HomeMy WebLinkAboutM-85-0644Cl" OF MIAMI. PLON10A
INTER-OftFICC MCMOPANDUM
® honorable Mayor and Members : JUN 595
FILE:
of the City commission
suerEefi: Annual Financial Report
PRO* .Sergio per r kcrt"ENCES:
City Manag
ENCLOSURES:
Presented herewith is the City of Miami Comprehensive Annual
Financial Report for the fiscal year ending September 30, 1984.
Chapter 10.510 (7) of the Florida Statutes -requires that the
Annual Financial Report prepared for a municipality must be
submitted to izs governing body and be retained as public record.
Specifically, Chapter 10.510 (7) states:
"The financial audit report required by this chapter
shall be received by the municipality at a regular
meeting of its governing body and retained as a public
record in accordance with the law."
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, timely and reported in accordance with
Generally Accepted Accounting Principles. This report is a
reliable reference source regarding the City's finances.
As required by the City Charter and Florida Statutes, the finan—
cial statements have been examined by the City's external
auditing team composed of Coopers and Lybrand, in association
with Sanson, Kline, Jacomino & Company, and W.B. Koon & Company.
The report of the Certified Public Accountants is included in the
report.
Financial Report Highlights:
o The bond rating for General Obligation Bonds was maintained
at A+ by Standard and Poor's and Al by Moody's.
o The opinion of the independent auditors states that the
information provided "...presents fairly the financial
position of the City of Miami, Florida". One exception is
contained in the auditors' opinion and that relates to the
Gates Case.
Although major progress has been achieved, because of the
magnitude of this issue, it will remain an exception until
completely resolved by the Courts.
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0 The gross outstanding General Obligation debt is $154m, which
is 1.87% of the assessable base. The legal debt limit is 15%
of the assessable base.
o On a budget basis, fund balance decreased from $8.2m to
$7.4m. National Accounting Standards require that this year,
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the City reserve $1.1m for compensated absences. (Compen-
sated absences are the current portion of accumulated vaca-
tion, earned time, and sick leave). Had that reserve not
been necessary, fund balance would have been $8.5m or
$300,000 greater than last year.
o Shown below is a comparison, by fund, of expenditures for
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fiscal year 1984 vs. fiscal year 1983:
Expenditures for: 1984 1983
-•
General Fund 165.0 151.7
Capital Projects 25.0 23.1
Pension 22.4 15.7
Self Insurance 15.2 13.6
o By investing excess cash balances in government insured
securities, the City earned $8.8m in interest income.
o The net profit for the Marinas Enterprise Fund, before
depreciation, amounted to $661,137.
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 prepa-
ration of this Annual Report. The Report reflects the long hours i
and diligent efforts of many people.
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TRANSMITTAL DATE
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COMPREH NSIV
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FIN Im
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CITY OF MIAMI, FLORIDA
FOR THE FISCAL YEAR ENDED
SEPTEM B E R 3051984
FINANCE DEPARTMENT
CARLOS E. GARCIA, CPA
DIRECTOR OF FINANCE
CITY OF MIAMI, FLOAlbA
COMPREHENSIVE ANNUAL FINANCIAL AEPOAT
Pot the PiSCal Year Ended September 309 1 J84
TABLE OF CONTENTS
INTROOUCTOAY SECTION
Letterof Transmittal.....................................................
Cityof Miami Officials ....................... I ........ 6 ........ I ......... .
Certificate of Conformance ........................................... .. .
Cityof Miami Organization Chart .................... 4 ......................
FINANCIAL SECTION
Report of Independent Certified Public Accountanfit ......................... .
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 ...... .. ...... .
Combined Statement of Changes in
Financial Position —All
Proprietary Fund Types ......... ......... ................. ....
Notes to Financial Statements ............................................ .
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20-21
11 22
�II�4ca
IV 24
V 25
VI 26
27-41
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INTRODUCTORY SECTION
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VINANCIAL $UTION (e ntinued)
WISP i`M€NTAL COMMING ANb INIJIVtNAL i` 10 Mt M htt
General Fund.
Statement of Revenues, Expenditures and Changes in
Fund Balance —Budget (Non-GAAP Budgetary Basis) and Actual
Special Revenue Funds.
Combining Balance Sheet
Combining Statement of Revenues. Expenditures
and Changes in 'Fund Balances
Combining Statement of Revenues. Expenditures and Changes in Fund
Balances —Budget (GAAP Basis) and Actual—Vliami Sports and Exhibition
Authority, Downtown Development Authority. Federal Revenue Sharing
and Rescue Services Special Revenue Funds
Debt Service Funds.
Combining Balance Sheet
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances —Budget (GAAP Basis) and Actual —General Obligation Bonds
and Utilities Service Tax Bonds Debt Service Funds
Capital Projects Funds:
Combining Balance Sheet
Combining Statement of Revenues. Expenditures
and Changes in Fund Balances
Enterprise Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenses and
Changes in Fund Equity
Combining Statement of Changes in Financial Position
Internal Service Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenses and
Changes in Fund Equity
Combining Statement of Changes in Financial Position
Trust and Agency Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance —Expendable Trust Funds -
STATISTICAL SECTION
General Fund Statistics
Tax -Related Statistics
Debt -Related Statistics
General Statistical Data
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January 18, l985
Honorable Mayor and Members
of the City of Miami Commission
City of Miami, Florida
Gentlemen.
The City of 'Miami Comprehensive Annual Financial
Report for the fiscal year ended September 30, 1984, is
submitted herewith. This report contains the audited fihan-
cial statements for all funds and account groups under
the direct legislative control of the City Commission. Respon-
sibility for the accuracy, completeness and fairness of the
presented data, including all disclosures, rests with the
City of Miami, specifically the Department of Finance 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 ended
September 30. 1983, and the City's organization chart. The
financial section includes the independent auditors' 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, 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 significant accounting
policies, identify the entities included in this report and
disclose additional information which is considered neces-
sary to the fair presentation of the financial statements.
ACCOUNTING, BUDGETARY AND INTERNAL CONTROLS
The City's accounting records for governmental and
fiduciary funds operations are maintained on a modified
accrual basis, with revenues being recorded when availa-
ble 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 funds
are maintained on the accrual basis.
5
ttANfjO H & R05tN1tAANtz
City Manager
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 Generally Accepted Accounting Princi-
ples (GAAP) basis as reservations of fund balance at Sep-
tember 30. 1984
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-
ance of proper recording of financial transactions. The con-
cept of reasonable assurance recognizes that the cost of
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
and Recreation, Stadiums and Marinas. Planning and Zoning,
Economic Development. Community Development and Gen-
eral 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 Exhibi-
tion Authority is an independent and autonomous agency
and instrumentality of the City whose voting members are
appointed by the City Commission. Its financial information
is included as a Special Revenue Fund in this report.
This report does not include financial statements for
the Miami City General Employees' Retirement Plan and the
Miami City Employees' Retirement System which are
administered by independent and autonomous boards of
trustees and are involved in significant litigation with the
City, as described in the notes to the financial statements.
Each of these entities publishes its own audited financial
report.
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OtNthAt fUN6 OPMAMNA
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, their related percentage of total revenues and expendi-
tures and their increase or decrease when compared to the
previous fiscal year.
ftwvttiubt; and Other Vintineing Soureet;
In Thmands
increase
Percenta a becrease
Amount of Tots vrom 14ss
Taxes $ 83,853 4990$10.531
Licenses & Permits 5.853 35 565
Intergovernmental 25.527 15 2 (491)
fntragovernmental 2.687 16 204
Charges for Services 12,147 72 653
Interest 3.350 20 764
Miscellaneous Revenue 2.155 1 3 958
Operating Transfers In 32.393 193 816
$167.965 100.0% $14,000
Expenditures and Other Uses
�In Thousands
Increase
Percentage Decrease)
Amount of Total_ �rom 1983
General Government $ 16.135 9.7°io $ 1.540
Public Safety 93.841 56.2 6,470
Public Improvements 13,401 80 1.777
Culture & Recreation 8,378 5.0 687
Solid Waste 22.576 13.5 843
Other 10.622 6A 2,971
Operating Transfers Out 1,927 1.2 852
$166.880 100 0% $15.140
Overall General Fund revenues and other financing
sources increased by 9.1 percent from the prior year. Prop-
erty tax revenues increased by $1 1.3 million from the previ-
ous year, mostly attributable to an increment in the net
assessed valuation in the amount of approximately $653
million, and collection of approximately $3 million in delin-
quent taxes levied in previous years.
Expenditures and other uses of funds in the General
Fund increased 10% over 1983. Police services accounted
for $ 4.5 million of the increment, or 8.7 percent over 1983
expenditures.
Fund Balance for the General Fund ('including reserved
and designated amounts) on a GAAP basis, was $9.5 mil-
lion at September 30, 1984. In accordance with the National
Council on Governmental Accounting Statement No. 4,
Accounting and Financial Report%ng Principles for Claims
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and Judgments and Compensated Absences. compensated
absences have been recognized as an expense When ihcurwd
rather than when payment is made. An adjustment for corn-
pensated absences reduced beginning fund balance by
approximately $1 million
SPECIAL AMNUt FUNDIS
The City's Special Revenue Funds were established to
account for resources restricted to expenditures for spe-
cific operating purposes. The significant sub -funds included
in the Special Revenue Funds are as follows,
i Miami Sports and Exhibition Authority—Ah autonomous
entity in charge of constructing sports and exhibition
facilities. The Authority is to be funded by the City's
share of a Convention Development Tax on hotel rooms
which as of year end was being collected and held in
escrow by Dade County.
i Downtown Development Authority —A semi -autonomous
entity that is charged with redeveloping the downtown
area. The Authority is funded through a separate mill
charge to real property taxes in the downtown area.
6 Federal Revenue Sharing and Grant Funds —Includes
Federal Revenue Sharing, Community Development
Block Grants and Economic Development Administra-
tion Grants. Revenues from these grants are desig-
nated for specific purposes within the City.
• Rescue Services —Accounts for a portion of franchise
taxes especially designated by the electorate for this
purpose.
6 Cable T.V.—Accounts for revenues to be expended for
specific uses related to the cable television license.
• Local Option Gas Tax —Accounts for a tax levied on the
sale of gasoline to be used for street and highway
maintenance.
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. The past two fiscal years are
presented below:
1984 1983
Net Direct
Bonded Debt $146,101,893 $124,955,444
Ratio of Net Debt to
Assessed Value 1.74% 1.61 %
Net Debt Per Capita $ 381.44 $ 326.49
The City's last general obligation bond sale was in
June, 1984. At that time, its bond ratings were updated to
"A-1 " and " A + " by Moody's Investors Service and Stand-
ard and Poor's Corporation, respectively.
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During 1984, 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 $9.510,000.
•CAls1lft OONSIMAJOION
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. which
include bond proceeds. franchise taxes and federal grants
The Capital Improvement progtam for fiscal years 1984-89
includes over 180 projects, either on -going or scheduled
to be initiated during the 6-year period. Its budgets, by
function, for 1984 and subsequent fiscal years are as follows
(in Thbut finds)
Sewer Systems $ 44,193
Street Improvements 41,750
Economic Development 28.135
Parks Facilities 17.308
Public Buildings 10.986
Parking Facilities 9.168
Transit Systems 6.595
Communications Systems 1.197
Total $159.332
General Obligation bonds authorized but unissued at
September 30. 1984 totaled $132.275,000.
During the fiscal year, $25 million was expended for
capital projects. A summary of the revenues and expendi-
tures of the Capital Projects Funds is included in the finan-
cial section of this report.
ENTERPRISE FUNDS
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, auditori-
ums and golf courses. Results of 1984 operations for the
Enterprise Funds are summarized below. -
(In Thousands)
Charges for services $ 14.894
Operating expenses (14,117)
Depreciation expense (3.355)
Net non -operating expenses (5,847)
Net operating transfers in 7,243
Net loss before
extraordinary item (1,182)
Extraordinary item —gain on
debt refinancing 800
Net loss $ (382)
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The City has budgeted, in Fiscal Year 1985, contribu-
tions to various enterprise funds of approximately $5.4
million to cover projected operating deficits for 1085.
INTEANAt'MVICE UNN
Internal Service Funds account for the financing of
goods or services provided by one department to other
departments of the City on a cost -reimbursement basis,
including replacement costs
Operations recorded in the Internal Service 'Funds
during 1984 included
City Garage Print Shop
Motor Pool Stationery Stock
Property Maintenance Communications Services
Results of these operations for 1984 were as follows:
(in Thbusarift)
Charges for services $ 17,146
Operating expenses (13,297)
Depreciation expense ( 2,658)
Nan -operating revenues 943
Net income $ 2,134
TRUST & AGENCY FUNDS
Trust and Agency Funds are established for the pur-
pose of accounting for assets held by the City in a trustee
capacity or as an agent for individuals. private organiza-
tions and other governments
As of September 30. 1984. the following were recorded
as Trust and Agency Funds.
Expendable Trust Funds Agency Fund
Self Insurance Cable TV
Pension Administration
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.
The Pension Administration Fund is primarily used to
aggregate contributions from various City departments
before their transfer to the Miami City General Employees'
Retirement Plan and the Miami City Employees' Retirement
System. As explained in the "Reporting Entity and its Serv-
ices" section of this transmittal letter, these autonomous
pension trust funds are not included in this report. The City
is currently negotiating a settlement related to the pension
litigation and related matters explained in Note 16(a) of the
notes to the financial statements.
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CAS14 MANAO MINT
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, U S. government obli-
gations, and U6- government guaranteed investments
All certificates of deposit are collateralized by United States
Government Securities. Interest earnings City-wide, exclud-
ing investments with fiscal agents, amounted to $101
million. Based on an average daily balance of $97 million.
the yield on investments was 10 3V,ft Interest earned by
the General Fund was $3.3 million.
HNERAL FIXP-b 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, 1984. the
General Fixed Assets of the City amounted to $277 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. Additions and deductions to
fixed assets during the year amounted to $34 million and
$15 million, respectively.
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
N
Conformance in Financial Reporting to the City of Miami,
Florida for its Comprehensive Annual Financial Report for
the fiscal year ended September 30. 1983
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 princk
pies and applicable legal requirements.
A Certificate of Conformance is valid 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
ACKNOWLEDOMI NTS
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 the 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.
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Randolph B Rosencrantz
City Manager
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Carlos E. Garcia. C.P.A.
Director of Finance
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CITY COMMISSION
Maurice A. Ferre Mayor
Joe Carollo Vice -Mayor
Miller J. Dawkins Commissioner
Demetrio Perez, Jr. Commissioner
J. L. Plummer Commissioner
Randolph B. Rosencrantz City Manager
Lucia A. Dougherty City Attorney
Ralph G. Ongie City Clerk
CERTIFIED PUBLIC ACCOUNTANTS
COOPERS & LYBRAND
In Association With
SANSON, KLINE, JACOMINO & COMPANY
W. B. KOON & COMPANY
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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, 1983
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
Executive Director
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85-644
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11
City of Miami, Florida
Table of Organization
City Commission
City Attorney Cify Clerk Civil
- 'Service C
$oa rd
r Office of Office of
lhtergovt'1 Affairs Cable T.V.
Asst, City Manager Asst. City Manager
Planning & Economic
i
Development Public Safety
Community
Fire. Rescue and
Development
Inspection Services
Department
Department
International
Police
Trade
Promotion
Department
Planning
Solid Waste
i
Department
Department
Economic
Development
Public Works
r
Department
Department
}„
Planning and Zoning
Boards Administration
'Miami Downtown Off-Stteet
City Manager Sports & Exhib. Development Parkin
Authority Authority Authority
Office of Office of
Labor Relations Internal Audits
Asst City MAsst. City Manager Asst. City Mgr.
yana Manager Facilities S.E.Overtownl
Administration and Promotions Parkwest Redev.
Computers
Department
Finance
Department
Human
Resources
Department
Management
and Budget
Department
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Building and
Vehicle Maint.
Department
Conference
Center
Department
Marinas
Development
Stadiums
Management
Parks and
Recreation
Department
Convention
Bureau
Department
Auditoriums
Management
Office of
Public
Information
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PART 11
FINANCIAL SECTION
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PART 11
FINANCIAL SECTION
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The Honorable Mayor and City Commissioners
City of Miami, 'Florida
We have examined the general purpose financial state-
nlehts of the City of Miami, Florida as of and for the year
ended September 30, 1984, as listed in the foregoing Table
Of Contents. Out 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, Florida, which statements reflect total assets and
operating revenues constituting 17% and 46%. respec-
tively, of the related combined totals of the Enterprise Funds.
These 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, is based solely
upon those reports.
As more fully described in Note 16(a) to the general
purpose financial statements, the City is involved in certain
pension litigation and related matters. The ultimate out-
come of these lawsuits and related matters cannot pres-
ently be determined, and no provision for any liability that
may result has been made in the general purpose financial
statements.
In our opinion, based upon our examination and the
report of other auditors, subject to the effect of such adjust-
ments, if any, as might have been required had the out-
come of the pension litigation and related matters referred
to in the preceding paragraph been known, the general
purpose financial statements referred to above present fairly
the financial position of the City of Miami, Florida at Sep-
tember 30, 1984 and the results of its operations and the
changes in financial position of its proprietary fund types
for the year then ended, in conformity with generally accepted
accounting principles applied on a basis consistent with
15
C
oeftified public accountants
that of the preceding year after giving retroactive effect to
the change, with which we concur, in the method of account-
ing for compensated absences as described in Note 14 to
the general purpose financial statements.
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 has been subjected to the
auditing procedures applied in the examination of the gen-
eral purpose financial statements and, in our opinion, based
upon our examination and the report of other auditors,
subject to the effect of such adjustments, if any, as might
have been required had the ultimate outcome of the pen-
sion litigation and related matters referred to in the second
preceding paragraph above been known, is fairly stated in
all material respects in relation to the general purpose
financial statements taken as a whole.
Certain 1983 data included in the accompanying gen-
eral purpose financial statements and supplementary infor-
mation were contained in the City's certified annual finan-
cial report for the year ended September 30, 1983, and are
included for comparative purposes only.
Miami, Florida
January 18, 1985
�i r r � t c". ✓�i' �.; ac =g" .;.::�.}�rj -+'- - -. � 7�G-�wv -+F x `a �
I
11
The Honorable Mayor and City Commissioners
City of Miami, 'Florida
We have examined the general purpose financial state-
nlehts of the City of Miami, Florida as of and for the year
ended September 30, 1984, as listed in the foregoing Table
Of Contents. Out 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, Florida, which statements reflect total assets and
operating revenues constituting 17% and 46%. respec-
tively, of the related combined totals of the Enterprise Funds.
These 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, is based solely
upon those reports.
As more fully described in Note 16(a) to the general
purpose financial statements, the City is involved in certain
pension litigation and related matters. The ultimate out-
come of these lawsuits and related matters cannot pres-
ently be determined, and no provision for any liability that
may result has been made in the general purpose financial
statements.
In our opinion, based upon our examination and the
report of other auditors, subject to the effect of such adjust-
ments, if any, as might have been required had the out-
come of the pension litigation and related matters referred
to in the preceding paragraph been known, the general
purpose financial statements referred to above present fairly
the financial position of the City of Miami, Florida at Sep-
tember 30, 1984 and the results of its operations and the
changes in financial position of its proprietary fund types
for the year then ended, in conformity with generally accepted
accounting principles applied on a basis consistent with
15
C
oeftified public accountants
that of the preceding year after giving retroactive effect to
the change, with which we concur, in the method of account-
ing for compensated absences as described in Note 14 to
the general purpose financial statements.
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 has been subjected to the
auditing procedures applied in the examination of the gen-
eral purpose financial statements and, in our opinion, based
upon our examination and the report of other auditors,
subject to the effect of such adjustments, if any, as might
have been required had the ultimate outcome of the pen-
sion litigation and related matters referred to in the second
preceding paragraph above been known, is fairly stated in
all material respects in relation to the general purpose
financial statements taken as a whole.
Certain 1983 data included in the accompanying gen-
eral purpose financial statements and supplementary infor-
mation were contained in the City's certified annual finan-
cial report for the year ended September 30, 1983, and are
included for comparative purposes only.
Miami, Florida
January 18, 1985
�i r r � t c". ✓�i' �.; ac =g" .;.::�.}�rj -+'- - -. � 7�G-�wv -+F x `a �
0
THIS PACE INTENTIONALLY LEFT BLANK
16
E_
F
GENERAL PURPOSE
FINANCIAL STATEMENTS
I
K
17
r
85 44
A
THIS 'PAGE INTENTIONALLY LEFT BLANK
18
'AtX' 'is 5Vj
43
'A
J,
Ll
0
THIS PAGE INTENTIONALLY LEFT BLANK
19
85-644
^ 4Q' 'AX �� jNFirr
� E3fHIBM� S
lad . CITY OF MIAMI, FLORIDA
r COMBINED BALANCE SHEET —ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1984
' Fiduciary
Fund Account Groups
' Governmental Fund Types Proprietary Fund Types Types Genera' General' Th"Isk
Internal Trust and Fixed' tonWTerme fMutnorandtl 0nl(r►i
Special Debt Capital
General Revenue Service Projects Enterprise Service Agency Assets Debt 19941 f91#3f
,:4 ASSETS
Pooled cash and investments
(Note 2(E)) ............. $13.434,t72 $ 2.679.536 $7.886.900 $49.952.362 $ — $ 8.633.4t7 $t5.236_44t $ _ $ $ 97.822.828 $ 87.463.938
# — — — 3.536.146 — 3.571'.t15 2.279.417
Cash and cash equivalents .......... 34,969
Receivables. net of allowance for doubtful
accounts of $11.272.000: — — — — — —
1.092.787 880
. 680.000 290.287 t 22.500 —
Taxes .. ..... _ — 3.2t2,113 4,784,557
s z 1.633.860 100.671 — 451.226 920.05t 106.305
Accounts ..... ........ .. —
302,760 _ 302.760 303.469
Assessment liens. net (Note 2(c)) . .. — — — — — — 554.367 3.607.064
d * Due rom other funds (Note 5) .. ... .. 375.500 6.267 — 172.600
fth— — — —
— — t.158,546 t4,3ta,628 11.128.614
n 3t 042 1',766.073
v r Due from other governments (Note 4) ... 116.713 7.742.254 3.5
r1a,89a 7 — — 384. 53 126.810
Inventories (Note 2(Fp . — — — — —
832 504 7
Other.... ....
95.265 29,866 563 35.000 163.590 40:169' 4
^Rc
Restricted Assets (Note 7):
Cash and investments with fiscal agent — —
4 including accrued interest ...... — — 272.322 — 15.636.259 — — 15.908.58i t 8.376.587
F, sa
Property, plant and equipment, net —
4t8,932.987 398.456.433
— — — 126.219.338 t4,825,724 277,887.925
}w II (Note 2(J) and 6) ......... —
I y Bond issuance costs, net — 2.469.125 2 488.441
Il I, IBC L — — — —
(Note 2(I)) ....... . 2,469,. f 25
1 a II u Deferred compensation plan assets _
4, t42.906 4,142.906 2 1n5,138
(Note11) —
Amount available in Debt Service Funds: — — — — — — 5,548:t0T 5.548.107 6 t164.556
General obligation bonds ..... —
7• � — — — — — — — — 272.322 272,322 ! 0!2.
Special obligation bonds .... ....... .
f . Amount available in Self Insurance Fund
4 for claims payable . — — — — — — — 4.253.844 4,253.844 5
fi.• C; r P y ...... ...... —
tak Amount to be provided for retirement of
rK general long-term debt: t46.tOt,893t46:101,893 124.955,444
€,x General obligation bonds ......... — — — — —
;r Special obligation bonds and — — — — 6.086.070' 6.086.070 811,761
a .r other payables .................. — — — — _ _ _
_ _ tt,391888 tt,393.88& —
Accrued compensated absences ....... — — — — — _ — t6,556,t56 t6.556.t86 12.623.131
Claims payable .................... — — — —
t� z Total Assets ................... $16,335,510 $10,883,850 $8,585.045 $54.142.230 $t50,845.476 $24°t76.75t $20.684.36T $277.88T.925 St90:2T2:280 $75a753:434t $683,828.71t
(Continued)
l I
J 3
i ( 9� 3 � �•(1 . � M1� Y
r.
5
NOR
=NMI
rig
ca am
I '
EXHIBIT
I:
s
1�
F
CITY OF MIAMI, FLORIDA
Continuedp
##+
"
COMBINED
BALANCE SHEET —ALL FUND TYPES AND ACCOUNT GROUPS
" raj = • fir
SEPTEMBER
30, 1984
Fiduciary
Fund AccountGroups
�<
Governmental Fund Types
Proprietary Fund Types
-
Types GeneraP
Trust Fixed
Generale
tong=Terma
fi°taf
f iftmorandUmy
DnepY
Special
Debt Capital
Internal
and
19831
-
_., „
General
Revenue
Service Projects
Enterprise Service
Agency Assets
Debt!
1984
LIABILITIES
#
' •`
Deficit in pooled cash and investments
$ —
$ — $ — S
1.879.848 S —
$ — S —
5, — $
1.879;848 $
1.642.062
(Note 2(E)) ........... ..
Vouchers and accounts payable .. . .....
$ —
2.823.275
1.688.049
2.181.767
1.479.592 850.105
1.770.1177 =
—
10.792,965
7,93t .150
Accrued expenses (Note 14)........ .. .
1.917,983
35.603
_
469
207.927 391.946
1t.393.889
13.947:816
5,05i.133
,F..
Due to other funds (Note 5) . ...
—
548.100
— —
6.267 —
— —
—
554.367
3.607.064
Due to other governments .
—
95.396
— 2.720
— —
— —
—
W.116
681 14b
# 3
;
*
Deferred revenue.
1.653.547
391.856
—
244,645
— —
— —
833.848 —
102.969 —
— —
2.00t.875
—
2 487,395
2.74f.345
2.187
3.609.657
it
i
Deposits (Note 8) ...
Claims payable (Notes 7 and 12)
—
—
— —
— —
t.832.705
20.810.0W
22.642.705
20.324.292
Matured bonds and interest payable (Note 7)
—
—
2.671.687 —
— —
— —
—
2.671.687
2.802.720
Payable from restricted m r n fed assets:
33,888 —
—
—
33,888
2 415•t22
{ f
1x
� �
Construction contracts .
—
—
—
— —
— —
2.190.891 —
— —
—
2:t90;891,
2.160.318
ty
Accrued interest
—
220.000 —
— —
—
220.000
170.000
s.
Current portion of revenue bonds payable
Revenue bonds payable —net of current
(Note 7)
—
—
—
81.932.028
_
8fi.932:028
82.523.671
$* -
portion
General obligation bonds payable (Note 7) ..
—
—
_
—
_
— —
151'.650;000
151.650.000
13t .020.000
,x
N
Special obligation bonds payable (Note 7) . ..
Deterred compensation plan liabilities (Note 11) .
—
—
—
—
— —
—
— —
—
— —
4. t42_906 _
600.000
—
600.000
4.142.906
750 000
2 285 138
_
92.929
_
10.127
5.758;392
5,867, t48
1 154 190
r
Other payables (Note 7) ... ..
—
5.700
t,242.051
—
t90.212.280
304,453;105
270 3 5 040
:F
1
Total liabilities
2,617.493
2.764.616 2.184.956
88,897.385
a�
—9.747.663'
m
r
a
FUND EQUITY
Contributed capital
—
—
— —
56.015.845 8.800.795
— —
—
64,816.640
61.9 r) 941
Investment in general fixed assets .... ..
—
—
— —
— —
— 277,887.925
—
277.887,925
258.4',0 763
g.
Retained earnings (Note 9) ...
—
—
— —
5,932.246 14.133.905
— —
—
20.066.151
18,537 0
Fund balances:
Reserved for:
Encumbrances .. .... . . .....
2.170.170
—
— 4.099.236
— —
— —
—
6.269:406
7.931.769
"P
Debt service _
—
—
272.322 —
— —
— —
—
272.322
172.725
.......
Unreserved:
—
500.000` —
—
500.000
500.000
Designated for hurricane loss
t ,
Designated for pension related
—
6,182,860' —
—
6.182.860
6,t73.2D8
expenditures (Note 16A) ....
—
— —
4,253.844 —
—
4.253.844'
5.406.869
Designated for claims payment ......
—
—
—
'
Designated for subsequent year's
45.689,167
— —
— —
—
50.489;167
41,116.062
s.
expenditures and approved projects ..
4.800.000
—
—
— —
— —
—
t8t562.014
t3.274.244
r
Undesignated .... -
2,578.679
8.266.357
5.548.107 2,168.87t
10.936.704 —
—
t06,595.764
93.1 t 1,967
Total retained earnings/fund balances
9.548,649
8.266.357
5.820.429 51.957.274
5,932.246 14.133.905
h
€F
Total fund equity
9.548.849
8.266.357
5.820.429 51,957.274
61.948.091 22.934.700
10.936.704 277.887.925
—
449.300.329'
413.5t3.671
Commitments and contingent liabilities
M,(Notes
III
11, 12, 14, 15 & 16)
Total liabilities and fund equity ....
$16.335.510
$10.883.850
$8.585.045 554.142.230
$150.845.476 $24 176 751
$20,684 367 S277 887 925
S190.212.280
5753.7�3.434 $683.828.711
ti', .. F u �
.... a'•...,.�,... :.•
See accompanying notes to financial statements
01tY OF MIAMI, P'LORI .
ICI WID NtO STOWEW�' at 1�EiI�ENUES, EXPENDITURES AND CHANGES IN AND RA -ANis S
A 1: GOVItAHMENtAL FUND TY15iEI; AND EXPtNDACht TRW E'UND§
YEAR Wtb WTEMbtft 36, 094
Pevehues.
Taxes (Note 3'
Licenses and permits
Intergovernrnenia!
Iritragovernmenial
Charges tot 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 11)
Insurance
Economic development
Claim payments
Other
Debt service:
Principal retirement (Note 7)
Interest and fiscal charges
Capital outlay
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources
(uses):
Operating transfers in
Operating transfers out
General obligation bond proceeds
Total other financing
sources (uses)
Excess (deficiency) of revenue and
other financing sources over
expenditures and other uses
Fund balance at beginning of year as
originally reported
Adjustment for compensated
absences (Note 14)
Fund balance at beginning
of year as restated
Equity transfers to other funds
Equity transfers from other funds
Fund balance at end of year
U 4161 ' II
pitlubifity
Gevetninental Pun8 types
hind type
50e001e
1ldiele
(Nie1118fen8ufn
6100
5peclel
Oebt
Cepitel
trust
198d 1983
I;eftefei
Revenue
Service
pr6jects
$ B3.853,240 $
5.234,610 $
35.522.196 $
4,509,656 $
_ $129.119.702
t116.117.383
5,852.557
25,527,385
1.275.000
24,272.693
--
—
3.535.211
3,549.599
56,884,8B8
25,265,38t
58,498,572
24,896,046
2.687,378
—
—
—
22,578.003
—
12,141,036
11.494,376
12.147,036
—
—
—
8,139.922
8.739,922
8.741.219
—
—
2,742.720
—
—
2,742,720
8,756,809
2,083.967
7.384,753
3.349.886
2.155.261
1.707,732
1,352,450
1.656
4,054,523
684,029
—
1,589.546
6,138.224
5,588,596
135,572,693
32.490,035
39,619.022
12,783.419
36 451,070
256,922.239
235.992,989
—
16,134,965
14.595.068
16.134,965
—
—
—
—
95,591,203
88,923,483
93.840.7f2
1,756,491
—
—
—
13,401,004
11,623,851
13,401,004
—
—
—
—
—
22,515.934
21,732,588
,5 7,934
22.575.934
34
—
—
—
—
8.377,973
7,691,248
—
—
—
16,316.935
13,973,876
—
16.376,935
—
—
22,282,635
22.282,635
18.456.305
790.045
790,045
580,558
—
900.580
—
—
—
12.915,328
900,580
12,915,328
812,540
11.727.754
_
9.849,293
932.121
70.891
—
1.612.435
12,464,740
8.714,986
—
9.720.000
—
—
9,720,000
10,140,000
—
—
7,947,041
—
—
7.947,041
6,597,501
—
773148
—
—
25,024,559
—
25.797,707
23.901,570
164,953.029
19.966.127
17,737.932
25.024,559
37,600,443
265,282.090
239.471,328
(29,380.336)
12.523,908
21,881,090
(12.241.140)
(1,143,373)
(8,359,851)
(3,478.339)
32,393.093
(1,926,656)
219,662
(10.079,503)
—
(22.300.752)
998,400
(6,547.395)
—
—
33.611.155
(40.854,306)
36,153,963
(41,213,628)
—
—
—
30.200,000
—
30.200,000
25,000,000
30,466,437
(9,859,841)
(22,300,752)
24.651,005
—
22,956,849
19,940.335
1.086,101
2,664.067
(419,662)
12,409,865
(1,143,373)
14,596,998
16.461,996
9,748,440
6,214,992
7,076,984
39,454,384
12.080,077
74.574,877
59.951,498
(1,052,272)
—
—
—
—
(1,052,272)
—
8,696.168
6.214,992
7,076,984
39.454,384
12.080,077
73.522,605
59.951,498
(233,420)
(931,704)
(836,893)
(15,214,056) —
(17,216,073)
15,626,083
(10,341,801)
8,503,184
—
319,002
—
15,307,081
—
$ 9.548.849
$ 8,266,357
$ 5,820,429
$ 51,957,274
$10,936,704
$ 86,529,613
$ 74,574,877
See accompanying notes
to financial statements
22
... ,:::^€�` Y.af�i'f5- iFn• .w-w.-w*!' di s 9a 7 nti 'Xxate' s f- s _ try- ,
i
1-0
City 6P MIAMI. PL010A
StAtt-MW OP AEANUt5, rX0€NDiTUW
AND CHANOtS 1N PUN6 BALANCES—BU OV
tNON.GA'AP bU -TAFIV P 6C SA
W) ND ACT
�, y9i NtRAt €UND
YtA
Revenues:
Taxes
Licenses and permits
Intergovernmental
IntragovethMerntal
Charges lot services
Interest
Other
Total revenue
Y°
�i
3
t
m K ti Y
kk J
4
k-
}f
{ +
Expenditures
Current
General government
Public safety
Public improvements
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 balances at beginning of year, as originally reported
Adjustment for compensated absences
Fund balance at beginning of year, as restated
Equity transfers to other funds
Fund balances at end of year
tX14181t III
benetal fauna
-- 1lari�nEe
�avGtable
(3uo"et Aetuat (ttftiavetable►
$ 83,2W063
5.922.842
25,507,422
3,041.873
13.113,476
1.944.000
1,154.950
133,978,626
17,191.433
95.794,786
13.632,226
23.123.125
8,600.079
11,139.127
169,480.776
(35.502,150)
32.625,306
(1.923.156)
30.702,150
$ (4,800,000)
See accompanying notes to financial statements
23
$ 83,853,240
5,852,557
25,527.385
2,687.318
12.147.036
3,349.836
2.155.261
135.572.693
16,029.614
94 ,105.234
13,392,505
22.592,355
8,408,933
11,100.753
165.629.394
(30,056.701)
32,393.093
(1,926,656)
30,466,437
409.736
8,254,635
(1,052,272)
7,202,363
(233.420)
$ 7,378,679
565.177
(70,285)
19.963
(360.495)
(966,440)
1,405.836
1,000,311
1.594.067
1.161.819
1.689,552
239.721
530,770
191.146
38,374
3,851,382
5,445,449
(232,213)
(3,500)
(235,713)
$5.209,736
S5--S44
m '�`"3G'm'$A' to
—' e
0
�35
tXWIRIt III
CITY of MIAMI, FLORIDA
VATtUtNt OF AWNUP-9, tXPtN01TUfltt
AND C14ANOt§ IN FUND 8ALANCtS—§UDQF-t
(NON 10AAP BIB €i4 t FI61: RAW)
AND
ACtU0 1�8 tN€AAL 'FUND
Revenues:
taxes
Licenses and permits
Intergovernmental
Inttagovernmehtal
Charges lot services
Interest
Other
`total revenue
Expenditures
Current
General government
Public safety
Public improvements
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 balances at beginning of year, as originally reported
Adjustment for compensated absences
Fund balance at beginning of year, as restated
Equity transfers to other funds
Fund balances at end of year
krh F
geyY i1
,
yy.
Wetil fund
I:aVbtetile
budget
Attuil
(06fayetetlle)
$ 83.288.063
$ 83.853.240
$ 565.177
5.922,842
5,852.557
(70,285)
25,507.422
25,527.385
19,963
3.047.873
2,687.378
(360.4951
18.113.476
12.147,036
(966.440)
1,944.000
3.349,836
1,405.836
1154,950
2,155.261
1.000,311
133.9 7 8, 626
135,512.693
1,594.067
17,191,433
95,794,786
13.632,226
23,123,125
8,600.079
11.139,127
169,480,776
(35,502.150)
32.625.306
(1,923,156)
30,702,150
$ (4,800,000)
See accompanying notes to financial statements
23
16,029,614
94.105,234
13.392,505
22.592,355
8,408,933
11.100,753
165.629.394
(30,056,701)
32,393,093
(1.926.656)
30,466,437
409.736
8,254.635
(1,052,272)
7.202,363
(233.420)
$ 7,378,679
1,161,819
1.689.552
239.721
530.770
191.146
38,374
3,851,382
5,445,449
(232,213)
(3,500)
(235,713)
$5.209,736
S5-S44
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+ R - t✓A .� t,•�4 .h Gi Y.Y? �.
y
11
I
€X"1111t W
tItY Of MIAMI, >1=LORIDA
'1iOU'€iNED SLAT€MINT OP AtVtNUBS€XP€NDItUf%t9 AND CHANCts 1N
SIN I ALAN�€ �-RUDW (6AAP CAMS AND A+�fiUAt
btat € I 4 UN1 I;
Y€Ah €NO 6 Wt€MatA 0, '119
Special Revenue (1)
i)eb1eFViB
Valifitt
Variance
tavotable
budget Actual (Unfavorable) t3uActual
Actual
1=1Vbi'ilfld
(UfifAv�iilil6j
Revenues:
Propefty taxes
$ 901,815 $ 874.147 $ (27.668) $35.226,750
$35.522,196
—
$ 295,446
I3Usihess and excise taxes
1,730,987 1.366,120 (364,867) —
Ihtetgoverhrnehtal
10,060,262 9.729,663 (330,599) 2,000,000
2,742,720
742,720
Assessment lien collections
— — 800,000
1,352,450
552,450
Interest
Other
—
11.800 70,986 59.186 -=
1;656
1,656
1,592,272
.ep
Total revenues
12,104,864 12,040,916 (663,948) 38,026.750
39,619,022
,y
Expenditures
Public safety
1,730,987 1,756,491 (25,504) —
—
d-
Economic development
954,036 900,580 53,456 9,715.000
9,720,000
(5;000)
Principal retirement
— 8,178,685
1,947,041
231.644
Interest and fiscal charges
— —
197.200 189,460 7,740 85,100
70,891
14,209
Other
Total expenditures
2,882,223 2,846,531 35,692 17.978,185
17,737,932
240,853
Excess (deficiency)
of revenues over
$` expenditures 9.822,641 9,194.385 (628,256) 20,047,965 21,881,090 1,833,125
Other financing sources (uses):
— (22,547,965) (22,300,752) (247,213)
Operating transfers (9,987,341) (9,987,341)
Total other financing
sources (uses) (9,987.341) (9,987,341) — (22,547,965) (22,300,752) (247,213)
,p. Excess (deficiency) of
revenues and other
financing sources
over expenditures
and other uses (164,700) (792,956) (628,256) (2,500,000) (419,662) 2,080,338
Fund balance 6,240,091 6,240,091 —
at beginning of year 907,362 9 (7,6087,—) (7,608) — — —
Equity transfers in (out) — 08
Fund balance at end of year .. $ 742,662 $ 106,798 $(635,864) $ 3.740.091 $ 5,820,429 $2,080,338
See accompanying notes to financial statements.
(1) Does not include funds for which budgets have not been adopted, See Notes 2(D) (5)
lz
k:
�o!
Ix
Til
a
51
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3� to
F �
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24
z
I
ra
I',
e
f�
D
a
r],
H.,
G1tY OP MIAMI, A'LOAIDA
COMBINED STAttMItNt Of AW—NU€S, tXP1_W9
A140 CHANOtS IN AUNb r:I3'U1ty
At,t pROPSIP_tAAV PUN6 TYPtS
YP_AA t0tD SWEIVI A 30, 1084 told:
lntereel (N emlitif1Aum b91y)
enterprise 5ombe 1994 1953
Operating revenues,
Charges for services
Operating expenses:
Personal services
Contractual services
Materials and supplies
Utilities
►ntragovernmental charges
Other
Total
Operating income before
depreciation expense
Depreciation expense
Operating income (loss)
Nonoperating revenues (expenses):
Interest
Interest and fiscal charges
Other
$14.893,830 $11,145,809 132,039.639 $20,325.588
5.916,977
6,731,258
2,593.615
1,288,112
849,216
3,411.124
1,803.923
1.633.738
873.826
—
2,019,795
232,899
14 ,117.352 134297,131
12,108.235
10,684,348
3,881.127
3,261,559
4,260.340
4,862,602
3,431'661
2.888.216
873,826
857.113
2,252.694
1,050.445
27.414,483 24504,283
776,478
943
3,848,678
4,625.156
4,821.305
3.355.358
2,658.000
6,013,358
5,017,607
(2.578,880)
1.190.678
(1,388,202)
(196,302)
2,148,514
717.420
2,865,934
2,494,677
(8,176,703)
—
(8,176,703)
(7,318.305)
181,643
225.970
407,613
589.520
_
390
149031561
(4,234,108)
Net nonoperating revenues (expenses)
(5,846,546)
Income (loss) before operating transfers
(8,425.426)
2,134,068
(6,291,358)
(4,430,410)
7,379,451
461.995
7,841,446
5,341,506
Operating transfers in
(136.300)
(461,995)
(598,295)
(281,838)
Operating transfers out
7,243.151
—
7.243,151
5,059,668
Net operating transfers
(1,182,275)
2,134,068
951,793
629,2258
Income (loss) before extraordinary item
799,966
Extraordinary item —gain on debt refinancing (Note 7)
799,966
—
2,134,068
1,751.759
629,258
Net income (loss)
(382,309)
6,379,752
12,157,338
18,537,090
17,907�832
Retained earnings at beginning of year
(65,197)
(157,501)
(222,698)
Equity transfers to other funds
5,932,246
14,133,905
20,066,151
18,537.090
Retained earnings at end of year
54,085,638
7,865,303
61,950.941
51,906,233
Contributed capital at beginning of year
1,243,113
935,492
2,178,605
1,756,118
Contributions from other funds
240,000
240.000
7,319,555
Contributions from tenants
447.094
—
447,094
969,035
Contributions from other governments
56,015.845
8,800,795
64,816,640
61,950,941
Contributed capital at end of year
$61,948,091
$22,934,700
$84,882,791
$80,488,031
Total fund equity
See accompanying notes to financial statements
25
A
85-644
a
CITY OV MIAMI, ILORIDA
COM111140 STAMM Of CNANOtt IN PINANOIAI_ 'Pt6SMON
— -
Att PR PAI€TRAY PUNO TV'M
y
YE;AP MED SM MMA 30, 1004
'
IfRettiet
(�Ir6lffUf899Uffi'8iifji) ..
�nterpris�
SilrVi��
1984
1965 -
.
Working capital provided by (applied to):
Operations:
InCorne{loss)betoreextraordinaryitem
$(1,182,275)
$2,134,068
$ 951,198
$ 629,258
items hot requiring current outlays of working capital:
Depreciation and amortization
3,677,254
2.658,000
6,335,254
5,177,657
Loss on dispositions of
property, plant and equipment
42,203
285.059
328,162
468,691
Total provided by (applied to) operations
2,537.182
5,078.027
1,615,209
6,975,606
Other
8xtraordinary item —gain on debt refinancing
799,966
—
799,966
92,546
6,730.443
Decrease in restricted accounts
Contributions and equity transfers, net
92.546
1,865,010
—
777,991
2,643,001
10,044,711
Proceeds from long-term debt
13.105,000
—
13,705,000
2,303
—
49,454
Increase in other liabilities
2,303
—
Total
19,002.007
5,856,018
24,858.025
23,100,214
Working capital applied:
Additions of property,
plant and equipment, net
3,560,571
3,820,344
7.380,915
15,331,276
Reduction of revenue bonds payable, net
14,305,613
—
14,305,613
237,164
-
A
Increase (decrease) in due from
—
—
(4,094,000)
'F
other governments, long-term
Increase (decrease) in other assets, net
—
68,873
—
68,873
(116.602)
Total
17,935,057
3,820,344
21,755,401
11,357,838
Increase in working capital
$ 1,066,950
$2,035,674
$ 3,102,624
$11,742,376
K`
Summary of increases (decreases) in working capital:
?`>
Cash and investments
$ 2.324,063
$2,141,786
$ 4,465,849
$10.655,804
Accounts receivable, net
(309,038)
13,686
(295,352)
923,929
e.
~`
Due from other governments
(2,694,394)
—
(2,694,394)
4,094,000
Inventories
32,100
8,767
40,867
(38,162)
h"
Prepaid expenses
Accounts payable and accrued expenses .
124,138
(584,581)
—
(128,565)
124,138
(713,146)
(8,653)
(194,908)
Due tolfrom other funds
2.407,946
—
2,407,946
(3,764,242)
`:.
�, •-
Deposits refundable
28,328
—
28,328
(7,595) ,
Deferred revenue .
(261,612)
—
(261,612)
82,203
'
Increase in working capital . .
$ 1,066,950
$2,035,674
$ 3,102,624
$11,742,376
See accompanying notes to financial statements.
r « 441 26
,y� t ��s u i tip r�kk ffi1 a 3ti44 5ar $ate a� r x4 v ` Tv4{ a� Y
i'
,di`ndY?� ;'$I Ip S i Fb� t 9 'y:, r S phiY.• $Y, y_ ..k3 ", #
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n... #�' �F �;, �.. ��i n. ^a-r. *. • g `�i r' •'�fty '�'� ". i' 6 � "•'+�„atcr �.t' + -" y 4 `° �;��Y rah '.s; t
.:'K'•+''•its3"ia
ITT OF MIAM1, FLORIDA
NOTES TO
FINANCIAL STATEMENTS
September 30, 1984
ij CENEi AL MCAIPTION
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 ate 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 bade.
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) it
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
funds are grouped by type in the financial statements
27
into seven generic fund types and three broad fund
categories. The following fund types and account groups
are used by the City.
GOWEANMENTAL FUNN
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).
The Capital Projects Funds include the Capital
Improvements Fund which was originally established
by ordinance in connection with special obligation bond
issues which established a lien on certain franchise
taxes. Although the lien on the franchise taxes is no
longer applicable, the City continues to record such
revenues in the Capital Improvements Fund or in the
General Fund based on budgetary considerations.
Separate Capital Projects Funds are maintained to
account for project expenditures funded by general
obligation bond proceeds. Expenditures for projects
with multiple funding sources are accounted for in
the Capital Improvements Fund.
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
85 -644
5
0
net income and capital maintenance are measured —
Ste ascbuhted for through proprietary funds. The
rfeasurer'rterit focus is upon determination of net income,
fihahclal position, and changes in financial position.
1t1116tpir'11§e FUlfi t —Enterprise Funds are used to
account for operations:
(i) that are financed and operated in a manner similar
to private business enterprises —where the intent
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
F
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
A`
General Fund. If future operations are not sufficient
to offset these deficits, the City will continue to support
these activities from the General Fund or other
discretionary funds (see Note 15).
Internal Service Funds —Internal Service Funds are
{
used to account for the financing of goods or services
provided by one department or agency to other
'
departments or agencies of the City, or to other
governments, on a cost -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
F
Trust and Agency Funds —Expendable Trust Funds
are used to account for assets held by the City in a
trustee capacity for individuals and/or other funds.
The City's Expendable Trust Funds are accounted for
in essentially the same manner as Governmental Funds.
The City's Agency fund is 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
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, lease purchase and mortgage obligations,
accumulated unpaid compensated absences accruals,
i¢
and outstanding principal balances of long-term debt,
other than revenue bonds payable recorded in the
enterprise funds
(�) f°tftitUtciaf Aapbrtifig 1Sfytity
Pot financial reporting purposes, in conformance with
NCGA Statement No 3. Definih_q the Goverhmehtal
Reporting Entity. 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 deterthihed
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)
The financial statements of the City do not include its
two retirement plans: the Miami City Employees' Retirement
System and the Miami City General Employees' Retirement
Plan. Both plans are governed by Boards which exercise
a significant degree of autonomy and are involved in
significant litigation with the City as described in Note
16. Due primarily to the special circumstances involving
the litigation, information relating to the retirement
plans is more appropriately disclosed in the notes to the
financial statements (Notes 11 and 16), rather than by
their inclusion as part of the reporting entity of the City.
(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 recorded as
revenue when received. Investment earnings are
recorded as revenue when earned since they are
measurable and available. Where grants revenue is
dependent upon expenditures by the City, revenue is
accrued as obligations are incurred.
Special assessments are considered susceptible to
accrual when collected in the current year or within 60
28
�ti r'�. } ' � � f '�. •�4 l� Bar � �' �'� �
Wt
t { •� ' t �4 x f =,X!"G'*as +-+"��
.r5..{''`^b4� �
} .. �s�x.. "' x� � 4 t Fps h y�'�.,�i��'. . .a;:.x^ 'Y +::t �y"'Y`� �.. � 4e,•�.
i
��`& r..e=,`i�4,-� ..;a-'::- ���''Y"?�.t.,.:.. ... �, ?'�rrts ,4� ,., ., ,.._ tf ..:k_:t,S`'.� ;: ..._.: •>�nsxs.;�:.,: ��t..Nef'�� _7�S.�+x. .: .,E>�
1 0 0
days subsequent to September 30th. provided that
amounts received pertain to liens assessed prior to the
end of the current 'fiscal year. The special assessment
receivables at yearetld of $8.256.132. of which $619,000
are delinquent, are shown net of deferred revenues of
$7.953,372. Special assessments are recorded in the
general obligation bonds debt service fund since they
represent only a partial reimbursement of costs incurred
e
in certain capital projects financed with general obligation
bonds and are pledged to service this debt the City
does not issue special assessment bonds.
Expenditures under the modified accrual basis of
accounting are generally recognized when the related
fund liability is incurred and expected to be liquidated
with available resources. Exceptions to this general
rule include principal and interest on general long-
term debt which are recognized when due
All Proprietary 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.
The Agency Fund is custodial in nature and does not
involve measurement of results of operations. It is
I
I.
�
1
{f
I..
accounted for under the modified accrual basis of
accounting. Assets and liabilities are recognized when
they occur regardless of the timing of related cash
flows.
(0) 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, including
capital outlay and operating transfers, 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
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
29
encumbrances as expenditures. For purposes of
budgetary comparisons, departmental 'expenditures
as shown on a Non-GAAP budgetary basis include
expenditures for capital outlay -
Adjustments necessary to compare the results of
operations in the General Fund on a GAAP basis to
that on a 'Non-GAAP budgetaty basis for the year
ended September 30, 1984 are as follows
Excess of revenues and
other financing sources
over expenditures and
other uses (GAAP basis) $1.086,101
Less encumbrances at
September 30. 1984 (2.170.170)
Plus encumbrances at
September 30, 1983 1,493.805
Excess of revenues and other
financing sources over
expenditures and other uses
(Non-GAAP budgetary basis) $ 409.736
For 1984, annual operating budgets were not adopted
for the following Special Revenue Funds. Community
Development. Cable T.V.. Local Option Gas Tax.
and other miscellaneous special revenue funds. In
addition, budgets were not adopted for the inactive
Debt Service Funds for the Orange Bowl and the
Incinerator Bonds, whose outstanding fund balances
as of September 30, 1983 totalling $836.893 were
appropriated into the Capital improvements Fund
during 1984.
Budgeted amounts are as originally adopted, or as
amended by the City Commission through the year
(6) Upon request of the City Manager, the Commis-
sion 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.
(E) Pooled Cash and Investments
The City maintains an accounting system in which
substantially all cash, investments and accrued inter-
est 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. 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.
Investments are stated at cost or amortized cost, which
approximates market. All investments consist of U.S.
government obligations, U.S. government guaranteed
investments, and time deposits with approved financial
institutions. At September 30, 1984, accrued interest
on investments amounted to approximately $1,950,000.
85-644
�Er7G+`L12
11
•
A summary of equity and deficit 'balances of pooled
cash and investments as of September 30, 1984 is as
follows -
Equity in pooled cash and
investments per Exhibit f
Assets $97,822.828
Deficit in pooled cash and
investments. per Exhibit I
Liabilities (1,879,848)
Total pooled cash and
investments $95.942.980
At September 30. 1984. the net deficit in pooled cash
and investments of the enterprise funds results prima-
rily 'from the Convention Center due to operating defi-
cits the deficit in pooled cash and any future Conven-
tion Center operating deficits are expected to be covered
by transfers from certain reserve funds or by transfers
of future utility service tax revenues.
(F) 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
(G) 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. Accumulated
unpaid compensated absences are accrued when earned
in the Governmental and Proprietary Funds (see Note
14)
(H) 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
$1,735.000 for fiscal 1984.
• 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 $609,000 for fiscal 1984.
(1) Bond Discount and Issuance Costs
Discounts on revenue bonds payable are amortized
using the interest method over the life of the bonds.
Bond issuance costs are capitalized and amortized on
a straight-line basis over the life of the bonds.
Y �
yyt
30
kbPbtly, Plant and Equiptherit
Property plant and equipment used in Governmental
Fund type operations )general fixed assets) are accounted
for in the General Fixed Assets Account 'Gtoup. Public
domain ("infrastructure'') general fixed assets consis'tiht§
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.
Ail 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 reported
on 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 oS the
assets, net of related interest earned on unexpended
portions of such borrowings. As no revenue bond con-
struction projects were ongoing in 1984, no interest
costs were capitalized.
(K) 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.
(L) Reclassifications
Certain reclassifications of the 1983 balances were
made to conform with the 1984 presentation.
3) PROPERTY TAX
Property taxes are levied on January 1 st and are pay-
able on November 1st, with discounts allowed of one to
four percent it 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, 1983,
upon which the 1983-84 levy was based, was approximately
$8,391,054,000. The City is permitted by Article 7, Section 8
of the Florida Constitution to levy taxes up to $10 per
a
$1,000 of assessed valuation for general governmental t) DUE tO AND FROM
OTHER FUNDS
funds loans from
one fund
services other than the payment of principal and interest on Due to and from other
are
general obligation long-term debt. In addition. unlimited to another for specific purposes At September 30, 1984.
balance in due from/to other funds consisted of the
amounts may be levied for the payment of principal and the
interest on general obligation long-term debt, subject to a following.
bit jtim
bue to
limitation on the amount of debt outstanding. The tax rate fund
Wh6t Pufift
Other Full
'to finance general governmental services (other than the General
$375.500
payment of 'principal and interest on general obligation Special Revenue:
longterm debt) for the year ended September 30. 1984,
was $9.55 per $1,000, The debt service tax rate for the Downtown Development
Authority
—
5.046
same period was $1 57per $1.000.
Miami Sports and 'Exhibition
Authority
—
197.000
Other Funds
6,261
346.054
4) DUE FROM OTHER C OVEPNMENtS Capital Projects:
Capital Improvements
172.600
—
Amounts due from other governments primarily rep
Enterprise
resents amounts relating to grants awarded by other gov-
Off -Street Parking
—
6.267
ernmental agencies, Federal Revenue Sharing monies and
Total
$554,367
$554.367
other receivables from state and local governments.
6) PROPEATY, PLANT AND EQUIPMENT
A summary of changes in general fixed assets are as follows.
Balance Additions
baletiohs
Balance
October 1, and
and
September 30,
1983 Transfers
Transfers
1984
Land $ 20.736.050 $ 122.684
$ —
$ 20.858.734
Building and Improvements 24.071.349 —
—
24,071,349
Machinery and Equipment 17,163,464 8.171,652
2,240,506
23,094,610
improvements Other
Than Buildings 124.324,909 12,515.608
—
136,840.517
Construction in Progress 72,154,991 13,688,700
12.820,976
73,022,715
Total $258.450.763 $34,498.644
$15.061,482
$277.887.925
p!
General fixed assets as of September 30. 1984 summarized by funding source are as follows (unaudited):
Capital Projects Funds
General and Special Obligation Bonds
$206.091,602
Federal Grants
20,916.551
General Fund Revenues
45,967,721
Special Revenue Fund Revenues
4,789,789
Gifts
122,262
Total
$277,887.925
A summary of proprietary fund type property, plant and equipment at September 30, 1984, is as follows:
Internal
Enterprise
Service
Land
$ 10,961,386
$ 401
Buildings and
Improvements
128,317,921
4,399,945
Machinery and Equipment
5,191,073
20,808.022
Construction in Progress
3,388,460
—
Total
$147,858,840
$25,208,368
Less Accumulated
Depreciation
21,639,502
10,382,644
Net
$126,219,338
$14,825,724
31
55-644
LON101-ftA I atat
the following is a summary of changes in
long-term
debt of the City for the year ended September 30, 1084 (in
thousands of dollars):
Onetel Long -temp, bebt
At flf:f}
Geneta1
�etitel
�r ti!! ie1 t
OU11091116n
Dande
Obligh'tlbn
Dondto
Malthg Othet bi5 houll§816d
Payable Pityab n Abbahboe
to1e1
gbtibtlue
Does
Balance at October 1, 1083
$131.020
$ 750
$18.030 $ 1,074 $ —
$150.874
$ 84,811
New bonds issued:
General obligation bonds
Revenue Bonds
30,200
—
— — —
30.200
Increase in lease payables
—
—
—
—
— — —
— 6.700 =
—
6,700
13,860
Increase in claim liabilities
—
—
2,780 — —
2.780
-
Accumulated unpaid
compensated absences
(Note 14) — —
Debt retired (9,570) (150)
Balance at September 30. 1984 $151.650 $ 600
Bonds payable at September 30. 1984, are comprised
of the following issues. -
General and Special Obligation Bonds:
$20,000,000 Police Headquarters
Improvement Bonds; six issues,
maturing through 1997: interest at
rates ranging from 3% to 7.5%
$ 10.815,000
$29,000,000 Storm Sewer
Improvement Bonds; eleven issues,
maturing through 2014: interest at
rates principally ranging from
2.5% to 11.5%
20,505,000
$44,640,000 Public Parks and
Recreation Facilities Bonds; five
issues, maturing through 2003:
interest at rates ranging from
3.5% to 7.5%
25,270,000
$57,000,000 Sanitary Sewer
Improvement Bonds; nine issues,
maturing through 2013; interest
at rates ranging from
1/10% to 9.25%
25,210,000
$30,100,000 Street and Highway
Improvement Bonds; seven issues,
maturing through 2014; interest at
rates ranging from 3% to 11.5%
20,615,000
$77,310,000 Other Issues,
maturing through 2014: interest at
rates principally ranging from
1 % to 11.5%
49,835,000
$152,250,000
32
11,394 11,394 -
- (2;016) 01,736) (14.391)
$20,810 $ 5,758 $11,394 $190.212 $ 84,320
Revenue Bonds:
$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 %
$10,400.000 Parking Revenue
Bonds, due in installments of
$55,000 to $1,330,000 through
2008: interest at rates ranging from
8.5% to 13.25%
$13,860,000 Off -Street Parking
Revenue Bonds, maturing through
2009 at varying rates of interest
ranging from 6% to 10.375%
$225,000 Orange Bowl Warehouse
Revenue Bonds, maturing through
$ 60,000.000
10.345.000
13,860,000
1969; interest at 6.5%. 115,000
84,320,000
Less unamortized bond discount (2,167,972)
$ 82,152,028
The other payables in the general long-term debt group
of accounts consists primarily of lease payables and vari-
ous mortgage agreements.
A
r
)r
of
IV
3t-
tn.
0
the annual requirements to amortize all bonds and
Construction Fund. the Supplemental Reserve Fund.
other .payables outstanding as of September 30. 1984, includ-
the Renewal and Replacement Fund and the Surplus
ing ihierest payments of $281,031.000 are as follows (in
Fund. These funds and accounts are described below
thousands of dollars):
0 Revenue Fuhd—Pursuaht to the trust Indenture,
y6af`t€eding boneral 9peclat Who
all gross revenues from the Convention Center are
960I ftfbet36 Obllgatlbn Oblightl6n Revenue PaymbleS
deposited into the Revenue Fund. Amounts in the
1985 $ 18,187 $168 $ 8.070 $1,162
Revenue 'Fund are then used to pay the current
1986 21,025 163 8,069 1,087
operating expenses of the Convention Center
1987 20,051 157 8.075 1.100
0 Bond Service Account (Interest Account and Pnn-
1986 19.013 153 8,075 1,192
Opal Account) —these accounts were established
1989 17,426 — 8.080 1,292
for the purpose of accumulating the monthly depos-
1990.1994 72.380 — 48,359 —
its tot interest on the bonds and to accumulate the
i
1995.1099 51.303 — 45,338 —
monthly deposits for the annual principal payment
2000.2004 27,252 — 44,476 —
of the serial bonds.
'
Whereafter 18.694 — 78.012 —
i Redemption Account —This account was established
$265,331 $641 $251,554 $5,833
for the purpose of accumulating the monthly depos-
its for the annual principal payment of the term
bonds.
'the various bond indentures contain significant limi•
6 Reserve Account —'phis account is used to pav
tations and restrictions on annual debt service requirements,
interest on the bonds and maturing principal of the
maintenance of and flow of monies through various restricted
bonds, whenever and to the extent that the monev
accounts, minimum amounts to be maintained in various
held for the credit of the Bond Service Account or
sinking funds, and minimum revenue bond coverages.
the Redemption Account is insufficient for such
i
A summary of major provisions and significant debt
purpose: provided that money in, first, the Surplus
service requirements follows.
Fund, second, the Supplemental Reserve Fund and.
General Obligation Bonds —Debt service is provided
third, the Renewal and Replacement Fund is applied
for by a tax levy on nonexempt property value and
to make up any such deficiency in the Bond Serv-
i
collections on assessment liens from projects financed
ice Account or the Redemption Account before
i
by proceeds of such bonds. The total general obliga-
any money in the Reserve Account is disbursed for
tion debt outstanding is limited by the City charter to
such purpose.
I
fifteen percent of the assessed non-exempt property
a Construction Account —This account is comprised
value. At September 30, 1984. the statutory limitation
of the net proceeds of the Bond issue, to be used
for the City was approximately $1,258.658,000 provid-
for final construction costs.
ing a debt margin of approximately $1.112,556.000
• Supplemental Reserve Fund —This fund is to pro -
after consideration of the $151.650,000 of general obli-
vide for payment of current operating expenses
gation bonds outstanding at September 30, 1984, less
and/or principal and interest requirements of the
approximately $5,548,000 available in the Debt Service
Bonds and/or Renewal and Replacement Fund
Fund.
requirements in the event that gross revenues. as
General obligation bonds authorized but unissued at
defined in the Trust Indenture, are insufficient to
September 30, 1984, totaled approximately $132,275,000.
do so. The amount held in this fund must at least
$60,000,000 Convention Center and Parking Garage
be equal to 25 percent of the maximum principal
Revenue Bonds
and interest requirements on the then outstanding
Debt service is provided by a pledge of net reve-
Bonds in the current or any succeeding fiscal year
nues of the Convention Center -Garage, a pledge of
• Renewal and Replacement Fund —This fund pro -
certain telephone and telegraph excise tax revenues,
vides for the payment of the costs of unusual or
and by a covenant and agreement of the City to pro-
extraordinary maintenance or repairs, renewals,
vide, to the extent necessary, revenues of the City,
replacements, and engineering and architectural
other than ad valorem property tax revenues, suffi-
expenses incurred in the expenditure of renewal
cient to make up any deficiency in certain of the required
and replacement funds or for paying the cost of
restricted funds and accounts.
any capital improvement exceeding $25,000 in any
Various funds and accounts held by the Trustee
fiscal year,
have been established under the terms of the Trust
0 Surplus Fund —This fund is established to accu-
Indenture pursuant to which the bonds were issued.
mulate monies, if any, in excess of current operat-
Those funds or accounts pertaining to these provi-
ing expenses, debt service on the bonds, and mon-
sions include the Revenue Fund, Bond Service Account,
ies required in any and all funds and accounts
the Redemption Account, the Reserve Account, the
pursuant to the Trust Indenture securing the Bonds.
l
33
f
�.,v 4.x4a'.'AL•St4'ei�f "'�r.,s..�i .yt '?,.r rr.! L�..+-, ... .. a.'.w t .: ... .. .,
85-644
a
11
11
The Trust indenture provides that the gross rev-
enues of the Convention Center -Garage are to be
deposited, as received. with the trustee to the credit of
the Revenue Fund. The trustee transfers from the
Revenue Vuhd, on a monthly basis, all money remaining
in the fund is excess of current expenses to the folfow-
Ing accounts or funds in the following order:
a) to the Bond Service Account, an amount equal to
the sum of (i) an amount equal to one -Sixth (116) of
the interest payable on all the outstanding bonds
on the next ensuing interest payment date: and (III
commencing in January 1989, an amount equal to
one -twelfth 0/12) of the next maturing installment
of principal of all serial bonds,
b) to the Redemption 'Account, commencing in Janu-
ary 2001, an amount equal to one -twelfth (1/12) of
the principal amount of the term bonds required to
be retired on the next succeeding January 1 st.
c) to the Reserve Account, such amount, if any, of
any balance remaining after making the deposits
under the two preceeding provisions, as may be
required to make the amount then held for the
credit of the Reserve Account equal to the maxi-
mum annual principal and interest requirements
tot the current or any succeeding fiscal year:
d) to the Renewal and Replacement Fund, commenc-
ing in October 1982, one -twelfth (1112) of $100,000
f and one -twelfth (1112) of such additional amount, if
any, which a consultant retained for such purpose
in its latest written report prepared pursuant to the
Trust Indenture shall have recommended:
e) to the Supplemental Reserve Fund, such amount,
it any, as may be required to make the amount then
held for the credit of the Supplemental Reserve
Fund equal to Two Million Five Hundred Thousand
Dollars ($2,500,000).
f) to the Surplus Fund, the balance, if any, of the
amount so withdrawn.
At September 30, 1984. the City had on deposit
with the Trustee for these bonds approximately
$11,277,000, exclusive of accrued interest receivable,
in the required restricted funds and accounts
$10,400,000 Parking Revenue Bonds —Debt service
is provided by a pledge of net revenues of the Parking
Garage Downtown Government Center and utilities
services taxes collected by the City from the sale of
water and gas in an amount not to exceed 125% of the
maximum principal and interest requirements in any
current or subsequent fiscal year. A reserve must be
maintained equal to the maximum annual debt service
rT. requirement. Various funds and accounts held by the
Trustee include the Revenue Fund, Construction 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, 1984, the
34
W. 4
a.
fi
f.'x
City had on deposit with the Trustee for these bonds
approximately $1,547,000 exclusive of accrued ihter-
est, in the restricted funds and accounts.
October 25, 1983, the Department issued $13,860.000
of the City of Miami, Florida, Parking System Revenue
Bonds, Series 1983 (the "Series 1983 Bonds"). The
proceeds from the sale of the Series 1983 Bonds together
with other amounts. were used for the defeasance of
the previously outstanding bonds. As a result, an extraor-
dinary gain of $799,966 was recognized. Debt service
is payable solely from the revenues of the Oft -Street
Parking facilities. This issue ("Series 1983") consists
of serial Bonds of $3.220.000 payable in installments of
$155.000 to $390.000 from 1984 through 1996 and
term Bonds of 110,640.000 maturing from 1999 to
2009. At September 30. 1984. the City had on deposit
with the Trustee for these bonds approximately $2,518.000
the following three funds:
0 The Parking System fund, which consists of the
following three accounts:
Revenue Account —All revenues received by the
Department are to be deposited to the credit of the
Revenue Account. The Department will apply mon-
ies in the Revenue Account to the payment of
current operating expenses.
Revenue and Replacement Account —Funds in this
account are to be used for payment of the cost of
renewals and replacements or extraordinary repairs
to the Parking System.
General Reserve Account —These funds are used
to secure deficiencies in the various other reserve
accounts.
i The Construction fund, which consists of two accounts
(the Additional Facilities account and the Proceeds
account) which are to be used to deposit funds
intended to be used for the acquisition and con-
struction of additional parking facilities.
0 The Bond fund, which consists of the following six
accounts:
Interest and Principal Accounts —Used for paying
interest on all bonds and principal of all serial bonds
at their respective maturities.
Sinking Fund Account —used to accumulate funds
for the retirement. purchase or payment of term
bonds.
Reserve Account —used to pay principal and inter-
est on the bonds if the monies held in the other
accounts for principal and interest payments prove
insufficient for such purpose.
Redemption Account —used for the purchase or
redemption of the bonds in advance of maturity.
Insurance and Condemnation Award Account —
used to deposit net proceeds of insurance or emi-
nent domain proceedings when and as received by
the trustee.
L�-
1
I
L]
4) CHAN(M 1N AlUNCY FUND
The City's Agency Fund is used to account tot the
12,000,000 performance 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 12,046'622
Interest received 203,240
Interest paid to licensee (174,298)
Deposits and accrued interest
end of year $2.075.564
L"�
Due to certain controversies relating 10 the licensee's
perloi`iriance under the cable ordinance, the City hat assessed
fines against the licensee totalling approtithnately $i million
as of September 30, 1984. Since the assessrheht 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 Million perfottfilance deposit
has hot been reduced by the amount of such pehalties.
9) FUND MUITY
Fund equity in the Fnterptise Funds
at September 30, 1984 consists of the following:
Retalned Earninaa
esefved tot
construellon
and Ravertue Oofltrtbuted total
hated Retirement unreserved Cepitat rued Equity
Off -Street Parking
$ 1.678,106 $ 7,868.947 $ 121.753 $ 9,653.806
Convention Center
10.239.964 (16,614,407) 43,243,798 36,869,355
Parking Garage
1,273,410 (1,559,673) 633,900 347,637
Auditoriums
— (2,513.920) 5,600.011 3,086,091
Marine Stadium
— (174,201) 614,755 500,554
Miami Stadium
— (427,002) 1,391,349 970,347
Other
— 6,176,022 4,344,279 10,520,301
Total
$13,191.480 $ (7,259,234) $56,015,845 $61.948,091
See Note 13 for selected
financial information regarding the Enterprise Funds.
The following individual funds have
deficit fund equity tion of a 3% Convention Development Tax authorized under
at September 30, 1984:
Section 212.057 of the Florida Statutes and levied and
Fund
Amount collected by the County.
Capital Projects —Parking
The other deficits will be eliminated by increasing
Facilities
$ 6,065 interfund charges, anticipated operating surpluses in the
future, or by contributions from the General Fund.
Special Revenue
The expenditures in the Rescue Services Special Reve-
nue fund exceeded the appropriations by $25,504 for the
Special Revenue —Miami Sports
year ended September 30, 1984.
and Exhibition Authority
189,460 The Property Maintenance Internal Service fund had a
Internal Service —Print Shop
153,804 deficit in retained earnings of $37,417,which was offset by
The deficit resulting from the first year of operations of contributed capital of $271,755.
the Miami Sports and Exhibition Authority is expected to be
eliminated by the release during 1985 of its allocated por-
35
3
c
A summary of interfund
transfers and contributions
by fund type is as follows:
;�
Tre�slets fe
Trsfie#are hom
Deis€tall
petrirt'I
hevenue
Gapiial
ptaje-ru
Errterpttl;e
tfi#othili
UN10%_
f3e'Re'Pi1
tfet��tt►s� #!
t'
Opetating Transfers:
General
$ —
$142,500
$ 998.400
$ 785,756
$
".,
Special Revenue
10,002,341
77,162
—
—
—
—
i0;079,503
29,300,152
Debi Service
Capital Projects
22.300.152
—
—
---
6,547,395
—
—
6,547,895
Enterprise
90,000
—
—
46.300
—
—
138,300
Internal Service
—
—
—
—
461,995
—
461,995
$32,393.093
$219,662
$ 998,400
$1.379.451
$461,995
$ —
$41,462,601
Equity transfers
and Contributions:
General
$ —
$ —
$ —
$ 102,617
$130.803
$ —
$ 233,420
Special Revenue
—
319,002
385.030
—
227,672
—
931,104
Debt Service
—
—
836,893
—
—
836,893
Capital Projects
—
—
14,085.158
1,086,000
42.898
—
15,214.056
Enterprise
—
—
—
54,496
9,141
1,560
65.197
Internal Service
—
—
—
—
154.438
3,063
157,501
`
General Fixed Assets
—
—
—
—
370.540
—
370,540
$ —
$319,002
$15.307,081
$1.243.113
$935.492
$4,623
$17,809,311
11) RETIREMENT AND DEFERRED
COMPENSATION PLANS
The City sponsors two defined benefit contributory pen-
sion plans covering substantially all employees: Miami City
Employees' Retirement System (System) for police officers
and fire fighters and Miami City General Employees' Retire-
ment Plan (Plan) for sanitation workers and general employ-
ees. The System and Plan are not included in the City's
Financial Statements. (see Note 2(B).]
The Pension Administration Fund of the City (expend-
able trust fund) charges each department of the City and
other governmental contributors their respective share of
the required contribution (approximately $18,738,000 and
$755,000, respectively, in 1984) which is disbursed by the
Pension Administration Fund to the System and Plan. Dur-
ing fiscal 1984, approximately $19.255,000 represented the
actuarial requirements of the plans under the funding
policy adopted by the City. This funding policy includes
normal cost and a 5% per year increasing amortization of
prior service cost over 35 years. The amounts actually
disbursed to the System and the Plan were exclusive of
investment managers' fees paid on behalf of the plans of
approximately $498,000. The excess of charges over actu-
arial requirements and other expenditures for 1984 has
been designated for future pension contributions. Sub-
stantially all amounts funded by the City were contributed
by the General Fund, and the remainder by various other
funds, principally Enterprise, and Internal Service.
36
S 5
a � � fig• �� 4 i at h� � -.r�.
The City's contribution to the plans and the adopted
funding policy are the subject of certain litigation (see
Note 16).
Other information relating to the retirement plans is as
follows:
System Plan
Date of most recent
acturial valuation January 1, 1984 October.1, 1983
Present value of
accumulated plan
benefits —vested $165,397,000 $155,145,000
Present value of
accumulated plan
benefits—
nonvested $ 11,311,000 $ 5,236,000
Assets available for
plan benefits $142,855,000 $ 80,801,000
Assumed rate of
return 7% 8%
Assets available for plan benefits presented above for
the Plan and System are exclusive of any contributions
claimed to be due from the City which are the subject of the
pension litigation and related matters described in Note 16.
The City also sponsors two deferred compensation pro-
grams for its employees. At September 30, 1984, partici-
pants' accounts totaling approximately $4,143,000 were
_q �y � �y�h b'� )� iN.x •Y F � �,.i � _ �t .t�``,.
... G `,." - i�i`? ''�'i"`�°9'" . r..0 '.,'�g'•rn^i:
"l'. � � `S{v+.. Kn ink`{ ] }�•�.. .'d. �.. � -
i .t
LwT'IS.��Sr"`.__`
4, '�. .#
.. �.5.�
�""'f"d� Y i"'4Y gG' M •
.� fZ' ] �g) �. £'d' - T � 't'}'} .d'3. � � � �.
� .- �
recorded as an asset and corresponding liability in the The City also made contributions totalling approximately
Pension AdMihistraiion Expendable 'gust Fund. One of the $2,739,900 to the Relief and Pension 'gust fuhds for Police
plans provides for a City contribution of 8% of bate salaries and Firefighters Funding for these contributions was received
of participating employees, which was approximately $139.000 from the State of Florida under Chapters 175 and 185 of the
tot 1984.Florida Statutes.
i�) ��L�'•it��i�RA1VG�
'.
the City maintains a Self-lnsurahce Expendable Trust Fund to administer insurance activities relating t0 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 tong -term debt account group (GLTD) and amounted to approximately
$20.810.000 as of September 30, 1984, as follows:
Sett 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. $ 405,235 $10,880,000
(B) General Coverage
a
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
1
personnel an estimate of liability on a case -by -case basis is established. 751.113 9.830,000
(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. 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, 1984 represents payments
made by the City in October and November, 1984, on claims incurred at September
30, 1984. 676,357 —
$1,832,705 $20,810,000
f
37
*.
SS-644,
x
a
rA
12) StOMMINFOA11fiA1'ION—tNft1%0A1&t PUNOt
the City riiaihtains
twelve (12)
enterprise
funds which provide various
recreational. convention and •piarking fabllifies.
Selected financial irftorrhation
for the
fiscal year
ended September 30. 1984 is as follows•
b"'t wt
Gbrivontlofi
Petktfig
Perkifig_
5tholunis
Cotner
fi!fetifies
Auflooluffil;
be"
Wage
'F611111i._
Operating Revenues
$ 6,790,664
$2.280.429
S 2.837121
$1,258.145
$ 558,214
$ 983.412
S 185,145
$ 14.893.830
Depreciation Expense
817,565
511.183
1.513.730
169.996
148,570
40.827
153.484
3,355,358
Operating income (►oss)
1,793,384
(770.740)
(3.153.929)
491,141
(549.304)
(207,704)
{161.727)
(2;578.880)
Non -Operating Anvenues
(Expenses) and
Operating Transfers
(854,192)
381.801
964.890
62.275
500.654
67.047
274130
1396.605
Net Income (loss)
1,739.158(1)
(388.939)
(2,189.039)
553.416
(48.651)
(140.651)
92.403
(382,Mg)
Contributions and
Equity Transfers
115,300
369,786
1.324.594
(6.402)
61,732
—
—
1.865.010
Total Equity
9.653.806
7.541.022
36.969.355
3.190.868
3,086,091
659112
347.637
61.948,091
total Assets
25,211.128
8,757,020
99,482.149
2,293.348
3.783,814
981.786
10,215,031
150.845.476
Property. Plant and
Equipment, net 18.285,960 8.258.030 84.464,151 2.293,348 3,767,355 958,918 8,191,576 126.219.338
Property. Plant and
Equipment:
Additions and
Transfers. (net) 1,593,805 1.088.480 631.796 _
Bonds Payable, net 13,472.575 115.000 58.397.538 _
Net Working Capital
(deficit) . 2.494.509 (599.904) (1,278.220)
(1) Includes $799,966 in extraordinary gain on debt refinancing.
14) ACCRUED COMPENSATED ABSENCES
The City has certain contingent liabilities relating to
earned employee benefits and compensated absences. The
amount of benefits earned and accumulated is governed
by Civil Service regulations, administrative policy and col-
lective bargaining agreements. The three categories of
earned benefits are defined as follows:
Type Description
Vacation Annual vacation earned
Earned Time Additional time off earned by hourly
employees for overtime hours worked.
Sick Leave Accumulation of sick 1--ave allowed.
Unused vacation time and sick leave is payable upon
separation of service, subject to various limitations depending
upon the employee's seniority and civil service classification.
Effective in 1984, the City changed its accounting
policy for compensated absences to recognize the liability
as it is incurred, rather then when payment is made, in
accordance with NCGA Statement 4, Accounting and Finan-
cial Reporting Principles for Claims and Judgments and
Compensated Absences. In prior years, this policy was followed
in only the proprietary funds, and in the General Fund with
respect to earned time for City firefighters, which is paid
annually as specified by a collective bargaining agree-
ment. Due to this change, an additional current liability of
$1,120,000 was recorded at September 30, 1984 and begin-
38
E�
a,.
t.3•
a
rt
492.536 68,946 78.989 114,294 4.068.846
— — — 10.166,915 82,152.028
1.497,520 (681.264) (299,606) 460.801 1,593,836
ning fund balance was restated to reflect the additional
current liability of $1,052,000 as of September 30, 1983.
The noncurrent portion of the liability as of September 30,
1984 totalled approximately $11.394,000 and was recorded
in the General Long -Term Debt group of accounts. The
noncurrent portion as of September 30, 1983 was approxi-
mately $9,778,000.
15) COMMITMENTS AND CONTINGENT LIABILITIES
Contingent liabilities relating to litigation are described
in Note 16.
Federal Assisted Grant Programs
The City participates in a number of Federal and State
grant programs, principally Federal Revenue Sharing, Job
Training Partnership Act (JTPA), Community Development
Block Grant and Economic Development Administrative grants.
These programs are subject to financial and compliance
audits by grantors or their representatives.
Under the terms of these grants, periodic audits are
required. Independent financial and compliance audit reports
have been issued covering selected grants. Audits of cer-
tain other programs have not yet been performed. City
management believes that ultimate reimbursement, if any,
to the grantor agencies will not be material.
Housing Bonds
In February, 1976, the City Commission passed an
ordinance which approved the issuance of $25,000,000
n
General Obligation Housing 'Bonds of the City for the 'put -
pose of 'providing 'housing for 'families and persons, includ-
ing the elderly. of low and moderate income During 1984,
the City sold $18.100,000 of such Housing Bonds and as of
September 30. 1084. all of the $25,000.000 in authorized
Housing Bonds had been issued.
Pursuant to agreements 'between the City of Miami
and Dade County, certain of the proceeds of such bonds,
will be deposited in trust in a reserve fund to provide
additional security for certain housing revenue bonds to
be issued by Dade County or will be capital contributions to
Dade County for projects built within City limits In the
event the housing projects do not generate sufficient funds
to service the County's debt. the proceeds of the City's
Housing Bonds will be used to pay principal and interest
It, however, the Dade County Housing Bonds are sell -
liquidating. all amounts remaining in the trust account will
be returned to the City for purposes set forth above As of
September 30, 1984, approximately $2,677,000 had been
transferred to the trustee for debt service reserve require-
ments and the City's share of capital contributions for construc-
tion of low income housing
The amounts transferred to the trust account have
been recorded as receivables in the capital projects funds
and, due to the uncertainty of collection, an allowance for
the full amount has been established.
In addition, certain bond proceeds are to be used to
finance land acquisition and related costs for the affordable
rental housing development program. This program's objective
is the construction of approximately 1,000 rental housing
units within the City of Miami for low and moderate income
persons in conjunction with Dade County. Construction is
expected to be financed by the issuance of up to $65.000,000
in City of Miami Mortgage Revenue Bonds and equity
investments from the project's developers
REVENUE BOND PROJECTS
Convention Center
The City of Miami convention center, officially designated
the City of Miami/University of Miami James L. Knight
International Center (Convention Center), commenced
operations in October 1982. The City entered into an agreement
with the University of Miami to lease space in the Convention
Center for a term of 30 years. including two 30-year renewal
options, for the sum of $2.906.000, paid as basic rent in
advance in 1983. The City also entered into a lease and
agreement for development with a private developer of
certain air space over a portion of the Convention Center for
a hotel. The City also entered into an agreement with a
separate private developer to lease air space over a portion
of the parking garage for a 30-story world trade center,
currently under construction. 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 in advance in 1983 plus additional
rent payable annually as a graduated percentage of gross
sales in excess of $20,000,000. No additional rent was
received during 1984 under this provision. The amounts
received as basic rent in 1983 were accounted for as an
equity contribution to the Convention Center.
In August 1980, the City issued $60,000.000 of
Convention Center and Parking Garage Revenue bonds. As
x ;
• � rr�z-
4
Fs;
w
discussed in Note 7, the bonds are collateralized under the
trust indenture by a first lien on and pledge of the net
revenues of the Convention '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 $3,429.000
of utility service tax revenue for these purposes for the
fiscal year ending September 30. 1985. It is anticipated that
approximately $6,000.000 of such revenues will be necessary
thereafter on an annual bans through fiscal 1989 to subsidize
Convention Center deficits
Parking Garage
In March 1982. the City issued $10-400,000 of Parking
Revenue Bonds to finance the construction of a 1.110 cat
parking garage adjacent to the Government Center
Construction commenced in March 1982 and the facility
opened to the public during 1983 The bonds ate collateralized
under the bond ordinance by net revenues from the parking
garage and by a covenant and agreement of the City to
provide to the extent necessary, revenues of the City derived
from water and gas utility services tax sufficient to make
up any deficiency in the required sinking fund reserves
The City has appropriated approximately $1,409,000 of utility
tax revenue for this purpose for the fiscal year ending
September 30. 1985.
Off -Street Parking
In October 1983. the Department issued $13.860.000
of Parking System Revenue Bonds. Series 1983. for the
purpose of refinancing the outstanding revenue bonds
(see Note 7).
Under the terms of the Bond Ordinances, the City and
the Department are required, among other things, to establish
rates and collect fees and charges which will be sufficient
at all times to (a) pay the cost of maintaining and operating
related assets: (b) pay the principal and interest requirements
of the outstanding revenue bonds. and (c) create and maintain
specified reserves for such purposes.
No Department or City assets are pledged to collateralize
any outstanding debt and the City has no liability for any
long-term debt of the Department.
39
16) LITIGATION
The City of Miami relies primarily on its Legal Depart-
ment, acting under the direction of the City Attorney for
legal advice, utilizing outside counsel when considered
appropriate. Outside counsel has been retained to repre-
sent the City in the pension litigation described in (a) below.
(A) Pension Litigation and Related Matters
In 1977, a class action lawsuit (Gates vs. City of
Miami) was filed on behalf of all members and
beneficiaries of the City's pension plans, seeking
to require the City, for the years 1939-1975, to
retroactively make additional deposits to its pen-
sion plans totalling approximately $40,000,000, includ-
ing interest of approximately $18,000,000, as of
85-644
September 30, 1984 The plaintiffs claim that the
City levied property taxes tot "pension or relief"
purposes and was required to, but did hot, deposit
all such revenues into the pension fund. Instead,
a portion of these tax monies was used for the
City's social security contributions, the City's required
portion of premiums on group health and life insur-
ance policies. payment of judgments on pension -
related cases, the City's workers compensation obli-
gations, and reimbursement to the City of pension -
related expenses
Summary judgment on liability was entered against
the City on two of eight counts of the complaint on
October 9. 1979. upon a finding by the court that
monies taxed for pension or relief purposes were
improperly used by the City to pay off two judg-
ments against the City and for contributions toward
workers compensation obligations- The City filed
an interlocutory appeal from the court's ruling on
the two counts as to which summary judgment
was granted On January 20, 1981. the Third Dis-
trict Court of Appeal affirmed in part and reversed
in part the summary judgment. The City petitioned
for rehearing, which the petition was denied. Plain-
tiffs renewed their motions for summary judgment.
and the City commenced additional discovery. Thereaf-
ter, the parties attempted to negotiate an out -of -
court settlement of this matter, which culminated
in the 1984 proposed "Agreement for Resolution
of Pension Lawsuits." later described herein.
The City. System and Plan also entered into inves-
tigations to determine if the pension benefits paid
to retired members of the retirement plans are. and
have been, in compliance with the variable annuity
provisions of the City of Miami Code, which were
effective from 1969. The potential liability, if any,
for past and future benefits cannot be determined
at this time. These issues are also being consid-
ered in the negotiations currently in process with
respect to the aforementioned pension litigation.
In a separate action (Board of Trustees vs. City of
Miami), the Board of Trustees of each of the pen-
sion plans filed a petition for Writ of Mandamus.
seeking to require the City to contribute an addi-
tional $4.2 million over and above the amount actu-
ally appropriated by the City for fiscal year 1980.
The plaintiffs in each action contend that the City is
required to contribute the amount that the pen-
sion Boards certify in accordance with actuarial
reports prepared for the Boards.
The City Commission, in September 1979, adopted
a policy limiting the increase in the portion of the
pension contribution relating to the funding of the
unfunded past service costs to five percent of the
preceeding year's amount. The State of Florida's
Department of Administration informed the City that
this funding technique provides for an adequate
and proper actuarial funding for the retirement
plans, and meets the requirements of Part VII,
Chapter 112, Florida Statutes. The City has con -
40
tinned to follow this funding technique since 1980.
The City filed a motion to dismiss the Board of
Trustees petition, alleging that the City's Cohlrjbu-
tion tot 1980 was authorized by statute and City
Ordinance, and that the decision as to the amount
to be contributed to each pension plan is a deci-
sion for the City Commission, and not for the board
of Trustees. This motion has not yet been heard of
determined According to the boards, the past due
contributions for 1980.84 total approximately $14,800,
000 (Plan) and $17,100.000 (System); as of Sep-
tember 30. 1984.
Ongoing negotiations between the City and the
litigants resulted in the proposed "Agreement lot
Resolution of Pension Lawsuits" (Agreement), dated
August 10, 1984. and as amended thereafter, which
would, among other things extinguish all claims
to the variable annuity payments. If the Gates vs
City of Miami lawsuit is settled according to the
terms of the Agreement, the Board of Trustees vs
City of Miami lawsuit will be dismissed with prejudice.
The proposed Agreement contains provisions relat-
ing to the composition, administration and man-
agement of the pension boards. It also provides
the methodology for determining the annual con-
tribution to be made by the City for the Plan and
System, as well as annual target contribution lim-
its. Should the City's actuary or either of the actu-
aries retained by the System or Plan determine an
alternative contribution requirement, the Agreement
provides for an orderly method of reaching agree-
ment as to the ultimate amount to be contributed.
The annual contribution to the Plan and System
would consist of three components: (1) contribu-
tion for costs attributable to current year's serv-
ice, using the entry age normal cost method with
frozen actuarial accrued liability, (2) contribution
for frozen unfunded actuarial liability projected to
be amortized over a period of approximately 30
years in 5% increasing annual installments, and
(3) non -investment expenses for the Plan and Sys-
tem. The Agreement relates to future contribu-
tions only but does not require any lump sum
payment arising from any actions of prior years.
The actuarially determined contribution to the Plan
and System for the fiscal year ended September
30, 1984, was approximately $19,255,000. It is
projected that for 1985, the contribution would
increase by approximately 23%. which takes into
consideration certain negotiated enhanced bene-
fits. The contracts negotiated during 1984 with
the City's various bargaining units provide that
the enhanced benefits described therein are condi-
tioned upon final settlement orders being entered
with respect to the lawsuits and related matters
discussed herein, and will not take effect until
such lawsuits are disposed of by the Courts and
such settlement orders do not change, alter or
vary the terms of settlement.
Since the Gates vs City of Miami lawsuit is a class The Agreement also provides that the City will pay
action: it is necessary to give notice of the pro-
reasonable attorneys' fees of the various plaintiffs
posed settlement to all members of the class. After bnd reimy them bn rse them connectionrall costs with the lawsuits. The City
a 30 day notice period to the memd and paid
bers of the class. has not recorded any liability tot the plaintiffs' legal
the City has the option not to go forward with the fees and costs. which have not yet been deter -
Agreement if more than 100 individuals exercise mined but are expected to be significant. Should
their option not be covered by the Agreement. there be a failure of the parties to teach an agree
During the drafting of the notice and the proposed ment as to the amount of costs Or reasonable
final judgment. the parties could not reach agree- attorneys' fees, the Agreement provides for the
ment as to the full scope of the matters being Court to decide without affecting the rest of the
resolved. including claims recently filed with the provisions of the Agreement or delay its
System Board by three retirees. asserting that the nplementation
City has failed to include the value of certain holi- ��� bt let Litt i3tii5fi
day pay in the determination of average final com- There area number of other claims and lawsuits
pensation upon which pension benefits were cal- outstanding against the City, arising principally
the G d. However, the City is a taking the position in from personal injuries incurred on City property,
the Gates vs Cityof Miami case that any settlement
must include a release of all claims, including the and police tort, for which a liability of $20,810,000
release of claims dealing with the determination of is recorded in the General Long•Term Debt group
average final compensation. As a result, the City of accounts at September 30, 1984, as described
believes that a final settlement has not been reached, in Note 12.
On December 28. 1984, the parties to the lawsuit,
other than the City. filed a "Motion of All Parties 1?) SUBSE6USNT EVENTS
Except the City of Miami for Expansion of Plaintiff
On January 10. 1985. $12.000,000 in bond anticipation
Class, Preliminary Approval of Settlement Agree-
ment. Issuance of Notice and Scheduling on Final notes were sold for the construction of storm sewer and
Approval Hearing" in which they essentially seek police facilities projects. These notes have interest rates
to enforce the settlement Agreement. The City is varying from 6.94°Jo to 7.04%. The notes will be redeemed
opposing that motion. Several hearings have been with the proceeds from the issuance of previously author -
held on the motion. but a ruling has not yet been ize dstormexpsewer
be sold and olice facilities general obligation
85.
issued.
y
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ss-644
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SUPPL
EMENTAL COMBINING &
INDIVIDUAL FUNDS STATEMENTS
U U.,
THIS PAGE INTENTIONALLY LEFT BLANK
44
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44 _
q
The general Fund is a member of the governmental fund category, and as
such, Is accounted for on the modified accrual basis of accounting. Reve-
nues are recognized in the General Fund when they become measurable
and available as net current assets. Expenditures are generally recognized
when the related fund liability is incurred.
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.
11
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THIS PAGE INTENTIONALLY LEFT BLANK
46
xi
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T
N14O`ULE A-1
VtY OV MIAM1, 'FLOA115A
St`A1`tMtNt Op fitVENUM €Xp1• NbItU1AtS
AND C14ANOES IN FUND §At-ANCt-8100FET
NON-PWR f3UDIED SEP DAMS)
064 UAL
1rf=A>� f_N1i1=b ��1�ttIll8tp 30, i9bA mb�t fib, i�8�
jMth Compatativo Actual Amounts fb
io84
— 1�eelant�
�avb�le Aiaoiil
fiudgel Aetual (Ualsvbrliblb) loss
'Revenues:
Taxes:
Property tax collections,
ihcluding penalties and interest
Business and excise taxes
Licenses and permits:
Business licenses and permits
Construction permits
tntergovernnlental:
State revenue sharing
Sales taxes
Court fihes
Other
Intragovernmental:
Engineering services
Administrative charges
R
Charges for services:
Public safety
Recreation
Solid waste
R
Other
Interest .. ..
�.
Other revenues:
Sale of land . .
Rents . ....
t
Miscellaneous
Total revenues ...
�y
,
d-
R,k,�
yyyy �
Lnfi
xi wJ
L
,
�
-,:
$ 77,521,155
$ 18,967.810
$1,446,715
$ 67,619.486
5,166,008
4.885.370
(881,538)
5,702,967
83.288,063
B3,853,240
565,177
73,322,453
5,856,517
5,719.021
(77,406)
5,205,029
66,325
73,536
7,211
83,048
5,922,842
5,852.551
(70,285)
5,288,077
12,323,308
11,715,407
(607,901)
12,297,910
10,111.135
10,633,775
522,640
9,478,359
1,900,000
2,111,414
211,474
2,078,972
1,172.979
1,066,729
(106,250)
2,162,642
25,507,422
25.527.385
19,963
26,017,883
3,047,873
2,646.258
(401,615)
1,800,350
41,120
41,120
682.398
3,047,873
2,687,378
(360,495)
2,482,748
3,438,500
3,479,658
41,158
2,965.937
282,776
248,024
(34,752)
230,738
8,870,000
7,734.936
(1,135,064)
7,867,510
522,200
684,418
162,218
430,191
13,113,476
12,147,036
(966,440)
11.494,376
1,944.000
3,349,836
1.405.836
2,586,117
_
2,423
1,104.450
1,458,546
354,096
1,058,720
50,500
696.715
646,215
135,492
1,154,950
2,155,261
1,000,311
1,196,635
133,978,626
135,572,693
1,594,067
122,388,289
(Continued)
47
85-644
u 0
SC14E01,111t.E A•1
(�`lititi�lUi9d)
CITY OF MIAMI, FLORIDA
GENERAL FUND
STAtEMENT OF REVENUES, EXOPE.NDITURES
AND CHANGES IN FUND BALANCE- BUDGET
_ (NON DAAp I3UDGEfiARY BASIS) AND ACTUAL
YEAR ENDED StMMSER 30, 1904
With Compatatm At:tual Amounts for Ybot Endod SopteMbet 10,1993
Viti!(i`Ui
�iVDt7iU1i A�tUtli
budget Attuhl (UNliybtibie) 1g6s ,
Expenditures:
General government:
Mayor and commission $ 825.855 $ 777.715 t 48,140 656,182
City Manager 2,845.452 2,522,389 323.068 2 330,787
City clerk 747,148 708,805 38,343 449,626
Management and budget 1.496.335 1,328.269 168,066 1,21080
Finance 2.954,092 2.785,626 168,466 2,512,829
Legal 1,142.121 1,019,286 63,485 1,059,893
Civil service 185,158 116,484 9,274 161,790
Human resources 1,676,585 1,649,925 26,660 1,517,140
Community development 1,065,387 944,811 120,576 667.616
Tourism and promotion 1,215,723 1,071,578 144,145 871.785
Computer and communications 3,036,377 2,984,776 51,601 3,155,444
17,191,433 16,029.614 1.161,819 14,650,981
Public safety: -
Police 60,889,232 59,225,684 1,663,548 54,498.639
Fire 34,905.554 34,879,550 26,004 33,297,494
95,794.786 94,105,234 1,689,552 87,796.133
Public Improvements:
Public works 12,399,162 12,212,634 186,528 10,825,797
Planning and zoning boards .. 1,233,064 1,179.871 53,193 890,900
13,632,226 13,392.505 239,721 11,716,697
Solid waste 23.123,125 22,592,355 530.770 21,664,048
°t Culture and recreation 8,600,079 8,408,933 191,146 7,716,631
Other:
Employee benefits 2,157,214 2,152,216 4,998 1,453,877
' Special programs ...... .. ... 2,212,165 2,204,082 8,083 1,592,556
"i Miscellaneous 6,769,748 6,744,455 25,293 3,510,383
11,139,127 11,100,753 38,374 6,556,616
Total expenditures 169.480.776 165,629,394 3,851,382 150,101,306
Excess (deficiency) of revenues over expenditures . (35,502,150) (30,056,701) 5,445,449 (27,713,017)
Other financing sources (uses):
Operating transfers in 32.625,306 32,393,093 (232,213) 31,577,285
Operating transfers out .. ..... (1,923.156) (1,926,656) (3,500) (1,075,232)
Total other financing sources (uses) ... ........ 30.702.150 30,466,437 (235,713) 30,502,053
Excess (deficiency) of revenues and other
financing sources over expenditures
and other uses
$ (4,800,000) 409,736 $5,209,736 2,789,036
Fund balance at beginning of year,
as originally reported .. 8,254,635 6,056,634
Adjustment for compensated absences .... ............ (1,052,272) - '
Fund balance at beginning of year, as restated ........... 7,202,363 -
Equity transfers in ... - 28,882
Equity transfers out . (233,420) (619,917)
Fund balance at end of year ..... .................... $ 7,378,679 $ 8,254,635
48
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A�,��ck.� ,�7•�us•
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A
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The Special Revenue Funds a►e a member of the governmental fund cate-
gory, and as such, are accounted for on the modified accrual basis of
accounting. Revenues are recognized in the Special Revenue Funds when
they become measurable and available as net current assets. Expenditures
are generally recognized when the related fund liability is incurred.
The Special Revenue Funds are used to account for the proceeds of specific
r revenue sources (other than special assessments, expendable trusts or
major capital projects) that are subject to certain legal restrictions.
r
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51
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AS8Et§
Equity (delicil) in pooled cash
and Investments
Cash and cash equivalents
Accounts receivable
Taxes receivable
Due from other funds
Due from other governments
Other
Total assets
LIABILITIES AND
FUND BALANCES
Vouchers and accounts
payable
Accrued expenses
(principally salaries)
Due to other funds
Due to other governments
Deterred revenue
Deposits refundable
Other payables
Total liabilities
Fund balances (deficit)
Unreserved -u ndesignated
Total liabilities and
and fund balances
S�C
f
L:
tIf` DVII1111
It1tY OF MIAMI, PLOA16A
PECIAt AtVtWt FUNDS
DOMRININO §ALANCE SHW
SEEtEMRA 30, 104
With 'CbMpststivil? totals tat S6pt6Mb6t 30, 1883
Miami goong
bowhlowh
Peoeral
t6tat9
antl t*11 ti6fl
bavaloiffhehl
hev6hua Rescue Cottlthuhity bablo
Local 00ii611
6tt►13P
AUthordy
Authority
Sharing Setvices bevelopthent t.v.
Gal fiat
Pima
1984
19112
$ -
$ -
$(2 282.287) $216 Ot9 088) $4 237.642
$2 750,646
$ 578,602
$ 2,679.536
$1:803.655
30.590
4.379
_. - --
--
-
34.969
1.305.120
-
40 834
- - 45.432 -
-
14,405
100.671
820,604
-
38,455
- - --
251.832
-
290,287
-
-
-
- - -
--
6,267
6.267
137.850
-
2,422.812 - 4.282,730 -
-
1.036,712
7.742.254
5.501.811
5.700
-
-- - 20.000 -
-
4.166
29.866
18,664
$ 36,290
$ 83,668
$ 140,525 $116.019 $ 1,527 074 $4.237,642
$3.002.480
$1.640.152
$10.883.850
$9.593.704
$ 23.050
$ 90.237
$ - $ 13,916 $ 1.354.642 $ 25.022
$ 5.439
$ 175.743
$ 1.688.049
$1.050.181
-
4.514
- 30 241 - -
-
848
35.603
249.701
197.000
5.046
- - - -
-
346,054
548.100
2611.687
-
-
- - - -
-
95,396
95.396
681,226
- -
-
-
-
65.325
-
-
- - 172,432 -
-
72.2t3
244.645
1.070,590
5.700
-
- - - -
-
-
5.700
-
225.750
99.797
- 44.157 �1,527:074 25.022
5,439
690.254
2.617.493
3.378.712
(189.4601 (16.129) 140.525 171.862 - 4,212.620 2.997.041 949.898 8.266,357 6.214.992
$ 36.290 $ 83.668 $ 140.525 $216.019 $ 1.527,074 $4,237.642 $3.002.480 $1.640.152 $10.883.850 $9.593.704
52
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4
SCHEDULE 8.2
CItY OF MIAMI, PLO1410A
SPECIAL A VtNUt FUNDS
CI MOININO StAtSMW OF SFVI`NUtS, tXPtNDItUStS AND C14AN*t§
IN FUND RALANCtS
YEAI4 I NDt b SFpttMSFp 30, 1084
With Cbrriparative totals for Yost thdod Septomber 30, 1983
Miathi Spolts bowntown Federal tolafs
and EIM191tibn bavelopfnent Revenue Rescue Community Cable Local option Other
Adthorfty Authority Sharing Services Development T.V. gas tax Funds 1984 1983
pevenues
property tax collections
$ — $874.147
$ — $ —
$ —
$ —
$ —
$ —
$ 814.147
$ 573.422
Business and excise taxes .
— —
— 1.366,120
—
—
2.994.343
—
4.360.463
1.759 818
License and permits .
— —
— —
—
1.275.000
—
—
1.275,000
900 000
intergovernmental.
— 38.415
9.691,248 —
10.337,209
—
—
4.205,821
24.272.693
24.593,493
Other
— 14.936
— 56,050
145,448
378,648
107,506
1,005,144
1,707.732
2.114,514
Total revenues
— 927.498
9,691,248 1,422.170
10.482.657
1,653.648
3,101,849
5,210.965
32,490,035
29.941.247
Expenditures
Public safety . .. .. ..
— —
— 1.756.491
—
—
—
—
1.756,491
1.552.791
Giant and related
expenditures .
— —
— —
10.806,739
—
—
5,570.196
16,376.935
13.973 816
Economic development ..
— 900.580
— —
—
—
—
—
900.580
812.540
Other ...... .
189.460 —
— —
—
631,853
104.808
—
932,121
380,937
Total expenditures ..
189,460 900.580
— 1.756,491
10,806,739
637,853
104.808
5,570.196
19,966.127
16.720.144
Excess (deficiency)
of revenues over
expenditures . . . . (189,460)
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 .. . ......... (189.460)
Fund balances at
beginning of year ........... —
Equitytransferstootherfunds.. —
Equity transfers from
other funds ............... —
Fund balances (deficit)
at end of year .............. $(189,460)
26,918 9,691.248 (334,321) (324,082) 1.015.795 2.997.041 (359,231) 12.523.908 13.221,103
— — — — — — 219.662 219.662 251,378
(9.987,341) — (77,162) — — (15.000) (10,079,503) (9.286.143)
(9.987,341) — (77.162) — — 204,662 (9.859,841) (9,034.765)
26.918 (296.093) (334.321) (401.244) 1,015,795 2,997,041 (154,569) 2,664,067 4.186.338
(43.047) 436,618 513,791 712.638 3,214,479 — 1,380.513 6.214,992 2.112,790
— (7,608) (311,394) (17.654) — (595.048) (931,704) (234,284)
— 319,002 319,002 150.148
$06,129) $ 140,525 $ 171,862 $ — $4.212.620 $2,997,041 $ 949,898 $ 8,266.357 $6.214,992
53
..-
w
WY OF MIAMI, ELOh1bA
MIAMI SPORTS ANb EXHIBITION AUTHORITY, bOWNT6WN bEVELOPMENT
, 1 Ti�1�11 6I A REVENUE SHAAINb ANb Apsc t seAvibes SPECIAL € EVENUE f=UNtit
"-'
COMBINING StATEMENT OP REVENUES, WENbITURES ANb CHA'NO S
IN FUND BALANCE _ BUbGET (bAAR BASIS) ANb ACTUAL
s
YEAR r:NbEb SEPTEMBER 30, 1984
With Comparative Actual Atllourlts for Year Ended September 30, 1983
IVlisthi Sports and Exhibition Authority Downtown Development Authority _ Faderal Revenue $haring
1984
Variance Variance Varlanf:e
Favorable Favorable Eaverible
(Unfavor• 1983 (Unfavor- 1983 (Uritavbr=
Iola
Antiai
budges Actual able) Actual budget_ Actual able) Actuat budget Actual able)
—
Revenues.
Propertytaxcollections
$ — $ — $ — $ — $901,815 $874.147 $(27.668) $573.422 $ — $ — —
S —
Business and excise
taxes
—
Intergovernmental
— — — — 72.921 38,415 (34.506) 176.147 9.987.341 9,691.24E (296,093)
9.682.621
Other
— — — 11,800 14,936 3.136 16.388 — — —
2.627
Total revenues
— — — — 986,536 927,498 (59.038) 765.957 9.987,341 9.691,248 (296.093)
9.685.248
Expenditures:
Public safety
— — — — — — — — — — —
—
Economic development
— — — — 954,036 900.580 53.456 812,540 — — —
—
Other
197,200 189.460 7.740 — — — — — — —
—
Totalexpenditures
197.200 189.460 1.740 — 954.036 900.580 53.456 812,540 — —
—
Excess (deficiency) of
revenues over
expenditures
(197.2001 (189.460) 7.740 — 32.500 26.918 (5.582) 146.583) 9.981.341 9.691.248 (296.093)
9.685.248
Y
Other financing sources
(uses):
Operating transfers out
— — — — — — — — (9.987.341)(9.987.341) —
(9,267.058)
Excess (deficiency) of
revenue over
r
expenditures and
I
uses
(197.200) (189.460) 7.740 — 32.500 26.918 (5.582) 146.583) — (296,093) (296.093)
418.190
r'-
Fund balances at beginning
of year.
— — — — (43.047) (43.047) — 3.536 436.618 436.618 —
18.428
Equity transfers to
other funds
— — — — — — — — — — —
—
1'
{
Fund balances (deficit) at
end of year
$(197,200) $(189,460) $ 7,740 $ — $(10.547) $(16.129) $ (5,582) $(43.047) $ 436,618 $ 140.525 $(296.093)
$ 436,618
15
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pSCHEDULE 6.3
lb
If
Robue 3ervim
t6tats
1984
1984
varlanto
_
varlaflEe
�averable
i:avorlbla
(Unfavar•
19A3
(Unfavors
1983
Autlgat
Actual
able)
Actual
budget
Actual
able)
Actual
_
$ —
5 —
$ —
$ 901.815
$ 814,147
$ (27.668) $
573,422
1,130.987
1,366.120
(364.867)
1.759,818
1.730.981
1.366.120
(364.867)
1.759.818
—
—
—
10.060.262
9.729.663
(330.599)
9.858,768
56.050
56.050
44.679
11.800
70.986
59.186
63.694
1.130.987
1,422.170
(308.817)
1,804.497
12.704.864
12,040,916
(663.948)
12.255.702
w i
1.730,987
1.756.491
(25,504)
1,552.791
1.730.987
1.756.491
(25.504)
1.552.791
t
954.036
900.580
53.456
812.540
—
—
—
197,200
189.460
7.740
—
1.730.987
1.756.491
(25.504)
1.552.791
2.882.223
2.846.531
35.692
2.365.331
—
(334.321)
(334.321)
251.706
9.822.641
9,194.385
628.256
9,890.371
—
—
—
—
(9.987.341)
(9.987,341)
—
(9.267,058)
(334.321) (334.3211
0.
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90.0
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r�
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907.362
t
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11
The Debt Service Funds are a member of the governmental fund category,
and as such, are accounted for on the modified accrual basis of accounting
Revenues are recognized in the Debt Service Funds when they become
measurable and available as net current assets. Expenditures are generally
recognized when the related fund liability is incurred. One exception to thi;
rule is principal and interest on general long-term debt which is recognizec
when due.
The Debt Service Funds are used to account for the accumulation o'.
resources for, and the payment of, general long-term debt principal, interes
and related costs.
57
7
0
41
THIS PAGE INTENTIONALLY LEFT
BLANK
-�71 V
aa
Mr ;'psgr". l
I. LA
L
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'...:. •.. .• .'�` _ §- .. r'h: �>.g. ... .. <. rss.% g.. -..,.• v-...•-c ,�V,. ,::� a'.y. q;•: '�%f" .�G- �M1�+.s„ .+j
14
' py,
w
CITY OF MIAM1, FLORIDA
DEBT SERV
ICE FUNDS
�'.. COMBINING BALANCE SHEET
SEPTEMBER 30, 1984
With Comparative Totals for September 30, i983
: t Utilities
{ General Orange Totals
� Obligation Bowl Incinerator Service
L Bonds Bonds Bonds Tax Bonds 1964 19831
ASSETS
t r' Equity (deficit) in pooled cash
and investments ....... $7.886,900 $ — $ — $ — $7,886,900 $9.219 93S
Cash with fiscal agents ... 272,322 272.322 281,923
tsl Receivables: 122,500 14t},655
Taxes ..... 122,500 —
"' s a* — — 302,760' 303,469
302,760
,� aA Assessment liens, net — _ — 563 5,700
Other .. 563
<: • �� ` $8,312,723 $ — $ $272,322 $8.585,045 $9.951,682`
Total assets .. ...........
;,�;.,. a rr�• . � x,
LIABILITIES AND FUND BALANC
ES
V
-N,"Liabilities:
r t Matured bonds and — — —
N $2,671,687 $ $ $ $2,67T.07' $2,80Z.720`
Y interest payable — — — 92929 71'.978
92,929
Other payables 2',764.61`6 Z,8-74,69D
2,764,616
V ,
Total liabilities
•Y�` a `. Fund balances:
— 272.322
172,7251
272.322
x x Reserved for debt service . — —
' Unreserved:
Designated for subsequent
— 3.336:89a
' ears expenditures ........ .
c , Y p — — 5;548J07 3.567,366
5,548,107
Undesignated ........ —
�� Total fund balances ..... ... 5,548,107 — — 272,322 5,820.429 7.076,984
a Total liabilities and
fund balances ........... $8.312,723 $ — $ — $272',322' $8,585',045 $ 951,682
' rx
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,
_ � ,.-. !. +'2�t�+s^-t.Atf...- 7'yuh •z Db; X.,_. ..- y -. . F� .. .. �+6 :A tY ,�.
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SCHEDULE C2
CITY OF MIAMI, FLORIDA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Totals for Year Ended September 30, 1983
r
General Orange Utilities
Obligation Bowl Incinerator Service
7otaC�
=_ n
Bonds Bonds Tax Bonds
1984
i9B31
y4
Revenues:
Tax collections
_Bonds
$13,050,096 $ — $ — $22.472,100
$35,522,t96
$34,05 ,9294
„
µ
.......
Assessment lien collections
2,742,720 — — —
2.742,120
2',083,967
x
Interest ..
1.254,683 — — 97,767
1,352,450
t',7091.582
`
Other
1,099 — — 557
T,656
5;992
w
Total revenues .
17,048,598 — 22,570,424
39,619.022
37.851,470'
Expenditures:
Principal retirement
— —
9,570,000 t50,000
9;720,000
10,T40,000
Interest and fiscal charges .
7,924,316 — — 22.725
7,947,041
6,597,50T
c
Other
70,731 — — 160
70,89T
65,3821
Total expenditures ..
17,565,047 — — T72,885
T7,737,932
T6,802',883+
'y
Excess (deficiency) of
')
revenues over
expenditures ...
(516.449) — — 22,397,539
2T,88T,090
2T.0481587
Other financing sources:
Operating transfers in (out) ..
— — — (229300,752)
(22,300`,752)=
(22,297.953)
`
Excess (deficiency) of
t
,
revenues and other
r
financing sources
over expenditures ....
— —
(516,449) 96,787
(4T9,662)
(1,249 366)
^
Fund balances at
beginning of year ..
6,064,556 439,946 396,947 T75.535
7,076,984
8 3215350'
Equity transfers in (out) .... ...
. — (439,946) (396,947) —
(836,893)
g
Fund balances at end of year
$ 5,548,107 $ $ $- 272,322-
$ 5,820,429
7A76;984
7 V y
�4
. I
1,
M
CITY OF MIAMI, FLORIDA
G t
ENERAL OBLIGATION BONDS AND UTILITIES SERVI
CE TAX SO lo
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, NG
EXPENDITURES AND C"A
IN FUND BALANCE —BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Actual Amounts for September 30,1983
Utilities Service Tax Bonds
General Obligation Bonds
1984
1984
Variance
Variance Favorable
Favorable
Favorable
(Unfavor- 1983
1983
Actualt Budget Itathap abley
(Unfavor AcfuaV
Budget
able) Actual
Actual able);
Budget. Actual—
Revenues-.., 295."B 534 052 323
S22.720,790 $22 472, 100 S(248.15901$2t�647.638 S35.226,750'S35,522.196 S
0 S 544 136 S12,404.685
$12.505.960 $13.050,096
Tax collections 2.000.000 2.742J20 742,720 2.083.967
742.720 2.083.967
Pr. 2,000,000 2.742.720 454.683 1.581.940 90
Assessment lien coillliii�m 97.767 552,450 i 643,565
6t.625 800,000 t-352,4,
97.767
800.000 1.254,683 1.656 .656 5-992
Interest 557 557 661 —
— 1.099 1.099 5.331
22, 1,592,272 3T 785 8.17
Other .... ......
23 22.720.790 22.570.424 j150_3661 21,709,92it 3&026.750 39.619t0
0 17,048.598 1.742.638 16,075.9
.... 15305,96
Total revenues
150,000 %,;rn.000- 9729.0100 15,000) 10 .10 000
Expenditures: 150.10W
150.000
9.565.000 9.570.000 15.000) 9.990.000
Principal retirement ...... 27 7�5,t 8.1-7&685. 7.9-tT.O-tt 231.644 6 �W 501
22.725
22.725
lnterestandliscalcharges*.���.��-,;;:,.,. 8.155.960 7.924.316 231.644 6.569.747 14. 20% FA, 5 71
(6% 03, ILI aa-.000, 70�WT
85.000 70.731 t4.269 63.539; 100 160 L_
147
Other & 785� t,7,73T,932� 240,853 16802-01
240.913 16.623,286 172,825 T7Z.885 l6O)jj78J86 t —
17.805.960 17,565.047
Total expenditures
2t,,891'.0
Excess (deficiency) of revenues go 1133-125 20 q83,77,
(2.500.000) (516.449) 1.983.551 (547,363) 22.547.965 22,397.539 (t5G.426) 2t.531-J36 20.047,965
over expenditures .......
Other linancing sources (uses). 752y 247.2t3 (22.290.347)t (22.547;965y(2Z1011,752) 247.213 (22 'M_3__&
(27.547.965) 1223K
Operating transfers in (out)
Excess (deficiency) of revenues
and other financing sources over 2,080.338 (i.314.5i2i
96.781 96r 787 (767.2091-, (2.500.0001 (M91.662)
dilures and other uses ... (2.500.000) (516.449) 1,983,551 (547,363Y
expen — 942.70 6,249,09T 6.240.kOgt — 7 554.663
9F t75,5,3&
Fund balance at beginning of year. 6.064.556 6.064,556 6_6t1:.91 5Z080,338 S 6,240. 091
S,1 TA 01
- 096T I
56 $ 5,548.107 $t.983.551 $ 6.0164.555 S t75.535, S M.32ZS 9&.3&T-St75,535
Fund balance at end of year ........... $ 3.564.5
T
F
m:A
Mq
" wm'tzl
w 7.
11
P - y Gi SI, W�i'S J
I I
i
CAPITAL PROJECTS FUNDS _ v.
i
i
i
i
-i
The Capital Projects Funds are a member of the governMehtal fund
category, and as such, are accounted for on the modified accrual basis of
accounting. Revenues are recognized in the Capital Projects Funds when
they become measurable and available as net current assets. Expenditures
are generally recognized when the related fund liability is incurred.
The Capital Projects Funds are used to account for financial resources to
be used for the acquisition and/or construction of major capital facilities
(other than those financed by proprietary funds). Examples of such major
capital projects would include, but not be limited to, construction and/or
repair of storm sewers, sanitary sewers, highways, improvements, fire and
police stations and park and recreation facilities. The capital projects are
grouped by the general obligation bond issues that provide funding for
the projects. The Capital Improvements Fund was established to account
for projects funded from other revenue sources, or for projects funded by
more than one general obligation bond issue.
-iS
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THIS PAGE INTENTIONALLY LEFT BLANKLY'{ w
64�E 4
L # 1 ?, f A.' ✓ ! '7 '.. 1 t J. bd i'.x''r ,'I� � +4. ;" ,t j� ,
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• r 1� r. yz ,
-73
CITY OF MIAMI, FLORIDA
Mk
x r CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1984
With Comparative Totals for Year Ended Septembec3A.19fi3
General Obligation
Parks and Revolt Capitals ttrtal9t
Recrea- Highway Parking vint� fmptrova� 19H4
Storm Sanitary Pollution Police lion Improve- Fire Side-
Sewers Sewers Control Facilities Facilities ments Facilities walks Housing Facilities fund mentsa
Sewer
ASSETS
Equity (deficit► m
led cash and
p00 _ _ 451',226 956,54o
mvesiments $6,698.9t3 52.718,825 5918.058 52.19t,390 St,672.402 Stt.038.5t0 55.55s,576 $20.757 $t6.333 438 S{6.0651 5218.580 S2'45�226 �t9.952.362 g37J84';1
Accounts-
: receivable - - -- 172.600` 172.600 3.077.Ot6
Due from other - - - - - -
lands - - _ - 15311042 3531,042 1107.9W
i • s Due from other _ - - - _ _ - - _ - - 35.(10tl 35:000 35.000
governments - - -
Other assets -
Total assets
56.698.9t3 52.718.825 5918.1t58 S2.t91.390 St.672,402 $i1.038.510 55-554.576 520.T57 516333 438 S16. I $218:580 56.78Z.846 554•t42.230 342.960:725
CA
LIABILITIES
AND FUND
BALANCES
Liabiinies
t ,M. Vouchers and 5 - S1.279;75•t & 2 18r 767 S 2.64t.525
26.355 $ 1.725 5 - S 229.8at 5 - 66
d69: 59:41tr
+g accounts - S 593.098 S - S - 5 50.99a S - a03 - - - _ - - 805.402
payabie S _ - - - - -
�. Accrued expenses - - _ - Y -
Due to other funds - 2.720
2.720
- - _ - - -
Due to other t,28Y•540' 2,18a;956 3.506.34t'
l 7_ governments - - 229.84i - -
t 50•994 26.355 2.128
Total liabilities 593'098
Fldeliciibalances - - 2,862.661 a p99 236 6.437.96
q Reserved for 3.656 - - 94.489 637.693 76.060
fi 112.985 311,692
rat encumbrances
Unreserved-
deli ed tOr - - 53.00n 2.637.645 45.689 t67 32.97SFi69',
gat 16,027,537
W 6,585,928 a.9ts,755
d approved t.8t4.035 2t8.625 2.19T.390 328.586 t0.9tT.fi66 2.i6ff.87t 3T.25t
protects . _ - - - (6,065) 165.580 -
s Unreserved- - t .289'.166 20:757
hated - - 699.433
undesi9 5.500;3116 5T,g57.274s 39i4538
t ' irk Total land balances 216,580
tall fund
6.698.913 2.125.727 9t8.058 2,191,390 t.62t.408 t1.Ot2.155 5.552.448 20.15T i6,103.59T t6.0651 142.2$429ti0.725
30 .
Wldies and
t.
698.9t3 $2.7t8.825 5918.058 $2J91.390 $672.a02 $n.t138.510 55.554.576 52p:757 SI6,333.438' SI6.0651
Total ha$218.580 $6.782.846 > - _
fund balances $6.
t
J
M
47
I
II
SIC"EDULE,
WZ
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
YEAR ENDED SEPTEMBER 30,1984
With
Comparative Totals for Year Ended September 301,1983
General Obligation
Parks and
flecrea- Highway ltovot>
Capitali
Storm
Sanitary Pollution
Police tion Improve- Fire Side- Parking, wing
Improve -
sewers
-Sewers
Control
Facilities Facilities Monts Facilities -walks Housing Facilities Fund)
Monts
Revenues
Franchise taxes
S -
S - S
-
S - S - S S S S S S
4 509.656 S4.509,656 5!.409Jfi1
Intergovernmental
-
-
-
- -
3.535111
3,535111
4,179 346
Interest
347.074
552.334
85,862
226.880 526.549 375379 502.939 T 856 679 889 5.548 19545
730.668
r.054 523
3 089.054'
Other
-
-
-
- - 107.050 33,222 - 3366 -
540.391
W.029
_TZ
806 243
-9
347.0-74
552.3-34
85862
8
22-6.880 --526549 482429 536,161 1856 683255 5.54 t9 545
, 315926
78-3,419
780, 404
Expenditures -
capital projects
904.697
4.755,757
4.349
77135 76,386 570.647 3875,814 - 4.85t 533 44928
9863,313
25024 559
23.075 706
Excess (deficiency)
of revenues over
expenditures
1557.623)
14103.423)
81.513
149,745 450.163 188.218) 0.339 5531 1856 (4.168 2781 139 3801 19.545
(5473871
112,241.140)
(13,295-302)
)
Other (financing
sources (usesl
Operating
transfers in
998,400
998,400
4-,325300
Operating
transfers out
(6 547 3951
(15 547 3951
ill 554,3001
General obligation
bond proceeds
3.000.000
7.000,000 2.000 000 18100.000
30.200 000
25 000100
Total other
financing
sources
(uses)
3.000.000
7,000.000 2.000.000 18,200.000
15.548.995)
24651 005
20 771 000
Excess (delicemy)
of revenues and
other financing
sources over
expenditures and
other uses .
2.442.377
(4,203.423)
81.513
149.745 450.163 6,911,782 0.339.653) 1.856 14.031.722 139-380i 19.545
16 096.382t
12,409,865
7,475,698
Fund balances
(deficit) at
beginning of year
3,44t.297
6356,540
878,572
2.387.044 5,530.944 1.540 776 4847.934 18,90l 2.07t 875 1180 6851 199035
12,362 15,
39.454.384
33,142 13?
Equity transfers
from other funds
1.203,165
-
-
2.410 431.690 3.311.986 2,321523 - - 214.000 -
7320.307
15.307.081
&324154
Equity transfers to
other funds
(387.926)
(27.390)
(42.027)
1347,809) (4,791,389) 1752.389) (279.3561 - -
(8,585.770)
05.214;056I
19A87500)
Fund
balances
(deficit) at
end of year
$6.698,913
$2.125.727 S 918.058
52A91.390 S11.621.408 S11.012.155 S5.552.448 S 20357 S16.103,597 S (6.065)S 2t8.580
S 5r;500.306
S51157174'
539454i.384�
El
S
11 11111jill jjlIII T�1�I
A
A
I
i
M
The Enterprise Funds ate a member of the proprietary fund category, as
14 Such, are accounted for on the accrual basis of accounting. Revenues in
the Enterprise Funds are recognized when they are earned and their
expenses are recognized when they are incurred.
.� The Enterprise Funds are used to account for operations that are either
financed and operated in a manner similar to private business enterprises
or where the governing body has decided that periodic determination of
revenues earned, expenses incurred, and/or net income is appropriate for
'1 capital maintenance, public policy, management control, accountability,
or other purposes.
w
w
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Fx
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s
4
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69
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69
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1�y
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YsS
I$
h9
`-4.1
r
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1984
^
With
Comparative Totals for September 301, 1983
a
Off -Street
Marine
Oranges
Miami Bowl Convention
Stadium Stadium Center Marinas Auditoriums
Nhrekouw
Go1D Properryp
Pnkingt
Garage)
1984 190
-,
Parking
Stadium
ASSETS
h
Current assets:
$
—
$ — $ — 5 — 5 — $ — ffi
— & — S
—
S 3:536.146 S
974;23t'
Cash and cash equivalents ....................
$ 3,536,146
Accounts receivable (net, where applicable of
of $736,000)
166.039
12.085
—
2.448 t 78.851 521,301 16.459
27:868 —
—
920:05t
t.229.089
.art
allowances for uncollectibles .......
_ — — —
— —
—
—
57198
Due from other funds .... .............. ..
—
—
— 305,606 t,094.000' — —
— —
—
t. 399:606
4' 0 94A00
# '
Due fromother governments ...
— —
—
m7 `
Inventories .....
114,894
130.030
—
—
— — — — —
— — 3.560
— —
—
133,590
9,452
F
Prepaid expenses ........ ........ .. ...
3.947.109
12.085
2,448 484,457 t,618.86t — t6.454
22,868 —
—
6a0k 28T
6.646.830
Total current assets .... ..................
Restricted assets:
f p
Cash and investments with fiscal agent
— — 1f.558.739 —
— —
t'.554:—
t5:366.467
t8:308.089
�
t.
includingaccruedinterest .....
long-term
2.517.830
366.467
—
—
_ —
— — —
— —
366.467
308.089
t-
.
Due from other governments, ng .....
.
24,015,693
2.081.300
1,988,441 12.287.091 86,734,802 4,977.279 5.200:287 r.642.423
518.864°
S;417.660
t47.858.840
144.456 952
t•,
Property. plant and equipment ........ ....
...
��
Less:
(5.729.733)
(1,303.479)
(910.909) (6.193.753) (2.270,65t) (2.681931) (1.432.932)
(683,505) (2091525)
122t.084)
(21,639:502)
I18.400.6211
i
R
accumulated depreciation ........ ..........
18.285.960
777,821
1,077.532 6.093.338 84,464,15t 2.293.348 3.767.355
958.918 30933g
8,t91.576
t26.219:336
t26A56.33t
Property, plant and equipment, net ..............
Other assets:
_ _ — —
— —
50.000
P
Deposits and other assets ............ ........
—
_
_
— t.840.998 — —
— —
473.765
69.000
2.469:125
98.441
2 498.44t
�^
v
Bond issuance costs, net ............. ...
154.362
$25.271.728 E
—
789,906
—
St,079,980 $ 6,577.795 S 99,482,749 S 2.293:348 S 3'.783.814 S'
981.786 S'309.33g S101275,031'
St50:845,476 $t53 5za.645
ur
Total assets ................. ...........
y
(Continued)
r q I
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� _
h...`
_
'tam yy.. �.v ..'s.
.. ,.
�,
yp
K�
Yh {�'ryi
CITY OF M1AM1, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1984
Comparative
Totals for September 30, 19831
With
OM-Slreel
Marine
Orange
Miami Bowl Convention
Marinas Auditoriums
Wittef(aosai
Pfepett(q
P1trRfn91
Dan9et
T6wD`
Igo*
1983i
Parking
Stadium
Stadium Stadium Center
UABILITIES AND FUND EDUiTY
Current liabilities (payable from current assets):
$ 387.566 $ 2.738.862 $11.717,0361$
572.740 $
225.254 $(t04:457) $
(494`.6831 S
33,882
1.879:848 S
1.4T4i592
1,642.062
724i758
Deficit (equity) in pooled cash and investments ....
$ - $
260,027 $
21,575
11,575
88.256 131,941 134.474 202,897
21,670
28,307 -
207.927
321.792
Vouchers and accounts payable...........
816.590
-
8.556 26.146 23,745 6.734
73.863
68,883 _
-
6,267
2.539.975
Accrued expenses (principally salaries) ... .. .
-
-
- - - -
-
-
6.355'
-
B33.948,
572,237
Due to other funds ...................... .
6,267
541.685
3.500
500 252.358 -
29.450
-
-
30 -
-
102,969
81.297
i
Deferred revenue ......... ...
Sg 058
4.250
746 - - 9.885
Deposits refundable .. . ...... .. .......
Total current liabilities
.
109.633 198.011 2.897.081 (1:49T.520)
697:723
322.474' (98.102)
1460:BOt)
4'.St0.45t
5,882.121
(payable from current assets) .. .._. .....
1,452.600
289,352
33.888
2.415.122
Current liabilities (payable from restricted assets)
33 - - -
,888
- -
-
221 280
2.190.891
2,160.318
Construction contracts ....................
-
684.724
- - 1,284.887 -
-
-
65.000
220,000
110.000
Accrued interest .... ......................
Current portion 01 revenue bonds payable ... ...
555.000
-
- - -
- -
286,280
2:444, 779
4 ; 45, 440
Total current liabilities
839 724
-
- - 1.318,775 -
-
(payable from restricted assets) ...... ..
.
- 115.000
10,101-,915
81'.932,018
82 523.671
}e
Long-term liabilities:
13.317,575
-
- - 58.397.538 -
-
-
-
2.104
-
10.127
8 023
Revenue bonds payable -net . • • •
Other payables ................ ...... ..
8.023
-
- - -
- -
58,39T.538
_
- 1t7 104,
tO,tOt,915
81,942,155
82.531.69a-
93.t59.25i
•
13.325,922
-
-
697,723
322.474 1400Z
9 927,39
88.897:385
Total long-term liabilities ............. .
15,6t7,922
289,352
109,633' 798.011 62-.613.394 (t,49T,5201
Total liabilities .. - ..e................. ...
43.243.798 285.356
5.600;Oit
392.718' -
633,900`
56,015,845
54.085 638
Fund equity:
121,753
674,755
1.397,349 3,666.205
Contributed capital ......... ..............'
Retained earnings (deficit):
t,273.410
t3.191.480
t3.349.224
Reserved for construction and
retire
revenue bond retirement ...... .
1.678.106
1.678.106
-
- - 10.239.964 -
2.1t3.579' 116.614,407) 3.505.5t2
(2.513.920)
266,594 290.337
0.559 673)
(7.259:234►
5,932'246
(6,969.a 72)
6.379,752
.'
Unreserved .. ......... ..... .....
9,532.947
(17a,201)
(174.201)
(427,002)
(427,002) 2,1t3.579 16.374,443} 3;505.512
(2.5t3,920►
266,594 290:337
290;33T
(286,263►
34'T,63T
60,46It
-F.
Total retained earnings (deficit) ....... . ....
„ •.,
9,653.806
500.554
970.347 5.779.784 _ 36,864,355 3,790.868
$ 2.293t348'
3.086.o91
S 3.783'.8t4
659,.312
& 98Y,786 $ 309e339
$10,275;03t'
5a84&.09t
$15Dt84S;476 5153,624.645
Total fund equity ... . .
$25.271__728
$ 789.906
$1.079,980 $ 6.5T7.795 $99;482,T44
Total liabilities and fund equity ............ .
6;b
,ti
r
tee,
CITY OF MIAMI, FLORIDA
ENTERPRISE
FUNDS
COMBINING STATEMENT OF REVENUES,
EXPENSES /inky!
CHANGES IN FUND EQUITY
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Totals for Year Ended September 311,1983
Orange
iNkte�1
Off -Street
Marine
Miami Bowl
Convention
kousur ftrkingf
Parking
Stadium
Stadium Stadium
Center Marinas
Auditoriums
Golf,
Properly murager
19"
198m,
Operating revenues:
Charges for services ..... ... ....
$ 6.790.664
S181.817
5 74 817 51 985 379 S 2 837 221 S1.258.145
---
S 558.214 S
983.412
S 38.356 S 185.745 S14:893,830 St2.852.475
Operating �.
-----
Personal service
2.162,657
34.436
132.784 863.722
1,279,510 285 558
413,838
741.711
- 62.761
5A76.977
4,760.61._
Contractual services .. ....
274.130
25.115
10.323 319.882
1.682.945 27.651
119.052
52,702
- 81.815
2.591615
2.184.308
Materials and supplies ..... ...
481.800
6,214
15.592 43.124
128,410 15,313
2t.838
131.226
- 5.699
849.216
1.303.577
Utilities ... ........ ... .... ...
395.689
33.504
65.684 208.124
529.132 222.935
233.162
886t41
- 2T.552
1.803'923
1.404.459
Intragovernmental charges ...
-
39,420
132.982 491,673
2.596 26.746
57,017
123.392
- -
873:826
857,113
Other .. ....... .. ...... .
865.439
20.063
43.369 53.972
854,827 t8.805
t14.042
13.tt7
- 36,J61
2,019.795
1,565,510
Total . ..... . ........
4.179,715
158.752
400,734 1.980.497
4.477,420 597.008
95&949 1'.150;289-
- 21-3;988
14.117.352
12,075.579
Operating income (loss)
v before depreciation expense ... ..
2,610.949
23.065
(325.857) 4,882
11.640,199) 661.137
(400.735)
(166.877)
38.356 (28.243)
776.478
776.896
N Depreciation expense ........ ...
817,565
84.463
31,643 382.108
t,513.730 169.996
t48,570
40,827
12.972 151484
3.355,358
2.496.454
Operating income (loss) .....
1,793,384
(61,398)
(357.500) (377,226)
(3.153,929) 49t,141
(549,305)
(207,704)
25.384 (181',727)
(2.578.880)
11.719.558)
Nonoperating revenues (expenses),
Interest
629.872
-
13.652 19,204
1.095.191 149.289'
-
32.366
9161' 199.679r
2,148,514
2.121,805
Interest and fiscal charges ... ... ..
11,489,242►
-
- 14.002
(5.356.084) -
-
-
(10.099)(1.335.280)
(8,176,703)
(7 318,305)
Other
5,178
-
- 65,164
61.065 2,986
5.515
34,68t
(20.000) 2T.054
181,643
499,539
Net nonoperatingrevenues (expenses). . . .
. . (854.192)
-
13.652 98.370
(4,199.828) 152,275
5,515
67.047
(20,838) (1.108 547)
15.846.546)
(4696.961)
Income (loss)before operating transfers .. .. ...
939,192
(61.398)
(343,848) (278.856)
(7.353.757) 643,416
(5434,790)
(1`40.657)
4,546 (1.290,274)
(8.425.426)
(6,116.519)
Operating transfers in .. . ... . . . .
-
-
290.617 46.300
5.164.718 -
495:t39
-
- T.382.677
7,379.451
5059.668
Operating transfers out . . ..
-
-
(46.300) -
- (90.000)
-
-
- -
(136,300)
-
Net income (loss)before extraordinary item
939.192
(61,398)
(99.531) (232.556)
12.189.039) 553.416
(48.6511
(140.657);
4.546 92,403
(1.182.275)
1
Extraordinary item -gam on debt refinancing
799.966
-
- -
- -
-
-
- -
799.966
Net income (loss)
1,739.158
(61,398)
(99.53t) (232.556)
(2.189.039) 553,416
(48:651)
(t40:657)
4.546 92.403
1382.309)
i1.156,85"
Retained earnings (deficit)atbeginning ofyear . ..
7.792.895
(112,803)
(327.471) 2.402,939
(4,183.998) 2.958,498
(2:464.684)
40T,251'
285.791` (378:666)
6.379,752
i 736.603
Equity transfers to other funds
-
-
- (56.804)
(1.4061 (6,402)
(585)
-
- -
(65,197)
-
Retained earnings (deficit)at end of year
9,532.053
(174.201)
(427,002) 2,113.579
(6,374,443) 3.505,512
(2.5t3',920)
266,594
290:33T (286.263)
5.932.246
6.379.752
Contributed capital at beginning of year..
6.453
673.259
1.344.349 3.294,t11
41.917.798' 285.356
5.537,694
392.718
- 633:900
54.085.638
44,701.294
Contributions from other funds . ......
40.300
1.496
53,000 -
1.086,000 -
62,3t7
-
- -
1.241113
1.095.754
Contributions from tenants .. ....
-
-
- -
240.000 -
-
-
- -
240,000
7.319,555
Contributions from other governments .. .. .......
75.000
-
- 372,094
- -
-
- -
447.094
969,035
Contributed capital at end of year ........ ... .. ...
... 121,753
674.755
1,397.349' 3.666.205
43.243.798' 285.356
5,600;Ott
39Z.Tt8
- 633;900
56,015:845
54,085.638
Total fund equity ............... . ... .
..... $ 9,653,806
$500.554
S 970.347 $5,779:784 $36.869.355 $3.790,868
S3:086,09T S 6591,312
$290i33T S= 347.637 $6t,948,09t $60,465.390
t � .
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CITY OF MIAM1, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT
OF CHANGES IN FINANCIAL POSIIMON
YEAR
ENDED SEPTEMBER 30, 1984
for Year Ended September 301,1913
With Comparative
Totals
F%
Orange1e
fiouse ParMidgs
Ott -Street Marine Miami Bawl Convention
Auditoriums: Golf!Ptopertyr Goa
19B4t
1983
Parking Stadium Stadium
Stadium _Center _Marinas
Working capital provided by (applied to):
1 S (t40:6571 S' 4'.546 $
92,403 $
(t 182.275)$(1.356.8
11
Operations:
$ 939.192 3161.398 i 3 � 99 53 � � Si 2 32 h5ii i St 2 189 039 t S 553 a t 6 $ 148.65t
Income (toss) before extraordinary item .
Items not regmnng current outlays of working capital.
31.643 382.108 1.63a.287 169.996 t48.570 40.866 12.972
t7t,738`
3.677.254
47,25
2.656,504
g8.242
Itemsnot�onandamort�zahan . ..... 1,000.650 84.a63
properly plant and equipment.ro (5.1781 40
6.996 25.39t 6.734 3.754 4:466 -
103.673 195:3Er1} 17.518
-
264.14t
2.599:96
1.397.895
Loss(gam)ondisposdionsot
1.934,664 23,105
(67.888) 156,548 1529.361) 730.146
Totalprovided by(applied to) operations ..
799t966
Other:
Extraordinary item -gam on debt refinancing .
-
799•� -
- - - -
- - - _
(t.924.6951
530_592
92.546
1,865,010
6,130.443
9 384.341
(increase) decreaset.486,649
ui retracted accounts
115.300 1.496
53.000 315.290 T.324.594 (6.402) 6f.732 y -
-
13.105.000
-
Contributions equity transfers, net .
Proce
13.705,000 -
- - _ 2, t04
-
2,303
49.454
long-term
Proceeds from long term debt -
Proceeds from
Increase m other liabilities ...
_ _
199 - -
(t4.888) 47t.838 O'•t29163) 723,744, 165,405 (95.364) 1%622�
794:733
19.002.007
t 7 62 1'19
-
Total ..
Working capital applied:
18,041.579 24,601
$ 1.593.805 S 4,180 $
543_436 S 540_864 $ 123�52r S 492_536' $ 6&_946 S 78,989 16,000
tI* 294s
55.000
3.560.571
14.305.613
12 358 029
31 1s4
Additions of property. plant and equipment. net .
14.234,6t 3 -
Reduction of revenue bonds payable, net .....
o4 094
increase (decrease)in due from
-
- - _ - _
-
68.873
1 t6
other governments. long-term . ..
Increase (decrease) m other assets
68.873 -
- - _ - _ -
540.864 123.52T 492,536 69,946 78,.989• 16.000
169 Z94=
t7.936.957
8 884 5
-
Total
15.897,291 4.180
543.436 677
169.026)S (1.252 784i S 23t.208 $ 96.459 $ I t 74.3531$ 3,622 $ 625:439� $ 1,066.950 5 is 677 948
_ -
$
Increase (decrease) m working capital
$ 2.144,28fi $ 20.421
(558.3241$ i_--
Summary of increases (decreases) in working capital:
$ 2.561.849 $ 20.930
S1471,743) $1499',823) S (86:57t) S 373.527 $ 70:42T S (223,g24) $ 10:72Z $
568:570
$ 2(309,038 S 7 61 t 238
1309.038I .
Cash and investments
58.321 (t.03t)
(46.826) (156.052) (t77,0091 - 2.21g 12.091 (_7501
_
t2.694,394)41094.000
Accounts receivable, net ..
-
- 305.606 (1000.0001 - - _
-
32.100
29.728
Due from other governments
32,100 -
- - - - - -
-
124,138
(8.653)
Inventories ..
Prepaid expenses ..
120.578 -
(552.413) 1,022
- - 3.560 - -
(39,MI (7.474) 33,826 1142.009) 28:017 37.380
_
56,869,
(50;D00)
(584t5811
2, d07.946(3,764.242)
(278399)
Accounts payable and accrued expenses
404.000 t.973.4tO - -
- -
50_000
595)
Due to/tromother funds
21,306
.. (21,306) -
(310)
- (4.t97) - {6',3551
-
61.612
1263.6121
2.203
82.203
Deposits refundable .... _ ..
(t35.3771 I5001
100 __I115.283) -
$ It74,3531$ 3,622 $
625,439'
S t',066.950
$ 8,677,548
Deterred revenue .......
$ 2.144.288 S 20,421
S (5513.324)$ (69,026)SO.252,7841S 23t.2OR S 96.459
Increase(decrease)inworkingcapdal .
I
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INICANAL SERVICE PUN08
C+y�
The Internal Service Funds are a member of the proprietary fund category,
and as such, are accounted for on the accrual basis of accounting.
Revenues in the Internal Service Funds are recognized when they are
earned and their expenses are recognized when they are incurred.
The Internal Service Funds are used to account for the financing of goods
and services provided by one department to other departments 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 replace fixed assets. Substantially all excess funds are committed
under the City's vehicle replacement program.
R1.1
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THIS PAGE INTENTIONALLY LEFT BLANK t`
76
h
7,5
t � �
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xf �F"�.
i l�" 542.t WJ
.w
�t�1=11`i�Ltt
t`•1
CITY Of MIAMIj PLl
RIDA
t%1fiDNAt 'I;I+Ri ICt PuNbt
..
COMBINING DALANOr: 9114ttt
stri Emen 30,
1084
VAtb t6thpiltative T61619 lot t6ptoMbot 10,1092
-
wr
'Coy
M61of pregotty
print
8woft6fv
`t6filmofiltaffit l
fatete
hifiice
pool tNaifitahance
Shop
5166
Seiwtefis
110111
1983
AW3
`
_
Current assets:
Equity (deficit) in pooled
cash andlnvestments .
$ 4.411.030
$3,295.663 $206.829
$(216.746)
$(9.173)
$ 945.814
$ 8:633,417
$ 6.491.631
Accounts receivable
—
— —
—
—
—
—
4.691
invehtories .......
253,610
137.903 111,408
24.681
80.888
109.120
717,610
690,466
r
Totalcurrentassets ..
4,664.640
3.433,566 318.931
(192.065)
11.715
1.054,934
9.351.027
——
7.186.788
Property, plant and
equipment ... ..... ...
14.181.158
7,641.425 311.366
121.174
—
2,947.245
25,208.368
22.399.669
,..
Less: accumulated
depreciation . .....
(4,428,748)
(4,759.788) (190.3651
(60,868)
—
(942.880)
(10.382,644)
(8.450.3301
Property, plant and
equipment, net ..
9.752.410
2,881.637 121,001
66.311
—
2.004.365
14,825,724
13.949.339
Total assets .......
$14.417,050
$6.315.203 MUM
$(125.754)
$71,7i5
$3,059,299
$24,176,751
$2t.136.127
---_-
LIABILITIES AND
FUND EDUtTY (DEFICIT)
Current liabilities:
Vouchers and accounts
'
payable ...............
$ 314,547
$ 238.488 $100.445
$ 14,210
$ 1.979
$ 180.436
$ 850.105
$ 616.811
Accrued expenses
(principally salaries) .....
138,534
84.351 104,455
13.840
2,701
48.065
391,946
496,675
Total liabilities ......
453,081
322.839 204,900
28,050
4.680
228,501
1.242,051
1.113.486
Fund equity (deficit):
i
Contributed capital .......
4.478.771
1.742.021 271,755
178.170
—
2.130.078
8,800,795
7.865,303
Retained earnings
-t
(deficit) .......... .....
9,485,198
4.250.343 (37.417)
(331,974)
67.035
700.720
14.133.905
12.157.338
Total fund equity
•r
(deficit) ..........
13.963,969
5,992,364 234,338
(153,804)
67.035
2.830.798
22.934,700
20.022.641
Total liabilities and
fund equity (deficit)
$14,417.050
$6,315,203 $439,238
$(125.754)
$71.715
$3,059.299
$24,176,751
$21.136.127
- 1
1
_ 77
85-644,
nrag>,s
€� 3 :, j - - «F tyt13
.?' �, 3;a'ti �•}
1•"Y�i b r t�
. d A �'.6
� $r
�#d4lCfhn� �Y � .�Y�j;..�..
> �'S':F1�^•r .�Ys 4..t,5•w� k�K �k'�.-j.A . Y Fj 'ii��Y 4T� �i 'hF��N��Nyrf#'W..'xA� � .+^'✓m ''t``si�YY '����. ,u..+r
. :� i'
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v:
CITY OF MIAM1, FLORIDA
1NttANAL StAftt P'UNbS
COMSiNINO STAt9MIENt OF hEV1=NUBS,
WENSSS AND CWANOtS IN P'UNb €0UItY
YEAR €Nbt=b S9ptSMhth 36, 1904
With bottlparative totals for Year Sndetf Septernbet 36, 1993 —
city Motor Properly Print Stationery COW110111011ons bull w�
Wage Pool Maintenance Shop Stock Servlfas 1gg4 19gg
Operating revenues— — --- —
charges for services ... .. $ 5.484,514 $4,534.732 $3.534.605 $ 510.457 $312.780 $2.768.721 $17,145.809 $16,413,113
Operating expenses — —
Personal services .. !
2.162,190 1,559.906 2.000.150 218.994 42.765 747.253 6.131,258 5.923,736
Contractual services ...... 254.555 111.539 683.533 158,838 12.401 67.246 1.288.112 1,077,251
Materials and supplies ... 1.013.017 1.223.799 660.599 89.152 248.731 175.826 3,411.124 3.559.025
Utilities .. 85.183 52.603 20.422 4,440
Other......... 159.269 7,448 1,902 272 1,513 1 462.495 71.090 1 232,899 1 384.935
Total .. 3,674,214 2.955-295 3,366.606 471.696 305.410 2,523.910 13,297,131 12,428,704
Operating income
before depre-
ciation expense .. 1,810.300 1,579,437 167,999 38.761 7.370 244.811 3,848,678 4,044,409
Depreciation expense ...... 1,083+381 1,269,736 12,326 10.814
Operating income — 281,743 2,658,000 2,521.153
(loss) 726.919 309.701 155,673 27.947 7,370
Nonoperating revenues (36,932) 1,190,678 1.523,256
(expenses):
Interest ........ 336,082 308.656 — —
Other .............
eratin.... 36.183 186.799 263 1.257 215 71,253 225,970 389,981
72,872
Total nonoperating
revenues (expenses) 372,265 495.455 263 1,257 370 73,780 943.390 462,853
Income before
operating transfers . 1,099,184 805.156 155,936 29.204 7,740 36,848 2,134,068 1,986,109
i Operating transfers in ..... 361.995 100,000
Operating transfers out.... (100,000) (161,966) (150,267) (19.562) — 461,995 281,838
Net operating — (30,200) (461.995) (281,838)
transfers ......... 261,995 (161,966) (50,267) (19,562)
0,200
Net income ........ 1,361,179 643.190 105,669 9,6427,740 (36,648) 2,11,9
34,068 86 109
Retained earnings (deficit)
at beginning of year ....... 8,124,427 3,763,917 (143,086
Equity transfers to other funds (408) (156,764) — ) (341,616) 59,295 694,401 12,157,338 10,171,229
Retained earnings (deficit) — (329) (157,501) —
at end of year ............ 9,485.198 4,250,343
�'! Contributed capital at (37,417) (331,974) 67,035 700,720 14,133,905 12,157,338
beginning of year ......... 4,344,401 1,479,950 271.706 178.170
Contributions from — 1,591,076 7,865,303 7,204,939
other funds ............. 134,370 262,071 49
^� Contributed capital at — — 539,002 935,492 660,364
end of year .............. 4,478,771 1,742,021 271,755 178,170
` Total fund equity — 2,130,078 8,800,795 7,865,303
(deficit) .......... $13,963,969 $5,992,364 $ 234,338 $(153,804) $ 67,035 $2,830,798 $22,934,700 $20,022,641
r
78
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=:s -.:,, � , ,,., :. ,.." a. gj d,.- '�.,..K2,.,. �k _ ,• y.; w, c :.z it , ,»x r.,� ea, ri*�� `Sc;cr`c'o* t..
': _ ;.• ?,�.,. »k"aw- !fin ?'.34� y�ac, t + �.G1r,h ,}:w+l � ta�?� { cr s.:. > : .r �r`,4 sRSCSx6'+�..''s� �l;A '!w "
...•... # i a�' ;r: i..�' Y a.k i _ r 4-N�y n+'v .:3 h`S :! .}. °.it s9
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SOMEDULt P•3
tity ''Of MIAMI, FL'IDAIDA
1NtS1bNA1 ttAvIot FUNDS
COMSININGl
ttAtEM NT OF CHANOtS IN FINANCIAL. POSItION
tAA WO
SP-PTtMbV%
30, 084
W10i iyatwtetivo totals tat Deaf• tnded Septefrieet 30,1083
teieis
6
INotor
Pool
Proparty
MBintananO
Print Stationary colnthuhledtiFinS
sho)i Stbtk sBryIC�9
1981
1963
6i1tage
Working capital provided by
(applied 10):
Operations:
$ 1,361.179
$ 643.190
$105.669 $
9:642 $ 7.740
$ 6;648
$ 2134.068 S 1,986,10
Net income ....... ....
Items hot requiring current
outlays of working capital:
10.814 —
281,743
2.658,000
2.521,153
0epfeciati6n .........
1.083.381
1,269.136
12.326
Lots on dispositions
of property. plant
-
— —
—
285,959
370,449
and equipment. net ...
92.881
193,078
—
total provided by
(applied to)
2.537,441
2.106.004
117.995
20.456 7.140
288,391
5:078.027
711
4,870,36
operations . ....
Contributions and equity
133.962
105.307
49
— —
538,673
777,991
660,364
transfers, net .........
2,671,403
_—
2.211,311
118,044
20,456 7.740
827,064
5,856.08
5,538.075
Total .............
Working capital applied:
Additions of property.
3.060
138 —
20.—
663.295
3,820,344
2,473.247
plant and equipment ...
1,592,128
1.541.723
3.060
20.138
663,295
3,820.344
2,473.247 _
Total .............
1,592,128
1.541.723
Increase in
$ 1,079.275
$ 669,588
$114,984
$ 318 $ 7.740
$ 163.769
$ 2,035,674
$ 3.064,82
.
working capital .........
Summary of increases
(decreases) in working
capital:
$ 1,045,044
$ 768,928
$149,488
S 5,621 $(208;377)
$ 193,i�00)
$ 2'113,686 41,786
-
$ 3.044,691
Cash and investments .....
Accounts receivable ......
—
(421)
(0,082)
,0 —
2,062
2,947
8.767
(67.890)
Inventories .............
18,340
(4,500)
(10,082)
Accounts payable and
15,891
(94.419)
(20,222)
(7,365) 9,818
(32.268)
128,5651
( _
83,891
accrued expenses .......
Increase in
$ 1,079,275
$ 669,588
$114,984
$ 318 $ 7,740
$ 163,769
$ 2,035,674
$ 3,064,828
working capital ..........
79
85-644
.-� C'. IY Y:. 3" •4Y4x �..x4 S Yf^'Mk E'�'L
M
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1..:W
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TRUST AND A!32 CY PUDS
In
The Trust and Agency Funds are a member of the fiduciary category.
They 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. The City's Expendable Trust Funds are accounted for
In essentially the same manner as governmental funds. The City's Agency
Fund is used to account for deposits held under issuance of a cable T.V.
license.
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THIS PAGE INTENTIONALLY LEFT BLANK
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71
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94111INKILS 0-1
el" Ot MIAMI, PLORIDA
TRUST AND AlOI NCY FUNDS
COMSININO BALANGt SIT€t
SePtEMSER 30, 1004
VVIttt Cofnpatetive tot>iis for SopteMbot 30,1083
Alwy
Ezpen®able trust Eunes
FURd
fiet�is
Solf- Ponsion
thtursnce Atiministrition
CUbls
t,V.
1984 1953
ASSETt
(Equity in pooled cash and investments
16,848,247 $ 6,312,630
$2,015,564
$15,236,441
106,305
$16,821,734
125,704
Accounts receivable
08,986 7.319
— 1,158,546
—
1,158,546
—
Due from other governments
40,169 —
_
40,169
12,468
Prepaid expenses
bete,ted compensation plan assets
— 4,142,906
-,142,906
2,285,138
Total assets
$6,987,402 $11,621.401
$2,015,564
$20,684,367
$19,245,044
LIASILITI158 AND FUND BALANCES
Liabilities:
Vouchers and accounts payable .
$ 400,853 $ 1.293,760
$ 75,564
—
$ 1,170,171
—
$ 478,771
105.677
Accrued expenses (principally salaries)
— —
— 1,875
2,000,000
2,001,875
2,001,089
Deposits
Claims payable
1,832,705 —
4,142,906
—
—
1,832,705
4,142.906
2,294,292
2,285,138
Deferred compensation plan liabilities
-
2,233,558 5.438,541
2,075,564
9,747,663
7,164,967
Total liabilities
Fund balances:
Designated for hurricane loss ..
500000 —
,
—
500,000
6,182,860
6,182,860
500,000
6,173,208
6,173,208
Designated for pension -related expenditures
. — 6,182,860
—
—
869
Designated for claims payments .
4,253.844 —
4,753,844 6,182,860
—
10,936,704
12.080,077
Total fund balances .... ...
Total liabilities and fund balances
.. ... $6,987,402 $11,621,401
$2,075.564
$20.684,367
$19,245,044
�x
Irft'z `+!r d
tom_}
A .-
.S`.`
.�nr.
83
85-644
t—
I_
CITY OF MIAMI, PLORIDA
WtNDA13LF TRUST FUNDS
CbM61NING STATEMt:NT OF AtVSNUF§, WENDITUAtt
AND CHANUS IN FUND DALANCt§
YtAR I-00 80tt Ott 30, 1084
fth compfithtive Toull t tot Y 66t thd6d Septembet 30,1gas
SBit•
i'SttSibft
t6tiilt _
�
InSur8iiC8
AiifiHflisttrrti6fi
1984
1983
3
(revenues:
lhtergbverhMehtalcharges
$ —
$ 3,549,599
$ 3,549,599
$ 3,411.850
Intragbvernmehtal charges
3,840,251
18,731,752
22.518,003
22,413,298
Cohtributiohs from employees and
retirees 8,739,922
—
8,730,922
8,741,910
}
Other
1,469,031
120,515
1,589,546
1,465,212
Total revenues
14.049,204
22,407,866
36.457.070
36,031,579
_
Expenditures:
Personal services
1,013,418
—
1.013.418
877,427
Contractual services
73,904
—
73,904
101,000
Materials and supplies
7,280
—
1,289
6,273
Contributions to retirement funds
=
22,282,685
22,282,635
18,456,305
i
Insurance
790,045
--
790,045
580.558
Claim payments
12.915,828
—
12,915,328
11.727,754
Other
402,245
115,579
517.824
458,053
Total expenditures
15,202,229
22,398,214
37,600,443
32,207.370
Excess of revenues over expenditures ..... (1,153,025)
9,652
(1,143,373)
3,824,209
Fund balance at beginning of year .....
5.906,869
6,173,208
12,080,077
8,255,868
Fund balance at end of year ....
$ 4,753,844
$ 6,182.860
$10.936,704
$12,080.077
x
T
84
y,f
17
�7
E
F
1
PART III
STATISTICAL SECTION
i
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a
jGi��ih i
y ..
liq
ti x
IS PAGE INTENTIONALLY LEFT BLANK
#•� gi rr"q .y e� xT '"x 3Y'h r s*rt _ fYtt��,j
86
A"S ti
O
11 h g�
i `7'#> t7{:i� yt ' a .. t: ,+4 ,t J�# Silo .z<, .7
.. �
_k .tr ., . .r. .. _ —
,, r
i .tfn f /,Tow—
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r
r
i
r
�l
,r
Y.
t .Jf(' LLh
7v `i
r
•�
TM
nap,
$ +
.
A- City OF MIAMI, FLORIDA
tXPfENDO SAND USA." BY FUNCTION
Ye
Years
Lott Fiscal
In thousands
p8lit:e
fit;al fillid lid Publie General
Goverhtnent
Culture
and (7)11
Reereation € 6h6lon
bfttff`
i' i["twaittff s
11
!bat 1r "%thehis
-
5
880
1984 $93.841 $22,576 $13.401 $16,135
$7.691
7.691 -
8,726
151,740
1983 87,371 21.733 11.624(3) 14,595
14,114
7.116 -
8,998
138,043
1982 74,813 19,394 13,608
12.33t 11,734
7,518 _
8,511
118,981
1981 61,501 17,386
19800) 53,084 14,481 11,448 10,308
1,378 -_
5,095
5437
101,794
96,817
1979 50,205 14,312 10.631 9.356
1,263
6.870
5.104 14.410
7,641
93,712
1978 38,123 f2,022 9.149
8.544 8.126
,i07 11.004
4,10718
9,595
88,907
1971 37.156 10,315
7,058 6.825
4,18 8,741
7,985
18,719
1976 33,592 10,400
6.987 6,218
3,832 10,266
5,873
73,092
1975 30.226 9,630
presented
as a reservation
of Fund
(1) Fiscal years subsequent to 1979 do not include encumbrances.
Instead, they are
Balance.
Prior to 1976, the costs of Group Insurance and Social Security
were included in Pensions
Beginning in 1979, pension
(2)
costs are allocated to City Departments based on the number of pension participants
Expenditures of
approximately
$2.2 million
(3) The Building Department was merged during 1983 into the Fire
Department.
were classified as public improvements in 1982.
_.
CITY OF MIAMI, FLORIDA
PERCENT OF TOTAL
GENERAL FUND EXPENDITURES
AND OTHER USES BY FUNCTION
54.6 Police
56.2 and
57.6 Fire
12.7
13.5 Solid Waste
14.3
8.7
8.0 Public Improvement
7.7
9.9
9.7 General Government
9.6
4.6
5.1 Culture & Recreation
5.1
9.5
7.5 Other
5.7
10% 20% 30% 40% 50% 60%
® - 1984-85 Budget Request
1983-84 Actual Expenditures
- 1982.83 Actual Expenditures
87
85--644
',Z r} k .t��g 171+�, "`�-�yi". 4�:txa 't""': its, ^�• � �y� .�.'#` g.. ..���"F. ;.vp•, �3,s.�,:a'1a'•�,,'�4, -,,�• .,,j � .��+�'•: } �6r,1 .
o- �c... w o-,..usx�i:...�� �,• �'• :, »rir,r�;''% y,Y��"`ax�+y.t x"�� ��'rxg '� i
n„9 r'*$ p o °�a 3L ::1g�. $} � "� s'tz �� s• .: .��M�i�Yr �;�� ��K j ut$rl �S� ,
•.., .:k�5 .. �v���.'3*3 .>eai*3a�....� .z��r�,�a ,.. .. Z �, r iw . -x,._ , .;�e,.t.. r. ?'".��s:":I,i4a,a <n.k�:S,: n��.,�-.:t ...r.�: n.. , .-..,
-gnfMK'n'y -` - x. ;•,r-.;` y 1"',�'iC ,""> ,.y ,T",_�:�.b,.ra J + $r+b
mp
OtN1 l%At n1Njj 1%0NUtt ANb OtH h PINAN IN+G I;I 0t
Last teli piseb) Yom
In thbutatift *�
0ttibt
ftefts
city
i tl§ifii ffi9
ii�t r•
LiC fss�s
t 6
� 1�
and
finfifRllftl
if5iilil.
fa tif)
orbp-i
& tSRf
1`iift
66verh-
fii�fit91
f'etlnits
9f31iAf;f3
$btlrf f3S
.
' frr
1984
1.606s
$78.968
$21,186
$35.514
$5,853
$14.834
$36783
$153,966
1 q83
67,619
27.351
35.948
5.288
137,744
1982
61,865
23,888
23,388
24.044
20,298
5.096
13,2013
3.665
125:056
102.891
1981
1980
54.060
42,619
23.529
20.298
5,596
5.593
6:636
2,506
4.156
5,772
95,836
1979
39,888
20,050
23,327
4.793
4,477
2,244
26.220
95,6B7
1978
37,223
—
25,523
26.146
3,911
2.437
2f .322
88,665
76,958
1977
1976
34,849
30.316
—
—
20.215
3.880
2.140
1.567
20,407
16.468
66,579
1075
26,240
—
18,632
3,672
ue ancing
included in Ornm RP,q,
to f iscal year
(1) Business
and Excise Taxes
were
ources porrtionrofr
to of Florida. a 50
the one cent sales tax increase.
(z) inciuoeo snwC o
..
I
y�. k
A.
ter,
�Y^-S
N✓
T`
CITY OF MIAMI, FLORIDA
PERCENT OF TOTAL
GENERAL FUND REVENUES
AND OTHER FINANCING SOURCES
44.7
47.0 Property Tax
43.9
15.6
16.2 Business & Excise Tax
17.8
19.4
21.1 Intergovernmental
23.3
3.5
3.5 License & Permits
3.4
9.2
8.8 Charges for Service
9.1
7.6
3.4 All Other Sources
2.5
10% 20% 30% 40% 50% 60%
® — 1984.85 Budget Request
1983.84 Actual Revenues
— 1982.83 Actual Revenues
88
on
7
1
i
7
1
PW -
CITY Of MIAM1; PLORMA
'PAMMY TAX UVIt§ AND COLLMIONS
LAM lion Pi 661 Yom
In Thwulnds
tbtA�
ebilet tibn
WWI
tyro onion
isf sl
tAft ttvy
bf Current
Levy
of Obitftquent
.. YtlAir
All#on&
Year's tares
Ctill[3i tety
taftes
1984
993,340
$88.982
95.33'/0
$3,036
1083
83,025
78,815
94.93
1,209
1582
76.903
74,040
96.28
1,067
` 1981
19.619
70,288
96.79
437
1980
80,g84
58,190
96.40
308
1979
68.389
51.395
98.18
431
1918
50,532
49,096
91.16
523
1977
43.854
42.969
97.98
651
1976
38,508
37,281
96.81
634
1075
34,923
38,833
96.88
1.584
total
outstanding
total
Collections Outstanding
Delinquent
(1) (2)
Fiscal
Tax
as % of Delinquent
Taxes as % of
City
Year
Collections
Current Levy Taxes (3)
Current Levy
Millage
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
1975
35,417
101.42 1,454
4.17
10.880
r (1) City millage is applied to each
$1.00 of appraised net property valuation
I ($10 per
$1,000 of appraised net
property valuation).
(2) Inclusive of general operations and debt service millages.
(3) Net of reserve for early payment
discounts and uncoliectable tax of approximately 5%
of total tax levy.
89
SS-644
e v.-
titY OP MIAMI ' PLOA10A
Ajttg§t6 vALut op ALL TAXAhLt PA0001ty
oal
Ulm tflYom
o
61
Finaly6fit
116Mproperty
PtI
t6lal
12-tamollefib
1984
$8,230,309
$1.115.724 $9,346.033
$95019
020.805
t8,891;054
6'886
1983
1.616,829
1,042,4r,9 8,659,281
750666
1,211,464
1082
6,976,841
985,282 7.962,129
6,622,365
564,,238
6,068,127
1981
1580
5.148,550
3.143.051
873.815
822.729 4,5,65,780
197,811
106.708
4,368,469
4.090,467
1979
3,420,8131
806,194 4.291115
4,023,841
195,664
3i828,183
1078
3.219,661
74d,180 3.938,270
198,6sq
3,789,111
1917
8.256,815
681,455
3,796.354
190,42`1
3,596,033
1976
3.123,657
672,697
689.896 3,541,2 06
196.798
3,344,408
1915
2,851,810
SOURCE:
Metropolitan Dade County Property Appraiser's Office.
in Florida law requiring that
property be
NOTE:
The 39% increase in 1981 assessments was in part due to a change
law, the basis of assessment was approximately 75% of
assessed at 100%
of actual value. Prior to the new
actual 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
Schools
State
Total —
Year
City
County
7.361
.427
27.6658
1984
11.1238
8754
7.244 6.50
.384
24.857
1983
1982
10.729
10.664
6.999 7.14
.358
25.161
27.622
1981
11.987
7.013 8.22
6.75
.402
.422
30.474
1980
13.960
9.342
9.260 8.00
.397
32.144
a
1979
14.487
9.357 8.00
.397
30.954
1
1978
13.200
11.903
7.983 8.00
365
28.251
27.285
1977
1976
10.930
7.860 8.12
7.157 7.15
.375
394
25.581
1975
10.880
TAX LEVIES
(in 000's)
$3,583
$232,145
1984
$93,340
$73,455 $61,767
50,300
2,971
192,353
1983
83,025
56,057
50,473 51,490
2,582
181,448
1982
76,903
72,619
42,486 49,798
2,435
167,338
133.125
1981
1980
60,984
40,810 29487
32,,244
1,844
1,600
129,555
1979
1978
58,389
50,532
37,322 30,625
35,820
1,520
1,345
118,497
104,085
43,854
29,412 29,474
96,129
1977
1976
38,508
27,692 28,608
22,950
1.321
1,265
82,111
1975
34,923
22,973
is applied
to each $1.00 of appraised net property valuation
(1) Property
($io per
tax millage
$1,000 of appraised net property valuation).
90
P"I
VLi
n
Q.
e2.
3 _Q
ItItY OP MIAMI, PL13RIDA
WIDIAt AgStUMNtS COI i.l`CTIONti
tam lien I=it ehl Yeats
l"tmtmt Ast:mmanu
fibehi
`L10, i 116talvilibla
yfi tt
W1ee1106
At Irfil '.thd
1084
$2.743.429
t302.760
1983
1.900, 365
303.469
1982
1.764.407
119.867
1981
1,761,291
94,268
1080
1,10,056
9.234
1979
948.865
3.138
1978
860,090
1,186
1977
244,166
2,359
1916
392,117
11,529
1975
271,130
35,957
NOTE: the City of Miami's Special Assessments
consist of assessments liens
tot 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
Yeat
Population (000's)
(000's)
_(000's)
(00019)
Ratio
Capita
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
1975
338,000 3,541,206
196.798
3.344,408
94,524
2.83
279.66
(1) The
1984 estimate was 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.
C" Of MIAMI, FLORIDA
StAttMtj#,Gf LEGAL Dtht MARGIN
Stottmath Sol 1084
A99t18E6 VALUAtION9
Total Assessed V91UM10h
t9.346,093,000
1`16ftleatead EXeMPI Valuation
954,919,000
'Nei Assessed Valuation
L8,891,054,001
UOAt 01W MARGIN
Debt Limitation for Sonds (15% Of $8.391.054.000) (1)
PfeWht Debt Application 16 Debt Limitation:
$151.650=0
Oehetal Obligation Debt
Less Amount Available in Debt Service Fund
5,548,10
$ 146,101,893
$1.112,556,107
(1) 5eTfiOh 58 8i-the --City Charter limits the General Obligation bonded debt of the City to 15% of the assessed Valuation Of all
teal and personal Property within the City limits as determined by the preceding assessment
toll of the City.
CITY OF MIAMI, FLORIDA
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES
ItOft GENERAL BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES
AND OTHER USES
Last Ten Fiscal Years
In Thousands
Total
General Bonded
General Fund
Fiscal Bond Bond Debt Service
Yost Principal Interest Expenditures
Expenditures
& sther uses
Ratio
1984 $ 9,570 $7,924 $17.494
$166,880
10A8%
1983 9,990 6,570 16.560
1982 10,310 7.130 17,440
151,740
138,043
10.91
12.63
1981 10,735 6,620 17.355
17,395
118,981
101.794
14.59
11.09
1980 10,160 7,235
1979 9,860 7.202 17,062
96,817
17.62
1978 8,270 6,600 14,870
93.712
15.87
15.20
1977 8,275 5,241 13,516
1976 6,415 5,592 12,007
88,907
78,719
15.25
1975 6,420 6,103 12,523
73,092
17A3
92
F
CITY Of MIAMI PL'OR1115A
§WtMtht O D1'i Nt A1Nb OV01-LAPPINf3 btllt
§6M6ffMt 20, 1004
In Thoughtift
Ambuht
AvA 1016
paltenug.is
Ahd
App1iesb%
citi'i;'Ust`b
$f`ltl6ft t Obligation:
Watt D61 8A5emb NM bo61
fib `city (1)
610101 .
CIty 61 MI8fhI
$151.650,000 $ 5.548,107 $146,101,893
100 %
$146,101.898
Matta -Daft CoUnty
669,155,000 13,438.000 556.311,000
22.1
122,886.062
$721,405,000 $18,986.107 $702.418,893
$268.987,955
(1) 8ased upon the ratio of the City of 'Miami population of 383,027 to Metro -Dade County population of 1,734,000
CITY Of: MIAMI, FLORIDA
CUAAENT DEBT RATIOS
SEPTEMBER 30,1084
FACTORS:
Assessed Valuation (1)
$9,769,344,000
Net taxable Assessed Valuation
$8,391,054,000
City of Miami Debt, Net of Res. Funds
General Obligation
$146,101,893
Special Obligation (2)
73.271,480
Combined Direct Debt
$ 219,379,373
Overlapping Debt, Net of Res. Funds
General Obligation
$122,886,062
Special Obligation
74,774,471
Combined Net Overlapping Debt
197,660.533
Total Net Direct and Net Overlapping Debt
$ 417.039,906
Population of Miami
383.027
Assessed Valuation per Capita
$ 25,506
Net Taxable Assessed Valuation per Capita
$ 23,019
DEBT RATIOS:
Net Direct General Obligation Debt as a Percent of Net
Taxable Assessed Valuation
1.74%
Combined Net Direct and Overlapping General Obligation
Debt as a Percent of Net Taxable Assessed Valuation
3.21
Net Direct General Obligation Debt Per Capita
$
381.44
Combined Net Direct General and Special Obligation
Debt Per Capita
$
572.75
Combined Net Direct and Overlapping General Obligation
Debt Per Capita
$
702.27
Combined Net Direct and Overlapping General and
Special Obligation Debt Per Capita
$
1,088.80
(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 is payable from revenue sources other than ad valorem taxes, which includes special
obligation bonds as well as revenue bonds.
93
1
CItY OP MIAMI, FLOW
SC�iOULt
t htVENUt 9ISNb COVOtA
It (1)
€NTtVtP1%ISIC PUNb
LAM ton Fiscal Years
In Thousand.4
Wet
Rmhue
ftb>4
f��eibttfig
Avdilttble
It& bbb't
bobi SON1 s
�isvi�f
yalif
t�evbfiu6
tt othlbbs
t emeb pilficipal
tfitbftlst
al
1984
$9,814
$8,871
1 943(2) $181(3)
$8,191
$8,372
.11
1983
7.785
6.697
1.088(2) 237
6;620
6,851
.16
1082
4,730
2,877
1'853 190
1,327
1,517
1.92
1081
48
—
48 23
13
35
1.37
1980
43
—
43 21
14
35
1.23
1979
42
—
42 20
16
36
1.17
1978
39
—
39 18
17
35
1.11
1971
35
—
35 18
18
36
.97
1976
39
—
39 16
19
35
1.11
1975
38
—
38 7
12
19
2.00 -
(1) 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 frorn operations until fiscal year 1984. Therefore, the
above Revenue Bond Coverage computations prior to 1984 exclude amounts relating to the parking garage.
Beginning in 1982, this schedule includes the operations of the Ott -Street Parking Authority.
(2) Beginning in 1983, this schedule includes the operations of James L. Knight International Center and the debt service on
the $60,000,000 Convention Center Revenue Bonds.
(3) Principal payments for 1984 excludes the effect of the issuance of the $13,860,000 Series 1983 Parking System Revenue
Bonds, the proceeds of which were used for the deteasance of the outstanding Parking Revenue Bonds of $14,280,000.
94
r 3-r 45
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i ^fir
... .._.._.. .._.. �.. ..tea.__.:.._.,. .._.. ..-. ..
s
01tV Of MIAMI, VLIDAI15A
OtNtIlAt 10SUGATION RON15E0 1N0thttbNt99
01111` CTIPAt AND INTEREtt RtQUTArEMr:Nt9
U ,6# Uplembot 20, 1084
INL
lit
�en�raf bblt8atibr, f3�nes
i1�ti
r��rnpsl fntsFast
�r51
1085
$ 10,015.000 $ 10.823.552
1986
10.800,000 10,225.173
21,025,173
1981
10.505,000 9,545.538
20.050,538
1088
10.155,000 8,858.485
19.018.485
1989
0.985,000 8,190.976
17.425;976
1990
9.100,000 7,574,677
16,674,677
1901
8.545.000 6.068.158
15,513,758
1902
?'915,000 6.397.190
14 ,272,190
1993
1.620,000 5,154,972
13.374,972
1994
7,370,000 5.114.538
12.644,538
1995
7.480,000 4.691.619
12,177,619
1996
1,140.000 4.243.641
11, 383,641
1997
6,010,000 3.790, 746
10.760,746
1998
5.890,000 3.829,119
9,219,719
1999
4,885,000 2,925.971
7.760.971
2000
3.865,000 2,562.753
6,421.753
2001
4,125.000 2.209.867
6,334,861
2002
3,875.000 1,887.456
5.762,466
2003
4,035,000 1.558.938
5,593.938
I
2004
1,900.000 1,232,932
3.132,932
2005
1,005,000 1,064,328
2,069,328
2006
1.220,000 988,912
2,208.972
2007
1,225,000 891,373
2,116,373
I
2008
1,290,000 793.472
2,083.472
2009
1,180,000 696.680
1,876,680
2010
1.225.000 602.088
1,827,088
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
$153.730.000 $114,252,461
$267,982,461
INOTE: Principal and interest for October, 1984 are included in the above schedule. For
financial statement purposes,
principal in the amount
of $2,080.000 (which represents the October. 1984 principal
payment) has been reclassified
from Long Term Debt group of accounts to the Debt Service Funds.
. r-
Y
i
95
85-644
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r,
i
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6 f' tt�� t ` 44. r 7
1#.i+T i, i.c'SW 9! Y. L\i..-r ",'S' _.("'•` '.5'`.
�,.�ieR
�.
� s ,
A,.�� � µ�cki �}S �I
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t
CItY GF MIAMI, FLORIDA
AMNUt BONDS AND 0tClAL OBLIGATION BONDS
Mi'NC1PAt AND INttAtST ArtoUlAtMBNtS
At bt 96016Mbet 30, 1964 '1
�iffibf11
1ybt
�efkin� tgt�ges
-�
�
Elm
S�plEff 6t
'U1111116:
§ Wi66 tilt
t6flvaniibn
Cafwift
AM Varb tbu§e
P6p1 fYy
T61111
�ftn�lp�1
30111
9i�in A
t enivub 06nd
Abvabu� �bf9fl5
rin610
1fli6tf3:1
8f1f! Inifaftlfit
1985
$150.000
$
$ 237,000
$ 387,000
$ 7,851,254
$ 8,288,254 .�
1986
150.000
252,000
402.000
1,829.424
8,231,424
1987
150,000
278,000
428,000
1.804,886
8,232.886
i
1988
150,000
300,000
450.000
7.171,201
8,927.201
1989
331,000
331,000
1,748,881
8,079,881
1990
100,000
362.000
462.000
7.719.065
8,181,065
1991
330,000
380.000
7i0,000
7,679.556
8,389,556
1992
640.000
415,000
1.055.000
7,620.406
8,675,406
1993
1.060,000
460,000
1.520.000
7,588,131
9,053.731
1994
1,140.000
510.000
1.650,000
7,409.431
9,059,431
A
1995
1,225,000
565.000
1,790,000
7,270,181
9.060,181
1996
1.320,000
630,000
1,950,000
7,1114,129
9,064.129
1997
`l AM000
705.000
2.130.000
6.938,789
9,068,789
1998
1,540,000
790,000
2.330,000
6,743.476
9.073,476
1999
1.665,000
880,000
2,545,000
6.526,296
9,071,296
2000
1,805,000
985.000
2,790,000
6,285.916
9,075,916
2001
1,720.000
1.100,000
2.820,000
6,019,536
8,839,536
2002
1,870,000
1.235.000
3.105.000
5,745,086
8.850,086
2003
2,035.000
1.385.000
3.420.000
5.434,300
8.854,300 -
2004
2,215,000
1.550.000
3,765,000
5,091.022
8,856,022
2005
2.410,000
1,740,000
4,150,000
4,711,077
8,861,077 ,f
"
2006
2.620,000
1,950,000
4,570,000
4.291,094
8,861,094
2007
2,850.000
2.190.000
5,040,000
3.825.859
8,865,859
2008
3,095.000
2,460.000
5.555,000
3,310,331
8,865,331
2009
3,365.000
1,250.000
4.615.000
2,739,831
7,354,831 1 -
2010
3,660,000
1,380,000
5.040,000
2,308,963
7,348,963
2011
3,980,000
3.980,000
1,917,125
5.897.125
• .
2012
4,050,000
4.050.000
1,568,875
5,618.875
2013
4,410,000
4,410,000
1,214,500
5,624,500
:N :•.
2014
4,720,000
4,720,000
828,625
5,548,625
2015
4.750,000
4,750.000
415,625
5,165,625
Total
$600,000
$60,000.000
$24,320,000
$84,920,000
$167,274,471
$252,194,471
NOTE: Principal and interest
for October, 1984 are
included in these schedules. For financial statement purposes,
principal
in the
amount of $220,000
(which represents
the October, 1984
payment) has been
reclassified from
revenue bonds
rti
payable to current portion of revenue bonds payable in the Enterprise Funds.
.R
1
.0
r'3
i
F
I
F
CITE' WMIAMI, FI.OWA
TEN 106M tAX ASSESSMENTS
Ne'turo
rf1bot iod
Wiif"e'61 thlosym
61
iltilif! In
A.T. & t./8outhern Bell
Utility
$ 306.00
Chopin Associates
Office BuildingslHotel
2121278
Equitable Life Assurance
Office Buildings
121,297
Florida Power & Light Company
Utility
98,003
'Miami Herald
Newspaper
78,316
One Biscayne tower, N.W.
OfficeBuildings
62'681
Raymond Nasher Co.
Office' Buildings
40,125
Prudential Insurance Company
Office Buildings
84.873
New York Life Insurance
Office Buildings
28,870
I. B. M.
Leased Equipment
23.997
total Assessed Valuation of Top Ten Assessments
$1,008,276
is 10.3% of total
1984 assessed valuation
SOURCE: Metropolitan Dade County Property Appraiser's Office
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 46 Edge Act Banks that have moved to the Miami area. These include: BankAmerica International,
Bank of Boston International South, 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 1919. 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:
IYear
1984
1983
1982
I 1981
1980
I 1979
1978
1977
I 1976
1975
SOURCE: F.D.I.C. Atlanta, Georgia
BANK DEPOSITS (1) (2)
Number
of Banks
73
70
65
65
63
71
73
98
95
93
Total Deposits
$17,603,600,000
16,158.326,000
13,486,248.000
9,234,540,000
9,341,691,000
7,982,108,000
7,015,276,000
6,481,146,000
5,526,615,000
5,296,569,000
(1) The information presented is for Metropolitan Dade County as a whole which includes the City of Miami.
(2) These figures include national and state chartered banks that are F.D.I.C. insured. Non-insured state charter banks are
excluded.
97
l
i
i
CITY bF MIAMI, FLOAIfyA
CONSTRUCTION
List To Fiscal Years
The dollar value of 'building permits issued in the City and in the unincorporated area of Dade County since 1975 are at
follows:
Uninewbeat6d
c6unly
City of MIAthl
bade
Veit (60610
(00016)
1984 $345.562
$ 953.055
1983 314,362
903,706
1082 294,182
659.160
1081 548.839
901,676
1980 340.463
1.020,840
1079 288.463
963.144
1978 105,064
651.482
1977 97.151
460,689
1976 80,744
506.798
1975 60.750
404.585
SOURCE: City of Miami, tire, Rescue and Inspection Services Department,
Permits. Records and Revenue Division.
bade County, Building and Zoning Department
DEMOGRAPHIC STATISTICS
1980 Census Count
1980 CITY OF MIAMI AND METROPOLITAN
DADE COUNTY
POPULATION
City of
Dade
Age Group
Miami
County
0-5
23,459
113,544
6-13
30.433
169,884
14-18
25,575
133,369
19-29
60.257
287,216
30-59
128,049
585,896
60-64
19,973
80,586
65-74
35.951
149,550
75 +
23,168
105,736
Total
346,865
1,625,781
City of
Dade
1980 Employed Persons By Occupation
Miami
County
Executive/Administrative/Management
13,639
91,567
Professional/Specialty
13,772
81,076
Technicians/Support
3,743
22,380
Sales
16,078
88,136
Administrative Support
28,232
145,265
Private Household Services
2,511
6,753
Protective Services
1,961
12,512
Other Services
24,470
85,328
Farm/Forestry/Fishing
2,063
11,257
Percision/Product/Craft
18,547
86,730
Machine Operators/Assemblers
18,555
53,629
Transportation/Handlers/Helpers
6,967
26,935
Total
150,538
711,568
SOURCE: U.S. Bureau of Census, 1980 data tape from the University of Florida Libraries, Gainesville, Florida.
4 ! }
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r
i
5
P
P
P
�I
I
CITY OF MIAti I ,FtOOIDA
OtN€RAL STAtlitltAt DATA
THE CLIMATE
The temperature of Miami is essentially subtropical
marine, featuring long warm summers with abundant rainfall,
followed by mild dry winters. The average tempetatute in
the summer is 81.4 degrees and 69.1 degrees in the winter,
with a yearly average 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
construction of a rapid transit rail system. The system passes
through the western portion of Miami's Central Business
District and has 21 stations. Construction began in May
1979 and is expected to be completed in 1985.
Downtown Component of Metrorail: The Downtown
Component of Metrorail is an extension of the Metrorail
Transit System that will distribute passengers throughout
Miami's Central District. it is planned to consist of a two-
way, elevated rail line around the District's core with spur
lines extending north and south to the outer portion of the
downtown areas
ECONOMIC INFORMATION
Generally, the Dade County area, including the City of
Miami, has begun to base its economy upon a more varied
economic base Industry and manufacturing are becoming
stronger forces in the County. While tourism remains one
of the major economic forces, the County's attractiveness
as a residential area to skilled labor and its selection as the
site for major and smaller light industrial activities have
combined with tourism to produce a more diversified economic
base.
AGRICULTURE
The land area o' Dade County includes large agricultural
expanses on which limes, avocadoes, mangoes, tomatoes,
and pole beans are grown for the fresh produce market.
During the sunny and warm winter months, the mild climate
enables these crops to be grown and harvested. Many of
the vegetables are shipped to the north and northeastern
part of the United States during the winter. Exotic tropical
fruits such as plantains, lychee fruit, papaya, sugar apples,
and persian limes grow in the area and cannot be grown
anywhere else in the Country.
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 $100 million for fiscal year
1984.
99
O'POWTH `FA T AS
Data reflecting the growth of the economy of Metropolitan
Dade County (including the City of Miami), is presented in
the ten year summaries below.
QAOWTM FACtOAS RELATIVE TO
EVADE COUNTY, FLORIDA
Mottrialty Customers and Sales
Total KWH
Residential
Non -Residential
Sales
Customers
Cuslomers
Near
(000's)
Average Number
Average Number
1984
15,092.700
620,000
80,100
1983
15.203.100
606,000
74,700
1982
15.318.900
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
12388,600
511,900
55,200
1975
12,417,000
494,300
53.300
Water Customers and Sales
Consumption
Number
Millions of
Year
Water Meters
Gallons
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
1975
122,900
69,437
Sales Tax
Telephone Motor Vehicle
Collections
Year
Service Registrations
(000's)
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
1975
661,659 1,009,855
218,347
(1) The number of telephone sets, the measurement for
years preceeding 1984, was not available for the current
year.
SOURCE:
Appropriate utility or responsible
government
agency.
85-644
F �
MIAMI INMNAtIONAL AIAPO§t
Metropolitan bade 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 tanks fourth in the nation
and fifth in the world in tonnage of domestic and international
cargo movement In 1983 almost 20 million air travelers
were serviced by Miami International Airport, and over 1.1
million 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 numbers of
passengers served and pounds of cargo handled follows
total
total Cargo
passengers
(Th6Us611d
Yeat
(Thousands)
pounds)
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
1975
12,068
745,453
1974
12,444
778.015
SOURCE: Miami International Airport
PORT 6P MIAMI
The Port of Miami is operated by the Seaport bepatftheht
of Metropolitan Dade County Prom 1975 to 1984 the nuthbers
of passengers sailing irom the port annually increased
from 804,926 to 2,217,065, an increase of 1750!a. 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 83% 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 increase
the port's capacity to 16 million tons of cargo and four
million cruise passengers annually by the year 2000.
A ten year summary of the growth in revenues, number
of passengers. and tons of cargo handled follows:
segogYear Revenues panors (tonnage)
1984 $15.943,548 2,217.065 2,287.281
1983 14.201,008 2.002,654 2.305,645
1982 12.949.687 1160.255 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
1975 4.517,946 804.926 1,257,608
SOURCE: Dade County Seaport Department
100