HomeMy WebLinkAboutM-84-0523AMR
CITY OF MIAMI, FLORIDA
INTER-OrrICI* MiE±MQRANOLIM
TO: Honorable Mayor and DArE: April 26, 1984 rfUti
Members of the City
Commission SUBJECT: Transmittal of Annual
Financial Report
FROM: Howard V. Gary REFERENCES:
City Manager 3X
w ENCLOSURES:
Chapter 10.510(7) of the Florida Statutes requires that the
Annual Financial Report prepared for a municipality must be
submitted to its governing body and retained as a public record.
Specifically, Chapter 10.510(7) states:
"The financial audit report required by
this chapter shall be received by the
municipality at a regular meeting of its
governing body and retained as a public
record in accordance with the law."
The City of Miami Comprehensive Annual Financial Report for the
fiscal year ended September 30, 1983, is attached. This Report
contains the audited financial stntcments for all funds and
accounts under the dircct 1eg Jil-1,a t.ivc control of the City
Commission. The Comprch..erl'-J.vc 1. Fi.n:ncial report is an in—
depth report on t.hc con i t i r?n of the Ci t:y I:,� fi.nallCC-3 . The data
included mu:}t, be. �,Li`�)1�r.t;C�, i:llltc'1_}' 11�! r(-portcd in aoord�.Ilce la'i.th
established n,tionrl. f:rn�r,r it:. `I`Ili;, 1"'e-port should ,:erve as a
reliable ref< rcn(�e rc:�;<<r���.i.i Ilp. ft III>rici r0 i nformation for the City.
t.Il�� C:i
As required by t;:y C-1���rLc r' ;�nd I` Iorid,, ;t,_atut Cs the
financial stat,i.mcrit:,s h, yr I'ii'r.?I'1 Ci;<�iililled by the Cit:y's external
auditing team compci-edl of Gonl:,c,r: and Lybrand, in association
with Sanson, Kline, N-7comi.no fx Comp. ny, and W.B. Koon, C. P.A.
The City's commitment to policies of sound fiscal management is
demonstrated by the following highlights:
o For the first time in many years, the City was
awarded a Certificate of Conformance on financial
reporting from the Municipal Finance Officers
Association.
o The General Fund again showed a positive fund
balance which was $2.2M greater than last year
($6.1M to $8.3M on a budget basis).
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84-523
Honorable Mayor and April 26, 1984
Members of the City
Commission
o The bond rating for General Obligation Bonds was
upgraded by Standard and Poor's from A to A+.
This upgrading is very significant since generally
rating agencies have downgraded far more issues
than they have upgraded.
o The letter signed by the independent auditor
states that the information provided "...is fairly
stated in all material respects..." Only one
exception is contained in the auditor's letter and
that relates to the Gates case.
Because of the magnitude of this issue, it must
remain an exception until resolved by the Courts.
o The gross outstanding debt is $133M, which is
1.56% of the assessable base. The debt limit is
15% of the assessable base.
o Shown below is a comparison by fund of
expenditures for fiscal year 1983 vs. fiscal year
1982:
Expenditures for:
General. Fund
Capital. Projects
Pension
Self Insurance
o By investing excess
insured securities,
interest income.
1983 1984
151.7
138.0
23. 1
20.8
15.7
16.2
13.6
12.8
cash balances in government
the City earned $7.5M in
o The net profit for the Orange Bowl Stadium before
depreciation amounted to $131,182. This includes
the $167,039 insurance recovery.
It was through your guidance and support that the City was able
to accomplish the above events. These are but a few of the
significant events that will have a positive impact on the future
of the City. Your continued direction and encouragement is much
appreciated.
84-523
Honorable Mayor and April 26, 1984
Members of the City
Commission
I would like to take this opportunity to express our very sincere
appreciation to the independent auditing team and the personnel
in the Office of Finance that have contributed to the preparation
of this Annual Report. The Report reflects the long hours and
diligent effort of many people.
84-523