /-(o f'jo 86-376 ri, a k, k. � a I t 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 1976 are .; as follows: ' - Unincorporated ' - City of Miami Dade County e Year (000's) (000's) 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 ��_:;. ;r..-• 1980 340.463 1,020,840 1979 288,463 963,144 1978 105,064 651,482 460,689 1977 97,151 4xa 1976 80,744 506,798 SOURCE: City of Miami, Fire, Rescue and Inspection Services Department, Permits, Records and Revenue Division. ' Dade County, Building and Zoning Department. y) CITY OF MIAMI, FLORIDA DEMOGRAPHIC STATISTICS CITY OF MIAMI AND METROPOLITAN DADE COUNTY POPULATION 1980 Census Count City of Metro•Dade Age Miami County P 0-5 23,459 113,544 6-13 30,433 169,884 _ 14-18 25.575 133,369 19-29 60.257 287,216 A'F+`' 30-59 128,049 585,896 60-64 19,973 80,586 65-74 35,951 149,550 75 + 23.168 105,736 Total 346,865 1,625,781 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 a 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. ` 105 �D �� 11i CITY OF MIAM1, FLORIDA CITY OF MIAMI, FLORIDA GENERAL STATISTICAL DATA GROWTH FACTORS RELATIVE TO GEOGRAPHY DADE COUNTY, FLORIDA The City of Miami encompasses 34.3 square miles of land and 19.5 square miles of water and is the County seat of Dade County, which encompasses 2,000 square miles of Florida's southeastern region. Miami is situated at the mouth of the Miami River on the western shore of Biscayne Bay and is the main port of entry in Florida. Miami is the southernmost major city and seaport in the continental United States. The nearest foreign territory is the Bahamian Island of Bimini, 50 miles from the Miami cost. Miami's climate is sub -tropical -marine, characterized by long summers with abundant rainfall and mild, dry winters. The average temperature in the summer is 81.4 degrees Fahrenheit and 69.1 degrees fahrenheit in the winter, with an average annual temperature of 75.3 degrees. LOCAL MASS TRANSIT Metropolitan Dade County Rapid Transit System: One of the most important developments affecting Dade County in general and downtown Miami in particular, is the implementation of a rapid transit rail system. The system passes through the western portion of Miami's Central Business District and has 21 stations. Construction which began in May 1979 was completed in 1985 and the system is now operating on a daily schedule. Downtown Component of Metrorail: The Downtown Component of Metrorail is an extension of the Metrorail Transit System that will distribute passengers throughout Miami's Central District. It is planned to consist of a two- way, elevated rail line around the District's core with spur lines extending north and south to the outer portion of the downtown areas. The central core line is to become operational in 1986. ECONOMY The economic base of Greater Miami has diversified in recent years, shifting from a reliance on the tourism industry to a combination of manufacturing, services, industries and international trade. The area's advantages in terms of climate, geography, low taxes and skilled labor have combined to make the Miami area a prime relocation area for major manufacturing firms and international corporate headquarters. 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 Dade County Film office, the total economic benefit to the local area was more than $74 million for fiscal year 1985. GROWTH FACTORS Data reflecting the growth of the economy of the Metropolitan Dade County (including the City of Miami), is presented in the ten year summaries as follows: Electricity Customers and Sales Total KWH Residential Commercial Sales Customers Customers Year (00018) Average Number Average Number 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 1976 12,388,600 511,900 55,200 Water Customers and Sales Consumption Number (Millions of Year Water Meters Gallons) 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 1976 126,500 70,770 Sales Tax Telephone Motor Vehicle Collections Year Service Registrations (0001s) 1985 (1) 1,589,173 $686.399 1984 (1) 1,470,024 654,014 1983 881,269 1,453,991 575,065 1982 859,637 1,288,844 470,818 1981 844,093 1,288,067 466,553 1980 816,124 1,173,813 381,381 1979 774,140 1,058,734 366,676 1978 735,959 1,081.224 298.386 1977 700,391 1,268.632 259,119 1976 678,832 1,200,212 224.801 (1) Due to the divesture of AT&T, the number of telephone sets, the measurement for years preceeding 1984, Is no longer available. SOURCE: Appropriate utility or responsible government agency. • 106 t z MIAMI INTERNATIONAL AIRPORT Metropolitan Dade County owns and operates five airports in the Miami area. Miami International Airport ranks eighth in the nation and tenth in the world in passenger traffic through the airport. The airport ranks fourth in the nation and fifth in the world in tonnage of domestic and international cargo movement. In 1985 almost 20,000,000 air travelers were serviced by Miami International Airport, and over 1 billion pounds of cargo was handled. Miami International Airport is in the midst of a $1 billion expansion planned to service over 45 million passengers by the year 2000. A ten year summary of the growth of passengers served and cargo handled follows: Total Total Cargo Passengers (Thousand Year (Thousands) Pounds) 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 1976 12,884 808,791 SOURCE: Miami International Airport PORT OF MIAMI The Port of Miami is operated by the Seaport Department of Metropolitan Dade County. From 1976 to 1985 the numbers of passengers sailing from the Port increased from 1,029,687 to 2,326,685, an increase of 126%. The Port of Miami is currently the world's most active port in numbers of passengers and frequency of sailings. Cargo movement through the Port of Miami has increased by 52% in the last ten years of operation. The Port of Miami has almost doubled in size, from 325 acres to 600 acres, through a $250 million expansion program begun in 1980, designed to 16 million tons of cargo and four million cruise passengers by the year 2000. The additional space is needed to accommodate the increasing number of shippers, buyers, importers, exporters, freight forwarders, and cruise passengers who wish to conduct business through the Port. 107 A ten year summary of the growth in revenues, passengers, and cargo handled follows: Total Cargo Year Revenues Passengers (Tonnage) 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 r: *6-S70 rd 86-q76