HomeMy WebLinkAboutR-85-0352J-85-315
RESOLUTION NO. 85-
RESOLUTION APPROVING THE FORM OF THE PRELIMI-
NARY OFFICIAL STATEMENT PERTAINING TO $33,000,000
THE CITY OF MIAMI, FLORIDA, GENERAL OBLIGATION
BONDS AND AUTHORIZING THE DISTRIBUTION OF THE
PRELIMINARY OFFICIAL STATEMENT TO PROSPECTIVE
PURCHASERS OF SUCH BONDS AND FURTHER AUTHORI-
ZING THE MAYOR TO EXECUTE THE FINAL OFFICIAL
STATEMENT PERTAINING TO SUCH BONDS.
i BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The form of the Preliminary Official
f
i
Statement, dated April , 1985, relating to The City of
Miami, Florida, General Obligation Bonds, dated April 1,
1985, in the principal amount of Thirty -Three Million
Dollars ($33,000,000) which are described in such Preliminary
Official Statement, as presented to the Commission of The
City of Miami for its consideration on the date of the
adoption of this resolution, is hereby approved with such
changes, insertions and amendments of a minor nature that
are acceptable to the Director of Finance and distribution
of the Preliminary Official Statement by the Director of
Finance to the prospective purchasers of such bonds is
hereby authorized.
Section 2. The Mayor of The City of Miami, Florida, is
i
hereby authorized and directed to sign, on behalf of the
Commission, the final Official Statement pertaining to such
bonds which shall be substantially in the form of the Prelimi-
nary Official Statement as approved by the Commission under
this resolution, with such changes, insertions and amendments
of a minor nature that are satisfactory to the Mayor, such
approval to be evidenced by the execution of the final Official
Statement by the Mayor.
Section 3. The Director of Finance shall cause the
final Official Statement to be prepared for signing by the
Mayor and copies thereof to be delivered to the purchasers
of the bonds.
CITY COMMISSION
MEETING OF
MAR Im
-`
RESOLUIiU�� 1u. 115 352
AIMARKS.
Section 4. The Director of Finance and other proper
_`..` officers and consultants of the City are hereby authorized
and directed to take such action deemed appropriate to
effect the offering and sale of such bonds at public sale,
pursuant to this resolution.
Section 5. This resolution shall be in force and
effect immediately upon its adoption.
PASSED AND ADOPTED this 28th day of March, 1985.
ATTEST:
>h G. Ongie, City t
lerk
MAURICE A. FERRE
Maurice A. Ferre, Mayor
l
ALL
Cc -
Deputy City Attorney
APPROV/FX AS , FO AND CORRECTNESS:
Lucia KT Doug erty
City Attorney
-2- 85-352i--
I, RALPH G. ONGIE, Clerk of the City of Miami, Florida,
and keeper of the records thereof, do hereby certify that the
attached and foregoing pages numbered 1 and 2, inclusive,
contain a true and correct copy of a Resolution adopted by
The City of Miami Commission at a meeting held on the 28th
day of March, 1985.
SAID RESOLUTION WAS DESIGNATED RESOLUTION NO. 85-
IN WITNESS WHEREOF, I hereunto set my hand and impress
the official seal of The City of Miami, Florida, this
day of March, 1985.
RALPH G. ONGIE
CITY CLERK
CITY OF MIAMI, FLORIDA
( S E A L )
85-352 ,.
A'-yjk
CITY OF MIAMI. FLORIOA
24
INTER -OFFICE MEMORANDUM
TO. Randolph Manger
Rosencrantz DATE: March 11, 1985 FILE:
Y g
SUBJECT: Agenda Item
FROM: Carlos E. Garcia REFERENCES:
Director of Finance
ENCLOSURES:
It is recommended that the attached resolu-
tion approving the preliminary official
statement pertaining to the issuance of
$5,000,000 Fire Fighting, Fire Prevention,
and Rescue Facilities Bonds; $5,000,000
Police Headquarters and Crime Prevention
Facilities Bonds, and $8,000,000 Sanitary
Sewer Improvement Bonds, $9,000,000 Storm
Sewer Improvement Bonds, 56,000,000 Street
and Highway Improvement Bonds, be adopted
by the City Commission.
The sale of $33,000,000 general obligations bonds is recommended
so that the City of Miami may continue to fund its capital
projects as approved by the City Commission in the Capital
Projects Ordinance and redeem the bond anticipation notes sold in
January, 1985. The City's financial advisor, James J. Lowrey, has
recommended that the City proceed immediately with this bond sale
in order to take advantage of current market conditions.
The attached resolution approves the preliminary official
statement, which is used to inform prospective bidders and bond
buyers as to pertinent information on the bond sale and the City
of Miami in general.
The original schedule calls for bids to be received during the
meeting of April 11, 1985, at which time the City Commission will
award the bond sale to the lowest bidder.
cc: Law Department
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T4 APPENDIX A
T
[PROPOSED FORM OF LEGAL OPINIONS]
[LETTERHEAD OF BROWN, WOOD, IVEY, MITCHELL & PETTY]
[LETTERHEAD OF GREENBERG, TRAURIG, ASKEW,
HOFFMAN, LIPOFF, ROSEN & QUENTEL, P.A.]
City Commission of The
City of Miami, Florida
Gentlemen:
We have examined certified copies of the legal pro-
ceedings, including the election proceedings and the
validation proceedings and Resolution No. 85- of the
Commission of The City of Miami (the "Resolution") and other
proofs submitted, relative to the issuance and sale of
THE CITY OF MIAMI, FLORIDA
BONDS
Dated April 1, 1985
Maturing in such amounts and at such times, bearing
interest and subject to redemption, all as provided in
the Resolution.
We have also examined one of said bonds as executed and
authenticated.
From such examination we are of the opinion that such
proceedings and proofs show lawful authority for the issuance
and sale of said bonds pursuant to the Constitution and
other laws of the State of Florida, including the Charter
of said City (Chapter 10847, Special Laws of Florida, 1925,
as amended), that said bonds constitute valid and binding
general obligations of The City of Miami, Florida for the
payment of which and the interest thereon the full faith,
credit and taxing power of The City of Miami, Florida are
irrevocably pledged, and that all the taxable property
within The City of Miami, Florida (excluding homesteads
85-352-
il
e
to the extent provided under applicable law) is subject to
the levy of an ad valorem tax, without limitation as to
rate or amount, for the payment of said bonds and the
interest thereon.
We are further of the opinion that under existing
statutes, regulations, rulings and court decisions, the
interest on said bonds is exempt from all present Federal
income taxes and from income taxation under State of Florida
law, except as to taxes imposed by Chapter 220, Florida
Statutes, on interest, income or profits on debt obligations
owned by corporations, as defined in said Chapter 220. The
Bonds are exempt from intangible personal property taxes
imposed by Chapter 199, Florida Statutes.
Respectfully submitted,
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Renaissar of New York — (212) 219-0830 — Marcy 90, 1985 — #3472-5
PRELI*ARY OFFICIAL STATEMENT DA4 APRIL _, 1985
In the opinion of Co -Bond Counsel, under existing statutes, regulation, rulings and court decisions, the
interest on the Bonds is exempt from all present Federal income taxes and from income taxation under State
of Florida law, except as to taxes imposed by Chapter 220, Florida Statutes, on interest, income or
profits on debt obligations owned by corporations, as defined in said Chapter 220. The Bonds are
exempt from intangible personal property taxes imposed by Chapter 199, Florida Statutes.
NEW ISSUE
Credit Ratings: Moody's:
Standard & Poor's:
$3390009000
The City of Miami, Florida
General Obligation Bonds
$5,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
$5,000,000 Police Headquarters and Crime Prevention Facilities Bonds
$8,000,000 Sanitary Sewer System Bonds
$9,000,000 Storm Sewer Improvement Bonds
$6,000,000 Street and Highway Improvement Bonds
Dated: April 1, 1985
Due: April 1, as shown below
Interest on the Bonds is payable semi-annually on April 1 and October 1 in each year, commencing
October 1, 1985. The Bonds are issuable as fully registered bonds in the denomination of $5,000 or whole
multiples thereof. Interest on the Bonds will be payable to the registered owners shown on the registration
books of the City on the fifteenth day of the month preceding an interest payment date, by check or draft
mailed to such registered owners by the Bond Registrar and Paving Agent. The principal of, and premium,
if any, on the Bonds are payable upon presentation and surrender of the Bonds, at the option of the registered
owner, at Chemical Bank, in the Borough of Manhattan in the City and State of New York, as Bond
Registrar and Paying Agent or at Pan American Bank, N.A., in the City of Miami, Florida as Paving Agent.
The Bonds maturing on or after April 1, 1996 are subject to redemption at the option of the Commis-
sion of the City, on and after April 1, 1995 in whole on any date, or in part in the inverse order of their
maturities (by lot within any maturity) on any interest payment date, at redemption prices ranging from
103 % to 100 % plus accrued interest.
The Bonds are general obligations of the City for which its full faith, credit and taxing power are
pledged, and are payable from unlimited ad valorem taxes levied on all taxable property in the City
(excluding homestead exemptions, as required by law.)
MATURITIES, AMOUNTS, RATES AND YIELDS OR PRICES
(Accrued interest to be added)
Yield or Yield or Yield or
Maturity Amount Hate Price Maturity Amount Rate Price Maturity, Amount Rate Price
The Bonds are offered when, as and if issued and received by the Underwriters, subject to the unquali-
fied approval of legality by Brown, Wood, Ivey, Mitchell & Petty, New York, New York, and Greenberg,
Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel, P.A., Miami, Florida, Co -Bond Counsel, and to
certain other conditions. It is expected that the Bonds in definitive form will be available for delivery in
New York, New York, on or about April , 1985.
Sealed proposals will be received by the Commission of the City, at its regular place of meeting in the
City Hall, 3500 Pan American Drive, Dinner Key, Miami Florida, until 11:00 A.M., Miami time, on
Thursday, April 11, 1985. Please refer to the Official Bid Form and Notice of Sale, which outline the terms
and conditions for the submission of offers to purchase the Bonds.
April , 1985
85--352_..
THE CITY OF MIAMI, FLORIDA
MEMBERS OF BOARD OF CITY COMMISSIONERS
MAURICE A. FERRE, Mayor
JOE CAROLLO MILLER J. DAWKINS
DEMETRIO PEREZ, JR. J. L. PLUMMER, JR.
CITY OFFICIALS
City Manager ..................... S. PEREIRA
Assistant City Manager .... R. B. ROSENCRANTZ
City Attorney .............. L. A. DOUGHERTY
Director of Finance ................ C.E. GARCIA
City Clerk ........................ R. G. ONGIE
Co -Bond Counsel
BROWN, WOOD, IVEY, MITCHELL & PETTY
New York, New York
GREENBERG, TRAURIG, ASKEW, HOFFMAN, LIPOFF, ROSEN & QUENTEL, P.A.
Miami, Florida
Financial Advisor
JAMES J. LOWREY & CO. INCORPORATED
New York, New York
Independent Certified Public Accountants
COOPERS & LYBRAND
Miami, Florida
Renaissance of New York — 3/20/85 — 3472-5
85-352_-.
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THE CITY OF MIAMI, FLORIDA
MEMBERS OF BOARD OF CITY COMMISSIONERS
MAURICE A. FERRE, Mayor
JOE CAROLLO MILLER J. DAWKINS
DEMETRIO PEREZ, JR. J. L. PLUMMER, JR.
CITY OFFICIALS
City Manager ..................... S. PEREIRA
Assistant City Manager .... R. B. ROSENCRANTZ
City Attorney .............. L. A. DOUGHERTY
Director of Finance ................ C . E. GARCIA
City Clerk ........................ R. G. ONGIE
Co -Bond Counsel
BROWN, WOOD, IVEY, MITCHELL & PETTY
New York, New York
GREENBERG, TRAURIG, ASKEW, HOFFMAN, LIPOFF, ROSEN & QUENTEL, P.A.
Miami, Florida
Financial Advisor
JAMES J. LOWREY & CO. INCORPORATED
New York, New York
Independent Certified Public Accountants
COOPERS & LYBRAND
Miami, Florida
Renaissance of New York — 3/20/85 — 3472-5
85--352_-.
Thin Offiriml ct�t. �.,t rinf-e not rnnstitute an offer to sell Bonds in any iurisdiction to any
person to whom it is unlawful to make such offer in such jurisdiction. No dealer, salesman, or any
other person has been authorized to give any information or make any representation, other than
those contained herein, in connection with the offering of these Bonds and, if given or made, such
information or representation must not be relied upon. The information and expressions of opinion
herein are subject to change without notice and neither the delivery of this Official Statement nor
any sale made hereunder shall, under any circumstances, create any implication that there will be no
change in the affairs of the City from the date hereof to the date of the delivery of the Bonds, but see
paragraph headed "Closing Certificate" herein.
TABLE OF CONTENTS
Page
Summary Statement
Recreational Facilities ................
The Citv .............................
i
Cultural Facilities and Affairs......... .
The Bonds ...........................
i
Educational Institutions ..............
Interest Pavment Dates .................
i
Financial Information ..................
Optional Redemption ..................
i
General Description of Financial
Tax Exemption .......................
ii
Practices .........................
Application of Proceeds ........... . .....
ii
Statement of Revenues and
Security. Authorization and Validation ....
ii
Expenditures .....................
Description of the Issue
Description of Revenues ..............
Introduction ..........................
1
Procedure for Tax Levy and Tax
The Bonds ...........................
1
Collection........................
General ...........................
1
Tax Schedules and Tables ............
Interest Payment Dates ...............
1
Pension and Retirement Plans .........
Maturitv Schedule ...................
2
Labor Relations .....................
Optional Redemption ................
2
Risk Management ...................
Security, Authorization and Validation..
3
Economic and Demographic Data ........
Application of Proceeds .................
4
Introduction and Recent
Tax Exemption .......................
5
Developments ....................
Credit Ratings ........................
5
Metrorail ..........................
Litigation ............................
5
Bayside............................
Auditors .............................
5
Bayfront Park ......................
Approval of Legal Proceedings ...........
5
Southeast Overtown/Parkwest .........
Closing Certificate .....................
5
Sports and Exhibition Center ..........
Debt Summary
Corporate Expansion ................
Pavment of Bonds and Bond Election
Industrial Development ..... I ........
Requirement .......................
6
Financial Institutions ................
Debt Statistics and Various Debt Ratios ...
6
Tourism ...........................
Legal Debt Limitation ..................
7
Film Industry .......................
Selected Debt Data ....................
8
Agriculture .........................
General Obligation Bonds Authorized But
Export ............................
Not Issued .........................
11
Miami International Airport ..........
Proposed Revenue Bond Issues ..........
11
Port of Miami ......................
Capital Improvement Program ..........
11
Demographic Data ..................
Financing The Six -Year Capital
Retail Sales ........................
Improvement Program ...............
13
Employment .......................
Leases and Other Contractual
Housing ............................
Commitments ......................
13
Building Permits ....................
Description of The City
Approval and Offering Statement ........
The City .............................
14
Financial Statements
Geography .........................
14
Index to Financial Statements ...........
Climate ...........................
14
Accountant's Report ...................
Population .........................
14
Financial Statements ...................
Government of Miami ...............
14
Notes to Financial Statements ...........
Mayor and City Commissioners .......
15
Appendix
Administration of the City ............
15
A. Form of Opinion of Bond Counsel
Scope of Services and Agency
For Bonds ......................
Functions ........................
16
B. Letter of City Attorney re: Litigation . .
Regional Government Services ........
16
Medical Facilities ...................
17
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$3390009000
The City of Miami, Florida
General Obligation Bonds
Consisting of
$5,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
$5,000,000 Police Headquarters and Crime Prevention Facilities Bonds
$8,000,000 Sanitary Sewer System Bonds
$9,000,000 Storm Sewer Improvement Bonds
$6,000,000 Street and Highway Improvement Bonds
SUMMARY STATEMENT
(Subject in all respects to the more complete information contained
elsewhere in this Official Statement.)
The City
The City of Miami in Dade County, Florida, was first settled in 1836 and was incorporated in 1896. It
is located on the lower east coast of Florida along the western shore of Biscayne Bay and is the southernmost
large city in the United States. It comprises 34.3 square miles of land and 19.5 square miles of water. The
1984 population estimate of 383,027, developed by the State of Florida, Division of Population Studies,
Bureau of Business and Economic Research, University of Florida, represents 22.1 % of the total popula-
tion of Dade County.
The Bonds
The Bonds are being issued in the aggregate principal amount of $33,000,000, are dated April 1, 1985,
and are issuable as fully registered bonds in the denomination of $5,000 or whole multiples thereof. Interest
on the Bonds will be payable to the registered owners shown on the registration books of the City on the
i fifteenth day of the month preceding an interest pavment date, by check or draft mailed to such registered
owners by the Bond Registrar and Paying Agent. The principal of, and premium, if anv, on the Bonds are
payable upon presentation and surrender of the Bonds, at the option of such owner, at Chemical Bank, in the
Borough of Manhattan in the City and State of New York as Bond Registrar and Paving Agent, or at Pan
American Bank, N.A., in the City of Miami, Florida as Paying Agent.
4
i Interest Payment Dates
The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement,
payable semi-annually on April 1 and October 1 of each year, commencing October 1, 1985, and mature on
April 1 in the years and principal amounts set forth on the cover page of this Official Statement.
Optional Redemption
The Bonds maturing on or after April 1, 1996 are subject to redemption, at the option of the Commis-
sion of the City, on and after April 1, 1995, in whole on any date, or in part in the inverse order of their
maturities (by lot within any maturity) on any interest payment date, at the following redemption prices,
plus accrued interest to the date of redemption.
Redemption Period
(dates inclusive)
April 1, 1995 to March 31, 1996 ...........
April 1, 1996 to March 31, 1997 ...........
April 1, 1997 to March 31, 1998 ...........
April 1, 1998 to March 31, 1999 ...........
April 1, 1999 to March 31, 2000 ......... I .
April 1, 2000 to March 31, 2001 ...........
April 1, 2001 and thereafter ..............
Renaissance of New York — 3/20/85 — 3472.5
Redemption Price
(percentage of
principal amount)
103 %
102 %2
102 %
101 %2 70
101 70
100 %2 70
100 70
85-352-
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Tax Exemption
In the opinion of Brown, Wood, Ivey, Mitchell & Petty, New York, New York, and Greenberg,
Traurig. Askew, Hoffman, Lipoff, Rosen & Quentel, P.A., Miami, Florida, Co -Bond Counsel, under
existing statutes, regulations, rulings and court decisions, the interest on the Bonds is exempt from all pres-
ent Federal income taxes and from income taxation under State of Florida law, except as to taxes imposed
by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations,
as defined in said Chapter 220. The Bonds are exempt from intangible personal property taxes imposed by
Chapter 199, Florida Statutes.
Application of Proceeds
$5, 000, 000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Ordinance No. 9296, as amended, authorized the issuance of S21,000,000 Fire Fighting, Fire Preven-
tion and Rescue Facilities Bonds for the purpose of paying the cost of fire fighting, fire prevention and
rescue facilities. S10,000,000 principal amount of such bonds has been issued and an additional installment
of S5.000,000 of such bonds is being offered hereunder.
S5, 000, 000 Police Headquarters and Crime Prevention Facilities Bonds
Ordinance No. 9787, as amended, authorized the issuance of S20,000,000 Police Headquarters and
Crime Prevention Facilities Bonds for the purpose of paying the cost of construction of additions to the Police
Headquarters building, the acquisition and installation of electronic communications and computer
equipment, and facilities for training, property unit and other police purposes, and the acquisition of any
necessary land and other equipment. The first installment of S5,000,000 principal amount of such bonds is
being offered hereunder, of which S3,000,000 will be used to redeem bond anticipation notes sold in
January, 1985.
S8, 000, 000 Sanitary Sewer System Bonds
Ordinance No. 8573 authorized the issuance of $25,000,000 Sanitary Sewer System Bonds for the
purpose of paying the cost of improvements and extensions to the sanitary sewer system of the City.
S22,000,000 principal amount of such bonds has been issued and the final installment of S3,000,000 of such
bonds is being offered hereunder.
Ordinance No. 9128 authorized the issuance of S45,000,000 Sanitary Sewer System Bonds for the pur-
pose of paying the cost of improvements and extensions to the sanitary sewer systems of the City. The first
installment of S5,000,000 principal amount of such bonds is being offered hereunder.
$9, 000, 000 Storm Sewer Improvement Bonds
Ordinance No. 9781, as amended, authorized the issuance of $30,000,000 Storm Sewer Improvement
Bonds for the purpose of paying the cost of construction of storm sewers, pumping stations, and outlets,
culverts over or enclosing streams, wells, other types of local drainage facilities, the resurfacing of any
damaged streets or sidewalks, and the acquisition of any necessary land. The first installment of $9,000,006
principal amount of such bonds is being offered hereunder, which will be used to redeem bond anticipation
notes sold in January, 1985.
$6, 000, 000 Street and Highway Improvement Bonds
Ordinance No. 9129 authorized the issuance of $30,000,000 Street and Highway Improvement Bonds
for the purpose of paying the cost of street and highway improvements in the City. S13,100,000 principal
amount of such bonds has been issued and an additional installment of $6,000,060 of such bonds is being
offered hereunder.
Security, Authorization and Validation
The Bonds will be general obligations of the City for which its full faith, credit and taxing power are
pledged, and are payable from unlimited ad valorem taxes on all taxable property in the City (excluding
homestead exemptions for owner occupied housing and certain persons who are aged, disabled or other-
wise qualified therefor, as required by law).
The Bonds shall be issued under and pursuant to the laws of the State of Florida, the Charter of the
City and ordinances and resolutions of the Commission of the City. The Bonds have been authorized
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under the provisions of the City Charter, including particularly Section 58 thereof, and certain ordinances
and resolutions adopted by the Commission of the City. The Bonds have been approved by the electors and
validated as follows:
The Fire Fighting, Fire Prevention and Rescue Facilities Bonds were approved by the electors on
November 3, 1981 and were validated by judgment of the Circuit Court of Dade County on July 13,
1982. No appeal was taken.
The Police Headquarters and Crime Prevention Facilities Bonds were approved by the electors
on March 13, 1984 and were validated by judgement of the Circuit Court of Dade County on July 20,
1984. No appeal was taken.
The Sanitary Sewer Svstem Bonds were approved by the electors on September 28, 1976 and
October 7, 1980 and were validated by judgements of the Circuit Court of Dade County on February 22,
1977 and January 11, 1982, respectively. No appeal was taken in either case.
The Storm Sewer Improvement Bonds were approved by the electors on March 13. 1984 and
were validated by judgement of the Circuit Court of Dade County on July 11, 1984. No appeal was
taken.
The Street and Highway Improvement Bonds were approved by the electors on October 7, 1980
and were validated by judgment of the Circuit Court of Dade County on January 11, 1982. No appeal
was taken.
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85-352_ ..
t
OFFICIAL STATEMENT
i
$33,0009000
THE CITY OF MIAMI, FLORIDA
General Obligation Bonds
i Consisting of
S5,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
$5,000,000 Police Headquarters and Crime Prevention Facilities Bonds
$8,000,000 Sanitary Sewer System Bonds
S9,000,000 Storm Sewer Improvement Bonds
$6,000,000 Street and Highway Improvement Bonds
DESCRIPTION OF THE ISSUE
INTRODUCTION
t The purpose of this Official Statement of The City of Miami, Florida (the "City"), which includes the
' cover page, the summary statement and appendices attached hereto, is to set forth information concerning
the City and its general obligation bonds to be issued in the total principal amount of S33,000,000 (the
"Bonds"'), consisting of different series of general obligation bonds of the City authorized by the
Commission of the City, approved by the electors and remaining unissued, as hereinbelow mentioned.
i
i
1 THE BONDS
General
The Bonds are being issued in the aggregate principal amount of S33,000,000, are dated April 1, 1985,
s and are issuable as full}, registered bonds in the denomination of $5,000 or whole multiples thereof. Interest
on the Bonds will be pa) able to the registered owners shown on the registration books of the City on the fif-
teenth day (whether or not a business day) of the month preceding an interest payment date (the "Record
Date"), by check or draft mailed to such registered owners by the Bond Registrar and Paving Agent, irre-
spective of any transfer or exchange of any Bond subsequent to such Record Date and prior to such interest
payment date, unless the City defaults in the payment of interest due on such interest payment date. In the
event of any such default, such defaulted interest will be payable to the person in whose name such Bond is
registered at the close of business on a special record date for the payment of such defaulted interest estab-
lished by notice mailed by the Trustee to the registered owners of the Bonds not less than 15 days preceding
such special record date. Such notice shall be mailed to the person in whose name the Bonds are registered at
the close of business on the fifth day preceding the date of mailing of such notice. The principal of, and
4 premium, if any, on the Bonds are payable upon presentation and surrender of the Bonds, at the option of the
a
registered o%vner, at Chemical Bank, in the Borough of Manhattan in the City and State of New York as
Bond Registrar and Paying Agent, or at Pan American Bank, N.A., in the City of Miami, Florida as Paying
Agent.
Interest Payment Dates
The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement,
payable semi-annually on April 1 and October 1 of each year, commencing October 1, 1985, and mature on
1
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85--35I ,
April 1 in the years and principal amounts set forth on the cover page of this Official Statement and as
follows:
Maturity Schedule
Fire Fighting,
Police
Fire
Headquarters
Prevention,
and Crime
Sanitary
Storm
Street and
Rescue
Prevention
Sewer
Sewer
Highway
Total
Ffaturity Date
Facilities
Facilities
System
Improvement
Improvement
Principal
April I
Bonds
Bonds
Bonds
Bonds
Bonds
Amount
1987........
S -0-
$105,000
S160,000
$110,000
S -0-
S 375,000
1988........
113,000
110,000
310,000
120,000
175,000
830,000
1989........
125,000
125,000
315,000
130,000
190,000
885,000
1990........
140,000
135,000
330.000
145,000
200.000
950,000
1991........
150,000
150,000
340,000
155,000
215,000
1,010.000
1992........
163,000
160,000
350,000
170,000
230.000
1,075,000
1993........
180,000
180,000
355,000
190,000
250,000
1,155,000
1994........
200,000
195,000
370,000
205,000
263,000
1,235,000
1995........
215,000
215,000
385,000
225,000
290,000
1,330,000
1996........
240,000
235,000
405,000
250,000
300,000
1.430,000
1997........
260,000
255,000
430,000
270,000
325,000
1,340.000
1998........
283,000
280,000
455,000
295,000
345,000
1,660,000
1999........
315,000
303,000
470,000
325.000
370,000
1,785,000
2000........
345,000
335,000
490,000
335,000
400,000
1,925,000
2001........
375,000
365,000
515,000
390,000
425,000
2.070,000
2002........
410,000
400,000
540,000
425,000
455,000
2.230,000
2003........
450,000
440,000
565,000
465,000
485.000
2,405,000
2004........
490,000
480,000
395.000
510,000
520,000
2,395,000
2005........
540,000
530,000
620,000
360,000
560,000
2,810,000
2006........
615,000
615,000
2007........
670,000
670,000
2008........
735,000
735,000
2009........
805,000
805,000
2010........
880,000
880,000
Optional Redemption
The Bonds maturing on or after April 1, 1996 are subject to redemption, at the option of the Commis-
sion of the City, on and after April 1, 1995, in whole on any date, or in part in the inverse order of their
maturities (by lot within any maturity) on any interest pavrnent date, at the following redemption prices,
plus accrued interest to the date of redemption:
Redemption Price
Redemption Period
(percentage of
(dates inciusive)
principal amount)
April
1, 1995 to March 31, 1996 ........
103
%
April
1, 1996 to March 31, 1997 ........
102 %2
April
1, 1997 to March 31, 1998 ........
102
%
April
1, 1998 to March 31, 1999 ........
101 %2
°Io
April
1, 1999 to March 31, 2000 ........
101
70
April
1, 2000 to March 31, 2001 ........
100 %2
°Io
April
1, 2001 and thereafter ...........
100
%
The City is required to give notice of redemption of the Bonds by publication in a newspaper of general
circulation in the City and in a financial newspaper or journal of national circulation published in the City
of New York, New York, said publications to be at least 30 days but not more than 60 days prior to the
redemption date.
Renaissance of New York - 3/20/85 - 3472-5 2
MR
Security, Authorization and Validation
The Bonds are general obligations of the City for which its full faith, credit and taxing power are
pledged, and are payable from unlimited ad valorem taxes levied on all taxable property in the City (exclud-
ing homestead exemptions for owner occupied housing and certain persons who are aged, disabled or other-
wise qualified therefor, as required by law).
The Bonds shall be issued under and pursuant to the Constitution and other laws of the State of
Florida, the Charter of the City and ordinances and resolutions of the Commission of the City. The Bonds
have been authorized under the provisions of the City Charter, including particularly Section 58 thereof,
and certain ordinances and resolutions adopted by the Commission of the City. The Bonds have been
approved by the electors and validated as follows:
The Fire Fighting, Fire Prevention and Rescue Facilities Bonds were authorized by Ordinance
No, 9296, adopted July 23, 1981. as amended by Ordinance No. 9406, adopted on April 1. 1982, were
approved by the electors on November 3, 1981 and were validated by judgement of the Circuit Court of
Dade County on July 13, 1982. No appeal was taken.
The Police Headquarters and Crime Prevention Facilities Bonds were authorized by Ordinance
No. 9787, as amended, were approved by the electors on March 13, 1984 and were validated by judge-
ment of the Circuit Court of Dade Countv on Julv 20, 1984. No appeal was taken.
The Sanitary Sewer System Bonds were approved by the electors on September 28, 1976 and Octo-
ber 7, 1980 and were validated by judgements of the Circuit Court of Dade County on February 22,
1977 and January 11, 1982 respectively. No appeal was taken in either case.
The Storm Sewer Improvement Bonds were authorized by Ordinance No. 9781, as amended,
were approved by the electors on March 13, 1984 and were validated by judgement of the Circuit Court
of Dade County on July 11, 1984. No appeal was taken.
The Street and Highway Improvement Bonds were authorized by Ordinance No. 9129, adopted
July 10, 1980, were approved by the electors on October 7, 1980 and were validated by judgement of
the Circuit Court of Dade County on January 11, 1982. No appeal was taken.
Renaissance of New York — 3/20/85 — 3472-5
3
85-352
i APPLICATION OF PROCEEDS
$5,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Ordinance No. 9296, as amended, authorized the issuance of $21,000,000 Fire Fighting, Fire Preven-
tion and Rescue Facilities Bonds for the purpose of paving the cost of fire fighting, fire prevention and
rescue facilities, including the construction, reconstruction and improving of fire stations, an administra-
tion building, other structures, equipment, vehicles and communication systems related to the training,
administration and operations of the Fire Department and the acquisition of any necessary land and equip-
ment. S10,000,000 principal amount of such bonds has been issued and an additional S5,000,000 of such
bonds is being offered hereunder.
S5,000,000 Police Headquarters and Crime Prevention Facilities Bonds
Ordinance No. 9787, as amended, authorized the issuance of $20,000,000 Police Headquarters and
Crime Prevention Facilities for the purpose of paying the cost of construction of additions to the Police
Headquarters building, the acquisition and installation of electronic communications and computer equip-
ment, and facilities for training, property unit and other police purposes, and the acquisition of any
necessary land and other equipment. The first installment of S5,000,000, principal amount of such bonds is
being offered hereunder, of which $3,000,000 will be used to redeem bond anticipation notes sold in 1985.
$8.000,000 Sanitary Sewer System Bonds
Ordinance No. 8573 authorized the issuance of S25,000,000 Sanitary Sewer System Bonds for the
purpose of paving the cost of improvements and extensions to the sanitary sewer system of the City.
S22,000,000 principal amount of such bonds has been issued and the final installment of S3.000,000 of such
bonds is being offered hereunder.
Ordinance No. 9128 authorized the issuance of S45,000,000 Sanitary Sewer System Bonds for the pur-
pose of paving the cost of improvements and extensions to the sanitary sewer system of the City. The first
installment of $5,000,000 principal amount of such bonds is being offered hereunder.
S9,000,000 Storm Sewer Improvement Bonds
Ordinance No. 9781, as amended, authorized the issuance of $30,000,000 Storm Sewer Improvement
Bonds for the purpose of paying the cost of construction of storm sewers, pumping stations, and outlets,
culverts over or enclosing streams, wells, other types of local drainage facilities, the resurfacing of any
damaged streets or sidewalks, and the acquisition of any necessary land. The first installment of S9,000,000,
principal amount of such bonds being offered hereunder which will be used to redeem bond anticipation
notes sold in 1985.
$6,000,000 Street and Highway Improvement Bonds
Ordinance No. 9129 authorized the issuance of S30,000,000 Street and Highway Improvement Bonds
for the purpose of paying the cost of street and highway improvements in the City, including the construct-
ing, reconstructing, extending, widening, grading, paving, repaving, macadamizing and remacadamizing
of highways, streets, and other public ways, with necessary drainage, sewer inlets, manholes, catch basins,
sidewalks, curbs, gutters and appurtenances and the acquisition of land and rights of way and the land-
scaping, clearing and leveling thereof. S13,100,000 principal amount of such bonds has been issued and an
additional installment of S6,000,000 of such bonds is being offered hereunder.
Renaissance of New York — 3/20/85 — 3472-5 4
85-352_,
TAX EXEMPTION
In the opinion of Brown, Wood, Ivey, Mitchell & Petty, New Fork. New York, and Greenberg,
Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel, P.A., Miami, Florida, Co -Bond Counsel, under
existing statutes, regulations, rulings and court decisions, the interest on the Bonds is exempt from all
present Federal income taxes and from income taxation under State of Florida law, except as to taxes
imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by
corporations, as defined in said Chapter 220. The Bonds are exempt from intangible personal property
taxes imposed by Chapter 199, Florida Statutes.
CREDIT RATINGS
The Bonds have received the credit ratings of from Standard & Poor's Corpo-
ration and from Moodv's Investors Service, Inc. Certain information and materials not included in this
Official Statement were furnished to the rating agencies. Generally, rating agencies base their ratings on
the information and materials so furnished and on investigations, studies and assumptions by the rating
agencies. Such credit ratings reflect only the views of such credit rating agencies, and an explanation of the
significance of such credit ratings may be obtained from the credit rating agencies furnishing the same.
There is no assurance that such credit ratings will continue for any given period of time or that they will not
be revised or withdrawn entirely by either or both of such credit rating agencies, if in their respective judg-
ments circumstances so warrant. A revision or withdrawal of any such credit rating may have an adverse
effect on the market price of the Bonds.
LITIGATION
The City is currently involved in certain pension litigation and related matters as described in Note
16(a) in the Section "FINANCIAL STATEMENTS." In addition, other litigation is pending involving
claims against the City. These lawsuits are discussed in the City Attorney's letter attached hereto as
Appendix B. which will be updated by the City Attorney in a letter to be submitted as a closing document.
There is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds
or the levy or collection of taxes to pay the principal of or the interest on the Bonds, or questioning the pro-
ceedings or authorization under which the Bonds are to be issued, or affecting the validity of the Bonds.
AUDITORS
The financial statements of the City set forth in this Official Statement have been examined by Coopers
& Lybrand, independent certified public accountants, for the fiscal year ended September 36, 1984 as
stated in their report to the City Commission dated January 18, 1985, and are an integral part of this Official
Statement. (See the Section "FINANCIAL STATEMENTS.")
APPROVAL OF LEGAL PROCEEDINGS
Certain legal matters incident to the authorization and issuance of the Bonds are subject to the
approval of Brown, Wood, Ivey, Mitchell & Petty, New York, New York, and Greenberg, Traurig, Askew,
Hoffman, Lipoff, Rosen & Quentel, P.A., Co -Bond Counsel, whose legal opinions will be available to the
underwriters, at no cost to them, at the time of the delivery of the Bonds and will be printed on the Bonds.
CLOSING CERTIFICATE
Certificate of City Manager and Director of Finance Concerning Official Statement
Concurrently with the delivery of the Bonds, the City Manager and the Director of Finance will
furnish their certificate to the effect that, to the best of their knowledge, this Official Statement, as of its date
and as of the date of delivery of the Bonds, did not and does not contain an untrue statement of a material
fact or omit to state a material fact necessary to make the statements contained therein, in the light of the
circumstances under which they were made, not misleading.
Renaissance of New York — 3/20/85 — 3472.5
8S�'35� ...,
r
TAX EXEMPTION
9
a In the opinion of Brown, Wood, Ivey, Mitchell & Petty, New York. New York, and Greenberg,
Traurig, Askew, Hoffman, Lipoff, Rosen & Quentel, P.A., Miami, Florida, Co -Bond Counsel, under
existing statutes, regulations, rulings and court decisions, the interest on the Bonds is exempt from all
{ present Federal income taxes and from income taxation under State of Florida law, except as to taxes
imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by
jcorporations, as defined in said Chapter 220. The Bonds are exempt from intangible personal property
taxes imposed by Chapter 199, Florida Statutes.
CREDIT RATINGS
The Bonds have received the credit ratings of from Standard & Poor's Corpo-
ration and from Moody's Investors Service, Inc. Certain information and materials not included in this
Official Statement were furnished to the rating agencies. Generally, rating agencies base their ratings on
the information and materials so furnished and on investigations, studies and assumptions by the rating
agencies. Such credit ratings reflect only the views of such credit rating agencies, and an explanation of the
significance of such credit ratings may be obtained from the credit rating agencies furnishing the same.
There is no assurance that such credit ratings will continue for any given period of time or that they will not
be revised or withdrawn entirely by either or both of such credit rating agencies, if in their respective judg-
ments circumstances so warrant. A revision or withdrawal of any such credit rating may have an adverse
effect on the market price of the Bonds.
LITIGATION
The City is currently involved in certain pension litigation and related matters as described in Note
16(a) in the Section "FINANCIAL STATEMENTS." In addition, other litigation is pending involving
claims against the City. These lawsuits are discussed in the City Attorney's letter attached hereto as
Appendix B, which will be updated by the City Attorney in a letter to be submitted as a closing document.
There is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds
or the levy or collection of taxes to pay the principal of or the interest on the Bonds, or questioning the pro-
ceedings or authorization under which the Bonds are to be issued, or affecting the validity of the Bonds.
AUDITORS
The financial statements of the City set forth in this Official Statement have been examined by Coopers
& Lybrand, independent certified public accountants, for the fiscal year ended September 36, 1984 as
stated in their report to the City Commission dated January 18, 1985, and are an integral part of this Official
Statement. (See the Section "FINANCIAL STATEMENTS.")
APPROVAL OF LEGAL PROCEEDINGS
Certain legal matters incident to the authorization and issuance of the Bonds are subject to the
approval of Brown, Wood, Ivey, Mitchell & Petty, New York, New York, and Greenberg, Traurig, Askew,
Hoffman, Lipoff, Rosen & Quentel, P.A., Co -Bond Counsel, whose legal opinions will be available to the
underwriters, at no cost to them, at the time of the delivery of the Bonds and will be printed on the Bonds.
CLOSING CERTIFICATE
Certificate of City Manager and Director of Finance Concerning Official Statement
Concurrently with the delivery of the Bonds, the City Manager and the Director of Finance will
furnish their certificate to the effect that, to the best of their knowledge, this Official Statement, as of its date
and as of the date of delivery of the Bonds, did not and does not contain an untrue statement of a material
fact or omit to state a material fact necessary to make the statements contained therein, in the light of the
circumstances under which they were made, not misleading.
Renaissance of New York — 3/20/85 — 3472.5 pp CC
1
DEBT SUMMARY
The information under this heading is subject in all respects to the more detailed financial information
contained in audited financial statements of the City. (See the Section "FINANCIAL STATEMENTS. ")
Payment of Bonds and Bond Election Requirement
Pursuant to the Florida Constitution, there is no limit on the amount of ad valorem taxes the City
must levy for the payment of voted bonds. The City is limited to a maximum tax levy of 10 mills per $1.06
($10 per $1,000) of the assessed value of real estate and tangible personal property for City services, other
than for the payment of voted bonds. Ad valorem taxes levied for periods not exceeding two years and
authorized by a vote of the electorate are excluded from such 10 mill limitation.
The Florida Constitution requires the approval of electors prior to the issuance of bonds payable from
ad valorem taxes. A provision of the Florida Constitution limiting such vote to electors who were owners of
freeholds not wholly exempt from taxation within the subdivision was declared void in 1972. Accordingly.
all qualified electors in the City are eligible to vote in bond elections. The remainder of the relevant section
of the Constitution providing for ad valorem taxation was held valid and is operative.
Debt Statistics and Various Debt Ratios
The following tables detail the City's debt statistics and significant comparative ratios of debt to popu-
lation and to the City's tax base.
Current Debt Ratios of the City of Miami
FACTORS:
Assessed Valuation(l)...................................
Net Taxable Assessed Valuation ...........................
Citv of Miami Debt, Net of Capitalized Reserve Funds
General Obligation ...................................
SpecialObligation(2).................................
Combined Net Direct Debt (September 30, 1984) ........
Overlapping Debt, Net of Capitalized Reserve Funds, @22.1
General Obligation ...................................
Special Obligation (2) .................................
Combined Net Overlapping Debt (September 30, 1984) ...
Population of Miami(3).................................
Assessed Valuation Per Capita ............................
Net Taxable Assessed Valuation Per Capita .................
DEBT RATIOS:
Net Direct General Obligation Debt as a Percent of
Net Taxable Assessed Valuation .........................
Combined Net Direct and Overlapping General Obligation
Debt as a Percent of Net Taxable Assessed Valuation ........
Net Direct General Obligation Debt Per Capita ..............
Combined Net Direct General and Special Obligation
Debt Per Capita ......................................
Combined Net Direct and Overlapping General Obligation
Debt Per Capita ......................................
Combined Net Direct and Overlapping General and Special
Obligation Debt Per Capita ............................
$146,101,893
73.277,480
$122,886,062
74,774,471
$9,769,344,000
8.391,054,000
S 219,379,373
S 197,660,533
383,027
25,506
23,019
1.74°ic
3.2 1%
$ 381.44
S 572.75
$ 702.27
$ 1,088.80
(1) Assessed valuation as of September 30, 1984 using 100 % of assessed values as mandated by Florida law.
(2) Special obligation debt is payable from revenue sources other than ad valorem taxes.
(3) The 1984 estimate was provided by the State of Florida, Division of Population Studies, Bureau of
Business and Economic Research, University of Florida.
Renaissance of New York — 3/20/85 — 3472.5 6
85-352;,
Ratio of Net General Bonded Debt
to Net Assessed Value and Net General Obligation Bonded Debt Per Capita
Ratio of
Net General
Obligation
Net General
Net
Net General
Bonded Debt
Obligation
September 30,
Population (1)
Assessed
Value
Homestead
Exemption
Assessed
Value
Obligation
Bonded Debt
to Net
Assessed Value
Bonded Debt
Per Capita
(000)
(000)
(000)
(000)
1984 ....
383,027(2)
$9,346,033
S954,979
$8,391,054
$146,102
1.74%
S381.44
1983 ....
382,726(3)
8,659,281
920,893
7,738,386
124,935
1.61
326.49
1982 ....
382,726(3)
7,962,129
730,663
7,211,464
109,398
1.32
285.84
1981 ....
399,995(4)
6,622,363
364,238
6,058,127
118,038
1.95
295.09
1980 ....
346,865(4)
4,565,780
197,311
4,368,469
123,020
2.82
354.66
1979 ....
343.000
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
348.93
1976 ....
340,000
3,796,881
199,948
3,596,933
103,827
2.89
305.37
1975 ....
338,000
3,341,634
196,798
3,344,756
94,524
2.83
279.66
(1) Estimated on the basis of added electric and water connections and new dwelling units constructed,
except where indicated differently.
(2) The 1984 estimate was provided by the State of Florida, Division of Population Studies, Bureau of Bus-
iness and Economic Research, university of Florida.
(3) Based on the July 1, 1982 population estimate used by the Office of Revenue Sharing of the Federal
Government.
(4) The City of Miami was involved in litigation with the Federal Census Bureau challenging the 346,863
population count of 1980; as a result, during 1981 the population count was adjusted upward to
399,995 for Federal Revenue Sharing purposes.
Legal Debt Limitation
Section 58 of the City Charter limits general obligation bonds of the City to 15 °Io of the assessed valua-
tion of all real and personal property within the City limits as shown by the last preceding assessment roll of
the City and provides that bonds for street, sewer, sidewalk and other public improvements which are paid
from special assessments shall not be subject to such limitation of amount nor be considered when computing
the amount of general obligation bonds that may be issued.
■ The debt limitation for general obligation bonds based on net assessed valuation as of September 30,
1984 was $1,112,556,000. Outstanding general obligation debt applicable to the City's debt limitation as of —
' September 30, 1984 totaled S151,650,000, which is approximately 1.8% of net assessed valuation.
85-3 52
Selected Debt Data
The following several tables show the details of the City's principal
and interest requirements of
general obligation bonds, principal and interest requirements
of
revenue and special obligation
bonds and
overlapping Dade County debt.
General Obligation Bonds Outstanding on December 31. 1984
Final
Issuer
Maturity
Amount
Amount
General Obligation Issue
Date
Year
Issued
Outstanding
Fire Fighting Facilities ...........................
3-1-38
1988
S 850,000
5 173.000
Coconut Grove Incinerator .......................
3-1-38
1988
1,100,000
233,000
Refunding Sewage Disposal Bonds .................
1-1-62
1990
14.365,000
3,340.000
Dinner Key Marina .............................
6-1-65
1985
2,370.000
120,000
Land Acquisition Bonds ..........................
6-1-63
1983
700,000
35,000
Bayfront Recreational Facilities ....................
8-1-67
1987
2,250.000
343,000
Recreational Facilities ............................
8-1-67
1987
1,000,000
130,000
Storm Sewer Improvements .......................
8-1-67
1987
1,000,000
150.000
Recreational Facilities ............................
7-1-68
1988
1,500,000
320.000
Storm Sewer Improvement ........................
7-1-68
1988
1,500,000
320.000
Sanitary Sewer .................................
7-1-68
1988
5,000,000
430.000
Convention Center ..............................
5-1-69
1989
4,500,000
1,175.000
Fire Fighting Facilities ...........................
10-1-70
1990
1,000,000
300,000
Police Headquarters .............................
10.1-70
1990
1,500,000
460,000
Pollution Control Facilities ........................
10-1-70
1990
3,000,000
930,000
Sanitary Sewers .................................
10-1-70
1990
7,000,000
870,000
Storm Sewer Improvement ........................
2-1-71
1991
1,500,000
560.000
Highway Improvement ..........................
9-1-71
1991
2,000.000
700,000
SanitarySewer.................................
9-1-71
1991
5,000,000
810,000
Fire Fighting
6-1-72
1992
1,100,000
480.000
...................................
Sanitary Sewer .................................
6-1-72
1992
5.000.000
660.000
Police Headquarters .............................
6-1-72
1992
1,300,000
620.000
Storm Sewer Improvements .............. I........
6-1-72
1992
3,000,000
1,240,000
Street and Highway Improvements .................
6-1-72
1992
2,000,000
395.000
Public Park and Recreation Facilities ...............
10-1-72
1997
28,350.000
15,335,000
Storm Sewer Improvements .......................
9-1-73
1993
2,000,000
975,000
Police Headquarters .............................
9-1-73
1993
4,000,000
1,900,000
Storm Sewer Improvements .......................
3-1-75
1995
3,000,000
1,720,000
Sanitary Sewer Improvements .....................
3-1-75
1986
5,000,000
1,000,000
Police Headquarters .............................
3-1-75
1995
8,000,000
4,575,000
Street and Highway Improvements .................
3-1-75
1986
3,000,000
600,000
Sanitary Sewer Bonds ............................
10-1-75
1995
5,000,000
2,160,000
Police Headquarters
10-1-75
1995
2,000,000
1,155,000
.............................
Sanitary Sewer .................................
5-1-77
1997
13,000,000
8,560,000
Street and Highway Improvements .................
5-1-77
1988
5,000,000
2,000,000
Fire Fighting ........... I ..... I .................
5-1-77
1997
5,000,000
3,410,000
Police Headquarters .............................
5-1-7 7
1997
3,000,000
2,105.000
Storm Sewer Improvement ........................
5-1-77
1997
2,000,000
1,370,000
Fire Fighting ...................................
12-1-77
1998
1,000,000
700,000
Public Park and Recreation Facilities ...............
12-1-77
2003
11,540,000
8,640,000
Housing .......................................
12-1-77
2008
1,500,000
1,370,000
Street and Highway Improvements .................
12-1-78
1998
5,000,000
3,525,000
Sanitary Sewer .................................
12-1-78
1998
6,000,000
4,375,000
Fire Fighting, Prevention and Rescue Facilities .......
12-1-78
1998
2,250,000
1,650,000
Storm Sewer Improvement ........................
12-1-78
1998
5,000,000
4,170,000
Fire Fighting, Prevention and Rescue Facilities .......
8-1-81
2001
1,750,000
1,560,000
Storm Sewer Improvement ........................
8-1-81
2001
3,000,000
2,815,000
Housing .......................................
8-1-81
2011
4,400,000
4,260,000
Fire Fighting, Prevention and Rescue Facilities .......
5-1-83
2003
8,000,000
8,000,000
Storm Sewer Improvement ........................
5-1-83
2003
4,000,000
4,000,000
Sanitary Sewer .................................
5-1-83
2003
6,000,000
6,000,000
Street and Highway Improvements .................
5-1-83
2003
6,000,000
6,000,000
Housing .......................................
5-1-83
2013
1,000,000
1,000,000
Fire Fighting ...................................
6-1-84
2014
2,000,000
2,000,000
Storm Sewer ...................................
6-1-84
2014
3,000,000
3,000,000
Highway Improvement ..........................
6-1-84
2014
7,100,000
7,100,000
Housing Bonds .................................
6-1-84
.2014
18,100,000
18,100,000
$254,925,000
$150,170,000
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General Obligation Bonded Indebtedness
Principal and Interest Requirements as of December 31, 1984
I
Fiscal
Year
Ending
Requirements
September 30
Principal
Interest
Total
1985(1).....
S 6,453,000
S 6,301,722
S 12,756,722
1986........
10,800,000
10,223,173
21,023,173
1987........
10,505,000
9,545,538
20,050,538
1988........
10,155.000
8,858,485
19,013,485
1989........
9,235,000
8,190,976
17,425,976
1990........
9,100,000
7,574,677
16,674,677
1991........
8,545,000
6,968,758
15,513,758
1992 ........
7,915,000
6,357,190
14,272,190
1993........
7,620,000
5,734,972
13,374,972
1994........
7,370,000
5,174,538
12,344,338
1993........
7,480,000
4,697,619
12,177,619
1996........
7,140,000
4,243,641
11,383,641
1997........
6,970,000
3,790,746
10,760,746
1998........
5,890,000
3,329,719
9,219,719
1999........
4,833,000
2,925,971
7,760,971
2000........
3,863,000
2,562,733
6,427,753
2001........
4,123,000
2,209,867
6,334,867
2002........
3,875,000
1,887,436
5,762,456
2003........
4,033,000
1,558,938
5,593,938
2004........
1,900,000
1,232,932
3,132,932
2003........
1,003,000
1,064,328
2,069,328
2006........
1,220,000
988,972
2,208,972
2007........
1,225,000
891,373
2,116,373
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
$150,170,000
$109,730,631
S259,900,631
(1) Represents information for nine month period.
Revenue and Special Obligation Bonds Outstanding on December 31, 1984
Final
Special Obligation and
Revenue Bond Issue
Date of
Issue
:Maturity
Year
Amount Amount
Issued Outstanding
Utilities Service Tax Series A(1) ...........
2-1-63
1988
S 3,125,000 S 600,000
Orange Bowl Warehouse Revenue(2) ......
12-20-74
1989
225,000 98,000
Off Street Parking Revenue
Series 1983(3)........................
11-1-83
2009
13,860,000 13,705,000
Convention Center and Parking
Garage Revenue Bonds(4) .............
7-1-80
2015
60,000,000 60,000,000
Parking Revenue Bonds(5) ...............
3-1-82
2008
10,400,000 10,345,000
$84,748,000
(1) Debt service is provided by utilities service
taxes imposed by the City on each purchase of electricity,
gas, water and local telephone and telegraph service.
A reserve must be
maintained equal to the maximum
annual debt service requirements.
(footnotes continued on nextpage)
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(_footnotes rontrnutd!om previous page)
(2) Rental income from the lease of the warehouse facilities provides debt set -vice on these bonds.
(3) Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking
meters of the city.
(4) Debt service is provided by net revenues of the Convention Center -Garage, a pledge of certain tele-
phone and telegraph excise tax revenues, and by a covenant of and agreement of the City to provide, to
the extent necessary, revenues of the Citv, other than ad valorem property tax revenues, sufficient to
make up any deficiency in the required sinking fund. (See dotes 7 and 15 in the Section "FINAN-
CIAL STATEMENTS.")
(5) The Parking Revenue Bonds are payable from the net revenues of the project and certain non ad
valorem revenue of the City. (See Notes 7 and 15 in the Section "FINANCIAL STATEMENTS. ")
Fiscal
Year
Ending
September 30
1983(1).....
1986........
1987........
1988........
1989........
1990........
1991........
1992........
1993........
1994........
1995........
1996........
1997........
1998........
1999........
2000........
2001........
2002........
2003........
2004........
2005........
2006........
2007........
2008........
2009........
2010........
2011........
2012........
2013........
2014........
2015........
Revenue and Special Obligation Bonds
Principal and Interest Requirements(2)
as of December 31, 1984
Principal
Utilities Convention
Parking Garages
Service Tax Center
& Warehouse
Series A Bonds
Bonds
$150,000
S 225,000
130,000
267,000
150,000
288,000
150,000
315,000
$ 100,000
330.000
640,000
1,060,000
1,140,000
1,225,000
1,320,000
1,425,000
1,540,000
1,665,000
1,805,000
1,720,000
1,870,000
2,035,000
2,215,000
2,410,000
2,620,000
2,850,000
3,095,000
3,365,000
3,660,000
3,980,000
4,050,000
4,410,000
4,720,000
4,750,000
$600,000 $60,000,000
346,000
382,000
395,000
440,000
485,000
535,000
595,000
665,000
745,000
830,000
930,000
1,035,000
1,160,000
1,300,000
1,455,000
1,630,000
1,825,000
2,045,000
2,295,000
2,580,000
1,380,000
$24,148,000
Interest
S 7,842,866
7,824,224
7,798,761
7,770,264
7,740,881
7,710,196
7,669,569
7,609,469
7,521,356
7,395,631
7,254,906
7,097,089
6,919,776
6,721,976
6,502,796
6,259,916
5,990,324
5,712,799
5,398,681
5,051,816
4,667,771
4,243,431
3,772,688
3,251,712
2,674,988
2,237,375
1,917,125
1,568,875
1,214,500
828,625
415,625
$166,586,011
Total
S 8,217,866
8,241,224
8,236,761
8,235,264
8,086,881
8,192,196
8,394,569
8,689,469
9,066,356
9,070,631
9,074,906
9,082,089
9,089,776
9,091,976
9,097, 796
9,099,916
8,870,324
8,882,799
8,888,681
8.896,816
8,902,771
8,908,431
8,917,688
8,926,712
7,419,988
5,897,375
5,897,125
5,618,875
5,624,500
5,548,625
5,165,625
S251,334,011
(1) Represents information for nine -month period.
(2) Amounts presented are on a budgetary basis, in that payments due on October 1 are included in prior
fiscal year requirement.
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Overlapping Dade County Debt as of December 31, 1984
General
Special
Obligation
Obligation
Combined
Debt
Debt
Debt
City of Miami ............ S 150,170,000
S 84.748,000
S234,918,000
Dade County (1)(2) ....... 125,331,310
88,166,224
213,497,534
Totals .............. $275,501,310
S172,914,224
S448,415,534
(1) Excludes $91,150,000 Waterworks System Bonds which are outstanding and are secured by revenues
of the Miami Dade Water and Sewer Authority as well as a pledge of the County to make payments
from ad valorem taxes, if necessary.
(2) As of December 31, 1984, Dade County General Obligation Debt was S567,110,000. Special
Obligation Debt was S398,942,192 and Combined Debt was S966,052,192. Figures shown are the
City's share of Dade County Debt based on population which is 22.1 % of these amounts.
General Obligation Bonds Authorized But Not Issued
The following table
outlines the date, type and amounts of general obligation bonds
authorized but
not issued.
Date of
T,vpe of
Previously
Proposed
Balance
Voters Approval
Debt
Authorised
Issued
[+sue
Unissued
June 30, 1970 .............
Pollution Control
S 7,000,000
S 3,000,000
S •0-
S 4,000,000(1)
June30, 1970.............
Streets & Highways
17,375,000
15,000,000
-0-
2.375.000(1)
September28, 1976........
Sanitary Sewers
25,000,000
22,000,000
3,000,000
-0.
October 7, 1980 ...........
Sanitary Sewers
45.000,000
-0-
5,000,000
40.000,000
October 7. 1980 ...........
Streets & Highways
30,000,000
13.100,000
6,000,000
10.900.000
November3, 1981 .......
. Fire Fighting
21,000.000
10.000.000
3,000,000
6,000,000
March 13, 1984 ...........
Storm Sewers
30,000.000
-0-
9.000,000
21,000,000
March 13. 1984 ...........
Police Facilities
20,000,000
-0.
5.000.000
13.000.000
Totals ...............
$195,375,000
$63,100,000
$33.000.000
S99.275.000
11 Unissued bonds are restricted
by a 7 ?,: cc interest limit.
Proposed Revenue Bond Issues
The City expects to offer marina revenue bonds in an amount not presently expected to exceed S8
million by the end of 1985 for the purpose of expanding and developing marinas located on Dinner Key.
The City Commission has approved the issuance of up to S65 million of Multi -Family Housing
Revenue Bonds for the purpose of providing housing for families and persons of lows and moderate income
under the Affordable Housing program. Such bonds shall be payable solely from revenues derived in
connection with the projects to be financed. If other financing considerations are resolved, part of these
bonds may be sold in the Fall of 1985.
Authority to issue Industrial Development Revenue Bonds in an amount not to exceed $20 million for
the construction of a 1,200 space parking garage and surface parking lot as part of the Bayside Specialty
center (see page 29 for a description of the project) has been granted by the City Commission. These bonds I
will be backed solely by the credit of the Rouse Company of Miami. Bonds are expected to be sold in the
Spring of 1985.
The City plans to market not earlier than 1986 up to S60 million in short-term revenue notes to be used I
for construction loans to developers of the Southeast Overtown/Parkwest Project (see page 29 for a
description of the Project).
Capital Improvement Program
The Citv's Modified Six Year Capital Improvement Program (1985-1991) is valued at $413,395,000.
Major emphasis is placed on maintaining and expanding the City's infrastructure. The greatest number of
projects are directed to street improvement, park facilities, storm sewers, and transportation -related
efforts. The community redevelopment projects are designed to assist in neighborhood revitalization and
Renaissance of New York — 3/20/85 — 3472-5 11
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the expansion of the City's economic base. Shown below is a functional
breakdown of the Six Year Capital
Improvement Program:
Functional Category
Amount
Percentage
Projects
Parks Facilities ....................................... $
79,230,000
19.27c
48
Street Improvements ..................................
64,169,000
13.5
57
Parking Facilities .....................................
36,230,000
13.6
20
Storm Sewers ................. ......................
45,512,000
11.0
38
Sanitary Sewers ......................................
39,563,000
9.6
12
Community Redevelopment ............................
33,444,000
8.6
9
Police ..............................................
19,934,000
4.8
12
Fire ................................................
18,762,000
4.5
13
Housing Programs ....................................
14,998,000
3.6
3
Computers ..........................................
9,333,000
2.3
2
Marinas ............................................
7,352,000
1.8
5
Communications .....................................
7,346,000
1.8
1
General Government ..................................
6,394,000
1.6
6
Auditoriums .........................................
4,480,000
1.1
3
Transit Systems ......................................
2,367.000
.6
1
Stadiums ............................................
1,861,000
.4
8
Total Modified Capital Improvement Programs ........ $413,395,000
100.07c
238
During the past fiscal year, 27 projects representing $31.8 million in improvements were completed
and removed from the Capital Improvement Program. Presently,
133 capital projects valued
at $176.4
million are now either in design or in some phase of construction.
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Financing the Six -Year Capital Improvement Program
General Obligation Bonds provide the largest funding source for the Modified Capital Improvement
Program as detailed below. Voter approval (Referendum) has already been secured for part of the
proposed General Obligation Bonds. It is anticipated that each year the City will sell approximately $25 to
S30 million in General Obligation Bonds to implement this Modified Capital Improvement Program.
Voter approval is not required for revenue bonds. Projects included in this Modified Capital Improvement
Program for which revenue bonds may be issued are the reconstruction of the Dinner Key Marina, a
parking garage for the Bayside project, parking in Little Havana, and parking in the Design Center. The
last two projects may be constructed and financed by the Off -Street Parking Authority. Non -City sources
of funding account for approximately 6.57c of this program. Projects funded in whole or part from this
source meet the necessary qualifications for funding which will be received in a timely manner. The portion
of the Program for which funding has not vet been determined accounts for approximately 9 7c of the
necessary funding. Generally, these are projects that will be initiated during the latter years of the Program
and there is sufficient time to determine the appropriate funding.
Proposed Sources
Total
Percentage of
of Funding
Amount
Program Total
Citv
General Obligation Bonds:
Previous Sales ....................
S 82,374,000
20.07c
This Sale ........................
33,000,000
8.0
Future Sales — Authorized Issues ....
75,542,000
18.3
Future Sales — unauthorized Issues ..
68.732.000
16.6
$259,648,000
62.9
Revenue Bonds .....................
48,202,000
11.7
Capital Improvement Funds(1) ........
41, 746,000
10.1
$349,596,000
84.77c
Non -City
Federal Grants ......................
S 22,014,000
5.3%
State Grants ........................
1,388,000
.3
Private Developer Contribution ........
3,834,000
.9
Non-Citv Subtotal ...............
S 27,236,000
6.5
Funding Undetermined ................
36,563,000
8.8
Total Funding ..................
S413,395,000
100.07c
(1) Can at the discretion of the City Commission include Florida Power & Light Company franchise
revenues, and will include related interest, retained earnings, resort tax, sale and/or lease of City
property, etc.
Leases and Other Commitments
The Citv has entered into several agreements running until 1988 for the lease purchase of various
copying, word and data processing equipment with total future payments amounting to approximately
S5.8 million, of which $1.2 million is payable within one year.
The City maintains a Self-insurance Expendable Trust Fund to administer insurance activities
relating to certain property and liability risks, group accident and health and workers' compensation.
Charges to participating operating departments are based upon amounts determined by management
to be necessary to meet the required annual payouts during the fiscal year. The estimated liability for
insurance claims includes the estimated future liability on a case -by -case basis for all pending claims and an
actuarially determined amount for claims incurred but not reported. The unfunded long-term portion of
the total estimated liability, which is expected to be funded from future operations, is reflected in the
general long-term debt account group (GLTD) and amounted to approximately $20,810,000 as of
September 30, 1984.
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y�{{[;
1 � �
DESCRIPTION OF THE CITY
Geography
The City of Miami, situated at the mouth of the Miami River on the western shore of Biscayne Bay, is
a main port of entry in Florida and the county seat of Metropolitan Dade County which encompasses 2,000
square miles of Florida's southeastern region. The City comprises 34.3 square miles of land and 19.5
square miles of water. Dade County is often referred to in this document as Greater Miami or the Miami
area.
Miami is the southernmost major city and seaport in the continental United States and the center of
pan -American trade and air transportation. The nearest foreign territory is the Bahamian island of Bimini.
some 50 miles from the state's tip.
Climate
Due to its location near the upper boundary of the tropical zone. Miami's climate is strongly
influenced by the Gulf Stream, trade winds and other local climatic factors. Its average yearly temperature
is 73.5. Summertime temperatures average 81.4 and winter temperatures average 69.1. Rainfall comes
most frequently between the months of May and September, with June the heaviest, averaging nine
inches.
Population
The U.S. Bureau of the Census estimated the population of the City of Miami at 346,865 as of April 1.
1980. On October 1, 1980 this figure was upwardly adjusted by 53,130 to account for the influx of Cuban
and Haitian Refugees. This adjustment estimates the City of Miami's population at 399,995 as of Octo-
ber 1, 1980. All 1980 U.S. Census information, however, is based on the lower, April 1, 1980 population
estimates.
The 1984 population estimate of 383,027 has been computed by the State of Florida Division of Popu-
lation Studies, Bureau of Business and Economic Research, University of Florida, State of Florida.
Miami's racial and ethnic mix is comprised of non -Latin Whites, Blacks and Hispanics with the
relative segment of White/Black categories indicating only slight changes over the past 20 years. 67% of the
City's population is White, 257c is Black and 8% is classified as "Other." The most significant change has
been in the Hispanic category, which has grown to represent 56 per cent of the City's total population.
South Florida is a popular destination for retirees from the northeast seeking out the hospitable and
temperate climate. The retiree population contributes significantly to the local economy as recipients of
transfer payments such as Social Security, pensions, and investment income. Appropriate supporting
services are provided by the State and the County. The City provides only limited specialized services.
Government of Miami
{
The City of Miami has operated under the Commission -City Manager form of government since
1921. The City Commission consists of five elected citizens, who are qualified voters in the City, one of
whom serves as Mayor. The Commission acts as the governing body of the City with powers to pass
ordinances, adopt resolutions and appoint a chief administrative officer known as the City Manager. The
City Clerk and City Attorney, as well as members of the Planning and Zoning Board, the Off -Street
Parking Board, the City of Miami Health Facilities Authority, the Downtown Development Authority and
the Miami Sports and Exhibition Authority are also appointed by the Commission.
City elections are held in November every two years on a non -partisan basis. At each of these elections
a Mayor is elected for a two year term. Candidates for Mayor must run as such and not for the Commission
in general. At each election two members of the Commission are elected for four year terms. Thus, the City
Commissioners' terms are staggered so that there are always at least two experienced members on the
Commission.
The City Manager serves as the administrative head of the municipal government, charged with the
! responsibility of managing the City's financial operations and organizing and directing the administrative
Renaissance of New York — 3/20/85 — 3472-5 14
85--352....
i
infrastructure. The City Manager also retains full authority in the appointment and supervision of depart-
ment directors, preparation of the City's annual budget and initiation of investigative procedures. In
{ addition, the Citv Manager takes appropriate action on all administrative matters.
The Assistant City Manager for Administrative Services, who is appointed by the City Manager,
r supeises the Departments of Finance, Management and Budget, Computers and Human Resources.
The Finance Director is appointed by the City Manager based upon his qualifications. He supervises the
Department of Finance, which includes the functions of accounting, treasury management and self-
insurance.
The Finance Director is appointed by the City Manager based upon his qualifications. He supervises
the Department of Finance, which includes the functions of accounting, treasury management and self-
insurance.
Mayor and City Commissioners
Maurice A. Ferre was elected Mavor in November 1973, reelected in 1975, 1977, 1979, 1981 and 1983
for two-vear terms respectively. Mavor Ferre is a graduate of Lawrenceville School in New Jersey and
holds a Bachelor of Science degree in Architectural Engineering from the University of Miami. He is a
prominent businessman and corporate consultant with interests in both the United States and Latin
America.
Joe Carollo was elected Commissioner in November, 1979 and reelected in 1983 for a four-vear term
and elected `'ice -Mayor by the City Commission in December, 1984 for a one-vear term. Vice-Mavor
Carollo is a graduate of Miami Dade Community College and Florida International University. He holds a
Baccalaureate of Arts degree in International Relations and a Baccalaureate of Science Degree in Criminal
Justice. He is presently President of Genesis Security Services, Inc.
Miller J. Dawkins was elected Commissioner in November, 1981 for a four-year term. Commissioner
Dawkins is a graduate of Florida Memorial College and holds a MS degree from the University of
Northern Colorado. Commissioner Dawkins has been employed for 15 years at Miami Dade Community
College.
Demetrio Perez, Jr. was elected Commissioner in November, 1981 for a four-year term. He holds a
Master of Science degree in Human Resources from Biscayne College. Commissioner Perez is President of
the Inter -American Center for Municipal Cooperation (CENICOM), which held its II Convention in
1984, bringing to Miami 350 delegates from 200 cities in 20 countries. He is also the Executive Director of
Lincoln -Marti Schools.
J. L. Plummer, Jr. was appointed a Commissioner in October 1970, and was elected Commissioner
in November, 1971, and reelected in 1975, 1979 and 1983 for four-vear terms. Commissioner Plummer is a
graduate of Miami Senior High School and the Cincinnati College of :Mortuary Science. He is Chairman
of the Board of Ahern -Plummer Funeral Homes, :Miami.
Administration of the City
Sergio Pereira was appointed City Manager effective April 1, 1985. Prior to his appointment to the top
z administration position in the City of Miami, Mr. Pereira served as Assistant County Manager for Dade
' Countv, Florida. Mr. Pereira's responsibilities extended over the County's Finance, Computer Services,
Seaport and Aviation Departments. In the past, he has served as Special Advisor to the President of the
United States on refugee matters and to the State Department Refugee Co-ordinator. He has also held
other administrative positions in Dade County and Newark, New Jersey.
Randolph B. Rosencrantz, Assistant City Manager for Finance and Administration since his initial
appointment in January 1982, also served as Acting City Manager from December 7, 1983 to March 31,
1984. Prior to joining the City, Mr. Rosencrantz served in Baltimore County, Maryland as Chief Admini-
strative Officer and Director of Finance. He also served in various managerial positions in Anne Arundel
County and Frederick County, both in Maryland. Mr. Rosencrantz holds a Bachelor of Science Degree in
Business Education from the University of Maryland and a Masters Degree in Business Administration
from Loyola College in Baltimore, Maryland.
Renaissance of New York — 3/20/85 — 3472-5 15
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Carlos E. Garcia, Director of Finance since June 1980, joined the City in November, 1976 as
Assistant Finance Director. He has been previously employed in private industry in positions of Treasurer.
Controller, and Auditor. Mr. Garcia is a "Cum Laude" graduate of the University of Miami with a BBA
and also holds a Master of Science in Management from Florida International University. He is licensed as
a CPA in the State of Florida and is a member of the American and Florida Institutes of CPA's.
Lucia Dougherty is the City Attorney for the City of Miami, Florida, and the former City Attorney for
the Citv of Miami Beach. She received her B.A. degree from Syracuse University, a M.L.S. degree from
Oklahoma City University, aJ.D. degree from Oklahoma City University and a L.L.M. Degree in Ocean
and Coastal Law from the University of Miami, Florida. She is a member of the Florida and Oklahoma
Bars and has also served as a lecturer at numerous conferences and seminars.
Ralph G. Ongie was appointed City Clerk on July 31, 1976. He was the Assistant City Clerk from
1972 to 1976, and the Deputy City Clerk from 1958 to 1972. He is a graduate of Baraga High School.
Marquette. Michigan, and has attended advanced personnel administration courses in Bainbridge.
Maryland and selected courses at the University of Miami. Mr. Ongie is a member of the International
i
Institute of Municipal Clerks.
Scope of Services and Agency Functions
The City provides certain services as authorized by its charter. Those services include public safety
(police, fire and code enforcement), parks and recreational facilities. trash and garbage collection, street
j maintenance, construction and maintenance of storm drain systems and planning and economic
development functions, and construction of capital improvements.
1 The Police Department provides a full range of police services, has a uniformed force of 1,060 and a
civilian component of 448. The Fire Department is rated as Class I and provides a full range of fire
protection and emergency services as well as providing a full range of medical and rescue services. In addi-
tion, building code, inspection and enforcement services are administered through the Fire Department.
The City provides garbage and trash pickup and enforces sanitation requirements. Disposal of trash
and garbage is performed by Dade County under contract with the City. The Department of Public Works
• maintains certain streets and sidewalks and manages construction of sewers and other capital facilities
required by the City. The State of Florida and Dade County are responsible to maintain most arterial
streets and all major highways within the City. The Department of Parks and Recreation maintains and
operates all City owned parks and administers various recreational and cultural programs associated with
these facilities. These programs are directed to all segments of the City's tri-ethnic population.
The City is responsible for planning land use and zoning, and maintains a separate department to
promote economic development.
Regional Government Services
The following information and data concerning Dade County (the "County") describes the regional
government services the County provides for residents of the County, including residents of the Citv.
The Countv is, in effect, a municipality with governmental powers effective upon the twenty-seven
cities in the County and the unincorporated area. It has not displaced or replaced the cities but supplements
them. The County can take over particular activities of a city's operations (1) if the services fall below min-
imum standards set by the County Commission, or (2) with the consent of the governing body of the city. It
should be noted that the City is currently seeking the return of a lesser portion of the Water and Sewer
System formerly owned by 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 services within the municipalities, with direct access to the National Crime Information
Center in Washington, D.C. and the Florida Crime Information Center; uniform system of fire protec-
tion, complementing the municipal fire protection services within ten municipalities and providing full
service fire protection for seventeen municipalities which have consolidated their fire departments with the
County's fire department; consolidated two-tier court system conforming to the revision of Article V of the
Florida Constitution which became effective on January 1, 1973; developing and operating a County -wide
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water and sewer system; coordination of the various surface transportation programs and extending into
the development of a unified rapid transit system; operation of a central traffic control computer system:
merging all public transportation systems into a County system; effecting a combined public library system
of the County and eighteen municipalities, which together operate the main library, seventeen branches
and six mobile units sen-ing forty-four County -wide locations; centralization of the property appraiser and
tax collector functions; furnishing data to municipalities, Board of Public Instruction and several state
agencies for the purpose of budget preparation and for their respective governmental operations; collection
by the Dade County Tax Collector of all taxes and distribution directly to the respective governmental
entities according to their respective tax levies and prescribing minimum acceptable standards adopted by
the Board of County Commissioners and enforceable throughout the County in such areas as
environmental resources management, building and zoning, consumer protection, health, housing and
welfare.
Medical Facilities
The 41 hospitals located in Greater Miami offer virtually all general and highly specialized medical
services. This progressive and growing health care delivery system for the patient provides educational
opportunity for the professional and places Miami in the forefront of communities with comprehensive
national and international medical capabilities.
Recreational Facilities
The Miami area is famous for its sailing, deep sea fishing and boat races. There are 35 vacht clubs and
marinas, with 685 berthing facilities provided by City -owned marinas.
Athletics for spectator sports fans are held at the City -owned Orange Bowl Stadium, 'Iiami Baseball
Stadium and the Marine Stadium. Sports competition includes professional and college football, baseball
and championship boat races. Other athletic events include amateur football, soccer. baseball, motorcycle
speedway racing and rowing events.
Golf is played year round at the Miami area's 23 public and 14 private courses. Several open golf
tournaments are held each year.
Miami area's 403 public parks and playgrounds cover 408,710 acres, providing residents and visitors
a wide range of subtropical nature settings unique only to South Florida in the continental U.S. Each park
has a combination of facilities that are enjoyed year round; these facilities include but are not limited to:
public swimming pools, tennis courts, handball courts, boat ramps, vita courses, picnic areas, lakes for
swimming and boating, equestrian trails and baseball and softball fields.
The area's 22 public beaches, which are freely accessible, are enjoyed year round by residents and
tourists. The subtropical climate and tropical setting makes relaxing in the sun a pleasure on 1,400 acres of
beautiful beaches.
Cultural Facilities and Affairs
The Miami area has an extensive library system, several museums of art and history and art galleries.
a
A new cultural center built by Dade County at cost of $26.6 million opened in downtown Miami in 1984.
The complex, designed by Philip Johnson, is composed of a library, fine arts center, and a historical
museum.
Symphonic and pop concerts are performed regularly. Five theatres draw plays and concerts from
around the United States which appeal to all ages. Operas are performed by both amateurs and profes-
sionals. Resident dance companies offer a full calendar of events.
There are numerous festivals and affairs appealing to various ethnic groups. Annual festivals range
from the Coconut Grove Art Festival and Orange Bowl Festival to Calle Ocho, Goombav and the
Renaissance Fair.
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Educational Institutions
Dade County public schools provide educational facilities on primary and secondary levels.
Public school enrollment, including both primary and secondary levels, since 1980 is as follows:
School Enrollment
Public School System
Dade
County
Year Miami Total
1983........ 37,093 227,906
1984........ 36,992 223,884
1983........ 35,394 223,948
1982........ 35,662 226,324
1981........ 36,430 233,886
1980........ 35,093 226,576
Over 70,000 students are enrolled in the following colleges and universities located within the area:
Barry Universitv
Florida International University
Florida Memorial College
International Fine Arts College
Miami Christian College
Miami -Dade Community College
St. Thomas University
University of Miami
FINANCIAL INFORMATION
General Description of Financial Practices
The City Charter requires the City Manager to submit a budget estimate not later than one month
before September 30 of each fiscal year. Each department prepares its own budget request for review by the
City :Manager. The City Commission holds public hearings on the budget plan and must adopt the budget
not later than October 1.
The City's Governmental Funds (General, Special Revenue, Debt Service and Capital Projects
Funds) and Expendable Trust Funds follow the modified accrual basis of accounting, under which
expenditures, other than interest on long-term debt, are generally recorded when the liability is incurred
and revenues are recorded when measurable and available to finance the City's operations. The accrual
basis is utilized by all Proprietary Funds.
The accounts, books, records and financial transactions of the City are audited annually by a firm of
independent certified public accountants, presently Coopers & Lybrand. The opinions of the independent
certified public accountants are included in the Annual Reports of the City.
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Statement of Revenues and Expenditures
The following table presents certain financial information with respect to the financial capability of the
City regarding the payment of its obligations, including the Bonds. See the Section "FINANCIAL
STATEMENTS" for audited financial statements of the City for the fiscal year ended September 30, 1984.
Summary of
Revenues, Expenditures and Year -End Fund Balances
(Budgetary Basis)
General Fund
and
General Obligation Debt Service Fund
Fiscal Year Ended September 30
General Fund:
Revenues and Other Financing
Sources .....................
Appropriated Fund Balance .......
Total ......................
Expenditures and Other Uses ......
Excess (Deficiency) of Revenues and
Other Financing Sources Over
Expenditures and Other Uses ....
Year -End Fund Balance......... .
General Obligation Debt
Service Fund:
Revenues .....................
Appropriated Fund Balance ...... .
Total ......................
Expenditures ...................
Excess (Deficiency) of Revenues
Over Expenditures ............ .
Year -End Fund Balance...........
1983
1984
1983
1982
1981
Budget
Actual
Actual
Actual
Actual
S181,741,224
$167,965,786
$133,963,374
$137,744.349
$125.056,333
4,800.000
—
—
—
—
186,541,224
167,965,786
133.963,374
137,744,349
123.036,333
186,541.224
167.556.050
151,176,538
137,693.783
121,388.194
(1)
S 409,736
S 2.789,036
$ 50,566
S 3,668.139
S 7,378,679(2)
S 8.254.635(3)
S 6,036,634
S 6.006.068
S 20,839,540
S 17,048,398
$ 16,075,923
S 15,854,950
S 21.017,190
20,839,540
17,048,598
16,075,923
15.854,950
21,017,190
20,839,540
17,565,047
16,623,286
17,525,034
17,620,215
(1)
S (516,449)
S (547.363)
S (1,670.084)
S 3,396,975
S 5,548.107
S 6,064,556
S 6.611,919
S 8.282,003
� 1) State statutes require that budget be balanced.
(2) Adjustments for net equity transfers to other funds and accumulated compensated absences decreased fund balance by
$1.285,692.
13) Adjustments for net equity transfers to other funds decreased fund balance by $591.035.
Description of Revenues
The following is a description of the City's revenue structure.
General Fund
Property Taxes — Article 7, Section 9 of the Florida Constitution provides that except for taxes levied
for payment of bonds in certain voter approved levies, municipalities in the State may not levy ad valorem
taxes in excess of ten mills per $1.00 ($10 per $1,000) of assessed valuation upon real estate and tangible
personal property having a situs within the taxing city, when the tax is being imposed to generate monies
for municipal purposes.
Both Dade County and the City tax real and tangible personal properties within the City.
Dade County and twenty-seven incorporated municipalities, including the City, do not levy personal
income tax, gross receipts tax, inheritance tax, gift tax or commuter tax.
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These taxes are received by a debt service fund, as explained in page 22 of this statement. Substantial
excess monies available after the payment of various debt service requirements are transferred to the
general fund.
Franchise Taxes — The City has entered into franchise agreements with utilities to generate revenues
for the Citv based on the dollar volume of services rendered to City residents.
The most significant of these agreements is with Florida Power & Light Company for a 30-year
period. Of the approximately S 10.6 million revenue estimate for 1985, approximately $800.000 has been
budgeted in the General Fund as a transfer to the Capital Improvement Fund.
Occupational Licenses — The City levies a license tax for business privilege licenses. License taxes
van, according to the type of business. The exception to this are the contractors' licenses, which are col-
lected only by the Dade County Tax Collector. There is a set contractors' fee for all contractors within the
County. After collection, Dade County returns to the cities its pro rata share of revenue collected. The pro
rata share due each city depends on the number of contractors doing business within each city's limits.
Federal Revenue Sharing — The revenues derived from the Federal government are appropriated
by the Commission to support general fund operations, including a limited number of social service
programs.
State Revenue Sharing — The revenues distributed to the municipalities by the State of Florida
under the State's revenue sharing program are derived from a percentage of its collection of the State
cigarette tax, the State motor fuel tax and the State road tax.
Sales Taxes — The State of Florida levies a 5 percent sales tax. A portion of this tax, one half of one
cent of the 5 percent levied, is shared by municipalities based on their population.
Solid Waste Fee — Since 1980, the City has levied a solid waste fee which has been a revenue to the
general fund. The rate may increase by action of the City Commission and there are no legal restrictions on
the amount of the increase. The present rate is $160 per year for a residential unit and a graduated rate
structure for non-residential units all of which the City Commission intends to review prior to the Jul%,
1985 semi-annual billing. At the present rate, this revenue item will generate approximately S 12.5 million
per year to help offset Solid Waste appropriations of 523.7 million in 1985. The rate utilized by the City is
lower than rates utilized by Dade County and other surrounding jurisdictions.
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The City's general fund receives revenues from a variety of sources. The following table lists the
revenues received by the City from these sources for the past five fiscal years.
General Fund Revenues and Other Financing Sources
(000's)
1984
1983
1982
1981
1980
Taxes:
Property Taxes ................
S 78,968
S 67,619
S 61.865
S 54,060
$ 42.679
Utilities Service Taxes ...........
22,301
21,648
20,674
18,563
16.826
Franchise Taxes ................
4,885
5,703
4.919
4.825
6.703
106,134
94.970
87,458
77.448
66.208
Licenses and Permits:
Occupational Licenses ..........
3,982
3,874
4,773
4,712
3,112 I
Permits .......................
1,871
1,414
677
889
713
5,853
5.288
5,452
5,601
3,827
Intergovernmental:
Federal Revenue Sharing ........
9,987
9,267
9.281
9,166
7,909
State Revenue Sharing ..........
11,715
12,298
12,084
12,113
11,428
Sales Taxes ....................
10,634
9,478
-
-
-
Other Grants ..................
3,178
4,242
4,019
4,021
3,432
35,514
35,285
25,384
25,300
22,789
Intragovernmental ...............
2,687
2,483
2,511
2,581
3.342
Charges for Services:
Solid Waste Fees ...............
7,735
7,867
6,841
5,870
1,876
Other Fees ....................
4,412
3.627
3.950
5,256
3,183
12,147
11,494
10,791
11,126
5,059
Other Revenues and Financing
Sources .......................
5,611
4,446
6,148
3,000
3,221
Total .....................
S167,966
S153,966
S137,744
$125.056
S104.446
Special Revenue Funds
Downtown Development Authority - This Authority assesses a separate millage rate to property in
the Central Business District. In 1985, the General Fund is budgeted to contribute in excess of S600,000 to
this operation.
Rescue Services - This fund accounts for a portion of the telephone franchise tax especially desig-
nated by the electorate to provide additional rescue services.
Federal Revenue Sharing and Grant Funds - Federal Revenue Sharing entitlement funds are
passed through to the general fund. Community Development Block Grants and Economic Development
Administration Grants are designated for specific purposes approved by the applicable Federal agency.
Cable T.V. - This fund accounts for revenues from the Cable T.V. license and its specific uses.
Miami Sports and Exhibition Authority - On July 12, 1983, the Florida State Legislature passed a
bill authorizing certain counties to levy by ordinance a 3 To Convention Development Tax on hotel rooms,
specifying that "one-third of the proceeds shall be used to construct a new multi -purpose convent ion/coli-
seuln/exhibition center or the maximum components thereof as funds permit in the most populous munici-
pality in the county." The City of Miami, Florida then created the Miami Sports and Exhibition Authority
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85-352'. _
0 0
and on October 4, 1983 Dade County, Florida approved the levying of the tax for administration and
disbursement, by the Authority, of the Citv of Miami's share.
Local Option Gas Tax — This is a tax levied on the sale of gasoline. The funds generated are to be
used for street and highway maintenance. This tax was initiated in fiscal year 1984 and will be included in
the general fund in fiscal year 1985.
Debt Service Funds
Property Taxes — The City Charter authorizes a separate levtiv of ad -valorem taxes to pay interest
and principal on general obligation bonds. State statutes empower municipalities to levy ad -valorem taxes
as necessary to fund general obligation debt service.
Utilities Service Taxes — The City imposes a 10 % tax on each purchase of electricity, metered gas,
bottle gas, water and local telephone and telegraph services. Revenue funds annual debt service of
approximately S160,000 on Utilities Service Tax bonds. In addition, this revenue source is partially
pledged as an additional resource for debt service requirements for the Convention Center -Garage
Revenue Bonds and the Government Center Parking Garage Revenue Bonds. This pledge amounts to
$4.837,287 in 1985. Excess monies available after the payment of debt service requirements revert to the
general fund.
Assessment Lien Collections — Property owners abutting certain capital project improvements are
assessed a portion of the cost of such improvements. These collections are pledged to general obligations
bonds debt service, since general obligation bond proceeds were originally used to finance these
improvements.
Enterprise Funds
Revenues for these funds are primarily generated by user fees and charges. Certain facilities are
subsidized by the City's general fund and other discretionary funds.
Enterprise facilities include:
Orange Bowl Stadium — Primarily used for football games, the stadium is home to the :Miami
Dolphins and University of Miami Hurricanes.
Miami Stadium — This baseball stadium is used for training by the Baltimore Orioles. Local
baseball teams plav at the stadium, which is also used for rock concerts and other events.
Marine Stadium — Various regattas and nautical events are held at this stadium.
Miamarina — This marina, near downtown Nliami, is being run by a private management com-
pany under contract with the City. The marina will be closed from 12-24 months during construction
of the Bayside Specialty Center. (See page 29 for a description of the Bayside Project).
Dinner Key Marina — Plans are under way to expand and reconstruct this marina into a facility
with over 500 slips.
Warehouse Property — This property has a long-term lease with the Orange Bowl Committee
and is used to build floats and other festival -related equipment.
Golf Courses — The two City -owned and operated golf courses are used year round by local
residents and tourists.
Dinner Key Exhibition Hall — This recently renovated facility is a favorite of local exhibitors as
well as hosting conventions jointly with the City's Convention Center.
Miami Convention Center — The Convention Center is part of a complex shared with the Uni-
versity of Miami Conference Center, a private hotel, a multi -level parking garage and a soon to be com-
pleted World Trade Center atop the garage.
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Off -Street Parking Authority — The Authority runs five parking garages in the City as well as
on -street meters and off-street lots, with a total of over 16,700 parking spaces.
Bayfront Auditorium — This facility is to be replaced in the near future by a parking garage for
the new Bayside project. (See page 29 for a description of the Bayside Project).
Government Center Parking Garage — This 1,100 car garage serves the Government Center,
and in particular the Cultural Center complex.
Internal Service Funds
There are six internal service funds that are self-supporting because their revenues are derived from
charges for services to other City departments. These funds are:
City Garage Fund — For purchases and maintenance of all heavy equipment used by the City.
Communications Services Fund — For the maintenance of communications and data process-
ing equipment.
Motor Pool Fund — For purchases and maintenance of the automobile fleet.
Print Shop Fund — For all of the City's basic printing needs.
Property Maintenance Fund — For regular building maintenance, and a limited amount of
building alterations and additions.
Stationery Stock Fund — For purchases and storing of office supply items consumed in quantity
in the City's operations.
Procedure For Tax Levy and Tax Collection
Real and personal property valuations are determined each year as ofJanuary 1 by the Dade County
Assessor of Property at 100°Io of market value. A notice is mailed to each property owner indicating the
property valuation. The property owner has the right to file an appeal with the Dade County Clerk of the
Board of Tax Adjustment if such property valuation as determined by the property appraiser is inconsistent
with that as determined by the property owner. All appeals of such valuation determinations are heard by
the Dade County Board of Equalization. The Board certifies the assessment roll upon completion of the
hearing of all appeals so filed.
All taxes are due and payable on :November 1 of each year or as soon thereafter as the assessment roll is
certified and delivered to the Dade County Tax Collector. The Dade Countv Tax Collector mails to each
taxpayer on the assessment roll a notice of the taxes levied. Taxes may be paid upon receipt of such notice,
with discounts at the rate of four percent if paid in the month of November, three percent if paid in the
month of December, two percent if paid in the month of January and one percent if paid in the month of
February. Taxes paid during the month of March are without discount. Taxpayers also have the option of
paying their taxes in equal quarterly payments based on the prior years tax with a six percent discount with
the June 30th payment, four percent with the September 30th payment, two percent plus one-half of any
adjustments discounted at three percent with the December 31 st payment and no discount plus one-half of
any adjustments with the March 31st payment. All unpaid taxes on real and personal property become
delinquent on April 1 of the calendar year following the year in which the taxes were levied. All tax collec-
tions for the City are delivered to the City of Miami by Dade County. The delinquent real property taxes
bear interest at the rate of eighteen percent per year from April 1 until a tax sale certificate is sold at auction
from which time the interest rate shall be as bid by the buyer of the certificate.
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Tax Schedules and Tables
The following tables present detailed information pertaining to the City's assessed property valua-
tions, tax levies and collections and the City's ten largest taxpayers.
r
1 The assessed value of taxable property in the City together with real property value assessed, personal
property assessed value, and homestead exemptions in the current and each of the last ten completed fiscal
nears is detailed below.
Assessed Value of All Taxable Property
Fiscal Years Ended September 30
Fiscal
Real
Personal
Gross
Homestead
Net
Year
Property
Property
Total
Exemptions
Total
1984
...... $8,230.309,000
$1,115,724,000
S9,346,033,000
$954,979,000 S8,391,054,000
1983
...... 7,616.829,000
1,042,452,000
8,659,281,000
920,895,000
7,738,386,000
1982
...... 6,976.847,000
985,282,000
7,962,129,000
750,665,000
7,211,464,000
1981
...... 5,748,550,000(1)
873,815,000
6,622,365,000
564.238,000
6,038,127,000
1980
...... 3,743,051,244
822,758,511
4,365,779.755
197,310,871
4,368,468,884
1979
...... 3,420,381,422
806,793,605
4,227,175,027
196,708,033
4,030,466,994
1978
...... 3,279,667,236
744,179,862
4,023,847,098
195,664,076
3,828,183,022
1977
...... 3,256,815,414
681,454,979
3,938,270,393
198,538,632
3,739.711.741
1976
...... 3,123,637.035
672,697,034
3,796,334,089
199,420.601
3,396,933.488
1975
...... 2,851,309,996
689,895,764
3,541,205,760
196,797,718
3,344,408,042
(1) The increase in assessed value
of real property in
fiscal year 1981 is
largely due to a change in Florida
law requiring that property be assessed at 100°Io
of actual value.
The Citv has levied a certified
millage of 11.1238
mills for the fiscal year 1984-85 beginning October 1,
1984,
consisting of 9.3314 mills for general operations and 1.5724 mills
for debt service.
The following
table
shows the tax levies and collections
of the City
for each of the last
ten completed fiscal years.
Tax Levies and Collections
Fiscal Years Ended September 30
Outstanding
Total
Total
Delinquent
Ad'usted Collections
�ax
Percent collection
Collections
Taxes
Outstanding As Percent
City %tillage
Fiscal
of Current
Levy Year's
of of
Lew Delinquent
Total As Percent
Tax of Current
Delinquent of Current
General Debt
Year
All Funds Taxes
Collected Tales
Collections t.mv
Taxes(1) Levu
Fund Service
1984
$93,340,000 $88,982.000
95.33 % $3.036,000 $92.018,000 98.58 %
$3.367.000 3.61%
9.5514 1.5724
1983
83.025.000 78,815,000
96.38 1,209,000
80,024.000 96.38
2.925,000 3.52
9.061 1 668
1982 .
16.903.000 74,040,000
96.28 1,067,000
75,107,000 97.66
2.489,000 3.24
8.947 1,717
1981
1980
72.619.000 70,288.000
60,983.826 58.789,796
96.79 437,000
96.40 307,659
70,725,000 97.39
59,097,455 96.91
2.027,000 2.79
1,439,430 2.23
9.036 2.951
10.000 3.960
1979
58.389,375 57,325,287
98.18 430.947
57,756.234 98.92
1,559,360 2.67
10.000 4.487
# 1978
50,532,016 49,095,263
97.16 523,373
49,618,636 98.19
3,195.919 6.49
10.000 3.200
1977
43,854,070 42.969,232
97.98 650,775
43,620,007 99.47
2,282.539 5.20
9.592 2.311
1976
38,508,055 37,280,660
96.81 633,860
37,914,520 98.46
2.048,476 5.32
8.619 2.311
1975.
... .. 34,923.276 33,833,693
96.88 1,583,714
35,417,407 101.41
1.454.941 4.17
8.569 2.311
(1) Net of reserve for early payment discounts
and unmllectable tax of approximately
5% of total
tax levy.
1
i
S
P
J
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The following table is a listing of the ten largest taxpayers in the City, the nature of their business
activity and the assessed value of their property for the fiscal year ended September 30, 1984.
Ten Largest Tax Assessments in the City of Miami
1984 Assessed Value of Property
Name of Taxpayer
A.T. & T./Southern Bell ............
Chopin Associates .................
Equitable Life Assurance ............
Florida Power & Light Company .....
Miami Herald .................... .
One Biscayne Tower, N. W. .........
Raymond Nasher Co . ..............
Prudential Insurance Company ......
New York Life Insurance ............
I.B. M...........................
SOURCE: Dade County Property Appraiser's Office.
1984
Aueued
Value
Nature of Activity
(000's)
Utility
$306,930
Office Buildings/Hotel
212,278
Office Buildings
121,297
Utility
98,903
Newspaper
78,316
Office Buildings
62,687
Office Buildings
40,125
Office Buildings
34,873
Retail Sales
28,870
Office Equipment
23,997
Pension and Retirement Plans
The City has two separate pension funds, the Retirement System (Police and Firemen) which went
into effect on February 1, 1940 (the "System" or "Retirement System") and the Retirement Plan (Gen-
eral Employees) which went into effect on July 1, 1956 (the "Plan" or "Retirement Plan"). The actuary
for the Retirement Plan is Compensation & Capital, Inc., Chicago, Illinois. For the Retirement System,
the actuary is Alexander & Alexander, Atlanta, Georgia. The Plan and System select their actuaries inde-
pendently. Additionally, the City selects its own actuary to determine the amount that the City will con-
tribute to the Plan and System. The City's actuary is E. H. Friend & Co., Washington, D.C.
�Vith respect to the System and Plan, the principal actuarial assumptions are:
(1) As to valuation method:
System — Entry Age Normal Cost Method with Unfunded Actuarial Accrued Liability
:Modification.
Plan — Entry Age Normal Cost Method.
(2) As to interest rate:
System — 7% compounded annually.
Plan — 8% and 7olo for post retirement benefits.
(3) As to assets:
System —:Moving market value average.
Plan — Lower of Market or Statement Value.
(4) As to retirement age:
System — Probabilities of retiring ranging from 1 % at age 40, 3.5 % at age 45, 50 % at age 50,
to 100°lo at age 55.
Plan — Annual Rates of retirement of .30 at age 55, .14 at age 60, 1.00 at age 65.
Membership in the System and Plan is compulsory for classified employees, optional for unclassified
employees and not open to temporary employees. Participation in the Plan and System as of October 1,
1984, was as follows:
Plan .............
System ...........
Totals ........
Renaissance of New York — 3/20/85 — 3472-5
Active
2,279
1,819
4,098
25
Retired
Total
1,537
3,816
875
2,694
2,412
6,510
4.
85-�3521. .
4 u.'
}f
's
IWIN -Now
The City's annual contributions are based upon the Supplementary Actuarial Valuation Report pre-
- al f d' tech -
pared by the City s actuary, E. H. Friend cc Co. These reports incorporate t e ternative un ing
niques adopted by the City, by which the contribution level for funding the unfunded past service liability
increases annually by 57c over a 35 year period. The State of Florida's Bureau of Local Retirement
Systems has indicated that this funding technique provides an adequate proper actuarial funding and
meets the requirements of Part VII, Chapter 112, Florida Statutes. (See the Section "LITIGATION,"
Appendix B and Note 16 in the Section "FINANCIAL STATEMENTS" for discussions related to litiga-
tion pertaining to the City's contributions to employee pension plans and related matters.) The current
status of litigation is in the City Attorney's letter (see Appendix B).
The following tables set forth in summary form certain essential data with respect to both the Retire-
ment Plan and the Retirement System for the fiscal years ending September 30. 1980, 1981. 1982, 1983
and 1984.
MIAMI EMPLOYEES' RETIREMENT PLAN
Fiscal Years Ended September 30
Assets available for
Benefits — Beginning
of Year ..............
City Contribution .......
Employee Contribution . .
Net Investment
Earnings(l) ..........
Benefits and
Withdrawals .........
Administrative
Expenses ............
Assets Available for
Benefits — End of
Year ................
Unfunded Accrued Liabil-
ity, as of October 1,
subsequent to end of
fiscal year........... .
1984
1983
1982
1981
1980
S 80,761,162
S 67,239,993
S 59,689,863
$ 36,319,049
S50,325,972
9,153,279
7,892,149
7,025.145
7,693,901
4,821,180
4,080,019-
3,452,996
3,070,791
2,880,036
2,777,806
14.476,706
11,505,802
6,350,976
1,790,772
6,336.086
27,709,997
22,850,947
16,446,912
12,364,709
13,933,072
9.769,672
9,309,778
8,875,138
8,965,433
7,907,968
19,964
20,000
21,644
28,462
34,027
9,789,636
9,329,778
8,896,782
8,993,895
7,941,995
S 98,681,523 S 80,761,162 S 67,239.993 S 59,689.863 $56,319,049
(2) $111,778.313 $103,213.629 S 95.456,344 S88,948,537
(1) Includes gains and losses on sales of investment securities.
(2) Unfunded accrued liability as of October 1, 1984 for the Plan will be computed as part of the fiscal year
1986, E. H. Friend's Actuarial Report, which will be available in August, 1985.
Renaissance of New York — 3/20/85 — 3472-5 26
85-352___.
4 0
The Citv's annual contributions are based upon the Supplementary Actuarial Valuation Report pre-
pared by the City's actuary, E. H. Friend & Co. These reports incorporate the alternative funding tech-
niques adopted by the City, by which the contribution level for funding the unfunded past service liability
increases annually by 7� over a 35 year period. The State of Florida's Bureau of Local Retirement
Systems has indicated that this funding technique provides an adequate proper actuarial funding and
meets the requirements of Part VII, Chapter 112, Florida Statutes. (See the Section "LITIGATION,"
Appendix B and Note 16 in the Section "FINANCIAL STATEMENTS" for discussions related to litiga-
tion pertaining to the City's contributions to employee pension plans and related matters.) The current
status of litigation is in the City Attorney's letter (see Appendix B).
The following tables set forth in summary form certain essential data with respect to both the Retire-
ment Plan and the Retirement System for the fiscal years ending September 30, 1980, 1981. 1982. 1983
and 1984.
MIAMI EMPLOYEES' RETIREMENT PLAN
Fiscal Years Ended September 30
1984
1983 1982
1981
1980
Assets available for
Benefits — Beginning
of Year ..............
S 80,761,162
S 67,239,993 S 59,689,863 S
56,319,049
S50,325,972
Citv Contribution .......
9,153,279
7,892,149 7,025,145
7,693,901
4,821,180
Employee Contribution ..
4,080,012
3,452,996 3,070,791
2,880,036
2,777,806
Net Investment
Earnings(l) ..........
14,476,706
11,505,802 6,330.976
1,790,772
6,336,086
27,709,997
22.850,947 16,446,912
12,364,709
13,933,072
Benefits and
Withdrawals .........
9,769,672
9,309,778 8,875,138
8,965,433
7,907,968
Administrative
Expenses............
19,964
20,000 21,644
28,462
34,027
9,789,636
9,329,778 8,896,782
8,993,895
7,941,995
Assets Available for
Benefits — End of
Year ................
S 98.681,523
S 80,761,162 S 67,239.993 S
59,689,863
S56,319,049
Unfunded Accrued Liabil-
ity, as of October 1,
subsequent to end of
fiscal year............
(2)
S111,778,313 S103,213.629 S
95,456,344
$88,948,537
(1) Includes gains and losses
on sales of investment securities.
(2) Unfunded accrued liability as of October 1, 1984 for the Plan will be computed as part of the fiscal year
1986, E. H. Friend's Actuarial Report,
which will be available in August, 1985.
Renaissance of New York — 3/20/85 — 3472-5 26
85-352:.._
f
MIAMI EMPLOYEES' RETIREMENT SYSTEM
Fiscal Years Ended September 30
1984
1983
i
1982
1981
1980
Assets available for
Benefits — Beginning
of Year ..............
$142,854,133
$119,530,760
$107,770,302
$ 99,573,954
$85,498,157
City Contribution.......
9,606,291
7,021,536
8,144,125
6,527,933
10,274,690
Employee Contribution ..
4,495,054
4,063,406
3,418,917
2,761,264
2,430,209
Net Investment
Earnings(l) ..........
15,924,510
21,700,712
9,371,166
8,091,638
9,643,133
30,025,855
32,785,634
20,934,208
17,380,837
22,368,032
! Benefits and
(' Withdrawals ......... 9,787,340 9,430,830 9,143,203 9,145,186 8,249,522
f Administrative
Expenses............ 45,734 31,451 30,345 39,323 42,713
9,833,274 9,462,281 9,173,730 9,184.509 8,292,233
} Assets Available for
Benefits — End of
Year ................ $163,046,714 '$142,854.133 $119,330.760 $107,770,302 599,573,954
Unfunded Accrued Liabil-
ity, as of January 1,
subsequent to end of
i fiscal vear............ (2) $108,923,303 S 97,942,418 S 79.131,533 $84,436,463
1
i
j (1) Includes gains and losses on sales of investment securities.
(2) Unfunded accrued liability as of January 1, 1985 for the System, will be computed as part of the fiscal
year 1986, E. H. Friend's Actuarial Report, which will be available in August, 1983.
The above unfunded liability amounts are as reported by the City's actuary, E. H. Friend & Com-
pany. All other amounts are as reported in the annual financial reports of the System and the Plan, reduced
by amounts related to receivables claimed to be due from the Citv which are the subject of the pension
litigation described in Note 16(a) to the "FINANCIAL STATEMENTS.'
Labor Relations
The City Manager's Office has a professional labor relations staff dedicated solely to labor negotia-
tions and contract administration.
i
Three labor agreements expire on September 30, 1985; the Fraternal of Police (F.O.P.) Lodge 20,
The International Association of Fire Fighters (I.A.F.F.) Local 1587, and the Sanitation Employees Asso-
ciation (S.E.A.). These groups are scheduled for a 517o increase in July, 1985. The American Federation of
State, Countv, and Municipal Employees (A.F.S.C.M.E.), Local 1907 has a contract that expires on
i September 36, 1986 and calls for a 57o increase in July 1985, 37o in October 1985, and 3% in July 1986.
Future wage adjustments for the F.O.P., I.A.F.F., and S.E.A., are to be negotiated in the summer of
1985. A.F.S.C.M.E. will negotiate wages in the summer of 1986.
Risk Management
A Charter Amendment was approved by the electorate in 1971, allowing the City to set up a Self -
Insurance and Insurance Trust Fund. The City Commission created, by Ordinance, a Board of Trustees
composed of the City Manager, the Director of Finance, and the Insurance Manager to handle the security
investments of the Fund. Also created is a Self -Insurance Committee, appointed by the City Manager to
administer the Plan.
The City is self -insured for most casualty exposures with the exception that coverage by outside insur-
ance is secured when it is available at acceptable rates. Purchased policies include a broad, all-risk property
Renaissance of New York — 3/20/85 — 3472-5 27
4 0
policy covering all City property; general liability insurance for its exposures at the Miami Convention
Center, Dinner Key Marina, all parks, pools and playgrounds of the City, and fidelity bonds on all City
employees. Group life insurance and accidental death and dismemberment insurance are also commer-
cially purchased.
The City self -insures all exposures not commercially insured including vehicular accidents, police torts,
i and general liability. The City's liability for damages in most tort claims is limited to $100,000 per claimant,
and $200,000 per occurrence in accordance with the Florida Statutes, Section 768.28, which waives sover-
eign immunity in torts claims to the extent of such amounts. (See in the Section "FINANCIAL
STATEMENTS" for a discussion relating to the City's self-insurance program.)
Group health benefits are self -insured for employees represented by the American Federation of State,
County, and Municipal Employees, Local 1907, certain managerial confidential employees not represented
by the labor union, and retirees of these two groups. The City also offers these two groups of employees the
choice between the indemnity group benefit and a pre -paid health maintenance organization. The City has
j purchased a specific stop loss policy for self insured health insurance claims that limits the City's liability to
S97,500 per occurrence.
The Sanitation Employees Association has a self -funded health benefit plan as its sole health benefit
option. In July of 1984, the Fraternal Order of Police and the International Association of Fire Fighters
established separate group benefits plans for both active employees represented by those bargaining units
and retirees formerly represented by those bargaining units as their sole health benefit option. The City's
contribution to provide group health benefits for these bargaining unit employees is limited by the labor
agreements. The limitation for group health benefits is an amount similar to that which the City has been
contributing for these employees to its self -funded plan.
ECONOMIC AND DEMOGRAPHIC DATA
Introduction and Recent Developments
Miami's diversified economic base is comprised of light manufacturing, trade, commerce, wholesale
and retail trade, and tourism. While the City's share of Florida's tourist trade remains an important
economic force, the great gains Miami has made in the areas of banking, international business, real estate
and transhipment have fortified the economic base.
Major capital improvements have allowed the area to accommodate and foster this rapid expansion.
The Port of Miami has almost doubled in size, from 325 acres to 600 acres through a S250 million
expansion program completed in 1981. The Port expansion program is designed to move 16 million tons of
cargo and four million cruise ship passengers a year by the year 2000. Immediate plans include a third
gantry crane, and the addition of 1,000 square feet of lineal berthing space.
Further plans call for a land fly over bridge linking directly to the interstate system and a $100 million
complex comprised of two new cruise berths, office and retail space and a 500 seat restaurant.
Miami International Airport is undergoing a S 1 billion expansion program. A seven story 2,300 space
parking structure, directly across from the main terminal, was completed in 1984. An elevated pedestrian
skv bridge, scheduled to open in early 1985, will connect the parking structure to the main terminal. Other
projects include the construction of a direct connector road to the airport expressway and a soon to be
completed cargo tunnel. Expansion and modernization of passenger gate areas continues, to accommodate
the increase in domestic and international passenger traffic. The Cargo Clearence Center which will
centralize all cargo related federal agencies, will be operational in 1987.
i Downtown Miami continues to grow at a healthy rate. During 1985, 15 major projects will be under
i
i construction at an estimated development cost of S 1.077 billion. Included among these projects are nine (9)
new office buildings that will provide over 3.7 million square feet of additional Downtown office space.
New residential projects will add over one thousand housing units.
Renaissance of New York — 3/20/85 — 3472-5 28
52 85-3w
L _-y
I
1985 Downtown Construction
Office Space........ 3,751,731 sq. ft.
Retail Space ........ 549,839 sq. ft.
Residential ........ 1,144 Units
Hotel ............. 156 Rooms
Metrorail
The new $1 billion, 20.5 mile ;Metro Rapid Transit System is constructed and will be fully operational
by the Spring of 1983. This system contains 21 neighborhood transit stations spaced approximately 1.5
miles apart. Of major importance to Downtown development will be Metro Mover, an elevated 1.9 mile
central City people mover system connected to Metrorail.
Bayside
The Rouse Company, a leading builder of specialty marketplaces in downtown waterfront settings,
has been selected to develop the Bayside Specialty Center on twenty acres along the waterfront in
Downtown Miami. The project will feature 200,000 sq. ft. of new retail space and 35,000 sq, ft. of
renovated restaurant space. Total project cost is $79 million, with city participation limited to a $4 million
investment in infrastructure improvements. The Bayside Parking Garage, to be located adjacent to the
specialty center, will contain 1,200 parking spaces and a surface lot.
Bayfront Park
Bayfront Park, adjacent to the Bayside project area, will be redeveloped at a total project cost of $22
million. Seventy percent of the project financing has been secured by the City through a variety of federal
and state sources.
Southeast Overtown/Parkwest
The Southeast Overtown/Parkwest Redevelopment Program entails the redevelopment of 200 acres
of prime real estate, adjacent to the central business district, for new residential and commercial activity.
The general redevelopment concept for the project area is the provision of a wide range of housing
opportunities, with supporting commercial uses, to serve the area's future population. By the end of the
century the project area is envisioned to have the capacity to support over 9,000 residential units and over
one million square feet of commercial space. The City of Miami has been delegated limited redevelopment
powers for the initiation of the redevelopment plan. Public sector commitment will be focused on land
acquisition, relocation, demolition, project marketing, infrastructure improvements and construction and,
in some instances, the provision of gap financing. It is estimated that over S100 million in various public
funds will leverage approximately S1 billion in private investment during the next 10 to 15 years. The
City's commitment for 1985 is limited to the use of $10.1 million in general obligation housing bonds for
land acquisitions and approximately S750,000 in federal grant funds.
Sports and Exhibition Center
The City of Miami approved an ordinance creating the Miami Sports and Exhibition Authority on
July 28, 1983. Florida Statutes require the creation of such an Authority as a condition precedent to the
County enacting an ordinance levying a 3 % Convention Development Tax on hotel rooms. The City's
share of the tax proceeds must be used to construct a multi -purpose convention/coliseum exhibition center
within the City of Miami. The City's share of these tax proceeds is expected to be $3-$4 million per year.
Plans for the facility require a minimum of 150,000 sq. ft. of exhibition space, 75,000 sq. ft. of
conference space, a 16,000 seat sports arena and all appropriate parking and ancillary areas.
The selection of a development plan and developer by the City Commission of the City of Miami is
expected to occur by April 1985.
Corporate Expansion
The favorable geographic location of Greater Miami, the trained commercial and industrial labor
force and the favorable transportation facilities have caused the economic base of the area to expand by
attracting to the area many national and international firms doing business in Latin America. In Greater
Renaissance of New York — 3/20/85 — 3472.5 29
Y�:
Miami, over 100 international corporations have set up hemispheric operations. Among them are such
corporations as Dow Chemical, Gulf Oil Corporation, Owens-Corning Fiberglass Corporation, American
Hospital Supply, Coca-Cola Interamerican Corporation and Ocean Chemicals, Inc., a subsidiary of
Rohm & Hass Company.
Other national firms which established international operations or office locations in Greater Miami
i are Alcoa International, Ltd., Atlas Chemical Industries, Bemis International Dymo, Inc., International
Harvester, Johns Manville International, Minnesota (3-11vl) Export, Inc., Pfizer Latin America Royal
Export, and united Fruit.
Industrial Development
Greater Miami contains over one hundred million square feet of industrial building space. Manufac-
turing concerns account for nearly half of the occupied space with storage companies occupying an addi-
tional 35 percent of the City's industrial space. Transportation and service companies occupy the bulk of
the remaining 15% of the City's industrial space.
The Industrial Development Authority (IDA) of Dade County reports that approximately two-thirds
of Greater Miami's industrial firms own their facilities. There are currently 37 industrial parks in Greater
Miami.
Miami's apparel industry is one of the largest in the nation. Miami's market is primarily made up of
numerous small firms rather than a few large operations. Roughly 30,000 jobs are provided by nearly 300
manufacturers. Florida apparel firms, most of which are centered in the Miami area, shipped $849 million
in merchandise in 1980, a 56 per cent increase over 1970 figures.
South Florida is one of the fastest growing interior design centers in the nation. Over 250 design -
related businesses provide 6,000 ancillary jobs and generate $250 million into the local economy. More
than $10 million in new construction has taken place in the past three years at the Miami Design Plaza,
located on 38 acres within a 14-block area in midtown Miami. It is anticipated that approximately Sl l
million more will be invested in the district in the immediate future.
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 1979, permitted banks to open international banking subsid-
iaries outside their home states. The Federal Reserve Svstem has located a branch office in Dade Countv to
assist the Atlanta office with financial transactions in the South Florida area.
Renaissance of New York — 3/20/85 — 3472.5 30
85-352-
4 4
There are 73 local banks in Dade County which together have a total of 17.6 billion in deposits. A ten
year summary is presented below:
Bank Deposits (1)
Number of
Year
Banks
Total Deposits
1984........
73
$17,603,600,000
1983........
70
16,158,326.000
1982........
65
13,486,248,000
1981........
65
9,234,540,000
1980........
63
9,341,691,000
1979........
71
7,982,108,000
1978........
73(2)
7,015,276,000
1977........
98
6,481,146,000
1976........
95
5,526,615,000
1975........
93
5,296,569,000
SOURCE: U.S. Comptroller of the Currency.
(1) The information presented is for Metropolitan Dade County as a whole which includes the Citv of
Miami. The figures include national and state chartered banks that are F.D.I.C. insured; state
chartered non-insured banks are not included.
(2) Decline in number of banks is attributable to change in Florida's banking laws which now allow for
branch banking. Some of these branches were separate banks prior to the change in the law.
Tourism
Miami always has been a very attractive city for domestic and international tourists. Its climate and
beaches draw many thousands of visitors throughout the year. Local government and private interests
have cooperated in developing outstanding attractions and events which include power boat races at
:Miami .Marine Stadium, the Orange Bowl Classic, the Seaquarium, Planet Ocean, Parrot jungle,
Monkey jungle, the Orchid jungle, the Omni shopping complex, dog and horse races, jai Alai, the
Vizcaya Palace and Metrozoo. Other points of interest and activities include tours of the Everglades and
the Florida Keys, major league professional sports events, and annual attractions such as the Youth Fair,
Graphics Fair, International Folk Festival, Marathon Race, Calle Ocho Open House, Carnaval Miami,
Coconut Grove Art Festival, Kwanza and Goombay Festivals, Hispanic Heritage Week, Little River
Oktoberfest and the Orange Bowl festival events.
The :Miami Grand Prix auto race has been run annually in downtown Miami since 1983. Cars and
drivers from around the world competed for more than S250,000 in prize money in 1985.
During 1984, approximately 5.3 million out-of-state visitors staved in over 59,000 hotel and motel
rooms in Greater Miami. Many of these visitors participated in international trade activities such as con-
ventions and conferences.
Film Industry
Film production in South Florida reached an all time high in 1984, according to figures released by the
State's Department of Commerce, Motion Picture and Television Bureau. Florida is ranked as the third
largest film production center in the U.S. State and local officials estimate that between 60 to 70 percent of
Florida's film business is conducted in South Florida (Dade and Broward counties). The 1984 film produc-
tion totals for Florida were $180.5 million resulting in an estimated $108 to S126 million added to the
Miami area economy.
Agriculture
The land area of Greater Miami 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 northern United States during the winter. Exotic tropical fruits such as plantains, lychee
Renaissance of New York — 3/20/85 — 3472.5 31 8 S-3 S Z _.
fruit, papaya, sugar apples and persian limes grow in the area and cannot be grown anywhere else in this
country.
Export
More than fifty-five percent of Florida's foreign trade, which according to the U.S. Commerce Depart-
ment's 1984 figures totalled in excess of $20 billion, flows through the ports of Miami.
Further stimulation in the investment climate has resulted from the implementation of the 12 year
Caribbean Basin Initiative program, designed to boost the economies of 27 countries of Central America
and the Caribbean islands. The new law, which grants duty-free entry into the U.S. of material goods
produced in the region, is also expected to bring greater economic stability to those countries.
Trade offices have been established in South Florida by several countries, in addition to economic
affairs conducted by the 37 foreign consulates located in the Miami area. These trade offices include those
established by Belgium, Chile, Colombia. the Dominican Republic. Guatemala, Hong Kong, Jamaica,
Korea, Panama, Spain and the Philippines.
Miami International Airport
Metropolitan Dade County is the owner of five separate airports within its boundaries. The responsi-
bilities for their operation are assigned to the Dade County Aviation Department. Miami International
Airport ranks 8th in the nation and loth in the world in the number of passengers using its facilities. It
ranks 4th in the nation and 5th in the world in the movement of domestic and international air cargo.
During 1983, airport services were provided to over 19 million domestic and international scheduled
passengers. The airlines serving the Miami International Airport provide world-wide air routes convenient
for importers and exporters.
The .Airport's facilities include three runways, a 7,000 car parking complex, approximately two
million square feet of warehouse and office space, and maintenance shops. Approximately 30,000 individuals
are employed at the airport.
In 1983 the Airport served 19.3 million passengers and handled 1.1 billion pounds of cargo. Previous
years statistics are presented below:
Passengers
Year
(000)
Cargo (000's lbs.)
1983........
19,322
1,184,526
1982........
19,388
1,246,700
1981........
19,849
1,170,008
1980........
20,507
1,130,800
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:: Dade County Aviation Department.
Port of Miami
The Port of Miami is owned by '.Metropolitan Dade County and is operated by the Dade County
Seaport Department. From 1975 to 1984, the number of passengers sailing from the Port increased from
804,926 to 2,217,065, an increase of 1750/c. This increased growth highlights the Port's emergence as the
world's leading cruise ship port.
The Port of Miami specializes in unitized trailer and container cargo handling concepts. The most
effective use of equipment and the Port's convenient location combine to make the Port the nation's
leading export port to the Western Hemisphere. From 1975 to 1984, the total cargo handled increased from
over 1.26 million tons to over 2.29 million tons, an increase of 81 % .
Renaissance of New York — 3/20/85 — 3472-5 32
3
In 1979, details were completed for the expansion of the Port of Miami from 300 acres to 600 acres.
The additional space is needed to accommodate the increasing number of shippers, buyers, importers,
i exporters, freight forwarders and cruise passengers who wish to conduct business through the Port.
In 1984 the Port served 2.2 million passengers and handled 2.29 million tons of cargo. A summary of
the growth in revenues, passengers and cargo for previous years is presented below:
aYear Revenues Passengers Cargo (Tonnage)
i
1984........ $15,943,548 2,217,065 2,287,281
1983........ 14,201,008 2,002,654 2,305,645
j 1982........ 12,949,687 1,760,255 2,665,921
1981........ 12,468,522 1,567,709 2,757,374
1980........ 12,036,896 1,439,144 2,485,791
1979........ 8,110,840 1,350,332 2,291,382
1978........ 6,236,385 982,273 1,922,864
1977........ 5,374,978 978,016 1,711,535
! 1976........ 4,956,670 1,029,687 1,525,095
j 1975........ 4,517,946 804,926 1,257,608
SOURCE: Dade County Seaport Department.
Demographic Data
The following table indicates the distribution by age groups among the population of both Miami and
j Dade County residents.
i
{
{ Age Group as a Percentage of Total Population
1980
i
jMiami Dade
Age Group Number Percentage Number Percentage
0-5......... 23,459 7 % 113,544 7
6-19........ 61,826 17% 330,738 20%
20-34........ 75,919 22% 374,276 23%
35-39........ 106,569 31% 471,351 29%
60-75........ 55,924 1617o 230,136 14%
75 .......... 23,168 7 °Io 105,736 7
346,865 100% 1,625,781 100%
SOURCE: 1980 U.S. Census of Population and Housing.
Per capita personal income for Greater Miami residents has consistently been above that for the
Florida and United States averages. The following table compares the per capita personal income of Dade
County, Florida and the U.S.A.
Per Capita Personal Income
i Dade County Florida U.S.A. Dade/U.S.A.
i
1982........ Sn,717 $10,907 $11,100 10676
1981........ 10,885 10,165 10,491 101
1980........ 9,598 9,153 9,480 103
1979........ 8,894 8,202 8,655 103
i
1978........ 8,030 7,330 7,775 103
i SOURCE: University of Florida, Bureau of Economic and Business Research (1981, Dade County
Estimate).
3
Renaissance of New York - 3/20/85 -- 3472-5 33
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85-352'....
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Retail Sales
Although Miami contains 22.1 percent of the population of Dade County, almost half of the dollar
value of sales transactions for the County are reported in the City. The following table presents five years of
taxable sales information for Miami and Dade County.
Taxable Gross Sales
(000's)
1984 1983 1982 1981 1980
Miami ............. S 5,437,940 S 3,214.000 S 3,498.000 S 5,296,400 $ 4,712,800
Dade Countyy ........ 12,223,215 11,664.000 12,040,000 12,114,000 10,888.000
Miami/Dade ........ 457c 45% 467c 447c 43%
SOURCE: Department of Revenue, State of Florida.
Employment
The tables below indicate the scope of employment throughout Miami and Dade County.
j Ten Largest Private Employers
i Greater Miami
j 1984
j
Type of
Number of
Name
Business
Employees
Eastern Airlines .......................................
.............
Airline
12,754
Southern Bell Telephone and Telegraph ...................
Utility
7,300
Burdines.............................................
Department Store
6,065
University of Miami ...................................
University
3,200
Pan American World Airways
Airlines
3,200
Florida Power and Light ................................
Utility
5,020
Southeast Banking Corporation/Southeast Bank N..4.........
Bank
3,982
Miami Herald Publishing Company ......................
Newspaper
3,933
Publix...............................................
Super Market
3,786
Winn Dixie Stores, Inc ..................................
Super Market
3,400
Employed Persons by Industry Type
1980
Agriculture, Forestrv, Fishing, Mining ..............
Construction ....................................
:Manufacturing ..................................
Transportation, Communication, Public Utilities ......
Wholesale Trade .................................
Retail Trade ....................................
Finance, Insurance, Real Estate ....................
Business and Repair Services .......................
Personal Entertainment and Services ................
Health Services ..................................
Educational Services .............................
Other Professional Services ........................
Public Administration .........................
Total...................................
SouRCE: 1980 Census of the Population and Housing.
Renaissance of New York - 3/20/85 - 3472-5 34
Miami Percentage Dade County Percentage
1,590
170
14,850
2%
11,150
7
44,560
6
27,070
17
103,970
14
12,740
8
81,690
11
9,550
6
44,560
6
27,070
17
133,670
18
11,140
7
59,410
8
9,550
6
37,130
5
15,920
10
51,980
7
12,740
8
59,410
8
7,960
5
44,560
6
6,370
4
37,130
5
6,360
4
29,710
4
159,210
100
742,630
100
{
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Unemployment Rates
Annual Average
1984 1983 1982 1981 1980
Miami ............. 9.47c(1) 12.0% 12.4°ic 7.8% 6.8%
Dade County ........ 7.7 (1) 9.8 10.1 6.8 6.0
U.S................ 7.5 9.6 9.9 7.6 6.1
(1) Eleven month average.
SOURCE: United States Department of Labor, Bureau of Labor Statistics.
Housing
The L'.S. Census figures for 1980 show that the median value of owner occupied housing was $47 ,517
which is an increase of 171 c'e of the median value of S 17,500 per owner occupied housing as outlined in the
1970 U.S. Census figures.
The following tables detail the characteristics of housing by units in the City of Miami and Dade
County.
Values of Owner Occupied, Non -Condominium Housing Units
1980
Miami Percentage Dade Percentage
Less than $25,000........ 3,690 11 7c 14,156 6%
25,000-39,999........ 8,283 25 43,732 18
40,000-49,999........ 6,326 19 39,978 17
50,000-79,999........ 11,012 33 81,130 35
80,000-99,999........ 1,684 5 21,211 9
100,000 and over........ 2,462 7 34,658 15
Total ............. 33,457 100 70 234,865 100 70
median value ........ S47,517 $ 57,200
SOURCE: 1980 U.S. Census of the Population and Housing.
Occupied Housing by Tenure
1970 Percentage 1980 Percentage
Owner Occupied ........ 43,158 36 70 45,738 34 %
2 Renter Occupied ........ 77,235 64 88,308 66
Total .............. 120,393 10070 134,046 10017C
,
SOURCE: 1970 and 1980 U.S. Census of the Population and Housing.
Renaissance of New York — 3/20/85 — 3472-5 35
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Building Permits
The dollar value of building permits issued in the Cite since 1978 is as follows:
i
Building Permits Issued
Dollar
Value Number
Year (000's) of Permits
1 1984........ $345,262 10,258
j 1983........ 299,941 9,446
1982........ 358,676 8,653
1981........ 332,203 9,605
1980........ 350,054 10,518
1979........ 201,667 12,213
1978........ 105,064 12.246
SOURCE: City of Miami's Fire, Rescue and Inspection Services Department.
New residential construction in the City since 1978 has been estimated as follows:
i
1
Housing Units Started
i
Number of
Year Units
1984........ 1,018
i 1983........ 661
3 1982........ 1,733
1981........ 3,164
1980........ 2,188
1979........ 1,995
1978........ 1,319
SOURCE: City of Miami's Fire, Rescue and Inspection Services Department.
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APPROVAL AND OFFERING STATEMENT
The references, excerpts and summaries of all documents referred to herein do not purport to be
complete statements of the provisions of such documents, and reference is directed to all such documents for
full and complete statements of all matters of fact relating to the Bonds, the security for the payment of the
Bonds and the rights and obligations of the holders thereof. Copies of such documents may be obtained from
the Citv's Director of Finance at Coconut Grove Exhibition Hall, 3360 Pan American Drive, Dinner Key,
Miami, Florida 33133. telephone number (305) 579-6350, or from the Financial Advisor, James J. Low•re, &
Co. Incorporated, 110 Wall Street, New York, New Fork 10005, telephone number (212) 363-2000.
The information contained in this Official Statement has been compiled from official and other
sources deemed to be reliable, and is believed to be correct as of this date, but is not guaranteed as to
accuracy or completeness by. and is not to be construed as a representation by, the Financial Advisor or the
'Underwriters.
Any statement made in this Official Statement involving matters of opinion or of estimates, whether
or not so expressly stated, are set forth as such and not as representations of fact, and no representation is
made that any of the estimates will be realized. The information and expressions of opinion herein are
subject to change without notice and neither the delivery of this Official Statement nor any sale made here-
under shall, under any circumstances, create any implication that there has been no change in the affairs of
the City of :Miami since the date hereof.
The execution of this Official Statement has been duly authorized by the Commission of the City of
Miami.
The City of Miami, Florida
Mayor
Renaissance of New York — 3/20/85 — 3472.5 37
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t
CITY OF MIAMI, FLORIDA
NOTES TO
FINANCIAL STATEMENTS DRAFT
September 30, 1984
1) GENERAL DESCRIPTION
The City of Miami, in the County of Dade, was incorporated
in 1896, and comprises approximately 34 souare miles of
land and 20 souare miles of water. The City operates under
the Commission/City Manager form of government and
provides the following services as authorized by its charter
public safety. public works, solid waste, parks and recreation.
and community development The County is a separate
governmental entity and its financial statements are not
included in this report.
The Florida Legislature. in 1955, approved and submitted
to a general election a constitutional amendment designed
to give a new form of government to the County of Dade
The County is, in effect, a municipality with governmental
powers effective upon twe-.ty-se%feri cities and unincorporated
areas. including the City of Miami. It has not displaced or
replaced the cities, but supplements them. The County can
take over particular activities of the City's operations (1) if
the services fall below minimum standards set by the County
Commission, or (2) with the consent of the governing body
of the City.
Since its inception, the Metropolitan County Government
has assumed responsibility on a county -wide service basis
for a number of functions. including county -wide police
services. complementing the municipal police service: uniform
system of fire protection, complementing the municipal fire
protection: consolidated two-tier court system: consolidation
of water and sewer services: coordination of the various
surface transportation programs, installation of a central
traffic control computer system: merging all public
transportation systems into a county system, effecting a
combined public library system: and centralization of the
property appraiser and tax collector functions
2) SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES AND REPORTING PRACTICES
The accounting policies of the City of Miami. Florida
conform to generally accepted accounting principles as
applicable to governments The following is a summary of
the more significant policies:
(A) Basis of Presentation
The accounts of the City are organized on the basis of
funds and account groups, each of which is considered
a separate accounting entity. The operations of each
fund are accounted for with a separate set of self -
balancing accounts that comprise its assets, liabilities.
fund equity, revenues. and expenditures or expenses.
as appropriate. Government resources are allocated to
and accounted for in individual funds based upon the
purposes for which they are to be spent and the means
by which spending activities are controlled The various
funds are grouped by type in the financial statements
into seven generic fund types and three broad fund
categories. The following fund types and account groups
are used by the City.
GOVERNMENTAL FUNDS
Governmental funds are those through which most
governmental functions of the City are financed. The
acquisition, use, and balances of the City's expendable
financial resources and the related current liabilities
(except those accounted for in proprietary funds) are
accounted for through governmental funds. The
measurement focus is upon determination of financial
position and changes in financial position, rather than
upon net income determination. The following are the
City's governmental fund types:
General Fund —The General Fund is the general
operating fund of the City. It is used to account for all
financial resources except those required to be accounted
for in another fund.
Special Revenue Funds —Special Revenue Funds are
used to account for the proceeds of specific revenue
sources (other than special assessments. expendable
trusts or major capital projects) that are legally restricted
to expenditures for specified purposes.
Debt Service Funds —Debt Service Funds are used
to account for the accumulation of resources for, and
the payment of, general long-term debt princical. interest
and related costs.
Capital Projects Funds —Capital Projects Funds are
used to account for financial resources tc be used for
the acquisition or construction of major capita! 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 —
85-3Sti
where net income and capital maintenance are measured
— are accounted for through proprietary funds The
measurement focus Is upon determination of net income
financial position. and changes In financial position.
Enterprise Funds —Enterprise Funds are used to
account for operations
(1) that are financed and operated in a manner similar
to private business enterprises —where the 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
of revenues earned, expenses incurred. and/or net
income Is appropriate for capital maintenance, public
policy, management control. accountability, or other
purposes.
Certain Enterprise Funds have historically operated at
a loss and have required operating subsidies from the
General Fund If future operations are not sufficient
to offset these deficits. the City will continue to support
these activities from the General Fund or other
discretionary funds (see Note 13).
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 bans. Where
capital replacements are necessary, particularly in the
City Garage and Motor Pool Internal Service Funds
user charges include an amount necessary to provide
for replacement of equipment. Substantially all excess
funds are committed to the City's vehicle replacement
program.
FIDUCIARY FUNDS
Trust and Agency Funds —Expendable Trust Funds
are used to account for assets held by the City in a
trustee capacity for individuals and/0• 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 b -te debt.
other than revenue bonds payable recorded in the
enterprise funds.
(B) Financial Reporting Entity
For financial reporting purposes. in conformance with
NCGA Statement No. 3, Denning the Governmental
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 determined
on the bans 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
Bans 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 measu•ements
made, regardless of the measurement focus acolied
All Governmental Funds and Expendable Trus; Funds
are accounted for using the modified accrual bans 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 subseauent to September 30tr,. 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 C,ty. revenue is
accrued as obligations are Incurred.
Special assessments are considered susceptible to
accrual when collected in the current year or within 61C)
4
D f
where net income and capital maintenance are measured
— are accounted for through proprietary funds The
measurement focus is upon determination of net income
financial position, and changes in financial position
Enterprise Funds —Enterprise Funds are used to
account for operations
(1) that are financed and operated in a manner similar
to private business enterprises —where the 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
of revenues earned, expenses incurred. and/or net
income is appropriate for capital maintenance, public
policy, management control, accountability, or other
purposes.
Certain Enterprise Funds have historically operated at
a loss and have required operating subsidies from the
General Fund. If future operations are not sufficient
to offset these deficits. the City will continue to support
these activities from the General Fund or other
discretionary funds (see Note 13).
Internal Service Funds —Internal Service Funds are
used to account for the financing of goods or services
provided by one department or agency to other
departments or agencies of the City, or to other
governments. on a cost -reimbursement basis. Where
capital replacements are necessary, particularly in the
City Garage and Motor Pool Internal Service Funds
user charges include an amount necessary to provide
for replacement of equipment. Substantially all excess
funds are committed to the City's vehicle replacement
program.
FIDUCIARY FUNDS
Trust and Agency Funds —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 accountea 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.
It
and outstanding principal bDa ff-,edebt,
other than revenue bonds payable recorded in the
enterprise funds.
(B) Financial Reporting Entity
Fr)r financial reporting purposes. in conformance with
NOGA Statement No. 3, Defining the Governmental
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 determined
on the basis of such factors as budget adoption, taxing
authority, outstanding debt secured by revenues or
general obligations of the City. obligation of the City to
finance any deficits that may occur or receipt of significant
subsidies from the City. Based upon the foregoing
criteria, the following organizations are included in the
financial statements of the City
Downtown Development Authority (Special Revenue)
Miami Sports and Exhibition Authority (Special
Revenue)
Department of Off -Street Parking (Enterprise)
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 acplied
All Governmental Funds and Expendable Trust F�ncs
are accounted for using the modifiea accruai oasis of
accounting Their revenues are recognized in the period
in which thev become susceptible to accrual — that is,
when they become measurable and available to pay
liabilities of the current period. Ao Valorem taxes f-nes
and forfeitures. and charges for services are susceptibie
to accrual when collected in the current yea or within
60 days subsequent to September 30m, proviaea 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 iney are
measurable and available. Where grants revenue is
dependent upon expenditures by the C,ty. revenue is
accrued as obligations are incurred.
Special assessments are considered susceptible to
accrual when collected in the current year or within 60
8S-352
E
days subsequent to September 301h, provided that
amounts received pertain to liens assessed prior to the
end of the current fiscal year The special assessment
receivables at year-end of $056.132, 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
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
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 31st, 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. includinc
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
1
encumbrances as exp i ffooses 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 budgetary 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 aporopriation 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 S1.950.000
85��5AW
A summary of equity and deficit balances of pooled (J)
cash and investments as of September 30. 1984 is as
follows
Equity in pooled cash and
investments per
Exhibit I 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.
(Fl 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 combo-
nents of such charges are as follows:
Protect Management —The Public Works Departmert
charges major capital improvement protects of the
City for design, survey and inspection services These
charges are based on direct labor charges plus an
overhead factor for administrative expenses of the
engineering division. and totaled approximately
$1,735,000 for fiscal 1984.
Indirect Cost Allocation —The General Fund charges
other funds for general and administrative expenses
i to allocate certain overhead costs as determined
under a central services cost allocation plan. Such
charges approximated $609,000 for fiscal 1984'
(I) Bond Discount and Issuance Costs
Discounts on revenue bonds payable are amortized
j using the interest method over the life of the bonds
I Bond issuance costs are capitalized and amortized on
a straight-line basis over the life of the bonds
Property, Plant and Equipm '
Property, plant and equipment used in over ental
Fund type operations (general fixed assets) are accounted
for in the General Fixed Assets Account Grouo Public
domain ("infrastructure") general fixed assets consisting
of certain improvements other than buildings, includ-
ing roads. bridges, curbs, and gutters. streets and
sidewalks, drainage systems, and lighting systems are
capitalized along with other general fixed assets No
depreciation has been provided on general fixed assets.
All property. plant and equipment are valued at histori-
cal cost or estimated historical cost if actual historical
cost is not available. and donated property, plant and
equipment are valued at their estimated fair value on
the date donated
Depreciation of all exhaustible fixed assets used by
the proprietary funds is charged as expense against
their operations. Accumulated depreciation is 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 of 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 acceote-- account-
ing principles Nether is such data comparalle to a
consolidation Interfund ano 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 1st and are pay-
able on November 1st, with discounts allowed of one to
four percent if paid prior to March 1st of the following
calendar year. All unpaid taxes on real and personal prop-
erty become delinquent on April 1st and bear interest at
18% until a tax sale certificate is sold at auction Dade
County bills and collects all property taxes for the City and
sells tax certificates for delinquent taxes
The assessed value of property. as established oy 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 Artic!e 7. Sectior 8
of the Florida Constitution to levy taxes LP to S-, per
85-352
t
L]
$1,000 of assessed valuation for general governmental
services other than the payment of principal and interest on
general obligation long-term debt In addition, unlimited
amounts may be levied for the payment of principal and
interest on general obligation long-term debt, subject to a
limitation on the amount of debt outstanding The tax rate
to finance general governmental services (other than the
payment of principal and interest on general obligation
long-term debt) for the year ended September 30. 1984.
was $9 55 per $1.000. The debt service tax rate for the
same period was $1 57 per $1.000
4) DUE FROM OTHER GOVERNMENTS
Amounts due from other governments primarily rep-
resents amounts relating to grants awarded by other gov-
ernmental agencies. Federal Revenue Sharing monies and
other receivables from state and local governments
I
5) DUE TO AND FROM OTHEI-RAFT
Due to and from other funds are loans from one `und
to another for specific purposes At September 30. 1984.
the balance in due from/to other funds consisted of the
following. Due from Due to
Fund Other Funds Other Funds
General $375.500 $ —
Special Revenue
Downtown Development
Authority —
5.046
Miami Sports and Exhibition
Authority —
197.000
Other Funds 6.267
346.054
Capital Projects
Capital Improvements 172.600
—
Enterprise
Off -Street Parking —
6.267
Total $554.367
$554,367
6) PROPERTY, PLANT AND EOUIPMENT
A summary of chances in general fixed assets are as follows
Balance
Additions
Deletions
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 Othe•
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
$3d.498.644
$15.061.482
$277,887 925
General fixed assets as of September 30. 1984 Summarizea by funding source are as follows (unaudited)
Capital Protects Funas
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 eauipment at September 30. 1984. is as follows.
Internal
Enterprise Service
Land $ 10,961,386 $ 401
Buildings and
Improvements
Machinery and Equipment
Construction in Progress
Total
Less Accumulated
Depredation
Net
128.317.921 4.399.945
5,191.073 20.808.022
3.388.460 —
$147,858.840 $25.208.368
21.639. 502 10.382.644
$126.219.338 $14,825,724
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7) LONG-TERM DEBT
The following is a summary of changes in long-term debt of the City for the year ended Sep mb F30. 1984 (in
thousands of dollars)
General Long -Term Debt Enterprise
F t
Balance at October 1, 1983
New bonds issued
General obligation bonds
Revenue Bonds
Increase in lease payables
Increase in claim liabilities
Accumulated unpaid
compensated absences
(Note 14)
Debt retired
Balance at September 30. 1984
General
Obligation
special
Obligation
Claims
Other Compensated
Bonds
Bonds
Payable
Payables Absences
$131,020
$ 750
$18,030
$ 1.074 $ —
30.200
—
—
— —
—
—
—
6.700 —
—
—
2.780
— —
_ — -- — 11,394
(9,570) (150) — (2,016) —
$151.650 $ 600 $20.810 $ 5.758 $11.394
Bonds payable at September 30. 1984. are comprised
of the following issues.
General and Special Obligation Bonds.
520.000,000 Police Headquarters
Improvement Bonds. six issues.
maturing through 1997. interest at
rates ranging from V,o to 7.5c/o
$ 10.815,000
529.000.000 Storm Sewer
Improvement Bonds. eleven issues,
maturing through 2014; interest at
rates principally ranging from
2.5=: to 11 51/c
20.505.000
$44.640.000 Public Parks and
Recreation Facilities Bonds. five
issues maturing inrough 2003
interest at rates ranging from
3 5:,: to 7.50/c
25,270.000
S57.000 000 Sanitary Sewer
Improvement Bonas: nine issues.
maturing througn 2013. interest
at rates ranging from
111 C c'.c to 9.25
25.210.000
530 100.000 Street and Highway
improvement Bonds. sever, issues
maturing through 2014. interest at
rates ranging from 31ic to 11.5ci;
20.615.000
577,310.000 Other Issues.
maturing through 2014. interest at
rates principally ranging from
1 °': to 11.5 %
49.835.000
$152.250.000
I
and Oeb
Revenue
Total
Bonds
$150,874
$ 84.811
30.200
-
-
13.860
6,700
—
2.780
—
11.394
(11,736) (14,351)
$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 6c,o to 10.3751io
$225.000 Orange Bowl Warehouse
Revenue Bonds. maturing througn
$ 60.000.000
10,345.000
13.85C.000
1989. interest at 6.50/0. 115.000
84,320.000
Less unamortized bond discount (2.167 972)
$ 82152.028
The other payables in the general long-term oeot groin
of accounts consists primarily of lease payabes a var,-
ous mortgage agreements.
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I
The annual requirements to amortize
all bonds and
other payables
outstanding
as of September 30, 1984, includ-
ing interest payments of
$281,031,000 are as follows (in
thousands of dollars)
Year Ending
General
Special
Other
September 30
Obligation
Obligation
Revenue
Payables
1985
$ 18,187
$168
$ 8,070
$1.162
1986
21.025
163
8.069
1,087
1978
20.051
157
8.075
1,100
1988
19.013
153
8,075
1.192
1989
17.426
—
8.080
1.292
1990-1994
72.380
—
43.359
—
1995-1999
51,303
—
45.338
—
2000-2004
27,252
—
44.476
—
Thereafter
18,694
—
78,012
—
$265.331
$641
$251.554
$5.833
The various bond indentures contain significant limi-
tations and restrictions on annual debt service requirements.
maintenance of and flow of monies through various restricted
accounts. minimum amounts to oe maintained in various
sinking funds, and minimum revenue bond coverages.
A summary of major provisions and significant debt
service requirements follows:
General Obligation Bonds —Debt service is provided
for by a tax levy on nonexempt property value and
collections on assessment liens from projects financed
by proceeds of such bonds. The total general obliga-
tion debt outstanding is limited by the City charter to
fifteen percent of the assessed non-exempt property
value. At September 30, 1984, the statutory limitation
for the City was approximately $1,258,658.000 provid-
ing a debt margin of approximately $1 112.556.000
after consideration of the $151,650.000 of genera( obli-
gation bonds outstanding at Septembe, 30. 1984. less
approximately $5.548.000 available in the Debt Service
Fund.
General obligation bonds authorized but unissued at
September 30, 1984. totaled approximately $132.275.000
S60,000,000 Convention Center and Parking Garage
Revenue Bonds
Debt service is provided by a pledge of net reve-
nues of the Convention Center -Garage. a pledge of
certain telephone and telegraph excise tax revenues,
and by a covenant and agreement of the City to pro-
vide, to the extent necessary, revenues of the City.
other than ad valorem property tax revenues. suffi-
cient to make up any deficiency in certain of the required
restricted funds and accounts.
Various funds and accounts held by the Trustee
have been established under the terms of the Trust
Indenture pursuant to which the bonds were issued.
Those funds or accounts pertaining to these provi-
sions include the Revenue Fund. Bond Service Account.
the Redemption Account, the Reserve Account, the
Construction Fund. the S a ffse Fund,
the Renewal and Replacement Fund and the Surplus
Fund. These funds and accounts are described below
• Revenue Fund —Pursuant to the Trust Indenture.
all gross revenues from the Convention Center are
deposited into the Revenue Fund Amounts in the
Revenue Fund are then used to pay the current
operating expenses of the Convention Center
• Bond Service Account (Interest Account and Prin-
cipal Account) —these accounts were established
for the purpose of accumulating the monthly depos-
its for interest on the bonds and to accumulate the
monthly deposits for the annual principal payment
of the serial bonds
• Redemption Account —This account was established
for the purpose of accumulating the monthly depos-
its for the annual principal payment of the term
bonds.
• Reserve Account —This account is used to pay
interest on the bonds and maturing principal of the
bonds. whenever and to the extent that the money
held for the credit of the Bond Service Account or
the Redemption Account is insufficient for such
purpose: provided that money in. first. the Surplus
Fund, second. the Supplemental Reserve Fund and
third, the Renewal and Replacement Fund is applied
to make up any such deficiency in the Bond Serv-
ice Account or the Redemption Account before
any money in the Reserve Account is disbursed for
such purpose.
• Construction Account —This account is comprised
of the net proceeds of the Bond issue, to be used
for final construction costs.
• Supplemental Reserve Fund —This fund is to pro-
vide for payment of current operating expenses
andlor principal and interest requirements of the
Bonds and/or Renewal and Replacement Fund
requirements in the event that gross revenues. as
defined in the Trust Indenture. are insufficient to
do so. The amount held in this fund must at least
be equal to 25 percent of the maximum principal
and interest requirements on the then outstanding
Bonds in the current or any succeeding fiscai year.
• Renewal and Replacement Fund —This fund pro-
vides for the payment of the costs of unusual or
extraordinary maintenance or repairs, renewals.
replacements, and engineering and architectural
expenses incurred in the expenditure of renewal
and replacement funds or for paying the cost of
any capital improvement exceeding $25.000 in any
fiscal year.
• Surplus Fund —This fund is established to accu-
mulate monies, if any, in excess of current operat-
ing expenses, debt service on the bonds, and mon-
ies required in any and all funds and accounts
pursuant to the Trust Indenture securing the Bonds.
85-352
out fforese
The Trust Indenture provides that the gross rev-
City had on deposit witbonds
enues of the Convention Center -Garage are to be
approximately $1,547,000 exclusive of accruedinter-
deposited, as received, with the Trustee to the credit of
est. in the restricted funds and accounts
the Revenue Fund. The Trustee transfers from the
$13,860,000 Off -Street Parking Revenue Bonds —On
Revenue Fund, on a monthly basis. all money remaining
October 25. 1983, the Department issued $13.860.000
in the fund is excess of current expenses to the follow-
of the City of Miami, Florida, Parking System Revenue
ing accounts or funds in the following order
Bonds. Series 1983 (the "Series 1983 Bonds '). The
a) to the Bond Service Account, an amount equal to
proceeds from the sale of the Series 1983 Bonds together
the sum of (i) an amount equal to one -sixth (116) of
with other amounts, were used for the defeasance of
the interest payable on all the outstanding bonds
the previously outstanding bonds. As a result an extraor-
on the next ensuing interest payment date. and (to
denary gain of $799,966 was recognized Deb; service
commencing in January 1989, an amount equal to
is payable solely from the revenues of the Off -Street
one -twelfth (1112) of the next maturing installment
Parking facilities This issue ("Series 1983'') consists
of principal of all serial bonds.
of serial Bonds of $3.220,000 payable in installments of
b) to the Redemption Account, commencing in Janu-
$155,000 to $390.000 from 1984 through 1996 and
ary 2001, an amount equal to one -twelfth (1/12) of
term Bonds of $10,640,000 maturing from 1999 to
the principal amount of the term bonds required to
2009. At September 30, 1984, the City had on deposit
be retired on the next succeeding January 1st,
with the Trustee for these bonds approximately $2.518.000
c) to the Reserve Account, such amount. if any, of
the following three funds:
any balance remaining after making the deposits
• The Parking System fund. which consists of the
under the two preceeding provisions. as may be
following three accounts -
required to make the amount then held for the
Revenue Account —All revenues received by the
credit of the Reserve Account equal to the maxi-
Department are to be deposited to the credit of the
mum annual principal and interest requirements
Revenue Account. The Department will apply mon-
for the current or any succeeding fiscal year.
ies in the Revenue Account to the payment of
d) to the Renewal and Replacement Fund, commenc-
current operating expenses.
ing in October 1982. one -twelfth (1/12) of $100.000
Revenue and Replacement Account —Funds in this
and one -twelfth (1/12) of such additional amount. if
account are to be used for payment of the cost of
any, which a consultant retained for such purpose
renewals and replacements or extraordinary repairs
in its latest written report prepared pursuant to the
to the Parking System.
Trust Indenture shall have recommended.
General Reserve Account —These funds are used
e) to the Supplemental Reserve Fund. such amount,
to secure deficiencies in the various other reserve
if any, as may be required to make the amount then
accounts.
held for the credit of the Supplemental Reserve
• The Construction fund. which consists of :wo accounts
Fund equal to Two Million Five Hundred Thousand
equal
(the Additional Facilities account and the Proceeds
Dollars 0,0
account) which are to be used to deposit funds
f) to the Surplus Fund. the balance, if any. of the
intended to be used for the acquisiticn and con -
amount so withdrawn.
struction of additional parking facilities.
At Septembe, 30, 1984, the City haC on deposit
• The Bond fund. which consists of the following six
with the Trustee for these bonds approximately
accounts
$11.277,000. exclusive of accrued interest receivable.
Interest and Principal Accounts —Used `or paying
in the required restricted funds and accounts
interest on all bonds and principal of all serial bonds
$10,400,000 Parking Revenue Bonds —Debt service
at their respect!ve maturities.
is provided by a pledge of net revenues of the Parking
Sinking Fund Account —used to accumulate funds
Garage Downtown Government Center and utilities
for the retirement. purchase or payment of term
services taxes collected by the City from the sale of
bonds
water ano gas in an amount not to exceed 125% of the
Reserve Account —used to pay principal and inter -
maximum principal and interest requirements in any
est on the bonds if the monies held in the other
current or subsequent fiscal year. A reserve must be
accounts for principal and interest payments prove
maintained equal to the maximum annual debt service
insufficient for such purpose.
requirement. Various funds and accounts held by the
Trustee include the Revenue Fund, Construction Fund,
Redemption Account —used for the purchase or
Bond Service Account, Redemption Account, Reserve
redemption of the bonds in advance of matur ty
Account and the General Reserve Fund. The nature.
Insurance and Condemnation Award Account —
purpose and funding requirements of these funds and
used to deposit net proceeds of insurance or emi-
accounts are similar to those descrioed above relative
nent domain proceedings when and as received by
to the Convention Center. At September 30. 1984. the
the trustee
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s
I
8) CHANGES IN AGENCY FUND
The City's Agency Fund is used to account for the
$2,000.000 performance deposits,by the Cabe TV licensee
and interest thereon, which is payable to the licensee The
changes in the City s Agency Fund are as follows
Deposits and accrued interest
beginning of year $2,046,622
Interest received 203,240
Interest paid to licensee (174,298)
Deposits and accrued interest
end of year $2.075,564
Due to certain controversie r wtiolicensee's
performance under the cable ordinance, the City has assessed
fines against the licensee totalling approximately $1 million
as of September 30 1984. Since the assessment is subject
to ultimate City Commission approval based upon the results
of an independent review of the licensee's adherence to the
ordinance, the amount of the $2 million performance deposit
has not been reduced by the amount of such penalties.
9) FUND EQUITY
Fund equity in the Enterprise Funds at September 30. 1984 consists of the following
Retained Earnings
Reserved for
Construction
and Revenue Contributed Total
Bond Retirement Unreserved Capital Fund Equity
Off -Street Parking
$ 1.678,106 $ 7.853.947 $ 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) 674,755 500,554
Miami Stadium
— (427.002) 1,397,349 970.347
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 12 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.
The other deficits will be eliminated by increasing
Capital Projects —Parking
interfund charges, anticipated operating surpluses in the
Facilities
$ 6,065 future. or by contributions from the General Fund
Special Revenue —Downtown
The expenditures in the Rescue Services Speciai Reve-
Development Authority
16.129 nue fund exceeded the appropriations by $25,504 for the
—Miami Sports
year ended September 30. 1984.
and Exhibition Authority
189,460 The Property Maintenance Internal Service fund had a
Internal Service —Pant Shop
153.804 deficit in retained earnings of $37,417.which was offset oy
The deficit resulting from the first year of operations of contributed capital of $271.755.
the Miami Sports and Exnibition Authority is expected to be
eliminated by the release during 1985
of its allocated por-
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t
= 10) INTERFUND TRANSFERS
A summary of interfund transfers and contributions by fund type is as follows.
Transfers To
Special Capital Internal General
Transfers From General Revenue Projects Enterprise Service Fixed Assets Total
Operating Transfers:
General $ — $142,500 $ 998.400 $ 785,756 $ — $ — $ 1,926,656
Special Revenue 10.002.341 77,162 — — — — 10.079.503
Debt Service 22,300,752 — — — — — 22.300.752
Capital Projects — — — 6,547.395 — — 6,547.395
Enterprise 90.000 — — 46,300 — — 136.300
Internal Service — — — — 461,995 — 461.995
$32,393,093 $219,662 $ 998.400 $7.379,451 $461,995 $ — $41.452.601
Equity Transfers
and Contributions. -
General $ — $ — $ — $ 102,617 $130,803 $ — $ 233 420
Special Revenue — 319.002 385.030 — 227.672 — 931.704
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 65197
Internal Service — — — — 1�4^438 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).j
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 reouired 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
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 Oc;obe• 1 1989
Present value of
accumulated plan
benefits—vestea $165.397,000 $155145.000
Present value of
accumulated plan
benefits—
ncnvested $ 11,311,000 S 5236,000
Assets available for
plan benefits $142-855.000 $ 80.801.000
Assumed rate of
return 7 % 8? o
Assets available for plan benefits presentee above for
the Plan and System are exclusive of any contributions
claimed to be due from the City which are the subject of ;he
pension litigation and related matters describeo in Note 16
The City also sponsors two deferred compensation pro-
grams for its employees At September 30. 1984 carncl-
pants' accounts totaling approximately $4,143.000 were
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�d
R
inn
�9
Ll
recorded as an asset and corresponding liability in the
Pension Administration Expendable Trust Fund. One of the
plans provides for a City contribution of 80,c of base salaries
of participating employees, which was approximately $139,000
for 1984
The City also made contributip molq
$2,739.900 to the Relief and Pension Trust funds for Police
and Firefighters. Funding for these contributions was received
from the State of Florida under Chapters 175 and ' 85 of the
Fiorrda Statutes
12) SELF-INSURANCE
The City maintains a Self -Insurance Expendable Trust Fund to administer insurance activities relating to certain
Property and liability risks, group accident and health and workers' compensation
Charges to participating operating departments are based upon amounts determined by management to be necessary
to meet the reouired annual payouts during the fiscal year The estimated liability for insurance claims includes the
estimated future liability on a case -by -case basis for all pending claims and an actuarially determined amount for claims
incurred but not reported. The unfunded long-term portion of the total estimated liability, which is expected to be funded
from future operations, is reflected in the general long-term debt account group (GLT D) and amounted to approximately
$20,810.000 as of September 30, 1984, as follows
Self Insurance QLTD
Claims Payable Claims Payable
(Current Portion) (Non -Current)
(A) Workers Compensation
All workers compensation costs are paid from the Self -Insurance Fund. with ail
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
(5) General Coverage
Departments of the City are assessed for property and casualty coverage based
upon the cash requirements of the Self -Insurance Fund and their relative share
of the total risk. The City has continued to purchase certain casualty insurance
for which the premium is small in relation to the coverage provided.
The City is fully insured, subject to a $10.000 deductible. for all property loss
exposures. As casualty claims are reported. they are investigated by claims
personnel 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 numbe• of
participants in the plan During July, 1964. the labor unions representing
policemen and firefighters established separate groL.p benefit plans for born
active employees and retirees. The City's Dian does not cove, those employees
or retirees The amount of claims at September 30. 1984 represents payments
made by the City in Octobe• and November 1984. on claims incurred at September
30, 1984
676.357 —
$1.632.705 $20.810.000
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N?AFT
13) SEGMENT INFORMATION -ENTERPRISE FUNDS 14 f
The City maintains twelve (12) enterprise funds which provide various recreational. convention and parking facilities
Selected financial information for the fiscal year ended September 30, 1984 is as follows
Off -Street Convention Parking
Parking Stadiums Center Merinos Audhorlums Gait Garage Total
Operating Revenues S 6.790.664 S2.280.429 S 2.837.221 $1,258.145 S 558.214 S 983.412 S 185,745 E 14.891830
Depreciation Expense 817 565 511,186 1,513.730 169.996 148,570 40,827 153.484 3.355,358
Operating income (loss) 1.793.384 (770.740) (3.153.929) 491.141 (549.304) (207.704) (181,727) (2.578.880)
Non -Operating Revenues
IExpenses)and
Operating Transfers (854 192) 381.801 964.890 62.275 500.654 67.047 274.130 1.396.605
Net income nossl 1.739 158 (388.9391 (2.189.039) 553.416 (48.651) (140.657) 92 403 (382.309)
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 36.869.355 3.790.868 3.086.091 659,312 347.637 61.948 091
Tota, Assets 25 271.728 8.757.020 99 482.749 2.293.348 3,783 814 981.786 10.275.031 150.845.476
Prooe^ty. Plan; anc
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
P,operty plant and
Equipmert
Additions and
Transfers. (net) 1.593.805 1.088.480 631.796 492 536 68.946 78.989 114,294 4.068 846
Bonds Payable. net 13.472.575 115.000 58.397.538 - - - 10.166.915 82,152.028
Net Working Capital
(deficit) 2.494 509 (599.904) (1,278.220) 1.497.520 (681.264) (299.606) 460.801 1.593.836
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 leave 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 and beginning fund balance was
restated to reflect the additional current liability of $1 052.0001
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-Te•rr
Debt group of accounts. The noncurrent port,on as of
September 30. 1983 was aporcximately $9 778.0CC
15) COMMITMENTS AND CONTINGENT LIABILITIES
Contingent liabilities relating to litigation are oescribed
in Note 16.
Federal Assisted Grant Programs
The City participates in a number of Federal and State
grant programs, principally Federal Revenue St.ar;ng Job
Training Partnership Act (JTPA), Community Deveioorrent
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 •epois
have been issued covering selected grants. Audits of cer-
tain other programs have not yet been performed City
management believes that ultimate reimbursement. ;t 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 $25.000.00C
General Obligation Housing Bonds of the City for the aL.r-
i
85-352
UC�
0
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. 1984. 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 limas 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 self-
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 transferrea 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
optionsfor 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
discussed in Note 7, the bonds are collatesEfRA Rizeunder 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 basis 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 car
parking garage adjacent to the Government Center.
Construction commenced in March 1982 and the facility
opened to the public during 1983. The bonds are 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 thingsto estaolisli
rates and collect fees and charges which will be su`ficient
at all times to (a) pay the cost of maintaining and ooerar rc
related assets. (b) pay the principal and interest rec.werrents
of the outstanding revenue bonds: and (c) create arc ma;nta
specified reserves for such purposes.
No Department or City assets are pledged to collateral¢e
any outstanding debt and the City has no Facility for anv
long-term debt of the Department.
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 incluo-
ing interest of approximately S18,000.000. as of
85-352
E'RAFT
September 30, 1984 The plaintiffs claim that the tioued to follow this funding technique since 1980
City levied property taxes for "pension or relief" The City filed a motion to dismiss the Board of
purposes and was required to, but did not, deposit Trustees petition, alleging that the City's contribu-
all such revenues into the pension fund. Instead. tion for 1980 was authorized by statute and City
a portion of these tax monies was used for the Ordinance. and that the decision as to the amount
City's social security contributions. the City's required to be contributed to each pension plan is a deci-
portion of premiums on group health and life insur- sion for the City Commission, and not for the Board
ance policies. payment of judgments on pension- of Trustees. This motion has not yet been heard or
related cases. the City's workers compensation obli- determined. According to the Boards. the past due
gations. and reimbursement to the City of pension- contributions for 1980.84 total approximately $14.300.
related expenses 000 (Plan) and $17,100,000 (System), as of Sep -
Summary judgment on liability was entered against tember 30. 1984
the City on two of eight counts of the complaint on
October 9. 1979, upon a finding by the court that Ongoing negotiations between the City and the
monies taxed for pennon or relief purposes were litigants resulted in the proposed "Agreement for
Resolution of Pension Lawsuits" (Agreement), dated
improperly used by the City to pay off two judg-were
merits against the City and for contributions toward August t0, 1984, and as amended thereafter, which
workers compensation obligations. The City filed would, among other things extinguish all claims
an interlocutory appeal from the court's ruling on to the variable annuity payments. It the Gates vs
City o/ Miami lawsuit is settled according to the
the two counts as to which summary judgment
terms of the Agreement, the Board or Trustees vs
was granted. On January 20. 1981, the Third Des-
trict Court of Appeal affirmed in part and reversed City of Miami lawsuit will be dismissed with prejudice
in part the summary judgment. The City petitioned The proposed Agreement contains provisions relat-
for rehearing, which the petition was denied Plain- ing to the composition, administration and man -
tiffs renewed their motions for summary judgment, agement of the pension boards It also provides
and the City commenced additional discovery. Thereaf- the methodology for determining the annual con -
ter, the parties attempted to negotiate an out -of- tribution to be made by the City for the Plan and
court settlement of this matter, which culminated System, as well as annual target contribution lim-
in the 1984 proposed "Agreement for Resolution its. Should the City's actuary or either of the actu-
of Pension Lawsuits," later described herein. aries retained by the System or Plan determine an
The City. System and Plan also entered into inves- alternative contribution requirement. the Agreement
tigations to determine if the pension benefits paid provides for an orderly method of reading agree -
to retired members of the retirement plans are, and merit as to the ultimate amount to be contributed.
have been, in compliance with the variable annuity The annual contribution to the Plan and System
provisions of the City of Miami Code. which were would consist of three components. (11 contribu-
effective from 1969. The potential liability, if any tion for costs attributable to current year's serv-
for past and future benefits cannot be determined ice, using the entry age normal cos; metnoc witn
at this time. These issues are also being consic- frozen actuarial accrued liability. (2) contribution
ered in the negotiations currently in process wilt) for frozen unfunaeo actuarial liability oro)ected to
respect to the aforementioned pension litigation be amortized over a period of aporoximately 20
In a separate action (Board of Trustees vs. City of years in 5% increasing annual installments. and
Miami), the Board of Trustees of each of the pen- (3) non -investment expenses for the Plan and Sys-
sion plans filed a petition for Writ of Mandamus. tem. The Agreement relates to future contribu-
seeking to require the City to contribute an addi- tions only but does not require any lump sum
tional $4.2 million over and above the amount actu- payment arising from any actions of arror years
ally appropriated by the City for fiscal year 1980 The actuarially determined contribution *,o the Plar.
The plaintiffs in each action contend that the City is and System for the fiscal year ended September
required to contribute the amount that the pen- 30, 1984, was approximately $19.255 OOC. It is
sion Boards certify in accordance with actuarial projected that for 1985. the contribution would
reports prepared for the Boards. increase by approximately 23%, which takes into
The City Commission, in September 1979, adopted consideration certain negotiated enhanced oene-
a policy limiting the increase in the portion of the fits. The contracts negotiated during 1984 with
pension contribution relating to the funding of the the City's various bargaining units provide that
unfunded past service costs to five percent of the the enhanced benefits described therein are condi-
preceeding year's amount. The State of Florida's tioned upon final settlement orders being entered
Department of Administration informed the City that with respect to the lawsuits and relatec matters
this funding technique provides for an adequate discussed herein, and will not taKe effect until
and proper actuarial funding for the retirement such lawsuits are disposed of by the Courts and
plans. and meets the requirements of Part VII, such settlement orders do not change, alter or
Chapter 112. Florida Statutes. The City has con- vary the terms of settlement.
85-352
1
PRAff
September 30, 1984 The plaintiffs claim that the tinued to follow this funding technique since 1980
City levied property taxes for 'pension or relief" The City filed a motion to dismiss the Board of
Purposes and was required to. but did not, deposit Trustees petition, alleging that the City's contribu-
all such revenues into the pension fund. Instead tion for 1980 was authorized by statute and City
a portion of these tax monies was used for the Ordinance. and that the decision as to the amount
City's social security contributions. the City's required to be contributed to each pension plan is a deci-
portion of premiums on group health and life insur- sion for the City Commission, and not for the Board
ance policies, payment of judgments on pension- of Trustees. This motion has not yet been heard or
related cases. the City's workers compensation obli- determined. According to the Boards the past due
gations. and reimbursement to the City of pension- contributions for 1980.84 total approximately $14,300.
related expenses 000 (Plan) and $17,100,000 (System). as of Seo-
Summary judgment on liability was entered against tember 30, 1984
the City on two of eight counts of the complaint on
October 9. 1979, upon a finding by the court that Ongoing negotiations between the City and the
monies taxed for pension or relief purposes were litigants resulted in the proposed "Agreement for
improperly used by the City to pay off two judg- Resolution of Pension Lawsuits" (Agreement), dated
ments against the City and for contributions toward August 10, 1984, and as amended thereafter, which
workers compensation obligations. The City tiled would, among other things extinguish all claims
an interlocutory appeal from the court's ruling on to the variable annuity payments. If the Gates vs
the two counts as to which summary judgment City of Miami lawsuit is settled according to the
was granted. On January 20. 1981, the Third Dis- terms of the Agreement. the Board of trustees vs
trict Court of Appeal affirmed in part and reversed CrtyofMiami lawsuit will be dismissed with pre)udice
in part the summary judgment. The City petitioned The proposed Agreement contains provisions relat-
for rehearing, which the petition was denied. Plain- ing to the composition, administration and man -
tiffs renewed their motions for summary judgment, agement of the pension boards It also provides
and the City commenced additional discovery. Thereaf- the methodology for determining the annual con -
ter, the parties attempted to negotiate an out -of- tribution to be made by the City for the Plan and
court settlement of this matter, which culminated System, as well as annual target contribution lim-
in the 1984 proposed "Agreement for Resolution its. Should the City's actuary or either of the actu-
of Pension Lawsuits," later described herein. aries retained by the System or Plan determine an
The City. System and Plan also entered into inves- alternative contribution requirement. the Agreement
tigations to determine if the pension benefits paid provides for an orderly method of reacting agree -
to retired members of the retirement plans are, and ment as to the ultimate amount to be contributed.
have been, in compliance with the variable annuity The annual contribution to the Plan and System
provisions of the City of Miami Code. which were would consist of three components (1) cont,,ibu-
effective from 1969. The potential liability, if any tion for costs attributable to current year's serv-
for past and future benefits cannot be determined ice, using the entry age normal cost metlioc with
at this time These issues are also being consid- frozen actuarial accrued liability. (2) contribution
erect in the negotiations currently in process witn for frozen unfunded actuarial iiabiiity projected to
respect to the aforementioned Pension litigation be amortized over a period of approximately 20
In a separate action (Board of Trustees vs. City of years in 5°,c increasing annual installments. and
Miami), the Board of Trustees of each of the pen- (3) non -investment expenses for the Plan and Sys-
sion plans filed a petition for Writ of Mandamus. tem. The Agreement relates to future contribu-
seeking to require the City to contribute an add!- lions only but does not require any lump sum
tional $4.2 million over and above the amount actu- payment arising from any actions of prior vears
ally appropriated by the City for fiscal year 1980 The actuarially determined contribution to the Plan
The plaintiffs in each action contend that the City is and System for the fiscal year ended September
required to contribute the amount that the pen- 30, 1984. was approximately $19.255 OOC It is
sion Boards certify in accordance with actuarial projected that for 1985. the contribution would
reports prepared for the Boards. increase by approximately 231%, which takes into
The City Commission. in September 1979. adopted consideration certain negotiated enhanced oene-
a policy limiting the increase in the portion of the fits The contracts negotiated during 1984 with
pension contribution relating to the funding of the the City's various bargaining units provide that
unfunded past service costs to five percent of the the enhanced benefits described therein are condi-
preceeding year's amount. The State of Florida's tioned upon final settlement orders being entered
Department of Administration informed the City that with respect to the lawsuits and relatec matters
this funding technique provides for an adequate discussed herein, and will not take effect until
and proper actuarial funding for the retirement such lawsuits are disposed of by the Courts and
plans, and meets the requirements of Part VII, such settlement orders do not change, alter or
Chapter 112. Florida Statutes. The City has con- vary the terms of settlement.
85-352
,
Since the Gates vs City of Miami lawsuit is a class
action, it is necessary to give notice of the oro-
posed settlement to all members of the class After
a 30 day notice period to the members of the class.
the City has the option not to go forward with the
Agreement if more than 100 individuals exercise
their option not be covered by the Agreement
During the drafting of the notice and the proposed
final judgment, the parties could not reach agree-
ment as to the full scope of the matters being
resolved. including claims recently filed with the
System Board by three retirees asserting that the
City has faded to include the value of certain holi-
day pay in the determination of average final com-
pensation upon which pension benefits were cal-
culated However, the City is taking the position in
the Gates vs City of Miami case that any settlement
must include a release of all claims, including the
release of claims dealing with the determination of
average final compensation As a result, the City
believes that a final settlement has not been reached
On December 28. 1984. the parties to the lawsuit.
other than the City, filed a "Motion of Ail Parties
Except the City of Miami for Expansion of Plaintiff
Class. Preliminary Aoproval of Settlement Agree-
ment. Issuance of Notice and Scheduling on Final
Approval Hearing ' in which they essentially seek
to enforce the settlement Agreement The City is
opposing that motion. Several hearings have been
held on the motion but a ruling has not yet been
0
issued. The Agreement a e Rate City
will pay reasonable attorneys' fees of the various
plaintiffs and reimburse them for all costs incurred
and paid by them in connection with the lawsuits
The City has not recorded any liability for the plain-
tiffs' legal fees and costs, which have not yet been
determined but are expected to be significant
Should there be a failure of the parties to reach an
agreement as to the amount of costs or reasona-
b(e attorneys' fees, the Agreement provides for
the Court to decide without affecting the rest of
the provisions of the Agreement or delay its
implementation
(B) Other Litigation
There are a number of other claims and lawsuits
outstanding against the City, arising principally
from personal injuries incurred on City property,
and police tort, for which a liability of $20.810.000
is recorded in the General Long -Term Debt group
of accounts at September 30, 1984, as described
in Note 12.
17) SUBSEQUENT EVENTS
On January 10. 1985. $12.000,000 in bond anticipation
notes were sold for the construction of storm sewer and
police facilities projects These notes have interest rates
varying from 6.94% to 7.04%. The notes will be redeemed
with the proceeds from the issuance of previously author•
ized storm sewer and police facilities general obligation
bonds expected to be sold in 1985.
0
CITY OF MIAM1, FLORIDA SCHEDULE A•1
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE —BUDGET
(NON•GAAP BUDGETARY BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Actual Amounts for Year Ended September 30, 1983 DRAFT
1984
Variance
Faverable Actual
Budget Actual (Unfavorable) 1983
Revenues
Taxes.
Property tax collections.
including penalties and interest
Buv'ness and excise taxes
Licenses and permits -
Business licenses and permits
Construction permits
Intergovernmental.
State revenue sharing
Sales taxes
Court fines
Other
Intragovernmental
Engineering services
administrative charges
Charges for services
Public safety
Recreation
Solid waste
Other
Interest
Otherrevenues:
Sale of land
Rents
Miscellaneous
Total revenues
$ 77,521,155 $ 78,967,870 $1.446.715 $ 67.619,486
5,766.908
4,885,370
(881,538)
5,702.967
83,288.063
83.853,240
565.177
73,322,453
5,856,517
5.779.021
(77,496)
5,205.029
66.325
73,536
7,211
83.048
5.922.842
5,852.557
(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
2,111,474
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
8,670.000
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
2.566.117
—
—
—
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)
85-352
CITY OF MIAMI, FLORIDA SCHEDULE A•1
GENERAL FUND 0 (Continued)
biATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE —BUDGET
(NON•GAAP BUDGETARY BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Actual Amounts for Year Ended September 30, 1983 RAIT
1984
Variants
Fsvm ble Actual
Budget Actual (Unfavorable) 1983
Expenditures.
General government
Mayor and commission
City manager
City clerk
Management and budget
Finance
Legal
Civil service
Human resources
Community development
Tourism and promotion
Computer and communications
Public safety
Police
Fire
Public improvements
Public works
Planning and zoning boards
Solid waste
Culture and recreation.
Other
Employee benefits
Special programs
Miscellaneous
Total expenditures
Excess (deficiency) of revenues over expenditures
Othe, financing sources (uses)
Operating transfers in
Operating transfers out
Total other financing sources (uses)
Excess (deficiency) of revenues and other
financing sources over expenditures
and other uses
Fund balance at beginning of year,
as originally reported
Adjustment for compensated absences
Fund balance at beginning of year, as restated
Equity transfers in
Equity transfers out
Fund balance at end of year
$ 825.855
$ 777.715
$ 48,140
$ 656.182
2.845.452
2,522.389
323,063
2,330.797
747.148
708,805
38,343
442.625
1.496.335
1.328,269
168,066
1,214,880
2.954.092
2,785,626
168.466
2,572,829
1,142.721
1,079,236
63,485
1,059,893
185,758
176,484
9,274
161.790
1.676,585
1.649.925
26,660
1,517,140
1,065,367
944,811
120,576
667.616
1,215.723
1.071.578
144,145
871,785
3.036,377
2.984,776
51,601
3155.444
17.191,433
16,029,614
1,161,819
14,650,981
60,889.232 59,225.684
34.905.554 34.879,550
95.794.786 94.105.234
1,663,548 54,498,639
26,004 33,297,494
1.689.552 87,796,133
12,399,162
12.212,634
186,528
10,825.797
1.233.064
1.179,871
53.193
890,900
13,632.226
13.392,505
239,721
11,716.697
23,123,125
22,592,355
530.770
21.664,048
8.600,079
8,408,933
191,146
7.716.631
2.157.214
2.152.216
4,998
1,453.877
2.212,165
2,204,082
8.083
1,592,556
6.769,746
6744.455
25,293
3,510,383
11,139,127
11,100,753
38,374
6,556.816
169.480.776
165.629,394
3.851.382
150.101,306
(35.502,150)
(30.056.701)
5.4d5.449
(27,713,017)
32.625.306
32.393.093
(232.213)
31.577,285
(1923,156)
0.926.656)
(3.500)
(1.075.232)
30.702,150
30,466,437
(235.713)
30.502.053
$ (4.800,000)
409.736
$5.209,736
2,789,036
8.254,635
6.056.634
0.052.272)
—
7.202,363
-
--
28,882
(233.420)
(619,917)
$ 7.378,679
S 8.254.635
85-352,
i
41
SCHEDULE B•1
CITY OF MIAMI, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1984
ORA
With Comparative Totals for September 30, 1983
Miami Sports
Downtown
Federal
totals
and Exhibition
Development
Revenue Rescue Community Cable Local Option
Other
Authority
Authority
Sharing Services Development T.V. Gas lax
Funds
1984
1983
ASSETS
Eauity (dehciti in powec casr
and investments
S -
S -
S(2 282.2811 $216 019 S12 82' 088) $4.237 642 52750 648
S 578 602
S 2.679 536
$1.803.655
Cash and cash eou.vaierts
30.590
4 379
- - - - -
-
34 969
1.305 120
Accounts receivable
-
40.834
- - 45.432 - -
14 405
100 671
820 604
Taxes receivable
-
38.455
- - - - 251.832
-
290 287
-
Due tram other funds
-
-
- - - - -
6.267
6.267
137.850
Due from other governments
-
-
2 422.812 - 4.282.730 - -
1.036 7*2
7 742.254
5,507,811
Other
5.700
-
- - 20.000 - -
4 166
29 865
18 664
Total assets
S 36.290
S 83 668
S 140 525 $216 019 S 1.527 074 S4 237 642 $3 002 480
$1 640 152
SIG 883 85G
$9 593 704
LIABILITIES AND
FUND BALANCES
voucme,s and accounts
Daya5 e
S 23.050
S 90 237
S - S 13.916 S 1 354.642 S 25 022 S 5.439
S 175 743
S 1 686 049
$1 050 1.81
Accrued expenses
rprinapally salaries)
-
4,514
- 30.241 - - -
848
35 603
249 703
Due to other funds
197 000
5 04E
- - - - -
346 054
548 '00
161.687
Due to otner governments
-
-
- - - - -
95.396
95 396
681.226
Defe-ea reve,,ue
-
-
- - - - -
-
-
65.325
Deoosits refundable
-
-
- - 172 432 - -
72,213
244.E45
1.070.590
Other payables
5.700
-
- - - - -
-
5.700
-
Total liabilities
225.750
99 797
- 44 157 1 527 074 25.022 5 439
690.254
2 617.493
3.378 712
Fund balances ldeficrt)
Unreservec-unaesignalea
(189 4601
1'6 '29-
140 E25 17, SE2 - 4 212 620 2 997.041
949 898
8 26E 357
6.214 992
Tota, uabuit(es and
and'uno balances
S 36 290
S 83 666
S 140 525 S21E 019 5 1 527 074 $4 237 642 S3 002.180
51.6401,52
$10 883 850
$9 593 704
;i
s
i
85-352.
.ti
MOIL
�xx 3
SCHEDULE 8•2
CITY OF MIAM1, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES
DRAff
IN FUND BALANCES
YEAR ENDED SEPTEMBER 30,
1984
VAth
Comparative Totals for Year Ended September 30, 1983
Miami Sports
Downtown
Federal
totals
and Exhibition
Development
Revenue Rescue Community
Cable Loal Option
Other
Authority
Authority
Sharing Services Development
T.V. Gas Tax
Funds
1984
1983
Revenues
Prooe•ry tax couevtons
S —
S874 147
S — S — S —
S — f —
S —
S 874 147
S 573.422
Business ana excise taxes
—
—
— 366.' 20 —
— 2.994 343
—
4.360,463
1.759,818
License ana permits
—
—
— — —
1,275.000 —
—
1.275.000
900 000
fntergovernmerta,
—
38 415
9.691.248 — 10 337.209
— —
4,205.82,
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
Grant aria elatec
expenci!u•es
—
—
— — 10 805.739
— —
5.570.196
16 376.935
13.973.876
Economic aeveiep•ne-t
—
580
— — —
— —
—
900.580
812.540
Other
189 460
—
— — —
637.853 104 808
—
932.121
380 937
Tota-excenaatures
189 460
900 580
— 1 756 491 10 806 729
637 853 104,808
5.570.196
19.966.127
16.720.144
Excess(denc?encyi
of revenues over
expemailwes
1189 457
26 9' 8
G. ^91 248 (334 32' . (324 082,
1 015 795 2.997 041
3( 59 231)
12 523 908
13.221 103
Other 6nanc-ng sources (uses,
Operating transfers in
—
—
— — —
— —
219.662
219 662
251.378
Operating trarste•s out
—
—
0 981 3411 — (77 1621
— —
(15 0001
(10 079.503)
(9.286.143)
Totai other hnanc l;
sources (uses)
—
—
(9.987.341) — (77 162)
— —
204 662
(9 859.841)
(9.034 7651
Excess Ideficiencyi
o! revenues arc other
financing sources over
exile^aitures amd oche,
uses
i189 460.
2E 918
129E CK' ;334.3211 (401,.244)
1 015.795 2.997.041
(154.5691
2 664 067
4.186.338
Func Baia^ces at
beg-mirscf,ea
—
43 047•
a3E 6'S 5'3 _ 2 638
3 214 479 —
1,380.513
6 214 992'
2 112.79C
EQ..t)trarslers!co!le•'.,res
—
—
— 7 EC61 13l' 3g4;
(17 654. —
(595.048)
(931 704-
1234 2841
Ecuay trar,ste,s trom
other funcs
—
—
— — —
— —
319.002
319 OC2
150 148
Func balances ioeficu!,
at enp c! )ez
5 '89 =FC
Sl1E •29.
S 14C 5C5 S r" SEC S —
S4 212 627 S2 997 ,4'
S 944 998
E 8 2EE 357
SE 244 992
SS-3S2
a
itG�v
� ss.�
4
i
CITY OF MIAMI, FLORIDA
MIAMI SPORTS AND EXHIBITION AUTHORITY, DOWNTOWN DEVELOPMENT
AUTHORITY, FEDERAL REVENUE SHARING AND RESCUE SERVICES SPECIAL REVENUE
FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE -BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Actual Amounts for Year Ended September 30,1983
Miami Sports and Exhibition Authority Dowmown Development Authority Moral Revenue Sharing
1984 1984 1084
Variance Variance
variance
Favorable Favorable
Favorable
(Unfaver• 1983 (Unlavor• 1963
(Unlavor• 1983
Budget Actual able) Actual budget Actual able) Actual Budget Actual
able) Actual
Revenues
Property lax collections
$ - S - S - S - $901.815 $874,147 S(27.668) $573.422 S-
Business and excise
-
taxes
intergovernmentai
_
- - - - 72.921 38.415 (34.5061 176.147 9.987.341 9.691.248
-
(296.0931 9.682.621
Othe,
- - - - 11.600 14.936 3.136 16.388 - -
- 2.627
Tota: revenues
- -- - - 986.536 927,498 (59.038) 765.957 9 987.341 9.691.248
(296 0931 9 685.248
Expenditures
Pubnc safety
- - - - -
-_
Economic development
- - - - 954.036 900.580 53.456 812.540 - -
- -
Other
197.200 189.460 7.740 - - -- - - - -
- -
Total expenditures
197.200 189.460 7.740 - 954.036 900.580 53.456 812.540 - -
- -
Excess (deficiency) of
revenues over
expenditures
(197.200) (189,460) 7.740 - 32.500 26.918 (5,582) (46.583) 9.987,341 9,691.248
(296 093) 9.695,248
Other financing sources
(uses)
Operating transfers out
- - - - - - - - 9.91 87.3d1)(9.987.341)
- (9.267,058)
Excess (deficiency) of
revenue over
expenditures and
uses
(197.200) (189.460) 7,740 - 32.500 26.918 (5.582) (46.5831 - (296.093)
(296,093) 418.190
Fund balances at beginning
of year
- - - - (43.047) (43.047) - 3.536 436.618 436.618
- 18.428
Edu!ty trans'e,s to
-
othe'tuncs
- - - - - - - - - -
-
Funo balances (aeficitt at
end of year
S097.200) S(189.4601 S 7.740 S - S(10.547) S(16.129)S 15.582) S(43.0471 S 436.618 S 140.525
S1296 093) S 436 618
SS-352
Rescue Services
SCHEDULE 8.3
DRAFT
Totals
1984 1984
Variance variance
Favorable Favorable
1983
Budget Actual (uable) r• Actual Budget Actual 83 (uable) r� Actual
S - $ - $ - S - S 901.815 S 874.147 S (27.6681 S 573.422
1.730.987 1.366.120 (364.867) 1,759.818 1,730.987 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
1.730 987 1.422.170 3( 08 8171 1.804 497 12,704.864 12.040.916 (663.94 ) 12.255 702
1.730.987 1.756.491 (25.504) 1.552.791 1.730.987 1,756.491 (25.504) 1.552.791
- - - - 954.036 900.580 53,456 812,540
- - - -- 197,200 189.460 7.740 -
1 730.987 1 756.491 125.004► 1.552.791 2.882.223 2.846.531 35.692 2.365.331
-- i334.321) (334.321) 251.706 9.822 641 9.194.385 (628.256) 9,890.371
- - - (9.987.341 ) (9,987 341) - 91 267.058)
(334.321) (334.321) 251.706 (164 700) (792.956) (628.256) 623.313
513.791 513.791 - 262.085 907.362 907.352 - 264,049
- (7 6081 (7.608) - - (7.6061 (7,6081 -
S 513.791 S 171 862 S(341.929) $ 513.79, S 742 662 S 106.798 S(635.864) S 907,362
85-352
I
is Si�Y �
CITY OF MIAMI, FLORIDA
r%A
SCHEDULE C-1
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
0
SEPTEM13ER 30, 1984
With Comparative Totals for September 30, 1983
General Orange
Utilities
Totals
Obligation Bowl Incinerator
Bonds _ Bonds Bonds _
Service
Tax Bonds
1984 1983 _
ASSETS
Equity (deficit) in pooled cash
$7,886,900 $ — $ —
$ —
$7,886.900
$9,219,935
and investments
Cash with fiscal agents
272.322
272.322
281.923
Receivables:
Taxes
122.500 — —
—
122,500
140,655
Assessment liens, net
302,760 — —
—
302.760
563
303,469
5,700
Other
563 — _ —
—
Total assets
$8,312,723 $ — $ —
$272,322
$8,585,045
$9,951_682
LIABILITIES AND FUND BALANCES
Liabilities:
Matured bonds and
interest payable
$2,671.687 $ — $ —
$ —
$2.671.687
$2,802.720
Other payables
92,929 — —
—
92,929
71,978
Total liabilities
2,764,616 — _
—
2.764.616
2,874,698
Fund balances
Reserved for debt service
— — —
272,322
272,322
172,725
Unreserved.
Designated for subsequent
—
—
3,336,893
year's expenditures
Undesignated
— —
— —
—
5,548,107
3,567,366
Total fund balances
_5,548_107
5,548,107 _ — —
272.322
5,820,429
7,076,984
Total liabilities and
fund balances
$8,312,723 $ — $ —
$272,322
$8,585.045
$9.951,682
U
�F 4aci:
�lS I
F 7r�r{
t' & 04n' .
k v1.�y y
Gn
W
N
CITY OF MIAMI, FLORIDA SCHEDULE C•2
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES I
YEAR ENDED SEPTEMBER 30, 1984 f
With Comparative Totals for Year Ended September 30, 1983 t
General Orange Utilities Totals
Obligation Bowl Incinerator Service
Bonds Bonds Bonds Tax Bonds 1984 1983
Revenues:
Tax collections
$13.050.096 S —
$ — $22,472.100
$35,522.196
$34,051.929
Assessment lien collections
2.742.720 —
— —
2,742.720
2.083.967
Interest
1.254,683 —
— 97.767
1.352.450
1.709,582
Other
1.099 —
— 557
1,656
5.992
Total revenues
17.048.598 —
— 22.570,424
39.619,022
37,851.470
Expenditures:
Principal retirement
9.570.000 —
— 150,000
9.720,000
10,140,000
Interest and fiscal charges
7.924,316 —
— 22.725
7,947,041
6,597.501
Other
70,731 —
— 160
70,891
65.382
Total expenditures
17,565,047 —
— _ 172_,885
17,737,932
16,802.883
Excess (deficiency) of
revenues over
expenditures
(516,449) —
— 22.397.539
21,881.090
21,048,587
Other financing sources:
Operating transfers in (out)
— —
— (22,300,752)
(22,300,752)
(22,297,953)
Excess (deficiency) of
revenues and other
financing sources
over expenditures
(516.449) —
— 96,787
(419.662)
(1,249.366)
Fund balances at
beginning of year
6.064,556 439.946
396,947 175.535
7,076.984
8.326.350
Equity transfers in (out)
— (439,946)
(396.941) —
(836,893)
—
Fund balances at end of year
S 5,548.107 S —
$ — S 272,322
$ 5.820.429
S 7.076,984
k'
A
SCHEDULE C-3
CITY OF MIAMI, FLORIDA
BONDS AND UTILITIES SERVICE TAX BONDS F"'
GENERAL OBLIGATION
DEBT SERVICE FUNDS
` e
COMBINING STATEMENT OF REVENUES, ITURES AND CHANGES
BALANCE -BUDGET (GAAP BASIS)ANDACTUAL
IN FUND
YEAR ENDED SEPTEMBER 30,
WHfi Comparative Actual Amounts for September 30, 1983
Tdal
UINNIes Sorvla Tax Bands
Gen" bbR$atbn Bends 1984
1984 1984
We
- M Favorable Fawrabb
(Uataror- 1983
Famablo (Unluor- 1983
(Unlavor- 1993
Actual Rod" Actual ahkL Actual Budget Actin _ab" N(_ Actual
Bled a!! Actual abie�_
52.7$35.522.16 S 295,146 $31,052.323
26
pennues:
I12,505,960
513.050,096 S 514,136 512,40,,...
Taxcellocbn
- 2,000.000 2.742.720 742.720 2.063.967
AssessmeMlien
collections ..
- - -
2,'9W 000 2,742,720 742.720 2.083,967 97,767 97.767 61.625 800,000 1.352 450 552.450 1,643.565
1,656 5,992
interest
800.000 1.254.683 454.683 1.581.940 _ - I.656
5.331 557 557 661
Other .....
Total
1 099 1.099
-- - -_ 847
16.0I5.923 T2,720,790 22.570,424 (150.366) T1.709,924 38,026.750 39.619,022 1,592.272 37.785,
-
fe
15,305.960 17.048,598 1.712.638
� --
Expenditures
plincpal
150.000 150.000 __ 150.000 9.715,000 9.720,000 (5.000) 10,110,000
relvei'm .
9.565.000 9.510,000 (5.000) 9.990.000
Interest and
tiscai
- 27,754 8.178,685 7.947,041 231,641 6.597,501
7.924.316 231.644 6.569,747 22.72050 22,10 85.100 10.891 14.209 64.571
charges
8,155.960 (6) 1,032
14.269 63.539 - -' __
85000 --
011e
Total
- _70.731 _
- - _
118.786 17.978.785 17.737.932 240.853 16.802.072
16.623,286 172.825 172.885 (60) ---
expenditures
17.805.960 17_565.047 240.913 -
Excess
(dehcwo)
otlevenues
over
di•
1,983.551 (547,363) 22,547,965 22.397,539 (150.426) 21.531.138 20.047,965 21,881,090 t,833.i25 20.983, 775
tufts
tuns.
(2,500.000) (Si6449)
Other 1110xin9
sources lases)
Operating
lranslersin
_. - (22.547,965) (22,300,752) 247,211 (22.298.347) (22.547,965) 22( 300,T52) 217,213 A22 298_1
-
lout)
-
-_ -
Excess
(dchcier")
(Alevenues
and olher
financing
sources
over
Ln
expendl
tares and
96.787 96,787 (767.209) (2,500.000) (419,662i 2.Q80,338 (1,314.572)
'
other uses
(2,500.0(N1) 1516.449) 1,983N)i (547,363) -
w
Fund balance at
��m� p1
40091 6240091 -7,554.663
- 942,T14 6,2,,,
175,535 175*535 -
yew
-
6,064.5:. 6 0_64.556-6,611,919
S 5,820,429 $2.080,338 S 8.240.091
t and balance at
$ 6.064,556 i 175,535 S 272,322 S g6.787 S 175,535 i 3,710.091
S 3,%4,556 S 5.548,107 $1 -- --
endolyoar
_983.551
``�
F1 P. n' SCHEDULE D-1
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
+�
COMBINING BALANCE SHEET
SEPTEMBER 30, 1984
VYlth Comparative Totals for Year Ended September 30,1983
Onteal Oaigiti lr
kirks end
Neua- Hh"
Nero!-
Ttdalf
Stem Sa"M
Seewrs Sewers
reNellell
Control
toNce lion Improw- Firs Side- min!
Fscilittef Facifilles Men►s FuNflles walks Housing ho881es
v100
Fund
ImPrew-
Monts
is" 1953
ASSETS
I"" (Oft*) in
pooled cash in0
S918.058
f2,191.390 $1 672.407 f11.038.510 $5.554.576 $20.751 $16.3.13.438 f(6.065)
$218.590
f2.592.978
f19.952.362 t37,/81,180
MM EMS
$6.696.913 $2,718.825
Access
-- - -
-
451.226
451.226 956.510
recenaOle
-
-
- - -
Due koa aha
-_ _
-
172.6w
172,600 3077,016
Due from ether
- - _ _
-
3.531.042
3.531.042 1.107.989
9nts
- -
-
-
-- - - -
-
35.000
35.000 35A00
Other assets
toulassMs
- -
f8.6% 913 $2.718.825
-
f918.058
- -
f7.191.390 it 612.412 f11.038.510 f5.551,576 f20.757 f16.333.138 f16,0651
f21A.58D
f6�787.816
f51.112.230 f1?.960.I25
LIABILITIES
AND FUND
BALANCES
lilbilM
Vouchers mW
accounts
$ - f 593.098
f -
s - s 50.- s 26.- s 1.725 s _ s z29.e11 s _
s _
f1.279.766
f 2.181.469 s 2.641.5M 414
�e
- - 103
-
Accruede.penses
- -
-
-
_
--
- e05.102
Due to outer hods
- -
-
--
Due 10 other
- _ _ - _
_
2.720
2.720 -
gover. will;
- -
593IT18
-
--
-
- 50.991 26.355 2.128 - M9 &ti -
-
1,282.510
2.181,956 3.506.311
htN
I.W k ks
-
Fund balilnM
ldekA)
1lemvvdIa
3,656 94.489 637.693 - 76.060 -
-
2.862.661
4.099.236 5.131.961
entu &' ,Ps
112.985 311 697
-
-
Urwrerved-
desm),w for
/�
W
CA
approved
protects
6.585 9?8 L811.D3S
218.fi25
?.191,390 328.586 10.917.666 1.911.755 16.027.537
53.000
2.637.645
45.689.167 32.919.169
'
Unreserved-
-
fi99.133
- _ - -� _
1.M.166 20,757 I6.6651
165.580
2.169.811 31.251
wtaa
land tulances
---- -
2.12S.777
---
WIN
- - -
2,191.390 1.621 408 I1.OI2 155 5.552.118 20 757 16.103 597 (6.Ofi )
118.580
5_500.306
51,957.271 79 IS1,3M
(rkhct)
6.699 913
(1/
AMdWexd
Taal MT
f6.ti98 913 T7.1IA.A75
f918 trig
f7.t91.J9ti f1,fi72.102 I11.1138.510 f5.551.516 f20 757 f16,333.138 f16.065)
f218 .580
$6.18?.816
_-
$54.142,230 $42.960.175
- ._-
hind Rs
--- - -
---
-_._- --- ---- - - --
i
fix.:;...-',.�`,;. �•...��. . . .
r%
M^
SCHEDULE 0-2
CITY OF MIAMI, FLORIDA
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES }'
AND CHANGES IN FUND BALANCE .4 .
YEAR ENDED SEPTEMBER 30, 1984 h -
VAth Comparative Totals for Year Ended September 30, 1983
General Obligation
Parks end
Reua- Highway Rwd- C2031 TMah
Slerm SMOKY remiss Full" lion Improve- Fire Side- Perking ving Imprew-
Sewers Sewers Control Facilities FacNHiss ments Facilities walks Housing Facilities Fund menls 1984 1993
Revenues
franchise lass s f - S - f f - f -- f - S - $ - f - f - $ U01.656 S 4.509.656 5 1,409.761
.1.535.211 3.535,211 4415.346
Interest 347.074 557,334 85 862 226.880 526 549 375.379 502.939 1.856 679 889 5.548 19.545 130 660 4.054.523 3.009.054
Other - - - 101.050 _ 33 272 - :1.366 - 540 391 684,029 M.243
311.U71 552.314 85,967 ?7fi.880 5?6.549 482 429 536.161 1.856 683.255 5.548 19.545 9.J15.926 12.183.419 9,780.401
f.peneaures-
Willpro►ects 901.691 1.755.757 -4.349 _17.t35 _7fi.386 510647 3.875_810 - 4.851.533 11,928 - 9.863.313 25.0?4.559 23.075.706
f.cess (delraic7)
of revenues over
apenddutes (557623) (4 201 423) 81_513-149.745 450 163 188.210) 13339.653) 1.856 (4.168.778) (39.3901 19.545 _1547.387) 112.211,140) 113.795.3071
anew Ifewrcng -
s01ecesfuses)
Opaalmg - -- - 998 400 998.400 4.325.300
limims in - - - -
Owa1in9
handers wt -- -- - - - - - - - 16s47.395► (6.517.395) 1e554.3001
(,bond rocem xon 1.000.000 2 000 001► 18.200 000 - - - 30.200.000 25.000.000
Dad prx>ceeds 3 flo0.pf10 - - - - _ --- - -_---
rolal olna
Ina¢nq
sauces
lusesl 3.0M10.000 -� _ - -- ---- 7.000.000 2.000_000 18.200 U00 - I5_548 995► 24.651,005 20.111.000 ,
Excess iddic encr)
of reverms and
Other lenncng
sources over
expendexxes and
other uses 7.442,371 (4.201 423) 81.513 149.145 450 163 6.911.787 (1.339.653) 1 85fi 14.031.122 (39,380) 19.545 16.096.382) 12.409,865 1.475 fi%
fund baNnces
ryry�5 fdehc4) a1
trwl b&pmVIII par 3.441.791 6.356.540 818.512 7.187b/1 5530.914 1,540.776 4817931 18.901 ?.071815 (180.685) 199035 12.362.151 39,154.381 33.147,132
fgnry hanslas -
hnm olha funds 1.201.165 - - 2 410 431 690 3.311,986 2.323.523 214 000 182f1.307 15.J07.081 8.J21, IS1
W Nulty transfers b --- 76 -- - - - - - - - -- - -- --- - - - -- - - _ hods (J87.976) I?1 8 585 110) I1S_214.0561 (9.4tl7.6110)
am., 3'M1) 14?.OG'/) 131J.11M) (4.791.389) 1752,3091 (279,31561 1 - _
CA f wu1
Nhill"Ps
tr10..111 at
nd (A year f6.wR.913 52.125 /7/ S 918.058 S7 I'll 390 $1.621,408 $11 012 1-615.551 448 f 70 757 fI6.103 S97 S16.0651f ?18 580 S h.500_306 $51.957 214 f39.454 Jtl1
i
,p ,
ASSETS
Currant asMlr
Cash and cash equivalents . .
Accounts (ecow" (net, when applicable of
allowances for uncolleclibtes of $736.000)
on from other funds
Due from other governments
ImPenlories
Prepad expenses
lout currant assets
Reslrxled assets,
Cash and kwesh0ems wNh fiscal agent
fackrd" accrued mutest
Due from other governments, long lam
Property. plant and equipment
Less
accumulated depreciation
Property. plant and equoneal. net
Other assets
Deposds and other assets
Bw issuance costs. net
total assets
CITY OF MIAMI, FLORIDA
SCHEDULE E•1
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1984
ff
,� ti ��
tMth
Comparative Totals for September 30, 1983
►
OrMp
0M-S&Mt
Markle
M1a+e1 Iasit:aavaetlae
NhrMwIM
laph
htkML
Sladlner
Sladlem Sladiaar _Canter Mantas-
Aedihrirws 84N
he/arfy swap
1!p
S 3,536.146 S
-
f - f - S - S -
f - f -
S - S -
S 3.536,146 S r74 17
166,039
12.085
2.448 178,851 521.301 -
16.459 22.868
- -
920.051
1,229.089
-
-
- - - -
- -
- -
-
257.198
-
-
- 305.606 1.094.000 -
- -
- -
1.399.606
4.094.000
114,894
-
- - -
- -
- -
114.894
82.794
130.030
-
- - 3.560 -
- -
- -
133.590
9.457
3.947.109
12.085
2.448 484.457 1.618.861 -
16.459 22.8b8
-
6.104.281
6.646.930
2.511,830
-
-- -- 11.558,739 -
- -
- 1,559.690
15,636.259
18,094.664
366,467
-
- - - -
- -
- -
366,467
308.089
24.015.693
2.081.300
1,988.441 12.287,091 86.734.802 4.977.219
5.200,287 1.642.423
519.864 8,412.660
147.858.840
144,456.952
15.729.733)
(1.303.479)
(910.909) 16,193.753) (2.270.651) 12.693.931)
11.432,932) (693,505)
(209,525) (221.094)
(21.639.502)
(18.400.6211
18.285.960
777.821
1.077.532 6.093.338 84,464.151 2.293.348
3,767,355 958.918
309,339 8.191.576
126.219,338
126.656,331
-
-
- - - -
- -
- 50.000
50.000
30.290
154.362
-
- - 1.840.998 -
- -
- 473,765
2.469.125
2.488.441
$25.270.128 S
799.906
51,079.980 S 6,577.795 S 99.482.749 S 2.293.348
S 3.783.814 S 981.786
f 309,339 f10.275.031
5150.845.476 Si53.624,645
+�o
M
I
yfit»
vir t6 Y; ,
M • '
i.'
I
W
CA
rl�
UANLFFWS AND FUND E OUtTvcurrent assets)
Current kw1dies (payablefrom
Defied (e4u8y) in pooled cash and investments
Votctws and accounts paY'bW
Accrued expenses (ptiocipatty satartesl
Due to Whet funds
(Wetted revenue
Deposits refundable
)dal current habdd*S
(payable from Current assets)
Current hab*ttes (payable from reslricled assets)
Construction CaBracts
Accrued tmerest
Current polron of revenue bonds payable
10121 currerd 11*111'es
(payable Irom reslticted assets)
ION tam pabildtes
Revenue bonds payable -net
01tw payames
Total lan9 ferm liabildies
Total Yabudres
Fund e4vitY
Codributed cepdal
Retained sarrwigs Idelicltl'
Reserved to conspucte► and
revenue bond relnemerM
Unreserved
Total tetahted earmrlps(delicd)
Folal lurid equdr
Trial babdttles and fund equitY
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 3% 1984
h Com arative Totals (Or September 30, 1983
1
li
Ale, -
SCHEDULE E•1
(Continued)
Twit
P
Too*
orsor
Nowt Csmerdtm
wall te
WIN -
Im !SO
on-fwN Nor" Mlsed
ftadlrst Stad_ws
Csalsr Mamas Aedewlems
put M!-
_Sladwte
-
$(1,711,036)5
572.710 S
228.307 S{104,457► S
l4�• )
J3.882
1,879.848 S
1,419.592
1% J*52
724.159
_ - f
260 027 f
11.575 S
381.%6 S
2.738.862
134.414 202.891
21.610
207,921
321.792
816.590
71.575
88.256
5r6
131 941
26.146
23.745 6.134
73.863
68,807 -
-
-
6,267
2,539.975
512,237
6.267
_
-
8
_
- -
29,450
- 6,355
_
836,267
IO2,969
81.297
511,685
500
752,358
_ 9,885
30 ---"'
-�-
88 058
44250
746
!_
_�- ^,_
322,474 (98.102)
1�60.8�1)
4.510 451
-
5.882.121
1.452.600
289.352 ._-
109 633
798.01,
-
2.897•081 11.497.520)
697.723
33.09
2.415.122
_�--_
-
33.888
-
-_ -
221,280
219Q891
2.160.318
170;000
-
-
-
1.284.887
-
_ _.
65.000
220.000
684.124
t55000
_
J
- -'-
J
-
_
266,290
2,414.179
4.715.140
839.724
_
- ------
1.318.775
-�'-
115,000
10,101.915
81.932.028
82,523.671
8023
13.317,575
-
-
-
58.397.538 -
-
-
- 2.104
117,104
-
�_ _---
10�1�1.915
10,121
81_ 94?t55
-
82,531.694
_ 8.023
-
�_ __---
_
---
--- _
58,397.538 `_
-
-
---
322474 19.002
9.921.394
88.897.385
93`59.255
l3.325,598
289.35?
109.633
_
798.011
79 "_�.---
6? 6t3.394 (t.491,520)
-
691.123
-
015.845
r�`�•
15.617.972
1.397.349
3.W.205
43,243.798 285.356
5.600_Ott
392.718 -
633,900
_
121.753
614,155
1.273410
13,191.480
13.349.224
1,618.106
_
2It.79�
10.239.%4
(6��,_)5
.559.673)
(t(286.2W
969-41211
1853917
,
{114.201)
(427.0021
,
Y•1t3579
(413► 2
266.59.(_513
337�
47.637
2
(I4Ot)
0
910.347
17974
5..8
B3.6.09t
.790.89.532053
3b•869,355 3
S29_348
S3,78. 814
659.3
78fS309.339f10.275.03t
�
_(
�1
0,845.416
`(6
-0465�.39-
5155,624.6•S
S25.71 178
S789.0i
S _._
6,577795_-.-
599.482,149
-
_-
SCHEDULE E•2
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
-
COMBINING
STATEMENT OF REVENUES, EXPENSES AND
')
CHANGES IN FUND EQUITY
'
YEAR ENDED SEPTEMBER 30, 1984
tl
With Comparative Totals for Year Ended September
30, 1983
Orange
fin"
Off -Street
Marine
Miami Bowl Con"ntion
house Parking
Totals _
Parking
Stadium
Stadium Stadium Center Marinas
Auditoriums
Golf -
Property Garage
-1984 1983
Operating revenues
Chargeslorservices
$6.790 664 $181.817 S
74.877 $1.985.379 $ 2.837.221 $1.258.145
$ 558,214 S
983.412 S 38.356 S 185.745 $14.893.830 $12 8
Operating expenses
Prrsorml ser "
2.162,651
34.436
132.784 863,722 1,279.510 285.558
413.838
741.711
- 62.761
5,976.977 4.760.612
Contractual services
214.1.10
25,115
10.323 319.882 1,682.945 27.651
119.052
52.702
- 81,815
2.593.615 2.184.108
Materials and supplies
481.8rfn
6.214
15.592 43,124 28.410 1S.313
21.838
131.226
5.699
849.216 1.303.511
Utilities
31111,689
33 504
65.684 208.124 529,132 222.935
233.162
88.141
- 27.552
1.803.923 1 404,459
Inbagnvernmenlalcharges
-
39 420
132.962 49f.673 2,596 26.746
57,0r7
123.3g2
- -
873.826 857.113
Ofher
865 439
_20.K3
43.369 53.972 854,827 _18.805
114.042
13.111
- 36.161
2.019.795 1.565,510
Total
4.119,115
-1'1A.152
400.734 1.980,497-4.477,420 591,008
958.949
1.150.289
-- 213.988
14,117.352 12.015.579
Operating xronie (Inss)
before depreurtane*pense
2.610.949
_23.065
-(325.857) 4.882 11.640.199) 661.137
1400.735)
(166.877)
38.356 (28,243)
776.478 776.896
Oeprecratronexpense
911.565
MAU
_31.643 - 382.108 1.513.730 _169.4%
_1.18.570
_40.827
12.972 153.484
3.355.368 2.496454
Operating income (loss)
- 1.793,384
-
(61.398)
(351.S(10) (371.226) (3.153.929) 491.141
- - -- - -
- (549.305) _1201,704)
- -
-25.384 (181.727)
(2,518.880) 0.119.558)
Norroperalmg revenues (e•pl'nses)
Interest
629.872
13.652 19.204 1.095.191 149.289
32.3fi6
9,261 199.679
2.148,514 2.121.805
interest and fiscal charges
(1,499,242)
- 14.002 (5.356.084) -
-
(10.099) 11.335.280)
(8.176.703) (7.318.305)
Oltrcr
_S.118
-_;
- 65.164 6f,OfiS 2.986
_5.5t5
34.68t
(20.00_0) 27,054
181,643 499.29
Net n"peralrngrevenues (expenses)
- (8S4,192)_
_ _
13,652 98 370 (4.199.828) 152,275
_ 5.515
_67.047
(20.838) (1,108,547)
15.846.S4fi) (4.696.%1)
lncnme(loss)bebreoperalnn)transfers
939.192
(61.3981
(343.8.18) (278 856) (7.353.757) 643.416
(543.1%)
(140.fibl)
4.546 (1,290.214)
18 425,426) 16,416.519)
Operating transfers in
-
290.617 46.300 5.164,718 -
495.139
- 1.382.617
7.379.451 5,059.668
Operating transfers out
--
-
(46.300) - - (90.000)
-
-
_ - _ -_
(t36.3m) _
NM inin.e(loss)beforeedraordularygem
939.192
(61.398)
(99.531) (232.556) (2.189.039) 553.416
(48.651)
(140.657)
4.546 92.403
(1,182.215)
Extraordinary item -gam on debt rehnanclng
_ 7g9.966
-_
- - -
-
- -
799.%6 -
Neixrarne(bss)
1.139.158
(61.3981
(99.53t1 (732.5561 (2.189.039) 553.416
(48.6511
(140.657)
4.546 92.403
(382.3091 (1.356.851)
Retained earnings (deficit) at beginning of year
7 192.895
(112.803)
(327.471) 2,402.939 (4.183.998) 2.958 498
(2.464.684)
407.251
285.791 (378.666)
6.319.752 7,736.603
Equity transfers to other funds
_
-9.53?.053
-
- _ (56.804) (1.406) 16._402)
__(S8_5)
- -
_(65.197) -
Peainedearnings (dehcs)at end Myear
(174.201)
(427.0021 2.f13,519-(6.374,443) 3,505.5t2
(2,51.3.9701
_266.5g4
290,337 (286.263)
5.932,246 6.319,752
CiWibufedcapgalalbegrrmmgolycar
6.453
613.259
1.344.349 3.294.111 41.917.798 285 3%
5.531.694
392.118
- 633,900
54.08S.638 44.701,294
Contributions from other funds
40.300
1.4%
53.000 1,086.(M
62.317
-
- -
1.243,113 1.095.754
Contributions from tenants
-
-
- 240.000
- -
240.000 7.319.555
Conlifthonshomolliv governments
75.000
`
_ - _372.094 - -
-- _
-
- -
, 447.(YI4 _%q,035
ConhrbutedWalatend rilye,lr
_
121,753
-
674.755
1.397.349 3.666.205 43.243.798 285,356
5.600.011
392.718
633.91N1
56,011).841) 54.085.638
f
Wal fund erpnly
$ 9.fl." 8n6
SYM,S54 $
9/0.347 S5.7P).784 S36.869.35S $3.7911 868
$3 0860N)l S
659.312
S290.337 $ 341 631 Shl.9480JI S60,465.390
w �
�
'aT'pY
� W�td
cfv.
SCHEDULE E-3
CITY OF MIAMI, FLORIDA
ENTERPRISE FUNDS
COMBINING STATEMENT
OF CHANGES IN FINANCIAL POSITION
ra
YEAR
ENDED SEPTEMBER 30, 1984
With Comparative Totals for Year Ended September 30, 1983
Orange
VilarIll-
Off -Street Marine
Miami Bowl Convention
house
Parking
rail:
Parking_ Stadium
Stadium Stadium Center Marinas- Auditoriums
- ---
GOB Properl _
- - -
Garage
_ 1984 - -
- -
Wbrking capital provided by (,rpplred tot
%eratrons
Income (Inss)beforeex1fawdmarydem
S 939.192 S(61.398)
$ 199.531) $1232.556) $12.189.039)S 553,416 S
148.651)
S(140,657)S
4.546 S
92,403
$11.182,275)$11.356,851)
Items not requiring current oullays of wnrkinq capital
(kpreuatanand amortization
1.000.650 84.461
31,643 W.108 1,634.287 169,9%
148.570
40.827
12.972
171.138
3.677.254 2.656.504
Ims(gin►onthspo,eiunsofprgmrty.pLntlanrltnrnpment.nef
('11781 40
- _ 6.99ti _25391 _ 6.734 _
3,754
4.466 _
-
--
42.203 98,242
Total provided by (applied to) operalrrms
1.93.1 6.14 23.10')
J67,888) 156.548 (529.361) 130.146
103 673
(95.364)
17.518
264.141
2.531.182 1.397.895
Other
Iwtraordinary dem--gam on debt refinancing
199966 -
- - - -
-
-
-
-
799.%6 -
flncreasel decrease in restrnled accnnnts
1.486.649
-- 0.924 695)
-
--
530.592
92.546 6,730.443
Conlrrhutronsand equity hanslers.nel
II5300 1.496
53000 315.290 1,324.594 (6.402)
61.732
-
-
1.865.010 9.384.341
Proceeds from long term debt
13. 705,(M --
- -
-
-
-
-
13.105.0W
Increase in other hablrhes
_ _-
_ -- 199 _
- _
-
2.104
-
2.303 49.454
total
18.0•tt 579 24.601
(14,888) 471.838 (f,f29 263) 713.744
---
165.405
_
(95,3641
-i - -- ----
19.622
-
194.133
-
f9,002.007 17.562,139
- - -- - -
Wbr k rng capital applreel
Addil msofpropeily ptanlandequrpment net
S 1,S93.805 S 4.180
S 543.436 S 540.864 S 123521 S 492.536 S
68.946
S 78.989
-
114.294
3,560.571 12.858.029
M duclron of revenue bonds payabfe, net
14.234 (if 3 -
- - -
-
16.(M
55.00(1
t4, 305.613 237.164
Increase (decrease) in due from
Wier governmenls. long term
-
- - -
-
--
-- (4,094.000)
Increase (+fecreaselrnother assets
_68.873 -
- -_ - _- _
-492.536
-
_ _
-
-_
_68.873 1116,602)
iolal
15.897,291 4.180
543.436 540.864 123.521
68.946
78.989
16,000
169.294
17.935,057 _8 a ,591
Increase (decrease) in working capital
S 2.1,14 288 $ 20 421
$(558.324) S (69.026) $(1.252.784)S 231.208 S
96.41,9
----- -
S (174,353) S
---
3.622 S
-
625.439
$ 1 (Ifi6,950 S jaiit
Summary of increases fdecreases) in working capital
--
- -
-
--- - -
Cash and investments
S 2.561,849 S 20.930
S(471.7431 51499.8231E (86.5711$ 313.521 S
10.421
S (223.824) S
10.727 S
568.570
S 2.324.063 $ 7,611,668
Accounts receivable. net
58 32I 11 031)
(46.826) (156.052) (177.009)
2 218
12.091
1750)
-
(309.038) 919,238
Oue from other governments
- 305.606 (3.000.000) -
-
-
-
(2.6114.394) 4.094,000
Inventories
32.100
- -
-
-
-
32.100 29,728
Prepaidewpenses
120,578 -
- - 3.560 -
-
-
-
-
124,138 (8,653)
Accounts payable and accruedexpenses
(552.4131 1.022
(39.799) (7.414) 33.826 (142.Mq)
28.017
37.380
-
56.869
(584,581) (218,799)
m Due to/Iroother funds
80.536
- 404.000 1.973.410
-
-
150,000)
2.401.946 (3.764.242)
ry�
Deposits refundable
(21.306) -
(56) - _ (310)
-
-
50.000
28,328 (7.5%)
Oefefred revenue
(ITS 311) (500)
I(X)(115.2831
(4 191)
(6.355)
(261.6121 82,203
Go
-
_ - _-
-^ -
_`-
'
Increase (decrease) in working capital
S 2.144.288 S 20_421
S 1558,324) S 169.026) S (1.252.184) S 211_208 S
96,459
S 1174 353) S
1622 S
625,439
S 1.0610SO S 8.677;548
-
mor..
rr
SCHEDULE
F•1
CITY OF
MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING BALANCE SHEET
FT
SEPTEMBER
30,
1984
With Comparative
Totals for September 30,
1983
city
Motor
Property
Print
Stationery
Communications
Totals
Garage
Pool
Maintenance
Shop
Stock
Services
1984
1983
ASSETS
Current assets
Equity (deficit) in pooled
cash and investments
S 4.411.030
$3.295.663
$206 829
$(216.746)
S(9.173)
S 945.814
$ 8,633.417
$ 6.491.63'
Accounts receivable
-
-
-
-
-
-
-
4.691
Inventories . . .
253.610
137.903
111.408
24.681
80.888
109.120
717.610
690.466
Total current assets
4.664.640
3.433.566
318.237
(192.065)
71.715
1.054.934
9.351.027
7,186,788
Property. plant and
equipment
14.181.158
7.641.425
311.366
127.174
-
2,947.245
25,208.368
22.399.669
Lessaccumulated
depreciation
14.428.748)
(4.759.788)
(190.365)
(60.863)
-
(942.880)
(10.382,644)
(8.450.330
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
$439.238
S(125.754)
$71.715
$3.059.299
$24.176,751
$21.136.127
LIABILITIES AND
FUND EDUITY (DEFICIT)
Current liabilities:
Vouchers and accounts
payable
S 314.547
S 238.488
$100.445
S 14,210
S 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):
Contributed capital
4,478.771
1.742.021
271.755
178,170
-
2.130.078
8,800.795
7.865.303
Retained earnings
(deficit)
9.485.198
4.250.343
(37.417)
(331,974)
67.035
700.720
14.133.905
12.157.338
Total fund eauity
(deficit)
13.963.969
5.992.364
234.338
(153.8041
67 035
2.830.798
22.934.700
20.022.64'
Total liabilities and
fund equity (deficit)
$14 417 050
S6 315.203
S439.238
S(125.754)
$71.715
$3.059.299
$24,176 751
521.136.127
85-352.
1 4
y-
LO
A
SCHEDULE F•2
}
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT
OF REVENUES,
C
EXPENSES AND
CHANGES IN FUND
EOUITY
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Totals for Year Ended September 30, 1983
City
Motor
Property
Print
Stationery
Communications
Totals
Garage
Pool
Maintenance
Shop
Stock
Sai rives
1984
1983
Operating revenues -
charges for services
S 5,484.514
$4.534.732
$3 534,605
$ 510,457
5312.780
$2.768.721
$17.145.809
$16.473.113
Operating expenses
Personal services
2.162.190
1.559.906
2.000.150
218.994
42.765
747.253
6.731.258
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
-
1.471.090
1.633.738
1.483.757
Other
159,269
7.448
1.902
272
1.513
62.495
232.899
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-
ciat,on 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
-
281.743
2,658.000
2.521.153
Operating income
(loss)
726.919
309.701
155.673
27.947
7.370
(36.932)
1.190,678
1,523.256
Nonooerating revenues
(expenses)
Interest
336.082
308.656
-
-
155
72.527
717,420
372.872
Other
36.183
186.799
263
1,257
215
1.253
225.970
89.981
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
Operating transfers in
361.995
-
100.000
-
-
-
461.995
281,838
Operating transfers out
(100.000)
(161.966)
(150.267)
(19.562)
-
(30.200)
(461.995)
(281.836
Net operating
transfers
261.995
(161,966)
(50,267)
(19.562)
-
(30.200)
-
-
Net income
1,361.179
643.190
105,669
9.6a2
7.740
6.648
2,134,068
1.986.109
Retained earnings ideficit)
atbeginning of year
8.124.427
3.763,917
(143.086)
(341.616)
59,295
694,401
12,157.338
10.171.229
Equity transfers to other funds
(408)
(156.764)
-
-
-
(329)
(157,501)
-
Retained earnings (deficit)
at end of year
9.485.198
4.250.343
(37,417)
(331.974)
67.035
700.720
14.133.905
12.157.338
Contributed capital at
beginning of year
4.344.401
1.479.950
271.706
178.170
-
1.591.076
7.865.303
7.204,939
Contributions from
other funds
134,370
262.071
49
-
-
539.002
935.492
660.36»
Contributed capital at
end of year
4.478.771
1.742.021
271.755
178.170
-
2.130.078
8,800.795
7.865.303
Total fund eouity
(deficit)
$13.963.969
55.992.364
S 234.338
S(153.804)
S 67.035
$2.830.798
$22.934.700
$20.022.641
85-352-.
SCHEDULE F-S
CITY OF MIAMI, FLORIDA
INTERNAL
SERVICE FUNDS
COMBINING STATEMENT
OF CHANGES IN FINANCIAL
POSITION
"fl-AFT
YEAR ENDED SEPTEMBER 30, 1984
With Comparative Totals for Year Ended September 30, 1983
City
Motor
Property Print Stationery
Communications
Totats
Garage
Pool
Maintenance Shop Stock
Services
1984
1983
Working Capital provided by
(aophed to)
Operations
Net income
$ 1.361.179
$ 643.190
$105.669 S 9.642 S 7.740
S 6.648
S 2.134.068
S 1.986.109
Items not requiring current
Outlays of working capital.
Depreciation
1.083.381
1.269.736
12.326 10.814 -
281,743
2.658.000
2.521.153
Loss on dispositions
of property. plant
and equipment. net
92.881
193.078
- - -
-
285.959
370.449
Total provided by
(applied to)
operations
2.537,441
2.106.004
117,995 20.456 7.740
288.391
5.078.027
4.877,711
Contributions and equity
t.
.
.
49 - -
538.673
777,991
660.364
Total
2,671.403
2.211.311
118.044 20.456 7.740
827.064
5.856.018
5.538.075
Working capital applied.
Additions of property,
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
3.060 20.138 -
663.295
3.820.344
2,473,247
Inc+ease in
working capital
$ 1,079.275
S 669.588
$114.984 S 318 $ 7,740
$ 163.769
$ 2.035.674
S 3.064.828
Summary of increases
(decreases) in working
capital
Cash and investments
$ 1.045.044
S 768.928
5149.488 S 5.621 S(20.455)
S 193.160
$ 2.141,786
S 3.044.136
Accounts receivable
-
(421l
(4.200) - 18.377
(70)
13.686
4,691
Inventories
1B.340
(4.500)
(10.082) 2.062 -
2,947
8.767
(67.89C
Accounts payable and
accrued expenses
15.891
(94 419)
(20.222) (7.365) 9.818
(32.268)
(128.565)
83.891
Increase in
working capital
S 1.079.275
S 669.588
$114.984 $ 318 S 7,740
S 163.769
S 2.035.674
S 3,064.828
85-352.
T�.
0
CITY OF MIAMI. FLORIDA SCHEDULE G•1
TRUST AND AGENCY FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1984
With Comparative Totals for September 30, 1983 ;
AgeRAFT
ncy
Expendable Trust Funds Fund
Solt- Pension Cable Totals
Insurance Administration T.V. 1984 1983
ASSETS
Eauify in pooled cash and investments $6.848.247 $ 6,312.630 $2.075.564 $15.236.441 $16,821,734
Accounts receivable 98.986 7.319 — 106,305 125,704
Due from other governments — 1.158.546 — 1.158.546 —
Prepaid expenses 40.169 — — 40,169 12.468
Deterred compensation plan assets — 4.142,906 — 4.142.906 2.285,138
Total assets $6.987.462 $11.621.401 $2.075.564 $20.684,367 $19.245.044
LIABILITIES AND FUND BALANCES
Liabilities.
Vouchers and accounts payable $ 400.853 $ 1.293,760 $ 75.564 $ 1,770,177 $ 478.771
Accrued expenses (principally salaries) — — — — 105,677
Deposits — 1,875 2,000.000 2.001.875 2.001,089
Claims payable 1,832,705 — — 1.832.705 2,294,292
Deferred compensation plan liabilities — 4,142.906 — 4.142.906 2.285.138
Total liabilities 2.233.558 5.438.541 2.075.564 9.747,663 7.164.967
Fund balances.
Designated for hurricane loss 500.000 — — 500,000 500,000
Designated for pension -related expenditures — 6.182,860 — 6.182,860 6,173.208
Designated for claims payments 4.253,844 — — 4,253.844 5.406,869
Total fund balances 4,753,844 6.182.860 — 10,936.704 12.080.077
Total liabilities and fund balances $6.987.402 $11.621.401 $2,075.564 $20,684.367 $19,245,044
85-352.
-*A
CITY OF MIAMI, FLORIDA SCHEDULE G•2
EXPENDABLE TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES '
AND CHANGES IN FUND BALANCES,
YEAR ENDED SEPTEMBER 30, 1984 r
With Comparative Totals for Year Ended September 30, 1983
Sell- Pension Totals
Insurance Adminlslrstion 1984 1983
Revenues.
Intergovernmental charges
Intragovernmental charges
Contributions from employees and retirees
Other
Total revenues
Expenditures
Personal services
Contractual services
Materials and supplies
Contributions to retirement funds
Insurance
Claim payments
Other
Total expenditures
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
$ —
$ 3.549.599
$ 3.549,599
$ 3411,850
3.840.251
18.737.752
22.578.003
22.413.298
8.739.922
—
8,739.922
8.741.219
1,469.031
120.515
1.589,546
1.465.212
14.049.204
22.407.866
36.457,070
36,031.579
1,013.416
—
1,013.418
877.427
73.904
—
73.904
101,000
7.289
—
7.289
6,273
—
22.282.635
22,282.635
18.456.305
790.045
—
790.045
580,558
12.915.328
—
12,915.328
11,727.754
402.245
115.579
517,824
458.053
15.202.229
22.398.214
37.600.443
32.207.370
(1.153.025)
9.652
(1,143,373)
3.824.209
5,906.869
6.173.208
12.080.077
8,255,868
$ 4.753.844 $ 6,182,860 $10,936.704 $12.080.077
C3u a]rayAw.,
4N
Li
E
April 1, 1985
Honorable Mayor and Members
of the City Commission
City of Miami, Florida
City Hall
3500 Pan American Drive
Miami, Florida 33133
Gentlemen:
AFFMIx e
LUCIA A. DOUGHERTY
Cit% Attorney
As of April 1, 1985, the City of Miami is involved in the
following major cases:
A. PENSION LITIGATION AND RELATED MATTER
As noted in Note 16 of the Notes to the FINANCIAL
STATEMENTS, negotiations between the City and the numerous
parties involved in the pension litigation issues are
continuing and resulted in the development of a an
Agreement for Resolution of Pension Lawsuits. In addition
to the action relative to the Police and Fire Onions as
noted in Note 16, contracts with the remaining two employee
unions, Sanitation Employees Association and American
Federation of State, County and Municipal Employees, have
now been ratified by the membership of the unions and
confirmed by the City Commission. These contracts include
essentially the same provisions and conditions as are
included in the contracts with the Police and Firefighters
Unions. The proposed funding scheme is the same as will be
used for Police and Fire, and the new contracts do not
require any lump sum payments. Attorneys representing the
Gates litigants have actively participated in the
development of the Agreement for Resolution of Pension
Lawsuits. However, since this is a class action, it is
necessary to give notice of the proposed settlement to all
members of the class. During the drafting of the notice and
the proposed final judgment, a problem developed concerning
the scope of the matters being resolved, including in
particular, a claim related to whether employee pensions
have been properly calculated as to the amount of employees'
average final compensation. We are aware that three retired
employees have filed a claim with the Retirement Board,
OFFICE OF THE CITY ATTORNFY / 169 E Flagler Street r Miami. Florid,, 33131 (305 579.6700 95"'103521
Honorable Mayor and Members
of the City Commission
Page 2
April 1, 1985
asserting that the City has failed to include the value of
certain payments in their pension benefits. None of these
claims have yet been formally presented to any court in a
lawsuit. The emergence of this problem has resulted in a
delay in the settlement process and we are unable to
quantify the amount of the claim presented by this latest
development.
B. BAYFRONT LAND LITIGATION
As a result of the successful conclusion of an eminentt
domain action in which the City paid for an acquired 32.64
acres of bayfront land belonging to a railroad, the City
will be called on to defend a claim for reasonable
attorneys' fees. In the original action, the jury trial on
valuation resulted in a verdict awarding the railroad
$8,850,000 more than the City's tendered offer, which was
paid as of September 30, 1983. There have been formal
motions filed and a hearing is scheduled for May, 1985 in
regard to the question of attorneys' fees; however, the
amount of those fees cannot be determined at this time.
A portion of the bayfront property described above had been
leased by the railroad to a hotel company for construction
of a hotel. The hotel company filed a suit claiming lost
profits and lost goodwill as a result of delays in the
construction of the hotel due to the litigation involving
' the property, and demanded damages in excess of $1,500,000.
There has been a motion for summary judgment pending since
March, 1983. The amount or range of potential loss cannot
be determined at this time.
C. OTHER
Another pending lawsuit is a case in which the City has been
found liable under 42 USC 1983 by reason of its revocation
of a building permit to a savings and loan association. The
plaintiff has claimed loss of profits and increased
construction costs and other losses as a result of the
City's violation of rights, placing a figure of $6,300,000
as the total amount of damages. Discovery proceedings have
not been concluded, and no hearing on the question of
damages has been scheduled.
85-352;
A
ILI
Honorable Mayor and Members
of the City Commission
Page 3
April 1, 1985
One other file which has potential financial impact upon the
City is a claim filed on behalf of a young mother who was
killed in an auto accident involving a City vehicle in
November, 1983. Due to the presence of another injured
passenger in her vehicle, the exposure is the statutory
maximum of $200,000.
In another lawsuit where two former City employees claimed
sexual harassment, there was a Judgment rendered on March 7,
1985 in the total amount of $149,000. This office has filed
a Motion for New Trial in this matter.
There is also an action pending where a developer has filed
a Cross -claim against the City concerning the developmental
rights of the World Trade Center. In a companion case, a
Complaint for Declaratory Decree has been filed regarding
the interpretation of the South Florida Building Code.
Damages could be in excess of $100,000 should the City not
prevail. It is anticipated, however, that the City will
prevail as to the developmental rights and on the
interpretation of the Code.
There is also a matter involving a shotgun shooting at
Peacock Park in Coconut Grove. Plaintiff, who was armed and
who appeared to be mentally unstable, was surrounded by City
police officers who set up a perimeter; he was shot and
sustained serious injuries to his abdomen and arm. Although
liability is questionable, the case is in the discovery
stage and no estimate of the liability exposure is possible
at this time.
Another significant case involves the Michael Johnson police
shooting which has been the subject of notoriety due to an
alleged cover-up in the course of the Police Department's
investigation. Trial is scheduled during April, 1985 and it
appears that potential exposure exists in the range of
$200,000 to $750,000.
There are various claims and lawsuits against the City resulting
principally from workers' compensation and casualty claims.
Estimated liability for such claims was recorded in the amount of
$22,642,705 as of September 30, 1984, as explained in Note 12 of
the Section, "FINANCIAL STATEMENTS". Except as noted above, the
total liability to the City has not changed significantly during
85--352'.
�w
u,
�«r
�r3,N
�r3,N
Honorable Mayor and Members
April 1, 1985
of the City Commission
Page 4
the time that has elapsed since September 30, 1984, nor has there
been any subsequent litigation during this time period that would
materially mpact upon the proposed Bond issue.
Sincer yj _._,
Lucia A\v_pougn
City Attorney
LAD/RFC/rr/D-A
85-352.
),
%13
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�S
OOA
CITY OF MIAMI, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended September 30, 1984
TABLE OF CONTENTS
FINANCIAL SECTION
Report of Independent Certified Public Accountants
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet —All Funds Types
and Account Groups
Combined Statement of Revenues.
Expenditures and Changes in Fund
Balances —All Governmental Fund
Types and Expendable Trust Funds
Statement of Revenues, Expenditures
and Charges 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
FEt
a.
Exhibit/
Schedule
55-352-
SUPPLEMENTAL COMBINING AND INDIVIDUAL FUND STATEMENTS DRAFT
Exhibit/
General Fund: Schedule
Statement of Revenues, Expenditures and Changes in
Fund Balance --Budget (Non-GAAP Budgetary Basis) and Actual A-1
Special Revenue Funds.
Combining Balance Sheet B-1
Combining Statement of Revenues. Expenditures
and Changes in Fund Balances B-2
Combining Statement of Revenues. Expenditures and Changes in Fund
Balances --Budget (GAAP Basis) and Actual —Miami Sports and Exhibition
Authority, Downtown Development Authority, Federal Revenue Sharing
and Rescue Services Special Revenue Funds B-3
Debt Service Funds:
Combining Balance Sheet C-1
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances C-2
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 C-3
Capital Projects Funds:
Combining Balance Sheet . D.1
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances D-2
Enterprise Funds:
Combining Balance Sheet E-1
Combining Statement of Revenues, Expenses and
Changes in Fund Equity E-2
Combining Statement of Changes in Financial Position E-3
Internal Service Funds:
Combining Balance Sheet F-1
Combining Statement of Revenues, Expenses and
Changes in Fund Equity F-2
Combining Statement of Changes in Financial Position F-3
Trust and Agency:
Combining Balance Sheet . .... G-1
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance —Expendable Trust Funds G-2
85-352� ,
'ELF
- r
Coopers �
&Lybrand
The Honorable Mayor and City Commissioners
City of Miami, Florida
We have examined the general purpose financial state-
ments of the City of Miami, Florida as of and for the year
ended September 30, 1984, as listed in the foregoing Table
of Contents. Our examination was made in accordance with
generally accepted auditing standards and. accordingly.
included such tests of the accounting records and such
other auditing procedures as we considered necessary in
the circumstances. We did not examine the financial state-
ments of the Department of Off -Street Parking of the City of
Miami, 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 Oft -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
certified public accounWits
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, 19B5
85-3521 .
nil
EXHIBIT I
CITY OF MIAMI, FLORIDA
COMBINED BALANCE SHEET -ALL FUND TYPES AND ACCOUNT GROUPS DRAFT
SEPTEMBER 30, 1984
Fidutbrr
Fund Account Groups
- Govemmnial Fund Types Proprinory Fund Types Typos General Oswel Tows
Spinet — Debt Capital Internet Trust and Axed Long -Torn) (111saiwsndum Onq)
Gomm Revenue Service Pro)ects EnleMdse Service Agency Assets Debt 1984 1983
Pooled cash and hlveslments — ---
(Note 2(E)) .... $13.434.172 S 2.679.536 $7.886.900 $49.952.362 $ - S 8.633.417 $15.236.441 S - S - $ 97.822,828 S 87.463,938
Cash and cash equivalents - 34.969 - - 3,536.146 - - - - 3,571,115 2,279.417
Receivables. net of allowance for doubtful
accounts of $11,272.000
Taxes . . .. . . . . 680.000 290.287 122,5(N1 - - - - - - 1.092,787 880.794
Accounts .... .. ... .... . .. 1.633.860 100.671 - 451,226 920.051 - 106.305 - - 3.212,113 4,784,557
Assessment liens, net (Note 2(c)) .. - - 302.760 - - - - - - 302,760 303,469
Due from other funds (Note 5) . .. ... 315,500 6.267 - 172,600 - - - - - 554.367 3,607,064
Due from other governments (Note 4) 116.713 7.742.254 - 3,531.042 1.766,073 - 1,158.546 - - 14.314.628 11,128,614
Inventories (Note 2(f)) - - - - 114,894 717.610 - - - 832.504 773.260
Other . ... ... 95.265 29.866 563 35,000 183,590 - 40.169 - - 384,453 126.810
Restricted Assets (Role 7):
Cash and investments with fiscal agent
including accrued interest - - 272,322 -- 15.636,259 - - - - 15.908.581 18.376,587
Property, plant and equipment, net
(Note 2(J)and 6).... - - - - 126,219,338 14,825.724 - 277.887.925 - 418.932.987 398.456.433
Bond issuance costs, net
(Hole 2(q) .. -- - - - 2.469,125 - - - - 2.469.125 2.488.441
Deferred compensation plan assets
(Note 11). - - - - - - 4,142.906 - - 4.142,906 2.285.138
Amount available in Debt Service Funds:
General obligation bonds - -- - - - - - - 5,548,107 5.548,107 6 ^ 556
Special obligation bonds . - - - - - - - - 272,322 272,322 1. 128
Amami available in Sell Insurance Fund
to claimspryable - - - - - - - - 4.253,844 4,253,844 5.406.869
Amount to be provided for retirement of
general long-lerm debt:
General obligation bonds . .. - - - - - - - - 146,10t,893 146, t01,893 124.955,444
Special obligation bonds and
other payables ...... . .. - - - - - - - - 6.006,070 6,086.070 811.761
Accrued compensated absences .... - - - - - - - -- 11.393.888 11.393.888 -
Claxns payeble - - - - - - - - 16.556,156 t6,556,15_6 12.623.131
GD TotalAsse(s St6.335,510 $10,663,850 $9.585.045 $54,142.230 5150,845,476 $24,176,751 $20,684.367 $277.887.925 $190.212.280 $753.753.434 $683.828.711
-- -- - ---- -- -- --
-_^ __.--�---- --- _ (Continued) "'��3
WSee accompanying notes to financial statements
N ,�
EXHIBIT I
CITY OF MIAMI,
FLORIDA
(Continued)
COMBINED BALANCE SHEET —ALL
FUND TYPES AND ACCOUNT GROUPS
SEPTEMBER 30, 1984
DRAFT
Fiduciary
Fund
Account Groups
Gevorneundal Fund Types
Preprletary Fund Types
Types
Getmaf Gonsrol
Totals
SpacW
Debt
Ca Not
Internal
Trust and
Fixed Long -Tirol
(Ilteuterandum Only)
General
Revenue
—
Service
--
Proecls
Entorprlse Service
Agency
Assets Debt
1984
1983
LIABILITIES
--
— --
— — -
-- - —
— — — — —
— --
—
Deficit in pooled cash and investments
(Note 2(E)) . . . ..
$ -
$ -
$ -
S -
S 1.879.848 S -
3 -
S - S -
S 1.879.948
S 1.642.062
Vouchers and accounts payable ....
2.823.275
1.688.049
-
2.181.767
1.479,592 850.105
1,770,177
- -
10.792.965
7.931.150
Accrued expenses (Note 14) .... .
1.917.983
35.603
-
469
207.927 391.946
-
- 11.393.888
13,947.816
5.051,133
Due to other funds (Note 5)
-
548.100
-
-
6,267 -
-
- -
554,367
3,607,064
Due to other governments .... .
-
95,396
-
2.720
- -
-
- -
98.116
681.226
Deferred revenue... ...
1,653.547
-
-
-
833.848 -
-
- -
2,487,395
2,187.297
Deposits (Note 8) ....... .
391.856
244.645
-
-
102,969 -
2.001.875
- -
2.741,345
3.r" 57
Claims payable (Notes I and 12) . .... ...
-
-
-
-
- -
1.832,705
- 20.810.000
22,642.705
20,.
Matured bonds and interest payable (Note 7)
-
-
2.671,687
-
- -
-
- -
2.671.687
2,802, 720
Payable from restricted assets:
Construction contracts . ..... .
-
-
-
-
33.888 -
-
- -
33,888
2.415.122
Accrued interest . . .....
-
-
-
--
2.190.891 -
-
- -
2,
2,10 ,318
0.000
Current portion of rbonds payable
-
-
-
-
220,000 -
-
- -
220,000,
I70000
Revenue bonds payable-net of current
portion (No1e 7) . ...
-
-
-
-
81.932,028 -
-
- -
.2.671
General obligation bonds payable (Note 7) ..
-
-
-
-
- -
-
- 151,600.000
51,650,000
151,650,000
131.020.000
Special obligation bonds payable (Note 7) ....
-
-
-
-
- -
-
- 600.000
600,000
75.
750,000
Deferred compensation plan liabilities (Note 11) ..
-
-
-
-
- -
4.142.906
- -
4,142,906
2,285,138
Other payables(Note 7)
-
5,700
92.929
-
10,127 -
-
- 5.758,392
5,867.148
1.154.190
Total liabilities
6.786,661
- 2.617.493
2.764,616
2,184.956
88.897.385 1.242.051
9,747,663
- 190.212.280
304,453.105
270,315,040
FUND EQUITY'
Contributed capital
-
-
-
-
56,015.845 8.800,795
-
- -
64.816,640
61.950.941
Investment In general fixed assets
-
-
-
-
- -
-
277,887,925 -
277,887.925
258.450,763
Retained earnings (Note 9)
-
-
-
-
5.932,246 14.133.905
-
- -
20.066,151
18.537.090
Fund balances:
Reserved for
Encumbrances ....
2.170,170
-
-
4.099.236
- -
-
- -
6,269,406
N769
Debt service
-
-
272,322
-
- -
-
- -
272.322
172.725
Unreserved:
Designated for hurricane toss
-
-
-
-
- -
500,000
- -
500,000
500.000
Designated for pension related
expenditures (Note 16A)
-
-
-
-
- -
6.182.860
- -
6,182.860
6.173,208
Designated for claims payment
-
-
-
-
- -
4.253.844
- -
4,253.844
5.406.869
Designated for subsequent year's
expenditures and approved projects
4,800,000
-
-
45,689,167
- -
-
- -
50,489,167
41.116,062
Undesignaled
_2.578.679
8.266,35_7
5,548.107
2.168.871
- -
-
- -
18.562,014
13.274,244
.[i
Total retained earningstfudbalances
9.548.849
_
8,266.357
5.820,429
51.957.274
5.932.246 14.133.905
10.936,704
- -
106.595.764
93.111,967
Total fund equity
9.548.849
8,766.357
5.820_429
51,957,274
61.948,091 22,934,700
10,936,704
277.887.925 -
449.300.329
413,513,671
Commitments and contingent liabilities
INotes It. 12, 14, 15 & 16)
Total liabilities and fund equity.....
$16.335,510
$10,883.850
$8_585.045
$54,142.230
i150.845,476 $24.176.751
$20.684.367 $277.887,925 5190.212,280
S 7 434
5683,828,711
r•
See accompanying notes to financial statements.
RRAff
EXHIBIT 11
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES —
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS
YEAR ENDED SEPTEMBER 30, 1984
Revenues
Taxes (Note 3)
Licenses and permits
Intergovernmentai
Intragovernmental
Charges for services
Contributions from
employees and retirees
Assessment lien collect,ons
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
FWvclary
60vernmental Fund Types
Fund Type
Totals
special
Debt
Capital
""debt*
(Memorandum Only)
Worst
Revenue
service
P"Cts
Trust
1984
1983
$ 83.853.240 S
5.234.610
S 35.522.196
$ 4.509.656
S —
$129.119,702
$111,117.383
5.852.557
1.275,000
—
—
—
7.127.557
6,188 077
25.527.385
24.272.693
—
3,535.211
3.549.599
56,884,888
58.498.572
2.687.378
—
—
—
22.578,003
25.265.381
24.896,046
12,147,036
—
—
—
—
12.147.036
11.494.376
—
—
—
—
8.739.922
8.739.922
8.741.219
—
—
2.742,720
—
—
2,742.720
2,083.967
3.349.836
—
1,352,450
4,054.523
—
6.756.809
7.384.753
2,155.261
1,707.732
1.656
684,029
1,589.546
6.138.224
5.588.596
135.572.693
32.490.035
39 619.022
12.783,419
36 457,070
256,922.239
235.992.989
16.134.965
—
—
—
—
16.134.965
14.595.368
93,840.712
1.756.491
—
—
—
95.597.203
88,923.483
13,401,004
—
—
—
—
13,401.004
11,623.851
22.575,934
—
—
—
—
22.575,934
21.732.588
8.377.973
—
—
—
—
8,377.973
7.691.248
—
16,376.935
—
—
—
16.376.935
13.973,876
—
—
—
—
22,282.635
22.282.635
18.456.305
—
—
—
—
790.045
790.045
580.558
—
900.580
—
—
—
900.580
812.540
—
—
—
—
12.915.328
12,915.328
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
25.02a,559
37.600.443
265.282 090
239.471.328
(29.360.336) 12.523.908 21881.090 (12.241140) (1,143.373) (8.359.851) (3.478.339)
32.393.093
219.662
—
998.400
—
33.611.155
36.153.963
0.926.656)
(10.079.503)
(22.300,752)
(6,547.395)
—
(40.654,306i
(41.213.628)
—
—
—
30.200.000
—
30.200.000
25.000.ODo
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
16.461,995
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. 993)
(15.214.056)
—
07.216.073)
00.341,661)
—
319.002
—
15.307.081
—
15.626.083
8.503.184
S 9.5 88.849
S 8.266.357
S 5,820,429
S 51.957.274
S10.936,704
S 66.529.613
S 74.574.877
See accompanying notes
to financni statements
a
/4.
Pr
EXHIBIT III
CITY OF MIAMI, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES —BUDGET
(NON•GAAP BUDGETARY BASIS) AND ACTUAL —GENERAL FUND omff
YEAR ENDED SEPTEMBER 30, 1984
Revenues.
Taxes
Licenses and permits
Intergovernmental
Inteagovernmental
Charges for 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 ether 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 a; end of year
general Fund
Yeriance
Favorable
Budget
Actual
(Unfavorable)
$ 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
(360.495)
13,113,476
12,147,036
(966.440)
1.944,000
3,349.836
1.405.836
1.154,950
2,155,261
1,000.311
133,978,626
135.572.693
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
16,029 614
94.105.234
13.392.505
22, 592.355
8.408.933
.. 4AA,c,3
(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)
S 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
8S-3S2' _,
CITY OF MIAMI, FLORIDA
EXHIBIT IV
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN
FUND BALANCES —BUDGET (GAAP BASIS) AND ACTUAL
SPECIAL REVENUE AND DEBT SERVICE FUNDS
DRAff
YEAR ENDED SEPTEMBER 30, 1984
Spacial Rmnue (1)
Debt 3arvke
Variance
Variance
Favorable
Favorable
Budget Actual (Unfavorable) Budget
Actual
(Unlavorable►
Revenues
Property taxes $ 901 815 $ 874 147 $ (27.668) $35.226.750
$35.522,196
S 295.446
Business and excise taxes 1.730.987 1.366.120 (364.867) —
—
—
Intergovernmental 10.060 262 9.729.663 (330.599) —
—
—
Assessment lien collections — — — 2.000.000
2,742.720
742,720
Interest — — — 800.000
1.352.450
552,450
Other 11.800 70.986 59,186 —
1,656
1,656
Total revenues 12.704.864 12.040.916 (663.948) 38,026 750
39.619,022
1,592.272
Expenditures
Public safety
1,730.987
1,756.491
(25.504)
—
—
—
Economic development
954 036
900.580
53 456
—
—
—
Principal retirement
—
—
—
9.715,000
9.720.000
(5,000)
Interest and fiscal charges
—
—
—
8,178.685
7,947.041
231,644
Other
197.200
189.460
7.740
85.100
70,891
14.209
Total expenditures
2.882,223
2,846.531
35.692
17.978.785
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)
Operatingtransfe•s
(9.987,341)
(9,987.341)
—
(22.547,965)
(22.300.752)
(247.213)
Total other financing
sources (uses)
(9,987.341)
(9.987.341)
—
(22,547,965)
(22,300.752)
(247,213)
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
at beginning of year
907,362
907.362
—
6,240.091
6.24C.091
—
Equity transfers in (out)
—
(7,608)
(7.608)
—
—
—
Fund balance at end of year
$ 742,662
$ 106.798
$(635.864)
S 3.740 091
$ 5.820.429
$2,080.338
See accompanying notes to financial
statements
(1) Does not include'unds !or which budgets have
not been adopted See Notes 20) (5)
EXHIBIT V
CITY OF MIAM1, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND EQUITY
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30, 1984 DRAFT
Tetels
Irtternel (Nemerendum Only)
Enterprise Service 1984 1983
Operating revenues
Charges for services
Operating expenses:
Personal services
Contractual services
Materials and supplies
Utilities
Intragovernmental charges
Other
Total
Operating income before
depreciation expense
Depreciation expense
Operating income (loss)
Nonoperating revenues (expenses).
Interest 2.148.514 717.420
Interest and fiscal charges (8.176,703) —
Other 181,643 225.970
$14,893.830 $17.145.809 S32,039.639 $29,325.588
5.976,977
2,593,615
849,216
1,803,923
873,826
2,019.795
6,731.258
1.288,112
3,411,124
1.633,738
232,899
14,117.352
776,478
3,355.358
(2.578.880)
13.297,131
3.848.678
2,658,000
1,190,678
Net nonoperating revenues (expenses)
(5,846.546)
943.390
Income (loss) before operating transfers
(8.425,426)
2,134.068
Operating transfers in
7,379,451
461,995
Operating transfers out
(136,300)
(461.995)
Net operating transfers
7,243.151
--
Income (loss) before extraordinary item
(1,182,275)
2.134,068
Extraordinary item —gain on debt refinancing (Note 7)
799.966
—
Net income (loss)
(382,309)
2,134,068
Retained earnings at beginning of year
6,379,752
12.157,338
Equity transfers to other funds
(65.197)
(157.501)
Retained earnings at end of year
5,932.246
14.133.905
Contributed capital at beginning of year
54,085,638
7,865.303
Contributions from other funds
1.243.113
935.492
Contributions from tenants
240.000
—
Contributions from other governments
447.094
—
Contributed capital at end of year
56,015.845
8.800.795
Total fund equity
$61,948,091
$22.934,700
See accompanying notes to financial statements
12,708,235
10,684,348
3,881,727
3,261,559
4,260,340
4,862.602
3,437,661
2,888.216
873.826
857.113
2,252.694
1,950,445
27,414.483 24,504.283
_4,625,156
4.821,305
6,013.358
5,017.607
(1,388,202)
(196.302)
2,865,934 2.494.677
(8,176.703) (7,318.305)
407,613
589,520
(4,903,156)
(4,234.108)
(6,291,358)
(4,430,410)
7,841,446
5,341.506
(598,295)
(281,838)
7,243,151
5.059,668
951,793
629.258
799,966
—
1,751,759
629.258
18.537,090
17.907,832
(222.698)
—
20.066.151
18.537 090
61.950.941
51.906.233
2,178.605
1,756.118
240,000
7,319,555
447,094
969.035
64,816.640 61.950.941
S84,882,791 $80.488,031
85-352a .
k
�1
CITY OF MIAMI, FLORIDA EXHIBIT VI
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPtEMBER 30, 1984
Internal (Memenndum my
Enterprise Sonic* 1994 1983
Working capital provided by (applied to):
Operatons
Income (loss) before extraordinary item $ (1,182,275) $2.134,068 $ 951,793 $ 629.258
Items not 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 42.203 285,959 328,162 468.691
Total provided by (applied to) operations 2.537,182 5,076,027 7,615,209 6,275,606
Other
Extraordinary item —gain on debt refinancing 799.966 — 799,966 —
Decrease in restricted accounts 92,546 — 92.546 6.730,443
Contributions and equity transfers, net 1.865,010 777,991 2.643,001 10.044.711
Proceeds from long-term debt 13,705.000 — 13,705,000 —
Increase in other liabilities 2,303 — 2.303 49,454
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
Increase (decrease) in due from
other governments. long-term — — — (4,094,000)
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 S 3,102,624 $11.742.376
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
Due from other governments (2,694.394) — (2.694,394) 4,094.000
Inventories 32.100 8,767 40,867 (38.162)
Prepaid expenses 124,138 — 124,138 (8,653)
Accounts payabie and accrued expenses (584,561) (128.565) (713,146) (194.906)
Due tolfrom other funds 2.407,946 — 2.407.946 (3,764.242)
Deposits refundable 28,328 — 28,326 (7.595)
Deterred 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.
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