HomeMy WebLinkAboutR-83-03511
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RESOLUTION NO. N` -3 5Y
RESOLUTION APPROVING THE PRELIMINARY OFFICIAL
STATEMENT PERTAINING TO THE $25,000,000
THE CITY OF MIAMI, FLORIDA, GENERAL OBLIGATION
BONDS AND AUTHORIZING THE DISTRIBUTION OF SUCH
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 Preliminary Official Statement, dated
April 28, 1983, relating to The City of Miami, Florida,
General Obligation Bonds, dated May 1, 1983, in the prin-
cipal amount of Twenty-five Million Dollars ($25,000,000)
which are described in such Preliminary Official Statement,
as presented to the Commission of The City of :Miami for its
consideration on the date of the adoption of this resolution,
is hereby approved and its distribution 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 and directed
CITY COMMISSION
MEETING OF
A P P 28 1983
83-351
I - R ENV, RKS - _ _
51.
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to tare 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 28tti day of April, 1983.
ATTEST:
Al G. Ongie, City Clerk
ssistant City attorney
APPROVED AS TO FORIM AND CORRECTNESS:
.Nose R. Garcia -Pedro
sa, City Attorney
MAURICE A. FERRE
:Maurice A. Ferre, Mayor
ff
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STATE OF FLORIDA )
COUNTY OF DADE )
CITY OF MIt'MI )
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 1 and 2 contain a true and
correct copy of a resolution adopted by the Commission of
The City of Miami, Florida at a meeting duly convened and held
on the day of , 1983.
SAID RESOLUTION WAS DESIGNATED RESOLUTION NO.
IN WITNESS WHEREOF, I hereunto set my hand and impress
the official seal of the City of Miami, Florida, this
day ofr 1983.
(0 F F I C I A L S E A L)
RALPH G. ONGIE
CITY CLERK
CITY OF MIA,%1I
BY:
Deputy Clerk
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CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
TO Howard V . Gary DATE April 13, 1983 FILE
City Manager
SU9JE:.T City Commission Agenda Item
FROM Carlos E. Garcia REFERENCES
Director of Finance
ENCLOSURES
It is recommended that the attached
resolution approving the preliminary
official statement for issuance of
$8,000,000 Fire Fighting, Fire Prevention,
and Rescue Facilities Bonds; $1,000,000
Housing Bonds, $4,000,000 Storm Sewer
Improvement Bonds, $6,000,000 Sanitary
Sewer Bonds, and $6,000,000 Street and
Highway Improvement Bonds be adopted
by the City Commission.
The sale of $25,000,000 general obligation bonds is recommended
so that the City of Miami may continue to fund its capital
projects as approved by the City Commission in the Capital
Projects Ordinance. At this time the municipal bond market
is experiencing its lowest rates in the last three years.
It is necessary for the City Commission to approve the attached
resolution and preliminary official statement in order to reauest
sealed bids from prospective purchasers of such bonds, to be
received by the City Commission during its meeting of May 12,1983.
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CITY OF MIAMI, FLORIDA
INTEROFFICE MEMORANDUM
To A. E. Perez-Lugones
Planning & Zoning Board Administration
FROM Carlos E. Garcia
Director of Finan )
DATE April 25, 1983 FILE
SUBJECT Supplementary Agenda - 4/28/83
City Commission Meeting
REFERENCES
ENCLOSURES
Please include the attached items which are related to agenda items as
follows:
Preliminary Official Statement for Bond Sale, for agenda item:
- Resolution approving Preliminary Official Statement for
issuance of bonds.
Resolution fixing certain details concerning bond sale and direct-
ing publication of notice of sale, for agenda item:
- Resolution approving Notice of Sale relating to the issuance
of bonds.
These items were not included in original agenda distribution due to various
delays inherent on bond sales due to need to synchronize bond counsel,
financial advisors, printers, and city staff, to take advantage of the most
current market conditions.
CEG:hb
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PRELIMINARY OFFICIAL STATEMENT DATED APRIL 28, 1983
In the opinion of Bond Counsel, under existing statutes, regulations, rulings and court decisions the interest on
the Bonds is exempt from all present Federal income nixes 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.
NEW ISSUE
$25,0009000
The City of Miami, Florida
General Obligation Bonds
$8,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
1,000,000 Housing Bonds
6.000,000 Sanitary Sewer System Bonds
4,000,000 Storm Sewer Improvement Bonds
6,000,000 Street and Highway Improvement Bonds
Dated: May 1, 1983
Due: May 1, in the years as shown below
Interest on the Bonds is payable semi-annually on November 1 and May I in each year. commencing
November 1, 1983. The Bonds are issuable as coupon bonds in the denomination of $5,000, registrable as to
principal only or as to both principal and interest. The principal of, and premium, if any, and interest on, the
Bonds, unless registered as to both principal and interest, are payable, at the option of the holder, at Chemical
Bank, in the borough of Manhattan in the city and state of New York, or at the Pan American Bank, N.A., Miami,
Florida.
The Bonds maturing on or after May 1, 1994 are subject to redemption at the option of the Commission of
the City on and after May 1, 1993, 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 an initial redemption price of 103%, plus accrued interest.
The Bonds are general obligations of the City for which its full faith, credit and taxing power are pledged,
and are payable from unlimited ad valorem taxes levied on all taxable property in the City (excluding homestead
exemptions, as required by law).
MATURITIES, AMOUNTS, RATES AND YIELDS OR PRICES
(Accrued Interest to be added)
Dee PrWeipW VW or Dm Prindpal YkW or Dee Principal YkW or
May t Amount state Price Ma) I Mannt ttatt Prkv May 1 Amount orate Price
1985 S 460,000 i 1995 S1,330,000 i 2004 $35,000
1986 990,000 1996 1,360,000 2005 50.000
1987 1,075,000 1997 1,410,000 2006 50,000
1988 11100,000 1998 1,455,000 2007 50,000
1989 1,120,000 1999 1,500.000 2008 50,000
1990 11155,000 2000 1,550,000 2009 50,000
1991 111801000 2001 1,610,000 2010 60,000
1992 1,220,000 2002 1.675.000 2011 60,000
1993 1,245,000 2003 1.730,000 2012 65,000
1994 1,280.000 2013 65,000
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 Bonds in definitive form will be available for delivery in New York,
New York, on or about May 26, 1983.
Sealed proposals will be received by the Commission of the City, at its regular place of meeting in the City
Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida, until 11:00 A.M., Miami time, on May 12, 1983.
Please refer to the Official Bid Form and Notice of Sale, which outline the terms and conditions for the submission
of offers to purchase the Bonds.
April 28, 1983
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THE CITY OF MIAMI, FLORIDA
MEMBERS OF BOARD OF CITY COMMISSIONERS
MAURICE A. FERRE. tilavor
JOE CAROI J_O
DE,METRIO PEREZ. JR.
CITY OFFICIALS
MILLER J. DAWKINS
J. L. PLUMMER. JR.
City Manager ............................ H. V. GARY
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
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This Official Statement does not constitute an offer to sell Bonds In any jurisdiction to any person to
whom it is unlawful to make such otter in such jurisdiction. No dealer, salesman, or any other person has
been authorized to give any information or make any representation, other than those contained herein, in
connection with the offering of these Bonds and, if given or made, such information or representation must
not be relied upon. The information and expressions of opinion herein are subject to change without notice
and neither the delivery of this Officlal Statement nor any sale made hereunder shall, under 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 we paragraph headed "Closing Certificate" herein.
TABLE OF CONTENTS
per
Summary Statement
The City ..............................
The Bonds .............................
Interest Payment Dates ...................
Optional Redemption ....................
Tax Exemption .........................
Application of Proceeds ..................
Security, Authorization and Validation ......
Description of the Issue
Introduction ............................
The Bonds .............................
General ............................
Interest Payment Dates ...............
Maturity Schedule ...................
Optional Redemption ................
Security, Authorization and Validation . .
November, 1984 Constitutional Referen-
dum on Revenue Limitations.........
Application of Proceeds ..................
Tax Exemption .........................
Credit Ratings ..........................
Sale at Competitive Bidding ...............
Litigation ..............................
Auditors ...............................
Approval of Legal Proceedings ............
Closing Certificate .......................
Debt Summary
Payment of Bonds and Bond Election
Requirement .......... .............. .
Debt Statistics and Various Debt Ratios .....
Legal Debt Limitation ....................
Selected Debt Data .. .................. .
General Obligation Bonds Authorized But
Not Issued ....... .
Other Proposed Revenue Bond Issues .......
Capital Improvement Program .............
Financing The Six -Year Capital Improvement
Program............. .. ............
Leases and Other Contractual Commitments . .
ii Principal Facilities of The City ........
ii Regional Government Services .........
ii Medical Facilities ...................
ii Recreational Facilities ................
iii Cultural Facilities and Affairs .........
iii Local Mass Transit ..................
iii Educational Institutions ...............
Financial Information ....................
I General Description of Financial
I Practices ............. ...........
I Statement of Revenues and Expenditures
I Description of Revenues ..............
2 Procedure for Tax Levy and Tax
2 Collection ........................
3 Tax Schedules and Tables ............
Pension and Retirement Plans .........
3 Labor Relations .....................
4 Risk Management ...................
5 Economic and Demographic Data ..........
5 Introduction and Recent Developments . .
5 Corporate Expansion .................
5 Industrial Development ...............
5 Financial Institutions .................
5 Tourism ...........................
5 Film Industry .......................
Agriculture .........................
Miami International Airport ...........
6 Port of Miami ......................
6 Population .........................
7 Family Retail Sales me ......................
8 Employment ........................
12 Housing ...........................
12 Building Permits ................... .
12 Approval and Offering Statement .......... .
13
13
Description of The City
TheCity ............................... 13
Government of Miami ................ 13
Mayor and City Commissioners ........ 14
Administration of City Affairs ......... 14
Scope of Services and Agency Functions. 15
Financial Statements
per
15
15
16
16
16
16
17
17
17
18
18
20
21
22
23
24
24
24
25
25
26
26
27
27
27
28
28
29
30
30
31
32
32
Index to Financial Statements ............. 33
Accountant's Report ................... 37,38
Financial Statements ..................... 40
Notes To Financial Statements ............. 49
Appendix
A. Form of Opinion of Bond Counsel For
Bonds ............................ A-1
B. Letter of City Attorney re: Litigation ..... B-1
83-3�1
$2550009000
THE CITrY OF MIAMI, FLORIDA
General Obligation Bonds
Consisting of
$8,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
1,000,000 Housing Bonds
6,000,000 Sanitary Sewer System Bonds
4,000,000 Storm Sewer Improvement Bonds
6,000,000 Street and Highway Improvement Bonds
SUMMARY STATEMENT
(Subject in all respects to the more complete informadon 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 1980 estimated census population of the City was 399,995, representing 22.8% of the total
population of Dade County.
The Bonds
The Bonds are being issued in the aggregate principal amount of S25,000,000, are dated May 1, 1983, are
issuable in coupon form in the denomination of $5,000 each, registrable as to principal only or as to both principal
and interest and, if registered as to both principal and interest, are inconvertible into coupon bonds.
The principal of, and premium, if any, and interest on, the Bonds, unless registered as to both principal and
interest, arc payable, at the option of the holder, at Chemical Bank, in the borough of Manhattan in the city and
state of New York, or at the Pan American Bank, N.A., Miami, Florida.
Interest Payment Data
The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement, payable
semi-annually on November 1 and May 1 of each year, commencing November 1, 1983, and mature on May 1
in the years and principal amounts set forth on the cover page of this Official Statement.
Opdonal Redemption
The Bonds maturing on or after May 1, 1994 are subject to redemption at the option of the Commission of
the City on and after May 1, 1993, in whole on any date, or in part in the inverse order of their maturities (by
tot within any maturity) on any interest payment date, at the following redemption prices, plus accrued interest
to the date of redemption:
Redemptibo Period
(dates indusivei
May 1. 1993 to April 30, 1994
May 1, 1994 to April 30, 1995
May 1. 1995 to April 30, 1996
May I. 1996 to April 30, 1997
May 1, 1997 to April 30, 1998
May 1, 1998 to April 30, 1999
May 1, 1999 and thereafter .. .
11
Redemption Price
(ercenOf
prindpd aammown
103 %
10214%
102 %
10114%
101 %
1001h°i^
100 %
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40
Tax Exemption
t\
In the opinion of Brown. Wood. Ivey. Nlitchell & Petty. New York. Neµ York. Bond Counsel. under
existing statutes. regulations. rulings and court decisions the interest cm the Bonds is exempt from all present
Federal income taxes and from income taxation under State of Florida )a%%. except as to taxes imposed by Chapter
220. Florida Statutes, on interest. income or profits on debt obligations o%%ned by corporations, as defined in said
Chapter 220.
Application of Proceeds
$8,000,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Ordinance No. 9296 authorized the issuance of S21.000,000 Fire Fiehtine. Fire Prevention and Rescue
Facilities Bonds for the purpose of paying the cost of fire fighting. fire prevention and rescue facilities. The first
installment of S8.0t10.000 of such bonds is being offered hereunder.
$1,000,000 Housing Bonds
Ordinance No. 8514 authorized the issuance of S25.000.000 Housing Bonds for the purpose of providing
housing in the City for families and persons, including the elderly, of low or moderate income. S5.900.000
principal amount of such bonds has been issued and an additional installment of S 1.000.000 of such bonds is being
offered hereunder.
$6,000,000 Sanitary Sewer System Bonds
Ordinance No. 8573 authorized the issuance of $25.000.000 Sanitary Sewer System Bonds for the purpose
of paying the cost of improvements and extensions to the sanitary sewer system of the City. $16.000.000 principal
amount of such bonds has b3en issued and an additional installment of 56.00O.M0 of such bonds is being offered
hereunder.
$4,000,000 Storm Sewer Improvement Bonds
Ordinance No. 9736 authorized the issuance of S 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. $8.000.000
principal amount of such bonds has been issued and an additional installment of S4.000.0M of such bonds is being
offered hereunder.
$6,000.000 Street and HighwaY improvement Bonds
Ordinance No. 9129 authorized the issuance of S30.(M.000 Street and Highway Improvement Bonds for the
purpose of paying the cost of street and highway improvements in the City. The first installment of S6AX)0.000
of such bonds is being offered hereunder.
Security, Authorization and Validation
The Bonds will be general obligations of the City for which its full faith. credit and taxing power is pledged.
and are payable from unlimited ad valorem taxes on all taxable property in the City )excluding homestead
exemptions for certain persons who are aged, disabled or otherwise qualified therefor).
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 bade County on July 13. 1982. No appeal was
taken.
The Housing Bonds were approved by the elector. on March 9. 1976 and were validated by judgment of the
Circuit Court of Dade County on February 17. 1977 No appeal %%as taken.
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The Sanitary Sewer System Bonds were approved by the electors on September 28. 1976 and were validated
by judgment of the Circuit Court of Dade County on Februam 22, 1977. No appeal was taken.
The Storm Sewer Improvement Bonds were approved by the electors on ~larch 7, 1979 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, 1990 and were
validated by judgment of the Circuit Court of Dade County on January 11. 1982. No appeal was taken.
iv
83-35A
OFFICIAL STATEMENT
$2590009000
FLORIDA
Obligation Bonds
Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Housing Bonds
Sanitary Sewer System Bonds
Storm Sewer Improvement Bonds
Street and Highway Improvement Bonds
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 S25.000,000 (the "Bonds"). consisting of five 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' S25.000.000. are dated May 1. 1983. are
issuable in coupon form in the denomination of S5.000 each, registrable as to principal only or as to both principal
and interest and. if registered as to both principal and interest. are reconvertible into coupon bonds.
The principal of. and premium. if any. and interest on. the Bonds, unless registered as to both principal and
interest, are payable, at the option of the holder, at Chemical Bank. in the borough of Manhattan in the city and
state of New York. or at the Pan American Bank. N.A.. Miami, Florida.
Interest Payment Dates
The Bonds bear interest at the rates per annum set forth on the cover page of this Official Statement. payable
semi-annually on November I and May I of each year, commencing November I. 1983. and mature on May 1
in the years and principal amounts set forth on the cover page of this Official Statement and as follows:
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Maturity Schedule
Wire FFI
rN,vention,
red
Rescue
Skew,
Storm Sewer
gigs
ToW
MatuHty Dote
May t
Housing
Bmds
Facwties
Monde
SJetem
domdt
ImVnetneat
Ibnds
improvement
Bonds
"cipal
Amount
1985
$15,000
S `0-
$325,000
$120,000
S -4-
S 460000
1986
15,000
350,000
323,000
125,000
175,000
990:000
1987
15,000
410 , 000
325,000
135,000
190,000
1,075,000
1988
15,000
4 20 , 000
325,000
140.000
200,000
1,100,000
1989
15,000
420,000
325,000
145,000
215,000
1,120 , 800
1990
20,000
420,000
325,000
160,000
230,000
1155, 00
1:180,000
1991
20,000
430000
313,000
170,000
245,000
11220,000
1992
20,000
440:000
315,000
190,000
265.000
1,245,000
1993
20,000
440,000
313,000
185,000
285,000
1994
20,000
440000
315,000
200,000
305,000
1, 280 000
1:330:000
1995
30,000
450:000
310.000
215,000
325,000
1996
30,000
450,000
310,000
225,000
345,000
1,360,000
1, 410 000
1997
30,000
460,000
310,000
240,000
370,000
,
1998
30,000
460,000
310,000
255,000
400,000
1,455,000
1999
30,000
470 000
310,000
265,000
425,000
1, 500,000
2000
35,000
470:000
310,000
280,000
455,000
11550,000
2001
35,000
480 000
310,000
300,000
485,000
1, 610,000
2002
35,000
490:000
310,000
320,000
520,000
1:675,000
2003
35,000
500,000
310,000
340,000
565,000
1,750,000
2004,
35,000
35,000
2005
50,000
50,000
2006
50,000
50,000
2007
50.000
50,000
2008
50,000
50,000
2009
50,000
50,000
2010
60,000
60,000
2011
60,000
60,000
2012
65,000
65,000
2013
65,000
65,000
Optional Redemption
The Bonds maturing on or after May 1. 1994 are subject to redemption at the option of the Commission of
the City on and after May I, 1993. in whole on any date, or in part in the im•erse 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:
May 1,
May 1,
May 1,
May 1,
May 1,
May 1,
May 1,
Redemption Period
(dates inclusive(
1993 to April 30. 1994
1994 to April 30, 1995
1995 to April 30, 1996
1996 to April 30, 1997
1997 to April 30, 1998
1998 to April 30, 1999
1000 unit tk r^aft-
Redemption Price
(percentage of
orincioai amount
103 9c
1021/2%
102 %
101 q
100!111%
100 c7c
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The City is required to give notice of redemption of the Bonds by publication in a newspaper of general
circulation in the Citv and in a financial newspaper or journal of national circulation published in the City of New
York, New York, said publications to be at least 30 days but not more than 60 days prior to the redemption date.
Security, Authorization and Validation
The Bonds will be general obligations of the City for which its full faith. credit and taxing power are pledged,
and are payable from unlimited ad valorem taxes on all taxable property in the City (excluding homestead
exemptions for certain persons who are aged, disabled or otherwise qualified therefor.
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 authorized by Ordinance No. 9296,
adopted July 23, 1981. 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. 9514. 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 Sanitary Sewer System Bonds were authorized by Ordinance No. 9573. adopted July 22. 1976. were
approved by the electors on September 28. 1976 and were validated by judgment of the Circuit Court of Dade
Countv on February 22. 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 March 7, 1978 and were validated by judgment of the Circuit Court of Dade
Countv 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.
November, 1984 Constitutional Referendum on Revenue Limitations
A citizens' initiated constitutional amendment to 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 (including the Cityand special taxing districts, will be allowed to collect in any subsequent fiscal
year has been certified for the ballot on the November 1984 general election. If the amendment is passed. such
revenue limits could only he exceeded with voter approval for specified purposes. amounts and periods. It is
difficult to assess the effect which such limitations, if approved. may have on the ability of the State and such
taxing units to meet their operating capital and debt requirements in the future.
The effect of the approval of such amendment on bonds issued prior to such approval is also difficult to assess.
However. the amendment does provide that revenue limits may be exceeded "to the extent necessary to avoid
impairment of obligations of contracts and bonds existing on the effective date" of the amendment. Since the
Bonds are secured under the Constitution and laws of the State by a pledge of ad valorem taxes, unlimited as to
rate or amount, it would seem that the exception respecting bonds issued prior to the approval of such constitutional
amendment would not impair the rights of the holders of the Bonds. However, the restriction on revenues generally
of the City that may be imposed by such constitutional amendment may have an adverse effect upon the amount
of revenues which the City may he able to collect. thus. perhaps, adversely affecting the financial status of the
City. In the event the amendment is approved. no firm assessment can be made of its effect until relevant
implementing legislation is adopted and court decisions are rendered interpreting the effect of the amendment and
such legislation.
83-351.
11
11
APPLICATION OF PROCEEDS
$8,000.000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Ordinance No. 9296 authorized the issuance of S21.M0.000 Fire Fighting. Fire Prevention and Rescue
Facilities Bonds for the purpose of paying the cost of fire fighting, fire prevention and rescue facilities. includine
the construction, 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. The first installment of S8.W0.000 of such
bonds is being offered hereunder.
$1,000.000 Housing Bonds
Ordinance No. 8514 authorized the issuance of S25.(XX),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. $5,900.000 principal amount of such bonds has been
issued and an additional installment of S 1.000.000 of such bonds is bring offered hereunder. These bonds are to
be issued for such housing in conformity with an agreement, dated July 19. 1976. as amended, between the City
and Dade County under which proceeds of such Housing Bonds of the City will be either deposited in trust in a
reserve fund to provide additional security for self-liquidating housing revenue bonds to be issued by Dade County.
or used. together with the proceeds of such Dade housing revenue bonds or other money. to acquire, construct
and rehabilitate housing in the City.
$6,000,000 Sanitary Sewer System Bonds
Ordinance No. 8573 authorized the issuance of S25.000,0(X) Sanitary Sewer System Bonds for the purpose
of paying the cost of improvements and extensions to the sanitary sewer system of the City, including the
construction, reconstruction and extension of sanitan• sewers and other sanitary sewer system improvements.
intercepting sewers, force mains, trunk sewers, pumping stations, outlets and connections to the sewage disposal
system of the City, the relaying of any damaged street or sidewalks and the acquisition of any necessary land.
$16.000.000 principal amount of such bonds has been issued and an additional installment of $6.000.000 of such
bonds is being offered hereunder.
Ordinance No. 8573 provides that a part of the cost of the sanitary sewer system improvements for which
the sanitary sewer bonds authorized thereunder are to be issued may. if the Commission of the City shall so
determine, be specially assessed and if any such special assessments shall be levied therefor, the annual tax levy
for the payment of such bonds may be reduced in any year by such amount as is held for such purpose in a special
fund in which the proceeds of such special assessment shall have been deposited. The Commission has not made
any such determination with respect to any of such bonds. including the S6.000.0 M Sanitary Sewer Systern Bonds
offered hereunder.
$4.000,000 Storm Sewer Improvement Bonds
Ordinance No. 8736 authorized the issuance of $I,5,(XN).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. S8,(KH).0(X) principal amount of such bonds has been issued and an additional installment of
S4,000.000 of such bonds is being offered hereunder.
$6,000,000 Street and Highway Improvement Bonds
Ordinance No. 9129 authorized the issuance of 90,0000)0 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, w ith necessary drainage. scs%er inlets, manholes, catch basins, sidewalks, curbs.
gutters and appurtenances and the acquisition of land and rights of way and the landscaping, clearing and leveling
thereof. The first installment of S6.000.000 of such bonds is being offered hereunder.
4
83-351.
4b
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.
CREDIT RATINGS
The Bonds have received the credit ratings of by Standard & Poor's Corporation and by Moody's
investor Service Inc. Such credit ratings reflect only the views of such credit rating agencies, and an explanation
of the significance of such credit ratings may be obtained from the credit rating agencies furnishing the same. There
is no assurance that such credit ratings will continue for any given period of time or that they will not be revised
or withdrawn entirely by either or both of such credit rating agencies. it' in their respective judgments circum-
stances so warrant. A revision or withdrawal of any such credit rating may have an adverse effect on the market
price of the Bonds.
SALE 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 11:00 A.M.. Miami time. on Mav, 12, 1983.
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 and others are discussed in the City Attomey'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 of Miami set forth in this Official Statement have been examined by
Coopers & Lybrand, independent certified public accountants. fir the fiscal year ended September 30. 1982 as
stated in their report to the City Commission dated January 14. 1983. 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 he
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 fumish their
certificate to the effect that. to the best of their knowledge, this Official Statement, as of its date and as of the
date ot'delivery of the Bonds, did not and does not contain an untrue statement of a material fact or omit to state
a material fact which should be included therein for the purpose for which the Official Statement is to be used.
or which is necessary to make the statements contained therein, in the light of the circumstances under which they
were made, not misleading.
83-351.
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 14. 1983 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 Cite must levy
for the payment of voted bonds. The City is limited to a maximum tax levy of 10 mills per SI.00 (S 10 per SiWO)
of the assessed value of real estate and tangible personal property for City services, other than for the payment
of voted bonds. Ad valorem taxes levied for periods not exceeding two years and authorized by a vote of the
electorate are excluded from such 10 mill limitation.
The Florida Constitution requires the approval of electors prior to the issuance of bonds payable from ad
valorem taxes. A provision of the Florida Constitution limiting such vote to electors who were owners of freeholds
not wholly exempt from taxation within the subdivision was declared void in 1972. Accordingly, all qualified
electors in the City are eligible to vote in bond elections. The remainder of the relevant section of the Constitution
providing for ad valorem taxation was held valid and is operative.
Debt Statistics and Various Debt Ratios
The following tables detail the City's debt statistics and significant comparative ratios of debt to population
and to the City's tax base.
Current Debt Ratios of the City of Miami
FACTORS:
Assessed Valuation(1)....................................... S7.962.128,999
Net Taxable Assessed Valuation .............................. S7,21 1.463.891
City of Miami Debt, Net of Capitalized Reserve Funds
General Obligation ....................................... $116.010.000
SpecialObligation(2)..................................... 85.493,418
Combined Net Direct Debt (September 30. 1982) S 201.503.418
Overlapping Debt. Net of Capitalized Reserve Funds. 0 22.81:/(
General Obligation ....................................... S112,577.280
SpecialObligation(2)..................................... 44.691.304
Combined Net Overlapping Debt (September 30. 1982) .......
Population of N1iami ( 1980 Census as adjusted in 1981) ...........
Assessed Valuation Per Capita ................................
Net Taxable Assessed Valuation Per Capita .................... .
DEBT RATIOS:
Net Direct General Obligation Debt as a Percent of
Net Taxable Assessed Valuation ............................
Combined Net Direct and Overlapping General Obligation
Debt as a Percent of Net Taxable Assessed Valuation ...........
Net Direct General Obligation Debt Per Capita ..................
Combined Net Direct General and Special Obligation
Debt per Capita ..........................................
Combined Net Direct and Overlapping General Obligation
Debt Per Capita ..........................................
Combined Net Direct and Overlapping General and Special
Obligation Debt Per Capita .................................
S 157.269.584
400 SK)0
S 19.905
S 18.029
1.61 %
3.17%
290.03
503.76
571.47
896.93
( I ) Assessed valuation as of September 30, 1982. using 1001� of assessed values as mandated by Florida law.
(2) Special obligation debt is payable from revenue sources other than ad valorem taxes.
6
83-351
Ratio of Net General Bonded Debt
to Net Assessed Value and Net General Obligation Bonded Debt Per Capita
Ratio of
Net General
Obligation
Net General
Vet
Net General
Bonded Debt
Obligation
Assessed
Homestead
Assessed
Obligation
to Net
Bonded Debt
September 30,
Populationll)
Value
Exemption
Value
Bonded Debt
Assessed Value
Per Capita
14X2
1(Ni,INNI(21
57,962.128,449
i750.665,108
57,211,163.891
$116.0100N)
1.6114
$29O 03
1991
41NJ,INN)(2)
6.622.365,172
9".237,(12
h,05J1,127,660
126,3200N)
208
315 80
19911
347,(XX)121
4,565,779,755
197.310.871
4.3h8,168,8X4
130.415,(NX)
2 94
375,94
1474
345.(NN)
4.217.175.027
196,7()8,033
4.030,466,994
138.0650N)
3,43
4(N).19
1979
345,(XX)
4.023.847.099
195.6(+4.()76
3,X28,183,022
124,675,(NN)
.1 Y)
375.97
1477
342.(Xx)
3,438.270,383
148,558,652
3.739.711.731
103.826,694
2.7X
303.54
1976
310.1)(m)
3,74h.351,1184
I94,121),N)I
3.59h.933,488
94,523.990
2.63
279.01
1975
33X.(NN)
3.';41.205,7h11
146,747,718
3,344.418,042
83.933.263
2.51
248.32
1974
33h,INN)
2,701,654.390
198,186.762
2.5(13,1h7,h28
X6,X41,273
3 17
259 47
1973
331,(NN)
2,424,469.846
2111.750.942
2.222,714,904
51.164.790
2 30
153A9
1972
334.959
2,292.551.0(19
202,91N),985
2.079,65(),(184
48,341.21)8
2.32
144 36
( I ) Estimated on ba ,is of added electric and water connections and new dwelling units constructed. except in those years
for which a Federal census was available.
12) The Citv of Miami was involved in litigation with the Federal Census Bureau challenging the 347,0(X) population
count of 1990: 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 15r7r of the assessed valuation
of all real and personal property within the City limits as shown by the last preceeding assessment roll of the City
and provides that bonds for street, sewer, sidewalk and other public improvements which are paid from special
assessments, shall not be subject to such limitation of amount nor be considered when computing the amount of
general obligation bonds that may be issued.
The debt limitation for general obligation bonds based on net assessed valuation as of December 31, 1982
was $1,162.870,575. Outstanding general obligation debt applicable to the City's debt limitation as of December
31, 1982 totaled $I 14,555,0(X), which is approximately 1.417c of assessed valuation.
7
83-351
a
a
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 hands,
principal and
interest require-
ments of revenue and special obligation bonds and overlapping Dade County
debt.
General Obligation Bonds
Outstanding
on December 31, 1982
Final
Issue
Maturity
Amount
Amount
General Obligation Issue
Date
Year
Issued
Outstanding
Fire Fighting Facilities
3-1-58
1988
S 850.000
S 255.0(X)
Coconut Grove Incinerator
3-1-58
1988
1,1(10,U(10
340,0(H)
Refunding Sewage Disposal Bonds
1-1-62
1990
14.565.000
4,720.0(H)
Dinner Key Marina
6-1-65
1985
2.370.000
370.0W
Land Acquisition Bonds
6-1-65
1985
700,000
1050H)
Bayfront Recreational Facilities
8-1-67
1987
2,250,000
575.000
Recreational Facilities
8-1-67
1987
1.000.000
250.0(H)
Storm Sewer Improvements
8-1-67
1987
I.0(►U.000
250.000
Recreational Facilities
7-1-68
1988
1.5(N),000
490.000
Storm Sewer Improvement
7-1-68
1988
1.5(H),000
480.000
Sanitary Sewer
7-1-68
1988
5,000.0(X)
690,000
Convention Center
5-1-69
1989
4, 5(H).000
1.645.000
Fire Fighting Facilities
10-1-70
1990
1.000,000
400,000
Police Headquarters
10-1-70
1990
1.500.000
620,000
Pollution Control Facilities
10-1-70
1990
3.000,000
1,240.000
Sanitary Sewers
10-1-70
1990
7.000.000
1.160.000
Storm Sewer Improvement
2- I -71
1991
1.500.000
720.000
Highway Improvement
9-1-71
1991
2.000.000
900,000
Sanitary Sewer
9-1-71
1991
5,0000)0
1.050.000
Fire Fighting
6-1-72
1992
1.100.000
595,(X)0
Sanitary Sewer
6-1-72
1992
5.000,000
1.175.000
Police Headquarters
6-1-72
1992
1,5000)0
780.000
Storm Sewer Improvements
6-1-72
1992
3.000.000
1.560.000
Street and Highway Improvements
6-1-72
1992
2,000,0(H)
605.000
Public Park and Recreation Facilities
10-1-72
1997
28.350.000
17.705.000
Storm Sewer Improvements
9-1-73
1993
2.000,000
1,175,(M
Police Headquarters
9.1-73
1993
4,000.(")
2320,000
Storm Sewer Improvements
3-1-75
1995
3.(X)(I,(HH)
2,040,000
Sanitary Sewer Improvements
3-1-75
1986
5.000.000
2,000,000
Police Headquarters
3-1-75
1995
8,0(H),(HH)
5,4200H)
Street and Highway Improvements
3-1-75
1986
3.000.000
1,200,0(H)
Sanitary Sewer Bonds
10-1-75
1995
5,0(N),(XX)
2,870,(HX)
Police Headquarters
10-1-75
1995
2,0(H),000
1.3650)O
Sanitary Sewer
5-1-77
1997
13,000,(H►0
10.040.000
Street and Highway Improvements
5-1-77
1988
5.000.000
3,0(X),(X)o
Fire Fighting
5-1-77
1997
5.0(N).O(X)
3.940.0(K)
Police Headquarters
5-1-77
1997
3.0(H).(H)O
2.405.000
Storm Sewer Improvement
5-1-77
1997
2,000.0(H)
1,580,(X)O
Fire Fighting
12-1-77
1998
I .(1(N1,0(N)
800.(X)O
Public Park and Recreation Facilities
12-1-77
2003
11.540.(HK)
9.600.000
Housing
12-1-77
2008
1.500.000
1,420,(HX)
Street and Highway Improvements
12-1-78
1998
5.000.000
4.1 15,0(X)
Sanitary Sewer
12-1-78
1998
6.0(X),(HH)
5,0250)0
Fire Fighting. Prevention and Rescue Facilities
12-1-79
1998
2.250.000
1.890.0(H)
Storm Sewer Improvement
12-1-78
1998
50)( 000
4,530.0(X)
Fire Fighting, Prevention and Rescue Facilities
8-1-81
2001
1.750.000
1.750.000
Storm Sewer Improvement
8-1-81
2001
3.000.000
3,000,0(K)
Housing
8-1-81
2011
4.400,000
4,400.(X)O
Totals
S199,725,000
S114.555.000
10
0
Fiscal
Year
Ending
Sept. 30
1983(1)
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1999
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
General Obligation Bonded Indebtedness
Principal and Interest Requirements as of December 31, 1982
Requirements
Principal
Interest
S 6.460.((N)
S 4.356.279
9.565.0()n
6,019,482
9.555.000
5.439.165
9.430.000
4,893.335
8,630.000
4.338.976
8.245,(")
3.843.360
7.290.000
3.370.751
7.105.000
2.952.927
6.450.000
2.550,445
5.765.000
2.153,253
5.425.000
1,770,834
5.110.000
1.399.251
5.160.000
1.139.991
4.625.000
900.354
4.375,000
672.478
3.225.000
447.532
2.095.000
288,703
1.045,000
179.986
1,060,000
90.499
715.000
58,334
765.000
31.198
295.000
18.492
305.000
14.989
305.000
11.082
310.000
7,078
375.000
2.772
265,000
440
300,000
308
315.000
157
Represents information for nine -month period.
Total
10.816.279
15,594.482
14,994,165
14,313.335
12.968.976
12.098.360
10,660.751
10.057.927
9.0(X),445
7.918.253
7.195.834
6.509,251
6.299.991
5.525.354
5.047.478
3.672.532
2,383,703
1.224,986
1.150,499
773.334
796,198
303.492
319.988
316,082
317.078
377.772
265,440
300.309
315.157
i
6
Revenue and Special Obligation Bonds Outstanding on December 31, 1982
Final
Special Obligation and
Date of
%faturits
Amount
Amount
Revenue Bond issue
Issue
Vear
Issued
Outstanding
Utilities Service Tax Series Ai 11
2-1-63
1988
5 3.125.000
S 90(1.000
Orange Bowl Warehouse Revenue(2)
12-20-74
1989
115.000
131.000
Off Street Parking Revenue
Series A & B(3)
4-1-66
1994
4.80000
2.480.(NH)
Series Ct 3)
4-1-73
2002
3.150.000
3.075.000
Series 1980(4)
4-1-80
2009
8.725.000
8.725.000
Convention Center and Parking
Garage Revenue Bonds(5)
7-1-80
2015
60.000.000
60.0(K).O(X)
Parking Revenue Bonds(6)
3-1-82
2008
10.400.000
10.400.000
$85.711.000
(1) Debt service is provided by utilities service taxes imposed b} the Citv 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) The Series 1980 bonds are payable from the net revenues of the off-street parking facilities and the on -street
parking n►ziers of the City, subject to the prior lien of the Parking Facilities Revenue Bond Series A. B
and C.
(5) 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-)
(6) 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")
83-4"? J 1
a
Revenue and Special Ohligation Bonds
Principal and Interest Requirements
as of Decemher 31. 1982
Principal
Parking Garages
Total
Fiscal Year
Utilities
Convention
and Warehouse
Principal
Ending
Service Tax
Center
Property
and Interest
September 30
Series A
Revenue Bonds
Revenue Bonds
Interest
Requirements
1983
5150,(l()O
S 7.1.56,582
S 7.306.582
1984
150,((1()
5 241.000
7.805,854
8.196.854
1985
1.50,0(N)
262.0M
7.787,198
8.199.198
1996
150.000
327.000
7.766,797
8.243.797
1987
150.000
353.000
7.739,686
8.242.686
1988
150,000
390.000
7.710,152
8.240.152
1989
411.000
7,680,590
9.091.590
1990
S 100,000
442,(H)0
7,650.142
8.192.142
1991
330.000
460.000
7.610,946
8.400,946
1992
640.000
495.000
7,551555
8.687.555
1993
1,060.000
535.000
7.469,183
9.064,183
1994
1,140.000
580.000
7.349.607
9.069,607
1995
1,225.(M
635,000
7.216,303
9.076,303
1996
1,320,000
695.000
7,067.284
9.082.284
1997
1,425,0(X)
760.000
6.898.803
9,083.803
1998
1.540,000
835.000
6,712,927
9.087,927
1999
1.665.000
915.000
6.507.213
9.087,213
2000
1.805.000
1.005.000
6.280,592
9,090.592
2001
1.720.000
1.105.000
6.030.575
9.855.575
2002
1,870.000
1,220,000
5,776,240
8,866,240
2003
2.035,000
1.345.000
5.488.995
8,868,995
2004
2.215.000
1,490.000
5.158.788
8,863.788
2005
2.410.000
1.670.000
4.778.517
8.958,517
2006
2.620,000
1,870.000
4.358.052
8.848,052
2007
2,850.000
2,095,0(X)
3.892.503
8.837.503
2008
3.095.000
2,350.(M
3,378.095
8.923.095
2009
3.365.000
1.115.000
2.809.677
7,289.677
2010
3,660j)(H)
1,220.(NN)
2.382.555
7,262.555
2011
3.990.000
1.917.125
5.897.125
2012
4,050.(H)0
1.568.875
5.618.875
2013
4.410.000
1.214.500
.5.624,500
2014
4.720.0(H)
828.625
5.548.625
2015
4.750.(N)0
415.625
5.165.625
Totals
S900AW)0
S60.000.()0()
S24,81 LOW
S 181.961.161
$267.672.161
83-
3 5 1.
Overlapping Dade County Debt as of December 31, 1982
General
Special
Obligation
Obligation
Combined
Debt
Debt
Debt
City of Miami .......................... S114,555.000
S 85.71 1,000
S200,266.0N)
Dade County())( 2) ...................... 116.813.520
45.061.425
161,874.945
Totals ............................. $231.368.520
$130,772.425
$362.140.945
(1) Excludes S94.855.000 Waterworks System Bonds which are outstanding and are secured by revenues of the
Miami -Dade Water and Sewer Authority as well as a pledge of the County to make payments from ad valorem
taxes, if necessary.
(2) As of December 31. 1982. Dade County General Obligation Debt was $512,340.0(N). Special Obligation Debt
was S 197.637.827 and Combined Debt was $709.977,827. Figures shown are the City's share of Dade County
Debt, which is 22.8% of these amounts.
General Obligation Bonds Authorized B0 Not Issued
The following table outlines the date, type and amounts of general obl igation bonds authorized but not issued.
Date of
Type of
Previoush
Proposed
Balance
Voters Approval
Debt
Authorized
Issued
Issue
Unissued
June 30. 1970 ...........
Various
$91.475.0(H)
S75.100,0(H)
S -4D-
S 6.375.0(M l )
March 9. 1976 ...........
Housing
25.000.000
5.900.000
1.000.000
18.100.000
September 28. 1976 ......
Sanitary Sewers
25,000.(M
10-000,000
6.000.000
3.000.000
March 7. 1978 ...........
Storm Sewers
15.000.000
9.000.000
4.000.000
3.000.000
October 7, 1980 .........
Sanitary Sewers
45.000.000
-0-
-0-
45.000.000
Street & Hiehwav
October 7, 1980 .........
Improvements
30.000,000
4)-
6.000.000
24.000.000
November 3, 1981 .......
Fire Fighting
21.000,000
-{l-
8.000.000
13,000.000
(1 I Unissued bonds, $2,375.000 of Street and Highway Improvement Bonds and $4.000,000 of Pollution Control
Bonds have a 7.5% interest limit.
Other Proposed Revenue Bond Issues
The City presently expects to offer marina revenue bonds in an amount not presently expected to exceed S8
million by the end of 1983 for the purpose of expanding and developing marinas located on Dinner Key.
The City Commission has approved the issuance of up to S65 million of Multi -Family Housing Revenue
Bonds for the purpose of providing housing for families and persons of low and moderate income. The City plans
to market a portion of these bonds in October, 1983.
The City is presently considering refinancing in 1983 the following revenue bond issues: S10.4 million
Government Center Parking Garage Revenue Bonds sold in February 1982, and several issues sold by the
Department of Off -Street Parking from 1966 through 1980. of which approximately S 14.4 million are outstanding.
Capital Improvement Program
The City's proposed six year Capital Improvement Program (1982.88) is valued at $645,732.000. Major
emphasis is placed on the Economic Development Program, receiving 38.5 percent of the total funding. Five
categories account for over 75 percent of the proposed Capital Improvement Projects budget:
Category Amount Percentage
Economic Development
............................................... S248.606.000 38.5 %
Parking Facilities and Street Beautification ...........
61,927.200
9.6
Sanitary Sewers .................................
46,492,704
7.2
Street Improvements .. I ....... I .. I ...............
52.304,292
8.1
Parking Facilities ................................
82.653.696
12.8
Subtotal ................................
491,983.892
76.2
Other ...........................................
153,748.108
23.8
Total Capital Improvement ................
S645,732,(X)O
100 �7r
l'_
83`3J 4
The remainder of the fund is divided among street lighting, transit, stadiums, auditoriums. marinas. commu-
nications and computers, public buildings, storm sewers and housing programs.
More than $193 million worth of projects, representing 99 percent of all funded projects in the 1981-1987
Capital improvement Program are complete or now in progress.
During the past year, thirty projects representing S 18.150.000 in improvements were completed and removed
from the Capital Improvement Program. In addition. sixty-thvo projects totaling S165.008.0(K) were either under
construction. in design, or acquired during fiscal year 1981-92.
Financing the Six -Year Capital Improvement Program
Of the $645.7 million Capital Improvement Program. S 171,7 million has been funded in prior years. leaving
$474 million to he funded over the next six years. Prior to approval by the City Commission, each capital project
is evaluated and definite funding sources are established. Voter approval is necessary for a portion of the general
obligation bond funding proposed. Voter approval is not required for revenue bonds. None of the proposed revenue
bonds have been sold.
Proposed Sources of Funding
Amount
General Obligation Bonds ...........................
S 90.000.000
Site Dedications and Private Funds ...................
9,700.M)
Revenue Bonds ...................................
260,000.000
Federal and State Grants ............................
29,000,000
Capital Improvements Fund(l) .......................
44,800.000
Funding Undetermined ........................ ....
39,600.000
Total to be funded .....................
474,000.000
Funded in prior years ..................
171,700.000
Total proposed six -year program . .......
$645,700.000
(1) May include revenues from Florida Power & Light franchise, interest, property sales, resort tax, etc.
Leases and Other Contractual Commitments
The City has entered into several agreements running until 1986 for the lease purchase of various copying,
word and data processing equipment with total future payments amounting to approximately S1.2 million.
DESCRIPTION OF THE CITY
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 comprises 34.3 square miles of land and 19.5 square miles of water. The 1980 estimated
census population of the City as of October 1. 198(1 was 399.995. representing 22.8% of the total population of
Dade County.
The City 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.
The temperature of Miami is essentially subtropical marine. featured by long, warm summers. with abundant
rainfall. followed by mild. dry winters. The average temperature in the summer is 81.4° and 69.1- in the winter.
with a yearly average of 75.3°.
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 Ci►y, one of whom serves as
Mayor. The Commission acts as the governing hody of the City with powers to pass ordinances, adopt resolutions
and appoint a chief administrative officer knoA n as the City Manager.
City elections are held in November every mo years on a nun -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
13
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83-351
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general. At each election two members of the Commission are elected for four year terms. Thus. the City
Commissioners' terms are staggered so that there are always at least two experienced members on the Commission.
The City Commission appoints the City Clerk. the City Attorney, the City Manager. the members of the Off -Street
Parking Board and the members of the Planning and Zoning Board.
The Citv Manager acts as the administrative head of the municipal government and is responsible for the
proper administration of all affairs of the City. The charter of The City of Miami places considerable responsibility
upon the City Manager. He is authorized to appoint and remove all department directors. prepare the annual
budget. investigate the affairs of the City or of any City department. reorganize the administrative structure and
recommend to the City Commission any policies which will benefit the health. safety or welfare of the community.
Mayor and Cite Commissioners
Maurice A. Ferre was elected Mayor in November 1973. reelected in 1975. 1977. 1979. and 1981 for
two-year terms respectively. Mayor Ferro: 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 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 term. 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 13 years at Miami Dade Community College.
Demetrio Perez. Jr. was elected Commissioner in November, 1981 for a four-year term. He holds a Master
of Science degree in Human Resources from Biscayne College. A well-known figure in educational and civic
matters. Commissioner Perez is also a member of the Inter -American Press Association tIAPAI. Presently. he is
the Executive Director of Lincoln -Marti Schools and an active member of the business community.
J. L. Plummer, Jr. was appointed a Commissioner in October 1970, and was elected Commissioner in
November, 1971. and reelected in 1975 and 1979 for four-year terms. Commissioner Plummer is a graduate of
Miami Senior High School and the Cincinnati College of Mortuary Science. He is Chairman of the Board of
Ahern -Plummer Funeral Home. Miami.
Administration of City Affairs
Howard V. Gary. City Manager. was appointed to the City's top administrative position by the City
Commission on April 16. 1981. 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 four 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 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 Master's 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
is a 1970 "Cum Laude" graduate of the University of Miami with a BBA and will receive a Master of Science
in Management in May. 1993 from Florida International University. He is licensed as a CPA in the State of Florida
and is a member of the American and Florida Institute of CPA's.
14
83-351
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Jose R. Garcia -Pedrosa. City Attorney for the City of Miami. was graduated from Harvard College and from
the Harvard Law School. Prior to becoming City Attorney, he engaged in the private practice of law as a partner
in a Miami law firm. He 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 until
1976. and the Deputy City Clerk from 1958 until 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's Fire Department. in addition to its traditional fire services, provides emergency medical and rescue
services. The Department also provides training. enforcement of fire and building codes and emergency commu-
nication services.
The Police Department is the largest department of the City. In addition to law enforcement. it provides
services such as police personnel training, developing of new information. computer systems, criminal in-
vestigations and improving relations between the Department and the community it serves.
Other services performed by the City are garbage collection: sanitary sewer, storm sewer and highway
construction and maintenance. street lighting: trade and commerce promotion: planning and building and zoning
►nspection.
Principal Facilities of the City
The City maintains 101 parks covering over 2.500 acres of open space including two golf courses and six
picnic islands. The City operates and maintains the Orange Bowl Stadium: the Miami Baseball Stadium. Marine
Stadium. four City -owned marina facilities providing 685 berthing facilities, two of which are under
Lease/Management agreements: Coconut Grove Exhibition Center. Bayfront Park Auditorium and the new Miami
Convention Center.
Regional Government Services
The following information and data concerning Dade County, tthe "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 over particular activities of a city's operations ( 1 ) if the services fall below minimum standards
set by the County Commission. or (_') with the consent of the governing bode of the city.
Since its inception. the Metropolitan County government has assumed responsibility on a County -wide
set -vice basis for a number of functions. including County -wide police services, complementing the municipal
police services within the municipalities, with direct access to the National Crime Information Center in Washing-
ton. D.C. and the Florida Crime Information Center: uniform system of fire protection, complementing the
municipal fire protection services within ten municipalities and providing full sem•ice fire protection for seventeen
municipalities which have consolidated their fire departments with the Count 's fire department; consolidated
two-tier court system confirming to the revision of Article V of the Florida Statutes which became effective on
January I. 1973: creation of the Slianri-Dade County Water and Sewer Authority with the responsibility for
developing and operating a County -wide water and sewer system under a single body composed of seven members
appointed by the Board of County Commissioners; 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 a combined public library system of the County and eighteen municipalities, which together
operate the main library, seventeen branches and six mobile units serving forte -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
15
0 0
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 Counh, Commissioners and enforceable throughout the Countv in such areas
as environmental resources management. huilding and zoning. consumer protection. health. housing and welfare.
Medical Facilities
The 42 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 the City -owned marinas provided 685 berthing facilities.
Athletics for the spectator sports fans are 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 14 public and 23 private courses. Several open golf tournaments
are held each year.
Miami area's 297 public parks and playgrounds cover 408.710 acres, providing residents and visitors a wide
range of subtropical nature settings unique only to South Florida in the continental U.S. Each park has a
combination of facilities that are enjoyed year round. these facilities include but are not limited to: public
swimming pools, tennis courts, hand ball courts. boat ramps, vita courses, picnic areas, lakes for swimming and
boating, equestrian trails and baseball and softball fields.
The area's ten public beaches which are freely accessible are enjoyed year round by residents and tourists.
The subtropic climate and tropical setting makes relaxing in the sun a pleasure on 1.400 acres of beautiful beaches.
The Miami Grand Prix auto race was run in downtown Miami for the first time in 1983. Cars and drivers
from around the world competed for more than $175.000 in prize money. Plans for the 1984 race are now
underway.
Cultural Facilities and Affairs
The Miami area has an extensive library system. several museums of art and history and art galleries.
Two local symphonies perform regularly. Five theatres draw plays and concerts from around the United States
which appeal to all ages. Operas are performed by both amateurs and professionals.
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.
Local Mass Transit
Metropolitan Dade County Rupid Transit System: One of the most important developments affecting Dade
County in general, and downtown Miami in particular, is the construction of a rail rapid transit system. Construc-
tion started in May, 1979. on a'_1.5 mile elevated rail system with 20 stations extending from North Kendall Drive
in southwest Dade County passing through the western portion of Miami's Central Business District (" CBD") and
continuing into the City of Hialeah north of the Miami International Airport.
Estimated opening date of the south leg of the system from North Kendall Drive to the Brickell Avenue (just
south of the CBD) is December, 1983. Estimated completion of this transit system is the fourth quarter. 1984.
The estimated total cost of $815 million, has been funded by grants from Federal and State governments and bonds
issued by Dade County. The City of Miami has no financial responsibilities for this project.
Downtown People-Mot•er S)stem: An elevated two-way rail system complementing the rapid transit system
mentioned above, the People -Moyer System w ill loop around Miami's Central Business District. Construction
16
83-351
0 •
started in September. 1982. and the estimated completion date is the fourth quarter. 1984. The estimated cost is
5116 million. The Federal Government has committed 563.6 million to this project. The City's financial commit-
ment is limited to $5.5 million of which 51.7 million has been funded and the remaining $3.8 million will come
from the Capital Improvement Fund, fiscal years 1984 and 1986. Other funding sources include Dade County and
the State of Florida.
Both the Rapid Transit System and the Downtown People -Mover System will be operated under the auspices
of Metropolitan Dade County's Transportation Authority.
Educational Institutions
Dade County public schools provide educational facilities on primary and secondary levels.
Public school enrollment, including both primary and secondary levels, since 1974 is as follows:
School Enrollment
Public School System
Vear
!Miami
Dade County
'roiai
1974
43.602
200.963
244,565
1975
42.831
203.908
246,739
1976
41.368
203.071
244,439
1977
40.047
200.589
240,636
1978
37.520
199.042
235,562
1979
35.855
193.085
228,940
1980
35.093
191.483
226,576
1981
36.430
197,456
233.886
1992
35.662
190.662
226,324
1983
35.394
188.554
223.948
Colleges and universities located within the area are:
Universitv of Miami
Miami -Dade Community College
Florida International University
Barr University
Biscayne College
Florida Memorial College
Miami Christian College
FINANCIAL INFOWMATION
General Description of Financial Practices
The City Charter requires the City Manager to submit a budget estimate not later than one month before
September 30 of each fiscal year. Each department prepares its own budget request for review by the City
Manager. The City Commission holds public hearings on the budget plan and must adopt the budget not later than
October 1.
The City's Governmental Funds iGeneral. Special Revenue. Debt Service and Capital Projects Funds) and
Expendable Trust Funds follow the modified accrual basis of accounting, under which expenditures, other than
interest on long-term debt. are recorded when the liability is incurred and revenues are recorded when measurable
and available to finance the City's operations. The accrual basis is utilized by all Proprietary Funds.
The accounts, books, records and financial transactions of the City are audited annually by a firm of
independent certified public accountants. The opinions of the independent certified public accountants are included
in the Annual Reports of the Cite.
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83-35i
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Statement of Revenues and Expenditures
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.
Summary of
Revenues. Expenditures and Year -End Fund Balances
(Budgetary Basis)
General Fund
and
General Obligation Debt Service Fund
Fiscal Year Ended September 30
1981 1981 1981 1980 1979
Budget Actual Actual Actual Actual
General Fund:
Revenues and Other Financing
Sources ..................
Appropriated Fund Balance ...
Total ................
Expenditures and Other Uses . .
Excess (Deficiency) of
Revenues and Other Finan-
cing Sources Over Expendi-
tures and Other Uses ...... .
Year -End Fund Balance ......
G. O. Debt Service:
Revenues ..................
Appropriated Fund Balance ...
Total ................
Expenditures ...............
Excess (Deficiency)
of Revenues Over Expendi-
$155,011.732
$137.744.349
4.500.000
—
159,511.732
137.744.349
159,511.732
137.093,783
(1)
S 50,566
—
S 6.056.634
S 16.486.000
1,IW.0000)
17,586.000
17,586.000
tures (ll
Year -End Fund Balance ...... —
S 15.854.950
15.854.950
17.525,034
S (1.670.084)
S 6.611.919
$125.056.333 S104.446.172 S 95.834.733
125.056.333 104.446.172 95.834.733
121.388.194 103,348.568 96.817.113
S 3.669.139 S 1.097.604 S (992.380)
S 6.W6.068 "S 2,337,929(2)S 664.066
S 21,017,190
21.017,190
17,620.215
S 3.396.975
S 9.282,003
— (1) State statutes require that budget be balanced.
(2) Direct adjustments to fund balance increased it by S576,259.
(3) Accumulated fund balance appropriated in order to reduce excess fund balance.
S 19.185.942
19,185.942
17,579.748
S 1.606.194
$ 4.885,028
S 18.923.767
18.923,767
11 ') In Ap t
S 1.693.096
S 3.278.934
Description of Revenues
The following is a description of the City's revenue structure. See the Section "FINANCIAL
STATEMENTS" for audited financial statements of the City for the fiscal year ended September 30. 1982.
General and Special Revenue Sources
Ad Valorem Taxes —Article 7. Section 8 of the Florida Constitution provides that municipalities in the State
may not levy ad valorem taxes in excess often mills upon the assessed value of real estate and tangible personal
property having a situs within the taxing city. %hen the tax is being imposed to generate monies for municipal
purposes. Taxes levied for the payment of bonds are not. however. limited by this ten mill maximum.
Both Dade County and the City tax real and tangible personal properties within the City.
Dade County and twenty -,even incorporated municipalities, including the City. do not levy personal income
tax. gross receipts tax. inheritance tax. gilt tax or commuter tax.
18
83-351
Business License & Permits -The City levies a license tax for business privilege licenses which is collected
by the City's Treasury Management Division. License taxes van according to the type of business. The exception
to this are the contractors' licenses. which are 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.
Utilities Service Tax -The City imposes a 101.4 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. The
excess over the debt service reverts 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.
Federal Revenue Sharing -The revenues derived from the Federal government are appropriated by the
Commission for various social service programs throughout the City as well as to support general fund operations.
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.
Electrical Franchise Revenue -The Florida Power & Light Company sells electrical energy within the City
under a franchise agreement. That agreement provides revenue to the City based upon the dollar volume of
electrical energy sold within the City. A new 20 year franchise agreement has been signed and became effective
March 28. 1983. Presently. the Citv receives $8.5 million annually and under the new agreement it is projected that
in five years the City will be receiving over $18 million per year.
In past years the City has partially used these funds to fund the Capital Improvement Program. However, the
City has the option of applying all or part of these funds to support the general fund.
Solid Waste Fee -Since 1980. the City has levied a solid waste fee which has been a revenue to the general
fund. The rate may increase by action of the City Commission and there are no legal restrictions on the amount
of the increase. The present rate is $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. The rate utilized
by the City is lower than rates utilized by Dade County and other surrounding jurisdictions.
The City's general fund receives revenues from a variety of sources. The following table lists the revenues
received by the City from these sources for the past six fiscal years.
General Fund Revenues and Other Financing Sources
(0001s)
Other
Revenue
Business
Inter-
Licenses
Charges
and
Fiscal
Properly
& Excise
govern-
and
for
Financing
fear
Taxes
Tax( I1
mental(21
Permits
Services
Sources
Total
1982 ........
S61.865
S25,593
$26.041
S5.452
S13.301
S5.492
S137,7.34
1981 ........
54.060
23.388
24.634
6.096
13.213
3.665
125,056
1980 ........
42.679
23.529
21.852
5,593
6.636
4.156
104,445
1979 ........
39.399
20.050
23.327
4.793
2.506
5.772
95,836
1978 ........
37.223
19.461
25.523
4.477
2.244
6.759
95,687
1977 ........
3..949
17.838
26.146
3.911
2.437
3,484
88.665
t 11 Includes Utilities Service Tax, the portion of the Electrical Franchise Revenue allocated to the general fund
and other miscellaneous franchise. busines, and excise taxes.
t 2) Includes Federal and State Revenue Sharing and various State and County grants.
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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 City's printing needs.
Property Maintenance Fund: For regular building maintenance. and a limited amount of building alterations
and additions.
Stationery Stock Fund: For purchases and storing of office supply items consumed in quantity in the City's
operations.
Enterprise Funds
Revenue for these funds are primarily generated by user fees and charges. These activities include operation
of the Orange Bowl Stadium. Off -Street Parking Authority facilities. the Marine Stadium. the Miami Baseball
Stadium. various marinas. auditoriums. the new Miami Convention Center. golf courses and a warehouse
property.
Procedure For Tax Levy And Tax Collection
Real and personal property valuations are determined each year as of January I by the Dade County Assessor
of Property at just 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 I of each 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 are without discount. Taxpayers also have the option of paying their taxes in equal quarterly
payments based on the prior years tax %%ith a six percent discount with the June 30th payment. four percent with
the September 30th payment. two percent plus one -halt of any adjustments discounted at three percent with the
December 31 st payment and no discount plus one-half of any adjustments %kith the March 31 st payment. All unpaid
taxes on real and personal property become delinquent on April I of the calendar year following the year 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 property 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.
20
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171
Tax Schedules and Tables
The following tables present detailed information pertaining to the Citv'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 Years Ended September 30
Fiscal
Real
Personal
Gross
Homestead
Net
Year
Property
Property
Total
Exemptions
Total
1982
S6,976.847,0()0
5985,28_'.INMI
S7.462.129.1)(MI
S750,6650)0
$7,211.464.000
1991
5,748,550.000111
873.815,1MM1
h,622,365,0(MI
564,238,M)
6.059.127,(1l)1)
1480
3.743.051.244
822.728,511
4,565,779.755
147,310.871
4,368,468.884
1979
3,420.381,422
806,793.NI5
.1,227.175.027
19h.708,033
4.030,46h,994
1978
3.279.6h7,236
744,179,8h2
4.023.847.098
195.664.070
3.828,183,022
1977
3,256.815,414
681,454,974
3.938.270.343
148,558,652
3.73y,711.741
1976
3,123,657.035
672.697.054
3,796.354.(189
194,420.601
3,596,933.488
1975
2.851.309.996
689.895,7W
3.541.205,7N)
14h.797,718
3.344.409.042
1974
2.169.159.819
533.495.571
2,701.654,3%
148.196.762
2.503.467.628
1973
1.959.720.765
464,749.092
2.424.469.847
201,750.942
2.222.719.905
(1) The increase in assessed value of real property in fiscal year 1981 is largely due to a change in Florida law
requiring that property be assessed at 1001/c of actual value.
The City has levied a certified millage of 10.7294 mills for the fiscal year 1982-83 beginning October 1.
1982, consisting of 9.0612 mills for general operations and 1.6682 mills for debt service. The following table
shows the tax levies and collections of the City for each of the last ten completed fiscal years.
Tax Levies and Collections
Fiscal Years Ended September 30
Outstanding
Total
Total
Delinquent
Adjusted
Collection
Percent
Collection
Collections
Taxes
Tax
of Current
of
of
Total
As Percent
Outstanding
As Percent
Fiscal
Levy
Year's
Le%y
Delinquent
Tax
of Current
Delinquent
of Current
City
Year
All Funds
Taxes
Collected
Taxes
Collections
Lev%
Taxes
Le%%
Nlillagel1)
1992
S76.903.Wn
S74.040.000
96 28'%.
SI.o67,01N)
$75,107,(NM)
47 hh't
5:, tM9.01N1121
3 24+ihl
111.664
1981
72,619.(NN)
70,288.(RN)
96 79
437,04MI
70.-,25.(MM)
47.34
2.027,0(k)(31
2.74
11.987
1990
60,983,826
58.789.796
96.40
307,659
59,(N7,455
9h.91
1.439,43144)
2.23
13.9N)
1979
58,389,375
57.325.297
48.18
430.447
57.75(1,234
49 92
1.559,3N)151
2.h7
14.487
1979
50.532.016
49.095,263
97 It,
523,373
44,618,036
9M 19
3.195,919
644
13.20()
1977
4.1,954.070
42.969.232
97 98
650,775
43,h20.(N17
W 47
2,282,539
5 20
11.W3
1976
38,508,055
37,280,660
9h.81
033.8h)
37,1)14,520
48.4h
2,(148,476
5.32
10 930
1975
34,923.276
33,833.693
96 88
1.583,714
35.417,407
lot 41
1.454,941
4 17
10.880
1974
33,637,575
32.736.227
97.32
881,853
33,618.080
99 44
I.444,072
5 79
13.436
1973
28.106,091
27,448.865
97.66
4118.385
28.357.251)
110.84
1.929.577
h 87
12 673
(1) Includes levies for general operations and debt service.
(2) Net of $1.333,696 (adjustment to original tax levy due to Adjustment Board actions).
(3) Net of $1,805.583 (adjustment to original tax levy due to Adjustment Board action%I.
(4) Net of $1,214,234 (charge to current year revenue) and $292.067 (writedown of prior years' receivable and
reserve).
(5) Net of $614.028 (charge to current year expense) and S1,655,672 (writedown of prior yearsreceivable and
reserve) .
(6) Increase in outstanding delinquent taxes relates to properties where assessed valuations are being challenged in
court and are allowed to delay tax payment.
21
f
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i 0
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, 1992.
Ten Largest Taxpayers
in the City of Miami
1982 Assessed Value
of Property
IgAz
Name of Taxpayer
Nature of Activit�'
aswwswd
Value
Southern Bell Telephone & Telegraph Company
Telephone Utility
5292.645.983
Equitable Life Assurance
Office Buildings
146.155,895
Florida Power and Light Company
Electrical Utility
86.052.642
Miami Herald
Newspaper
54.319.063
One Biscayne Tower, N.V.
Office Building
49.539,714
1.B.M.
Retail Sales
40.698,599
Ball Point Development
Office Buildings
36.601.737
New York Life Insurance
Office Buildings
27.362.489
Federated Department Stores
Retail Sale`
25.1 19.958
DuPont Plaza
Hotel
19.979.892
Total Assessed Valuation of top 10 Taxpayers.
which is 1 1.16(/r of total 1982 Assessed Valuation
$778.475.572
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 I. 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.
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.
(2) As to interest rate:
System and Plan-817 and 79- for the Plan's post retirement benefits.
(3) As to assets:
System —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. 1982, was
as follows:
Acti,e
Retired
Other
Total
Plan ................... 1,960
1.459
13
3.432
System ................. 1.712
842
7
2.561
Totals ............. 3.672
2.301
20
5.993
The City's contribution is derived annually by the City's actuary. E.H. Friend & Co.. Washington D.C. and
is presented in a Supplementary Actuarial Valuation Report which incorporates the alternative funding meth-
odology adopted by the City Commission into the actuarial reports prepared by the Plan and System's actuaries
and recommended to the City Commission for acceptance. Through December 1976. the Retirement System and
Plan were reported on a calendar year basis. The City's required contribution was made on a fiscal year basis.
22
83-35-1
0 40
commencing October I st. Subsequent to lanuan 1977. the Retirement System and Plan began reporting on a fiscal
year basis. (See the Section "LITIGATION", Appendix B and Note 14(A► in the Section "FINANCIAL
STATEMENTS" for discussions related to litigation pertaining to the City,, contributions to employee pension
plans. )
For 1982, the unfunded liability was determined with data as of January 1. 1982 for the System. and October
1, 1991 for the Plan. The State of Florida requires that pension unfunded liabilities for local retireme!)t systems
be funded over a prescribed number of years. The Cite has adopted a funding technique by which contribution
level for funding the unfunded past service liability increases annually by 514 over a 35 year period. The State
of Florida's Bureau of Local Retirement Systems has indicated that this funding technique provides adequate
proper actuarial funding and meets the requirements of Part I'll. Chapter 112. Florida Statutes.
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. 1977. 1978. 1979. 1980. 1991 and 1982.
City Pension Funds
Financial Data for Pension Plans
Fiscal fears Ending
September 30. 1982
Miami Employees' Retirement System
Miami Employees' Retirement Plan .. ... .. .
Total
September 30. 1981
Miami Employees' Retirement System
Miami Employees' Retirement Pian ...
Total
September 30. 1980
Miami Employees' Retirement System
Miami Employees' Retirement Pian
Total .... _ ..
September 30, 1979
Miami Employees' Retirement System
Miami Employees' Retirement Plan
Total
September 30. 1479
Miami Employees' Retirement System
Miami Employees' Retirement Pian
Total ...
September 30. 1477111
Miami Employees' Retirement System .
Miami Employees' Retirement Plan
Total
Benefits
Payments
Including
Unfunded
Employers'
Employee
Interest
Employee
Accrued
Contributions
Contribution
Earnings
'Withdrawals
Liahilitv
S 9,0 41.109
S 3.418,917
S 9.851.550
S 9.143.205
S 79.151.535
7.348.232
3.070.791
4.613.229
9.875.139
95,456,344
S 15.952.341
S h,489.708
S 14.464.779
SI9.018.343
$174.607,979
S 8,530.10 S 2.761.264 S 7.392.265 S 9,145,186 S 94.436.463
6.720.054
2.880.03h
3.250.133
9,965.433
99,948.537
SI5.250.817
S
5.641.3(8)
S 10,632.398
$19.110.619
S173,385.(M
S 8,472.21"8)
S
2.450.208
S
6.080.711
S 9.249.522
S 85,909.000
5,812,180
2,777.905
3.109.260
7.907.969
80,422,(K)0
S 14,284.390
S
5.229,013
S
9.189,971
816.157,490
S16h,330,000
S 10.9h0,543
S
2.358.41K
S
4,329.841
S 7.450.813
S 87,200.000
4,452.053
2,579,140
2.395.958
6.887.022
72.010.000
S 15.412.596
S
4.937.558
S
6.724.799
514.337.835
S159.210,000
S 10.4(XI.013
S
2.34h.232
S
3.(H)7.515
S 6.364.922
S 81.(xX).000
3,309.064
2.462.769
1.885.234
6,198.957
5h,(X)0.( )0
S 13.-,09,077
S
4,8(14,(N)I
S
4.892,749
S12.563.879
S1370)().00()
S 6.229.299
S
I."91.512
S
3.033,058
S 4.182.323
S 91,177.566
2.465,716
I.SS9,139
2.344,190
4.377.429
46.29(),341
S S.645.015
S
3.679.981
S
5.377.249
S 8,559.752
S127,4h7,957
(1) For the nine months ended September 30. 1977. The fiscal year was changed to end September 30. thereafter.
Labor Relations
The City has negotiated multiple year agreements with all its labor organizations. Two labor agreements
expire on September 30. 1983—one with the Fraternal Order of Police (" F.O.P."), Lodge No. 20 and one with
the International Association of Fire Fighters (" I.A.F.F."), Local 597. Two labor agreements expire on September
30, 1984--one with the American Federation of State, County, and !Municipal Employees ("AFSCME"). Local
1907 and one with the Sanitation Employees Association (-SEA-).
Scheduled increases beyond fiscal year 1982-83 include an October I, 1983 adjustment of 8(/r and an April
1. 1984 adjustment of 21-4 for employees represented by AFSCME and an October 1. 1983 adjustment of 5"r and
an April I, 1984 adjustment of 3'.4 for employees represented by SEA. Adjustments beyond fiscal year 1983-84
for employees represented by the F.O.P. and I.A.F.F. are to he negotiated in the summer of 1983.
23
83-351
0 6
The City Manager's Office has a professional labor relations staff dedicated soley to labor negotiations and
contract administration during the term of these agreements.
Risk 'Management
A charter amendment way approved by the electorate in 1971 (7.964 for. 4.697 against). allowing the City
to set up a Self -Insurance and insurance Trust Fund. The City Commission created, by ordinance, a Board of
Trustees composed of the City Manager. the Director of Finance and the insurance 'Manager to handle the security
investments of the fund. Also created is a Self-insurance Committee, appointed by the City Manager, to administer
the plan.
The City is self -insured for all vehicular accidents. Police Torts and Premises Liability up to S100.000 per
claimant and $200,000 per occurrence in accordance with Florida Statutes. Section 769.28. waiving sovereign
immunity in tort claims.
The City is self -insured for all other exposures with the exception that coverage by outside insurance purchase
is made where it is found available at acceptable rates. Coverages currently purchased include all risk property
insurance and fidelity bonds. Group Life and Accidental Disability and Death benefits have been purchased, with
group benefits being self -funded.
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.
Miami has evidenced its commitment to fostering economic growth. Thirty-nine percent of the 6 year Capital
Improvement Budget is devoted to the category of economic development. The City has created two new
departments to direct their efforts. The Department of Economic Development is a "pro -business" City govern-
ment agency that provides strategies for the growth of local businesses and stimulation for investment. The
Department of International Trade has been created to promote Miami as a center of international trade, finance
and technology transfers.
Other recent developments include a S250 million expansion of the Port of Miami that will double the Port's
size by 1986; Miami International Airport will receive S250 million for Capital improvements; City efforts are
expected to spur S 15 to S20 million of additional private investment in the Miami Garment Center Expansion and,
the Downtown,Go%emment Center (City. County, State, and Federal Offices► will receive funds totaling $213
million for construction of centralized government offices, a new library. fine arts center and a historical museum.
Recently completed and in progress construction projects are valued at over S2.6 billion. Private sector funds
account for over 80 percent of the new investment in Miami.
Construction Recently
Projects Completed In Progrem
Office Space .................... 1,454.466 sq. it. 2.900.(i()0 sq. ft.
Retail Space ..................... 168.0(X) sy, ft. 3700)0 sq. ft.
Hotel Rooms .................... 640 rooms 1,848 rooms
Residential Units ................. 6(x) units 1.315 units
Parking ......................... 3.773 spaces 5.430spaces
Marina 3(X) slips —
Announced projects, reported by the Downtown Development Authority, total more than S1.3 billion.
including over S150 million investment in the Metrorail system serving the Downtown. Brick -ell. and the Omni
areas.
The City's infrastructure continues to he improved to support the increase in economic and building activity.
Over I I miles of streets have been rebuilt. 23.1 miles of streets have been resurfaced. 70 miles of street lighting
have been improved and 5 miles of storni sewers and 12 miles of sanitary sewers have been laid. Currently. over
85% of the City is provided with sanitary sewers and the entire City will he provided with sanitary sewers by 1987.
24
83-351.
..�..� ... �`�s:.�.i: �. ✓,. a_ _ all � '
The City of Miami experienced a civil disturbance on December 28. 1982. following the mortal wounding
of a suspect in the "Overtown" area. The disturbance was confined to a small neighborhood of one square mile,
and consisted of isolated acts of mischief and vandalism. The total additional cost of the disturbance to the Citv
was approximately $355,0(H), which consisted of $275.000 in police overtime, S68.0Q) in damage to fleet vehicles
and other miscellaneous items. Damage to real property was limited to eight businesses and amounted to less than
S 12.000. In addition. inventory losses approximated S 155,000.
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 Coral Gables, over 100 international
corporations have set up hemispheric operations. Among them are such corporations as Dow Chemical. Gulf Oil
Corporation. Owens-Corning Fiberglass Corporation. American Hospital Supply. Coca-Cola Interamerican Cor-
poration and Ocean Chemicals. Inc., a subsidiary of Rohm & 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. Dvmo.
Inc.. International Harvester. Johns Manville International. Minnesota (3-M) Export, Inc., Pfizer Latin America
and Royal Export and United Fruit.
Industrial Development
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 or agricultural. The following table details the types of
industry which have developed within the City and the percentage of space each industry occupies.
Major Category
Manufacturing
Wholesale and Retail Trade
Transport and Public Utility
Services
Construction
All Other
Percentage of
Occupied Industrial
Space
1978
1981
35.6
39.5
8.6
9.0
4.1
4.3
1.0
1.1
3.0
3.1
SOURCE: Department of Economic Development. City of Miami.
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
JiCtil
Type or Manufacturing
Industrial Space
35
Machinery (excluding electrical) .................
17.3%
34
Fabricated metal products ......................
16.3
37
Transportation equipment ......................
13.0
25
Furniture and fixture ..........................
10.6
36
Electrical equipment ..........................
10.6
30
Rubber and plastic products ....................
9.6
20
Food and related products ......................
9.2
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 h% the U.S. Department of Commerce.
,5
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0 6
Financial institutions
Dade County is growing as an international financial center with 38 international banks operating in the
community. Additionally, there are 44 Edge Act Banks. either in operation or whose applications have been
approved. in the Cite. These include: Bank American International. Bank of Boston international South, Bankers
Trust International (Miami) Corporation. Chase Bank International. Citizens and Southern International Bank.
Citibank international. Irving Trust Company International.Miami, Northern Trust Interamerican Bank and Wells
Fargo International. The Federal Reserve Edge Act Amendment. adopted in 1979. permitted banks to open
International Banking Subsidiaries outside their home states. The Federal Reserve System has located a branch
office in Dade County to assist the Atlanta office with financial transactions in the South Florida area.
In 1982. banks in Dade County had a total of $9.9 billion in deposits, of which $5.3 billion were deposited
in banks located in the City of Miami. Previous years' statistics are presented below.
Bank Demand Deposits(1)
Number
Total
Year
of Banks
Demand Deposits
1981
65
$9.234.540.000
1980
63 (2)
9.341.691.000
1979
71
7.982.108,000
1978
73
7,015,276.000
1977
98
6.48 l .146.000
1976
95
5.526.615,000
1975
93
5.296.569.000
1974
91
5.493.965.000
1973
83
5,193,728.000
1972
77
4.432.841.000
SOURCE: City of Miami Department of Economic Development.
(1) The information presented is for Metropolitan Dade County as a whole which includes the City of Miami.
(2) The total number of banks has been declining because bank holding companies are now consolidating branch
banks.
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 Seayuarium. Planet Ocean. Parrot Jungle, Monkey Jungle, the Orchid Jungle. the Omni shopping
complex. dog and horse races. Jai Alai. the Wax Museum, 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. Calle Ocho Open House. Carnaval Miami. Coconut Grove Art Festival, Kwanza and
Goombay Festivals. Hispanic Heritage Week. Little River Oktoberfest and the Orange Bowl festival events.
There are currently 5.662 hotel units within the Downtown area provided by 53 hotels and motels. The
average daily room rate in the Miami —Downtown area is $70.
For many years, visitors from all over the world have been attracted to Miami as a tourist mecca mainly
because of its subtropical climate and numerous natural attractions. But now changes have occured with the growth
of the City, and presently individuals coming to Miami are interested in much more than rest and recreation. They
come to Miami because of the City's activities in the areas of international trade.
Latin Americans come here to shop and invest. Europeans and Canadians have also been attracted by Miami's
investment and natural climate.
Approximately 33'7( of all tourists visit the Miami area for business reasons. 16", of all visitors list business
as an important reason for visiting the Miami area and 491"Y' of all tourists visit the Omni Complex.
26
to-vSi
0 0
Approximately 441(" ol' international visitors list shopping as an important reason for yisitine the Miami area
and 15"Ic of these visitors are in the Miami area for business reasons. From 1970 to 1981. tourism has doubled.
and its economic impact represents approximately g10.3 billion generated into the local economy.
SOURCES: Department of Economic Development. Cite of Miami. Department of Tourism. Metro -Dade County.
Film Industry
The Greater Miami film and television industry ranks third nationally behind New York and Los Angeles in
its annual dollar volume of production costs. As estimated by the State of Florida Department of Commerce. the
total economic benefit to the local area was more than $50 million for fiscal year 1990 and more than $78 million
for fiscal 1991. In addition, more than 2.(1)D people are employed directly in the film industry and in related jobs.
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.
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 2nd
in the nation and 9th in the world in the number of passengers using its facilities. It ranks 2nd in the nation and
5th in the world in the movement of domestic and international air cargo.
During 1981. airport services were provided to over 20 million domestic and international scheduled
passengers. Of major importance was the 2.9114 increase in international passengers. The airlines serving the
Miami International Airport provide world-wide air routes convenient for importers and exporters.
The Airport's facilities include three runways, a 5.000 car parking complex, approximately two million
square feet of warehouse and office space, and maintenance shops. Approximately 30,000 individuals are
employed at the airport.
In 1982 the Airport served 19.387.619 passengers and handled 1.2 billion pounds of cargo. Previous years
statistics are presented below:
Pas%engen
Year
inlKii
Cargo (1)(KI's Ibs.1
198 I
19.849
1.170.00N
1980
20.507
1.130.800
1979
19.629
1.066.313
1979
16.501
1.026.593
1977
13.736
987.998
1976
12.884
809.791
1975
12.069
745.453
1974
12.444
779.015
1973
12.722
720.906
1972
12.266
641.697
Sou 1tct..: Cite of Miami Planning Department.
27
83-301.
E
Port of Miami
The Port of Miami is owned by Metro -Dade County and is operated by the Dade County Seaport Department,
From 1972 to 1981. the number of passengers sailing from the Port increased from 678.394 to 1.567.709. an
increase of 131'7(. 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 Pott's convenient location combine to make the Port the nation's leading export port to
the Western Hemisphere. From 1972 to 1981. the total cargo handled increased from over 0.8 million tons to over
2.7 million tons, an increase of 23714.
In 1979, details were completed for the expansion of the Port of Miami from 300 acres to 525 acres. The
additional space is needed to accommodate the increasing; number of shippers, buyers, importers, exporters,
freight forwarders and cruise passengers who wish to conduct business through the Port.
In 1992 the Port served 1.760.225 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
Cargo (Tonnage)
1981
S12.468.522
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
1972
2.842,933
678.394
799,591
SouRCE: Dade County Seaport Department.
Population
The U.S. Bureau of the Census estimated the population of the City of Miami at 346,865 as of April 1, 1980.
On October 1, 1980. this figure was upwardly adjusted by 53.130 to account for the influx of Cuban and Haitian
Refugees. This adjustment estimates the City of Miami's population at 399,995 as of October I, 1980. All 1980
U.S. Census information. however, is based on the lower. April 1. 1980. population estimates.
Cite of Miami Population
Period Population
April 1, 1960 291.689
April 1. 1970 334.859
April 1. 1980 346.865
October 1. 1980 399,995(1)
Projected 1985 419,640(2)
11) This 399,995 figure is the official figure for federal revenue sharing purposes.
(2) City estimate. Planning Department. City of Miami. Florida. 1982.
'8
83-3 51
Age Group as a Percentage of Total Population
1980
Age Group
Miami
Percentage
Dade County
Percentage
0-5
23.459
717(
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
)3
187.495
12
55-59
21.714
6
9I.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.
Family Income
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
$ 5,000
14,529
16%r
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
Total Number
of Families
88,057
100%
426,520
100%
SOURCE: 1980 U.S. Census of Population and Housing.
Per capita personal income fir 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 Countv
Florida
U.S.A.
DsdejU.S.A.
1981
S 10.885(I)
S 10,165
S 10,491
1019c
1990
9.598
9.153
9.480
103
1979
8.894
8.202
8.655
1Q3
1978
8.030
7.330
7.775
103
1977
7.238
6.520
6,984
104
SOURCE: U.S. Department of Labor. Bureau of Labor Statistics.
(1) University of Florida, Bureau of Economic and Business Research (1991. Dade County Estimate).
29
MEN
83--351
Retail Sales
Although Miami contains 27 percent of the population of Dade County, in 1982 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 Salem I)
1980
1981
1982
Miami ................... S12.615.000
S14.552.000
$14.856.000
Dade County ............. 25.576.000
29.140.000
3031 1 ,000
Miami/Dade .............. 491-Ir
50%
489f
(1) As reported under the Sales Tax Act.
Taxable Gross Retail Sales
(fiscal year)
1978 1979 1980 1981 1982
Miami ................... $3.191,300 S3.791.300 S4.712.800 S 5.196.400 S 5.364.400
Dade Countv ............. 7,1 15.700 8.452.400 9.952.300 11.575.000 11 .770.500
Miami/Dade .............. 45% 4517c 47% 47ryc 4617c
SOURCE: Department of Revenue, State of Florida.
Employment
The tables below indicate the scope of employment throughout Miami and Dade County.
Ten Largest Private Employers
Number of
Employees
Eastern Airlines ..........................................
13,100
Southern Bell Telephone & Telegraph Company ...............
12.300
Burdines Department Stores ................................
7,400
Southeast Banking Corporation .............................
7.000
University of Miami ......................................
6.500
Pan American Airways ....................................
6,300
Florida Power & Light Company ............................
4,775
The Miami Herald ........................................
4,300
Publix Super Markets .....................................
3,786
Racal-M ilco. Inc . ........................................
3 ,4(Nl
SOURCE: Dade Industrial Development Authority.
Employed Persons by Industry Type
Agriculture. Forestry. Fishing. Mining ...........
Construction .................................
Manufacturing ...............................
Transportation. Communication. Public Utilities .. .
Wholesale Trade ............................ .
Retail Trade .................................
Finance, Insurance, Real Estate .................
Business and Repair ..........................
Personal Entertainment and Services .............
Health Services ..............................
Educational Services ..........................
Other Professional Services ....................
Public Administration .........................
Total.....................................
SOURCE: 1980 Census of the Population and Housing.
30
Miami
Percentage
Dade Count•
Percentage
1.592
1 %
14.853
2%
11.145
7
44.558
6
27.066
17
103.968
14
12.737
8
81.690
11
9.553
6
44.558
6
27,066
17
133.674
18
11.145
7
59.411
8
9.553
6
37.131
5
15.921
10
51.984
7
12.737
8
59.410
8
7.961
5
44.558
6
6.369
4
37.132
5
6.369
4
29,705
4
159.214
100
742.632
100
83-3 )1
0
0
Unemployment Rates
Annual Aver
1979 1979 1990
tiliami N.A. N.A. 6.817
Dade Countv ....... 7.1 6.0 6.0
U.S. 6.1 5.8 6.1
SOURCE United States Department of Labor. Bureau of Labor Statistics.
(1) 10 month average, as of October. 1982.
1981
7.817(
6.8
7.6
1982
9.21I(1)
8.1 (1)
9.9
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 171% 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
1 I %
14.156
6%
25,000-39.999 .....
8.283
25
43.732
18
40-000-49.999 .....
6.326
19
39.978
17
50.000-79.000 .....
11.012
33
91.130
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 S 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 .....
43.159 3617c
45.738
34%
Renter Occupied .....
77.235 64
88.308
66
Total .............
120.393 100%
134.046
1009c
SOURCE: 1970 and 1980 U.S. Census of the Population and Housing
31
83-351
The dollar value of building permits issued in the City since
SOURCE: City of Miami's Fire, Rescue and Inspection Services Department.
Housing Units Started
APPROVAL AND OFFERING STATEMENT
The references, excerpts and summaries of all documents referred to herein do not purport to be complete
statements of the provisions of such documents, and reference is directed to all such documents for full and
complete statements of all matters of fact relating to the Bonds, the security for the payment of the Bonds and the
rights and obligations of the holders thereof. Copies of such documents may be obtained from the City's Director
of Finance at Miami City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida 33133, telephone number
(305) 579-6350. or to the Financial Advisor, James J. Lowrey & Co. Incorporated, 110 Wall Street, New 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 guaranteed as to accuracy or
completeness by, and is not to be construed as a representation by, the Financial Advisor or the Underwriters.
Any statement made in this Official Statement involving matters of opinion or of estimates. whether or not
so expressly stated, are set forth as such and not as representations of fact. and no representation is made that any
of the estimates will be realized. The information and expressions of opinion herein are subject to change without
notice and neither the delivery of this Official Statement nor any sale made hereunder shall. under any circum-
stances, create any implication that there has been no change in the affairs of the City of Miami since the date
hereof.
The execution of this Official Statement has been duly authorized by the Commission of the City of Miami.
32
The City of Miami. Florida
.............................................
Afuvor
83-351.
0 o
FINANCIAL STATEMENTS
CITY OF MIAMI, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended September 30, 1982
TABLE OF CONTENTS
Exhibit/
Schedule
FINANCIAL SECTION
Report of Independent Certified
Public Accountants
GENERAL PURPOSE FINANCIAL STATEMENTS
Combined Balance Sheet - All Fund Types
and Account Groups
I
Combined Statement of Revenues,
Expenditures and Changes in Fund
Balances - All Governmental Fund
Types and Expendable Trust Funds
II
Statement of Revenues, Expenditures
and Changes in Fund Balance -
Budget (Non-GAAP Budgetary
Basis) and Actual - General Fund
III
Combined Statements of Revenues,
Expenditures and Changes in Fund
Balances - Budget (GAAP Basis) and
Actual - Special Revenue and Debt
Service Funds
IV
Combined Statement of Revenues,
Expenses and Changes in Fund Equity -
All Proprietary Fund Types
V
Combined Statement of Changes in
Financial Position - All Proprietary
Fund Types
VI
Notes to Financial Statements
33
S3-3 )1
a
0
CITY OF MIAMI, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended September 30, 1982
TABLE OF CONTENTS, Continued
Exhibit/
Schedule
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, Rescue Services and Federal
Revenue Sharing Special Revenue Funds B-3
Debt Service Funds:
Combining Balance Sheet C-1
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances C-2
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances - Budget (GAAP
Basis) and Actual C-3
Capital Projects Funds:
Combining Balance Sheet D-1
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances D-2
3-4
83-351
0
0
CITY OF MIAMI, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended September 30, 1982
TABLE OF CONTENTS, Continued
FINANCIAL SECTION, Continued
SUPPLEMENTAL COMBINING AND INDIVIDUAL FUND STATEMENTS,
Continued
Enterprise Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenses
and Changes in Fund Equity
Combining Statement of Change in Financial
Position
Internal Service Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenses
and Change in Fund Equity
Combining Statement of Changes in Financial
Position
Trust and Agency:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance - Expendable
Trust Funds
3;
Exhibit/
Schedule
E-1
E-2
E-3
F-1
F-2
F-3
G-1
G-2
83-351
pl
6
(THIS PAGE INTENTIONALLY LEFT BLANK(
ifs
83-351
Coopers
Y
&L brand
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, 1982, 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 52%, respectively,
of the related combined totals of the Enterprise Funds. These state-
ments were examined by other auditors whose reports thereon have been
furnished to us, and our opinion expressed herein, insofar as it
relates to the amounts included for the Department of Off -Street
Parking, is based solely upon those reports.
As more fully described in Note 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 finan-
cial 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
related matters referred to in the preceding paragraph been known, the
general purpose financial statements referred to above present fairly
the financial position of the City of Miami, Florida at September 30,
1982 and the results of its operations and the changes in financial
position of its proprietary fund types for the year then ended, in
conformity with generally accepted accounting principles applied on a
basis consistent with that of the preceding year except for the inclu-
sion of the Department of Off -Street Parking in the general purpose
finanical statements, with which we concur, as discussed in Note 2(B),
and after giving retroactive effect to the changes, with which we
concur, in the method of accounting for depreciation in proprietary
fund types and the method of accounting for claim liabilities, as
described in Notes 6 and 11, respectively, to the general purpose
financial statements.
37
S3-3Si
6
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 -of 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, 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.
Miami, Florida
January 14, 1983
39
S3-351.
[THIS PAGE INTENTIONALLY LEFT BLANK]
39
83-351
HOOT
CITY OF MIAMI. FIJIM1l1A
C/HtlINEU MAIANCE SHEET - ALL FUND TY ES AMU ACCOUNT GMIMIFS
SIMMIIEM 30. 1962
FI4uclsry
Fund
—Ac-E-111uuEs
--_-
Types
�'Lu_YFle�[�
'u/J IY 'La'.!.
rim—
ranerrl
General
_
Special
Dept
Capital
Internet
_
?rust And
fixed
Lunt -Teas
Total*
A_�t.IJ
(_crier �l
Revenue
Se
u eci!
t/ltrr rV.I.e
etv Ce
Aa.n.y
As..t2
a ui
(Ne`ulauduu only•
1• A 1 ...I. ri..l Invc•t w. uta
514, 2Y4,Uo0
S -
$10.590.200
116.558.221
3 -
$ 3.441.495
$12,utl1,S16
-
9 -
li 76,911,55d
t ,•1, ,.,a ...1. c•lul v.laut.
8.592
-
-
828.791
-
-
-
B31,3B9
N.. cI v..L i. ., u.t ul alluu.uae lot
.1.... LIRA .......ut• uI $4.402.(KAJ.
I....
2,011.6yu
415,204
-
-
A....uut•
1,182,21U
81,140
-
65.139
309.653
-
194.962
-
1,U 19, 104
A..a,•.•...t It.-
-
-
119,Bbl
14,617
-
-
-
-
-
134.484
I..a U..m .111c4 l.n.Jr (11"1. 4)
14,51Y
35,Y01
-
1,191.409
2,122,000
-
4,185,tivl
l..,. 11... uU..t euvcmr.cntr IN•,[r 5)
126,011
4.110.1159
-
297,741
4,427.24%
-
-
-
-
9,023,tltlb
53.066
156,35b
-
-
811,422
La(•...It• a1.J pttpalJ ..praxes
9.68.
25,167
-
-
129,291
-
0.460
-
-
213.406
Ma.tlla laJ urcla IN.ta )).
t ••1, .uJ lu.•.•tu.cnir rlth 11 ua1 agent,
l u. l..Jlug ..aa..J el.tet.a
-
-
-
-
26.664.136
-
-
rl..p.tly, phut 6.4 .yul yreut, ntt (Nut. O)
-
-
-
-
113.191,000
14.367.694
-
240,300.141
110.1411.b41
b.uJ .11r..•u.d -A burn.. a 1.. 11"
_
_
-
-
4,165,tl20
_
-
-
-
4,)bS,B20
A....•..a .11 •L 1. In b. Lt Davlae F.W.:
L. u.l.l .J•i lg.l !•m Loula
-
-
-
-
-
-
-
-
0, 611,919
O,OII,YIY
`q•c. 1.1 ..LI IM.t L.n U-J. •I.J
uU,.l p•y.Ll.r
_
-
-
-
-
-
-
-
1.114.431
1.114.4.11
A •..•o.t .v.11.G I. la Scil loon .me RmJ
�..
1 ... .I.1- p.Ys61.
_
_
-
-
_
-
-
_
4.254.119
4,254.119
Au. •..ut t.. Lc yl..v lJ.J 1•n rat llar.cut ut
e.u.u1 L.I.g-tatr J.In.
I........nJ.
_
_
-
_
_
_
_
.
1119. 19tl,Utl1
IU9. 198.11tll
Spa. 1.1 .•LI lg.l I.- L..,,J. —J
011, S2U
bfJ, S20
. 221
7 401,221
1,.1 .1 A...1r
i�l,Cc,, l::`i
i4.li@.3t11
ilk.11lia3.E1
i1Y. .111
�13]..L2]a LEI
i4g.�1�. �
i�L.ttl9.l Y
i3511..�n�. L4I
1140.44.m
;!-;1Llll."j
WIC-t
1nu.J1
G�
Ut
M
LLAll !U14
I..11rlt In prn.led cash sml Investment•
V.•nalurs real arcnnnts p.yabla
A., card r■pe.,sra (principally salaries)
tw.e rn .11re9 la,r.l. (Note 4)
!'•ne to other governssents
I,r►rrreJ rrvr e
D,1•oeile rrto"J.Wa
Clslw psy.14t (Notes 7 sold 11)
11.torel b.... J. .old Interest Paysbl.
Psysble from restricted meta:
Gaul rasa t I.m prat recto
A. rrurd Inters
Carteret portion of revemne bonds psysbla
a rvr.wr b.or.la pay.bl. •Nut. 1)
Crnvtsl obligell"n bo"Ja payable (Note 1)
4- Sp-1.1 .tilgatlon bon.Js payable (Note 1)
UII•er p.y.ble. (nut. 1)
T.t-.1 liabilities
linty Mij-117
l:onlrlbnt rJ l.pltd
lavr.t—t is, •.nerd tired assets
Prisiota ra.1.11.89 (Note 9)
F rend belsn"es:
p r.etvrJ for:
1'.....1•r."ror.
ptbt service
ih.rrarrve.l:
hrslgu.t eJ tot burrs..". sue•
llrslgnulyd for future prnulun contribution
IMelgn.l rJ fur .161" p.y.ble
Uralguet.J (,or a.O.S.4.rnt year's eape'.11tur.0
good spprnrtl prn}etts
nudes lgart rJ
1"t.l retained earnings/fund belances
10.1 tu"J eq,dty
t:..r,..l t.renu ..4 a ttngeat liabilities (Nutt• 10,
13 -.1 14 )
4LJ lard Il.bllitles real 101.1 equity
W
G'T
CITY OF HUM, PTAOIPA 90111I.1
G)t I"M 6AIA"CE SUM - All I M MIS AND ACCM(r GROUPS iCunth-,d)
SEPTF21811t 30, 1982
/IJuc nary
Pond _dcco.�nt Gcoup� _`
_ __Overmrntml fund Types fropelet-1 ►... I Type• _.fundrugm—Cenecd Cenetel
Speclal Debt Capital internal Trust And ►tad Wng-Ter.. Total.
Caner!} gevcm, Servic ru same Encerprof Servicg Altemic Debt (Nmurandas qu!j
- 1 50,616 $ - # - # 9.108.232 - $ - P - S 9,158,9U8
2.996.560 1.012.745 - 2.1S0.325 651,491 763,417 685.012 - - 8.259.616
3.525,954 103,63S - 93.243 218.909 433.960 25.627 - - 4.363.358
- 30.WO 34,S19 2,943.433 1.177.379 - - - - 4.165.691
497.007 - - - - 497.003
2.029.944 358,987 - - 654,440 - - - 1.043.27L
1.195.959 92.748 - - 73,102 - 2.071.965 - - ),440.313
- - 1.242.466 - 11.660.000 12.902.466
2.815,443 - - - - - 2.815.443
- - 4.255.294 - - - - 4.2S5.284
2.164,185 - - - - 2.164,185
• - - - 16S.000 - - - - 165.000
. - 84.840.000 - - - - 84.w.0.000
116,010,000 116,010,01)t)
900.000 9W.000
67.617 8.999 - 46,187 - _ - 1,451 i951
9.149,346 _L215.411 2,e5e.y31 s,L,Qq! 1p3.71sJ1s 1,797.377 4,931J w _ /3D.u2t.9st 2se,sls.slz
44.701,294 7.204,939 - - - 51.906,231
- - - 240.380.147 - 240.380.147
7.736.603 10.113.229 - - - 11,901.8)2
6.341.IOU
500.000 - - Su0.000
3.491,089 - - 3,491.089
- - - - 4.258,119 - - 4.258.1)9
4,500.000 - 1,100,000 31.224.140 - - - - - 16,824.14U
__}.SS6,634 �,}l2.79� _ TsiLBi �(2,366
_s,l14.?5e ?.!l3. _e 32, 6.35Q �IJ42,u 7-136AN _10.►)-z9 8,25M, _S----_,-----►►,N59a]1u
__B.Il4.)58 2, It 2.190 e.326.35Q 33,142,132 52,431.691 (1,)/6_i168 _8„255.g68 240,38U,447 45`lu
$ll.lfb2.Illy iy.J19e1Q1 }11,1f1S,1j� �JQ,]29 1J} j(JJ,�S],212 Q}gstj,Ytl 112.28b.99g 1*9.380.141 3130,021.45} gh28.121.222
See acconyanying notes to ftmlaa sl stat,rsents
0
0
Reverotes: '
Taxes (Note 3)
1.1aenses and permits
Isit etgovetresent aI
Intraguvernmental
Charges for services
Cuntrlbutlons from employees and retirees
Assessment lien collections
interest
Other
Total revenues
Expenditures:
Current:
Cenetal government
h.blfc safety
Public Improvements
Sanitation
Culture and recreation
Grunt and related expenditures
Pension contributions (Note Ill)
Insurance premiums
claim payments
t" [J Other
Debt service:
Principal retirement
Interest and fiscal charges
capital outlay
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other flnancing sources (uses):
Operating transfers In
Operstlng transfers out
Total other financing sources (uses)
Excess (deficiency) of revenues and
other financing •ounces over
exprndituree and other uses
Fuud Lalan.ea at beginning of year, as
originally reported
Adjustment fur claim liabilities (Note 11)
Fund balance* at beninulnx of year, as restated
Fund reclassification (Note 2(M))
tgtrlty transfers to other funds
Fund balances at end of year
EXHIBIT 11
CITY OF MIAMI, PIIIRIDA
comaINED STATEMENT OF REVENUES, EXPENDITURES AND CNAWES IN FOND BAIANCES -
ALL t'AIVERNMENTAL FUND TYPES AND EXPENDABIE TRUST FUNDS
YEAR ENDED SEPTEMBER 30. 1982
Fiduciary
Governmental
Fund TYsen
Fund Type
_
Special
Debt
capital
Expendable
Tulala
General
Revenue
Service
Pru ecta
Trust
(Memorandum Onl)
$ 87.457,601
$ 2.846,56Z
$12.175.446
S 6.331.009
$ -
$108.810.618
5.452.119
-
-
-
-
5,452.139
16,102.706
27.216.966
-
931.4/3
-
44.251.087
1,782,418
-
-
-
20.781.139
22,563.557
11,519.392
-
-
-
-
11,519.192
_
_
-
-
7,648.202
7,648.202
-
-
1,790,006
-
-
1.790,006
3.363,101
-
2.093.144
5.156.170
-
10.612.415
2,128,584
822,945
2,119
1,906,652
2,570,132
7,430,432
127,805,943
30,886,473
16,060,715
14,325,244
30.999,473
220,07%848
14,114,117
-
-
-
-
14.114.317
74.813,314
1,256,363
-
-
-
76.069.677
13.608.204
-
-
-
-
11,608.204
19,393,731
-
-
-
-
19.393.731
7.116.000
581.554
-
-
-
7.697.554
-
18.044.040
-
-
-
18.044.040
-
-
-
-
15,408,379
15,408.379
-
481.068
481.068
-
-
-
-
11,125,977
tl.125.977
6.948,914
171.947
85.761
-
2.027,004
9.233.626
-
-
10.625.000
-
-
10.625,000
-
-
7.169.048
-
-
7.169.048
906,575
20,803_614
-
21,710 189
136,901,055
20,053,904
17,879,809
20,803,614
29,042,428
224,680,810
{9,095.112)
10,832,569
(1,819,094)
16,478_370)
L_9S7.04S
(4,602,962)
9,918,406
322.500
186,125
21.200
-
10.468.231
0,142,390)
19,962,337)
-
(75,000)
_
11,179,727
8,796,016
(9,639,837)
186,125
(53,800)
-
(711,496)
(299,096)
1,192.332
(1,612,969)
(6,S32,110)
1.957,045
(5,114,45d)
8,413,454
800,582
9.959,319
43.013,002
4.439.506
66.616,6b3
-
I`978J93
__1.978.721
8.413,454
800.582
9.959.319
43.013.802
6,418.299
68,605.456
-
119,476
-
-
(119.476)
-
(3.339,500)
-
(3,139,500)
i-9s1.�4,]5�
uasu
$ 8`]26,349
3S ]a14T.1�2.d.235.tl68
, 59�51�44�
See accompanying notes to
financial statements
9
0.
CITY OF MIAMI, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET (NON-GAAP
BUDGETARY BASIS) AND ACTUAL
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 1982
Revenues:
Taxes
Licenses and permits
Intergovernmental
Inteagovernmental
Charges for services
Interest
Other
Total revenue
Expenditures:
Current:
General government
Public safety
Public improvements
Sanitation
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 (deficiency) of
revenues and other
financing sources
over expenditures
and other uses
Fund balance at beginning of year
Fund balance at end of year
EXHIBIT III
General Fund
Variance
Favorable
Budget Actual (Unfavorable)
$ 88,268,910
6,337,675
15,176,989
1,679,500
12,642,999
1,135,737
1.221.384
126,463,194
14,770,190
75,648,445
14,721,412
19,022,359
6,946,310
6,404,901
1,116,502
138,630,119
$ 87,457,601
5,452,139
16,102,708
1,782,418
11,519,392
3,363,101
2.128.584
127,805,943
13,850,054
74,779,176
13,557,440
19,351,877
7,133,456
6,824,215
1,055,175
136,551,393
$ (811,309)
(885,536)
925,719
102,918
(1,123,607)
2,227,364
907.200
1,342,749
920,136
869,269
1,163,972
(329,518)
(187,146)
(419,314)
61,327
2,078,726
(12,166,925) (8,745,450) 3,421,475
8,695,559
(1,225,222)
7,470,337
(4,696,588)
9,938,406
(1,142,390)
8,796,016
50,566
6,006,068 6,006,068
See accompanying notes to financial statements
43
1,242,847
82.832
1,325,679
4,747,154
$4.747.154
83-351
t
X
C4
VI
Wo
E%IIISIT IV
CITY OF MIAMI, FLORIDA
COMBINED STATIM M OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET (CARP BASIS) AND ACTUAL
SPECIAL REVENUE AND DEBT SERVICE FUNDS
YEAR ENDED SEPTEMBER 30. 1982
Special Revenue
(1)
Debt Service
(I)
Variance
Variance
Favorable
Favorable
Buditet
Actual
(Unfavorable)
Bud et
Actual
(Unfavorable)
Revenues:
Property tax collections
$ 541.439
$ 541,613
$ 174
$12,018.187
$12,175,446
$ 157.259
Business and excl@s taxes
1,324.209
1.404,949
80.740
Interest
3.500.000
2,010.367
(1.429.633)
Intergovernmental
8.970,534
9,461.917
491.383
AAsesement lien collections
1,200,000
1.190,006
590.006
Other
4,650
21.945
u 18,281
-
2,119
2,119
Total revenues
10.840.840
11,431,424
590.584
16.718,187
16,037.938
(6801 249)
Expenditures:
Public safety
1,324,209
1.256.163
67.846
Culture sold recreation
587.193
581.554
5.639
Other
256,879
111,634
87.245
205.600
85.761
119,81Y
Principal retirement
10.625,000
10.615,000
-
Interest and fiscal charges
7,198,8t=7
7,169,048
29,759
Total expenditures
2,170,281
2,009,551
160.730
18,029,407
17,879,809
149,598
Excess (deficiency) of revenues
over expenditures
8,670,559
9,421.873
751,314
(1,311.220)
(1,841,811)
(510,6511
Other financing sources (uses):
4)peratln8 transfers in
196.125
186.125
-
Operating transfer@ out
_(S.670,559)
19 938.406)
(1,267,847)
-
-
Total other financing
sources (uses)
(0,670,559)
(9,938,406)
LI,267.841)
186.125
186,125
Excess (deficiency) of revenges
and other financing sources
over expenditures and other
uses
-
(516,5i3)
(Slb,$)J)
(1.125,095)
(1,655.14b)
(530,651)
Fund balance at beginning of year
_ 800,582
800,582
-
9,616,518
9.b1b,518
Fund balance at e1x1 of year
#80 ,j§2
$ 284.04
€_t214.2 1
tl 91.423
.Z hn 1
L 570& )
(1) flues not Include funds for which hudgets
have not been adopted. see Note 2(D)(4)
See accompanying notes
to financial statements
EXHIBIT V
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN FUND EQUITY -
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30, 1982
Operating revenues:
Charges for services
Operating expenses:
Personal services
Contractual services
Materials and supplies
Heat, light and power
Intragovernmental charges
Other
Total
Operating income (loss)
before depreciation
expense
Depreciation expense
Operating income (loss)
Nonoperating revenues (expenses):
Interest
Interest and fiscal charges
Other
Net nonoperating
revenues
Income (loss) before
operating transfers
Operating transfers in
Operating transfers out
Net operating transfers
Net income ( loss)
Enterprise
$ 8,917,127
3,530,569
1,649,836
958,164
1,037,687
800,248
2,032,345
10,008,849
(1,091,722)
1,5241877
(2,616,599)
1,060,720
(1,354,341)
358,172
Internal Total
Service (Memorandum Only)
$13,618,190 $22,535,317
5,342,667 8,873,236
1,080,871 2,730,707
3,239,707 4,197,871
129,411 1,167,098
- 800,248
274,140 2,306,485
10,066,796 20,075,645
3,551,394
1,660,910
1,890,484
243,473
2,459,672
3,185,787
(726,115)
1,304,193
(1,354,341)
358,172
64,551 243,473 308,024
(2,552,048)
2,133.957
671,641
244,486
-
(204,631)
671,641
39,855
(1,880,407)
2,173,812
45
(Continued)
(418,091)
916,127
(204,631)
711,496
293,405
83-351
0 CITY OF MIAMI, FLORIDA 0
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES
IN FUND EQUITY -
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30, 1982
EXHIBIT V
(Continued)
Internal
Total
Enterprise
Service
(Memorandum Only)
Net income (loss) - brought
forward
$(1,880,407)
2,173,812
$ 293,405
Retained earnings (deficit) at
beginning of year
15,4490491
13,179,728
28,629,219
Adjustment for property, plant
and equipment
(12,358,582)
(5,182,311)
(17,540,893)
Inclusion of Off -Street Parking
Authority (Note 2(B))
6,526,101
-
6,526,101
Retained earnings (deficit) at
beginning of year, as restated
9,617,010
7,997,417
17,614,427
Retained earnings (deficit) at
end of year
7,736,603
10,171,229
17,907,832
Contributed capital at beginning
of year
38,070,718
4,868,064
42,938,782
Contributions from other funds
3,996
2,336,875
2,340,871
Contributions from tenants
3,287,080
-
3,287,080
Equity transfers from other funds
3,339,500
-
3,339,500
Contributed capital at end of year
44,701,294
7,204,939
51,906,233
Total fund equity
$52,437,897
,$17,376,168
$69.814.065
46
53-351
Li
6
CITY OF MIAMI, FLORIDA
COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION
ALL PROPRIETARY FUND TYPES
YEAR ENDED SEPTEMBER 30, 1982
Working capital provided by
(applied to):
Operations:
Net income (loss)
Items not requiring current outlays
of working capital:
Depreciation and amortization
Dispositions and transfers of
property, plant and equipment
net
Total provided by (applied
to) operations
Other:
Decrease in restricted accounts
Contributions and equity transfers,
net
Proceeds from long-term debt
Total
Working capital applied:
Additions and transfers of property,
plant and equipment, net
Reduction of revenue bonds payable
Increase in due from other governments
Increase in other assets, rtet
Total
Increase (decrease) in working capital
Summary of increases (decreases) in
working capital:
Cash and investments
Accounts receivable, net
Inventories
Prepaid expenses
Accounts payable and accrued expenses
Due to/from other funds
Deposits refundable
Deferred revenue
Increase (decrease) in working capital
EXHIBIT VI
Internal Total
Enterprise Service (Memorandum Only)
$ (1,880,407) $2,173,812 S 293,405
1,622,321 1,660,910
65,507 172,340
(192,579) 4,007,062
14,934,736 -
3,283,231
237,847
3,814,483
14,934,736
6,630,576 2,336,875 8,967,451
10,446,187 - 10,446,187
31,818,920 6,343,937
41,340,309 5,509,148
190,000 -
2,245,984 -
867,181
4.4,643,474 5,509,148
(1-824,554) 834,782
$(15,047,073)
$1,095,106
3,837,065
(20,523)
23,795
184,608
2,103
-
(339,953)
(424,402)
(1,049,176)
-
(2,849)
-
(248,466)
S(II,924.554)
1 834,782
See accompanying notes to financial statements
47
38,162,857
46,949,457
190,000
2,245,984
867.181
50.152,622
�(11_989.765)
$(13,951,967)
3,816,542
208,403
2,103
(764,355)
(1,049,176)
(2,849)
(248,466)
S (1' •° °,755)
53-351
(THIS PAGE INTENTIONALLY LEFT BLANK(
48
83-351
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
1. General Description
The City of Miami, in the County of Dade, was incorporated in
1896, and comprises approximately 34 square miles of land and 20
square miles of water. The City operates under the Commission/
City Manager form of government and provides the following ser-
vices as authorized by its charter: public safety, public works,
sanitation, recreation and community development. The County is a
separate governmental entity and its financial statements are not
included in this report.
The Florida Legislature, in 1955, approved and submitted to a
general election, a constitutional amendment designed to give a
new form of government to the County of Dade. The County is, in
effect, a municipality with governmental powers effective upon
twenty-seven cities and unincorporated areas, including the City
of Miami. It has not displaced or replaced the cities, but
supplements them. The County can take over particular activities
of the city's operations (1) if the services fall below minimum
standards set by the County Commission, or (2) with the consent of
the governing body of the city.
Since its inception, the Metropolitan County Government has
assumed responsibility on a county -wide service basis for a number
of functions, including county -wide police services, complement-
ing the municipal police service; uniform system of fire protec-
tion, complementing the municipal fire protection; consolidated
two-tier court system; creation of the Miami -Dade Water and Sewer
Authority; coordination of the various surface transportation
programs; installation of a central traffic control computer
system; merging all public transportation systems into a county
system; effecting a combined public library system; and centrali-
zation 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) Fund Accounting
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
49
83-351
10 A
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
2. Summary of Significant Accounting Policies and Reporting Practices,
Continued
for with a separate set of self -balancing accounts that
comprise its assets, liabilities, fund equity, revenues, and
expenditures or expenses, as appropriate. Government re-
sources 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
General Fund - The General Fund is the general operating fund
of the City. It is used to account for all financial re-
sources 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 (otbar
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).
The Capital Projects Funds include the Capital Improvements
Fund which was originally 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.
b3-351
a N
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 300 1982
Continued
2. Summary of Significant Accounting Policies and Reporting Practic
PROPRIETARY FUNDS
All Proprietary Funds are accounted for on a cost of services
or "capital maintenance" measurement focus. This means that
all assets and all liabilities (whether current or non—
current) associated with their activity are included on
their balance sheets. Their reported fund equity (net total
assets) is reported as contributed capital and retained
earnings. Proprietary fund type operating statements present
increases (revenues) and decreases (expenses) in net total
assets.
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
governing body 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
R
(2) where the governing body has decided that periodic
determination of revenues earned, expenses incurred,
and/or net income is appropriate for capital mainten—
ance, public policy, management control, accountability,
or other purposes.
Certain Enterprise Funds have historically operated at a
lose and have required operating subsidies from the General
Fund. If future operations are not sufficient to offset
these deficits, the General Fund will continue to support
these activities.
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.
51
83-351
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
2. Summary of Significant Accounting Policies and Reporting Practices,
Continued
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
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
bonds payable from the operations of the enterprise funds
(Note 11).
The two account groups are not "funds." They are concerned
only with the measurement of financial position. They are
not involved with measurement of results of operations.
(B) Financial Reporting Entity
For financial reporting purposes, in conformance with NCGA
Statement No. 3, Defining the Governmental Reporting Entity,
the City includes all funds, account groups, agencies,
boards, commissions and authorities that are controlled by
or dependent on the City.
Control by or dependence on the City was determined on the
basis of 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. -
;?
b3-351
0 #
CITY OF MI.AMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
2. Summary of Significant Accounting Policies and Reporting Practices,
Continued
Based upon the foregoing criteria, the following organi-
zations are included in the financial statements of the
City:
Downtown Development Authority (Special Revenue)
Department of Off -Street Parking (Enterprise)
The Miami City General Employees' Retirement Plan and Miami
City Employees' Retirement System are entities independent of
the City. Because the City does not control their operation,
their financial statements are not included herein.
(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 ac-
counted for using the modified accrual basis of accounting.
Their revenues are recognized when they become measurable and
available to pay liabilities of the current period. Ad
Valorem taxes are considered measurable and available when
collected within 60 days subsequent to September 30. Utility
and franchise taxes, licenses and permits, fines and forfei-
tures, charges for services and miscellaneous revenue (except
investment earnings) are recorded as revenue when collected
generally within 60 days subsequent to September 30, provided
that amounts received pertained to billings for the fiscal
year just ended. Occupational license revenues collected in
advance of the periods to which they relate are recorded as
deferred revenues. Investment earnings are recorded as
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 assessment receivables are recorded as revenue in
the year the assessments are levied, even if payments are
made in annual installments. Annual installments not yet
collected are reflected as special assessments receivable.
ii
83-3 5i
CITY OF MIAMI, FLORIDA
NOTES 10 FINANCIAL STATEMENTS
September 30, 1982
Continued
2. Summary of Significant Accounting Policies and Reporting Practices,
Continued
Expenditures are generally recognized under the modified
accrual basis of accounting when the related fund liability
is incurred. Exceptions to this general rule include accumu-
lated 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 bud-
getary 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 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) Annual operating budgets for the General, Special
Revenue and Debt Service Funds are adopted on a basis
substantially consistent with generally accepted
accounting principles (GAAP) except that budgetary
comparisons for the General Fund include encumbrances as
expenditures.
Adjustments necessary to compare the results of opera-
tions in the General Fund on a GAAP basis to that on a
;4
83-351
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
2. Summary -of Significant Accounting Policies and Reporting Practices
Non-GAAP budgetary basis for the year ended September
30, 1982 are as follows:
Excess (deficiency) of revenues
and other financing sources
over expendtures and other
uses (GAAP basis) $ (299,096)
Less encumbrances at
September 30, 1982 (2,057,724)
Plus encumbrances at
September 30, 1981 2,407,386)
Excess (deficiency) of revenues,
and other financing sources
over expenditures and other
uses (Non-GAAP budgetary basis) S 50,566
For 1982, annual operating budgets were not adopted for
the following Special Revenue Funds: Community Develop-
ment, CETA, Cable T.V. and other Special Revenue funds.
In addition, budgets were not adopted for the Debt
Service Fund - Incinerator Bonds. Budgeted amounts are
as originally adopted, or as amended by the City Commis-
sion through the year.
(5) Upon request of the City Manager, the Commission may
transfer any part of an unencumbered balance of an
appropriation to a purpose or object for which an
appropriation for the current year has proved insuf-
ficient 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 un-
encumbered balance of each appropriation reverts to the
fund from which it was appropriated and shall be subject
to future appropriations.
(E) Encumbrances
Encumbrance accounting, under which purchase orders, con-
tracts, and other commitments for the expenditure or monies
;;
83-351
CITY OF MIAMI$ FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
2. Summary of Significant Accounting Policies and Reporting Practices,
Continued
are recorded in order to reserve that portion of the appli—
cable appropriation, is employed in the General and Capital
Projects Funds. Encumbrances outstanding at year—end are
reported as reservations of fund balance since they do not
constitute expenditures or liabilities.
(F) Pooled Cash and Investments
The City maintains an accounting system in which substanti—
ally all cash, investments and accrued interest are recorded
and maintained in a separate group of accounts. All such
cash and investments, including accrued interest and inter —
fund transfers, are reflected as pooled cash and invest—
ments. Interest income is allocated based upon the approxi—
mate proportionate balances of each fund's equity in pooled
cash and investments. No interest is charged funds having
deficit balances.
Investments are stated at cost or amortized cost, which ap—
proximates market. All investments consist of U.S. govern—
ment obligations and time deposits with financial institu—
tions. At September 30, 1982, accrued interest on invest—
ments amounted to approximately $1,292,000.
A summary of equity and deficit balances of pooled cash
and investments as of September 30, 1982 is as follows:
Equity in pooled cash and investments
per Exhibit I Assets $76,973,558
Deficit in pooled cash and investments,
per Exhibit I Liabilities (9,158,908)
Total pooled cash and investments $67.814,650
At September 30, 1982, deficits in pooled cash and invest—
ments relate primarily to the Parking Garage and Convention
Center enterprise funds resulting from payments related to
construction of these facilities which are reimburseable from
restricted cash with fiscal agents subsequent to year—end.
50
83-351
2.
CITY OF MLAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
Summary of Significant Accounting Policies and Reporting Practices,
Continued
(G) Inventories
Inventories are valued at the lower of cost (first —in,
first —out basis) or net realizable value. Inventory in the
Internal Service Funds consists of expendable supplies held
for consumption.
(H) Accumulated Unpaid Vacation, Sick Pay, and Other Employee
Benefit Amounts
Accumulated unpaid vacation pay is accrued when incurred
in proprietary funds (using the accrual basis of accounting).
Such amounts have not been accrued in the Governmental
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)
(I) 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:
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 administrative expenses of the engineering
division, and totaled approximately $1,500,000 for
fiscal 1982.
Indirect Cost Allocation — The General Fund charges
other departments and funds for general and adminis—
trative expenses to allocate certain overhead costs to
the operating departments. Such charges approximated
$750,000 for fiscal 1982.
57
83-351
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
2. Summary of Significant Accounting Policies and Reporting Practices,
Continued
W 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.
(K) Property, Plant and Equipment
Property, plant and equipment used in Governmental Fund
Type operations (general fixed assets) are accounted for in
the General Fixed Assets Account Group. Public domain
("infrastructure") general fixed assets consisting of certain
improvements other than buildings, 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. All property, plant and equipment are
valued at historical cost or estimated historical cost if
actual historical cost is not available, and donated prop-
erty, plant and equipment are valued at their estimated fair
value on the date donated.
Effective in 1982 (see Note 6) depreciation of all exhaus-
tible fixed assets used by the proprietary funds is charged
as expense against their operations. Accumulated deprec-
iation is reported on proprietary fund balance sheets.
Depreciation has been provided over the estimated useful
lives using the straight-line method. The estimated useful
lives are as follows:
Buildings and improvements 30-50 years
Machinery and equipment 4-20 years
Improvements other than buildings 10-20 years
Beginning in fiscal 1982, in accordance with Statement of
Financial Accounting Standards No. 62, Capitalization of
Interest Cost in Situations Involvinft Certain Tax -Exempt
Borrowings and Certain Gifts and Grants, interest costs
associated with Enterprise Fund borrowings (revenue bonds)
used for construction projects are capitalized as part of the
ix
83-351
0 0
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
2. Summary of Significant Accounting Policies and Reporting Practices,
Continued
cost of the asset, net of related interest earned on unex-
pended portions of such borrowings. Net interest costs on
current Enterprise Fund construction projects incurred prior
to fiscal 1982 were not material. Interest capitalized into
construction in 1982 is summarized as follows:
Total interest incurred $ 5,902,170
Total interest earned (3,602,268)
Net Capitalized Interest $ 2,299,902
(L) 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
operations, or changes in financial position in conformity
with generally accepted accounting principles. Neither is
such data comparable to a consolidation. Interfund and
intrafund eliminations have not been made in the aggregation
of this data. Comparative total columns for fiscal year 1981
have not been presented as information is not available to
adjust 1981 balances for restatements made in 1982 (see Notes
6 and 11). Also, 1981 financial statements did not include
the operations of the Off -Street Parking Authority.
(M) Reclassifications
Community Development, CETA and other grant funds with fund
balances at September 30, 1981 totaling $119,476 previously
reported as expendable trust funds, have been reclassified as
special revenue funds in 1982. The Self Insurance Adminis-
tration fund with a fund balance at September 30, 1981 of
$2,477,188 previously reported as a non -expendable trust
fund, has been reclassified as an expendable trust fund in
1982.
Proprietary Fund type retained earnings and contributed
capital, presented as a single amount in prior years, have
been presented separately in 1982.
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
jy
b3-351
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
3. Property Tax, Continued
March 1 of the following calendar year. All unpaid taxes on real
and personal property become delinquent on April 1 and bear
interest at 18% until a tax sale certificate is sold at auction.
Dade County bills and collects all property taxes for the City,
and sells tax certificates.
The assessed value of property, as established by the Dade County
Assessor of Property, at September 30, 1981, upon which the
1981-82 levy was based, was approximately $7,211,000,000. The
City is permitted by Article 7, Section 8 of the Florida Consti-
tution to levy taxes up to $10 per $1,000 of assessed valuation
for general governmental services other than the payment of
principal and interest on general obligation long-term debt. In
addition, unlimited amounts may be levied for the payment of
principal and interest on general obligation long-term debt,
subject to a limitation on the amount of debt outstanding. The
combined tax rate to finance general governmental services (other
than the payment of principal and interest on general obligation
long-term debt) for the year ended September 30, 1982 was $8.95
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, 1982, the balance in due
from/to other funds consisted of the following:
Fund
General
Special Revenue:
Community Develop-
ment
Other Grant Funds
Debt Service:
General Obligation
Capital Projects:
Housing
Parking Facilities
Capital Improvements
Enterprise:
Orange Bowl Stadium
Convention Center
am
Due from Due to
Other Funds Other Funds
$ 34,579 S
30,000
5,903 30,000
34,579
3,086
- 212,443
1,393,409 2,727,904
- 423.250
2,722,000 754,629
$4,185,891 S4,18_ 5_,8_91
8 i3--a3 S 1
N #
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
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 follows:
Balance Additions Deletions Balance
September 30, and and September 30,
1981 Transfers Transfers 1982
Land $ 19,645,445 $ 583,000 $ - $ 20,228,445
Building and
improvements 23,996,238 - - 23,996,238
Machinery and
equipment 13,911,275 3,763,451 2,568,773 15,105,953
Improvements other
than Buildings 112,572,450 10,459,784 70,868 122,961,366
Construction in
progress 54,325,421 13,196,985 9,434,261 58,088,145
Total $224,450,829 $28,003,220 $12,073,902 $240,380,147
A summary of proprietary fund type property, plant and equipment
at September 30, 1982 follows:
Internal
Enterprise
Service
Land
$ 10,838,531
$ 401
Buildings and
improvements
40,102,998
4,399,945
Machinery and
equipment
2,913,677
16,843,937
Construction in
progress
77,939,135
-
Total
131,794,341
21,244,283
Less accumulated
depreciation
16,001,341
6,876,589
Net
S115,793,000
$14,367.694
EM
b3_35i
6.
CITY OF MIAMI$ FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
Property, Plant and Equipment, Continued
Effective for the fiscal year ended September 30, 1982, the
City instituted a program for providing depreciation on qualifying
assets within the proprietary fund types (Enterprise and Internal
Service) except for the Department of Off -Street Parking for
which depreciation had been provided in prior years. In connec-
tion with this policy, the amount of accumulated depreciation has
been computed as of September 30, 1981. These amounts have been
shown in the restatement below.
In addition to the depreciation adjustment, certain asset costs
have also been changed as a result of a physical inventory and
a related redetermination of cost for certain assets for which
detailed cost records no longer exist. Such amounts have also
been included in the restatement below.
September
30, 1981
As originally
As
reported
restated
Enterprise:
Land
$ 7,965,852
$ 8,401,395
Building and
improvements
24,739,571
22,800,339
Machinery and
equipment
914,536
907,335
Construction in
progress
38,091,607
38,091,607
Total
71,711,566
70,200,676
Less accumulated
depreciation
-
(10,847,692)
Net
$ 71,711,566
S 59,352,984
Internal Service:
Land S - S 401
Buildings and
improvements 3,566,252 4,399,944
Machinery and
equipment 12,307,855 12,407,130
Total 15,874,107 16,807,475
Less accumulated
depreciation - (6,115,679)
Net S 15,874,107 $ 10,691,796
(,2
83-3 3 1
46-A 0
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
6. Property, Plant and Equipment, Continued
The above restatement had the following effects on contributed
capital and retained earnings (fund equity) at September 30,
1981:
Fund equity originally
reported
Adjustments:
Provision for depreciation
Redetermination of certain
assets costs
Fund equity as restated
Internal
Enterprise Service
$53,520,209 $18,047,792
(10,847,692) (6,115,679)
(1,510,890) 933,368
$41.161.627 $12,865,481
7. Long -Term Debt
The following is a summary of changes in general long-term debt
of the City for the year ended September 30, 1982 (in thousands
of dollars):
General Lonit•Term
Debt
General
Special
Claims
Other
Obligation
Obligation
Parable
Payeblee
o Lai
Lang -term debt at September 30, 1981, as
criginally reported
s12b,320
$ 1,215
S
$ 674
512D,2Dg
Ad)uatment for tiers liabilities (Note 11)
12 —765
12.165
longterm debt at September 10, 19n1,
as restated
12b,320
1,215
12,7bs
674
140.974
Reduction of claim liabllatles
(1,105)
-
(11105)
Capitalised laser obligations
-
079
979
Debt retired
(10,310
(115)
(101)
0 126
Long-term debt at September 10, 1982
i""a�
L--=
S 1� I
S 1_.52
Wamiu
(3
83-351.
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
7. Long -Term Debt, Continued
Bonds payable at September 30, 1982 are comprised of the following
issues:
General obligation bonds (interest rates ranging from 1/10% to
7-1/2%):
$20,000,000 Police Headquarters Improvement
bonds; six issues, maturing through 1997 $ 12,910,000
$22,000,000 Storm Sewer Improvement bonds;
nine issues, maturing through 2011 15,500,000
$44,640,000 Public Parks and Recreation
Facilities bonds; five issues, maturing
through 2003 29,090,000
$51,000,000 Sanitary Sewer Improvement bonds;
eight issues, maturing through 1997 24,335,000
$17,000,000 Street and Highway Improvement
bonds; five issues, maturing through 1992 10,115,000
$45,085,000 Other issues, maturing through 2008 24,060,000
$116.010,000
Revenue and special obligation 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% $ 60,000,000
$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
$16,775,000 Off -Street Parking revenue bonds,
maturing through 2009 at varying rates of
interest ranging from 4.5% to 11.9% 14,445,000
$5,025,000 Other revenue and special
obligation issues, maturing through 1988 at
varying rates of interest ranging from 3.4%
to 6.5% 1,060,000
S 85,905,000
64
83-351
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
7. Long -Term Debt, Continued
The annual requirements to amortize all bonds outstanding as of
September 30,. 19820 including interest payments of $233,921,000
are as follows (in thousands of dollars):
Year Ending
General
Special
September 30
Obligation
Obligation
Revenue
1983
$ 16,623
$ 177
$ 7,987
1984
15,585
173
8,025
1985
14,994
168
8,032
1986
14,313
163
8,081
1987
12,969
157
8,085
1988-92
49,725
153
41,458
1993-97
30,578
45,376
1998-2002
9,205
44,987
Thereafter
3,312
95,508
167 304
$ 991
$267,539
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 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 statute to fifteen percent of. the assessed non-
exempt property value. At September 30, 1982, the statutory
limitation for the City was approximately $1,081,720,000
providing a debt margin of approximately $972,322,000 after
consideration of approximately $6,612,000 available in the
Debt Service Fund.
General obligation bonds authorized but unissued at September
30, 1982 totalled approximately $137,500,000.
65
83-351
41 0
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
7. Long -Term Debt, Continued
Revenue and Special Obligation Bonds
$60,000,000 Convention Center and Parking Garage Revenue
bonds - Debt service is provided by a pledge of net revenues
of the Convention Center -Garage, a pledge of certain tele-
phone and telegraph excise tax revenues, and by a covenant
and agreement of the City to provide, to the extent neces-
sary, revenues of the City, other than ad valorem property
tax revenues, sufficient to make up any deficiency in the
required sinking fund. A reserve must be maintained equal to
the maximum annual debt service requirement. At September
30, 1982, the City had on deposit with the trustee for these
bonds approximately $9,290,000 in various reserve accounts
and approximately $3,200,000 in a restricted construction
account.
$10,400,000 Parking Revenue bonds - Debt service is provided
by a pledge of net revenues of the Parking Garage - Downtown
Government Center and utilities services taxes collected by
the City from the sale of water and gas in an amount not to
exceed 125% of the maximum principal and interest require-
ments in any current or subsequent fiscal year. A reserve
must be maintained equal to the maximum annual debt service
requirement. At September 30, 1982, the City had on deposit
with the trustee for these bonds approximately $3,352,000 in
various reserve accounts and approximately $6,754,000 in a
restricted construction account.
$16,775,000 Off -Street Parking Revenue bonds - Debt service
is payable solely from the revenues of the off-street parking
facilities. At September 30, 1982, the City had on deposit
with the trustee for these bonds approximately $3,900,000 in
various reserve accounts and approximately $28,000 in a
restricted construction account.
hb
83-351
8.
9.
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
Changes in Agency Fund
The changes in the City's Agency Fund (used to account for re—
fundable deposits by Cable T.V. licensee) are as follows:
Deposits held, beginning of year $ —
Deposits received 2,000,000
Interest earned on deposits 233,739
Interest refunded to depositor (156,863)
Deposits held, end of year $2,076,876
Deficit Fund Equity
The following individual funds have deficit fund equity at
September 30, 1982:
Fund Amount
Capital Projects:
Fire Facilities $1,383,828
Parking Garage 181,462
Enterprise:
Parking Garage 33,112
Internal Service:
Property Maintenance 99,181
Print Shop 114,346
The above deficits will be eliminated by increasing interfund
charges, contributions from the General Fund, or using proceeds
from projected general obligation bond sale.
Retained earnings in the enterprise funds at September 30, 1982
consist of the following:
Reserved for
Construction
and Revenue
Bond Retirement Unreserved
Total
Off —Street Parking
S 3,057,226
$ 3,934,204
$ 6,991,430
Convention Center
7,902,531
(10,287,092)
(2,384,561)
Parking Garage
9,119,910
(9,153,022)
(33,112)
Other
—
3,162,846
3,1621846
$20,079,667
S(12,343,064)
$ 7,736,603
The Convention Center and Parking Garage were both under construc—
tion at September 30, 1982.
67
83-351.
10.
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
Retirement Plans
The City sponsors two defined benefit contributory pension plans
covering substantially all employees: Miami City Employees'
Retirement 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 do
not meet the criteria for inclusion in the City's financial
statements and therefore report separately.
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 $17,400,000 and $500,000, respectively) which is
disbursed by the Pension Administration Fund to the System and
Plan. During fiscal 1982, approximately $15,500,000 represented
the actuarial requirements of the plans under the funding policy
adopted by the City. The amounts actually disbursed to the System
and the Plan were exclusive of investment managers' fees paid on
behalf of the plans. The excess of charges over actuarial re-
quirements and other expenditures for 1982 has been designated for
future pension contributions. This funding policy included normal
cost and a 5% per year increasing amortization of prior service
cost over 35 years. The City's contribution to the plans and the
adopted funding policy is the subject of certain litigation (see
note 14). Substantially all amounts funded were contributed by the
General Fund, and the remainder by various other funds, princi-
pally Enterprise, Internal Service, and certain grant funds.
Other information relating to the retirement plans is as follows:
Date of most recent actuarial
valuation
Present value of accumulated
plan benefits - vested
Present value of accumulated
plan benefits - nonvested
Assets available for plan
benefits
Assumed rate of return
()x
System Plan
January 1, 1982 October 1, 1981
$140,368,000 $112,994,000
$ 2,704,000 $ 3,742,000
$103,544,000 $ 58,898,000
7 7%
83-3i1
X
Cj
I
Gj
UI
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
11. Self —Insurance
The City maintains a self—insurance expendable trust fund to administer insurance activities relating
to certain property and liability risks, group accident and health and workers' compensation.
agement to be
Charges to participating operating departments
during the fiscaare based upon l years believed he estimated liability for
necessary to meet the required annual PayoutB _ for all case
insurance claims includes the estimated future
a incurred but not reported. The unfunded pending claims
and an actuarially determined amount for claims
portion of the total estimated liability, which is expected to be funded from future operations, is
reflected in the general long—term debt account group (GLTD) and amounted to approximately $11,660,000
as of September 30, 1982 as follows:
Self Insurance
Claims Payable
(Current Portion)
(A) Workers Compensation
All workers compensation costs are paid from the self—
insurance fund, with all departments of the City being
assessed a charge based upon current cash requirements.
As claims are reported, they are investigated by claims
personnel, and an estimate of liability on a case —by —case
basis is established. The estimated liabilities are peri—
odically reviewed and revised as claims develop. Most 268 216
liability in this area will be payable over several years. $
GLTD
Claims Payable
(Non —current)
$ 8,330.000
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
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 insurances for which the premium is
small in relation to the coverage provided.
The City is fully insured, subject to a $10,000 deduct—
ible, for all property loss exposures. As casualty
claims are reported, they are investigated by claims
personnel and an estimate of liability on a case —by —case
basis is established.
97,682
3,330,000
(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, 1982
represents payments made by the City in October and
November on claims incurred at September 30, 1982 876,568
$ 1,242,466 $11,660,000
-;
W
t
W
U1
CITY OF MIAMI. FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30. 1982
Continued
11. Self —Insurance Continued
During the 1982 fiscal year, the City changed its method of accounting for claim liabilities. Prior to
1982, certain claim types were not recorded as a liability, all amounts were charged to expenditures as
paid. In 1982, claim liabilities were actuarially determined as of September 30, 1982 and 1981. As a
result of the change. 1981 claims payable balances have been adjusted to give retroactive effect to the
changes as follows:
Self Insurance CLTD
Claims Payable Claims Payable
Increase (decrease) in claims payable:
Workers Compensation $ 141,905 $ 9.732,000
General Coverage (2.120,698) 3.033,000
Croup Accident and Health — —
$(1,978,793) (1) $ 12,765,000
(1) Represents the increase in fund balance as of September 30, 1981.
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
12. Segment Information — Enterprise Funds
The City maintains ten enterprise funds which provide various recreational, convention
September and
parking facilities. Selected financial information for the fiscal year
1982 is as follows:
Parking
Off -Street
Convention
Marinas
Audttorluaw
colt
Gsra e
Total
Parkin K
Stadiums
Ce+Ke[
S 4,672,54)
� 2.044,067
� -
1,120.629
�
1 756,728
)21,556
£ c
$ 8,917,127
llpetating revenues
151,491
4
1_ �y85
32,669
_
1,524,871
645.41)
54).187
266
Depreciation expense
_
_
396,900
(737,411)
(7Utl,OlS)
(28,668)
(2,616,599)
operating Income (►ora)
1,150,297
(778,284)
(2,111.418)
Nonoperating revenues (expenses)
455.425
52.875
317.190
1T2,J42
(4,444)
136.192
and operating transfers
( b84.968)
427,172
—
(U 5,2)3)
[73,112)
(1,880,401)
465,329
(350,912)
11,855,993)
449,715
42L0,221)
Net income (lost)
Contributions and equity trawlers
3,996
6,7U9.080
_ (tl2,S00)
6,630,576
(to) from other tutuls
-3,21b.951
3 21b.951
98tl,378
(33,L12)
51,437.897
6,991.410
6,594,165
32,045.682
2 634,397
Total equity
1 850,882
4,046,951
_ 872.782
ll 676 Ell
I55 )SJ,212
-
23.042.840
8 114,518
104 149_028
Total assets
Property, plant and equipment:
1 IU5.463
319.579
36.96tl.565
7.717
7,011
47,576
2 8)4,38tl
41.34U.309
Fddittons and transfers, net
-
10,400.OW
85,005,000
14,445,000
160.000
60,000,000
-
-
Bonds payable
181.5
129,6
�212,15701
(5,915.tl3 tl)
29.385
{►,91
{2197,120)
Net working cap'tal
0
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
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
programs, 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 into subsequent years. The full amount of vacation
time, if not used by the employee, is payable upon separation of
73
83-354
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
13. Commitments and Contingent Liabilities, Continued
service, subject to various limitations depending upon the em-
ployee's seniority and civil service classification. The City
recorded liabilities of $87,000 and $277,000 as of September 30,
1982 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 $5.4 million.
Payment of sick leave and earned time varies according to the em-
ployee's seniority and civil service classification. At September
30, 1982, the City had recorded accrued earned time payable in the
General Fund of approximately $882,000 for payment of city fire-
fighters' accumulated earned time, paid in December 1982 as
specified 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, no
- accrual for those liabilities has been recorded.
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 fam-
ilies and persons, including the elderly, of low and moderate
income. In addition, and pursuant to agreements between the City
and Dade County, 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 for
projects built within city limits. In the event the housing
projects do not generate sufficient funds to service the County's
debt, the proceeds of the City's Housing Bonds will be used to pay
principal and interest. 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.
At September 30, 1982, $5,900,000 of s!jch City Housing Bonds were
sold and approximately $5,200,000 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.
74
83-351
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
13. Commitments and Contingent Liabilities, Continued
The amounts transferred to the trust account and amounts expended
for low income housing have been recorded as receivables and, due
to the uncertainty of collection and lack of collection experi-
ence, an allowance for the full amount has been established.
Revenue Bond Projects
Convention Center
During 1978, the City of Miami commenced construction of a con-
vention center, officially designated the City of Miami/University
of Miami James L. Knight International Center (Convention Center).
The total estimated cost of the Convention Center, including a
related parking garage, is in excess of $85,000,000.
The City entered into an agreement with the University of Miami
to lease space in the Convention Center for a term of 30 years,
including two 30-year renewal options, for the sum of $2,500,000,
payable as advance rent. The City has 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. In
addition, the City has agreed with a separate private developer,
to lease air space over a portion of the parking garage for a
30-story world trade center.
In August 1980, the City issued $60,000,000 of Convention Center
and Parking Garage Revenue Bonds to finance a portion of the cost _
of completing construction of the project. The bond proceeds may
be used for (a) construction costs, (b) interest during construc-
tion, (c) engineering and design fees, (d) legal fees and expenses and (e) other expenses incident to the construction of the Conven-
tion Center -Garage and the placing of same in operation. 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 reve-
nues, sufficient to make up any deficiency in the required sinking
fund. The Convention Center commenced operations on October 1,
1982.
75
S'3-35 1.
0
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
13. Commitment and Contingent Liabilities, Continued
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 with total construction costs expected to reach
$7,130,000. Operations are expected to commence in May,1983. The
bond proceeds are expected to cover all construction, adminis-
tration and bond issuance costs, plus interest to be capitalized
during the first 18 months after issuance and debt service re-
quirements for the first 12 months. 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.
Off -Street Parkin
During April, 1980, the Department of Off -Street Parking (the
"Department") 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 new facility began operation in September 1981.
Under the terms of the Ordinance, the City and the Department are
required, among other things, to establish rates and collect fees
and charges which will be sufficient at all times to (a) pay the
cost of maintaining and operating related assets, (b) pay the
principal and interest requirements of the outstanding revenue
bonds and (c) create and maintain specified reserves for such
purposes.
No Department or City assets are pledged to collateralize any
outstanding debt and the City has no liability for any long-term
debt of the Department.
14. Litigation
The City of Miami relies primarily on its legal department acting
under the direction of the City Attorney for legal advice.
Outside counsel has been retained to represent the City in the
litigation referred to in items (a), (b) and (c) below.
76
83-351
U
0
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
14. Litigation, Continued
There are a number of claims and lawsuits against the City
resulting principally from personal injuries incurred on City
property for which an estimated liability to the City of
$11,660,000 is recorded in the General Long -Term Debt group of
accounts as of September 30, 1982, as described in Note 8.
Various other matters of litigation are pending against the City
which, in the opinion of the City Attorney, do not present a
potential exposure to the City at this time in excess of approx-
imately $500,000.
(a) Pension Litigation and Related Matters
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 in excess of $30,000,000, including
interest. The plaintiffs claim that the City levied prop-
erty taxes for "pension or relief" purposes and was requir-
ed 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 judgments 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 judgments against the City and for contributions toward
workers compensation obligations. The City filed an inter-
locutory appeal from the court'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.
77
83-351
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
14. Litigation, Continued
The City maintains in this action that its allocation of
monies collected pursuant to its levy of property taxes for
"pension or relief" purposes was proper. However, in the
opinion of counsel, it is not possible at this time to
quantify the amount or range of potential loss to the
City.
The City, System and Plan have entered into investigations to
determine if the pension benefits paid to retired members of
the retirement plans are subject to the variable annuity
provisions of the City of Miami Code. No payments have been
made under these provisions which were effective in 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 of 1979, adopted a policy
limiting the increase in the portion of the pension contri—
bution relating to the funding of the unfunded past service
costs to five percent of the preceding year's amount. It is
the City's position that it is fiscally sound to limit its
budgeted contribution, that the budgeted amount is actuar—
ially sound, that the City is not automatically required to
appropriate and contribute the amount certified by the
pension boards, and that if the City were automatically
required to do so, the City Commission would be defaulting
on its responsibility for government of the City. The
State of Florida's Department of Administration has informed
the City that this funding technique provides for an ade—
quate and proper actuarial funding for the retirement
plans, and meets the requirements of Part VII, Chapter 112,
78
83-351
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
14. Litigation, Continued
Florida Statutes. The City has since followed this funding
technique for 1981 and 1982.
The City f iled a motion to dismiss the 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 Board of
Trustees. This motion has not yet been heard or determined.
In September, 1980, the City Commission enacted amendments
to the City's pension ordinances. The amended ordinances
would vest in the City Commission the duties of the Retire—
ment Board and Board of Trustees for the retirement plans.
The effective dates of the enactments have been stayed
by the Circuit Court which stay was affirmed upon appeal by
the City.
Because this case is in such an early stage, in the opinion
of counsel, it is not possible to evaluate the likely
outcome of the case, or estimate the amount or range of
potential loss.
(b) Bayfront Land Litigation
The City was involved in a "quick take" eminent domain
action to acquire 32.64 acres of bayfront land owned by
the Florida East Coast Railway Company (FEC). In March,
1978, a trial court entered an Order of Taking and an Order
of Necessity, vesting title to said property in the City,
subject to a Stipulation entered into between the parties.
In accordance with the Order of Taking, and the Stipulation,
the City deposited $14,500,000 in escrow with a local
depository which was invested in certificates of deposit.
In March, 1981, a jury trial on valuation resulted in a
verdict awarding the FEC $23,350,000 for the property.
An amended judgment was entered on June 8, 1981, with 10%
interest to accrue thereon as of April 2, 1981. The City
filed an appeal, with respect to the issue of interest,
contending that no interest was due until the City was
authorized to take possession of the property. On November
13, 1981 the City took possession of the property and
79
83-351
4
CITY OF MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
September 30, 1982
Continued
14. Litigation, Continued
deposited an additional $1,699,929 into escrow, which
represented the difference between $23,350,000 and the
amount available in escrow on November 9, 1981, the day the
court authorized the City to take possession, plus three
days interest at 10%.
On January 11, 1983, the Third District Court of Appeal
rendered an ambiguous opinion which resulted in petitions
for rehearing and/or clarification being filed by both
parties. The FEC still has the right to ask the trial court
to award it attorneys' fees and court costs. The ultimate
amount which the City may have to pay FEC for additional
interest, attorneys' fees and court costs depends upon the
outcome of the litigation. In the opinion of counsel, such
amounts cannot be determined at this time.
A portion of the bayfront property described above was
leased by FEC 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 is a
pending motion for summary judgment scheduled for hearing in
March, 1983. In the opinion of counsel the amount or range
of potential loss cannot be determined at this time.
(c) Other
The City is a defendant in a lawsuit, pending on the trial
calendar in Federal Court, asserting Federal and state
claims for damages for alleged wrongful death. The City's
position has been and continues to be a denial of liability.
However, in the opinion of counsel, it is not possible to
evaluate the likely outcome of the case, or estimate the
amount or range of -potential loss.
As a result of events which occurred subsequent to September
30, 1982, certain claims have been asserted against the
City, primarily with respect to alleged wrongful death. The
potential loss, if any, resulting from a possible unfavor-
able outcome, cannot be determined at this time.
NO
b3-351
(THIS PAGE INTENTIONALLY LEFT BLANK
KI
83-351
SCHEDULE A-1
CITY OF MIAMI, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASIS)
AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1982
Variance
Favorable
Budget
Actual
(Unfavorable)
Revenues:
Taxes:
Property tax collections,
including penalties
and interest
$ 62,633,367
$ 61,865,044
$ (768,323)
Business and excise taxes
25,635,543
25,592,557
(42,986)
88,268,910
87,457,601
(811,309)
Licenses and permits:
Business licenses and
permits
6,292,675
5,413,214
(879,461)
Construction permits
45,000
38,925
(6,075)
—
6,337,675
5,452,139
(885,536)
Intergovernmental:
- Federal grants
51,480
91,411
39,931
State grants
41,000
100,169
59,169
Other
15,084,509
15,911,128
826,619
15,176,989
16,102,708
925,719
Intragovernmental:
- Engineering services
1,666,500
1,646,152
(20,348)
Administrative charges
13,000
136,266
121,266
1,679,500
1,782,418
102,918
— Charges for services:
Public safety
3,523,172
3,302,129
(221,043)
Recreation
296,300
218,663
(77,637)
Sanitation
6,563,000
6,841,264
278,264
Other
2,260,527
1,157,336
(1,103,191)
12,642,999
11,519,392
(1,123,607)
Interest
1,135,737
3,363,101
2,227,364
8 "'
(Continued)
83-351
SCHEDULE A-1
'(Continued)
CITY OF MIAMI, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET (NON -GAP BUDGETARY BASIS)
AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1982
Other revenues:
Sale of land
Rents
Miscellaneous
Total revenues
Expenditures:
General government:
Mayor and commission
City manager
City clerk
Management and budget
Finance
Legal
Civil service
Human resources
Community development
Tourism and promotion
Computer and communications
Public safety:
Police
Fi re
Public improvements:
Public works
Building
Planning and zoning boards
Sanitation
Budget
1,220,884
500
1,221,384
126,463,194
452,069
1,967,922
485,025
1,145,536
29474,019
1,086,496
163,069
1,403,861
699,588
914,102
3.978.503
14,770,190
46,333,015
29,315,430
75,648,445
111466,001
2,373,444
881,967
14.721.412
19,022,359
83
Actual
$ 602,533
1,320,723
205,328
2,128,584
127,805,943
440,770
1,913,760
481,070
1,080,841
2,492,944
1,082,859
1500228
1,298,105
719,961
657,108
3.532.408
13,850,054
45, 766 ,593
29,012,583
74,779,176
10,552,779
2,172,114
832,547
13,557,440
19,351,877
Variance
Favorable
(Unfavorable)
$ 602,533
99,839
204,828
907,200
1,342,749
11,299
54,162
3,955
64,695
(18,925)
3,637
12,841
105,756
(20,373)
256,994
446.095
920,136
5b6 422
302,847
369,269
913,222
201,330
49,420
(329,518)
(Continued)
S3--351
0
1
Sr.1FPULE A-1
(Continued)
CITY OF MIAMI, FLORIDA
GENERAL FUND
STATEMENT OF REVENUESo EXPENDITURES AND CHANGES
IN FUND BALANCE - BUDGET (NON-GAAP BUDGETARY BASIS)
AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1982
Variance
Favorable
Budget Actual (Unfavorable)
Culture and recreation $ 6,946,310 $ 7,133,456 $(187,146)
Other:
Employee benefits
1,185,073
1,229,423
(44,350)
Special programs
942,950
1,387,097
(444,147)
Miscellaneous
4,276,878
4,207,695
69,183
6,404,901
6.824,215
_ (419,314)
Capital outlay
1,116,502
1,055,175
61,327
Total expenditures
138,630,119
136,551,393
2,078,726
Excess (deficiency) of revenues
over expenditures
(12,166,925)
(8,745,450)
3,421,475
Other financing sources (uses):
Operating transfers in
8,695,559
9,938,406
1,242,847
Operating transfers out
(1,225,222)
(1,142,390)
82,832
Total other financing
sources (uses)
7,470,337
8,796,016
1,325,679
Excess (deficiency)
of revenues and
other financing
sources over
expenditures and
other uses
(4,696,588)
50,566
4,747,154
Fund balance at beginning
of year
6,006,068
6,006,068
Fund balance at end of year
84
h'3-351.
SCHIMN R
x
.s
AS_!
cash and cash equivelento
Accounts receivable
Due Eros other gov
fr"nents
Due fro, other
Prepaid expenses
Total assets
LUt1iLltIRS AND FUND iU`V'NCCS
Liabtlitteae ally) in pooled cash
Deficit ( 9
and tnvestsenta unts payable
vouchers and seeacc(p rt^ !pally salaries)
Accrued expenses
Due to other funds
Due to other Rovertnenia
Deferred revenue
Deposits refundable
Other payables
Total liabilittes
fund balances:
Unreserved undeslgnatad
Total ltabtlittes and fund balances
Downtown
Developsent
Authorit
= 8,592
49.619
C1TP Of "lot. f1pR1DA
CoMattiM MUSCI SNRItr
szlrTMSZR 30. 1962
Cable
federal Rescue
Cosuunity
.rvelo nc
Cgpt
Revenue
gharin ra v1
}
} - "
4
} 52.062
16,834 _
_
} _
30,000
328.S86
_
914.1164
r�-
2.484.601
`�
a
19.599
' 660
63 59
other
Tot�1
Pu-d!
} 8.592
} 244
18.
57.140
35.903
5.90
4.170.859
393.489
25 767
11,314
yam_
191) } 50.676
}(1.700.000) } (303. 1,012.745
}(292.93S) 313 149.234 105,635
002
} (293.201) $173,836 7D.364 - 35.000 30.000
$2,466.171 7,205 766.030 14.263 - 30.738 497.003
56.170 - _ 358.967
r 493.265 _ 292.5S5 92.748
66.432 92.559
190 _ f"r �l
471
299 8296 �2L5-'—"
S1 389 i 699 687 1--'
1� 996 426--3�"'�
(262 085) --�-" 129 1 054 2
2,466 17 -- ^'---
262 � 085 ��
UaWAU
r�
r
Cr
W
r
UT
Iv
x
31
Revrnuea.
PrapertT tax collections
business and excise taxes
Intergovernmental
Other
Total revenues
Expenditures.
Public safety
Culture and recreation
Grant and related expenditures
Other
Total expenditures
Excess (deficiency) of revenues
over expenditures
other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing sources (times)
Excess (deficiency) of revenues and
other 11nancing s.»aces over
expenditures and tither times
Food balances at beginning of year
Fund balances at end of year
CITY OP MUNI, FLORIDA
SPECIAL REVENUE VMS
COMBINING STATEMENT OF RRVENUtS, EXPENDITURES AND CHANCES
IN PIiND RALANCES
YEAR ENDED SEPTEMBER 30. 1982
Downtown
Federal
Development
Revenue
Rescue
Co®untty
Authority
Sharing
Services
Development
$54t,613
$ -
S -
$ -
-
-
1.404.949
-
181,153
9,280,764
-
12.887,009
20,405
2,540
143,171
9,280,764
1,407,489
12,887,009
-
-
1,256,363
-
581,554
-
-
-
-
-
-
12,945,407
171,614
-
-
753-188
-
1,256,363
12,945,407
(10,017
9,280,764
151,126
(58,198)
(9,9)8.406)
-
(9,938,406)
-
(12,000)
(10,017)
(657.642)
151.126
(70,398)
13,557
616,070
110,959
70,198
A.- _14.
-�8
a ----- — --=
Scumne b-2
Cable
Other
CETA
T.W.
Funds
Total
$ -
$ -
$ -
$ 541.613
-
900.000
-
2.304.949
1.048.745
-
3,8t9,29S
27.2t6,966
800,000
822.945
1,048,745
1,700,000
3,819,295
30,886,473
-
-
-
1.256.363
-
-
-
581.554
1.066.880
-
4,031,753
18.044,040
313
17t.947
1,066,880
313
4,031,15)
20,053,904
(t8.135)
1,699,687
(212,458)
10,832,569
-
322,500
322,500
(11,911) (9,962,317)
310.569 (9,639,831)
(18.115) 1,699.687 98.111 1,192.732
18.135 - 30,943 920,058
21.422.0di L -124, 055 I- LULZ4(!
C71
rl
A
Cr
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Gi
SCHEDULE 3-3
CITY Of MIAMI. FLORIDA
D(X M7WN DEVELOPMENT AUTHORITY, RESCUE SERVICES AND FEDERAL REVENUE SHARING SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALING! - BUDGET (CRAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30, 1982
Downtown Development Authority Rescue Services Federal Revenue Sharing Totals (Memoranda» Oniy)
Variance Variance Variance Variance
Favorable Favorable Favorable Favorable
Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) audliet Actual (Unfavorable)
$S41.419 $i41.613 $ 174 $ - $ - $ - $ - $ - $ - $ 541.439 $ 541.611 $
- - - 1,324.209 1.404.949 80.740 - - - 1.324,209 1,404.949 110.740
299.975 161.153 (118,822) - - - 6.670.S59 9.280.764 610.20S 6.910.S34 9.461.917 491.383
4,658 20,405 154 2,540 2,540 - - - 4,658 22.94S 18 287
846,072 743,171 (102,901 1,324,209 1,407,489 83,280 8,670,559 9,280,764 610,205 10,840,840 11,431,424 590,584
- _ - 1,324.209 1.256.363
567,193 58I.S54 5.639 - -
258,879 M.634 87,245
Total expenditures 846,072 753,108 92,884 1,324,209 1256.363
x
Excess (deficiency) of
revenues over
expenditures - (10,017) (10.011) - lS1.126
hher fitaancing (uses):
th.crating transfers out - - -
Excess (deficiency) of
revenues over
expenditures and
other uses - (10.017) (10,017) - 151,126
Fund balance at beginning of year 13,553 13.553 - 110.959 !4_0.959_
Fuud balance at end of year 1-.",553 i _ UA S u4,01j) i __i1D.959 i_-_Z6zaM
Revenues:
Propeetty tea collections
Business and excise tares
let ergovermental
Other
Total revenues
Espenditurts:
Public safety
(:'.pure and rtcreatlon
Other
67.846 - - - 1.324.209 1.256.363 67.046
587,)93 58I.554 5.619
258,819 171,634 872� 4S
61.846 - - - 2,170,281 2,009,511 160_730
151.126 8,610.559 9.280,764 610.20S 8.670.559 9,421,873 751,314
(8,670,559) (9,938,406) (1,267,847) (8,670,559) (9,938,406) (1,267,847)
IS1,126 - (657.642) (657.642) - (516.533) (5161�
676.070 676.070 - 800.582 800.582
SL51.116 1_676_070 1T18.428 i_(651.G91) S_-aw.192 I-2t14-Wi i.-(516.531)
x
3C
X
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Ui
CITY OF IIIAMI. FLORIDA
DEBT SERVICE FUNDS
COMBINING BALANCE SKEET
SEPrEMMBER 30, 1982
General
Obligation
ASSETS
Bonds
Equity in pooled cash and investments
$ 6.815.454
Receivables:
Taxes
475.204
Assessment lions
119,867
Total assets
i 4 4I0 525
LIABILITIES AM FUND BALANCES
Liabilities:
Due to other fund*
$ 34,579
Matured bonds and Interest payable
2,815.443
other payable.
8.584
Total liabilities
2eSS,606
Fund balance&:
Reserved for debt service
Unreserved:
Designated for subsequent year's expenditures
1,100,000
Undesignated
5_111 919
Total fund balance•
6.611.919
Total liabilities and fund balance*
S 9 4�7 =
SCHEDULE C-1
Orange
Utilities
Bowl
Incinerator
Service
Bonds
Sonde
Tax Bonds
Total
$10.590.200
$406.109
$365.578
$943.059
-
-
-
415,204
119.867
$ll_1� 8�5.271
$ _
$ _
$ _
$ 14.579
-
-
2.815.443
315
8,899
-
-
315
2r858.921
177.675
177.675
1.100.000
406_109
365,578
165.069
1,048.675
406,109
LULM
365,578
A
942_744
8.326.350
Stt_185_21t
Nev
Property I cullecttuns
l ntrro a{
Aaseasmen[ 11 en collect) ons
Oth<r
Total rrvrnn<•
Lap rndlturea:
Principal retirement
lntr r<a[ and ilacal charge•
nthrr
To[at eapenatru[r.
Eac<aa (deltciency) of re —ea
over r:pendt[urss
Othrr i/nanc ins aourc<a:
(operating tratnters in
Escrsa fJe tic tency) of r v ue
anJ ut her fl nanctng sources
over eapenJttnres
F.ntd balances at brglnning of year
Pnad baisnces at end of year
CITY OF MUNI, FWRIDA
DEBT SERVICE FUNDS
COMBINING STATEFIERT OF REVENUES,
EXPENDITURES.
AND CHANCES IN FUND BALANCES
YEAR ENDED SEP7EMBER 30.
1482
Genaral
Orange
UCiliClea
``'
Obligation
Bov1
Incinerator
Service
Bonds
Bunde
Bonde
ies Bond.
Totat
$12,175,446
f
$ -
$ -
$12,11S.446
1,887,379
76.577
22,777
t06.411
2.091,144
I,790,006
1.790.006
2.119
2.114
15,854,950
76.577
22 77T
106.411
16.060.715
10.310,000
165,000
-
150,000
10,625,000
7,129.588
6,835
-
32.625
7.169,048
65,446
_
-
)15
85.761
17,525,034
111,835
-
81 2.940
17.879.g09
(1,670,Otl4)
(95,258)
22,771
176.529)
(1.819.094)
186,125
186,125
(1,67),084) (95,258)
8.282.007 501.367
S 6.911.412 0i4 6.1114
22.717
109.596
(1.672,964)
342,801
833.148
9.959.319
30 2
1142, z95
9 8.1L4..)SO
gc{Klgnx C-3
CITY OF MIAHI, FLORIDA
DEBT SERVICE FUNDS
COMBt NING STATEMENT OF REVENUES, ElIMMITURES AND GRANGES
IN FUND BALANCE - BUDGET (GAAP BASIS) AND ACTUAL
YEAR ENDED SEPTEMBER 30. 1982
Tot at
U61lg tton Banda DTanRC Bavt 6aada Utlllltte BCM st Yseondi General Vart once
-- V•rtanee V•rl coca er •aea Pevoeeblr
F•varable Favorable F. blc
gvdgst Act=et (Unfevo
Artuel (U fevouble) S.dg- A.-.t (unt..... blt) Budget Ast_ual (Unfwoubte Badger uble
Aevrnuee: -- $ _- __ __ - $12,01g.18, $12,175.446 $ 157,259
$I1,1T5,46 iSl,1f9 S 1 3,500000
Popety $12,018.187 - 2.070.367 (1,429,633)
3.500.000 1,687.379 (1,612,621) 76,577 ,- /200,000 1.790.006 590.006
Inrert
Mseaamn+t lien cotlrr U..na 1,200,000 1,790,006 540,OOb _ 2 119
2.119 2,119
� tee al revrnoee _t6 ,1.18,IN) 15,85�4-,A4S0 (8b7,277) - 76,577 76.577
106,411 106 4tt _16,118Itl lei_77.910 _{680, 449)
_ 165,000 165,000 - 150.000 150,000 - 10,625,000 10.625,000 -
Principal retlreawnt 10, )IU,000 10, ]10,00032.625_ 1, 198,807 7,169.048 29,759
Im eu at end 11•1.1 dorgea 7.159.417 7.129.580 29,829 6,765 6,835 (!O) )3,500 385.161 ___119,879
200.000 85,446 114.554 _ .— 1.100 7.500 715 _.7.18s 205.600
Ot ber - -
Totai eapend/lute• 17.669.417 i7, 525.074 144.187 177.865 111.815 2,010 186_,6 1_2S 182.940 _-7�i85 18.029.40T lI 879.tl04 t49 59N
t•.... (d.Llcl.lmy) of
t apsndt urctar (Ill,tl65) (95,258) T8,607 (186,125) (76,514) 109,596 (1, S11,220) (1,841.871) (570,651)
(951,230) (1,610,084) (716,854)
other it u•nc/ug aourcea: _ - t86.125 186,122_._.—. 186 225
,,prt•t,ng tr•nalera In ____ _ ._ — --
Eace a• (del/r/enc Yi of
to vem,ea •nd other
llnencing •oarrea 67(1,084) (118,854) (173,865) (95,258) 78,607 - 109.596 109.596 (1,t25,U95) 11,655,74b) (53U, 651)
over erDeadllurea (95t,270) (i, 9_--616 5_ 1_8 9 6l6 518 -
hmd haluxr et brgl Uni nB of Ytar 8,282.Q_OS _ 8, IB2 O, O_)
501 3�_67 501 T67 - 877-[48 8]7 148 ____
406 1 I8 b0 8] $492 I ,j1U4,5$fy �. 8�-t1.4i.521
land balance at end at year 1a3)9.tt) I-p,411.1a as v1d.055Y la ]0 i---..-�? -----�
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(
CITY OF MAMI. FLORIDA Sch.duic o-1
CAPITAL PR03EGF8 PIMW
CCMINING RALANCR SHUT
SEPTt50ER 30. 1982
--.,at Obligation Soec1.1
Park. an0 Uhli.. iun
States Sanitary Pollution Poiic. Reeseaclon N18h—V Flr•
u=LTS ¢eu. Conc rol P•cttit l<. F.c/ILcle. 1.0roveeenc• P.c IILCte. S14-1k+ u.in P.rktn8 eevuly l+y 0•plt.t
tqutt7 to pooled tuh .M Na Y PacLllF tea �"L?A I.mtovmenta .I$„'y„_
I. .....0 $2.717.456 $4.406.021 $912.289 $2.450.544 $3,413.894 $192.569 3(I,315.860) $21,$99 $2.198,650 $ 10,98I $145,986 $21,481,986 $36,558,121 P
A,C—ota 65, 139 65,t]9
A........9 It... _ _ _ _ - - - -
P,e In. other government. _ _ _ - - - 14,60 - t4,617
P,. I— ether Land. - - - - - - 797.147 297,247
1, 393,409 1,393,409 i
Total ...at. U.Zi1" b.AQ.1i21 yaliA" 3122�U3 $(1.175.A6O)
,41d.4Y2 11.19L459, ,kdYJAl iWA.41 I4.40.w
LIAnj(,ITHS AND FIMD 8ALAKIS
L1.bilit/e.: `
Vooch— and ac—rd.
p.Y.". $ 244.236 $1.021.144 $ - $ 315 $ 3,040 $ 70.285 $ 4.352 $ $ 4.615 $ - $ 33 $ 802,245 $ 2.150.125
ens.. Ace tved eap- - - - 65.537 - 3.616 - 917 - - 3.113 93,243
#A,. to other turd. - - - - 3.006 212.441 2,721.9 2,943.4.3
Total IL.billtte. 244.23 1.021.144 - 31S 88.577 0.285 7.968 0.73 212,443 31 1.533.262 5.101,001
Fond bd •erc<. (delttlt)e
Ore.-" fur .ncu.b...... 117,212 2,085.526 - 11,428 25,974 33,260 985.163 364,653 4,283,
On...ervrd - de.18..t.d - -
for approved project. I,IS5,948 1.299,057 $12,289 2.436.801 1,299.343 09.024 - - 1.825.259 - - 19,105,1119 11,124,.
tlnrr.er ved - unde.lgnated - - - (2,368,991) 21.699 LL d1,462) 160.57 - (2,166,t84)
Tm al land bai•ncn
I Je(Icit) 2.537,220 384 .00) $12.29 2.450,229 1. 725.317 2,1 2,284 1, 381,828) 23.699 2,189,912 (181,462) 160.510 I9, 1115,0i9 13 La 4_2 li-2
Tau? 11.6uut...aa
I w+d bdante. 11:j11. lil'.'aL1�.ii2j L1_ t2. _4511._.ty . iiALLAU i U.W IL3..3IS.fl6QI i23.694 ALUI.63n i...Q.3d1 ilh94U $2L22C.19j, 1A 324 133
W
1
Ct�
C17Y OF NIAMI. FLORIDA
CAPITAL PROJECTS NU1208
COMBINING STATEMENT Of REVENUES. FYPENDITMES AND
CNANGiS [N FUND BALANCES
YEAR OWED SEPTE]O)ER 30. 1982
SCIMU,8 D-2
C .-I Oblia cl n
Sptciat
0
St.—San/[ary
Potlucion Police
P•rb and
Reertat San
HtBhvty Pi rt
PtrkioB
RevolvinB
obl/Radon
Capital
ktv ,
5S—era Scvere
Cuntrol F-111t(et,
F•cittel-
logrrovmenc• Fectlitlta
Sidwolka
Hnue I.R F4c111tie.
end
7onrovemtnu
Tut•l
l ottr of
0 310.089 7 457.456
$ 64.475 $ 184.211
$ 319.298
S 104,386 $ ^
j 1.736 i
614,079 3 38,272
3 9, 23t
i 31042,957
i 5.156.170
Y rar.ahlae sw•t•
- -
- -
-
- -
-
6,331.009
6,331.009
31,981 131
- -
115.346
S91, TDO 18.64
461.649
(t,i)9)
93t,413
688,704
931.413
1,906.652
342.070 457.607
64.475 184,211
434,644
696.066 t8,640
1.736
1.085.728 38.272
1,692
10,9%.083
14.325.244
4peoSlfurtt -aryl ul pro )eR•
t 097 305 4.40),489
39.672 120,27E
2,067, 79]
912.296 664,979
2,539.544 74.3,4
8,025,923
20.803,614
�C. lard• ldtllcltncy)
ul rtvnwtt uvtr
t•paufl tact•
(1,555.23 ) O,943,882)
24.00] 63,941
0.633,1391
(216.210) (646,339)
1,736 (1 453 621) 6 076E
7.692
2,968,16
_0 1� R,310I
uti.tr ilnwna ln8 •Darr ea toter):
ytt•tin8 [[ao•ttrt !n - - -
/q.cr•tluB Rrwutcrw out - 21,20E 21,20E
(75,000) (75,000)
Tut •1 uthtr tln•naloB
•aura c• (utt•)
laa t•t (drift ltnvy) u!
ttvi uthar
(/uaua in8 •uuYa tt
•s.tayendlturta
dru[Ltr uatt (1.555,235) (3,943,882) 24.403 6),941 (1,613.139) (276.210) (646,339) 1.136 (1,451,821) (36.016) 7.692 2.914.360 (6.532,170)
Yo..d 6•laua c• tJcf /a ltl at
,..A1su1u8 ut yc•r 4.922,455 7.328.165 787,486 2.186.288 4,985.456 2,460.494 1.239.511 I1.963 3.643.733 (t45.386) 152,818 15.230.159 43.013.802
tyulsy sroutcr• tna• Ifu) up.er
)and• eL. L4_O001 _ _ a (21,000) t2,062,000) (1,917,000I - - t S60,500 (3,139.500)
Yund b•1•u.ae• (Jrttclt)
�+ .t tr.d nl yt.r ?:.�.,� � ,dn4,nn1 nl:,.� i�� i?a�43 M12 S 122-;gS itl.3n3.8.n) 2 23.624 sz.)d9.Yli �St1Y)a54iJ 5.199.52$ �3.i�-D]s £�laL5ii.1J2
Cri
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CITY OF MIMI. FIORIDA SCHEDULE E-1
ENTERPRISE FUNDS
COMBINING BULAWX SKEET
SEpTICHUR 30, 1982
Orange ,
Off -Street retire Miami Bowt Convention V•rehoue. Packing.
ASSETS Paikl na Stadium Stadium Stadium Cancer tt+rinae Audited um* 92" ry.p.rty CiT.ge Tvtef
i
4:...... t ....I.. .,
C.ah and cash egvl vIcnta $ 828.797 $ - $
$ $ tl2tl,797
Ac uut. —.1-bis (net, where appii-
r.bit at allowance• tar vncvl-
Itrtible. of $271, 550) 83,450 B4OIS I10 198,285 - (1.461) 8, 72b i3,608 - - 304,g5J 3
Due lrm other fund. - - - - 2.722.000 - - - - - 2,T22, D00
Our from other govertraevt$ - - - - 1,997,000 - - - _ - 1,953.000
5J.066 - - - 5], D66
Invrm arise
Yrrpdd a:Pemra iB.IOS - - -----------
Intel .urrent ua.t. 983,418 B 035 110 1911,285 4,719,00O (1,961) 8,326 13.608 - - 5,920,62t_
X... r iced uaeu:
ah .nd lnvntmanta with fi.ol
agent, I-Itoding ..trued Interest 4.068,416 - - - 12:489,657 - - - - 10, 106,063 26,664,136
Um tnm other goverment., tong -tent• 331,249 - - - 2000 - 097,2,4J0, 249
Prnprrt Y, plant and equipment 21,424,326 2.010.199 1.417,368 11.552.062 51,111.067 4.213.445 5.143.333 1.508,668 518,865 2,874.388 131,794,341
is a•: A..umulate4 4ep... tell.. (4.274.245) ✓i.10L848) (850,085) (5,473.462) (866) 12,360,602 ) {1.f04.708) t649,8945 18J 8t - _(16.00t.l4 t3
prupetty, plant and equipment, net 17,150,081 926,901 567,303 6,078,600 81.110,201 1,852,841 _4.038.625 858,774 335,284 2.874.388 1U.793
000
74
PtUer aoeu: -
lrepudto and of Mr ...tt• 121,732 - - - 49,454 - - _ - VI,I
Bm.d 41.....I and laauance coat$ 3 . 55944 - 3,681,716 - _696A6_0 4aW.82O
tut.t auet• ,j_I1a�95� i _ 474.i]�f S--i47.513 � SI4.fltl5 i104.1ri4.42d 9L95Q.8tS2 55.LL56.4S1 i_ 812J82 $1Y6I6.h11f15S.15].Z12
NJ
W
1
G:
L"t
i
I
LIAMILUJ" AND PIBIP t7�VIIY
Corr ent liabilities (payable from
or r ent asset$):
Dalltlt (equity) 1n pooled cash
and investments
k
Vuuthers and accounts payable
Accrued upensea (Pr/ncipally
�i
iloe to other funds
Deterred rrvenne
Deposits refundable
ur
1
Tut al current Ifablllttb (payable
lrum current assets)
current liabilities (Payable from
restticleJ asset@):
Construction contracts
{
Accrued Inleltst
Current portion of revenue bonds Payable
Total current liabilities (Payable
fr. restricted assets)
lung -term If-tbllitles:
Nrveuue Lund• payable - net of current
Port/ub
otbcr p-yablea
Total lung-t-g- liabilities
Total liabilities
Puud equity:
Cuu[rlbuttd taPital
0e1.fned e.tnings (Je11c1t):
Xtatrvcd lot c..nslruttfun and revenue
bundl retlrcocnt
D1.t e..1 ved
W
lut.l retained e.n.fngs (deficit)
Total fund e.p.lty
GI
1ot.1 11.bllltica and fund equity
f
CITY OF M1AM. PLOYtDA
ENTERPRISE FUNDS
COMBINING BALANCE S11EEr
StPTEMBER 30. 1982
snivnin 1 1:-1
(Continued)
Off -Street
Marine
Miami
Orange
Bowl
t5
convention
Ctnte
Marines
AP4itoc(ums
Warehouse
rr.pe rt
Parking{
Gersrs
Toil
Parkin
t5 adl
Stadium
ads
-
; 235.655
j 99,391
; 104;%j
j 6.753.93t
9 (8S3,183)
j 697.836
j (1S4.737)
j(99.212)
j 2.323.370
9 9.108.212
314.060
36.410
19,199
196,737
-
37.213
25.703
21.315
-
b5l.497
-
-
2,905
77,413
1.660
6.500
67.095
17.336
-
-
-
175.909
t.01.879
-
-
-
423.250
7S4,629
-
-
-
-
6S4.440
338.736
-
2.140
257.484
-
16.720
39.360
-
-
73,702
60,417
4,000
-
-
-
9,23S
_
30
714,013
276,065
123,635
1,059,865
7.S16,220
(783.515)
829,994
(115.996)
99 2 2)
2,323,570
11,844,65
187.974
-
-
-
3.302,437
-
-
_
-
-
764.813
221.280
4.25S.264
2.164.185
658.216
165,000
-
-
-
1.184.689
-
-
-
165,000
1,011.190
-
-
-
4,581.12¢
-
_
_
986,15)
b,5B4r.14 4
4w
14.280.000
-
-
60.000,000
-
-
-
160.000
10.400.000
84,1340.000
46,187
46.187
14,326.187
-
60,000.000
-
-
-
160 0, 00
10,400,000
84,886.187
16,01,410
216,065
123,635
1,059,865
12,103,346
(183,515)
829.994
(115.996)
_60 l,_Ntl
13,709.721
103,315-315
-
621.410
813,089
2.601.020
34.430.243
221.676
5.561,136
392.718
-
44.70t.294
9,119,910
20.079,667
3,051.22b
3 934,204
-
3_ 7,461
-
(429,311)
-
2,616,000
7.902.S31
10,2tl7,092
( )
-
2.412i719
_
(2 344.1/9)
_
59S b, 60
2/4 4`46
9 153 022)
�a-_a-
(12,343.064)
410
_
W,461
(429,311)
2 616 000
21616,
(2,3tl4`S61)
y2y719
(2.744.091
_595.660
214�96
31_112)
_-L
__1 136.603
_6,9Y�1
6 991,430
658,871
443.715
5,217,020
32.U45�6B2
2 634.197
3,2i6,957
_ 9811 370
_274,49b
1u� atl54
�_J}!e !
244
6 1
i 1AU
6 2 6
20a"6 19
11�.U.a
latf]U,tllf
4_ r i
1S
54.U54._1
�411.4g
jllle dt
4�1.9L4.1r11
�ls' ►....::.:::
*e I i
S(31EDIN.J }K-
CITY OP MIMI, FLORIDA
ENTERPRISE FINDS
C(kIBINING STATEMM OF RE=SUES, EXPENSES AND CNANGES IN
FUND DJUI7Y
YEAR ENDED SEPTEMBER 30. 1982
off -Street
marine
Miami
Orange
Contention
Warehouse
Perking
Parkin
Stadium
Stadium
61
Cents
Marine@
Auditorium@
Golf
Property
Garaec
Tot.l
tlperatlog revenues - charges
for service@
$4,672,547
S 77,801
S 59,843
$1,849,665
S- -
$1,120.629
S 356,128
$ 723,156
S 56,758
S_ -
$ 6,917,121
Operating expenses.
Personal services
855.209
9,111
244,056
892,882
241.127
230.666
467.703
589.813
-
-
3.53c
contractual services
362.826
35.599
1,439
154.899
911.898
95.673
58.347
1.255
27.900
1,64S it
Materiels and supplies
600,177
5.272
6,585
60.748
4.216
28.450
33.583
2t9.096
37
958.164
Nest, 11g1. ena paver
357.441
27.360
64.005
177,022
9.606
143.221
112,106
86.446
400
1,037,681
Introgovernmental charges
-
39.707
99.538
417.541.
8.778
1.742
199.078
33.533
_
331
800.248
Other
701,124
1,029
_18.773
19,596
1,135,527
72,480
15,457
68,359
-
2,032,345
Total
Z.876 777
i1tl.=
434.398
1,722,688
2,311,152
572,232
946,354
990,502
-
28.66tl
LO-0011tl49
Operating Income (loss)
before depreciation
1,793.710
(40.277)
(374,555)
126r977
(2,311,152)
548,397
(589,626)
(275,346)
56,158
(29,668)
(1,091a112)
Ixeptectation
645,473
_88.101
34,M
_4�111..it..4.44
266
151,42Z
147.782
32,669
12,971
-
_1.524,817
operating Income (lose)
1,150,297
(128,48I)
(409,122)
(294,4�
(2,311,418)
396,900
(737,411)
(308,015)
43,787
(28,668
_(2,616.599)
Nowpersting revenues (expenses):
556.465
-
-
950
421.243
26.813
-
37.633
17.616
-
1.060.720
.C:
Interest
Interest and fiscal charges
(1,316.433)
-
-
(16,970)
(5,282)
-
-
-
(11.212)
(4,444)
(1,354,341)
Other
-
12,832
27,314
56,757
39,464
26.062
60,634
135.109
358,172
Net nonoperating revenues (expenses)
(759,968)
12,832
27.314
40,737
455,425
52,875
60,634
112.742
6,404
(4.444)
64.551
Income (loss) before operating
transfers
390.329
(115,650)
(381,608)
(243.730)
(1.855,993)
449.775
(676.771)
(13S.273)
50.191
(33.112)
(2,552,048)
Operating transfer@ in
15.000
-
340,085
-
-
256,556
-
-
-
671,641
Net income (lose)
465.329
(115.650)
(41,723)
(243,730)
(1,85S,993)
449,775
(420,221)
(135,273)
SO.191
(33.112)
(1,800.407)
Retained earnings (deficit) at beginning
of year. ■o originally reported
6.526,101
1,571.489
169,607
8.804,863
(527.965)
3.782.713
(105.491)
1.427.830
320.445
-
i�
21.915^ ,V 4
Adjustment for property. plant and equipment
-
(1,424.378)
(557,195)
(5,945.133)
1603)
(1,819.769)
(1,818.461)
(696,897)
(96.14
-
(12,358.582)
Retained earnings (deficit) at beginning
6,526,101
153,111
(387.588)
2,859.730
(528.568)
1.962,944
(L 927,958)
130.933
224.105
-
9.6L1.010
of year, .a restated
Retained earnings (deficit) at
6 9, 91.430
31,461
(429,311)
2.616.000
12,384,561)
2,412.719
(2.344.179)
595.660
274.49b
(]3.112)
7.716.6U3
end of year
Contributed capital at beginning of year
-
621.410
873,089
2.597.024
27.721.163
304.178
5.561.136
392.718
_
-
38.070.118
C.,utrlbutions from other funds
-
-
-
-
3.996
-
-
3.287.080
-
-
-
-
-
-
-
-
3.996
3.287,080
Cnntribut(nns from tenante
tqutty transfers from (to) other funds
-
-
-
-
-
-
3,422,000
(82.500)
-
-
3,339.500
Contributed capital at end of year
-
621�410
873.089
2,601.020
34,430.243
221.6/8
5,561.136
392.7I8
-
-
44,IQ1,294
(�'!
`^�
Total Fund f.qulty
16.241 S70
tj_=6sn,Ail
"A3,17
S5.21I-020
332,(lxi5.682
$2.614.34I
�16s8.7
S. 24 .41
"_YA
LM
W
C�
U1
umatu, a.pinl ptu.l Jed 6y (.pPlt•d to)f
Uprr.tlun.:
Nrt fua..uc ilu••}
Itrm. n reVulr/u8 c eut wtl.ys
ui wrSlrig <splt.l rr
irrprra'I.tlon •uJ •.o[t1s.[lon
Lt.p.,«it Iona nd it•natere ut P-P..",
pi•ut .nJ egxlpmeut, net
t art.l yt uvf JeJ 6Y i.ypt leJ to)
up<tacluu•
oa do :
t'uurt lLut /.u.. awJ cynily Iran. te[•, <ner
,f`G Pt uaccJa tt,o 1.n�g-tctm JcLI
Tut «1
u..tt lug a.pit.l .yyltcJ:
A.IJ1tIun..mJ tr.ua ler• of ptup•tty.
plant .aW <yul pmc rrt, net
Ncduatluu ul I�ouJ. pa y.Gi.
I na t<.«e Irr Jue Itaw ut la<t grave rtrment•
i oa t<««e Ita ut hrt e.a<t.
7 ut•1
iru r...r Ideate«.r) lu wtSing uplul
„riing ..yf tai:
� 6 auJ iu rats
Aa. u�u� arf v«Lle, art
luv ,tl<.
r.ry.iJ ..pr,
A. a.wrr.r. y.y«Lfc anJ as urJ rryrn.ra
I n,c lu/itum ul lie[ tau,Jaar
1apu.l t. tetauu(able
ik frr teJ tcveuare
11 tr..< (J<ar...<) lu vurL crag a.pl 1.1
N
SI:ILL'1kt1E L+.3
CITY OF MIAMI. PIORIDA
ENTERPRISE FINDS
0MBINIM', STATEMENT OF C11AKES IN FINANCIAL POSITION
YEAR ENDED SEPTDMER 30. 1982
Ona•
OtE-Sc rect Marine MI—i Z.1 Conwnc/.n Ner.h.... P.s41n8
rrP Sink St.J/um St.Jiuo cs df— Cent.. Marltu+ M,Jttortnm, 0-11 Pruner[. Cyr... Tot.1
,1�� S
$ 465.329 $(115,650) S(41,723) $ (243,710) $ (1,8S5.993) $449.773 $(420,221) 4(135.213) $ 50.191 $ (33.112)
659,7b$ 88.205 34,567 411.444 83.415 151.497 141.1115 32.669 12.971 - 1.622.321
__ 6,127 25,954 - 11,426 - _ i6S.507
1,125,097 (27,445) (1,029) 19),66tl (1,772.578) 601.272 (272.416) (64, 17tl) 63.162 (33.112) (192.579)
481,016 - - - 23.567,630 - _ - (9, 114,4i0) 14, 934, 736
3.996 6,109.080 (62.300) - - - 6,630.576
46.iB7
— - - t0.402060 _Lo a< L6 t< N7
_1_,_65A 3, ,10 (27,4451 _ (1,029) 197t664 _ 28,504,132 18 2(272,416 (69.1781 63,162 _/-2246`Z8 ---3I,NItic9-20
1. 105,463 640 7.790 321.649 36,968.565 7.121 7,011 41.516 - 2,874.388 41.340.109
165,000 - - - _ - 25.000 - 190,000
148,984 - - _ 2.091.000 _ _ _ - - 2.245.984
1 11.567 - - 49.454 _ _ 696. 160 —hlaf 4
_I,54t,014 640 7,290 J21.644 _�9.T IS•019 7,0(7 47.)7,6 _�5,_000 )-5_70 5, 41i _44, 443414
1 tILOI )_(2�.4Q3) 9 "Jil) $ jj2).3113) fl11Q.61Q.037) 5511.a= S(Z74.947) @(1lO.j�� i�i1.1Qi SLZ U 574) S(12_82
$ 326, 206 $ (.10) $ 13.976 $1,005.578 $(14.331,419) $551,967 $(2U0,443) S(106,tl60) $ 18.162 $(2,313,570) S(15,047.013)
22,441 (31.4661 (11.127) (510.014) 4.477.197 (42,107) (2,tl58) (4,401) - - 3.837,06S
23.795 _
- - - - - - 23, 795
2,103 2,103
(13,195) (29,71") (9.878) (194,423) (1.976) 5,325 (69,995) (5,493) - - (339,953)
I,899 - (302.446) (754.629) _ - - (1,049,116)
(29,834) 27,660 - (695) - - -
(7U1,519) _ 0, 1119 __ 11, 290) (6i,6tl0) _ _L tl, 4_5) 6,tSi _ 20,On11 (2, tl49)
i _tlt,2g6 $ (1n,utl}> i_(na�4Y> i_ 11_J.Y!!3) ii Q)_,9LR.5�1.> i511.Q45 ,Si?.t9..`�4?> ii519.?i4) �1".14a @(3.ai.�.3L1) �Ll3.Q�5.x55)
Cg .IW'WIE P-t
CITY OF MIAMI, FIIIRIDA
INTERNAL SERVICE FUNDS
COMBINING WINCE SHEET
SerrD ER 30. 1902
Public
City
Motor
Property
Print
Stationary
Caamu.te.ti...
Vorks
ASSETS
G.C.R.
Pool
Wlntewoea
Shoo
Stock
Wtateoanca
Oallsn Toeai
current
Equity (d.ficit) to pled cash
and Investments
Accounts recetvable
1,843, Yc5
g1,383,910
�(169,411)
a(188,264)
3 16,I78
359,477
- 3 1,441,495
/nventorita
216.1%
215,116
102.01
32.102
64.561
67.985
- T5835,6
Total current assets
2,121,099
1,199,306
(61.399)
(1S6.162i
80.745
427.462
4.205.85t
Property, plant and equipment
Lea.: Accumulated deprec tattoo
12,773,183
(3.257.861)
6,168,266
tl 055.O33j
297.648
(165,798)
95,736
(41.181)
1.909,448
- 21.244.283
Property, plant and equipment, met
9,515.322
3,113.235
131.050
54.54
-
(356.710y
1,552.738
f6.816.589j
t4.367.694
Total -.at.
111.63Z.
i8.912.551
S 64.45I
LIAD(LIMS AM PUNO EQUITY (OVICIT)
Cureent liabilities:
Vouchers and accounts payable
Accrued expenses (principally astarla}
$ 576,172
117,421
$ 59.581
89.879
46.283
tt7.349
3 8.114
$ 14,089
0 58,579
3 763,417
4.019
446
44.846
433.960
Total liabilities
753,393
149.460
163,632
12,733
14.535
103.424
- 1,197.31
Pond equity (deficit):
Contributed capital
Retained r.ro1n80 (4etic lt)
4,270.524
6,613,104
1.189,70)
3,573.378
264.744
178,170
-
1,103, 798
- 7, 204,939
(363.925)
(292.5161
66.210
574,978
10.171.229
Total food equity (deficit)
10,883,628
4,763,081
t99.181)
(114.346)
66.210
1,876.77 _6
- 17,376.168
Total liabilities and fool
equity (deficit)
IV -"III
i5.412ai.'
£.a: .e
£il9.l.4.u)
.L-8fl.14.5
£j,$gQ,�g
_ 51tlSt3.i45
Operating reveoues - charges
tot services
Operating expenses:
Peraonel services
Contractual services
Materials and supplies
Ileat, light and poster
Other
Total
Operating incume (luxe)
betore depreciation
Depreciation
Operating Income (lose)
Nonoper-ating revenues:
Interest
Total nonopersting revenues
Income (lose) before
operating transfers
Operating transfers In
Operating transfers out
Net operating transtcrr
Net lncume (loss)
Retained earnings (dellalt) at beginning
at year, as originally reported
Adjualment for property, plant and
e yu l ppne rat
Retained) earnings (dc111.11) at beginning
ut year, as restated
NcnrltdeJ e.nuugs (Je flail) at end of year
t .ran tll.nt rJ upilal at hrgtnnink; .1 year
t lnu I ttl.otluutrdxu 11 . of bet luu.ls
L yutly Ilu,aeta dud (t u) ui hct hnub
t'uut tlLunrJ arpllal at cnJ of yr.n
I otrl lnnd tyulty IPa•Italt)
CITY OF MIAMI, FLORIDA
INTERNAL SERVICE FUNDS
C(WtlININC STATEMENT OF REVENUES, EXPENSES
AND CIIAWES IN FUND E(JIITY
YEAR ENDED SEPTEMBER 30, 1982
City Motor
C.aru-e Pool
3 5,237,221 $4,234,520
1.901,254 1.221.213
114.323 132.319
1,259,433 1.046.007
87,269 33,525
106.06 65,802
3,469,035 2,498,866
1,768,186 1,735.654
662,161 897,156
1,106,025 838,498
205.051 -
205,055
1,311-080 838,498
204.631 -
- _- ( 01 616
204,631 (101,676)
I,5_1 ,S � 736,822
7.086.834 4,738,319
�,L9,441 j1,901,163)
__},097,393 2 tl3, 6,556
_ 6,613,104 3,573,378
3,935.541 490.692
434,983 699,011
4, 2 /(1, 524 1, 189, 1(11
r1U,Udl.ba }4,10,901
Property Print
Maintenance Shop
$2,976,514 5 320_941
1.624.859 IS0,195
588.332 136.082
585,341 68.633
6,905 45
30,493 8,965
2,835,930 363.920
140,584 (42,979)
11,048 7,302
129,536 (S0,281)
129,536 (50,2811
(70,023 10 tl71
(70,023) (10,871
59,511 _ 6l I52
(353.845) (195.857)
_ (69,593 (35,507)
t423,438 _(231 364
163,91) _(292 516
263,661 178.110
1,083
264,744 1/9,170
Z--(44101) W14,J46)
Stationery
Coxmlunicatlons
Stock
Maintenance
212 595
636,399
9,229
435.911
7,891
101.924
114.627
105.666
1,667
1.464
60.660
193,211
705,83
199,384
(69,43S)
83,243
1_9 364
(152,678
41 38,377
41 38,317
19-425 (114.301)
(22,0b
(22,061J
__19, 221 (136,362)
46,785 1.097.347
(386.007)
]9,tl5S
39,tl55
39,855
(39,tl55)
_ 4b,ItfS 711,142
_bb,210 _ S74,978
1,201,198
- _ -- 1GO.9t10
Ctj;lQ �atll6allh � _ __- -
sainium F-2
Tot&I
511.618.190
Yx
S,342,6b.
1.0110.871
3,239.707
129.411
274-140
10,066,196
_),S51,794
t , 6611`10
1,890.484
243,413
243,473
2,133,957
244,486
_(21)4,ALI)
39 tl�55
13.179.728
L-H2, 31)
-- 1`97,411
10L111,229
4,tlbtl,Ob4
2.376,tl75
1, 2114 � 79
111,]1h,I6t1
1
Ic
Vow►log capital provided by (applied to):
operas tow:
Mel income (loan)
Items not rejoicing current outlay
of wr►los capital:
Depreciation
Dispositions and transfers of property.
plant and equipment. not
Total provided by (applied to)
operations
other.
Coatrlbutlons, not
Total
Yaa►log capital applied:
Additions and transfers of property.
plant and equipment
Total
Increase (decrease) In trorkiog capital
Summary of Increases (decreases) In
waklag capital:
Cash end Investment*
Accounts receivable
Inventories
Accounts payable and accrued liabilities
Increase (decrease) In working capital
CITY OF MANS. 11.0ilOA
II1rF31NAL 1131VICg i111H19
COMINFINC 8TA:rDgNr Op CHANCES III WIYANCIAL POSITION
Ten WOOD serrmmn 30. 1922
9000E LA
Public
City
Motor
property
prior
stationary
C-amunlcatIons
Yorks
Gately
Loot
N■Intenance
shop
Scock
nilntenancs
2e-elag
oral
j1.SIS,711
j 176.422
j S9,S13
j(61.152)
j 19.421
j (136.762)
i 39,BS5
i2,113,tl12
662.161
697.136
11.048
1.302
-
83.243
-
1.660.910
40.364
69.91}
-
-
-
S4.054
-
_172,140
2.226,241
1.703.891
70.361
(33.850)
19.42i
939
39.855
4,007,U62
334.9e3
699.011
1,083
-
-
1,301,794
-
_2�3, 768!5
1.561.124
2,402.902
11.644
153.85 )
14.425
1.302.737
)9,e55
6,34),917
I.SS),II4
1 09 7
3.073
0.60Q
1.
5,509.148
Z.553.220
1,609,134
3.073
6,600
-
1,134.513
_
S S09 14e
1_193-161
4 A1.511
Aj62.530)
A 19.5a
2 . W- 1161
AU,y5
i _ tl14.02
i 312.049
i 646,256
1112.287
S(68.e13)
1 11.011
i 22.451
i 39.855
i1.095.10b
-
(421)
(20.032)
-
-
(70)
-
(10.521)
35.IS2
108.621
13.001
(2,694)
14,041
16.487
-
184,606
1332.30)
38,712
956,685)
___LM
( .671)
_09,6SQ)
-
_(424 4, �2)
1 -16326
1._19LM
Lfid.lil
iL62,il )
L12AN
"Isla)
LN."I
1_.MA2
q FI
SCHEDULE G-1
CITY OF MIAMI, FLORIDA
TRUST AND
AGENCY FUNDS
COMBINING
BALANCE SHEET
SEPTEMBER 30, 1982
Agency
Expendable
Trust Finds
Fund
Self-
Pension
Cable
ASSETS
Insurance
Administration
T.V.
Total
Equity in pooled cash
and investments
$6,336,633
$3,670,067
$2,076,876
$12,083,576
Accounts receivable
194,025
937
-
194,962
Prepaid expenses
8,460
-
-
8,460
Total assets
$6,539,118
$3,671,004
$2,076,876
$12,286,998
LIABILITIES AND
FUND BALANCES
Liabilities:
Vouchers and accounts
— payable
$ 514,872
$ 170,200
$ -
$ 685,072
Accrued expenses (prin-
cipally salaries)
21,912
3,715
-
25,627
_ Deposits refundable
1,089
-
2,076,876
2,077,965
Claims payable
1,242,466
-
-
1,242,466
Total liabilities
1,780,339
173,915
2,076,876
4,031,130
Fund balances:
Designated for future
pension contributions
-
3,497,089
-
Designated for hurricane
loss
500,000
-
- Designated for claims
payable
4,258.779
-
_
Total fund balances
4,758,779
3,497,089
-
8,255,868
Total liabilities
and fund
balances
$6,539.118
$3.671.004
$2,076,876
$12,286,998
83-351
APPEN, DIX A
BROWN, WOOD, IVEY, MITCHELL & PETTY
ONE WORLD TRADE CENTER, NEW YORK. N Y. ;OCAS
2 1 2- S 3 9- 5 3 0 0
7-"t
Sah :oa4ri5'O. .a 9a�C♦ •ELEa 2'l.a 'awca r,201r,a 33En2
�ELEoHONE 9�3.223-9600
'ELEF'•OhE ai5 398 -9':9 _aPLE aDDnE55 PnOwnC CL aw
'ELE�:r.PIEA ai5 391 4521
'ELECC oiER 212 -PJ95599
ONE I"aA4a0UT SOUaaE SCVT.
wagr, 0104.0 C 20000
•ELE-'CNE 202.393-1400
•ELECCOIEA 202-393-7400
[PROPOSED FORM OF LEGAL OPINIONS]
May 26, 1983
City Commission of The
City of Miami, Florida
Gentlemen:
We have examined certified copies of the legal pro-
ceedings, including the election proceedings and the
validating proceedings and other proofs submitted, rela-
tive to the issuance and sale of
THE CITY OF MIAMI, FLORIDA
BONDS
Dated May 1, 1983
Denomination $5,000
Numbered 1 to , inclusive
Maturing annually, May 1, in numerical order, lowest
numbers first, and bearing interest, payable semi-
annually on the 1st day of May and November in each
year, first interest being payable November 1, 1983,
as follows:
Year of Principal Interest Year of Principal Interest
Maturity Amount Rate Maturity Amount Rate
A-1
8'3-3 31
SCHEDULE G-2
CITY OF :IIAMI, FLORIDA
EXPENDABLE TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES
YEAR ENDED SEPTEMBER .30, 1982
Revenues:
Intragovernmental charges
Contributions from employees
and retirees
Other
Total revenues
Expenditures:
Personal services
Contractual services
Materials and supplies
Insurance premiums
Claim payments
Pension contributions
Other
Total expenditures
Excess of revenues
over expenditures
Fund balance at beginning of
year, as originally reported
Adjustment for claim liabilities
Fund balances at beginning of
year, as restated
Fund balances at end of year
Self-
Insuraace
Pension
Administration
Administration
$ 2,880,488
$17,900,651
7,648,202
-
2,570,132
-
13,098, 822
17, 900 ,651
671,281
106,440
5,920
481,068
11,125,977
405.338
12,796,024
15,408,379
838,025
16,246,404
Total
$20,781,139
7,648,202
2.570.132
30,999,473
671,281
106,440
5,920
481,068
11,125,977
15,408,379
1.243.363
29.042,428
302,798 1,654,247 1,957,045
2,477,188
1,978,793
4,455,981
$ 4,758,779
1,842,842 4,320,030
- 1,978,793
1,842,842
$ 3.497 .089
6,298,823
$ 8.255.968
b3-351
APPENDIX A
BROWN. WOOD. IVEY, MITCHELL & PETTY
ONE WORLD TRADE CENTER, N£W �CRK, N Y. I0C48
2 1 2- 9 3 9- 5 3 0 0
Sr N
r[iEFwCNE 813-223-9800
'EIEw»:NE -IC 39P 19:9 _ARLE a00RE55 9 C'.1,CC'..aw
'El[_CoiEa ti5 39T a521 'ELECDRIER 2-2 939-5599
ONE r&POAOUT 9OUARE 9CUTw
WagN ON 0N, O C 20006
•EICOwCNC 202.303•It00
'C'ECOa'CR 202-393•7409
[PROPOSED FORM OF LEGAL OPINIONS]
May 26, 1983
City Commission of The
City of Miami, Florida
Gentlemen:
we have examined certified copies of the legal pro-
ceedings, including the election proceedings and the
validating proceedings and other proofs submitted, rela-
tive to the issuance and sale of
c
THE CITY OF MIAMI, FLORIDA
BONDS
Dated May 1, 1983
Denomination $5,000
Numbered 1 to , inclusive
Maturing annually, May 1, in numerical order, lowest
numbers first, and bearing interest, payable semi-
annually on the 1st day of May and November in each
year, first interest being payable November 1, 1983,
as follows:
Year of Principal
Maturity Amount
$
Interest Year of Principal
Rate Maturity Amount
$ S
A -I
Interest
V1
S3-3 31
Both the principal of and the interest on said bonds,
except the interest on any bond registered as to
both principal and interest, are payable at Chemical
Bank, in the Borough of Manhattan, City and State of
New York, or Pan American Bank, N.A., in The City of
Miami, Florida, at the option of the holder or regis-
tered owner. The interest on any bond registered as to
both principal and interest will be paid by check or
draft mailed to the registered owner.
Registrable as to principal alone and also as to
both principal and interest, and, if registered as
to both principal and interest, reconvertible to
coupon bonds.
Said bonds maturing on or after May 1, 19 are sub-
ject to redemption at the option of The City of Miami,
Florida on and after May 1, 19 , in whole on any date, or
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)
0
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
(Bond numbered 1).
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 Constitu-
tion and 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,
A
83-351
�.� tilt,
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 home-
steads) is subject to the levy of an ad valorem tax, without
limitation as to rate or amount, for the payment of said
bonds and the interest thereon.
We are further of the opinion that under existing
statutes, regulations, rulings and court decisions the
interest on said bonds is exempt from all present Federal
income taxes and from income taxation under State of Florida
law, except as to taxes imposed by Chapter 220, Florida
Statutes, on interest, income or profits on debt obligations
owned by corporations, as defined in said Chapter 220.
Respectfully submitted,
A-3
S3-3 1.
0
April 25, 1983
The Honorable Mayor and
Members of the City Commission
Gentlemen:
APPENDIX B
�C1�f F; (,ARC�14-PEf�ROs��
( n� 4trnrn��
As of April 15, 1983, 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, 1982. The parties to the litigation
are still engaged in serious settlement negotiations.
B. BAYFRONT LAND LITIGATION
The City has been involved in a "Quick Take" eminent
domain action as explained in Note 14 (b) of the Notes
to the Financial Statements as of September 30, 1982.
The Third District Court of Appeals on March 29, 1983,
clarified its previous opinion which was dispositive
of the litigation and has established the total cost to
the City of the condemned property. A deposit of $2
Million from monies already appropriated in the Capital
Improvements Ordinance has to be made in escrow by the
City in order to fund this total cost, including
attorney's fees to be established by the court. A
related action by a hotel company was the subject of a
summary judgment hearing scheduled for March, 1983
which hearing has now been cancelled with no new
hearing date established.
C. OTHER
The City is a defendant in a lawsuit, pending on the
trial calendar in Federal Court, asserting Federal and
State claims for damages for alleged wrongful death
occuring in the summer of 1981. The City's position
has been and continues to be a denial of liability.
However, in the opinion of counsel, it is not possible
B-1
0
The Honorable Mayor and
Members of the City Commission
April 25, 1984
Page 2
to evaluate the likely outcome of the case, or estimate
the amount or ranqe of potential loss.
As a result of events which ocurred on December 28, 1982, in
the "Overtown" area of the City, as explained in the Section of
the Preliminary Official Statement entitled "ECONOMIC AND
DEMOGRAPHIC DATA", certain claims have been asserted against the
City, primarily with respect to alleged wrongful death. Two of
these deaths are the subject of recently filed separate lawsuits
against the City and the potential loss, if any, resulting from a
possible unfavorable outcome, cannot be determined at this time.
Unasserted claims may arise out of actions taken during a
police call on April 10, 1983, which resulted in a citizen's
death. Here again, the potential loss, if any, resulting from a
possible unfavorable outcome, cannot be determined at this time.
There are various claims and lawsuits against the City
resulting principally from workers compensation and casualty
claims. In the opinion of City officials and the City Attorney,
these claims could result in a liability to the City of approxi-
mately $12 million as of September 30, 1982, as explained in Note
11 of the Section, "FINANCIAL STATEMENTS." The total liability
to the City has not changed significantly durinq the time that
has elapsed since September 30, 1982, nor has there been any
subsequent significant litigation during this time period that
would materially impact upon the proposed Bond issue.
An
'ce y,
4��"64 -XA00-1��
e R. Garcia -Pedrosa
City Attorney
JGP/RFC/pb