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HomeMy WebLinkAboutR-84-0600J-84-485 RESOLUTION NO. � _("!' RESOLUTION APPROVING THE FORM OF THE PRELIMINARY OFFICIAL STATEMENT PERTAINING TO $30,200,000 THE CITY OF PIIAMI , FLORIDA, GENERNI, OBLIGATION BONDS AND AUTHORIZING THE DISTRIBUTION OF THE PRELIMINARY OFFICIAL STATEMENT TO PROSPECTIVE PURCHASERS OF SUCH BONDS AND FURTHER AUTHOR- IZING THE MAYOR TO EXECUTE THE FINAL OFFICIAL STATEMENT PERTAINING TO SUCH BONDS. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The form of the Preliminary Official Statement, dated June 1, 1984, relating to The City of Miami, Florida, General Obligation Bonds, dated June 1, 1984, in the principal amount of Thirty Million Two Hundred Thousand Dollars ($30,200,000) 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 distribu- tion 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 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 Preliminary 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. 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. Section 4. The Director of Finance and other proper officers and consultants of the City are hereby authorized CITY COMMISSION MEETING OF -,.I 1���� 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 24th day of May, 1984. Maurice A. Ferre Maurice A. Ferre, Mayor ATTEST: cf RaI G. Ongie, City C1 rk Depot_), Cite Attorney APPROVED AS TO FORM AND CORRECTNESS: se R. Garcia -Pedrosa i.ty Attorney 84-600 s 4 y. STATE OF FLORIDA ) COUNTY OF DATE ) CITY OF MIAMI ) 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 through , inclu- sive, contain a true and correct copy of a resolution adopted by the City of Miami Commission at a meeting held on the day of , 1984. SAID RESOLUTION WAS DESIGNATED RESOLUTION NO. WITNESS MY HAND and the Official Seal of The City of Miami, Florida, this day of May, 1984. RALPH G. ONGIE CITY CLERK CITY OF MIAMI, FLORIDA ( O F F I C.I A L SEAL) To Howa.•d V. Oary City Manager "0M. Carlos R. Garcia Director of Firan- VATK- May 14, 1984 FILE SUBJECT: Agenda Item w��cwcrtt[s: swcLGUREG: It is recommended that the attached reso— lution approving preliminary official statement pertaining to the issuance of $2,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds; $18,100,000 Housing Bonds; $3,000,000 Storm Sewer Improvement Bonds, and $7,100,000 Highway Improvement Bonds, be adopted by the City Commission. The sale of $30,200,000 general obligations bonds is recommended so that the City:. of € iami may continue to fund its capital pro- jects na vppl-ove d by the City Commission in the Capital Projects Ordinance® Interest rates are expected to follow an upwards trend during the next several months. It is necessary for the City Commission to approve the attached resolution and preliminary official statement in order to request sealed bids from prospective purchasers of such bonds, to be received by the City Commission during its meeting of June 14, 1984. 84-GOC 0rT,1f:i,+,I. Si:3.t O 0 Vf W � � N CJ .S2 9 G A tr eta mc 0 o c � c c W �•v a C � _ t9 L N m roc �--0 N N 42 a; 3 w C o ! �a a vU '^ wC5s Ww � E o �9 M CJ .r?,v 4r EELG M. N W M J �," N •ti U ro N •` 7 U W N C 44ii N d V.� N a N 3 = In the opinion of Pnni Cnrrnsrl, rrMtl4r rri,rrirr srorwrS, rr:F!,loriorrs, nn4 Tnrp't rle[ rSrnR.r the InfPF@St On the Bonds is exrmpr fr•nm rill pr•rsr.nt Frdrrnl income tams o-rd front irrnmr toTnrinn rynder .State of Florida law, ercept as to ttr.res imposed b.v Chirpier 2470, Flori in Stntr,rr.t on inrrrrst, incnmr or profits on debt obligations owned by corporations, as drfrrrrd i>! .rain Chapter 220. The Ronc_ls rrre e.rempt from intangible personal property totes ir-tpo.•rd by Clwpsr 199, Florida Statutes. NEW LSSUE $309200,000 The C y , , o rida Gener.-A Obligation Bonds $ 2,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds 18,100,000 Housing Bonds 3,000,000 Storm Sewer Improvement Bonds 7,100,000 Street and Highway Improvement Bonds Dated: June 1, 1984 Dime: June 1, in the years as shown below Interest on the Bonds is payable semi-annually on June I and December 1 in each year. commencing December 1, 1984. The Bonds are issuable as fully registered bonds in the denomination of S5.000 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 Paying 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 Paying Agent. The Bonds maturing on or after June 1, 1995 are subject to rcdcmption at the option of the Commission of the City, on and after June 1, 1994, 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 1031, to 1001-c. plus accrued interest. The Bonds arc general obhcations of the City for v,'hich its full faith, credit and tamnu, power are pledged, and are payable from unlimited rid valorem taxes levied on all taxable propert} in the Cite (excluding homestead exemptions, as required by kiw). hIATUItITIES, AMOUNTS. R,N]TS Aril) 1'IELI)S Olt PRICES Ir'lccvuud intcr(�t to be addcd) Due Principal Yield or Due Vrin6pa1 Yidd or Due Principal Yield or June I Amount Rate Prior Junr t Amount Kate _ Price June 1 Amount Rate Price 1996 S 380,000 1990 S1,155,(YX) 2006 S 865.000 � i 1987 800,000 1997 1.185.( , 2007 865.W) 1988 810." 1998 1,210,000 2008 865.000 1989 825.000 1999 1.240.000 2009 865,000 1990 840,000 2000 1,270,000 2010 865.000 1991 915.000 2001 1,455,000 2011 1.080.000 1992 930.000 2002 1,495.000 2012 1.080.000 1993 950,000 2003 1,520,000 2013 1.235.000 1994 980.000 2004 1,580,000 2014 1.310.000 1995 990.000 2005 650.000 The Bonds are offered when, as and if issued and received by the Underwriters, subject to the unqualified approval of legality by Brown, Wood, Ivey, Mitchell & Petty, New York, New York. Bond Counsel, and to certain other conditions. it is expected that the Bond, in definitive form will be available for delivery in New York. New York, on or about June 28. 1984. ' Sealed proposals skill be received by the Commission of the City, at its regular place of meeting in the City Hall, 3500 Pan American Drive. Dinner hey, Miami. Florida. until 1 1:00 A.M.. Miami tinge. on Thursday. June 14. 1984. 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. June , 1984 d5J `"F)_0,0 a , . 2 L 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 ............................ H. V. GARYWE City Attorney .................... J. GARCIA-PEDROSA Assistant City Manager ........... R. B. ROSENCRANTZ Director of Finance ...................... C. E. GARCIA City Clerk ............................... R. G. ONGIE Bond Counsel BROWN, WOOD, IVEY, MITCHELL & PETTY New York, New York Financial Advisor JAMES J. LOWREY & CO. INCORPORATED New York, New York Independent Certified Public Accountants COOPERS & LYBRAND Miami, Florida 84-600 This Official Sonterncw f8f, - t?nt constit"fe an offer to sell ROWN in any .Igiri-liction to any person to whom it is unlawftrl to ni oD ce sorch offer in ca►ch ,itirisdiction. No dealer, calrsmnn_ or arty other person has been alithorized to give qnv infortivOion or nvike any representation, other than those contained herein, in connection with the offering of these ponds at d, if given or mime, slrch information or reprs.ccnotion must not be relied upon. The information and expressions of opinion herein are sttla,je_ct to change without notice and neither the delivery of this Official Statement nor any tale made hereunder shall, tinder any circum- stances, 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 Page Summary Statement Regional Government Services ......... 16 The City ............................... i Medical Facilities ................... 17 The Bonds ............................. i Recreational Facilities ................ 17 Interest Payment Dates ................... i Cultural Facilities and Affairs ......... 17 Optional Redemption .................... i Educational institutions ............... 18 Tax Exemption ......................... ii Financial Information .................... 18 Application of Proceeds .................. ii General Description of Financial Security, Authorization and Validation ...... ii Practices ................. . ....... 18 Description of the Issue Statement of Revenues and Expenditures 19 Introduction ............................ 1 Description of Revenues .............. 19 The Bonds ..........".................. I Procedure for Tax Levy and Tax General ............................ 1 Collection ........................ 23 interest Payment Dates I Tax Schedules and Tables ............ 23 Maturity Schedule 2 Pension and Retirement Plans ......... 24 Optional Redemption Labor Relations ..................... 26 Security, Authorization and Validation .. 3 Risk Management ................... 26 Future Revenue Limitations............ 3 Economic and Demographic Data .......... 27 Application of Proceeds .................. 3 introduction and Recent Developments .. 27 Tax Exemption ......................... 4 Metrorail .......................... 28 Credit Ratings .......................... 4 - Bayside ........................... 28 _ Sale at Competitive Bidding ............... 5 Southeast Overtowni Park West ........ 28 Litigation .............................. 5 Sports and Exhibition Center ..... , .... 28 Auditors ................... . ........... 5 Insurance Exchange of the Americas .... 28 — Approval of Legal Proceedings ............ 5 Corporate Expansion ............ " .... 29 Closing Certificate ....................... 5 Industrial Development ............... 29 Debt Summary Financial Institutions ................. 30 Payment of Bonds and Bond Election Tourism ........................... 31 Requirement .......................... 5 Film Industry ....................... 31 - Debt Statistics and Various Debt Ratios ..... 6 Agricuulturelture ......................... 31 Legal Debt Limitation ........... . ........ 7 Export 31 _ Selected Debt Data .............. I ....... 8 Miami International Airport ........... 31 General Obligation Bonds Authorized But Port of Miami ...................... 32 Not Issued ........................... 12 Demographic Data ................... 33 - Proposed Revenue Bond Issues ............ l Retail Sales ........................ 34� Capital Improvement Program ........ 1` Em loyment ........................ P 34 Financing The Six-1'car Capital Improvement Housing 35 Program ...... " " " 13 Building Permits .................... 36 Leases and Other Contractual Commitments .. 14 Approval and Offerin<� PP Statement ........... 37 Description of The City Financial Statements The Cityy ............................... 14 Index to Financial Statements .............. 39 Geography ......................... 14 Accountant's Report ..................... 43 Climate I ........................... 14 Financial Statements ..................... 45 Population ........ . ................ 14 Notes To Financial Statements ............. 52 Government of Miami ................ 14 Appendix Mayor and City Commissioners ........ 15 A. Form of Opinion of Bond Counsel For Administration of the City ............ 15 Bonds ........................ A-1 Scope of Services and Agency Functions. 16 B. Letter of City Attorney re: Litigation ..... B-I 84--GOC 13 $301200,000 THE CITE' OF MI MI, FLORIDA General Obligation Bonds Consisting of $ 2,000,000 Fire Fighting, Fire Prevention in() Rescue Facilities Bonds 18,100,000 Housing !Bonds 3,000,000 Storm Sewer Improvement Bonds 7,100,000 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, the largest city in the State of 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 1982 population estimate being used by the Office of Revenue Sharing of the Federal Government is 382.726, representing 22.1% of the total population of Dade County. ' The Bonds The Bonds are being issued in the aggregate principal amount of S30,200,000, are dated June 1, 1984, and are issuable as full, registered bonds in the denomination of S5,000 or whoie 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 precedinr an interest payment date, by check or draft mailed to such registered owners by the Bond Registrar and Paying :%gent: the principal of, and premium. it' any, on the Bonds are payable upon presentation and surrender of the Bonds, ai the option of such owner, at Chemical Bank, in the Borough of Manhattan in the City and State of Nca furl, as Bond Registrar and Paying Agent, or at pan American Bank, N.A., in the City of Miami, Florida ao. Pm iwi Al,cni. Interest Pa,ntcnt 1);itus The lion& hear interest at the rates per annum set forth on the cover page of this Official Statement, payable semi-annually on .lime I and Deccinber i of cacti year, commencing December 1, 1984, and mature on June in the ,c;trs and principal amounts set fimh on the cover page of this Official Statement. Optional Redemption The Bonds nrituring on or after June 1, 1995 are subject to redemption, at the option of the Commission of the City, on and after June 1, 1994, in whole on any date, or in part in the inverse order of their maturities (by lot within any nnaturity) on any interest payment date, at the following redemption prices, plus accrued interest to the date of redemption: Redemption Price Redemption Pcri(O (percentage of (dates inclusive) principal amount) June I, 1994to May 31, 1995.......................................... 103 % June 1, 1995 to May 31, 1996.......................................... 1021/z% June I, 1996to May 31, 1997.......................................... 102 % June I , 1997 to May 31, 1998.................................. . ....... 10 t �1/1% June I , 1998 to May 31, 1999 ................ . ......... ............... 101 % June I. 1999 to May 31, 2000.......................................... 100�1b.% June l , 2000 and thereafter ...................... , , ... , , ................ 100 % s4-60C D Tax Exemption In the opinion of Brown, Wood, Ivey, Mitchell & Petty, New York, New York, 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. Application of Proceeds $2,000,000 Fire Fighting, fire Prevention and Rescue Facilities Bonds Ordinance No. 9296. as amended, authorized the issuance of $21,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds for the purpose of paying the cost of fire fighting, fire prevention and rescue facilities. $8,000,000 principal amount of such bonds has been issued and an additional installment of $2,000,000 of such bonds is being offered hereunder. $18,100,000 Housing Bonds Ordinance No. 8514 authorized the issuance of $25,000,000 Housing Bonds for the purpose of providing housing in the City for families and persons, including the elderly, of low or moderate income. $6.900,000 principal amount of such bonds has been issued and a final installment of S 18,100,000 of such bonds is being offered hereunder. $3,000,000 Storm Sewer Improvement Bonds Ordinance No. 8736 authorized the issuance of $15.000,000 of Storm Sewer improvement Bonds for the purpose of paying the cost of the construction of permanent drainage facilities within the City. $12,000,000 principal amount of such bonds has been issued and a final installment of $3,000,000 of such bonds is being offered hereunder. $7,100,000 Strcet 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. $6.000,000 principal amount of such bonds has been issued and an additional Installment of $7,100,000 of such bonds is being offered hereunder. Security. Authorization and Validation "fhe Bonds will be general obligations of the Cite for which its full faith, credit and taxing power arc pledged, and are payable from unlimited ad valorem taxes on all taxable property in the City (cxcluding homestead exemptions for certain persons \who arc aged, disabled or otherwise qualified thcrefor as iequired 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 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 Housing Bonds were approved by the electors on March 9, 1976 and were validated by judgment of the Circuit Court of Dade County on February 17. 1977. No appeal was taken. The Storm Sewer Improvement Bonds were approved by the electors on March 7, 1978 and were validated by judgment of the Circuit Court of Dade County on October 20, 1978. 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 I l , 1982. No appeal was taken. m 84-6QC 13 OFFICIAL STATEMENT $30,200,000 THE CITY OF MIAMI, FLORIDA General Obligation Bonds Consisting of $ 2,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds 18,100,000 Housing Bonds 3,000,000 Storm Sewer Improvement Bonds 7,100,000 Street and Highway Improvement Bonds DESCRIPTION OF TIDE ISSUE INTRODUCTION The purpose of this Official Statement of The City of Miami. Florida (the "City"), which includes the cover page and appendices hereto, is to set forth information concerning the City and its general obligation bonds to be issued in the total principal amount of $30,200,000 (the "Bonds"), consisting of four 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. THE BONDS General . The Bonds are being issued in the aggregate principal amount of $30,200,000, are dated June 1, 1984, and are issuable as fully registered bonds in the denomination of S5,000 or whole multiples thereof. Interest on the Bonds will be payable to the registered owners slimm on the registration books of the City on the fifteenth 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 Payim:_ itTespertire 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 o1 interest due on such interest payment date. In the c\,cnt of any such default, such defaultcd interest vrill he 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 established by notice trailed by the Trustee to the re,istcred 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 premium, if any. on the Bonds are payable upon presentation and surrender of the Bonds, at the option of such owner, at Chemical Bank. in the Borou,h 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 Citv of Miami. Florida as Paying A�-,ent. Interest Pavment Dates The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement, payable semi-annually on June I and December I of each year, commencing December 1, 1984, and mature on June I in the years and principal amounts set forth on the cover page of this Official Statement and as follows: 84-GOC; Maturity Schedule Fire Fighting, Fire Prevention, Storm Street and Rescue Sewer Highway Total Maturity Date Housing Facilities improvement Improvement Principal June t Bonds Bonds Bonds Bonds Amount 1986 $ 295,000 $ -0- $ 85,000 $ -0- $ 380.000 1987 295,000 200,000 95,000 210.000 800,000 1988 295,000 190,000 100,000 225,000 810,000 1989 295,000 180,000 110,000 240.000 825,000 1990 295,000 170,000 120,000 255,000 840,000 1991 365,000 160,000 115,000 275,000 915,000 1992 365,000 150,000 125,000 290,000 930,000 1993 365,000 140,000 130,000 315,000 950,000 1994 365,000 130,000 150,000 335,000 980,000 1995 360,000 120,000 150,000 360,000 990,000 1996 505,000 110,000 155,000 385,000 1,155,000 1997 505,000 100,000 170,000 410,000 1,185,000 1998 505,000 90,000 175,000 440,000 1,210,000 1999 505,000 80,000 185,000 470,000 1,240,000 2000 505,000 60,000 205,000 500,000 1.270,000 2001 650,000 50,000 220,000 535,000 1,455,000 2002 650,000 30,000 230,000 575.000 1,485,000 2003 650.000 20,000 235,000 615,000 1,520,000 2004 650,000 20,000 245,000 665,000 1,580,000 2005 650.000 650,000 2006 865,000 865,000 2007 865,000 865,000 2008 865,000 865,000 - 2009 865.000 865,000 2010 865,000 865,000 2011 1,080,000 1,080,000 2012 1,080,000 1,080,000 2013 1,235,000 1,235,000 2014 1,310,000 1.310,000 Optional Redemption The Bonds maturing on or after June 1, 1995 are subject to redemption, at the option of the Commission of the City, on and after June 1. 1994, 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 Price Redemption Peri(ut (percentage of (dates inclusive) principal amount) June 1, 1994 to May 31, 1995 .............................. 103 % June I. 1995 to N1ay 31, 1996 .............................. 102'/s% June 1, 1996 to Niay 31, 1997 .............................. 102 % June I. 1997 to Nlay 31, 1998 .............................. 10l'/% June 1, 1998 to May 31.1999 .............................. 101 June 1, 1999 to May 31, 2000 .............................. 100'/2% June 1, 2000 and thereafter ................................. 100 % 7 84-606 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 he at (cast 30 days but not more than 60 days prig to the redemption date. Security, Authorization and Vilirlation 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 for certain persons who are aged, disabled or otherwise 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, 19,92. 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 Housing Bonds were authorized by Ordinance No. 8514, adopted February 4, 1976. were approved by the electors on March 9, 1976 and were validated by judgment of the Circuit Court of Dade County on February 17, 1977. No appeal was taken. The Storm Sewer Improvement Bonds were authorized by Ordinance No. 8736. adopted January 11. 1978. were approved by the electors on IAarch 7, 1978 and were validated by Judgment of the Circuit Court of Dade County on October 20, 1978. 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 judgment of the Circuit Court of Dade County on January 11 , 1982. No appeal was taken. Future Revenue Limitations in 1983. a proposed amendment to the Constitution of Florida was initiated by citizen petition, which would limit the amount of revenues (defined to include ad valorem taxes, other taxes, and all other receipts) which the State and each of' its taxing units (such as counties, municipalities and special taxing districts) would be allowed to collect in any subsequent fiscal year. The proposed amendment was scheduled to be voted on in the November, 1984 general election. However, on March 27. 1984 the Florida Supreme Court announced its decision in Fine v. Firestone, which found the proposed constitutional amendment to be insufficient for failure to comply with the single subject requirement of the Florida Constitution and instructed the Secretary of State to take the appropriate action so (hat the amendment ruled upon would not appear on the November 1984 ballot. All seven justices concurred in the result of' the Supreme Court, which is the State's court of last resort. The Legislature of Florida is presently in session and is considering various other revenue limitation proposals, some of which would take the form of proposed constitutional amendments which would not take effect unless approved at a state-wide referendum, and some of which would take the form of state statutes effective without voter approval. No prediction can be made as to whether any such proposal will ever take effect, or what impact any such proposal may have upon the financial operation of the City, if any. APPLICATION OF PROCEEDS $2,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds Ordinance No. 9296, as amended, authorized the issuance of $21,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds for the purpose of paying the cost of fire fighting, fire prevention and rescue facilities, 84-600 including the constriction, reconstruction and improving of fire stations, an administration 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 equipment. $8.000,000 principal amount of such bonds has hccn issued and an additional $2,000,t)00 of such bonds is being offered hereunder. $18,100,909 Housing Bonds Ordinance No. 9514 authorized the issuance of $25,000,000 Housing Bonds for the purpose of providing housing in the City for families and persons, including the elderly, of low or moderate income, pursuant to agreements between the City and Dade County, by assisting Dade County in financing such housing, or by increasing the security and marketability of obligations that shall be issued by Dade County to acquire, construct and rehabilitate such housing on a self-liquidating basis. $6.900,000 principal amount of such bonds has been issued and a final installment of $18,100.000 of such bonds is being offered hereunder. These bonds are to be issued to finance the purchase of land in conformance with agreements of cooperation, dated January 18, 1983 and March 31, 1983. between the City and Dade County, which land is to be conveyed to developers for the purpose of implementing programs to provide housing in the City for families and individuals. $3,000,000 Storm Server Improvement Bonds Ordinance No. 8736 authorized the issuance of $15,000,000 of Storm Sewer Improvement Bonds for the purpose of paying the cost of the construction of permanent drainage facilities within the City. A portion of the proceeds will be used to construct drainage facilities in conjunction with street improvement projects in certain portions of the City. $12,0(X),(X)n principal amount of such bonds has been issued and a final installment of $3,000,000 of such bonds is being offered hereunder. $7,100,000 Street and Highway Improvement [fonds 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 constructing, recon- structing, 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 fights of way and the landscaping, clearing and leveling thereof. S6,000,000 principal amount of such bonds has been issued and an additional installment of $7,100,000 of such bonds is being offered hereunder. TAX EXEMPTION In the opinion of Brown, Wood. Ivey, Mitchell & Petty, New York, New York, Bond Counsel, under existing statutes, regulations, rulings and court decisions the interest on the Bonds is exempt frorn 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 by Standard & Poor's Corporation and by 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 tirne or that they xvill not be revised or withdrawn entirely by either or both of such credit rating agencies, if in their respective judgments circumstances so warrant. A revision or withdrawal of any such credit rating may have an adverse effect on the market price of the Bonds. 4 84--60C SALT: AT COMPETITIVE BIDDING 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 1 1:00 A.M., Miami time, on Thursday, June 14, 1984. 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. LITIGATION The City is currently involved in certain pension litigation and related matters as described in Note 14(a) in the Section "FINANCIAL STATEMENTS." in addition, other litigation is pending involving claims against the City. These lawsuits arc discussed in the City Attorney's letter attached hereto as Appendix B, which will be updated by the City Attorney in a letter to he 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 proceedings 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 30, 1983 as stated in their report to the City Commission dated January 13, 1984, 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, Bond Counsel, whose legal opinion 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 than, to the best of their knowledge, this Official Statement, as of its date and as of the date of dclivery 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. 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 ") Particular reference is made to the report of Coopers & Lybrand dated January 13. 1984, addressed to the City Commission, and the matters noted therein. 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 $1.00 (SIO per $1000) of the assessed value of real estate and tangible personal property for City services, other than for the payment IF, so of voted bonds. Ad valorem taxes levied for peric0s 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 %,ithin the sczbdivision was declared void in 1972. Accordingly, all qualified electors in the City are eligible to vote in hond 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 patios The following tables detail the City's debt statistics and significant comparative ratios of debt to population and to the City's tax base. Current Debt Ratios of the City of Miami FACTORS: Assessed Valuation(1)....................................... Net Taxable Assessed Valuation .............................. City of Miami Debt, Net of Capitalized Reserve Funds General Obligation ....................................... SpecialObiigation(2)..................................... Combined Net Direct Debt (September 30. 1983) ............ Overlapping Debt. Net of Capitalized Reserve Funds, Cw 22.1% General Obligation ....................................... SpecialOhligation(2)..................................... Combined Net Overlapping Debt (September 30, 1983) ....... Population of kliami(3)..................................... . Assessed Valuation Per Capita ................................ Net Taxable Assessed Valuation Per Capita ..................... DEBT RATIOS; Net Direct General Obligation Debt as a Percent of Net "taxable :Aswswd Valuation ............. . .............. Combined Net Ditcct and Overlapping General Obligation Debt as a Percent of Net Taxable Assessed Valuation ............ Net Direct GcncnA Obli(ation Debt Per Capita .................. Combined Net Dircl:t Gencial ;md 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 ................................ . $124,955,444 74,435,755 $115,356,475 59,962,604 $8,659,281,000 $7,738,386,000 $ 199,391,199 $ 175,319,079 382,726 $ 22,625 $ 20,219 1.61% 3.11% $ 326.49 $ 520.97 $ 627.89 $ 979.05 (1) Assessed valuation as of September 30, 1983, 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) Based on population estimate as of July 1, 1982 being used by the Federal Office of Revenue Sharing. The City plans to challenge this estimate as being understated. 31 84-GOC Ratio of Net General Bonded Debt to Net Assessed Value and Net General Obligition Bonded Debt Per Capita btAtIn of Net General Obligation Net General Net Net General Bonded Debt Obligation Assessed Homestefld Asse"ed OmigMien to Net Bonded Debt September 30, Population(]) Value Exemption Valve T or-fle l Drbt Mge—dl Valve Per Capita (000) (0") (000) (004)) 1983 382.726(2) $9.659,281 $920.895 $7.738,396 5124.955 1.617r $326.49 1982 400,(X"3) 7,962,129 750.665 7.211,464 109.398 1.52 273.49 1981 M)0000(3) 6.622.365 5(A,238 6,059,127 118.038 1.95 295.09 1980 347.000(3) 4.565,790 197.311 4,369,469 123,020 2.82 354.52 1979 3450Y) 4.227,175 196,708 4.030,467 134.786 3.34 390.68 )978 3450)0 4,023,847 195,664 3,828,183 128.089 3.35 371.27 1977 342,M) 3.939.271 199,559 3,739,712 119.341 3.19 348.95 1976 340,000 3,796.881 199.949 3,596.933 103,827 2.89 305.37 1975 338,000 3.541.207 196.799 3,344,409 94.524 2.83 279.66 1974 336,0(X) 2,701.654 198,187 2,503.467 83,933 3.35 249,80 (1) Estimated on the basis of added electric and water connections and new dwelling units constructed, except where indicated differently. (2) Based on the July 1, 1982 population estimate being used by the Office of Revenue Sharing of the Federal Government, and provided to the City in March. 1984. (3) The City of [Miami was involved in litigation with the Federal Census Bureau challenging the 347,000 population count of 1980: as a result, during 1981 the Census Bureau adjusted the population count upward to 400,000, Legal Debt Limitation Section 58 of the City Charter limits general obligation bonds of the City to 15�,c of the assessed valuation of all real and personal property within the City limits as shown by the last proceeding assessment roll of the City and provides that bonds for street, seiner, sidewalk and other public improvements which are paid from special assessments, shall not he subject to such limitation of amount nor be considered when computing the amount of general obligation bands that may tic issued. The debt limitation for -,encral obligation bonds based on net assessed valuation as of September 30. 1983 was $1,160,757,900. Outstanding general obligation debt applicable to the City's debt limitation as of September 30, 1983 totaled S 131,020,000. which is approximately t .7% of net assessed valuation. 7 84-606 1i 13 Selected Debt Data The following several tables show the details of the City's general obligation bonds, principal and interest requirements of general obligation bonds, revenue and special obligation bonds, principal and interest require- ments of revenue and special obligation bonds and overlapping Dade County debt. General Obligation Bonds Outstan;lin,g on Ibxsrrch 31, 1984 vinai ksue Mstnrity Arrrmint Amount Generni Obligation js";e Date Year jcsued Outstanding Fire Fighting Facilities 3-1-58 1988 850,000 $ 175,000 Coconut Grove Incinerator 3-1-58 1988 1,100,M 235,000 Refunding Sewage Disposal Bonds 1-1-62 1990 14,565,000 4,130,000 Dinner Key Marina 6-1-65 1985 2,370,000 245,000 Land Acquisition Bonds 6-1-65 1985 700,000 70,000 Bayfront Recreational Facilities 8-1-67 1987 2,250.000 400,000 Recreational Facilities 8-1-67 1987 1,000,000 200,000 Storm Sewer Improvements 8-1-67 1987 1,000.000 200,000 Recreational Facilities 7-1-68 1988 1,500,000 400,000 Storm Sewer Improvement 7-1-68 1988 1,500,000 400,000 Sanitary Sewer 7-1-68 1988 5,000,000 570,000 Convention Center 5-1-69 1989 4,500,000 1,410,000 Fire Fighting Facilities 10-1-70 1990 1,000,000 350,000 Police Headquarters 10-1-70 1990 1,500,000 540,000 Pollution Control Facilities 10-1-70 1990 3,000.000 1,085,000 Sanitary Sewcrs 10-1-70 1990 7,000,000 1.015.000 Storm Sewer Improvement 2-1-71 1991 1,500,000 560,000 Highway Improvement 9-1-71 1991 2,000.000 800,000 Sanitary Sewer 9-1-71 1991 5.000,000 930.000 Fire Fighting 6-1-72 1992 1,100,000 540,000 Sanitary Sewer 6-1-72 1992 5,000,000 745,000 Police Headquarters 6-1-72 1992 1,500,000 700,000 Storm Sewer Improvements 6-1-72 1992 3,000.000 1,400,000 Street and Highway Improvements 6-1-72 1992 2,000,000 450,000 Public Park and Recreation Facilities 10-1-72 1997 28,350,000 16.520,000 Storm Sewer Improvements 9-1,-73 1993 2,000.000 1.075,000 Police Headquarters 9-1-73 1993 4,000,000 2.110,000 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 2.515,000 Police Headquarters 10-1-75 1995 2.000,000 1,260,000 Sanitary Sewer 5-1-77 1997 13,000,000 9,300.000 Street and I-Iigh\ ay Improvements 5-1-77 1988 5,000,000 2.500,000 Fire Fighting 5-I-77 1997 5.000,000 3,675,000 Police Headquarters 5-1-77 1997 3,000,000 2.255,000 Storm Sewer Improvement 5-1-77 1997 2,000.000 1.475,000 Fire Fighting 12-1-77 1998 1,000,000 750,000 Public Park and Recreation Facilities 12-1-77 2003 11,540.000 9.120,000 Housing 12-1-77 2008 1,500.000 1.400,000 Street and Highway Improvements 12-1-78 1998 5,000,000 3,820,000 Sanitary Sewer I2-1-78 1998 6.000,000 4.700,000 Fire Fighting, Prevention and Rescue Facilities 12-1-78 1998 2,250,000 1,770,000 Storm Sewer Improvement 12-1-78 1998 5,000,000 4,355,000 Fire Fighting, Prevention and Rescue Facilities 8-1-81 2001 1,750,000 1.655,000 Storm Sewer Improvement 8-1-81 2001 3,000,000 2,910.000 Housing 8-1-81 2011 4,400,000 4,330,000 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 Totals $224,725.000 $128,000.000 84�--60U E EA General Obligation Bonded Indebtedness Principal and Interest Requirements as of March 31, 1984 Fissal Year Ending Regxairements Sept. 30 principni Interest 1984(1) $ 4.470.(M $ 6,217,066 1985 10,015,000 7.646,837 1986 10,420,000 7.049,458 1987 9.705.000 6,412,523 1988 9,345,000 5,817,470 1989 8,410,000 5.243,111 1990 8,260,000 4,721.687 1991 7,630,000 4.212,368 1992 6,985,000 3,706,025 1993 6,670.000 3,210.757 1994 6,390.000 2,739,573 1995 6.490,000 2.375,354 1996 5,985,000 2,025,326 1997 5,785,000 1.683,211 1998 4,680,000 1,338,414 1999 3,595,000 1,054,456 2000 2,595,000 815,238 2001 2,670,000 589,352 2002 2,390,000 413.896 2003 2,515,000 236,848 2004 320.000 66,642 2005 355,000 59,988 2006 355,000 51,582 2007 360,000 43,078 2008 425,000 34.272 2009 315.000 27,440 2010 360,000 22,808 2011 375.000 17,257 2012 65,000 11,700 2013 65.000 - 5,850 Totals $128.000,000 $67,848,587 (1) Represents information for six-month period. 0 Total $ 10.687,066 17,661,837 17,468,458 16.117, 523 15,162.470 13,653,111 12,981,687 11,842,368 10,691,025 9,890,757 9,129,573 8,865,354 8,010,326 7,468,211 6,018,414 4,649,456 3,410,238 3,259,352 2,803,896 2,751.848 386.642 414,988 406,582 403,078 459,272 342,440 382,808 392.257 76,700 84-60C Revenue and Special Obligation Bonds Outstanding on March 31, 1984 Final Special QblIR firm and Mte of Maturity Amn+!nt Amount Revenue Pe-1 is-e Issue Year outstanding Utilities Service Tax Series AM 2-1-63 1988 3.125.000 S (M.000 Orange Bowl Warehouse Revenuc(2) 12-20-74 1989 225.000 115,000 Off Street Parking Revenue Series1983(3) 11-1-83 2009 13.860,000 13.800,000 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 10,400,000 S84.975,000 (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. (2) Rental income from the lease of the warehouse facilities provides debt service 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 telephone and telegraph excise tax revenues, and by a covenant of and agreement of the City to provide, to the extent necessary, revenues of the City. other than ad valorem property tax revenues, sufficient to make up any deficiency in the required sinking fund. (See Note 13 in the Section "FINANCIAL 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 Note 13 in the Section "FINANCIAL STATEMENTS.") m 84-COC El 13 Revenue and Sperill Oblig9fion Bonds Principal anfl Interct Reqi;irements as of Ninrclt 31. 1924 Prinripni Parkins {-wages Total Final Year Utilities Convention and Wnr€hna+se Principal Ending Service Tax Center l'roprrty and interest September 30 Series A Revenvie Bonds Revenue Bonds interest Requirements 19840 ) $ 210,000 $ 3,874,743 $ 4,084.743 1985 $150,000 242,000 7,846,604 8,238.604 1986 150.000 267,000 7,824,224 8,241.224 1987 150,000 288,000 7,798,761 8.236,761 1988 150,000 315,000 7,770.264 8,235,264 1989 346.000 7.740,881 8.086.881 1990 $ 100,000 382,000 7,710.196 8.192.196 1991 330,000 395,000 7.669,569 8.394,569 1992 640,000 440,000 7,609,469 8.689.469 1993 1,060,000 485,000 7,521.356 9,066,356 1994 1,140,000 535,000 7,395,631 9.070,631 1995 1,225,000 595,000 7,254,906 9,074.906 1996 1,320,000 665,000 7,097,089 9.082,089 1997 1,425,000 745,000 6.919,776 9.089,776 1998 1,540,000 830,000 6,721,976 9,091,976 1999 1,665,000 930,000 6,502,796 9,097,796 2000 1,805,000 1,035,000 6,259,916 9,099.916 2001 1,720,000 1,160,000 5,990,324 8,870,324 2002 1,870.000 1,300,000 5,712.799 8,882.799 2003 2,035,000 1,455,000 5,398.681 8,888,681 2004 2,215,000 1,630,000 5.051,816 8,896.816 2005 2.410.000 1,825,000 4,667.771 8.902,771 2006 2,620.000 2,045,000 4,243,431 8,909,431 2007 2,850,0(X1 2,295,000 3,772.688 8,917,688 2008 3.095,000 2,580,000 3,251,712 8.926,712 2009 3,365.000 1,380,000 2,674,988 7.419.988 2010 3,660,000 2.237,375 5.897.375 2011 3.980.000 1,917,125 5,897.125 2012 4,050.000 1,568,875 5,618,875 2013 4,410,000 1.214,500 5,624,500 2014 4,720.000 828,625 5,548,625 2015 4.750.000 415,625 5.165,625 Totals $600.000 $60.000.000 $24,375.000 $170.464,492 5255,439,492 (1) Represents information for six-month period. 84-GOG D 1J Overlapping Dade County Debt as of Minrch 31, 1984 General special Obligation Obligation Combined Ikebt Debt Debt City of Miami .......................... $128,000,000 $ 84,975,000 $212,975,000 Dade County(1)(2) ...................... 118.454,995 82,638,970 201,093,765 Totals ............................. $246,454.895 $167,613,870 $414,068,765 (1) Excludes $143,065,000 Waterworks System Bonds which arc outstanding and arc 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 March 31. 1984. Dade County General Obligation Debt was $535.995.000, Special Obligation Debt was $373.931,538 and Combined Debt was $909,926.538. Figures shown are the City's share of Dade County Debt, 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 Type of Previously Proposed Balance Voters Approval Debt Authorized Issued Issue Unissued June 30, 1970 .......... Pollution Control $ 7.000,000 $ 3,000.000 $ -0- $ 4,000,0000) June 30, 1970 .......... Streets & Highways 17,375,000 15,000.000 -)- 2,375,000(l ) March 9, 1976 .......... Housing 25,000,000 6.900,000 18,100.000 -0- September 28, 1976 ..... Sanitary Sewers 25.000.000 22,000,000 4)-- 3,000.000 March 7, 1978 .......... Storm Sewers 15,000,000 12,000.000 3,000,000 -0- October 7, 1980 ........ Sanitary Sewers 45,000,000 -0- -0- 45,000,000 October 7, 1980 ........ Streets & Highways 30,000,000 6,000.000 7.100,000 16.900.000 November 3, 1981 ...... Fire Fighting 21,000,000 8,0(X),000 2,000.000 11,000,000 March 13, 1984 ......... Storm Sewers 30,000,000(2) --0- 4)- 30,000,000 March 13. 1984 ......... Police Facilities 20,000,000(2) 4)- 40-- 20,000.000 Totals $235,375,000 S72,900,000 S30.201),000 S132.275,000 (1) Unissued lxmds are restricted by a 7�/cle interest limit. (2) Florida Statutes require that the legality of bonds issued by political district or subdivision of the State, including municipalities, be approved by the Circuit Court of the county where the proceeds of the bond issue are to be expended. These bonds are in the process of being validated by the Circuit Court. Proposed Revenue bond Issues The City expects to offer marina revenue bonds in an amount not presently expected to exceed $8 million by the end of 1984 for the purpose of expanding and developing marinas located on Dinner Key. The City Commission has approved the issuance of up to $65 million of Multi -Family Housing Revenue Bonds for the purpose of providing housing for families and persons of low 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. The City plans to market a portion of these bonds in 1984. A portion of the Housing Bonds being offered hereunder is to be used for the purchase of land in connection with this housing program. Capital improvement Program The City's modified Six Year Capital Improvement Program (1983-1989) is valued at $395,202,000. Major emphasis is placed on maintaining and expanding the City's infrastructure. The greatest number of projects is directed to street improvement, street beautification and street lighting and transportation -related efforts. The 12 84-60(- AV economic development projects are designed to assist in neighborhood commerciai rr_vitilization and the expan- sion of industrial areas. Shown below is a financial breakdown of the Six Year Capital improvement Program: FlInctionat CMegnry m.mmt PerrIntng_ Prnjects Economic Development ...................... $ 96,453,000 24.4 � 7 Street improvements ................. 97.939.000 22.3 43 Park Facilities and Street Beautification ........ 47,158.000 11.9 57 Street Lighting ....................... 43.851,000 11.1 1(1) Sanitary Sewers ............................ 39,454,000 10.0 14 Public Buildings ........................... 17.399.000 4.4 18 Storm Sewers ............................. 15,681,000 4.0 15 Housing Programs .......................... 14,731.000 3.7 5 Transit Systems ............................ 9.900,000 2.5 1 Parking Facilities .......................... 7,596,000 1.9 7 Marinas .................................. 6.837,000 1.7 7 Communications and Computers .............. 3,987,000 1.0 4 Stadiums ................................. 2,230,000 .6 6 Auditoriums ............................... 1,987,000 .5 2 Total Modified Capital Improvement Program $395,202,000 100.0% 187 (1) Represents operation and improvements to Citywide street lighting system. During the past fiscal year, 35 projects representing $53.9 million in improvements were completed and removed from the Capital Improvement Program. Presently, 54 capital projects valued at $121.1 million are now either in design or in some phase of construction. Financing the Six -Year Capital Improvement Program It is planned to fund approximately 35% of' this Capital Improvement Program from the sale of General Obligation Bonds. Voter approval tReferendunU has already been secured for most of the proposed General Obligation Bonds. It is anticipated that each year the City will sell approximately `25 million in General Obligation Bonds to implement this Capital Improvement Program. INlost of the I"'CVC[Me Bonds shown have been sold to support projects now under way. Projects for which Revenue Bonds have not heen sold include the Dinner Key Marina, parkin: in Little Havana and parking in the Desifm Center. Tllce c latter two projects may be constructed and tinanced by the Off -Street Parkin« Authority. Non -City sources of funding account for approximately 22�,� of this program. Projects Funded in whole or part from this source meet the necessary qualifications for funding which will he received it) a timely manner. The portion of' the Program for syhich funding has not yct been determined accounts for approximately 71,; of the necessary funding. Generally. these arc 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 City General Obligation Bonds .............I ... $139,958,000 35.4% Revenue Bonds ......................... 61,561,000 15.6 Capital Improvement Funds(1) ............. 70,187,000 17.8 interest, Fund Balance and Other Sources(2) .. 6,787SW 1.7 City Subtotal ................. $278,493,000 70.5 Non -City Federal Grants .......................... $ 77,140,000 19.5% State Grants ............................ 5,141,000 1.3 —: Private Developer Contribution ............. 5,578.000 1.4 Non -City Subtotal ............. $ 87,859.000 22.2 Funding Undetermined ..................... 28,850,000 7.3 Total Funding ................. $395,202,0Oy 100.0% (1) May include Florida Power & Light Company franchise revenues, related interest, retained earnings, resoR tax, etc. (2) May include State and/or lease of City property, etc. 13 84-GO►C Leases and Other Contractual Commitments The City has entered into several agreements running until 1989 for the lease purchase of various copying, word and data processing equipment with total future payments amounting to approximately $6 million. DESCRIPTION OF THE CITY Titt: CITY Geography The City of Miami, situated at 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 southernmost major 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 75.5. 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 During the period between 1900 and 1950 the population of Miami grew from 1,691 to 249.300. In 1960 the population was 291,688; in 1970 it was 334,859. 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 October I, 1980. All 1980 U.S. Census information, however, is based on the lower, April 1, 1980 population estimates. The Federal Office of Revenue Sharing has informal tite City that its population estirnate as of July 1, 1982 is 382,726. llte City plans to challenge this cstinrite as being understated. Miami's racial and ethnic ntix is comprised of non -Latin Whites, Blacks and Hispanics with tite relative segment of White/Black categories indicating only slight changes over the past 20 years. 671;� of the City's population is While. 255� is Black and 8S; 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 service. 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 Eicilities Authority, the Downtown Development Authority and the City of Miami Sports Authority are also appointed by the Commission. The City Manager serves as the administrative head of the municipal government, charged with the re- sponsibility of managing the City's financial operations and organizing and directing the administrative in- 14 84-60C fmstructure. The City Manager also retains full authority in the appointment and supervision of department directors, preparation of the City's annual budget and initiation of investigative procedures. In addition, the City Manager takes appropriate action on aft administrative matters. The Assistant City Manager for Administrative Services. who is appointed by the City Nfanager, supervises the Department of Finance. Management and Budget. Computers and Human Resourccs. The Finance Director is appointed by the City Manager based upon his qualifications. Ile supervises the Department of Finance, which includes the functions of accounting, treasury, management and self-insurance. 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. Mayor and City Commissioners Maurice A. Ferre was elected Mayor in November 1973, reelected in 1975, 1977. 1979, 1981 and 1983 for two-year terms respectively. Mayor 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-year term. Commissioner 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 Vice -President of International Trading and Shipping Corporation, and President of Genesis Security Services, inc. Miller J. Dawkins was elected Commissioner in November, 1981 for a four-year tern. Commissioner Dawkins is a graduate of Florida Memorial College and holds an MS degree from the University of Northern Colorado. Commissioner Dawkins has been employed for 14 years at Miami Dade Community College. Demc(rio Perez. Jr. was elected Commissioner in November. 1981 fora four-year term. He holds a Master of Science degree in Human Resourccs from Biscayne College. Vice -Mayor Perez is President of the Inter - American Ccntcr for Municipal Cooperation (CENICOM), which held its 11 Convention in 1984. bringing to Miami 350 delcpatcs 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, 1071, and reelected in 1975, 1979 and 1983 for four-year terms. Commissioner Plummer is a graduate of Miami Senior J Iildi School and the Cincinnati College of Mortuary Science. He is Chairman of the Board of Ahem -Plummer Funeral Homes. Miami. Administration of the City Howard V. Gary, City Manager, was appointed to the City's top administrative position by the City Commission on April i6, 198). Prior to his appointment, Mr. Gary served as Director of the Department of Management and Budget. and as Assistant City Manager, respectively, for a total of tour and one-half years. He served as Budget Director of Newark, New Jersey, from 1973 to 1976. and as Chief Administrative Assistant from 1971 to 1973. Mr. Gary is a graduate of Moorehouse College and the University of Michigan, and holds both a Bachelor's degree in Business Administration and a Master's degree in Public Policy. He is an active member of the International City Management Association. Randolph B. Rosencrantz. Assistant City Manager for Finance and Administration, holds a Bachelor of Science degree in Business Education from the University of Maryland and a Masters degree in Business Administration from Loyola College at Baltimore. Prior to his appointment in Miami in January 1982, Mr. Rosencrantz served in Baltimore County, Maryland as Chief Administrative Officer and Director of Finance. He has also served in various managerial positions in Anne Arundel County and Frederick County, both in Maryland. Carlos E. Garcia, Director of Finance, 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 15 84- GOC is a "Cum Laude" graduate of the University of Miami with a BRA and also holds a Master of Science in Management from Florida lntemationA University. He is licensed as a CPA in the SOtC of Florida and is a member of the American and Florida Institutes of CPA's. Jose R. Garcia -Pedrosa, City Attorney for the City of Miami. 4vas graduated from Harvard College and from the Harvard Law School. Prior to becoming City Attorney, he engaged in the private practice of taw as a partner in a Miami law firm. Ile has served in the House of Delegates of the American Bar Association and on numerous other boards and committees of that and other professional and civic organizations. 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 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, limited street construc- tion and maintenance, construction and maintenance of storm drain systems and planning and economic devel- opment functions. The Police Department provides a full range of police services, has a uniformed force of 1,060 and a civilian component of 446. 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. Additionally, 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 storm sewers and other capital facilities required by the City. The State of Florida and Dadc 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 followin}! inforniation and data concerning Dade County (the "County") describes the regional govern- ment services the County provides for residents of the County, including residents of the City. The County 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 Oyer particular activities of a city's operations (1) if the services fall below minimum standards set by the County Commission, or (2) .vith the consent of the goveming body of the city. Since its inception, the Metropolitan County government has assumed responsibility on if County -wide service basis for if 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 Washing- ton, D.C. and the Florida Crime Information Center, uniform system of tire protection, 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 Statute, which became effective on January I, 1973: creation of the Miami -Dade Water and Sewer Authority with the responsibility fir developing and operating a County -wide water and sewer system: coordination of the various surface transportation programs and extending into the development of a unified rapid transit system: installation of a central traffic control computer system which will computerize traffic management: merging, all public transportation systems into a County system; effecting it combined public library system of the County and eighteen municipalities, which In together operate the main library, seventeen branches and six mobile units serving 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 > acilitics 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 yacht clubs and marinas, with 685 berthing facilities provided by City -owned marinas. Athletics for the spectator sports fans arc held at the City -owned Orange Bowl Stadium, Miami 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, speedway motorcycle 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 \,car 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 f fields. The area's twenty -Iwo (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 I AW acres of beautiful beaches. The Miami lar:-uid Prix auto race was run in downtown Miami for the first time in 1983 and successfully repeated in l(M-1. Cars and drivers from around the world competed for more than S175,000 in prize money. Cultural I acilitics and Affairs The hlianii area has an extensive library system, several museums of art and history and art galleries. A new cultural center built by Dade Corinty at a cost of 526.6 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 aniateurs and professionals. 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, Goombay and the Renaissance Fair. 17 El r] 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 Year Miami Dade County Total 1980 35,093 191,483 226,576 1981 36,430 197,456 233,886 1982 35,662 190,662 226,324 1983 35,394 188,554 223.948 1984 36,992 186,892 223,884 Over 70,000 students are enrolled in the following colleges and universities located within the area: Barry University Florida International University Florida Memorial College International Fine Arts College Miami Christian College Miami -Dade Community College St. Thomas of Villanova 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 ov,-n budget request for review by the City Manager. The City Conuriission holds public hearings on the budget plan and must adopt the budget not later than October 1. The City's Gm,eiri uental Funds (General. Special Revenue, Debt Service and Capital projects Funds) and Expendable Trust Funds fall-v the nriodified accrual basis of accounting, under %0iich expenditures, other than interest on long-term debt, are +.,cnclidly recorded \%licn the liability is incurTed and rcvenues are recorded when measurable and available to finance the City*s operations. 'I'he accrual basis is utilized by all Proprietary Funds. The accounts, hoof's, records and financial transactions of the City arc 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. 18 s4-s0( r] Statement of Revenges Pied Expe..nditures The following table presents certain financial information with respect to the City and evidences the financial capability of the City with respect to 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, 1983. Sttmmtary of Revenues, Expenditures :anal Year -End Fund Balances ([ lidgetary B;tsis) General Fttnd Intl General Obligation I?ebt Service Fund Fiscal Year Ended September 30 1984 Budget General Fund: Revenues and Other Financing Sources .................. $165.752,499 Appropriated Fund Balance ... 4,800,000 Total ................ 170,552,499 Expenditures and Other Uses .. 170,552,499 Excess (Deficiency) of Revenues and Other Finan- cing Sources Over Expendi- tures and Other Uses ....... (1) Year -End Fund Balance ...... General Obligation Debt Service Fund: Revenues .................. $ 15,305,960 Appropriated Fund Balance ... 2,500,000(3) Total ................ 17,805,900 Expenditure~ ............... 17,805,960 -_ Excess (Deficiency) of Revenues Over Expcndi- __ lures .................... ( ) Year -End Fund Balance ...... 1983 1982 1981 1980 Actaial Actual Actual Actual $153,965,574 $137,744,349 $125,056,333 $104,446,172 153,965,574 137,744,349 125,056,333 104,446,172 151,176,538 137,693.783 121,388.194 103,348,568 $ 2,789,036 $ 50,566 $ 3,668,139 $ 1,097,604 $ 8,254,635(2) $ 6,056.634 $ 6.006,068 $ 2,337,929 $ 16,075;923 $ 15,854,950 $ 21,017,190 $ 19.185.942 16,075,923 15,854,950 21,017,190 19.185,942 16.623,286 17,525,034 17,620,215 17,579,748 $ (547,363) $ (1,670,084) $ 3,396,975 $ 1.606.194 $ 6,064,556 $ 6,611.919 $ 8,282,003 S 4.885.028 (1) State statute require that budget be balanced. (2) Direct adjustments for net equity transfers to other funds decreased fund balance by $591,035. (3) Accumulated fund balance appropriated in order to reduce excess fund balance due to accumulated interest earnings. Description of Revenues The following is a description of the City's revenue structure. General Fund Property Taxes —Article 7, Section 8 of the Florida Constitution provides that municipalities in the State may not levy ad valorem taxes in excess of ten mills upon the assessed value of 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 read and tangible personal properties within the City. N4- 600 Dade County and I-enty-,even incorporated mtmicipalities. including the City. do not levy personal income tax, gross receipts tax, inheritance tax, gift tax or commuter tax. Utilities Sc-rvire Taxes —The City imposes a 10 7r tax on each purchase of electricity. metered gas, bottle gas, water and local telephone and telegraph services. Revenue funds debt service on Utilities Service Tax bonds. Excess monies available after the payment of debt service requirements revert to the general fund. In addition., this revenue source is partially pledged. although it has not been used. as an additional resource for debt service requirements for the Convention Center -Garage Revenue Bonds and the Government Center Parking Garage Revenue Bonds. It is estimated that the AT&T divestiture ,vill reduce telephone service taxes in 1984 by approximately 30%, or $2.3 million. Franchise Taxes —The City has entered into franchise agreements with utilities that provide revenues to the City 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 $8.8 million revenue estimate for 1984. $4.5 million has been budgeted in the General Fund. The remaining revenue will be used to fund the Capital improvement Fund and projected deficits in certain enterprise funds. Occupational Licenses —The City levies a license tax for business privilege licenses. License taxes vary according to the type of business. The exception to this are the contractors' licenses, which arc collected only by the Dade County Tax Collector. There is a set contractor's 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 —During fiscal year 1983, the State of Florida increased its sales tax rate from 4% to 5%. A portion of this increase is being shared by municipalities based on their population. in the past, local government had not participated in revenues produced by sales taxes. 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 inciea�e by action of the City Commission and there are no legal restrictions on the amount of the increase. The present rate is $100 for a residential unit and a graduated rate structure for non-residential units. At the present rate, this revenue item will generate approximately S8,5 million per year to help offset Solid Waste appropriations of $23.3 million in 1984. The rate utilized by the City is lower than rates utilized by Dade County and other surrounding jurisdictions. 20 The City's general firnd receives revenues from a variety of sources. T'l,e following table lists the revenues received by the City from these sources for the past five fiscal yeIrrs. General Fund Revenues and Other Finar cing Sources (000's) 1983 1982 1981 1980 1979 Taxes: - - - - -'� Property Taxes ...................... $ 67,619 $ 61,865 $ 54.060 $ 42,679 $39.116 Utilities Service Taxes ............... 21,648 20,074 18,563 16.826 15,193 Franchise Taxes ..................... 5,703 4,919 4,825 6.703 5.129 94.970 87.458 77,449 66,208 59,438 Licenses and Permits: Occupational Licenses ................ Permits ............................ Intergovernmental: Federal Revenue Sharing ............. State Revenue Sharing ............... Sales Taxes ........................ Other Grants ....................... Intragovernmental ....................... Charges for Services: Solid Waste Fees .................... OtherFees ......................... Other Revenues and Financing Sources ...... Total ...................... 3,874 4,775 4,712 3,112 3,010 1,414 077 889 715 523 5,288 5.452 5,601 3.827 3.533 9,683 9,281 9.166 7,909 8.248 12,298 12,084 12,113 11,428 11.561 9,478 - - - - 4,242 4,019 4,021 3,452 3,930 35,701 25,384 25.300 22.789 23.739 2,483 2,511 2,581 3,342 1,663 7,867 6,841 5,870 1.876 -0- 3,627 3,950 5,256 3,183 2,102 11,494 10.791 11.126 5.059 2.102 4,030 6.148 3,000 3,221 5,360 $153,966 $137,744 S125.056 $104,446 $95,835 Special Revenue Funds Downtown Development Authority -Its main revenue source is based on its ability to assess a one-half mill tax to real property in the Central Business District. Rescue Services -'Phis fund accounts for a portion of the telephone franchise tax especially designated by the electorate to provide additional rescue services. Grant funds--I-ederal 12cvc:nuc Sharim! entitlement funds are passed through to the general fund. Commu- nity Development Block (;rants and Econornic Development Administration Grants arc designatcd for specific purposes approved by the applicable I:cderal ar=ency. Cable T.E.-This fund accounts for revenues from the Cable T.V. license and its specific uses. Convention Development Tarn July 12, 1983, the Florida State Legislature passed a bill authorizing certain counties to levy by ordinance a 3Q Convention Development Tax on hotel rooms, specifying that "one-third of the proceeds shall be used to construct a new multi -purpose conventionicoliseurniexhibition center or the maximum components thereof as funds permit in the most populous municipality in the county." The City of Miami, Florida then created the Miami Sports and Exhibition Authority and on October 4, 1983 Dade County, Florida approved the levying of the tax for administration and disbursement, by the Authority, of the City of Miami's share. Debt Service Funds Property Taxes -The City Charter authorizes a separate levy of ad -valorem taxes to Nay interest and principal on general obligation bonds. State statutes empower municipalities to levy ad -valorem taxes as necessary to fund general obligation debt service. 21 84""" GOU Assessment Tien Coliections--Property owners abutting certain capital project improvements are assessed a portion of the cost of such improvements. These collections are used to pay off general obligations bonds, since general obligation bond proceeds were originally used to finance these improvements. Enterprise I im& Revenues for these funds are primarily generated by user fees and charges. Due to the nature of services provided, certain facilities are subsidized by the City's general fund and other discretionary funds. Enterprise facilities include: Orange Bovd Stadhim—Primarily used for football games, the stadium is home to the Miami Dolphins and University of Miami Hurricanes. The City has recently entered into a contract with the U.S. Football League. Miami Stadium —This baseball stadium is used for training by the Baltimore Orioles. Local baseball teams play 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 Miami, is being run by a private management company under contract with the Citv. 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 )case with the Orange Bowl Committee and is used to build floats and other festival -related equipment. Golf Courses —The two Citv-owned and operated guff courses are used year round by local residents and tourists. Dinner Key I'sxhibition ball —This recently renovated facility is a favorite of local exhibitions as well as hosting conventions jointly with the City's Convention Center. Miami Convention Center —"this facility began operations in October, 1982. The Convention Center is part of a complex shared vyith the University of Miami Conference Center, private hotel. a multi -level parking garage and a World Trade Center atop the garage. Off•Strect I'arldnty Authority —The Authority runs live parking garages in the City as well as on -street meters and off-succt lots. with a total of over 16,700 parking spaces. Bayfront ;auditorium --This facility is used moderately by local groups and is to be replaced in the near future by a parkin,! i,,m ,e for the new Bayside project described in the section entitled "Economic and Demographic Data." Government Center [larking Garage —Inaugurated in 1983. this 1.100 car garage serves the Govern- ment 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 Maintenance Fund —For the maintenance of communications and data processing equipment. Motor Pool Fund —For purchases and maintenance of the automobile fleet. Print Shop Fund —For all of the Citv's printing needs. Property Maintenance Ftind--For regular building maintenance, and a limited amount of building alterations and additions. Stationery ,stock t,und—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 of January 1 by the Dade County Assessor of Property at 100rr 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 cacti year or as soon thereafter as the assessment roll is certified and delivered to the Dade County Tax Collector. The Dade County 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 arc 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, Blur percent with the September 30111 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 31 st payment. All unpaid taxes on real and personal property become delinquent on April 1 of tlic calendar year following the ,,ear in which the taxes were levied. All tax collections for the City are delivered to the City of Miami by Dade County. The delinquent real properly taxes bear interest at the rate of eighteen percent per year from April I 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. Tax Schedules and Tables The following tables present detailed information pertaining to the City's assessed valuations, tax levies and collections and the City's ten largest taxpayers. 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 years is detailed below. Assessed Value of All Taxable Property Fiscal Fears Ended September 30 Fiscal Real Personal Gross Homestead Net Year Property Property. Total Exemptions Total 1983 $7,616.829.000 $1.042.452.0(Xl $8.659.281.000 $920,895.000 57.738.386.000 _ 1982 6,976,947.000 985.282,(xx) 7.962.129,000 750.665,000 7.211.464.000 1981 5.748.550.000(I) 873.815,000 6,622,365.000 564.238.000 6.058.127.000 1980 3.743.051,244 922,728.511 4,565,779.755 197.310,871 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 3,938.270,393 198.558,652 3,739,711.741 1976 3,123,657,035 672.697.054 3,796,354,089 199.420.601 3.596.933.488 1975 2,851,309,996 689,895,764 3,541,205.760 196.797,718 3.144.408.042 1974 2,168,158.819 533.495,571 2.701.654.390 198.186.762 2,503,467,628 (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 he assessed at l (Wc of actual value. The City has levied a certified millage of- f 1.1238 mills for the fiscal year 1983-84 beginning October 1. 1983. consisting of 9.5514 miffs 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. 23 84--GOG 11 r Tax Levies Rnd Collections Fiscal Years Enders September 30 ont0andt" Total Total Delinquent Adji led Collection Percent Collection Collections Taxes Tax of Current 'If f of Totnl As Percent 0vtslanding Pe As rcent Fiscal Levy Year's Levv Delinquent Tnx of Camnt Delinquent of Current Year All Funds Tam Collrctr l Taxes Collections [,evy Tasesl2) levy 1983 $83,025,000 $78,815,(W, 96.391', S1,209,M) 580.024,000 96.39% $2,925.000 3.52 1992 76,903,(M 74.(M0,0Q) 96.28 1.067,0(x) 75,107.OM 97.66 22,489.000 3.24 1991 2,619,0W 70,288,('W 96.79 437,000 70,725.000 97.39 2,027.000 2.79 1990 60.983,826 59,799.796 96,40 307,659 59,097,455 96.91 1,439.430 2.23 1979 58,389,375 57,325,287 99.18 430,947 57,756,234 98.92 1.559.360 2.67 1978 50.532,016 49.095.263 97.16 523,373 49,618.636 99.19 3.195,919 6.49 1977 43,854,070 42.969.232 97.98 650,775 43,620,W7 99.47 2,282,539 .5.20 1976 38,508.055 37,280.OfA) 96.81 633,860 37,914,520 98.46 2.048.476 5.32 1975 34,923,276 33.933,693 96.88 1.593.714 35.417,407 101.41 1,454,941 4.17 1974 33,637,575 32.736,227 97.32 881,853 33,618,080 99.94 1,949,072 5.79 City Millage Generni Debt Fand Service 9.Of) 1 1.668 9.947 1.717 9.036 2.951 10. (X_x) 3.960 10.000 4.487 10.(M 3.200 9.592 2.311 8.619 2.311 8.569 2.311 9.655 3.781 (1) Includes levies for general operations and debt service. (2) Net of reserve for early payment discounts and uncollectable tax of approximately 5% of total tax levy. 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, 1983. Ten Largest Taxpayers in the City of Nliami 1983 Assessed Value of Property 1983 Assessed Value Name of Taxpayer Nature of Activitv (0001s) Southern Bell Telephone & Telegraph Company Utility $304,869 Equitable Life Assurance Office Buildings 120,917 Ball Point Development Office Buildings 115,770 Florida Power & Light Company Utility 91,629 Miami Herald Newspaper 74,394 - One Biscayne Tower, N.W. Office Buildings 63,021 I.B.N4. Retail Sales 31,044 New fork Life Insurance Office Buildings 299714 Federated Department Stores Retail Sales 24,847 DuPont Plaza Office Buildings 19,980 Total Assessed Valuation of Top Ten Taxpayers, - which is 10. 1'°c of total 1983 Assessed Valuation $876.185 SOURCE: Dade County Property Appraiser's Office. 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 (General 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 independently. Additionally, the City selects its own actuary to determine the amount that the City will contribute to the Plan and System. The City's actuary is E. H. Friend & Co., Washington, D.C. With respect to the System and Plan, the principal actuarial assumptions are: (1) As to valuation method: System -Entry Age Normal Cost Method with supplemental present value. Plan -Aggregate Accrual Modification of the Entry Age Normal Cost Method. 24 84-60C (2) As to interest rate: System and Plan---9% and 7no for the Plan's post retirement benefits. (3) As to assets: Svstem—Moving market value average. Plan —Market Value. (4) As to retirement age: The System and Plan have adopted, as of October 31, 1979. the use of probabilities by age, rather than a single retirement assumption. Prior to October 31. 1979, the System used age 53 and the Plan used age 62. 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. 1983, was as follows: Active Ftetlrrd Total Plan .............. 2,026 1,509 3,535 System ............ 1,717 959 2,576 Totals ......... 3,743 2,368 6,111 Annual contributions are based upon the Supplementary Actuarial Valuation Report prepared by the City's actuary. E. H. Friend & Co. These reports incorporate the alternative funding techniques adopted by the City, by which the contribution level for funding the unfunded past service liability increases annually by 5`%c 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 VIL Chapter 112, Florida Statutes. (See the Section "LITIGATION." Appendix B and Note 14(a) in the Section "FINANCIAL STATEMENTS" for discussions related to litigation pertaining to the City's contributions to employee pension plans.) The following table sets forth in summary form certain essential data with respect to both the Retirement Plan and the Retirement System for the fiscal years ending September 30, 1979, 1980, 1981, 1982 and 1983. 25 84-60C M Assets Available for Plan Benefit - Beafnnfro of Y-Ar City Contribution Employee Contribution Net Investment Earnings (1) Benefits and Withdrawals Administrative Expenses Assets Available for Benefit End of Year Unfunded Accrued Liability, as of the Oct. 1, subsequent to end of fiscal year Assets Available for Benefit - Beginning of Year City Contribution Employee Contribution Net Investment Earnings (11 Benefits and Withdrawals Administrative Expenses i E"'lC','E% 'FTI^r rlAa, rfscai Y' . Er d t; k 1979 i?'0 1931 I982 1983 45,213,?75 30,325,a71 5f,310,(t9 59,5P?,853 67,239,993 6,452,053 4,P.21,lP0 7,69?,°n1 7,025,145 7,992,149 2,579,1A0 2,777,P05 2,Ann,036 3,070,791 3,452,996 A,987,916 6,336,095 1,79n,772 6,3--n,076 11,50S.802 12,019,109 13,935,072 12,364,709 16,4a6,912 22,850,947 6,887,022 7,007,069 8.065,433 8,875,138 9,309,778 20,090 34,027 28,A62 211644 20,000 6,907,112 7,911.995 8,993,895 B,P.96,782 9,329,778 50,325,972 56,319,049 59,689,863 80,422,000 68,948,537 95,456,344 MIAMI EMPLOYEES' RETIREMENT SYSTEM Fiscal Year Ended September 30 1979 1980 1981 72,687.357 65,498,157 99,573,954 67,239,993 60.761.162_ 103,213,629 (2) 1982 1983 107,770,302 119,530.760 10,960,543 10,274,690 6,527,955 8,144,125 7,021,536 2,358,41E 2,450,209 2,761,264 3,418.917 4.063,406 6,963,893 9.643,133 8,091,638 9,371,166 21,700,712 20,282.854 22,368.032 17,380,857 20,934,208 32,785,654 7,450.814 8,249,522 9,145,186 9,143,205 9,430.830 21,240 42,713 39,323 30,545 31,451 7,472.054 8.292,235 9,184,509 9,173,750 9,462,281 Assets Available for Benefit End of Year 85,498,157 99,573,954 107,770,302 119,530.760 142,854,133 Unfunded Accrued Liability, 85,908,000 64.436,463 79,151.535 97,942,418 (2) as of the January 1, subsequent �-- to end of fiscal year. (1) Includes gains, and losses on sales of investment securities. (2) Unfunded accrued liability as of January 1, 1984, will be computet as part of the fiscal year 1985, E.H. Friend's Actuarial Report, which will be available in August, 1984. The above unfunded liability amounts are as reported in the annual Supplementary Actuarial Valuation Report prepared by the City's actuary, E. H. Friend 8 Company. All other amounts are as reported in the annual financial reports of the System and the Plan, reduced by year-end receivables, or their annual increase, claimed to be due from the City which are the subject of the pension litigation described in Note 14(a), to _ the "FINANCIAL STATEMENTS." Labor Relations The City Manager's Office has a professional labor relations staff dedicated solely to labor negotiations and contract administration during the term of these agreements. The City has negotiated multiple year agreements with all its labor organizations. Two labor agreements expire on September 30, 1984--one with the American Federation of State, County and Municipal Employees ("A.F.S.C.M.E."), Local 1907 and one with the Sanitation Employees Association ("S.E.A." ). Two labor agreements expire on September 30, 1985--one with the Fraternal Order of Police ("F.O.P."), Lodge No._'0 and one with the International Association of Firefighters ("I.A.F.F."), Local 587. Scheduled increases beyond fiscal year 1983-84 include an October 1, 1984 adjustment of Ylc and a July 1, 1985 adjustment of 5`7c for employees represented by the F.O.P. and i.A.F.F. Adjustments beyond fiscal year 1984-85 for employees represented by the S.E.A. and A.F.S.C.M.E. are to be negotiated in the summer of 1984. 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. �h 84-60V - =�24gr,f The City is self -insured for most casualty and group benefit exposures with the exception that coverage by outside insurance is secured iviien it is available at acceptable rates. Purchnscd policies include a broad, all-risk property policy covering all City property; general liability insurance for its exposures at the i4iimni Convention Center, Dinner Key Marina, all p^rks, pools and playgrotrrtds of the City, and fidelity hands on all City employees. Group life insurance and accidental death and dismemberment insurance are also cnmmercia.11y purchased. The City self -insures all exposures not commercially insured including vehicular accidents, police torts, and general liability. Group health benefits for City employees and retirees are self -insured. The City's liability for damages in most court claims is limited to $100.000 per claimant, and S200JX)0 per occurrence in accordance with the Florida Statutes. Section 768.28. which waives sovereign immunity in torts claims to the extent of such amounts. While the City self -insures its group health benefits plan, the City also offers certain employee groups the choice between the indemnity group benefit and a pre -paid health maintenance organization. One of the employee bargaining units, the Sanitation Employees Association, has a prepaid health maintenance organization as its sole health benefit option. In July of 1984. the Fraternal Order of Police and the International Association of Fire Fighters will establish separate group benefits plans for both active employees represented by those bargaining units, and retirees formerly represented by those bargaining units. 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 The City in recent years has begun to base its economy upon a more varied economic base. Industry and manufacturing are becoming stronger forces in the area. While the City's share of Florida's tourist trade remains one of the major economic forces, its attractiveness as a residential area to skilled labor and its selection as the site for major and smaller light industrial activities have combined with tourism to produce a more diversified economic base. Other recent developments include a $250 million expansion of the Pon of Miami which was begun in 1980. Phase I, Which doubled the seaport's physical size, tripling the land available fur cargo operations, was completed in 1981. In 1984 a third gantry crane will be erected and additional bulkheading will provide 1,000 additional feet of lineal berthing space. flans call for a land 11yover bridge, providing a direct link to the interstate highway system and a $I(K) million complex to include two new cruise berths. 100.0(Y) sq. feet of additional office space, small retail shops and a 500 scat restaurant. Miami International Airport is undergoing a Sl billion expansion program. Included in this program is a new seven story parking structure directly across from the main terminal that will add 2.300 parking spaces. A related project is the elevated pedestrian "skyhridge," which will connect the parking garages with the main terminal building. Both projects are scheduled for completion in 1984. Other improvements include a direct connector road to the airport expressway, a cargo tunnel to be built in 1985, expansion and modernization ot-gate areas and a new Cargo Clearance Center —locating all federal agencies convenient to the brokers, cargo airlines and [Or -warders. Projects recently completed and currently under construction in downtown Miami are valued at S.9 billion. Planned projects reported by the Downtown Development Authority total approximately S1.1 billion. Construction Recently Completed Projects and Under Construction Planned Office Space 3,648.800 sq. ft. 4,731.617 sq, ft. Residential Units 1,363 units 810 units Hotel Rooms 3.837 rooms 120 rooms Parking Spaces 10.898 spaces 10,722 spaces Retail Space 1,875,800 sq. ft. 258,450 sq. ft. 27 84-GOC U Metrorail A new $1 billion, 21-mile Metrorail elevated high-speed transit system is nearly completed and the first 11-mile section of the 20-section system opened in May, 1984. Complementing Metrorail will be the $132 million Metroloop, a 1.9 mile central -city rapid transit people - mover system that will be in operation in late 1985. Existing bus routes will be expanded to provide coordinated service to both systems. Upon completion of the systems, Miami will have established a major component of a comprehensive mass transit network. Bayside The Rouse Company, a leading builder of specialty markets in downtown settings, has been selected to be the developer for the Bayside Specialty Center project, which will occupy close to 20 acres along the waterfront of Downtown Miami. The Specialty Center will feature 200,000 sq. ft. of rental space and a parking garage for 1,200 cars. The Rouse Company will invest $93 million in this project, while the City's investment will be limited to $8 million. The Bayside Specialty Center is expected to attract 15 million visitors per year. It is projected that the complex will generate an average of $200 million in sales and create an additional 1,000 jobs. The complex is scheduled to open in the Fall of 1986. Southeast Overtown/Park West The City of Miami has initiated a major redevelopment project for a 200 acre tract adjacent to the central business district. During the next 5 to 10 years, 6,000 new residential units and over 3 million sq. ft. of office and retail space will be constructed. It is estimated that close to $1 billion in private investment funds will go into this project. This project will be the largest Public/Private Joint Venture undertaking within the State of Florida. The role of the public sector will be as project facilitators, and the City will assume some of the costs and risks normally borne by the private developer. It is estimated that $100 million in public funds will be contributed to this project. The majority of public funding will be provided through the issuance of Tax -Increment Revenue Bonds. $1 LIW.WO of' the Housing Bonds offered hereunder is to be used to purchase land for such housing. Sports and Exhibition Center The City o1 Miami approved an ordinance creating the Miami Sports and Exhibition Authority on July 28, 1983. Florida Statute requires the creation ol' such an Authority as a condition precedent to the County enacting an ordinance levying a 3c Convention Development Tax on hotel rooms. The City's share of the tax proceeds must be used to construct a multi -purpose Coll vention%coliseurn 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 rcquire 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. A format request for proposals from developers has been issued and responses are to be received in July, 1984. Insurance Exchange of The Americas Miami evolved over the past decade as a logical location for an international insurance facility as a conduit through which the growing insurance and reinsurance industry interested in Latin American business could be channeled to one central location. The IEA, patterned after Lloyd's of London, is not itself an insurer. It is a marketplace where large and unusual insurance and reinsurance needs in the domestic and international markets can be written. They include reinsurance from other insurers, both U.S. and foreign; foreign risks of every type; aviation, marine and transport risks; and Florida surplus lines business. 28 Corporate Expansion The favorable geographic location of Greater Miami, the trained commercial and industrial labor 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 Miami, over 100 international corporations have set up hemispheric operations. Among them are such corporations as Dow Chemical. Gulf Oil Corporation. Owcns-Coming Fiberglass Corporation, American Hospital Supply, Coca-Cola Intcramerican Cor- poration and Occan Chemicals. inc., a subsidiary of Rohm 6 Hass Company. In addition to the growth in manufacturing, significant strides have been made in the location of non - manufacturing firms in Greater Miami. Other national firms which established international operations or office locations in Greater Miami are Alcoa International, Ltd.. Atlas Chemical Industries, Bemis international, Dymo, Inc., international Harvester, Johns Manville international, Minnesota (3-M) Export. Inc., Pfizer Latin America and Royal Export and United Fruit. Industrial Development A 1983 study prepared by the Chicago -based Alexander Grant Co., in cooperation with the Conference of State Manufacturers Associations, ranked Florida for the third year in a row as the first state in the nation for an overall favorable business climate. The same conclusion was reached last year by a business location firm, the Fantus Co., which is also headquartered in Chicago. The Dade County Industrial Development Authority reports that there are over 4,000 manufacturing firms in Dade County that employ more than 98,000 persons. This reflects an increase over the past decade of 35.5 per cent in the manufacturing sector alone. Approximately 197 of these firms arc major manufacturers with 100 or more employees. The two predominant categories of industrial land use in Greater Miami are light manufacturing and light storage. Light manufacturing includes a wide range of operations from industries producing electronic components to machine shops and printing plants. Light storage ranges from food and autopart warehouses to office supply storage facilities. Heavy manufacturing ranges from cement to metal extension plants. Heavy storage includes such things as timber yards, building supply warehouses and heavy equipment storage. Finally, mixed industry would include any other form of land use such as commercial of agricultural. The following table details the types of industry which have developed within the City and the percentage of space each industry occupies. Percentage of Occupied Industrial Space Major Category 1981 Manufacturing ..................... 43.0% Wholesale and Retail Trade .......... 39.5 Transport and Public Utility .......... 9.0 Services .......................... 4.3 Construction ...................... 1.1 All Other ......................... 3.1 SOURCE: Department of Economic Development. City of Miami. 29 Manufacturing has recently occupied the largest percentage of occupied space_ of all major industrial catego- ries within the City. The following table highlights the various types of manufacturing activity and the percentage of space each industry currently occupies within the City. Percentage of Occupied S101) Type of Manufacturing industrial Spsce 35 Machinery (excluding electrical) ................. 17.3C°o 34 Fabricated metal products ...................... 16.3 37 Transportation equipment ...................... 13.0 25 Furniture and fixture .......................... 10.6 36 Electrical equipment ............. I............ 10.6 30 Rubber and plastic products .................... 9.6 20 Food and related products ...................... 8.2 22-23 Apparel and textile products .................... 6.7 24 Lumber and wood products ..................... 7.7 SOURCE: Department of Economic Development. City of Miami. (1) Standard Industrialization Classification Code established and used by the U.S. Department of Commerce. Miami's apparel industry, is today the third largest in the nation. Miami's market is primarily made up of numerous small firms rather than large operations. Roughly 30,000 jobs arc provided by nearly 500 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 now the fastest growing interior design center in the nation, behind only New York and Los Angeles. It is where 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 spread in midtown Miami. it is anticipated that approximately $11 million more will be invested in the district during the coming year. Financial Institutions Dade County is is an international financial center with 36 foreign banks operating in the commu- nity. Additionally. there are -16 Fdge Act Bunt's that have moved to the Miami area. These include: BankAmerica International, 13,11111 of 13w torn International South. Banl:crs Trust International, Banco de Santander International, Chase Bank International. Citibank lntcnrttiollA. Irvi1w Trust. Chemical Bank International, Manufacturers Hanover internmionA. and Mor1';.+n GuarantV lntermalionA. The Federal Reserve Edge Act Amendment, adopted in 1919, permitted hanks w open International Banking Subsidiaries outside their home states. The Federal Reserve System has IoCatcd a hnuu•h ofticc in Dade County to assist the Atlanta office with financial transactions in the South Florida area. There are 70 local hanks in Dade County which together have a total of' $16.2 billion in deposits. A ten year summary is presented below: Bank Deposits(1) Number Year of Banks Total Deposits 1983 70 $16,158,326.0(i0 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 1974 91 5 ,493 ,965 ,000 SOURCE: U.S. Comptroller of the Currency. (1) The inforniation presented is for Metropolitan Dade County as a whole which includes the City of Miami. (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. 30 84-600 a 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. City government and private interests have cooperated in developing outstanding attractions 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, clog and horse races, Jai Alai, the Vizcaya Palace. Metrozoo and the Serpentarium. 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. Callc Ocho Open House, Camaval Miami, Coconut Grove Art Festival, Kwanza and Goornbay Festivals. Hispanic Heritage Week, Little River Oktoberfest and the Orange Bowl festival events. During 1983, approximately 5.6 million out-of-state visitors staved in over 57000 hotel and motel units in Greater Miami. Many of these visitors participated in international trade activities such as conventions and conferences. Film Industry Film production in South Florida reached an all time high in 1983, 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 in conducted in South Florida (Dade and Broward counties). The 1983 film production totals for Florida were $144.8 million resulting in an estimated $86.85 to $101.36 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 and northeastern United States during the winter. Exotic tropical fruits such as plantains, lychee fruit, papaya, sugar apples and persian limes grow in the area and cannot be grown anywhere else in this country. Export Fifty percent of Florida's foreign trade which, according to U.S. Commerce Department's 1983 figures, totalled in excess of $16.7 billion, flows through the ports of Miami. _ A report released by the Florida Department of Commerce reveals that June 1983 exports from Miami Customs District #52 (that includes Port Lverglades and West Palm Beach) rose by 19.7 per cent to $467 million from the previous month's total of S390.4 million. Further stimulation in investments is expected to result from the creation of the 12 year Caribbean Basin Initiative progratn, designed to boost the economies of 27 countries of Central America and the Caribbean islands. The new lacy, which -rants dutv4rec entn' 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. 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 responsibilities for their operation are assigned to the Dade -County Aviation Department. Miami International Airport ranks 8th in the nation and iOth 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. 31 84-SOG During 1982„ airport services were provided to over 20 million donicoic and international scheduled passengers. Of major importance was the 2.9%n increase in international passengers. 'I'tte airlines serving the Miami International Airport provide world-wide air routes convenient for iniporters and exporters. The Airport's facilities include three runways, a 7,0M car parking complex, approximately tkvo 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 1.2 hillion pounds of cargo. Previous years statistics are presented below: Passengers Year (W) Cargo (MO's lbs.) 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 1973 12,722 720,806 a SOURCE: Dade County Aviation Department. Port of Miami The Port of Miami is owned by Metro -Dade County and is operated by the Dade County Seaport Department. From 1973 to 1982. the number of passengers sailing from the Port increased from 851,164 to 1,760,255, an increase of 107 T. This increased growth explains 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 mal.:e the Pon the nation's leading export port to the Western Hemisphere. Flom 1073 to 1082, the total cargo handled increased from over 1.2 million tons to over 2.6 million tons, an increase of 1 17� . In 1979. details acre completed fur the expansion of the Port of 'Miami from 300 acres to 525 acres. The additional space is necdcd to acernnmodatc the inc•rcasilw number of shippers, buyers, importers, exporters, freight fonvardcrs and cruise passcnicrs who %vish to conduct business through the Port. In 1983 the Port served 2.002,654 passengers and handled 2.7 million tons of cargo. A summary of the growth in revenues, passengers and cargo for previous years is presented below: Year Revenues Passengers CargoITonnage) 1982 $12.949.687 1,760.255 2,665,921 1981 12,468,522 1,567,709 2.757,374 1980 12,056,896 1,459.144 2,485,791 1979 8,110,840 1,350.332 2,291,382 1978 6,236,385 982,275 1.922,864 1977 5.374,978 978,016 1,711.535 1976 4,956,670 1,029,687 1,525,095 1975 4,517.946 804,926 1,257,608 1974 3,850.232 728,201 1,301.052 1973 3,700,182 851,164 1,205,454 SOURCE: Dade County Seaport Department. 32 s4-GOG: r] r] Demograpbic Data The following table indicates the distribution of age groups among the population of both Miami and Dade County residents. Age Group as a Percentage of Total Population 1980 Age Group Miami Percentage Dade County Percentage 0-5 23.459 7% 113.544 7% 6-9 15.139 4 82.598 5 10-13 15,294 4 87,286 5 14-17 20,202 6 106.569 7 18-19 11.191 3 54.285 3 20-24 28,320 8 133,480 8 25-34 47,599 14 240,796 15 35-44 40,281 12 192,847 12 45-54 44.574 13 187,495 12 55-59 21,714 6 91,009 6 60-64 19,973 6 80.586 5 65-74 35.951 10 149.550 9 75 + 23,168 7 105,736 7 Total 346,865 100% 1,625,781 100% SOURCE: 1980 U.S. Census of Population and Housing. The table below indicates the distribution of income by number of families in the City and Dade County. Family Income Distribution 1979 Income Miami Percentage Dade County Percentage S 5,(W 14.529 16% 41.184 10% 5-9.999 17,792 20 60.091 14 10-14.999 16.598 19 65.564 15 15-24,999 21,497 25 114,520 27 25-49,999 14.125 16 112,303 26 + 50.000 3.516 4 32.858 8 i Total Number of Families 88.057 100% 426.520 100% 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 Dade County Florida U.S.A. Dade/U.S.A. 1981 S10,885(1) S10,165 S10,491 101% 1980 9,598 9.153 9.480 103 1979 8.894 8,202 8,655 103 1979 8,030 7.330 7,775 103 SOURCE: U.S. Department of' Labor, Bureau of Labor Statistics. (1) University of Florida, Bureau of Economic and Business Research (1981, Dade County Estimate). 33 2 0 Retail Sales Although Miami contains 22.1 percent of the population of Dade County, in 1983 almost half of the dollar value of sales transactions took place in the City. The following tables present detailed sales information for Miami and Dade County. Gross Sales(l ) 1981 1982 Miami ................... $14,552,000 $14,856,000 Dade County ............. 29,140,000 30.711,000 Miami/Dade .............. 50% 48% (1) As reported under the Sales Tax Act. Taxable Gross Retail Sales 1979 1980 1981 Miami .................. $3,791,300 $ 4,712,800 $ 5,296,400 Dade County ............. 9,31 1.000 10,888,(M 12.1 14,000 Miami/Dade .............. 41% 43% 44% SOURCE: Department of Revenue, State of Florida. Employment 19" $14.319,000 30,468.000 47% 1982 1983 $ 5,499,000 $ 5,214.000 12,040,000 11,664,000 46% 45% The tables below indicate the scope of employment throughout Miami and Dade County. Ten Largest Private Employers Greater Miami Type of Number or Name Business Employees Eastern Airlines .................................... Airline 12.500 Southern Bell Telephone and Telegraph ................ Utility 11.131 Burdines......................................... Department Store 6,300 University of Miami ................................ University 5.223 Pan American World Airways ........................ Airlines 5.218 Florida Power and LiLht .................... . ........ Utility 4,700 Southeast Banking Corporation,Southeast Bank N.A. ..... Bank 3.885 Public ........................................... Super Market 3.786 Miami Herald Publishing Company .................... Newspaper 3.329 Mount Sinai Medical Center of South Florida ............ Hospital 3.207 Employed Persons by Industry Type Miami Percentage bade County Percentage Agriculture, Forestry, Fishing, ;Mining. ........... 1,590 1% 14,850 2% Construction ................................. 11,150 7 44,560 6 Manufacturi n.. ............................... 27,070 17 103,970 14 Transportation, Communication. Public Utilities ... 12,740 8 81.690 11 Wholesale Trade ............................. 9,550 6 44,560 6 Retail Trade ................................. 27.070 17 133.670 18 Finance, Insurance, Real Estate ................. 11,140 7 59,410 8 Business and Repair .......................... 9,550 6 37,130 5 Personal Entertainment and Services ............. 15,920 10 51.980 7 Health Services .............................. 12,740 8 59,410 8 Educational Scr\ ices ................. , ........ 7,960 5 44.560 6 Other Professional Services .................... 6,370 4 37,130 5 Public Administration ......................... 6,360 4 29.710 4 Total ..................................... 159,210 100 742,630 100 SOMCe: 1980 Census of the Population and Housing. 34 84--SOC Unemployment Rates Annual Average 1980 19ftt 19lt2 1983 1984 Miami ............ 6.8% 7.8�� 9.27c 12,0% 7.4%(1) Dade County ....... 6.0 6.8 8.1 9.8 6.00) U.S. .............. 6.1 7.6 9.9 9.6 N.A. (1) As of March 1984. SOURCE: United States Department of Labor. Bureau of Labor Statistics. Housing The U.S. Census figures for 1980 show that the median value of owner occupied housing was $47.517 which is an increase of 1715� of the median value of $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% 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% 234,865 100% median value ..... $47,517 $ 57.200 SOURCE: 1980 U. S. Census of the Population and Housing. City of Miami Occupied Housing by Tenure 1970 Percentage 1980 Percentage Owner Occupied ..... 43.158 3V� 45.738 34% Renter Occupied ..... 77,235 64 88.308 66 Total ............. 120.393 100% 134,046 100% SOURCE: 1970 and 1980 U.S. Census of the Population and Housing. 35 84-GOC Building Permits The dollar value of building permits issued in the City since 1978 are as follows: Dollar Valae Number Year f0"I 's) of Permits 1983 $299,941 9,446 1982 358,676 8,653 1981 532.205 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: Housing Units Started Number of Year Units 1983 661 1982 1,753 1981 3,164 1980 2.188 1979 1,995 1978 1.319 SOURCE: City of Miami's Fire, Rescue and Inspection Services Department. 36 84-8OC APPROVAL AND OFFERING ;STATi NMII?NT The references. excerpts and summarics 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 he obtained from the City's Director of Finance at Miami City Nall. 35M Pan American Drive. Dinner Key. Miami. Florida 33133. telephone number (305) 579-6350, or from the Financial Advisor. James .l. Lowrey °K Co. Incorporated. 110 Wall Street, Ne«• York, New York 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 euaranteed 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 hereunder shall, under any circum- stances, create any implication that there has been no change in the affairs of the City of i%tiami since the date hereof. The execution of this Official Statement has been duly authorized by the Commission of the Citv of Miami. The Citv of titiami. Florida Mu vor 84-GOC [' us PAGE INTENTIONALLY LEFT BLANK] FINANCIAL STA,TENNIENTS _ CITY OF MIAMI, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended September 30, 1983 TABLE OF CONTENTS Exhibit/ Schedule INTRODUCTORY SECTION Letter of Transmittal City of Miami Officials Certificate of Conformance City of- Miami Organization Chart FINANCIAL SECTION Report of Independent Certified Public Accountants GENERAL PURPOSE FINANCIAL STATEMENTS Combined Balance Sheet - All Fund Types and Account. groups Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds Statement of Revenues, Expenditures and Changes in Fund Balance - Budget ( tdon-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 - 11.11 Proprietary Fund Types Notes to Financial Statements 39 I ' II III IV V VI 84-600 CITY OF MIAMI, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL. REPORT For the Fiscal Year Ended September 30, 1983 TABLE OF CONTENTS, Continued Exhibit/ Qnkaiiul a FINANCIAL SECTION, Continued SUPPLEMENTAL COMBINING AND INDIVIDUAL FUND STATEMENTS General Fund: 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 - 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 Cnanges in Fund Balances C-2 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget (GAAP Basis) and Actual - General Obligation Bond and Utilities Service Tax Bond 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 0 CITY OF MIAMI COMPREHENSIVE ANNUAL FINANCIAL REPORT For the Fiscal Year Ended September 30, 1983 TABLE OF CONTENTS, Continued Exhibit/ Schedule FINANCIAL SECTION, Continued SUPPLEMENTAL COMBINING AND INDIVIDUAL FUND STATEMENTS, Continued 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 Combining Statement of Revenues, Expenditures G-1 and Changes in Fund Balance - Expendable Trust Funds G-2 STATISTICAL SECTION General Fund Statistics Tax -Related Statistics Debt -Related Statistics General Statistical Data 41 THIS PAGE INTENTIONALLY LEFT BLANK 42 84-'Ej06 r'71 AW Coopers &Lybrand certified public accountants The Honorable Mayor and City Commissioners City of Miami, Florida We have examined the general purpose financial .statements of the City of Miami, Florida, as of and for the year ended September 30, 1983, 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 statements of the Department of Off -Street Parking of the City of Miami, Florida, which statements reflect total assets and operating revenues constituting 15% and 45%, respectively, of the related combined totals of the Enterprise Funds. These statements were examined by other auditors whose reports thereon have been furnished to us, and our opinion expressed herein, insofar as it relates to the amounts included for the Department of Off -Street Parking, is based solely upon those reports. As more fully described in Mote 14(a) to the general purpose financial statements, the City is involved in certain pension litigation and related matters. The ultimate outcome of these lawsuits and related matters cannot presently 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 adjustments, if any, as might have been required had the outcome of the pension litigation and re- lated matters referred to in the preceding paragraph heen known, the general purpose financial statements referred to above present fairly the financial position of the City of Miami, Florida at September 30, 1983 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 consistent basis. 43 84-600 The Honorable Mayor and City Commissioners City of Miami, Florida Page Two 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 statements 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 cf Miami, Florida. The information has been subjected to the auditing procedures applied in the examination of the general 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 pension 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 1982 data included in the accompanying general purpose financial statements and supplementary information were contained in the City's certified annual financial report for the year ended September 30, 1982, and are included for comparative purposes only. Miami, Florida January 13, 1984 44 84-600- ASSlfS 11aoied rash and Investments (Note 2(L:)) C-1. And .ash equlvalents Rr.oivablrs, art .,I alluvanro for doubtful accounts of 5h,hhl ,,•n.: Like, A...,nnt♦ A—v„m. nt I I 'I,. not ilu.• Irnm nth.., t.n,d, (S..te 4) Inn• tr-m govetnmt•ntS (S't. I nvrntnt l.•, utI.— kr,trl,trd A—t. (N.rte 1 .n0 . n.f , .ves[m.•nts with J + 11,.JI Agont Including LA .n,--f tntc•rest vr..prtty, plant And equipment, —t (s,u.• h) k,.od Jt„nunl And issuance cost,, ,vt I,.t.rrcd ,nnitinnat inn plan assets (Nnt,1�•1 An.nw,e AVJtlahle in 11[•bt tintvuc Mmds: l,rn.•tAI nbltyattun bonds >I+,1.0 nhl lgat l..n bonds and Iva— payahles tAmr,t AVAl IJ1,Ie In self Fend t„r claims j'A-6h• Am,.„nt I., I- prnvtdod tor retire- tre•nt ..I general long-term debt: t anc t.,l nbl4;4tiun bands S ir. IAI ob4y.at inn hnndb and I-- payable, LI.ums pAyabl.: Act ..i Assr[s M' V , O C_ ) EXHIBIT 1 CITY OF MIAMI. FWRIDA GIMBINED BALANCE SHUT - ALL. FUND TYPES AND ACCOUNT GROUPS SEPTEMRER 31), 19113 Fiduciary Fund Account Croups Governtsental Fund Types Pr,�rletrry Fond Types Types _ General General Totals ------�- Special _ --- Debt t.rpital Internal Trust and Fixed Long -Tern (Menorandun Only) -General.-. _ Revenue _ Service _ Pn,3eccs _Enterer tsr _ Service_ Agency _ Assets - _ Deb[ _ 1983 _ 1982 SI5, I;.-, w) S I,tl03,655 5 9,541t,858 $J1, 78n, 180 ! - 5 h,491 ,hJI $16,821.734 S - S - S 87,745.861 5 lb.413,55d 974.'ew - - - - 2.279,417 437, 3w) 'O .43 74o, 139 - 140.655 913.314 - - - - - 1.794, Ibd ,469,074 I,b47,929 82U,M)4 - 41,166 1.229,089 4,691 125,704 - - ).811,183 2.039,364 - - 303,469 - - - - - - 303,4b9 134,484 115,(AR, 117.1150 - 3,011,1116 151.198 - - - - 3,607,06i. 4,185.d91 110,725 5,5417,811 - 1,1111.989 4,4U2,Ob9 - - - - 11,128,6I4 9,l)23,88b 82.194 69U,466 - - - 773,260 d11.422 15,21b 10.664 5,7OO 350RIU 39.742 - 12,468 - - 12b,810 233.406 _ - - - 18,D94,bb4 - - - 18,094,bb4 26,6b4,136 - 12b,056,331 13,949,339 - 258.450,761 - 3.8,456,433 )70,540.841 _ - - - - 4,60,770 - - - - 4,605,17,, 4,765.82D 2.285,138 - - 2.285,138 - - - 6.064,556 6,064,',56 b, 611 ,919 - - 1.012,428 1,012,428 1,714,431 .75 - - 5,40b,%9 5,406,8h9 4.258,1.'9 - - 124,955,4�4 124,955,444 109,.398,U81 - 811,76i -m 161 637,520 1216231131 _ 1-"b2J,131 _ 1,401,221 11_7 991 ,8)2 1 9,593,704 S 9.951.682 $42,960,725 $155,741,974 521.13b,127 519.245.044 $258,450, 763 JLS,087»,189 yt,85,94h,04O zht3 7,11,222 (Cuncinued) ON CITY OF MIAMI, FLORIDA COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GbOUPS SEPTEMBER 3o, 1983 _ Governmental Fund Types Yropr letary Fond Types Speclai Debt Capital-- -- Internal _ General _Revenue _ Service _ Proc7 ctx Enterprise _Service LIABILITIES Ileticit in pooled cash and fnvestments (Note 2(E)) S - S- @ow ha•tb and acc-ants payable 2,419, 10-6 I,OSU, 181 - 2, 641,525 Accrued expanses (principally salan e.) 3,817,87.' 249,1U3 - 59,4)4 Oue to other tend. (%ota 4) - 16t,687 - 8115,402 I)oe to other go.ermants - 681,226 - - IxI,rred revenue 1,549,735 65.125 - - lw pu,it, relundable• 4:rb,hNl I.OlO.590 - CJatm, I-abl, (\.ate, 7 and 11) Mat,ited M.nd, and Inter„t payable ^ l,W11.71U - 1'ayahlr tr'.m ra•,trf,ted assctb: - (,•n,tr n to ,, a traath A„ Hied Intcte,t - - curt.nt port tun ,.1 revrnua• MaW, ya vabl. - •' Hrc rnu. Mind, p•1}•dnlc - ts•l of - „ nt p,•rt t•,n (dot, ]) - - Laner.1Ir�hlt�attun Londe payable %pe, aal ••hllKat ton t-d. peyeble IN 1. rr. -A m1.eu,at n.n plan ut h.t p. .aUlr, Iluta• ) .._._-. _ _-__-_-- _.._71 LY 7a ----------- 7•.tal laa6[lui., -N,_3, 3Y2 _], 376,711 -2,874 ,hYtl _ 3,506,341 7110 17F l aece,t rn,+e[ [n reue eel rrarJ Reterned earnings (1,•te 9) - - fund halem r.: Rr,a•rve.i rut: . f n, uml•rwna.•, I,L9 I.hO5 6,437.9b4 172,715 I nry etved: - lk-ig.-fed for hurricane loss pe,ignatrd r,.r tutor, pa•n.fun coot rf but tun Ih-,Ivj,tted t„r claims pavably - - lw.,lgnated t.,r ..b.equent year's a•siruditure•s and approved pr„leer, 4,110ro,0a0 - 3, 376,NY3 32.979.169 1114a,1gnal r,l f�+54 ,b 35 �6,214.Y91 __ J1567,1h1, 17,151 IuLal retained-T.1ing.1 1 .a1d hal.un e, -, 9,149 L440 _6,ZI4,9Y! _,1 �f7D ,yK4 ]9 t4 Sa, 384 T„[el land -julty 9`74644,1 _h 214,91#2 ^_7 0167 .9N4 19 .454 t7N4 0a"n.41+w•n[, eod . 11t[nya•nt Ilab[Ilrte. (7.ure, In, If 4 14) L.tel IlaW l It le•, end 111114 equlla Fiduciary Fund Types Trust and Agency 5 1, b42, 0152 S - $ - 724,758 b1b,811 478.771 321,792 496,675 105,677 2,539,975 - - 572,l37 - - 81,291 - 2,001.089 - - 2.294.291 1,41 S,I12 - - 2,IbU,318 - - I IU,IA)t) - - 114,b41,1A1U - - 95,2?b,564 1,II3,-4bb 7,164,967 54,ub5.b38 7,865,303 - 6,379.754 12,151,338 - Account Groups General General Fixed Leong -Term Assets Debt $ - S 18,030,000 - 131,020,0Uo - 750,000 150,874,189 258,450.763 EXHIBIT I (Continued) Totals (Memorandum Only) 1983 1982 > I,042 ,t162 i 9, 15d,908 ],9)I,i5t1 8, 259,61u 5.051. 133 ,163, 35H 3,607,i)b4 ., 185,d91 681 ,_'2b 49➢,U13 2,187,297 3,643,.171 3,M19,657 3,:.u), 313 2U, 12. 292 )0-1 +bb 415,122 14 2,160,313 2,1n4,185 I 0,000 1b'., ou0 i4,n:.I ,1Au1 ,4,940.000 131,1120,obo 110,010,000 75U,tiOU 91h),UOU 2a5,un - I,1;4,19n _ 1,574,714 27'.43236) 1S8,5?5,512 61 ,95+➢, 94! 51'900.211 258,•o ,763 240, J8U, 147 18,537.00 11,407,J32 7,941,769 b, 341,]00 172.7'5 I1?,67S - - 500.000 - - 500,1)(10 511U,w0 - - 6,173,208 - - 6,173,2U8 3.497,U" - - 5,406.869 - 5,406,db9 4,256,779 b,179,752 11,157,338 12,U60,071 - - _-93,11119b1 7)1359 `3U bu,465, 390 !U,(122 641 _12,080,077 258,450,763 - 413,513,h71 _37t_ii14S, 71U 1SS.741,914 lit ,IA Ill £I-9, 245�044 525H,450,763 $150,874,189 5h8S 94h .1140 5h28,721_22: . .accompanying notes to finana(.1L statements �� J I�iV��I�llIV I yll�p��l i I ��')�.�NT�1�fllllmmmnmmlrmiminmm _ .. ,,.• ,�_. .... ... rG16WS�aaa4u�+a oiilaiGiiwumli4 .++r .. +naaammmal� CITY OF 41AMi, FLORIDA EXHIBIT 11 COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CRANCES IN FUND BALA.YCES AL1. GOVERNMENTAL FUND TYPES AND E VENDABLE TRUST FUNDS YEAR ENDED SEPTF:4BEH 10, 1981 Fiduciary Go vernmenta7 Fund a•s __ —I _ Fund Type Totals Special Debt Capicel Expendable _ (Memorandum only) `..eneral Revenue _ Service -Proj rcts _ Trust 1981_^ _ 1982 Revenues: Taxes (Note 3) $ 94,9h9.697 $ 2,333,240 $12,404.b85 $ 1,409,7h1 S - $I11,IIi,183 $10191U.618 Licenses and permits 5,288,077 9(IU,000 - - - b,18H.U77 b,352,139 Intergovernmental 2h,017,8b3 24,593,493 4,475,346 533,4bb 5S,610,IH8 ..,151,087 Intragovernmental 2,482,748 - - - 21,411,19H .4,hgb,ui4t, _,,5t.1,557 Charges for services 11,494.37b - - - - 11 ,.Y•., 31t, 11,519, 192 Contributions from employees and retirees - - - - 8,741,219 8, 7.1 ,119 7,048,102 Assessment lien collections - - 2,(JB),4bl - - 1,+,BJ,967 1,191),Wb Interest 1,586,117 - 1.709,582 3.089,054 - 7.ld4,;'tJ U),ti111415 Other _ ILI96.635 1,114,514 5,992 _ 80b,243 _ 1,40 .!11 __ 5,58t%t"h 1,4Ju,4J1 Total revenues 144,1135,533 29,941,247 16,204,22b 9,78U,404 33,153,195 _SS,1I4,h11 1_u,u71,H4H Exix•nditures Current: (.eneral government 14,595,ubb - - - 14,59S,uhH 14,114,317 f•ub1Jc salety 87,37o.02 1.552,791 - - - BH,913,4HS 78,241,791 Public improvements II.fQ 3.851 - - - - 11.611,851 II,43b,090 Solid waste 11,732,588 - - - - )1,731,588 1Y, 193, TS1 Culture and recreation 7,hgl,248 - - - - 1,1)91,148 1.181,995 Grants ...J ra•I.atad expenditures - tJ.973,876 - - - IJ,913,87h 13,1A4,041) fi,n,lon contrih,.tions (tote 1'1) - - - - 15,463,431 I5,»h ),417 15,408, 119 In,ur.mcl• - - - - 5101 558 58u,5)8 487 ,1)1)8 lcon­i, 846,071 i� t;Lum pat -nt, - - - - 11.727,754 11 ,717,7i4 11.115.977 other h.815,914 1hn,917 6S,381 - 1.557,231 H,H1v,»;u H,HuJ,li3 U.ht „•r�lcr: Pfln.'11•al r,•tire• nl (\ut,• 7) - - lit. 140,081 - - ltl, l4u ,UU,+ It) ,h15,uuo L,ucrv,t .and tlsc.li charR,•s - - 6,SY1, Sl)1 - - h.597,5ul 1, 1h9,u48 C.q,ttal oulla, .__•_N1Sibb4 .-_.-.-.- !J,ol5,7ub _ 3,9u1,57u __W-1_0 HY 7ot.,1 rxlrndlturrs l5u,bb5t11S _lh,11u,14» b 01,8tl3 2J,U75,lUb 29,328,9Hb ..LJA,S41�Y44 L_'4=oaultllll taros, (det it wrivy) of tovonoo, ~r ,•x{.•odituros (n,h14,h4_) _11,L'I,lui `U4tl_657) <t1.195,IO J,824,lUY _ (J,418,1J9) _(»,bu1^9h1) t,ther t in.an, in1; +• r,o, (u,o,l: ry,a•nu ink transtors In 9,4 fo,+w! 151, S7h - 4,J15,J00 - 14,5uh, 719 111, 46b.1 S1 t,l.•rating tran,ter, oot(n5o.A14) (8,554,J181) - (19,5hb,Jh4) III,179,117) Ga•neral ohligata,n, h,mJ pruce,-Js La.il ,.thor tin.lncinv. ,our, a•s (aoe+) h,HS»,H,+9 (Y,( 14,lb5) (b51f.R,9) Ill.)71 ,U11t) - 19 ,94(j, 10 (111,496) f.x:r„ IJrf lc la•nr y) nt n•rcoue•s and other t inane in); si,urcrs „e',•r expendtt„re4 and ,+ther uses ,115,117 4.186,)Jd (1.249,3bb) 1,475,h96 3,824.209 Ih,4hl,94h 15,11».456) Fund balan,v .it hedinntnv, of c.•ar H,fI4.15h L,I11,79(1 8.)lb.35" 1).141.111 8.155,bbb 59.951,498 hH,hOS,»Sh Equity transtcrs t., „t r 1101.1, (,•14,41;) (1S4 ,1h4) (4,4Hl,huu) it+r, )41 ,Ht,U IJ. J39. 51n, ). Equity, transtrs 1r„m ,th.•r ttrinls o 1H,HH1 Iiu,1»8 - -..._ _- h,114,154 ------'--- t/_5ui_,18. fund bal:anc,• at rod „t wear 19.414 1H+ $12,UHU,U77 7:,57.,677 L aY, 9)1,.98 S.o ,cc•np uc:tn,� notes to tinanc tal statements 1-1 ki E Revenues: Taxes Licenses and permits Intergovernmental Intragovernmental Charges for services Interest Other EXHIBIT III CITY OF MIAMI, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE. - BUDGET (NON-GAAP BUDGETARY BASIS) AND ACTUAL GENERAL FUND SEPTEMBER 30, 1983 Total revenue Expenditures Current General government Public safety Public improvements Solid waste Culture and recreation Other Capital outlay Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Operating transfers in Operating transfers out Total other Financing sources (uses) Excess (deficiencv) of revenues and other ti- nancing sources over ex- penditures and other uses Fund balance at beginnim; of year Equity transfer;; from other funds Equity transfers to other funds Fund balance at end of year General Fund Variance Favorable Budget Actual (Unfavorable) $ 94,770,369 5 94,% 9,697 5 199,328 4,634,900 5,28N,(J77 653,177 27,067,067 26,017,883 (I,(J49,184) 2,796,300 2,482,748 (313,552) 13,114,795 11,494,37f) (I,621),419) 1,815,000 2,586,117 771,117 1,I59,250 1,196,b35 37,385 145,357,681 144,035,533 (1,322,148) 15,517,574 14,Qb9,2b9 1,448,305 90,739,025 87,2b5,159 3,473,86b 12,357,149 11,573,583 783,5h6 22,161,813 21,639,482 522,331 8,173,956 7,661,340 512,h1h 7,147,885 b,44u,482 7u7,4o3 1,824,981 1,451,991 372,99,j 157,922,383 151),1u1,3ub 7,821,u77 (12,564,7u2) (6,uh5,773) h,s98,929 9,2b7,08 9,930,041 hh2,9hi —(1,202,356) (1,u75,232 117,124 8,0b4,702 8,854,riu9 790 1,J7 (4,5uu,rn m) 1,789,u3b $ 7.1K9,uib h,05h,h34 (619,917) Sev accompanying notes to financial atatcmentb 48 84-500 2' n: �� Ilu III II II III ..: 114lV,1lI i�ii diu�lii!��� �Vlllf IIIWL '�ulV�i � II!III 11Li �I� IVII � � 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 SEPTEMBER 30, 1983 Special Revenue (1) Debt Service (1) Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Revenues: Property taxes (Note 3) $ 548,921 S 573,422 $ 24,501 $12,286,000 512,404,685 S 113,685 Business and excise taxes 1,668,778 1,759,818 91,040 - - - Intergovernmental 9,436,058 9,858,768 422,710 - - - Assessment lien collections - - - 2,000,000 2,083,967 83,967 Interest - - - 2,200,000 1,643,565 (556,435) Other 10,500 63,694 53,194 - 5,992 5,992 Total revenues 11,664,251 12,255,702 591,445 16,486,000 16,138,209 (347,791) Expenditures Public safety 1,668,778 1,552,791 115,987 - - - Economic development 728,421 812,540 (84,119) - - - Principal retirement - - - 10,140,000 10,140,000 - Interest and fiscal charges - - - 7,522,675 6,597,501 925.174 Other - - - 104,500 64,571 39,929 Total expenditures 2,397,199 2,365,331 31,868 17,767,175 16,802,072 965,103 Excess (deficiency) of revenues over expenditures 9,267,058 9,890,371 623,313 (1,281,175) (663,863) E17,312 Other financing sources (uses): Operating transfers in - - - 181,175 - (131,175) Operating transfers out (9,267,058) (9,267,058) - - (650,709) (650,709) Total other financing sources (uses) (9,267,058) (9,267,058) - 181,175 (650,709) (331,884) Excess (deficiency) of revenues and other financing sources over expenditures and other uses - 623,313 623,313 (1,100,000) (1,314,572) (214,572) Fund balance at beginning of year 284,049 284.049 - 7,554,663 7,554,663 - Fund balance at end of year $ 284,049 $ 907,362 $ 623,313 $ 6,454,663 $ 6,240,091 S (214,572) See accomp.mying noted to financial statements T `.+ (1) Does not include funds for which budgets have not been adopted, See Note 20)(5) EXHIBIT V CITY OF MTAMI, FIDRIDA COMBINED STATEMENT OF REVENIJES, EXPENSES AND CHANGES IN FUND EQUITY ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 1983 Totals InternnI (Memorandum Only) Enterprise Service 1983 , 1982 Operating revenues: Charges for services $12,852,475 $16,473,113 $29,325,588 $22,535,317 Operating expenses: Personal services 4,760,612 5,923,736 10,684,348 8,873,236 Contractual services 2,184,308 1,077,251 3,261,559 2,730,707 Materials and supplies 1,303,577 3,559,025 4,862,602 4,I97,871 Utilities 1,404,459 1,483,757 2,888,216 1,167,098 Intragovernmental charges 857,113 - 857,113 800,248 Other 1,565,510 384035 1,950,445 2,306,485 Total 12,075,579 12,428,704 24,504,283 20,075,645 Operating income before depreciation expense 776,896 4,044,409 4,821,305 2,459,672 Depreciation expense 2,496,454 2,521,153 5,017,607 3,185,787 Operating income (loss) (1,719,558) 1,523,256 (196,302) (726,115) Nonoperating revenues (expenses): Interest 2,121,805 372,872 2,494,677 1,304,193 = Interest and fiscal charges (7,318,305) - (7,318,305) (1,354,341) Other 499,539 89,981 589,520 358,172 Net nonoperating - revenues (expenses) (4,696,961) 462,853 (4,234,108) 308,U24 —_ income (loss) before operating transfers (6,416,519) 1,986,109 (4,430,410) (418,091) =_ Operating transfers in 5,059,668 281,838 5,341,506 916,127 Operating transfers out - (281,838) (281,838) (204,631) Net operating transfers 5,059,668 - 5,059,668 711,496 ,z Net income (loss) (1,356,851) 1,986,109 629,258 293,405 =_ Retained earnings at beginning of year 7,736,603 10,171,229 17,907,832 17,614,427 Retained earnings at end of year 6,379,752 12,157,338 18,537,09U 17,907,832 Contributed capital at - beginning of year 44,701,294 7,204,939 51,906,233 42,938,782 Contributions from other funds, net 1,095,754 66U,364 1,756,118 2,340,871 Other contributions 8,206,09U - 8,206,090 3,287,080 Equity transfers from ocher funds 82,500 - 82,500 3,339,500 Contributed capital at end of year 54,085,638 7,865,303 bl,950,941 51,906,233 Total fund equity $60,465,390 $20,022.64l $$80,488,031 �69,814,0b5 See accompanying notes to financial statements 50 S4 -60 ' CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION ALL PROPRIETARY FUND TYPES YEAR ENDED SEPTEMBER 30, 1983 Enterprise Working capital provided by (applied to): Operations: Net income (loss) $(1,356,851) Items not requiring current outlays of working capital: Depreciation and amortization 2,656,504 Dispositions and transfers of property, plant and equipment 98,242 Total provided by (applied to) operations 1,397,895 Other: Decrease in restricted accounts 6,730,443 Contributions and equity transfers, net 9,384,347 Proceeds from long-term debt - Increase in other liabilities 49,454 Total 17,562,139 Working capital applied: Additions and transfers of property, plant and equipment, net 12,858,029 Reduction of revenue bonds payable 237,164 Increase (decrease) in due from other governments, long-term (4,094,000) Increase (decrease) in other assets, net (116,6U2) Total 8,884,591 Increase (decrease) in working capital $ 8.b77,548 Summary of increases (decreases) in working capital: EXHIBIT VI Totals Internal (Memorandum Only) Service 19B3 1982 $1,986,109 $ 629,258 $ 293,405 2,521,153 5,177,657 3,283,231 370,449 468,691 237,847 4,877,711 6,275,bO6 3,814,483 6,73U,443 14,934,73b 660,364 10,044,711 8,967,451 - - 10,446,187 - 49,454 - 5,538,075 23,100,214 38,162,857 2,473,247 15,331,27b 46,849,457 - 237,164 190,000 - (4,094,000) 2,245,984 - (11b,b02) 8671181 2,473,247 11,357,838 50,152,622 i3,064,828 $11,742,376 $(11,989,765) Cash and investments $ 7,bll,668 $3,044,13b $10,05,8U4 Accounts receivable, net 919,238 4,b91 923,929 Due from other governments 4,094,000 - 4,094,000 Inventories 29,728 (0,890 (38,ib2) Prepaid expenses (8,653) - (8,b53) Accounts payable and accrued expenses (278,799) 83,891 (194,908) Due to/from other funds (3,764,242) - (3,7b4,242) Deposits refundable (7,595) - (7,595) Deferred revenue 82,203 - 82 2U3 Increase (decrease) in working capital $ 8,677,548 $3,064,828 $11,742,37b See accompanying notes to financial statements 51 $(13,951,90) 3,81b,542 2U8, 4o3 2,103 (764.355) (1,U49,176) (2,849) (248,4b6) S(11,989,765) 84-60C CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 I. General Description The City of Miami, in the County of Dade, was incorporated in 1996, and comprises approximately 34 square miles of land and 20 square miles of water. The City operates under the Commission/City Manager form of government and provides the following services as authorized by its charter: public safety, public works, solid waste, parks and recreation, and community development. The County is a separate governmental entity and its financial statements are not included in this report. The Florida Legislature, in 1955, approved and submitted to a general election, a constitutional amendment designed to give a new form of government to the County of Dade. The County is, in effect, a municipality with governmental powers effective upon twenty—seven cities and unincorporated areas, including the City of Miami. It has not displaced or replaced the cities, but supplements them. The County can take over particular activities of. the City's operations (1) if the services fall below minimum standards set by the County Commission, or (2) with the consent of the governing body of the City. Since its inception, the Metropolitan County Government has assumed responsibility on a county —wide service basis for a number of func— tions, including countv-wide police services, complementing the municipal police service; uniform system of fire protection, com— plementing 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 trans— portation 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 govern— ments. 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 52 84-60CI CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 2. Summary of Significant Accounting Policies and Reporting Practices, Continued 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 principal, interest and related costs. Capital Projects Funds - Capital Projects Funds are used to account for financial resources to be used for the acquisi- tion or construction of major capital facilities (other than those financed by Proprietary Funds). 53 84-00C. 4 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 2+ Summary of Significant Accounting Policies and Reporting Practices, Continued The Capital Projects Funds include the Capital Improvements Fund which was origi.natly established by ordinance in connec- tion with special obligation bond issues which established a lien on certain franchise taxes. Although the lien on the franchise taxes is no longer applicable, the City continues to record such revenues in the Capital Improvements Fund or in the General Fund based on budgetary considerations. Separate Capital Projects Funds are maintained to account for project expenditures funded by general obligation bond proceeds. Expenditures for projects with multiple funding sources are accounted for in the Capital Improvements Fund. PROPRIETARY FUNDS Proprietary funds are used to account for a City's organizations and activities which are similar to those often found in the private sector. This means that all assets, liabilities, equities, revenues, expenses and transfers related to the City's business activities -- where 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 acti- vities from the General Fund or other discretionary funds (see Note 13). 54 84-600 7 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 2. Summary of Significant Accounting Policies and Reporting Practices, Continued 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, particu- larly 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. Operations of the Communications Services Fund were expanded during the year to include regular telephone services and related maintenance for general operating departments, which were previously accounted for in the General Fund. 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 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 avail- able 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 and outstanding principal balances of long-term debt, other than revenue bonds payable recorded in the enterprise funds. 55 84-60C Auk CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued Z• Summary of Significant Accounting Policies and Reporting Practices, Continued (B) Financial Reporting Entity For financial reporting purposes, in conformance with NCGA 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) 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 14. 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 10 and 14), 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 measure- ment focus applied. All Governmental Funds and Expendable Trust Funds are accounted for using; the modified accrual basis of accounting. Their revenues are recognized in the period in which they become susceptible to accrual -- that is, when they become measurable 56 84-60C V CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 2, Summary of Significant Accounting Policies and Reporting Practices, Continued and available to pay liabilities of the current period. Ad Valorem taxes, utility and franchise taxes, licenses and per- mits, fines and forfeitures, and charges for services are susceptible to accrual when collected in the current year or within 60 days subsequent to September 30, prodded that amounts received pertained to billings through the fiscal year dust ended. Occupational licenses revenues collected in advance of periods to which they relate are recorded as deferred revenues. Investment earnings are recorded as revenue when earned since they are measurable and available. Where grants revenue is dependent upon expenditures by the City, revenue is accrued as obligations are incurred. Special assessments are considered susceptible to accrual when collected in the current year or within 00 days subsequent to September 30, provided that amounts received pertain to liens assessed prior to the end of the current fiscal year. The special assessment receivables at year-end of $7,782,469, of which $652,000 are delinquent, are shown net of deferred rev- enues of $7,479,000. 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. 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 re- sources. Exceptions to this general rule include accumulated unpaid vacation, sick pay and other employee benefits which are not accrued, and 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. (D) Budgets and Budgetary Accounting The City follows these procedures in establishing the budgetary data reflected in the financial statements: (1) Prior to August 31, the City Manager submits to the City Commission a proposed operating; budget for the fiscal year 0 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 2. Summary of Significant Accounting Policies and Reporting Practices, Continued commencing the following October 1. The operating budget includes proposed expenditures and the means of financing them. (2) Public hearings are conducted to obtain taxpayer comments. (3) Prior to October 1, the budget is legally enacted through passage of an ordinance. (4) Encumbrance accounting, under which purchase orders, con- tracts, and other commitments for the expenditure of monies are recorded in order to reserve that portion of the appli- cable appropriation, is employed in the General and Capital Projects Funds. On a non-GAAP budgetary basis, encum- brances are recorded as expenditures of the current year. On a GAAP basis, encumbrances outstanding; at year-end are reported as reservations of fund balance since they do not constitute expenditures or liabilities. (5) Annual operating; budgets for the General, Special Revenue and Debt Service Funds are adopted on a basis substantially -_ consistent with generally accepted accounting; principles (GAAP) except that budgetary comparisons for the General Fund include encumbrances as expenditures. Adjustments necessary to compere the results of opera - rations in the General Fund on a GAAP basis to that on a Non-GAAP budgetary basis for the year ended September 30, 1983 are as follows: Excess of revenues and other financing; sources over ex- penditures rand other uses (GAAP basis) Less encumbrances at September 30, 1983 Plus encumbrances at September 30, 1982 Excess of revenues and other financing; sources over ex- penditures and other uses (Non-GAAP budgetary basis) 58 $2,225,117 (1,493,805) 2,057,724 $2�,789, 036 84-60C CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 2. Summary of Significant Accounting, Policies and Reporting Practices, Continued For 1983, annual operating budgets were not adopted for the following Special Revenue Funds: Community Development, Cable T. V. 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. Subsequent to September 30, 1983, the outstanding fund balances of the inactive Debt Service Funds totaling $836,893 were appropriated into the Capital Improvements Fund. Budgeted amounts are as originally adopted, or as amended by the City Commission through the year. (6) Upon request of the City Manager, the Commission may transfer any part of an unencumbered balance of an appro— priation to a purpose or object for which an appropriation for the current year has proved insufficient, or may authorize a transfer to be made between items appropriated to the same office, department or division. At the close of each fiscal year, the unencumbered balance of each appropriation reverts to the fund from which it was appropriated and shall he subject to future appropriations. (E) Pooled Cash and Investments The City maintains an accounting system in which substantially all cash, investments and accrued interest are recorded and maintained in a separate group of accounts. All such cash and investments, including accrued interest, are reflected as pooled - cash and investments. Interest income is allocated based upon the approximate proportionate balances of each f.und'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 approx— imates market. All investments consist of U.S. government obligations and time deposits with approved financial institu— tions. At September 30, 1983, accrued interest on investments amounted to approximately $1 ,58b,000. 59 84'-60C CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 2. Summary of Significant Accounting Policies and Reporting Practices, Continued A summary of equity and deficit balances of pooled cash and investments as of September 30, 1983 is as follows: Equity in pooled cash and investments per Exhibit I Assets $87,745,861 Deficit in pooled cash and investments, per Exhibit I Liabilities (1,642,062) Total pooled cash and investments 586,,103,799 At September 30, 1983, the net deficit in pooled cash and investments of the enterprise funds results primarily from the Convention Center ($2,652,291) due to an operating deficit in its initial year of operations. The deficit in pooled cash and any future Convention Center operating deficits are expected to be covered by transfers from certain reserve funds or by transfers of future franchise tax revenues. (F) Inventories Inventories are valued at the lower of cost (first —in, first — out basis) or net realizable value. Inventory in the Internal Service Funds consists of expendable supplies held for consumption. (G) Accumulated Unpaid Vacation, Sick Pay, and Other Employee Benefit Amounts Accumulated unpaid vacation pay is accrued when incurred in Proprietary funds. Such amounts have not been accrued in the Governmental fund types. Under terms of Civil Service regulations, labor contracts 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 (see Note 13). (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 components of such charges follows: 60 s4-soy CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 2. Summary of Significant Accounting Policies and Reporting Practices,_ Continued Project Management - The Public Works Department charges major capital improvement projects of the City for design, survey and inspection services. These charges are based on direct labor charges plus an overhead factor for adminis- trative expenses of the engineering division, and totaled approximately $1,500,000 for fiscal 1983. Indirect Cost Allocation - The General Fund charges other funds for general and administrative expenses to allocate certain overhead costs as determined under a central services cost allocation plan. Such charges approximated $660,000 for fiscal 1983. (I) Bond Discount and Issuance Costs Discounts on revenue bonds payable are amortized using the interest method over the life of the bonds. Bond issuance costs are capitalized and amortized on a straight-line basis over the life of the bonds. (J) Property, Plant and Equipment Property, plant and equipment used in Governmental Fund Type operations (general fixed assets) are accounted for in the General Fixed Assets Account Group. Public domain ("infra- _ structure") general fixed assets consisting of certain improve- ments other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting; systems, are capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets. 411 property, plant and equipment are valued at historical 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 pro- prietary 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: 61 84-60C CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 2. Summary of Significant Account in Policies and Reporting Practices, Continued 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 borrowings (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. Interest capitalized into construction in 1983 is summarized as follows: Total interest incurred $ 1,126,397 Total interest earned (450,364) Net Capitalized Interest 4_,_676,_033 (K) Total Columns on Combined Statements — Overview Total columns on the general purpose financial statements are captioned "Memorandum Only" to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of opera— tions, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund and inteafund eliminations have not been made in the aggregation of this data. (L) Reclassifications Certain reclassifications of the 1982 balances were made to conform with the 1983 presentation. 3. Property Tax Property taxes are levied on January 1 and are payable on November 1, with discounts allowed of one to four percent if paid prior to March 1 of the following calendar year. All unpaid taxes on real and personal property become delinquent on April 1 and bear interest 62 84-'00C --R t.:�x CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 3. Property Tax, Continued at 18% until a tax sale certificate is sold at auction. Dade County bills and collects all property taxes for the City, and sells tax certificates for delinquent taxes. The assessed value of property, as established by the Dade County Assessor of Property, at September 30, 1982, upon which the 1982-83 levy was based, was approximately $7,738,000. The City is permitted by Article 7, Section 8 of the Florida Constitution to levy taxes up to $10 per $1,000 of assessed valuation for general governmental services other than the payment of principal and interest on general obligation long-term debt. In addition, unlimited amounts may be levied for the payment of principal and interest on general obliga- tion 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 obliga- tion long-term debt) for the year ended September 30, 1983, was $9.06 per $1,000. The debt service tax rate for the same period was $1.67 per $1,000. 4. Due from/to Other Funds Due from/to other funds are loans from one fund to another for specific purposes. At September 30, 1983, the balance in due from/to other funds consisted of the following: Fund General Special Revenue: Downtown Develop- ment Authority Other Funds Capital Projects: Housing Capital Improvements Parking Facilities Enterprise: Orange Bowl Stadium Convention Center Off -Street Parking Parking Garage 63 Due from Due to Other Funds Other Funds $ 135,000 137,850 3,077,016 S - 126,687 135,000 551,076 254,326 404,000 19,373 1,992,783 187,825 80,536 50,000 621656 $3,607.064 $3,607,U64 84-60C CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL, STATEMENTS September 30, 1983 Continued 5. Due from Other Governments Amounts due from other governments primarily represents amounts relating to grants awarded by other governmental agencies, Federal Revenue Sharing monies and other receivables from state and local governments. 6. Property, Plant and Equipment A summary of changes in general fixed assets is as follows: Balance October 1, 1982 Land $ 20,228,445 Building and improvements 23,996,238 Machinery and equipment 15,105,953 Improvements other than Buildings 122,961,366 Construction in Additions Deletions and and Transfers Transfers $ 507,605 $ 75,111 Balance September 30, 1983 - $ 20,736,050 - 24,071,349 2,263,925 206,414 17,163,464 1,363,543 - 124,324,909 progress 58,088,145 23,475,327 9,408,481 72,154,991 Total S240,_.1i0, 147 5,�27�685 511 59, 614895 5�258,,450763 A summary of proprietary fund type property, plant and equipment at September 30, 1983, is as follows: Internal Enterprise ' Service Land $ 10,984,934 $ 264,873 Buildings and improvements 128,205,180 6,454,401 Machinery and equipment 3,730,152 15,680,395 Construction in progress 1,5369686 Total 144,456,952 22,399,669 Less accumulated depreciation 18,400,621 82450,330 Net Syl+?fi,�U56�331 S13,.949�I31 64 84-60C. CITY OF MIAMI, FLORIDA l NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1983 Continued 7. Long -Term Debt The following is a summary of changes in long -team debt of the City for the year ended September 30, 1983 (in thousands of dollars): General Long -Term Debt Enterprise Fund Debt U General Special ' Obligation Obligation Claims Lease Revenue Bonds Bonds Payable Payables Total Bonds Balance at October 1, 1982 $116,010 $ 900 $ 11,660 $ 1,452 $130,022 $ 85,005 New bonds issued: General obligation bonds 25,000 - - - 25,000 - Increase in claim liabilities - - 6,370 - 6,370 - Debt retired (9,990) (150) - (378) (10,518) (194) Balance at September 30, 1983 131,020 $ 750 118,,030 Si 1,0074 $150,874 84,811 i 0 7. CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued Long -Term Debt, Continued Bonds payable at September 30, 1983, are comprised of the following issues : General and special obligation bonds: $20,000,000 Police Headquarters Improvement bonds; six issues, maturing through 1997; interest at rates ranging from 3% to 7.5% $ 11,860,000 $26,000,000 Storm Sewer Improvement bonds; ten issues, maturing through 2013; interest at rates principally ranging from 2.5% to 9.25% 17,770,000 $44,640,000 Public Parks and Recreation Facilities bonds; five issues, maturing through 2003; interest at rates ranging from 3.5 to 7.5% 27,180,000 $57,000,000 Sanitary Sewer Improvement bonds; nine issues, maturing through 2013; interest at rates ranging from 1/10% to 9.25; 27,600,000 $23,000,000 Street and Highway Improvement bonds; six issues, maturing, through 2013; interest at rates ranging from 3:% to 9.25% 14,765,000 $57,210,000 Other issues, maturing; through 2013; interest at rates principally ranging from 1% to 9.25% 32,595,000 2131,7701000 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 8.75 $ 6U,000,00U $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% 10,400,000 $16,675,000 off -Street Parking revenue bonds, maturing through 2009 at varying; rates of interest ranging from 4.5a to 11.9 14,280,000 $225,000 Orange Bowl Warehouse Revenue bonds, maturing through 1989; interest at 6.5% 131,000 66 $ 84,811,000 84-60C' CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 7. Long -Term Debt, Continued The annual requirements to amortize all bonds outstanding as of September 30, 1983, including interest payments of $244,011,000 are as follows (in thousands of dollars): Year Ending General Special September 30 Obligation Obligation Revenue 1984 $ 15,065 $ 173 $ 8,025 1985 17,662 168 8,032 1986 17,468 163 8,081 1987 16,118 157 8,085 1988 15,162 153 8,088 1989-93 59,049 - 42,435 1994-98 39,492 - 45,400 1999-2003 16,874 - 44,768 Thereafter 3,336 86,638 J200,226 $ 814 25,9 55 2 The various bond indentures contain significant limitations and restrictions on annual debt service requirements, maintenance of and flow of monies through various restricted accounts, minimum amounts to be maintained in various sinking funds, and minimum revenue bond coverages. A summary of major provisions and significant debt service requirements 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 obligation debt outstanding is limited by the City charter to fifteen percent of the assessed non-exempt property value. At September 30, 1983, the statutory limitation for the City was approx- imately $1,160,000,000 providing a debt margin of approximately $1,035,000,000 after consideration of the $131,020,000 of general obligation bonds outstanding at September 30, 1983, less approx- imately $6,065,000 available in the Debt Service Fund. General obligation bonds authorized but unissued at September 30, 1983, totalled approximately $112,475,000. 67 soy-so0 _1W CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 7. Long -Term Debt, Continued The annual requirements to amortize all bonds outstanding as of September 30, 1983, including interest payments of $244,011,000 are as follows (in thousands of dollars): Year Ending General Special September 30 Obligation Obligation Revenue 1984 $ 15,065 $ 173 $ 8,025 1985 17,662 168 8,032 1986 17,468 163 8,081 1987 16,118 157 8,085 1988 15,162 153 8,088 1989 -93 59,049 - 42,435 1994 -98 39,492 - 45,400 1999-2003 16,874 - 44,768 Thereafter 3,336 - 86,638 20Si O,Z26 814 §Z59_,552 The various bond indentures contain significant limitations and restrictions on annual debt service requirements, maintenance of and flow of monies through various restricted accounts, minimum amounts to be maintained in various sinking funds, and minimum revenue bond coverages. A summary of major provisions and significant debt service requirements 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 obligation debt outstanding is limited by the City charter to fifteen percent of the assessed non-exempt property value. At September 30, 1983, the statutory limitation for the City was approx- imately $1,160,000,0U0 providing a debt margin of approximately $1,035,000,000 after consideration of the $131,0210,000 of general obligation bonds outstanding at September 30, 1983, less approx- imately $6,065,000 available in the Debt Service Fund. General obligation bonds authorized but unissued at September 30, 1983, totalled approximately $112,475,000. 67 s4-soG CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 7. Long -Term Debt, Continued $60,000,000 Convention Center and Parking Garage Revenue Bonds - Debt service is provided by a pledge of net revenues of the Conven- tion Center -Garage, a pledge of certain telephone and telegraph excise tax revenues, and by a covenant and agreement of the City to provide, to the extent necessary, revenues of the City, other than ad valorem property tax revenues, sufficient to make up any deficiency in certain of the required restricted funds and accounts. Various funds and accounts to be held by the Trustee are to be established under the terms of the Trust Indenture pursuant to which the bonds are being issued. Those funds or accounts pertaining to these provisions include the Revenue Fund, Bond Service Account, the Redemption Account, the Reserve Account, the Construction Fund, the Supplemental Reserve 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 will be deposited into the Revenue Fund. Amounts in the Revenue Fund will then be used to pay the current operating expenses of the Convention Center. ° Bond Service Account (Interest Account and Principal Account) - These accounts are established for the purpose of accumulating the monthly deposits for interest on the bonds and to accumulate the monthly deposits for the annual principal payment of the serial bonds. ° Redemption Account - This account is established for the purpose of accumulating the monthly deposits for the annual principal payment of the term bonds. ° Reserve Account - This account shall be 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 shall be insufficient for such purpose; provided that money in, first, the Surplus Fund, second, the Supplemental Reserve Fund and, third, the Renewal and Replacement Fund shall be applied to make Up any such deficiency in the Bond Service Account or the Redemption Account before any money in the Reserve Account is disbursed for such purpose. 68 84-60C A a CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 7. Long -Term Debt, Continued ° Construction Account - This account is comprised of the net proceeds of the Bond issue, exclusive of reserve requirements and other funds to be held by the Trustee. ° Supplemental Reserve Fund - This fund is to provide for payment of current operating expenses and/or 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 fiscal year. ° Renewal and Replacement Fund - This fund provides for the payment of the costs of unusual or extraordinary maintenance or repairs, renewals, replacements, and engineering and ar- chitectural 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 accumulate monies, if any, in excess of current operating expenses, debt service on the bonds, and monies required in any and all funds and accounts pursuant to the Trust Indenture securing; the Bonds. The Trust Indenture provides that the gross revenues of the Convention Center -Garage will be deposited, as received, with the Trustee to the credit of the Revenue Fund. The Trustee shall transfer from the Revenue Fund, on a monthly basis, all money remaining in the fund in excess of current expenses to the following accounts or funds in the following; order: a) to the Bond Service Account, an amount equal to the sum of (i) an amount equal to one -sixth (1/6) of the interest payable on all the outstanding bonds on the next ensuing interest payment date; and (ii) commencing; in January 1989, an amount equal to one -twelfth (1/12) of the next maturing; installment of principal of all serial bonds; b) to the Redemption Account, commencing in January 2001, an amount equal to one -twelfth (1/12) of the principal amount of the term bonds required to be retired on the next succeeding; January 1; 69 84--GOC CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL, STATEMENTS September 30, 1983 Continued 7. Long -Term Debt, Continued c) to the Reserve Account, such amount, if any, of any balance remaining after making the deposits under the two preceeding provisions, as may be required to make the amount then held for the credit of the Reserve Account equal to the maximum annual principal and interest requirements for the current or any succeeding fiscal year; d) to the Renewal and Replacement Fund, commencing in October 1982, one -twelfth (1/12) of $100,000 and one -twelfth (1/12) of such additional amount, if any, which a consultant retained for such purpose in its latest written report prepared pursuant to the Trust Indenture shall have recommended; e) to the Supplemental Reserve Fund, such amount, if any, as may be required to make the amount then held for the credit of the Supplemental Reserve Fund equal to Two Million Five Hundred Thousand Dollars ($2,500,000); f) to the Surplus Fund, the balance, if any, of the amount so withdrawn. At September 30, 1983, the City had on deposit with the Trustee for these bonds approximately $11,2b8,000, exclusive of accrued interest receivable, in the required restricted funds and accounts. $10,400,000 Parking Revenue Bonds - Debt service is provided by a pledge of net revenues of the Parking Garage - Downtowns Government Center and utilities services taxes collected by the City from the sale of water and gas in an amount not to exceed 125% of the maximum principal and interest requirements in any current or subsequent fiscal year. A reserve must be maintained equal to the maximum annual debt service requirement. Various funds and accounts held by the Trustee include the Revenue Fund, Construction Fund, Bond Service Account, Redemption Account, Reserve Account and the General Reserve Fund. The nature, purpose and funding requirements of these funds and accounts are similar to those described above relative to the Convention Center. At September 30, 1983, the City had on deposit with the Trustee for these bonds approximately $2,214,000 in various reserve accounts and approximately $222,000 in a restricted con- struction account. 70 s4—s©c n CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 7. Long -Term Debt, Continued $16,675,000 Off -Street parking Revenue Bonds - Debt service is payable solely from the revenues of the off-street parking facili- ties. At September 30, 1983, the City had on deposit with the trustee for these bonds approximately $4,156,000 in various reserve accounts as follows: ° Renewal and Extension Fund - Used for paying all or a part of the cost of unusual or extraordinary maintenance or repairs, purchases of equipment and parking meters, and funding the cost of extensions or improvements to existing facilities. ° General Reserve Fund - Used for paying principal and interest on the Series "1980" Bonds and other debts. ° Construction Fund - Used for paying all costs associated with the addition to Garage No. 3. Interest and Sinking Fund - Consists of the following accounts: Bond Service Account - Used for paying current principal and interest on the Series "A" through "C" Bonds. Bond Reserve Account - Used to pay principal and interest on the Bonds if the monies held in the Bond Service Account are insufficient for this purpose. Bond Redemption Account - Used for the purchase or redemption of the Bonds in advance of maturity. Subsequent to September 30, 1983, the Department of Off -Street Parking issued $13,860,000 of Parking System Revenue Bonds, Series 1983 (the "Series 1983 Bonds"). The proceeds from the sale of the Series 1983 Bonds, together with amounts transferred from several of the restricted funds established for the currently outstanding bonds, were deposited into an escrow fund that will be used to refund the Department's currently outstanding Parking Facilities Revenue Bonds. The interest rates of the Series 1983 Bonds range from 6.00% to 10.375%. The restricted funds established for the currently outstanding bonds have been replaced by several accounts relating to the Series 1983 Bonds. In the event the amounts deposited in the escrow fund, and 71 84--60C CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 7. Long-Termt Debt, Continued the interest thereon, are not sufficient to pay the currently outstanding bonds as they become due and payable, the holders of the currently outstanding bonds will have a claim upon net revenues of the Department of Off -Street Parking superior to the claim of the holders of the Series 1983 Bonds. 8. Changes in Agency Fund The City's Agency Fund is used to account for the $2,000,000 re- fundable deposits by the Cable T.V. licensee and interest thereon, which is payable to the licensee. The changes in the City's Agency Fund are as follows: Deposits and accrued interest payable, beginning of year $2,076,876 Interest earned 208,721 Interest paid to licensee (238,975) Deposits and accrued interest payable, end of year $2,046,622 9. Fund Equity The following individual funds have deficit fund equity at September 30, 1983: Fund Amount Capital Projects - Parking Facilities $ 180,685 Special Revenue - Downtown Development Authority 43,047 Internal Service - Print Shop 163,446 The above deficits will be eliminated by increasing interfund charges, or by contributions from the General Fund. The expenditures in the Downtown Development Authority exceeded the appropriations by $84,119 for the year ended September 3U, 1983. 72 s4-600 -9 f 1 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL, STATEMENTS September 30, 1983 Continued 9. Deficit Fund Equity, Continued Fund equity in the enterprise funds at September 30, 1983, consists of the following: Off -Street Parking Convention Center Parking Garage Other See Note 12 for prise funds. Retained Earnings Reserved for Construction and Revenue Bond Retirement Unreserved $ 3,164,755 8,315,467 1,869,002 13 349 , 224 $ 4,628,140 (12,499,465} (2,247,668) 3.149.521 _ 6L969,472) Contributed Total Capital Fund E uq ity S 6,453 S 7,799,348 41,917,798 37,733,800 633,900 255,Z34 11,527,487 14,677,008 �54,085,638 $60_,465_,,390_ selected financial information regarding the enter- 10. Retirement and Deferred Compensation Plans The City sponsors two defined benefit contributory pension plans covering substantially all employees: Miami City Employees' Retire- ment System (System) for police officers and fire fighters and Miami City General Employees' Retirement Plan (Plan) for sanitation workers and general employees. The System and Plan are not included in the the City's financial. statements (see Note 2(B)J. The Pension Administration Fund of the City (expendable trust fund) charges each department of the City and other governmental contributors their respective share of the required contribution (approximately $17,850,000 and $530,000, respectively, in 1983) which is disbursed by the Pension Administration Fund to the System and Plan. During fiscal 1983, approximately $15,450,000 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 $475,000. The excess of charges over ac- tuarial requirements and other expenditures for 1983 has been desig- nated for future pension contributions. Substantially all amounts funded by the City were contributed by the General Fund, and the remainder by various other funds, principally Enterprise, Internal Service, and certain grant funds. The City's contribution to the plans and the adopted funding policy are the subject of certain litigation (see Note 14). 73 L04,1GISM119 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 10. Retirement Plans. Continued Other information relating to the retirement plans is as follows: System Plan Date of most recent actuarial valuation January 1, 1983 October 1, 1982 Present value of accumulated plan benefits - vested $153,174,000 $123,625,000 Present value of accumulated plan benefits - nonvested $ 7,131,000 $ 4,153,000 Assets available for plan benefits $119,305,000 $ 67,193,000 Assumed rate of return 7% 8% Assets available for plan benefits presented above for the Plan and System are exclusive of any contributions claimed to be due from the City which are the subject of the pension litigation and related matters described in Note 14. The City also sponsors two deferred compensation programs for its employees. At September 30, 1983, participants' accounts totaling approximately $2,285,000 were recorded as an asset and corresponding liability in the Pension Administration Expendable Trust Fund. One of the plans provides for a City contribution of 8% of base salaries of participating employees, which was approximately $114,500 for 1983. 74 84-60C ' CITY OF NIAMI, FLORIDA NOTES TO FINANCIAL STAI6HEmTS September 30` 1983 Continued l�-Self-insurance dab1e trust fund to administer insurance activities relating The City maintains a self-insurance evpcnideoc and :eulcv and °°^==^~ compensation. � to certain property and liability risks, group accbaeed upouumouocs determined by maoa�emeot to be Charges to participating operating departments are cal year. The estimatedliabilityt necessary to meet the required annual payouts dur1ug the cio insurance claims includes the estimated future liability on a case -by -case basis for all pending m»unc for claims incurred but not reported. The unfunded claims and an actuarially determined aliabili�y"wi b is expected to be funded from future long-term portion of tile total estimated nt group (GLTD) and amounted to ayProx- nperacionx, is reflected in the general long-term oeoc accou t September 3U }983 imatelv $\0.U3(),()03 as o cp , , as follows: Self insurance Claims Payable (Current Portion)_ (&) Workers Compensation All workers compensation costs are paid from the self- insurance fond, with all departments of the City being assessed x Charge based upon annual cash requirements. As claims are reported, they are investigated by claims personnel, and an c��imate uf liability on a case -by -case peram ` The estimate(] liabilities are peri- odically reviewed and revised basis i, established.estimate(]aims develop. Most ,cc several years. � ���»K&& liability in this area will be payable n GLT Claims Payable 17 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 11. Self -Insurance, Continued Self Insurance GLTD Claims Payable Claims Payable (Current Portion) (Non -current) (B) General Coverage Departments of the City are assessed for property and casualty coverage based upon the cash requirements of the self-insurance fund and their relative share of the total risk. The City has continued to purchase certain casualty insurance for which the premium is small in relation to the coverage provided. The City is fully insured, subject to a $10,000 de- ductible, for all property loss exposures. As casual- ty claims are reported, they are investigated by claims personnel and an estimate of liability on a case -by -case basis is established. 571,316 7,490,000 (C) Group Accident and Health Employees and retirees of the City contribute through payroll or pension deductions to the cost of group bene- fits. The remainder of the funds necessary are contribu- ted by the City based upon the number of participants in the plan. The amount of claims at September 30, 1983 represents payments made by the City in October and November on claims incurred at September 30, 1983 1,285,865 - $ 2,294,292 $18,0y0 000 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1983 Continued 12. Segment Information - Enterprise Funds The City maintains twelve enterprise funds which provide various recreational, convention and parking facilities. Selected financial information for the fiscal year ended September 30, 1983 is as follows: Operating revenues J J Depreciation expanse Operating income (loss) Nonoperating revenues (expenses) and operating transfers Net income (loss) Contributions and equity transfers Total equity Total assets Property, giant and equipment: Additions and transfers, net Bonds payable Net Working capital (deficit) Off -Street Convention Parking Parking Stadiums Center Marinas Auditoriums Golf Garage Total $ 5,758,435 $ 2,326,954 S 2,025,583 $1,181,613 $ 608,431 $ 951,459 S - $ 12,352,475 723,558 548,949 757s998 161,298 189,708 47,343 67,600 2,496,454 1,568,717 (762,145) (1,962,921) 457,933 (545,647) (258,230) (217,215) (1,719,558) _ (767,252) 511,955 _ 163,484 _ 87,846 425,142 69,871 (128,339) 352,707 801,465 (250,190) (1,799,437) _ 545,779 (120,505) (188,409) (345,554) (1,356,351) 6,453 1,216,200 7L481,555 63,b78 (23,442) - 533,906 9,384,YQ . 7,799,348 7,560,175 37,7331800 3,243,854 31073,010 799,969 255,234 0,465,390 23,732,606 8,085,815 105,758,253 _1,9771544 _ 3,864,975 935,999 11,386,732 155,741,974 1,090,724 380,053 5,528,236 310,757 2,383 121,393 5,423,973 12,358,029 14,280,000 131,000 _60,000,000 - - - _.u,4C0,00O 34,311, t;O 538,046 3,403 (25,435) 1,266,310 (777,724) (125,253) _ (114,633) 764,709 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 13, Commitments and Contingent Liabilities Contingent liabilities relating to litigation are described in Note 14. Federally Assisted Grant Programs The City participates in a number of Federal and State grant pro- grams, principally Federal Revenue Sharing, Comprehensive Employment and Training Act (CETA), Community Development Block Grant and Economic Development Administrative grants. These programs are subject to financial and compliance audits by grantors or their representatives. Under the terms of these grants, periodic audits are required. Independent financial and compliance audit reports have been issued covering selected grants. Audits of certain other programs have not yet been performed. City management believes that ultimate reimbursement, if any, to the grantor agencies will not be material. Employee Benefits _ 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 collective 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 Vacation time is accrued annually in arrears, subject to a limita- tion of a maximum of 80 hours that may be carried forward from prior years. The full amount of vacation time, if not used by the employee, is payable upon separation of service, subject to various i 78 84-60C. CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 13. Commitments and Contingent Liabilities, Continued limitations depending upon the employee's seniority and civil service classification. The City recorded liabilities of $205,000 and $301,000 as of September 30, 1983, in the Enterprise and Internal Service Funds, respectively, for accrued vacation pay. The contingent liability for accrued vacation pay relating to employees of the governmental fund types is estimated not to exceed approximately $6.1 million. Payment of sick leave and earned time varies according to the em- ployee's seniority and civil service classification. At September 30, 1983, the City and recorded accrued earned time payable in the General Fund of approximately $557,000 for payment of city fire- fighters' accumulated earned time, paid in December 1983, as speci- fied by a collective bargaining agreement. Due to the uncertainties relating to the timing and amount of payments to be made to other city employees for earned time and sick leave, reasonable estimates of the liability at year-end are not determinable. Housing Bonds In February 1976, the Commission passed an ordinance which approved the issuance of $25,000,000 General Obligation Housing Bonds of the City for the purpose of providing housing for families and persons, including the elderly, of low and moderate income. At September 30, 1983, $6,900,000 of such City Housing Bonds were sold. Pursuant to agreements between the City and Dade County, certain of the proceeds of such bonds, as they are issued from time to time, will be deposited in trust in a reserve fund to provide additional security for certain housing revenue bonds to be issued by Dade County or will be capital contributions to Dade County for projects built within city limits. In the event the housing projects do not generate sufficient funds to service the County's debt, the pro- ceeds of the City's Housing Bonds will be used to pay principal and interest. If, 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, 1983, approximately $2,677,000 had been transferred to the trustee for debt service reserve requirements and the City's share of capital contributions for construction of low income housing. The amounts transferred to the trust account have been recorded as receivables in the capital projects funds and, due to the uncertainty of collection, an allowance for the full amount has been established. 79 84-60C 6 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 13. Commitments and Contingent Liabilities. Continued In addition, certain bond proceeds are to be used to finance land acquisition and related costs for the affordable rental housing development program. Financing is expected to be obtained by the issuance of approximately $7,500,000 of the housing bonds. 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 During 1978, the City of Miami commenced construction of a convention center, officially designated the City of Miami/University of Miami James L. Knight International Center (Convention Center), which 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, in- cluding two 30-year renewal options, for the sum of $2,906,000, paid as basic rent in advance in 1983. The City also entered into a lease and agreement for development with a private developer, of certain air space over a portion of the Convention Center for a hotel. The City also entered into an agreement with a separate private developer, to lease air space over a portion of the parking garage for a 30-story world trade center, currently under construc- tion. The lease is for a term of 45 years, with a 45-year renewal option and provides for a base rent of S2,900,000 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 1983 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 collateralized under the trust indenture by a first lien on and pledge of the net revenues of the Convention Center -Garage, certain telephone and telegraph utility service taxes and by a covenant and agreement of the City to provide, to the extent necessary, revenues of the City other than ad valorem tax revenues, sufficient to make up any deficiency with respect to the payment of operating; expenses and 80 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 13. Commitments and Contingent Liabilities, Continued debt service and the maintainance of the reserves required under the bond indenture. The City has appropriated approximately $3,998,000 of franchise fee revenue for these purposes for the fiscal year ending September 30, 1984. It is anticipated that approximately $6,000,000 of such revenues will. be necessary thereafter on an annual basis through fiscal 1987 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 near the end of the fiscal year. 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 taxes sufficient to make up any deficiency in the required sinking fund reserves. The City has appropriated approximately $1,383,000 of franchise fee revenue for this purpose for the fiscal year ending September 30, 1984. Off -Street Parkin During April 1980, the Department of Off -Street Parking (the "Depart- ment") issued $8,725,000 Parking Facility Revenue Bonds of the City for the purpose of constructing a parking garage, acquisition of parking meters and improvements to existing parking facilities. The facility began operation in September 1981. In October 1983, the Department issued $13,860,000 of Parking System Revenue Bonds, Series 1983, for the purpose of refinancing the currently outstanding revenue bonds (see Note 7). 1 Under the terms of the Bond Ordinances, the City and the Department are required, among other things, to establish rates and collect fees and charges which will he sufficient at all times to (a) pay the cost of maintaining and operating related assets, (b) pay the principal and interest requirements of the outstanding revenue bonds and (c) create and maintain specitied reserves for such purposes. No Department or City assets are pledged to collateralize any out- standing debt and the City has no liability for any long-term debt of the Department. 81 ���� CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 14. Litigation The City of Miami relies primarily on its legal department acting under the direction of the City Attorney for legal advice, utilizing outside counsel when considered appropriate. Outside counsel has been retained to represent the City in the pension litigation de- scribed 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 pension plans totalling approximately $37,000,000, including interest of approximately $15,000,000, as of September 30, 1983. The plaintiffs claim that the City levied property taxes for "pension or relief" purposes and was required to, but did not, deposit all such revenues into the pension fund. Instead, a portion of these tax monies was used for the City's social security contributions, the City's required portion of premiums on group health and life insurance policies, payment of judg- ments on pension- related cases, the City's workers compensation obligations, and reimbursement to the City of pension -related expenses. Summary judgment on liability was entered against the City on two of eight counts of the complaint on October 9, 1979, upon a finding by the court that monies taxed for pension or relief purposes were improperly used by the City to pay off two judg- ments against the City and for contributions toward workers compensation obligations. The City filed an interlocutory appeal from the cotirt's ruling on the two counts as to which summary judgment was granted. On January 20, 1981, the Third District Court of Appeal affirmed in part and reversed in part the summary judgment. The City petitioned for rehearing, which petition was denied. Plaintiffs renewed their motions for summary judgment, and the City commenced additional discovery. Thereafter, the parties attempted to negotiate an out of court settlement of this matter, which negotiations are continuing. The City, System and Plan entered into investigations to deter- mine if the pension benefits paid to retired members of the retirement plans are and have been in compliance with the 82 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 14. Litigation, Continued variable annuity provisions of the City of Miami Code, which were effective from 1969. The potential liability, if any, for past and future benefits cannot be determined at this time. These issues are also being considered in the negotiations currently in process with respect to the aforementioned pension litigation. In a separate action (Board of Trustees vs. City of Miami), the Board of Trustees of each of the pension plans filed a petition for Writ of Mandamus, seeking to require the City to contribute an additional $4.2 million over and above the amount actually appropriated by the City for fiscal year 1980. The plaintiffs in each action contend that the City is required to contribute the amount that the pension Boards certify in accordance with actuarial reports prepared for the Boards. The City Commission in September 1979, adopted a policy limiting the increase in the portion of the pension contribution relating to the funding of the unfunded past service costs to five percent of the preceding year's amount. The State of Florida's Department of Administration has informed the City that this funding technique provides for an adequate and proper actuarial funding for the retirement plans, and meets the requirements of Part VII, Chapter 112, Florida Statues. The City has continued to follow this funding technique since 1980. The City filed a motion to dismiss the Board of Trustees petition, alleging that the City's contribution for 1980 was authorized by statute and City ordinance, and that the decision as to the amount to be contributed to each pension plan is a decision for the City Commission, and not for the Boards of Trustees. This motion has not yet been heard or determined. According to the Boards, the past due contributions for 1980-1983 total approximately $11,700,000 (Plan) and $13,800,000 (System), as of September 30, 1983. The City and the litigants are presently involved in negotia- tions to resolve all pending law suits and related matters pre- viously described. Language has been included in the negotiated contract with the Fraternal Order of Police, Lodge 20 (Police) and the International Association of Fire Fighters, Local 587 (Fire Fighters) to effectively satisfy their demands in the Gates case and to secure their support in the resolution of other issues. Each contract includes a provision in the Article relating to pension benefits, which states the following: 83 I CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 14. Litigation, Continued "Section 1. Litigation Settlement - Any and all pension benefit improvements or entitlement improvements set forth in this Article are conditioned upon final settlement orders being entered in the Gates/shortfall/variable annuity/ underfunding/ and related law suits not incon- sistent with the conditions set forth in this Article, it being the intention of the parties that this Article shall not become effective until all such suits are disposed of by the Courts and such settlements do not change, alter, or vary the terms of this Article." The contracts with the Police and Fire Fighters were ratified by the membership of the unions and confirmed by the City Com- mission. Negotiations are underway with the two remaining employee labor groups, and it is expected that the provisions included in the Police and Fire contracts will be agreeable to them. The settlement negotiations and proposed agreements provide for certain enhanced benefits, which will result in increased normal cost to be funded annually, and the amortization of the unfunded actuarial accrued liability of the Plan and System over 30 years in 5% increasing annual installments. The contributions to the Plan and System for 1984, as determined by the City's actuary, total approximately $19,400,000. It is anticipated that the proposed settlements would increase this amount by approximately 8% for 1984 and thereafter, by at least 5% annually. Agreements to date do not require any lump sum payment arising from actions of prior years. The funding of the retirement plans under the proposed settle- ment agreements is subject to the approval of the actuaries for the Plan and System. Final resolution of all pension litigation and related matters must be approved by the appropriate judicial authority. Attorneys representing the Gates litigants have been kept advised of all negotiations and must ultimately present any agreements to the Courts for final disposition. 84 `' 1 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 1983 Continued 14. Litigation, Continued (b) Other There are a number of other claims and lawsuits outstanding against the City, arising principally from personal injuries incurred on City property, for which an estimated liability of $18,030,000 is recorded in the General Long Term Debt group of accounts at September 30, 1983, as described in Note 11. E SCHEDULE A-1 CITY OF MIAMI, FLORIDA GENERAL. FU14D STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET (NON-GAAP BUL)(;ETARY BASIS) AND ACTUAL. YEAR ENDED SEPTEMBF.R 30, 1983 With Comparative Actual Amounts for Year Ended September 30, 1982 1983 Variance Favorable Actual Budget Actual (Unfavorable) 1982 Revenues: Taxes: Property tax collections, including penalties and interest $ 66,734,385 $ 67,619,092 $ 884,707 S 61,865,044 Business and excise taxes 28,035,984 27,350,bO5 (b85,379) 25,592,557 94,770,369 94,969,697 199,328 87,457,bU1 Licenses and permits: Business licenses and permits 4,544,900 5,205,029 66U,129 5,413,214 Construction permits 90,000 83,048 (6,952) 38,925 4,634,900 5,288,077 653,177 ` 5,452,139 Intergovernmental: State revenue sharing 12,473,9U2 12,297,91U (175,992) 12,U83,981 Sales taxes 10,220,010 9,478,359 (741,651) - _ Court fines 1,750,000 2,08,972 328,972 1,98U,624 Other 2,623,155 2,162,b42 (4bU,513) 2,038,103 ' 27,067,067 2b,017,883 (I,U49,184) 16,102,708 Inteagovernmental: Engineering services 1,989,000 1,8UU,350 (188,650) 1,646,152 _ Administrative charges 807,300 b82,398 (I24,902) 8b4,97b 2,796,300 2,482,748 (313,552) y2,511,128 - = Charges for services: Public safety 3,470,045 2,965,937 (504,108 3,3U2,129 Recreation 278,650 '0,738 (47,912) 218,60 -_ Solid waste 8,353,000 7,867,510 (485,49U) 6,841,264 Other 1,013,100 43U,191 _ (582L909) 428,b2b 13,114,795 11,494,37b (1,620,419) _ 10,790,b82 Interest 1,815,000 _ Z,58b,117 _ 771,117 _ 3,3b3,1U1 Other revenues: Sale of land - 2,423 2,423 bOZ,533 Rents I,1U8,750 1,U58,720 (5U,030) 1,320,723 j Miscellaneous 5U,500 135,492 _ 84,992 -U5,328 1 1,.159,250 1,I9b,635 37,385 2,128,584 ,! Total revenues 145,357,b81 144,035,533 (1,322,148) 127,805,943 (Continued) 86 78 M. L U _SCHEDULE A-1 (Continued) CITY OF MIAMI, FLORIDA CENERAL FIND STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASTS) AND ACTUAL YEAR ENDED SEPTEMBER 30, 1983 With Comparative Actual Ariounts for Year Ended September 30, 1982 1983 Variance Favorable Actual Budget Actual (Unfavorable) 1982 Expenditures: General government: Mayor and commission $ 705,904 S 633,105 S 72,799 $ 440,770 City manager 2,530,809 2,313,148 217,661 1,913,760 City clerk 501,305 438,349 62,956 481,070 Management and budget 1,345,404 1,205,875 139,529 1,080,841 Finance 2,775,619 2,532,270 243,349 2,492,944 Legal 1.198,721 1,051,834 146.887 l,'082,859 Civil service 178,463 161,046 17,417 150,228 Human resources 1,533,241 1,466,887 66,354 1,298,105 Community development 731,946 640,36U 91,586 719,961 Tourism and promotion 1,046,671 839,844 206,827 657,108 Computer and communications 2,969,491 2,786,551 182,940 4 3,532,408 15,517,574 14,069,269 1,448,305 13,850,054 Public safety: Police 56,264,443 54,068,834 2,195,609 45,7bb,593 Fire 34,474,582 33,196,325 1,278,257 31,184,697 90,739,025 87,265,159 3,473,866 76,951,290 Public improvements: Public works 11,458,673 I0,688,573 770,IOU 10,552,779 Planning and zoning boards 898,476 885,010 13,466 _ 832,547 12,357,149 11,573,583 783,5bb 11,385,326 Solid waste 22,161,813 21,b39,482 522,331 19,351,877 Culture and recreation 8,173,95b 7,bbl,340 512,blb 7,133,456 Other: Employee benefits 1,386,725 1,453,877 (67,152) 1,229,423 Special programs 1.593,993 1,495,501 98,492 1,387,097 Miscellaneous 4,167,161 3,491,IU4 676,ub3 4,zo7,695 7,147,885 b,440,482 707,403 b,824,215 Capital outlay 1,824,981 1,451,991 372,990 , 1,055,175 Total expenditures 157,922,383 15U,IU1,306 7,821,077 136,551.393 Excess (deficiency) of revenues over expenditures (12,564,702) (b,U65,773) b,498,929 (8,745,45U) Other financing sources (uses): Operating transfers in 9,267,058 9,93U,041 b6Z,983 9,938,40b Operating transfers out (1,201,356) (1,075,232) 127,114 (1,142,390) Total other financing sources (uses) 8,064,702 8,854,809 79U,107 8,796,U1b Excess (deficiency) of revenues and other financing sources over expenditures and other uses (4,500 000) 2,789,03b $ 7,289,06 50,56b Fund balance at beginning of year b,05b,04 6,006,Obd Equity transfers in 28,882 - Equity transfers out (b19,917) - Fund balance at end of year $ 8,254,635 S b,06,634 87 84-0,06 ASSETS Equity (deficit) in pooled cash and investments Cash and cash equivalents Accounts receivable Due from other funds Due from other governments 00 Prepaid expenses 00 Total assets LIABILITIES AND FUND BALANCES Vouchers and accounts payable Accrued expenses (principally salaries) Due to other funds Due to other governments Deferred revenue Deposits refundable Other payables Total liabilities Fund balances (deficit): Unreserved - undesignated Total liabilities and fund balances Downtown Federal Development Revenue Authority Sharing SCHEDULE B-1 CITY OF MIAMI, FLORIDA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1983 With Comparative Totals for September 30, 1982 Rescue Community Cable Other Totals Services Development T. V. Funds 1983 1982 S - $(1,994,104) $ 597,852 $ (677,120) $ 3,233,899 $ 643,128 27,971 - - 1,277,149 - - 140,691 - - 34,883 - 645,030 - - - - - 137,850 - 2,430,722 - 1,831,975 - 1,245,114 1.889 - - - - 16,775 5 170,551 $ 436,618 $ 597,852 y$ 2,466,887 $ 3,233,899 $2,687,897 $ 34,869 $ - $ 23,172 $ 721,545 $ 11,866 $ 258.729 52,042 - 60,489 66,727 7,554 62,891 126,687 - - - - 135,000 - - - - - 681,226 - - - 65,325 400 965,977 - 104,213 213,598 - 84,061 1,754,249 19,420 1,307,384 (43,047) 436,618 513,791 712,638 3,214,479 1,380,513 $ 170,551 $ 436,618 $ 597,852 $ 2,466,887 $ 3,233,899 $2,687,897 $ 1,803,655 S (50,676) 1,305,120 3,592 820,604 37,140 137,850 35,903 5,507,311 4,170,859 13,664 25,767 S 9,593,704 4,277,585 $ 1,050,131 $ 1,012,745 249.703 105,535 261,b87 30,1X0 681,226 497,003 65,325 358,987 1,070,590 92,74d - 67.677 3,373,712 2,164,795 6,214,992 2,112,790 4 9,593,704 $ 4,277,585 M dI� I IHIIIII ld u� ld I iI J I I i I I I d II Revenues: Property tax collections Business and excise taxes License and permits Intergovernmental Other Total revenues Expenditures: Public safety Grant and related expenditures Economic development 00 Other %Q SCHEDULE 9-2 CITY OF MIAMI, FLORIDA SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1983 With Comparative Totals for Year Ended September 30, 1982 Downtown Federal Development Revenue Rescue Community Cable Other Totals Authority Sharing Services Development T. V. Funds 1983 1982 $ 573,422 $ - $ - S - S - S - S 573,422 S 541,613 - - 1,759,818 - - - 1,759,313 1,404,949 - - - - 900,000 - 900,000 900,000 176,147 9,682,621 - 8.362,543 - 6,372,182 24,593,493 27,216,966 16,388 2,627 44,679 1,055,091 995,729 - 2,114,514 822,945 765,957 9,685,248 1,804,497 9,417,634 1,895,729 6,372,182 29,941,247 30,886,473 812,540 Total expenditures 812,540 Excess (deficiency) of revenues over 1,552,791 - - - 1,552,791 1,256,363 - 8,516,615 - 5,457,261 13,973,376 13,044,040 - - - 312,540 753,188 380,937 - 380,937 313 1,552,791 8,516,615 380,937 5,457,261 16,720,144 20,053,904 expenditures (46,583) 9,685,248 251,706 901,019 1,514,792 914,921 13,221,103 10,832,569 Other financing sources (uses): Operating transfers in - - - - - 251,378 251,373 322,500 Operating transfers out - (9,267,058) - - - (19,065) (9,286,143) (91962.337) Total other financing sources (uses) - (9,267,058) - - - 232,293 (9,034,765) (4,639,837) Excess (deficiency) of revenues and other financing sources over expenditures and other uses (46,583) Fund balances at beginning of year 3,536 Equity transfers to other funds - Lquity transfers from other funds Fund balances (deficit) at 418,190 251,706 901,019 1,514,792 1,147,214 4,186,338 1.192,732 18,428 262,085 - 1,699,687 129,054 2,112,790 920,058 - - (188,381) - (45,903) (234,284) - 150,148 150,148 - end of year 5 (43,047) 5 436.618 5 513,791 $ 712,638 5 3,214.479 $ 1,380,513 $ 6,214,992 $ 2,It2,790 411 Sq mut 1-1 CITY 1N MIMI, 11AeIDA ' WWI( • UEVELOIMLNT AUT•O11ITT. USCUE UUBVICLS AND "ka 1E•t"t S•AJIM SPECIAL BEVLAIUt 9U1101 O MbIbIW STATEMENT ur BEVIXUES. ►EItXUl7UaL5 YID CMAWAS 16 rUkU BALANCE - B17UGET (CAAI BASIS) AM ACTUAL TEA• Lwmu )Lrl"Its 30, 1963 I,/lb CM/.r.r1v Artu01 A•.w,n.. Inr 11<.r Lm.1 Sert.•Dor 3U• I9b2 DoWt— D•••lo •tat A•tMl/t9 T<d <r.t •.•<n,,. Sb,rin •r• e.— St— T... 1• IMr.o—d— 0.19) .—.___. 194 l9lS Varf •wci '------'----`d.r i:dcr— Y•rfan v.rc•ec•— iwonbl• IVnS J.v... bl. 19e1 IwouU• l%2 F.,... Al. 1962 •a btrt Act•d lUnf••er•bt•) _A(h.11 - _9.41" .1tuaL Iunl..or+01 Watrt Actual fuel •••r•blq Actwl _ Suaa•t Mlu.l tun r+vuubl.) ___.kty+1 Drr•b••b: 9r/II•rp to cell•u le•b : 34b,911 S 57),422 S 2L,SUI b Hybl-1 $ - S f4b,9L S fT l,a11 'i x,wt 541 ,o1J b./IM•• •M •.tl•• t..•• - - - t.)59,/•b 91.u40 I.W4.94V 1,068,1)U I,TSY,etS )1,u.J I,.ui, I49 Int•reerer•r n[•I 161,Ouo 116.147 1,I41 Is.,IDI 9:267.010 9,642.611 41f,5e1 9,1nu,)ea - - - - 9, 476, USe ),35b,7611 .32,I1u A, .st, JI/ OCMr IU,SW la )BD ) •bV 7u,41�) - 2 227 1 611 - - 44,b/Y 44 674 2 )au � yU 500 ^_)1ra94 iot•1 r•••nM• _ 726,421 _ )6),957 )1,5)► 7i 1,1 J1 9,I61,0se 9,6e3,140 _ 41 ,b 1w, 9 1, CUale4 I�Lotly/lU I,CUa,447 1)_+) TIY 1 4U7 :tl9 II,164,; )7 L.penellef••: • hblft ••f•tT 115,ibl I,:Se„oJ I,be:l, I 7 s I, 551, I`?i I "ll I,:56, :a1 Ecenwl< O•••loy rn[ )Ib,421 ell,)W Ib4 1`1_9) _ 151 J6b - - - - - - 7=8,.11 JI: T•[•1 •.Ieml[er•• 12e 4a 21 b12,w) (84.119) 153,Ibb - - - - I,eeb,7)b 1._-_,551 7_ YI 115,Y07 til Sb ilel )ryl 14Y ;D)yl it II .o.l :..�u L.r... ta.ura•cY> OE rf r•M•/ e••f •.r•nelcure• 14b,56)) (46.54)) O".ull) 9.261.UStl 9,6e5.249 414.19u 9,2W,1e4 - 151,2u0 1f1,lub 151.116 Y, 1bl ,u)n ),39o'111 ,: %.AI Otlwr Un•ne lnt .u•re•• (•••61+ Op•f•tlnt tr•n•!•r• e•t _�__ �-___ �._�— --_ L•70,0)8) (9,240,056) `_ (9.43s,4u61 _— _�-- T� —.—. .- ly. t67,Of b) _(v`DI `)A) of rr•en..e• •rer . � .. e.p:dllut•. •M • ,1i,/u6 I)1,IIfI,11• 1D,(N,5e)) 1A6.)l) lU,uI II 41 a, 190 t651.6A2) '+% S•M b•1•ncr4 •t b•tlnnlnt •_ of re.. 3.57e 1_`10 `------- /Jb,UJU 161.W15 ibi,ut5 - IEu,Y)9 2tl4,WY __284 ,049 )•M b•l•nt•6 (Mllr/tl At /rd al Yr.r 1e+4711 v 416.61e ) 418.1'cU } 16.41tl ) 2bl.ubs S 511.791 251 ,IUs t HC.uV) 1 234,049 907. 361 f 421,111 SCHEDULE C-1 CITY OF MIAMI, FLORIDA DEBT SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1983 With Comparative Totals for September 30, 1982 General Orange Utilities Obligation Bowl Incinerator Service Totals Bonds Bonds Bonds Tax Bonds 1983 1982 ASSETS Equity in pooled cash and investments $8,489,430 $ 439,946 $ 396,947 $ 175,535 $ 9,501,858 $110,59(),:GO Receivables: Taxes 140,655 - - - 140,655 4 5,,04 Assessment liens, net 303,469 - - - 303,469 119,36 Other 5,700 - - 5,700 Total assets $ 8,939,254 yS 439,946 S 396,947 $ 175,535 $ 9,951,682 >Ii_ 1a`i,27 .- LIABILITIES AND FUND BALANCES Liabilities: Due to other funds Matured bonds and interest payable 2,802,720 - - 2,802,720 -L,3i3,44 Other payables 71,978 - - - 71,978 3'399 Total liabilities 2,874,698 - - - 2,874,698 2,1 43,_)::"- Fund balances: Reserved for debt service - - - 172,725 172,725 Unreserved: Designated for subsequent year's expenditures 2,500,000 439,946 396,947 - 3,336,893 1,1"t�,:Ut; Undesignated 3,564,556 - - 2,810 3,567,366 r',!)"id Total fund balances 6,064,556 439,946 396,947 175,535 7,076,984 3,-312 50 Total liabilities and fund balances $ 8,939,254 $ 439,946 $ 396,947 175,535 $ 9,95I,682 iI,155,?7 f 07 Q .© n. A Revenues: Tax collections Assessment lien collections Interest Other Total revenues Expenditures: ij Principal retirement Interest and fiscal charges Other Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources: Operating transfers in (out) Excess (deficiency) of revenues and other financing sources over expenditures Fund balances at beginning of year Fund balances at end of year CITY OF MIAMI, FLORIDA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1983 1982 with Comparative Totals for Year Ended September 30, Utilities General Orange Service Obligation Bowl Incinerator Bonds Tax Bonds =d Bonds Bonds _ - S $12,404,685 $ $_ - 2,083,967 31,369 61,625 1,581,940 34,648 _ --661 5,331 34 64g 31,369 62,286 16,075 923 150,000 9,990,000 _ 279754 6,569,747 811 �= 1,032 63,539 _ 1_78,786 16,6_ 23,286 _--- (547,363) 33,837 31,369 (116,500) (650,709)_ (55447363) 331837 369 31 (767,209) ---"-- 6,611,919 406,109 �— 365,578 9- 4L'744 $�556 S 4� 39.946 S 3�6.947 $ 115,535 SCHED_ UL�� Totals 18 3 1982 ---- 2 $12,404,685 jig 175,446 '>,083,967 '9U,L'06 1,709,58'L _',U9:1,�+� — --5 , 9 1 <2-, 4 226 10, L40,UU0 10,5,.;00 6,597,301 65 ,3i3'—' 16,8�83 171379 jks kl (598,657) 0 181'l,> ` 709) 186,1;?5 ( L , 249 8,3266_3�0 CITY OF MIANt, FLORIDA SCR.EDULE C-) GENERAL OBLIGATION BONUS AND UTILITIES SERVICE TAX BORES DEBT SERVICE FUNDS CONBINJW; STATEMENT OF REVENUES, EXPENDITURES AND CKANCES IV FUND BAULNCL - BUDGET (GAAP BASIS) AND ACTUAL YEAR ENDED SEPTEN3ER 31), 1983 With Comparative Artual Amuunta (or Year Ended September 30, 1982 General Obligation Bonds _ Utilitles service Tax Bonds Total 1983 1983 Variance -�--- �- Variance Variance Favorable 1982 Favorable 1982 Favorable 1982 Budget --Actual (Unfavorable) Actual Budget _ Actual (untavorable) Actual Budget Actual (Ltnf.v rabLe) Actual Revenues: Tax collections $12.286,(91(1 $12.4414.685 5 I1N,685 $i2.175,446 $ - 5 - 5 - 5 - $)2,286,000 512,,,04, b85 5 )l Y,o.95 >12,17S,a4n Assessment lien collections 2.WU,1000 2.083.967 83,967 1,790.uGh 2,000,W0 Z,(Jd3,967 33,967 1,P)0,i•ti6 Interest 1..!0, OUO I. 581,94l 0118 ,(hO) 1.887,379 - bi,625 b1,625 106,411 2,200,000 1,643,565 (Sib,:35) 1,'i93,.'hi Other A_-5,331 5,3)) __`2,119 _^» 66! 661 - - 5,)92 i,P); ' 111 Tu[al revenues 16,4Mb,000 1b,015,92) (4lo 177) 15,854.951 -�- 62,286 62,26b I06,4 t1 16,.86,000 1o,1'.0 ,.11) (1�i1 ,;'71} ('i ,'±1, I, :h1 txprndlturrs: W Principal retirement 9,97u,eslu 9,99u,ixw - 111, 31U,1Ut1 J5U,uUO 15U,(UO - 15U,u)u 10,140,coU 10.141),Doi Intrust and fiscal charges 7.495,4941 6,569,747 925.251 7,119.588 27.675 27,754 (1')) 32,625 7,522,615 6,i97,501 925,1; _gill Other lul Ub),539 37 85,44b 1 U}2 , �__i_Uu _ �- �_,t4b1 __' ��)1_50U 2468 315 104,SOU h4,5T1 19,i2/ L,tal exiendatures 17 ,5hb,uO, lb,h2},18b _ 9b2,114 17,525,034 181,175 178,18b 2,369 182,94u 17,7h7,115 n,JU: t)7' )L, i) Lxcess (deficiency) of revenues over t•xpendlturrs (I, 100.0 1.1) (547,363) 552.07 0 ,b7u.OB4) (181,175) L1161 5Ou) 64.625 (76,529) (1,281,175) (66),361i ntT,N 2 . Other financing suurces (uses): operating transfers in (Out) - - - - 181,115 (65O,7U9) (831,8114) 186,125 181,175 (450,709) (11)1 :184) 186,1 Lxcess (deficiency) of revenues over other (tltanctng sources over r xpendaturex (I, IOU ,iglu) (547.3b3) 552.631 (1,67U.084) - (167,2U9) (767.209) log, 59b (I,100,000) (1,314,572) (214, 572) (1,',W), Kdd) Fund balance at beginning of year b,611,919 ,b,611,919 � 8,282,uU1 _ 942,744 942,744 ^= 833,148 7, 554, 6b} 7,554,663 _ _ 9,115 Lt 5i Fund balance at end of year 5 S.SII.YIY 5 6-U64.556 S 552.631 S 6.e11_919 aS 942,744 S 175,5)5 S (767,209) S 942,744 ) 6,454,663 $ 6,240,U91 $ (214,572) .r 1,554,663 �"nHmcli'��-aa �.�'-f 3�A i.:�1.iE4u"yr'+�ic.•,�`..'u"'r�i�i i.:r�.�y: xdt'i���N �. � ., it 4,� '9 I�I���I��'AI ��..,�ii7�P II�I1 � Pit l'��k��llll�![�� I1lI ��!I III II��I ���I�II�I II�It l'lll�l �'I'I i I I I I � I i Ilu I I II, I III iiiiii iIlIl jI III I CITY OF MIAMI, FLORIDA SCHEDULE D-I CAPITAL PROJECTS FUNDS - COM►ININC BALANCE SHEET SEPTEMeER JU, 1983 With Cosparativr Totals for Year Ended September 70, 1982 .Yarks _ c.ene rat (bl lyat i2o. and-. ._.._ . �V--- Store San ltary Pullutf on Police Recreation Hlghwy Iles Parking R... lvtng Capital Totals _ Srtarn _ _ Sewn Corer rol_ Facilities t-1I1tles Improvements lacllltles Sfdewlks NouafnR Facilities ` Fund _ Improvements _ _ 1983_ 1982 ASSETS kg41ty 10pooled cash and Invent cents S3,574,114t, S6,917,547 S Vs.W: $2.457,191 55,561,917 51,59.,420 l4 ,tlD Y,71t 5 Ib,901 51,U07,315 S 73,641 $ 199,035 S 1.549,b97 $17,184,180 57D,SStl, L'1 Rrrelvahles: Lux 913.174 911.174 - Arr,wnta - - - - 8,11b - - - - 34,9db .3.146 79,7•,4 Ou.• I— -fhrr fonds - - - - - - - - - ),117,1)11 1,077",1. 1,)9),409 fn,r Ir'.m uthrr goelrfi .ta - - - - - - - - 1,11f7,989 1'lol.919 297,74) r�l l.r1 w,.ael• _ .. _ - _ _ _ _ _ 35",111t 35,11i1U I,.t AI Assrls �1y57.,t�� }e�971a 5�,) �tl7bw572 7a J97 15-563.417 31 .SY.�.t.; 3. ,g7/,Y lu i 1_ 11 }-1-, nrli_IY �`)-jb41 199,1135 513.11-8, i in. `;1n•r, 7''._ ,1.Y�f->,f 33 11Ah11..1 111 AS11 1 %k bA1.71N_t.15 _ . I.twhl lit ir•s: A ,•o, Meer. an•. ..aunts payable 5 I7t ,7rY ! Dtn ,Yh) ! - ! 7'.,,J51 5 Y4 $ 51,1,44 5 15.797 5 - 5 1tlt ,ultl 5 - S - 5 1,155,411 r aev Ar. curd r. ry, _ _ - - 5: ,tl7Y - ,149 - ' 2b4 _ _ _ 79 ,•.t. 'l? ..} Im,• n. .•t 1,- land+ _ - _ - _ _ 551 ,u7D 254 32D f,.f) Ld wl llahliltle> 11:,14Y D;U,YDI - 7u, 151 51 Y7J 57re44 tY,97e - Y1St44u 254 Ilb - I, ]SS,Y11 3, )',n, 1•I '., I,f: ,::ai fun.( hwian.r+ ,deli. It 7: Yr+er.rd t..r rn. umbrae, r4 D5.,91. I'm"I'bm' - 51,511 J,DS. - ev5,4de - Ar, 519 - - ), SY9,InD n,+1;.9- ,24 s, ,; •, 14rr+erard - d,-.Jgnaf-. f.r wl y.r....•.f pr.y r.tr 2,7nn, Inl .,Y S.,M1. N1N ,57: !,1)r,Sul 5,St 7,atl 1,5Gu,77e 4,IS:,+4b - :,url, 7Je - - n,76: ,9d5 f: ,97+,1 4 t nrearr. rd - undralYnat rd - - - Ib,Yul - (Ibu ,nd5) I49,u 35 - fi ,_'I .,. 4r� T.,t al turd bwlwu. es td.•1 lrit) 1,4w1 ,:Yl n, 1S6, 54u tl7tl,5)t :,7M7,u44 5 )31, 944 1 541r,/7e 41N47,914 113,91,1 : ull bls (Ibu btl5) 199 ,15 I; �16:,t51 14,-)+,3h Total IfaM lU frs and fund balan. ra L'/z.41_b �O�aY/7a 5r�7 J—jld 57: 3: ,451_1Y/ 55.5MJ,Y11 ?1;54.-..-11, 3._7/w41,, ?ID�uI 2i (,1,7w It L /_gin_: �.144A175 -I} 1.71!+y �_ i:A �!�; � ;14 - Sp1E00L1'- D-2 CITT OF MIAMI. FLORIDA . CAPITAL PROJECTS FUNDS C(R16JNING STATEMENT OF REVENUES, EXPENDITURES AND CHANCES IN FUND RAIANCE YEAR ENDED SEPUMDER lU. 1981 with Coap+rative Tot+l+ for Year Endrd September 10. 1482 Genera) Ub2! x_.__.._._------ Totalsd _ Psrking Rrvulving Alk capital 19U�-3---------- l+in __.—.------.--- Yarka and Fund lmprovteentb NFire et rrat ion Nt AhwaY Mauetne Fattlitley Storm Sanitary PC"tr l Pal tr COnC col Fa__1lttea F+clli[fek lmyrovements F+<ISi[iea 5tdevalka Severs __ $ewtia __ I y - i 1,a49,7h1 `+ rlt ! t - S 52t 272 1 1 It..e 1J8,137 t,yn9 433,102 ,Iln —_ — ) y. i > 3, 954 ,D7» a " yi+Mhlae is _ - - 951 44,741 Lbuy')tlb lh S 5 5 . Ktl5 ,3U4,14u ) ld9 U5a 5 I b lT},R29 bb,blT 198,457 Ji3 _ _2b 9b4 ILK _ a'! _ !' welt la terRoternmentsl ISU,07u 173t35) �. _- tlU i ! a 73, 7U5 1tlb, 315 _. lnterrat +.t14,3Uq y.i_-- _ _?U i2) II t{7! iUi }TJ 629 eb,oJJ iStf,o7u iK 75y b,lb; 2, 1S 1, 3y9 }Sc 1b ab.l 1t5SEt 917 _ 145r3Y1 _l Ky5S3 }.. prnAli arcs _ capital pre}errs a t79a} tl ua,U]7) ..r_I!"s_ri) EarraY tdeffctrnry) of Iby eT 1) (271 .b8J) it lU{,X}b! ..-._., �_. -- rrvrnues aver a41i bb,itll ib_1.I K5! (lr •. _ o[nrr unam rnr +.mn ea tuara l: _ » tJ _ ! uw uuu _ .31t3.Nro _ ut realtnY eranatrrs to - - b�nnr,tn ru ,b typu�utNi .....--- Lrfatinp iranwi rr• 514NU uut „� •;mew.. - 7 I.'U F(71i tr' _rl ianl ,.. ra txi ,hf tra[1nn N'-d Pruterd. _ I.UW.ilUR7 ISS tµy itlU .,,__ l8 , �� n, ,1T5.3, rr1 b.tXXliluU _ytWUyWU ,__-.., ._-__ t••[al o[hrt itnan. lnY Ulnr ._ _ _. _ .� 4 a. rn• Id, tt+irn. Y! ul »it l,lnK) 1.»Jl,nVK (re.3. rrvrn, ry ann othrr u3T) t tnan. tn¢ Yrnf r. rs b17 S,TiN,3l1 b,848,Jb1 ta,TYB411 b } , vrr rr pandit arev nn.2Ni tnJ.l N+) 1._wS. r" t,uti,l„5 r,,.n,557 tu5,,a9 )3.!»L•n3 �1 !Y and ut 6rr u.r+ 2},bYY 2.1og.911 (let,»n:) Ibu,57u , nt2./NY 2.a5".1=y 3, 515.111 121,2X» 0 .18 012b) r,,.rt halar.,r+ (drtlrlt) at 2.533.22'r f,IK+,bill _ 45.9U3 1,114'mu of -at _ - ibu,IJY ,nu t9wlcv lr+mtr» In,m at het fa»,u71 . .._.--____ _ {111)nuu7 tJ� v � t rrr�. _ 14in7UteUU1 _th67 rUUU) l wutlY Rran,.t rff In nl Lrr ... .. - 14 .S+,iM» ti�y"�,;,�.•11.- i� land•. T b7 ! LIKU •bM5! 19Y.1i75 t!' t„nn twl+n.rs idrit<It) at :k rnd .f yr.r � I it I l III II i 11 CITY OF MIAMI. FLORIDA SCHEDULE S-I ENTERPRISE FUNDS COMBINING BALANCE SHEET SCFTEM8ER 30. 19133 With Comparative Totals for September 30, 1982 ink off -Street Marine Miami UranRr Bavl I:onvent ion Yarahouse Parking Totals Parking _ Stadium Stadium Stad[um _Center _Marinas Auditoriums Gott Praparcy Cange 198) 1982 _ ASSETS Curren: assets. Caxh and rash eyul valrntr S 974.291 S - $ - $ - 5 - S - S - S - S - 5 - S 9T4, Z97 5 N28,197 Amounts receivable (int, where applicable of ailovances for of S521,(110) 107.718 11.116 49.274 334,9u3 698,31U - 14.241 10.777 750 - 1,229,089 )(i9,853 unrollectibles 14m Irvin othar tends IB7,B25 - - - 19,)7) - - - - 50,000 ,52.198 U.r It—utha•r Rovernmentx - - - - 4.094,uw - - - - - r,094.000 Invent.+r u•x B1,194 - - - - - - - - - 82,194 S1,�YSb Prepald rrpa•nxex Y,452 iH•i05 Tidal cortrnt a.+etx _ I,let,utl6 _ _ _1 )• H6 �_ 49,274 i 3)4,90) _ 4,813,663 � 14,241 Io,777 75O 50,out1 b,b46,tl7t1 Mr�trutrd •vvrtx: (.,xt. And invest m.•ntx vrth tt+.at .,punt tn: lrrclt ng ISS,YSu - - - 11 ,SU1,1R12 - - - _ 2,415,912 IH,1)94,664 26,oJ n416 nr. r.n•d inter-14, Um• /r.,m of brr Rnv.•rnm.•nt ., - _ _ _ _ 3(fH,UtlY G•) 1•n.p-trim k.N,,MY - - - - 22.47B,5N: :,uTY,615 1.445,10,5 11,7n4.4n1 tlb,bll J189 4,441,u/1 5, 141 ,tl7H 1,579,975 SIN,tleS N, 24N, )6b 1 Sn, )5: 1)1 3 '.i I•nn•t n . Plant And—1.,lpmrot Mein 1G,47:,t,G1,) 11-1_It Yll (tl7Y,2bh) (5L41,Y117) (757i338) (115151517) (1,2Y1�145) __lh5Gi53) .__.(196,554) (e7,bllfi) (IH Ill/, +21) {7.7 1 I r.17 A.. nmulatrd .[rpr.•r,At .gntpm.nt, net Sh5.73Y ,S7N tlS,N79 ,T51 1,977�54 1�1150 734 __9:5,222 3_2t 31100 Pr.grtr., pLun and _SsY<1 ,ttt..., acs-t- I.Ir.,alls .,nd ..thrt B.nd dl+auont And txvuAncr rust . 371 hi4 . --'..._..' _ .......... T..tAI axvrts 5: 1.7):.Nlb )M71_:bo 5 615,01) $6.116.4h1 SIIIS.ISM,251 1,971,54. ) 1.1564.975 S 915,949 5 323.0b1 511.3Hb.lN2. SISS•l41 •'77� it ii,tl CITY OF NIAMI. FLORIDA ENTERPRISE FONDS CaMBINING BALANCE SHEET SEPTEMBER 30. 1983 With Comparative Totals tar September 30, 1982 SCHEDULE E-1 (Continued) Orange Off -Street Marine Miami B-I Convent lon Narehouam Pirkin8 Totals '- Parking Stadium Stadium Sodium _ Center _ Mar tnas Auditoriums colt ?roperty Garage 1983 i982 LIABILITIES AND FUND EQUITY current liabilities (payable fro. current assets): Deficit (equity) in pooled cash and Investments $ - S 28U,957 S (460,1b8) S (112,251) S 2,652,291 5(1,343.5u9) 5 643.lbl S 1,430 S (93,730) S 73,88) $ 11642,062 5 91106,23: vouchers and accounts payable 270.444 22.591 41,00(1 67.843 156.548 33.626 35,197 69,,W)8 - 28,U95 724.758 y5t ,+97 Accrued expenses (principally salaries) - - 16,011 81,77U )5,496 3),998 88,353 65,162 - - 321 , 192 177), BiYi Due to other funds 80.536 - - 404,000 1,992,181 - - - - 62.656 Z,5J9,97% 1,117,d71) Deterred revenue 406,3U8 J.000 wo 117.075 - - 25,254 - - - 572,Z37 _ .40 �'l. Lk -posits rrfundable 66,752 ` 4,25U 690 - - 9,575 - 30 Jtr! Total current liabilities (payable frnm current assets) __ B24.o4u llu,8u4 _(401�tlbs) 579,4J1 _ 4,837,118 (1'166, 310) 791,%5 _ lJb,U 3O (97,770) lb4,6l8 5,82 3, 1!1 __l l,_i.vrs rl Current 1 ubillties (payable from r O.trttted assets): J Camstructlun aontrActs 16h,84b - - - 1,9U2,646 _ - _ _ 345,63U ,415,122 Avc rued interest b54,349 - - - I, Ltl4 ,btlY - - - - 221,280 2, w). 313 1, Ih4, lo5 • Current portion nt revenue bands - Payable Total current liabilities (payable from restricted ],Itl7,33S - - - 566,91(7 4,745,:40 I-09? assets) 991.195 - _ �____� _ _ _a,�•d Lnng-term liabilities: krvr nue bond. payable - net nl a ut rrni po rt tun 14,IIU,IM)U - - bU.000.0UU - _ !3!,!>n0 1U,4(lU ,r till 34. trot ,lxln .i4 ,�?: �),r+)A? othet payable• __ 8.h2) - _ - Total long-term liabilities 14,118,02 - _ ; _ eu,Uuu ,uuu - - - 131,000 71,27U P, lA,, uuu u23 04 Tot AI liabilities IS,Y)),25n _ )111. NIlr (4u�ibe5) 5.)9i4)I _ 6BB u14,-451 _ (I,Ibh,)I U) _ 191 ,965 I76 ,030 - 11 Ii1 L fond rgnitc: Lontributed capital n.451 b."J.254 I. S44.1.9 3, 294,I11 41.917,79h Zn5, f5n 5. 517,694 792,7l8 - nl ),'+1 :,1 ,r.:y `., ol:i Rrtalned earnings (deficit): Nrsrtvrd t..t constru tiun and rev-- bond rru rrment 3.Ib4.751 - - - M. II 5.4bI - - - - � ,t lab. )h -: 7 . u 1 , l nrrhrraa•d 4 ern 1G11 (It! Nlo)) 1111 ,_71) :o: 919 112, 499, 46S) !.,9 )tl L4N (! 4h4 hn4) 4117 211 __. !n5s 791 I!, it) hn •o •?h) :) _.__. 1 ,_. .,_ Tntal retatnrd earnings Idrticlt) 1 791,tl45 113E xU l) lltl :II) !,4u! 439 (4 Id It Y9N} _ 1,95n i4 vM (L, 4641684) 41N ,211 !MS 191 Total fund equity ,799,34 )bi_""% _ I."! Ib,MN 77_T7), nl�o 1y:4 )�n74 ___u l3 lulu ___ 794 cy69 ___81i771 !t5i _3. _ ou r. e' -4tl __. _t•il. Foot AI iiabilittrs and fund 5 YloS, 75M, :11 > I"o7. 5.4 5 ),hh4,415 i 971, 999 5 7!3, obi 511, 78n, 182 5155,741,474 , ;1',ti,.5f _l: ryalty 5!1, 71!•n'.h 1 "'I ,I- 5 b11, u11 6,!7n,4n1 Operating revenues: Charges for services ola•raling expenses: Personal services Contractual services Materials and supplies ITilities Intragovernmental charges ,it her Total OperatinK income (loss) befute depreciation expense In•pt a•. tat Inn expense 10 operating in.nme (loss) 00 h.,n•�(n•tet/ng reven.es (ex)a•nbes): I ut.•n•It Interest and fiscal charges (It h.• r Net nunoperating revenues (ral+•nses) Income (loss) before .,,,-zing transfers 111-ating transters in Mt Intomr (loss) Retained earnings (deficit) at t.•�[nning of year Retained earnings (deficit) at and of year Contributed capital at beginnlnK ,A v.•ar C,artrihnelnns fn,m (ill) ether funds other contribut(uns Eg„ity translers tram (to) other fonds (-trlt ted capital at end of year itif.J T„tal land equity 1s! CITY OF MIAMI, FLORIDA SCWML[ E-2 ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND EQUITY YEAR ENDED SEPTEMBER 30, 1983 With Comparative Totals for Year Ended September 30, 1982 Off -Street Marine Miami Orange Bowl (invent loll Warehouse Parking Totals Parking Stadium Stadium Stadium _ Center M_r Enos _ Auditoriums Calf Property Garage 1983 1982 $ 5,758,E JS S _138,511 S 252,915 5 Ii9)4.777 > 1,U15 Stl) 1 I,IHI t61i >6Utl-14)1 5 951 ,459 S 7L9 $ - $12,852,415 5 9,114,061mjMkL I,O74,6414 lb,el) 13J,542 911,L41 I,197,91u 19h,'n1 17J,JU4 752.290 - 4,h14 ,%hU,bl2 7,530,5-69 514,218 36,249 3,66" 299.637 1,049,95U 25, 761 69.155 74.306 - 91.138 2,184,2U8 1,('44,83b 760.N72 4.072 19,116 78,Ull 164.519 11,h14 31,932 210,969 - 1,471 1,'1)3. 577 958, I64 723,2h1 27.326 61,99h 118,2S1 435.167 12,1,)u9 179.214 76.929 - - 1,404, 459 1,0)7,b87 797i1 Y4 57,5U4 I8�41M 141,435 19,577 43(05) ),M(1 I7Y ), 4tl 25,137 hU I�S1 165,774 I 1_ li_)1 32,5)8 I5,394 - - 51,191 d57,IIJ f,inS,5tl1 :.iJ0, 148 ',t1J2, )4S J 46h,lbr' 17U, IM2 .___..Y9 __1 _ _71`w) __ __ J 11USu6 _ 9h_4_ _-7. ,96_ _ - _ _149,h 15 1_15 34-9 9 , ,3L4 __9_11 5,857) 1,2U4,9J) __5021H1 h1Y21 _ 155,41) _1,162 (2 U),931 749 149,h1 ,579 _IIl,U08 (88.1, 78N) S58 IItl,595 lY,tl15 187,547 _ 757,998 _ 161,29M 1M9,luH _ 41 i343 12 W _67,boll _ (158,1811) 431,hu9 - I.03 3,u5b ' I.(M4,8bb 51,488 2,587 - 17,580 - 8.461 (9,11,58) 510,9u5 (659,144) _', 12i.,Ili (7,)I3, 105) I,obu,i1U (1,!54, 341) (1,139,711) 7US) - - (38,776) 24b u�bl (5,271'o9b) 16U, 714 - 36,35B 2,Ju3 42,291 24,515 __ - _ '�9,I,i0 _ _ _(920,627) = I,U53 __ 21u,343 (4,045,516) 87 ,h4b _ 4,890 69,871 13,513 (1 41 J, 1'J) _.b-�Ib 'Inl) •18 11 648,0911 1 ISU,264) (175.2i'l 1211,ub1) (6,(1U8,4J1) 545,719 (540.157) (188,4U9) 11.295 4 209,000 - 420,251 '. )K)1,465 (151),1h4) Jul .840 (21I'm 1) (1,799,4)7) 545,779 (1111,505) (188,409) 11.295 (1•,5,554> (1,35n,d53) I,snn,'.07) 6 941 ,41i ----�-- ll 461 ------i (41Y,111I 2,elb,u(n ---sm - a (1,Jb',561) --_-_ 2 411,719 --t----- (1 344 179) ._�-i_ 595,bbO -- 174 4)6 ---'-- (Il,ll_') __. _..--•--- %,7!n ,-,u1 9,n 11,u 10 7, 791,895 1.112,803) -_(327,411) _ 2,402.939 (4,181,99N) _ 2i95N,498 (2,464,684) ___ 407,251 _ 285L791 (318 6,,,) _ n. 319,/,_' 7_'iht60J 611 ,410 871,IR19 2, 6111,1110 J4,410, 141 121,hlb 5, 561, 130 392,118 - - - n3j.901) .�,%'I!,;'+•'. 1,L;9S, ISM. 33,U71t, 113 3.996 b,451 51,849 471,2bU (32:479) - (Itl,e21) (le ,4u7) (7J5) - - - - s,.uh,191) 1,1d7,08U _ - - 72557u 7,487,555 - ,u -__-_6, 53 h1),25Y _�J44, )49 J•1Y4,111 _ LI,YI1,7Y8 __ 2tl5,J5h _ _ _Si5I7 ,b94 - )92,716 _--- _ bi1,911i1 ___ i!H5_, 18 4 P)L_94 ._-___ $ 7,799, 148 5 560,456 a5 1.U16.876 5,697,05o $37. 13),bill) $ 1,143,854 $ 1,U13,UIU 5 799,9h9 a5 285,791 $ 255,234 +hU,465, PfU ,4J7,ti97 CITY OF MIAMI. FLORIDA SCHEDULE E-1 ENTERPRISE FUNDS COMBININ(: STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED SEPTEMBER 30. 1983 With Comparative Totals for Year Ended September JU, 1982 Orange Off-street Marine Miami Bow G)nvent ion Warehouse Parking Totals Parking Stadium St ad loin __5t adlum _ Center- MarinAs Auditoriums Calf Property Carage 1993 1982 Working capital provided by (applied to): AML Upe rat( ons: Net Income (loss) S 801.465 5 (15U,264) 5 1U1,84U $ (213,U61) S(1,799,431) $ 545,779 5 020,505) S (1BB,409) $ 11.295 5 (345.554) j(1,356,d51) $ (1,880,407) - items not requiring current out- lays of snaking capital: Depreciation and Amortization 737,851 IIB.S95 29.815 30,S47 871,697 161,298 189,1U8 47.343 12,972 93,656 2,b5o,504 1,622,321 D151,osltfons and transfers of properly. Plant and equlpaa•nt, nrt _ _ 12.705 4,917 ___3,086 41.406 688 24,757 5bb 8,107 - - , 98�141 65, 507 7,rtrl provided by (applied to) uper.ti.n. 1,552,021 (2b.742) 114.761 211.891 (911.052) 131.834 b9.769 (132,959) 24,267 (251,898) 1, 397,395 (192.519) ut br•r (Incrrasr) decrease in restricted amounts J10,529) - - - (412,936) - - - - 7,250,908 b, 73o'-.41 14,914,116 Contributions and equity transfers, net b,453 S1,850 471,2bi 693,(,91 7.487,555 b3,b8U (23,443) - - 631,9(10 9„h4, Y:7 1,430,576 Proceeds ftnm long-term debt - - - - - - - - - - - I0,44o,187 1 ncr.•asr in other liabilities ^^` 49,454 - - - - - 9' 7oI A _ 1,450,947 25,1o8 bub,022 _ 914),983 _ 6,203,1)21 795,514 4b,32b (132,959) 24,267 7,b32,9 IO lJ,�nJ,l]9 31,81N,910 Work,ng .apt U 1 Appllyd: Additl,, s and ttanafe•rs of property, p L)nr And rqutpnwnt, act I,U9u, 724 54.7b5 31,357 193.931 5,528.236 311),757 2.383 121,89g - 5, 411, gib 11'66 ,JY? S),14R, io9 P.•duct,on of rove... bonds payable 21,15,164 - - - - - - - 29,UO(1 - 13/,fn<, i9U,i-iiO 1 n. rrAhr (de erase) In due from other P.,vrrnm.•nl s, long-term - - - - (4,094.0(0) •(I 'N�. I n, rra.r Id-'r ") In uth" asar is II1A ,6uLJ - - - - - - ,�.; - I�,,�.�0'1 sn: ,i3k hd Al 1i181,1b6 74,7nS _-_- 111157 ,_ 24)9 11 _ 1,434,23b 310,757 _! 1,367 121,89N 29 I700 5,»13,Y/,y I of rt-ax (d- re- ) In rotking capit.11 5 1h 8.fin f ,� (19,657) 5 `. 7: ,n65 i h17,02 3 4,768,785 5 484,757 5 43,941 $ (254,857) $ (4, 7)1) $ 2,'68' I1,, a, tC -„.nary of inert % (drereasa•s) )n vork,ng lapltAl: Cash an.1 )nvratmrnts 5 IL S,Nn, 5 (45, Y•2) j S•.Y, 554 _ 111,1)i >4, 1111 ,h4u j 49U,J16 $ 54,675 $ 056,10) j (5,483) 2,14), ots i:,nll,th8 Slii_4%.,.)I i) A-t ,,ts recctvable, net ,fhb S,UB2 .9,Ih5 i)6,n19 a9b, 3io I,961 5.914 (2,831) 15i3 - ,,!I),'3d 1, al/,l n) 0- from other governments - - - - ,,,Y4 ,IA•u - - - - - .,i;9»,ttu) - Prepaid eapenaes Alro nts payable and accrued e-penses 44 ,416 13.81) 134.91)9) 11),53) (184,384) (23,910) (34),752) (95,859) - (9U,751) Ci8,:9Y3 (539, 153) low to/tram other hinds lu7,289 - - 19,150 O,94U, 781) - - - - 5u,liUu (3 ,,6.,24Z1 (1,u..9, 17o1 twi-tts refundable (6,315) (150) (h9u) - - (34O) - - - - i/, 95) (1,b4')) Urfrrrrd revenue _ Ib1,S 111 - (3'01A 1 I�S40 120 401f 16, 72U 14,1Ub - - �. 8 3 (248 In. muse (decrrasr) In working capital S 268,66i 5 (19,b57) 5 574,665 hi 7,1)52 j 4,7hb,)b5 $ 434,1S7 $ 43,94) $ (254,857) 5 (4,733) Q Z_Ofi,9T2 j 8,1,71.548 i(12.N24.55•.) SCHEDULE F-1 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1983 With Comparative Totals for September 30, 1982 City Motor Property Print Stationery Co=unieatians Stock Services Totals 1983 1982 --------- Garage Pool Maintenance Shop _.________._ ASSETS Current assets: Equity (deficit) in pooled cash $ 2,526,735 5 57,341 S (222,367) $ 11,282 $ 752,654 $ 6,49i,691 4,46 +47 495 $ 3>` > - and investments 3,365,986 _ 42i 4,200 - 62,5I1 70 106,173 690,46b 758,356 Accounts receivable 235,270 1421403 121,490 22,619 Inventories - 183,031 (107,036 73,793 858,897 7,136,738 4,205,851 Total current assets 3,601,256 2,669,559 - 2,283,950 22,399,669 21,244,283 12,866,449 6,835,195 307,039 l07,03b - (661,137) (8,'+50,330) (6,876,589) Property, plant and equipment, depreciation (4 032,467) (176,772) (50,049) Less: Accumulated r(3,529,905) p Property, plant and 2,802,728 130,267 56,987 1,622,813 13,949,339 14,367,694 equipment, net 9,336,544 5 (142.761_) 73,793 1 2,481,7i0 $2t,136,12T_ sy18.573•_S45 Total assets $12 `337' s .472 287 ,� 313.298 S LIABILITIES AND FUND EQUITY (DEFICIT) Current liabilities: $ 279,564 $ 124.953 S 47,180 5 15,008 5 13,355 $ 136,751 $ 616,8.1 $ 763,417 Vouchers and accounts payable (principally 5.677 1.143 59,482 496,b75 433,960 Accrued expenses 184,408 1U3,467 137,498 salaries) 14,498 196,233 1,113,486 1,197,377 Total liabilities 468,972 -_ 228,420 184,678 20,685 Fund equity (deficit): 4,344,401 1,479,950 271,706 178,170 - 59,295 1,591,076 b94,401 7,365,303 12,157,338 7,204,939 10,171,229 Contributed capital 8 124 427 3,763,917 (143,086) �(341,616) Retained earnings (deficit) r - (163,446) 59,295 2,285.477 20,022,641 17,376,168 Total Lund equity (deficit) 12,4682828 5,243,867 128,620 M Total liabilities and fund 5 5.472=287 S 313,298 c t142 761) , L J3,793 } 2,4t11_,710 21 136 121 � 18 57 54 :�- W equity (deficit) $12.437,842 `� I fir© C) 41, I�� l i l i �h �� I:u��IlJluhu�lii�lJII�IIIi6II�JVI����VI�6iIIII�iNllllllllll�l�l6�ll�hl�d�l���.11!III� CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS SCHEDULE F-2 COMBINING STATEMENT OF REVENUES, EXPENSES A14D CHANGES IN FUND EQUITY YEAR ENDED SEPTEMBER 30, 1983 With Comparative Totals for Year Ended September 30, 1982 City Motor Property Print Stationery Communications Totals Garage Pool Maintenance Shop Stock Services 1983 1982 Operating revenues - charges for services S 5,541,417 S 4,179,204 $ 3,426,088 S 405,703 S 261,006 $ 2,659,695 $16,473,113 $13,618,190 Operating expenses: Personal services 1,888.829 1,389,455 1,792,182 176,162 30,459 646,649 5,923,736 5,342,667 Contractual services 125,193 83,596 593,195 162,016 9,054 104,197 1,077,251 1,080,871 Materials and supplies 1,162,9i8 1,314,771 619,457 85,175 227,320 149,384 3,559,025 3,239,707 Utilities 82,667 35,937 9,670 1,320 - 1,354,163 1,483,757 129,411 Other 239,189 46,970 89,395 4,538 1,460 3,383 384,935 274,140 Total 3,498,796 2,870,729 3,103,899 429,211 268,293 2,257,776 12,428,704 10,06b,796 Operating income (loss) before depreciation expense 2,042,621 1,308,475 322,189 (23,508) (7,287) 401,919 4,044,409 3,551,394 Depreciation expense 960,216 ` 1,230,132 12,427 10,211 - 308,167 2,521,153 1,660,910 Operating income (loss) 1,082,405 78,343 309,762 (33,719) (7,207) 93,752 1,523,256 1,890,484 O .- Nonoperating revenues (expenses): Interest 170,856 156,575 - - 372 45,069 372,872 243,473 Other (23,776) 95,862 2,912 - - 14,983 891.981 - Total nonoperating revenues (expenses) 147,080 252,437 2,912 - 372 60,052 462,853 2•'+3,473 Income (loss) before operating transfers 1,229,485 330,780 312,674 (33,719) (6,915) 153,804 1,986,109 -,133,957 Operating transfers in 281,838 - - - - - 231,338 244,48b Operating transfers out - 0 40,241) (91,835) (15,381) - (34,381) (231,338) (204,631) Net operating transfers 281,838 (140,241) (91,835) (15,381) - (34,381) - 39,355 Net income (loss) 1,511,323 190,539 220,839 (49,100) (6,915) 119,423 1,98b,109 2,173,312 Retained earnings (deficit) at 6,613,104 3,573,378 (363,925) (292,516) 66,210 574,978 10,171,229 7,997,417 beginning of year Retained earnings (deficit) at end 8,124,427 3,763,917 (143,086) (341,616) 59,295 694,401 12,157,333 10,171,229 of year Contributed capital at beginning 4,270,524 1,189,703 264,744 178,170 - 1,301,798 7,204,939 4,8b8,O64 of year Contributions from other funds 80,925 290,453 6,962 - - 298,083 b7o,428 2,33b,875 Contributions to other funds (7,048) (206) - - = (8,810) (16,064) - Contributed capital at end of year 4,344,401 1,479,950 271,706 178,170 1,591,07b 7,365,303 7,204,939 Total fund equity (deficit) $112,468,828 $ 5,243,867 $ 128,620 $ (163,446) 59,295 2,285,477 420,022�641 317,376,1b8 11 SCHEDULE F-3 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF CHANGES IN FINANCIAL POSITION YEAR ENDED SEPTEK= 30, 1983 With Comparative Totals for Year Ended September 30, 1982 City Motor Property Print Stationery Communications Totals 1983 1982 Garage Pool Maintenance Shop Stock Services Working capital provided by (applied to): Operations: $ 1,511,323 $ 190,539 $ 220,839 $ (49,100) $ (6,915) S 119,423 $ 1,985,109 $ 2,173,31: Net income (loss) Items not requiring current outlays of working capital: 960,216 1,230,132 12,427 10,211 _ 308,167 2,521,153 i,bb0,=a.J Depreciation Dispositions and transfers of property, plant and 322,202 39,059 299 2,229 _ b,660 370,4•a•+9 72 340 equipment, net Total provided by (applied 2,793,741 1,459,730 233,565 (36,660) (6,915) 434,250 4,377,711 4,307,C�i-' O to) operations , N 73,877 290,247 6,962 - - 289,278 660,364 2,335,375 Contributions, net ` 2,867,618 1,749,977 240,527 (36,660) (6,915) 723,523 5,533,075 5,3,+3,)37 Total Working capital applied: Additions and transfers of property, 958,684 11,143 14,878 - 384,902 2,473,247 S,SC9 +1 plant and equipment 1,103,640 Total 1,103,640 958.684 11,143 14,878 - 384,902 2,473,247 5,3O1, Increase (decrease) in working $ 1,763,978 $ 791,293 $ 229,384 $ (51,538) $ (6,915) $ 338,625 $ 3,064,:323 capital Summary of increases (decreases) in working capital: $ 1,520,441 $ 942,765 $ 226,752 $ (34,103) $ (4,896) $ 393,177 $ 3,C4<►,I36 Cash and investments - 421 4,200 70 4,69I 523, Accounts receivable (41.084) (72,933) 19,478 (9,483) (2,056) 38,188 (57,890) 134, i:3 I Accounts payable and accrued 284,621 (18,960) (21,046) (7,952) 37 (92,809) 33,891 expenses Increase (decrease) in working $ 1,763,978 $ 191,293 $ 229,384 $ (51,538) $ (6,915) ,� 338,626 S 3,064, s2a � �=j 4,7d9 capital I i t III I d ICI SCHEDULE G-1 CITY OF MIAMI, FLORIDA TRUST AND AGENCY FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1983 With Comparative Totals for September 30, 1982 Agency Expendable Trust Funds Fund Self- Pension Cable Totals Insurance Administration T. V. 1983 1982 ASSETS Equity in pooled cash and investments $ 8,448,393 $ 6,326,719 $ 2,046,622 $16,821,734 $12,083,576 Accounts receivable 116,214 9,490 - 125,704 194,962 Prepaid expenses 12,468 - - 12,468 3,460 Deferred compensation plan assets - 2,285,138 - 2,285,138 - Total assets 8,577,075 $ 8,621,347 $ 2,046,622 $19,245,044 $12,286,998 0 w LIABILITIES AND FUND BALANCES Liabilities: Vouchers and accounts payable $ 273,512 $ 158,637 $ 46,622 $ 478,771 $ 685,072 Accrued expenses (principally salaries) 101,313 4,364 - 105,677 25,627 Deposits refundable 1,089 - 2,000,000 2,001,089 2,077,965 Claims payable 2,294,292 - - 2,294,292 1,242,466 Deferred compensation plan liabilities - 2,2857138 - 2,285,138 - Total liabilities 2,670,206 2,4487139 2,046,622 70647967 4,031,130 Fund balances: Designated for hurricane loss 500,000 - - 500,000 500,C00 Designated for future pension contributions - 6,173,208 - 6,173,208 3,497,089 (j Designated for claims payable 5,406,869 - - 5,406,869 4,258,779 Total fund balances 5,906,869 6,173,208 - 121080,077 8,255,868 Total liabilities and fund balances 8,577,075 $ 8,621,347 $ 2,046,622 $1932452044 $i2,286,998 1 ii I l i il��l ii I i i SCHEDULE C-2 CITY OF MIAMI, FLORIDA EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES YEAR ENDED SEPTEMBER 30, 1983 With Comparative Totals for Year Ended September 30, 1982 Self— Pension Totals i 1983 1982 Insurance Administration Revenues: Intergovernmental charges $ - $ 533,466 $ 533,466 $ 450,935 Intragovernmental charges 4,567,406 17,845,892 22,413,298 20,330,204 Contributions from employees and retirees 8,741,219 — 8,741,219 7,648,202 Other 1,465,212 — 1,465,212 2,570,132 Total revenues 14,773,837 18,379,358 331,153,195 30,9991473 Expenditures: Personal services Contractual services Materials and supplies Pension contributions Insurance Claim payments Other Total expenditures Excess of revenues over expenditures Fund balance at beginning of year Fund balance at end of year I 877,427 101,000 6,273 580,558 11,727,754 332,735 13,625,747 15,463,437 239,802 1517030239 877,427 101,000 6,273 15,463,437 580,558 11,727,754 572,537 29 ,328 ,986 671,281 106,440 5,920 15,408,379 481,068 11,125,977 1,243,363 29,042,428 1,148,090 2,676,119 3,824,209 1,957,045 4,758,779 3,497,089 8,255,868 4,320,030 5,906,869 $ 6,173.208 $12,0801077 $ 6,�277,075 1-1 M BROWN, WOOD, IVEY, M ITCH ELL_ (SPETTY ONE WORLD TRADE CENTER, NEVI YORK, N, Y. 10048 212-S39-5300 555 CAL1rOONIA STREET !AM rNA11CISCO. CA, 94104 127324 TELEPHONE: 415-3903-3909 TELr.COPICP� 415•397-4621 CABIC AD O11E S 5: !)R C•.'?000LA1Y TELECOPIM 212.039.5599 [PROPOSED FORM OF LEGAL OPINIONS] City Commission of The City of Miami, Florida Gentlemen: APPENDIX A ONE rARNA9UT 50UARE SOUTH WAONINOTON, D. C.10000 TELEPHONE: tOt-303-7400 MCCOPIER, tOt-301.7400 We have examined certified copies of the legal proceed- ings, including the election proceedings and the validation proceedings and other proofs submitted, relative to the issuance and sale of THE CITY OF MIAMI, FLORIDA -BONDS Dated June 1, 1984 Numbered 1 to , inclusive Maturing annually, June 1 and bearing interest, payable semiannually on the 1st day of June and of December in each year, first interest payable December 1, 1984 as follows: Year of Principal Interest Year of Principal Interest Maturity Amount Rate Maturity Amount Rate A-1 84-600, r � r The bonds maturing on or after June 1, 1.995 are subject to redemption at the option of The City of Miami-, Florida on and after June 1, 1994, 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) Redemption Price (percentage of principal amount.) installment of a voted and authorized issue of $ Bonds of The City of Miami, Florida, of which (with the issuance of the above -described bonds) $ remain unissued. 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 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. A-2 84--60G, We are further of the opinion that iinder 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, A-3 84-600 May 249 1984 Honorable Mayor and Members of the City Commission City Hall, City of Miami 3500 Pan American Drive Miami, Florida 33133 Gentlemen: APPENDIX 41 HC-) \%AFD \ C 11J Cc. As of May 24, 1984, the City of Miami is involved in the following major cases: A. PENSION LITIGATION AND RELATED MATTER The City is currently involved in litigation pertaining to its pension trust funds as explained in Note 14(a) of the Notes to the Financial Statements as of September 30, 1983. The parties to the litigation are still engaged in serious settlement negotiations. B. BAYFRONT LAND LITIGATION As a result of the successful conclusion of an eminent domain not;io" in t;hich the City paid for, an acquired 32.64 acres of b yfront. 1 rind belonging to a railroad, the City will be ea I Ic d can to def"end a claim for reasonable attorneyn' fc c: . In the oripinta1, action, the jury trial. on valuation ro 0ted in a vcrrdiGt aw,a rdinthe railroad $8,850,000 morcY than the City'; tendered offer, which was paid as of Scpt ember 30, 1983, There have been no formal motions filed or hearings scheduled in regard to the question of attorneys' fees, and 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. OFFICE OF THE CITY MANAGER 3500 Pan American Drive/Miami, Florida 33133'(3051 579-6040 nn Honorable Mayor and Members of the City Commission C. OTHER -2- C May 249 1984 The City is a defendant in a lawsuit pending in Federal Court which was filed by the former Chief of Police upon his demotion from that position in January, 1984. The City's position has been and continues to be a denial of liability for any violation of the plaintiff's civil rights. The case is presently the subject of serious settlement negotiations, and, although at issue, its outcome cannot be evaluated at this time. A significant worker's compensation injury file is pending which resulted from multiple head injuries to a young City police officer who was struck by an auto in January, 1984 while at a crime scene. The amount of $300,000 has been reserved for medical expenses and compensation benefits in this matter. Another pending lawsuit is a case in which the City has been found liable for damages 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, placing a figure of $6,000,000 as the total amount of damages. Discovery proceedings have not been concluded, and no hearing on the question of damages has been scheduled. 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. I)uc to the• presence of another injured passenger in her vehicle, the exposurc is the statutorY maximum of $200,000, 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 approximately $20 million as of September 30, 1983, as explained in Note 11 of the Section, "FINANCIAL STATEMENTS". Except as noted above, the total liability to the City has rot changed significantly during the time that has elapsed since September 30, 1983, nor has there been any subsequent litigation during this time period that would materially impact upon the proposed Bond issue. Sincerely, Jose Garcia -Pedrosa City Attorney 84-600