HomeMy WebLinkAboutR-81-0651RESOLUTION NO. 8 1- 6 5 1
RESOLUTION APPROVING THE OFFICIAL STATEMENT FOR
THE BONDS OF THE CITY OF MIAMI, FLORIDA, DATED
AUGUST 11 1981, AND RATIFYING THE PRELIMINARY
{
OFFICIAL STATEMENT, DATED JULY 10, 1981, AND ITS =
DISTRIBUTION BY THE ACTING DIRECTOR OF FINANCE.
WHEREAS, the Acting Director of Finance of The City of
Miami (the "City"), has submitted to the Commission of The
1:!
City of Miami (the "Commission") and, pursuant to Resolution
')
No. 81-694, distributed the Preliminary Official Statement,
dated July 10, 1981, containing data and information respect-
ing the City, Dade County and the bonds of the City in the
_
principal amount of $9,150,000, to be dated August 1, 1981,
consisting of $1,750,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds, $4,400,000 Housing Bonds and
$3,000,000 Storm Sewer Improvement Bonds, to the prospective
purchasers of such bonds; and
-
WHEREAS, the Commission examined, considered and, by
said resolution, approved said Preliminary Official Statement;
and
WHEREAS, the Acting Director of Finance expects to
deliver to the purchasers of such bonds the final Official
Statement, dated August , 1981, pertaining to said bonds
which shall be substantially in the form of said Preliminary
Official Statement, as approved by the Commission of the City,
with such changes, insertions and amendments of a minor nature
that are satisfactory to the Mayor;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF'MIAMI, FLORIDA:
Section 1. Said Preliminary Official Statement,
dated July 10, 1981, as apn-oved by the Commission and as
distributed to the prosi.active purchasers of thc. bonds by
the tictin5 Director of Finance pursuant tc :=td Resolution,
is hereby ratified, conf`wrmed and approved ir the form
1
�y
prasahted to the Com ►ission with such minor
changes, inset
bong and omissions as the Mayor of the
City shall approv
(said Preliminary Official Statement, as
so reprised, is
herein called the "Official Statement").
Section 2. The Mayor of the City
is hereby authorized
and directed to sign said Official Statement for and on
behalf of the City and the signature of
the Mayor on such
Official Statement shall be conclusive evidence of his
approval, as herein authorized, of any such changes, inser-
tions and omissions in said Official Statement.
Section 3. The distribution of the Preliminary
Official Statement by the Acting Director of Finance to the
prospective purchasers of the bonds is hereby ratified,
confirmed and approved, and the purchasers of said bonds are
hereby authorized to use the Official Statement in con-
nection with the offering and sale of said bonds.
PASSED AND ADOPTED THIS 23rd day of July, 1981
T:
CITY CLERK
PREPARED D APPROVED BY:
1
ASSISTANT C Y AT
4
APPR0 AS TO FORM D C
G_EORGjrjFP. KNOX, JR.
CITY tWORNEY
Maurice A. Ferre
Maurice A. Ferre
Mayor
- 2-
8l-651
0
n
STATE OF FLORIDA )
COUNTY OF DADE
CITY OF MIAMI )
I, RALPH G. ONGIE, Clerk of the City of Miami,
Florida, do hereby certify that the attached and foregoing
pages numbered 1 to 2; inclusive, contain a true and
correct copy of a resolution adopted by the Commission of
the City of Miami, Florida at a meeting held on the 23rd
day of August 1981.
SAID RESOLUTION WAS DESIGNATED RESOLUTION NO.
WITNESS
MY HAND
and the Official
Seal of The City
of Miami, Florida,
this
day of
, 1981.
(OFFICIAL SEAL)
RALPH G. ONGIE
CITY CLERK
BY;
Deputy City Clerk
81 -6 5{
In the opinion of Bond Counsel, interest on the Bonds is exempt from all present Federal income
taxes under existing statutes, regulations, rulings and court decisions.
IEW ISSUE
$9,150po
The City of Miami, Florida
General Obligation Bonds
$1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
4,400,000 Housing Bonds
3,000,000 Storm Sewer Improvement Bonds
)ated: August 1, 1981
Due: August 1, as shown below
interest on the Bonds is payable semi-annually on February 1 and August 1 in each year, commencing
'ebruary 1, 1982. The Bonds are issuable as coupon bonds in the denomination of $5,000 registrable as to
irincipal only or as to both principal and interest. Principal of, premium, if any, and interest on the
londs are payable, at the option of the holder, at Chemical Bank, New York, New York, or at the Pan
kmerican Bank, National Association, Miami, Florida.
The Bonds maturing on or after August 1, 1998 are subject to redemption at the option of the
'ommission of the City on and after August 1, 1997, in whole on any date, or in part in the inverse order
if their maturities (by lot within any maturity) on any interest payment date, at an initial redemption
trice of 104070, plus accrued interest.
The Bonds are general obligations of the City for which its full faith and credit are pledged, and are
)ayable from unlimited ad valorem taxes levied on all taxable property in the City (excluding homestead
!xemptions, as required by law).
MATURITIES, AMOUNTS, RATES AND YIELDS OR PRICES
(Accrued interest to be added)
Due
Principal Yield or
Due Principal yield or
Due
Principal Yield or
august 1
Amount Rate Price
August 1 Amount Rate Price
August 1
Amount Rate Price
1983
$255,000
1993 380,000
2002
$160,000
1984
260,000
1994 390,000
2003
210,000
1985
265,000
1995 400,000
2004
210,000
1986
270,000
1996 405,000
2005
210,000
1987
275,000
1997 415,000
2006
210,000
1988
295,000
1998 460,000
2007
210,000
1989
300,000
1999 475,000
2008
265,000
1990
310,000
2000 490,000
2009
265,000
1991
315,000
2001 505,000
2010
300,000
1992
330,000
2011
315,000
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 August 12, 1981.
July jS 1981
i��.f J3,0 -14 r
f a'^N "n, ern 'b., , M N " '.` �, r. 'IT.
"•i�'v'S'+W3a'"y,,
Vti
THE CITY OF MIAMI, FLORIDA
' MEMBERS OF BOARD OF CITY COMMISSIONERS'
MAURICE A. FERRE, Mayor
JOE CAROLLO ARMANDO E. LACASA
t.
THEODORE R. GIBSON J. L. PLUMMER, JR.'
s CITY OFFICIALS
City Manager ........................... H. V. GARY
City Attorney ....................... G. F. KNOX, JR.
Acting Finance Director ................ C. E. GARCIA
— City Clerk ...................•......... R. G. ONGIE
Bond Counsel
BROWN, WOOD, IVEY, MITCHELL & PETTY
t. New York, New York
Financial Advisor
JAMES J. LOWREY & CO. INCORPORATED
_ New York, New York
t -
§
s r I144eheadent Certified Public Accountants
PEAT, MARWICK, MITCHELI & CO.
Miami, Florida
.J+ g
tv-
+: ,. g.yk td'73eoi tit
t ��E'.dd•
� �L
[
--�� � t ;�Z. �d _ / S4' t "-Kk �. .. ; �.
'1"4
�� < .
+ `�'+yr�7'hX• °
act -
'�fi'i, _t d c f i t�5n ! t ,t
-04� 1t C
This Official Statement does not constitu=
whom it is unlawful to make such offer in
been authorized to give any information or in=
connection with the offering of these Bonds,
must not be relied upon. The information and
notice and neither the delivery of this Off_jO=
circumstances, create any implication that
hereof to the date of the delivery of the Bow
TAW
Introduction.............................
Description of the Bonds ..................
General...........................
Optional Redemption ........... . .. .
Notice of Redemption ........... , ... .
Security, Authorization and Valktation. , , .
Application of Proceeds of Bonds ..........
Description of The City ....................
Government of Miami ................
Mayor and City Commissions ra . , ...... .
Administration of City Affairs , ...... .
The City ................•..
.. .,
Principal Governer Ser AOM Perfamu
by the City of Miami .....
Principal Facilities of the City
Capital Improvement Plan .......• t ,
Employee Relations ...
... ,
The Climate
...... • ,
Government of Dadeoynty
Demographics of Dadestuty :..
r?
Local Mass Transit F'
cats �
Education
n • • • • , . • • • .. ,.., , ♦ t , � },�,�� 1�+1'+.a� P
lr1FM44i� FNlvi{iFiW
• !
RecreationMiscellumus
-
400tic InfarMgjop
0.Dade, CountyAn
y
f —
1
c
1
L
bee
—
1' ;a
J: L. PLUMMER, JR.
H. V. GARY
I. KNOX, JR.
=. B. GARCIA
R. G. ONGIE
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 offer in such jurisdiction. No dealer, salesman, or any other person has
been authorized to give any information or make any representation, other than those contained herein, in
connection with the offering of these Bonds, and if given or made, such information or representation
must not be relied upon. The information and expressions of opinion herein are subject to change without
notice and neither the delivery of this Official Statement nor any sale made hereunder shall, under any
circumstances, create any implication that there will be no change in the affairs of the City from the date
hereof to the date of the delivery of the Bonds, but see paragraph headed "Closing Certificates" herein.
TABLE OF CONTENTS
Page Page
Introduction ............................
Description of the Bonds ..................
General ............................
1
Optional Redemption ................
2
Notice of Redemption ................
3
Security, Authorization and Validation .....
3
Application of Proceeds of Bonds ..........
3
Description of The City ...................
7
Government of Miami ................
7
Mayor and City Commissioners ........
7
Administration of City Affairs .........
7
The City ...........................
8
Principal Government Services Performed
by the City of Miami ...............
8
Principal Facilities of the City .........
9
Capital Improvement Plan ............
9
Employee Relations ..................
9
The Climate ........................
10
Government of Dade County ..........
10
Demographics of Dade County ........
11
Local Mass Transit ..................
11
Education ..........................
11
Medical Facilities ....................
12
Recreation .........................
12
Miscellaneous .......................
12
Economic Information on Miami
and Dade County ......................
13
General ............................
13
Corporate Expansion ................
13
Industrial Development ..............
14
Agriculture .........................
14
Film Industry .......................
14
Financial Institutions ................
14
Tourism ...........................
15
Miami International Airport ..........
15
Port of Miami .......................
16
Building Permits ....................
17
Recent Developments ...................17
Employment and Personal Income .....
17
Tax Related Matters .....................
18
Tax Limitation for Municipal Purposes
Excludes Debt Service ..............
18
Real Property and Tangible Personal
Property Taxes ....................
19
Taxes Not Levied by Municipalities. . . . .
19
Tax Reduction Initiatives .............
19
Procedure for Tax Levy and
Tax Collection ....................
19
Assessed Valuations .................
20
Record of Tax Levies and Tax Collections .
20
Ten Largest Taxpayers in the
City of Miami .....................
23
Financial Information on the City of Miami..
23
Payment of Bonds and
Bond Election Requirement .........
23
Legal Debt Limitation ................
23
Bonded Indebtedness and
Various Debt Ratios ...............
24
General Obligation Bonds Authorized
But Not Issued ....................
29
Other Proposed Bond Issues ...........
29
General Description of Financial Practices
29
Summary of Revenues and Expenditures
30
Revenue Structure ...................
30
City Pension Funds ..................
32
Litigation ..............................
34
Risk Management .......................
34
TaxExemption ..........................
34
Financial Statements .....................
34
Closing Certificates ......................
34
Approval of Legal Proceedings ............
35
Miscellaneous ...........................
35
Report on Examination of Financial
Statements for the Year Ended
September 30, 1980 ............... Appendix A
Bond Counsel Opinion (Form of) ..... Appendix B
Letter of City Attorney re: Litigation .. Appendix C
ii
O ClAL STATEMENT
$9,150,000
THE CITY OF MIAMI, FLORIDA
General Obligation Bonds
Consisting of
$1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
4,400,000 Housing Bonds
3,000,000 Storm Sewer 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 $9,150,000 (the "Bonds"), consisting of three issues of
general obligation bonds of the City authorized by the Commission of the City, approved by the electors
and remaining unissued, as hereinbelow mentioned.
DESCRIPTION OF THE BONDS
General
The Bonds are being issued in the aggregate principal amount of $9,150,000, are dated August 1,
1981, bear interest at the rates per annum set forth on the cover page of this Official Statement, payable
semi-annually on February 1 and August 1 of each year, commencing February 1, 1982, and mature on
August 1 in the years and principal amounts set forth on the cover page of this Official Statement.
The Bonds 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 reconvertible
into coupon bonds.
The principal of, premium, if any, and interest on the Bonds are payable, at the option of the holder,
at Chemical Bank, New York, New York, or at Pan American Bank, National Association, Miami,
Florida.
1
7 a
1 V lY SCMDM
z
t
Fin ■*bft.nN
_
{`
lhre ot.
Stwu t)ewer
r .
Rom
Few
Hord
1e oro
Book
De4e
5006
1983
$95'000
70,000
95.000
a
1984
95.000
70,000
100,000
1985
95,000
70,000
105,000
1986
95'000
70,000
110,000
v fl
1997
95,000
90,000
85,000
120.000
+
t
1988
1989
�•�
85,000
125,000
135,000
31Q,
1990
90,000
85,000
85,000
140,000
315,OObi
_
1991
90,000
90,000
90+000
150,000
moo
-
1992
1993
95,000
125,000
160,E'
3
1994
95,000
125,000
170,000
180+0
1995
95,000
90,000
125,000
125,000
190+000*
1996
1997
90,000
125,000
200,000
415," '+
r
1998
90,000
160,000
210,000
4nM
=
1999
90,000
160,000
225,000
2000
90,000
160,000
240+0
2001
90,000
160,000
255,000
160d
2002
160,000
21t1,QQ
2Q03
210,000
2"
2004
210,000
2005
210,000�
210.0
2006
210,000
210.t1(
2007
210,000
2008
265,000
r.
2009
265,000
2010
300,0001S,Q
2011
315,000
Optional Redemption
The Bonds maturing on or after August 1. 1998 are subject to redemption at the opttm► 4►f
=
Commission
of the City on and after August 1, 1997, in whole on
any date, or in part in the iuvpW
}
of their
maturities (by tot within any maturity) on any interest payment date, at the following r
_
prices,
plus accreted interest to the date of redemption;
341.
Sap
IWa� 0+
-
(41es Ike)
PrMWipN amount)
August 1. 1997 to July 31,1999 .............
104%i
9
August 1,1999 to July 31, 2001 .............
10301i
August 1, 2001 to July 31, 2003 ..........
. ..
102%i
S
AMPO1,203toJuly31,2005....,
. ..•
101%
fiy
A 4PM 1, 2005 and thereatter......
.,.,,,�u
100%
D -
i
3
r �
-
•{ `ice
i�
Y
i
m
mww of
The rodutiOM require the city to v
mwspaper of general chvawtian itt the City-
pWMidW in the City of New York, NM lr%
days prior to the redemption date.
The-18oads will be
payable fmm unMuited ad VSIMM
eaotatptioas :far .certain peraxms w�a e'e'=�=.
The Bonds shall be issued under and
City and ordinaum and Tesotatim Of I
urzder'the provisiom of the City C hater; --=
and reschak ns adopted by the Ct =-
validated as follows:
The Fire Figktiu& Fire �
8571, adopted July 19, 1976,< we
judgment of the Circuia CCtrt of:DadaCrE
The housing Bonds Mere;,
approved by the eltcton on Magi•%:1
County on February 17,1977: Nos �:..
The Storm sewer.C1
1978, were � �by,` ++4 .
Court of D&de.' ty.�a_ Clams' i
Clrt"�a+ia, 8��49l �'
mintlipg �u.t�A?Rc��*�, _
Qti :ltststesatt:.�}til
1
-
TOM
260,000
� ACO
265,p00
270,000
1r11i E10
r t3 t1100
275,000
295,000
300,000
310,000
1�10,000
130,fl00
.160,000
330,000
170,000
380,000
390,000
' .. _.
180,000
400,000
190,000
405,000
200,000
415,000
210,000
460,000
+000
475,000
240,000
490,000
255,000
505,000
-,
160,000
210,000
210,000
210,000
210,000
210,000
265,000
265,000
300,000
315,000
-NM to redemption at the option of th(
an mu date, or in part in the inverse order
Payment date, at the following redemption
1tei"Uptim Prise
(Pe rentw of
104%
103 %
102%
101 %
100%
Notice of Redemption
The resolutions require the City to give notice of redemption of the Bonds by publication in a
newspaper of general circulation in the City and in a financial newspaper or journal of national circulation
published in the City of New York, New York, said publications to be at least 30 days but not more than 60
days prior to the redemption date.
SECURITY, AUTHORIZATION AND VALIDATION
The Bonds will be general obligations of the City for which its full faith and credit 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 authorized by Ordinance No.
8571, adopted July 19, 1976, were approved by the electors on September 28, 1976 and were validated by
judgment of the Circuit Court of Dade County on February 22, 1977. No appeal was taken.
The Housing Bonds were authorized by Ordinance No. 8514, adopted February 4, 1976, were
approved by the electors on March 9, 1976 and were validated by judgment of the Circuit Court of Dade
County on February 17, 1977. No appeal was taken.
The Storm Sewer Improvement Bonds were authorized by Ordinance No. 8736, adopted January 11,
1978, were approved by the electors on March 7, 1978, and were validated by judgment of the Circuit
Court of Dade County on October 20, 1978. No appeal was taken.
APPLICATION OF PROCEEDS OF BONDS
$1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Ordinance No. 8571 authorized the issuance of $10,000.000 Fire Fighting, Fire Prevention and Rescue
Facilities Bonds for the purpose of paying the cost of Fire Fighting, Fire Prevention and Rescue Facilities,
including the construction, reconstruction and improving of fire stations, an administration building and a
communication system related to the Fire Department and the acquisition of any necessary land and
equipment. $8,250,000 principal amount of such bonds has been issued and the final installment of
$1,750,000 of such bonds is being offered hereunder.
3
hereunder. These bonds are to be issued fo
1976, as amended, between the City and G
City will be either deposited in trust in a
housing revenue bonds to be issued by a: -
housing revenue bonds or other money, to
$3,000,000 Storm Server Improvement &
Ordinance No. 8736 authorized the iss
the purpose of paving the cost of the co -
portion of the proceeds will be used to cons
projects in certain portions of the City. $5,t
additional installment of $3,000,000 of sv
The City of Miami's fire fighting equipment.
$4,400,000 Housing Bonds
Ordinance No. 8514 authorized the issuance of $25,000,000 Housing Bonds for the purpose of
providing housing in the City for families and persons, including the elderly, of low or moderate income,
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. $1,500,000 principal amount
of such bonds has been issued and an additional installment of $4,400,000 of such bonds is being offered
000 Housing Bonds for the purpose of
I the elderly, of low or moderate income,
assisting Dade County in financing such
=tions that shall be issued by Dade County
dating basis. S1,500,000 principal amount
$4,400.000 of such bonds is being 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.
$3,000,000 Storm Sewer Improvement Bonds
Ordinance No. 8736 authorized the issuance of $15,000,000 of Storm Sewer Improvement Bonds for
the purpose of paying the cost of the construction of permanent drainage facilities within the City. A
portion of the proceeds will be used to construct drainage facilities in conjunction with street improvement
projects in certain portions of the City. $5,000,000 principal amount of such bonds has been issued and an
additional installment of $3,000,000 of such bonds is being offered hereunder.
The construction of storm sewer improvements.
An aerial view of Miami City Hall.
1.
r�
DESCRIPTION OF THE CITY
Government of Miami
The City of Miami has operated under the Commission -City Manager form of government since 1921.
The City Commission consists of five elected citizens, who are qualified voters in the City, one of whom
serves as Mayor. The Commission acts as the governing body of the City with powers to pass ordinances,
adopt regulations and appoint a chief administrative officer known as the City Manager.
City elections are held in November every two years on a non -partisan basis. At each of these elections
a mayor is elected for a two year term. Candidates for Mayor must run as such and not for the Commission
in general. At each election two members of the Commission are elected for four year terms. Thus, the City
Commissioners' terms are staggered so that there are always at least two experienced members on the
Commission. The City 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 City 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 City Commissioners
Maurice A. Ferre was elected Mayor in November 1973, reelected in 1975, 1977, and 1979, for
two-year terms respectively. Mayor Ferre is a graduate of Lawrenceville School in New Jersey and holds a
Bachelor of Science degree in Architectural Engineering from the University of Miami. He is a prominent
businessman and corporate consultant with interests in both the United States and the Caribbean.
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 Export for International Trading and Shipping Corporation.
Theodore R. Gibson was appointed a Commissioner in April 1972 and was elected in November 1973,
and reelected in 1977 for four-year terms. Father Gibson was graduated from St. Augustine's College in
Raleigh, North Carolina and from Bishop Payne Divinity School, now a part of the Virginia Theological
Seminary. The Rev. Canon Gibson has been the Rector of the Christ Episcopal Church, Miami, for 32
years.
Armando E. Lacasa was appointed a Commissioner on January 17, 1979, and elected in November,
1979, for a two-year term. He is a graduate from Villanueva University School of Law, Havana, Cuba and
of Florida State University School of Law. He is presently a member of the law firm of High, Stack,
Lazemby, Bender, Pallahach, and Lacasa. He belongs to the Florida Bar and is a member of the Dade
County Bar Association. He is now Vice -President of the Latin Festival of the Orange Bow, Committee-
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 Commission on April 16, 1981. Prior to his appointment, Mr. Gary .served as Director of the Pe .
of Management and Budget, and as Assistant City Manager, respectively, for a total of four and
years. He served as Budget Director of Newark, New Jersey, from 1973 to 1976, and as Chief A _
Assistant from 1971 to 1973. Mr. Gary is a graduate of Moorehouse College and the UWW941
Michigan, and holds both a Bachelor's t
Public Policy. He is an active member of t
Carlos E. Garcia. Acting Finance Dir
Director. He has been previously employe
Auditor. Mr. Garcia is a 1970 graduate of t
C.P.A. in the State of Florida. He is a men
a member of the Municipal Finance Offici
George F. Knox, Jr., the City Attorne
University and University of Miami, Flori
was Assistant Professor of Law at the U
American Law Schools.
Ralph G. Ongie, was appointed City
1972 until 1976, and the Deputy City Cler>
Marquette, Michigan, and has attended ad-,
and selected courses at the University of 1
Municipal Clerks, and is currently the Exr
The City
The City of Miami in Dade County, t`,
was incorporated in 1896. It is located
Biscayne Bay and is the southernmost larg
and 19.5 square miles of water. The 1980 €-
21.5% of the total population of Dade C-
Aa serial view of dew*WW#j
Pdwivw G*yes
The City's k#rr'N d
and reseal sgrvico, Ir1
emn$ency cowagu>r
6
fed .xraters in the t;,e1pt�i:l9�i
CAA -With mowers to y' o� °f.*�
h .iia+e Pass
1ty 7N1a44er. or .
t tbasis. At.each of.d�
�.:election
':h and not for the (;o
S leeted,for four.year ter tarp n
fps: of fast two ex ms. Tlrus, the .,
perienced-nternbet
k ��Ghe �QtY Attorney, the s oa the
of ire .l?Janni City Mtter,.the
ng and Zoning Board.
Au*c>ipal sovern rent and. r
ter.ol' Tlte_ City of Miamiespotsible fe,
PPOint�and remove places cons�hie
Y or of .:any City.d
all -department director;,
epartntent, reor ion,.anY policies which will benefit t i di1e
healu.,
Vr 4973, .reeAected in 1975,
f44wrenceville School in New ferseY and holds
, and 19,9, fe
a
zctm-.ihe Uriiversiiy of MiHnu. He is a promitm, AKIth..the United ,States and the Caribbean.
der, 4979, for a Four-year terra. Commissro,e _e.and Florida international lartiversriv. fieholtis�
and a -baccalaureate of Science llegre; in Crimma.
�4111ationaf Tradilig and Shcppinr Cornorauor,.
iin April 11()7': anci was elected rn ivutiemder Iu _,
n ova.. graduated from -Sr. Augustrnc's Cohemeit
iY'Sclrool, HOW a part of the V rg n,a J reoiog-la'
-of the Christ Episcopal Church, Miami.
10n Januan l7, I979, and eiected in lvoverntre,,
va University School of Law. Havana. Cutiaani
-rtly a member or [tie law firm of Hirn. Staci..
tine Florida fear and is a member of't:re Due
Latin Festival of the Orance fto i Committee.
Uctober I970. and was clected Commissipnerir
par terms. Commissioner Plummer- is a graduate
e .of Mortuary Science. He is Cnarrman of the
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.
Carlos E. Garcia, Acting Finance Director, 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 graduate of the University of Miami with a B.B.A. degree and is licensed as a
C.P.A. in the State of Florida. He is a member of both the American and Florida Institute of C.P.A.'s and
a member of the Municipal Finance Officers Association.
George F. Knox, Jr., the City Attorney for the City of Miami, was graduated from the Michigan State
University and University of Miami, Florida School of Law. Prior to becoming City Attorney, Mr. Knox
was Assistant Professor of Law at the University of Arkansas. He is a member of the Association of
American Law Schools.
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, and is currently the Executive Director, Region IV, of the I.I.M.C.
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 346,931, representing
21.5% of the total population of Dade County.
An aerial view of downtown Miami, including the Miamarina yacht basin.
CifY's ton administrative position he the Cite Principal Government Services Performed by The City of Miami
=v1r. Gary served ax Director cif tfic Depatt=: The City's Fire Department, in addition to its traditional fire services, provides emergency medical
-r, respectively, for a total of four and ane-bar and rescue services. The Department also provides training, enforcement of fire and building codes, and
frtiom 1973 to 1976, and as Chief Administrarn'e emergency communication services.
f Moorehow e C"olleve and the tUnrversiry of
7
The Police Department is the largest department of the City. In addition to law enforcement, it
provides police personnel training, developing of new information, computer systems, criminal investigatift
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 inspection.
Principal Facilities of the City
The City maintains 87 parks having an area of 836 acres, and two golf courses. It operates and
maintains the Orange Bowl Stadium; the Miami Baseball Stadium; Marine Stadium; four City -owned
marina facilities providing 685 berthing facilities; the newly renovated Coconut Grove Exhibition Center,
and the Bayfront Park Auditorium.
Capital Improvement Plan
The 1980-1986 Capital Improvement Program of the City includes 204 projects totaling $408,974,000
in value. There has been an increase in programmed spending in the number of storm, sanitary sewer and
street projects scheduled in the latter years of this program.
Included in the capital improvement program is the Convention Center. This is being funded by the
proceeds of general obligation bonds issued in May, 1969 in the amount of $4,500,000, a Federal grant
made by the Economic Development Administration and $60,000,000 in revenue bonds that were sold in
July, 1980, for completing the construction of the Convention Center and for the construction of a parking
garage with a connecting walkway and appurtenances. Such revenue bonds will be secured by a first Gen on
and a pledge of net revenues of the Convention Center and the garage, by a pledge of certain telephone and
telegraph excise tax revenues, and by a covenant of the City to make up deficiencies in the revenues
available to pay such bonds from the general fund of the City, exclusive of any ad valorem real property or
tangible personal property tax revenues therein. (See Note (11)(c) in Appendix A.) rY
Watson Island, 87 acres in size and located one mile from downtown Miami, is projected as a planned
development which will include entertainment, cultural, marine, shopping g facilities. The City is
P pping and dining
currently reviewing the scope of and the financing alternatives related to the project.
The Downtown Government Center is a 30-acre joint development among the City, State and Federal
governments. Facilities at the Center include The City of Miami Administration building, a County
Administration building, a County Court building, a central library, a City parking garage and four State
buildings. Space is reserved for future construction of a Federal building.
Employee Relations
r-.
The City has negotiated multiple -year agreements with all its labor organizations. Three labor '
agreements expire on October 1, 1981 — one with the Fraternal Order of Police, Lodge No. 20; one with
the International Association of Firefighters, Local No. 587; and the other with the American Feder4u00
of State, County & Municipal Employees, Local No. 1907.
The Sanitation Employees Association and the City have entered into a 3-year agreement terminatitl8
Y y*
October 1, 1982.
All of these agreements provided for increases not to exceed 6% on the second and third years of the
contract, and there are neither cost -of -living escalator clauses nor economic reopener clauses.
Further negotiations are precluded by a waiver clause (the waiver precludes reopening the contrast).
and all the employee organizations enumerated above specifically waived the right to request ne8040K.
until the termination of these contracts.
The City Manager's Office has a professional labor relations staff dedicated solely to labor np8otig.. 3'
and contract administration during the term of these agreements. "d
M.
The CHtnste
The temperature of Miami is essentials
abundant rainfall, followed by mild. dry .,
69.1 ° in the winter, with a yearly average o
Government of Dade Cmmty
The following information and data
indicating factors which substantially aff_
municipality in the County and the County.
The Florida Legislature in 1955 app-
amendment designed to give a new form
approved in a state-wide general election
constituted and in April, 1957 it complet
which established a form of Metropolitan C
1957, and became effective on July 20, 195:
amend the charter from time to time by COP-7-
in 1%1, 1962, 1963, 1966, 1967, 1%9 and 1—
the Florida Constitution and General State I-
powers effective upon the twenty-seven s
displaced or replaced the cities but supple
city's operations (1) if the services fall l_-
with the consent of the governing body of
Since its inception, the Metropolitan
wide service basis for a number of fuu0"
municipal police services within the mu*
Center in Washington, D.C. and the Flor±
complementing the municipal fire "Cct'-
fire protection for seventeen munWMdlit
County's fire department; consolidated t--'
the Florida Statutes which became effeW.
and Sewer Authority with the respoaxibi!
system under a single body composed of �.
coordination of the various surface tn-=--
unified rapid transit system; installation of
traffic management; merging all public
Public library system of the County sad
seventeen branches and six mobile
property appraiser and tax collocw lfu
and several state agencies for the
operations; collection by the Da*
respective governmental entities
standards adopted by the Bwd oil�=
areas as environmeaW raougm m
and welfare.
AQ'tion to law enforcementit
,
W t Hems, criminal invest en" it serves.
revaetr, storm sewer and highwa`.
lttaon; planning; and building and
-_; SW two golf courses. It oPerates and
d1 : Marine Stadium; four City -ow
rted
iC-oeonut Grove Exhibition C
enter,
ProiectS tcnahn .9 4,000
eta the tnxmber Of MOM. sanitar% �ev,e- and
, venticm Centel. Tbiz. is cing 1urldl.t bl. -he
amount cif SZ.5(K!- lC1C=. c i dam
• 8[10,1 0(1 in rr%-enuf bonri= ti a �. P-r zoic rr.
Cnir-r and fcr- ti3-- R'; t'' t L�a'lili€
4C fir bott& Vfl", be j,_-UT,_SWAM
i
b3' a p4edre fie=
art
it9 n ak f lit' tll,` 9 r? :.'. ?� , �•- a
1sh,.amvnt arc: r:, rmE
MZT-4 1 ram- �Pt Z71:s
L ...
OMMx
-*' **'0 19r M` RM C171:: ZUZ :1117_ V=7 --W
V" 1V—," 1M t1OC--n—riming :rt: .
!+a +uaFva: tn., r}L?+ r: ��,11t ttvgn:ur rnl:
*tzaf: -41%d s11-M i:.-►tt! c Latin tttwm u llnti
The Climate
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 Dade County
The following information and data concerning Dade County (the "County") are significant in
indicating factors which substantially affect the City of Miami by reason of its status as the largest
municipality in the County and the County's urban character.
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 amendment was
approved in a state-wide general election in November of 1956. A Dade County Charter Board was
constituted and in April, 1957 it completed a draft of a charter for the County. The proposed charter,
which established a form of Metropolitan County government, was adopted in a county election in May of
1957, and became effective on July 20, 1957. The electors of Dade County are granted power to revise and
amend the charter from time to time by county -wide vote. Since its adoption the charter has been amended
in 1961, 1962, 1963, 1966, 1967, 1969 and 1972. It now enjoys home rule subject only to the limitations of
the Florida Constitution and General State Laws. 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 (2)
with the consent of the governing body of the city.
Since its inception, the Metropolitan County government has assumed responsibility on a County-
wide service basis for a number of functions, including County -wide police services, complementing the
municipal police services within the municipalities, with direct access to the National Crime Information
Center in Washington, D.C. and the Florida Crime Information Center; uniform system of fire protection,
complementing the municipal fire protection services within ten municipalities and providing full service
fire protection for seventeen municipalities which have consolidated their fire departments with the
County's fire department; consolidated two-tier court system conforming to the revision of Article V of
the Florida Statutes which became effective on January 1, 1973; creation of the Miami -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 systern 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 forty-four County -wide locations; centralization of the
property appraiser and tax collector functions; furnishing data to municipalities, Board of Public Instruction
and several state agencies for the purpose of budget preparation and for their respective governmental
operations; collection by the Dade County Tax Collector of all taxes and distribution directly to the
respective governmental entities according to their respective tax levies; and prescribing minimum acceptable
standards adopted by the Board of County Commissioners and enforceable throughout the County in such
areas as environmental resources management, building and zoning, consumer protection, health, housing
and welfare.
9
Demographics of Dade County 4
the working group from 20 years through age 64 tttaites tip
k
The U.S. Census figures for 1970 show that
Census52.3016 for the entire United States. The percedt df
Tflo
54.1 of Dade unty's population, compared to
average by 3.S0/o.
y
population 65 and over exceeds the national
t�
A PERCENT OF TOTAL POPULATION
AGE GROUP AS
1970
United States Percentage Dade County p
Age Gronp — 86,172 6.8..
0-5 17,154,337 8.4 ,
9.8 107,062 8.4,
5-9 19,956,247
20,789,468 10.2 113,205 8•g
10-14
15-19 19,070,348 9.4 103,050 8.1`
89,329 �•0
8.1
20-24 16,371,021 75,785
13,476,993 6.6
25-29
30-34 11430,436 5.6 71,059 S•6
$•8.
35-39 11:106,851 5.5 73,200
5.9 83,372 6k
40-44 11,980,954
45-49 12,115,939 6.0 82,701 k«5
50-54 11,104,018 5.5 75,701 6•0
51•5
55-59 9,973,028 4.9 69,635
5.1
60-64 8,616,784 4.2 64,804
4.9
65-69 6,991,625 3.4 62,213
4,Q
70-74 5,443,831 2.7 50,155
75 and over 7,630,046 3.8 60,349 -,..
Total 203,211,926 100.0 1,267,792 100
Local Mass Transit
Metropolitan Dade County Rapid Transit System: One of the most important developments aff '
Dade County in general, and downtown Miami in particular, is the recent start of construction of a TO
.
rapid transit system. Construction has begun on the development of a 21-mile, elevated rail system W
extend from Kendall Drive, in southwest Miami, to Hialeah, north of Miami International Airport.
The system will pass through the western portion of Miami's Central Business District ("CBD") gad
have 21 stations. Construction was begun in May 1979 and is expected to extend through 1984.
Downtown People -Mover System: Efforts are also underway to secure funding for the developMOUtOf
a separate rail transit system in Miami's Central Business District. This project, the Downtown Pepp4
y
Mover System, is planned to consist of a two-way, elevated rail line extending around the "CBD" e
with spur lines extending north and south to the outer portions of the downtown area.
The project would be developed and operated under the auspices of Metropolitan Dade %,QW
Transportation Authority and is projected to cost approximately $186 million. Dade County and 14
of Miami have committed $24 million to the project. Presently the Federal Government has commino
million to the Loop portion of this project which will cost $% million, with the condition that the C9
and the City must develop a realistic financial plan to fund the remainder of the project.
IfdmAtga
n�
Dade County provides educational facilities on primary, secondary and college levels.
to
Pubfic school envAlment• rt
Ifs
1972
IWS
11�ical Fatties
There are 42 hoapitais Ifot�issd fa` '
Rteaatioa
' The Miami area is f
Park.
sAiblefics for the
university t otopeut.ion W
There are twenty pub
{ There are 297 public parU
I ,�C
Data which .
fWoatia$ table. ,}
W
ll 0
A
>
- -
t�• s mroup 64 makes
up
_
ild tee. The percent
of
--
r
r
h
.
t100MA' 110N
littdc Ce+antr
86172
'
6.4
107,062
.8
113,205
8.9
,Z .
103,050
8.1
89,329
7.0
75,785
6.0
71,059
5.6
73,200
5.8
83,372
6.6
82,701
6.5
75,701
6.0
69,635
5.5
64,804
5.1
62.213
4.9
50,155
4.0
60.349
4.8
1,267,792
100.0
the most important developments affecting
is the recent start of construction of a rail
meat of a 21-mile, elevated rail system to
torch of Miami International Airport.
ni's Central Business Distrsci (' `CBD") and
expected to extend through 19f-4.
ray to secure funding fo- the do elopment of
strict. This pro* -I. the DowntoWn People -
rail line extending around the "CBD" core
is of the dow-ntow-n area.
auspices of Nicuopolitan Dade Counters
dy S186 million. Dade Count' and the City
the Federal Gosernmexu has -ommitted S17
million, with the condition that the County
e remainder of the pro*-%.
and college kr%�dsc-
Colleges and universities located within the area are:
University of Miami
Miami -Dade Community College
Florida International University
Barry College
Biscayne College
Florida Memorial College
Miami Christian College
Public school enrollment, including both primary and secondary levels, since 1971 is as follows:
School Enrollment
Public School Svstem
1971
245,275
1972
242,190
1973
244,565
1974
246,548
1975
243,444
1976
239,806
1977
235,123
1978
228,592
1979
227,000
1980
232,356
Medical Facilities
There are 42 hospitals located in Dade County.
Recreation
The Miami area is famous for its sailing, deep sea fishing and hunting in the Everglades National
Park.
Athletics for the spectator sportsmen include professional football, baseball and basketball competition,
university competition in sports, open golf tournaments, and professional exhibition games.
There are twenty public and eight private golf courses in Dade County.
There are 297 public parks and playgrounds which have a total area of 408,710 acres in Dade County.
Miscellaneous
Data which reflects the
growth of the economy of Dade County
since 1950 is presented in the
following table.
Growth Factors Relative to Dade County,
Florida
WATER
ELECTRICITY
TELEPHONES
Number
of
Consumption
Millions of
KWH
Sold Commercial
Residential
Number
in
Motor
Vehicle
Post
Office
Sales Tax
Collections
Year Water Meters
Gals.
(000's) Customers
Customers
Service
Registration
Receipts
(000's)
1950 59,613
18.081
780,295 19,233
144,902
200,687
222,839
S 5.677.073
S 12,763
1960 86,918
32,440
3,344,041 28,993
288.987
516,715
492,999
17.396,609
41.666
1970 100,035
55,879
9,134,181 39,452
419,957
918,131
823,442
39,404,502
140,227
1976 126,500
70,770
12,388,600 55,200
511,900
1,251,390
1,200,212
78,807,661
224,801
1977 130,500
71,774
12,032,900 57,600
537,200
1,328.413
1.268,632
77.378,596
259,119
1978 145,000
72,409
13,060,000 59,500
546,000
1,368,634
1,081,224
99.873,395
298,386
1979 167,000
76,363
14,280,000 62,400
572,200
1,472,631
1,058,734
11t,173,015
366,676
1980 174,300
83,449
14,797,600 65,100
587.200
1,566,956
1,173,813
119,819,347
391,381
Source: Economic Society of
South Florida
11
Flagler Street, dynamic lifeline of downtown Miami.
ECONOMIC INFORMATION ON MIAMI AND DADE COUNTY
General
The County in recent years has begun to base its economy upon a more varied economi
Industry and manufacturing are becoming stronger forces in Dade County. While the County's s
Florida's tourist trade remains one of the major economic forces, its attractiveness as a residential
skilled labor and its selection as the site for major and smaller light industrial activities have combined witb
tourism to produce a more diversified economic base.
Dade County, in addition to being Florida's tourist capital, is also the industrial center of the State,
having more than twice as many employed in manufacturing as any other county in the State.
Corporate Expansion
The favorable geographic location of Dade County, the trained commercial and industrial labor and
the favorable transportation facilities have caused the economic base of the County to expand by attracW
to the County many national and international firms doing business in Latin America. In Coral Gable
over 100 corporations have set up hemispheric operations. Among them are such corporations as 1?A�
Chemical, Gulf Oil Corporation, Owens-Corning Fiberglass Corporation, American Hospital SUPOYR
Coca-Cola Interamerican Corporation and Ocean Chemicals, Inc., a subsidiary of Rohm & Hass COWPW-,
12 xi
in
In addition to firms
innde County. C"=
non -manufacturing
or office locations in Dade County are: A
International; Dymo, Inc.; International 1-
Export, Inc.; Pfizer Latin America; Royal g
Industrial Developa"t
Since becoming operational in January
has approved 38 issues of Industrial Devely
capital investment of approximately $I16X
In addition, over the last three years
location of 17 new companies in Dade C
approximately S41,4o0,000 and adding an
companies were attracted to Dade County
financing of their capital investment thw
among these firms are Rolls Royce Ltd. an -
industries. As a result of Rolls Royce's d
inquiries from important prospects which
aviation -related companies.
Agrkattere
The land area of Dade County iAcl`-
mangoes, tomatoes, and pole beans are gr,
winter months, the mild climate enables 6-
shipped to the northern and northeastern lr
such as plantains, lychee fruit, papaya, su
grown anywhere else in this country. The
that in 1979, the wholesale value of agr%
while the retail value exceeded SM MWP
Film Ldtistry
The Dade County film and 9410 .!
Angeles in its annual dollar volaa$0.0f4
Florida Trend Magazine, the louse 11-
year 1979 and is projected to exee4"W__
People are employed directly in Ow ff h
FisamW Isggilations
There are 63 banks loago,
deposits. ,
r
WOW
Wo
-
j4� _
DADE COUNTY
f upon a more varied economic base.
e County. While the County's share of
its attractiveness as a residential area to
industrial activities have combined with
is also the industrial center of the State,
any other county in the State.
ied commercial and industrial labor and
me of the County to expand by attracting
cress in Latin America. In Coral Gables,
tng them are such corporations as Dow
)rporation, American Hospital Supply,
a subsidiary of Rohm & Hass Company.
r In addition to the growth in manufacturing, significant strides have been made in the location of
tton-thimufaeturing firms in Dade County. Other national firms which established international operations
or office locations in Dade County are: Alcoa. International, Ltd.; Atlas Chemical Industries; Betnis
International; Dymo, Inc.; International Harvester; Johns Manville International; Minnesota (3-M)
Export, Inc.; Pfizer Latin America; Royal Export and United Fruit.
s
Industrial Development
Since becoming operational in January 1978, the Industrial Development Authority of Dade County
has approved 38 issues of Industrial Development Revenue Bonds, which resulted in an additional local
capital investment of approximately M 16,499,000 and the addition of 3,189 new jobs to the local market.
In addition, over the last three years the Industrial Development Authority has assisted with the
X=4.° location of 17 new companies in Dade County, providing an additional local capital investment of
approximately $41,400,000 and adding an estimated 1,925 new jobs to the local market. These 17 new
companies were attracted to Dade County although they did not seek or did not qualify for tax-exempt
z financing of their capital investment through the issuance of industrial development bonds. Included
among these firms are Rolls Royce Ltd. and Cleveland Pneumatic Company, two major aviation -related
industries. As a result of Rolls Royce's decision to locate in Dade County, the Authority has received
inquiries from important prospects which serve as suppliers for Rolls Royce as well as from ancillary,
aviation -related companies.
Agriculture
The land area of Dade County includes large agricultural expanses on which limes, avocadoes,
mangoes, tomatoes, and pole beans are grown for the fresh produce market. During the sunny and warm
` winter months, the mild climate enables these crops to be grown and harvested. Many of the vegetables
shipped to the northern and northeastern parts of the country are part of this harvest. Exotic tropical fruits
such as plantains, lychee fruit, papaya, sugar apples, persian limes, etc. grow in this area and cannot be
grown anywhere else in this country. The Dade County Cooperative Extension Department has indicated
that in 1979, the wholesale value of agricultural products grown in South Florida exceeded $200 million
while the retail value exceeded S600 million.
Film Industry
The Dade County film and television industry ranks third nationally behind New York and Los
Angeles in its annual dollar volume of production costs. As estimated in the February, 1980 edition of
Florida Trend Magazine, the total economic benefit to the local area was more than $40 million for fiscal
year 1979 and is projected to exceed more than $50 million for fiscal 1980. In addition, more than 2,000
people are employed directly in the film industry and in related jobs.
Financial Institutions
There are 63 banks located in Dade County which together have a total of over $9,800,000,000 in
deposits.
Demand Deposits
Number
of
Total
Number
of
TOW
Year
Banks
Demand Depodts
Year
Bantu
Demand Deposits
1960
36
$1,150,924,000
1974
91
5,493,965,000
1965
63
1,744,453,000
1975
93
5,296,569,000
1970
68
3,257,368,000
1976
95
5,526,615,000
1971
71
3,614,491,000
1977
98
6,489,006,000
1972
77
4,432,941,000
1979
71
8,412,714,813
1973
83
5,193,728,000
1980
63•
9,845,643,473
Source: Miami Herald
13
*The total number of banks has been declining because bank holding companies are now consolidating
branch banks.
Dade County is also increasing as an international financial center. This has resulted from the location
in the County of such major northern and western banks as Bank of America, Bank of Boston, Bankers
Trust Co., Chase Manhattan Bank, Citizens and Southern Bank, Citibank, Irving Trust Co., Northern
Trust Co. and The Wells Fargo Bank. 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. Such branch
received full branch status on July 1, 1975. There are 21 major overseas Edge Act banks that have moved
to Miami. The Federal Reserve Edge Act amendment, adopted in 1919, permitted banks to open international
banking subsidiaries outside their home states.
Tourism
Tourism is, and will be for the near future, an important economic force in both the County and the
City due to the combination of favorable climate, together with excellent recreational opportunities —
theatres, ballet, symphony orchestras, famous entertainers, parks, public beaches, yacht basins, fishing,
golf, outstanding restaurants, racing, all spectator sports, historic sites, and other land and water
recreational facilities. The City is also one of the major convention centers in the United States.
Miami International Airport
Metropolitan Dade County is the owner of five separate airports within its boundaries. The responsibilities for
their operation are assigned to the Dade County Aviation Department. Miami International Airport ranks
8th in the nation and 9th in the world in the number of passengers using its facilities. It ranks 5th in the
nation and 8th in the world in the movement of domestic and international air cargo.
During 1980, airport services were provided to over 20 million domestic and international scheduled
passengers. This is an increase of 4.4707o over the previous year. Of major importance was the 13% increase
in international passengers. The airlines serving the Miami International Airport provide world-wide air
routes convenient for importers and exporters.
A five-year summary of the growth in both passengers served and cargo handled is indicated below:
Year Passengers Cargo (000'slbs.)
1976 ................ 12,598,000 783,844
1977 ................ 13,341,000 907,390 `
1978 ................ 15,891,000 1,057,803
1979 ................ 19,067,000 1,054,770
1980 ................ 20,505,012 1,161,460
Source: Dade County Aviation Department.
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.
14
AM NMI'
s'R1 t!
_ygtiiraew �5�-mil
oven
.tapghilt?i
Ming�f Lh
rtIr
;the ocat�, $b'11 '
Guth I a ftice
Ili -'Use'Act �►
fitted bftks to thAve
open
r*a"' onorecreational
tnic force in both the Co
h excellent �tY and tle
;parks, .public onal opp�upitea, beaches, yacht basins
100-ns, ;historic sites, and other land ' l*4
,convention centers in the United and ate
States.
e<uirPorts within its boundaries. The tesponsibilitiml
AO"'Dcpartment. Miami International) or
Of Passengers using its facilities. It r40r and international air cargo. a
",20 million domestic and international scow W
-Ftu Year. Of major importance was the 13% inam
International Airport provide world-wide air
-=meets served and cargo handled is indicated below
C,at�o (tii9's lbs.)
783,844
907.390
1,057.803
1.054,770
1,161,460
5,000 car parking complex, approximately two
ltld maintenance shops. Approximately 30,000
The Port of Miami with a full house of cruise ships.
Port of Miami
The Port of Miami is owned by Metro -Dade County and is operated by the Dade County Seaport
Department. From 1976 to 1980, the number of passengers sailing from the Port increased from 1,026,825
to 1,459,114, an increase of 4201o. This increased growth explains the Port's emergence as the world's
leading cruise port.
The Port of Miami specializes in unitized trailer and container cargo handling concepts. This most
effective use of equipment and the Port's convenient location combined to make the Port the nation's
leading export port to the Western Hemisphere. From 1976 to 1980, the total cargo handled increased from
over 1.5 million tons to over 2.4 million tons, an increase of 6201o.
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.
A five-year summary of the growth in both passengers served and cargo handled is indicated below:
Passengers Cargo (Tonnage)
1976 ..................
1,026,825
1,536,715
1977 ..................
978,016
1,711,535
1978 ..................
982,275
1,922,864
1979 ..................
1,328,816
2,251,958
1980 ..................
1,459,114
2,485,791
Source: Dade County Seaport Department.
15
Building Permits
permits issued in Dade County and the City since 1971, are as folio `
The dollar value of building rins
of Mbod Dude Coaab r
City (000'e) T raj k3ut�slk .............
Year (000 e)
760,228 � '
156,239� icsaduta
1971 1,296,235
1972 241,967
,026 1,119,141
190
1973� pubtictttllltits (1)
1974 619 786,760 Y�1;
113,..
1975 60,750 404,585 ; �r", d Trade
1976 80,744 506,798 (a) 1gVivatesale ................1977 .
97,151 460,689 fb) Retail .........
1978 105,064 651,482 : �: F r s , , a crB' Real Estate ...
963,144� j
1979 201,667 ry I&0tt er HcadthS`ervices .. .
1980 350,054 1,020,840 fxherSesvioeslVllisoelttneous .........
`k 5 �t . . . . . . . . . . . . . .. . . .
ymt AA 1
Source: City and County Building Departments. t' TOTAL ...................
elk
Reeent Developments ` (1) qnva"WnXti and 000tn
000 refugees from Cuba and Haiti have relocated to Dade
Over the past year approximately 100, ,{
County. The City of Miami's Orange Bowl Stadium served as a staging area for newly arrived Cuban Note: Ail industries aMctMitlled 84
refugees. The City has been reimbursed by the Federal government for substantially all of these costs. The AH da►tu are adted
to ghat a�=
economic impact of the increase in population is unknown at the current time. Source. icy Caaruuaity ,
In May, 1980, riots broke out in Northwest Dade County. There was approximately $200,000,000 in
property damage. $27,000,000 of this damage is located within the boundaries of the City, representing a-
reduction in tax revenues of $65,500 annually. At this time there are several proposals in the State i
Legislature on possible fundings for reconstructing the damaged area.. z
USA
Employment and Personal Income Y }larida ...... , . .a �lti-7
The tables below indicate the scope of employment throughout Dade County. �` Dadt< .A=tY
`°R
Ten Largest Private Employers $MUM.
�t
54
EasternAirlines ....................................................... _ t s=
Southern Bell Telephone & Telegraph Company . 1, �2
_— .. ;
Pan American World Airways ........................................... -
kom
University of Miami ................... ......... a ,
Burdines Department Stores . .. . ............... .. ,';�, > _
—=d Florida Power & Light Company ..... ..................... . ..... .. , .. _
The Miami Herald ............... .. , , .... , .... , ..
Miami -Dade Community College , , . .... , • , , • ...... . • .. , • • • ���; �- � it,�,a,
... Southeast Banking Corporation .................................. • .... • , •�
Winn Dixie Stores, Inc. �..............................................,.., a1
Source: Dade Industrial Development Authority,
t t
TRIP
EY
s a
r =
�
CBS
I"
t
1
t i
464, 60
'651,#$2
n
93,14/4�
{63�
} 1 6m Cuba and Haiti have relocated to Dade
_>h 8s $staging area for newly arrived Cuban
-i►Crnme�nt for substantially all of these costs.
a at the current time.
'OUnty. There was approximately $200,000,00p in
within the boundaries of the City, representing a
ti®e there are several proposals in the State
med areas.
Dade County.
NNow d
............................
13,854
............................
11,204
............................
61900
............................
60
............................
6,155
...........................
4,000
............................
4,000
............................
3,900
............................
3,575
............................
3,000
Estimated Employment in Noll -Agricultural Establishments
septemb"
it" Percent 1978 � 978 rcePercent
Manufacturing
(a) Durable Goods .................
(b) Nondurable Goods .............
Contract Construction ................
Transportation .......... ... ....
Communications & Public Utilities (1) ...
Trade
(a) Wholesale .....................
(b) Retail .........................
Finance, Insurance & Real Estate .......
Medical & Other Health Services ........
Other Services & Miscellaneous .........
Government ........................
TOTAL ....................
I� Kreert
42,700
5.7%
39,100
6.2010
36,500
6.2% a
58,300
7.8
54,000
8.6
51,300
8.8
40,100
5.4
33,000
5.2
23,900
4.1
45,600
7.2
43,000
7.3
70,000
9.4
16,500
2.6
16,100
2.7
55,100
7.4
48,700
7.7
45,700
7.8
128,500
17.2
112,000
17.8
104,000
17.7
49,600
6.6
46,200
7.3
43,300
7.4
42,100
5.6
37,600
6.0
36,700
6.3
165,200
22.1
108,000
17.2
102,200
17.4
95,400
12.8
89,300
14.2
83,800
14.3 {
747,000
100.007o
630,000
100.0%
586,500
100.0%
(1) Transportation and Communications & Public Utilities have been combined for September 1979.
Note: All industries are classified according to the Standard Industrial Classification Manual, 1972.
All data are adjusted to first quarter 1977 benchmark levels.
Source: Dade County Community and Economic Development Department.
Unemployment Rates
As of
1975
1976 1977 1978
1979
December 1980
USA ............. 8.5%
7.7% 7.0010 6.0%
5.8%
7.4%
Florida ........... 10.7
9.0 8.2 6.6
6.0
5.0
Dade County ...... 12.6
10.0 8.9 7.4
5.8
5.2
Source: AmeriFirst Research Division.
Per Capita Personal Income
Dade County and Other Areas
1974
1975
1976
1977
1978
U.S.A. ............
$5,486
$5,903
$6,441
$7,028
$7,840
Southeast ..........
4,740
5,054
5,544
6,057
NA
Florida ............
5,406
5,640
6,108
6,647
7,578
Miami area .........
6,375
6,455
6,931
7,755
8,567
Miami/USA ........
116%
109010
108%
110%
109%
Source: Bureau of Labor Statistics.
TAX RELATED MATTERS
Tax Limitation For Municipal Purposes Excludes Debt Service
Article 7, Section 8 of the Florida Constitution provides that municipalities in the State may not levy
ad valorem taxes in excess of ten mills upon the assessed value of real estate and tangible personal property
17
having a situs within the taxing city, when 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.
Real Property and Tangible Personal Property Taxes
Both Dade County and the City tax real and tangible personal properties within the City.
Taxes Not Levied by Municipalities
Dade County and twenty-seven incorporated municipalities, including the City, do not levy personal
income tax, gross receipts tax, inheritance tax, gift tax and commuter tax.
Tax Reduction Initiatives
Dade County has been involved in litigation with a taxpayer who by an initiative petition sought to
reduce Dade County's ad valorem tax rate for general Dade County operations from 7.566 mills per $1.00
of valuation to 4 mills per $1.00 of valuation for the 1980-81 fiscal year. On July 25, 1980 the Supreme
Court of Florida ruled in a unanimous decision that the setting of the millage rate by initiative violated the
Florida Constitution.
On July 11, the 1980 Florida Legislature enacted a bill (the "Trim Bill") requiring that only legislative
bodies fix the millage rate. The Trim Bill, effective July 1, 1980, prohibits the 1981 millage from being set
by referendum.
Based on the estimated tax roll, the certified City millage for fiscal 1981 has been calculated to be
9.036, compared to 10.0 for fiscal 1980. The reduction in certified millage results from the Trim Bill
requiring all property to be assessed at 100% of "just value" while restricting counties and municipalities
from collecting any greater ad valorem revenues in fiscal 1980 except increases in the tax roll resulting from
new construction. The Trim Bill does provide for increases in the certified millage, not to exceed 841#
thereof, after complying with certain advertising requirements. To increase the millage more than 80/9
requires the approval of two-thirds of the elected officials of such counties or municipalities, up to the
statutory millage of 10 mills. The requirements for 10007o assessment resulted in an increase in the City's
non-exempt property tax rolls from $4.3 billion to approximately $6.5 billion. A Constitutional amendment to
raise the Homestead Exemption to $25,000 (from the current $5,000) over the next three years, was
approved by the electorate at an October 7, 1980 election. The amendment sets the 1980-81 fiscal year's
exemption at $15,000 for 5 year Florida residents. This exemption would reduce the non-exempt property
tax rolls by $3 billion, however, the Trim Bill does permit increasing the millage to offset this decrease in
value. The Trim Bill also establishes procedures for adopting final millage after the October 7, 1980
election, so that the change in the Homestead Exemption will not affect the City's ad valorem tax revenues.
.!i rr "��� 1'!•i:� ., ?� la4•.. ��'?i. ,1(.�r�li �l�t 41�e
er
''Ti,,n `fh�}+t[t*!!`C '"?ti,�" C�:•i"Sl'i {'�
y.
f lll..
•�,ws, i'�t,,r..,k+rr�.i �r•.•s V z*: � r •.
:...
__.. .6,232 a46.. a{,
3.11$3,41' 244
tT72
x,�rb.i82.�t12
t43
t, r � i►s:.xucrea.�,:.. ui.asseaa�d ,u�iue ttf
;ap IrWAAIurg Wit prvperty bC-
lAii.iQ.t
Procedure for Tax Levy and Tax Collection
Real and personal property valuations are determined each year as of January 1 by the Dade County
Assessor of Property at 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 ill the
month of December, two ' percent if paid in the month of January and one percent if paid in the tttonth of
February. Taxes paid during the month of March are without discount. Taxpayers also have the optio#t of
paying their taxes in equal quarterly p q q y payments based on the prior years tax with a six percent discount *i*v�
18
ii ++u Est 1 ax iXVJi* Mao
f
Litt }.a lrvtt a.iW
t,�.,ltr
�haad� +tom x. •:
t'►KAW
u �r
Flu
k
s
i1►_ for
- dft
the June 30th payment four percent with the September 30th payment, two percent plus one-half of any
adjustments discounted at three percent with the December 31 st payment and no discount plus one-half of
any adjustments with the March 31st payment. All unpaid taxes on real and personal property become
withlll the City,
delinquent on April 1 of the calendar year following the year in which the taxes were levied. All tax
t
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 year from April I until a tax sale is sold at
°.�ildigg the Ctty,
per certificate
auction from which time the interest rate shall be as bid by the buyer of the certificate.
do not levy
'PersoW
Assessed Valuations
The following table shows the assessed value of taxable property together with real property value
.who by an initiative
assessed, personal property assessed value, and homestead exemptions in the current and each of the last
ten fiscal
petition sou
. t�uty c1<perations from 7.566 �'t to
completed years.
mills per $1.00
1 1`111"I year. On July 25, 1980 the Supreme
City of Miami
lag -of the millage rate b Y initiative
Assessed Value of All Taxable Property
violated the
Fiscal Years Ended September 30,
the "Trim Bill") requiring
that only 1
AM prohibits the 1981 millage beingu
Fiscal Real Personal cross Homestead Net
Year Property Property Total Exemptions Total
from set
1981 6,232,246,305(1) 869,597.421 7,101,843,726 559,128,066 6,542,715,660
for fiscal
1980 3.743,051,244 822,728,511 4,565,779,755 197,310.871 4,368,468,894
.ge 1981 has been calculated to be
'
1979 3.420,381,422 806,793,605 4,227,175,027 1%,708,033 4,030,466,994
certified millage results from the Trim
1978 3,279,667,236 744,179,862 4,023,847,098 195,664,076 3,828,183,022
Bill
" while restricting counties
1977 3,256,815,414 681,454,979 3,938.270,393 198,558,652 3.739,711,741
and municipalities
-- except increases in the
1976 3,123,657,035 672.697,054 3,796,354.089 199,420,601 3,5%,933,488
1975 2,851,309,9%
tax roll resulting from
`.3
689,895,764 3,541,205,760 195,797,718 3,345,408,042
in the certified millage, not to exceed 8%
1974
,749.081 .424,469,846 i,750,942 ,222,718,627
=nts. To increase
1973 1,959.720,765 46419 2571 2763
20390
904
the millage more than 8%t
-if such counties
'a
1972 1,866.182,202 416,368,867 2.282,551,069 202,900,985 2,079,650,084
or municipalities, up to the
1971 1,727,513,398 380,278.083 2,107.791,481 203,825,857 1,903,%5,824
ment resulted in an increase in the City,s
$6.5 billion. A Constitutional amendment
(1) The increase in assessed value of real property in fiscal year 1981 is largely due to a change in Florida
to
t $3,000) over the next three
`'
law requiring that property be assessed at 100% of actual value (see the subsection "Tax Reduction
years, was
e amendment sets the 1980-81 fiscal
''
Initiatives").
year's
on would reduce the non-exempt property
easing the millage to offset this decrease in
Record of Tax Levies and Tax Collections
final millage after the October 7, 1980
The City has levied a certified millage of 11.848 mills for the fiscal year 1980-81 beginning October 1,
t affect the City's ad valorem tax revenues.
1980, consisting of 9.036 mills for general operations and 2.812 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.
Record of Tax Levies and Tax Collections
year as of January I by the Dade County
Property owner indicating the property
a
outstanding
'th the Dade County Clerk of the Board of
Total Total Delinquent
e property pp
appraiser is inconsistent with
6
Flsal Adjusted Collection Per Cent Collection Collections Taxes
Year'tax of Current of of Total As Percent Outstanding As Percent
valuation determinations are heard by the
Ended Levy Year's Levy Delinquent Tax of Current Delinquent of Current City
assessment roll upon completion of the
`
Sep(. 30 AN Funds Taxes collected Taxes Collections Levy Taxes Levy Millage (1)
l.-
1980 60,983,826 58.789.796 96.4061e 307.659 59,097,455 96.91% 1,439,430(2) 2.23% 13.960
1979 58,389,375 57.325.287 98.18 430,947 57,756.234 98.92 1,559,360(3) 2.67 14.487
r as soon thereafter as the assessment roll
;
1978 50,532,016 49,095,263 97.16 523,373 49,618.636 98.19 3,195,919 6.49 13.200
Dade County Tax Collector mails to each
'
1977 43,854,070 42.969.232 97.98 650.775 43.620,007 99.47 2,282,539 5.20 11.903
1976 38,508,055 37,280.660 96.81 633,860 37,914,520 98.46 2,048,476 5.32 10.930
may be paid upon receipt of such notice,
1975 34,923,276 33,933,693 %.88 1,583,714 35,417,407 101.42 1,454,941 4.17 10.880
f November, three percent if paid in the
7^
1974 33,637.575 32,736,227 97.32 881,853 33,618,080 99.94 1,949,072 5.79 13.436
and one if in the month of
a'
1973 28,106,081 27.448,863 97.66 908.385 28,357,250 100.99 1,929.577 6.87 12.673
percent paid
unt. Taxpayers also have the option of
1972 28,809.445 28,043,734 97.34 277,691 28,321,425 98.31 2,180,746 7.57 14.755
years tax with discount with
1971 27,891.796 27.332.483 98.00 173,669 27,506,154 98.62 1,692,726 6.07 14.825
a six percent
t
19
(1) includes levies for general operations and debt service.
(2) Net of $1,214,234 (charge to current year revenue) and $292,067 (writedown of prior years' receivable
and reserve).
(3) Net of $614,028 (charge to current year expense) and $1,655,672 (writedown of prior years' receivable
and reserve).
20
N.►..rrooat regatta at the City of Miami Marine Stadium.
•'in 4-ourse stations in the City of Miami Kennedy Park.
An Artist's rendition of the Convention Center presently undee
construction in downtown Miami.
• ..- -7o acre a.,ny or Miami Bicentennial Park.
mall" orange nowt t-ootbAll game at the City of Miami Orange Bowl stadium.
21
Ten Largest Taxpayers in the City of Miami
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, 1980.
Ten Largest Taxpayers in the City of Miami
1980 Assessed Value of Property
1980
Name or Taxpayer
Nature of Activity
Assessed
Value
Southern Bell Telephone &Telegraph Company
Telephone Utility
$254,326,733hone
152,639,509
Equitable Life Assurance
Office Buildings
Electrical Utility
75,265,731
Florida Power and Light Company
Newspaper
49,233,339
Miami Herald
One Biscayne Tower, N.V.
Office Building
45,880,179
45,429,880
I.B.M.
Massachusetts Mutual Life Insurance Co.
Retail Sales
Hotel
35,530,838
New York Life Insurance
Office Buildings
26,442,198
23,885,130
Ball Point Development
Office Buildings
20,372,176
DuPont Plaza
Hotel
Total Assessed Valuation of top 10 Taxpayers,
$729,005, 713
which is 11.1% of total 1980 Assessed Valuation
FINANCIAL INFORMATION ON THE CITY OF MIAMI
The information under this heading is subject in all respects to the more detailed financial information
contained in audited financial statements of the City constituting Appendix A to this Official Statement.
Particular reference is made to the letter of Peat, Marwick, Mitchell & Co. dated March 28, 1981 addressed
to City officers 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 a city may
levy for the payment of voted bonds. The City is limited to a maximum tax levy of 10 mills per $1.00 ($10
per $1000) of the assessed value of real estate and tangible personal property for city services, other than
for the payment of voted bonds. Ad valorem taxes levied for periods not c;:ceeding two years and
authorized by a vote of the electorate are also excluded from the 10 mill limitations.
The Florida Constitution required the approval of electors prior to the issuance of bonds payable
from ad valorem taxes. A provision of the Florida Constiottion limiting such vote to electors who were
` owners of freeholds not wholly exempt from taxation within the subdivision was declared void in 1972.
Accordingly, all qualified electors in the City are eligible to vote in bond elections. The remainder of the
:$ relevant section of the Constitution providing for ad valorem taxation was held valid and is operative. 1
Legal Debt Limitation
Section 58 of the City Charter limits general obligation bonds of the City to 15% of the assessed
' valuation of all real and personal property within the City limits as shown by the last preceding assesStl OAt '
roll of the City and provides that bonds for street, sewer, sidewalk and other public improvements whir
are paid from special assessments, shall not be subject to such limitation of amount nor be considtred
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 March 31, 1981
h N g general obligation debt applicable to the City s debt limitation
was $981,407,349.Outstandin as of
31, 1981 totaled $124,610,000.
'sz
22. _t
� ami %'
and iratelst mauntmeamt
t coon" a segatift tt
Geoffail
;=Me FigdWrig r
YawnuL GT'Ovc 1ncmff310T
rt'stsSewage{caosat
Durffi'r i e% Man=
La= i3onc
far rronxReacaucam F
kmzcanomu Faclistle,
!,,a= Sewt trsttM #.
K estxunai Faclil:un
�aarm tearer trnrTumx1=nt
;�amnary per
onvmtutm
rigmng ra<lil.z
Poiicic Htuwnuant-" ,
i oiutuon Control i Aiailtl "
S:iMuLrN ---pewers
Hignwai► improveamcn,
Storm Jewel iIII'j WVV
rimn-way iMPWVLirS'4' t
r�r
IFS Ftt,*n3SIIt
5anttar} SCvres
Poiwc Kmaquartri-,
Storm Sewer imvru*catWWs
S.tTem and H*nwak Imp
Puniic Para aw k=Xanum ku3bow.'
Storm. Sewer itrtlaactkca"Mb
Poii,ce Fietia4uaraas
Storm Sewer iastpsttyvcuWMIS-
Sanitsary Sewer iaatlrrta
Poi cm Hetw4uwter
Street. alai, H4ftwny l t:t
Ste' sew= hwulft
Pei=
uwwrA' x
sak"ry Srnwar '�
Sti 1tttGl1 ''
� �aax.lt
Fes^
� theirOf bv�ess
Va'
i�
AW thilit+
152.639.509
BF3;dl
49.233.339
45 mo.174
45.4L9.880
BiZildingK
35.510.838
ButMngs
26.442.198
An- .885.110
2tt 3 I ? 76
S"2
W MY OF MIAMI
4 to the more detailed financial information
-ing Appendix .A to this Official Statement.
c>hsell & Co. dated ,larch :A,. 1981 addressed
amount of ad %alorern taxer; a cite may
imam tax of I mills per $I.t�' (S10
sal propert% for city- servi.—s.other than
periods not exceeding two years and
10 mill limitations.
Prior to the issuance of bonds payable
limiting such %ore to electors who were
subdivision was declared void in 19772.
in bond elections. The remainder of the
ation was held valid and is operative.
ds of the City to 15IN of the assessed
shown by the last preceding assessment
and other public improvements which
nitation of amount nor be considered
be issued.
sessed valuation as of March 31, 1981
the City's debt limitation as of .larch
Bonded indebtedness and Various Debt Ratios
The following several tables show the details of the City's general obligation bonds, special obligation
bonds, principal and interest requirements of general obligation bonds, the overlapping indebtedness of
the County and significant comparative ratios of debt to population and to the City's tax base.
General Obligation Bonds Outstanding on March 31, 1981
Final
General Obligation Issue
issue
Dale
Maturity
Year
Amount
Issued
Amount
Outstanding
Fire Fighting Facilities
3-1-58
1988
$ 850,000
$ 295,000
Coconut Grove incinerator
3-1-58
1988
1,100,000
390,000
Refunding Sewage Disposal Bonds
1-1-62
1990
14,565,000
5,900,000
Dinner Key Marina
6-1-65
1985
2,370,000
620,000
Land Acquisition Bonds
6-1-65
1985
700,000
175,000
Bayfront Recreational Facilities
8-1-67
1987
2,250,000
810,000
Recreational Facilities
8-1-67
1987
1,000,000
350,000
Storm Sewer improvements
8-1-67
1987
1,000,000
350,000
Recreational Facilities
7-1-68
1988
1,500,000
640,000
Storm Sewer Improvement
7-1-68
1988
1,500,000
640,000
Sanitary Sewer
7-i-68
1988
5,000,000
930,000
Convention Center
5-1-69
1989
4,500,000
2,115,000
Fire Fighting Facilities
10-1-70
1990
1,000,000
505,000
Police Headquarters
10-1-70
1990
1,500,000
780,000
Pollution Control Facilities
10-1-70
1990
3,000,000
1,560,000
Sanitary Sewers
10-1-70
1990
7.,000,000
1,870,000
Highway Improvement
2-1-71
1982
3,000,000
300,000
Storm Sewer Improvement
2-1-71
1991
1,500,000
795,000
Highway Improvement
9-1-71
1991
2,000,000
1,120,000
Sanitary Sewer
9-1-71
1991
5,000,000
1,840,000
Fire Fighting
6-1-72
1992
1,100,000
705,000
Sanitary Sewer
6-1-72
1992
5,000,000
2,025,000
Police Headquarters
6-1-72
1992
1,500,000
940,000
Storm Sewer Improvements
6-1-72
1992
3,000,000
1,880,000
Street and Highway Improvements
6-1-72
1992
2,000,000
915,000
Public Park and Recreation Facilities
10-1-72
1997
28,350,000
20,075,000
Storm Sewer Improvements
9-1-73
1993
2,000,000
1,375,000
Police Headquarters
9-1-73
1993
4,000,000
2,740,000
Storm Sewer Improvements
3-1-75
1995
3,0001000
2,200,000
Sanitary Sewer Improvements
3-1-75
1986
5,000,000
2,500,000
Police Headquarters
3-1-75
1995
8,000,000
5,850,000
Street and Highway improvements
3-1-75
1986
3,000,000
1,500,000
Sanitary Sewer Bonds
10-1-75
1995
5,000,000
3,580,000
Police Headquarters
10-1-75
1995
2,000,000
1,575,000
Sanitary Sewer
5-1-77
1997
13,000,000
11,520,000
Street and Highway Improvements
5-1-77
1988
5,000,000
4,000,000
Fire Fighting
5-1-77
1997
5,000,000
4,470,000
Police Headquarters
5-1-77
1997
3,000,000
2,705,000
Storm Sewer Improvement
5-1-77
1997
2,000,000
1,790,000
Fire Fighting
12-1-77
1998
1,000,000
900,000
Public Park and Recreation Facilities
12-1-77
2003
11,540,000
10,560,000
Housing
12-1-77
2008
1,500,000
1,460,000
Street and Highway Improvements
12-1-78
1998
5,000,000
4,705,000
Sanitary Sewer
12-1-78
1998
6,000,000
5,675,000
Fire Fighting, Prevention and Rescue Facilities
12-1-78
1998
2,250,000
2,130,0W-
Storm Sewer Improvement
12-1-78
1998
5,000,000
4,850,000
Totals
$193,575,000
$124,610,000
23
t
General Obligation Bonded Indebtedness
principal and Interest Requirements as of March 31, 1981
Focal Total Principal
Year Requirements and interest
Ending Interest Regairements
SepPrincipal
1981 $ 4,935,000 $ 3,256,503 $ 8,191,503 A
10,735,000 6,075,163 16,810,163
1982 15,201,684
t983 9,740,000 5,461,684
9,305,000 4,875,597 14,180,597
1984
1985 9,290,000 4,318,679 13,608,679
1986 9,160,000 3,787,362 12,947,362
1987 8,355,000 3,324,003 11,679,003 )
7,950,000 2,910,887 10,860,887 y
1988 6,990,000
2,526,778 9,516,778 y
19898,993,955
19W 6,795,000 2,198,955
1991 6,135,000 1,889,472 8,024,472 k
1992 5,435,000
1,586,779 7,021,779
1993 5,045,000 1,303,360 6,348,360
1994 4,720,000 1,045,778 5,765,778
1995 4,760,000 830,393 5,590,393
19% 4,220,000 636,356 4,856,356
1997 3,960,000 455,055 4,415,055
1998 2,765,000 278,665 3,043,665
1999 1,620,000 173,885 1,793,885
2000 555,000 120,981 675,981
2001 555,000 89,068 �,068
2002 555,000 57,156 612,156
2003 555,000 30,100 585,100
2004 75,000 17,500 92,500
2005 95,000 14,100 109,100
2006 95,000 10,300 105,300
2007 100,000 6,400 106•4W
2008 110,000 2,200 112,200
$124,610,000 $47,,283,159 $171,893,159
T
Revenue and Sµtclal Obligation Bonds Outstanding on March 31, 1981
s Final
Special Obligation and Date of Maturity Amount AnAao9a1
Revenue Bond Issue lasue Year Issued 04ta
Incinerator Revenue (1) 7-1-51 1981 $3,330,000 $ 173,Qk
utilities Service Tax Series A (2) 2-1-63 1988 3,125, 000
Orange Bowl Special Obligation (3) 3-1-6? 1982 1,900,00034�QQQ �r L
a Qruge Bowl Warehouse Revenue (4) 12-1-69 1982 105,000
Orange Bowl Warehouse Revenue (4) 12-20-74 1989 225,000
Street Parking Revenue
y Series A & B (5} 4-1-66 1994 4,800,0W 74
Y Series 3 4-1,73 2002 3,150,000
Series 19W (6)
4+80 2009 8,725,000 g�7tx
itentiwn Center and Panting
5 gta 1;evenue Bonds (7) 7+#0 20I x t
��,� • 60�000,000
h
Jt h
r
•14 t"�}tlk J'%TkNV tded
w ,5tt r`
sex is #
91111*1, debt se icf5' rN�T n
.�
GM1T 5
:. { ire ltlltti tilt c7�ttSti1C11i1
tiE�iil the: lease of the
".`�+f ► ,1 ~s,� Yl Ott clue of the net rtv�-
C itter dtheCl
1
and C'
,
c�tt t -
r:
3=
s
E �
*N L
-
�
2;;
a �
yf ��
}} •4
s 1
Vet y _
31, 1991
3,256,503
6,075,163
3,461,684
4,875,597
4,318,679
3,787,362
3,324,003
2,910,887
2,526,778
2,198,955
1,889,472
1,586,779
1,303, 360
1,045,778
830,393
636,356
455,055
278,665
173,885
120,981
89,068
57,156
30,100
17,500
14,100
10,300
6,400
2,200
$47,283,159
Told Prineipal
and Interest
Requirements
$ 8,191,503
16,810,163
15,201,684
14,180,597
13,608,679
12,947,362
11,679,003
10,860,887
9,516,778
8,993,955
8,024,472
7,021,779
6,348,360
5,765,778
5,590,393
4,856,356
4,415,055
3,043,665
1,793,885
675,981
644,068
612,156
585,100
92,500
109,100
105,300
106,400
112,200
$171,893,159
Outstanding on March 31, 1981
Final
Maturity
Amount
Amount
Year
Issued
Outstanding
1981
$3,330,000
S 173,000
1988
3,125,000
1,050,000
1982
1,900,000
330,000
1982
105,000
25,000
1989
225,000
160,000
1994
4,800,000
2,785,000
2002
3,150,000
3,095,000
2009
8,725,000
8,725,000
(1) Debt service is being provided by General Fund operating transfers. A reserve of $250,000 must be
maintained.
(2) Debt service is provided by utilities service taxes imposed by the City on each purchase of electricity,
gas, water and local telephone and telegraph service. A reserve must be maintained equal to the
maximum annual debt service requirements.
(3) Debt service is provided by electric franchise revenues. A reserve equal to the maximum annual debt
service requirement must be maintained. At September 30, 1980, there were sufficient funds reserved to
fully pay the amount outstanding.
(4) Rental income from the lease of the warehouse facilities is pledged to provide debt service on these
bonds.
(5) Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking
meters of the City.
(6) The Series 1980 bonds are secured by a pledge of the net revenues of the off-street parking facilities and
the on -street parking meters of the City, subject to the prior lien of the Parking Facilities Revenue Bond
Series A, B and C.
(7) Debt service is provided by a pledge of 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 (11)(c) in Appendix A.)
2015 60,000.000 60,000,000
576_ 343,000
tt
25
f
'r
1
31, 19t81
(1) Debt service is being provided by General Fund operating transfers. A reserve of $250,000 must be
maintained.
-
Total Prindpal
and Inte"M
(2) Debt service is provided by utilities service taxes imposed by the City on each purchase of electricity,
Roqu_ ireme"Is
gas, water and local telephone and telegraph service. A reserve must be maintained equal to the
$6,503
$ 8,191,503
maximum annual debt service requirements.
75,163
5 1,684
684
16,810,163
(3) Debt service is provided by electric franchise revenues. A reserve equal to the maximum annual debt
13,597
15,201,684
service requirement must be maintained. At September 30, 1980, there were sufficient funds reserved to
1818,679
14,180,597
fully pay the amount outstanding.
13,608,679
,679
13,608,679
(4) Rental income from the lease of the warehouse facilities is pledged to provide debt service on these
t4,003
11,679,003
bonds.
10,887
10,860,887
(5) Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking
t6,778
9,516,778
meters of the City.
1'$,955
)8,472
0,779
8,993,955
(6) The Series 1980 bonds are secured by a pledge of the net revenues of the off-street parking facilities and
8,993,955
8,021,472
the on -street parking meters of the City, subject to the prior lien of the Parking Facilities Revenue Bond
)3,360
6,348,360
Series A, B and C.
15,778
5,765,778
(7) Debt service is provided by a pledge of net revenues of the Convention Center -Garage, a pledge of
10,393
5,590,393
certain telephone and telegraph excise tax revenues, and by a covenant of and agreement of the City to
16,356
4,856,356
z
Provide, to the extent necessary, revenues of the City, other than ad valorem property tax revenues,
>5,055
4,415,055
sufficient to make up any deficiency in the required sinking fund. (See Note (11)(c) in Appendix A.)
►8,665
3,043,665
►3,885
1,793,885
!0,981
675,981
19,068
644,068
i7,156
612,156
10,100
585,100
17,500
92,500
14,100
109,100
A300
105,300
6,400
106,400
i
2,200
112,200
13,159
$171,893,159
ending on Nfarch 31, 1981
Final
laturity
Amount
Amount
Year
Issued
Outstanding
1981
$3,330,000
S 173.000
1988
3,125,000
1,050,000
1982
1,900,000
330,000
1982
105,000
25,E
1989
225,000
160,000
1994
4,800,000
2,785,000
2002
3,150,000
3,095,000
2009
8,725,000
8,725,000
2015 60,000,000 60,000,000
$76,343,000
25
°hs
Revenue Bonds and Special Obligation Bonds
Principal and Interest Requirements
as of March 31, 1981
90
Princi al
Total
Fiscal year
Convention Center
and Parking
Other Revenue
Special
Total Revenue
and Special
Principal
and interest
Fadin
September 30
Garage
Revenue Bonds
and
Obligat_ ioe Baods
Obligati_ °_ n°dg
lolerest_
Requirements
$ 3,762,840
1981
$ 498,000
$ 498,000
505,000
$ 3,204,840
6,505,790
7,010,790
1982
505,000
349,000
349,000
6,484,589
6,833,589
1983
346,000
346,000
6,470,218
6,816,218
1984
1985
402,000
402,000
6,455,774
6,857,774
1986
417,000
417,000
6,435,745
6,852,745
1987
433,000
433,000
6,414,597
6,847,597
1988
450,000
450,000
6,392,083
6,842,083
1989
316,000
316,000
6,370,699
6,686,699
1990
$ 100,000
337,000
437,000
6,350,758
6,787,758
1991
330,000
330,000
660,000
6,323,377
6,983,377
1992
640,000
350,000
990,000
6,281,093
7,271,093
1993
1,060,000
370,000
1,430,000
6,214,842
7,644,842
1994
1,140,000
395,000
1,535,000
6,114,863
7,649,863
1995
1,225,000
420,000
1,645,000
6,004,082
7,649,082
1996
1,320,000
445,000
1,765,000
5,879,950
7,644,950
1997
1,425,000
475,000
1,900,000
5,743,275
7,643,275
1998
1,540,000
505,000
2,045,000
5,594,315
7,639,315
1999
1,665,000
540,000
2,205,000
5,432,295
7,637,295
2000
1,805,000
575,000
2,380,000
5,255,250
7,635,250
2001
1,720,000
615,000
2,335,000
5,063,147
7,398147
2002
1,870,000
655,000
2,525,000
4,874,733
7,399:733
2003
2,035,000
705,000
2,740,000
4,649,352
7,389,352
2004
2,215,000
775,000
2,990,000
4,388,453
7,378,453
2005
2,410,000
850,000
3,260,000
4,103,190
7,363,190
2006
2,620,000
930,000
3,550,000
3,791,165
7,341,165
2007
2,850,000
1,020,000
3,870,000
3,451,245
7,321,245
2008
3,095,000 1,115,000
4,210,000
3,080,490
7,290,4
2009
3,365,000 1,220,000
4,585,000
2,676,992
7,261,992
2010
3,660,000
3,660,000
2,237,375
5,897,375
2011
3,980,000
3,980,000
1,917,125
5,897,125
2012
4,050,000
4,050,000
1,568,875
5,618,875
2013
4,410,000
4,410,000
1,214,500
5,624,500
2014
4,720,000
4,720,000
828,625
5,548,625
2015
4,750,000
4,750,000
415,625
5,165L625
Totals
$60,000,000 $16,343,000
$76,343,000
$164,249,327
S240,592�327
General Obligation Bonds and Notes Outstanding and Special Obligation Bonds and
Notes Outsta041,108
for the City of Miami and For Dade County as
of March 31, 1981
General
Obligation
Special
Obligation
Conlbwd
Debt
Debt
Debt
4Y OfA(M1,u�ni
.U, ..........................
$124,610,000
$ 76,343,000
$200,953AW {
1
VWW ■/
.FQUutjMW . . . . . . . . . . . . . • • • . . . . . •
471s,630,000
164,747,247
..
b36�•��
TQW
.. .... .. .. .......
$5%,240,000
$241,090,247
$837 330 2 7,
-26
r YET • S�+L
a"'�°txr?�its��.t i"9.+}-v ic,Fat•���" ��+t1't�k _
_ ._ ;��t�►�sfi 1M►z�t�►��kl`�Rt) t`��a�.�-i�l.
T
y 1 h fAx
71
�
.1
�-
(1) excludes $91,56000 Wfilet•works System bonds which are outstanding and are secured by revenues of
x the Miarni-Dade Water and Sewer Authority as well as a pledge of the County to make payments from
h ad valorem taxes, if necessary.
(2) City share of Dade County Debt is 21.507o of amounts shown.
priftlow
altd llatetft
g if k �� Current Debt Ratios of the City of Miami
s26d9810 $—"3`,-76-2,840 FACTORS:
6,503,790 7 j ,010,7g0 Assessed Valuation (1) . $7,101,843,726
6,484,589 6,833,589
Net Taxable Assessed Valuation ............................ $6,541,715,660
6,470,218 6,816,218 City of Miami Debt, Net of Capitalized Reserve Funds
6,455,774 6,857,774 General Obligation $124,610,000
-� 6,435,745 6,852,745 Special Obligation (2)................................. 57,747,272
r-
t 6,414,597 6,847,597 Combined Direct Debt (March 31, 1981) ............. $ 182,357,212
6,392,083 6,842,083 Overlapping Debt, Net of Capitalized Reserve Funds, @21.50/o
�t 6,370,699 6,686,693 General Obligation ................................... $ 96,233,160
& 00 6.350,758 6,787,758 Special Obligation (2)................................. 33,623,075
6,323,377 6,983,377 rr Combined Net Overlapping Debt (March 31, 1981) .... $ 129,856,235
��i,00 6,281,093 7 27 Population of Miami (1980 Census) . 346,931
Aft6,214,842 , 1,842 ............................. $ 20,470
7+644,842 Assessed Valuation Per Capita
;000 6,114,863 7,649'000,863 Net Taxable Assessed Valuation Per Capita ................... $ 18,859
6,004,082 7,649,082
DEBT RATIOS:
Net Direct General Obligation Debt as a Percent of
5,879,950 7,644,950
-1000 5,743,275 7 643 275 Net Taxable Assessed Valuation .......................... 1.900/0 =3,000 5,594,315 7,639,315 Combined Net Direct and Overlapping General Obligation
-!$,000 5,432,295 7,637,295 Debt as a Percent of Net Taxable Assessed Valuation ......... 3.38010
A000 5,255,250 7,635,250 Net Direct General Obligation Debt Per Capita ................ $ 359.18
r31000 5,063,147 7,398 147 Combined Net Direct General and Special Obligation
71q•000 4,874,733 7,399,733 Debt Per Capita ....................................... $ 525.63
01000 4,649,352 7,389,352 Combined Net Direct and Overlapping General Obligation
-3,000 4,388,453 7,378,453 Debt Per Capita ....................................... $ 636.56
-3,000 4,103,190 7,363,190 Combined Net Direct and Overlapping General and Special
Obligation Debt Per Capita .............................. $ 899.93
0,000 3,791,165 7,341,165
;0►000 3,451,245 7,321,245 (1) Assessed valuation as of September 30, 1980, using 100016 of assessed values as mandated by Florida
0,000 3,080,490 7,290,490 law.
3,000 2,676,992 7,261,992
(2) Special obligation debt is payable from revenue sources other than ad valorem taxes.
11000 2,237,375 5,897,375
3,000 1,917,125 5,897,125 Ratio of Net General Bonded Debt
?,000 1,214,500 5,628,875
500 to Net Assessed Value and Net General Obligation Bonded Debt Per Capita
,000 1,214,500 5,624,500
.._1,000 828,625 5,548,625 Ratio of
Net General
low 415,625 5,165,625 Obligation Net General
+.000 $164,249,327 $240,592,327 Net Net General Bonded Debt Obligation
_ - Assessed Homestead Assessed Obligation to Net Bonded Debt
September 30, Population (1) Value Exemption Value Bonded Debt Assessed Value Per Capita
=mot Obligation Bonds and Notes Outstanding 1980 348,000 $7,101,842,726 $559,128,066 $6,542,715,660 S127,905.000 1.95% $367.54
1111y as of March 31, 1981 1979 345,000 4,227,175,027 1%,708,033 4,030.466,994 138,065,000 3.43 400.19
1978 345,000 4.023,847,098 195,664,076 3,828.183,022 129,675.000 3.39 375.87
1977 342,000 3,938,270,393 198,558,652 3,739,711,741 103,926,694 2.78 303.59
Special 1976 340,000 3,796,881,240 199,947,752 3,596,933.488 94,523,990 2.63 278.01
Obligation Combined 1975 338,000 3,541,205,760 196,797.718 3,344,408,042 83.933,263 2.51 248.32
Debt Debt 1974 336.000 2,701,654,390 198,186,762 2,503,467,628 86,844,273 3.47 258.47
30 $ 76,343,000 $200,953,000 1973 334,000 2,424,469.847 201,750,942 2,222.718,905 51.164,790 2.30 153.19
1972 334,859 2,292,551,069 202,900,985 2,079,650,084 48,341,208 2.32 144.36
30 164,747,247 636,377,247 1971 331,000 2,107,791,481 203,825,857 1,903,%5,624 33,154,654 1.74 100.16
10 $241,090,247 $837,330,_47
27
(1) Estimated on basis of added electric and water connections and new dwelling units constructed, except in
those years for which a Federal census was available.
General Obligation Bonds Authorized But Not Issued
Of the $81,475,000 bonds approved by the voters on June 30, 1970 all of such bonds have been issued
except $2,37500 of Streets and Highway Improvement Bonds and $4,000,000 of Pollution Control
Bonds.
The $35,000,000 bonds approved by the voters on September 28, 1976 herein listed and the amounts
of such bonds unissued are as follows:
Sanitary
Sewers
Fire
Fighting
Authorized ..............
$25,000,000
$10,000,000
Previously Issued.........
16,000,000
8,250,000
Proposed Issue...........
-0-
1,750,000
Balance Unissued........
9,000,000
-0-
At an election held on March 7, 1978, the electors approved the issuance of $15,000,000 of Storm
Sewer Improvement Bonds. $5,000,000 of said Storm Sewer Improvement Bonds were previously issued.
$3,000,000 are offered hereunder.
The principal amounts issued and unissued of the $25,000,000 General Obligation Housing Bonds
approved by the electors on March 9, 1976 and validated on February 17, 1977, are as follows:
Authorized ............................... $25,000,000
Previously Issued ......................... 1,500,000
Proposed Issue ........................... 4,400,000
Balarv�e Unissued ......................... $19,100,000
On October 7, 1980, the voters approved $75,000,000 of Bonds consisting of $45,000,000 of Sanitary
Sewer Bonds and $30,000,000 of Streets and Highway Improvement Bonds. Validation proceedings
concerning these bonds are now before the circuit court of Dade County.
Other Proposed Bond Issues
The City presently expects to offer parking revenue bonds in an amount not presently expected to
exceed $10 million by the end of 1981 for the purpose of financing a parking garage to be located in the
downtown Government Center.
The City presently expects to offer marina revenue bonds in an amount not presently expected to
exceed $20 million by the end of 1981 for the purpose of expanding and developing marinas located on
Watson Island.
The City presently expects to offer marina revenue bonds in an amount not presently expected to
exceed $8 million by the end of 1981 for the purpose of expanding and developing marinas located on
Dinner Key.
The City has authorized issuance of bonds for the development of Watson Island, and as discussed
under "Capital Improvement Plan" above, such issuance is currently under review.
General Description of Financial Practices
The City Charter requires the City Manager to submit a budget estimate not later than one M010
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 adapt tho
budget not later than October 1.
The City's budgetary funds (General, Special Revenue, and Debt Service Funds) follow the MPOW4
accrual basis of accounting, under which expenditures, other than interest on long-term debt, are recurs
when the liability is incurred and revgntws
i.e., measurable and available to finance t
the normal time of receipt. The accrual
The accounts, books, records and
subject to quarterly review by a firm of
outside certified public accountants are i_
The following table presents certa_`-
financial capacity of the City respecting -
9otsi
Revenue:
Ad Valorem Taxes (Net)
General Operating ........
G.O. Debt Service........ .
Other Income
Operating ................
G.O. Debt Service..... , .. .
Debt Service Fund Balance. .
Expenditures:
General Operations.. • ...
G.O. Debt Service
Principal and Interest.... • ,
Other....... ....
Surplus or (Deficiency) Of -
Revenue over ,Bxpatiditurog.
(1) The deficiency of moo
J 978 debt servia P#
KeYtc.Nue %41•�4telR/fa
The tvlitvw. i►
staternew of
y 1 8 herein listed and the amounts
nre
$10,0009000
='
8,250,000
1,750,000
10
-0-
ed the issuance of $15,000,000 of Storm
nprovement Bonds were previously issued.
General Obligation Housing Bonds
r 17, 1977, are as follows:
...... $25,(W,(W
..... 1,500,000
....... 4,400,000
�...... $19,100,000
Bonds consisting of $45,000,000 of Sanitary
mprovement Bonds. Validation proceedings
..de County.
ads in an amount not presently expected to
gracing a parking garage to be located in the
-ids in an amount not presently expected to
`handing and developing marinas located on
•ds in an amount not presently expected to
panding and developing marinas located on
'_opment of Watson Island, and as discussed
-jirrentiy under renew.
;a budget estimate not later than one month
epares its own budget request for review by
9Qs on the budget plan and must adopt the
nd Debt Service Funds) follow the modified
han interest on long-term debt, are recorded
when the liability is incurred and revenues are recorded when received in cash unless susceptible to accrual,
i.e., measurable and available to finance the City's operations, or of a material amount and not received at
the normal time of receipt. The accrual basis is utilized (with minor exceptions) by all other funds.
The accounts, books, records and financial transactions of the City are audited annually and are
subject to quarterly review by a firm of independent certified public accountants. The opinions of the
outside certified public accountants are included in the Annual Reports of the Director of Finance.
The following table presents certain financial information respecting the City and evidences the
financial capacity of the City respecting the payment of its obligations, including the Bonds.
Revenue:
Ad Valorem Taxes (Net)
General Operating ........
G.O. Debt Service .........
Other Income
Operating ................
G.O. Debt Service........ .
Debt Service Fund Balance..
Expenditures:
General Operations ..........
G.O. Debt Service
Principal and Interest..... .
Other ...................
Surplus or (Deficiency) of
Revenue over Expenditures...
Summary of
Revenues and Expenditures
General Fund
Special Tax Levy Funds
and
Bond and Interest Retirement Funds
Fiscal Year Ended September 30
1981
1990
1979
1978
Budget
Actual
Actual
Actual
$ 53,093,768
$ 42,679,426
$ 39,116,411
$ 36,996,791
17,762,704
16,692,347
17,547,314
11,819,882
68,755,679
61,766,746
56,718,322
58,689,883
—
2,493,595
1,376,453
864,698
1,213,529
—
—
—
$140,825,680
$123,632,114
$114,758,500
$108,371,254
$121,849,447 $103,348,568 $ 96,817,113 $ 93,712,007
18,791,380 17,395,230 17,062,016 14,870,252
184,853 184,518 168,655 95,320
$140,825,680 $120,928,316 $114,047,784 $108,677,579
$ — $ 2,703,798 $ 710,716 $ (306,325)(1)
(1) The deficiency of revenue over expenditures in 1978 was offset by fund balance appropriations. All
1978 debt service payments were met as scheduled.
Revenue Structure
The following is a description of the City's revenue structure. See Appendix A for audited financial
statement of the City for the fiscal years ended September 30, 1980.
General and Special Tax Levy Funds
Ad Valorem Taxes — See the section "TAX RELATED MATTERS".
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 vary 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
29
County returns to the cities its pro rata share of revenue collected. The pro rata share due each City
Stationery Stock Fund: For purchas
depends on the number of contractors doing business within each City's limits.
in the City's operations.
Utilities Service Tax — The City imposes a 10010 tax on each purchase of electricity, metered gas, bottle
Enterprise Funds — Monies for these
gas, water and local telephone and telegraph services. Revenue is pledged for debt service on Utilities
services on a user charge basis to the genti-
Service Tax bonds. The excess over the debt service reverts to the general fund,
Stadium, the Marine Stadium, the Miami
Center, Bayfront Auditorium, golf ranges,;
Federal Revenue Sharing — The revenues derived from the Federal government are appropriated by
Bowl parade are built and stored.
the Commission for various social service programs throughout the City as well as the City's improvements
to the fire rescue service, recreation programs and the continuation of the City's pay plan. (See, however,
City Pension Funds
Notes (10) and (12) in Appendix A.) The City's receipts of federal revenue sharing funds since fiscal year
ended September 30, 1976 are as follows:
The City has two separate pension fuT
effect on February 1, 1940 (the "System',-
Federal Revenue Sharing Receipts
Employees) which went into effect on Jul
the Retirement Plan is E. H. Friend & Co
Alexander & Alexander, Atlanta, Georg -
Fiscal Year Fiscal Year
Ended September 30 Ended September 30
With respect to the System and Plan,
1981(1) $8,500,000 1978 $8,351,251
(1) As to valuation method:
1980 7,822,714 1977 8,893,709
E
System --Entry Age Normal f
1979 8,248,815 1976 8,775,313
Plan --Aggregate Accrual. Mom'
(1) Budgeted
(2) As to interest rate:
System and Plan--7%
State Revenue Sharing — The revenues distributed to the municipalities by the State of Florida under
(3) As to assets:
the State's revenue sharing program are derived from a percentage of its collection of the State cigarette
System --Moving market vaIr
tax, the State motor fuel tax, and the State road tax. The City has received the following revenue sharing
Plan --Market Value.
funds from the State:
(4) As to retirement age:
The System and Plan have' --
Fiscal Year
rather than a single retiremec;
Ended September 30 ! fiscal Year
Ended September 30
and the Plan used age b-
1981(1) $10,440,368 1978 $11,005,477
Membership in the System and
1980 11,427,856 1977 11,070,719
employees and not open to temporgy
1979 11,561,380 1976 10,880,405
(1) Budgeted
The City's contribution is d
Commission for acceptance. T`ha�!-
Fines and Forfeitures — The City receives a pro rata share of fine and forfeiture revenue from Dade
adjustments for all retirees. A1S4, t
County. Since Fiscal 1976 the City has received the following amounts from the County:
considered. Through December i`,
basis. The City's required coato
-
Fiscal Year
Subsequent to January 1977, tho.
Ended September 30 Fiscal Year Ended September 30
„
the section LITIGATION - 'w.,.
1981 • $1,522,000 1978 $1,299,509
the City's contribuuWAs to 6t1 tR ..
1980 1,117,038 ,<
1979 1977 1,125,302
�-����,
The followin$ W* i s
1,304,380 _
1976 1,162, 587
Plan and the "�t'ttti pj
*Budgeted
years etrdiu$
Internal Service — There are five internal service funds that are self-supporting because their reventtas
Ttw unfu L"
are derived from charges for services to other City Departments. These funds are:
.
For 18Q,
City Garage Fund: For purchases and maintenance
Aber I, I
of all heavy equipment used by the City.
Motor Pool Fund: For purchases and maintenance of the automobile fleet.
Maintenance Property Fund: For regular building
maintenance, and a limited amount Of blttlt{s
alterations and additions.
E.
r
Print Shop Fund: For all of the City's printing needs. f
�
1 ..fib
30
I
� r
f
t6d. n rrpio rata share ds. ue each sit
;t ftCh purchase of electricity, metered
Ras, bottle
tlfnue is pledged for debt service
tO the general fund. °n Utilities
Slh the Federal government are
v+lghout the City as well as the Cit appropriated by.
Ccititinuation of the Cit ' y s tmproVements
y s pay plan. (See, ho%veVer
of federal revenue sharing funds since fiscal fear
:airing Receipts
Fiscal Year
Ended September 30
1978
$8,351,251
1977
8,893,709
1976
8,775,313
to the municipalities by the State of Florida under
percentage of its collection of the State cigarette
he City has received the following revenue sharing
Fiscal Year
Ended September 31)
1978
$1 1,005,477
1977
11,070,719
1976
10,880,405
_a share of fine and forfeiture revenue from Dade
jwing amounts from the County:
Fi.wal Year
Ended September 30
1978 $1,299,509
1977 1,125,302
1976 1,162,587
ds that are self-supporting because their revenues
tments. These funds are:
if all heavy equipment used by the City.
f the automobile fleet.
maintenance, and a limited amount of building
Stationery Stock Fund: For purchases and storing of office supply items consumed in quantity
in the City's operations.
Enterprise Funds — Monies for these funds are generated by self-supporting activities which render
services on a user charge basis to the general public. These activities include operation of the Orange Bowl
Stadium, the Marine Stadium, the Miami Baseball Stadium, various marinas, Coconut Grove Exhibition
Center, Bayfront Auditorium, golf ranges, and warehouse property in which floats for the annual Orange
Bowl parade are built and stored.
City Pension Funds
The City has two separate pension funds, the Retirement System (Police and Firemen) which went into
effect on February 1, 1940 (the "System" or "Retirement System") and the Retirement Plan (General
Employees) which went into effect on July 1, 1956 (the "Plan"' or "Retirement Plan"). The actuary for
the Retirement Plan is E. H. Friend & Co., Washington, D.C. 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-707o
(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,
ratter 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.
The City's contribution is determined annually by the actuaries and recommended to the City
Commission for acceptance. The two actuaries determine pension benefits to reflect cost of living
adjustments for- all retirees. Also, they calculate separate cost studies whenever new benefits are being
considered. 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, commencing October 1st.
Subsequent to January 1977, the Retirement System and Plan began reporting on a fiscal year basis. (See
the section "LITIGATION" and Note (9) in Appendix A for discussions related to litigation pertaining to
the City's contributions to employee pension plans.)
The following table sets forth in summary form certain essential data respecting both the Retirement
Plan and the Retirement System for the calendar years 1973 through 1976, inclusive, and for the fiscal
years ending September 30, 1977, 1978, 1979 and 1980.
The unfunded liability reflected was determined upon the basis of data as of January 1st of each year.
For 1980, the unfunded liability was determined with data as of January 1, 1980 for the System, and
October 1, 1980 for the Plan.
31
City Pension Funds
Financial Data for Pension Plans
city's
Benefits Posts.
Contribution
(Accrued
Unfunded
Accrued
Including
Employee
Employe*
Interest
Basis)
Liability
Witbdrawais
Contribution
Exish t (1)
Fiscal Years Ending
September 30, 1980(2)
Miami Employees' Retirement System....
$12,082,690
S 85,908,000
$ 8,292,234
S 7,907,968
$2,450,208
$2,777,805
S 3,109,260
S 6,080,711
Miami Employees' Retirement Plan......
$ 8,542,180
$ 80,422,000
Total ..........................
$20,624,870
$166,330,000
$16,200,202
$5.228,013
S 9,199,971
September 30, 1979(2)
Miami Employees' Retirement System....
$10,960,543
S 87,200,000
S 7,450,8i3
$ 6.887,022
$2,358,418
S2,579,140
$ 4,328,841
S 2,395,958
Miami Employees' Retirement Plan......
$ 4,452,053
S 72,010,000
Total ..........................
$15,412,5%
$159,210,000
$14,337,835
$4,937,558
S 6,724,799
September 30, 1978(2)
Miami Employees' Retirement System....
$10,400,013
S 81,000,000
S 6,364,922
$2,346,232
S 3,007,515
Miami Employees' Retirement Plan......
S 3.309,064
S 56,000,000
S 6,198,957
$2,462,769
S 1,885,234
Total ..........................
$13,709,077
$137.000,000
$12,563,879
S4,809,001
S 4,992,749
September 30, 1977(3)
Miami Employees' Retirement System....
$ 6,229.299
S 81,177,566
S 4,182,323
$1,791,842
$ 3,033,058
Miami Employees' Retirement Plan......
$ 2.465,716
$ 46,290,391
S 4.377,429
51,888,139
$ 2,344,190
Total ..........................
$ 8,695,015
$127,467,957
S 8,559,752
$3,679,981
S 5,377,248
Calendar Year Ending
December 31. 1976
Miami Employees' Retirement System....
$ 6,527,501
$ 90,554,826
S 4,876,775
$2,339,785
$ 2,974,713
Miami Employees' Retirement Plan......
S 3,097,787
S 54,652,564
$ 4,706,876
$2,563,735
S 2,215,597
Total ..........................
$ 9,625,288
$145,207,390
$ 9,583,651
$4,903,520
$ 5,190,310
December 31, 1975
Miami Employees' Retirement System....
S 5,184,668
S 89,276,761
S 4,468,664
$2,192,304
S 2,555,907
Miami Employees' Retirement Plan......
$ 2,936,993
S 56,203,346
S 3,862,404
$2,463,447
$ 2,018,482
Total ..........................
S 8,121,651
$145,480,107
S 8,331,068
$4,655,751
$ 4,574,389
r December 31. 1974
4' Miami Employees' Retirement System.... S 4,271,823
- Miami Employees' Retirement Plan...... S 1,786,752
.'. Total .......................... $ 6,058.575
t.
t�
December 31, 1973
Miami Employees' Retirement System.... $ 2,800,408
Miami Employees' Retirement Plan...... $ 1,842,092
Total .......................... S 4,642,500
$ 99,000,000 S 4,483,326 $2.187,051 S 4,571,531
$ 2,667,295 $2,027,594 _
S 99.000.000 $ 7,150,621 $4,214,645 $ 4,571,531
$ 65.000,000 $ 3,914,596 $1.789,515 $ 3,212,809
$ 2,749,837 $1,705,526 _
S 65.000,000 $ 6,664,433 $3,495,041 $ 3,2t2,809
(1) Earnings for Plan & System were combined prior to 1975. In 1975 all General Employees Worc
transferred to Plan,
(2) Figures adjusted to include cost of living increase to retirees.
The City is currently defendant in a tasasz
its pension plans for prior fiscal years throe
Also, the City is currently defendant in a see,
the amount appropriated by the City for ff
City Attorney's letter attached hereto aA
There is not now pending any liti�.=
or the levy or collection of taxes to VW t=
proceedings or authorization under which:
Bonds.
>�r
A charter amendment was approve"
City to set up a Self -Insurance attd Insu'.
Board of Trustees composed of the 0,N6
handle the security investments of the fi>'
City Manager, to administer the plan.
The City is self -insured for all vehk-if:
per accident and $100,000 per occunvd
sovereign immunity in tort claims.
The City of Miami is self -insured f_
insurance purchase is made: wbery it-ki �:,
include accidental death and prvpr
and Death benefit& have bOW P4V
x
in the opinion 9( Ovg' (
the Bolds Is CXgMptft"Aft
court decisions.
r`4
The hnuncial Olflg
been exam*-d`
periods and to the .
intesrol pt1<rt of.l >)
r
_ 5 ,
3OD.=
300,000
=ai0,000
S 7,450,813
S 61887,022
$14,337,835
S 6.364,922
S 6,198,957
$12,563,879
Eandwm
C 0--rLw-- the
52,450,208
12,777.905
$3.22-8, 10 3
$2,358,418
$2,579,140
S4,937,558
$2,346.232
$2,462,769
$4,809,001
motet""
S 3,109,260
S 6,080,711
S 9,189,971
S 4,328,941
S 2,395,958
S 6,724,7995
$ 3,007,515
S 1,985.234
S 4,892,749
177,566
S 4,182,323
$1,791,842
S 3.033,058
M,391
S 4.377,429
$1.888,139
$ 2,344,190
.57,957
--
S 8,559.752
S3,679,981
S 5,377,248
;54,826
S 4,876,775
$2,339,785
S 2,974,713
_52,564
S 4,706,876
S2,563,735
S 2,215,597
t07,390
S 9,583,651
54,903,520
S 5,190.310
LITIGATION
The City is currently defendant in a lawsuit seeking to require the City to make additional contributions to
its pension plans for prior fiscal years through 1975, totalling $30 million, including $8 million in interest.
Also, the City is currently defendant in a separate lawsuit seeking to require an additional $4.2 million over
the amount appropriated by the City for fiscal year 1980. These lawsuits and others are discussed in the
City Attorney's letter attached hereto as Appendix C.
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.
RISK MANAGEMENT
A charter amendment was approved by the electorate in 1971 (7,964 for, 4,687 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 $50,000
per accident and $100,000 per occurrence in accordance with Florida Statutes, Section 768.28, waiving
sovereign immunity in tort claims.
The City of Miami 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 accidental death and property damage, excluding burglary. Group Life and Accidental Disability
and Death benefits have been purchased, with group benefits being self -funded.
TAX EXEMPTION
t?6,761
$ 4,468.664
$2.192.304
$ 2,555,907
03,346
$ 3,862,404
$2.463,447
$ 2,018,482
In the opinion of Brown, Wood, Ivey, Mitchell and Petty, New York, N.Y., Bond Counsel, interest on
$0,107
$ 8,331,068
$4,655,751
$ 4,574,399
the Bonds is exempt from all present Federal income taxes under existing statutes, regulations, rulings and
court decisions.
00.000
$ 4,483,326
S2,187,051
S 4,571,531
S 2,667,295
$2,027,594
FINANCIAL STATEMENTS
00.000
$ 7.150,621
S4,214,645
S 4,571,531
The financial statements of the City of Miami set forth in Appendix A to this Official Statement have
been examined by Peat, Marwick, Mitchell & Co., independent certified public accountants, for the
D0,000
S 3,914.596
S1,789,515
S 3121218M
periods and to the extent stated in their letter to the City Commission dated March 28, 1981, and are an
S 2,749,837
S1,705,526
integral part of this Official Statement.
l0,000
S 6,664,433
53,495,041
$ 3,212,809
to 1975.
In 1975
all General Employees were
CLOSING CERTIFICATES
Certificate of City Manager and Finance
'retirees.
Director Concerning Official Statement
Concurrently with the delivery of the Bonds, the City Manager and the Acting Director of Finance will
fiscal year was changed to end September 30,
furnish their certificate to the effect that, to the best of their knowledge, this Official Statement, as of its
date and as of the date of delivery of the Bonds, did not and does not contain an untrue statement of a
33
�t
r w
r
LITIGATION
The City is currently defendant in a lawsuit
seeking to require the City to make additional contributions to
its pension plans for prior fiscal through
years 1975, totalling $30 million, including $8 million in interest.
Also, the City is currently defendant in a separate lawsuit
doo
11
seeking to require an additional $4.2 million over
the amount appropriated by the City for fiscal 1980. These lawsuits
'
year and others are discussed in the
City Attorney's letter attached hereto
as Appendix C.
- = '
�R
$2,450,208
There is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds
S2,777,805
S 3,109,260
``
or the levy or collection of taxes to pay the principal of or the interest on the Bonds, or questioning the
S 6,090,711
t
proceedings or authorization under which the Bonds are to be issued, or affecting the validity of the
$5.229,013
S 9— 18 9
Bonds.
450,913
$2.358.418
S 4,328,841
�$s
ry
-1 6,987,022
$2,579,140
S 2,395,958
RISK MANAGEMENT
�7114,337,835
$4,937,558
S 6,724,799
A charter amendment was approved by the electorate in 1971 (7,964 for, 4,687 against), allowing the
City to set up a Self -Insurance and Insurance Trust Fund. The City Commission created, by ordinance, a
S 6,364.922
$2,346,232
S 3,007,515
Board of Trustees composed of the City Manager, the Director of Finance and the Insurance Manager to
=4 S 6,198,957
$2,462,769
S 1,885,234
handle the security investments of the fund. Also created is a Self -Insurance Committee, appointed by the
u� $12,563,979
S4,809,001
$ 4,892,749
City Manager, to administer the plan.
—�'—
The City is self -insured for all vehicular accidents, Police Torts and Premises Liability up to $50,000
S 4,182,323
$1,791,842
S 3,033,058
per accident and $100,000 per occurrence in accordance with Florida Statutes, Section 768.28, waiving
=91 S 4,377.429
S1,888,139
S 2,344,190
sovereign immunity in tort claims.
57 S 8,559.752
53.679,981
$ 5,377,248
The City of Miami 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 accidental death and property damage, excluding burglary. Group Life and Accidental Disability
-26
and Death benefits have been purchased, with group benefits being self -funded.
S 4,876,775
S2,339,785
$ 2,974,713
S 4.706.876
$2.563,735
S 2,215,597
39,593,651
$4,903,520
S 5,190,310
TAX EXEMPTION
t S 4,468,664
52,192,304
$ 2,555,907
J
S 3,862,404
$2,463,447
$ 2,018,482
In the opinion of Brown, Wood, Ivey, Mitchell and Petty, New York, N.Y., Bond Counsel, interest on
S 8,331.068
S4,655,751
S 4,574,389
the Bonds is exempt from all present Federal income taxes under existing statutes, regulations, rulings and
court decisions.
$ 4,493,326
$2,187,051
$ 4,571,531
t
S 2,667.295
S2,027,594
FINANCIAL STATEMENTS
S 7,150,621
$4,214,645
S 4,571,531
The financial statements of the City of Miami set forth in Appendix A to this Official Statement have
been examined by Peat, Marwick, Mitchell & Co., independent certified public accountants, for the
S 3,914.5%
$1,789,515
S 3,212,809
periods and to the extent stated in their letter to the City Commission dated March 28, 1981, and are an
S 2,749,837
$1,705,526
integral part of this Official Statement.
S 6,664,433
$3,495,041
S 3,212,609
I975. In 1975
all General Employees
were
CLOSING CERTIFICATES
Certificate of City Manager and Finance
Director Concerning Official Statement
Concurrently with the delivery of the Bonds, the City Manager and the Acting Director of Finance will
year was changed to end September 30,
furnish their certificate to the effect that, to the best of their knowledge, this Official Statement, as of its
date and as of the date of delivery of the Bonds, did not and does not contain an untrue statement of a
33
rein for the
the
material fact or omit to state a material fact whichabo o make thestatements econtained therein in thiehltght
Official Statement is to be used, or which is necessary
of the circumstances under which they were made, not misleading.
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, theme at the time of the delivery of the Bonds and w York, N.Y., Bond Counsel, whose legal will be
will be available to the underwriters, at no cos
printed on the Bonds.
MISCELLANEOUS
The references, excerpts and summaries of all documents referred to herein to 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 or from James J. Lowrey & Co., Incorporated.
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 circumstances, create any implication that there has been no change in the
affairs of the City of Miami since the date hereof.
The execution of this Official Statement has been duly authorized by the Commission of the City of
Miami.
/s/
t'
x
ifs
��2Y�C� (3� �}a.iscs�t!ardFi'1 v�F'j i�-
L'I�'C Ai' "Ci2 ;; {, , lit' ;1ttr;ftT 6,
4:�' 'l�tiiaj%s�c`i t'. tJr- C'} i•,vii i2i2_ :Ii;!'
!IL' I::i;"EtLTciL'_ 3 it
4JMVJ
i4lxCsii 0; .{{+'.''f.'7tit'L'li
—�-.CL2'F_'.,,.,�, -i+�.FiSV", :'' C';2t:►�:i?�'. �t•�el;v
-gra,mawra,
o' x[C.. ei2'.t Tt, • t�I'rp =cui:f i i
I?t Z' 3I'.
sue'-
= 7{.;a1k 4 i#i 11-n _ i L'CY:.
'it4Ff:1:S!'1-Ct'L 3t ?�_. _'?_'�_,.-i`t'_.. _ ._. ._. ❑
CITY OF MIAMI, FLORIDA
Financial Statements
September 30, 1980
(With Accountants' Report Thereon)
A -I
APPENDIX A
CITY OF MIAMI, FLORIDA
Financial Statements
Year ended September 30, 1980
Table of Contents
Combined Statements - Overview (General
Purpose Financial Statements)
Combined Balance Sheet - All Fund Types and Account Groups
{^
Combined Statement of Revenues and Expenditures -
Funds
I
All Governmental Fund Types and Expendable Trust
Combined Statement of Changes in Fund Balances -
Funds
7
All Governmental Fund Types and Expendable Trust
Combined Statement of Revenues and Expenditures -Budget
;. and Actual - General and Special Revenue Funds
Combined Statement of Revenues, Expenses and Changes in
Contributed Capital and Retained Earnings/Fund Balances
All Proprietary Fund Types and Similar Trust Funds
Combined Statement of Changes in Financial Position
All Proprietary Fund Types and Similar Trust Funds
t` Notes to Financial Statements
>� y
Financial Statements of Individual Funds
gchsdules
Goheral Fund;.,
7 _41ance Sheet
Statement of Revenues and Expenditures �.. Budget. and Actual
TT J AA
Statement of Changes in Fund Balance
£
Special Revenue Funds t
t
C u►kin Balance
n8 statementhoftRevenues, Bx _endieuree
wY 3 ChoAgeo in Fund Balances Budget 404 Mt4al
� 443 -
r
i 1.
s
i
Y55
�_yL
47�,I r
fi X'F�
CITY
Table G—
Debt Service Funds!
Combining Balance Sh"p-
combining StatesetM of. RevA
and Changes in F"4-- Earls
Capital Projects Funds:
Combining Bra1$Ac4 She4 ,
Combining State"nt $x WW7-
and Changes VV
Enterprise Fund$;
Combining 1414,
CQab in i�$ Sty► �aK0 of ww
in QQntr
lntsrnal Service
CQmQini�ng Sty
in cgntril
/
/
2
CITY OF NIAMI, FLORIDA
Financial Statements
Table of Contents, (Cont.)
Schedules
��h���^�
---------
DebL Service Funds:
Combining Balance Sheet
C-1
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balances
C-2
Capital Projects Funds:
Combining Balance Sheet
D-1
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
D-Z
lures -
Enterprise Funds:
Combining Balance Sheet
C-1
oces -
Combining Statement of Revenues, Expenses and Changes
/ bla 7��sL ����s
�
�
in Contributed Capital and Retained Earnings
C-2
�
tu-'es
.
Internal Service Funds:
Combining Balance Sheet
F-1
Combining Statement of Revenues,Expenses and Changes
in Contributed Capital and Retained Earnings
F-2
Tr and Agency Funds:
� - -
Combining Balance Sheet
G-1
Combining Statement of Revenues, Expenses and Changes
-
a- -
in Fund Balances
G-2
PPC3t,M1arw1ck,M1tChe11&Qx
Zbe gonorable !Mayor,
City Crmssissioners and City Manager
City of Hiazi, Florida:
�., t
$k have examined the combined financial statements of the City of Miami, Florida, as
of and for the year ended September 30, 1980, as listed in the table of contents. Our
+examnation 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.
As described more fully in note 12, the City is experiencing a period of budgetary
co"traint, and in addition, several contingencies exist which could place addi-
tional strain on the City's financial resources.
As described more fully in note 1, the City does not provide depreciation on pro-
perty, plant and equipment of the Enterprise and Internal Service Funds as required
by generally accepted accounting principles. In addition, as described more fully in ;t
note 7, the City does not record claims payable in the Self Insurance Fund for all
losses incurred as required by generally accepted accounting principles. A
As described more fully in note 9, the City is currently defendant in a lawsuit
seeking to require the City to make additional contributions to its pension plans for
prior fiscal years through 1975, totalling $30 million, including $8 million in
interest. Also, the City is currently defendant in a separate lawsuit seeking to
>r"utre an additional $4.2 million over the amount appropriated by the City for
iiscsl year 1980. The final outcome of these suits is not presently determiaablef
1Ad no provision has been made in the financial statements for the effect, if any of
sah litigation.
As described more fully in note 10, the City participates in several Vedet411y"
ss#isted grant programs which are subject to financial and compliance audits by►fbe
Sroutafs or their representatives. The amount of reimbursements, if 4479
bs required ss the result of such audits is subject to final detersiu4ti'*. V . 0
JW*sting agencies and cannot be determined at this time.
C r?
Al
a
k
5 h= q
t
PPC2t.M2rwick.Mftchd1&CCk
The Honorable Mayor,
City Commissioners and City Mana-
City of Miami, Florida
Page Two
In our opinion, except for the eff=
provide depreciation on property, _'
Service Funds and the failure t
Insurance Fund as described in the;
the effect of such adjustments, if,
outcome of the matters discussed is
known, the aforementioned combined;
position of the City of Miami, Flat..
operations and changes in fiUan&`
Similar Trust Funds for the year.,
accounting principles applied On a,
after giving retroactive effect ta<
note 1 to the financial stat*ueat _
Our examination was made far >rh-
financial statements taken as 4
statements listed in the tablet 0-
analysis and are not a required *,,
of Miami, Florida. The iAfO 'T
applied in the examination of they
except for the effects of they_.
equipment in the Enterprise aAd 4
all losses incurred in the 8i
paragraph above, and 4ub!ect,
been required had the ulil*
second preceding parasta:�da
respects in relatiOR t% � t
_l'E'I{•(• (`. -.1." :.+ttM1iK.Y".�.Y�:Z L��=e-, `•w -
�:
_4:�.i iiT`:.d�.� .. Y'..
S el-,': �•C.`+c �.. _�:: �..�_ seex<ng :�
`tit i8 bLate -,ts f :. --ne ..;feet. ._ anc, of
fc City part.* c patf--s _, several- Federailr
to fir,artciai une ompliance audits by the
-MOW t of reimbursements, if any, which imy
ib bubjec:t to final determination by taae
-d at thib time.
Ph Marwtck.Mitchell &Cn
The Honorable Mayor,
City Commissioners and City Manager
City of Miami, Florida
Page Two
In our opinion, except for the effects on the financial statements of the failure to
provide depreciation on property, plant and equipment of the Enterprise and Internal
Service Funds and the failure to provide for all losses incurred in the Self
Insurance Fund as described in the third preceding paragraph above, and subject to
the effect of such adjustments, if any, as might have been required had the ultimate
outcome of the matters discussed in the second and first preceding paragraphs been
known, the aforementioned combined financial statements present fairly the financial
position of the City of Miami, Florida, at September 30, 1980, and the results of its
operations and changes in financial position of th-, Proprietary Fund Types and
Similar Trust Funds for the year then ended, in conformity with generally accepted
accounting principles applied on a basis consistent with that of the preceding year,
after giving retroactive effect to the changes, with which we concur, as described in
note 1 to the financial statements.
Our examination was made for the purpose of forming an opinion on the combined
financial statements taken as a whole. The combining and individual fund financial
statements listed in the table of contents are presented for purposes of additional
analysis and are not a required part of the combined financial statements of the City
of Miami, Florida. The information has been subject to the auditing procedures
applied in the examination of the combined financial statements and, in our opinion,
except for the effects of the failure to provide depreciation on property, plant and
equipment in the Enterprise and Internal Service Funds and the failure to provide for
all losses incurred in the Self Insurance Fund as described in the fourth preceding
paragraph above, and subject to the effect of such adjustments, if any, as might have
been required had the ultimate outcome of the matters discussed in the third and
second preceding paragraphs above been known, ar._ stated fairly in all material
respects in relation to the combined financial statements taken as a whole.
March 28, 1981
A-5
_.'.`".
z ; r,'fit4.r,'5,� 7t ,t4� s3�'. ,
k
LX, 4 � � Ar SxiV
� _ f
lu
Exhibit 1
LILT of a1 MI, FLO""
x Comb-
ined Balance She All Fund Types and Account Croup*
September 30, 1980
C`
:r
e Account Groups
e V Proprietary Fund gyrpea
FiduciarF hnd Types Gensral Gsoeral
a Govem_.Rtal Food Types internal Trust and Self Fixed Lona-Tern Total
} Special Debt Capital Insurance Assets Debt (Newrandum Only)
AaMts General Revenue Service Projects Enterprise Service Agency_
EgritF3in reoled cash and dhvesiMnts $ 6,388,732 - 9.730,305 48,311,OS6 - 2,Y39,690
- S 137,752 - 69,907,535
4uote fJ
allovanoea oawilare rpf - - 1,314,295
�a~ablee(ffit' icb,
Trmco2tectOUS of $4a813 06is 928,476 U1,880 - 139.316 4,020,715
23,039 556.199 11,989 2,189.28 25,700
Ssxm2,100,404
16466
accountsA"easment lions
,
Swrta"s, motes .and 3oew N(oote 4) - 2,730,534
2,730,534 - 6,805,818 - - - 8,796,222
fte gram other .Si,nds _ 1,990,404 - - _ 491,351 - - - - 491,351
ass if anther $overaments _ - - _ 4,556 102.164 - 125,668
Inventories 5,226 13,722 - -
A"w to ,md Wrepaid s
Omatticted assets 60,653,304 - - - - - 60,658,304
Investments ,with TimaJ meets -
?Caah a� d -
including accrued internet
t (ootss I and.3Ts 7,965851 - - - 17,952,150 - 25,916,001
evopert,, punt and equipment - - _ _ - 23,996,236 - 49,813,494
low 22,250:993 3.566,253 _ _ 11,126,981 - 21,819,996
8guiidiuge improvements_ - 878,841 9,814.176 _ - 106,511.725 _ 106, 511,725
machinery ,and+_gaipmeot - 45,293,095 - 56,558,636
Sprrovements otherab han uildings 41
13,265,5
Sronateuction an Progress _ _ 3,924,733 - - - - - 3,924,733
go" $sawnoe .costs
_ - 4.88'-,028 4,885,028
t available do -debt Service ihrndss 1.65a,SIS 1,655,515
Ventral obligation - - - -
spw4Aa obligation
Amount do provided Ior net reeaat of
%ppg_ynSWA=Aebt A-4 -that ' - _ _ _ - 123,019.972 123,019,972
3maa - _ - 475.9
47,485 17
gatiop absnds _ - - _ _ _ - 475.179
r 379.232 204,880,189 130.083,179 $44,600,080
.a 7 fi ry {36;423,334 2i004s3�6 10,121s419 51,081a�S 109,SOOr462 16a1 9,003r581 S,
"Y �°K '� V ly .F��Wii- ��?t. • �f L j { .���`S '?C+' � M1 T� �
3
t�
t
,p, F
4 7
T
GROW
AWL
jj
CITY OF MA1I Exh
ibit t I
CoatFLQRIDA v r
I r 5 -
^ Cambrne
raik tk d balance �{
84eet - a111 Fund Types sad Recount Gs
September pumber 30, 1980
r5 �' .,.c,lCoyereobi; i+uud `
Ptaprietary Fund ACC at Cro a
III dkbt Cap al l as lidneiary Fund 11roes
-� �so'aeia Internal Ttuat.aad Gearral
--.L_ Lntereriea ,:tiarMiCt 8slf ed,... "moral
Fix
Loft -Term Total
III f �eC-sue. Debt (Msmorandu! al
I I i� �.�, �t' r2 $S1,f142 i,T,1r1s36! 4 722 348
r � 24s1gT � T.979r41i
-
i
I ,
r �
8t
xi.
i o u !i ti
rribr:,rr ,q. P
lrovrmamLad
�,d ;II li II nl �I III
!' lIG �Idlill^"y,
y..
Buildings and iaf IIII III III,
tr
and equipment
rlvehinery
*� than buildings
" + ' 1 ' 3�{
improvements other
�'T
Y �ac
contraction in prof
,
i
IIII
lave issuance costs
i
III
IIII III
mt available in Debt Service Foods:
General obligation
to
Special obligation
Aaount to be provided for retirement of
general long-term debt and other
a�
payablees
x
General obligation bonds
- - -
- - -
.4;Special
obligation bonds
Other payable*
a 6,623,138 2,004,126 10,121,419 51,081,095 I09,500,462 16,123,454 9,003*5811 5,3791,2325 10i,t a
8sa accompanying notes to financial statements.
,r APR
Liabilities
Deficit in Poole., cash and investments
(note 5)
Vouchers and accounts payable
Accrued expenses (principally salaries)
Payable
from restricted assets:
Construction contracts
Accrued interest
Due to other governments
Due to other funds
Deferred revenue
Deposits refundable
Claims payable (note 7)
Matured bonds and interest payable
Revenue bonds payable
,s- Cenral obligation bonds payable (note 4)
J Special obligation bonds payable (note 4)
Other payables (note 4)
Total liabilities
Fund Equit7
Investment in general fixed assets
contributed capital and retained earningat
Reserved for construction and revenue
bond retirement
unreserved
Fund balances:
Reserved for:
Authorised projects
Encumbrances
Anticipated claims (note 7)
Debt service (note 4)
unreserved:
Designated for subsequent year's
expenditures
Dndesignated
Total contributed capital and
retained earnings/fund balances
Total fund equity
Commitments and contingent liabilities
(notes 6, 9, 10 and 11)
{ � r
CITT or mimi, noRIDA
Combined Balance Sheet - All Fund Types and Account Groups
September
30, 1980
Account Groups
Governmental
Fun Tppea
_
Capital
Proprietary
Fund Types
Internal
Fidueiari
Trust and
FuM Types
Salt
General
Fixe Long Teams
Debt
General
Tot8`
(Memorandmn Wax:
Special
Debt
Service
projects
En
Service
Agency
Insurance
Assets
General
Revenue
- -
8',379.758a
$ -
1,922,828
-
-
-
2,851,042
1,734,582
373,817
-
313,921
4 722,348
,
2,825,192
-
35T,941
_,
-
7r,",44*
2�r
1,242,493
15,011
-
7,547
68,665
86,056
308,748
24,187
_
1,612,631
-
i',87Ji D80�
-
1,875,880
-
_
_
=
1,267,400
_
162,932
-
_
1621,93*
_
_
1,484,730
-
1,245,804
257,483
-
_
14,470
_p730R
-
- -
pr�'UT
459,3041
845,634
-
190,940
-
4'�9
_
68,915
1,089
_
2 689 M
r
384,451
-
_
-
-
-
-
2,685,117
_
-
r
3r'3�t936�
3,389,936
-
-
_
_
_
-+►
-
-
_
60,208,000
_
_ 127,905,.000
127,905,000)
-
_
-
-
_
_
1,703,000
1,7031,000 _
-
4,666
-
3,580,876
4.343,319
67,036,480
399,97T
8,102, 605
3,066,355
-130,083!,179
222,642',72still
4,085,409
1,942,525
See accompanying -tee to financial statements.
204,880,1891: -
204,88%,19%
-
-
17,549',507;
_
-
i7,549,507
-
-
- _ _
40,637,937
-
14,914,475
15,723,482
-
-
46r696�rOdOF'
9,543
-
46,688,543
-
y,324r06di
1,269,303
_
-
_
-
_
_
_
-
-
2,328,065
_ _
1,0",2231
_
-
1,046,221-
_
S00',,000;
500,000
568,626
52.058
5.494.322
49.233
_
-
900,476
(17,188) -
F3
1p7",0771,3661
2,337,929
61,601
6,540,543
46,737,776
42,463,992
15,723.482
900,976
_
2,310,877
3i9'lgir
2,337,929
61,601
6,540,543
46,737,776
42,463,982
15,723,482
900,976
2,310',877 204,880489''
L`
2,004,126
51,081,095
309,500, 462
16 123,459
r
9,003,581
5,3 97 ,232 204,81
10,121,419
S 6,423,338
{ dos`'.4.e.
.. a
it 2
.. Exhi
CITY OF MIAMI, nORIDA
Combined Statement of Revenues and Expenditures -
All Governmental Fund Types and Expendable Trust Funds
Year ended September 30, 1980
Governmental Fund Types Fiduciary Fund Type Total
Special Debt Capital Trust and
General Revenue Service Projects
Agency(Memorandum Only
322
tevsaues - 5,593,487
8,,
k $ 66,208,179 328,000 16,692,347 480,796
Taxes 5,593,487 - - 44 603,204
°~ diceasef and permits - 796 431 20,971,103
14,879,651 7,956,019 ' 19,015,925
intergovernmental _ _ _ 15,673,731
3,342,194 _ _ 3,293,378
,. Tntragevernmental 3,293,378 - _ 1,173,152
:Charges for services _ _ 1,173,152 - _ 8,060,058
Assessment lien collections
� interest 877,042 4,387 1,498,030 5,680,599 592,901 3,225,920
2,429,751 61,411 3,562 138,295
i Other 168,674,446
Total revenues 96,623,682 8,349,817 19,367,091 7,096,121
37,237,735
_ _ 10,308,191
£xpenditures: 10,308,191 - - _
General government _ _ _ 53,083,296
public safety 53,083,296 _ _ _ - 11,448,061
public improvements 14,481,223 _ - _ _ 17,897,013
Sanitation 14,481,223 _ _ _ 7,897,013
Culture and recreation 7,378,219 518,794 _ 19,184,535 - 21,971,375
.Capital projects _ _ _ = 21,971,375 21,971,375
Grant and related expenses 14,273,007 14,273,007
,Pension expense 177,917 - 76,325 - 38,012 292,254
'Uncollectible delinquent property taxes _ 10,638,000
Bebt service: _ _ 10,638,000 - _
Principal retirement _ _ 7,310,501 - 7,310,501
Interest and fiscal charges _ 793,243 _5 913,579
Other 4,917,390 94,487 108,459 176 80i,035
Total expenditures 1019794,297 613,281 18,133,285 19,184,535 37,075,637
Excess (deficiency) of 162,098 (8,126,589)
revenues over expenditures (5,170,615) 7,736,536 1,233,806 (12,088,414)
other financing sources (uses): 5_ 380,163 3,742,200 470,176 12,415,029
�OPerati� t(1transfers in 7,54t2701) _ (3,561,300) - (13,088,061)
,54,27(7,972,490)
4)perstiVg transfers out
Total other financing sources 380,163 180,900 470,176 (673,032)
(uses) 6,268,219 (7,972,490)
`. mess (deficiency) of revenues
�.,
f i
±4 and ether financing sourr—
exhibit 3
CITY OF MIAMI, FLORIDA
ent of Changes in Fund BaTrustaFe�$
Combined StgteFund Types and Expend Able
All Governmental 30+ 1980
Year ended September
d.}A Fiduciary Et
Fund � aEandum
3,tk e s and
ryw
=: { Governmental Fund ? Ca ital ?lust Onl )
_&Snc t
Special
Debt pro'ects A enc --Y"'
liService _._.-1----
Genes 1 Revenue
A r 70,003,997
,5
3
7
�. 4
�o- 77 ,
�1 3
74
6
6
5
4 9
2
Ili III II 0 i _4 �
_ 664,066
g93,667
Wear'' . �
6
L _ 346, 58
3 70,350,58
3
� � � �� I � ..fit y ,, iasasriYss tagiaai�t4
se sado lana13 bna j*97*jai
e ,.
e
I, ETI� i9d2o
I�I�: illl i' V E'ex��se�a r
as7uiibnegxs IsiOT
3o (yonsioiiab) aa93x3
dA,d;80;) a08Et I aE2 aEC C {tia OCI t) a97uiibn9 xs 79vo asunsv97
�r t
(999u) 2937fti uoa gonsnii 79di0
01,08E - oed,smv ni a793aaa7i gniias
(OOE, aZ:£) - (ogilaTem (ICS,wo) iuo s793anasi 8niia7sg0
a937uoa gniananii 7sdio IsioT
` 3Sikil�±� ooe,081 E81,08E (oea,m,c) e1S,eat,a (898u)
a9un9v97 3o (y3n912119b) aasox3
a9o7uoa Snionani3 =ed:lo ban
-jsdJo bna asiu:fibn9gxs isvo
1C «I"C 1D 3+it i08,lii Qde,tla,l (4%t4,CES) AOa,Ce0,1 $ Beau
.aineme3410 1ak*n&I *3 aslon anl7nagwosea ess
AM033 , IMAIM 10 YTID
eSonsls8 bnU3 ni 893nsdD 30 in9m93a32 b9nidmoo
abOul Jeu7T 9ldsbnsgx3 bns a9gjT bnu3 IS]n9mn79vO3 IIA
�mati�uba�I
laser
08el ,OE 29dm93g92 b9bn9 7s9Y
ZXM- 11PauS a9gTT bay"! Isin9mn79voa
aoaa l bm 3somT Is3lgsD 3d9Q Islo9 2
Y;W—SIVA 223suo7q 971V792 9Un9v9f1 I879n90
F
e. T2T,ATV,ta AT?,aSe,A Caa,EeS 64)014%aa $
�eq" TZT,acT,Ea acz,ase,41 zzz,ces iac,aoo,I
��_ �
acTts a
(al ,coe,ll) eae,Ela,I
(aze,zEs) 4oa,Teo, I
p*
{I1ET_,6T)
(CaA,eSl,z) -
- s1az,EEs
ce' s-re,Az
aTetOoe
6TT, TET, as ER OR, a
l oa, l a ese, cEE, s 0
8s t789Y 30 guinaig9d 7s 89onalad baud
b937og97 Tleuoiv97q
3naue7uq 93nalad gninnig9d 07 3a903eutbA d
7ol bod39m Sni3nu0338 ni 9gnsdo Oi
(I Sion) gnibns3e3uo 893ns7dmu3n9 gnib7oo97
b9iaie97 as ,789Y 30 gninnig9d is 893nslsd bnu?
79d30 bna esunsv97 3o Qonsiollsb) aa97x3
bns 897ullbn9gx9 79vo a977uoa gnionsni3
e9au 79d3o
abnui 79dio mo73 (01) 8793ans73 t(31up3
799y to bag is 8930slad bau3
.83a9m93828 Isionsnii 03 893on gniyasgm000s 9se
k�` F -#.
d
q.
c • �t
9 t
-
�. � i h
fy i
eabibit 4
4ic + a CITY OF w"t. FLMI04
Ce�iaad rutsseat of sevaauaa sod Eapsaditana - Mdj*t and 4etw1
Gemmel OW Spec
levasua Fasde
tae,
�t k Year soda September 30, 1980
f Seven" Total (Mamwasdam Oalf)
;mwral Fund i devsaYam ants Yariamcs
Yu sacs Favorable Favorable
. Favorable
s >r sec Actual (Oafavosable) Dudjft Actual (Oseworable) 8ndtet Actual (Ontavorable)
F 217,50
st : 65,976,]85 66.208,179 231,79a 34Y.28S 32d,000 (14,285) 65�191,420 63,S93r48T 402,067
IBM" 5,191,420 5,393,487 402,067 -
"' j �j,�llWO � 8M 14,36],102 14.879,651 316,549 8,432,670 7,956,019 (476.651) 22.995,772 22.d3S,670 (160,1�)
1111tIKOe1"aF1 I 3 191,126 3,342,194 151,066 - - 3,191,126 3.342,194
srsryls9Atii 3,191,128 3,293.378 (703.750) - - - 3,997,126 3,293,375 (775,471)
4,367 4,367 956,900 681,429 240,497
[ 94W 90�o 956,900 377,042 (79.dS8) - _ 61.411 (200,133) 2.250,66S 2,491,162 240.497
ietoseat 1.988.721 2,429,751 441J0]0 261.944
x gtpsr alatal sevsouea 9$,864,782 96,623,68Y 758.900 9,0]6.899 8.369,d17 (687.062) 104.901,681 104.973.499
T1,818
,
10,308,
(, 137)
pasiiwrsat
10,010,054 10,308,191
(298,137)
--
53262.512
.,2%
179,216
astral swsramet
,2,,,
179.216
1148,729
11,"8,061
26,"S
Vleolie 4004
11.482,729 11.448,061
26,"8
-
15:107,444
14.481.223
626,221
wlio *Vrevemeets
4fi111it#tiM
I7,1,14 4
7,150.767 7:37821
2,
(227,452)
d68,935 $18,794
330.141
-
7,99,7
-
,
177,917
02689
(177,7)
awosatioR
4*100it"WO s dsltodusst Propor41' "aas
1917
77.
6.$21,924 4,917,390
(177,917)
1/604,334
279.178 94,487
134,691
6,601.102
5.011.877
1,769.225
09ber
l0],S]S,4]0 301,794.297
1,741,133
1,128,113 613,2e1
514,832
104.663.543
102,407,578
2.255,965
total sspaeAlsue.a
+Gasses '(ieficialwy) Of gave-"
(7,670.648) (5.170.615)
2,500,033
7,908,736 7,736,536
(172,250)
238,138
2,565,921
2,327,753
40VW sapeadisares
AkMrifisawAva awwrosa Uai);
9,2Z6,A47 7,822,490
(1,403,957)
- -
(7,972,490)
(63,704)
9,226,447
(9,464.5e5)
7,522,490
(9,526,761)
(1,403,957)
(62,176)
70pra1440 Oveastors fm(1,355,799)
S1.SS4,271)
1.528
(7,908,786)
(238,1]8)
(1.704.271)
(1.
aparatiqo craaafera out466,13])
Total Poor ftuagcing *am"** tusea)
7,670,04d 6,268,219
(1,402,429)
(7,906.786) (7.972.490)
(63.704)
sows ddatiaisacy) of a'ovsowa
+sod+otber7iiaeacioj eoarce0
_ 1,'097,604
1,097,604
(235,954)
(235,954)
-
661,650
361,650
--
4wsr aapaoditores and otbar'Uses
d
-----
-
reE 1 "^+R 'pOCra 6!O 3losatial atoteaaata.
t
tsaAib!
am
or nzurz, sroazow
ay 44. e r
r
y� `Combiaed
Statement of Iteveauee,
Lzpenaea and Chatt�ss
Earniage/euoid 8taisacss
K
ill Contributed Capital and Retained
8imiiar ?rust loads
a�i w
S11 Proprietary Fund
ryP es and
rye€
logo
M'y Year ended September .
Proprietary lidticiat2
r Fund sr hind s
_. f
Tot+d1
taterna !{el
'b k
F
Enterprise 8eryics Insurance (Ntewtandurl 0n
M ,,� 19,287,5'J4
3,189,115 8,105,238 b0193►181
2,654,080 2,6544,080
atimi 260.494 260.494
f
3,78 ,11S 8,70 5,238 9,701,755 220202olOg
6,669 953
2r244jU9 3,0a.S0969 449,84S
Ir350
II �f p II 'I f s `�a4 99,4�1 i11,Se ,304
41618
�
.yri+h.e+rM+ir�t
I ! u I
,.
I
we-- ti► -1Ii ttoo$)
#�iF �� CM� t�f A) #7#!#Ig11i 1lii7N
(00611) tit+A,u" P1666811 IWO 1413#1
,'
EI#*7u## j/III�MII) "OR�1H
� `;
t ,ttRl ' i1Ntr0�1
#Oar�i111.1 seem +sole blot+ •#iu#lk""s'l#w
SIM
♦ t 2 AQIXIM" , 10
�'{-"�•y..F4
`'-:CnS���5 �
r,. fF 3yf a Fvv FF� {,. ,y .a f
Rio ,." ..
"L..l�slsrtt�tat
r,tbAtdo bau 0680 A� ,..unovex 7AAMiliili.:lNn�drl.ii q r' r
nidf\%plan�al.aNt t b.boo ll►S1gob',lillit�dlx>fAOO
Iebout. l.uvT jefiall boo •vqV
bout gv&s91vgeA tA
0111 r0C sodne3gmv
bobno t.ry
nh
�'
,(+asls,ttlq
gg1►>Llrgoti
-ova %win
UNIT u ....,....,
_
t..unavn SnlyltYlrgO
10t0,+i►0i t
004,604
- -
momilsev bno trs.tolgo. wov) •nolsudlssnoo
w
ledso
1 1 ,3;5
ZtC,gOC,p
ics,tac,e t11,llt,t
A.unom 1saoT
t#s#nogx• yt13.iogO
t�lW, l
01411"
fSl,ttl,t @t11AAs11
lonaelol
g
t"'111
SEA\,4tb aS 1m
uolvi.# 1.u33673noo
t,lT�t,t
S1a,%
tdC,+Alt,t 04\1,0tt
oollgqu• bnn ofthouN
1h�d'M
w
itt,ll let,tob
iowoq bna 3dell ,noff
a�t,tat,i
sonla t 163now levobo#ini
s�SSSiT
laa,das
- -
.wulwnq emmiu.nT
Ainewq.q w1s10
Mod,,
gast"
64o..�6,„1t...,. msests,.....
ledso
- �,#�,�'t
tlS,tAl,11
1@I,SOC,s stif,Aee,t
u#n.gx. sol�.#.go 1aFt
OMMA)
,tel►o,llall)
<fjo mt,tolvo
($sot) inisologo
_
1 {.oxn#gtt.) uunttvs Inli.�l.goRgN
501,1ts•1
t(A.tAs
tol,ttt Ast,CQO
]R.7.lR>'
0991080
.n1-snds josell has 14014301
mIC41,1
VW4%geA4
MOM 191,4m
onlsulagonon WOW ='
WOR4011
(lAclatil
mc4lit wt,11641)
ovolows Inl/logo 414104 (pool) smon1 "5
(
Wa) of 47018047; I41311,4040 21
�I�q'+gl��1�
i�0190lt�
�►l�ifiAQ (�11►,�A�i
(�#aJ) .ottanl ##N
bn01i41nlnluo ball,►Itn has lnllgna b.ludlls"00
Y 1E00�1l1►111►�1111�
0A4�1Ail�l ate! fi�►1 eR
I 1
.,t.,� iA n1nRl #d so 080401114
if �
Oha�r 0
�
• �����1)�t�
IIiA"flitiYtll 7.IIyA IM17= 60013w4114000 "
i
s
sh"al 7R11#o mill 81010R010# 01001
\04R1n10e
ban14141 boo 1641400 bes"Of#IMO
�iwit! '�iIR��11�s�# � :
IOAt( #11 bR0 Ib 110#R41bd b118i
p
r
rM#R.I�M0114##11i,1MM11� A# Ah111A:.IR111im"MgIS #�
I
CI'i v OF !R
dotes to Fin
Bxhibit 6
CITY OF MIAMI, nORIDA
Combined statement of
Changes in Financial Position
Trust Funds
All Proprietary Fund
Types and Similar
Year ended September 30, 1980
Fiduciary
Proprietary Fund Types
Fund Type
Self
Total
Internal
(Memorandum Only)
Enterprise
Service
Insurance
Sources of funds:
240,354
Operations:
S _
240,354
-
Net income
Items not requiring funds:
Disposition of property, plant and
105,679
1,291,759
-
1,397,438
equipment
Amortization of bond issuance costs
28,058
133,737
-
1,532,113
_
28,058
1,665,850
Funds provided by operations
_
60,000,000
Issuance of revenue bonds
60,000,000
2 905,471
-
'
2,905,471
Contributions from other governments
12,905,471
J97,162
-
12,120,509
Equity transfers from other funds
1,800,000
-
-
1,800,000
Borrowings from other funds
Increase in current liabilities payable
3,143,280
-
-
3,143,280
from restricted assets
in vouchers and accounts payable
240,530
101,693
-
342,223
Increase
Increase in accrued expenses (principally
36,697
35,594
1,277
73,568
salaries)
4,069
-
-
4,069
Increase in deferred revenue
Increase in deposits refundable
4,849
-'
-
_
1,089
54,263
5,938
541263
Decrease in deposits and prepaid expenses
79,591,980
2,466,562
56,629
82,115,171
Total sources of funds
Uses of funds:
Operations:
907,414
-
790,585
1,6971999
Net loss
Funds used by operations
907,414
-
790,585
1,697,999
Acquisitions and transfers of property,
2,176,980
-
18,172,427
plant, and equipment
60,658,30
-
63,952,791
Purchase of investments
Payment of bond issuance costs
.3,952,791
3,952,791
260,820
-
(116)
-
31,300
3,292,004
292,004
Increase (decrease) in accounts receivable
borrowings from other funds
554,196
_
554,196
Repayment of
Decrease in claims payable
21 000
-
46 856
�-
46,
21,000
Retirement of revenue bonds
in inventories and other
i
-
48,929
-
98,929
Increase
Decrease in accrued expenses (principally
31,283
31,283
salaries)
Total uses of funds
82,349,972
2,275,793
90Q,024
85,525,789
Net increase (decrease) of funds
$ (2,757,992) 190,769
(843,395)
(3,410,618)
4;9osp#,nying notes to financial statements.
r
y5 �
1
E N�
� E F
Septei
��e�'Dt.al �L^,2CtuT
The City of !Miami . in the Count
prises approximately, 34 square
The City operates under a C_
provides the fallowing services
public works, sanitation, recr
is a separat=' govarrmenta3 e
included in this report.
The Florida Legislature, in 1955,
a constitutional amendment des
County of Dade . The County i-
powers effective upon tvent�-s
the City of Mi=i . It has not;
ments they- The County can -
aperatio-ns 1 i) if the service'
Comission, or C2J with the
Since its inception, the Meer._-
sibility on a county -ride aaw:;
county -wide police services,
form system of -fire protec:Cic_
consolidated tiro -tier .couri "--
and Sewer Authority; c00rd .
grams; installation Of a
public transportation ,sys"
public library system; sod _
collector functions.
The Department of. Qf.f t4
System are entities .:i*,44V0V-,,r
these entities are apt:.
11sis of Presentation
The accounts
each of whir
each f =4 are Q
that dri p c
404e '
:
far
1
p a
2 _ �
f I
u+t 5
CITY OF MIAMI, FLORIDA
rzF i '.ram z
Notes to Financial Statements
_ 9
Ithibit _5
September 30, 1980
{tltental
Structure
_
airIhe
City of Miami, in the County of Dade, was incorporated in 1896 and tote-
-
P itfdniarlr
, a a
approximately
prises app Y q q
34 square miles of land and 20 square miles Hof water.
1 Self
Total
Tale City operates under a Commission/City Manager form of government and
-.2ttsnrwe (Memorandum only)
provides the following services as authorized by its charter: public safety,
public works, sanitation, recreation and community development. The County
y
is a separate governmental entity and its financial statements are not
34a,54
2409354
included in this report.
The Florida Legislature, in 19559 approved and submitted to a general election,
-ar
1,391,759 -
1,328,058
a constitutional amendment designed to give a new form of government to the
;#.
.1,5320113 -
1,665,850
County of Dade. The County is, in effect, a municipality with governmental
y,
-
60,000,000
powers effective upon twenty-seven cities and unincorporated areas, including
- -
2,905,471
the City of Miami. It has not displaced or replaced the cities, but supple-
J
7979162 -
12,120,509
meets them. The County can take over particular activities of a city's
1,800,000
operations (1) if the services fall below minimum standards set by the County
- -
39143,280
Commission, or (2) with the consent of the governing body of the city.
�O
101,693 -
342,223
Since its inception, the Metropolitan County Government has assumed respon-
=7
35,594 1,277
73,568
sibility on a county -wide service basis for a number of functions, including
1F9
`.9
- -
- 1,089
4,069
59938
county -wide police services, complementing the municipal police service; uni-
_
- 54,263
54,263
form system of fire protection, complementing the municipal fire protection;
_-0
2,466,562 56,629
82,115,171
consolidated two-tier court system; creation of the Miami -Dade County Water
°=
and Sewer Authority; coordination of the various surface transportation pro-
grams; installation of a central traffic control computer system; merging all
4
public transportation systems into a county system; effecting a combined
_4
- 790,585
- 790,585
1,697,999
1,697,999
public library system; and centralization of the property appraiser and tax
collector functions.
-7
-14
2,176,980 -
- -
18,172,427
60,658,304
The Department of Off -Street Parking and the City of Miami Retirement Plan and
=i
- -
3,952,791
System are entities independent of the City. The financial statements of
Alo-6
(116) 31,300
- -
292,004
554,196
these entities are not included herein.
- 46,856
46,856
-.0
- -
21,000
Basis of Presentation
98,929 -
98,929
- 31,283
31,283
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
%2
2,275,793 900,024
85,525,789
each fund are accounted for with a separate set of self -balancing accounts
2)
190,769 (843,395)
(3,410,618)
that comprise its assets, liabilities, fund equity, revenues, and tedexpto
to
-=
ditures or expenses, as appropriate. Government resources are allocated
for which they
and accounted for in individual funds based upon the purposes
activities are controlled.
are to be spent and the means by which spending
During the fiscal year ended September 30, 1980 the City adopted the reporting
1 -
formats and the accounting for encumbrances required by NCGA Statement
Statement 1
Governmental Accounting and Financial Reporting Principles.
(Continued)
A-13
2
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
recommends groupings of individual funds into generic fund types and the
presentation of fund types in various statements referred to as "general
purpose financial statements". Additionally, encumbrances, i.e., commitments
related to unperformed contracts for goods or services, are required to be
presented as reservations of fund balances, not expenditures or liabilities.
Pursuant to the adoption of Statement 1, the City has restored encumbrances at
October 1, 1979 to beginning fund balance in the applicable funds' financial
statements, and presented its general purpose financial statements in the
recommended formats.
The, budgets of the City include encumbrances as the equivalent of expenditures.
Adjustments necessary to compare the results of operations in the General Fund
on a basis consistent with the budget for the year ended September 30, 1980
are as follows:
Excess of revenues and other financing
sources over expenditures and other
uses (actual -as presented)
Plus encumbrances at September 30, 1979
Less encumbrances at September 30, 1980
Excess of revenues and other financing
sources over expenditures and other
uses (actual -budget basis)
Summary of Significant Accounting Policies
$ 1,097,604
342,695
(1,269,303)
$ 170,996
The accounting policies of the City of Miami, Florida conform to generally
accepted accounting principles as applicable to governmental units, except
for the non -recognition of depreciation on fixed assets of the Enterprise and
Internal Service Funds and the non -recognition of certain claim liabilities
in the Self Insurance Fund. The following is a summary of the more signif-
icant policies:
(A) Fund Accounting
The various funds are grouped in the financial statements into seven generic
fund types and three broad fund categories as follows:
GOVERNMENTAL FUNDS
General Fund - The General Fund is the general operating fund of the City. It is
used to account for all financial resources except those required to be
accounted for in another fund.
Special Revenue Fund - Special Revenue Funds are used to account for the pro-
c
eeds of specific revenue sources (other than special assessments, expendable
trusts or major capital projects) that are subject to certain legal
restrictions.
A-14 (Continued)
-= Is !
r. Zr= Fr:-_
__,,-�-
q�' fur,
= ` > ju#tr
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
V`
Debt Service Funds - Debt
Service Funds are used to account for
the accuskulation
the
of resources for, and
the payment of, general long -tern►
debt principal*
'ar I
N
interest and related costs.
'tnta
`(+p;o be
Ca_pieal Projects Funds -
Capital Projects Funds are used to account
for finani
..1biies,
vial resources to be used for the acquisition or construction
of major capital
p °ie tiffisbrantes,al
facilities (other than
those financed by proprietary funds).
k '�i11�� i � IYtat1C i
i, A i1ta to the
PROPRIETARY FUNDS
k£
of -xpeeuditures.
tia h the General Fund
. <<
l" September 30, 1980
1,097v604
1q79 342,695
3980 (1126, 69,_, 303)
41mucin
4 other
$ 170,996
Florida conform to generally
--able to governmental units, except
`. fixed assets of the Enterprise and
_j.-ition of certain claim liabilities
.is a susomary of the more s ign i f -
'acial statements into seven generic
T--s as follows:
-al operating fund of the City. It is
*urces except those required to be
ids are used to account for the pro -
than special assessments, expendable
-•at are subject to certain legal
Enterprise Funds - Enterprise Funds are used to account for operations (a) 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 (b) where the
governing body has decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for capital maintenance,
public policy, management control, accountability, or other purposes.
Internal Service Funds - Internal Service Funds are used to account for the
financing of goods or services provided by one department or agency to other
departments or agencies of the City, or to other governments, on a cost -
reimbursement basis. Where capital replacements are necessary, particularly
in the City Garage and Motor Pool Internal Service Funds, user charges include
an amount necessary to replace fixed assets. Substantially all excess funds
(net current assets) are committed under the City's vehicle replacement
program.
FIDUCIARY FUNDS
Trust and Agency Funds - Trust and Agency Funds are used to account for assets
held by the City in a trustee capacity or as an agent for individuals, private
organizations, other governments, and/or other funds. The City's Expendable
Trust Funds are accounted for in essentially the same manner as Governmental
Funds. These funds are used to account for revenues and expenditures relating
.to most Federal and state grants.
Self Insurance Fund - The Self Insurance Fund is used to account for losses
incurred by the City for a variety of risks for which it is self insured (see
note 7). The fund also accounts for employees' and employer contributions for
certain health coverages.
(B) Fixed Assets and Long-term Liabilities
The accounting and reporting treatment applied to the fixed assets and long-term
liabilities associated with a fund are determined by its measurement focus.
All Governmental Funds and Expendable Trust Funds are accounted for on a
spending or "financial flow" measurement focus. This means that only current
assets and current liabilities are generally enerall included on their balance
sheets. Their reported fund balance (net current assets) is considered a
(Continued)
(Continued)
A-15
0
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
measure of "available spendable resources". Governmental Fund operating
statements present increases (revenues and other financing sources) and
decreases (expenditures and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of "avail-
able spendable resources" during a period.
Fixed assets used in Governmental Fund type operations (general fixed assets)
are accounted for in the General Fixed Assets Account Group, rather than in
Governmental Funds. 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 fixed assets are
valued at historical cost or estimated historical cost if actual historical
cost is not available. Donated fixed assets are valued at their estimated
fair value on the date donated, except for the Olympia Building which houses
the Maurice Gusman Cultural Center for the Performing Arts which was donated
in 1975 and has not been recorded. The fair -market value of the Center is not
considered material to the General Fixed Assets Account Group.
Long-term liabilities expected to be financed from Governmental Funds are
accounted for in the General Long -Term Debt Account Group, not in the Govern-
mental Funds.
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.
Noncurrent portions of long-term receivables due to Governmental Funds are
reported on their balance sheets, in spite of their spending measurement
focus. Special reporting treatments are used to indicate, however, that they
should not be considered "available spendable resources," since they do not
represent net current assets. Recognition of Governmental Fund type revenues
represented by noncurrent receivables is deferred until they become current
receivables.
Because of their spending measurement focus, expenditure recognition for
Governmental Fund types is limited to exclude amounts represented by non-
current liabilities. Since they do not affect net current assets, such
long-term amounts are not recognized as Governmental Fund type expenditures
or fund liabilities. They are instead reported as liabilities in the General
Long -Term Debt Account Group.
All Proprietary Funds are accounted for on a cost of services or "capital
maintenance" measurement focus. This means that all assets and all liabil-
ities (whether current or noncurrent) 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. Propri-
etary fund type operating statements present increases (revenues) and
decreases (expenses) in net total assets.
A-16 (Continued)
CITY OF ML
Notes to Fina
Depreciation has not been provided
Funds as required by generally a -
assets disposed of is charged to
approximately $1,292,000 and $10'
Funds, respectively, for the yea
accumulated depreciation at Sept -
for the year then ended is not s,
Basis of Accounting
Basis of accounting refers to whe
recognized in the accounts and re
accounting relates to the timing
measurement focus applied.
All Governmental Funds and Expend
modified accrual basis of account
become measurable and available
Expenditures are generally recog
accounting when the related fun —
general rule include: (1) acc
employee amounts which are not,
general long-term debt which is
All Proprietary Funds and Simil
accrual basis of accounting.
earned, and their expenses are
Budgets and BudQetary Accountin
The City follows these procedure
in the financial statements:
(1) Prior to August 31, the Cs
proposed operating budget
October 1. The operat ti
means of f inanc ing theta
(2) Public hearings are ct#tlie,
(3) Prior to October 1. tbi T
ordinance.
(4) Budgets for the G"
substantially IP
Budgeted a�4t
M
5
F�k
o l- TOM operating
fc i�autces) and
Current assets.
-ya ett uses of "avail-
--
.� a
-$ner$1 fixed assets)
l�iirif group, rather than in
general fixed assets
of aittgs, including roads,
�t§t drainage systems, and
t«lwr general fixed assets. No
Assets. All fixed assets are
ical cost if actual historical
s are valued at their estimated
the Olympia Building which houses
-Performing Arts which was donated
krket value of the Center is not
gets Account Group.
od from Governmental Funds are
Account Group, not in the Govern-
:ey are concerned only with the
not involved with measurement of
due to Governmental Funds are
of their spending measurement
to indicate, however, that they
resources," since they do not
Governmental Fund type revenues
-rred until they become current
, expenditure recognition for
,e amounts represented by non-
fect net current assets, such
rental Fund type expenditures
d as liabilities in the General
cost of services or "capital
iat all assets and all liabil-
ated with their activity are
-orted fund equity (net total
d retained earnings. Propri-
nt increases (revenues) and
(Continued)
CITY OF MIAMI, FtORIDA
Notes to Financial Statements
Npreciation has not been provided on fixed assets owned by the Proprietary
Funds as required by generally accepted accounting principles. The cost of
assets disposed of is charged to operations in the year of disposal and was
approximately $1,292,000 and $106,000 in the Internal Service and Enterprise
Funds, respectively, for the year ended September 30, 1980. The amount of
accumulated depreciation at September 30, 1980 and the depreciation expense
for the year then ended is not susceptible to determination at this time.
(C) Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are
recognized in the accounts and reported in the financial statements. Basis of
accounting relates to the timing of the measurements made, regardless of the
measurement focus applied.
All Governmental Funds and Expendable Trust Funds are accounted for using the
modified accrual basis of accounting. Their revenues are recognized when they
become measurable and available as net current assets.
Expenditures are generally recognized under the modified accrual basis of
accounting when the related fund liability is incurred. Exceptions to this
general rule include: (1) accumulated unpaid vacation, sick pay, and other
employee amounts which are not accrued; and (2) principal and interest on
general long-term debt which is recognized when due.
All Proprietary Funds and Similar Trust Funds are accounted for using the
accrual basis of accounting. Their revenues are recognized when they are
earned, and their expenses are recognized when they are incurred.
(D) Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected
in the financial statements:
(1) Prior to August 31, the City Manager submits to the City Commission a
' proposed operating budget for the fiscal year co:mnencing 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) Budgets for the General and Special Revenue Funds are adopted on a basis
substantially consistent with generally accepted accounting principles.
Budgeted amounts are as originally adopted, or as amended by the City
Commission throughout the year.
A-17
(Continued)
6
CITY OF
CITY OF MIAMI, FLORIDA
Notes to Fi
Notes to Financial Statements
(E)
Encumbrances
Project management - The P'--
:Mp:DVQlRe13i p:�jeCt3 Of th
Encumbrance accounting, under which purchase orders, contracts, and other
vices. Tbese charges are
commitments for the expenditure of monies are recorded in order to reserve
facto- for administrative.
that portion of the applicable appropriation, is employed in the General Fund.
totalled approximately $1,-
Encumbrances outstanding at year-end are reported as reservations of fund
balances since they do not constitute expenditures or liabilities.
Indi:ac' Cost �11ocation - 1
funds `or gene ra? and adai;
(F)
Investments
head costs to the opera -
S1,500,000 for fiscal 1960
Investments are stated at cost or amortized cost, which approximates market.
All investments consist of U.S. government obligations and time deposits with
(K) Debt service Funds Activities
financial institutions.
(G)
Inventory
Included in the operations of th
ment liens. ^"hese revenues
Inventory is valued at cost on a first -in, first -out basis. Inventory in the
because they are restricted
Internal Service Funds consists of expendable supplies held for consumption.(
certain bond issues.
(H)
Mortgage Notes and Loans Receivable
-
-'
�.A;
(L) Total Cclumns or. Combined State=
-_
ties.
In February, 1978, the City Commission approved the Great Neighborhoods Program`
Total columns on the Combined
to be funded through the Community Development Block Grant. The Program,
Only to indicate that they as;
designed to operate over a three-year period, will provide low and middle-
_
ysis. Data in these columns
income families, residing in designated areas, with mortgages and housing
operations, or changes in f1
improvement loans at low interest rates. The mortgage notes and loans are
accepted accounting principle
payable when the property is sold, or over terms from ten to twenty years,
dation. Interfund eliminati_
depending on the type of loan made.
"`
data.
As of September 30, 1980, the City had disbursed $570,474 in mortgage notes and
(2i Property Tax
loans. A full allowance was established for this amount due to the City's
lack of historical data on programs of this nature and the questionable
Property taxes are levied on J
collectibility of the amounts. As funding for the program increases and more
of one to four percent if
information becomes available, the City will reevaluate its allowance policy.
year. All unpaid taxes on
(I)
Accumulated Unpaid Vacation, Sick Pay, and
April 1, and bear interestQ,.
Other Employee Benefit Amounts
certificate is sold at sues:
Under terms of Civil Service regulations and administrative policy, City
Assessed values are establi
values.
employees are granted vacation and sick leave in varying amounts. Addi-
The assessed vaU
1979-80
tionally, certain overtime hours can be accrued and carried forward as earned
levy was based,
and :
time off. Due to the uncertainties relating to the timing and
collects all prtp"OT_,
amount of
payment to be made, the above liabilities are not recorded (see note 11).
recognized when lev-ie:
Noncurrent delinquent#"
0)
Intragovernmental Allocation of Administrative Expenses
The City is permitted
The General Fund incurs certain administrative expenses for other funds includ-
levy taxes up tol4'.
ing accounting, legal, data processing, personnel administration, engineering
serviti
l "-
and other services. A brief description of the major components of
ACesotec
ian.�ters►e`< s'A
charges follows: such
Paymeat of Pr
jest tv a lse,t
(Continued)
7.4
A-1�
Pilll .
L`
im other
to t0erve
4i'a l end
1' of fund
rvmwl ;MMU V L'&VWCar
t p itutes market.
deposits with
t ' sib. 'inventory in the
0!1ft4w Ulil for otnsumption.
l+p f teat Ift ghborhoods Program
It Ifto k fir -ant. The Program,
,`viii provide low and middle-
s, with mortgages and housing
he 'mortgage notes and loans are
`tries from ten to twenty years,
`-sed $570,474 in mortgage notes and
it this amount due to the City's
this nature and the questionable
'for the program increases and more
l.reevaivate its allowance policy.
.,and administrative policy, City
_leave in varying amounts. Addi-
rued and carried forward as earned
zing to the Liming and amount of
mre not recorded (see note 11).
!e Expenses
,e expenses for other funds includ-
sonnel administration, engineering
of the major components of such
(Continued)
7
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Project management - The Public Works Department charges major capital
improvement projects of the City for design, survey and inspection sot -
vices. These charges are based on direct labor charges plus an overhead
factor for administrative expenses of the engineering division, and
totalled approximately $1,700,000 for fiscal 1980.
Indirect Cost Allocation - The General Fund charges other departments and
funds for general and administrative expenses to allocate certain over-
head costs to the operating departments. Such charges approximate
$1,600,000 for fiscal 1980.
W Debt Service Funds Activities
Included in the
went liens.
because they
certain bond
operations of the Debt Service Funds are collections of assess -
These revenues have been reported in the Debt Service Funds
are restricted for the payment of principal and interest on
issues.
(L) Total Columns on Combined Statements - Overview
Total columns on the Combined Statements - Overview are captioned Memorandum
Only to indicate that they are presented only to facilitate financial anal-
ysis. Data in these columns do not present financial position, results of
operations, or changes in financial position in conformity with generally
accepted accounting principles. Neither is such data comparable to a consoli-
dation. Interfund eliminations have not been made in the aggregation of this
data.
(2) Property Tax
Property taxes are levied on January 1 and are payable November 1 with discounts
of one to four percent if paid prior to March 1 of the following calendar
year. All unpaid taxes on real and personal property become delinquent on
April 1, and bear interest of eighteen percent from April 1 until a tax sale
certificate is sold at auction.
Assessed values are established by the Dade County Assessor of Property at just
values. The assessed value of property at September 30, 1979.. upon which the
1979-80 levy was based, was approximately $4,410,000,000. Dade County bills
and collects all property taxes for the City. Property tax revenues are
recognized when levied to the extent that they result in current receivables.
Noncurrent delinquent property taxes are recorded as deferred revenue.
The City is permitted by Article 7, Section 8 of the Florida Constitution to
levy taxes up to $10 per $1,000 of assessed valuation for general governmental
services (other than the payment of principal and interest on general obliga-
tion long-term debt). In addition, unlimited amounts may be levied for the
payment of principal and interest on general obligation long-term debt sub-
ject to a limitation on the amount of debt outstanding (see note 4). The tax
(Continued)
A-19
W7-
8
CITY OF MIAMIt FLORIDA
Notes to Financial Statements
rate to finance general governmental services other than the payment of
principal and interest on -term debt) for the year
general obligation long
ended September 30, 1980, was $10 per $1,000. The tax rate to finance general
governmental services in fiscal 1981 is $9.03 per $1,000. The 1981 tax rate
assessed valuations
reduced due to the significant increase in
has been
resulting primarily from the state -mandated reassessment of all property to
""Mot Af
r
5
o µ rfME
n0e6 to linenetef Steeealent�
xqa,
(i1 feli6i►fn8 is i ee►aahery of bond trahsaeti6ne and othet changes in general ten8.tete debt atEhR
Oit ifita
deer edded 8epteabet 30, 19801
;
General special Other
r
Obligation Obligation Revenue Pa abler
lofYl
Aonde payable at September 30, 1979
$ 138,065,000 2,161,000 229,000 596,921
141,011,921
*4 bond itsued I
Convention Center and Parking
Garage Revenue Bonds
- - 60,000,000 -
60,000,000
Debt retired
(10,160,000) (478,000) (21,000) (121,742)
(109180*742)
Bonds payable at September 30, 1980
$ 127,905,000 1,703,000 60,208,000 473,179
190,291,179
The annual requirements to amortize all long-term debt outstanding as of September 309 1980, including interest
payments of $186,298,397, are as followst
Year ending
General Special Other
September 30
Obligation Obligation Revenue Payables Total
1981 $
14,058,767 545,555 2,605,150 139,000 17,348,472
1982
16,810,163 354,390 5,174,967 131,000 22,470,520
- 1983
15,201,684 177,675 5,177,212 125,000 20,681,571
1984
14,180,597 172,725 5,162,750 117,000 19,633,072
1985
13,608,679 167,775 5,162,677 113,000 19,052,131
1986-90
53,997,985 472,950 25,908,544 52,000 80,431,479
1991-95
32,750,782 - 29,593,575 - 62,344,357
1996-2000
14,784,942 - 30,635,033 - 45,419,975
Thereafter
2,366,824 - 86,841,175 - 80,10 ,999
$
177,760,423 1,891,070 196,261,083 677,000 376,589,576
Interest rates
1/10% to 32 to 6.5% to
7-1 2% 4-1/10% 8.75% 6%
The various bond indentures contain significant
limitations and restrictions on annual debt service
requirements,
mrintenance 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 by a tax levy on non-exempt property value and collections on
aseesoment liens from projects financed by proceeds of such bonds. The total general obligation debt out-
standing is limited by statute to fifteen percent of the assessed non-exempt property value. At September 30,
19600the statutory limitation for the City was approximately $923,000,000, providing a debt margin of approx-
imately $795,000,000.
(Continued)
W
-
Yi
�'1 4
a t.,,
10
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Special Obligation Bonds
(1) Incinerator Revenue Bonds - Debt service is being provided by General Fund
operating transfers. A reserve of $250,000 must be maintained.
(2) Utilities Service Tax Bonds - Debt service is provided by utilities service
taxes imposed by the City on each purchase of electricity, gas, water and
local telephone and telegraph service. A reserve must be maintained equal
to the maximum annual debt service requirement.
(3) Orange Bowl Special Obligation Bonds - Debt service is provided by electric
franchise revenues. A reserve equal to the maximum annual debt service
requirement must be maintained. At September 30, 1980, there were suffi-
cient funds reserved to fully pay the amount outstanding.
Revenue Bonds
(1) Orange Bowl Warehouse Revenue Bonds - Rental income from the lease of the
warehouse facilities is pledged to provide debt service on these bonds.
(2) Convention Center and Parking Garage Revenue Bonds - Debt service is pro-
vided by a pledge of 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 suffi-
cient to make up any deficiency in the required sinking fund.
(5) Pooled Cash and Investments
The City maintains an accounting system in which all cash, investments and
"s accrued interest are recorded and maintained in a separate group of accounts.
All cash and investments, including accrued interest and interfund transfers,
are reflected in the equity (deficit) in pooled cash and investments.
. Interest income is allocated based upon the approximate proportionate bal-
ances of each fund's equity in pooled cash and investments. No interest is
charged funds having deficit balances.
.. A summary of pooled cash and investments, and equity (deficit) in pooled cash
and investments as of September 30, 1980, follows;
Short-term investments, including accrued
interest $ 64' 15b 42Q
Petty cash and other '
34,823
tr 64,191,243
(Conk�nued)
'u :e zz g
r:a' �o�ec2s
y �_ � se FuY
(E; Reti = -ATM"
'five Leo- F :..
2;L Tom: Mans-Dis'r:
amvte^ bT zne -YUoze
-777
P:,i-ze, 1Mz,:T1VaSAW,uer
tul
. s?
rY
>s.
9
y fqq� rr 4 iij�: .
9--
RtF_
--_ 1
CITY OF MIAMI, FtORIDA
Notes to Financial Statements
Bank overdrafts
�} <
Liability for payroll deductions lt03,406
Other 5,Sg0
Equity (deficit) of funds:
tit Put►d
General Fund 4,3889732
Special Revenue Funds (199220828)
-= -
Debt Service Funds 9,7309305
--- ilti8 service
Capital Projects Funds 48,3119056
des ) water and
Enter rise Funds
P (1,734, 582)
IAliHtained equal
Internal Service Funds 2,239,690
Trust and Agency Funds (497229348)
Self Insurance Fund 5,137, 752
"`arovidd by electric
$ 64,191,243
tonual debt service
thtre were suffi-
The liability for payroll deductions shown above represents employee salary
e�-
deductions for FICA, credit union, bond purchases, etc. This liability is not
reflected in the accompanying financial statements since each fund equity
in pooled cash and investments amount has been reduced for its respective
"3ic�tm the lease of the
portion.
: ap-rVite on these bonds.
x
(6)
Retirement Plans
,l
li�14)tids - Debt service is pro-
The City has contributory pension plans covering substantially all employees.
`i etttian Center -Garage, a
44,'ti5e
The Pension Fund charges each department of the City its respective share of
tax revenues, and by a
<`
the required contribution which is disbursed by the Pension Fund to the
-"aide, to the extent necessary,
ide,
retirement plans. During fiscal 1980 the Pension Fund charged the operating
-aproperty tax revenues suffi-
°'
�
departments approximately $15,400,000, of which approximately $14,300,000
ipro tying fund.
°'
represents the actuarial requirements of the plans under the funding policy
adopted by the City. This funding policy included a 5% a year increasing
4,
amortization of prior service cost over 35 years. The City's contribution to
litigation
�_
the plans and the adopted funding policy is the subject of certain
march all cash, investments and
„
(see note 9). Substantially all amounts funded were contributed by the
:an a separate group of accounts.
General Fund, and the remainder by various other funds, principally Enter -
zteirest and interfund transfers,
prise, Internal Service, and certain grant funds.
Foaled cash and investments.
approximate proportionate bal-
F`
At September 30, 1980, the actuarially computed value of vested benefits under
ad investments. No interest is
the plans as of the date of the last valuation prepared by the City s indepen-
by approximately
fi
dent actuary exceeded the pension fund's net assets
$84,005,000.
,equity (deficit) in pooled cash
;ilovs:
(7)
Self Insurance
y
The City maintains a Self Insurance Fund to provide insurance for certain
$ 64,1569420
property and liability risks, group accident and health, and workers compen-
coverage for certain
349823
•`"
sation. The City has continued to purchase outside
is in relation to the coverage provided.
$ 64,191,243
exposures where the premium small
by Self Insurance Fund are not determined on an actuarial
The charges made the
_.
(Continued)
(Continued)
12
CITY OF
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
basis. The City believes the amounts charged in the accompanying financial
statements would not differ materially from actuarially determined amounts.
The City's accounting policy and amount of unpaid claims at September 30,
1980, for the various coverages, is explained below:
(a) General Coverage
Departments of the City are assessed a charge
for each risk based upon the number of automo-
biles, square footage of space utilized, etc.
As claims are reported, claims personnel
investigate each claim and estimate a liabil-
ity on a case -by -case basis. No provision is
made for claims incurred but not reported
(IBNR). The amount of the IBNR liability is
not susceptible to determination at this time.
(b) Group Accident and Health
Employees participating in the City's group cov-
erage contribute through payroll deductions
and departments of the City fund the remaining
cost based upon their respective number of
participating employees. Retired employees
also participate and contribute to the plan.
All claims paid are expensed as paid. The
amount of claims at September 30, 1980 repre-
sents certain September claims paid by the
City in October.
(c) Workers Compensation
All workers compensation costs are included in
the Self Insurance Fund, with all departments
of the City being assessed a charge for this
coverage. At September 30, 1980, there is no
claim liability for workers compensation
recorded. The amount of this liability is not
susceptible to determination at this time.
Total claims payable
The City maintains reserves of fund balance as follows:
Amount included
in Claims
Payable
'Notes to Fin
H-4_ane loss - established by
l0a o=r
»o:ce:s Caao2rsation -
_s cove age.
G:ouo 3^cider and health - 2-
cg_:at<<,� _csts for this cove
--ide^t3� Beath and di
has ::utside coverage`
:0'' f the
the year at a-
$ 2,211,297 to5t.
473,840
$ 2,685,137
cov-
-tions
fining
r ai
oyers
`lan.
The
epre-
the
ed in
this
s no
at
'01lows
cePanving financial
deterTiined imounts.
ivtr at SeL,t"her 30,
Arriotint_ i.nrltided
in Claims
Payable
$ 2,211,297
473,840
$ 2,685,137
(Continued)
Notes to Financial Statements
Amount included
in Reserved
Fund Balance
Hurricane loss - established by ordinance. $ 500,000
Workers Compensation - 10% of annual operating
budget for this coverage. 347,915
Group accident and health - 25% of the annual
operating costs for this coverage, exclusive of
life, accidental death and disability for which
the City has outside coverage. 101900250
General liability - 10;0 of the number of incidents
reported during the year at actual average claim
cost. 289,900
$ 2,328,065
(Continued)
A-25
14
CITY 0
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
(8) Segments of Enterprise Activities
Key financial data for the various activities of the City's Enterprise Funds for the year ended September 30, 1980 is
as follows:
Convention
Center
Stadiums
Marinas
Auditoriums
Golf
Others
Total
Operating revenues
$ -
1,670,961
996,850
3031398
782,093
35,813
3,789,115
Operating expenses
668,829
2,485,671
939,221
715,147
785,784
-
5,594,652
Operating income (loss)
(668,829)
(814,710)
57,629
(411,749)
(3,691)
35,813
(1,805,537)
Not income (loss)
(623,202)
(374,281)
128,196
(133,127)
66,130
28,870
(907,414)
Assets
81,966,981
15,828,542
3,680,892
6,042,740
1,536,913
444,394
109,500,462
Goads payable
60,000,000
-
-
-
-
208L000
60,208,000
Fund equity
17,549,507
13LO97,259
4t165,761
5,634,836
1,731,5U0
285,119
42,463,982
(9) Litigation
(a) Cates vs. the City of Miami
This is a class action on behalf of present and former employees of the City, seeking to require the City, for the
years 1939-1975, to retroactively make additional deposits to its pension plans totalling approximately
$30,000,000, including $89000,000 in interest. The plaintiffs claim that the City levied p*aperty taxes for
"pension or relief" purposes and was required to, but did not, deposit all such revenues i,to the pension fund.
Instead, a portion of these tax monies was used for the City's social security _untributions, 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 interlocutory appeal from the court's ruling on the two counts as to which summary judgment
was granted. On January 20, 1981 the District Court of Appeal affirmed in part and reversed in part the
summary judgment. The City petitioned for rehearing, which petition was denied.
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, the City's ultimate liability
cannot be determined at this time.
(b) Pension Trustees Suit for Contributions to its Pension Plans
The Board of Trustees of each of the pension plans has 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
(Continued)
Notes to t
for fiscal year 1980- The
is required to contribute
accordance with actuarial
,The City Cnn jSsion in Sep
increase in the portion
funding of the unfunded
preceding year's amount.
sound to limit its budge.
actuarially sound, that t-
priate and contribute the
if the City were automat
would be defaulting on it
State of Florida's Depar-
that this funding technic
ial funding for the reti=.
VII, Chapter 112, Florid_
In September 1980, the Ci
pension ordinances. The?
mission the duties of th
retirement plans. The e=
by the Circuit Court whi'.
This litigation is in its g.
the outcome is not prey-
(c) City of Miami vs. FEC
The City is involved in
32.64 acres of bayfron=
Company (FEC). The pzk
6th and N.E. 9th Street,_
In March, 1978, a
Necessity, vesting`
Stipulation entered;
Order of Taking, '
a local depositoV
The certificates of
will aggregalte Apoti
In march, 1981 A
C
has
04f'
rat ft? r'
%rtr l
�rl�'1�--�T
�t(��4I♦Y
3r.x�1�
=#�..e...:53P):
#jb 4q
i'.�95 '�1J
t,..,I
44i 104.
Z08i000
5D
6 lf3
15fH)
._
245,-
;tEx453,'i83
the city) eeoking to r*quiry the cites. for the
,Ce its pension pl*Tk# totailinx aoaroximtety
alefte that the City levied or ,perty tares for
_y,;ritepoAit All such revenues rico the pension fund.,
e.social eecurity wvntributiona. the Citv's
�kNr1e pulitiee, psyewnt of rodxaersts on- penslon
ttnJ teimburseaent-to-kite-City of pension -related
tttp of eight :vurtta of the co"Iaiot On OCtotser 9,
,on of reli?ti purposes vera iacpruperiy used by the
Awt,lohla towagJ workers o6iigations.
dig ail the iwo _ouaLs as to vbiCh waaary j"Zoest
4iP@91 Affirmvd in part and ceiecse,J in par;. the
ft?HH1111 NA5 :tnrilel.
A collecthcl t;:.,rs:t,1;,.t to its le-.ry of property tasea
$ip 1 t9l t-h of cuu nsei, the City's ultimate iiabili.ty
-petit-ion for writ of Mandanvis, seeking to require
bove the a"int actually appr,�priated by the City
15
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
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 contribution 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
actuarially sound, that the City is not automatically required to appro-
priate 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 the adequate and proper actuar-
ial funding for the retirement plans, and meets the requirements of Part
VII, Chapter 112, Florida Statute.
In September 1980, the City Commission enacted amendments to the City's
pension ordinances. The amended ordinances would vest in the City Corn -
mission the duties of the Retirement Board and Board of Trustees for the
retirement plans. The effective dates of the enactments have been stayed
by the Circuit Court which stay is the subject of an appeal by the City.
This litigation is in its preliminary stages and, in the opinion of counsel,
the outcome is not presently determinable.
(c) City of Miami vs. FEC
The City is 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). The property is located in downtown Miami, between N.E.
6th and N.E. 9th Streets, and bounded on the west by Biscayne Boulevard.
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 with
a local depository which has been invested in certificates of deposit.
The certificates of deposit currently held will mature May 11, 1981 and
will aggregate approximately $20,000,000.
In March, 1981, a jury trial on valuation resulted in a verdict awarding the
FEC $23,350,000 for the property. Final judgment was entered on April 24,
1981, with 10% interest to accrue thereon as of April 2, 1981. The City
has filed a Motion for New Trial. If the Court denies that motion the
City will file its appeal immediately. The Court has reserved
jurisdiction to award FEC attorneys' fees and costs.
In a separate proceeding filed before the Interstate Commerce Commission,
(ICC), FEC challenged Florida's and the Federal Court's right to deter-
mine the nature of the railroad track located on the property and ruled
(Continued)
A-27
16
CITY OF
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
that the FEC track is a line of railroad" requiring a certificate of
abandonment from the ICC. The City has appealed that ruling to the United
States Circuit Court of Appeal, Fifth Circuit. On January 22, 1981 the
ICC filed a complaint in the United States District Court for the Southern
District of Florida seeking to require the City to obtain a Certificate of
Abandonment before taking possession of the property. The Court entered
an Order prohibiting the City from taking possession until a decision is
rendered on the pending case before the Fifth Circuit or until further
order of the United States District Court.
The ultimate amount which the City must pay FEC and other defendants for the
property and damages they may have sustained, including defendants'
attorneys' fees and Court costs, depends on the outcome of the City's
Motion for New Trial or in the alternative the outcome of the City's
appeal. In the opinion of counsel, such amounts cannot be determined at
this time.
(d) Other
There are a number of claims and lawsuits against the City resulting prin-
cipally from personal injuries incurred on City property. In the opinion
of City officials and the City Attorney, these claims could result in a
liability to the City of approximately $2,200,000 which is reflected in
the Self Insurance Fund.
The City of Miami relies primarily on its legal department acting under the
direction of the City Attorney for legal advice. The foregoing opinions
(under the heading "Other") are based solely on the opinion of the City
Attorney. Outside counsel has been retained to represent the City in the
litigation referred to in (a), (b) and (c) above.
(10) Federally Assisted Grant Programs
The City participates in a number of Federal and state grant programs, prin-
cipally of which are Federal Revenue Sharing, Comprehensive Employment and
Training Act (CETA), Community Development Block Grant and Economic Develop -
went Administration (EDA) grants. These programs are subject to financial and
-s compliance audits by the grantors or their representatives.
During the year ended September 30, 1980, the City received CETA funding in the
approximate amount of $8,800,000 to employ approximately 1,200 individuals.
These individuals are employed in various departments, the activities of
which are accounted for in various funds. The contribution of these CETA
employees to the services provided by the respective departments to which they
r are assigned is not reflected in the various funds' financial statements. The
amount of benefit provided by these employees is not readily determinable
although a majority is in support of General Fund activities.
In December, 1980, an independent financial and compliance audit report was
issued covering selected CETA contracts of the City as subgrantee and the
South Florida Employment and Training Consortium as prime sponsor. This audit
Rotes to F
fhse
report covered, or the
September 30. 19:9. and ques
recommended for disallowance
claimed for, =ei=burseuent by
currently in the process of r,
items o questioned and disall
be reimbursed to the prime sPI=.
At September 30, 1980, the audit
the periad subsequent to Octo'
ingly, the City's compliance
established at some future da
may be disallove'' by the granr_
(11) commitments an^ Contingencies
(a) Emplovee Benefits
The City has certain cont=
bene-its. The amount of
Civil Service regulation
aunts of these earned`
Type
Vacation
Earned Time
Sick Leave
Norma
"Wilt
ttourl
The full
amount of VAC
upon separation of .4
for
employees
that
date,
K_ a
. for
employ*"
Earned time
payeb le
Only if tb
A•20
(Continued)
Qq
7
4 17
k3#
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
report covered, for the selected contracts, various periods thtbugh
r' 1 tip'
September 30, 1979, and questioned a pproximatel $540 000 of Costs, and
y
teeommended for disallowance approximately $455,000 of additional costs,
claimed for reimbursement by the City during these periods. The City is
�z
currently in the process of responding to the audit and defending specific
items of questioned and disallowed costs. A final determination of monies to
4
_; r P i cl-r
be reimbursed to the prime sponsor cannot be determined at this time.
--�r
At September 30, 1980, the audits of certain other programs, including CETA for
the period subsequent to October 1, 1979, have not been performed. Accord-
ingly, the City's compliance with the applicable grant requirements will be
established at some future date. The amount, if any, of expenditures which
'=+f 4f ~=rte R"t~:d'-
may be disallowed by the granting agencies cannot be determined at this time.
�{t��ypp pC
(11) Commitments and Contingencies
(a) Employee Benefits
The City has certain contingent liabilities relating to earned employee
rthe:Ci-ty resrrttinr: �r :,=
benefits. The amount of benefits earned and accumulated is governed by
property, TV.. the ` njrn an
Civil Service regulations and administrative policy. The approximate
` t�s 7=4la♦i�ms-cou..r �n. a
amounts of these earned benefits are summarized below:
yldrest
i000 which ;Is1.siiect':a r.1
Type Description Amount
+ el..depas.tae►�t accing •,ntler cne
Vacation Normal vacation earned $ 2,6009000
advice. The forGg3:.ag
e,y on t:�epi.�i.�.^� t�< ~3
Earned Time Additional time off earned by
xned to represent Ci,r _ _.
hourly employees for overtime
292009000
c) above.
hours worked
�:
Sick Leave Normal sick leave accumulated 13,3009000
$ 18,100,000
and state grant;-
tg, Comprehensiv=
.: : ,�v .: a,-ol
Grant 'z.� _
The full amount of vacation time, if not used by the employee, is payable
v ck a-nd'
upon separation of service, subject to the following limitations:
,,
gams are
regresentat ivY
. ll accumulations to
for employees in service at December 31, 1973 -a
City reccivec ��:;, =
that date, plus a maximum of 160 additional hours.
...:
approximate:: .. s .
for employees employed since December 31, 1973, a maximum of 160 hours .
de'partments
"°Ihe contri�e3ti
Earned time payable at separation is limited to 200 hours. Sick leave
,active departe t- _,t
Po'ctis`
payable upon separation is limited to a maximum of 960 hours, and is paid
finanria? st �4 ;:t _ _.._
i`_
only if the employee has ten or more years of service. In the case of
�- =
is n�,t re,r
.z**.
sanitation workers, there are various limits based on years of service
1d a�f ivi it,x ,
`
ranging from fifteen to twenty-five years. Due to uncertainties relating
to the timing and amount of payments to be made, the above liabilities are
and f
not recorded.
; :tre Cite° as iuh,grs _:�
(Continued)
A-29
18
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
(b) Housing Bonds
In February, 1976, the Commission passed an ordinance which approved the
issuance of $25,000,000 General Obligation Housing Bonds of the City, for
the purpose of providing housing for families and persons, including the
elderly, of low and moderate income. In addition, and pursuant to agree-
ments 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. 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, 1980, $1,500,000 of such City Housing
Bonds were sold and approximately $557,000 had been transferred to the
trust account. The amounts transferred to the trust account have been
recorded as a receivable and, due to the uncertainty of collection and
lack of collection experience, an allowance for the full amount has been
established.
During 1980, approximately $344,000 was transferred to the trust account,
and approximately $1,245,000 was expended by the City for its share of
certain housing development costs. The original sale of bonds plus accu-
mulated interest was not sufficient to cover these expenditures and, at
September 30, 1980, the Housing Bond Capital Projects Fund had a deficit
of approximately $53,000. The deficit will be eliminated by future sales
of Housing Bonds. Until such time, the Housing Bond Capital Projects Fund
has borrowed $1,400,000 from the Capital Improvements Fund to provide the
necessary funds.
(c) Revenue Bond Projects
Convention Center
During 1978, the City of Miami commenced construction of a Convention
Center, officially designated the City of Miami/University of Miami James
L. Knight International Center. The total estimated cost of the Conven-
tion Center, including a related parking garage, is approximately
$85,000,000.
The City has 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 develop-
tsent 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.
notes to Fi
4-. e u i t i s S=t'
I^ AuguSt `
gage Ii'Ve:.0 Sayngds y't/o► €
coast -� -
coast-�act:o- costs, (b) iaz_
legal. fleet
des: fees. 4
I the
same aPe is won.. 'The b>b
st ^ 2e' {�„ an6 plefte -
ra?� ^� Ce'tai n telepb�-
Ga a.. .
and agreemect az the frizz� It
the Ciro: ctner tnaa ad va
required
,� i r� czTta as p
�y_isa2�
4..
L
ve=t_or: Center Capital 7r'
r�i3L� cons_ru== TTZ IT!
�ro✓� 3 :_- xate2y $10s.
In;r.oveme=5 T-and c=tr
Center and cover cerrais;
in Connection 'With tie �.
$30,000,OV, 4f c atr
agreement : or devel
"eve certain Ph&S" 10
19
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Iti August 1980) the City issued $609000,000 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 construction, (c) engineering and
design fees, (d) legal fees and expenses and (e) other expenses incident
to the construction of the Convention Center -Garage and the placing of
same in operation. The bonds are secured under the trust indenture by a
first lien on and pledge of the net revenues of the Convention Center -
Garage and certain telephone and telegraph excise taxes and by a covenant
and agreement of the City to provide, to the extent necessary, revenues of
the City other than ad valorem tax revenues sufficient to make up any
deficiency in the required sinking fund.
In connection with certain provisions of the trust indenture the City estab-
lished the Convention Center Enterprise Fund. Effective October 1, 1979
the fund was established by transferring the residual equity of the Con-
vention Center Capital Project Fund (approximately $5,130,000) and the
related construction in progress in the General Fixed Assets Account
Group (approximately $10,690,000) to the Convention Center Enterprise
Fund. In addition, subsequent to September 30, 1980, the Capital
Improvements Fund contributed $4.5 million to support the Convention
Center and cover certain construction cost overruns.
In connection with the project, the City has awarded approximately
$30,000,000 of construction contracts. Additionally, the lease and
agreement for development with the hotel developer calls for the City to
complete certain phases of the project by specified dates. In the event
of delays by the City in completing the facilities, the City is liable for
the additional interest expense payable by the hotel developer to its
mortgage holder, as well as other reasonable costs incurred by the
developer attributable to such delays.
Watson Island Theme Park
In July 1979, the City Commission passed a resolution authorizing the issu-
ance of $55,000,000 of revenue bonds to finance the development of Watson
Island as an amusement and recreation theme park. Of such amount,
$20,000,000 will be secured by revenues from the theme park, together with
a pledge of certain other non ad valorem tax revenues. The remaining
$35,000,000 will be secured only by revenues of the theme park. The date
of sale of the bonds has not yet been established.
(12) Maintaining Services and Liquidity►
The City is experiencing a period of budgetary constraint. Double digit infla-
tion continues to adversely impact the growth of operating expenses while
revenue sources are limited. Some of the more significant factors affecting
the City are:
(Continued)
A-31
20 CITY 0
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Property taxes for general operating purposes during 1980 were levied at
their maximum allowable millage (10 mills). For fiscal 1981, the assessed
valuation of property in the City increased approximately 4O% due to the
state mandated reassessment of all property to 100% of fair market value,
and the millage rate decreased to 9.03. Future increases in the property
tax millage rate will be limited by the 10 mill cap.
. Comprehensive Employment and Training Act (CETA) funds are being discon-
tinued effective in June and August 1981. A majority of CETA funds have
been used to support General Fund activities. The impact on those depart-
ments employing significant numbers of CETA employees is yet to be deter-
mined, but would be tempered to some extent by the time commitment of
these employees to classroom training (see note 10).
The liabilities for vacation, illness and earned time continue to increase
(see note 11).
The City must fund the excess of vested benefits over available net assets
in its pension plans, and the adopted funding policy is in dispute and the
subject of certain litigation (see notes 6 and 9).
In addition to the above, the following situations and/or contingencies exist
which could place additional strain on the City's financial condition:
Penalties may have to be paid if construction of the Convention Center is
not completed within specified time limits (see note 11).
Judgments against the City or demands upon the City to pay in excess of
budgeted or available amounts may result from pending litigation (see
note 9).
Certain revenues, particularly telephone utilities service taxes and other
non ad valorem tax revenues, heretofore principally used for general
operating purposes, may be required to pay debt service or maintain
reserve requirements of certain revenue bonds (see note 11).
f
t9Y l
�. The City is continuing to study various alternatives to expand revenue sources
and control costs. During 1980, the City levied a waste collection fee for
the first time, and other revenue sources are being explored. The City's
agility to continue to provide the current level of services in the future
and/or pay the amounts, if any, that might be required by the unfavorable
resolution of the contingencies noted above is dependent upon further expar
afon of revenue sources and containment of expenditures,
f
4
Ba
Sept=
Asse'
inves�nt=
qa=
r •v iI..�Ccled cash and
..,
Receivables :te= of al=�aances for
uacollect_b-'-s o-
Taxes
ACc011nr-s
Prepaid expenses
Liabilities a
' Liabilities
Vouchers and accounts paFable
Accrued expenses (principally
Deferred revenue
Deposits refundable
Total liabilities
Fund balances:
Reserved for encumbrances
Unreserved:
Designated for subsequert�, {
Undesignated
Total fund
r _
t
e
,1
aS
F
i F
:N
i7
i
Bring 198'::-
for fiscai lr>? - - =-
����
�t tp Cdr 1002 Of fa i -
Future Increages in
10 milt cap.
`1. A ma orit;;
ties. The
=='ETA emp i oy e e .1-
_extent by th:e t ::.__._ _-
see note 110.
earned t i -3 c = _ _ . _ _ _ - _ -zz
=enefits c-rer=--=_-- -=- =-;_--
iding
s 6 and 9 '- .
=tions
0 Pa:
are �t.-- �:r__-=-• - _ - is
CITY OF 24IA` I, FLORIDA
General Fund
Balance Sheet
September 30, 1980
Assets
Equity in pooled cash and investments
Receivables (net of allowances for
uncollectibles of $2,424,997):
Taxes
Accounts
Prepaid expenses
Liabilities and Fund Balances
Liabilities:
Vouchers and accounts payable
Accrued expenses (principally salaries)
Deferred revenue
Deposits refundable
Total liabilities
Fund balances:
Reserved fer encumbrance=s
Unreserved:
Desi;onated for subsequent •ear s eXpenalt'ires
Undesignated
Total fund balances
Schedule A-1
$ 4,388,732
928,476
1,100,904
5,226
$ 6,423,338
1,242,493
1,612,831
845,634
384.451
4,085,409
1,269,303
500,000
568,626
2,337,929
$ 6.423,338
A-33
CITY OF
CITY OF MIAMI, FLORIDA
General Fund
Statement of Revenues and Expenditures - Budget and Actual
Year ended September 30, 1980
Revenues:
Taxes:
General property tax, including
penalties and interest
Business and excise taxes
Licenses and permits:
Business licenses and permits
Construction permits
Intergovernmental:
Federal grants
State grants
Other
Inteagovernmental:
Engineering services
Administrative charges
BudgetActual
Schedule A-2
Variance
Favorable
(Unfavorable)
$ 42,794,879 42,679,426 (115,453)
23,181,506 23,528,753 347,247
65,976,385 66,208,179 231,794
3,825,179
4,154,591
329,412
1,366,241
1,438,896
72,655
5,191,420
5,593,487
402,067
146,377
543,402
397,025
12,350,675
12,637,425
286,750
2,066,050
1,698,824
(367,226)
14,563,102
14,879,651
316,549
1,582,000
1,686,026
104,026
1,609,126
1,656,168
47,042
3,191,126
3,342,194
_ 151,068
Charges for services:
Public safety
1,069,300
920,832
(148,468)
Recreation
73,800
84,063
10,263
Sanitation
2,280,000
1,876,372
(403,628)
Other
574,028
412,111
(161,917)
3,997,128
3,293,378
(703,750)
Interest
956,900
877,042
(790858)
Miscellaneous revenues:
Sale of land
352,565
267,565
(85,000)
Vents
635,483
695,288
59,805
Other
1,000,673
1,466,898
466,225
1,988,721
2,429,751
441,030
;
Total revenues
95,864,782
96,623,682
758,900
(Continued)
444
Ge-
Statement of Revenues and
Expenditures:
General government:
Mayor and commission
City manager
City clerk
?Management and budget
Finance
Legal
Civil service
Human resources
Community development
Tourism and promotion
Computers and communications
Public safety:
Police
Fire
Public improvements:
Public works
Building
Planning and zoning board$
Sanitation
Culture and recreation
}
Uncollectible delinquent
Property taxes
Other
employee benef to �3
�.' BFeQQcpia'l�prngr �;�� _
��NCell$Asoi3 �! g+2
To"
+ _
&, t
R
3 t
�a�'otable
�: � W�A
fi�ito8 1
F' 426
(1
179
"SJ
543,402
1296379425
i1 14,879,651
1,686,026
11656,168
3,342,194
920,832
84,063
1,876,372
412.111
3,293,378
877,042
267,565
695,288
- 1� ,. 46b,898
2,429,751
96,623,682
15,453)
t?4!
231 > 794
329,412
72,655
402,067
397,025
286,750
(367,226)
_
316,549
104,026
47,042
151,068
(1489468)
10,263
(403,628)
(161,917)
(703,750)
(79,858)
(85,000)
59,805
466.225
441,030
758,900
(Continued)
x
-19
kX
u
4 Li11If✓
4 4�
�
\N
'ua�k'
ZVI ; .. .
C t4Y
0' MIAMI y FLORiDA Schedula A� dit1 5
f
_
General Fund
Ata athatit of Revo-nua*
and H*Fanditurea Budget
and Actual
} p rtXf e 5
G
,u
Budget
Ac�. tual
iiiefid it Ura 6
x� Ceieral government:
Mayor and commission
$ 3559340
3540807
City manager
100929302
1,0590444
City clerk
4219182
436,900
Management and budget
110339419
1,061,367
Finance
1,453,389
115199127
L al
772 564
767 730
Fr+
a.:_
eg , ,
Civil service 147,914 1219637
Human resources 11069,193 11050,110
Community development 681,039 7199948
Tourism and promotion 6619809 697,178
Computers and communications 213219903 22519,943
10,0109054 10,3089191
Public safety:
Police
Fire
Public improvements:
Public works
Building
Planning and zoning boards
1
Sanitation
Culture and recreation
Uncollectible delinquent
property taxes
Other:
Employee benefits
Special programs
Miscellaneous
Total expenditures
A-33
30t237,396
2320259116
539262,512
81819,514
11886,290
776.925
11,482,729
15,1079444
7,150,767
21907,631
899,543
2,714,750
69521,924
l03v535j43O
29,9150882
_23,1679414
53,083,296
8,824,328
1,884,245
739.488
11,448,061
14,481,223
7,378,219
177,917
2,5879519
806,308
1.523.563
4,917,390
101,794,297
i�ariahCe
Pavotable
('Onfayarable}.
533
32,858
(159718)
(27,948)
(659738)
4,834
26,277
19,083
(389909)
(35,369)
(198,040)
(298,137)
321,514
(142,298)
179,216
(49814)
2,045
37.437
34,668
626,221
(227,452)
(177,917)
320,112
93,235
1.191.187
1,604,534
1,741,133
(Continued)
A
3
CITY OF MIAMI, FLORIDA Schedule A-2, Cont.
General Fund
Statement of Revenues and Expenditures - Budget and Actual
(Deficiency) of revenues
over expenditures
Other financing sources (uses):
Operating transfers in
Operating transfers out
Total other financing
sources
Excess of revenues and
other financing sources
over expenditures and
other uses
v
variance
Favorable
Budget Actual (Unfavorable)
$ (7,670,648) (5,170,615) 21500,033
9,226,447 7,822,490 (1,403,957)
(1,555p799) (1,5549271) 1,528
7,670,648 6,268,219 (1,402,429)
$ - 1,097,604 1,097,604
AIM
CITY 0
C
Statement of
Year ende-
balance at beginning of peas, _
reviousl, reported
stment to beg:.....:..s
balance pur=
hange in accounting method for =_
nc=brances outstanding
balance at beg'lnn4 ng of year,
^., _
:ss o revenues au^ other financ.
ever expenditures and other uses
itr transfers from other fins
d balance at end of year
,
I
i���Fan�le
CITY OF MIAMI, FLORIDA
General Fund
Statement of Changes in Fund Balance
Year ended September 30, 1980
rund balance at beginning of year, as
previously reported
Adjustment to beginning balance pursuant to
change in accounting method for recording
�Z` 6 encumbrances outstanding
Fund balance at beginning of year, as restated
r
#�4 1
q 7ti
di. a
)s v t J
1 5 rd
1
�U�T
r
a1 614"a
...
Excess of revenues and other financing sources
over expenditures and other uses
Equity transfers from other funds
Fund balance at end of year
T
y
1 N 1 i t
N",.
iu� ptq �cg� �fu
Schedule A-3
6
'i
k
664,666
342,695
1,006,761
1,097,604
233,564
=r
$ 2,337,929
t
3w
ix R
f F
x
�
CITY OF MIAMI, FLORIDA
Special Revenue Funds
Combining Balance Sheet
September 30, 1980
Assets
Due from other governments
Prepaid expenses
Liabilities and Fund Balances
Liabilities:
Deficit (equity) in pooled cash and
investments
Accounts payable
Other liabilities
Total liabilities
Fund balances:
Reserved for authorized projects
Unreserved
Total fund balances
"I
Schedule B-1
Downtown
Federal
Development
Revenue
Authority
Sharing
Total
$ 12,428
1,977,976
1,990,404
13,722
-
13,722
$ 26,150
1,977,976
2,004,126
(44,806) 1,967,634 1,922,828
15,011 - 15,011
- 4,686 - 4,686
(25,109) 1,967,634 1,942,525
9,543 - 9,543
41,716 10,342 52,058
51,259 10,342 61,601
$ 26,150 1,977,976 2,004,126
it
a
a
3
s lit
x s
JZ a
T
•
Z
Z
x
_
v .. ..+
`:
it
®A_Wk
a
Ja 10
a* 4"
i
J"A
r
x ie
III, �I I6�,4 �� II' III
I r-+.
, ..
II1l��IAAIPI.
Illal�l•
II I'
{ice
y
v
..
r
.+
O
N
'a
✓
ti
N
N
N
fw
V
✓
1
1
✓
O
O
✓
yV�
w
do
z
00
w
w
a
AOO
N
vi
to
40
N
t�
O
0
�
W
✓�
C l
N
m
c t
Y
oC
CA
00
N
Y
O
�0
i00,
0
CA
Y
N
IV
Y
N
W
c.l
O
00
00
CA
/0
ISSOT
anisadE suasysA 1a79bs9
Qji7od3uA lnsmgolsysO nwo2awW
s�la[Asv
Sonsisav
sonaiiav
nldssovall
sldssovs9
(sldssovalntq
1*0*A
9l9abua
(sldasovainu)
lsulaA
3931bu8
(sids7ovaln0)
lau3oA
393kbuB
(t8s14M)
000,82E
28S,SAE
-
-
-
(t81,41)
000,8SE
tBS,SJE $
XSE,+P
TSE,A
-
-
-
-
t8E,4%
TBE,A
-
-11ta,8CA)
elo,tce,t
Oca,su" a
(lbe,BC)
AS8,esej
aev,80e,C
(egbjeE)
tel,611
488,ESt
,(EC 0OS
1IA,1a
AAe,1al
-
-
-
(EEt.001)
114.1a
AAe,Ias
3S oju)
1,18,eAE,8
ee8,aEO,e
(Sae,ev)
ASB,esej
am,som
(011,80a)
Eee,elt
Ell,8si;l
4A1,0EE
AQLBIt
tEe,em
-
-
14%1,OEE
AeT,Slt
LEe,8A8
I_ea,+A6t
!$A.pe
8C1.eCS
(A2LA)
Ati.;
-
?4%8,881
EEE.Oe
8Tl.eTl
U6,41t
18S,Ela
E11,811.1
(Atl,A)
Atl,A
-
a84,81t
CSI,eOa
EII,BSl,I
(Ots,m)
OU,8EIJ
48C,80ej
(all,E8)
OCa.csej
aBC,80e,T
(AEi,eB)
(AE1,e8)
-
(IOS.Ea)
(OeA,"SCQJ)
OBC,80e.T)
(+AOC,Ea)
(O ame,t)
(aey.80ej)
-
-
-
+te,tEs)
Ote,M)
-
(018,"l)
(023,a4%1)
-
(AEI,48)
(AEl.eB)
-
-
taa,EeS
Taa.EQs
-
ACS,Ett
ATI'La
-
EeE,OAI
EeE,04%1
Y
3,{
f
?NB:E
888,E
-
888.E
888.E
�eeB,
ttt,tes
Taa,Ees
888,E
Sal,ctl
ACS,Etl
-
CeE,041
EeE,om
8l0 �
10D,1a
'Caa,EQS
Me.SAI)
SAE,01
A tjtl
(AE1,eB)
emit
tec,04%1 Z
: asunsysit
asxaT
i89isinI
lsinsmassvogssial
ssd]o
asunsysi lajoT
:assuJibasgx3 �
noiluioss bas s7u3lu0
ssdio
asiu3ibnsgxs lsloT
asuasyss 3o Qoasioiisb) aa9*x3
asiulibnsgxs isvo
:(assu) gnionanil ssdio
Juo aistansil gai]assgO
isvo asunsysi io Qon9131390)
assu i9d3o bas asiullbasgxs
,isle to gnianigsd is asonslsd bnul
bs»ogsi linuoivsiq as
o] 3nauaiuq soasled gninaigsd os >naminV M
gnibToosi iol bodism gnilnu000a of sgnado
gnibns3ajuo asonsidinums
.issy to gninnigsd is asonslsd bnul
bs]s]asi as
iasT to Me is aswalad ba&M
CITY OF MIAMI. FLORIDA
Debt Service Funds
Combining Balance Sheet
September 30, 1980
Assets
Equity in pooled cash and investments
Receivables (net, where applicable, of
allowances for uncollectibles of $171,786):
Taxes
Assessment liens
Liabilities and Fund Balances
Liabilities:
!Matured bonds and interest payable
Deferred revenue
Total liabilities
Fund balances:
Reserved for debt service
Unreserved
Total fund balances
Schedule C-1
General Orange Utilities
Obligation Bowl Incinerator Service
Bonds Bonds Bonds Tax Bonds Total
$ 8,074,790 608,683 303,763 743,069 9,730,305
381,880 - - - 381,880
9,234 - - - 9,234
$ 8,465,904 608,683 303,763 743,069 10,121,419
3,389,936 - - - 3,389,936
190,940 - - - 190,940
3,580,876 - - - 3,580,876
- 608,683 250,000
4,885,028 - 53,763
4,885,028 608,683 303,763
$ 8,465,904 608,683 303,763
187,538 1,046,221
555,521 5,494,322
743,069 6,540,543
743,069 10,121,419
CITY OF
Debt
Combining Statement
and Change
Year ended
Isrenues..
Taxes
Interest
Assessment lien collections
Other
Total revenues
19trAitures:
Principal retirement
Interest and fiscal charges
Uncollectible delinquent property taxes
Other
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources:
Operating transfers in
Excess (deficiency) of revenues
and other financing sources
over expenditures
W balances at beginning of year
land balances at end of year
Cam' ` � ■1
g� 7�*303
_33 '76
A__
1;� 303
3,389,936
0 940
39580,876
1d7,332i 1,046,221
5-" -S 4-�22
s763 743.00
6,540,
7 1693 303,763 7430069 10,121,4
S43
19
t RS
4U
{
{ � 3
ce �^
filbt Aetvle6 tondo iy -
066i6itt Atatameat of p b
e
Revenus* aenditnrtea, j
and Changes it: pund balances
,�{ r�
�1
x¢
sr '� ?eat ended $eptesbet 30 1980 :
N.
- _
yl€-
Cenetal orange Rtilitia6
Obligation bawl latiftetatot iatviee
bonds $Dada bonds tat ,.Daredl 'gOtii -
ti $ 16,692,347 - - 16,693,347
tilt atest 1,316,881 73,164 29,605 78,380 1,4980030
Iuaseastat lien collections 1,173,152 - - - 1,171,152
btbet 3,562 - - - 31563
Total revenues 19,185,942 73,164 29,605 18,380 19,367,091
:. penditures:
principal retirement
interest and fiscal charges
Oocollectible delinquent property taxes
Other
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources:
Operating transfers in
Excess (deficiency) of revenues
and other financing sources
over expenditures
had balances at beginning of year
Turd balances at end of year
r S
4 �
� 2 ,
_,k Lt 3P
xis
r
i•
s�
3
10,160,000 155,000 173,000 150,000 10,638,000
7,235,230 19,884 12,975 42,412 7,310,501
76,325 - - - 76,325
108,193 76 190 - 108.459
17,579,748 174,960 186,165 192,412 18,133,285
1,606,194 (101,796) (156,560) (114,032) 1,233,806
1,606,194 (101,796)
3,278,834 710,479
$ 4,8850028 608,683
186,250
193,913
_ 380,163
29,690
79,881
1,613,969
274,073
663,188
4,926,574
303,763
743,069
6,540*543
1-0 alubdae
AdlJ0,11 ,IMAJX i0 TTIO
abaul a339(oaq la3iga0
396d2 9306184 eainidoo0
Oeel ,OE aadwwgs2
nol3a2lldO lsssaa0
00138e11d0 laiasge bas &AW1
1a3iga0 ea)vlovsJ yfidnl will Tavd&A 001369a3ae soiloq soilullol Ta63ina2 elo3e
1s3oT a3saswvoaasl bs_-1 nwma InlauOR sAlwsbie asi3ili2al a]asagvosgal 4913111,611 aai3ili2sl 1072003 a,29u92 a7sas2
ac0.111C." adA,e".01 elljol afire[ "e'eat,l 22E.Q1 101,610.E LOd,att,t TJJ,a02,2 OZE.ItE,E QQO,JSS,t 114,Q2Q,Q aae,eetj a
eco.Et
QCT,tt
-
-
-
-
-
WE
66A.61
-
6",61
A£c.00t,t
AMOMS
-
-
-
-
-
2e0,180,1c
eEt,tod,fl
Ae1.061
Kt-.ec
Bee.eat.1
2ct,Q1
SOS,dto,E
LOQ,dt2.2
LaA,d02,2
02C,Ltf,f
Qe0,AS1.1
SSJ,e2Q.e
dae,Bei.T i
tAO,lce.t
QA2.Jda
-
000,1
-
-
EIC,1Q2
OdL,eOE
M,LOL
e81,082
EAQ,181
28C,Qai
2JE,Ott
TA2,T
-
-
-
-
-
Tdc.!
-
tEQ,i
Batt
orT.A8A,I
-
-
tt►.16
20C,C11.1
-
QIE,[AE.A
eat, "a
-
clo,Ed
coc,ESA.l
-
08a,SQS
Od1,e0£
le8,A01
6Ei.EBS
CAe,lai
28c,ear
LAE.02S
EQ."A.
Oel,eEe.11
OOO.Ct
-
-
-
SSC,CET,S
TAT,LlS,t
d22,10J,2
ALe,ETO,E
621,SAO,1
TES,ee1,e
1Sa,8EO,T
E£t,eA
-
Ae1,T01
Milos)
M E,EU
ev ei
-
OTT,TEt,6A
Oel.Ue,tl
"I' Gal
(eet,At)
(T1E,Ec)
tct,el
S12,EET,S
T4n,Tli,t
d22,104,2
ale,£TO.0
a21,ta0,i
Lce,e81,Q
1Sd,sto,T
te0.1e0,1t
eET.t0a,f1
4e1,061
6Et,eE
eee.eac,1
???,el
SOt.asm
TOe,att,c
TJa,doe. a
02E,vm c
QQO,ASS,I
m. e2Q.e
ade,eam E
u wsaA
aawolaawi baw dac3 balooqal rplapa
to mld&zIJgq& saadx ,tan) aaldwisasi
to aaldi3a911oaau ]ot asoawoJl►
:(1QT,aate
831006134
a3nawsaaaA
about i9d3o sost swa
asanulad haul box a913111da.1
44
:asititidaid
4
slda,taq a3aua32a bas aasdwov
(asiaalss jllagi2uk7q) aaaaagxs bsuaaaA
about awd3o as au0
asi3ilidsil 12,30T
:(3121196) @a=- ad baA
as»Lc iq bssiaod3ua aot bonseaJ
bsvawasaaa
(3isilsb) asaoalad bout ta3oT
AIIJ4WI .1MAIN 70 lYly
.
r bnut of allof9 luigv;f
•s.ufibnAgA]
,.runlvla fo InMsf AfE gn,n.dwo�
!A>nAfya bout n, rgnAdi bnA
-
URPI ,UC f.aalfgAB brbna ur!
nV1!► 11 dO lA1 ire
_. .....___. _.�_._._._...�._
...�. nU1fAa.1)aO 115lnat
Ia/aT
s)nravof9Q
•!10
n)AuoN
!ilwsbll
ruflll
7we1a,R no.farf»a
------
_ �A7
flfnl7 unwlvufg�l .l, 7fl,n7
asf fflifai
nouullal
'(tlLnae afafa
1l a, dPl
ttc,rre
e[l,Qlt
trr,al
_
ar[,ttl
tCP,I
tep,ltt
:. �:
as ,oa
let .Q 1
6tt,0er
lCatLl
_-
-
-
_
-
_
- rea,caa nsP,olc
Uff,taf
att,[oa
_
t at,lcl
ttP,Ift,l Ott,tae
a.
111,ato,tou,tuo,l
,
ieo,aT
_
_
_
-
-eTp,T
-
_
OOA or
_
cte,r
t[t ae► P►�—
y.�.,
tidLttt•t
�0t�
N 1s
tN.tta.t
�t
CMQ,'Iit�
ria ttc
--
t,l
q Mat —
1 t1A, eeo, S1)
(set, Ott, 11
ttf,tl
t
got Sol
"--i---�
�A
t t A
f fi;.
(fel, 1L)
IctA, rta,ll
tta,l
(af J, l:e,T)
�
_�
ibrl0e�if i
OOt,I1t,t
OOS,t1t,t
-
�-
"`�L
7ote1
_
31
�f J13
�
W�
liebilteies
2 N
2 ,932
y i
Iced belc.
aorea (deficit).
tesernd for
.345
`"
�
.S03
-.---.*rjzed
"'---r.—
�� �.
tltfr9f3
�---.r'_.
1,367
_ w � �t
�
UnreservedaeUnreserved---�_
7,03"2t
283,436
�_
709.If0
292.480
*, ' y �� ' x •�a
--� Lal
Tott1 �1�
,831
l,042.l363r073,914
b6laoee6 (dRfieit)
3,401,SSA
S r217,747
1,03A,62!
��
9.11f9.a31
�----
1 ""�56
ir733.322'`
i 712tia,966
,939,422,350
'__-.�
r042,l56 .914
;
1,224,099, 3,
.��_<,�
3,4Qj
�--..
3.2�7
2,73�2I
y.�
f�9_t..) I i r'n+eilMli
�'f�__`r1y)
37'--;--
o—'Amin
SI�?
3.32_
3,Ot�b� 0
! + �4
!s fi
aRg��
t9 3 140,104.
a 33 1,369,9
Neau
�I
�RrRIRr '�rRr 1]ii0>1+1'�};: •".,+.,,,.,�„;,:
Revem,e s:
Sourest
intorg— rmeental
French ise oases
Other
.p.nditures - capital Projects
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
exp..d cures and ocher uses
Fund balances at beginning of year
Equity transfers (to) other funds
fund balances (deficit) at end of year
Cm or HTML FLORIDA
Capital projects Funds
Combining Stareeenc of Revenues. Expenditures
and Clamps (a Fund latent@*
Year ended September 30, 1980
Central Obliption
Parke and
Special
Oblisation
Star.
Sanitary
Pollut.on
Police
Recreation
Highway Coovention
Fire
Parking
Revolviog
CapicaL
Severs
Stu—
Control
Facilities
Facilities
Improvements Center
Facilities
Sidewalks
B22si.1
Caratle
Fund
Improvements
Tout
$ 863,270
1,314,975
171,203
402,176
710,928
667,885 -
531,987
1.935
-
155.244
-
-
-
16.443
-
844353
539:329
5."05"
796:431
-
9.853
-
-
247.250
_
- -
-
480,796
460,796
-
-
-
-
40
600
-
-
22
137.633
11_111
863,270
1,324,828
171.20)
402,376
956.218
668,485 -
531.987
1.935
135.244
-
16.465
2.002.110
7,096.U1
2,015,579
4,625,870
1_034,356
1,110,737
102.208
1.710,792 -
3,377,611
98
1,629,697
26,189
706
3,552,692
19,194,535
(1,152,309)
(1,301,042)
(863,153)
(708.361)
856.010
(1.042,307) -
(2,945,624)
1.837
(1,474,453)
(24,189)
15,759
(1.550,582)
(12,066.414)
3,742,200
3.742.200;
(2,560,300)
(973,000)
-
-
-
(29,000)
(3,561,]00)
(2,560,300)
- -
(973,000)
-
-
-
(28.000)
3.742,200
190-,OW
(1.152,309) (3.301,042) (863,153) (708,361) (1.704,290) (1.042,307) - (3.818,624) 1.837 (1,474.453) (24,189) (12.241) 2.191.618 (11.907.514)
8,190,930 12.490.979 1,905.309 31782,275 7,105,846 6,260,054 5,129,467 6.552.146 17,718 1,421,136 - 172,423 10. 7".372 63.774.757
- (5,129 467) - - - (5.129,N7)
5 7,038,621 9.189,837 1.04I,156 3.073,914 5.401.556 5,217.747 - 2.733.522 19,555 (53.317) (24,189) 160,184 12.938.190 46.737,776
I-3 slubsdee
esuodsisN 980s=0
lsyoT noijngvnoa IvoB immix eaiiaN
ryisooiq 11oa amuiiosib" sani=a!t =syne0 muibay2 muibs32 auibsye
eei,azz - eao,u cec.Ee ats'Ez - TR OSE aso,SA ASz,El o
eei,azz - eAO,Ci tet,EA aES,Ez - Ca2,a8E aso,sA Asz,El
AOE,Bea. 0a
lag'eaej
Eee,Oes'ss
- 000,z1
Aef,A" zat,TBi,i
OzO,ssl
tea, eev,a
oes,OSl
rat,
Eea,8la,a
-
S8e,e0t
000,ztE
aEB,A
1AB,Bve
iAz,zaS,Et
- ela,eas
- OBS,Ez
000,T11
-
8a8,aA
Baz,E
sse,see, s
SaC,E8S
ceo,zET
AEB,TE
zaz,OSE,S
Oee,Osi
IAt,z
EBa,iaC,oi
Eze,aEA,S
ABA,8
-
EEt,Ase,f
—
—
cEc,Ase,E
saa,00z,eoi
AeE,A" cle,aez,i
04T,sAo,a
sea,oea,E
i8e,aae,la
aal,oti,Si
woei,i
zie,eu,s o
(bmunlyno.:))
4ZM
0 ,i-s .lub.
S
AQIRo.n ,IMAIN 10 VTIO
ebau; osi-sq-3e3n3
yseda son"88 gaiaidnoo
08ei ,Of ied■esg98
eeuodesaM
lawIi os4 !lo_a eswh� ao13nevaoa e=woa0
eani�aN 2s30s0 muibale
eyssaA
:eysaea InsTua
30 mtda*slggs azedv ,y9n) sldavie097 e3nuo0o
(aAC,ABo to 69163391103ou ioi 893navoifs
aysaem ynaiiuy I&JOT
:sysess bslatiySSS
,insgs 140013 dyiv aynamyeevai bas dea*
yeYs930i bsu nos gaibul=i
:yam giupa bas 3aslq ,v.y=sgoi
baa.I
sonwwvozgmi bas egaibiiuN
ynemgiups bas t7enidooN,
eesigo=q ai aoi7oujswwa
mseo2 eonwaei, baog
4''Y 3,4F
r ,;r
r
immix aniialt
.n►ibayg muibail
ii
TBt,JKt,t (tTC,aai (TCS,dfT) CCt t
M'�I",
", M - Its, IC Cie:ems (CIe,CCti t88,OtT,t eQC SOd _ W'Cb Hof!►'. � ,I, I , 'LEI �I ;�i'�I��I I�Ii I�� '���N ���
- tff•,Oi1�4i1.�� CTf,CI Id lip, 4t R ........................, II
Liabilities and Fund Equity
Liabilities:
Currant liabilities (payable from current assets):
Deficit (equity) in pooled cash and investments
Vouchers and accounts payable
Accrued expenses (principally salaries)
Due to other funds
S Deferred revenue
Deposits and other
N Total current liabilities (payable from
current assets)
Current liabilities (payable from restricted
assets):
Construction contracts
Accrued revenue bond interest
Total current liabilities (payable from
restricted assets)
Long-term liabilities:
Revenue bonds
Total liabilities
Fund equity:
Contributed capital and retained earnings:
Reserved for construction and revenue bond
retirement
Unreserved
Total fund equity
2
CITY OF MIAMI, FLORIDA
Enterprise Funds
Combining Balance Sheet
September 30, 1980
Orange
Marine Miami Bowl Convention warehouse
Auditoriums Golf property Total
Stadium Stadium Stadium Center Marinas
$ 253,029
83,646
602,799
1,270,885 (537,917)
22,746
16,658
275,682
- 17,523
338
2,388
36,925
3,309 11,385
-
-
1,245,804
- -
-
555
190,713
- 19,320
_
-
-
- 4,820
276,113
103,247
2,351,923
1,274,194 (484,869)
367,137
(236,272)
(68,725) 1,734,582
9,987
31,221
- 373,817
3,885
10,435
- 68,665
1,245,804
26,895
-
20,000 257,483
-
29
- 4,_849
407,904 (194,587) (48,725) 3,685,200
1,875,880
1,267,400
3,143,280
60,000,000
276,113 103,247 2,351,923 54,417,474 (484,869) 407,904 (194,587)
1,875,880
1,267,400
3,143,280
208,000 60,2081000
159,275 67,036,480
- 17,549,507 - - - 17,549,307
2,183,802 1,095,194 9,818,263 - 4,165,761 52634,836 1,731,500 285.119 24,914,475
2,183,802 1,095,194 9,818,263 17,549,507 4,165,761 5,634,836 1,731,500 285,119 42,463,982
$ 109,500,462
2,459,915 1,198,441 129170,186 81,966,981 3,680,892 6,042,740 1,536,913 444,394
S-8 slubsdoE
AalMOl9 ,IMAIM 90 YTIO
abou3 9aizg79]n3
ai asgnadO bna asansgx3 ,49unsv5A to ]a9ms]s]2 gainidmoo
agnini&3 b9nis39A bna la]igsO b9]udii]no3
08el ,OE zsdm93g92 b9bas 7a9Y
9gnszO
lsl*eqa sauodszsw noi]n9vno3 !Wall imsiM saizall ls]aT *si]zsgozq Y]zsgozq 1103 amuizo]ibuA Gan! -Jam z9]nso muibs32 muibs]Z muibU2
zit.eBC,E -
ElB.zE
EPO.SBC
BPE,EOE
0z8,aQQ
-
OCE,faJ.I
CJE,QSI
JAS.BC S
as8zsda - asunsvui gni]a7sg0
89*1vz98 zo3
ezl,AAS,S -
4A82,eve -
-
a8A,w
JCC,OOS
zz£,a8A
eaO,TEL
Ce8,SA8
aAO,CC
SEz,lC
:asansgxs gai]azegO
OAl.OEf -
-
-
Ctz,E
QOC,OSi
eta,e
aaA.Bt
412E,al
82S.08
aSC.laA
QIB,lS
EOa,8S
zlz,Ez
Q11,C
Ala.AS
aAE,Sz
as3iv79a lsnoazsq
a*ivz9s Iw]oaz]aoo
l8E,E06 -
aa£,z8z,l -
-
-
188,86
84C,8al
w .erl
-
SS1,eQ
CCe,oe
ezC,OI
ez8,eE
uilgqus Gas alsizs]sH
STE,Ses -
-
CCz,Czl
Ala,a
an,dvs
A",OA
COC,Oa!
£zC,el
48S
IEe,CA
en,Aaz
Ca8,10S
a8C,ESS
2dWal bna r7evo ']ux
a9gzsd� ls]aeaansvagszta2
sea,Aez,z -
-
48C,z8C
C41,21C
ISS, QEe
QS8.8aa
SeA,au
BCB.JSC.i
E1
df a.idE
?T8
Czi. PPE
zsd]O
(CEz,z08,1) -
EIB,zE
(tea,£)
(wow
esa,ve
(esaoaa)
(80z,las)
ms,SES)
(E1e,OSE)
89ausgxs gai3az9go IS]aT
(gaol) 9mo wl gai3sisg0
Ase,Eoe -
(ASe,08C) -
laS,C
(AOS,A1)
Aae,e
-
-
EOA,zz
CAE,SI8
PJz.SS
_
_
:(asansgx9) asuaev9: gai]sz9gaaoN
aza.A
-
zSO,ES
-
Jai,zi
(OTC,aaC)
-
aIC,J
IC8,81
ezl,z
]a9z9]aI
a9g7ado laosit bas ]eszs]aI
zsd]0
jei.Aei -
(EAe,a)
OSa,OI
elojs
Cae,OC
CSa,&%
eaS,CS
IT8.8t
ezi,z
a9un9v97 gni2a79g000n Is]oT
_
(s9ansgxe)
(aA£,!la.l) -
OC8,8S
QSe.a
(JSC.880
aQl.BS!
(SOS,ESa)
(EAS,AES)
(BtA,E1S)
(J2C,z1E)
gni]a79go szolsd (asoi) 9sooaI
Sfe,EOC -
-
10S,ee
Cee.zes
-
-
-
000.001
AEI.eiS
az93aaaz]
wia.Coe) -
OC8,8S
OEt,aa
(CSI.£EI)
ae1,8St
(SOS,ESa)
(EJS,AES)
(81J,EJ)
(OSa.ae)
ni a793aasz] 201347eg0
(gaol) 9moaai ]SN
BCz,TAi.eT a[z,Oza,!
eJS,azS
OCE,zaa,I
Aiz.zta.8
zaz,CEO,A
-
OIE.BQA.Q
Tla.8E1.t
SSA.08S.S
b9nia]92 has is]igaa be]udiz]noO
7a9e 3o gninniged is agoimss
ael.42z
-
-
e]osmn9vog 191130 2071 anoi]udii]no0
caE,£se,l1 (a£z.oza.t)
-
-
(1zz.ca8,$)
-
A£A,ISE,z1
-
_
'
about 79d]o moll (o]) a793ansz] Y31up8
TBQ.EaA.SA -
etl,eel
00z.lEC,l
aE8,AEa,z
laC,eal,A
Toe, ek,il
£62,818,e
oei,zem
S08,E81,S L
03010789 b9nis]97 has ta]igao be]udi=]no0
zssC to bna is
1-q slubs�l]8
AOIAOJI ,IMAIM 90 YTID
abnuTl 9liv,98 ismslni
Ia'd8 sanals9 gnlnidmo0
O8Q1 ,OC z9dm9ig92
enOiJbOlnummoo �iynolisi6 iniz9 1sioT sonsnsinix" afaO�B Yizagozq zoioM ii�
`-•.---- nrl8 tiinsr i r yilduq
Oea,efs,s
f8f,a8T
eee,ll
OC
rain aM too9 s azs0 '�
asF i7sg0z1 r�k
eat,Ps �.
(CIT,OC) (OCO,QES) A e I a1J ,B,! toea,oa� boa be1400c",
,
- s
aea,11 !sa
I Jill'
�f I93013
Nut_
awasws sal�aiagoaoa
(asanpas)
F�^ fd :.
Csa, i
lBi, it
..«-W----
Moll
--` .r"r
eI:I,Q
o alol.a (.as.00nt
(faf,tta)
(EAf,AEt)
(lllA,C[t)
(Ati,ttO
alo»taasyl
nl natanasf 8n11siag0
t.�►(.ti(`t� �et.irst
om*nl 2stt
,.._ •- —�----
�- Cta)
(EAT,AEf)
(d1A,E+)
Moo be)
1a21ga3 baloalslsoO
1* be
mi,CEi) l,8ft (fOt, banlaial einnl,{ tn7aa
OlE,BeA,Q Sta,BEt,t LTA,Otii,f
lag% to , ad �s aka
�� �� Oit,tba�t ltL,tla,t< ttit,CEO.A - - a�nsaunsvos a.dlo most anobud2�1ao0
- - IfE,t aet,Att about �ad40 molt (03) 0atanai2 illuP!
ainlrna , bonla201 bna lrlag,nto�bndalla
` taf.815'e +e1,tQ0.t fOd•Idt•f 0
cot.'tee,I ate,+Ea.t------
199d2 9onalso SnlnldkoD
o8ei .OE i9dm91g92
smi3soinumo0 t(asno 9a92 9n!79 t(3l9go71q =010M '(310 0ilduq
SSSOT a0nans9nion 31009E god2 93nan93nism I004 9gsis0 e9i179goiq
W84ta,t;
S8E,881
ZaZ,2S
(EIS,OE)
(OEO,eES)
mi'ata
ne,t08,1
(Oea,oa)
use x1
at
-
-
m%, I l
U4%
-
-
mm
AbLe A
teT.eE
OEC,e
Dee,oe
SZ8,alI
all,oet
-
WA, Q'iIAC,S
618.,QEE
8Z8,rDa
(£8A,01)
WE, aEO
MAJEZ
8E8,IEo,I
(0ea,06)
CM,4Bt,E
-
-
'e0a, i
em oe
4%Ee, "t
RO, eSS, E
-
8i
SOa,sto
-
eof, aC
eat, 8oI
860, TOE, E
1IE, M, Z
EIA, SE
+et:�A.tS't,8
+ATa,OAe
sea,"
ZEE,CZ
omsa
u4,280,4%
OO+,CEe,Ot
(CCS,81) $
aTQ.t:1£
8I0,1t
e0o,Is
811,01
ISa,Bt
tot, Aa
C+e,ZEI
ZeZ,I
ate as
—"
Ooi.a
M
2Za,I
SSt.as
e".82
E8E,CS
SQC,+
c
e31�C.cs
88E,11
CC8,11
E4%1,Z8
4%t1,E8
OEE,Eat
TBE,a
S13P.eSC, 1
aox"ble
ml.SA
8Z4%.z
(EZ8,11)
ZCS,SOO,A
OCO, " ,OI
QUM,AE)
a'; gMaA,9ES101
i►SA.1►t'e
8Z8,Aa
PEE, TZ
ns,Ta
eSa,Z80,J
000,CEe,01
(CC2,82) 8
a19aaA
:82988a 1n97lu0
boa daa0 b9looq ni Ololl9b) V(31up3
a2c9m2a9vn1
91dav1979= alnuo73A
a9i-xo2nsvnI
alsees 2n9=7u0 Ia2oT
:1n9mgiup9 boa 2nalq ,T2isgO79
a2nw9vo=gmi boa agniblius a,
2n9mgiup9 boa y7suld0sM
v3iup8 bnu3 has e91:31IMai.l
: e9131IMail 109770
91dseaq alnu000a bus eisd0uoV
(as!-jalas v(11ag1on1Tq) esansgx9 b9u=00A
e913111dail IsloT
agninsa9 b9n1mI boa Ialiga0 b92ud172uo0
r
r
-
i-
`��
pi
wwuw..r�n�.e..w.wrww
S-4 slubsd�E
AalAOJj
,IMAIM 30 YTIO
abnu3 9Oivi92 Ianz97nI
89ansgx3 ,a9un9V9a 10 jn9m9ya72 aninidmOZ)
agnin7s3
�p
b9als3s3l
bna lsllgsD b97udi=7no3
ni asgnsdO bna
Av
08e! ,0£ Isdms]g92
b9ba9
iasY
l ByOT
anolizolnummOD
97ABD 93DlaM
xisnoiisle
�I70I2
iaiiq
god2
y3isgo:q
9onBn93nism
zo�oM
e7iO
nitdnq
looq
9 676
892719g02q
r -
8£S•t01.B
A£2.1C8
aol,z—OS
8lz,aal
aa8Loae.j
fea,ae l.T
ftf Toe.S
aJJ�00J
a921w798; 703 89g7ad0 - 89Un9V9Z g/fL7aZ
e8e,eve,t
s£A,eza
zt£,Sz£
£lt,eet
CCa,£I
ASS
£a8,S8
eel,zoS,!
eCz,CS8
aCe,eil,!
OOA,AC£
:asausq" Balia=sgot
CaC,Aef,£
!££,le
sA£,£A
zSa,z
A£Z,£CI
eeS,aS
Cll,8a
AAl,TSE
e8e,8aS
Afa,Cf
aAl,AAA,i
l8z,aa
eeC,C££,!
fAS,C
ae8,8z
a931"ga lanoaisq.
a9sivs9a tau23g=7noO.
aaa, W
SCC,z8
-
Eve
ACi,l
ale,z
e88,SS
£al,42
Jaz,I
esilgqua bas alallsism
elc,£
aCa,AZS
8CO3lll
81f,fil
Oft C
z9woq bas sdgil ,7ssi
iei,80T.8
lCl,aBa
804%,881
Szl,S8I
ASe,azo,S
aSZ,EZA,S
CCC,Iea S
<
fESeAA
=9dso
(£ze,S)
£a£,z81
OOC,al
(Ma, ?I)
(8CO,ae)
(£em es)
m,olS
,
(CSC,84)
a9ansgx9 gni7si9go ta�oT
(8801) 9moaai gai7a29g0.
zol,SCS
Sol,S
ACO CS
Sie,l
_
oe!
-
lfO,zAS
-
:89un9V9T gnila=sgonOlf
_
_
789Ts7aI
COS,ACS
a8e,8S
-
oe!
_
-
Ysd�O
-
lfO,zAS
-
89Un9v97 3niJ&79gonoa la7oT
Aes'ITS
eAf,4is
OOC,al
(AAA,zl)
(8co,ae)
(feO,ZZS)
COa,z&%
(CgC,gA)
3ni7s=9g0 9203sd (a8ot) 9moaal
woe, of)
Azf OAS
(000,oc)
eA£,AA!
_
ASz,S�
OOO,OC
-
(ASA,£a)
-
a=93ans7l
OOC,a!
080,C!
:9�O,aS)
(£eO,ZZS
f81,Sef
(C8C,8A
WO) ai aislanall gni7azsgO
(aaot) smooai ism
aae,z8a,A!
-
OeCt zS
8Cf,8S
(00C,8)
w,40,f
a8C,A0S,ll
fAS,I
agnizzss b9niais= bna la7iga3-bsiudi:snco
Sal,000
-
Czf ,SCC
-
-
2Se,it
789Y 30 Wlnnigsd 79 (7iailsb)
ee8,SS8
_
(ee8,SS8)
088,SI
about 79d70 m023 (01) a7slansTY X73ups
18A,EST, el
aoC,aie
OeA,SA
86%,ZA
(£z8,1S)
ZTS,100,4
OCO,ACC,OI
(Aaa,A£) g
b9at679Z bna ls3lq" bsaudiT3ao0
zasT 36bus 7a (7 ui39b) agaiaTsg
:..07 � ---
. .
AQIAOX, ,IMAM T
no YIO
sbnuq X3n93A bna Jaw -IT
�99d2 snnsla8 Snlnldmoo
08el ,OE I9dm9yg92
'I9lf 3O
lsyoT
eyrlsTa pAH.I AQH
Ylinummo3
K
ATBD -IA901Q019V9Q Q028A9q
i"
ram.
✓ ��,%Y ��+
eFe,e
8as,e8i,s
eEetc,
818.208.a
IIII IIII I I IIIII� I II. _
III III Ilh III Rp ' � N N � N� . ��� i I��,��-� �� ��� ,���_, ' ���t'�+�►�
W.
i
u
�k
AV
..
(Eeu,tt4)
(Nei go)
i ( Ctfibe)
ar `�E
(E oltzS
o�
- 1 tC
!i
EA41
b get t
(ObC,g) paA,AEA,E
tog Sse tees_ Ss �e%--
---" - OCb,AtC,01 taaa,At�
(tee, SO
Li
F 1.-,v "Ot"ba as
79fiso
Is -SOT a3asi0 AAM AaS
AQIAOJV IMAIM 10 YTIO
abau3 yon9gA ban iau7T
i99d8 9ansis8 galnidmo0
08ei ,OE 79dm9]g92
yjlnummoD
AT33 in9mgol9V9Q nolan9q
emit - - - - - e£e,E
als,z08,a i'el,EEE OCE,M OIz,8t£ Oaz,m,1 C8I,1805,+1 -
azPC, a - - azz,4% - - -
IsZ,i:00,e IEi,£EE OVE,zzl aao,ES£ oaz,Se£,I c81,aoa,4 COS,Eel,S
UE,SSV,a
1 i.,O4S
4%ZT jEl
ERJ81
EOO,EEV
z51,40E,E
Mjili
S4e.,ts8,s
ztc,08
lae,EI
IIE,oz
ecc,8as
alo,eet,i
0I41,81s,1
8ac,SOE
IIT,£i
1cc,?z
Iz4%,8s
czz,oss
84%z,8E
olc,t
SEe,sal
x1l sl
-
-
z08,Ou
-
-
OC
Oor-'st
oce, i
4%cz, ra
-
-
18S j
oa
-
Oel,'S�DI,B
88E,T14%
4)",zz1
z4-E,414%S
zS4,4CE,I
e8C,zEz,41
Sc1, M,I
-alm'900e
(ceit4e)
oto
ISc,81
zE1,81
HE,OV
zEo,8S8
lSt,Eoo,e
IeI,EtE
ocE,zzl
aao,ESE
oaz,seE,l
c81,aoa,4
Z
cos,Eel,SILI
sayunays't eesiiasago�N
iasx*in2
sadi0
aaunys►ai 1n11619410non 1ai°7
(Boot) 9"°5n2
gnii*yagd aioiad ( aialana�i
(iuo) ni n»'lanais gnll61940
•ns Isiiq"� baiud27ino�
saniniss banialal b nnlgsd is (]Iy21bb)
is�t io 8 a»len.yi ritupa
abnul 'aadio mo�i (oi)
benE&i�� bna ta]i4a2 baiudi=i'"Oi
-1ret lb bns ]r (il,ljab) 62n2n' "
sisseA
,9ldsollggs 979dw ,Jsn) e9IdBVl979A
$9ldly:)9llo:)nu 7ol a93nswolls 3o
:(ISC,Aao,le 30
esxsT
ainu000A
ansol bns a9ion 9$s$i7oM
8in9mn79V0g 79di0 mo7i qua
79dio bns a9ansgx9 blsg974 `
d
asonsls8 bnul bas aslillidsi.l
:a9l3MdslJ
bns daso b9tooq ni iioi194
83nsmia9Vnl
9ldsysq slavooas bns a79d3uoV
yllsglanl7q) 89an9gx9 b9u7*3A
(a917slse
8in9mn79Vos 79d30 07 qua
9un9V97 b977939Q
9ldsbnu397 aiiaog9Q
aslillidsll IsiOT
W oll9b) asonslsd bnui
i
Fwt
iiteveanes,:
r Uter;overnmentai grants
jutragovernmental charges
Other
Total revenues
expenses:
Grant and related expenses
;Pension expense
'Dncollectibie'delinquent property taxes
Other
Total expenses
(d f'cieac ) of revenues
IIIJIIIIIIIIIIIIIIIIIAI III IIII I IL L u ..
CITY OF MIAMI, FLORIDA Schedule G-2
Trust and Agency Funds
Combining Statement of Revenues, Expenses and
Changes in Fund Balances
Year ended September 30, 1980
Community Other
Pension Development CETA RDA LEAA Grants Total
$ - 8,685,370 8,861,688 897,476 541,774 1,984,795 20,971,103
15,673,731 - - - - 15,673,731
436,339 - - - - 156,562 592,901
16,110,070 8,685,370 8,861,688 897,476 541,774 2,141,357 37,237,735
8,638,651 8,903,195 890,360 627,470 2,911,699 21,971,375
14,273,007 - - - - _ 14,273,007
38,012 - - - - 38,012
646.956 - _ - - - 146,287 793,243
14,957,975 8,638,651 8,903,195 890,360 627,470 3,057,986 37,075,637
r.xcess e i J 1,152,095
over expenses
Other financing sources.
operating transfers in -
Excess (-deficiency) of revenues and
-other financing sources over
expenditures 1,152,095
Vund balances (deficit) at beginning of year (324,060)
j4pifty transfers (to) other funds -
Pud! balances (deficit) at end of year $ 828,035
r i1
-n
46,719 (41,507) 7,116 (85,696) (916,629) 162,098
470,176 470,176
46,719 (41,507) 6,116 (85,696) (446,453) 632,274
23,679 59,642 71,605 85,580 428,487 344,933
- - (76,231) (76,231)
70,398 18,135 78,721 (116) (94,197) 900,976
JC'�`ro
..w.w-�
r�' `l x•
,�.r.vi .&4.'r ;+�. s9 .2..'w"t„i.:iwk 5 W'.W�tNx%'At�an��Y+h4??t�bb,,§�'�`k'°`a'E%.t
..f�'L'.t
0 R
(�
Ci ii
W �
1D 2 O
r
0 009Ci.
W O
M
0
�,
ro
0
nCD i
a -
� o�mF-
a ►� CD
a 0 P p' 0 �
u iy, rt N su CA Oq G 0)w cn ED
to lid 0
41
0 0, as >4 1-0 Z
� -j.
cfi 1 g W °� x ~'0 cry N0 0 0
y� N yD� � {D /day b 1"1 Ct ::rAD
l I� Y 5 5'4 LTd S4 sir Fr .. '� '. � M � ly C O
�.� p,
�' '� a�' o v
0
\N
w
N
^
NC4
o�
2;
v
v
4b
^
_
'0
—1
W
to
00
�O
y-�
00
a
r
p
^^
_Nw
v
1 40
tT
v
Ln
..
+n
':
o,
Go
w
ao
•.+
in
..
N
00
Cn
00
b
C
ar
w
X
a' >
>
>
o
r4
has
M
LOi 41
00
41
-•
-'
w
W ►V4
..44
1►�
0
0 0
C
w
w
14
C
a
u 00
N
w
C
C C
at
4J •.+
N
m
a
a
-'
to
u
CSu
4)w
'C
_
tB
•'4 C
•• •.4
.,a
C
44 d
m
w
CI
a
tU CL
•O
d ca
4J • 4 4J
u
N
X
v W0
u M
p 44•4
..
.4
�.
•.4
44
►+ C
-,4L
• 44
'
m $4
O to
c0 W 41
w
v
w
-4
at 4)
W 0
W ,C a
d
41
0
-0N
41
tOJ
00 1144
U O W
H
W
X
4!
-
W
to
w
rn
U e0
41
ao
41
C C
u
C
u
_
w •14
C
R
C
L
B
G
v
tp
W
.4
V
.••I
a+
4
W
O
W W
SAM 00weteo OFFICE
LCOA BUILDING
pME MAAItl*': PLAZA
SAM FpANC19C0. CALL F. 9411 I
tCLLP110NE: 41E' 39A - 3909
BROWN, WOOD, IVEY, MITCHELL & PETTY
ONE LIBERTY PLAZA, NEW YORK, N.Y. 10006
212-349-7500
TtLtk'. 127324
CABLE ADontns: 6AOvrOODLAW
TCLECOPIE11; 212.34E-7s16
(PROPOSED FORM OF LEGAL OPINIONS)
City Commission of the
City of Miami, Florida
Gentlemen:
APPENDIX Is
PAMPA OFFICE
BARNETT BANK BUILDING
1000 ASHLEY DRIVE
TAMPA. FLORIDA 3.1602
TELEPHONE: 913 -223- 9600
We have examined certified copies of the legal proceed-
ings, including the election proceedings and the validating
proceedings and other proofs submitted, relative to the issu-
ance and sale of
$..........
THE CITY OF MIAMI, FLORIDA
.............................. BONDS
Dated August 1, 1981.
Denomination $5,000.
Numbered 1 to ....... inclusive.
Maturing annually, August 1, in numerical order,
lowest numbers first, and bearing interest, pay-
able semi-annually on the lst day of February and
August in each year, first interest being payable
on the lst day of February, 1982, as follows:
Year of Principal Interest
Maturity Amount Rate
B-1
City Commission of the
City of Miami, Florida Page 2
Both the principal of and the interest on said.
bonds, excevt 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 at Pan American Bank,
National Association, in the City of Miami, Florida,
at the option of the holder or registered 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.
w;
Said bonds maturing on or after August 1, 1998 are subject
to redemption at the option of the City on and after August 1,
1997, in whole on any date, or in part in the inverse order
of their maturities (by lot within any maturity) on any
interest payment date, at the following redemption prices,
plus accrued interest to the date of redemption:
Redemption Period
(dates inclusive)
Redemption Price
(percentage of
principal amount)
August
1,
1997
to July
31,
1999
104 %
August
1,
1999
to July
31,
2001
103 %
August
1,
2001
to July
31,
2003
102 %
August
1,
2003
to July
31,
2005
101
August
1,
2005
and thereafter
100 %
.. installment of a voted and authorized issue of
$..... ..... Bonds of The
City of Miami, of which $........... 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 Constitution and laws
of the State of Florida, including the Charter of said City
f�
i
M
r�
x
M
City Commissionofth-
City
of Miami-, Florida
(Chapter 10847, Special Law
that said bonds constitute
tions of The City
mi
interest thereon the full f
The City of Miami are irrev
taxable property within The
steads) is subject to the 1
limitation as to rate or air
bonds and the interest their
We are further of the
bonds is exempt from all p-
existing statutes, regulat_
k�
4
k P
73 � 3 .
Yam:
¢lr �`est an said
bond registered
are payable at
Manhattan•, City
+ Ameri can Bank,
tg. itq of Miami, Florida,
registered owner.
mistered as to both
-be paid by check or
red owner.
alone and also as to
'fter August 1, 1998 are subject
,he City on and after August 1
� part in the inverse order
in any maturity) on any
Ilowing redemption prices,
e of redemption:
Redemption Price
(percentage of
principal amount)
104 Q_
103 Tt
102 a_
101
100
ed and authcrzed issue of
Ron ds of The
renain =issued.
f said bands as executed
of the op.-inf.-cm- that such
ul authorit =or the issuance
to the Conan--Ulion and laws
ng the Charter c= said City
City Commission of the
City of Miami, Florida page 3
(Chapter 10847, Special Laws of Florida, 1925, as amended),
that said bonds constitute valid and binding general obliga-
tions of The City of Miami for the payment of which and the
interest thereon the full faith, credit and taxing power of
The City of Miami are irrevocably pledged, and that all the
taxable property within The City of Miami (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 the interest on said
bonds is exempt from all present Federal income taxes under
existing statutes, regulations, rulings and court decisions.
Respectfully submitted,
&3
J
The Honorable Maurice Ferre
and
Honorable Commissioners of
the City of Miami
Gentlemen:
July 7, 1981
APPENDIX C
GEORGE F. KNOX, JR.
City Attorney
As of July 1, 1981, the City of Miami is involved in the
following major cases:
A. Gates vs. the City of Miami
This is a class action on behalf of present and former
employees of the City, seeking to require the City,
for the years 1939-1975, to retroactively make additional
deposits to its pension plans totalling approximately
$30,000,000, including $8,000,000 in interest. The Plain-
tiffs claim that the City levied property taxes for
"pension or relief" purposes and was required to, but did
not, deposit all such revenues into the pension funds.
Instead, a portion of these tax monies was used for the
City's social security contributions, the City's re-
quired portion of premiums on group health and life
insurance policies, payment of judgments on pension
related cases, the City's workers compensation obliga-
tions, 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 interlocutory appeal from the court's ruling on the
two counts as to which summary judgment was granted. On
January 20, 1981 the District Court of Appeal affirmed
in part and reversed in part the summary judgment. The
City petitioned for rehearing, which petition was denied.
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, the City's ultimate liability
cannot be determined at this time.
OFFICE OF THE CITY ATTORNEY 174 E. Flagler Street/Miami, Florida 33131/13O5) 579-6700
GI
The Honorable
and Honorable
July 7, 1981
Page 2
Maurice Ferre
Commissioners
Pension Trustees Suit_ i
B.
The Board of Trustees r
a petition for Writ of
to contribute an addit
amount actually approp-
The plaintiffs in each
required to contribute
certify in accordance
the boards.
The City Commission in
limiting the increase
bution relating to th
costs to five percent
is the City's positioi
its budgeted contribu-,
actuarially sound, th-
required to appropria
by the pension boards
tically required to d
defaulting on its res
City. The State of
tion has informed the
provides for the ade
for the retirement p
Part VII, Chapter 11
In September 1980, t
ments to the City's
ordinances would ve$
duties of the Retie11.
for the retirement
enactments have bee
stay is the subjec
y.
-
This litigation i
the opinion of CoWy-..
.3
determinable.
• City of Miami u
The City is III -
i
+
y
Y,
�s'e
1981
Op%
GtORCt F. �X�
KN� CiM4 The Honorable
and Honorable
July 7, 1981
Page 2
Of Miami is involved in the
ialf of present and former
alg to require the City,
etroactively make additional
totalling approximately
,,000 in interest. The Plain-
ied property taxes for
.and was required to, but did
s into the pension funds.
ax monies was used for the
butions, the City's re-
group health and life
f judgments on pension
kers compensation obliga-
he City of pension. -related
was entered against the City
complaint on October 9, 1979,
=iat monies taxed for pension
2erly used by the City to pay
'City and for contributions
Iligations. The City filed
he court's ruling on the
judgment was granted. On
Court of Appeal affirmed
he summary judgment. The
which petition was denied.
ion that its allocation of
=s levy of property taxes
s was proper. However,
City's ultimate liability
wme.
Maurice Ferre
Commissioners
B. Pension Trustees Suit for Contributions to its Pension Plans
The Board of Trustees of each of the pension plans has 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
actuarially 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 automa-
tically 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 Administra-
tion has informed the City that this funding technique
provides for the adequate and proper actuarial funding
for the retirement plans, and meets the requirements of
Part VII, Chapter 112, Florida Statute.
In September 1980, the City Commission enacted amend-
ments to the City's pension ordinances. The amended
ordinances would vest in the City Commission the
duties of the Retirement Board and Board of Trustees
for the retirement plans. The effective dates of the
enactments have been stayed by the Circuit Court, which
stay is the subject of appeal by the City.
This litigation is in its preliminary stages and, in
the opinion of counsel, the outcome is not presently
determinable.
C. City of Miami vs. FEC
The City is involved in a "quick take" eminent domain
Street/Miami, Florida 33131/005) 579-6700
C-2
The Honorable Maurice Ferre The Honorable Maurice
and Honorable Commissioners and Honorable Commissi;
, 1981
July 7, 1981 Pale 4
Page 3 g
action to acquire 32.64 acres of bayfront land owned
by the Florida East Coast Railway Company (FEC). The
property is located in downtown Miami, between N.E.
6th and N.E. 9th Streets, and bounded on the west by
Biscayne Boulevard. 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 Stip-
ulation entered into between the parties. In accor-
dance with the Order of Taking, and the Stipulation,
the City deposited $14,500,000 with a local deposi-
tory which has been invested in certificates of de-
posit. The certificates of deposit currently held
will mature November 12, 1981 and will aggregate
approximately $21,633,000.
In March, 1981, a jury trial on valuation resulted in
verdict awarding the FEC $23,350,000 for the property.
Final judgment was entered on April 24, 1981, with 10%
interest to accrue thereon as of April 2, 1981. The
City has filed a Motion for New Trial. If the Court
denies that motion the City will file its appeal im-
mediately. The Court has reserved jurisdiction to
award FEC attorneys' fees and costs.
In a separate proceeding filed before the Interstate
Commerce Commission, (ICC), FEC challenged Florida's
and the Federal Court's right to determine the nature
of the railroad track located on the property and ruled
that the FEC track is a "line of railroad" requiring
a certificate of abandonment from the ICC. The City
has appealed that ruling to the United States Circuit
Court of Appeal, Fifth Circuit. On January 22, 1981
the ICC filed a complaint in the United States District
Court for the Southern District of Florida seeking to
require the City to obtain a Certificate of Abandonment
before taking possession of the property. The Court
entered an Order prohibiting the City from taking
-
possession until a decision is rendered on the pending
case before the Fifth Circuit or until further order
C-3
of the United Sta
The ultimate amou
other defendants
have sustained, i-
and Court costs,
Motion for New Tr
of the City' s app.
such amounts cann=
D. Other
There are various
City resulting pr.
incurred on City
officials and the.
result in a liabi
iz, z 00.0oo .-r888, whit.
Fund. Additional'
change in the sty
port from this of
dated May 13, 19p-
Company, nor has
ficant litigatio%
the proposed . BQnK.
1
S'
r
�y1
4•
Y49.
-}T
4
The Honorable Maurice Ferre
and Honorable Commissioners
July 71 1981
Page 3
action to acquire 32.64 acres of bayfront land owned
by the Florida East Coast Railway Company (FEC). The
property is located in downtown Miami, between N.E.
6th and N.E. 9th Streets, and bounded on the west by
Biscayne Boulevard. 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 Stip-
ulation entered into between the parties. In accor-
dance with the Order of Taking, and the Stipulation,
the City deposited $14,500,000 with a local deposi-
tory which has been invested in certificates of de-
posit. The certificates of deposit currently held
will mature November 12, 1981 and will aggregate
approximately $21,633,000.
In March, 1981, a jury trial on valuation resulted in
verdict awarding the FEC $23,350,000 for the property.
Final judgment was entered on April 24, 1981, with 10%
interest to accrue thereon as of April 2, 1981. The
City has filed a Motion for New Trial. If the Court
denies that motion the City will file its appeal im-
mediately. The Court has reserved jurisdiction to
award FEC attorneys' fees and costs.
In a separate proceeding filed before the Interstate
Commerce Commission, (ICC), FEC challenged Florida's
and the Federal Court's right to determine the nature
of the railroad track located on the property and ruled
_
that the FEC track is a "line of railroad" requiring
a certificate of abandonment from the ICC. The City
has appealed that ruling to the United States Circuit
mn
Court of Appeal, Fifth Circuit. On January 22, 1981
the ICC filed a complaint in the United States District
Court for the Southern District of Florida seeking to
require the City to obtain a Certificate of Abandonment
before taking possession of the property. The Court
;.
entered an Order prohibiting the City from taking
possession until a decision is rendered on the pending
case before the Fifth Circuit or until further order
IS �
E
�-3
The Honorable Maurice
and Honorable Commissi,
July 7, 1981
Page 4
of the United Sta
The ultimate amour
.y other defendants
have sustained, iF
and Court costs,
Motion for New Tr,
of the City's app
such amounts cann�
D. Other
There are various'.
City resulting pr
incurred on City'
officials and the
result in a liabi
whir
Fund. Additional.
change in the sta
port from this oft
dated May 13, 1%0
Company , nor haft
ficant litigatio-
the proposed Boxy
N
wr
rr�arF
F
sSC 64
yV
The Honorable Maurice Ferre �5 The Honorable Maurice
and Honorable Commissi-
and Honorable Commissioners '
July 7, 1981
July 7, 1981
Page 3 v Page 4
action to acquire 32.64 acres of bayfront land owned
by the Florida East Coast Railway Company (FEC). The
property is located in downtown Miami, between N.E.
6th and N.E. 9th Streets, and bounded on the west by
Biscayne Boulevard. 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 Stip-
ulation entered into between the parties. In accor-
dance with the Order of Taking, and the Stipulation,
the City deposited $14,500,000 with a local deposi-
tory which has been invested in certificates of de-
posit. The certificates of deposit currently held
will mature November 12, 1981 and will aggregate
approximately $21,633,000.
In March, 1981, a jury trial on valuation resulted in
verdict awarding the FEC $23,350,000 for the property.
Final judgment was entered on April 24, 1981, with 10%
interest to accrue thereon as of April 2, 1981. The
City has filed a Motion for New Trial. If the Court
denies that motion the City will file its appeal im-
mediately. The Court has reserved jurisdiction to
award FEC attorneys' fees and costs.
In a separate proceeding filed before the Interstate
Commerce Commission, (ICC), FEC challenged Florida's
'
and the Federal Court's right to determine the nature
of the railroad track located on the property and ruled
that the FEC track is a "line of railroad" requiring
3
a certificate of abandonment from the ICC. The City
_.
has appealed that ruling to the United States Circuit
'
Court of Appeal, Fifth Circuit. On January 22, 1981
the ICC filed a complaint in the United States District
Court for the Southern District of Florida seeking to
require the City to obtain a Certificate of Abandonment
before taking possession of the property. The Court
entered an Order prohibiting the City from taking
possession until a decision is rendered on the pending
case before the Fifth Circuit or until further order
G3
of the United Sta-
The ultimate amou
other defendants
have sustained, i
and Court costs,
Motion for New Tr
w' of the City's app
such amounts cann-
D. Other
There are various
City resulting pr,
incurred on City
officials and the
result in a liabi
1,290,0 whic.
Fund. Additional'=
change in the sta
port from this of
dated May 13, 190
Company, nor has:
f icant litigati.or
the proposed BoA
rn_
`tt
P
kg
ux _
E ,
i
F a,
?F �
The Honorable
and Honorable
July 7, 1981
Page 3
Maurice Ferre
Commissioners
The Honorable Maurice
and Honorable Commissi,
> July 71 1981
Page 4
action to acquire 32.64 acres of bayfront land owned
of the United Sta
by the Florida East Coast Railway Company (FEC). The
p;
The ultimate amour
property is located in downtown Miami, between N.E.
other defendants
6th and N.E. 9th Streets, and bounded on the west by
9
have sustained, i;
Biscayne Boulevard. In March, 1978, a trial court
and Court costs,
entered an Order of Taking and an Order of Necessity,
Motion for New Tr
vesting title to said property in the City, subject
:✓
;
pp
of the City's anc
to a Stipulation entered into between the parties.
such amounts cane=
In accordance with the Order of Taking, and the Stip-
ulation entered into between the parties. In accor-
D. Other
dance with the Order of Taking, and the Stipulation,
_
the City deposited $14,500,000 with a local deposi-
There are various
tory which has been invested in certificates of de-
City resulting gr
posit. The certificates of deposit currently held
incurred on City
will mature November 12, 1981 and will aggregate
+.
officials and the
approximately $21,633,000.
result in a liabi
In March, 1981, a jury trial on valuation resulted in
�} vv,��ov 21 ^rt^ ^^8, whit
Fund. Additional`
verdict awarding the FEC $23,350,000 for the property.
change in the sta:
Final judgment was entered on April 24, 1981, with 10$
port from this o8'
interest to accrue thereon as of April 2, 1981. The
dated May 13, 198
City has filed a Motion for New Trial. If the Court
Company, nor has
denies that motion the City will file its appeal im-
ficant litigatiQj_
mediately. The Court has reserved jurisdiction to
the proposed AOn�-
award FEC attorneys' fees and costs.
,r
In a separate proceeding filed before the Interstate
Commerce Commission, (ICC), FEC challenged Florida's
and the Federal Court's right to determine the nature
of the railroad track located on the property and ruled
$_
that the FEC track is a "line of railroad" requiring
a certificate of abandonment from the ICC. The Cityr
has appealed that ruling to the United States Circuit
Court of Appeal, Fifth Circuit. On January 22, 1981
the ICC filed a complaint in the United States District'
Court for the Southern District of Florida seeking to
a
a
GF/TVA--
require the City to obtain a Certificate of Abandonmentu
before taking possession of the property. The Court
entered an Order prohibiting the City from taking
possession until a decision is rendered on the pending
s..
case before the Fifth Circuit or until further orders
r
F
E
a`a
n
/
Of bayfront
aY Companyland own
Own Mi ( FEC ) owned
ami, betwee The
mounded n N.E
'itch. 1978 °n the west b
nd an Order tof al court Y
toy in the City, NSs1tY,
between subject
ler of Takin the Parties.
'en the 9, and the Stip_
kin Parties• In actor_
'000 With and ahe Stipulation
°a in
Iocal deposi_'
certificate
E deposit currently hes °f de_
181 and will aggregateld
1 on valuation
3,350, 000 for the Property.
in
an April 24. 1981 Property
as of April 2, with 10%
New Trial. 19819 The
Will file its f the Court
served jurisdictponitom
costs.
-ed before the Interstate
FEC challenged Florida's
— t to determine the nature
-d on the Propert
,e of railroad" Y and ruled
:+from the requiring
ICC. The City
the United States Circuit
�t• On January 22 1981
States the United S '
Ct Of es District
-Certificate
seeking to
he of Abandonment
Property. The Court
the City from taking
8 rendered on the pending
or until further order
The Honorable
and Honorable
July 7, 1981
Page 4
Maurice Ferre
Commissioners
of the United States District Court.
The ultimate amount which the City must pay FEC and
other defendants for the property and damages they may
have sustained, including defendants' attorneys' fees
and Court costs, depends on the outcome of the City's
Motion for New Trial or in the alternative the outcome
of the City's appeal. In the opinion of counsel,
such amounts cannot be determined at this time.
D. Other
There are various other claims and lawsuits against the
City resulting principally from personal injuries
incurred on City property. In the opinion of City
officials and the City Attorney, these claims could
result in a liability to the City of approximately
p, ;Z c,O,L,oL, , which is reflected in the Self Insurance
Fund. Additionally, there has been no material
change in the status of cases summarized in the re-
port from this office dated April 27, 1981 and up-
dated May 13, 1981 to Peat, Marwick, Mitchell &
Company, nor has there been any subsequent signi-
ficant litigation that would materially impact on
the proposed Bond issue.
GFK/TVP/wpc/02
Sorely,
GecktDe F. Knox,
City Attorney
C-4