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HomeMy WebLinkAboutR-81-0624AUOLUTWN NO$ 81.6 2 4 A286tU TtON APPROVINd THE PRELIMINARY OPPICIAL STATEMENT PERTAINING TO THE O OS0,000 THE CITY OF MIAMI, FLORIDA, dENERAL OBLIGATION BONDS AND AUTHORI2-- ING THE DISTRIBUTION OF SUCH PRELIM" INARY OFFICIAL STATEMENT TO PROSPECTIVE PURCHASERS OF SUCH BONDS AND FURTHER AUTHORIZING THE MAYOR TO EXECUTE THE FINAL OFFICIAL STATEMENT PERTAINING TO SUCH BONDS. BE IT RESOLVED BY THE COMMISSION OF THE CITY OP MIAMI, �`L�SRIDA Section 1. The Preliminary Official Statement dated July 10, 1981, presented to the Commission of The City of Miami for its consideration on the date of the adoption of this resolution is hereby approved and its distribution by the Acting Director of Finance to the prospective pur- chasers of the $9,150,000 The City of Miami, Florida, General Obligation Bonds, dated August 1, 1981, which are described in such Preliminary Official Statement, is au- thorized. Section 2. The Mayor of The City of Miami, Florida, is authorized and directed to sign, on behalf of the Com- mission, the final Official Statement pertaining to such bonds which shall be substantially in the form of the Preliminary Official Statement as approved by the Commission, with such changes, insertions and amendments of a minor nature that are satisfactory to the Mayor. Section 3. The Acting Director of Finance and other proper officers and consultants of the City are hereby authorized and directed to take such action deemed appro- priate in connection with the offering of such bonds at public sale. 18, CITY COMMISSION MEETING OF JULO 9 1981 ,.tq1.g2 RESOLUTION NO .......... .......... REMARKS:- ........................ In the ofii►tio►t ol' Bond Counsel, interest on the ftonds i.+ twemlu,t om alllwt�se►►t I-ederal income taxes under eristins stutu s, rc tkulutions. ruline.i and t-r►url decisions. SI VI , ISSUVI $94150,000 The City of MiaMi, Florida General Obligation Bonds $1,750.0(X) lire Fightinu, 1•irc I'te\cmion and Rescue Facilities llond% 4,400,(X10 Housing Bonds 3,000,000 Storm Smer Imprmcn)ent Bonds Dated: August 1, 1981 Due: August 1, as shown i►elo" Interest on the Bonds is payable semi-annually on February 1 and August 1 in each year. commencing. 1ebruary 1, 1982. The Bonds are issuable as coupon bonds in the denomination of $5,000 registrable as to principal only or as to both principal and interest. Principal of, premium, if any, and interest on the Bonds are payable, at the option of the holder, at Chemical Bank. Ness 'fork, Ne%% fork, or at the !'an American Bank, National Association, Miami, Florida. The Bonds maturing on or after Augum 1, 1998 are subject to redemption at the option of ttte Commission of the City on and after August 1, 1997. in \%hole on anc date, or in part in the in%er%e order of their maturities (hy lot \%ithin any maturity) on any interest payment date, at at) initial redemption price of 1041'o, plus accrued interest. `i'he Bonds are gencial obligations of the City for %%hich it-, full faith and credit are pledged, and are payable from unlimited ad \alorem tapes levied on all taxable property in the ('ity (ciLcluding homestead exemptions, as required by law). MAIVRITIES. AMOUNTS, RAhF:S AND YIELDS OR PRICES (Accrued interest to he added) Due Principal l ield or Dur Principal It field or Due August t Amount )fate Price August I Amount Rate Price August I 1983 $255,(W 1993 380,0(Xl 2002 1984 260.(XX) 1994 390,000 200.1 1985 265,0(x) 1995 400,M0 20(14 1986 270,(XX) 1996 405.000 2005 1987 275,0(X) 1997 415.000 2(ft 1988 295,000 1998 460,000 2007 1989 300,000 1999 475,000 2009 1990 310,000 2000 490,000 2009 1991 3)5,000 2001 505,000 2010 1992 330,0(X) 2011 Principal Yield of amount {fate Price $160,000 _ _ 210,(H)) 210AM I I0IM0 210,000 210,(M 265,000 265,000 3001000 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, I%,ey, N itchell & Petty, New fork, New York, Bond Counsel and to certain other conditions. It is expected that the Bonds in definiti%e form will bt available for delivery in New York, New York, on or about August 12, 1981. Sealed proposals will be received by the Commission of The City, at its regular plate of meeting in the City Nall, 3500 Pan American Dri%e, Dinner l:ey, Miami, Florida, until 11:00 A.M.. Miami time, on July 23, 1981. Please refer to the Official Bid Forin and Notice of Sale, which outline the terms and conditions for the submission of offers to purchase the Bonds. .lulu 10, 1981 003 0 . .1/' to/,? v THE CITY, OF MIAM19 FLORIDA MEMRw.ItS i I~ BOARD OPi ItY COMMISSIONERS MAURICE A, FERRE, Mayor JOE CAROLLO ARMANDO E. LACASA THWI)ORP R, OIBSON J. L. PLUMMER, JR, CIS Y OP ICIALS City Manager .......................... . N& V, OARY City Attorney ..................... G. F. kNOX, A. Acting Finance Director ..... ...... C. E. OARCIA City Clerk ............................. R. G. Otis ail: Bond Counsel E3R01VN, WOOD, IVEY, MITCHE=LL & PETTY New York, New °York Financial Advisor JAMES J. LOWRE:Y & CO. INCORPORATED New York, New York Independent Certified Public Accountants PEAT, MARWICK, MITCHELL R CO. Miami, Florida This Official Statement does hot constitute an offer to sell Bonds in any jurisdiction to any person to *horn it is unlawful to Make such offet• 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 Bends, and if given or made, such information or representation tttust trot be relied upon. the information and expressions of opinion herein are subject to change without FLORIDA notice and neither the delivery of this Official Statement not any sale made hereunder shall, under any date r eitcumstances, create any implication that there will be no change in tine affairs of the City from the hereof to the date of the delivery of the Bonds, but see paragraph headed "Closing Certificates" herein. TA$i.1F 01 CONTONTS Wage Pgge --OMMISSIONER5 Introduction ............................ I Recent Developments ...................17 Description of the Bonds ......... • ....... . I Employment and Personal Income ..... 17 Mayor General ........... . .. .. • ....: , ... 1 Tax Related Matters .. , .. , ............... 18 Optional Redemption • .. • ............ 2 Tax Lititation rot Municipal Purposes ARMANDO E. LACASA Excludes Debt Service ............ • . i$ Notice of Redemption ................ Perso Real Property and Tangible J. L. PLUMMER, JR. Security, Authorization and Validation .....ral Property Taxes ... . ...... 19. Application of Proceeds of Bonds ........ A pp •' Taxes Not Levied by Municipalities ..... 19 Description of The City ................. 7 Tax Reduction Initiatives . - ... ........ 19 Government of Miami ................ procedure for Tax Les y and Mayor and City Commissioners ..... 'Tax Collection ................. • .: 19, H. V. GARY Administration of City Affairs ........ 7 Assessed Valuations ................. 20 . G. F. KNOt, JR. I he City ......................... . . 8 Record of Tax levies and Tax CollcxKions , 20 Principal Government Services Performed Ten Largest Taxpayers in the C. E. GARCIA by the City of Miami ...............8 City of Miami 23 —.... R. G. ONGIE Principal Facilities of the City ......... 9 Financial Information oil the City of Miami .. 23 Capital improvement Plan ......... , .. 9 Payment of Bonds and Employee Relations .................. 9 Bond Election Requirement .. ....... 23 The Climate ........................ 10 Legal Debt Limitation ......... • ..... 23 Government of Dade County .......... 10 Bonded Indebtedness and —rLL & PETTY Demographics of Dade County ........ I1 Various Debt Ratios ............... 24 Local Mass Transit ....... • .....:.... It General Obligation Bonds Authorized Education .......................... 11 But Not Issued .................... 29 Medical Facilities ............. 12 ......... Other Proposed Bond Issues ..29 12 General Description of Financial Practices 29 Recreation ........... • .......... 12 Summary of Revenues and Expenditures 30 ORPORATED Miscellaneous ....................... Economic information on Miami Revenue Structure ................... 30 and Dade County ...................... , 13 City Pension Funds ....... • ...... , ... 32 General ............................ 13 Litigation .............................. ' 34 _ Corporate Expansion ................ 13 Risk Management ................ , .. , . 34 ccountants Industrial Development ........ , ..... 14 Tax Exemption ............ . ........... 34 1L & CO. Agriculture .................. 14 Financial Statements ................ .34 . Film Industry ................. . ..... 14 Closing Certificates ...................... 34 Financial Institutions .......... . . .... 14 Approval of Legal Proceedings , ....... , ... 35 Tourism ..................... . ... . . 15 Miscellaneous ........................... 35 Miami International Airport ... ,..... • • 15 Report on Examination of Financial Port of Miami ............ : .. .. . ... 16 Statements for the Year Ended Building Permits .................... 17 September 30, 1980. .............. Appendix A Bond Counsel Opinion (Form of) .. • .. Appendix B Letter of City Attne: Litigation ..Appendix C Letter of City Att RL l! } i t PPIC1AL stAt1;1ti1LN $9,150,000 THE CITY OF MIAMI, FLORIDA General Obligation Bonds Consisting of $1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities 11<ntids 4,400,000 Housing Bonds 3,000.000 Storm Sewer Improvement Bonds _3 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 'I'HF: 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 oi' this Official Statement, payable semi-annually on February 1 and August 1 of each year, commencing February 1, 1982, and mature on August l 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. 000 1 MATURiTY, SCHEDUL.E Fire FiKhting. Fire Prevention, Rescue Sinful stAer total Maturity Date Facilities Housing Improvement Principal August i Bonds Bonds Bonds Amount 1983 $95,000 5 70,000 $ 90,000, $255,000 1984 95,000 70,000 95,000 260.000 1985 95,(00 70,000 1 i)t),(}0(1 265,000 :1986 95,000 70,000 105,000 270,000 1987 95,000 70,000 110,000 275,000 1988 90,000 85,000 120,000 295,000 1989 90,000 85,000 125,00() 300,000 1990 90,000 85,000. 135,(0t) 310,000 1991 90,000 85,000 140,000 315,0()0 1992 90,000 90,000 15(),0()0 330,000 1993 95,000 125,000 1.60,000 380,000 1094 95,000 125,000 170,00() 390,000 1995 95,000 125.000 18(t,0(l 4(X),000 1996 90,000 125,000 w0joi 405,000 1997 90,000 125,000 ?(><) (u:u) -11 i,000 1998 90,o00 160,000 ;. i 0, (.X W) 460,(W 1999 90,000 160,000 17 ,txuS 2()00 90,00() 160,000 '�(i tti)tt , n, h . 2001 90,00() t(�0,()(10 2 5,()tlti 5()5,00() 2002 160,000 160,000 2003 210,000 210,000 2004 210,000 210,000 2005 210,000 210,000 006 210,000 210,000 2007 210.000 210,000 2008 265,000 265,000 2009 265,000 265,000 2010 300,000 300,000 2011 315,000 315,000 Optional Redemption The Bonds maturing on or after August 1, 1998 are subject to redemption at the option of tht Commission 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 PricF Redemption Period (percent4se of - (dates iaclusive) principal anwoQ- 4) August 1, 1997 to July 31, 1999 ............. 104Wo August 1, 1999 to July 31, 2001 ....... August 1, 2001 to July 31, 2aU3 ... 102e1v August 1, 2003 to July 31, 2,003 . 101 °Iq Aygust 1, 2005 and thereafter , .. . „ 100�q 2 Notice of Redemption The resolutions require the City to newspaper of general circulation in the City published in the City of New York, New Yo days prior to the redemption date. SECURITY, At'7 The Bonds will be general obligations payable from unlimited ad valorem tare exemptions for certain persons who are ag- The Bonds shall be issued under and City and ordinances and resolutions of ti under the provisions of the City Charter, ii and resolutions adopted by the Comtnissiol validated as follows: The Fire Fighting, Fire Pre%ention at 8571, adopted July 19, 1976, were appro%- judgment of the Circuit Court of Dade 0. the Housing Bonds were authorize approved by the electors on ;March 9, 197• County on February 17, 1977. No appeal The Storm Sewer improvement Bonrl- 1978, were approved by the electors on P Court of Dade County on October 20, 19 APPI.ICATU $1,750,000 fire Fighting, Fire Pre-entio Ordinance No. 8571 authorized the is Facilities Bonds for the purpose of paying including the construction, reconstruction communication system related to the Fi equipment. $8,250,000 principal amoun $1,750,000 of such bonds is being offere, 11:DU IE *06f Iwi�ty�tniwrt 95,000 100,600 105,000 110,000 120,000 125,000 n5,000 140,000 150,000 160,000 170,000 180,000 190,000 200,000 210.000 225,000 240,000 255,000 1`dtttl ofitthtptll AMitrUfll �255,(F00 260,000 265,00p 270,000 275,000 295,0p0 300,000 310,000 115,000 330,000 380,000 390,000 400,000 405,000 415,000 460,000 475,000 490,000 505,000 160,000 210,000 210,000 210,000 210,000 210,000 265,000 265,000 300,000 315,000 subject to redemption at the option of the 'e on any date, or in part in the inverse order t payment date, at the following redemption Redemption t-rice (percentage of Principal Saloum) 104% 103% 102% I01 % 100010 1'sititice ttt1` lttrdetttptltyri, The resolutions require the 'City ;W give notice of tedernotiah or the hdfids by Publicatildtl in 6 newspaller of general circulation i►t the City and itt a finaticial ttewspapet of Idutttal of tlatidttal f ft°etdatitta published in the City of New Votk, New Fork, said publications to be at least 30 days but hot thin thift 1 days prior to the redemption date. SVt'1Jk1TVj AUTHORIZATION AND VA1.MATION The Bonds will be general obligations of the City for which its full faith and credit is (fledged, and ate 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 tinder 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 vt Aated by judgment of the Circuit Court of Dade County on October 20, 1978. No appeal was taken. APPLICATION OF PROCEEDS OF BONDS $1,150,000 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. :1 006 1 he l it) of Miami', tiro ti>;hting eltuipmenl. S-t.-1110,11111) Ilnu.ing, Bond. Ordinance No. S514 authorised the issuance of 525,0W,000 Housing Bonds for the purpose of protiditw housing in the City for families and persons, including the elderly, of low or moderate income, Isursuant 10 agreements bet%%een the City and Dade County, by assisting Dade Count% in financing such housing, or by increasing the securityand marketability of obligations that shall he issued by. Dade County' to acLitme. aonl tru,:i and rehabllilate,111:11 hotl.Ing on a self-liquidating bast,. S1,5tki,M) principal amount of such bands has been i"tied and an additional in,taliment of S-i.•itkl,tkkl of such bond, is being offered a•. 7k i.. !!W.yain for ►hr 114,vrt> hereunder. These bonds are to he lssucd for 1976, as amended, between the City' and Dat City will be either deposited in trw t In a r housing revenue bonds to he issued by Oar housing revenue bonds or other 111011cy. It, S3.111111,111111 Storm Sesser Impro%cnlent Bo Ordinance No. 8-36 amhow,.-d Ih,, i-1 the purpose 111 pa�klt! the o-I O1 11- -111, porti011 (11 the pruk:eed, %III hL' u l !0 project, In xitain poilion, (+I t11; 1 1'. additional 111,I 111111: 111 "I �',1 r he construction of storm seNer imprnscmcnls. �10��,, r sue'.• « ti< w An aerial v'ieiti of Miami City Nall. 0 M Housing Bonds for the purpose of the elderly, of low or moderate income, assisting Dade County in financing such tions that shall be issued by Dade County iating basis. S1,500,M) principal amount .4.400,000 of such borlds is being offered 4ffAM& hereutider. These bonds are to be issued for such housing in conformity kkith an aureetnent, dated 19, 1916, Aq amended, between the City and Dade County under %%hich proceeds of such housing Bonds cif the City will be either deposited in trust in I reserve fund to provide additional security for self-liquidating housing revenue bonds to be issued by Dade County, or used, top I ether with the proceeds or such Dade housing revenue bonds or other rnollev, to acquire, colisttucl and rehabilitate housing, .4.1,000,000 Storm SciAer Improvemeolf lionds Ordinance 'N'o. IC36 atithori/ed the issuance of S15,000.000 ol'Storm Ne%%er Improvemew llot I d,, for the purpose of pa\irw the cost of the coll"Itlictioll of pettilatwilt dlitilhIL'IL' filCilitit!' i0thitl the Uit\- A portion of the prOCCCLIN dill he Used 10 COIISt MCI dr-lillav%2 facilif lvs ill cl ill I (I Ilk:t it ill kk it 11 't reel illilirm ellient projects i'11,11 I'mid, Ila, flevil i'stled and all n certain pot tiow(11 1� lie Ot\ - S5,000-000 Ill ;Ill' additional iwwllnlcw tit $3.000,000 ol "Il1-11 howk 1, 1",-1w t'!!t T�.,l A! -------- ....... The construction of storm sewer it"pro%ernen1%. An aerial %OA 411 MiJolli ( ih hall, 4 "IT *WIWI M I DESCRIPTiON Of' THE. C:111' Michigan, and holds both it Bachelor's t Public Policy. He is an acti%e memher of i Go,4ernment (if Miami Carlos F. Garcia, Artin1, 1 inancc Di, The City of Miami has operated under the Commission -City Man,ager.form of go%ernment sirt.:. 1921. Director. He has been pre%iouslN cnirlo�( The City Commission consists of fi,e elected citirens, �ho are qualified %oterr in the City, rune of =}Fso, Auditor. Mr. Garcia is a l�)?t► eraduate of t series as Mayor. 1he Commission acts as the gmcrning body of the City with po,tiers to pass ordinan e> C.P.A. in the State of Florida. He is a mcrI adopt regulations and appoint a chief administrative officer known as the Cit\ Manager. a member of the Municipal Finance Otfic. City elections are held in No, ember eery too years on a non -partisan basis. At ea-h of these ele.ti+?ns Geuree F. Knox, Jr., the ('it.:\ttorne a mayor is elected for a two \ear term. Candidates for Mayor must run as such and not for the Camrni�iio n Unisersity and University of Miami, 1 lori in general. At each election mo members of the Commission are elected for four %ear terms. Thu,. the C'st;: was Assistant Professor of 1 ass at the U Commissioners' terms are staggered so that there are always at least t%%o erpenen.ed members on th. American Lays Schools. Commission. The Cit\ 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. Ralph G. C)ngie, was appointed City _ 1972 until 1976, and the Depot\ (itN c lcr'.- The City Manager acts as the adminiitrati,e head of the municipal gosernment and is responsible for tilarquette. Michigan, and has attended ad the proper administration of all affairs of the City. The charter of The City of Miami places considerable and selected courses at the UnisersitN of ; responsibility upon the City Manager. He is authorized to appoint and remote all department directors; Municipal Clerk~, and is current[\ tlic FV= prepare the annual budget, imestigate the affairs of the City or of any City department, reorganize the — administrati,.e structure and recommend to the City Commission any policies \shish will benefit the health, safety or Aelfare of the community. The City' The City of tiliami in Dade County, t1 41a)r,P and Cif\ Commissioners was incorporated in 1896. it is located Ntauri;.e A. Ferro %sa, erected Mayor in Nosember 1973, reelected in 19'75, 19", and 1979, f��r Biscayne Bay and is the southernmost larg- mo-Near term, ri 4pc errs.[). \la<or Fern is a graduate of I-a«rence;ille School in Ncu Jersey and holds a and 19.5 square miles of \\acre. 1 he 1980 e Ba�ltrinr of Science de,ree in Architectural En_incennu from the Uniser,itN of Miami. He is a prominent 21.5% of the total population of 1)adc C� . busirte,sman and-orporate consultant ssith interest, in both the United State, and the Caribbean. Joe Caroller aas elected Commissioner in \o%enber, 1979, for a four -Near term. Commissioner — C,arolio is a graduate of .Miami Dade Cotnmunit\ College and Florida International Uni�crsity. He holds a Baccalaureate of Arts Degree in International Relation, and a Baccalaureate of Science Degree in Criminal ` . Justice. He i, present!\ Vice President of Export for International Trading* and Shipping_ Corporation. _ i "" � ��' j Theodore k. Cibuon %kas appointed a Commissioner in April 197_' and \1as elected in \osember 1973, and reele0cd in 1977 for tour -Near term,. Father Gibson 1kas graduated from St. Augustine's College in Raleigh, North Carolina and from Bishop I a\ne Disinity School, nos\ a part of the Virginia Theological Seminar\. "the Res. Canon (;ih,on has been the Rector of the Christ Episcopal Church, Miami, for 3,', years, Armando F. I.acasa soa, appointed a Commissioner on January 17. 1979, and elected in Noscmb4r, 1971), for a two -Near term. He is a graduate front Villanuesa University School of Lass, Hasana, Cuba and of Florida State Unisersity School of Laos. He is present[\' a member of the lass firm of High, St4;} , I.az,emb\, Bender, Pallahach, and Lacasa, He belongs to the Florida Bar and is a rttember of the Ndc CountN Liar Association. tie is no» Vice -President of the Latin Festisal of the Orange liossl Committee. J. I.. I'lurnmer, Jr. \sas appointed a Commissioner in October 1970, and s+as elected Commissiongr in No> urnber, 19' 1, and reelected in 197-i and 1979 for four-year terms. Commissioner Plummer is a gradow of Miami Senior High School and the Cincinnati College of Mortuary Science, He is Chairman of the Boars! of Ahern -Plummer Funeral Home, Miami. Administration Of 01) Affair, Hutisard V. Gary, City !Manager, inns appointed to the Cit)'s top administrative: position by th.e Commission an April 16, 1981. Prior to his appointment, Mr. Gary served as Director ol'thc D£par>n1 Bl ty of `�ianagc rnent and fiudgV(, and as :assistant �'it) 4lanager, respe4tisety, for a total of four and An:t;•h i )ears. Fie serst:d as Botoget Uirectur of IN"ark, New Jersey, from 1973 to i97(�, and as f hief r dntittisirllli'}t� Assistant from 1971 to 1473. Mr. Gary is 4 graduate o1' `lloorchotj5p ('allege and the UnivcrsiLY Pf �o ocrial view of do%nto,sn Miami, inctudii Principal Cor'ernment Services Perform The City's Fire Department, in ads ttnd rescue services. The Department air emergency t;ommuniggtion services. C11•Y' sfiehigan. and holds both a itachelor's Degree in 13utiness Administration. and a Martet'e Dec tee ifs [public Poliev. 14e it Ail acti+e tfietiibet of the International kianagerheilt Association. t} Manager form of government sirscr {9�' C'arlos L. C►atcia, Acting i inance Dittlrtr►r. jr)ineti the"Cat}' in �io+embet, 1y�6 as Assistahf finance yualificd voters its the C its, i)nc vr., ,Il trt. Ditedor. He hat been previously employed in prhate ihdutttr- in positions of Treasurer, C'ohitollet and of the "it with powers to pass c�rdinattce Auditor..rtr. Ciatria is a 19 0 graduate of the l,ni+'erstty of Miami %sith a 13AA..�. degree and is licensed as a nMun as the City Manages C,15 A. in the State of 11ohda. He is a menfber of both the American and Florida institute of C'.P.A.'s and a member of the %inicipai Finance (Officers Association. -on partisan basis. At each of there t It �t,sinv lust run as such and ttr3t fox"the r Geot€e 1. Knox. Jr.. the City Attotnev for the City of Mianii: ++as graduated from the Michigan State vinrnrss't'" Utlivrtcitt• and University of Miami. t=lorida School of L"a++, Prior t+i becoming Cit% Atto'rne�, 'fir. Knox -e elected tot four %ear terns;, Thus,, the Sit, et Icast two ex:periented rnerrl)ct� r was Assistant Profesa)r of Lil+r at the L itivetsit}(if Ar kansas. rkansas. He it a member of the :�titociatioti of ,� the ( ity Attorney, the City 4vianag�• Atrietican t_a++ Schools. tf=F. the Planning and 7.oning l bard- Ralph G. (Ingic. ++at appointed City Clerk on July 31. 19%6. He ++as the Assistant City Clerk from �luni�il;al go+crnment and < testic,nsihit rc,, 19" until 19146. and the t)eputy City Clerk from i95" until 19f�. Ne is a Graduate of t3ataga Nigh School, r ul "J he C sty of Miami piaceK i`drrstdeTabiF !+Marquette, Michigan. and ha% attended advanced personnel administration courses in Bainbridge, �latyland and selected course~ at the Itniversity of Miami. fir: Ohoie is a member of the International Institute of point and rernme all departrilenz dire::tors. Municipal Clrrk,s, and is currently the Fxecuti+e I)irector. Repicm ik', Cif the I.I.M.C. or of and City department, rest,►rganize th:. ;n any pulioes which will bentiiit the health. The City the City of Miami in Dade County, the largest city in the State of Florida, ++as first settled in 18.16 and Was incorporated in 1896. it is located on the lower cast coast of Florida along the westetn shore of ?. t eeie :,e;t ui 19 �, 19, `, a,ttu 3 y`.'y„ ;1; M3iscayne 13ay and is the southernmost large city in the United States. It co ittptise5 ?•i.3 square miles of land reri,.e� il;e 5chcml in `yes+ 3e; srt and ;,r,jd; and 19.E square miles of water. The 1980 estimated census population of the C'it� was > 6,931, representing 21.5Wo of the total population of Dade County. le l u:t:J States and tht Cot htff an, 979. ! Ir .] t(iUt'+ear l trn- r-onnrnl� non Un +etstts� .I�I: al � ...- '? .a • x °�,,r. Irk r ec-'±" tw .ray. �• • ai .rtc►lam •. , , ' •-- ,. ` -'� ....a►�• ,.,�„ �•-'«� l ta�.alaureate vt Sesrnce Uegrec{ in t_ rrtzi+ns:; ,n,,' I r,AJ,n_ and Shipping Corpora; t�... 1 --�.,, t .: at%° ' •. ,� II. ly atiC? :+a� elected In N n: !'+ - 1 — sac" ✓-%.:;I.r r Orr, St . Augustin.. C asses; i part of he Virginia ot c ! ,::•t Lf);scopal Church. '+M or tatr,� i — .n+gar, f-, 19-9. and elected it: ner,n', 5Lh0()l of La, H ++ a .. ""�� :ti •; Y:.;-, _ 1 ti ti•ana. Cuba a„c: mc'inhcr of the lavA firni of IltFtl, <t'aci,,Nw { :wida Isar and is a membl— of the Dad:, := • otrl '�•"` ,!`:4': a »" 4 "•+a. �•�!�"!"`�'•'t"�.+'A�"" �� -. l of the Orange I'loul Commite:• �^ i �"9 ..., i<� 'T.Ir , and %%as elected C otnmts:ion:r,tt)"Z►. " I nl,. („mmissi,)ncr Plummer issi graduate Mlvtuar+ Science. He is Chairman of the - ,� A An aerial vie% of doNntoun Miami, including the Wamarina >acht ha.in. +ll - Principal Gusernment services Performed h) •I he City (if `Iiami p administrative position h+ the C'it� p nary �er%ed as Director of"the Department The City'• Fire Department, in addition to its traditional fire set%ices, provides emergency medical re�ti+el%, for a total of four and one -halt and rescue sersices. The Department also provides training, enforcement of fire and building codes, and 1v-: 14,6, and a• Chief Administrative ="•''-i•i�: c l;llege and the l.'ni+-ersit> of emergency communication �rrsices. Of.is Ill• Police OCII,Iltntent is the largest departnicut of the City. in addition to law enforcement, it Inmidc% police pels"11111 l (laining, delcloping of new information, computer systems. criminal investigations duct 011111 %Ing, Irlarlon. bettcen the t)eparunent and thc:onitnuttity it set%cs. Othel •cl%lcct Im folIII ed b, the c,It% are garbage collection; sanitary sewer, storm sewer and highway rc,ttal u.tw;Ii an.l nl.unten.uicc*, %Ite•ct iighting; trade and conitnerce promotion: planning; and building and lolling insl`cctlon Prineiplll !'•ttc•ilitie. ,It the (11 l lle Ot, nl.unlaln4 a' I`at Vas ha%ing att area of s .,h acres. and two golf ccIurses. (t operas.- and ntaint,lln. the Olalt,;c tt,+s,l m.1,3 ull:: the Ntiami,Basebalt Stadium: Ma. rine'Stadium: four City-o,,%ned Iit,lltlt,l I.I:lhlte� I`t.+,I.itltg ��� 1`erSlllllg id:itltie�: the nculy reno\,Ited CcNclnut Grove Exhibition Center,. ;tn.l the li,ts fl.`nt Palk NIl.ill"milzt. Capital hnpro.enu'nt Plan taSO laso c'ap"t.11 Program f'the. City in �:cludes 204 projects totaling S408,974,000 Ill 11.1, WNx ni an spending in the number of storm, sanitary sewer and . t;n S this > ro.crani. v ...:'?::.1;nS':t; a?? �i`:44:.??:;tt.l�;:`;'a:?? is the Co- ntion Center. This i] b2in� Itln�:et� �'j' tl. I`i.>�:ti.i> ♦`t *:??W ,i 0',It,::1Stx"4 \Iat . 14t,4 in :he amount of 54,5m),t)I. ), a Federa; 'zran: ' OkL to . �'nti.'. bL1n4s tna, 'i:.": tr on ` l . r Cent— n f �r t l ?t L a��S lam: a . t" � � . \Ztlt.� ? c`,n *, a 4. tl ne t4 t r .:."a ti`h rat enu tei4tl+»i Nii�t1�L'' S��°«f,..'. 7� a t:'S' .,: i:' Cl 4,N ai?.? .t a>:; .:>T .�� -.. ;l4 �'::::�4 .`; :�?� l•."t�''�:?:: �`'ii'l. �:?e a,. a,the sb` a ara.e.. pledge ..t4 .:,; .::,., ;..�, 's. a :'`4,i? .�' tt:; oOi} mal.: u; d;t+<~er anN s..'. \ai.�i�ae1 . ,i ;;i'''�.`r�'. �: T`; ,i, '�4;\::4 .: \ `i`0. .:. �; >• .:?i:::... i t �.1•: t' :�i.:� :n Ap;%en %'.\ A,) *•, �+ - • `i,`� `-,.t; i t :?,. . ? 1ti1, t?: ill n am: , is t�,t:�, _ .4'.i, \w s:`'�� >._ ,i:?,: F .x - .?� ..i; .,y,:? :,. • l:- .s,,x. - '+`:., ,4.., :.,< ,?• ,4e r.,4-. i4 ♦r4n:n rcY i; t i :li}-s.a�_ Th .: �: '•;:% 14,,.'F".`. '�1. ".'.'• .;',,:� .,,si`.:,1,5 .. `.'„ , . •t•, )..� r ; ._: �. x.:n;n3 .ai; .,�_.,.:� i.:'.,. ;''* 's', :':� .sw,:i=r;a::,1;i ,xi:>ttik• ,� .t t�':xl" a Y - •! .. � 1,,,. .to..•..,,.. } ',? .,. 'T ;�\:;it t ,..� 1t4t44•�T}:.�.`:t� �}'' ::':'s tTii\. 1,.. ��Y �•s,�iiF^•{ . `"w : i' i :.;. t�' dry i'- .;> � - x+:S ♦ ! q ♦ 4'..� e Y' x e.�:i i` 1!�<==*'7i ng, I,:�•'�;r \, :t' >:•'$::':. ,.. .a. i s , :r';4'`4 " _. ^i. ;t ,.ntr:: .F .T;3i1, a,��'t\' ^s1.Ff.?ng garage 'i �'.. ?#x ,x,�,•y..i:x�-.r1,;; v"t-7 1 :i y#::n 'A' its , :'S_attyttaj 7 s.r - > e,,. 4 •. +� ` _.._ x •w i «'tt. i,.»,.• ♦ . 1^ �..� +.s tt ♦ }. t, �,TS.-s : F �,t `., i •',: w Y'aia-.s.::l:t .;-ax .� { �- '`S..'� '.",.... s��. .2a •...,e is,.dy '.4t-,Fr+,,x I.v ` }..A"R� •Ai":!R�' +s..q..�.rT:'.3-:'�!6. 'ti�� #'--•'i�T-, a.�•tr'S,N; `.,, .`"'},t,.e+, :." *`�,�i"s'i }. !t '}?», .:s Q'�„4:.`a�,-..'• •+.s:•�.'i %x' "a Y t., not :ti .!.�?.ia*!??.:: T:l�,'M: •f `T9i: ::.3 _`.a;'^�x. `tt*i IT -, 7 1a'.a...V*V _.7-44-4t 14 AA s �7.•* !:'',�r -C •'k;.i;,::aa.., w'�' �,,i+; ^'."x` :t'.`}::.�;,�,..:.t:,';s �;` . `.'4s ?+�a4- }t.:�'r`�•i �•r��xF•. :+a 3.;� N� M`i'ti,i :!n 1 sn .4 �`�"• _'"�.: "� +:; .'ti.�'�-.at :1 .•'.1., The Climate The temperature of Miami is essenti; abundant rainfall, followed by mild, dry 69.1° in the winter, with a yearly a\erage Government of Dade County The following information and dat- indicating factors which substantially of municipality in the County and the Count The Florida Legislature in 1955 ap_ amendment designed to give a ne%w form approved in a state-wide general elcctio constituted and in April, 1957 it complet which established a form of !Metropolitan 1957, and became effective on July_I1, 19, - amend the charter from time to time by cc= _ in 1961, 1962, 1963, 1966, 1967, 1969 and_ the Florida Constitution and General Stale= powers effective upon the twenty -seen displaced or replaced the cities but suppler_ city's operations (1) if the services fall h— with the consent of the governing bode o= Since its inception, the Metropolitan wide service basis for a number of funct— municipal police services within the mun Center in Washington, U.C. and the Flori complementing the municipal fire protec- fire protection for seventeen municipal- County's fire department; consolidated t the Florida Statutes which became effecti� and Sewer Authority with the responsibil system under a single body composed of s- coordination of the various surface trar- unified rapid transit system; installation o: traffic management; merging all public tr- public library system of the County and seventeen branches and six mobile units property appraiser and tax collector functi and several state agencies for the purpo- operations; collection by the Dade Con respective governmental entities according standards adopted by the Board of Count Areas as environmental resources manage ,Ind welfare. City. In addition fib taw thfotament,''it computer symerri'll, Ctithihil ihve-;Qgafibri% )unity it scrv•cs. sanifory sewer, storth *W& and hiigh%al-, promotion. planning; and building an?j and two golf courses, It operate;, a rv3 -ilium; Marine Stadium; four CQ ILY -Q'-1Vr;Cd ,ovalcd Coconut Grove LA-ibition OnnP-7, include,, VA projects totaling $408,974,N)O in the iminher of storm, sanitary sewer and' ,eiil imi ( enter. This is being funded by the the ammou of $4,500,WO, a t-cdcral gralnt W0,0W In revenue bonds that .,,ere "sr. clift., x;d i(ir the construction 6fa nir 1k,fid ..kill be wcured by a.fiirE*, lien <in I,% :i pledge of certain and f„ Up dericiendcin the revr"tta" �,rariyad wilorcm real nrn*,Icrt4 (c) in-Nppendix A.) ntw,v n Miami, is projected as aplanned shopping and dining facilities. The City related to the project. lopmew among the City, State and Federa! liarni Administration building, a, ('(,unt%' t City parking garage and four State JI all its labor organizations. Three labor I Order of Police. lodge No. 20: one with id lhe other with the American Federation nteted into a 3-Near agreement terminating d 61"n on the second and third ,cars of the ,Or 0(:4)110nJJC reopener clauses. W'1d\vr precludes reopening the contract). .1% the right to request negotiations ,tal'I'dedicated solely to labor negotiations The teffifienAtute of Shathi is essehfiAlliv subtto; al marine, feikturM by long, Warm slut metsi toth al undahi rainfall, followed by thil d, I dty *ifi*tefs&1 The average temf*tfttufe in the stint let Is 81.4'� and 69.10 in the winter, with a yearly ave'tago of Gowtimefit of Dide Count) The follo%%ing information and data concerning lade County (the are sighiricafit lfi indicating factor% %,hich 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 1105 approved and submitted to a general election, a constitutional Amendment designed to give a new form of eovernment to the County of Dade. The arrictidtilent Was approved in a state -aide general election in November of 1956. A Dade County Charter Board was constituted and in April, 10't 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 "lltlayof 1951, and became effective on July .20. 1957. The electors of Dade County are granted power to rev ise and atnend the charter from time to time by county-%Ode%ote. Since its adoption the charter has been amended in 1961. 1962. 190, 1966, 196% 1969and 19721 . 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 (I) if the services fall belowminimum 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— vvith direct access to the National Crime Information Center in Washineton. 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 t%kcl-tier court system conforming to the rev ision of Article V of the Florida Statutes which became effective on January 1. 19-73; creation of the %liami-Dade County Water and Sewer Authority %%ith the responsibility for developing and operating a County -wide water and sewer system under a single body composed ot'seven members appointed by the Board of County Commissioners; coordination of the various surface transportation programs and extending into the development of a unified rapid transit system, installation of a central traffic control computer system which %vill 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 00-19 Ul Colleges and universities located %%i .. .. 'st:' U nl Mx �f n,+?i , _r• `yati. r'g y.. y../t-� •y�- s+'i i-•.LF- F�' FItIr - : - - _ .. _ Bar t;k(-)t, l A� A Yf.kt_ f.ti 1 rat f ft'I i. k"rF�[_ i_�"r i'� l 1o, - 11ia Public school enrollment, includin.- 4yo !_,',ru} i. /r+rr '�rp v., Y.-�•,s-rs':8Y'' 7,3100! f: ov.Iv". 197 197 197 197 197 197 197 198 Medical Facilities There are 42 hospitals located in D. Recreation The Miami area is famous for its 1.a,t�„a hgiyye 1 �erra.tl Park. =r= :' . 7- -� ; . ,;*;�� !s> ,athletics for the spectator sport,,nlcr• ,- • "'-�: �•f rzl university competition in sports, open ,T L�.° r �f. a. R- .., -' _ ,. i ,1:'R-•='r am.,. .. 1 w .... , .:.�.: �:..:1 �y2tt!ii tty� = s > f >. e, There are twenty public and ciiht F �;_ »�+ .� • There are 297 public parks and playand .,.4« ,.: ,13 •� a ,'nrw -w Yj "112'S •4 'a �., « 14��. - .., , .C. _ <, MisEll cellanet►us '" ant a r 1 ; Data which reilecl s theertmill o g� p following table, h •1'T�11f ti:S :T'w�i fief.:. .o�.� Y, « ...,, �'� •41�YxT T1MI+Y! if .�,"L fY r, * m poF'>i'IR�l, :a' ,Rl: - r . ;ro%,th F a!liV -i R� '1 ♦ ham. tip, i riti4r t fit:, u�l?'r:! :�t' !t ,.. -f^r..'_ ��.i si• �pt;nt}x3 -- t s�.. 4'r te.f.". p `, l,r .'•' :. R ,..».. Y A� R•�Rr ^t ., t-' .. t�� �•_`', ;Lt1t �f�7'FRZ •a7 `la •. 9f�, 't - TER !`�- .` ~ N11mber Consumption hw 1[ ;a nt tn-, F� , �_ �;� �, i3m'ti ! xir ,-,.e'.... r r =J t �', .4, ` _, of �iIIIlUlll ll� 1/gilt r��F, .R �..,•�`��y. ) rz:;h 'g� ii, t��zt S '1, , ;; «.^^ 1_ear Water Rteters (;&Is. �IlIN1 ,) C ( 7�n CT mil' 9•Y f" :-f Aw' R -L1, 4 4 I f ii7 4 n. .. s.,♦ k.. L: ..+.''en r!,,R tl�� S' €�SAtft� ^.art to t�tr.,j the rFn}„ ;t 1950 59,613 18,081 1960 86,918 32,440 3,3.4,041 ;lf t f 10,035 53,879 9,1 34.1 h I . ... 4�R ;• - ed;siit§^) 4Zi f r 9;,'3rl'..->4•x; t�i'i;�'xr� 15.! - 1976, 126,500 70,770 12.3Sh,h(N) - — , _ 1977 130,500 71,774 12,032.1)tn) 1978 145,000 7�.,409 13,060,(kx) — 1979. 167,000 76,363 14,280,M) 198-0 174,300 83,449 14,797.n(k) Source: Economic Society of SOUIII I-Ic- roil(ges and tiriieetsit'►iys itirtitrd withiri'the area are: Uhive"ity of Miami Miatni-Bade CamiYiunity College Plorida International llnirersity Barry College tT r1 � Biscayne College t1orida Memorial College Miami Christian College Public school ehrolihieht; including both primar% and secondary lrvels, since 1971 is as ttillrir►s: ►� School Corolimelit Public school Mstent 1= 197t 245,27 try 1972 242,190 1973 244,565 �. 1974 246,549 1975 24.1,444 1976 D9,806 ' 1977 215,1'�►3 aj 1978 2281592 1979 227,txxi 1980_ 22,356 b (Medical Facilities there are 42 hospitals located in made County: y Recreation -_.._•_ The Nx4iaini area is famous for its sailing, deer sea fishing and hunting in the Everglades National Park. for the sportsmen include professional football, baseball and basketball competition, -zu- Athletics spectator in sports, open golf tournaments, and professional exhibition games. 1l, : sr: __ -: c:.- .:�: university competition There are t\senty public and eight private golfcourses in Dade Count>'. There are 297 public parks and playgrounds which has"e a total area of 408,710 acres in Dade County, r_z h . _ -. - ..__ _: rc-;emu ir•'i.s.�T: '�i�r' - Miscellaneous Data which reflects the growth of the economy of Dade County since 1950 is presented in the _" t :T om. itC (ikLi( l►:k ."=',.f�. following table. __ ..._ ..._..c r< .^,L r:rsnu "ne `'�?f:A ;-r Growth Factors Relative to Dade C'ounh. Florida _ -... = i►"-.I:t;iIt:Y2�. r t. -� 'lull" ~"' 1•:Lk:('7 KI('I'1 Y l F.l.f:PllO%ES N'ATEK --tirle�1>t� _Zat! trot !LIU :ae "� t" Wumber Con%umption KN'll \umber Motor Port ('ommercial Ke+idenlial in 1'6trati Office ('ollectiona ••- --- - _s:� �'Itt2tS2t.2:L. " tXltZtitil L of Million+of ~old Oats. IINNI'+1 ('u%wmer+ ('u+U►mrr+ �enicr Keki,tration Receipt IINNI'sl fear Water Meters +"'=i Iti= t3t:ItBi'n :: `,Yt,'. ".,.�t1Rt"''` 19.231 114,9112 2(N1,68'. 222,839 5 ',677.1173 5 12.663 ' 1950 519.613 18,1181 790.295 2 5 S 999 1.,396.609 ;1,666 28,yy3 88.9N7 16,71- 49-, lybo 86,918 32,4411 3,3;4,1141 9,134,181 39.45'_ 419.957 918,131 923,442 39,404,502 140.227 55,879 12,388,600 55,21x1 511,9(NI 1,251,390 1,200,212 79,807,661 224,901 197(l I86,918 55,87y 1970 126,50)35 . 1977 13(1,51x1 71,77; 1..,03_, 9(NI 57,6(xl 537,2(NI 1,328,;13 1,268.632 71,378,596 259.119 1,368,63; I,(181,224 yy,873,395 298,386 1978 145,(NN) 72,409 13,06(l,lxNl 59,5N) 546,M) 62.41x► 572,21x1 I,;72,631 1,058,73; 111,173,1115 366,676 1979 167,0(1(1 76,363 1;,2811,IKN) 14.797,61N1 65.1(N) 587,21x) 1,566,956 J.173,81.1 119,819.347 .191.381 1980 174,3(N) 91,449 Source: Economic Societe of South Florida 1 1 010 };.iy. : fly, In addition to the growth in manufa non manufacturing firms in Dade County. or office locations in Dade County are: International; Dymo, Inc.; International Export, Inc.; Pfizer Latin America; Roya Industrial Development Since becoming operational in Janua has approved 38 issues of Industrial De% capital investment of approximately $116,_ In addition, over the last three yeas location of 17 new• companies in Dade approximately $41,400,000 and adding a companies were attracted to Dade Count financing of their capital investment among these firms are Rolls Royce Ltd. ' industries. As a result of Rolls Royce's inquiries from important prospect, which aviation -related companies. Agriculture The land area of Dade County ine mangoes, tomatoes, and pole beans are G- winter months, the mild climate enables shipped to the northern and northeastern such as plantains, lychee fruit, papaya, grown anywhere else in this country. Th that in 1979, the wholesale value of agr while the retail value exceeded $600 mill Film Industry The Dade County film and telex is Angeles in its annual dollar volume of - F'lorida Trend Magazine, the total econc- year 1979 and is projected to exceed me — people are employed directly in the film Financial Institutions There are 63 banks located in Day deposits. Numbor of Yeer gooks uem 1960 36 $1,t 1965 63 1, 7 1970 68 3,2),- 1971 71 3,6 197; 77 4,= 1973 83 5,1— Source: rM1i4mi NCrWd Itt addition to the growth in tnahufact uting, significant strides have been made in this ldcatidil of ftoti-tttanufact uring firms in Dade County, Other national firms which established international operatidris dt office locations in Dade County are: Alcoa International, Ltd.; Atlas Chemical Industries; flefnis International; Dvmo, inc.; International Harvester; Johns Manville International; Minnesota (J-M) Export, inc., Pfizer Latin America; Royal Export and United Vruit. Industrial Development 4 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 l+a capital investment of approximately $116,499,000 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 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 financing of their capital investment through the issuance of industrial development bonds. included among these firms are Roils 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 k such as plantains, lychee fruit, papaya, sugar apples, persian limes, etc. grow in this area and cannot be ry 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 $600 million. <• ^+1 ; . <� it 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 %i11:• year 1979 and is projected to exceed more than $50 million for fiscal 1980. In addition, more than 2,000 ::i: Y'•:iJ rw .if'- :,r, i:ii'.. 'iy�.ro, -,i-- _ 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 :.,_a:i,.. deposits. Demand Deposits Number Number of Total of Total Year Banks Demand Deposits Year Banks Demand Deposits r7%1 ._Ht��4•, 1960 36 $1,150,924,000 1974 91 5,493,965,000 1965 63 1,744,453,000 1975 93 5,296,569,000 :: c ^�A~a "—;, •:•;, ,. ; t; 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 4,432,841,000 1979 71 8,412,714,813 1973 83 5,193,728,000 1980 63• 9,845,643,473 Source: Miami Herald 13 ri�� .f ',3 '!.'..'s..'.r~ .'i':c 'ii.'•t:' °«? ;t'.if::tcZftt" }r,s Zt:eV ,.�.?'i5+:l14'�Cirt1� «„•.. Viz+'. ;Y" ,'.i,'. ! , :2 i :�'r.� ;%r.. le iccar'att 2. tik .+t.. -r" ie ,. .",' i t' ', e- t:"", a t: w . i .- s •f „ ..- tr "s c `'yt'�' 'i'�r'S ' -- .!. �� +iM f� ' J �- .-�J' Sr,d• .l'l' 9 5,... .�.K.c�, t, .'S.. F'.. .. kfS '. •` 'n D> 4k - - �',' �p to 3'2. '•+..3'. x"'Z` »" ,t— :i24:, .'.T'TttGi ,tyi';: r'� Sti^i+r%t' ..: Z ai.: "'.i e•_ - Jfr'.'�', _,..31� 1.;. :�n'.ti:i ::t."�i Z;}µa 'IIC� .. -�::�-•; �; sta '-�-;: t. a;a.. ` � t , >;;.� .l. :i�:w^=r'==- �.u�t�c . °c: �r_�t. nc�traz:crtaY -an X. :r' 21 - _ - r''.t` ,� - • • � � ,,.. :... w', .aw .�: \- +. ... •e ...Vf1::I E:.''.". - i1:;it :iiiiY�'�..-sC��i�'�* . ltt3msu ii�tat^tralti'nn31 _�,it1NiR _ ,�,7, -71 :� �.+;'`.<''r ,?� ,': !m•-a.. .. '•,d,. ..-. . ... ... t.4 .. �.t P'r TE:4� •I . t. i.4-: �'R •t4�E�ri:a:-w14"4'^;14''� T �.`. �w - :.Fl ♦ ar r,.i n.a...<• •r•� •' '-±�E:''..::: i.::, i'j -.i4" ... ' ♦.fti *^+ t' r"'.s: �.L Y.. "e:t`.' .i ,�..,wL .ti'l_f'4^''�"Ti.,4'`' 17 s - ' M•- t." y.:..t l:!t:'.�' .- :i4*a tir3rT�<^. '`4'iL"�41. :`4rni k'ollno AN1,t:t0!! z, =rr t , i >= i >.'.' ` ;tt:'',. .`,i'1?�'�"�ii:.wr'r F'ttiq ^" ^a�f,'a f't;tiit3 a -ill l i,ls Cill�4 fi!!!\l:l1a, :tl ; i. '.i �'. 2, y °? T r-'• t t + \ t l! 1 n ��tt 4, .r i ^+,. •i .° ?i,�.t:1\4� ' �='s+'^'�'i•�� i�t1• iitl�li�1!>14'li:.{{ tttC-:N11+>+tt - - -, _ 1 W_ The Port of Miami with a full house of "U"t \P port of Miami The Port of Miami is owned by `let Department. From 1976 to 1980, the num- to 1,459,114, an increase of 4207o. This leading cruise port. The Port of titiami specializes in un effective use of equipment and the Port leading export port to the Western fienu\t over 1.5 million tons to over 14 million In 1979, details were completed tui The additional space is needed to a,:101- exporters, freight forwarders and CrUISC A five -Year summary of the gro%tith 1976 ............. 1977 .............. 197$ ............. 1979 ............. 19$0 ..... ...... Qlhte�: Dade Cout H AW !ILPaffla 'W"ROU14- 0111'r pelf 1:2 The Port of Miami with a full house of cruise ships, Port of Miami The Port of Miami is owned by Nletro-Dade County and is operated by the Dade County Seaport increased from 1,026,825 Department. From 1976 to 1980, the number of passengers sailing from the Port lie %%orld'% 17 increased growth explains the Port's emergence as t to 1,459,114, an increase or 42046. This leading cruise port.This most The Port of Miami speciali7cs in uniti/ed trailer and container cargo handling collcePts 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 tolls to over 2.4 million tons, an increase of 620'o. In 1979, details were completed for the expansion of the Port of Miami from 100 acres to 525 acres. The additional space is needed to accommodate the increasing number of shippers, buyers, importers, exporters, freight forwarders and cruise passengers w-ho wish to conduct business through the Port. A five-year summary or the growth in both passengers served and cargo handled is indicated below: psswngers Cargo clonn!gel 1.536,715 1976 .................. 1,0216,825 7`_17 978,016 1,711,535 1977 .................. 1978 .................. 982,275 1,922.864 1979 ....... 1,328.816 2,251,958 1980 .................. 1,459,114 2.485,791 ---------- Source: Dade CounlY Seaport Department. IN ef oil it tt HIP fly JK� W ;Vw i, --T 3% ni' LmPits." aw' Ituc Person* Invomt !�w Fl"r.pk F'.1V%t!T 4.1 COnm,"Tw� '*vl 4, ;t t lit r *:stimated ErnploYme 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 .................... (1) Transportation and Communicat ic7�- Note: All industries are classified actor All data are adjusted to first ClLia- Source: Dade County Community and E-- 1975 USA ............. 8.5 Wo Florida ......... 10.7 Dade County ...... 12.6 Source: AmeriFirst Research Division. Per Dad 1914 U.S.A. ............ $5,486 Southeast .......... 4,740 Florida ............ 5,406 Miami area ......... 6,375 Miami/USA ........ 1160,'o Source, aurcgu of Labor Statistics TA To* Limitation For MUP10PRI Purposes — ArtiVic 7, SC9090. 8 of the Florida ad vWprCM taXos in QXqgss of ten mills u! 'i✓�'ti�rt�tt�t� ��tpi�yttlEttt in Wort=A�rirullt,r�i t•:stnblishrti�ttts ==ttt 8tid C1le City 191 l C ` .< arty" as toll+ „ l4+E�t1�rWtlEf i>ae"tAw" 4fpte15tileP gepleiriNeP 1919 percent t978 perctnt 1�11 ijEPh�t tt1�'iti1 r,2 tViattu"fnctuting (n) Durable Goods ..... 42,100 5.70'0 39,100 6.2070 36,500 6.2e/0 1,2.f zs (b) Nondurable Goods ............. 58,300 7.8 54,000 8.6 51,300 8.8 Contract Construction ................ 40,100 5.4 33,000 5.2 23,90o 4.1 7.3 transportation ...................... - - 45,600 7.2 43,000 2. 4tid,'�b4. Communications & Public Utilities (1) ... 70,000 9.4 1b,500 2.6 16,100 5176 '� trade a Wholesale ..................... 55,100 7.4 48,700 7.1 45,700 ( 1 7.8 6.1.4.1'i (b) Retail . 128,5()0 i7:2 112,000 17.8 104,000 17:7 963, l+t<d Finance, Insurance & Real Estate ....... 49,600 6.6 46,200 7:3 43,300 7.1 .c�!.lc Medical & Other Health Services ........ 42,100 5.6 37,600 6.0 36,700 b.3 Other Services &Miscellaneous ........ • 165,200 22.1 108,000 17.2 102,200 17.4 14.3 Government ........................ 95,400 12.8 89,300 14.2 83,800 TOTAL_ .................... 747,000 100.00%o 610,000 100.00io 586,500 100.0070 ::ts an: Hai:i Craw. 'eiottte .ic s►d � (1) Transportation and Communications & Public Utilities have been combined for September 1979. t�..t3bat, Note: All industries are classified according to the Standard Industrial Classification Manual, 1972. :...--,y�:' `:�• :•u��y:atItialy� ati t}S. them.::;as;r.. '�,� All data are adjusted to first quarter 1977 benchmark levels. „� ::• arli: Source: Dade County Community and Economic Development Department. •,� •� µ;~: a;�;�-,�:Ittla�pi� �x"� , , , „ .,i - •�" :-,::•::-,aa��e: a trl. .i`x . '���esetl 1t1t t Unemployment Rates .. �... L't :,e, Ara: 1,tll►u sai:• m, _t►. As or - 1975 1976 1977 1978 t479 t)ecetnber 1980 USA 8.5010 7.707o 7.0% 6.0010 5.8010 7.4010 ............. Florida ........... IV 9.0 8.2 6.6 6.0 5.0 5.8 5.2 Dtsat _:iun:v Dade County ...... 12.6 10.0 8.9 7.4 p,k,` rn Source: AmeriFirst Research Division. Numb-- W Per Capita Personal Income %.fhUit+yrer Dade County and Other Areas 1974 1915 1976 1977 1978 - r••'t U.S.A. $5,486 $5.903 $6,441 $7,028 $7,840 . . . . . 4,740 5,054 5,544 6,057 NA Southeast . • 5,406 5,640 6,108 6,647 7,578 Florida .t►:►. ............ Miami area ...... 6,375 6,455 6,931 7,755 8,567 Miami/USA ........ 116010 1090/0 108010 110010 109010 " Source: Bureau of Labor Statistics. `►:► TAX RELATED MATTERS Tax Limitation For Municipal Purposes Excludes Debt Service that municipalities in the State may not levy Article 7, Section S of the Florida Constitution provides of real estate and tangible personal property ad valorem taxes in excess of ten mills upon the assessed value 17 . `y. g •• •1',e'. �'« � i!:Y'•IY••};�Y "1:+�If:': ;i. i.;. is ail.a�ftt5i. . ..t,. ••tY -y, •E>�4+ il`'•!r` laY •!: a!'-'O.. Ya>.. y!'y« �',t a �ii A`'aii.i.l;Xi YLlv... ws a+., •ty � �'t►:li 3"'1fiM'•'"i t1tlt •� imil},;,6liW 1Y'j'!`tre�t+'��rpy'•.',"`9. i[#.>!a'; _ ., - - - - aka • y �,.,. '!}'~.t�'au * .y. y ..i.«. iti y.�t -. -, - �_ �` •'. > .' �z.!'a. �altr .t•� � t�� t� 1r11;a'..�;tlt�€lS!'4 -. + �. �. '., ra. ••.+a, +•. ♦. .�.h.. ... t.i'.,: ir: �.?: : �'" ... _i': .�4:- is �,' �'C lut'l. �rM*t"�.Y.,�� ' ., �['.1 .:'i•�4Y •�; I:c'+ Y-''. ^S.#, ':' ., .Z.�'il F• .�..% �iii1 ..-.. 3^� .•.-. , •: �' ..,: sF�...'.2. l�a:�' �' .. wµ, � � s .. 4.: , f." �,.:.�,: :w' J: :�� , - -_ .a..+«! .1:s:s:yr ... a.',S: _:,'i «i.. a.L:�.. �'.,,. .. �... -.s .. .. a- } TM .- k A �-aru�{i , «�• �:.. _.iw ' S: '::}. i �:: tr.ii. KI :'.. �.♦ 'e J,.i! .- .7v'.. ... .. .. ..., ' - r1 !,F *f• ,}L Thy: '-:il. .ht Ci: ,�.._...+�, ' i .� fs4 •Ya .,i,aal. ar...�T art y +''T .�! "'f-�!a� 0.0 `.:. a'):al 1W1. �'r _: .. L'`'i1's, QSS\!�V .i. 1��1 L1* • .a a+w�♦ ...... . r ' { ....... ..,... TT��.' r-•'�+'•r+.j •w.•.:kl - �4 141 T��, ,�,.:t'ti4� .�.'.�'t .�t.�.. ale\•, :'L. .. . n. .. .., .�.x. ..., ' T�ritii ':Fir D�.��ry Y itr{�;Riora. 1 T:. Iriri: O:i: t+l1i�J Frl�E it;�::,r .. '•,': »j<.'` ... ._ . ..-. ... ,.— ,�...,. -.:. N:k'. .. :`�.;�'•.ael .rt!t... »'ter �ompl°:ing %kith certain Ws e.r::i:nj -q,"'^s,. r;-, e apnro:he al of t'.to thirds �' , •tom; ,;%.. ,., _ ;4;>:. :. t, t �. e.e4 k4 L . ,�. ,. _... _ ss f; millage of ICt mills. The re:�uirem,n;� i,1r iE'�t�', »s�;l:~�^ ;. "w. property' tax toff: from t? bilEi.-,n ::� appr.,\ .. »:: _4 Homestead E\empnon to SZ;XXV (from ;r ro.:ci ^y the electorate at an October a 1a�til ;I:;t:t�r. L: , ... c-.� .L -i_..: �': :4'4:.:; ".; ;� y.� s \ ...,tion at SI;,flag for year Florida re:identi. Tilts tl, T•^: ,�:, ,.; _ -, --:Y.--'^: ; •: v '2x rails byS.3 billikin, ho{{e{er, the Trint Bill The Trim Bill also e•tabli lic> proc::dllr,s for aNt.=' . .t so that the change in the liontc:t;,lti 1=\;'lttptt.�tt tt:i3 tti�:..'rc: ,.. , ` ,. , �.. :•m rX'rf=�=:i•' Procedure for Tax I.ea> and Ta\ c'all4•ction Real and personal 1 property {aluati •n, i + t.t t � .Ir; CSCtIt (j�• *.i,. � :.i «,,';�_ ,,;11t`•v • to :_ a .,.rt � cT ... . Ais.,sior of Property' al jllai {aliltl. noItce to tit I41 *s? .... .... ., - l ,11uation- The propert> ki{lnel has the ligili to file f Tax Adjustnleni if such plopell{ {,Illt.ltl0ll Is "";°y;;:. itlt �� t1C•tiilittttc,:'h{ ;Tr ..: ,`ai:,:'' .> 4r"`: that as determined hl the plollettl t1{111C1.:Vi app,,lls of ais t: 'Tr !ts'i::' Dale County Bo;Jrtt of l ytl.111/alloll lht 11tt,lt,i ;4titt:,a tit „�s.'.�; ;`,: ` "='�e:;� �n ��'• Ih nearing of 411 appeals so Iiletl. 11 t;i\ea are title anti 1.n:Ihir t+ 1 , l fit( 1 ! Nt 11111 +t'1 1 of :,I,'h 1t:tt .� :`,'e' ,E: aka a,l,` ;',.. :.' „as,°•aat=g�l�1 is 14rlitiN 4110 delii,eted Its (Ili- I).it1t• (t1111111 l a\ I tlll4'ittat lit; Il,ii'.,r ns,i ta-\Mcr kill the it, s`II►t'111 loll a Ilolli C t+l the Wit, s It'a t„1 1 dl a :.::f� ::' .'. .:; :la1a„1, ix:.at ;�•, ';.::.�,�,;'., - a:� : ;°` i ?�� �4�'ikTie )A 46otlnt$ :II the I,Ile tit I4+11 + a ' 1 1 t'li1'lll 11 I1.t1tI ili tit: I{ltailttl _. : t`I� �� {'t4,sli'.', :•K'. "t: ,+t month of J)"clnliel, INt+ I+t'lit 111 11 p.ltti I11 Ill,' N Ullllt J 1 e;,^ ,"4`�,e�+': :'�.•.:�;, ::1 tile" ti��i�l.4'1 ' t1f .11tsl:lr! :lst.', t 1?r lye a ry. T:iera p:litl tlulnll? the Illt+t1111 tit \I-Il,h .tJ� Ullhow, �. gib;,`',': .. ;'tt,.,,.,h =.a{.$ : ;` Mfio 01 p j'ing tllvlr 1:1\ea In ctlu.11 tltl,ll lt'J I1 1+:111t11 tlIs ti till 111.; .all. ;;: :+ 1i NVn' AIiI # 1+llt*1 V It a +1' X:: svt;. the June 30th payment. four percent with th-_ adjustments discounted at three percent ttittl any adjustments with the March 31 st pay ni-. delinquent on April 1 of the calendar year collections for the City are delivered to the (- taxes bear interest at the rate of eighteen per auction from which time the interest rate sh- Assessed Valuations The following table shows the assessed` assessed, personal property assessed \alue, ; ten completed fiscal years. Assessed Fiscal N it fC Fiscal Real Per„ vest Properly PropIr= b,232,246,3050) s6'1 ,W= 1981 , 1980 3,.743,051,244 s22. f 1979 3,420,381,422 xu,'.6 1978 3,279,667,236 '44.1- 1977 3,256,815,414 681,4 1976 3,123,657,035 672,6• 1975 2,851,309,996 689,8 1974 2,168,158,819 533.4 1973 1,959,720.765 464^7 1972 1,866,182,202 416,3 1971 1,727,513,398 380•2 (1) The increase in assessed value of real law requiring that property be assesse initiatives"). Record of Tax Levies and Tax Collections_ The City has levied a certified millage- 1980, consisting of 9.036 mills for general - shows the tax levies and collections of the_ Record of - Total Fiwal AdJusled Collection Per Cent foal Tax of Current of I tided Levy Year's Le" l Si&p1.3Q Ali Funds Taxes Collected 1980 60,983,826 58,789,796 96.400*o _ 1979 58,389,375 57,325,287 98.18 1978 50,532,016 49,095.263 97.Ib 1977 43,854,070 42,969,232 97.9s 1976 38,508,055 37,280,660 96.81 1975 34,923,276 33,833,693 96.8K 1974 33,637,575 32,736,227 97.32 1973 28,106,081 27,448.865 97.66 1972 28,909,445 28.043,734 97.34 1971 27,891,796 27,332,485 98.00 1' impose to 1tlee Piet It0iftttttis i, .�r%Vf. hinited by this tt t tht$? tht; Ci ti . tx� �-r=r. a :a• .aa _ ',:� 't21t"a_i t"!5 aatil .�tf1 i'i'i'I_-�•i��"''- ,?-'IV On 3t4.)Y' =�• a _ .- ✓:.tti = � v'Yy LA�~li.cj L.li�d 'w�li.'. � �be �F.i:1I tL��.: 1 �' Et ha? Sews ctL ; `,.:' St.. i2lriiSCiiiT.}:: `.; _ : .fit:•�L`.:'c .... ::`i; %r„). �t►li .`pK'id"s �.:'il� F`ti�'.``' - ._ :t_it'% ailvl2E:', ii:►x .. i.'i.+:=a�+,` i,�t,' _: :: _..: �t•c .._� ::l i::`Li i,s} d.al''t:1t'�.. :ii" •�1l. c� - - -- ..- C Ent e 1.`�." Jetj. er of;i,n{:1}l: "V *Lia t iiI bN th: I3ad: C t+i:x:i US.- r r-.-- ::... -.: Bc,a>-:' iIF ,11 It !-c Ta\ M)r.t;,t rr4ail� to :s:h lt'. .'' �.' ...:;�:'. :7't"it' ;ver�t'ra: )'. t1a1.'(„ i.T:=' IPiE• !►.^':CTit If pai4,+ t: :h. lllZInttt C - T 4vf the ;t� : \ i.i `. � :.1\ U :. aft •G !.1\ ;►cr.-�n: w•ti4�:���Ft� U «it`4 - the June :)0th payment; four percent with the septettihet 3yth paymentt t*d Oefcent plus one-hdlf of dtly adjustments discounted at three percent with the beeernber list payment and 110 discount plus one-half of dtiy adjusttnents with the Match list payment. All unpaid takes on real and personal property become delinquent on April I of the calendar year following the year in which the taxes were levied. All talc collections for the City are deliveted to the City of Miami by bade County. The delinquent real property taxes beat interest at the rate of eighteen percent per year from April i until a tax sale certificate is sold at auction from which time the interest rate shall be as hid by the buyer of the certificate. Assessed Valuations The following table shows the assessed value of taxable property together with real property value assessed, personal property assessed value, and homestead exemptions in the current and each of the last ten completed fiscal years. Cite of Miami Assessed Value of All Taxable Property V iscal Sears Ended September 304 E`lSctl l Real Personal Gross Total Homestead 1./eltiptlnfls total SedP Property 6,232,246,305(i) Pmperh R6y,597,421 %,IOI,R43,72b 559,128,066 6,542,7t5,6'60 4,36R,468.R84 1981 1980 3,743,051,244 ,� , 822,-,29.- 1 I 4,565,779,755 197,310,871 196,70R,033 ,828.466,994 1979 3,420,381,422 806,793,6(15 4.227.175,027 d.023,847.098 � 16 19_,664.03,73y,711,741 3,82R,iR3,022 1978 3 ,279,667,236 744,179,R62 3.08.270.393 198.55R,65�? 1977 3,256,815.414 681,454.979 h72,697,(154 3.796,354,OR9 199,420.601 3,596,933,488 1916 197_5 1.123,657.015 2.851,309,996 699.W.764 3,541.205.760 195.797,718 199,186.76.1 3,345,408.042 2,503,467,627 1914 2,168.159.819 533,495.571 1.701.654,390 2,424,469,R46 2U1,750,942 2"222.718.904 1973 1,959.720.765 464,749.081 416.368,86" 2.2 , 5 2R2.551.069 o'.900,98_ 2,o7y,650,084 1972 1,R66,1R2,202 3R0,27R,083 2,399 .107.,91.481 2(13,R25,Rt7 I,y03,y65,R24 1971 1.727.513 in assessed value of* real property in fiscal year 1991 is largely due to a change in Florida "Tax (1) The increase be assessed at 100010 of actual value (see the subsection Reduction law requiring that property Initiatives"). Record of Tax Levies and Tax Collections The City has levied a certified millage of 11.848 mills for the fiscal year 1980-81 beginning October 1, 1980, consisting of 9.036 mills for general operations and 2.812 mills for debt service. The following table ty for each of the last ten completed fiscal years. shows the tax levies and collections of the Ci Record of Tax Levies and Tax Collections Outstanding Total Delinquent Fiscal Total Adjusted Collection Per Cent Collection Total Collections As Percent Outstanding Taxes As Percent City Year Tax of Current Year's of Levy Delinquent Tax of Current Delinquent Taxes of Current Levy millage (1) Ended Sept.30 levy Ali Funds Taxes Collected Taxes Collections Levy u 1980 60,983.826 ,58.789,796 96.40% 307,659 59,097,455 57,756,234 96.9,0'0 98.92 1'S59 36l l3) I.- . ` ` 2.67 z 14.460 1979 5 59,389.37' t7,325,2R7 98.18 430.947 523,373 49.618,636 99.19 3,195,919 6.49 197R 50.53"016 S 63 49.09_,2 42.969.232 97.16 97.98 650,775 43,6.0,(x)7 98.46 2 2 519 • 5.12 11200 10.930 1977 1976 43,854,070 38,508.055 17,280-660 96.81 611,860 37,914,520 9R.46 101.4,. `= 48,• •45R'941 1,454, 4.17 10.880 197.5 34,913,176 33,833,693 96.88 1.583,714 881,853 35.417,407 33,618.080 99.94 1,949,072 5.79 13.436 1974 33,637,575 32,736.227 27,448.865 97.32 92077,691 198.31 7.57 14.755 1973 1972 28,106,081 28,809,445 28,043,734 97.34 28,321,425 5 98.62 1,180,746 1,692,726 6.07 14.8.5 1971 27,891,796 27,332.485 98.00 173,669 5 2 7,_06,1_4 19 A pimerboat regatta at the Cith nP %Iiami :Marine Stadi The %ita course station, in the 00 of Miami henuett `r`.!,%'i. �wrtE#."Kit?''v►3�ti?;`'�iji'sEy�' �'�".c'�?; tt+tic't+'.��1� t ' 1 1 ► 6+ wt regatta at the ('ii� of Miami Marine Staditttn. An AHM's rendition rrt' the (ornention ('enter pre�enil� uflileP A po %erhoa k condructirrrr in drtNntn%+n Miami. The Vita course stations in the ('ilk of Miami hennem rarl.. I he ;; am (its 'd �lianri Viircntennial Park. the annual Orange Ilt-I t"A"I ll gams :rl rlu' (it. ut �tranu (Iran;e {t�i�+l .rarliurn. 21 _,. .. 711 . 1F`.'�Rt.'�F x gr}'-: •�.� lkh: wNe,'�,i �, ^'.:�. A3�; rt'�, .�n+r�.:a�:e�e�_'. - - .. �, « _ Al. ' " � � .._. �. _ « *, _ . � _.— - - ?;• � ter_ 'Y>ltq�' ., Bonded Indebtedness and Various Deht R= The following several tables sho%% the bonds, principal and interest requirements the County and significant cornparalke rr General Obligalion General Obligation L.ur Fire Fighting Facilities Coconut Grove Incinerator Refunding Sewage Disposal Bonds Dinner Key Marina Land .Acquisition Bonds Bayfront Recreational Facilities Recreational Facilities Storm Sewer Improvements Recreational Facilities Storm Sewer Improvement Sanitary Sewer Convention Center Fire Fighting Facilities Police Headquarters Pollution Control Facilities Sanitary Sewers Highway Improvement Storm Sewer Improvement Highway Improvement —_ Sanitary Sewer_ Fire Fighting Sanitary Sewer Police Headquarters Storm Sewer Improvements Street and Highway Improvements Public Park and Recreation Facilities Storm Sewer Improvements Police Headquarters Storm Sewer Improvements Sanitary Sewer Improvements Police Headquarters Street and Highway Improvements Sanitary Sewer Bonds Police Headquarters Sanitary Sewer Street and Highway Improvements Fire Fighting Police Headquarters Storm Sewer Improvement Fire Fighting Public Park and Recreation Facilities Housing Street and Highway Improvements Sanitary Sewer Dire Fighting, Prevention and Rescue I' ­ Storm Sewer Improvement Totals A taxpayers in the City, he the t attrte of fiscal year ended Septetlibtt �{ eit busitless in the Cite of Misttli -lue of Property Nature of .Acils-ity log �1 Telephone Utilit% Office Buildings 1�1 Electrical Utility i2+69,5p� Newspaper Office Building 49,233=339 Retail Sales 4 ,8R�,179 Hotel Office Buildings 3`30,$38 Office Buildings 26,442,198 Hotel 2- As'l3U $`2--905-.l3 7\ THE: CITY 01F MIAMI respe, is to the more detailed financial information —?nstituting appendix a to this Official Statement. =k. Mitchell & Co. dated March `£, 1981 addressed flit on the amount of ad valorem taxes a city may t to a maximum tax les•y of 10 mills per 51.00(Sld ble personal property for city services, other than —le%ied for periods not exceeding two years and from the 10 mill limitations. electors prior to the issuance of bonds payable st,tut,on limiting such sole to electors who were .ithin the subdivision was declared soid in 1971 10 \ Ole in bond elections. The remainder of the orem to\ation was held valid and is operative. =t,on bonds of the City to 150'o of the assessed 'limits as shown by the last preceding assessment sidessalh and other public improvements which o such limitation of amount nor be considered that ma} be issued. d on net assessed saluation as of March 31, 1981 -)]L'able to the City's debt limitation as of .\Iarcb 11(jededd Iildeb-tedfiM tittd 1•al"11s milli r'000% -1•he fallowing scsei•al tables shore the details of the City',, general obligation bonds, special obligali tli bidhds, principal and intetest requirements of general obligation bonds, the overlapping indebtedness Of tftr County and significant comparative ratios ot• debt to population and to the City'c tat base. tienet•al obligation Bonds t)owtinding on Starch 31, 1991 tKrne Dale llnal Maturit% %ear AtPli►n81 krnonnt (lirta)sritttin I�ciletl — �' _ General i►blikat(on k%the _ — _ 1 ite 1 ghting Facilities 3-1-58 1988 850,000 $ 1,100,()00 295,0()U 190.000 Coconut Cirove incinerator -1-58 I-1-62 1988 1990 14,565,000 S,900,0(10 Refunding Sewage Disposal Bonds 6-1-65 1985 2X0,000 620,000 Dinner Key 'Marina 6-165 1987 700,C)[)U 115,000 1-and Acquisition Bonds 8-1-67 198 2;25(1,CKi0 81(1,000 13ayfrunt Recreational Facilities 8-1-61 1981 1,000,000 350,000 Recreational Facilities 8-1=67 1987 },OW,O[w 350,000 Storm Sesser Improvements 7-1-68 1988 1,5C)O,CKIU 640,000 Recreational Facilities 7-1-68 1988 1,50(),UUO 640,0(K) Storm Server improvement 7-1-68 1988 5,(>U0,(K10 930.000 Sanitary Sewer 5-1-69 1989 4,500,000 2,115,M Convention Center 10-1-70 1990 ' 1,00O,000 505,000 Fite Fighting Facilities 10-1-70 1990 I , 5(K),000 780,t1U0 Police Headquarters 10-1=70 1990 3,000,000 1,560,M) Pollution Control Facilities f0-1-70 1990 7,(x)U,000 1,870,000 Sanitary Sewers 2=1-71 1982 3,000,000 300,000 Highway improvement 2>I-71 1991 1,500,000 � 79. ,(K)(1 Storm Sewer Improvement 9-1-71 1991 2,OOU,OIK) 1,120,000 Highway Improvement 9-1-11 1991 5,000,000 1,840,000 Sanitary Sewer 6-1 72 1992 1,100,000 705,000 Fire Fighting 6-1-72 1992 5,000,0(0 2,025,000 Sanitary Sewer 6.1-72 1992 1,G00,(K)0 940,t10O Police Headquarters 6-I -72 1992 3,000,(K)(1 1,880,0lK) Storm Sewer improvements 6-1-72 1992 2,(X)0,(X)O 915,U(K) Street and hiighway Improvements 1 0-1-72 1y97 28,35U,U[Kl 2o,U?5,o0o Public Park and Recreation Facilities 9.1-73 1993 2,(�),0(Kl 1,375,1K)0 Storm Sewer Improvement~ 9-1-73 1993 4,lK,0(Kl K) 2,740,000 Police Headquarters 3-1-75 1995 3,000.010 �,� UO,(>vU - Storm Sewer Improvements 3-1=75 1986 S,000,000 Sanitary Sewer Improvements 3-1-75 lyy5 8,111K),000 5,850,000 Police Headquarters 3-1-75 1986 3,000,0U0 1,5(K),()()0 Street and Highway Improvements 10-1-75 1995 5,000,000 3,580,000 Sanitary Server Bonds 10-1-75 1995 2'WO'�t1 1,575,000 Police Headquarters 5-1-77 1997 13,O1>u,000 Sanitary Sewer 5-1-77 1998 5,000,000 4,000,000 Street and Highway Improvements 5-1-77 1997 5,000,(K)U 4,470,000 Fire Fighting 5-1-77 1997 3,000,000 2,705,000 Police Headquarters 5-1-77 1997 2,000JR)o 1,790,000 Storm Sesser Improvement 12-1-77 1998 1,(KK),OtK) 900'000 Fire Fighting 12-1-77 2003 11,540,000 10,560,000 Public Park and Recreation Facilities 12-1-77 2008 1,500,000 1,460.000 Housing 12-1-78 1998 5,()(K),000 4,705,000 Street and Highway Improvements 1' 1-78 1998 6,",000 5,675,000 Sanitary Sewer Fire Fighting, Prevention and Rescue Facilities 12-1-78 1998 2,250,000 5 000 000 2,130,000' 4,850,000 Storm Sewer Improvement 12-1-78 1998 _ $193,575,000 --_-_ -- --------- $124,610,000 — "totals 23 F�+":tP''1C �,Mwsy,�'.fir4 �`a+te'�+'_'t i•{�L•'ttt+'tEN";.. ?""!i'. a:"3•-3'rle+!!`y."`Ei. '%`+!!'!ia$it,'ti:.'iY!'t.$i }}` =w' 91Ir:.`# ,. Ak 'NSA'X' (1) Debt service is being provided by (4 maintained. (2) Debt service is provided by utilitic,, gas, water and local telephone MILI maximum annual debt service reyuir (3) Debt service is provided by electric (— service requirement must be maintain-_ fully pay the amount outstanding. (4) Rental income from the lea,,e of the bonds. (5) Secured by a pledge of the net re\ er meters of the City. (6) The Series 1980 bonds are Secured h�' M the on -street parking meters ofthe CM Series A, 8 and C. (7) Debt service is provided by a pled_ certain telephone and telegraph Provide, to the extent necessary, rev — sufficient to make up any deficiency It�i�1r� of Mtrd it. lot j I)& set•vice is being provided by Oenefai P'ubd operating traiisfets. A reserve of $25o,oM mitst be tt'iaititaihed. tow bebt service is provided by utilities service taxes imposed by the City on each purc () hase of electricity; - gas, water and local telephone and telegraph service. A reserve must be maintained equal to the S '-_95 50=_ ,a ttiaximum annual debt service requirements. 11) Debt service is provided by electric franchise revenues..A reserve equal to the maximum annual debt service requirement must be maintained. At September AO, 19go, there were sufficient (ands reserved td u fully pay the amont outstanding. ::- Rental income from the lease of the warehouse facilities is pledged to provide debt service on these ?•-c`.� ,$� „4s (4) ..�;: bands. () Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking -, teeters of the City. The Series 1980 bonds are secured by a pledge of the net revenues or the off-street parking facilities and (6) the on -street parking meters of the City, subject to the prior lien of the Parking Facilities Revenue Bond Series A, P and C. the Convention Center -Garage, a pledge of S_,"► ^, zE -Y; (5) Debt service is provided by a pledge or net revenues of by a covenant of and agreement of the City to certain telephone and telegraph excise tax revenues, and necessary, revenues of the City, other than ad valorem property tax revenues, I. c='c ;,_�, Provide, to the extent any deficiency in the requited sinking fund. (See Note (11)(c) in Appendix A.) sufficient to snake up ;•i t t . 44 i :ra _.. _ . a�.�+. �. ♦ 25 T SYY S Na1 iI'!+tTri `F,r:. Tl.". ..5 .A}Rktf•ii'f i�i/^Tjti�'•f _—.. (t) excludes $97,SOb.00t) wnl�. 'atc�r,rti �•ru:r�a a maw-s tom:-�,r�,+c�.�s� r the Miami -Dade Water and Se�%er .%"i .. r ad valorem taxes, if neccssar>. (2) City share of Uade C'ount�' Dcht I, Current ,.' .;�.. #1►R1y�:Ucr,«prpFS+ .: �-*- FACTORS. Assessed Valuation (1) ...... Net Taxable Assessed Valuation City of Miami Debt. Net of Capital General Obligation .... . Special Obligation (2) ... �x Combined Direct Dcht I x1 = _. Overlapping Debt. Net of Capitah/-= General Obligation ..... Special Obligation l21 ... .. Combined Net O%erlappin Population of Miami (1980 Cen,u,) Assessed Valuation Per Capita Net Taxable Assessed Valuation l'er DEBT RATIOS: Net Direct General Obligation l)eht� Net Taxable Assessed Valuation - _.. Combined Net Direct and O\crlap� Debt as a Percent of Net Taxable Net Direct General Obligation Debt = _ _ Combined Net Direct General and Debt Per Capita .............. - - Combined Net Direct and O%erlapl t-)ebt Per Capita ..............- Combined Net Direct and O%erlapp- ` Obligation Debt Per Capita . (1) ;assessed valuation as of Seplemher .., a�. �.� ' T 3:. lass•. _T (') Special obligation debt is pa\ ahlc I rc= w Rafit to Net Assessed Value an r , h - • -� - M "": *.: ;: Assn„rd - - 'JM. •F.?"aBFY�:+% •°' -.. S!'pt aQpdtatlep tt► --n--.-.�anttgs, population - ,- S�4�.b;: iySlFd� k# t ti' �' v #b x,.[i.IIl14 :#Af ' '.ar�i�z4 .1 34$1000 $7,101,842,726 �p} 1979 345,000 4,227,175,027 345,OW 4,023,847,198 1977' 341,000 3,938,270,393i �a�• :siaraa. 1976 340,00D 3,796,881,24C .1xt� •�f��+: 1973 33$,000 3,541,205,76(:— 1971 336,0 2,701, 15173 3 4,DUA 2,424,469,84. x' 1— t,t,• .� �' ., 1972 314,859 2,282.551.(16L -- — 1971 331,WO 2,107,791,46t— 4 Svtteth Bonds which are outstanding and ate Secttted tecp lre'S 6f {)� tkcitl , $9?,5oo.on()''rt'atersrtitks Water and Sewell Authotity as well as a pledge of the County to Make PAYthetits'ft0th the Miami -Dade ad salotem taxes, if necessatr. (2) City share of bade County Debt is 21.51vo of amounts sho«n. current Deht Rati(is of the 01% tit Miami *' dwvrw tr I -ACTORS: ",1o1,Rd., 26 Assessed Valuation (1) . . ............. • .........:.......... S6,542,115.660 Net Taxable Assessed Valuation ....................... ... . fr.x_ • :..:`�? City of \Miami i)rt,t, Net of Capitalised ltesetve funds C,enrral Obligation ........................ . ........12,610,000 :i,i7,22 Special Obligation l"l .................... . .......... , 1R2,1K ?2 Combined ()itect Debt ("March 11, 1991) ..... • ft' j a - s -''' :?A` Overlapping. Debt. Net of C'at,ita)iied Reset se V und,, 21,t�'d .: 9h,211,t60 General Obligation ............... • ................. 11,621,07{ Special Obligation (2) .......... . ................. , - 'fr ;:•: " s "t' ;: C'onlhinrd Net O�erlarping Debt (Hatch 11, 1981) .... 146,911 Population of Mianli (1980 Census) ................... . 5 ,0,470 _ .;A$ Assessed Valuation Per Capita .............................. 1;R.Rty t ` s.tta a Net Taxable Assessed Valuation Per Capita . .. . .. . ........... j' ` ; �g- f'' "+' . DC11T RATIOS: .: Net Direct General Obligation Debt as a Percent of 1.y0'ro . i i ;—I i._. .............. • .. Net Taxably Assessed Valuation ........ . +*+ ' ';;,��" Combined Net Direct and Oserlapping General Obligation 1 1Ztio?n ii. �s•.: ; : _ ., Debt is a Percent of Net Taxable Assessed Valuation ......... Net Direct General Obligation Debt Per Capita ................ ` = Combined Nct Direct General and Special Obligation525.61, `= Debt Per Capita ...................................... . d NDirect and Os erlarping General Obligation az. ` � :0; It , Combineet $ 616.$6 + + . t t�.w : _, _ . +..:::: Debt Per Capita .... ................................. . . Oserlapping General and Special ++ r :.; r- •; =' Combined Net Direct and 899.93 Obligation Debt Per Capita .............................. as t)f September 30, 1980, using I(K)o'o of assessed values as mandated by 1lorldp :++ ;r` i,�e - •��, (1) Assessed %'aluation +:+. ? .: ';;•,ter; ~ ;., .rr law. ether than ad valorem taxes. (2) Special obligation debt is payable front re\ynuy sources • Ratio of Net General Bonded Debt .+,; 7 ,`- z y—w+`: Net General Obligation Bonded Debt Per Capita Ac_.-r to Net Assessed Value and :i!: ..•:'.�,w 1,' _ .�t#.' Ratio of Net General Obligation tiet General + ;i!: - • ' r 6_t -,_ • n; _: tiel lief General Obligation Bonded Debt Obligation to Set Bonded Debt ii C c,; _may _2• _�;,- +- :' Assessed Homestead Assessed Value Exemption Value BondedDehi Assessed Value Per Capita September 30; Population 111 348�tion $7,101,842,726 $559,128,066 $6,542,715,660 $127,905,txx) 101.845,027 1.950'0 $367.54 400.87 -21 Obli alirin Bonds and Z Notes Outstanding ' Iy6,708,033 4,030,466,994 138,065,M) 1980 1 345,000 4,.. I29,h75 3.43 375.19 tit,- a. rif March 31. 1981 1978 345,000 4,023,947,098 195,664,076 3,828,183,1122 ,(►lx) 198,558,6S_ 3,739,711,741 103,826,694 2•78 303.59 1977 342,0(x) 3,938,270,393 340,00(1 3,796,881,240 199,947,752 3,596,933,488 94,523,990 1976 93,933,263 2 2.63 •78.0, 2.51 48.32 (Alp ioa t uatbiaed 1975 338.000 ; 541,205,760 1y6,797,718 3.344,408,04, 198,186,762 2,50.1,467,629 86,844.273 3.47 :58.47 Debt Debt 1974 336,0(>D 2 5 760 ,469, 2 222 5 $1,164,790 2,424,469,847 201,750,942 718,9(1_ 2.30 153,19 1 144.36 'YJ :-6._-%3.CJ(r(t w S•fi0.95?,WL) 1973 334,000 ,42 1972 334,859 2,282,551,069 20.,900,985 1,079.650,084 48.341,208 � 1,903,965,624 3;,154,654 2 .31 1.74 I(x1.16 rI, F� ••' ��" J"'.. y t)2�i.i'',.2.3" 2 5 1971 331,000 2,107,791,481 03,8.5,8.7 •? when the liability is incurred and revenr « +; i.e., measurable and available to financ ..y, y 3++.w' . �,• _ . t, . _ , ; the normal time of receipt. The accrua f o-tell•ii (Y-i4*u j JW%-1 t &Ad,, &1 * %- d The accounts, books, records an, _ subject to quarterly review by a firm .� outside certified public accountants ar. }' r r. `�"_ 4 �; y _ - «; t ►:r _ ^� The following table presents ceri -. _ , -- - .,--_. financial capacity of the City respectin_ a WTF':,"t.N i Bon6 H Revenue: Ad Valorem Taxes (Net) - General Operating....... . 4 , G.O. Debt Service........ . Other Income - : _ :. F.. 1•.1 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 ... $ _ ' -' • - v •- fit.. 4�iRRr •Y (1) The deficiency of revenue over ex, _ 1978 debt service payments were m _ q _ -,: ' �s z�n Revenue structure The following is a description of t _ .. ._ .�- >< -; -_ ;: _ _. .. ., ...... ♦ • _.. _ R' ;� .:; •. = TM T.ls� - _ statement of the City for the fiscal yea-- ... . T'.. - .. , h - Gen:_ Ad Valorem Taxes — See the secti - - Rosiness License & Permits Tt « -7, _', • , by the City s Treasury Mar— h� business. The exception to this are the Tax Collector. is _ There a set contractor= R ai1� rr�"'r►� `- .i theliability is ittt Urred atld revettues are recorded when received in cash unless susceptible to accruals - when lneasurable 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 .rj• I`V-0 all of s!xh #�ii�l g �e b.xt,5a� subject to quarterly review by a firm of independent certified public accountants. The opinions of the ids and S4,(Yj0,(YYt rA p+jja -otttside 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 ter 2%. 1976 herein 14ted a =Ala;`.;`►`'t financial capacity of the City respecting the payment of its obligations, including the Bonds. Summary of i its f*" Revenues and Expenditures General Fund 100 SI(yf),(fx) Special Tax Levy Funds XY) t .2!0.W) and I .`0 Wi Bond and Interest Retirement Funds J(Y) sj Fiscal Year Ended September 30 '•ed '} ::-uance of $i; �,X .�Ir 1981 1980 1479 l4`!g Actuali,rf)-..rneri' Pr7nd> Atte ,: F' w ;o . Budget Actual Actual. Revenue: Ad Valorem Faxes (Net) )0,{)(K, General Obligat ors I'. General Operating........ $ 53,093,768 $ 42,679,426 $ 39,116,411 $ 36.996,791 ebruar: 3'. iy", aae as f3= }}'=: G.O. Debt Service......... 17,762,704 16,692,347 17.547,314 11,819,882 Sr M, Other Income Operating ... 68,755,679 61,766.746 56,718,322 58,689,883 3 . 5(Y).00r1 ................ G.O. Debt Service......... — 2,493,595 1,316,453 864,6698 s, urj.t�rYt Debt Service Fund Balance.. 1,213,529 — — S 19.1fXJ.i+Cj _ $140,825,680 $123,632,114 $114,758,500 $108,371,254 ond� consisting of S45_ zr i':•;' :^ Sa�::tar: Expenditures: $121,849,447 $103,348,568 $ 96,817,113 $ 93,712,001 ,ro:err.ent Bonds. Validatic"'I P-:=ae-ed.ncs General operations.......... le Count',. G.O. Debt Service 7 062 016 14 870 252 : ;rt a amount not present;; e►.te:ac: "0. icing a harking garage to be >Nate4 ire t I: in an amount not presently e� :weu *z, andtng and de, eloping rnalnnaz Ic�eat:d on Is in an amount not presently exf+e.teu :�� �nd:ng and de%elopine marina; Ic' a::u Oil ,rntent of Watson Island. and as, discussed irrenti, under revieN. hudvc-, e,tinlate not later than one month. rare, it, o\%n budgeti request.,-,r re\F:a%.I^> g, .in the hudcet plan and mu>t ad. pt the ui D)+t �er\tce I�unds1 t.�ll�!» tits itu�dtt�ed Lill Iill�'f.�t on lone -term debt. are rc,:orded Principal and Interest...... 18,791,380 17,395,230 1 , 1 Other ................... 184,853 184,518 168,655 95,320 $140,825,680 $120,928,316 $114,047,784 $108.677,579 Surplus or (Deficiency) of $ 2,703,798 $ 710,716 $ (306,325)(1) Revenue over Expenditures... $ — (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 fee for all contractors within the County. After collection, Dade Tax Collector. There is a set contractor's 29 .fi .. ,� sM".'- ,. .':�n .� .-.. r `4swr'�LY"-. `a✓.f, . •+/" ._ s .wu - . e = 71 swm Stationery Stock Fund: For purch in the City's operations. Enterprise Funds — Monies for the services on a user charge basis to the gen Stadium, the Marine Stadium, the %liau Center, Bayfront Auditorium, golf rang, Bowl parade are built and stored. City Pension Funds The City has two separate pension ft effect on February I, 1940 (the 4 Syster Employees) which went into effect on J, the Retirement Plan is E. H. Friend & C Alexander & Alexander, Atlanta, Georg - With respect to the System and Pla, (1) As to valuation method: System —Entry Age Normal Plan —Aggregate Accrual M (2) As to interest rate: System and Plan-7016 (3) As to assets: System —Moving market val Plan —Market Value. (4) As to retirement age: The System and Plan have - rather than a single retireme and the Plan used age 62. Membership in the System and Plat - employees and not open to temporarN e► The City's contribution is determ Commission for acceptance. The two adjustments for all retirees. Also, they considered. Through December 1976, tl- basis. The City's required contributiot Subsequent to January 1977, the Retire► the section "LITIGATION" and Note: (` the City's contributions to employee pei The following table sets forth in sut Plan and the Retirement System for thi years ending September 30, 1977, 1978, The unfunded liability reflected Has For 1980, the unfunded liability was d- October 1, 1980 for the Plan. • leoed. The f*tr tWA Owe du^`fttt eery i Ct j-5 1F3i'i4. YTier0 ate1,.y,T"'�^: .`•` ('_-: �: �'_'`,i a.� iir� Ci`4�� �s">:� Cj,'ioat4. Revemt± V-4.3e t ew E-,aet 'Ness S401 ?r! _ t __�' -• _--=--='.:._yx �:.mot �.�-e �:��':: tit ;'aim 2 ew Eadrt �esrmaer M M Stationery Stock fund: Pot purchases and stoting of office supply items consumed in quantity in the City's operations. llfnittptiise Putids — Monies for these funds are generated by self-supporting activities which tender sttvices 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 tnatinas, Coconut Grove Exhibition Center, Bayfront Auditorium, golf ranges, and warehouse property in which floats for the annual Orange Howl 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 (Genetal Employees) which went into effect on July 1, 1956 (the "Plan" or "Retirement Plan"). The actuary for the Retirement Plan is E. 14. 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—Cntry 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-7a'o (3) As to assets: System —Moving market value average. Plan —Market Value. (d) As to retirement age: The System and Plan have adopted, as of October M, 1979, the use of probabilities by age, rather than a single retirement assumption. Prior to October M. 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 Citv 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 }raa'c�:-rxl Ex1cY t�.r Jir.Qb)�!� Ytan± The City is currently defendant in a la its pension plans for prior fiscal years th Also, the City is currently defendant in a �r, iswS �•�t+a!4 irat►«4^.. LV-" lsietr the amount appropriated by the City fo b'-'"`` le. ~��°'�"�£`"�'°` 01.► City Attorneys letter attached hereto as There is not now pending any lit igae _ or the levy or collection of taxes to pay r • ' ' proceedings or authorization under %k h .tom- _ :.-,�,.,,.. --•W: ,a. ; ♦.� . 5 �+: ��..rr. 3,� f i.. >4c'.'tt , Bonds. �.Ew g •.:::. � � i �'-: ' c�« x ,.- .,_ :.�, i 's.� t A charter amendment was approNe - --- City to set up a Self-insurance and Imur-: Board of Trustees composed of the Cit ; S ..:+_ handle the security investments of the to �,. •.- x'=.. -.�- t r:.;.; :. ,p..:►:�'. g . . ��r'^ 5 ..a: ;ems City Manager, to administer the plan. The City is self -insured for all %chip per accident and $100,000 per occurren- sovereign immunity in tort claims. (i g. �' -_- c- ," ;«: _ :-� 141 The City of Miami is self -insured ft insurance purchase is made where it is fc�_ ca�eoctst:lf,,* ttad:ng include accidental death and property d= and Death benefits have been purchasedfL p ,:s:a -- �,^r .w� j}�tr^-T-- C '.?' tii•�.-. ,; •+` s 2 i _ i�4(`aLmi�,=TE'.,R, ri �:C�•lji:':..':^.iY?: {��j;i�1:: !'t.%:�:., a`.,_•.?.'i.}: t•� [� TTrs-'. .. 3 e r"!. 7�tir •r .:t .� r`:;•� !.. -f 1 _ In the opinion of Brown Wood, Ise fll.icr:ni,.r.? T"aXc�. .7 t. �. C .Se' i l'a`` �''',. . �. r _�. '.1 t � s,- ,,� *.0.i,U: f _ ,: the Bonds is exempt from all present Fed= iT4 s,.,: S a.?".•�3; court decisions. — r e ry . S ;_??t F1- The financial statements of the City been examined by Peat, Marwick, Mite tii.�� l^�fi�.^^�:�=` &�ti:;mgrt periods and to the extent stated in their Ptah., .. � t,a4;;#��. -- � :.:• �, �,.;. ;�� _. integral part of this Official Statement. ?cue .. ;—� S 4,t+4„�1,1 — j. *=.�1►'.:Yi' _n—',• �..._ tin ...? _ as.;msi . ---._-- =-;t¢f t,:l tTtn�PS f4�t Pll1,3ti , A+NVII %ierC R4�nll�tij'yj ., . ..l CI Tf"iffrT94 to Plan, Pt' ��i t � Ib•? 4 !•, r,-. ;z x .rc+: ? TRt*�14�' i:.coS.�. ploy 5 �►'Ct� Certificate of City Manager and Finance— t1 1 ieares+attitt'd ts� in;lads; Rt>at ►jf lion ! itwt' Director Concerning Official Statement .3s t 0) For th nin e . r m��nths citd.ed Concurrently with the delivery of th=- - l,tcttit,cr therz'after. 311, lay I;NV U4, ", rnj � furnish their certificate to the effect that— date and as of the date of delivery of th- LITIGAti0,14 the City is cttf•hentlY defendant in a lawsuit seeking to require the City to make additional cottttibuthiits to ' its petision 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. Where is not now pending any litigation restraining or enjoining the issuance or delivery of the Bonds - •f or the levy or collection of taxes to pay the principal of or the interest on the Bonds, or questioning the '� w�, ,. proceedings or authorization under which the Bonds are to be issued, or affecting the validity of the ends. RISK MANAGIEWNT .�'�•,..�,ti - " r� - ram, :,� A chatter 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 4 -r" i handie 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 FXFMPTiO%' - r. •ram -..-. ......�+.i «.. �,.. - - - , '' In the opinion of Brown, Wood, Ivey, Mitchell and Petty, New York, N.Y., Bond Counsel, interest on - - -• ., ..;;u the Bonds is exempt from all present Federal income taxes under existing statutes, regulations, rulings and court decisions. FINANCIAL STATFMF:NTS _ 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 NQ - periods and to the extent stated in their letter to the City Commission dated March 28, 1981, and are an integral part of this Official Statement. JKN ' •' �- �er•�'^ ��c,,... *;^_ CLOSING CFRTIFICATFS 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 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 material fact or omit to state a material fact which should be included therein for the purpose for which the Official Statement is to be used, or which is necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. APPROVAL Of LEGAL PROCEEDISG5 Certain legal matters incident to the authorization and issuance of the Bonds are subject to the ` approval of Brown, wood, lsey, Mitchell & Petty, New York, N.Y., Band Counsel, whose legal opinion will be available to the underwriters, at no cost to them, at the time of the delivery- of the Bonds and will be printed on the Bonds. 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 alt such documents for fUllr 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 lames 1. Lowrey & Co., Incorporated. The information contained in this Official Statement has been compiled from official and other sources deemed ;a be reliabte, and is believed to be correct as of this date, 1^ut i> not guaranteed as to accuracy or completeness by, and is not to be construed as a representation by, the Financial Advisor or ,he Underwriters. Any statement made in this Official Statement imol%ing matters of opinion or of estimates, whether or not so cxpressl} 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 µithout notice and neither the deliserN. of this Official Statement nor any We 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 bean duly authorized by the Co mission of the City of MiAMi. City- of Miami, Florida .4f�}•pr (With C W K,��.i0f tit, !3fi. •'� r fIJKs� `llvi�`: �"�r�2tq'_ � � �. —_ '`'oa.�''u►ik — MY 6# 4MAMI, PL6RtbA Fin-mial Statethettts and !,,lr'Frff .,:-Y'a' ':: � :�,. :��- - Saptetttbet• 300 1980 - -�4 IJJ r!>f r/J't�. ��%' lYf`..�?'�E`r' S v`" i,�' y^,�y�"w;,�• Y,�t ' (With Atcoatitants' Rep6rt 1'ttprectt) . . _ .✓i ��. J- r 17 J.S y , mat,or. an: n-,rr,s:cr- cre x a:. Of th1`. (,cri�.ii �:>it""ax4r"�/' .„u :•. �1: lication AfCAv- A-1 C f , _ •."b, .ki s♦yi.% �gaxyq.,`iys . ii_ .. .,, -., - C Tab Debt Service Funds: Combining Balance Sheet Combining Statement of R. and Changes in Fund B. Capital Projects Funds: Combining Balance Sheet Combining State r ment of Re. and Changes in Fund B v �._ ,-: .- _.,n Y., n_ "- - -- Enterprise Funds: Combining Balance Sheet :i n. - Combining Statement of R • ... �ww,R..S'-�� �aw �«" ' ^•C« may_. " =3 in Contributed Capita Internal Service Funds: _7.>s Combining Balance Sheet Combining Statement of R _r. _�i - :•-4y = _ __ _ °" ' • -•-`-'--''� . _ = -_ _ " in Contributed Capital71 Ar. Trust and agency Funds: -..•.�,:=-.-,-,<. -� ,- Combining Balance Sheet _ _�_ `^ Combining Statement of Re in Fund Balances t - - ems.: "° r..• 'a^°�. '�R - - ., , 2 _IDA ' 6f 4 Mt i FLORIDA .its �`i'�iaf�eial Statet�etiEs 0, ►980 `ale COte[tts; SConf s bebt to-tviee Fubdg: CAS C�stbining Balance Sheet C,otribining Statement of Revenueg� Expenditutegi � and Changes in Fund Balances Capital Projects Funds: Combining Balance Sheet Accc,int Sroups i Combining Statement of Revenues, Sxpenditutes b� and Changes in Fund Balances ie :r-;s : Funds Enterprise Funds: Eel Combining Balance Sheet -e; - Combining Statement of Revenues, Expenses and Changes ie r.s. =cads ? in Contributed Capital and Retained Earnings°�� Tres - Budget Internal Service Funds: F„1 Combining Balance Sheet Combining Statement of Revenues, Expenses and Changes F` L_anges in in Contributed Capital and Retained Earnings valances 'gust and Agency Funds: G-1 Combining Balance Sheet Combining Statement of Revenues, Expenses and Changes-� T^7..;=: Fsrts in Fund Balances S,eduleS zc and Actual A-2 A-3 B- ---=-... B- A-3 paal-Marwick.MitcheII&C, • _ -_ - y ( The Honorable ;•favor, City Commissioners and City: City of Miami, Florida Page Two In our. opinion, except for the " provide depreciation on propert_: '. Service Funds'. and the failure Insurance Fund as described 1I1 the effect of such adjustment;. �;�... f. . outcome of the matters d iscus,se4 known, the aforementioned comb position of the City of Miami, Fl= operations and changes in 11na� i _. i5 Similar Trust Funds for the 4• a accounting principles applied after giving retroactive effect note 1 to the financial stat-,me Our examination 'was made for ._=�::-�• financial statements taken as 3 - .- -.^, _ _ _.: ::_., statements listed in the table - -. analysis. and are.not a requires of >tiami,, Florida. The int_ r - =- " • - - --_ - t'_ = - applied in the examination of t 1= ` - ._..-- _=- :-- -'-- - -_ ;:a� except for the effects or the _ _.. equipment in the Enterprise 3^,-' all losses incurred in the Self paragraph above, and subject t- , '. been required had the ultimate - =- =- _---_---__ - .:w�r_i: second paragraphs 2 �- .preceding respects in relation to the coma - 1: ♦r _. w,. �- . _ .. __+t+ _Tf ST�1S -1 THY - '„ - -�•. .•7^^1 �f- , AEEhay kYQ7 tea, - Y r,_T <=err ="t° Edl:sk ^larch' ')$,' l9$,l trCit}, A - iir€ ��'tie Aefbq �t5 S0►0iicketf Abp ter,.ents 04 'he Cti,} 1. j 1 i� Of illatii, as :icLe ' a aS a the table c , ner=' o. tati�eats, �Jt accepted audltlii _oL- :;^t records and stat?dards, a,r such other ie - auditing -r-��starces. =y is experl-nc'.19 a period of budgeta r 'Pgencies exist S►tiich could • rces. Place aadd.- r does :.o: , pr, ce cep:eciation on Pro - and` n i..e : arcs as : eh;:,L:ea addition. as describeL more fully in =ble 'r. - i �.:e �ei. .r=surance .un: for all epted al:ci:.ti'i£ trinCio:es. lawsuit .._---...�;.s -.--�'• :nc:udlnz cr ^;l:ion in c s�^arate iawS ;ice seeking to �r .;-r * a:ed t :.z City for presently ,zefe -— 'nable, .2_ _ is :cr the effect. if any. of -YateS �n A-. e'`er. a» ederaIIT- L- and :ompi..ar.Ce aucit_ by ,Ie. ` .=bUrsemezts. i = a.^.v, *r.:ca Way a pl�at-Marwick. Mitchell & Cci The Honorable :'May01t, City Coithissione_rs and City ?Manager Citv of Miami* Flotilla Page Two n out opiniona except for the effects on the financial statements of the failure to provide depreciation on property, plant and equipment of the Efitetptfse and I te'ttiAl Service Funds 'arid the failure to provide for all losses incurred in the Self. Insurance Fund as described in the third preceding laragraph 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 the Proprietary Fund Types and Similar Trust Funds for the year then ended, in conformit,., with generally accepted accounting principles applied on a basis consistent with that of the preceding year, hanges, with which we concur. as described in after giving retroactive effect to the c 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 analvsis 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. - - - - - 1, .s .,.,.• ; _ .t. .. - - . R.-.cl\•al,l�, inei., n.•1,.,1,. �fiPl•3A,�.1�1.`, ,.1 - - - - - - - A11lN.Nfu-'.. _till if ale•. f,l'3r. ,•f �4. lC'.1�1�(� - - _ - - - _ _ _ Ah>..fif,Metil_ Il ens ;1.Y, 1•y':Ijv" ,l,)t."f. Nn•5 l.ewli+ ., ,i.+i r: -t ) - - - .. - - - 14a .,.Nr of k.•r au»rlr'" - - - - - - - . ... � -- - } , „m ,+7 Irl•, j;.tvr a lo-1 t o _ 14•[l;isllf, will 1,1v1'RJit 1:,p"Ai1441.a I-Att it -Tell naAeaf„ - - - ! waL wn.1 a uv.•ti,m•'rzY « +,, i i, i f s. w Y nC•-o, , -"- - .. - - IlU Ii'd tilt: a,•4--if iI,[,, vWI 1'I.,Iie1f}'l ;al a111 N,',[ •4./+,1rNa'111--1If<•f..'k ) RtNI 11: - - - - - _ - - - _ - hul fAIlesc autt fnq•r+.....r•y,t"u Hm I. /,a•r y wn�t °,•4u ni.taruf - - - - � ,r _ - - . - - - ' i n:p)<„feaN ills ell ill•I /S,RI!'1•r., I,1:,,f•q- 1 illy! . f I.r„ >., [,Y .r,- sic t . <. .. -- •. - - !.m •�.r :Iva,(,, ill,- .,. to f.. , -I-� .•I ,. - _ - - - - - ,� - - _ .< .wl i.,a1• -tL.• u A.-f.. aiA ,d f.,, l.r.re, al .1h 1-4 iv, file •t••w+•)r'. .- - - - - - _ - - -'- '.pe• lR1 +,1,1ay.wl .l,,, •l. r.uelw - - _ _ - - - _ L .' - ill" '.till �,t, ,• t., a`t�i^'t e,tnil_'+,1 :°t - - .irP !„.'.RgtlAleydtltl 4101w+a 8,0 d:r 0401W-iN) i.i abr I it res „tit it in pnule' rash and investments u 111- 5 ) fi n„ 1-t h and at ruunt_•• payable ..lied expenses (principally cellar res) I „t aLle (tom r/Tit ricted assets: (ons truct ion contrac is Accrued interest Exhibit Jz- Cunt. - - - "- CITY OF MIAMI. FLORIDA - - - - - - - - CA,mhinNd Balance Slre.•t - All Fund Types and Account Groups-,. - - - - - September 30„ 1980 - - Account Grou s C.ovrtnlwntal Fund Types Pro lltirtary-Fund.Tv es Fiduciary Fund Tv es General General Special _ lelit Capital Internal Trust and Self Fixed Lung -Term Total t:rnrral H.rvl•nur Service I'roJjec-is Sntetpr lsr Service AEemy Incur lance Assets Debt (Memorandum (in I v j - 1,4: ,F28 - - I.734,',b2 - 4,J2 ,348 - - - 8, 3J4. Sh 1.747,4y3 1`.,011 - 2,851,042 575,fi17 515,4:1 h:5,142 157,44: - 1,1074,.,ih I ,b 12, S31 - - 7,547 bb, t."" hb,1,Sb 30h, 14h _ ,187 - - _,'Uh.01- - - - - 1,875,8bO - - - - - 1,875,h8U I,:b7,4UU I ., •a�••��' - ... a ,. ._ _ .1 wM1_ ;e, ,` M1 •M1 d`• ,.. .,.. ,•c. .v•.Ilk, rt'ri tt•- is ) t- , ..} - - .. - __ _. _. -, .. - _.. _ ., �494! ' R:, „ .."I t ..,. .. mt. i,., 7..y „/•.N 1, tir:n,.e 1N0 Ft<hihitt_l Con0'. C1Ty OF MTAttt, FLORIDA Combined Balance Sheet - Att Fund' Type; and' Account Groups., ' September 30, 1980 Account Groups= Govornmental Fund Types proprietary Fund Types F_iduciary Fund Types Self Fixed General. fang-rPcm General Total, ' _ SpectAi Debi Service Capit l projects Enterprise Internal Service TCU¢C and: Agency Lnsuranc$ As -erg - Debt: - ilisarorandum Gn1yTt_. Liabilities - C+eneral- Revenue - Deficit in poole' cash and investments _ 1,734,582 _ 4,.722,J48 _ _ - _ 8,-379,756 (note 5) Vouchers and accounts payable- S - 1,242.493 1,922.828 15,011 - - - 2,851,042 373.8i2 31.3,921 2,825,192" 308,749 357..942 241t&7 - - - - T.sT9t,41& Z«t08,034 Accrued expenses (principally salaries) 1.612.831. - ` 7,-547 68.665_ 861056 Favable from restricted assets.- - - - 1,875.880 - _ _ _ 1,675„88a Construction contracts - _ - - 1,267.400 - - _ - _ 1,26T.400: Accrued interest - - - - 162,432_ - 162,.932' Due to other governments - 1.484.730 1.245,804, = - _ - ,7J0:5 Due to other funds Deferred revenue - B45.634 140.940 - -57,463 - - 14,470 68,415 - f,137 - - 1 .30Fr,527 459,304 Deposits refundable JA4,451 - -.- 4.849 - _ :,6HS.37 - - 2.n65.E37- CIaims payable (note 7) - - - - _ _ _ 3,389,43b matuTed bonds and interest payable - - - - - 1.384,43K - 60,208.000 _ - Revenue bonds payable - - - - r - =- _ - ttd,9U5,.O00 f21.405,000 General obligation bonds payable (note 4) _ _ _ - _ - 00 1µ475,j79 t,103,UU0 J Spacial obligation bonds payable (note 4} - - -- _ - - - - - - - _ _•-_._. 74 4Jv,N65 _ Utitet payables (note 43 Total liabilities" -- - 4.085.409 t,K.R6 -I.u+•.1.525 _ _ 3,58D,B76 4,343,314 _ - - 6?-.036,4AO 399,9T7 _.______,� 8,102,605 _ .__r ._..,. 3'.t168,355' __.....___ _ — t:40 U8,i,179 fl - Fund Equity Investment in general fixed assets - 4 _ _ _ _ _ 204.880,189 - 204,880,184 Contributed capital and retained earnings: Reserved for construction and revenue - - - -- _ _ fl +9',50T - bond retirement _ t4.g14,475 15,723.482 - - - - _ 40,5ad,v5? Unreserved Fund balances: Reserved for: 4b,698,08b Authorized projects - 9,543 - 46,b8R.543 -. _ _ _ _ _ 1,2b4,303 Encumbrances - - - - - t.264.303 - - _ - _ - - _ 65 _ - - - 2,32H,065 Anticipated claims (note -- Debt service (note 4)- Unreserved: Designated for subsequent year's." _ _ _ _ 500,000 expenditures - - - - Gndesignated - . - 500,000 568.626 52,058 51444 322 44 233 - 900'.916' - tL1',, I,88T --- ,,•�,,,-_ - z�_s_' Total contributed capital and - retained earnings/fund _ balances 2.337,929 _- - -_ 61.601, 6,$40,543 46,737.776'42,463,982 155,72?,482 900,9,76- 22,310,891 - _ »•_ - _ �� L17,077,166 __ _ — Total fund equity- 2,331,924 bt,bOl +6.540,443 46,73T,176 41`,463.982 15 723.v82 900,976 2,330.877 204.880�189 ." - 321.937.355 Coamitments and contingent liabilities- - - - - - - - -- - T (notes '6, 9, 10 and 11) 10,121,419 $1,081,095 109•,500.462 16.123-,459' 9�,OOJ581i 5,379,1232' 204.880„18% 130-,0 p79; - 544,600,080 5 6,423.338 2,004,126 see accompanying votes to financial statements. "-a . it'd• .S C`,C '!it dt i•:R,' it: .`1 tlt`>CttY.a'^a d 'i f•ei p'r'tz,,t =1+'i _ - - _ - _ - - ;.•iS:S.? e l `,' "'§'+1.; t; * .; � .a t1,. . ► fcitwt 9 - - - - Neal - 0A , - )teii,. 4ifl �'tYft;i ilt`• 'itlnat - '- - - ' •t .• - - - - - - tij•, S.t. - Aiei;.ii _ - d1•.i - A y,t,t - 1, �tt>,ti.•l AN,i.,... Keve:t..i'S: _ - - - t•p,;.t,'y ' +2 i;;t:i'ii} ., ,i•d:, v:•,ir. `i' - - - - - ,t. t- - , ` e pet e - - -• tt`l't atil l - ', t.t'•' i . .••:ir;},t.i": t::"te i..-:a:, - - - - - - d,., -Y1+ - - - --- -►'" ,;. .. .. - t .: ! �'''• `' - ^ 1 . i t. i`tia:f5 ;.:-+•t': 1'I+: X•i - - - - - i,t .i •-' - - - _ - it , A. SeSS�iSen+ iit:.l,t•c - ,, i ntf"Ar, 45: - - -`J '•:- -- "i•i•'t.' 11ti=,'•i9 - =l+•.-, ttli'z' - -- - -_ - ti; --q: iti.;'.ij t.i-, i(.' �i.►k ,tt•sfa;i. t 1`,- )' t°� -" • ti•:t,!• - Taaktl z�t`'etautti's Ex end itu•te t.0;att: iJt al•t+.i >,• ►.eneral g,�.Ltznnirnt _ ,it Pub.lir-t:afi•t3 I t,•,aiti,t�t•1- pub l i.c Sanitat"ion Cultuta� and rt•cr,e.,at-i-on "�. t•) ,IK. •J„ ;�.i ;., , t t t tti•,,'• t' Capital _Projec:18 x Grant and rel vt,ed ,ex;p. n ,aa i„ _ t,tlt*' t t.." i.•'i' ' Pension texPenst' - - }:i,tit, ' t • • , -Uncollecti'bl.e deli:nyut•nt jtr.+,j•t•r•ty sai;rc: Debt servace: 3 i000 ttt; tttti,t:a,+'t'tt Yr:imri:pal Texia:turut ,f• ;,llii,',til •itti• t'i Intex`e$t and fiscal s tr',•.'.n► o '•)i,:',1 x ,xj.t,•'i i 4",417.190 �.::,r Other .01,794.-N7 ttj.i,: t� l i,i il,.'i, t) i:•t:,�.i, i .+ Total :ex})tand_iiu7t'. F�ccfeYs (deliria'ncy) of., � ). t(•:,ti•)•; k::;l a. •i''' rl�venues tw+•r ,•x,pondi't..ni,•.: ottier fiiianc-i-ng sVurCeS �u:tcs):= 7,.,444) 14(ttiht t it7.11it! ,t,1'f•' t 1 4 b,tt:i;: t+ • ; Gpexatbing trans't•er s i n , . ,"AIM it?al:r1 t 'tot 1 100l .. Ope--rating 'transf-ers out . Total WRIT ;1 i:aanc in), !, 7a,a,fjy (J,A)I?.4t)t►) - i)t(1 1t.1 Intl, -loft " , (uses) 1Estoes's kdesfi't:iency) .of sr-evi,nul'_•J and totibeir tCimancimg sources •,over +ey mindituves and .ottler S = �1,097,604 (235,9x4) 1,t,1 t,v69 t l 1, )0j, i14) e t ,7ft, 4ti 1•J•a„e.: t ► uses See acootgpanyiimg, tnotes ato cfi,nanciai stateinents." Exhibit CITY OF MIAMI, FLORIDA Combined Statement of Changes in Fund Balances All 4Governmentai .Fund Types and Expendable Trust Funds Year ended September 30, 1980 Fiduciary Governmental Fund TypesFund Type Tocal Special Debt Capital Trust and (MemOCatiduni General Revenue Service Projects A enc Only) Fr in: it'al tt•(It rtnrllt lntt`tt`�f .111.1 t1>.-.11 hatgeS of ht`r 4.41 tt)tt )•t , 4 t t Tt,taI expvout ittit e., Itllt't)a :. �`.t 'a:te',.K•C` ji Excess (deficiencv) of reVe•It()t's over expenditures %It* 1„tt„0r, Other financing soorce:a-Nsex): Operating tranafetrs in 1,Pt`r;t1►rt tttt`:.IF+F t`.i t�i`�tit,i"A14 4�¢k��C Operating transfers out. (it Total other fina nc in}; s1►trtral t') , .. At),r"r t.tt.4*f ;irrirr♦ M Excess Wetirienry) ttf t••vr•uurti and othee f iuvttt• int, ytutrre t over expend itwes and other - t,N#-S - � _ 1 ttNtt ,hF►.-r (.' 4s',.')^,..`t:) r«r.r rr'))a') (t'k,.'fuY.°,.'r 1'.,rY - f.. F: r �•a - H:kr,!VLh"/t,'�!" - See acttmlpativing not,-% to flnitwint 3tAtt•Itlr•ttt R, Fx'�C�ittk�� CITY OF MIAMI, FLOitM Combined Statement of Changes in Fund Balances - All Governmental Fund Types and Expendable Trust. Funds. . Year ended September 301, 1980' F isduc i ary Governmental Fund 'types Fund Type 'Fo�a�. Special _ Debt Capital Trust and (b ema randurtm General Revenue Service Prornects A enc. Fund balances at beginning of year, as $ 664,06f� 293y667 4,926=,574 63,774,75�7 344<,9)3� T:(>i„00.3n99�7' previously reported Adjustment to beginning balance pursuant " t o thane in accounting method for g nd in ( note 1) recording encumbrances outstanding 342 695 , y _ _ 3' "$8S r70,350,580 4,926,574 &3,774,7537�,. 3467583 Fund balances at beginning of year, as restated I,006,761 29T,555 Excess (deficiency) of revenues and other financing sources over expenditures and I,097,604 (235,9541 1.,6,13,969 fl),90"7,514)r637,214 (8,799,h'?1) other uses - - (5.,.129,467Y Q76,:Z Ir (4,972, t 34) Equity transfers (to) from other funds 233,564 6>i,60I 6�,54G,543 46,737,776: 9000i7 . 56,578t8-15 Fund balances at end of year $ 2,337t92g _ See accompanying notes to financial statetne nts. - exhibit 4 - - - - - - ' CITY of 'MIAMI. fU*IDA - - - , - - •,- _ . - . _. - - - ---Com6i nrd St rtraw•nt ofRrurnse$ and k:aprud:turer - Budget and Actual - - - - - - - - - .Gr,u•r al .and Spr.-ial Revenue Fund$ - - - - Year .rndrd Septembet '10. 1980 - - - - - -- - .Grnesal !Fund - _ _,,, Special Revenue Funds ___ - -_ .__ ._._.. - .. _.._Total (Memutaadw _ t Vag :ans - - - - Vat lance Variance - Favorable /avorabtr Rud�rt Actual Favorable (Unfavorable) llud�rt Actual (Uafavorabte) BudActualActual (uwtavurabtr) 4tevenues: 76.385 .66.208,179 231.794 342.285 328.000 (14.285) bb.118,610 bb,516,179 5,191,42U S,S9),487 217,504 067 460,102 Taxes Licenses and permits 5,191,�420 5,593.487 14,879,651 402,007 316,549 - - 8,G32,670 1,956.019 (476,651) 22,995,712 22.815,670 (t60.tU2) :iat,er,,governmental - - 14.563.102 3,197,128 3,293,378 103.150 _ _ - - l,l9t,126 3,)42,144 3,997. 126 1,291,178 701,068 750 (7tl 3.75U) lntragovernmental charges !or services - 3.997,128 3,877,042 956.900 :877,042 (7U3,750) t79,858) - - - 4.387 4.387 956.900 881.429 2y210'665 2y491t162 (IS.471) '.Interest - 1,988 J21 2 ;429 751 8,8 72 441 03U ._._ _2613944 _ 61,t411 C200�533) - _ ___240t497 Other - r �.....2 .9 95,864,782 96,621.682 _ 758.900 _ 9..03b.,899. 8.349,817 (687.082) 104,90t.681 IU4,9/1,449 11.8t8 Totairevenues _- Expenditures: 10,010,054 10,308,191 (298.13J) - - - - t0,010,0154 10.308,141 53,262.512 53.083.296 (298.117) 119.=16 General government -public safety - � � - - - 53,262z.'512 53,083,296 - 11.GA:.729 I1.G48,06! 179,216 34.668 - - � - '� � 11,482.729 I1.448,061 IS,107,444 (4t481,22/ W,668 b02,68 Public improvements Sanitation 15 101,444 14..481.273 7,450,767 7,378,219 626.221 (227,452) - - - 848.935 518.794 310.141 - 7,999.702 7.897,011 177,917 177 (t7T9t91y) . Culture and -recreation Uncol.lectible delinquent :,property taxes - UoCoth 177,917 - 4 521,924 4 917 390 2. J._L (177.917) t bo4 53» l _l- - - 279 178 94 487 _.... _. r_ .T-- 1-- 184,b91 R 6t801�102 _ St0►1y817 ttrawtz2_ -...._.1 _. -103,535,.430 101.7794.297 1,741.01 1.128,113 613,281 514,812 104,663,543 102,407.578 2,259,96S Total -expenditures - _ Sxcess (deficiency-) of revenues (7,670,648) (5,170.615) 2,500,03) 7,908.786 7,736.536 (172,250) 238,138 2,565,921 2_ ,327,781 over expenditures Other Iinancing sources (uses)- operating transfers in 9.226,447 7,827,490 (1,403,951) 1 528 - - (7 908 786) (T 912.490) - (63.7p4) 9.226.447 7,822.490 (9,464,S8S) (9y926,761) (1,403,957) operating :transfers out d1y555,744) 4d,i54,271) - — -'_ " (1,402.429) r y - _1 (7.908.78b) (7.972,490) (63,704) (238,U8) (1,704,271) (E�,446.133) Total other -financing sources (uses) 7,670.�648 6.266,219 :Excess (deficiency) of revenues and other financing sources - 1,097,604 1,,097.604 _ (235.954) (235,954I - 86E.,6S0 86t.b50 _ over expenditures and other uses See accompanyigg motes to 44sancial statements. _ r Exhibit 5 CITY OF MIAMI, FLORIDA combined Statement of Revenues, Expenses and Changes aalContributed Capital and Retained Earnings/Fund Balances - A111 Proprietary Fund Types and Similar Trust Funds Year ended September 30, 1980 Proprietary Fiduciary Fund Types Fund Type Internal Self Total Enterprise Service Insurance (Memorandum Only) Operating revenues: $ 3,789,115 8,705,238 6,793,181 19,281,534 Charges for services 2,654,080 2,654,080 Contributions from employees and retirees _ 260,494 260,494 Other 3,789,115 8,705,238 9,707,755 22,202,108 Total revenues O")erating expenses: r,r, 1, q-rr, cj;;Tj 449 805 6 669,953 Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources (uses): Operating transfers in Operating transfers out Total other financing sources (uses) Excess (deficiency) of revenues and other financing sources over expenditures and other uses See accompanying notes to financial statexients. 103,535.430 101,794,297 1,741,131 1,128.111 611,281 514,812 104.661,541 102,407,578 2,255,965 (7,670,648) (5,170,615) 2.500,031 7,908,786 7,736,536 (172,250) 218.118 2.565,921 2,327,783 9,226,447 7,822,490 (1,403,957) - - - 9,226,447 1.822.490 (1,403,957) (t,56�T - _(11554,271) _ 1�528 (7L908L786) (7,97ZL490) (63�704) (9i464. 5) (9L52b1761) (62,176) 7,670,648 6,268.219 (1,402,429) (7,908,786) (7,972,490) (63,704) (238,118) (1,704,271) (1.466.133Y $ - 1,097,604 1,097,604 - (1351954) (235,954) - 86L.650 86465W CITY OF MIAMI,. FLORIDA 13>11$�6�tlk: Combined Statement of Revenues, Expenses and Changes in Contributed Capital and Retained Earnings/Fun(f Balances, - All Proprietary Fund Types and Similar Trust Funds Year ended September 30, 1980 Proprietary Fiduciary Fund Types Fund Type Internal Self Tbea1 Enterprise Service Insurance (Memorandum OrthE% operating revenues: $' 3,789,115 8,705,238 6,793,.181 19,Z8T,53 4 Charges for services Contributions from employees and retirees - - 2, 494 2 6060 ,94 2,654,080+ Z60>,494- Other 3,789,115 8,705,238 9,707,755 22,20Z,.108+ Total revenues Operating expenses: 2,244,154 3,975,989 449,805_ C�,6h9a,%5� Personal services 579,284 659,438 1LL,582 L,3503,,304µ Contractual services 330,140, 3,394,767 4,618 1,7291,5�25 Materials and supplies 603,381 91,331 694,T12 Heat, light and power 1 - 1,585,366 Intragovernmental charges ,585,366 _ - 266,652 266,6.52 Insurance premiums _ _ 9•,641,,222' 9,641,222 Claim payments 252,322 586,666 669-,940 1,508j,t}28 Other 5,594,652 8,708,191 11,143,8°19 25,446,662 Total operating expenses - Operating (loss) (1,805,537) (2,953) (1,436,064) (3,2444,554} Wonoperating revenues (expenses): 903,524 272,105 645.7�'3 1,8'21,C0a Interest (780,924) (78D,9,24Y Interest and fiscal charges 71,591 2,102 - 73,6.961 Other 194,191 274,207 645,47% 1,L13,877 Total nonoperating revenues Income (loss) before operating transfers (1,611,346) 271,254 (790,585) (2,L30F,677)i Operating transfers in (out) 703,932 (30,900) - GT3,0.32' (loss) (907,414) 240,354 (790,585) f1,4577,645N Net income Contributed capital and retained earnings/fund 29,142,578 14,685,966• 3,10L,462 46,9�30%,006 balances at beginning of year - 2`,905,47i Contributions from other governments 2,905,471 - E2,120),50.9t ' - Equity transfers from other funds tt,323,347 797,L62 - Contributed capital and retained earnings/ $ 42,463,982 15,723,482 2,310,877 60,49�,3 4i£ fund balances at end of year See accompanying notes to financial statements. r j.L Ct'ry OF MIAMt, FLORIDA t of Changes in Financial Positionil Combined Statemen Fund Types and Simar Trust Funds All Proprietary Year ended September 30, 1980 Sources of funds: -_ Operations: Net income funds: Items not requiring plant and Disposition of property, equipment Amortization of bond issuance cots Funds provided byoperations Issuance of revenue bonds Contributions from other governments Equity transfers from other funds Borrowings from other funds able Increase in current liabilities pay from restricted assets Increase in vouchers and accounts payable Increase in accrued expenses (principally salaries) Increase in deferred revenue Increase in deposits refundable Decrease in deposits and prepaid expenses Total sources of funds Uses of funds, Operations: Net loss Funds used by operations Acquisitions and transfers of property, plant, and equipment Purchase of investments Payment of bond issuance costs Increase (decrease) in accounts receivable Repayment of borrowings from other funds Decrease in claims payable Retirement of revenue bonds Increase in inventories and other Decrease in accrued expenses (principally salaries) Total uses of funds Net increase (decrease) of funds "ot-, L Exhibit 6 (1) Ceneral Covernmentat Structure The City of Miami, in the C Fiduciary prises approximately 3• ;q proprietary Fund Types Fund TYPe Internal Self Total The City operates under Sere Insurance (Memorandum Only) provides the following s�r­ Enterprise public works, sanitation, is a separate governme-,t. 240,354 - 240,3S4 included in this report. 1,397,438 The Florida Legislature, in 105,679 1,291,759 - 280058 a constitutional amendm,�:nt 28,058- - 1,.532 ----�-- 1,665,850 County of Dade. The Couni 1--37 ,113 _ 60,000,000 powers effective upon t:"n 60,000,000 2,905,471 the City of Miami. It has 2,905,471 11,323,347 797,162 - _ 12,120,509 1,800,000 meats them. The Count: : 1,800,000 " operations (1) i f the se r . _ 3,143,280 Commission, or (3) with t`i 3,143,280 101,693„ 342,223 240,530 73,568 Since its inception, the X� 36,697 35,594 1,277' 4,069 sibility on a county -wile 4,.069 - 1,089 5,938 county -wide ?al ice sere• i z e 4,.849 5�,263 54,263 �_.-- form system of fire protec g62 2,4b6,- 56,629 82,115,171 consolidated two-tier ou _ 79,591,9$0 _�----- ___ and Sewer Authority; c��or: -, grams; installation of s z 790,585 1,6_ 9_ 7j999 public transportation sy-3 907,414 �-- 790,585 1,697,999 public library system; a•^• 9_Q7,414 collector functions. 18,172,427 15,995,447 2,17b,980 _ w 60,658,304 The Department of Off-Str?z 60,658,304 - _ 3,952,791 292,004 system are entities in3ep .3,952,791 260,820 (116) 3.1,300 554,196 these entities are not ,n:- 5541190 46,856 46,556 21,000 - 21,000 9$,9Z9 Basis of Presentation 98 929 31 + 283 31,283 ---^-'-� " The accounts of the City are $5,5Z5�1$9 each of which is cons idea 87w349,972 2,775,793 90.0,024 each fund are accounted ---- -"-'` g (2,757,99x) 190,7,69 39�) (843, (3,410,618> that comprise its asset? of tares or expenses, as a and accounted for in indi, are to be spent and the m� During the fiscal year ende- form, is and the account it Governmental Accounting A-11 CttY' 0 ��lik FLORIDA 7, FLORIDA 40tps to iiancial Statements a in Financial 004itibn Ezl and Similar Trust ty„ds 5eptetliber 30; 1980 -ber 30, 1980 �o�te�ct#►ental, �E�uc.t�i,�e. -rietar Fund T Fiduciary; --�-- es t! id `tu�;b 12 City of Miami f in the Comity of 'ade; was iht6t•potated its- 1806, tom` Internal sa"'1y_ rprise Service lbffiutace �ota1. prises approximately' 34 square mites of land and 20 squat'e cites of water, --~----_ (Memorandu-, 061;, The Cit; operates under a Commission/City Manage: ford of goverrimeclt and provides the following services as authorized by its chatter: public safety; recreation and community developt�ent, the County 240,354 public worgs; sanitation; . 240,354 is a separate gover;mental entity and its financial statements are not included in this report, 15,679 1,291,759 .8,058 y 1,397,438 =3—i37 1,53— 2ii3-----`_:_.... The �`lorida Legislatures in 1955, approved and submitted to a general election~ _ -- 228.058_ a constitutional amendment designed to give a new form of government to the 0,000 _ 1.665,850' 5,471 _ County of Dade. The County is, in effect, a municipality with governments _ 60,000,00E 5.471 70_ -. 2 polders effective upon twenty-seven cities and lnincorporated areas, inctupdping ,162 '905.471 the City of Miami. tt has not displaced or replaced the cities, but su le- i',000 _ 12,120,509, 1,800,000 means them. The County can take over particular activities of a city's 3,28E _ j43C 3 .� operations (1) if the services fall below minimum standards set b}' the County 101,69 3.143,280 Commission, or (1) with the consent of the governing body of the city. 342,221 •,697 35,594 ' ,069 _ 1,"� %3,568 Since its inception, the Metropolitan County Government has assumed respon� 4069 .unctions, including 1.08a sibilit_y on a county -wide service basis for a number of ` --. 54 y63' 1.938" county -wide police services, complementing the municipal police service; utti� ' 54,269 ,98E 2.466,562 56,629 ; form system of fire protection, complementing the municipal fire protection; 8',115,171' consolidated tXo-tier court system; creation of the Miami -Dade County dater and Sewer Authority: coordination of the various surface transportation pro com uter system; merging all . 414 - 790,585 grams; installation of a central traffic control p 414 _ 1;6Q:,999 public transportation systems into a county system; effecting a' combined 79Q 585 J *69,, 999 public library systest and centralization. of the property appraiser and tax 447 2,176,980 collector functions. 304 J-17:.427 79, - 60 # 638 , 30b o The Department of Off -Street Parking and the City of Miami nay Retirement al statementsand of 196 (116) 3.:92. 7, ! _196 � 31,3oc.� 2n„op�, System are entities independent of the sty. 55�,296 these entities are not included herein. 50G _ 46,856 46.E56 9F.929 F D00 98ty.9 Basis of Presentation count 31.283 31.283 The accounts of the City are organized on the basis4o�ntu1 funds and The coperations pOf ,793 900,024' 85.525,784' y each of which is considered a separate accounting q; each fund are accounted for with a separate set se�evenues,lnand cexpens 19i,,769 (843,395) (3,410.618? _ that comprise its assets, liabilities, fund equity, _ ditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the ctivities,es arefor which controlledt.ey are to be spent and the means by which spending a 1980 the City adopted the reporting During the fiscal year ended September 3r required by NCGA Statement 1 - formats and the accounting for encumbrances req Governmental Accounting and Financial ReportingPrinci les. Statement 1 (Continued) A•13 1 C IT` CITY OF NIAMI, FLORIDA Notes t ►totes to Financial Statements Debt Service Funds - Debt Serv— funds into g eneric fund types and the of resources for, and the of individual stateencumbrancents interest and related costs. recommends groupings es, .e., commitments of fund types in various presentation Additionally, are re uired to be financial statemor services, q Capital Projects Funds - Capi purpose contractsfor goods unperformednot expenditures or liabilities. cial resources to be used fo related to of fund balances? City has restored encumbrances at facilities (other than thos presented as reservations lion of Statement 1, , applicable funds' financial the adoption the Pursuant to 1979 to beginning fund balance in financial statements in the PROPRIETARY FUNDS October 1, and presented its general purpose statements, formats. Enterprise Funds - Enterprise recommended 35 the nt of uFund are financed and operate 3tionse in the General budgets of Of the City include encumbrances results sthe enterprises - where the in The the ear ended September 30, 1980 to " Adjustments necessaryy budget , providing goods or service hmthee basis cons financed or recovered pri on a follows: governing body has decided are as other expenses incurred, and/or n_ Excess of revenues and expenditures andaothegr 1,097,604 public policy, management c =_ sources over $ -as uses (actual presented) Internal Service Funds - Int September 309 1979 342,695 financing of goods or servi-- Plus encumbrances at departments or agencies )EE�F- 30, 19$0 (1,269,303) reimbursement basis. k'here- Less encumbrances at September in the City Garage and Moto Excess of revenues and other financing an amount necessary to reel. sources over expenditures and other 170,996 (net current assets) are uses (actual -budget basis) program. Policies FIDUCIARY FUNDS — Sumnary of Significant Accounting - generally City or :Miami, Florida conform to g Trust and Agency Funds - Tr•s- e accounting policies of the except applicable to governmental units, held by the City in a truste principles as accepted accounting p of depreciation an fi ed.oas cextai tcaimtliabi.lities organizations, other govern - for the non -recognition and the non recognition Trust Funds are accounted Internal Service Funds . of the more signif- Fund. The following is a summary Funds. These funds are use• in the Self Insurance to most Federal and state . icant policies; "- Self Insurance Fund - The S (A) Fund Accountingincurred by the City for a '►fiseYett, enertiC. e various funds are gro"w.ped, in the financial statements into note 7), The fund also acc, certain health coverages. fund types and three broad fund cate$or"izs. as follows; (� Fixed Assets and Long-term L GOVUNMENTAL FUNDS __..... a in nd. ai thei<ty, .0 0eneral Fund The General Fund is the general aper4t. 8 to txted gQ The accounting and reporting wit: liabilities associated t used to account for all financial resources a;4ept those to A11 Governmental Funds an accounted for in another fund, spending or "financial floe_ o count f9t glee PIQ' Special Revenue Fund Special• Revenue Funds are used.o pond e P assets and current liabi beets, sheets, The p it reported f� .S„I«T ._ ...... .......- .,.,...._... .. ,.,, _I._ ceeds of specific reVenuz Sources (90er than spe.g .al a.sses.smentsr gertiaiii egal - trusts or major capital PrQjegts) that are subject to restrictions, ( �4nt inQe�� A,14 - 3 -ORIDA --atements L ts s into genetic fund types C bobt, 916tvice fllhds'­ btbt gelt'.ii�Ae funds Ate used 'L6 Act-1,6unt i time u LOn '1 4 Atd e statements referted to it & bt dt -A g f tit f Ahd the 6A��6t,,a 1N f t n Id e as llv, encumbrances, getietal "e* I C0ftitft1ent§ OtotoAt and related costs, )d s or services) are required to be it ha s a*e ,isdd Ad6�utlt f,3 t fiflanL "Iec t AL VrL --s, not expenditures or liabilities, �:-FUV-s i 6ft 6tr d 6, & resources S Used ifot the tfUdii6ft 6e fJ A jbt capital to be u t C e S L he City has restored encumbrances at in dial -1 , other than those fiftand,68 .by pr6peiotA r v fu�14ds) the applicable funds' financial -urpose financial statements in the R pROPRIETARY FL'NDS t tise Funds � tnterptite rutds Ate uge-4 to account for oper3titins (a) fiat E ) . —s as the equivalent of expenditures, tJ I _t - ­ - to p tivAte business financed and operated in a manner s Imi I at t I is of operations in the General Fund Are � S&e Of teat t the e 't o. L where the intent �f -1--le 96vetniftg body is 1� - -r the year ended September 10, 1980 enterprises on . a coft"iftuiti. I providing zoods or services to the general public L 6 *,ms , s be 1= t financed or recovered primarily_ through user charges; �. (',$) where the ned termination Of revenues ear, governing body has decided that periodic determination go 0. nancing 1. 1 aintenahce* incurred) and./or net income is appropriate for capital rn expenses inc id other t public policy, management control, accounLability4 or other purposes. 10071604 Internal Service Funds - internal Service Funds are use" t.:� account for the 30, 1979 342o695 financing of goods or services provided by One department or agent}' to other cosh of the . Or other govern:ne ts. On a departments or agencies 1. � City. 6 nr,:, 30, 1980 20 -03) eimburseme W"here capital replaltemeftts are necessa par-.icularlv r nt basis. nancing in the City Garage and motor Pool internal Service Fruft's- user charges ,,,Iclude Substantially all excess I.,utids I c 'necessary -d other an amount to replace fixed assets. under the C L_ vehicle replacement $ 170)996 (net current assets) are committed program. FIDUCIARY FUNDS lami, Florida conform to generally Funds are used to account for assets Trust and Agency Funds Trust and Agency Fu for individuals, Private -able to governmental unitst except t held by the City in a trustee capacity or 39 an agent e Citys Expendable funds. Th n fixed assets of the Enterprise and organizationsg other governments, and/or other in the same manner as Govern mental nition of certain claim liabilities Trust Funds are accounted for essentially s and expenditures relatin9 ig is a summary of the more signif- Funds. These funds are used to account for revenue to most Federal and state grants. Self Insurance Fund The Self Insurance 'Fund is used to account for losses for which it is self ins ured see. variety of risks incurred by the City for a ontributionsfor for employees' and employer c into seven emetic The fund also accounts s as follows: certain health coverages. Fixed Assets and Long-term Liabilities --1 operating fund of the City. It is irces except those required to be Is are used to account for the pro- han special assessments, expendable .t are subject to certain legal 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 ial flow" measurement focus. This means that only current spending or financial are generally included on their balance assets and current liabilities assets) is considered a sheets. Their reported fund balance (net current (Continued) A-15 (Continued), A �L� i�otec t,, FIt►.►11C i 11 Sr:It,,n1:nC_; Depreciation has rioC been DrD operating Governmental rued cep- S Funds as required by gener I i. {?k•?t�i,11a11' resolxrces". •�,•,��:.�_< • �; } 1v.:: ,.1..1.• financing sources) and other ..,- assets disposed of is chs. _ _ Crevenue's anal ?:.."ram;.1,. us(- In n a current assets. approxima , 1 tet: SI,�Q' Q00 i•3 a1141 other financing i1 •+4 of sources and .vises of avail- Funds, respectively, Ear :; ,;1r. arks s:lili to 4,r4st,nt a summer+ accumulated deprecisti� .1uri fig, a period. for the :ear then elde (general €ixt;d assetS o krati��ns elnmtntal Fund type P rather than in, Jro'1p, ttl� ue:leral Fixed Assets Acco i .t. ;fixed assets " (C)_ Basis of accounting , „infrastructure"? general I : Fa:; Pub' is di m3 in ( inc l.ud i no r ?,.1d s , buildings, t� =Arrl'' .,j,rov?Me;Its ether than -, drainage systems, and Basis of accounting re€ers f ,and streets and sidewalks, �'� recognized in the account_ 2, gutters, general fixed assets. ••' capitalizes along with other g accounting relates to the ti are on general fixed assets. All fixed assets ca 'Historical measurement focus applie�- provided == * �r estimated historical cost if actual = 3l ��;� valued at their estimated ~t Donated fixed assets are v houses all Governmental Funds an =X — 3,.a::,bi2. - for the Olympia Building which `:_.a date donated, except was donated modified accrual basis of -3 a;.:;ma- �a:taral Center for the Performing Arts which the Center is not become measurable and a•.s:l -- The fair value . •_ -market e of ',,^; _, .s of recorded, the General Fixed Assets Account Group. Expenditures are general' r ..a' ;� - _ - _; nmot tin accounting when the related - ;;ties expected to be financed from coup, the Govern G general rule include; i - _ . _ --`- -Term Dabt account ' General Long employee amounts which ar_. general ;ong-term debt w ,ic only with the 1, �+ They are con::arned are net funds" 3f involved 'A1 th 11eaStlr=ment. all Proprietary Funds an,� S t e are not ;;rancial position, T,I V accrual basis if account.nm earned, and their expense; iYabloa *o Gotier^.�1e 1ta= P� ds are �« fi 'i% lone -term rdC,t ) Cil. , a5urementt in., 5pic e eir spendi,n� �= (0) Bad�ets and Bud�etary Accol:nt- ' t C '�,11.1C1�i shot! Ss � �wt :Lt?W2`:8^, �'3t ttsad to ins trc-rltmr�tits are r e!e 11 �*1. t,,,Iey do not resour; '' The City follows these roce] P rtE. .,,. t:t:-,;4l;,cscl ":tvait:tble spendable ' :'F� =-':2 *uz' Ft;n.. .. in the financial statements .J..'• ;t:..i,,tw;, Itc•Cogititii,tl �,f C,a�'erlrlent+3l ,,�, xr t �'. li is err« Llnti'_1 4;Ii'�'-?2�.«»2 4't..Fi' .��ci• iv;lh S +• • l f1EttlC�l( (i'flt 1. i) Prior to august 31, the r; ;;, :..,• �::t>./ .. proposed operating bud: o eratin� ,; Fop tit �. it, tt w1 , 4` i « 2 t T I n ,� t �, ur �2. T • a t 1. October 1 The oper ,E tiE'li11 ; lul R,rt, ", z non 1 it,,}1 ft, amt,7;in"S � se• _ means of financing them. •! tt,." ,E si -old (.yfAl^ i t:r ilil ' Zs°fit ilk ;r ':`•s �77� .?, 3ti F F..:•• are coniu Pyblic hearings 'vi�. 11}Itl ",F•4i ;t }!{1!t t.l•t c 2n�t<3 R V t- i'. .i + •� 1 l'clor to October 1, the ordinance, to i ! }. ,1. 1 /11111{ <� 1 a ��m' 1 6 � � z I't #4;,1 t='I xl! I {"t1}A1 i? ', ? ? Jsa-" a r :14 x . �,t r i't��c ut�},tt� t'i �'}, budgets for the General tA; LE} ttl tr:�}tE,It,..l}t I.E;It..,,, :• R, :• tlj �' •t :,:'1 ''' '`-f �• = T'a sybstantially consistzt r 3y,�a E ;tt', � r!l,,.4#EE' 1, Irl 1,'ll{ ,E,1 II,;+t1:ltt.}, i c- Budgeted mounts are ttEti} •l ,..tt i. .1 � �n� �t ,'g. Commission throughout r ,.,1 :,.'z , ,,ttt t . .- _ d ,: r'1 s. I I .i 1.'1t 1EEE I. - ` t7 :� •�"'=�4i �'- - ,�.n;inued) �_ ORIDA -atements -es". Governmental PutAd dperati,,, and other fiftanditig toutcet .. ) and -cing uses) in net cuttent assets, ummary of sources and uses of 116v&I1. ,e operations (general fixed assets) .ssets Account Group, rather than in —Ifrastructure") general fixed assets r than buildings9 including roads, id sidewalks, drainage systems) and with other general fixed assets. No 1 fixed assets. All fixed assets are iistorical cost if actual historical :sets are valued at their estimated or the Olympia Building which houses he Performing Arts which was donated sir -market value of the Center is not Assets Account Group. ianced from Governmental Funds are- --bt Account Group, not in the Govern-! They are concerned only with the are not involved with measurement of bles due to Governmental 'Funds are -pite of their spending measurement 0 used to indicate, however, that they ridable resources," since they do not on of Governmental Fund type revenue-, s 3eferred until they become current focus, expenditure recognition for amounts represented by non- -ot affect net current assets, such Governmental Fund type expenditures eport,:!3 as liabilities in the General on a cost of services or "capital -ans that all assets and all liabil- associated with their activity are it reported fund equity (net total t31 and retained earnings. Propri- p re i en t increases (revenues) and XI FLCRIDA dotes to Financial StateMents Ddpfddijtidn has not been pf6Vided dfi fixed assets owned by the Vf6ptietaty fl.ihag as required by generally Accepted Atd66ft`ihg priddipieg- The d69t Of A§tetg disposed of is charged to 6p0fA'U-ioii§ in the yeAf 6f 81SP6sdi And was apptoxitaately t the �,!e and tfttetptise tl,2192,00 and �1i 06�000 it the thtethAl Service — fuiAd§, respectively', fOt the YeAt ended 8_,:, pterlbet 30, 1,1380, 111e amount Of accumulated dIU - . eptedjat'6ft 6,- 9tetibet 304 1980 And the depreciation expense fot the veat then ended is nbt susceptible to determinati6ft At this t I liffid, O M.$i�sp f ,c-c o�_u �nti_ n whet revenues Atid expenditures of expenses are Basis of accounting refers %. to d letdefttt, Basis OL Lh�h 4 statements. L recognized in the accounts and reported i-ft Of the I accounting relates to the t'ming of t regardless I he measurements made, ffie,Asurornent focus applied, and Expendable ;test Funds are accounted for using the All Governmental Funds The I ir revenues are recognised . when they modified accrual basis of accounting become measurable and available as net current assets, -he modlified accrual basis of -aliv recognized under 6 Expenditures are gener. 1. ` ns to this accounting when the related fund liability is incurred. exceptions a sic*k pay, and other 6 (1) accumulated unpaid vac on general rule include. employee amounts which are not accrued-, and (2) principal and interest general long-term debt which is recognized when due. ary Funds and Sj-;,iiIA.Ar Trust Funds are accounted for using the All Proprietary Their revenues are recognized when they are accrual basis o f accounting. d when they are incurred. earned. and their expenses are recognize (D) Budgets and Budaetary Accounting The City follows these procedures in establishing the budgetary data reflecte in the financial statements! OMM to the CitV C ission a the Citv �Janager submits r (1) Prior to August 31� r commencing t- h e �011owing proposed operating budget for the fiscal Yea o October 1. The operating budget ncludes'proposed expenditures and the means of financing them (2) Public hearings are conducted to obtain taxpayer comments. PSage of budget is legally enacted through :pa an (3) Prior to October 1, the ordinance. Special Revenue Funds are adopted on a basis d (4) Budgets for the General an with generally accepted accounting principles- onsistent C, substantially c amended by the Ity, originally adopted, or as re as Budgeted amounts a� Commission throughout the year. (Continued) (Continued) A-17 5 CIT'L CITY OF MIAMI, FLORIDA _ Notes t Notes to Financial Statements Project management - Th- (E) Encumbrances - improvement projects of Encumbrance accounting, under *which purchase orders, contracts, and other in order to reserve vices. These charges a factor for administrat commitments for the expenditure of monies are recorded is employed in the General Fund. totalled approximately that portion of the applicable appropriation, are rreportedti ns of fund Encumbrances outstanding at year-end or liabilities. they do not constitute expendituresIndirect Cost allocation balances since funds for general and .r head costs to the op- (F) Investments $1,600,000 for fiscal 1 Investments are stated at cost or amortized cost, which approximates market. obligations and time deposits wit (K) Debt Service Funds Activities All investments consist of U.S. government financial institutions. - Included in the operations of (G.) Inventory ment liens. These revenue_ because they are restricts Inventory is valued at cost on a first -in, first -out basis. Inventory in the for certain bond issues. Internal Service Funds consists of expendable supplies held consumption. W Total Columns on Combined S1.3-- (H) Mortgage Notes and Loans Receivable Total columns on the Combin e In February, 1978, the City Commission approved the Great Neighborhoods ?rogram Only to indicate that the;; to be funded through the Community Development Block Grant. The Proor.am+ ysis. Data in these colul designed to operate over a three-year period, will provide Low and�i.i:d�c*' housing operations, or changes in !- income families, residing in designated areas, with mortgages and loans are accepted accounting princip-- improvement loans at low interest rates, The mortgage notes and dation, Interfund eliminat payable when the property is sold, or over terms from ten to twenty years, data, depending on the type of loan made, As of September 30, 1980, the City had disbursed $570,474 in mortgage notes and (2) Property Tax _- loans. A full allowance was established for this amount due to the City's the Property taxes are levied on lack of historical data on programs of this nature and questionable As funding for the program increases and more of one to four ercent if P collectibility of the amounts, information becomes available, the City will reevaluate its allowance policy. year, All unpaid taxes on April 1, and bear interest certificate is sold at auct (l) Accumulated Unpaid Vacation, Sick Pay, and Other Employee Benefit Amounts T. Assessed values are establish Under terms of Civil Service regulations and administrative policy, City values, The assessed value 1979-$0 levy was based, was employees are granted vacation and sick leave in varying amounts, Addi= forward as e4rn4d and collects all property ti,onally, certain overtime hours can be accrued and carried of recognized when levied to t time off. Due to the uncertainties slating to the timing and amount to be made, the above liabilities are not recorded (see note ll), Noncurrent delinquent prop- :., payment lntragoyernmental Allocation of administrative Expenses The City is permitted by arm levy taxes up to $10 per $I,- The General Fund incurs certain administrative expenses for other fonds 09 i4dw Services (other than the pa tion lung -term debt). In = ing accounting, legal, data processing, personnel adtnini$tretion, engineerl8 payment of principal and i and other services, A brief description of the u►ajor components gf �aeh jest to a limitation on the charges follows; A-18 AAA A ,'!-��. �..' � .. Est tC' a r+•. =.e . ,t. ":'44 ry'-.,'y�[i �. .i ��tt! �tlj6i�i+s r i t r. stt�`tif tY!Kf �t�!J a'' k*vcAL Neighborhoods ?r.-g _- :.,:k Grant. The Progrb- provide low and mid1. t`t mortgages and housing' .�a5e notes and loans sr. om ten to -__ ': r70,474 in _ .is amount dry __ nature and he _.:..-.:.._ - :e program cC• aIuate its a16 w_.._z 7 ,dtTY Of Mtkmit FLORIDA Mtes to Vifidhd it Statements prdloet matidgefrtent J% the Publid W6tks bepattttent charges MAI-6L capital ifftpordvethent p%ojects of the City tot design] sutvey and inspection set"- vic0s, These charges ate based on direct labor charges plus an overhead -factor for adtinistrative expenses of the engineering division) and totalled approximately $1,700,000 for fiscal 1980, Itldit•ect 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 approxittate $1,600,000 for fiscal 1980. �) Debt,_,. -Service Funds Activities included in the operations of the Debt Service funds are collections of assess= ment liens. These revenues have been reported in the Debt Service Punds because they are restricted for the payment of principal and interest on certain bond 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 atial- ysis. Data in these columns do not present financial position. results of or changes in financial position in conformity with generally operations, accepted accounting principles. Neither is such data comparable to a consoli�- een made in the aggregation of this dation. Interfund eliminations have not b data. (2) Property Tax Property taxes are levied on January 1 and are payable of ot'eieo r I with discounts of one to four percent if paid prior to Mc calendar year. All unpaid taxes on real and personal property become delinquent on April 19 and bear interest of eighteen percent from April 1 until a tax sale certificate is sold at auction. Assessed values are established by hde County Assessor s essor19f Pruperty at just values. The assessed value of property 1979-80 levy was based, was approximately $4,410,000O0Daze revenues iare and collects all property taxes for the City.Property recognized when levied to the exten t recordedthey result as deferrednrevenuevables. Noncurrent delinquent property taxes 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 gove services (other than the paymenal menentta- t of principal and interest on general unlimited amounts may be levied for the tion long-term debt). In addition, unli payment of principal and interest on g eneral obligation long-term debt sub- ject to a limitation on the amount of debt outstanding (see note 4), The tax A-19 (Continued) CITY OF MIA.KI, FLORIDA Notes to financial Statements rate to finance general governmental services (other than the payment of principal and interest on general obligation long-term debt) for the year ended September 30, 1980, was $10 per $1,000. The tax rate to finance general governmental services in fiscal 1981 is S9.03 per $1,000. The 1981 tax rate d d to the significant increase in assessed valuations c Notes (4) tong�tErrt Debt . The following is a summary of bond transact year ended September 30, 1980: has been reduce resulting primarily ue from the state -mandated reassessment of all property to Bonds payable at September 30, 1979 100% of fair market value. Ne,, bonds issued: Convention Center and Parking Garage Revenue Bonds (3) Changes in General Fixed assets Debt retired Bonds payable at September 30, 1980 A summary of changes in general fixed assets follows: The annual requirements to amortize all loa Balance Deletions Ba1311Ce payments of $186,298,397, are as follows September 30, and September 30, Year ending Gee 1979 Additions Transfers 1980 September 30 Obli' 1981 $ 14,3 Land $ 17,153,484 888,086 ' 89,4_0 QSw.. 1 ?0 '�,',. 1982 16,7 1983 ls,� 1984 13 Buildings and improvements 15,007,'00.5 � 8,989,233 - 23, 996, 2.38 1985 13,E 1986-90 53,, Machinery and equipment 8,877,817 5,122,509 2,873,345 11,126,981 1991-95 32,1 1996-2000 14, Thereafter 2,. Improvements other than buildings 99,115,339 �, 2 7,572,27 475 886 , 106,511,725 S1T7,_ Construction in 50,788,975 24,975,217 30,471,097 45,293,095 Interest rates Il 77. progress $ 190,942,620 47,847,317 33,909,748 204,$80, 189 The various bond indentures contain signifij maintenance of and flow of monies throud ..„.-._.__.. -- ----- various sinking funds, and minimum raven; A summary of debt service requirements fold General Obligation Bonds - Debt service is assessment - liens from projects financed standing is limited by statute to fiftee" 1980, the statutory limitation for the G imately $795,000,000. A49 AIDA atements ry ice s ( other that the paytteht of ation long —tern debt) for the year j00. The tax rate to finance genetal Sa.03 per $1,000, The 1981 tax rate nt increase in assessed valuatiol'ts =ted reassessment of all property tip -ts follows Deletions 9alate e and 9eptettlbet..90� 'itions Tratitfera 1080 ;55.086 89,420 17,9521150 23,996,238 .122,509 2,873,345 11,126,981 475,886 106,511,725 45,293.09- o t 6f Hilt$ t otbA #dEty td tinAiieifli §tAtt�Entb lit Wideifig is A sufignaty df bend ttAh§acti6fi§ Acid 6th6i chang6§ in g6h#t*t lbhj=ttffh d6bt df the Oity 18P tht, �EAf vidtd §60tembet 30, 0e$6PA1 §pEeiel dthee , (ibligation Obligation Revenue i+ayabl6+s t6W §tlnds payable at September 10, 1010 $ 1la,065,000 2,181,000 229,000 596,421 141,071101 peu btlhai issued: Convention Center and parking Bonds 60,000,000 60,000,000 Oatage Revenue (10,160,000) (418,000) (21,000) (121,142) (10,760,142) pest refired §duds payable at September 30, 1980 $ 121,005,000 1,703,000 60,208,000 415,179 190,201,170 The annual requirements to atef all debt outstanding as of September 30, 1980, including interest payments are as llowsng-term Year ending September 30 General Special Obligation Obligation Revenue Other Payables total 1981 $ 14,058,767 545,555 2,605,150 139,000 11,349,472 1984 16,810,163 3540390 5,174,967 131,000 22,470,520 19$3 15,201,684 177,675 5,177,212 125,000 20,681,571 1084 14,180,597 172,725 13,608,679 167,175 5,162,750 5,162,677 117,000 113,000 19,633,072 19,052,131 1985 0 53 997 985 472,950 25,908,544 52,000 80,431,479 1986-9 + + 19§1y95 32,750,782 - 29,593,575 - 62,344 +357 14,184,942 - 30,635,033 - 45,419,915 1006-200086a841,171 80.iu7,999 'thereafter 2,366,824 -- $ 177,160,423 1,891,070 196,261,083 677,000 376,589,576 'interest rates 1/10% to 3t to 6.5t to 7-1/2t 4-1110% 8.75% 6S The various bond indentures contain significant limitations and restrictions on annual debt service requirements, maintenance of and flow of monies through various restricted accounts, minimum amounts to be maintained in various sinking funds, and minimum revenue bond coverages. A summary of debt service requirements follows: ded by pt prorty and General Obntgs liens fr mprojectservice is by pro eedsproviaofasuch bondsx levy on . Them total generallobligat oe d btnout as standing is limited by statute to fifteen percent of the assssed non-exempt property value. At Sn ofaerrox� 1960, the statutory limitation for the Citywas approximately $923,000,0009 providing a debt margin of app imately $795,000,000. A-21 C:7:C)F _,AXI, FLORIDA CI ,votes to Financial State'Ments Notes Bank overdrafts Liability for payroll Other Special _obligation Bonds Equity (deficit) of - Incinerator Revenue Bonds Debt service is being provided by General Fund General Fund ng transfers. S250fr000 MUS"_ be maintainei. operating A reserve 0 Special Revenue F -;n- Debt Service Funds (2) Utilities Service Tax Bonds - Debt service is provide,,' b7 utilities service Capital Projects Fu taxes imposed by the City on each purchasp- of electricityf gas, water and Enterprise Funds local telephone and telegraph service. A reserve must be maintained equal Internal Service Fu to the maximum annual debt service requirement. Trust and Agency F,-i Self insurance F,. d (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. The liability for payroll I deductions for FICA, creli, Revenue Bonds reflected in the accompar in pooled cash and invest (1) Orange Bowl Warehouse Revenue Bonds - Rental income from the lease of the portion. warehouse facilities is pledged to provide debt service on tlh,�.se hands! I (6) Retirement Plans (2) Convention Center and Parking Garage Revenue 3onds - D eb c service is pro- vided by a pledge of net revenues of the COnvention Center -Garage. 3 The City has contributory p- cise xcise tax revenues, and by a pledge of certain telephone and telp j I ex The Pension Fund charges e covenant of and agreement of the City to provide, to the extent necessary, the required contribution revenues of the City, other than ad valorem property tax revenues sL4ffi- retirement plans. During cient to make up any deficiency in the required sinking fund, departments approximately represents the actuarial (5) Pooled Cash and Investments adopted by the City. Th The City maintains an acicaunt,_ng system in which all cash, investments and amortization or prior sery the plans and the adopted accrued interest are recorded and maintained in a separate group of accounts, (see note 9). Substanti All cash and investments, incl.,iding accrued interest and interfund transfers, General Fund, and the rem are reflected in thin erpitY (d iz'f iC it) in pooled cash andinvestments, prise, Internal Service, a'iod upon t approximate proportionate bat- Interest income is -111, -at. -', he ances of each f"nd's equity in pooled cash and investments, No interest is At September 30, 1980, the charged funds having deficit ;)glances. the plans as of the date of A summary of pooled cash and investments, and equity (deficit) in pooled cash dent actuary exceeded t $$4,005,000. 4nd investments as of September 30, 190, follows; Short-term investments, including accrued(7) Self Insurance fe interest $ 04,15-,.410 34,823 The City maintains a Self Petty cash and other property and liability ri 04,191,143 s4tion, The City has c, eNposqres where the premi (Conti_nqed) A41 The charges made by the S- 1RIDA _ _ trI lei OF m 11 i _R1__ `. �tements "i" ted fia1 ttatemen sht tank 6,er3tA s i bis E 'fo"r pa;:,0 3educridns 1�611 06 Other . •. wat (ii Cam' l it ii 1 L113U.`•. i e is being provided by General Fund atnetal Fuld 50,000 must be tbaititaihed, :covenue ::�:;s Cl,b ,82R) a� �~ _• t e,'s'I_zf' -CiniS ice is provided by utilities service �abital rrojetts Vuhds _hase of electricity, gas) water' and t ytet pt iseu:id= f t s s i A reserve must be maintained equal iater;tai Jet-S 'v e "U'd 2.139)6�0 -quirement. �rEst a-•.' Azenc': Unds F ` fie l l Insur aii`�L•� Debt service is provided by electricS 6*,iic3 to the maximum annual debt service F eptember 30, 1980) there were suffice amount outstanding. iiab�l L. V • iV i aL• Y nL� t,l^LL _• title y(',if� :,,; for a°,r.11 sedud`i5:;= sis +��'2 =ert-ese ' employee salary 1 • . : - ,y jj�) C .� A i /= �-dt�id is a'�r ¢1 Al .. 2di. unLv ri. JL:`t d pur%^taQ=aC, ���! L:�i� Yla•:.i♦L.�. n.�. t.Lt to lected 1:. t to accoapazllnt it fi:lart A.at StCL .1?`i`.5 A. =_iri�e ?3 tit � i 1�'� ?G'1it;i in pooled :ash and I:tv°Stment� atlou;it iias vEE.: r2lu:e� f Jr t t. respe�.iv� Rental income from the lease of theSbrtii:~i, `ovide debt service on these bonds. LGi (b) ltetiremen t ig evenue Bonds service - Debt ice is pro- of the Convention Center -Garage, a the C.�. g; _cntriu�:r' pen�ia rl�n� �, °`L`~^'j` _�= excis y graph excise tax revenues and by a a `�y s"a`p��` .. en .i."•. to a_ �. «s- , . },� ar.g etc - to to provide, to the extent necessary, . �- "":i'9S7 ` :alorem propertyrevenuestax suffi- retreman' r:3:= D n4 cGl t etheet..-e Le L ie required sinking fund. 5 0_ , . �a:t::ar: - : :equ�ra:,e:it: o: ...� r representse •" •�' c;: accptC. �n�:n� a a :tar ...: r2a$:n o s:r. �:_t oser ?: ,'ears. arrzartitacir«'L.; o�adc^t=�' Certain .i:.�a ion in :;hic'i all cash, investments and `: ding colic. is t..e su e_: ` •e pla i 1 u ibsted b;: t:ie ned in a separate group of accounts. (see :tote 9}, Subs.ant.al:y all a:uaunts _ ed interest and interfund transfers 3. .-e .a -tier b; ,:ri:us :that General-:"`nd• = ";-,.'ard _'ur.ds. principals; nt :- :c. pooled cash and investments. prise. internal Serr1_ certa4 ant funds. t:e approximate proportionate bal- ':=--=d rencfit_ under sh and investments. No interest is - ,a:l : ut rat :e :r At Septemb_r 30, 1960, L'ne a:. :a: '.,mp '-' e C: ' p by tl t;: s inde en - l _ ^r:pared the plans as of the date of e l.st valuation r• �'v a? :=X�.4at?i - 1;1 4' net dent actuar': exceeded the pe si n s aS52t5 and p equity (deficit) in Doled cash $$w,005,000. ' follows: (7) Self Insurance rued $64,156,442034,$23 Self IaSur Fund. =: provide ^s :. anc= Or cer=ai-t The Cit maim ains a ;. ou? acci er: a^.d z_r a :cope^ ea`.t.., an.A '« r** , propert;: and .:abili.;� s1cs, e :overage :v; :=:_3 ., S 64,191,243 r sation. The City has continued Lo p4 -:js=2 ' Jn r � coverage .y;ia� . _ _ , exposures where the premiu:t is. sra:. •T - ` not �� � actuarial n': on "'1 The charges made by the Set r Insurance . u.. �.nri ucam! "v (Continued) A-23 12 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:' Amount included in Claims Payable (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 ISNR liability is not susceptible to determination at this time. S 2,211,297 (b) Group accident and Health Employees participating in the City's group coy- erage contribute through payroll deductions and departments of the City Lund 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. 4739840 (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 =or workers compensation recorded, The amount of this liability is not sysgeptibla to determination at this time, -� - Total claims payable �E68S,..131 The City mginta�ns reseryes ofind balanco 4s foiiow$t A44 C1TV. Notes tC_ Hurricane loss - established Workers Compensation budget for this coverage. Group accident and health operating costs for thi3 _ life, accidental death and the City has outside crveL General liability - 10'. D: t reported during the year a costs 13 JRIDA CItt' OF MIAMI, FLORIDA atements 46tes to f iriattcial State ecits arged in the add6Mpatjy1ilg f inand, al rom actuarially detetnined ainourita, of unpaid claim at gePtember �O y -fined below: A�ouc� included ih kewved AM6Utit included Lod tLlatic� iifi Claims _ a ._able }1dprlca•t1g loss established by btdifiaFY€eti $ stl0,d00 i6r Cq;�pensatibis 10a of annual operating a charge t `his coverage,47,91� budget .or automo- etc. Grou.o accident and health - 25% of the annual -ed, personnel operating costs L.for this coverage, exclusive of = liabil- life, accidental death and disability for which 'is ion the City has outside coverage, 1,190�50 is reported repo is ilitits General liabilit;. 10°e of the number of incidents time. -$,211,29� reported Suring the year at actual average claim <<9d0 Cost ,28� 2,�28,065 -oup cov- ductions emaining 1mber of mployees e plan. d. The 0 repre- by the 473, 840 �uded in irtments or this -e is no ~nsation „ is not $ 2,685,137 s follows: (Continued) (Continued) A•25 14 CIT_ ctTY OF MIAMI, FLORMA Notes t dotes to Financial Statements for fiscal year 10.80. is required to contrib, t tr sr6mt�itt. of EntertisCr Act i.vitiev accordance with actuari Kry financial data for the various activities of the city's Lnterprtse Funds tot the year ended September 30, 1980 is The City Commission `I as follows. increase in the porti, Convention Center Stadiums Marinas Auditoriums Golf Others Total furidirig Of the unI'-ind preceding ;year's amount Operating revenues $ _ 1 670,461 996,850 303,398 782,091 35,813 3,189,114 sound to limit its buC- Operating expenses 668,829 2,485,671 934,221 115tt41 785,784 - S,S94,6S2 actuarially sound, that Operating income (loss) (668,829) (814,710) 57,629 (411,749) (3,691) 35,813 (1,805,537) priate and contribute t; if the City were autom. %et income (loss) (623,202) (374,281) _128,196 (133,127) 66,130 28,870 (907,414) would be defaulting :)'t • Asses 81,966,981 15,828,542 3s680L92 6,042,740 1,536,913 444,394 109,500,462 State Of Florida's De? that this funding te-.::�n goose payaSle 60,000,000 - - 208,000 60,208,000 ial funding for the r't Fund,e;uity 11,549,507 13,097,259 4,165,76L 5,634i836 I,731,500 285,119 42,463,482 VII, Chapter 112, E, �r�. Litigation In September 1980, the c a'. Cates vs. the City of Miami pension ordinances . Ti :his is a class action on behalf of present and former employees of the City, seeking to require the City, for the mission the duties Ot _ ','ears 1939-1975, to retroactively make additional deposits to its pension plans totalling approximac-,ly retirement plans. The $311,000,000, including $8,000,000 in interest. The plaintiffs claim that the City levied p•.perty taxes for by the Circuit Court •a "?enaion or relief" purposes and was required to, but did not, deposit all such revenues i.to the pension fund, ;ns:ea3, 3 portion of these tax monies was used for the City's social security _untributions, the City's re,:ized p^.rtion of premiums on group health and life insurance policies, payment of judgments on pension This litigation is in its related cases, the City's workers compensation obligations, and reimbursement to the City of pension telaEed the outcome is not pre-- ex,enses, j.djment on liability was entered against the City on two of eight counts of the complaint on October 91 C1CY Of Miami VS. FEC a finding by the court that monies taxed for pension or relief purposes were improperly used by the .;gym ctty to pay off two against the City and for contributions toward workers compensation obligations. .judgments T^.e ^ity filed an incerlocvtory appeal from the court's ruling on the two counts as to which summary judgment The City is involved 1n vas 3rarted. 4n January 20, 1981 the District Court of Appeal affirmed in part and reversed in part the 32.64 acres of baytrot s: zf j:dgment. The City petitioned for rehearing, which petition was denied. Company (FEC). The or a . r;ntafns in this action that its allocation of monies collected pursuant to its levy of property taxes 6th and N.E. 9th Stree or relief"' porpnses was proper, However, in the opinion of counsel, the City's ultimate liability In March, 19i8, a tria :k determined at this time, Necessity, vesting tl� %k .:•, T tern ,,it for Contributions to its Pension Plans --- - Stl.pl�lation entared 1r< "•r 8,a=t .f 7r,4yt,.,.,,- •�f each of the pension plans has filed a petition for Writ of Mandamus, seeking to require Ot•deT Ot Taking, and Ch an additiun,.il $4,7 mtillioii over and above the amount actually appropriated by the City a local depository whi The certificates o. dz (tontin9ed). Wilt aggregate approxl- In March, 1981, a jury tr FEC $23,350,000 for the 1,981, with 10'o interes has filed a Motion fo City wi11 file its jurisdiction to away In 4 separate proceedint_ ij,CC), FEC challenged mine the nature of th- A-2d 15 sAIDA Cements erprise Funds fot the yeaf @h868 gepterabef 16, 1486 It nines Auditoriums o01f Others foti3l %,850 303,398 _ 782,093 35,813 3,g8 1i19 39,221 715,147 78-I - 5ii 6S2 57,629 _ (411,749) (3,691) 35,813 (1,805,511) 28,196 (133=127) 66,130 28,870 _ (4_ p7,414) —=—_ 80,892 6,042,740 • 1A536,913 444,394 109,500,462 - - 208,000 _60,208,boo _65,761 5,634,836 1,731,500 285,119 42,463,982 _—_ ayees of the City, seeking to require the City, for the osits to its pension plans totalling approximately intiffs claim that the City levied p.;perty taxes for not, deposit all such revenues i.to the pension fund. _he City's social security-untributions, the City's insurance policies, payment of judgments on pension .ns, and reimbursement to the City of pension -related on two of eight counts of the complaint on October 9, -ension or relief purposes were improperly used by the —ontributions toward workers compensation obligations. uling on the two counts as to which summary judgment J Appeal affirmed in part and reversed in part the .ich petition was denied. —•nies collected pursuant to its levy of property taxes the opinion of counsel, the City'$ ultimate liability ns d a petition for Writ of Mandamus, seeking to require nd above the amount actually appropriated by the City (Continued) Ctty OF MIAMI, FLORIDA 146tes to Financial Statements fd'r fiscal year 1980. the plaintiffs in each action cofttehd that the pity i toduit:-ed to contribute the amount that the pefltioh bcAtd§ ddttify in add6rdance with actuarial reports prepated for the boards. The City Commission in September of 1979) adopted a policy litfiiting the iticrease 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 appto- ptiate and contribute the amount certified by the pension boards, and that if the City were automatically required to do soy the City Commission would be defaulting on its responsibility for government of the Citv. The State of Florida's Department of Administration has informed the City that this funding technique provides for the adequate and proper actuar- lal funding for the retirement plans, and meets the requirements of Part VII1 Chapter 112, Florida Statute. In September 1980, the City Commission enacted amendtaents to the City's pension ordinances. The amended ordinances would vest in the City Corp rftission 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 ands in the opinion of counsel, the outcome is not presently determinable. (c) City of `iiami 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 ?iiami, between N.E. 6th and N.E. 9th Streets, and bounded on the west by Biscayne Boulevard. In lfarch, 1978, a trial court entered an Order of Taking and an Order of Necessity, vesting title to said property in the Cit;•, 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°e 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 propert; and ruled (Continued) A.27 CITY CLIi OF 1A:-,I. FL':':-"?:. Notes to Notes to Financial Statements report Covered, for the track is a "line railrapealeddgthat United September 30, 1979, and que for disallowance that the F`BC ruling the it from the ICC. The Cit1.has appealed on January 22, 1981 the recommended claimed for reimbursement by abandonment Appeal, Fifth Circuit. States Circuit Court of \pp District Court for the southern currently in the process of ICC-filed a complaint in the United States 'a Certificate of items of questioned and disal District of Florida seeking to regp.i: the Ci t;t to obtain The Cqurt entered be reimbursed to the prime sr Abandonment before taking possession of the property. the City from possession until a decision is 30, 1980, the sudi an Order prohibiting ,taking before the Fit'til Circuit or until gurt'ner At September Oct rendered on the pending case the period subsequent to order of the United States District Ct�urt• ingly, the City's compliance FrrC lier de,zendanl:5 for the okincl established at some future d- The ultimate amounk which the City must pay � din; Je endanti' may be disallowed by the gran property and damages they may have sustain , depends Cty''s attorneys' fees and Court costs, ``n,hh'' t�Me�`:� in the alternatl the 11) Commitments and Contingencies Motion for tvew Trial or ai counsel, suchamounts cannot ae dLt Imined"at appeal. to the opinion (a) Employee Benefits this time. The City has certain coni (d).Other benefits. The amount o; �inst the .E:.it;. rz.'S i? e.;:';' . ` ice_ of 4laims �lnd '3 �{wstli cs a ,- "';� Civil Service regulatio There are a nt:.^lber ro erty. in. ch': '�-''' from injuries incurred on City property. amounts of these earned cipally personal City officials and the City Attorrte;j, these claims could reulk Lr: is refle,�:t?3 in of liability 'Co the City of approximately $2.,300,.000 which T��. the Sel€ Insurance Fund, Vacation Norm;- ,,• on its legal department acting under tile. The City of .,iami relies primarily opinions for legal advice, The, foregoing Earned Time Addi direction of the City ,attorney _hz Cit y "Ot_ her") are based solzl,= on Chi opinion hour (under the heading Ci Outside counsel has been retained to rep sent the City in the hour- Attorney, litigation referred to in (a), (b) and (c) above, Sick Leave corm- ;;; Federally Assisted Grant Programs _. Ci.ty participate in a number of Federal and state grant Frbgrals, Em?loy'm?nt and a Gomprehenglv2 li.pal.ly of which are Federal Revenue Sharing, F.caramic D?Y2loP'' '>he full amount of vacati Training (CET, )* Ccimmuniky pev�lapmank Blool,t Grant and. 'sabject yo : nanc , ;'- dad upon separation of sery 'Act s These programs are ment Administration (FDA) gr,lnt , by the grantor,, or their rapr�szntativea, � for employees in ser .l7plian�r. alzzlita City received QUA"ending in the 30, 1980, tile1 that date, plus a mac D'sring by y. ar R�ndrd Sep vtnber 11 _OO 1] $g,bUu,,Upt) to ampla}' ag prox>_matel} : ,4 ="ty,-,Ii d1ta- , for employees employe :a*,nr,.rci:patty arnounC .,t ie_s Of • ri4�us a,�partmenfs,. :hz ac,.iv>rt _ ind0idli.115 are eltipl()yetl in of these �. }.w,; The cacicri5uciar of acccolloted, ftir ir1 v;fria�,i funds The a ca whi�it h$y clepart^�ant' Earned time payable at a th, �ri,of's prEyi�ir�d b}' Che rospe.ctiva ` > inantiial tatam>:nts, The payable upon separatiol i..�a nc,4 rt.�I: i,�ct+�t#. in tale vario).ts > unus readily datarctinable. q lY if the employee h C 4 a s l aC �K tiE:'tIEmI l,G ,rt-?V�.t.�k'tj lky t,t.t'SL',, t'Il!�)4)}'t,S a5. i. t, j � F1:111. �1 � t 1�5, sanitation workers, th t.il)l)Ort rah UC}littiX ranging from fifteen tt 10 f�,,.raTtk„ c! 1'�8��) -►) i.q,lrrlx,antl,�tt f}nantlal .ln.l , ��itfplilla ,d �n aaan th@. `.J to the t iming and amour not recorded. + sv1octed .C��#A G 3I1tR:ll;r:d Of 0h0. 4�+,ry 4a' «4 �+�-� l t�iltit)1 t 1.:1)tt pr tale ap4).laAt;, ' ltat 1.°�,! f'.rnl,l , fIl)t'.)ll'. lil'.l 1-lill.Il1„ (Cant}need) A•��i statements ailroad" requithg a e? tificato $ Dias appealed that ruling to the i hi'ted th Circuit. On January 22, 1981 the 1"tates District Court for the Southerri e the City to obtain a Certificate of a of the property, The Court entered Laking possession until a decision is the Fifth Circuit or until further Court. t pay FEC and other defendants for the ae sustained, including defendants' epends on the outcome of the Citv's ternative the outcome of the Cit' such amounts cannot be deter;ained it'. -its against the City resulting prim red on City property. In the opinion rney, these claims could result in a ely $2,200,000 which is reflected in its legal department acting under the egal advice. The foregoing opinions =d solely on the opinion of the City etained to represent the Cit:' in the nd (c) above. -rat and state grant programs, prim- a�ing, Comprehensive Employment and nt Block Grant and Economic Develop— 'r,Dbrams are subject to financial and it representatives. lie CiCv received CETA funding in the '':):' a. arDximately 1,200 individuals. ou� p':rtments, the activities of c:,ntribution o: r'= : t .: _ drp-artments to which they ;' r i.n,ancial statements. T;;e' i s not readil}• deter Finable :cmpliance audit report was t City as subgrantee and the prime sponsor. This audit (Continued) ��ite5 tr ilarie iai St3ee�ie' t� i i6t' the teleeted � iy c: c a 9 t�tt-�u{�r�'1 dji t �t e.aC�.. y ii6ut 5etiod ° }fie be: i�, 1� � cliffs questioned $ fv'{i n � di �1,t.6 and 3.t.� ' ca,ded `Cr 3isallvt� aL�poxi'$�ei: df add itic'!a1 67st<, �i w se�e:it by the �i`� tiufia, cid Ce ; R k .�e a i cur 3_ri`dt, �:,e t.it. is Futeiltly in the processf respendi, �� ;e �Uuic 3i +efei,txaitl speci`Ic ues�iofteid and �iSall0wed �_sts. A 'ihal C1idW��+w �h f i } Qf Ci + s ui.,3tiOCa ViCi,iet s� t teit*O sed tad t Q r;Zile ii�t�nCLi cannot Iot be u:&? i9ii a aW i ii5 �icei.ec i d� A� i�rAt gepte3oer :nw4,Li r. a �1�eeC,�n;it .�L,.. {j'.3 ' r.. W yt n 3 the peaiod t�. .. i. , :,aye 'Cs 'dean �ea1nteu Ac:. , in6ly. ��e Cit'; i5 L'.~u ..a ,ce itlhe applitavle ara`t re�uireue:sts 4 ill be egtablisheQ dt _ _'T,; i3t ire udtc. ..nE A= unt, _t a .:. of ex efiuit-ul'es 'Rich ttaV be .^+e c d"a1si-g a3a:it:i?s (11) o it sent= aIn _ :aae (a) =mplovee Eer.e_a,s } The Cit1' as Certain CCnting nt ee .r�* i'iYt tt ea. '"ne' e;�p1°,e= �1aiilitS_ lasia,'t c.�a .s +. f tz o t f be-lefits eArned ?nd ...,.Z";-_ulate-t is gt``.•:erne'�,`�a; benefits, .`.ne ._, �u � Oi - civil Service regulations and aI,si:list:lti:a iv.,Lty. k:ie 3viitx&—cl . ti ' a ounts of t:rese�ea:ned be-e::�s a-i _:qua drite'. 'Jena : 'Igoe Descript1 :1 t V at a t iot tiCr:ual aCdtiJn ed`•`:Ev arced , ime time o f : earned `J; '�." Additional t ions i i1Qur1. etplC.ees f.`r a'.'=:':iwE . , !lours , orked Z.00, Wfi. to S.300, G 5`iC�{ Leave'.o", al SiC:ti leave acc'-:',"1t1:$ C, �:�� sse� ?. the emc A. e, is la;; a� iE The full amount o: ,acati�on time, is o. upon.separatior, of service. subject to the fJlis'}vinL 11'tiit3t:)Cs: p t Dece 'a2r 21, :?.; s all a.cumu iat ions for 'employees .1 servic a o . additic ai lours. that Fate, plus a' maximum Z r .., 1973. a maxi'"'1m of 1'D hc,.,rs. ..for employees e aplo;:ed since D2a 2:.ber hours. Sic'�c Earned time payable at separation is lirsit2c to iaid saxiWu'a o- 960 hours. and is paid payable upon separation is .h o only if the employee has ten or more ;ears of service. za 2 rase 1im• is based or. years of 52r7i�2 sanitation workers, there are various relating ir. t WZ:1tyF• -" �L:2 :C 1nc2�td::.t.25 � ranging rom fifteen to t _':e ear Co the timing and a�aunt of payments to be =a>e, the a�ov2 .ia-..�t�es a.2 not recorded. A•29 l',IT'i ()c ::I,1:ll, F!YK!DA Notes to Financial Statements In 19,0, the Cit. Htiusin Bands tar�g� �e`.enfse S,aads _ (b)----- rove d the cactstruWt:on aE tale constr'actto:, costs. (` In ,February, 1976, the Commission passe tian HousingnBortds which he City, for g . issuance of $25,.000,000 General Ob"lip design fees, (d) .e^a a tirsons, including the the purpose of providing housing for families and and pursuant to agree- to the constructio^ _.- �1 elderly, of low and moderate incomes in addition, _��dspof such bonds, as sa;na L^ operat_on. ments between the City and Dade County, tale p '' first lien on and ol?'--- ted in �a the are issued from time to time, will be hour ngrrevenueust in abondsrto ,gage and zer-ain ' Y fund to provide additional securitv,t ro e.ts do not and agreement of the C_=: fund issued by Dade. County, in the event the hous;.ng py'sthe proceeds of .he Cit, other than. a-? •:a generate sufficient funds to sr.rvic.e file C,SURrllci 31 and interest. Lf,. ,:e`icie.^.c,• in the rey'.::re- the Citv's housing Bonds" till b ,a �`�ap ysplt-li:iuidatino. all amounts « however, the Dada County Housing In conrect_o:_ with certa_:: 2 I ur ores fi $1',5O,OOU of such C_ty t?ou;ing. lisped the Convention Cen h Cit p p caill 'oe. ratucntd to _. remaining in the trust accoun.L". 198 set forth Above. At SePtemba« �(J, t'.1e :und was established Bonds were sold and approximately $757,000 had been transferred e been vention Center Capital P trust account. Ttla amoilnts transfer:ed" to: thertrust acccalteac�ion. ;end related construction in :3 receivable and, due,' t,.3 tile, �,ne •r 3i.. j � recorded as o a 1 Cit.l?Gi is = ; J; �'le Lint :.".:i?LF,�t tt:i bt�t'n," ape; ox _meta lv $10� laCId Jt CO2I�JCLLJn a;tpa« Lc'nCk , ^und. I^ addition, sup established, Improvements Fund contri� a roximately $31.4,000 was transferred to the trust.ac ,s,.:, Center and cover certain During 1980, PP i and approximately '$1,3-'+5,000^was, e�p2nded by the City for its share The original sale of bands plus accat In connection with the certain housing development costs. $30,0,�0,000 of construed mulated interest was not suf:icie`,nd Ca ital Proj ctsF n t tocover these Lhad a deficit ��* ;yr , September 30, lQ80, the dousing B P a'reemen: de`.ela;.men �,ber 30, 1y $53,000, The deficit will be eliminated by future sales undLomplIete certain phases of approximately of delays a,: the City in of Rousing Bonds. Cntil such time, the Housing Bond Projects deg the - has borrowed $19.00,000 from the Capital Improvemen�s Fund to p. the additional interest necessar;: fu nds, mortgage holder, as we- mortgage attributable t (c") RaV2ilue'Bond Pro]acts Watson Island Theme Park Convention Canter of titiam camm?nc2d .con truction of a' Convention in .luly 1979, the City Com. During 1975, file city $a5,000,000 of r) U` Genter, officially designl� ed the City of Miami/tlpiversity of �amCona2n Island* as an amusement The total 'z.stittmated cost at ,), r)00 will be seGu- I;, night inter.4.-onal'Center, e is appr, imatel}. $;},000,. icon Center', including a related par'fi}ng. gar, a pledge of certain 4tc� ,000, $35,000,000 will be sec!,� Of ,ii ami t . l . aye of sale of the bonds ha=- raamant with the University ` o z. The City has entered into an ag a. of 30 years, ln4luding two space in the ConYzntkon.. Canter car a t rm a (i} �iainta}Wing Services and I,iqu, for the sum of $",500,0 0, payablle as advatic _. ---- 30=year renewal cptions, ear develop- i^ant, The City has also entered into a lease and agreement pr"ivata developer, o€ certain air space over a portion of the the City is experiencing, a Pe. sent with a agrzad with a tion continues to adversely Convection Canter far a hotel, Tn addition, the City has onion of the revenL}e sources are limited' developer, to lease air space aver a p separate priaate d p da canter, the City are, , Qar'ici.ng garage for a 30-story world era , , (Cantin�zd) A,V _ I i9 LORIbA -tatements -sed an ordinance which approved the _ration Housing Bonds of the City) fot families and persons) including the In addition, and pursuant to agree inty, the proceeds of such bonds) as 11 be deposited in trust in a reserve for certain housing revenue bonds to event the housing projects do not the County's debt, the proceeds of to pay principal and interest, tf) .ds are self-liquidating, all amounts be returned to the City for purposes 980, $i.500,000 of such Citv Housing 557,000 had been transferred to the rrcd to the trust account have been o t.ie ,uncertainty of collection and lowance for the full amount has been ;s transferred to the trust account, ,ended by the City for its share of fhe original sale of bonds plus accua' to cover these expenditures and. at Capital Projects Fund had a deficit t will be eliminated by future sales -ie Housing Bond Capital Projects Fund tal Improvements Fund to provide the -•nced construction of a Convention y of :Miami/University of Miami James total estimated cost of the Conven- parning garage, is approximately -t University of Miami to lease a == of 30 years, including two S.,50G,000, payable as advance '- •- And agreement for develop - Lair,, -iir space over a portion of the .di t i._,n, the City has agreed with a ,i. spa over a portion of .the i :o:, ter - (Continued) CITY OF MIIA'•' , 7L :: , 140tes to Fiiancial Statements t" August 100. the City issued S60r000,00n3 of Centet and Patking Wage Revenue Ba-,ids tt, f inai;ce a pact ie � bf t, e k `ie cost o, CotipleLing d6fitttulftioii of the t5toject.. lie' bond pt'�cei?dS a be Used for la) 2){js'truCtion tioSiSa ( ilter4St- i'aritg ;oftst 'iALi6e�•t 'f � enf°�.i peering and desig1i tees, (d) legal fees and exerases at 3 (e? nthet expenses incident to the construction of the Convention Center=Gatage and the p1a ins of Bette in operation.The bonds are secured a de th=_ trust indenture b: a first lien on and pledge c� t;ia yet e'venues Of the Convention Center - Garage and zertain telephone and tole raph ex"Se taxes 1 'y a covenant and agreement of the City to pro': ide. t, the extent .eces53: ry teve, ues Jf the City' other than ad 'valore�. tax ro':en'aeS s'.1ff1'r`Idnt to tsake up an•: deficiene.: in the requited sinking fund. COnne�t inn 1.4: certain provisions of the trust "8e: t'"ire theeSta�- li?hed the ucnve..tion Center F7terprise z�,.d, ,fecti.e October the itlnd waS eSt3b11SRt'd tJ: trai{S,far�i the residual equity of the Con- vention Center Capital Fro;ect Find (a?r:-�xi^.atel•. S3,'M.0.+0) any t.1 relatedcons tru�ct icn in p{rog1ressl i ; 'pep General i:fed As nets Account -th . `}y yy{p la��rl Litl+y Lei Jl'f�{'J i,'JI I'��J` L, G, Fund. In addition subsequen; t�i Se;tecaber 2", i9840 the Capita: Improvements Fund contributed S4,-5 `iilllon tv support t.ie I., nvention Center and cover certain constru"rti-n cast o•:ertutls• In connection w`-, the proleCt+ t e Cit; ^3S 3�ard?d aJproxiT{atel., $30,000.00,01 of construction coiltr-Arts. AJ.it>*�'3ia t`*3 lease '-.i1u agreere n t bar J-:e.~Y.tY> re:eLL�✓er rub.= a t e Lit iv complete certain phases of t,.e project .b �~':�iified ; —S. t'rte event of dela-`�' -s tlne Cit• i the Cis, is liable for a. �.ofe:' e1_per t� its the additional interest expense ra.:aJle �: %e mortgage holder. as well as other reasonarle co=:s .:+curr?d b the `ib'atable to such de13:'s devel3per 3tt, Watson Island Thecae Park In July 1979, the Citt. Ccmmissic^ rassz a - o ance cc S5:'000,000 of reven"se bor.�s t'o finance th? deve_opaent 3r Watson Island as an amusement and re: reation thecae park. Of s::r". amesat, tc •=' $20,000,000 will be se:.Ired by re•.znues from the taeme park, s- herwith a pledge of certain other non ad valare.., tax revenues• The regaining r n a y reven:es of the theme par'A. The date $35,000, 00 will be secured only b of sale of the bonds has nct :et bee- established, (12) *Maintaining Services and Liquidity_ � rai•1..' Ooubie wgit inla- The City is experiencing "a period of bud y cor.st •'owtn o: op2r'aLing e:M1y7ei:?Z$ while tion continue to adversely impact t;:e g. revenue sources are li it?d, sane of the more $!3n;--43nt ;4ctcrs aff.z t-rag the City are: ' Cz-nt A•31 C1-rY OF FLORIDA Notes to V i.nanc ial Statements - - general operating purposes during 1980 were levied at Property, taxes for g a (10 mills). For .'scat 1981, the assessed their maximum allowable millgg- roximately !.0%Q due to the valuation of proper I, in the City increased app � to t00'q of fair market value, state mandated reassessment of t property and the millage rate decreased to 9.43. Future increases in the property lla P rate will be limited by the 10 mill cap. 'tax mt g- discon- Comp majority of CET?. f".lnds have rehensi�_ employment and Training Act (CETA funds are being tinued effective inrJune andral Fuggust 19'g1tLas. he. impact on those depart- been used to sugpar- :•aa is vet to be deer - been employing significant numbers at C TA empl , d but would be tempered to some exte.^.t by the time commitment of mined, (s,�e mate 10).. these employees to c1155room training � ?- c.>t�ti �,.,, P-0 �,,,cr•,,ase The liabilities for �:aeation, illness .an-1 eai~r��.. .�t m" (see note 11). • must fund the vested benefits over availably n c The City he excess and the adopted otes 6 and 9)funding, Policy is in dispute ati" in its pension plans, subject of certain Litigation (sae n. he above, the following situations andancialor nco d?tieez'S exist Tn addition to t s financial which could place additional strain on the Gity ties may have to be Paid if construction of the Convention Center :is Venalspec' time limits (see note 11), not completed within on the City to pay in excess of Jt�d;ments against the City or damands'uP from ending litigation (sea budgeted or available amounts may result P note 9). her ues articularly telephone utilities sarvicuseaxeforngeneral Certain reven, , P or here principally non ad valorem tax revenues+ a debt service Or maintain operating purposes, may be required to p Y -e ve requirements of certain revenue bonds (sae note 11). ra.r ttve e City is continuing ges to study variousterlev edya�wasteacollend ction faeenue rf°t and control costs. During 1980, the y The Cit s. the first time, and other revenue sources are being explored, Y ability to continue to provide the curra�htlbee requiredl of bythe unfavorable and/or pay the amounts, it any, that might ,resolution of the contingencies noted above is dependent upon further, expan- Sian of revenue sources and containment of expenditures, A-31 �qt ❑ net '.a'Io ances .le ze iva.7n� .. :axes t. s ?repaie:.:pe•:sas Liabi'_iti�_ i iab:l` r ins • }.a;le *�:Uchers ar,., accounts r.a Acc.t:ed exPenses i principall;: sa T y , �` •4 1 ;:'es find ba: ^.4:�'.' Rea 4c :Lr a: _":r:ar:�r.ces ,� 3•.�n :"'i t,'4r : 7seq uent =<i 4ndeS I. na t.-- �'ota'_ find balances ORIDA -atements ar - E Le ,urposes during 1980 were levied At gills). For fiscal 19811 the assessed reased approximately 40e due to the operty to 100% of fair market values u�'eF4 13, Future increases in the property the 10 mill cap•ute i pt'W'ze� __. 3.,. _..t� .. t e Act (CETA) funds are being discoti=eei' 981. A majority of CETA Cunds have F itcullectibes o: :i' •,4: . ivities. The impact on those depart a�Ke= i�x£,�-� ,f CETA employees is yet to be deter= rin _ ACG vu" "'s -ie extent by the time commitment of - c� ( see note 10) . ?repaid eYtC-ft5e _ --nd earned time continue to increase d benefits over available net assets _ funding policy is in dispute and the _ liabilities: Jtes 5 and 9) . t*`out;;e: 5 af ava: Ac`rued exte:.ses tuations and/or contingencies exist efer:ec -Y •- :er„�e ie City s financial condition: repo-ci s r ruction of the Convention Center is imits (see note 11). Fund b,alancL=: upon the City to pay in excess of liese:. ec �• �..._ esult from pending litigation (see tiz -e utilities l.ndesigna.i:.. service taxes and other �fore ?rincipally used for general fjr "" " "` j to pay debt service or maintain -ue bonds (see note ernatives to expand revenue sources levied a waste collection fee for es are bring explored. The City's tit level of services in the future grit be required by the unfavorable =s .iep?ndent upon further expan- I A-33 FLORIDA -2- - CITY OF cj.!, of `'.i:1::. Ge Genera. •- Budget and Actual g gtateMent cif Revenues and Statement of Revenues and Expend ri ires - year ended Sep �0, 19f30 Variance Favorable 6u Actual (Onfavorable) Expenditures: General government: Revenues: . ission Mayor and commission Taxes: Property tax, including General prof y y, 42.679,426 S 4217 4,879 (.115,'453) City manager City clerk p.enal.ties and interest 23',181,506 23,52g,753 347;247 Management and budget Busitless and excise taxes b5,976,355 66,208,179 231,794 Finance Legal !., Civil service permits: Licenses and p c 1,825,173 '> 15'+.591 329,412 7_,655 2 Human resources Community development Business licenses and permits !,366.._'41 1,438,896 Tourism and promotion Construction permits 5,191,420 ----------- R--, 5,593,-•S. 402,067 Computers and communications _ Intergovernmental., 146,377 543,402 3'37,+;a`:5 286,750 - public safety: grants Federal ;ra.nts 12,350,675 12,637,425 1,698,824 (367,226) Police State grants 2,066,050 Fire Other 14,:563,102 1+,879,651 316,549 In tragovernmental: 1,582,000 1,686, Q26 104,Or6 47,042 pj4bIic improvements:. Public wor',cs Fnginearing services 1,609,126 1,656,168 Byildina Administrat. e,charges 3,191,126 ,� ,, 3,3-��,19� 151,06$ Planning and zoning, boards Charges for services: I Q69'300 9<.0,832 (1'+8,468) 10,>63 Sanitation Public safety Recr?ation 73,$00 2,280,000 8'�,Q63 1,875,37r (=;03,6 $) (161,917) - ... l ineE . recreation Qu and sanitation 574,028 412,111 ' Ocher,r 3,997,128 . .... . 3,?93,378 (703,750). i7ncollectible delinquent - pr 9Perty tares s 956,900 877,043 (79,858)' _.. .. 111 serest Bmployee benefits �q$;ellaneous revenuesi 257,56.5 (§5,QQ0) $pee al programs,,35,1565 Sale of land 63a,483 695,388iseellaneous_ 59 466,25 Re.tls 1,000,673 1,4.66,896 Other a 1,988,7,1, :.. '� 4�9 751 , , o3Q 4-�1, .. _ 95,844,782, 96 623,0$3 f 0ures 75$19Q �tr`1i1e,� (Continued) A-M s -OR IDA Schedul e -A-2 _ C n t• .- =-es - Budget 8f'td.Adtual ,. t �tqv6 y11 4 x a:d :a:..'� 75 �a;ra �'p a��tclxe n4 MU Ara4lA-I 30, 1980 t PAvOrAble. FAV6:Qble Budget Aetu&l (Uhblydtabl "=_ti to ;`av raLle. upodUrO ��a�ral V,�.��.tl•.aaeL: _ -pyi Vl ii�Cii.i and CL •yam. 1 riJ :a d'i Cs � 3� �,794,879 42,679 426 x 4 (ll�ti 53) Citt. �a:ta;e: ii4t.�.:i�kir3 �,0��•/��� �1ti�J•i 181,506 - - 23 528 �53E3iYti► �. �.. _ 34�7,241 Cite clerk i. , �F �35+u (iyili5; - 66,208,17 231,i94 anageuest s � ' }k 4E5 ,976,385 iiftaft-e Y i .s1Er d= x.l Legal if Ei dim ii i}Ii �i,f 3+a .. Civil s j,825,179 4)154,591 329,412 1iu-Wan ;es0 0 C, 1,366.24 1 1,438,896 72 655 � a.. .a,•n• =-a;; (�',x'r1._ ' 5$110a i i9,:�� 13 , - 9i �(, -�•a a•�xL pq 5 593 48y > :: 402.067 Y • a.•iM 1� a• LoUriSMyl a•.xx x�..It,i:i.''.ii - ��'✓ r a v r �i �' E Y 1. .. h Jai:1V .' . t�:1%,��7 _...-_- , -..._. Cl�uU ters Gi.1Y �.�.-1-uia <V.Bsi'--e i.1 �E4ii'.0 a1 ' iti • 4ta a 1t.....� a v 1 fil 1 Y� i 44�v 1 j a�. + 146.377 543,402 397,025 350.675 12,637,425 286 i50 eatet;:: n. _ •. ''066050 1.698 824 (367;^26) Polite. z ' har - Pipe L.• • : i Y h r ,563.102 1=1,879,651 316,.5a9 - - - L - •552.000 1,686,026 2 104,0 6 �_-_-. . Publit IMP-,: e==-ntS �� =5 1,656.158 47,042 aa.126 3,342,194 Mo06$ Buil:.aax - G �.- x.',;.'.G ✓' x��. -_ L YI•`.n �Y,2 �L`•- Planning a;:` z._ - ,-- s .. 920,832 (148,468) _ -__ ....i:•: 62^._L: �C 73.5� 8.•,063 10,263 Sanitation 1,876,372 (403,628) 412,111 (16i,917) Culture and recreati_r,-- .:2; 3,293,378 (703 1750) Uncollec t:o le - .11� I s - - — _ 1 + =:..>= 877,042 (79,858) propert taxes Other: •it•�sr .r�s0',La. .`_3._.. 267,565 (85,000) Emp1oree ,e_ ^e is 695,288 59,805 Special prcz;ars 3•- — — 1.y66,898 465,2'S Miscellaneous ,�- 2,429,751 441,030 •-- _ 95,523,682 75$,900 ':otg: exr�^�.t;:res ,__,,�:.»-- �•____ .. .' (Continued) A-35 'c tra' • ::n� Statement f Age* p 11 Gi.'ai :1� G i - Year en' Y - cat lan:-Favc` ' - - -• ---- in year, g of a., Fund balance at So -ginning Bum Awt�xa �1r>ra.7 a 2 — previaus',% reran to Adjustment to beginning balance pun change in accounting method for encumbrances outstanding revenues $; (.7,bi0.6-� - �-' be inning of year. Fund balance at Deginning t't14iture' - and other fi^.an :.�trr:es is es�. .,.�;, ...7 9,- "•":� ='�. :<-, .": Excess of revenues over expenditures and other use .t'r s In ... (. 1 � j- ,? _ 4l h� t3 1 a1 tr:��lsfers out � - Equity tra:.sfers from other funds t. =ta.in �.,.., + .7, )iiZE'r j,ttla;-izi t; .,' ,•t� -,. _ 4 -----------� Fund balance at end of year g.iu`.'Ce'S and 1111t1a. lns '� ll z o w � -RIDA fth#d6 l� ,A-2 .0b�it w es - Budget ati$ Attual:. 'Vat iaeite �a�r�ta�le udget Agtu (,ifvota#� ,670,648) (5,170,615) 2y5000033 ,226,447 71822,490 (10403�957) ,555,799) (1,554,2,71) IJ5,4 ,670,648 6,2680219 (1�4025429) 1,097,604 1i0979604 6f MtVt, FLORIDA $Yi Jule A=3 0eiie to 1 tuhd 8t4tenierit of Changes in fund �a�ari�e Veat ended Septerhber. 30, 1§80 balance at beginning of yeah as repotted 664y066 $reviousl Adjustment to beginnin,6 balance pursuant to change in accounting method for recotding enZumbrances outstanding `�}006f76i Fund balance at beginning of vear. as restated Excess of revenues and other financing soutte5 11097,604 over expenditures and other uses Equity transfers from other funds pund balance at end of year S 2,337,929 A-37 y � ti J ro r 0 Schedule H� 5 CITY OF `tIA.`MI, FLORIDA _B-1 Funds Revenue Special Combining Balance Sheet ;'° 0 30, 1980 , y N O O September 'J � 1 N • cc Federal a Downtown Development Revenue Shari Total d : a 00 Authorityn Asks 1,977,976 1 990,404 c g 12,428 Vf governments Due` from oth er g 13,722 _ _ 13,722 1,977,976 I Prep aid expenses 26,150 -0-04,126 —21 w � � b Liabilities and Fund Balances a ^ o ' tl w - Liabilities: ooled cash and (equity) in p (44,806) 11967,634 1,922, 828 `" ; G �� y �' a a �. Deficit investments 15,411 x '�' V � 7 15,011 _ ^� w O :9 � •,,00 M r�> w .. a able Accounts P Y 4,686 g V " P, w 0 4,686 e ' Other liabilities (25,109) 1,967,634 1,942,525 N ^ 9 p00 - a �I m Total .l i a b i l t i z s ------ -- -' C co s .° V CJ yl 91543 G — Fund balances; projeCis 9,543 ", ° _- � b s Reserved for authorized 10 342 5:,058 > cc, 41,716 , _ ---R ,..�-_-�-_-. 61, 01 P N Unreserved 51,259 10,342 �_---� Total fund balances __ .----- ----._`a--- 004,126 $ 26,150 1,977,976 2s ad ,x- 0° ate: a= A=38 Q� r-• �p tlt 4- V• r .- _ -- I t.) I kn �-- s C .t• — = - - - - f. - .r. _ .• - - - to -� .� �•" � �� -- - - - _ - -'.T r l 1+ ._. "k • it W., .r fr r r t• , � , f t* - - - - - . . r • 1, r i - . . - � 2 - - .9 ♦ .f. r.r ..• •t• r •r. - f •h- '{.r �• - - _ to saneawr* I" CITY OF MtAMT, FT:ORIO{y - Speciat Revennr Ftintts t:r,mbining Statrmrnt nP RevrnnrtiN FxprndFit'll rea aml - Chattg" in Fnn-I II.O.Ill,rrs R,td'g.-r an.t AChlat yrar e•ndr.t .'irpt.•mhrr 30p 1980; I)uvntntm nrvrlo(Imrnt Kuthurtt _ 'r<r t:kE V.aciant Variance .._ Var utncv Fnvnr'rb to Fnvorabre- re Actnml EUnfavtrtca'ht'r AIui C' - .4�t.raC Elintavfrvahf ) IStntbrt Aetnal' EUnfnvnr:rblr} ISntt5rC Reventtrs: S 1tv2r2N', 128,000 EI/«..2A"r)' - - 4{,3&r 4��fk7 Taxer Intrrrst _ _ y7).AAly 4,18! k,)AT t?M1.t45 E14Jt6A?} - ^- IN')OA'N1APo - T.A7->_tA2ly E7lIN9tst)- tkt�«12.frlQs T.'h5fi,04 llt 4lM El��R05h' F200 r i€ Isit4.1vivrttitfl.-nta1- 261,944 6ttrvtt E7O0' 'rS'�) t..-. , HIA'N'if.7)' tr.;lily �Yt��brtt9'k f�.::JlRrknA'IdT (6�T:t_.. (it hr t_ T..I?A.I/i il').')'►1 (60N",t?O') +.?�: OSt1Rb TN)T'1'P,A'lrp Total trvrtnfra- ;� rk 19la 370,.141 F:wprn.littlrre: - RliA./1', �tR.Jt4 `IIONt�t V _ r«rEgly- f!« C��«h r 2')s,CFltf _ 2-Tr .-- -_ .-x -. 4lirtliT- lA/vlhil'S. t:uttntr anJ «rrtratital 71HtI lA )Ile 1 t't tttA R.'N ._. _!. ! _ _ !!« tale)' L L'1A� tA!{� 645+ xt1:[4 5 I !v ` t [ 1 1,U•r,t2! :Tlt,9Rri - « t:5 -' � -- Total rltprnAititteft - lixt-es+ {rtr•tu'trnty) ut_ rrvrnnr+ _ 14) (ji.P, vi, T,'It)B',I86 TrK2 -,BJUr -.. 48'P.Irt6.)1 7s�4OtFvlAft• fi„T7Ck,.5Jfv t:t12, :5U) ttnanrtny. (usrs): - .. EIy'{tINr/N6j; EI.'Pl "r4 air Efr'Ir�Or«)s- C+1"_r40A'g7Ati•:i^ E47+r97Tr�►9Q,p _Eni,ll)ri) lltLrt _ r - ,. t)I,elAt'illy. IIanstrlit .,Itt - Er46.A2Q) trlttf-A2tN) (F73�.,9i54ik E215 i{5r ) (Ur11. temy) ..1 frvrntirs nvrr _- _ (aa.trlN) EA'),ri4) - --_,-. exprn.1Itme. and .,thrr Faf«1 I.Alatt.rx At b.•V.tnuinp of Yrat. 1441.14)t 1104) 'r' r as ptrvi"11"Iy 14.1-f tr.l - -' - - - A.1InslmrM 1.. brginnrtin Irnlatrrr (nitanant- t..- - '1-886' rAANr _30 -..,„�.,..- ._.-• a M& 3 8A 4.1181ny.r itf a:. mmt Illy. mrtlt... I tar trem.ItnK _ -_ f+nrutnbid'urn .«Itstan'tiny. 3u,NAAi 2WY.66T - 2'p7`r�5•S at t pnnd balawr!1 .rginniny. nt yrar. - - t4t).3't1 t4o,P)Z; - - - .. t $'F,2'itr t41',Ifv2 as rratatr.l gr,25') EA't,ru«T t51.2rry ItrN"s!«2• fit!«�tm:�z'ri �2N�..Y_ _.......__-__ s Tr.rr.r>;s ®i c _ CITY De Combining Stater and Cl� a Year ens Revenues: — r .:ct7 Taxes Interest Assessment lien collections Other -.- Total revenues -. Expenditures'. a principal retirement Interest and fiscal charges M Uncollectible delinquent property taxes — Other - — 'Total expenditures M y� Excess (deficiency) of revenues over expenditures 41«._._ Other financing sourcesin Operating, transfers Excess (deficiency) of revenues and other financing sources .., ,.. ., • _ „_ over expenditures NO balances at beginning of year $vnd balances at end of year s �. I tilt -Ot AtAf, PLOAtbA 96FiAdute c-2 s bebt Setvice Pads `eet d rabining BEatefnent of Revenues, hpehditurti, AM Changes in Fund Balance§ ` dAt edded tepteaibet 30, 1986 al Orange Utilities tion Bowl tncinetAtot 5etvitt -s Bonds $bfidb iax_,$tin,S total General Orange UtiIiti€§ ,79C 608,683 303,A3 tj59 �+)3p,305 Obligation Bond§ Bowl tftiitetatot Bonds Bond§ 96tvite 'tact Bond§ tail. 2fiie1lUe§: 8 160692,347 = 16,692,347 ,880 BbO - 381y8 11280 tilt!§ 11316,881 731164 29,605 18,380 1,408,010 - .. tbtepeat lien eoilettions 1,123,S62 = _ _ 1, 173,562 .904 508,683 303,263 743,rt! _. 1G,121y41ij A§§e§went Other ,� _ _ y -- - _ - Total revenues 19,1859942 73,164 29,605 78,380 19,367,091 3,;8fl,y34 trpenditurest principal retirement 10,160,000 70235,230 155,000 19,884 173,000 12,975 150,000 42,412 10,638,000 7,310,501 Interest and fiscal charges Uneollectible delinquent property taxes 76,325 108,193 76 190 - 08,325 459 108,459 .F-5 - _ .5Ei3;876 Other Total expenditures 17,579,748 174,960 186,165 192,412 18,133,285 :0F.t83 150,000 �- Excess (deficiency) of revenues 1,606,194 (101,196) (156)560) (114,032) 1,213,806 over expenditures 53.?ti ::_ _ S.Y��.322 Other financing sources: - 186,250 193,913 _ 380,153 Operating transfers in -- 303.763 r Excess (deficiency) of revenues Sb: 3CI,763 and other financing sources 1,606,194 (I01,795) 24>590 79,881 1,613,959 expenditures over expenditures 3,278,834 710,479 274,073 663,188 4,926,574 Fund balances at beginning year $ 4,,b85,028 608,583 303,763 743,064 6,$44,54 's Fund balances at end of year A41 L 7 4 T V =- C C � 7 � u � W ....... :50.3..1 769.585 181,943 281,436 104,891 309.16- :92.681- - „423.305 63,425 •a.:•-.._ r. r, -,.: .. .. _:+ 7.038,621 9,189.837 1,042,156 3.073.914 5.401.556 5.:1'.%' _.'3_.5L' - - - 53,00C .:,978.19C +e. e8h, i-3 . .ta. ..-G -.a. a-. •+ r". .,•.t!• 7,0'01.6.1 9,IFVJ.837 1.047.156 1.073,914 5.401.556 5,:1'. ..'t :. 5:. .a,5ic ;}3.3: ' ..L,;Bo' ;bC.: Pi ...438, -,QC ..e,`37, 176 f 1.2018,966 9,959,1.27 1,7I4,n99 J,151,350 5.50A.447 S.S.6,9t1,r 3,0.6 .:0. 19.S55 1,364.458 34,:3b 1ti0,'84 i3.60..734 i2,Ottt,045 - - - - - - - CtTr Of 49Attt.. FLOMtOk - -. - - - - CJP. ra: Prn lei tw Fun.ts •Y{' PCYrnuM 1. irp»n.t,t•rr•. -- - - _ - . - J~',at t,nt+gtn,n �... _..... Part ,,:.r Flfr - Pat..tnar Resat 1 a '--t{+'If Jt . - _ -. F=rCl,.• 4r^rw lr r.•„ it, 4tH Cony»nr l.rn Farb,',++ - Ss-t»v.nl: t!r>•,,a: ng ;ar try FuR �mtY rv.mwnc, , •1 . - - Srvres urr. ••r.•1 )=.. ki-t.ra F.t: ,f:c,». .cir-.vr ..»nrs Crnr»r .» .nuts: - - �fnt•rrsC - .t•=- - -d,; ,;Jn- - h3. v.a 5•r: ,4K'. - - - - - - ls't•328 .hh4.S"et 74n,:.: - _ - ih 7. Fl:? S s.1ti>.y.l ,..na - ;5" - - .. ._ _ _ .nh.l'.b 4n0,'•>, inter i;pwe rn n»ntal- - iN to Nwi _ - - _, - .0 o-•di ..... .. .. i,s,.,t en8. %',1.'1 —_ -_-. -`(•y ...h'. ..-Lei r.lEO: :.U.h..Jl 'thee _ - ' �F,R 2,27J - „32a,d:4 :'t,. 't .+,: .F:h - S7 •-.6t1 9ft - T.62'2 697 ,4,iN9 }h6 i. Sit. 647" 19.It4 `. 3'. - - _ - 7.a515.S 1a -.4:'•.N ;.1.• n - .3. ['.. t"". •,4 7; "T; l2. - - .. - ., - -, z .... »rdt: r .ogres! pr»y.a• -1:.4u',. :,✓il` t1 '.7..'.:ll :I., E>!4' C' :rr,l fs".as-'d3r!:. k+>n, yi,nt cavrnura - is 4,3-1. ..,. - t... -, - awry ♦aF.ml tt nr•a - - - .. ..- __. -- - %1_00 .rt n•r Einanc sna ".- - -' - f YTi Otltl? t ' Op.ratinK ttana{er1 In - - _ _ it.5r„1.''r0i - ._ ., .. .�- 6prraxt nK ttanafrfa twt - -- -- - - - .. _. - !t.Snu. AF; • _ (47 �,n!urr _ _ - . .._ Tots', oth.t ' hK-.ouct.a inaH7 .axt ftn • - -. -.... - _., .. _ .. - ._ .. .. .. _ _____ .�. -.__ - '- -- " Earrss {d•'. ac t+acY) u{ trwrnura afid - - - - - - - -. ., .t - fl,9td,h74.. 1,817' i1,: S74,IiSPt {12,:4tt nrher {thane 'It sort.+ Duet fAia 'er IS2. - f.:A {6I y- n u;. {1 } ,1Cfr t72.4:5 tO74e,512- sndnth74,453} - enP.nd acur.s ---I11. T, t.'>+75.IOo - R.2R1,, 05+ 1,129.»k7- R,55:.I4h - tY.71rF - 1.421.1116 - . Fund Wan-1 at b•8tnotnR of Year - - 9,1oU,9 )O _ - tl.4gtl ,'I r .. _. _..... _ YIS! E4utty [run. f•ra ttot the, !,.nda - -- -" _ .. ....... �• • .., - 5.7i:. 7,.t «.711.717 t'1', 15i iF'li t24,14'fl 15U ld%• 2« '•Sit,,lSO ... t " . - F,nd balantrs tdr.tltitt at end of year - 5 J.OSR,RtI .. 1 43 'I.I o. T.'7•.2,f5n",! .., .....-"--.- „�gp�;��:I�'I!:,IIrIIB,IiI �u:uu,IS.III�IIVllanlddlli,liiilllo IIWu ' Srhvrtn 1 P F t:.rvf- v: Ani F,.,Tf�ro..,;.,., ,� tolditot, itAtas {;tt1t Pruk+Ntt� t'„l:sl - y/,� j "-P' - - /'.,•.11 x.• - Mot Snip - - �_,� qlg h3t,'gF ltZl.s _ ,',+' '7r wl. . ,,,ter i • r ” '" 5r'Y •,�,•, JF,.I,•alt, F, atu,,rl1 t �:»t,!1�1 l,�a= �h',, Jkr,F,�r}r, ff, ScA 11* Ffhta r.R,!it'a ; R*�1•�*l` _ t d t- _ 711 rtlk r,f1txra - , S.hedate E-1 Cont. 2 CITY .OF MIAMI, FLORIDA Enterprise Funds 'Combining Balance Sheet September 30, 1980 Orange Warehouse Bowl Convention property Total Marine Miami Marinas Auditoriums Golf Stadium Stadium Stadium Center f Liabilities and Fund Equity �— 602,799 1,270,885 <537,917) 367,137 (236,272) (68,725) 1,734,582 Liabilities: _ 373.817 Yli�ltiea (payable from current assets): el 253 029 83,646 ,1 523 9,987 31,221 ..a,(165 $ 2,459,915 1,198,441 12,170,:8E SaftedblPo a-B., Con¢. CITY Of MIAMI, FLORIDA Enterprise Funds Combining Balance Sheet September 30, 1980 Marine Miami Orange Bawl Convention Marinas Auditoriums COO Warehouse Prog!!rty Total Liabilities and Fund Equity Stadium Stadium Stadium Center Liabilities: Current liabilities (payable from current assets): $ 253,.029 83,67i6 602,799 1,270„$85 (53T,9r7) 36�T,13'T C26 3,272)i (68�,T25) I,.734,582 Deficit (equity) in pooled cash and investments 22,746 16,658 275,682 IT,52'3 9F,9&T - 3'I'm 373,811 68,665 Vouchers and accounts payable Accrued expenses (principally salaries) 338 7,388 35,925 3,309 CL,38S 3,885 1O,43S - - 1,245,804 Due to other funds - - 555 1',.190,804 190,T13 - 19,320 26„A95 _ 20>,000 257,483 Deferred revenue _ - - _ 4,820 - 2% b Deposits and other — Total current liabilities (payable from 276,111 103,247' 2,351,973' l,274,I94 (484,869,) 407,904 CE44,5&71€ (48t,T2S)' 3,685,200 current assets) Current liabilities (payable from restricted assets): - - G,87S,88O _ _ - - 1,875,880 Construction contracts - I,26T,400 - -- _ __I Accrued revenue bond interest _ — -- Total current liabilities (payable from - - _ - _ 3,143,280 - - - - 3,141,280 restricted assets) — -'-- Long-term liabilities: 60,000,000 - - 2081.000 60,208000 Revenue bonds 276113 103`,24T 2,351,923- 04,417,4T�r C484,869)+ 407,90/i CE44,58�7Y 1159,27SS 67,076,480 Total liabilities , Fund equity: Contributed capital and retained earnings: Reserved for construction and revenue bond _ retirement - _ 17,549,507 - - 4 16S 76F - 5,634„&36 - ft,73b,SO0, - 28S,C-t9� 11,549,507 24,914 !i75 2,183,802 1,095,194 9'L818,26. r�r._ _ _ Unreserved 2,183,802 1,095,194 9,818,263 17,549,507 4,165,76E 5,634,&36 E,73E,500 2&5,E19 42,461,982 Total fund equity $ 2,459,915 1,198,441 12,t70,t8& 8E,966,981 1,680,897 6,042,740 1,53&.9b3i 44rr,.394 109-500.462 I III I� i � I II I� IIAI!� ICI �II�I� IIII II I ICI I ►II � �'yl�r � 5 .' ��ii� �� mar I nc �t op..-Ati"s TI'venues charges 7S. 1;.7 4t for se -Vices ,Iperating expenses: 71,537 t versonal *ervicesiLb t't Contractual services. M.terials and supplie$ Heat , light and power 4, intragover=ental charges Other 0 Total operating A-Ki" 41. operat-i 119 i rk rnMo 1 06 n !i"t'Upk-rating rn nt'PIA-fir arld- 4 ot twr v.4 in fill t IR - J4 I.", i9APaI f—n If - IA 1 4 1 W11 , ,!I 41,1104.'W! f. . I 06 401 WIld . ........ . j-hed!IL CjTy OF MIAMI, FLORIDA Internal Service Funds Combining B31anC40 Sheet September 30, 1980 Communications city Motor Property Print Stationery Stock Maintenance Total Public Pool Maintenance Shop tr o rties Garage Assets Current assets: (239,030) (30,213) 25,565 286,382 2 2 3 9 , b 140 Equity (deficit) in pooled cash and (60,690) 1,841,522 416,154 11 989 $ 70 investments 421 11,498 - ou 351 ,.ni. •• ° •` 'k'1•' - - (766,720) - - -..• (14,204) - (780,924) 4,716 - — - --- - - 15 164 - - - - 23,025 ---— — 4 --L-- — 71,591 18,871 27,265 _- 45,627 70.561 23,025 10,620 (6,943) - 194,191 -- " +''`•'1 (315,754) (213,418) (234,243) (623,202) 128,196 (388,724) 6,929 28,870 - (1,611,346) •"' 1 _'{'t`i't - 219,134 170,000 - - - 255,597 59,201 - - 703,932 Pr• r-=n• '..tx, (96#520) (43,418) (234,243) (623,202) t2&,196 (133,127) 66,130 20,870, - (907,414) it ... _..°i: '#y.•#. #:!, fr'!#F -.n! - - sY''"_'`#x #� =F ,.:'•::-.y, t1 J►tt•- 2,280,427 t,138,512 9,498,310 - 4,017,565 &',615,51:4 1,665,170 256',Z4Y 4650,,536 291i142,.57& vt•_,. ,+.. t *•nc ,,s Y+,rrr_murr;ta 55/k r 196 2,TSl',115 - - _ _ _ Z,.905,471 ►•. .:,,r -. #ar�l el a,=+„lk,,'!. •dt-r<! iutnlrs - - - r� It2t .4ir. - - .. - - - ft,.6501,.5364- 1123,347 ..i i.t ••3•ei '. �l,�r.,j bi✓1-t rw ri,i•nQ- +•'».,P •:t yt.wr 'j 7,frtS.N+1! 'trrt'r„i,194 9,R11S,SflC - tr',54'1,SQr /k,r65,:r6t S,CF)/r,4.16 1,7-3[,500 2tr5"r1bE''9 - 42",463,982 I:fTY (Sr.MGAMIR IMOMID& 1sFtrltixfi/e M-k - �- - .- . -' _ - - - - - (fISP'Prr,Pt �ir'P.Y t-«r RNfNI`s► - -- _ .. - - -- -- F'.,1%bilivnw Il:tr+slt«r• t:hvrN :.rI4AHf,I.rr tit, 1946 - _ ... -- - _ t'ilr.►r, - r:rry 'rt..f i.t r'k •.tiHYl�r - - (�N ki1P "S PaP,A•.t/tt I'-t".1,17pic4ilq,t .r o Iti Annrin tr.,l'erI ioti +.:rra r I'....t ht»itlarnnrl• t'utIt`lit Rtlfietts: t:yuiRv (Alt-1 it it 1 ill p,.0lr.1 . a_nh an.t ttti•rsItile It9 - _ ,- ;, (60Ah'111) I.A41,'01 _ /r•Itr-,.1.,4" --Cl1`D,bM !- Iti,Ti 1`) - 2`.,`,P,-; jila,l- Acrx.uut y tr: r i� ithlr (v/ 1' l f: ; yi')4t fri. lntrrnt.•tir-I I-fir,IIt. 116rI:S7 'rp)olit« •rtilr)_ Y>r"7.'kl _ 44),:5+1 4;k.�•::i - - 1'.Yf41-'x`4113i•itf nNNrltl - --- (t/1i,11'rtr) - 7,1r 11_, 6IIS- ',11',yn// (I fy/,i1iS'} -(JO.,441j --P✓k,iS:N,' - w:TF,iS'1,i`. :f,N.:,ri :t, ;No. I't.•prt'ty. plant nett ryuipmrnt v ttlttl.litt8s and im1.t.+vrin.•nfs t,I/i,41) - 244,.41ye lf`y,.kii Mncltinrit nud .�yuip)nrnt 12141 1 `rrhIf, r II'I Ir.Itit061IT Ioit, 9A 16Yer,y tip l,,ria I(t,'i tr,l,tlll 4,On,,' «ZIP Pi2,'E')f1 i./,'1'::i l.i.•II•i11I irt/- nn.l b'innl F:yuit-y Curtrnt IiMAIIIt Ien: 1'.,ua'h/•tY an.1 acrinmin pnyahlr I,•.'i'r rt`,,ilir hli,,;t)'. ;i•.,F,yt I0,%%5 %J.kir)fa` ft,.0ot r: ', A.'C't llt•.t .•%I.Ptltlr•!1 (I•t t11. 11.2111y-!Y:11 at Intl) - - - 4 /97 , 71 US S- - - , 13f' R/s'y 2Pi `r'!? 1 AS! 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C.UnY4fiJC`t.U$ "] ;y1.7 V,1 i:•N•r1 - _ - - - 'J}l,ll+dlf ;�, i.t ,(.•�;') - �! - ;i}t`d '•.'rat• _ »- MaYc:r,i;ti a and rttillid j,.if � . St,tJ t., ,t+'b ' Ht•nt� jigi1°r. rend 1,(arrrr )r:J;ild IJ !, A I ;::, t. - Y fltic•T t.L.aa,:t'! i + r tom'+,.t, ,hi}+:'}>•1 - .�� ,- i•. �. 7'<,f sd 1 '(i;,rs sdY j •rii: •+'Y.t"-rt w• t: lti'- S ` - ``` cc { 48 Pi J�, a a't a rld! -iit• tmt,-" -<:1 u+;'.1. - - uu;,t•-rnt.iYfY, r"tr.11y {,: aS f,tJ,,•a - ;y1,1111 l htpt irr.ri•,t,+•r •Jt f,f-%t,-'r, n,,,. - q - - - �,' .; r. !t� - - -_ 1rN •/tgf, / �t..tj I,t I+.t 1, „Id'f qt 1f,y. - - 14i1., t}II 1 .r +1 t•) t-{ h•t`r t•li, ,,l 'ddt \th, Yf' - _ - - � - Y l of- It,lf4;,f !+ t,;ilr- it•.'itt,,. fn it.,dt,rit/t f:, ,f.tf r1�y, tJrr+,;Y-.,,r, _ _ _ -- _ _ • f rfu u i .}. r :,;..j Y a i ,f,.i t'E^ I a fW11 r f .Sr'f f, ,`t �i al !.,•ylf,h l'f h�$ .7 nf- Jt'Nr l - t . I'lf�'lit•J ;I,IfI•ik i •y„t y •Jnntfts9'ro=1 � •.i l4ltll - - - -. - -t y ,,S ♦ t +r tf�, fl.ft,. i�• 1 .'\ t l I,1,1�•tJ •f a�r! i aaatf,y J+ 1 ud-fw••F - - J d '1(.t J1.trri .) IJJ, 1 ! {,,Ul11 4J1f111,11> !: JI!`ell - rrtl t .l ,•a+ma+tlK*+ 44,A SChedu.le G-t CITY OF MIAMI, FLORIDA Trust and Agency Funds Combining Balance Sheet September 30, 1980 Other Coutmunity LEAA Grants, Tort Pension Development CETA EDA Assets — Receivables (net, where applicable, of allowances for uncollectibles of $1,964,721): Taxes Accounts $ 3,939 2,189,268 3,939 2,189,268 q, 245,031 - - - - 27,074 272,105 ' _ - - - - 190 - 1,912 2,102 a- , 245,031 - --- - 190 - 28,986 274,207 ---,:a-, (48,787) 455,607 (255,093) (96,078) (15,444) 16,700 214,349 271,254 (631424) (4$,i8`7) 39�7,183 (2555,093) 70,000 )2,524 - 16,700 (70,000) (30,900) 144*344 240,354 17,080 (26079; `',sf,•;r.� t :o�.nt+tir% r.S 7Pnt 1�743 11,704,786 1,434,469 (81,700)' 28,376 25,790 - 14,,685,966 ftr,)-fri{}n }{tf:oi f-twIn 17,880 (877097) 827t899 6f,925 � - 777,357'- 7917,162 I•.,.,ri r6..i*b� 's♦♦,y♦♦�+3fffi Af Ai}rt r:.ra irml .:- - - _ - Ye t)r}i/ir.,•G fiP `{•!t) :!� Y•i1l� Ilf �HA1- - J ,- Is, ,eeO _i}},,") («« --tY- S•r1k5Qp - _ 42- h490 - 9-16 ",706• - L5,723,4821 CITY OF'MIAMI, FLORIDA Trust and Agency Funds- Combining Balance Sheet September 30, 1980 - Community OI�1heF Pension Development CETA ED`A EEC brans Total Assets Receivables (net, where applicable, of allowances for uncollectibles Of $1,064,721): Taxes $ 3,939 -' _ - _ 2,1&90„ 2'6 8s 2189,268 - , - - Accounts Mortgage notes and loans - 4 - ,606,187 17392,560 318,,5�11i' 155,37'0 33�.14"1 6,80.5,8�18' Due from other governments > Prepaid expenses and other - - 29193,207 4,.606,18T 1,392,561A 323,066a i55,37�k 3i3131,B9f 9i„0033�,581 Liabilities and Fund Balances Liabilities: Deficit in pooled cash and - . 143,08Z 3;304,165 T33,00^3 1€6�5•,SSt3 IE3St„75.4t . 2`4.��'� „f 4,�T22'*348 investments 1,218,410 1t193,016 269 77"Y 50,311 131 961 80t*�I#� 2,,825,1%9Z Vouchers and accounts payable Accrued expenses (principally I,T10' 38,548 220',557 28�,451 5,771 1(31,711t 308�,74 8� salaries) _ - 15D,805 - - 12`,,077 16�2,9t32 Due to other governments 14,470 Deferred revenue - 60 67P574 68,915 Deposits refundable - - I,365,177 4,535,789 1,374,425 244,345 15a5,4486, 427,,388E 1#,102,605 Total liabilities 70,398 1i8 115 7&r721I 616 F94t,19r7k 900,976 Fund balances (deficit) 828,035 $ 2,193,207 4,606,187 1,392,560 323,066 1555,370 333,19t- 9,003,581 I!,! III11 I III I I i I H I op I IN I1'1 ' IJI li II IIII � i�� �fi�i����� MR Total revenuie-S Expenses:: xe-jat�ed Grant and Pension ej�pense IJncOjj,ecttjbj�e delinq1tit "t"t O.,ther Total 4.Xj)t'IIN4" EKC'es, I j Ci4'114 Y OtIw.'T 4 11-( -1 W4 I% lit lit Aft -'I wx;A Ails 4-4 i-'und j)8jaj-jj, . 14 Equity 41.011,44 4"tt1 Fund 4)aA anc*!S .41t '01 id 4A 0 z m All, it n n 0 4Z L :1 T1 0 z ru 00 OMOWN. W06b, NtY, MitCHELL & PEttY APPENnIX B ONt LfbthtY PLAYA. Ntw YORK, N.Y. 10006 S 0 0 en fAFA0A 00'PICE PA*kef tea bkl�ldt . +CLti tVJ?A BAW40+ JJANK 6VILDtNG 660 AtiRL1:1 DMI-Ift 'MA01fimt JJGC-�Z CIO C* afn P4P,344-44 +A9ibAjL6i*1bA CALII�. 0A11k '0 do b %A�j tkLt(1P6F4t- 60 • 223 •960C 0 b � Lm r- C4 bo db US tb P. ROPOSIT 1-10P,'�l OF 1,Ef A I OPli TO'K,) t;4 00 do Comv,.As:�, C, of 1:,!r 3, el'a 66 Oentl j64 e a et"Aed 1.]f It 00 e e nd q Jr, !ud 1 1'1,� o n pro, d it� i Ile t'n d j re, a", v♦ e c.the sat r pro �L, I 41 Co 4 6 LM LIS C 2 14)F, IJ - . . . . . . . . . . . 4 . 4 f.- N 1 N I to CJ0 C r 1, n A u i t -unie der, 471rst 11Fid beari:n pay- ab 1. c- s em A.' �-annua t lie 1 st dn f F-_ b rua r:v ar.d C > w 0 Auj7ust "IT', e9ch Ye irst, illte-f�st, being > > 0 P0 I lows t 11 e. S t. t a on I 0 0 m C Pr C�paj Tntere St 0 U) C .0 0 of Year Amount Rate C Mat ur 1, ty� C bo C C: .0 0 u C w tv w V) 4., C :3 0 0. T x 4) v 41 0 $A 116. W > x w v C x u C fo 4 r E B-1 City COT=ission of the City of `•.iami , Florida Paj:e 2 both the principal inte�dtton antebond registered bonds, excent trest on sal heIle as to both principal and inhroft'',anhattanaoCityt Cher.:ical Bari. ♦ yr, the Borough and State an :ew. York, or at Pan lumerican Bank, �-� ssociation , in the Cit,- of .%.L. ` i , r lorida , National holder or Ye^istered omer. at 't e option of the The interest cn any bond registered as to both -�- c= �a' anc interest *.illybe paid b^ check or inc' .filed to the roistered c:,-ner. eci`tiaY i e : s to rrincipal alone and also as to bosh ncinal and interest. .., r S , r ; r .•• -, aid ^or,�=s ..a��--.1z on c- after August 1, 1998 are subject _C re :em7c,, on at ---e oDt- or. of the City ter on and+after ersehugust order in hart in the 1, cr ;- in ;�h4le o:� an. .ate > ., raturi,-. } on anv their r _-tt�rities {. �. lot within =L `=# ,. _ Prices, 'ate fvl?o'`in redempt�cr p terestcC—wd "'e. ` at 4he date of reder^aticn . interest cc tre Redemrtion Price ;.; (percentatre of M .mod e�.�-c. _o; e!-4 rr:nczpa'_ amount) (dates _i z -ve 1999 102 1-..,_ �= - - `!•,, R; � 'NCO 4 ii{', a.~, :.. 101 -'♦ `a .!•-t-1- rr ,Uv TrGC"aT L.e r,VIJ - (eft - -- - & ���p an,d ai»thor red issue or Bonds of The ♦ • . 1 . r s rer:ain un>ssued• h „ s.c ined one or said bonds as executed 4.e -_ FVQ:,, �,, to irat: or we are or the opinion that such Ear^ for the. i.ssuanc@ I.., 3;��•° .ac�Rz_t;� E rQ :�� �' " ,� z, ,�5, ant To authority the tw ion � au T +7e� �GF�T �r'�x•r', Ya k `f 4ri�•11 zng land the l.h after ��+ Sa-f-d City Charter B:i 'ty ComniIs.,.! on of the PAF,,e. 2 CAty of M "unrl ; vlt'rY'ldli merest on said t r 08, � c r 925 a (Cha te1 l .� ;I ��r�eCial t�ava.� o'f i{i<.�rlday l #�� as _. iendeci) hoed r.et+isteted that aid bo.acis cOiistltutey v<all.dand tii.t�din enet�al oi�lita are pay.�hle at tions of The C lli ,y cif Miami rot, the payinaent of whidh and the — Manhat tan , City interest tt�erijt n the full falth5 ;it edit and t,akthg,' t}oioet' of Amer (,,-in Bank The Ca v o� j�.aml are zt;re�tocat�l r`,:icde<t# and that all the — of 11i ami Florida, , taxable i�r' r'et'`.. t��ithi.n The (;i.ty of {•il.attii (excluding hone — gistered ovrner. Steads) is sut�;ect to tfie levy of an ad valbreiil taxs t4l.Yhouti 'ed as to both liftrataton a.s t o rate or atnoutti a ram,; the i�ayxYnt of 'saki — id by check or bonds and tree �i!tere-L thereon, -tier. We are further pf flee ofr niort ' h,, the l�itet�est on s,P-Id and also as to bonds is exet'ri t from all presoht Federal r_ncurie taxes uijcier e tis�ini~ Utatute.t, regulations, rulings and Gaut"t decl dons � ugust 1, 199$ are subject HeSpect f;.rlly suhtnit Led 5 v on and after August 1, in the inverse order —� maturity) on anv ig redemption prices, -edemntion: :edemT)tion Price ;percentage of ,rincipal amount) 104 103 102 101 OK 100 °'. d authorized issue o:� ..... Bonds of The remain unissued. d bonds as executed the opinion that such thori t\, for the issuance e constitution and laws c charter of said City- B-3 �C3i GE F. K OR, JR• Citr kttt)tff#V mi is involved in the present and former equire the City, -tively make additional ling approximately n interest. The Plainy- -:. ert': taxes for ;s required to, but did 3 the pension funds. lies was used for the is, the City's re- , health and life �ments on pension -ompensation obliga- ,y of pension -related -•tared against the City laj.:t on October 9, 1979, taxed for pension by the City to pay or contributions `.s. The City filed ruling on the C-C-.t was granted. On Appeal affirmed �:-V ,,udgment. The `'. : c't 1t ion was denied. ,t s allocation 0": c ;`I"oporty taxes t`c`t However, o 1 iabi1 ity !°Hd H6h6tAb11d 14AUtide Pi!�ttO JtJJY 11 l l as gtIt 6h trustees Suit for Contributions to its t1_s 5_ti.,,.,f�1 l.s The $oata of Trustees of each of the pension plans has filed a petition for Grit 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 enactnents 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. City of Miami vs. FEC The City is involved in a "quick take" eminent domain C-2 The Honorable Maurice Ferre= and Honorable Cot1missioners 14l .... '.. 1981 ;j► ; ;�.._-,...:.E. ,.. "age 4 of the United States r M . v , • f, .. ; .. ... ,.. , . f' .. ".. '�:: The ultimate amount •rit- � t • ,. .:��E•. / E� � a% .. s.. �•< ,,� :,f -E r .�. o ther defendants for �- k ,f%, W ri. .J a .. ... �' E- « . ••:%"« = have sustained, i nc l llL: -• .. :;... ... E - -..: :. and Court costs, depf Motion for New Trial the City s appeal. .; y - • w f% �. „ .. �: - -:. , ~ . r . of amounts cannot 1 = f, . . . „E:�, - _ :t. _ such 4. _.. " x +r D.Other . r E%," •' f»./%r + i is» _•Ii �,2, r.»..:. «, _ k f ... ,- There are various otl .,,"- - - •- City resulting princi ,a,��„ „�.�-:;w. ~�_ incurred on City pros ;, fi ,...� and the Cis- officials result in a liabilit% •.' $21 200 000, which i- , •r at:, : �= y =- Fund. Additionally, �- , _T , ,- ,. - �- '� r .., _ . E = ; ""' Y ^ change in the status ,• �, �: �.`.:.r.,:. - - _-`_-„ port from this offic •r: w e;,__ ;� , .� = dated y 1981 t - _ �,__r T; a- .�.r - _ _= =- _- ,_T _ . - �,. _ -Y~ - _ Company, nor has the - . _ - ,.,._;,- -- , - - . _= . ...�' - - _ f icant litig ation th _< : _ _ r'•=- y the Bond is _r �,�_� _� rY�r"t-'=�._:.__r. - proposed _ "': -. �"x. •"r^r�+t��-r'T / � Tw -. 1 f _ .r4 '-'.' =`�... T' -.._T �`• - ,f;"tG_ -� x. :_.^fin: .-. �'zv z,.. ,., wC".C,Y. :. +�.. .•.•YF•1 �Y!* _ ' - .. + r .•, � = rk *.-_ .x, ' • = n. � � � 'r f� R• a .r .• r J i. •'. .... .. - * _ to z _ � ��-. .�::T w'._r T'rR _.T 'r...:C +�.-�'. 4 T T. T �Tw- - - e• ,_;T e, y �• _ .. .-. - eGC t•,,. ;G'' _C-. ".r r_•.: .� s -r.• w ex •s • xr+' •' - ., � r � �_ !' -_ � _ .q yam.. ... '.. -+ �• � T .. �. ... 3 • • _ � 1 ` . - _ ; � ' Fi-`T_ :: .:" Y•- y1 � ] /� (� �% Gk'K/#KP:/WPC/Q2m *. ',»F'r. Yr` �,_..rr rT -.•Tr ..: _ J n.. .r s � = ^ar'�s t ems. � .; .... c• ' r r �G se �:•: �� =.. = .rr �� ra +�: . . �.. str - ' X' ng .. .: r ` 's r Y '_ •- s* r C �. ++• s 7- ` ^'. .j 3 .xT _ �. r i_ t t• _ t!A•iy�Y r_ t _ .-r, -y.. T. ry T•F' S # +• t•r' �*' ye x• .�•Y T• - n �,•.. G M.r" T~ T �.-r S t.C. T . w,�. 5N_ .� .r�{ 't - - - C•3 YY; yDIX C ; R j - _ - n. ' i ', •w • MI G 4r f�i F`fF, ''w /r= w'�'i'^„ �__.. r .3i♦ . i��., �'w *.C#~ems .«. ice.-+r•-�T� ,. ,•/ t . � I i Irr / r .'.♦ � (=•�'f�'`' iri'f iw `.; r.1` ^^ �•� ��• _us�.e+ �_ /r' • , « i�;;'F'ji r'T".,r y� 't ,en G'rx9 +:•.� �-,. :r_ w l'.G. workers ~v=C= ^ ,37.E 14 e I , .+-' i •- + . =x.�n _ ,• tee"— �' �.< s:I,-n� nt to the C - - _ --" - t f.r: Liabil ty was enterell a; ns . 11z -. .Jr/ r/4 :•�. }Ii �, '. ats of the 4A�J the court that f*c�r,.as �..1r : �4• _-,war_- were improperly use JofIIlF,nts 4gainst the �'itv aia <<, : ry ion obligations, �''��> �• �, s_* za 41 rr�F t . s:orn�>ensat 9 : >t; i- -f ) r,r,;)tr;rxy appeal -from the court' s aI �;• �. � ._ ijf to Which summary ]udigment `.1s , the District Court of act rd ip? part the summary �: �) e°'t • � ; se i rs fi / Y' r xk% rehearing, which petlt•�',I,In: `.i'.5 this acti.orl th4t its al r. €lwir;:i4-1; J;(t- £.«�;te-d plarS44rit to its levy f PvC: VIOZrtax'.tU'Se5 Fir relief" pltrPQsOs wAs Pro?Pev e Grl sG'f r � o. of counsel f he City u.lt, 1;Ate at this time, 1lagiv 11tt',,'1 -N1:41+1i f �.7.�iJ: 3 i? ,, i;`� �': ;,''..1V,'• „t e:Ion t_ s CC?I:missioI1cC;; ?ale ? i. ?ensioft Trustees 51�it ,;,e BaarJ of ,rust�s a petition for Writ of to contribute an addiI aitount actual lax aP P Gil -he olaintiffs in eLIcl required to contribut.t certify% in accordance, the boards. The City Commission 1- limiting the increase_ bution relating to th- costs to five percent is the Citylls posltic its budgeted contribo actuarially sound, tl-- _r ,^,€:2re' to appropr 1l by the pension board, ticalll• required to c defaulting on its re City, The State of - tion has informed th provides for the ade' for the retirement P ?art VII, Chapter 11 In September 1980, t vents to the City's ordinances would VUS duties of the Retire for the retirement F enactnents have beer, stay is the sub ji�c't This litigation the opinion of c oul1" determinable. Cite of Man 1 VS The City is invG l v,. Tale fl6horable Maurico Verre .alld Hdfl6tablO CbtMfii'1§ti6hbf§ July 7, page 4 bayfront land owned bf the Oftitbd States bittrict Cotttt y Company (FEC), The -Miami, between N.E. The ultimate amount which the City must pay PEC and unded on the west by other defendants for the property and damages they May 978, a trial court have sustained, including defendants' attorneys' fees • order of Necessityt and Court costs# depends on the outcome of the City's • the City, subject Motion for New Trial or in the alternative the outcome tween the parties. of the City's appeal. In the opinion of counsel; Taking, and the Stipp such amounts cannot be determined at this time6 parties. In accor- and the Stipulation, D& other ith a local deposi- certificates of de- There are various other claims and lawsuits against the sit currently held City resulting principally from personal injuries d will aggregate 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 valuation resulted in $21,200,000, which is reflected in the Self Insurance ,000 for the property. Fund. Additionally, there has been no material ril 24, 1981, with 10% change in the status of cases summarized in the re - April 2, 1981. The port from this office dated April 27, 1981 and up - Trial. If the Court dated May 13, 1981 to Peat, Marwick, Mitchell & file its appeal in- Company, nor has there been any subsequent signi- ed jurisdiction to ficant litigation that would materially impact on sts. the proposed Bond issue. -efore the Interstate rely, S, rely, challenged Florida's ✓ determine the nature the property and ruled ,e railroad" requiring e F. Knox, Ge e F. Knox, 'm the ICC. The City Cj t ey Ci Attorney United States Circuit On January 22, 1981 United States District of Florida seeking to GFK/TVV/wPci02 tificate of Abandcnment property. The Court City from taking eiidsorOd on the pending until further order C-4 i 1 "0150,000 T= CITY OF NILAM, FLORA General Obligation Bonds stdy lot foal To All prospective Bidders: The City of Miami, Florida plans to accept sealed bids for the $9,150,000 City of Miami, Florida General Obligation Bonds to be dated August 1, 1981 and to mature in various amounts on August 1 in the years 1983-2011 inclusive, at the regular place of meeting of the Commission of the City, 3500 pan American Drive, Dinner Key, Miami, Florida until 11:00 A.M., Miami time, on July 23, 1981. Proposals may be submitted for not less than all of the Bonds. Enclosed please find: 1. Two copies of the Preliminary Official Statement 2. Two copies of the Official Bid Form and Notice of Sale 3. One copy of the Institutional ;Mailing List For additional copies of such documents or for additional information, please contact the undersigned at City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida 33133, telephone number (305) 579.6350 or the Financial Advisor, James J. Lowrey & Co., Incorporated, 100 Wall Street, New York, New York 10005, telephone number (212) 363-2000. Carlos E. Garcia, CPA Acting Finance Director City of Miami, Florida �81 -624 $091309000 I= CM OF MIAMI, FLORIDA General Obligation Bonds jail A 1"1 DW Sir or Madam: Enclosed please find a copy of the Preliminary Official Statement relating to the proposed We 0� S9,150,000 City of Miami, Florida General Obligation Bonds to the dated August 1, 1981 and to mature in various amounts on August 1 in the years 1983-2011 inclusive. The City plans to accept sealed bids for such Bonds on Thursday, July 23, 1981 at 11:00 A.M. (Miami time). For additional copies of the Preliminary Official Statement or for additional information, please contact the undersigned at City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida 33133, telephone number (305) 579-6350, or the Financial Advisor, James J. Lowrey & Co., Incorporated, 100 In Wall Street, New York, New York 10005, telephone number (212) 363-2000. Carlos E. Garcia, CPA Acting Finance Director City of Miami, Florida 0 c a i o.+ivi C[TXQFMIAMI—OFFICIAILSTATEMENT 3rdPROOF OF7/2/>lliX1S "450,000 TM CITY OF MIAMI, FLORIDA General Obligation Bonds Information Regskrding These Bonds Has Beeek Sent to the it onowing institutions: ACaCia Mutual Life insurance Company Aetna Casualty & surety Company Albuquerque National Hank American Agricultural Insurance Company American Bank A Tnist Company American Employccs Insurance Company American Express Company American Family \11itual insurance Company American Farm Burcau Fcdcration American Fletcher National Dank & Trust Company American Gencral Insurance Company American National }lank & Trust Company American National Insurancc Company American Security Insurance Company American Security & Tnast Company American Statcs Insurance Company Artwright-Boston ;vianufacturcrs Mutual Insurance COmpatiY Argonaut Insurance Company Atlantic Mutual Insurance Company Arizona Bank Atlantic National Bank of Jacksonville Auto Club of Southern California Bankers Trust Company, Des Moines, Iowa Bankers Trust Company, New York Bank of America, N.T. & S.A. Bank of California, N.A. Bank of Delaware Bank of Hawaii Bank of Maine Bank of Oklahoma Bankers Life & Casualty Co. Bank of New York Bank of Virginia Barnett First National Bank of Jacksonville Boatmen's National Bank of St. Louis Brown Brothers Harriman & Co. Buffet Partnership, Ltd. California Casualty Indemnity Exchange Capital National Bank of Houston Central National Bank of Cleveland Central National Insurance Co. of Omaha Central Penn National Bank Central Trust Company of Cincinnati Chase :Manhattan Bank, N.A. Chemical Bank Chicago Title &-Crust Company ,..•t•Ujar- IA L STATEMENT )rdPROOF OF7/2/s1/X13 Chubb A Sons Citibank, N.A. Citizens Bank & Trust Company Citizens National Bank Ile Citizens & Southern National Bank — Citizens & Southern National Bank of South Catolifti Citizens Commercial & Savings Bank Citizens Fidelity Bank & Trust Company City National Bank & Trust Company Cleveland Trust Company CNA Financial Coastal States Life Insurance Company Colonial Bank & Trust Company Colonial Penn Group Columbus 'Mutual Life Insurance Company Combined Insurance Company of America Commerce Bank of Kansas City Commerce Union Bank Commercial Credit Corporation Commercial National Bank Commercial Trust Company of New Jersey The Connecticut Bank & Trust Company Connecticut General Life Insurance Company Connecticut ;Mutual Life Insurance Co. Continental Assurance Company Continental Illinois National Bank & Trust Company of Chicago Continental Insurance Company Crocker -Citizens National Bank Crum -Forster Delaware Trust Company Denver United States National Bank Deposit Guaranty National Bank Detroit Automobile Inter -Insurance Exchange Detroit Bank & Trust Company District of Columbia National Bank The Donner Corporation Dun & Bradstreet Dubuque Bank & Trust Company Eaton & Howard, Inc. Emmco Insurance Company Employers Casualty Company Employers Mutual Insurance Company Employees Re -Insurance Corp. Erie Insurance Exchange European American Bank & Trust Company _ Exchange National Bank of Chicago Exchange Security Bank of Birmingham Farm Bureau Mutual Insurance Co. Farmers Bank of the State of Delaware Farmers Insurance Group The Farmers & Merchants Savings Bank Fidelity Bank, Philadelphia, Pa. 0 2 t Fidelity Mutual Life Insurance ComPatly Fidelity National Bank, Lynchburg, Va. Fidelity National Bank dt Trust Company The Fidelity Bank Fidelity Union Tnlct Company Fiduciary Tn►st Company of New York Fifth Third Rank Fireman's Fun(i American. Insurance Company Firestone Bank First American National flank if Nashville First and 'Merchants National Bank First Bank System First Chanter Financial Corporation First City National Rank of Houston First National Bank of Akron First National Bank of Albuquerque First National Bank of Allcntown First National Bank of Arizona First National Bank of Atlanta First National Bank of Birmingham First National Bank of Boston First National Bank of Chicago First National Bank of Cincinnati First National Bank of Dallas First National Bank of Denver First National Bank of Erie, Pa. First National Bank of Kansas City First National Bank and Trust Co, of Lincoln, Neb. - First National Bank of Louisville First National Bank of Maryland First National Bank of Memphis First National Bank of Miami First National Bank of Minneapolis The First National Bank of Montgomery First National Bank of New Jersey First National Bank of Omaha First National Bank of Oregon First National Bank of South Jersey First National Bank of Springfield, Ill. First National Bank of St.Louis First National Bank of St. Paul First National Bank of Shreveport First National Bank of South Carolina First National Bank of Toledo First National Bank of Washington, D.C. First National Bank, Ft. Lauderdale, Fla. First National Bank, Tampa, Fla. First National Exchange Bank First National State Bank of New Jersey First New Hagen National Bank First National Bank & Trust Co. of Oklahoma City First Pennsylvania Bank & Trust Company First Security Bank of Utah First Union National Bank of North Carolina 3 {rd PRnncnF'Fi2. A'/xIs _Q_EP �__e rlei _ 11TY(?F\-11A\rl—(IFFt( tAl CT>TF\1FNT _ AM Valley Bank, Bethleheta V t Virginia Bankshares Corp. �. Florida First National Bank of JacksottviUe Foremost Insurance Company Fourth National Bank of Wichita, Kansas Franklin Life Insurance Company Gardner, Preston & Moss, Inc. General Accident Fire & Life Assurance Corp. Ltd, _ General Reinsurance Corporation Georgia International Life Insurance Company E Robert C. Gilkison, Incorporated e Girard Trust Bank l Government Employees Insurance Company Gulf Life Insurance Company John Hancock Insurance Company The Hanover Group Harris Trust & Savings Bank Harter Bank & Trust Company Hartford Fire Insurance Company The Hartford :National Bank & Trust Company Hartford Stcarn Boilcr Inspection & Insurance Company Hawaiian Tnast Company, Ltd. Heber, Fuger & Wenden Heritage Bank Hibernia National Bank Highlands Insurance Company "'— Highland Investment Corporation Home Insurance Company The Huntington National Bank of Columbus Idaho First National Bank Indiana Insurance Company Industrial Indemnity Company Industrial Valley Bank Insurance Company of North America IDS Life, Insurance Company Irving Trust Company Kemper Insurance Group Inc. Keystone Insurance Company Liberty 'Mutual Insurance Company Liberty National Bank & Trust Company Life Insurance Co. of Virginia Lincoln National Life Insurance Company Lionel D. Edie & Company, Inc. Lloyds Bank Loomis-Sayles & Company, Inc. Louisville Trust Company MCA Incorporated MFA Mutual Insurance Company MGIC Indemnity Corporation Manufacturers Hanover Trust Company Manufacturers National Bank of Detroit Marine Midland Grace Trust Company 4 i Mfiftiand National Bank Mallon National Bank & Trust COMPAY Mercantile National Bank Mercantile Safe Deposit & Trust Company Mercantile Trust Company of St. Louis N.A. Merchants National Bank Monarch Life Insurance Company Morgan Guaranty Trust Company of New York Mortgage Guaranty Insurance Corp. Motors Insurance Corporation Mutual of Omaha Insurance Company National Bank of Commerce National Bank of Dctroit ; National Bank of Washington, D.C. National Central Bank National City Bank of Cleveland National Commercial Bank & Trust Company National Gcneral Corporation National Life & Accident Insurance Company National Lifc Insurancc Company of Montpelier National Savinvs V- Tn«t Company National Statc Bank Nationwide Lifc Insurance Company New England 'Merchants National Bank New Jersey National Bank North Carolina National Bank Northeastern National Bank The Northern Assurance Company Northern National Bank The Northern Trust Company North Carolina National Bank Northwest Bancorporation The Northwestern Mutual Life Insurance CotnpanY Northwestern National Bank N N Corporation Oak Park National Bank The Ohio Casualty Insurance Company The Ohio National Bank The Ohio Citizens Trust Company Penn Mutual Insurance Company Peoples Bank & Trust Company Peoples Life Insurance Co. Peoples National Bank of New Jersey The Peoples- `lerchant Trust Co. ' The Philadelphia National Bank Philadelphia Life Insurance Co. Philadelphia Re -Insurance Company Piedmont Trust Bank Phoenix Mutual Life Insurance Co. Pittsburgh National Bank Planters Bank & Trust Co. Plymouth Reinsurance Co. Pilot Life Insurance Co. S i lamed Risk Mutual Insurance CoMpeey Ptateetive Life Insurance Company Provident Life & Accident Insurance Co. T. Rowe Price & Associates Ile Provident Bank (Provident Mutual Life Insurance Company Reliance Insurance Company Republic National Bank of Dallas Reserve Insurance Company Neville Rodie Rosenburg Capital Corporation Royal Bank of Canada Trust Co. Riggs National Bank Rural Security Life Insurance Co. Safeco Insurance Company of America Scudder, Stevens & Clarke The Second National Bank of Ashland, Ky. The Second National Bank, New Haven, Conn. Security Bcncfrt Life Insurance Co. Security Mutual Casualty Company Security National Rank of Portsmouth, Ohio Security National Bank, Virginia Security National Bank of Trenton Security National Bank of Whitesboro, Texas Seattle First National Bank Security Life & Trust Co. Security Mutual Casualty Company Security Pacific National Bank Sentry Group Sellers Investment Company, Inc. Simmons First National Bank J. & W. Seligman Society National Bank of Cleveland Society for Savings South Carolina National Bank Southeast National Bank Southern Arizona Bank & Trust Co. Southern Farm Bureau Casualty Insurance Co. Southern Bank & Trust Company Southern Pa. National Bank Southern Life & Health Insurance Co. Southwestern Life Insurance Company Stein, Roe & Farnham Springfield Marine Bank St. Paul Companies State Automobile 'Mutual Insurance Company Sterling National Bank & Trust Company St. Louis Union Trust Company State Farm Fire & Casualty Company State :Mutual Life assurance Company State National Bank, Denison, Texas State National Bank of Alabama State Street Bank & Trust Company 6 StUy"sant Life Insurance Co. Suburban Trust Company Sun First National Bank of Orlando Superior Risk Insurance Company The Sylvania Savings Bank Company Swett & Crawford Swiss Re -Insurance Company Texas National Rank of Commerce Third National Bank of Asland Third National Bank of Hampden Count" Third National Bank in Nashville Third National Bank of Scranton Third National Bank & Trust Company, Dayt011 Title insurance &c Toast Company Toledo Trust Company Transarnerican Insurance Company Traders National Bank Transport Insurance Company Travelers Insuranc: Company Trust Company of Georgia Unigard 'Mutual Insurance Company Union Bank, Los Angeles Union Planters National Bank of Memphis Union Trust Company Union Trust Company of Washington, D.C. United California Bank United Funds, Inc. United States National Bank of Oregon United Benefit Life Insurance Company United Insurance Company of America United Penn Bank United States Fidelity & Guaranty Company U.S. Trust Company United Virginia Bank United Bank & Trust Company Union Commerce Bank Union Life insurance Company Union National Bank Valley Fidelity Bank & Trust Company The Valley National Bank of Arizona Virginia National Bank/Norfolk, Va. Virginia National Bank, Charlottesville. Va. Wachovia Bank & Trust Company Washington National Insurance Company The Whitney National Bank Wells Fargo Bank Western Fire Insurance Co. The Western & Southern Life Insurance Company Wilmington Capital Management Wilmington Say ings Fund Society Wilmington Trust Company Woodmen accident & Life Company Woodmen of the World Life insurance Society Western Savings Fund Society of Philadelphia Western Fire Insurance Company 7 I♦.w oonnr nc � � �• w•• - _ -� - I•",Ty nC' \ .1 . \ •1 /1CCt/`t \ t CT \ TC\,Ct\IT - -Al clr-_ %A T: wrr jr,4 so aninv nF '70/ /vle Avai tiro rJ51 N•.+t: M,11,on Oht Hvr6re� OFFICIAL l!5 FORM 1 Proposal For the Purchase of $9,150,000 -fo Ir is V,11 t c.G\ f re �s be w.tJy as rt-ev -d(� let Ltd �61,ce of cwt , Tn CITY OF MIAMI, FLORIDA General Obligation Bonds Commission of The City of Miami ftliy 23,1981 City Han 3300 pan American Drive ISO 000 Dinner key j 44;ami. rorida 13133 Gentlemen: On behalf of an underwriting syndicate which we have formed, headed by the undersigned and consisting of the firms listed on a separate sheet attached hereto, and in accordance with the terms and conditions of the attached Notice of Sale dated July 10, 1981 which is hereby made a part of this proposal, we offer to purchase all of the S9,150,000 City of Miami, Florida General Obligation Bonds (consisting of S1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds, S4,400,000 Housing Bonds, and S3 00 Storm Sewer Improvement Bonds) to be dated August 1, 1981 and we will pay therefor, at:�e time of delivery otlars (S ), plus accrued interest, if any, from August 1, 1981 to the delivery date of the Bondsy SCHEDULE OF INTEREST RATES he Bonds shall bear interst at the rates set forth in the following schedule: Maturity Daw 1983 1984 1985 1986 1987 1988 19hy 1990 1991 1992 1993 1994 1995 1996 Prtndpat Amount 255,000 260,000 265,000 270,000 275,000 295,000 300,000 310,000 315,000 330,000 380,000 390,000 400,000 405,000 Maturity Date 1997 1998 1999 2000 2001 2002 2003 2004 200S 2006 2007 2008 2009 2010 2011 Prinddal Amount 41S,000 460.000 475,000 490,000 505,000 160,000 210,000 210,000 210,000 210,000 210,000 265,000 265,000 300,000 315,000 Interest . Rate We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank ,r tLP-1 osmtian, in the amount of S183,000 payable to the order of The City of Miami, Florida, which check is to be applied or returned in accord?-ce with the Notice of Sale. !1 I D [ D 1 0.11LA rvTvr%%:mi♦k4i-n rirlAt ¢TATFVFNT 3rdPRfN)FnF7/2/AliYl� i °i'be �losifi� paw referred to is the NOtfite Of Sine in to iaelude it eett9fic2te, dated &j !!!he 1w the delivery of the bonds, with tefeteaee t8 the Offi�i Stag+Ato i pt ifided te�eaten� &ffeefl" the there is no litigation pending on to the knowledge of the sip et of the bonds. ftgspeetfully Submitted, Bidder By Tid (fills addition or alteration, except as provided above, is to be made to this bid and it must not be detached from the attached Notice of Sale.) The following is for information only and is not part of this bid: The total amount of interest payable on the Bonds during the life of the issue uader this ProPosdo For the purpose of without deducting the premium bid, if any, is S determining such amount of interest, the Bonds are deemed to mature in the amounts and on the dates set forth in the Notice of Sale. 019. Effective interest rate for the Bonds calculated as described in the Notice of Sale is _-- returned and receipt thereof is duly acknowledged. The tbove mentioned check has been Bidder By Till / NOTICt �OF SA S ,1!0,000 CITY 0.��[IAMI, C. FLORiDA General Obligation Bondi MY 10, 1011 kWed Bids Sealed bids will be received by the Commission (the "Commission") of The City of Miami, flotida (the "City") at its regular place of meeting in the City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida until 11:00 A.M. Miami time on July 23, 1981, at which time and place all bids will be publicly opened and read, for _ 1, 150,000 City of Miami, Florida General Obligation Bonds, consisting of S 1,1,50,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds, S4,400,000 Housing Bonds, and $3,000,000 Storm Sewer Improvement Bonds, dated August I, 1981. Bond Details The Bonds will be coupon bonds in the denomination of S5,000 registrable as to principal only of "to both principal and interest. The Bonds will be dated and bear interest from August 1, 1981, payable On February 1, 1981 and semi-annually thereafter on August 1 and February I in each year, at the tate or tates specified in such proposal as may be accepted, and will mature as follows: MATURITY SCHEDULE Fire F10tins, 6to Fin Al Rexoe n/ Storm Sewer tow lkVT Maturity Data f` Facilities Houdet Improvement Principsi 1 Bondi Bonds Bonds Amount 1983 S951000 S 70,000 S 90,000 S255,000 1984 95,000 70,000 95,000 260,000 1985 95.000 70,000 100,000 265,000 _ 1986 95,000 70,000 105,000 270,000 1987 95,000 70,000 110.000 275,000 1989 90,000 8S,000 120,000 295,000 1989 90,000 85,000 125,000 300,000 1990 90,000 85,000 135,000 310,000 1991 90,000 85,000 140,000 315,000 1992 90,000 90,000 150,000 330,000 1993 95,000 123,000 160,000 t30,C00 1994 95,000 123,000 170,000 390,000 199S 95,000 125,000 180,000 400,000 1996 90,000 12300 190,000 405,000 1997 90,000 125,000 200,000 415,000 1998 90,000 160,000 210,000 460.000 19" 90,000 160,000 225,000 475,000 2000 90,000 160,000 240,000 490,000 2001 90,000 160.000 255,000 505,000 2002 160,000 160,000 2003 210.000 210,000 2004 210,000 210,000 2005 210,000 210,000 2006 210,000 210,000 2007 210.000 210,000 2008 265,000 265,000 2009 265,000 265,000 2010 300.000 300,000 2011 315,000 315,000 3 R.F.P.I. P:8364 1 CITY OF MIAMI -OFFICIAL STATEMENT 3rd PROOF OF 7/2/81/XIS %, JI,Y C (tl//r , i 11 :11 / 1.11 ��..�,�.��wr••.aw.w{� ��'�•�w.w+r. w•.-.�, �.•��y. 7IL +.V..t^�--Y.^i.•...• ._.�� •r+ ,•n • EMI r,,, ,, „0 , I -WV,W,[ -- - . . Pttticipal of, premium, if any, acid intetest on the Bands will be payable, at the option of the haldet, it Chemical Bank, New York, New Yotk, of at Pan Ailietitah 8ahk, National Association, Mimi, 1~lotida= 00tlonal Redemption 8 The Bonds maturing on or after August 1, 1991 are subject to redemption at the option of the Commission of the City on and after August 1, 1997, in whole on any date; or in part in the inverse ordet of their maturities (by lot within any maturity) on any interest payment date, at the following redemption prices, plus accrued interest to the date of redemption: Redemption Price Redemption Period (percentage of (dates inclusive) principal amount) August 10 1997 to July 31, 1999 = _ _ = z 104 August 1, 1999 to July 310 2001 . _ _ 103 August 1, 2001 to July 31, 2003 = _ _ . 102 August 1, 2003 to July 31, 2005 = z _ = 101 August 1, 2005 and thereafter _ _ _ = 100 Purpose and Authorization 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 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, 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 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, were approved by the electors on March 9, 1976 and were validated by judgment on 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 for the purpose of paying the cost of the construction of permanent drainage facilities within the City, 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. Security for and Source of Repayment for the Bonds 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 issuance of the Bonds is not subject to any rate limitation and 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. 4 I s�... J q r' � -.. - • •� /V •t•b,� -' - - � .. yr a•. f oo-o� Q bta owa bet �or all J �"A jaortisy arnCL 11 nca ed o t, ' l,e `` !�h' �h ` Q, � �>a `i dot S v L� � � u, ��Ie ' ` uh � beaYSto�e �'o-+a1 dvh.vr,� o�a►� �ond� . Interest Rate and Bidding Details Ja Each prr;posal must be in the form of the Official Bid Form end in a se,11M envelope tnarked "Bid for S9,150,000 City of Miami, Florida General Obligation Bonds". idders are requested to name the inter t rate or rates in multiples of 1/8 or 1/20 of 1079. Each bidder must specify in his bid the interest rate for the oncli of each maturity, and all onds maturing on the same date must bear interest at the same ra e. Any number of intcrc,t rates may Te name #4@- _ The interest on y and payahlc on any interest payment date shall be represented by a single coupon. No bid for less than all of the ond% offered or for less than par and accrued interest will be entertained. Premiums maybe specified. Award of Don& As bctwecn acceptable proposals complying with this Notice of Sale, the Bonds will be sold to the highest responsible bidder whose proposal offers to purchase all the Bonds at such rate or rates of interest as will produce the lowest effective interest rate to the City. The lowest effective interest rate will be determined in accordance with the "Canadian" or "true" interest cost method of calculation by doubling the semi-annual interest rate (compounded semi-annually) necessary to discount the debt service payments from the payment dates to the date of the Bonds and to the price bid, not including interest accrued to the The right is reserved to reject all bids or any bid not conforming to this Notice of Sale or not in the form of the Official Bid Form. The right is also reserved to waive, if permitted by law, any irregularity or informality in any proposal. Good Faith Each bid must be accompanied by a certified, bank cashier's or treasurer's check drawn upon an incorporated bank or trust company, in the amount of $183,000, which check, on which no interest will be allowed, must be payable unconditionally to the order of The City of Miami, Florida. Award or rejection of bids will be made on the date above stated for receipt of bids, and the checks of unsuccessful bidders will be returned immediately. The check of the successful bidder will be cashed and the proceeds will be held as security for the performance of the bid, and, in the event such successful bidder shall fail to comply with the terms of his bid, the proceeds wilt be retained. The retention of such check will constitute full liquidated damages. If it shall be found impossible to issue and deliver the Bonds, the City will deliver to the successful bidder a certified, bank cashier's or treasurer's check drawn upon a bank or trust company in the City of Miami, Florida, payable unconditionally to the order of such bidder, in the amount of the check deposited by such bidder with his bid. Upon delivery of the Bonds, the proceeds of such check of the successful bidder will be applied to payment for the Bonds. CUSIP Numbers It is anticipated that CUSIP identification numbers will be printed on the Bonds, but neither the failure to print such numbers on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchasers thereof to accept delivery of or pay for the Bonds in accordance with the terms of their bid. All expenses in relation to the printing of CUSIP numbers on said Bonds and the CUSIP Service Bureau charge for the assignment of said numbers shall be paid for by the City of Miami. Delivery of Bonds Delivery of the Bonds in definitive form will be made on or about August 12, 1981 in New York, New York, against payment therefor in immediately available Federal Reserve Funds to the order of The City of Miami, Florida. The unqualified approving legal opinion of Brown, Wood, Ivey, Mitchell & Petty of New York, New York will be furnished without cost to the purchasers of the Bonds. There will also be furnished the usual closing documents. I R.F.P.I. P:8364 ITY OF MIAMI — OFFICIAL STATEMENT 3rd PROOF OF 7/2/81/XIS �.-•�..�,.,....���_ ...,..�. -•..-.-.._.......-•uv..:r.�.�-.�:rr^:.,,' �_..r...•/lYS9.(�l.�jr�i►h����.'R���GSS~ C611eurrently with the delivery of the Bonds, the City Manager and the Acting biteetat Of riff ttl0 WM furnish their certificate to the effect that, to the best of their knowledge, the Official State his:::, U 6f it3 date and as of the date of delivery of the Bonds, did not and does not contain an untrue statement of a tiiaterial fact or omit to state a material fact which should be included therein for the purpose for which the Official Statement is to be used, or which is necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. The successful bidder shall have the right, at its option, to cancel its obligation to purchase the Bonds if the City shall fail to tender the Bonds for delivery within 60 days from the date herein fined for the receipt of bids, and, in such event, the successful bidder shall be entitled to the return of its deposit mentioned above, %;ith interest. Disclosure Obligations or the Purchaser Section 218.38(b)(1), Florida Statutes, requires that the City file, within 120 days after delivery of the Bonds, an information statcmcnt with the Division of Bond Finance of the State of Florida (the "Division") containing the following information: (a) the name and address of each underwriter associated with the Bonds; (b) the narnc and address of any attorney or financial consultant who advised the City with respect to the Bonds; (c) any management fee charged by the underwriter; (d) the gross compensation which the underwriter expects to realize; (c) any fec, bonus or gratuity paid, in connection with the Bonds, by the underwriter or financial consultant to any person not regularly employed by the underwriter or consultant; and (f) any other fee paid by the City with respcct to the Bonds, including any fee paid to attorneys or financial consultants. The successful purchasscr will be required to deliver to the City at or prior to the time of delivery of the Bonds, a statcmcnt signed by an authorized officer containing the information mentioned in (a), (c), (d) and (c) and above. Receipt of such statement is a condition precedent to the delivery of the Bonds to such successful purchaser. Section 218.38(b)(2), Florida Statutes, requires the successful purchaser to file with the Division within 90 days after the sale of the Bonds a sworn statement containing the same information mentioned in (c), (d) and (c) above. Additional Information The Official Bid Form and Notice of Sale and copies of the Preliminary Official Statement relating to the Bonds may be obtained upon request to the undersigned at Miami City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida 33133, telephone number (305) 579-6350, or to the Financial Advisor, James J. Lowrey & Co., Incorporated, 100 Wall Street, New York, New York 10005, telephone number (212) 363.2000. Carlos E. Garcia, CPA Acting Director of Finance The City of Miami, Florida 6 R.F.P.I. P:8364 CITY OF MIAMI —OFFICIAL STATEMENT.. _ _ ..._ _ 3rd PROOF OF 7/2/8I/X 15 PRELIM 4k AR A 0M(_TN T. S-T A-1-E '!�E' NA D AW ED J Vlr�l 0 / to the opinion of Bond Counsel, interr,r nn the Rondi is exemp, prom o/Jp►I�ese i' Federal i>++e6o fe taxes IIIGtimo- f rerun 0Te_eXeM'(*W lien mow'et rida Jaw, excep( s Totxr! s :rnnncrd by Chapter 220, Florida` att me or proflcon ri,,hr oblign� ns own core }y- wi�dC�nl!{ar_, Qr'!r t,ytl;J1,,►�S�t its t' a uidl't e�5 � w��ir ' NEW ISSUE lit a aec t5s t5ty. The City of Miami, Florida all Geneml Obligation Bonds $1,750,000 Fire Fighting, Fire Prevention and Rescue Facilittw 2onds x 4,400,000 Housing Bonds 5 _ 2 3,000,000 Storm Sewer Improvement Bonds s 3 Dated: August XthBonds Doe: August 1, as shown below Interest on is payable semi-annually on February 1 and August 1 in each year, commencingFebruary 1, 19gonds arc issuable as coupon bonds in the denomination of 35,000 registrable as to principal only or as to both prir.:Jpal and interest. Principal of, premium, if any, and interest on the z= a 5 Bonds arc payable, at the option of the holder, at Chemic Bank, New York, New York, or at the Pan $`� = American bank., National Association, 'fitT,. Florida. �9�The Bonds manuring on or after :lu1, I" aresubject to redemption at the option of the Commission of the City on andafter Augu199 , in whole on any date, or in part in the inverse order ' of their maturities (by lot within any maturity) on any interest payment date, at an initial redemption r C price of 1 0'o us accrued interest. 3� o s The Bond e general obligations of the City for which its full faith and credit are pledged, and are '— payable from unlimited ad valorem taxes levied on all taxable property in the City (excluding homestead 0.9 a exemptions, as required by law). MATURITIES, AMOUNTS, RATES AND YIELDS OR PRICES is : ("Accrued interest to be adde s g R a Dae Principal Yield or Prfoeipal Yield or nu Principal Yield or n .e, 1 Amount Rue Prke t Amloop—ount Rate Pr ce Amount Rate Price 1983 S2551000 1993 380,000 2002 S 160,000 e 1984 260.000 1994 390,000 2003 210,000 12 g 1985 265,000 1995 400,000 2004 210,000 s 1986 270,000 1996 405,000 2005 210,000 s 1987 275,000 1997 415,000 2006 2+0,000 _ g 1988 295,000 1"8 460,000 2007 210,000 s 1989 300,000 1999 475,000 2008 265,000 a 1990 310,000 2000 490,000 2009 265,000 1991 315,000 2001 505,000 2010 300,000 e 1992 330,000 2011 315,000 c `o 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 a. 8 a Counsel and to certain other conditions. It is expected that the Bonds in definitive form will be available = M = for delivery in New York, New York, on or about August 12, 1981. Sealed proposals will be received by the Commission of The City, at its regular place of meeting in the City Hall, 3500 113n American Drive, Dinner hey, Miami, Florida, until 11:00 A.M., :Miami time, on July 23, 1981. Please : rfe+ to the Off' ' 1 Bid For which outline the terms and conditions for the submission of offers to purchase the Bonds. ((a� oif1�` e�lo�tCR O� July 10, 1981 I I 7-•: R F P.t P•.t'tL.! riTvn nati,{ _ncc�r�� cr�Tc\�c,.t'r t,APRfI(iFnF A1�X15 Nor- - •�•�r+...+,�'T'2 a i'L- i F y �C't` �. .i r. ». • v. e.-. M731BERS OF BOARD OF CITY COMMISSIONERS MAURICE A. FERRE. Mayor ARMANDO E. LACASA JOE CAROLLO J. L. PLUIvtMEE+ THEODORE R. GIBSON CITY OFFICIAM Hi V. OAKY City Manager ................ • i i i i 1 i i i. i tCNOX, JRi City Attorney ............. Vi •i Acting Finance Director . i .. i .. i i i i i i i. i Ci B GARCIA City Clerk ... .. . ............. i . ...... . R. G. ONGiT: Bond Counsel BROWN, WOOD, IVEY, MITCHELL & PETTY New York, New York Financial Advisor JAMES J. LON REY & NeOw YorkORPORATED Independent Certified yPublic jITCHELL &tants CO. PEAT. MAR Miarni, Florida i 50 This Official Statement does not constitute an offer to sell Bonds in any Ms t.Ll--io t,_ t!%- E) whotft it is unlawful to make such offer in such jurisdiction. No dealer, salesman, or gay other petsoD hu been authorized to give any information or make any representation, other than those contained hetft;h connection with the offering of these Bonds, and if given or made, such information of represe, tat on 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 shad, 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 ............................ Optional Redemption ................ Notice of Redemption ................ Security, Authorization and Validation ..... Application of Proceeds of Bonds .......... Description of The City ................... Government of Miami ................ Mayor and City Commissioners ........ Administration of City Affairs ......... TheCity ........................... Principal Government Services Performed by the City of Miami ............... Principal Facilities of the City ......... Capital Improvement Plan ............ Employee Relations .................. TheClimate ........................ Government of Dade County .......... Demographics of Dade County ........ Local Mass Transit .................. Education . ... .... ... ............... Medical Facilities .................... Recreation ......................... Miscellaneous ................... . .. . Economic Information on %Aiami and Dade County ...................... General............................ Corporate Expansion ................ Industrial Development .............. Agriculture ......................... Film Industry ....................... Financial Institutions ................ Tourism ........................... Miami International Airport .......... Port of Miami .................... , . . Building Permits ............. . . ... . 1 1 1 2 3 3 3 7 7 7 7 S 8 9 9 9 10 10 11 11 11 12 12 12 13 13 13 14 14 14 14 15 15 16 17 Recent Developments ...................17 Employment and Personal Income ..... 17 Tax Related Matters ..................... 19 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 ................. Record of Tax Levies and Tax Collections . Ten Largest Taxpayers in the City of Miami .................... . Financial Information on the City of Miami . . Payment of Bonds and Bond Election Requirement ......... Legal Debt Limitation ................ Bonded Indebtedness and Various Debt Ratios ............... General Obligation Bonds Authorized But Not Issued .................... Other Proposed Bond Issues ........... General Description of Financial Practices Summary of Revenues and Expenditures Revenue Structure ................... City Pension Funds .................. Litigation.............................. RiskManagement ....................... Tax Exemption . . . . . . . . . ... . .. ... ....... 0 Financial Statements ..................... Closing Certificates ...................... Approval of Legal Proceedings ........ Miscellaneous ........................... 20 20 23 23 23 23 29 29 29 30 30 32 34 34 34 34 34 35 33 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 ..AppendixC M a / r 01l''iriCIAL STATEMENT $991509000 TM CITY OF M1.A►NII, FLORIDA Geneml 0Ifligation Bonds (:omkiing of 31,750,000 Fire Fighting, Fire Prrvrntion and Rescue Ftacilides Bonds 4.400,000 Housing Bonds 3,i)0G,000 Storm Sewer Improvement Bonds INTRODUCTION The purpose of this Official Statement of The City of Nliami, 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 S9,150,000 (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. , DESCRON OF THE BONDS Genera! IPTI The Bonds are being issued in the aggregate principal amount of S9►150,000, are dated August 1, 1981, bear interest at the rates per annum set forth on the cover page of this Official Statement, payab semi-annually on February 1 and August 1 of each year, commencing February 1, 198j, and Inaiure 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 S5,000 each, registrable as to principal only or as to both principal and interest and, if registered as to both principal and interest, are reconvertibie 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 1F%A,,L%AI FFI At TATFWFNT 3rdPROOF OF7/2/al/XIS w i P11L ,1 P Rd I-tTV/ .-. l'9}±�J1 �1;"LJ1�1►��i }"il �ryS.:' �.r I, a 7 ... � � r 1993 1994 198s 1986 1087 1088 1090 1900 1991 1902 1993 19944 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 ZOOS 2006 2007 2008 2009 2010 2011 1�testtor 1: tw Bomb S95,000 95,000 95,000 95,000 95,000 90,000 90,000 90.000 90,000 90,000 95,000 95,000 95,000 90,000 90,000 90,000 90,000 90,000 90,000 MAMr8`'1r IICHWttLE S 70,000 70,000 70,000 70,000 70,000 85,000 85,000 8S,000 85,000 00,000 125,000 125,000 123,000 12S,O00 125,000 160,000 160,000 160,000 160,000 160,000 210,000 210,000 210,000 210,000 210,000 265,000 265,000 300,000 315,000 1�te�s beta+ S 90,000 95,000 100,000 105,000 110,000 120,000 125,000 135,000 140,000 1501000 160,000 170,000 180,000 190,000 200,000 210,000 225,000 240,000 255,000 PLOW IUaAiit S255,000 260,000 265,000 270,000 275,000 295,000 300,000 310,000 315,000 330,000 380,000 390,000 400,000 405,000 415,000 460,000 475,000 490,000 505,000 160,000 210,000 210,000 210,000 210,000 210,000 265,000 26S,000 300,000 315,000 Optional Redemption 8 The Bonds maturing on or after August 1, 1992 are subject to redemption at the option of the Commission 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) August 1, 1997 to July 31, 1999 . . . . . August 1, 1999 to July 31, 2001 . . August 1, 2001 to July 31, 2003 August 1, 2003 to July 31, 2005 . August 1, 2005 and thereafter , . . . Redemption Price (percentage of principal amount) 104 103 102 101 y 100 2 Natite of Redemption t1i5U Ati011 111 .0 resolutions requite the �itY to �Ve-iy0tice of tedetnption of 0, journal of ftiti0ftil the Botfds �y DIda The � the pity end is a tip newspaperleast 30 days but itot �� �� � eW newspaper of general circulation publications to be at published in the City of New York, New YOtk, said days prior to the redemption STION AND VALIDATION ECURITY+► , AUTHORIZA general obligations of the City for which its full faith and credit is pledged, and are The Bonds will be property in the City (excluding homestead crsons who arc aged, disabled or otherwise qualified therefor). payable from unlimited ad valorem taxes on all taxable P P Florida. the Charter of the for certain p The Bonds shall be issucd under and p ursuant to the laws of the StatceooBonds have been authorized rtain es city v Charter, including particularly Section 58 therco [,Dana by the electors and and ordinances an�1 resolutions of the Commission of the City The been -approved under the provisions of the Cat, The Bonds ha and resolutions adopted b�' the Commission of the City. validated as follows by Ordinance No. to electors on September 28, 1976 and were validated by e Fire Fighting, 1'irc Prevention and Re`+ue Facilities Bonds were authorized taken. The proved by appeal was t 8571, adopted July 19, 1976, were a on February 22, 1977. No judgment of the Circuit Court of Dade County 4. 1976, were The Housing Bonds were authorized by Ordinance No. 85adopted Court of Dade approved by the electors on March 4• 1976 asdwere taken validated byjudgment County on February 17, 1977. No appeal improvement Bonds were authorized by Ord inance No. 873uaadent of the C t►t The Storm Sewer impro were validated by ] gm 197S, were approved by the electors on March18.N 7, 1 eal waasstaken. Court of Dade County on October 20, 1978. No appeal APPLICATION OF PROCEEDS OF BONDS nds $1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities Fire ghting, Fire Preventicn -andRescue Ordinance No. 8571 authorized the issuance of f Fire F stations, r ention administration Rebuilding and a of paying the cost of Fire Fighting, Fire Prevention and Rescue F d Facilities Bonds for the purpose roving of fire necessary land an including the constructiont reconstruction and imp such bonds has been issued and the final installment of communication system related to the Fire Department and the acquisition o anY comet principal amount o equipment. SS.250,000 S1,750,000 of such bonds is being offered hereunder. 3 J The City of Mlarni's firs' nghtin¢ equipment. S4,400,000 Ifousing Bon& Ordinance No. 8514 authorized the issuance of S25,000,000 Housing Bonds for the purpose of providing housing in the City for families and persons, including the elderly, of low or moderate income, 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. S 1,500,000 principal amount of such bonds has becn issued and an additional installment of 54,400,000 of such bonds is being offered J ZZ Housing for the Elderly t 40 r .. 7-1 - 1 ROL A K •ik L ,.: � A �, • „fir. _ �' ,,,, � _ n _— - (-psg36i- ITYOF`iIAMI— OFFICIAL STATEMENT 3rdPROOF OFI/LaUYtS • � s b1! udet. These bonds ate to be issued tot such hming in coiiitottbity with an a AzttK = ,Ai#AA tfJJV 194 1"So At amended, between the City and Dade County tmdet which ptoceeds of such Housttig fsueds t,t the MY will be either deposited in trust in a reserve fund to ptovide additional secutity fist Self-ftflddft housing revenue bonds to be issued by Dade County, or used, together with the proceeds of such Dide housing revenue bonds or other money, to acquire, construct and rehabilitate housing. 53,000,000 Storm SIP-wer improvement Bonds Otuinance No, 8736 authorized the issuance of $15,O00,000 of Storm Sewer Improvement Bonds for the purpose of paying th^ co,,t of the construction of permanent drainage facilities within the City. A portion of the proccrdsI will be nscd to constn.tc-t drainage facilities in conjunction with street improvement projects in certain portion; of the City. S',000.000 principal amount of such bonds has been issued and an additional iw;tal1rVcnt of SV"1,060 of Such pond, is being offered hereunder. . �. ...: ��1 y:.`� . .:. ., � sue-' . � . -�"=�.,�•:.:-�� The construction of storm sever Improvements. _•mil �f-;..f �. �!',:�� t '' -"TMr• ....sue .... .... An aerial view of Miami Cio 1iail. j � CT�T`F�fFVT 1.APiilt!►F/li'7ilil�i�ltf Ll DON Of TM i 66""Mget 61 Mlaml The City of Miami has operated under the Commission -City Managet forty of govetftment siitee 1921. The City Commission consists of five elected citizens, who are qualified voters in the City, one of *ham letves 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 Nlayor must run as such and not for the _-mission in general. At each election two members of the Commission are elected for four year terms. Thus, the City Commissioners' terms arc staggered so that there are always at Icast two experienced members on the Commission. The City Commission -appoints the City Clerk, the City Attorney, the City Manager, the members of the Off-Strcct Parking hoard and the mcinhcrs 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 budgct, 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 wclfarc 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 Caroilo 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 Bowl 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, Vtiami. Administration of City Affairs Howard V. Gary, City Manager, was appointed to the City's top administrative position by the City Commission on April 16, 1951. Prior to his appointment, Mr. Gary served as Director of the Department of Management and Budget, and as .assistant City Manager, respectively, for a total of four and one-half years. He ser�'eci as Budget Director of Newark, New Jersey, from 1973 to 1976, and as Chief Administrative Assistant from 1971 to 1973. Mr. Gary is a graduate of Moorehouse College and the University of 6 w �.w• w��i1 ,-,.,nr �,`..,•..1 n,-,.•/`I.r r+.. ��. --'•^�`. ... _.. .wwnwn w,.-.• �• v-- MMeblgan, aid holds both a bachelot;s Duel in business Administration, and a M00t=r•c ueitree ill 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 PillUde Director. He has been previously employed in private industry in positions of Treasurer, Controllet and Auditor. Mr. Garcia is a 1970 graduate of the University of Miami with a B.B.A. degree and is licensed a3 a C.P.A. in the State of Florida. He is a member of both the American and Florida Institute of CAAA 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 Nliami, 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. Ntr. 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 21.5074 of the total population of Dade County. . • _ 4 ., • Jai♦ '4 . M - a , ••a Ina IL ... E. 700 t-_ Ara. ��ri.d-]•.+•�"�'.'�•'Tt�..r,�� _„�+ ...'�.�.( J ♦ aim.++.•.. �`_„ .,..y /► '.� ZW An aerial view of downtown ."Mami, including the lilamarina yacht basin. Principal Government Services Performed by The City of Miami The City's Fire Department, in addition to its traditional fire services, provides emergency medical and rescue services. The Department also provides training, enforcement of fire and building codes, and emergency communication services. .a o n rsnr r� r � • � . �. � v . e 1114 N1140 Noattmeet It the largest department of the City. in addition to taw entotcernent, it ptfvidift polio personnel training, developing of new information, computer systems, criminal iavestigatiotu ad 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 oad toning inspection. Principal Facilltl" of the City The City maintains 87 parks having an area of 836 acres, and two golf courses, It operates ad maintains the Orange Bowl Stadium; the Miami Baseball Stadium; Marine Stadium; four laity -owned marina facilities providing 685 berthing facilities; the newly renovated Coconut Grove Exhibition Centeco and the Bayfront. Perk Auditorium. Capital Improvement Flnn The 1980-1986 Capital Improvement Program of the City includes 204 projects totaling $408,974,000 in value. Therc has been an incrcasc in programmed spending in the number of storm, sanitary sewer and street projects scheduled in the latter years of this program. Includc,d in tttc capital improvement program is the Convention Center. This is being funded by the proceeds of gencral obligation bonds issued in %lay, 1969 in the amount of $4,500,000, a Federal grant made by the Economic Development \dministration and 560,000,000 in revenue bonds that were sold in July, 1980, for completing the construction of the Convention Center and for the cons:ructien of a parking garage with a connecting walkway and appurtenances. Such revenue bonds will be secured by a first lien 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.) 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 and dining facilities. The City is 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 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 Federation of State, County & Municipal Employees, Local No. 1907. The Sanitation Employees Association and the City have entered into a 3-year agreement terminating October 1, 1982. All of these agreements provided for increases not to exceed 60'o 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 contract), and all the employee organizations enumerated above �pecitically waived the right to request negotiations until the termination of these contracts. The City Manager's Office has a professional labor relations staff dedicated solely to labor negotiations and contract administration during the term of these agreements. 8 cT.aTF%IFNT 3rdPROOF OF7/:,'BI/XIS • � s The Omw The temperature of Miami is essentially lubttopled Wall tMUM by ldi'ili *am stli'> men, with abundant rainfall, followed by mild, dry winter. I%e &MV tempeAttlte 1D the lttllklmet 1A 81.46 Ud 69.1° in the winter, with a yearly average of 13.31. Government of toad' County The following information and data concerning Dade County (the "County") are significant in indicating factor; which substantially affect the City of Miami by reason of its status as the largest municipality in the County and the County's urbane eneracter. The Florida LcOsImure in 1955 approved and submitted to a general election, a constitutional amendment designed to Rive a ncNv form of government to the County of Dade. The amendment was approved in a state-wide general election in Novcmbcr of 1956, A Dade County Charter Board was constituted and in April, 1957 it cnrnpictcd a draft of a charter for the County. The proposed charter, which established a form of Metropolitan County Eovcrnment, was adopted in a county election in May of 1937, and bccaine effcctive on July 60, 1957. T etc electors of Dade County are granted power to revise and amend the charter from time to time by county-,,idc vote. Since its adoption the charter has been amended in 19,61, 1962, 1963. 1960, 1967, 19�()9 and 1971 . it now enjoys home rule subject only to the limitations of the Florida G,nstitution anti C;cncral State 1_awa. The County is, in effect, a municipality with governmental powers effcctive upon the twenty-seven cities in the County and the unincorporated area. It has not displaced or replaced the cirics 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 system which will computerize traffic management; merging all public transportation systems into a County system; effecting a combined public library system of the County and eighteen municipalities, which together operate the main library, seventeen branches and six mobile units serving 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 tad zoning, consumer protection, health, housing and welfare. �.-n_, 12.41t e r,nnGs,��Ul—()FFlr1A1_STATEMENT 3rePRnncnF7i,ill/Via • s Deflo"OhIft at Dade couety Ite UA Census NUNS liar 1070 sham that the *ariung group tram 20 yeAn through age 64 MAki s up 34.1% of Bade County's population, compared to 32.3eii tar the efitire United States, The percent at paptitatioa 6S and over aceeds the national average by 3.9%. AGIE GROUP AS A PERCENT OF TOTAL POPULATION 1970 �lEi C+�rrp Vatted states Peeceeule t1l4 9tiii8tf 17,154,337 8.4 86,172 6.8 3.9 19,936,247 9.8 107,062 8.4 M4 20,189,468 10.2 113►205 8.9 13.19 19,070,348 9.4 1031050 8.1 2&24 16,371,021 8.1 $9,329 710 23.29 13,476,993 6.6 73,78S 6.0 30-34 11,430,436 5.6 71,039 3.6 33.39 11,106,851 $15 73,200 3.8 40-44 11,980,954 5,9 83,372 6.6 45.49 12,115,939 6.0 82,701 6.5 30-54 11,104,018 5.3 730701 6.0 55-59 9,973,028 4.0 69,633 3,3 60-64 8,616,784 4.2 64,804 5.1 65-69 6,991,625 3.4 62,213 4.9 70-74 5,443,831 2.7 301155 4.0 75 and over 7,6_ 30,046 3.8 60,349 Total 203,211,926 100.0 1,267,792 _4.8 100.0 Local Mass Transit Metropolitan Dade County Rapid 71ansit System: One of the most important developments affecting Dade County in general, and downtown Miami in particular, is the recent start of construction of a rail rapid transit system. Construction has begun on the development of a 21-mile, elevated rail system to 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 Busincs� C;st::c: "'!'B^") and 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 development of a separate rail transit system in ;Miami's Central Business District. This project, the Downtown People - Mover System, is planned to consist of a two-way, elevated rail line extending around the "CBD" core 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 County's Transportation Authority and is projected to cost approximately $186 million. Dade County and the City of :Miami have committed $24 million to the project. Presently the Federal Government has committed $17 million to the Loop portion of this project which will cost $96 million, with the condition that the County and the City must develop a realistic financial plan to fund the remainder of the project. Education Dade County provides educational facilities on primary, secondary and college levels. 10 1 Ai ;TaTF`1FNT 3rdPROOF OF7/2/II1/X14 19dftft nd utmMa tamed vAthla tht ou im ueir►e"ity Of Nniml Minal•dade Community College Mdrida International University Barry College Biscayne College Florida Memorial College Miami Christian College ` Mile ilahwl a oaHmeftt, including both primary and secondary levels, since 1971 h g.4 i`AaWS: t School Enrollment Public School System 1971 245,275 1972 242,190 1973 244,565 1974 246,S48 1975 243,444 1976 239,806 19" 235,123 1978 228,592 1979 227,000 1980 232,336 l4tedlcal Facludes _ 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. Mtisceilaneous Data which reflects the growth of the economy of Dade County since 1950 is presented itt the following table. Growth Factors Relative to Dade County, Florida WATER ELECTRICITY TELEPHONES Number Consumption KWH Number Motor Post Sales Tax of Millions of Sold Commercial Residential in Vehicle Office Collections Year Water Mean Gals. 1000'5l Customers Customers service Registration Receipts (0001s) 1950 59,613 18.081-80,295 19,233 144,902 -'00,687 '..22,839 S 5.677,073 S 12,761 1960 86.918 32,440 3,344,041 28,993 288,987 516,715 492,999 17,396,609 41,666 1970 100,035 55.819 9.134,181 39.452 419.957 918.131 823,442 39,404,502--140.227 1976 126,500 `0,770 12.388,600 55,200 511.900 1,251,390 1,200,212 78,807,661 2:4,801 1977 130,500 11,774 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 '6,363 14.280,000 62,400 572,200 1,472.631 1,058.734 111,173,015 366.676 1980 174.300 83,449 14.797,600 65.100 587,2100 I,566,956 1.173,813 119,819.347 391.381 Source. Economic Society of South Florida II 1 R.F.P.t. P:8364 CITY OF MIAMI - OFFICIAL STATEMENT ]rd PROOF OF7/:/8t/XIS it 1 • I � IRS OF TlJrl .n ,n owe Flagler Street, dynamic lifeline of downtown Miami. r ECONOMIC INFOPUMATION ON MIAMI AND DADE COUNTY General The County in recent years has begun to base its economy upon a more varied economic base. Industry and manufacturing are becoming stronger forces in Dade County. While the County's share of Florida's tourist trade remains one of the major economic forces, its attractiveness as a residential area to skilled labor and its selection as the site for major and smaller light industrial activities have combined with tourism to produce a more diversified economic base. 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. J ' 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 attracting to the County many national and international firms doing business in Latin America. In Coral Gables, over 100 corporations have set up hemispheric operations. Among them are such corporations as Dow Chemical, Gulf Oil Corporation, Owens-Corning Fiberglass Corporation, American Hospital Supply, Coca-Cola Interamerican Corporation and Ocean Chemicals, Inc., a subsidiary of Rohm & Hass Company. 12 1 th addition to the growth in tnanuf'acturing, si$nif east stfides have 13re1't roads i,i r -A. .Liii: ii of flOn-manufacturing firms in Dade County. Other national rims which aublished intetfiatioui ooetatti3i1.1+ or office locations in Dade County are: Alcoa International, Ltd.; Atlas ChemiOal tadustries; fllemu International; Dymo, Inc.; International Harvester; Johns Manville lntet'ttatio"; Mianesota (W) Export, Inc.; Pfizer Latin America; Royal Export and United Fruit. Industrial Development Since becoming operational in January 1978, the Industriai Development Authority of Dade County has approved 38 issues of Industrial Development Revenue Bonds, which resulted in an additional local capital investment of approximately $i 16,499,000 and the addition of 3,189 new jobs to the local market, In addition, ever the last three years the Industrial Development Authority has assisted with the location of 17 new companies in Dade County, providing an additional local capital investment of approximately 5,11,400,000 and adding an estimated 1,925 new jobs to the local market. These 17 new companies were attracted to Dadc County although they did not seek or did not qualify for tax-exempt financing of their capital investment through the issuance of industrial development bonds. Included among these firm; arc 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 Roils 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 warts 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 Febmarv. 1990 edition of Florida Trend Magazine, the total economic benefit to the local area was more than eau ...:::'U[`. t,�r rscal year 1979 and is projected to exceed more than S50 million for fiscal 1980. in addition, more than 2,000 people are employed directly in the f►lm industry and in related jobs. Financial Institutions There are 63 banks located in Dade County which together have a total of over S9,800,000,000 in deposits. Demand Deposits Number Number or Total or Year Banks Demand Deposits Year Bantu 1960 36 S1,150,924,000 1974 91 196S 63 1,744,453,000 197S 93 1970 68 3,257,368,000 1976 95 1971 71 3,614,491,000 1977 98 1972 77 4,432,841,000 1979 71 1973 83 5,193,728,000 1980 63• Total Demand Deposits 5,493,%5.000 5,296,569,000 5,526,615,000 6,489.006,000 8,412.714,813 9,845,643,473 Source: Miami Herald 13 s ! taW ihttmbet of banks has been declining beause bank holding o0thpanies ate now consoiidtlitjllg . , btueh 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. Miaml International ;%irport Metropolitan Dick County is the owner of five separate airports within its boundaries. The responsibilities for their operation arc 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 Sth 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 1307o 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 Pamugen Cargo (000's IM.) 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 F*- .- 1a- ; ' i - ,T .. "�.: ' • is - - - ~r � : l= �' ;-•a:► . v y r�"-i."°"". � 'w_.+. _\., i_ s..-t..w... +�w.�i ir"�:•tiiA .:..w' - r The Port of 4llaml 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 4207o. 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 6207o. 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: Paaseagen 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 2,2511958 1980 .................. 1,459,114 2,485,791 Source: Dade County Seaport Department. - _ n w w • n �,r 15 I.,1.,I 1, f^\1,•\\\ I\rrt!`f .\ f•„•'►r\.r\.T Btr dial Pews The dailat value o! building "U issued 1n bade County and the City Mee 1971, ill's u taff( i rae> or i lw califf 1Y (ti06'il �_tt0�!) i971l 156,239 7601us 1972 241,967 14061235 1973 190,026 1,119,141 1974 113,619 786,760 197S 60,750 404,383 '` s 1976 80,744 $06,709 1977 97,151 460,689 1979 105,064 631#482 1979 201,667 963,144 1980 350,054 1,020,840 Source: City and County Building Departments. Recent Developments Over the past year approximately 100,000 refugees from Cuba and Haiti have relocated to Bade County. The City of Miami's Orange Bowl Stadium served as a staging area for newly arrived Cuban refugees. The City has been reimbursed by the Federal government for substantially all of these costs. The economic impact of the increase in population is unknown at the current time. 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 ~ Legislature on possible fundings for reconstructing the damaged areas. Employment and Personal Income The tables below indicate the scope of employment throughout Dade County. Ten Largest Private Employers Eastern Airlines....................................................... South-rn Bell Telephone & Telegraph Company .................... Pan American World Airways ................ 4.......................... MiamiUniversity of . . . . .. . .. . . . . .. . .. ... .... ... ..... ......: ..:......... . . . Burdines Department Stores ........... .....................:............ Florida Power & Light Company . . .. . .. ... .... 4 ... .... ...:........... ... . The 'Miami Herald ................................, . , .. ..... ........ . Miami -Dade Community College ..................... ............ , ..... . Southeast Banking Corporation ...........................,.. .............. Winn Dixie Stores, Inc ........................:...................... ... Number of Employes 13,854 11,204 6,900 6,500 6,135 4,000 4,000 3.900 3,575 3,000 16 t IMbUild 10016YM0111 is Nod-AINtultural Establishmr:�•& r+em" wit nb"' poem stoic'be l�tr,�tti A+ tt361tfaetuting (a) Durable Goods ............. . .. . (b) Nondurable Goods ............. Contract Construction ................ Transportation ...................... CouLL-i:utications & Public Utilities (1) ... Trade (a) Wholesale ..................... (b) Retail ......................... Finance, Insurance & Real Estate ....... Medical & Other Health Services ........ Other Services & Miscellaneous ......... Government ........................ TOTAL .................... 42,700 5.797o 39,100 6.2016 361300 6.1% $9,300 7.8 54,000 8.6 511300 $.$ 40,100 5.4 33,000 5.2 231900 4.1 45,600 7.2 43,000 7.3 70,000 9.4 16,500 2.6 161100 2.7 53,100 7.4 48,700 7.1 45,700 7A 128,500 17.2 112,000 17.8 104,000 17.7 49,600 0.6 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 83,804 14.3 747,000 100.0N 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 t977 197ti 1974 December 1980 USA ............. 7574 7.7% 7.007o 6.0010 5.8% 7.4070 Florida ........... 10.7 9.0 8.2 6.6 6.0 5.0 Dade County ...... 12.6 10.0 8.9 7.4 S.8 5.2 Source., AmeriFirst Research Division. Per Capita Personal Income Dade County and Other Areas 1974 1975 1976 1977 I"$ U.S.A. ............ $5,486 $5,903 $6,441 S7,028 S7,840 Southeast .......... 4,740 5,054 515" 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 ........ 1160% 109070 108% 110010 109470 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 li `.1FNT 3rdPROOF nF7/?/*1/yIt i having a situs within the taxing city, whets the alit it being iMpOsed t0 9eiieffle Mdrtits 'all 14 rid purposes. Taxes levied for the payment of bonds are not, however, limited by this test &W r-,Wkilitttff. Real Property and Tangible Personal Property TIM Both Dade County and the City tax real and tangible personal properties within the City. Taxes Not Levied try'vinnicipAilties Dade County and twenty-seven incorporated municipalities, including the City, do not teVy pel' OW income tax, gross rcccipts 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 d mills per $1.00 of valuation for the 1980-81 fiscal year. On July 25, 1980 the Supreme Court of Florida niled 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 millapc rate. The Trim Bill, effective July 1, 1980, prohibits the 1981 millage from being set by referendum. Based on the estimated tax roil, the certified City mWage for fiscal 1981 has been calculated to be 9.036, compared to 10.0 for fiscal 1980. The reduction in certified treillage results from the Trim Bill requiring all property to be assessed at 10007o 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 8e14 thereof, after complying with certain advertising requirements. To increase the millage more than SN 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 100% assessment resulted in an increase in the C:ity's non-exempt property tax rolls from S4.3 billion to approximately S6.5 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 S.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 to revenues. Procedure for Tax Levy and tax Collection Real and personal property valuations are determined each year as of January I by the Dade County Assessor of Property at just value. A notice is mailed to each property owner indicating the property valuation. The property owner has the right to file an appeal with the Dade County Clerk of the Board of Tax Adjustment if such property valuation as determined by the property appraiser is inconsistent with that as determined by the property owner. All appeals of such valuation determinations are heard by the Dade County Board of Equalization. The Board certifies the assessment roll upon completion of the hearing of all appeals so filed. All taxes are due and payable on No-, ember 1 of each year or as soon thereafter as the assessment roll is certified and deli, - Bred 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 vo%ernber, three percent if paid in the month of December, two percent if paid in the month of January and one percent if paid in the month of February. Taxes paid during the month of %larch are without discount. Taxpayers also hale the option of paying their taxes in equal quarterly payments based on the prior years tax with a six percent discount with 18 3rd PROOF OF'7/1/Et/XI5 the June 30th payment, four percent with the fteMbet 10th jittills ebto twd WMt Plus of e-ha d of i1l1 adjustments discounted at three percent with the D&tmlret flat pymeflt the po d6co: ; any adjustments with the March 31st payment. All unpaid t>yite8 6fk Tsai and pet3oal ptopetty become delinquent on April I of the calendar year following the yeas in which the taxes were levied. All tls,it collections for the City are delivered to the City of Miami by Dade County. The delinquent real property taxes bear interest at the rate of eighteen percent per year from April l until a talc sale certificate is sold at auction from which time the interest rate shall be as bid by the buyer of the certificate. Assessed Valuations The following table shows the assessed value of taxable property together with real property value assessed, personal property assessed value, and homestead exemptions in the current and each of the last ten completed fiscal years. City of Miami Assessed Value of All Taxable Property Fiscal Years Ended September 30, film Red Persow cross Homestead Net yet property Property Total Exemptions T6111111 1981 6,232,246,305(1) 869,597,421 7,101,843,726 559,128,066 6,542,70,660 1980 3,743,051,244 822,728,511 4,565,779,735 197.310,871 4,368,464,884 19" 3,420,391.422 806,793,605 4.227,175,027 196.708,033 4.010.466.994 1978 3,279,667,236 7",179,862 4,023,847,098 195,664.076 3,828,1831022 19" 3,256,815,414 691,454.979 3,938,270.393 198,559.652 3.719.711.741 1975 3.123.657,035 672,697.054 3.796.334,089 199.420,601 3,5%,933,488 1913 2,831,30919% 689,895.764 3.541,203,760 195.797.718 3.343,408,042 1974 2,168,158.819 533.495,571 2.701.634.390 198.196.763 2,503,467.621 1973 1,959.720,765 464,749,081 2.424,469,946 201.750,942 2,222,718.904 �— 1"2 1,866,182.202 416.368,867 2.282.551.069 202.900,993 2.079,650,094 1971 1.727,513,398 380.278,093 2,107,791.481 203,8M,857 1,903,%S.814 (1) The increase in assessed value of real property in fiscal year 1981 is largely due to a change in Florida law requiring that property be assessed at 100010 of actual value (see the subsection "Tax Reduction Initiatives"). Record of Tax Levies and Tax Collections The City has levied a certified millage of 11.848 mills for the fiscal year 1980-81 beginning October 1, 1980, consisting of 9.036 mills for general operations and 2.812 mills for debt qen -c � "". ^ t 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 Total Fiscal Adjusted Collection Per Cent Collectios Year tax of Current of of Total Ended Levy Year's Levy Delinquent Tax Sept.30 All Funds Taxes Collected Taxes Collections J 1980 60,983,826 58,789,796 96.404's 307,659 59,097,455 1979 58,389,375 57,325,287 98.18 430,947 57,756.234 1978 50,532,016 49.095,263 97.16 523,373 49.618,636 1977 43,854,070 42,969,232 97.98 650,775 43,6:O.W7 1976 38,508,055 37,280,660 96.81 633.860 37,914,520 1975 34,923,276 33,833,693 96.88 1,583,714 35,417,407 1974 33,637,575 32,736,227 97.32 881.853 33,618,080 1973 28,106,081 27,448,865 97.66 908,385 28,357,250 = 1972 28.809,445 28,043.734 97.34 277.691 28,321,425 1971 27,891.796 27,332,485 98.00 173.669 27,506,154 19 Outstanding Total Delinquent Collections Taxes As Percent Outstanding As Percent of Current Delinquent of Current City Levy Taxes Levy Miliage(1) 96.91 Q1a 1,439,430(2) 2.23% 13.960 98.92 1,559,360(3) 2.67 14.487 98.19 3,195,919 6.49 131W W.47 2,282,539 5.20 11.903 98.46 2,048,476 5.32 ID.930 101.42 1,454.941 4.17 10.880 99.94 1.949,072 5.79 13.436 100.89 1.929,577 6.87 12.673 98.31 21180,746 7.57 14.755 98.62 1.692,726 6.07 14.82S I R.F.P.I. 11:8364 CITY OF WA.Nl —OFFICIAL STATEMENT 3rd PROOF OF7/L81/XIS (1) tfiellideg levies for general operations and debt service. (2) Net of $1,214,234 (charge to current Year revenue) and $292,661 ("tedOws Of PHOt YeAni "W"ble and reserve). expense) and It j633.672 (*Hted0wh Of PliOt yearn' receivable (3) Net of $614,028 (charge to cUrttftt year Me and reserve). '20 ICITY OF WAMI —OFFICIAL STATEMENT 3rd PROOF OF 7/2/81/X IS R.F.P.I. P-8364 air '"_"� ` �•;� _ �:-_.• :.._. ;- - ' "` s'`-�'' _ _�� A powerboat regatta at the Citr of Miami Marine Stadium. The Vita Course stations in the City of Miami Kennedy Paris. El - i _ < "1+� - r An Artist's rendition of the Convention Center presently under construction in downto-n Wiml. -134 The 35 acre City of Miami Bicentennial Park. ,� 1�; t,�i� ��'�^, '',.,i; y . � • 7�+a-s,�J Q � ,'�,!� f�+"" � `�T'�I� � .r'� �`C.}1` .+ �,}� ,'1'•'.'i.s�"' y§+/� '^'7 s+� i�G Y'�'4r •+'}C �,ta��,.� ! �'.� �'k try I T .'w. r, �'{- �Y aI"�, "C"_ Jr -��r'v � �'•+i+."�,;r;� �,g 'f�+ .tit"-`ii � �.• y'�S „�, ry� ��,�'•,.•�,,,rr,�� y .�Y y " { c�411 �!"_ "i- -n`. ,;.. ;�'' - .J * , +`, � t '.,"1 �••=�_ •ram � � 'r:i '' t �`e '��.1,;�"'G Y ,. �,* ' ter!- < +�`�tr ..<<�?•�J�.: y..�+}'R,- �i ►�� • ;,�►•� .,1' �p��f � .� ti The annual Orange Bowl football game at the City of Miami Orange Bowl stadium. 21 1 WtAti11— OFFICIAL STATEMENT 3rd PROOF OF 7/%/81/Xis P, Too tum Tapes is the Ott 8f MIUM {/ The following table is a iistittl of the talc latlest tapeyers is the bty, the ume 6f ttteit tlptl tou WAty and the assessed value of theft orooerty for the fiscal year ended Septembet 3O,1060, 'lea Largest Taxpayers in the City of Mlaml 1980 Assessed Value of Property tW Nose of Tasptyer Netwe of Aedvfty A 8611thern Bell Telephone & Telegraph Company Telephone Utility 3234,32033 Equitable Life Assurance Office Buildings 13216391509 Florida Power and Light Company Electrical Utility 75,20,731 Miami Herald Newspaper 49,233,339 One Biscayne Tower, N.V. Office Building 45.880,179 I.B.M. Retail Sales 45,429,880 Massachusetts : utual Life Insurance Co. Hotel 35,530,838 New York Life Insurance Office Buildings 26,442,198 Ball Point Development Office Buildings 23,885,130 DuPont Plaza Hotel 20,372,176 Total Assessed Valuation of top 10 Taxpayers, which is 11.1 ere of total 1980 Assessed Valuation $729,005,713 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 exceeding 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 Constitution limiting such vote to electors who were owners of freeholds not wholly exempt from taxation within the subdivision was declared void in 1972. Accordingly, all qualified electors in the City are eligible to vote in bond elections. The remainder of the relevant section of the Constitution providing for ad valorem taxation was held valid and is operative. Legal Debt Limitation Section 58 of the City Charter limits general obligation bonds of the City to 15Q10 of the assessed valuation of all real and personal property within the City limits as shown by the last preceding assessment roll of the City and provides that bonds for street, sewer, sidewalk and other public improvements which are paid from special assessments, shall not be subject to such limitation of amount nor be considered when computing the amount of general obligation bonds that may be issued. The debt limitation for general obligation bonds based on net assessed valuation as of March 31, 1981 was $981,407,349. Outstanding general obligation debt applicable to the City's debt limitation as of March 31, 1981 totaled $124,610,000. 22 FytANl-.nirFt('rat STATEMENT 3rdPROOF OF7/%/E1/XIS brided tadebtedeen *ad ViAoin Debt Udoe The following several tables show the details of the City's general obligation bonds, gmialobriSAdds boadss principal and interest requirements of general obligation bonds, the ovetiap0itf8 iitdebtedlleu 6t the County and significant comparative ratios of debt to population and to the City's talc base. General Obligation Bonds Outstanding on March 31, 1981 Flaw Generw Obligation [Mae Law Dote Maturity Year Amount issued Amount Outstanditss Fite Fighting Facilities 3-1-58 ;988 S 850,000 :, 2015,000 Coconut Grove Incinerator 3-1.58 1988 111001000 390,000 Refunding Sewage Disposal Bonds 1-1-62 1990 14,565,000 51900,000 Dinner Key Nlarina 6-1-65 1985 2,370,000 620,000 Land Acquisition Bonds 6.1-65 1985 700,000 175,000 Bayfront Recreational Facilities 8.147 1987 2,250,000 810,000 Recreational Facilities 8.1=67 1987 11000,000 350,000 Storm Sewer Improvements &1.67 1987 1,000,000 350,000 Recreational Facilities 7.149 1988 1,500.000 640,000 Storm Sewer Improvement 7.1.68 1988 14001000 640,000 Sanitary Sewer 7.1-68 1988 S,000,000 930,000 Convention Center 3.1-69 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 :,�60,000 Sanitary Sewers 10.1.70 1990 7,0009000 1,870,000 Highway Improvement 2-1.71 1982 3.000.000 300.000 Storm Sewer Improvement 2.1.71 1991 11500,000 795,000 Highway Improvement 9.1.71 1991 2,000,000 1,120,000 Sanitary Sewer 9-1.71 1991 51000,000 1,840,000 Fire Fighting 6.1.12 1992 1.100,000 705,000 Sanitary Sewer 6-1.72 1992 5,000,000 2,025,000 Police Headquarters 6.1-72 1992 11300,000 940,000 Storm Sewer Improvements 6.1-72 1992 3,000,000 11880,000 Street and Highway Improvements 6.1-72 1992 2,000,uuu 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.W ^M 1,375,000 Police Headquarters 9-1-73 1993 4,t10Uo ju -1, 7 40,000 Storm Sewer Improvements 3.1-75 1995 3,000,000 2,200,000 Sanitary Sewer Improvements 3.1-75 1986 5,000,000 2,500,000 Police Headquarters 3-1-75 1995 81000,000 5,850,000 Street and Highway Improvements 3-1-75 1986 3,000,000 11500,000 Sanitary Sewer Bonds 10.1-75 1995 5,000,000 3.580,000 Police Headquarters 10-1-75 1995 2,000,n(Y' 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 ID,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 2,130,000, Storm Sewer Improvement 12.1-79 1998 5,000,000 4.850,000 Totals S193,575,000 S124,610,000 23 'vT 3rdPROOF OF7i1,,8j/XlS 049OW Obligation Bonded Indebtedness Pfl5 $W Ud interest Requirements as of March 31,1981 i Kegatre>se.ta taw relodold urtt totem rrt>x,o.+ Intend __ , -„lsetdwttseets loll S 4,935,000 S 3,286403 l 8,191,503 loll 10,735,000 61075,163 16,810,163 toll 9,740,OOC S,461,684 15,201,694 1994 9,305,000 4,875,397 14,180,597 1995 9,290,000 4,318,679 13,608.679 1986 91160,000 3,787.162 12,947,362 1997 81355,000 3,324,001 11,679,003 1988 7,950,000 2,910,887 10,860,887 1989 61990,000 2,526,778 9,516,778 1990 6,795,000 2,198,953 81993,93S 1991 6,135,000 1,889,472 8,024,412 1992 5,435,000 1,586,770 7,021,779 1993 5,045,000 1,303,360 6,348,360 ' 1994 4,720,000 1,045,778 E,763,778 1995 4,760,000 830,393 $1590,393 1996 4,220,000 636,356 4,8$6,3E6 1997 3,960,000 45E,055 4,41S,OSS 1998 2,765,000 278,665 3,043,665 1999 11620,000 173,885 1,793,88E 2000 555,000 120,981 _= 673,981 a...r. 2001 555,000 89,068 644,068 - 2002 555,000 57,156 612,156 2003 355,000 30,100 $85,100 2004 7S,000 17,500 92,500 2005 95,000 14,100 109,100 2006 9E1000 10,300 105,300 2007 100,000 6,400 106,400 2008 1101000 2,200 112,200 S124,610,000 $47,283,139 S171,893,159 Revenue and Special Obligation Bonds Outstanding on March 31, 1981 Final Special Obliqstion and Date of Maturity Amount Amount Revenue Bond Issue Inue Year Issued Outstandint Incinerator Revenue(1) 7-1-5I 1981 S3,330,000 S 173,000 Utilities Service Tax Series A (2) 2-1-63 1988 3,125,000 11050,000 Orange Bowl Special Obligation (3) 3-1-67 1982 1,900.000 330,000 Orange Bowl warehouse Revenue (4) 12-1-69 1982 105,000 25,000 Orange Bowl Warehouse Revenue (4) 12-20-74 1989 225,000 160,000 Off Street Parking Revenue Series A & B (5) 4-1-66 1994 4,800,000 2,785,000 Series C (5) 4-1-73 2002 3,150,000 _--3,095,000 Series 1980(6) 4-1-80 2009 8,725,000 8,725,000 Convention Center and Parking Garage Revenue Bonds (7) 7.1-80 2015 60,000,000 60,000,000 S76,343,000 24 1 -�••••••-••,••,ot ncttr,u cr•rc•4c%,T t.4PannFnF r/2/sitirt4 t11 Debt Inviee bent ptovided by O teW Piled Oefttiftt ttansfet3. A teserve of 1-u."i lilust be mtllatiliaed. (2) 1hbt service is provided by utilities service tastes imposed by the City on each putchese of eieetticityi* gm. water and local telephone and telegraph service. A reserve must be maintained equal to the t'oattimum 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 outst:'_4;ag. (4) Rental income from the Icase of the warehouse facilities is pledged to provide debt service on these bonds. (3) Secured by a pledge of the net revenues of the off-street parking facilities and the on -street parking meters of the City. (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 R.-venue Bond Series A, B and C. (7) Debt service is provided by a pledge of nct 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.) 25 O C O u t o.I. rrrvnF%41&%fI_nFt:'trta3rdPROOFOF7;2,'Eli!(ts t Cr>TF%IFNT .. r6w yew Fs nbes r t30 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Totals A6il11116 8e1141 Add Specid Obllgadon Honda Nfidpid and interest Requirements as of Manh 31, 1981 Prind Cotnendon Center NA Parkin{ Otber Reveeoa Total Reveave Gan te Mid Special and Special Revenue Bonds Obligation Bonds Obligation Hoods S 100,000 330,000 640,000 1,060,000 1,140,000 1,225,000 1,320,000 1,425,000 1,540,000 1,665,000 1,805,000 1,720,000 1,870,000 2,035,000 2,215,000 2,410,000 2,620,000 2,850,000 3,095,000 3,365,000 3,660,000 3,980,000 4,050,000 4,410,000 4,720,000 4,750,OW S60,000,000 $ 498,Uuv 505,000 349,000 346,000 402,000 417,000 433,000 450,000 316,000 337,000 330,000 350,000 370,000 395,000 420,000 445,000 475,000 505,000 540,000 575,000 615,000 655,000 705,000 775,000 850,000 930,000 1,020,000 1,115,000 1,220.000 S16,343,000 S 498,000 505,000 349,000 346,000 402,000 417,000 433,000 450,000 316,000 437,000 660,000 990,000 1,430,000 1,535,000 1,645,000 1,765,000 11900,000 2,045,000 2,205,000 2,380,000 2,335.000 21525,000 2,740,000 2,990,000 3,260,000 3,550,000 3,870,000 4,210,000 4,585,000 3,660,000 3,980,000 4,050,000 4,410,000 4,720,000 4,750,000 S76,343,000 lntereel S 3,264,840 6,505,790 6,494,589 6,470,218 6,455,774 6,435,745 6,414,597 6,392,083 6,370,699 6,350,758 6,323,377 6,281,093 6,214,842 6,114,863 6,004,082 5,879,950 5.743,275 5,594,315 5,432,295 5,255,250 5,063,147 4,874,733 4,649,352 4,388,453 4,103,190 3,791,165 3,451,245 3,080,490 2,676,992 2,237,375 1,917,125 1,568,873 1,214,500 828,625 415,625 S164.249,327 tow prindpd "A lateeest Requirements S 3,762,840 7,010,790 6,833,589 6,816,218 6,857,774 6,852,745 6,847,597 6,842,083 6,686,699 6,787,758 6,983,377 7,271,093 7,644,842 7,649,863 7,649,082 7,644,950 7,643,273 7,639,315 7,637,295 7,635,230 7.398,147 7,399,733 7,389,352 7,378,453 7.363,190 7,341,165 7,321,245 7,290,490 7,261,992 5,897,375 S,897,125 5,618,875 5,624,500 5,548.625 5,165,625 $240,592,327 General Obligation Bonds and Votes Outstanding and Special Obligation Bonds and Notes Outstanding for the City of Miami and For Dade County as of March 3I, 1981 General Special Obligation Obligation Combined Debt Debt Debt City of Miami ............................ S124.610,000 S 76,343,000 $200,953,000 Dade County(1)(2)........................ 471,630,000 164,747,247 636,377,247 Total ............................... S5%,240,000 $241,090,247 S837.330,247 26 (1) Pheltldes $97,500,000 waterworks System Bonds *hieh Ste outstuditig And Ilse seuutdd hY i`++r;,Itlli`l ut the Miami -Dade Water and Sewer Authority as well as a pledge of the County to enalke p&ylcnefts ftaiR ad valorem taxes, if necessary. (2) City share of Dade County Debt is 21.54% of amounts shown. Current Debt Ratios of the City of MIa1tU FACTORS: Assessed Valuation (1) ...... . ................. , ........... $7,101,843,726 Net Taxable Assessed Valuation ............ . ............... $6,$42,715,660 City of Miami Debt. Net of Capitalized Reserve Funds General Obligation ............. . ..................... $124,610,000 Special Obligation (2)................................. a 51,747,,_212 Combined Direct Debt (March 31, 1981) ............. S 182,357,272 Overlapping Debt, Net of Capitalized Reserve Funds, @21.5010 General Obligation ................................... S 96,233,160 Special Obligation (2)................................. 33,623,075 Combined Net Overlapping Debt (March 31, 1981) .... S 119,856,23S Population of 'Miami (1980 Census) ......................... 346,931 Assessed Valuation Pcr Capita ........... . ..... . ........... S 20,470 Net Taxable ksscsscd Valuation Per Capita ................... $ 18,859 DEBT RATIOS: Net Direst General Obligation Debt as a Percent of Net Taxable Assessed Valuation .......................... 1.90010 Combined Net Direct and Overlapping General Obligation Debt as a Percent of Net Taxable Assessed Valuation ......... 3.38e/e ----- Net Direct General Obligation Debt Per Capita ................ S 3$9.18 Combined Net Direct General and Special Obligation DebtPer Capita ....................................... 3 S2S,63 Combined Net Direct and Overlapping General Obligation Debt Per Capita ....................................... S 636.56 Combined Net Direct and Overlapping General and Special Obligation Debt Per Capita ..... . ..... . .................. S 899.93 (1) Assessed valuation as of September 30, 1980, using 100cla of assessed values as mandated by Florida law. (2) Special obligation debt is payable from revenue sources other than ad valorem taxes. " Ratio of Net General Bonded Debt to Net Assessed Value and Net General Obligation Bonded Debt Per Capita Ratio Vet General Obligation Net Gtnerd Net Net General Bonded Debt Obligation Assessed Homestead Assessed Obligation to Net Bonded Debt September30. Population (1) Voice Exemption value goaded Debt Asst Value Per Capita 1980 348,000 S7,101,842,726 S559,128,066 S6,S42.7l 6—W S127,905,000 1.950/e $367.54 1979 343,000 4,?:7,175,027 1%,708,033 4,030,466.994 138,065.000 3.43 400.19 1978 345,000 4,(0,847,098 195,664,076 3,828,183,022 129,675,000 3.39 375.87 1977 3421000 3.938,270,393 198,558,652 1,739,711.741 103,826,694 2.78 _ 303.59 1976 340,000 3,7%,881,240 199,947,752 3,5%,933.488 94.523,990 2.63 278.01 1975 338.000 3,541,205,760 1966.797,718 3,344,408,042 83,933,263 2.51 248.32 1974 336,000 2,701,654,390 198,186,762 2,503,467,628 86,&",273 3.47 258.47 1973 334,000 2,424,469,847 201,750,942 2,,"',718,905 51,164,790 2.30 153.19 1972 334,859 :,282.!51,069 202,900,985 2,079,650,094 48.341,208 2.32 1".36 1971 331,000 2,107,791,481 203,825,857 1,903.%5,624 33.154,654 1.74 t00.16 - — 27 int PRCN)FOF7/2/A1/it1S r1) Estimated on basis of added electric and water connections sad new d*efts uNt3 constrdeted, em" la these years for which a Federal census was available. General Obligation Bondi Authorized But Not Issued Of the $81,475,000 bonds approval by the voters on June 30, 1970 all of such bonds have been issued except S2,375,000 of Strrctz and Highway Improvement Bonds and $4,000,000 of Pollution Cotittdl Bonds. The S35,000,000 bonds approved by the voters on September 28, 1976 herein listed and the aMoiint3 of such bonds unissued are as follows: SaulW7 E7R Sewers t7gbung Authorised .............. S25,000,000 $10,000,000 Previously Issued......... 16,000,000 81250,000 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 S15,000,000 of Storm Sewer Improvement Bonds. $5,000.000 of said Storm Sewer Improvement Bonds were previously issued. S3,000,000 are offered hereunder. The principal amounts issued and unissued of the S25,000,000 General Obligation Housing Bonds approved by the electors on March 9, 1976 and validated on February 17, 1977, are as follows: Authorized ............................... S25,000,000 Previously Issued ......................... 11500,000 Proposed Issue ........................... 4,400,000 Balance Unissued ......................... $19,100,000 On October 7, 1980, the voters approved S75,000,000 of Bonds consisting of S45,000,000 of Sanitary Sewer Bonds and S30,000,000 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 S10 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 S20 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 1 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 icorder "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 month before September 30 of each fiscal year. Each department prepares its own budget request for review by the City Manakrr. The City Commission holds public hearings on the budget plan and must adopt the budget not later than October 1. The City's bu&etary funds (General, Special Revenue, and Debt Service Funds) follow the modified accrual basis of accountulq, under Mich e.\penditures, other than interest on long-term debt, are recorded �S i whe the liability is incurred ad revenues are rewded when received in crib wdess susceptible to arcrltalt lies, measurable and available to finaece the City's operations, or of a material amount and not received at the nortnal tithe of receipt. The accrual basis is utiUed (with minor exceptions) by to 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 dutside 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 1991 1980 l"9 19'ld Budget Actual Actual Acwuat $ 53,093,768 $ 42,679,426 $ 39,116,411 S 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 S108,371,254 $121,849,447 $103,348,568 S 96,817,113 $ 93,712,007 18,791,380 17,395,230 17,062,016 14,870,252 184,853 184,518 168,653 95,320 $140,825,680 $120,928.316 $114,047.784 $108,677,579 $ — S 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, 198a 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 _'9 46 1 0 COWRY returns to the cities its pro rats share of revenue collected. Ile pica rats tat:. ,fir.: s4ah rid deeds on the number of contractors doing business within each City's limits. VtWties Service Tax --- The City imposes a 1011e taut on each purchase of electricity, meteted in, battle gas, water and local telephone and telegraph services. Revenue is pledged for debt service oa utilities Service Tax bonds. The excess over the debt service reverts to the general fund. Federai Reoenim Sharing -- The rcvcnues derived from the Federal government are appropriated by 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. (Sec, however, 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: Federal Revenue Sharing Receipts FLwW Year Ended September 30 Year End d Swept mber 30 1981(1) $8.500,000 1978 $8,331,231 1980 7,822,714 1977 81893,709 1979 8,248,815 1976 8,775,313 (1) Budgeted State Revenue Sharing — The revenues distributed to the municipalities by the State of Florida under the State's revenue sharing program are derived from a percentage of its collection of the State cigarette tax, the State motor fuel tax, and the State road tax. The City has received the following revenue sharing: funds from the State: Ftxal Year Mew Year Ended September 30 Ended September 30 1981(1) $10,440,368 1978 $11,005,477 1980 11,427,856 1977 11.070,719 1979 11,S61,380 1976 10,880,405 (1) Budgeted Flues and Forfeitures — The City receives a pro rats share of fine and forfeiture revenue from Dade County. Since Fiscal 1976 the City has received the following amounts from the County: Fl" Year Fixid Year Ended September 30 Ended September 30 19810 $115221000 1978 $1,299,509 1980 1,117,038 1977 L,125,302 1979 1,304,380 1976 1,162,587 *Budgeted Internal Service — There are five internal service funds that are self-supporting because their revenues are derived from charges for services to other City Departments. These funds are: City Garage Fund: For purchases and maintenance of all heavy equipment used by the City. :Motor Pool Fund: For purchases and maintenance of the automobile fleet. - _ Maintenance Property Fund: For regular building maintenance, and a limited amount of building alterations and additions. Print Shop Fund: For all of the City's printing needs. 30 SMdooery Stock Fund: For purchases and storing of offiee supply ltemi etrno;t wd 11 1ploi'mly In the City's operations. Enterprise Funds -- Monies for these funds are generated by self-supporting activitif which tender Services on a user charge basis to the general public. These activities include operation of the Orange NO Stadium, the Marine Stadium, the Miami Baseball Stadium, various marinas, Coconut Grove 9Xhibitl6i! Center, Bayfront Auditorium, golf ranges, and warehouse property in which floats for the annual 6tafige Bowl parade are built and stored. City Pension Funds The City has two separate pension funds, the Retirement System (Police and 1~itemen) 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 Systcm 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--71'76 (3) As to assets: System —Moving market value average. Plan—Markct Value. (4) As to retirement age: The System and Plan have adopted, as of October 31, 1979, the use of ptobabilities by age, rather than a single retirement assumption. Prior to October 31, 1979, the system used age $3 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. . - 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 Of? Pe10e1111 food �'tet>�e� >�fata fOrr itlilgl611 f1m1s aws BeeefNs Pinta. Coottibatba Uata wed Wading (Aeeraed Bask) Aecraed Liability- Employee Rrttbdrnwels Employ" Costribatioi tiltellw 1� VON rAdb8 September 30. 1980(2) Miami Employees' Retirement System.... $12,082,690 S 85,908,000 $ 8,292.234 $2,430,208 S 3,100,260 Miami Employees' Retirement Plan...... S 1,542,180 S 30,422.000 S 7,907,%g $2,777,805 1 61010,711 Toni .......................... 520,624,870 3166,330.000 S16,200,202 S5,228,013 S 011801"1 September 30, 1979(2) Miami Employees' Retirement System.... $10,960.543 $ 97,200,000 S 7,450,813 S2,358,418 S 4,328,841 Miami Employees' Retirement Plan...... S 4,452.033 S 72,010.000 S 6,897,022 $2,579.140 S 21395,958 Total .......................... 515.412.596 $159.210,000 S14,337,835 54,937,558 S 6,724.799 September 30, 1979(2) Miami Employees' Retirement System.... $10,400,013 S 81.000,000 S 5.364,922 $2,346,232 S 3.007,313 Miami Employees' Retirement Plan...... S 3,309,064 $ 36.000.000 S 6.198.957 S2,462,769 S 1,883,234 Total .......................... $13.709.077 S137,000,000 S12,563,879 $4,809,001 S 4.992.749 September 30, 1977(3) Miami Employees' Retirement System.... S 6.229,299 S 81,177,566 S 4,182,323 $1,791.942 S 3.033,058 Miami Employees' Retirement Plan...... S 2.465,716 S 46,290.391 S 4,377.429 $1,988,139 S 2,344,190 Total .......................... S $4693,015 $127,467,957 S 8,559,732 $3.679,981 1 5,377,248 Caleadar Year Ending December 31, 1976 Miami Employees' Retirement System.... S 6.527401 S 90,554.826 S 4,876,775 ' $2,339,785 S 2,974.713 Miami Employees' Retirement Plan...... S 3,097.787 1 34,652,564 S 4,706.876 S2,563,735 S 2.215,597 Total .......................... S 9.625,288 S145.207.390 S 9,583.651 S4.903,520 S 5.190.310 Da=ber 31. 1973 Miami Employees' Retirement System.... S 5,194,669 S 89,276.761 $ 4.468,664 S211921304 S 215S5.907 Miami Employees' Retirement Plan...... S 2.936,983 $ 56,203.346 S 3,862,404 $2.463,447 S 2,018,482 Total .......................... S 8.121.651 $145,480.107 S 8,331,068 $4,653,751 S 4.574,389 December 31, 1974 Miami Employees' Retirement System.... S 4.271,823 S 99,000.000 S 4,483,326 S2,187,051 S 4.571,531 Miami Employees' Retirement Plan...... S 1.796.752 S 2.667,295 S2,027,594 Total .......................... S 6,058,575 S 99,000,000 S 7.150,621 S4.214,645 S 4,571,331 December 31. 1973 Miami Employees' Retirement System.... S 2,800.408 S 65,000,000 S 3,914.5% $1.789,515 S 3,212,809 Miami Employees' Retirement Plan...... S 1,842,092 S 2,749,837 S1,705.526 Total .......................... S 4.642,500 S 65,000,000 S 6,664,433 $3,495.041 S 3.212.909 (1) Earnings for Plan & System were combined prior to 1975. In 1975 all General Employed were transferred to Plan. -- (2) Figures adjusted to include cost of living increase to retirees. (3) For the nine months ended September 30, 1977. The fiscal year was changed to end September 30, thereafter. 32 The City is currently detenda it ih a lawsuit seeking to require the City to a additional contfribtftioft 116 its pension plans for prior fiscal years through 1975, totalling $30 million, including $8 million in intetat, Also, the City is currently defendant in a separate lawsuit seeking to require an additional $4.2 million ovet 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 Bounds 6 or the Ievv or collection of taxes to pay the principal of or the interest on the Bonds, or questioning the proceedings or a_:''nrization under which the Bonds are to be issued, or affecting the validity of the M: Bonds. $ A RISK MANAGEMENT t a A charter amendment was approved by the el-ctorate in 1971 (7,964 for, 4,687 against), allowing the City to seat up a Self -Insurance and Insurance Trust Fund. The City Commission created, by ordinance, a �+ Board of Trusters rompoced of the City ;Manager, the Director of Finance and the Insurance Manager to 0 handle the secunty investments of the fund. Also created is a Self -Insurance Committee, appointed by the ^ City Nla-nagcr, to administer the plan. h The City is self- insurcd for all vehicular accidents, Policc Torts and Premises Liability up to S50,000 -. per accident and 5100,000 per occurrence in accordance v.ith Florida Statutes, Section 768.28, waiving c so crcign immunity in tort claims. Tlic City of Miami is self-insurcd for all other czposures 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 In the opinion of Brown, Wood, Ivey, Mitchell and Petty, New York, N.Y., Bond Counsel, interest on the Bonds is exempt from all present Federal income taxes under existing statutes, regulations, rulings and court decisio .. FINANCIAL STATEMENTS 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 periods and to the extent stated in their letter to the City Commission dated March 28, 1981, and are an integral part of this Official Statement. 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 furnish their ^. f cite to the effect that, to the best of their knowledge, this Official Statement, as of its date and a, of me "ate ui ueiivery of the Bonds, did not and does not contain an untrue statement of a 33 ncor n.00a. .-rTvnr•n•►�i c���tt'r�r cs�rr„r-,;� 7-�pRAf]FiaF1 2'Y! Y.li �..� .. MXWW to at a►Mit to state it tt Uerial fact which should be included therein fat the outTone mt r'!'Zh IN OffieW StReMeet Is to be Used of which is necessary to make the statements contained theteM, ift HIM at the Manen under which they were trade, 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, New York, N.Y., Bond Counsel, whose legal opinift Will be available to the underwriters, at no cost to them, at the time of the delivery of the Bonds and will Ut 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 Jamcs i. i,owrcy St 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. City of Miami, Florida /s/ :Wayor 34 t ::�s- n 0 pinaneiai statea►ents 'Teat ended geptes►bet 10, 1��0 T61e of 06ntts Attount&nts' Deport Combined Statements - overview (General Purpose Financial Statements) Combined Balance Sheet - All Fund Types and Account Groups Combined Statement of Revenues and and Expendable Trust All Governmental Fund TypesTrust Funds Combined Statement of Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds 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 Notes to Financial Statements "nth s Financial Statements of Individual Funds Schedules General Fund: A-1 Balance Sheet A-2 Statement of Revenues and Expenditures - Budget and Actual A-3 i Statement of Changes in Fund Balance • Special Revenue Funds: 8-L Combining Balance Sheet Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and actual A-2 wa-G n Contents_, Mon,. 24he ides Debt Service Funds: C�1 Combining Balance Sheet Expenditures) Revenuesy Sxp C-2 Combining Statement of and Changes in Fund Balances Capital Projects Funds:�L Combining Balance Sheet Ex endituree Combining Statement of Revenues, p D=2 and Changes in Fund Balances Enterprise Funds:°'1 Combining Balance Sheet Expenses aCldF1an$es Combining Statement of Revenues, p Earnings E_ in Contributed Capital and Retained Internal Service Funds: FL ' Combining Balance Sheet Combining Statement of Revenues, Expenses and Changes F=Z in Contributed Capital and Retained Earnings Trust and Agency Funds% Combining Balance Sheet Combining Statement of Revenues, Expenses and Changes in Fund Balances El pPeat��Marwtck,MitcheD&Cd The lonorable Mayor, City Commissioners and City Hatiager City of Miami, Florida: 0ltd PdW AaMfatl AM Aticteft Avetttte MWni, 1664 33131 We have examined the combined financial statements of the City of Miamit Florida, as of and for the year ended September 30, 1980, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. As described more fully in note 12, the City is experiencing a period of budgetary constraint, and in addition, several contingencies exist which could place addi— tional strain on the City's financial resources. i As described more fully in note 1, the City does not provide depreciation on prof perty, plant and equipment of the Enterprise and Internal Service Funds as require by generally accepted accounting principles. In addition, as described more fully i note 71 the City does not record claims payable in the Self Insurance Fund for a1, losses incurred as required by generally accepted accounting principles. As described more fully in a-te 9, the City is currently defendant in a lawsui seeking to require the City to make additional contributions to its pension plans fc prior fiscal years through 1975, totalling $30 million, including $8 million interest. Also, the City is currently defendant in a separate lawsuit seeking require an additional $4.2 million over the amount appropriated by the City f fiscal year 1980. The final outcome of these suits is not presently determinab] and no provision has been made in the financial statements for the effect, if any, such litigation. As described more fully in note 10, the City participates in several Federal assisted grant programs which are subject to financial and compliance audits by grantors or their representatives. The amount of reimbursements, if any, which be required as the result of such audits is subject to final determination by granting agencies and cannot be determined at this time. A -a I MIAMI —OFFICIAL STATEMENT 3rd PROOF OF 7/Z/U/XL! 2PeKMWW1&,MWd&VA The Honorable Mayer t City Comissioners and City Wager City of Miamit Plorida Page Two In our opinioa, except for the effects on the financial statements of the failure to provide depreciation on property, plant and equipment,of the Enterprise acid 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, 19809 and the results of its operations and changes in financial position of the 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 is 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, ari stated fairly in all material respects in relation to the combined financial statements taken as a whole. March 28, 1981 A-S Lew e..a DOMC AV 1/7 /of /YI4 CITY OF MIAMI. FL01IDS Combiaod Balance ghost - All Fund Type and acc, scoop. September 30, 1"0 Accustom CcooN r GDeglii G"geg laws !co rianrt lhme tY ee tiduesnrx tie0l—Tv *snd& O�bE— �OatZ Covern.encal Fund ril+a capital IetecND Tcaea andl in�ra�t uNtr 7 Special Dabs Latertriae Gervice oO6 Service !r2i-M , flaplrs}3! 6eaeral lev�e�+ — — S,l`379,753 a Asao's _ 2.234,690 9.730.305 N,3II.OS6 n uit to pooled casA 'ad itareatmeate j 4,71t1,733 - _ 1,3140,2" Eq 1 (note S1 [<,020'.F1S� liable, of 131n710 2f' s O where applicable. 313,041)t _ 3a Lti60 21,034 S56.t99 11.964 LI1T.lii _ w n geccivabica (art, 9Y0,676 - _ - sllousncea Eor uttcollKtiblts of j4. I.100.904 - 4.234 16.464 _ Ts... - _ - Y Accuunta _ ` �s7lfi.222t { ......men& liras 2,73r53i MYr_ i.60S.glgt 6l1.3i@ i trete notes and Iwaa (onto 1) 0 - _ = - _ 129►iNi �� t.990. 491.3SC 4,5% 107.Iifi O NO, I,ua other- p-1 pus ttum other Govert+ento 5,226 IT.722 n i W.6w.306 taventurte• ease. YDcposit. and pcepsid rap - r 60r656,304 25s91is0011 � afiscal c.trtcted suet.: with l Kent. Gacn .h and iovcmts .y « 4ftt♦E3f.4t1�. > racl.dina accrued interest _ 7.965.651 - - 22,250y99"S 3',566y253 _ 31.220.909 _ 100,311g.72% M r ui nt (Do te^ 1 and 3): 01µ,f7Ca l0OODY„MSFF + lruperty. plant and q PaK g7g'.g41: 4. _ = r �iss�►dam L IM sYnidldtnlis sad impruvemrnta _ _ - 13,265.541 _ _ i,1211►7�i and 9 Pew - e Yi nt Improvements very than building - - Improvrment■ other _ _ 3,424,733� Consttuction in progrema - - _ _ ��g.,02g1 �.6"•Us M _ 1.65'i.Sm 1.6S9.S1f buad issuance costs ;...at satiable in Debt Service Funds. General obligation a Special obligation _ )21,0If,s721 :Y i.019►.s721 G N,ttuat to be provided for retirement t435 1._79Y O ral loot"term debt and _ - _ _ ------ Beat f_pg3.17lI .Ait,G00sOMM I 0 psyabless - - 003.St11 Sr379. 200.1W�in Gcncral obligation bonds ----� 462 lb, 459� % Special obiitatioo; bonds 4--' j39 2,�00 10.1 SC._Ot_ f=09? 109.E 1� II fare6lF .a Other payable ( j 6' co u ko accompanying "aces to financial atatesKa a. � J _ 2 11YiYitr li., .t c1TT OF Miami, 18a100 - Combined $alone• Sheet - All /utst Types and'Account Croups September 30, 1920 Account Croups - - Governmental Fond Types Proprietary fund Typea Fiduciary /und,Typee Gabsabl Cannabis Sped I Debt Capita) Internal Trust sttd Sett Fiaei tamtr-Tern TOW Debt (Mesoramdosr0miw)1 !.aabiIities Deticit in pool&., caab and investments (note S) vouchers and "counts payable Accrued expense* (principally s&laries) Payable from reatrict&d asa&tst Construction contracts Accrued interest tkw to other governments Due to other funds Q•Ietted revenue tcpovnts refundable Claims payable (note 7) Matured bonds and interest payable l(evenue bonds payable > Cenral obligation bads payable (note 4) y' v special oblig•tivi. buds payable (note 4), F' Other parables Inure 4) DTotal liabilities Fuld Equity � Imestmrnt in genrrrl tired assets rn Couttituted capital and retained earnings; scorned lot construction and revenue bond tatitement - Unreserved Fund belanceaz beserved for; Authorised projects .,. Encumbrances p Anc.cipsted claims finite 7) w Deb, service (note 4) uares. rued. Debrgn.at.d for subsequent lest,$ ,7 c�p.•.xlntures � Ihxlcsngn.ted J 7 .tat contejbuted capital sad N retained staings/fund balance a � Total turd •golly M C000,itments end contingent liabilities (1101&a 60 91 10 and 11) General Revenue Service Projects gnterprios Service Atency Insurance il—l— j - 1,922,828 - - 1,734.582 - k,722.348 = it37lsISE t,242,493 I5,811 - 2,851,042 373,817 313.921 2.625,192 357,942 - - - Y.9T0.41a t.101.03b 1,612,83t - - 7,547 66.665 86,056 308,746 24.18T _ - - - 1,415,880 - - - - - t,i79,8fs7i - - - - 1.267.400 - - - - _ l.liTs400F 162.932 - - - 16r l321 1,484,736 1.245,504 - - T►D30.53(i 845.634 - 190,940 - 257.483 - 14,470, - - 1►301.517t 4S9►.IOM 314.451 - - - 4,649 - 68',9tt &.as - _ - - 1,389,936 - - - - - - - - - - - i,384*9©6► 0.201,0001 _ - - - 40.208,000 - 16707.0000 ia10y.0001 " 4.686 - - - - - 475.17! 471.86i i 4,085,409 1,942,52S 3,580,874 4,343,319 67,036,480 3991,977 9004605 3r,060 3$S - 130.033.879i 22E.f42'.729 17,549,507 a - - - 24,914,47S 15,723.482' 9,543 t,269,303 -F _ _ _ - - 2t..328v.06lc �•. 500,000 568 626 S2 0�:: 5,494.)22 a9.233 - _g00.976 MP,1410 _ _ - ! 04S�' . L� - --- . 2,331,925 bl,bel 6,540,543 46,737.716 42.4ct.982 15.723.482 _ 9U0.976 2,310,877 - N 018wt'61 2,337,929 61.601 6,$40.543 46.731,776 42,463,982 15.723,482900.976 2,310.877 204,880.1s9v 6,423,339 2,004,126 10.121.419 51,081,095 109,500.462 16,123.459 9.003,5411 5,379,232 204,880,18V 130,011VAI! 544 ins nutaa to linsrciol ateteMata. ?M i V Revenues: ^o Taxes Licenser and permits Intergovernmental Intergevernmentai Charges for services Assessment lien collections Interest n Other Total revenues 0 4 Expenditures: Y General government -r' Public safety I Public improvements Sanitation Culture and recreation Capital projects ry- aO Grant and related expenses ) Pension expense +' Uncollectible delinquent property taxes d�Tr Debt service: Principol retirement -i Interest and fiscal charges Other Total expenditures Excess (deficiency) of w a revenues over expenditures �o X Other financing sources (uses): Operating transfers in mn Operating transfers out J Total other financing sources (uses) u CITY OF MIAMI, FLORIDA Combined Statement of Revenues and Expenditures: All Governmental Fund Types and Expendable Trust Funds _ Year ended September 30, 1980 Governmental Fund Types Special Debt Capital General Revenue Service Projects $ 66,208,179 328,000 16,692,347 480,796 5,593,487 - - 14,879,651 7,956,019 - 796,431 3,342,194 - - - 3,293,378 - - - 1,173,152 - 877,042 4,397 1,499,030 5,680,59% 2,429,751 61,411 3,562 1,38,295 96,623,682 8,349,817 19,367,091 7,096,121 10,308,191 - - - 53,083,296 - - - 11,448,061 - - 14,481,223 - - 7,378,219 518,794 - - _ 177,917 - 76,325 - - 10,639,000t- 7,310,501 - 4,917,390 94,487 108,459 - 101,794,297 613,281 18,133,285 19,184,535 Excess (deficiency) of revenues and other financing sources over expenditures and other uses (5,170,615) 7,736,536 1,233,806 (12,088,414) 7,822,490 - 380,163 3,742,200 (1,554,271) (7,972,490) - (3,561,300) 6,268,219 (7,972,490) 380,163 180,900 $ 1,097,604 (235,954) 1,613,969 (11,907,514) Biiditciasy► fund IN Tkustt and Agency 201,97l1,1O3 15,673,7a38 542�,901 37r,1�37De7135 21,9?1,375� 14,2i3,Q071 38,017C 793.243 3710,75,6370 162,090 470,176 470;,176 632,274 zr Bch_ tb_se ?• . Total BifemorandVss aa%x 01709►,3u 5.,5"W"V ",6031,204 1910151,373 3,293,378 1„ 173,152 �y 8,06Q1,058t�J/�' 3.2�',9101 168I,,8�T4,i46 10►,30a'191 53i,0831 296 88,",088 14,481'w 7,857,0231 19,184,535 21,97r1,375 14,273,007 292,254 10,638,0(0 7,310,501 51913,57% 376,802,015� 48,126,589) r 415,,029 1 is ,088.061) �8�,799�,87tlil rt.... Arrmm11:nwinv notas to financial statements. I II 4I"eC= •II�IIF 3r4i:���u� , �.... ���,III I CITY OF mumt, noitizk Combined statement of Chaa�dsExpend bteBalances l[u�o All Governmental Fund Types Year ended September 30, 1980 -n a Fund bal ancee at beginning of year, as o Previously reported n _- Adjustment [o beginning balance pu y esuan r O Co change in accounting method or -i recording encumbrances outstanding (note 1) mFund balances at beginning of year, as restated mL Excess (deficiency) of revenues and other -I financing sources over expenditures and other uses Equity transfers (to) from other funds Fund balances at end of year 4 a g 0 JN K u See accompanying notes to financial statements_ giduciaxY Total Fund a ---- Governmental Fund e• Capital Trust And 1Masio=aad� Special A enc �" ? General Revenue _Service proiects 1 3 $ 664,066 293,667 4,926,574 63,774,757 344,933 70,003,997 _ 346,583 342.695 3*888 _ 70,350,580 1,006,761 297,SSS 4,926,574 63,774,75�i .�` b311,Z'74 �87996ZI ) 1,097,604 (235,954) 1,613,969 (11,907,514) (5 129 467) �76,23i11i L(4'r97:2LIA- 23�564 — 56,578,825 $ 2,337,929 61,601 6,540,543 46,737,776 900',976' aevenuest Taxes I.IC*nee* and permits Intergoverameatat lntragoveronentat Charges for services Interest Other Total revenues yCxpenditurest Ceneral government " Public safety 0 Public improvements Sanitation Culture and recreation Uncollectible daliuquent Property gazes Miter Total expenditures [%case (deficiency) of revenues over expenditures Other fiwnciag sources (uses): Operating transfers in Operating transfers out Total other financing sources (uses) Bacess (deficiency) of reverses and other financing sources over expenditures and other uses see accompanying totes to fiuencial statemvnta. clIT 0► mimi, nmi06 {Som6tnad Ststemssg of assesses and aspesdigsree wdgaa -0 1119VOR General sed Special Revenue ►oam Test sea" September 10, 1950 f ciao few we ►sadm Totaa (MtaorandYf Os t ;*nasal Fund taefaaw ►evocable /waeabri, (Utdavaca ftw (unfavorable) Favorable tud[*t actual (Unfavorable) N #■eI detuali Budget aetwl i 65,976.3SS 66,208,179 231,794 162,245 322,000 (14,285) _ K.3I8.670 5,191,420 ".336.179 3.393,45>M MIS M 4",0671 (IiOM.IOi 5,191,420 S,S93.467 14,679.6S1 402,067 316,549 8,412.610 7.lS6.01! (476.631) 22.995,772 3,191,126 22.S33,670 3.362.t94 L3Y.Oi0� .- 14,561,102 3,191,126 3.342,194 151.0611 (103,750) - - _ 3.997.126 3,293,319 N1,429 (103sIS01A tTy!a$ 3,997.125 956.900$77,042 3,293,316 (79.550) 4•N7 61,411 4.3 (200,333 . 22S06S .. ME 1.986,121 I.429,751 �1.O 26i.94 0.349.817' (667.062) 1N.901.66t 104.977.4" '---"� 9S,f64,762 96,623,682 158,900 9.03i.a9! 10,010,054 10,306,191 (295,137) - _ 10.010.OS4 SJ,2i2.312 10.308.191 53,083,296 (290,W)l t7li2161 31M•fi! 53.262,312 11.482.7I9 S1,897.296 11.446.061 179.216 34,"$ - _ - _ _ 11,442.729 IS,107.N4 11,449.061 14.461,223 624.22lM IO2.G M 15,101.444 14,481,223 7,378,219 626,221 (221,452) - S4S,93S 516t,794 330,14I 7.999.702 _ 7.697.013; I77,9I7 ttTT'.li1!ll 7,150,767 171,917 (177.917) - 279, 94.467 IN.691 6.501.102 S.Ol1,97 11"•nlL220 6,521.924 4.911,190 1.604.S14 MR 613,251 514,032 104,663.34J 102.4p1.S70 t.2S9.96SM 103,515.410 101.794,297 1,141,133 1.126.113 (7,670.648) (5,170.615) 2,500,033 -- 7.900,786 7,736.536 (172,250) :3f.lJt' 2.Sbi.921 2.3271.703E 9,226.441 7,822,490 (1,403,957) (7.90g.7N)(7,972,490) (63,704) 9,226.44T (9,4N.Sf5) 1.522',490 (1.526.7iik.3 Eps4os►!9n)M— — (62 b7b)1 (I.SSS.199) (I.SS4.271) I.SIS (71972.490) (63.704) t270.i1t) t6.706.27i) t1, 1,670,646 6,268,219 (1.402,429) (7,9ps,1f6) --- -- - 921S.954), (233y954) _ g6S,430 86*.buk i 1.091.604 1,097,604 I I WIN �,-•. raM. �,�.-�::.�n•;•,•Mi�:, f 'fell I ~ r V Ln CIT,, OF MIAMI, FLORIDA Ex enses and Changes Combined Statement of Revenues, P a Fund Balances in Capital and Rete: Contributed aESimilar miler Trust Funds All Froprietary Fund Types year ended September 30, 1980 `- proprietary Fiduciary Total Fu Atv.S� Self Os1 Internal (He�orandusr 8nte�C1te Service Insu_ Operating revenues= Charges for service* employees and retirees Contributions Other Total revenues Operating expenses: personal services Contractual services Heat, alsh°and Heat, light power H, intragovernmentat charges Insurance premiums Claim payments Other expenses Total operating Operating (lOas) Ilonoperating revenues (expenses)[ interest charges interest and fiscal Other revenues Total nonoperating Income (loss) before operating transfers Operating transfers in (out) Net income (loss) s/fund Contributed capital and retained eatning ing of year balances at beginn Contributions from other governments Equity transfers from other funds Contributed capital and retained earnings/ fund balances at end of year $ 8,705,238 69793,181 3,789,115 2,654,080 _ 260,494 91707,755 3,789,115 8,705,238 19,287.534 2*654,080' 260,494 221,202r108b 2,244,159 3,975,989 449,805 582 579,284 659,438 11a,181,618 330,140 3,394.761 331 603,381 91,- 1,565,366 266,652 - _ 9,641,222 586 666 � 9� 11,143.819 5,594,652 6 708.19, _—_ 436,.064) (1,80S,537) (2.953) (1=�_ 903,524 272,105 645r3' ( 780,924) 2 102 �-- 71.591 645.419 194.191 274,207 —_ ------ — 2719254 (790.585) (1,61►.346)_ 703 932 � 00) (9079414) 240,354 (790.585) 29,142,578 14,61159966 3,101,462 2,905,471 797 1 t1 3�-2 �_ 3 15,7— ? 2'3 109877 429463.982� 6,669.953 119,350,304 3,729.52E 691012 1,595,366, 266,652 9,641,"2 1.506.920 25.44ft.662 (3.244k.5'J4«3 1.821.1086 (780.9241 ?3.693► 1,113f sg77 (2.130,6") --i2=m (1.652,645i 46.930.006i 2,905.4731 12.s509► 60,499,341 N Sea accompanying notes to financial statements. i Lflt Of MMts f`LOttOA s f�618�$ 3Eate�eE at 01+aa8ee to tiaaedial teettitNi � All tfepttetat► tuad iypae and 8itytilit ?tuft i►utsde 'teat aedea Saptamb6t 30, 1980 tidudiat? _..t!tdptiatatY..i►uad _?ybee toad . 6 Internal 9411f tilteeotise 8etvide ttgsututtte §eutdea of funds: Operations: Net income Item not requiring funds: Disposition of property, plant and equipment Amortization of bond issuance costs Funds provided by operations Issuance of revenue bonds Contributions from other governments Equity transfers from other funds Borrovings from other funds Increase in current liabilities payable from restricted assets Increase in vouchers and accounts payable Increase in accrued expenses (principally salaries) Increase in deferred revenue Increase in deposits refundable Decrease in deposits and prepaid expenses Total sources of funds Uses of fundst Operationst Net loss Funds used by operations Acquisitions and transfers of property, plant, and equipment Purchase of investments Payment of bond issuance costs Increase (decrease) in accounts receivable Repayment of borrowings from other funds Decrease in claims payable Retirement of revenue bonds Increase in inventories and other Decrease in accrued expenses (principally salaries) Total uses of funds Net increase (decrease) of funds See accompanying notes to financial statements. 240*334 lO5,b79 1,291,759 °� 133,737 1,532,113 60,000,000 - • 2,905,471 - • 11,323;347 7970162 1,800,000 - 3,143,280 - 240,530 101,693 - 36,697 35,S44 10277 4,069 - 4,849 - 10089 - 54,263 79,S91,980 2,466,562 560629 907,414 790,585 907,414 - 790,585 Mtb e-s lbEa1 (Mfi 6Paadu& Only) 240,354 1,397,438 28.058 1,665,850 60,000,000 2,905,471 12,120,509 1,800,000 3,143,280 342,223 73,568 4,069 5,938 54.263 82,115,171 11697,999 1,697,999 15,995,447 2,176,980 - 19,172,427 60,658,304 - - 60,658,304 .3,952,791 3,952,791 260,820 (116) 31,300 292,004 554,196 - 554,196 - 46,856 46,856 21,000 - - 21,000 - 98,929 - 98,929 31,283 31,283 $2,349,972 2,275,793 900,024 85,525,789 f (2,757,992) 190,769 (843,395) (3,410,618) A-12 +t, ter•., .,a r�,T.r.•, rr•re�•a-.�r .. ♦J nfsMCAC til�l�iY tt 91TT DF MUM I PtORIDA Mel to financial stateaaenti leptember 30, 1080 C 1 aett,...o,rd 06vernmental 8Muctufe The City of Miami, in the County of Dade, was incorporated in 1896, and eom= prises approximately 34 square dies of land and 20 square itilea of water. The City operates under a Commission/City Manager forts of $ovty ment and provides the following services as authorized by its charters public safety, public works, sanitation, recreation and community development. The County is a separate governmental entity and its financial statements are not included in this report. The Florida Legislature, in 1955, approved and submitted to a general election, a constitutional amendment designed to give a new form of government to the County of Dade. The County is, in effect, a municipality with governmental powers effective upon twenty-seven cities and unincorporated areas, including the City of Miami. It has not displaced or replaced the cities, but supple- ments them. The County can take over particular activities of a city's operations (1) if the services fall below minimum standards set 5y the County Commission, or (2) with the consent of the governing body of the city. Since its inception, the Metropolitan County Government has assumed respon- sibility on a county -wide service basis for a number of functions, including county -wide police services, complementing the municipal police service; uni- form system of fire protection, complementing the municipal fire protection; 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 public transportation systems into a county system; effecting a combined public library system; and centralization of the property appraiser and tax collector functions. The Department of Off -Street Parking and System are entities independent of the these entities are not included herein. Basis of Presentation the City of Mia..i: ? : t i —ent Plan and City. The financial statements of The accounts of the City are organized on the basis of funds and account groups, each of which is considered a separate accounting entity. :he operations of each fund are accounted for with a separate set of self -balancing accounts f that comprise its assets, liabilities, fund equity, revenues, and expen-t:'' ditures or expenses, as appropriate. Government resources are allocated tc1:1 and accounted for in individual funds based upon the purposes for which they ' are to be spent and the means by which spending activities are controlled. During the fiscal year ended September 30, 1980 the City adopted the reportiaj formats and the accounting for encumbrances required by NCGA Statement I Governmental Accounting and Financial Reporting Principles. Statement (Continues A-13 r . +.-• �. .�J wnMCnC+1 �� it is y i MY Of MtAMt, MRMA Rates to rinanoial Statements rGedeMends groupings of individual funds into SeNtie Mid types And the presentation of fund types in various statements referred to as "general purpose financial statements". Additionally, encumbrancesi Leto commitments related to unperformed contracts for goods or servicest 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 *he 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) $ 100970604 Plus encumbrances at September 30, 1979 3429695 Less encumbrances at September 30, 1980 t1,269,3.03) Excess of revenues and other financing sources over expenditures and other uses (actual -budget basis) $ 170,996 Summary of Significant Accounting Policies 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 ''und - Special Revenue Funds are used to account for the pro- ceeds of specific revenue sources (other than special assessments, expendable trusts or major capital projects) that are subject to certain legal restrictions. (Continued) A-14 w ..w• w.v• �.ry nC\a w\.1 /l ['C t!^t.l Vr i"M\ICUT 1.4 pOlMCl1C 7/1i�1 /Y 1� Rates to prandial Statements Debt Service foadr - Debt Service funds are used to account far the AcausulAtl6a of resources for, and the payment of, general lang-tars debt principal, interest and related costs. Capital Projects Funds - Capital Projects Funds are used to account far finan- cial resources to be used for the aw nisition or construction of major capital facilities (othei than those financed by proprietary funds). " PROPRIETARY FUNDS 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 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-tertm 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 included on their balance sheets. Their reported fund balance (net current assets) is considered a (Continued) A-1S —_ 3rdPROOF OF7/Z/eVX2S 4 +� MY Of MIAMI, FLORIDA Votes to Financial Statements malure of "available spendable resources". Governmental Fund apeiatittg StAtements present increases (revenues and other fiftaneing soutdel) and deemses (expenditures and other financing uses) id net auttent &$sets. Ateordingly, they are said to present a summary of sources and uses of ''avail- able spendable resources" during a period. Fixed assets used in Governmental Fr^d type operations (general fsXed 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 Government e'_ ".-' 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 (revenges) and decreases (expenses) in net total assets. A-16 (Continued) i R.F.P.I. P-8364 CITY OF MIAMI —OFFICIAL STATEMENT 3rd PROOF OF7/Z/6i/XI5 s MY at mumt, nonm Natal to Financial Statement h0fteiation has not been provided on fixed assets avned by the Ptaptietaty tuads as required by generally accepted accounting priueiples. 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 t:^,, ended i. not susceptible to determination at tIfts time. (0) 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 —i 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 commencing the following October 1. The operating budget includes proposed expenditures and the means of financing them. (2) Public hearings are conducted to obtain taxpayer comments. (3) Prior to October 1, the budget is legally enacted through passage of an ordinance. (4) Budgets for the General and Special Revenue Funds are adopted on a basis substantially consistent with generally accepted accounting pfinciples. Budgeted amounts are as originally adopted, or as amended by the City Commission throughout the year. (Continued) A•17 a F P I P-AUA r TTYnF Wt4,mi _r)FFtr tiAI CTSTF\IF►YT _. _ - Ird PROOF OF7/VBI/XtS i 0 Ot" Of MtAMto MR= Rates to financial Statements (2) Rtleufebrancee Seeusbraace accounting, under which purchase oirdeest contractat and other c*Mittnents for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is employed in the General Fund. Encumbrances outstanding at year-end are reported as reservations of fund balances s:_ce they do not constitute expenditures or liabilities. (f) Investments Investments are stated at cost or amortized coat, which approximates market. All investments consist of U.S. government obligations and time deposits with financial institutions. (G) Inventory Inventory is valued at cost on a first -in, first -out basis. Inventory in the Internal Service Funds consists of expendable supplies held for consumption. M Mortgage Notes and Loans Receivable , In February, 19789 the City Commission approved the Great Neighborhoods Program to be funded through the Community Development Block Grant. The Program, designed to operate over a three-year period, will provide low and middle - income families, residing in designated areas, with mortgages and housing improvement loans at low interest rates. The mortgage notes and loans are payable when the property is sold, or over terms from ten to twenty years, depending on the type of loan made. As of September 30, 1980, the City had disbursed $570,474 in mortgage notes and loans. A full allowance was established for this amount due to the City's lack of historical data on programs of this nature and : , questionable collectibility of the amounts. As funding for the program increases and more information becomes available, the City will reevaluate its allowance policy. (I) Accumu,ated Unpaid Vacation, Sick Pay, and Other Employee Benefit Amounts Under terms of Civil Service regulations and administrative policy, City employees are granted vacation and sick leave in varying amounts. Addi- tionally, certain overtime hours can be accrued and carried forward as earned time off. Due to the uncertainties relating to the timing and amount of payment to be made, the above liabilities are not recorded (see note 11). (J) Intragovernmental Allocation of Administrative Expenses The Ceneral Fund incurs certain administrative expenses for other funds includ- ing accounting, legal, data processing, personnel administration, engineering and other services. A brief description of the major components of such charges follows: (Continued) A-18 Ilk 19tff Of MUM# MAMA Dotes to fiaat ettl 9tatesents PtOJ4et Wfitgeetefit - Thhe public works bepartlaelit dhAtges U jar dapitat i2prOV624ftt pjrojeets of the City for design, surivey AM inapedtioe set- Vieel,- These charges are based on direct labor charges plus an averhead Uttar for administrative expenses of the engineering division, and totalled approximately $1,100,000 for fiscal 1080. + 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 changes approximate $1,600,000 for fiscal 1980. (1) Debt Service Funds Activities Included in the operations of the Debt Service Funds are collections of assess- ment liens. These revenues have been reported in the Debt Service Funds because they are restricted for the payment of principal and interest on certain bond issues. W 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 becm c ::eiinquent 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. 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 g9vernmental 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 i - - ---- ---- - -9 c P r P•Ru" CITY OFWASH — OFFICIAL STATEME"IT 3rdPROOF OF7/2/s1/X1S 111 • ' '!` fig' , P,ORM motes to pinane£at Statements Payment of rats to finance general governmentbbii obligation siong a rmt debt��fathe year principal and interest on general g +gee tax rate to finance gene ended September 309 1960, vas $10 per $1,0�0. 03 per $1,000. The 1981 tax rate governmental services in fiscal 1981 is $9• to has been reduced due to the signifid"t increase itt assessed valuations resulting primarily from the state-mat►dated reaasessmectt of all property 100% of fair market value. t3) Chan es in General Fixed Assets A summary of changes in general fixed assets follows: Deletions Balance Balance and September 30, September 30, 1980 1979 Add.- Tian____sfer $ 17,153,484 8880086 89,420 1'�,952,150 Land Buildings and 15,007,005 8,989,233 y 23,996,238 improvements Machinery and 8,877,817 5,122,509 29873,345 1191261981 equipment Improvements other 99,115,339 71872,272 475,886 1061511,725 than buildings construction in 50,788,975 24,975,217 30, 471,097 45,293,095 progress $ 190,942,620 479847,317 33,909,748 204,880,189 A-20 i tm PBnnR nD 7/1 /R1 /K l f p C P 1 P•216d !`PPV (�C \,11 a ��t .� 11GT1!'1 ! t CT' A'TR�AF►JT r Notes to ttemttl ItitaMrttti in ginitil iSht�tiEii dint it till f:it'! td! the - tusisur7 of bend ttiniietiiili i8d ochit thieigie the tiilaain& September 30, 19bbt lilt ended Sep .special bthit �nlal General al�tioa WA! t io6 ,Avenu6 li i 4 138,063,000 2,181,000 229,Oo0 596,921 tat,09t,921 Bonds payable At September 30, 1979 60,000,000 p llev bonds issuedc Convention Center and Parking - -60,000,000 ( 000) 0,7� 16 (41 ,179 Garage Revenue Bonds (10,1� 0) (41�000) 0 60,208,000 473 190,291,119 Debt retired 3 127,905,000 1,703,000 1980 = ==== Bonds payable at September 30, —_ September 30, 1980, including interest to amortise all long -tore debt outstanding a of .- The annual requirements S186,298,397, are as follows: payments of Year ending special Other General venue Parables Obligation total gapte_� �0 Obligation 2,605,150 139,000 17,348,472 1981 3 14,058,767 95,SSS 555 5,174,967 131,000 16,810,163 4390 125,000 22,470,520 20,661,S71 1982 1983 177,675 5,177,212 15,201,684 172,725 5,162,750 117,000 19,633,072 19,OS2,131 1984 14,180,597 167,775 5,162,677 113,000 13,608,679 25,908,344 52,000 80,431,479 1985 19865 472,950 53,997,985 2 25,998,54S - 62,344,351 45,419,915 1986-95 32,750,782 - 39,593,575 - t4,784,942 _ Bo,I�7,999 — 1996-2000 Thereafter 2,366,824 - 86,841,175 196,261,063 677,000 --� 376,5— 89— ,57 f 177,760,423 1,891,070 interest rate t/Wz to 31 to 6.5t to 6% 1�2% 4_1/10% 8.75t _ Oft anr l significantvarious limitationsminimumaamounts debt service Is to be maintainedto The various bond indentures contain Etov of monies through restricted accounts,: maintenance of and various sinking funds, and minimum revenue bond coverages. revenu A summary of debt service taquiremsnu follows' non-exempt property value and collections on debt out' General Obligation Bonds - Debt service is provided by a tax levy on proceeds of such bonds. fie total general obligation Financed by p t value. At September 30, i liens from Prof ects limited E the assessed non -exam P property to fifteen egntrogimately $923,00090009 providing a debt margin of app standing standiChai�tatutory Ltaistatute tation 1980, for the City was app imately $795,0000000. i (Continued) A-21 10 OTT OF MIAMI t F#.OMA Note! to Financial 9tateffietit3 MWai___Obligation Bonds C1) incinerator Revenue Bonds - Debt 3ervite ie being provided by d6neral Fund operating transfers. A reserve of $Wiiibfl must be wintaided. (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) fooled Cash and Investments The City maintains an accounting system in which al: and accrued interest are recorded and maintained in a separate group of accounts. All cash and investments, including accrued interest and interfund transferst 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 Petty cash and other A•22 $ 64,156,420 =- 34,823 S 64,191,243 (Continued) R.F.P.1. P:936/ CITY OF MIAMI —OFFICIAL STATEMENT 3rd PROOF OF 7/2/81/XiS a ! • etff of Mumto FtatbA Natel to plaafteial State tents Sank avetdtafts tiabiiity for payroll deduttinnt Other 24uity (deficit) of funds General Fund Special Revenue Funds Debt Service Funds Capital Projects Funds Enterprise Funds Internal Service Funds Trust and Agency Funds Self Insurance Fund 1,�f�9,4+DS 4f3$�,�32 (IOM828) 9,�30,305 4$,311,056 (10134,582) 2,239,690 (4p1221348) 5,137,752 $ 64,191,243 The liability for payroll deductions shown above represents employee salary, deductions for FICA, credit union, bond purchases, etc. This liability is not reflected in the accompanying financial statements since each fund's equity in pooled cash and investments amount has been reduced for its respective portion. (6) Retirement Plans The City has contributory pension plans covering substantially all employees. The Pension Fund charges each department of the City its respective share of: the required contribution which is disbursed by the Pension Fund to the retirement plans. During fiscal 1980 the Pension Fund charged the operating departments approximately $150400,000, of which approximately $14,300,000 represents the actuarial requirements of the plans under the funding policy adopted by the City. This funding policy included a 5% a year increasing amortization of prior service cost over 35 years. The City's contribution to the plans and the adopted funding policy is the subject of certain litigation (see note 9). Substantially all amounts funded were contributed by the General Fund, and the remainder by various other funds, principally Enter— prise, Internal Service, and certain grant funds. At September 30, 1980, the actuarially computed value of vested benefits under the plans as of the date of the last valuation prepared by the City's indepen— dent actuary exceeded the pension fund's net assets by approximateLy $84,005,000. (7) Self Insurance The City maintains a Self Insurance Fund to provide insurance fnr certain property and liability risks, group accident and health, and workers compen— sation. The City has continued to purchase outside coverage for certain exposures where the premium is small in relation to the coverage provided. The charges made by the Self Insurance Fund are not determined on an actuarial (Continued) A-23 _ R.F.P.1.P-8364 CITY OFMIAMI— OFFICIAL STATEMENT 3rd PROOF OF 7/1/81/Xis CtT? 0f MUM, pt,0ili0A gets• to financial Statements basis# The City believes the amounts charged in the accompanying 101antiai Statftents would not differ materially from actuarially determined amounts. The City's adcounting policy and amount of unpaid claims at September 30# 19$0# for the various ddverages# is explained below: (a) de+Aeral 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 $ 2#2110257 471t840 $ 2,685,137 (Continued) A-24 ant of Ktat i PURIM fetes to jieaaaiai Stata�eata Aaleunt included is �asarved juhd bala[teo SOO,000 ,jurtielftt loss - established by otdidanee= Workers Compensation - 10% of annual opsratin$ 347,915 dg t for this coverage. Group acal cident and health - 25a of exclusivethe of Aerating costs for this cover g , life, accidental death and disability for which 1i190i250 the City has outside coverage. General liability - 10% of the number of incidents reported during the year at actual average claim O cost. iM Of KtAlttr MUM B0taa to tieaaeial ItatNiBts (it3 i(t�iliE!_tltldEli'6P3H.,�E.It��E�t1 by lihat<eial data In the •atiaus Atittitiss 61 the Citf,i bta"tisa Nadi tdt the teat atidad 24ptedbat 96# 1980 is As 16110vot C6fiie8t i041 .._.Center Stadiums Marinas Auditoriums Calf Othata Total Oplt'atifts ravinuls �,....__ 16670,961 9961850 303,398 161,093 35,813 3,789,115 (1petatin8 expenses 668,829 2,485,671 939,221 713,147 785,784 5,594,652 Operating income (lost) (668,829) (814,710) 57,629 (411,749) (3.691) 35,813 (1,805,537) filet income (loss) (623,202) (374,281) 128,196 (133,I27) 66,130 29,870 (907,414) • Assets 811966,981 15,828,542 3,680,892 6,042,740 11536,913 444,396 109,500,462 bonds payable 60,000,000 - - - - 208,000 60,208,000 Blind equity 17,349,507 13,091,Z59 4,165,761 5,634,836 1,731,S00 2851119 42,463,982 (9) Lititaeion (a) Catea ve. 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 plane totalling approximately $30,000,000, including $8,000,000 in interest. The plaintiffs claim that the City levied property taxes for "pension or relief" purposes and was required to, but did not, deposit all such revenues i:ito the pension fund. Instead, a portion of these tax monies was used for the City's social security _ontributions, 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-relatad expenses. Summary judgment on liability was entered against the City on two of eight counts of the complaint on October 91, 1979, upon a finding by the court that monies taxed for pension or relief purposes were improperly used by the City to pay off tvo 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 vas granted. On January 20, 1961 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. Rovever, 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 $4.2 million over and above the amount actually appropriated by the City (Continued) A•26 .,ern, n.a.e. ``,+unto,.,•, ntT_t/^t.l CT.TCue47T _ t.+�/OMiAC7�1if1/K/a Nate$ to Financial 9tatesaftts far fiseal year 19so. The plaintiffs in each aatiot eotttend that tilt dity Ll tt4uired to contribute the amount that the pensida bdards dertify in Adeordance with actuarial reports prepared for the boards. The City Commission in September of 1979, adopted a policy limiting the increase in the portion of *he pension contribution relating to the funding of the unfunded past service posts 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 Fart 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 Com— 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 J.,/:_ 3oulevard. 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 Yew Trial. If the Court denies that motion the City will file its appeal i=ediately. The Court -has reserved jurisdiction to award FEC actornevs' :ees and costs. In a separate proceeding filed before the Incerstate Cammerce Conanission (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 rule ( Cont inuec A-27 (10) W ��� of MfAt�t�, fLd�itt)A Mateo to financial Statements that the FfC track is a "line of railroad" requiring a certifiene of abandonment from the tCC. The City has appealed that ruling to the United States Circuit Court of Appear fifth Circuit. On JAe►uaty 21# 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 p-ssession 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. Other r 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 opinion - (under the heading "Other") are based solely on the opinion of the Cit Attorney. Outside counsel has been retained to represent the City in t litigation referred to in (a), (b) and (c) above. Federally Assisted Grant Programs The City participates in a number of Federal and stare b:anL programs, p cipally of which are Federal Revenue Sharing, Comprehensive Employment Training Act (CETA), Community Development Block Grant and Economic Deve went Administration (EDA) grants. These programs are subject to financial compliance audits by the grantors or'their representatives. During the year ended September 30, 1980, the City rece,-7ed CETA funding in approximate amount of $8,800,000 to employ approximately 1,200 individu These individuals are employed in various departments, the activities which are accounted for in various funds. The contribution of these employees to the services provided by the respective departments to which are assigned is not reflected in the various funds' financial statements. amount of benefit provided by these employees is not readily determir although a majority is in support of General Fund activities. In December, 1980, an independent financial and compliance audit repor issued covering selected CETA contracts of the City as subgrantee ar South Florida Employment and Training Consortium as prime sponsor. This (Coat A-28 �IALSTATE�tENT 3rdPROOF OFI/2/s1/XL4 CITY dp Mt MI, FLORIDA #otes to Financial Statements Upoit covered, for the selected contracts, various petiodi thtOtigh $4pteebeit 309 19799 and questioned approximately $540#000 of costs, and tecomemended for disallowance approximately $455,000 of additional costs$ claimed for reimbursement by the City during these periods. The City is currently in the process of responding to the audit and defending specific items of questioned and disallowed costs. A final determination of monies to be reimbursed to the prime sponsor cannot be determined at this time. 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 may be disallowed by the granting agencies cannot be determined at this time. (11) C:mDitments and Contingencies (a) Employee Benefits The City has certain contingent liabilities relating to earned employee benefits. The amount of benefits earned and accumulated is governed by Civil Service regulations and administrative policy. The approximate amounts of these earned benefits are summarized below: Type Description Amount Vacation Normal vacation earned $ 2,6001000 Earned Time Additional time off earned by hourly employees for overtime hours worked 2,2001000 Sick Leave Normal sick leave accumulated 13,300,000 $ 18,100,000 The full amount of vacation time, if not used by the employee, is payable upon separation of service, subject to the following limitations: for employees in service at December 31, 1973 - all accumulations to that date, plus a maximum of 160 additional hours. for employees employed since December 31, 1973, a maximum of 160 hours. Earned time payable at separation is limited to 2100 hours. Sick leave payable upon separation is limited to a maximum of 960 hours, and is paid only if the employee has ten or more years of service. In -the case of sanitation workers, there are various limits based on years of ser-✓ice 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 not recorded. (Continued) A•29 I TTvngMIAMI-nFFICIALSTATEMENT 3rdPROOF OF7/2/St/XIS obi Notes to Finatci.al Statements bucint—Imidit In February, 1076, the Commission passed Aft otdineaoe Uhitb epptoved the issuance of $2500000000 General Obligation 96usiitg fonds of the City, lot the purpose of providing housing for families and persons, indluding the elderly, of low and moderate income. In addition, and purauant 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 $3449000 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 Conventio Center, officially designated the City of Miami/University of Miami Jame L. Knight International Center. The total estimated cost of the Conven tion Center, including a related parking garage, is approximate) $85,000,000. The City has entered into an agreement with the University of Miami to leas space in the Convention Center for a term of 30 years, including tw 30-year renewal options, for the sum of $2,500,000, payable as advan rent. The City has also entered into a lease and agreement for devela went with a private developer, of certain air space over a portion of t Convention Center for a hotel. In addition, the City has agreed with separate private developer, to lease air space over a portion of t parking garage for a 30-story world trade center. (Continu A•30 • • • •nMCIAL STATEMEMT 3rd PROOF OF 7/2/81i X 15 19 CITY OF MIAMI, FLORIDA Notes to Financial Statements Ift August 1980, the City issued $60,000,000 of Convelttlark Center afld Vatkit1g f lrage Revenue Bonds to finance a portion of the Cost of Cod*letiftg 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 11 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, 1990, th? 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 invarred 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 I CITY OF MIAMI — OFFICIAL STATEMENT 3rd PROOFOF7/2.'It/XIS r r] . CITY OF MIAMI, FLORIDA Mates to Fiaantial Statements Property takes for general operating purposed during 1980 vare levied at their maximum allowable millage (10 spills). For Eiscal 19$1, the assessed valuation of property its the City increased approximately 40% 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). 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 ability 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 expan— sion of revenue sources and containment of expenditures. A-32 r ` Of MtAMi, FLORIDA (eeeral fund g Balance Sheet fe�tel9�be! 30, i98+3 As. si .Equity in pooled cash and investments 4,388,732 - Receivables (net of allowances for uneollectibles of $2)424,997): 928,476 'taxes 11100,904 - Accounts Prepaid expenses $ 61423,338 Liabilities and Fund_ BalancA Liabilities: 10242,493 Vouchers and accounts payable Accrued expenses (principally salaries) 1,612,83I 845,634 -- Deferred revenue 38_ Deposits refundable Total liabilities 49085,409 Fund balances: 1,269,303 Reserved for encumbrances Unreserved: Designated for subsequent year's expenditures 500,000 Undesignated 568,626 Total fund balances 2,337,929 $ 6,423,338 A-33 91TV OF MIAMI, FLORIDA General Fund UgL' 26fit of Revenues And Expenditures a 8ud8et and AttuAl Year ended Septembet 301 1980 Revenue s 2 Taxes. General property tax) inaludifis penalties and interest Business and excise taxes Licenses and permits: Business licenses and permits Construction permits Intergovernmental: Federal grants State grants Other tntergovernmental: Engineering services Administrative charges Charges for services: Public safety Recreation Sanitation Other Interest Miscellaneous revenues: Sale of land Rents Other Total revenues Bud et $ 42)i94)8i9 2LM, Soo 65,976,385 3,825,179 1,3 5,191,420 1469377 12,350,675 2,066,050 14,563,102 19582,000 1,609,126 3,191,126 1,069,300 73,800 2,280,000 574.028 3,997,128 956 , 900 352,565 635,483 1.000,673 1,988,721 95,864,782 Vartanee Faverabie Ate (OefavnraWle) 42,6l9,426 23-9528, 753 6692089179 4,154,591 11438,896 5,593,487 5439402 12,637,425 1,698,824 14,879,651 1,686,026 1,656,158 3,342,194 920,832 84,063 1,876,372 412.111 3,293,3;8 877,042 267,565 695,288 1.466.898 2,429, 751 96,623,682 (11$)453) W, 247 231,794 329,412 72,655 402,067 397,025 286,750 (367,226) 316,549 104,026 47,042 151,068 (148,468) 10,263 (403,628) (161,917) (703,750) (79,858) (85,000) 59,805 466.225 441,030 758,9C0 (Continued) A-34 CMY—QEL- QFFICIAL$I,�+TEMENT 3rdPROOF OF7/Ll1/X15 �- t 1 8f MUM10 FLORIDA 9Ehedule Ail Ja'at. I i detletal fund Ibitement of Reveauel and Bapenditutes * Budget and Aatuai Variance favetable Bum Ae� tui1 lkafaynrable) Expenditutest Cenral government: Mayor and commission 353t240 354j807 533 City manager 10092,302 1,059i444 32,858 City clerk 421,182 436o900 (15,718) Management and budget 1y0330419 1p061,367 (27,948) Finance 1t4530389 1,519,127 (659738) Legal 772,564 767,730 4,834 Civil service 1470914 121,637 26,277 Human resources 1,069,193 1,050,110 19,083 Community development 681,039 719,948 (38,909) Tourism and promotion 6619809 697,178 (35,369) Computers and communications 2,321,903 2,519,943 (198,040) 10,010,054 10,3081191 (298,137) Public safety: Police 30t237,396 29,915,882 321,514 Fire 23,025,116 23,167,414 (142,298) 5392629512 53,083,296 179,216 Public improvementat Public works 8,8195514 8,824,328 (4,814) Building 1,886,290 1,884,245 2,045 Planning and zoning boards 776,925 739,488 37,437 119482,729 11,448,061 34,668 a Sanitation 15vl07,444 14,481,223 626,221 Culture and recreation 79150,767 7,378,219 (227,452) Uncollectible delinquent property taxes - 177,917 (177,917) Other: Employee benefits 2,907,631 2,587,519 320,11Z Special programs 899,543 806,308 _ 93,235 Miscellaneous 2,714,750 1,523,563 1,191,187 6,521,924 '1,917,390 1,504,534 Total expenditures 103,535,430 101,794,297 1,741,133 (Continued) A-3s i ... ....�.. ,..............••.c n.-.-...... r�..,•T••�`1R .. .��JAAAA{•AC1/71I�Iv,• AP MLAMt o FLOMA gebeduie A-'_ 30 e1 0eeeral fund Itet'amens of IfiVeaues and Expenditures . ladget and Aatual +�ar�tanee ravarabie au, �gut —Attukl ifskv_orab,le) (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 (706700648) (StMj613) 2,300,033 9t226,447 7t822,490 (1,4031957) (1,555,799) (1,554,271) 1,528 7,670,648 6,268,219 (1,402,429) $ — 1,0979604 11097,604 A-36 Pi: zgdii3._,A-3 r OF MiAMi, FLORIDA i i = General Fund 3itlElbnE of Changes in Fund galAaae Tear ended Septelber 300 i9�0 „e Fund balance at beginning of years as$41066 previously reported Adjustment to beginning balance pursuant to change in accounting method for recording 342.695 encumbrances outstanding 1i00�6,-761 Fund balance at beginning of year, as restated Excess of revenues and other financing sources if0979604 over expenditures and other uses 233,564 Equity transfers from other funds $ 2t337,929 Fund balance at end of year �_`4Y 11 1itAM'1 o FLORIDA a1 1al Special geveuue FuMb 0 i�i g 9elan" Sheet September 300 1 O Ag tue from other goverraents prepaid expenses Liabilities and Fund Balanc-e$ Liabilities: uity) in pooled cash and Deficit (eq investments Accounts payable Other liabilities Total liabilities Fund balances: ects Reserved for authorized pro Unreserved Total fund balances Damtavft Federal Developlent Revenue Shari�t Total �..-- A�thott $ 12,428 1,9770976 1,99004 1..._.. 3= 7 22 13.7 22 ------ 109779976 2t004,126 26,150 (44,806) 10967,634 19922,828 15 ,011 15;011 _ 4� 616 --------- 4,6a6 -- — — (259109 ) 19967,634 ---------- 1t94�' 9,543 9,543 41-_' 716 10,341 r.------ 52,1" 519259 619601 10,342 --------- g 26,150 1,977,976 290049126 4 A.38 I.r oonncnc+�+is� iYto Revenues t Taxer Interest latergoverumeatal Other Total revenues ,',, Expeaditureel %D Culture and recrestloa Other Total expenditures Excess (deficiency) Of revenues over expenditures L 1 Other financing Operating transfers out (Ueticiency) of revenues aver expenditures and other uses u fund balances at beginning of year. a as previously reported 7 A Adjustment to beginning balance pursuant t0 Schange in accounting method for recording 'n encumbrances outstanding Fund balances at beginning of year, J as restated 00 11 ~ fund balances at end of year i� 81c8arNx�slt t� CITY OF MIAMI, FLORIDIt Special Revenue Funds Combining Statement of Revenues, Rapeaditurer and Changes in Fund Balances - Budget and Act.-C Year ended September 30, 1980 Total Federal Revenue Shelia Yaaiaaaar 0ovntown Development Authoritz_ variance hvosa111 Yarisace Favorable Ac�m19 (llmt�aia%T—* Favorable —A (Unfavorable) — (Unfav Actwl (UnEav� 0 : 342,285 328,000 4.387 (14,367 4,687,829.824 7.908,786 523,864 2_s 126,195 61_Mj4I1 . (397,689) (20_p.s33) _ 7,908.786 7.829.824 1;128.113 SI9.993 120) (608,_ 948,935 518,794 278 90.333 1,128,113 609,177 (99,134) (89,134) 14111,393 140,393 330,141 4.154 188.84i _ 4,154 518,986 (89,134) 7',908,786 7,825,670 _ (1,9_ 0S.L786_) (7,9�•490) (89,1341 (146.520) =� ;Ts,274 151,274 _ 3.888 t51'.274 157.162' i..0.393 140,391 S t-0.393 51.259 (84,134) t,53+,274 L&.342 _ 342.285 326,0W 4.381 06,2i9 i9• (78.962) 8,432',670. 7,936,019 � 1 (20� 933`if _ (78,962) 261_944` 9.036,899 0,349.812 (60'r.m), _ 848,935 518.7' 94,4811 330.148 I84J k,128.k13 613,28t i14.�3Z (4.154) (83.116) 7.736.536 (k72,2S0) (63.7-1 (t 90g,786) (7 9_ 72=490)' (63'704)� (235.954): (235.954) (146,820) _ _ 2931.667 293.667 1"m Am 3r.888r ram- —�— 3.B8B1 1g3.663f —i �•— i@,608 ( 2�32.066�M 14?.663 h bebt 6etvita tunda teia; Baiaate Sheet �epteetise 30, 1980 Bquity is pooled cash and investtieata Receivables (net, vhara applicabla, Of allowances for uncollectibles of Taxes Assessment liens Liabilities and Fund Brlaatai Liabilities: Matured bonds and interest payable Deferred revenue Total liabilities Fund balances: Reserved for debt service Unreserved Total fund balances Coastal Otaale ottlittes Obligation Bowl tatieeeatar Iafviee Bondi Bondi Bondi itait_Bba�1e fatal $ 6,014,790 608,683 303,161 142,069 1,130,305 381,880 - 9,234 a 381,880 S $,465,904 608,683 #0#,�6# WtOO 10,121,419 a= 3,389,936 =_ #,389,936 �- 1)0.940190,940 - 3,580,976 • 608,683 250,000 187,538 1,046,221 4.$85,028 - 53,763 555191t 5,4 4 17 4,885,028 60 303,763 743,069 6,540,543 80465,904 608.683 303,763 743�,069 10,1?1.419 T l�1R bt ll t, noink Debt Service funds statement of lovaeuu, E:oe�itutiiy and Changes in fund Balances teas ended September 30, 1980 0 $ilialU66 Taxes taterest Assessment lien collections Other Total revenues Expenditures: principal retirement Interest and fiscal charges ert taxes pncollectible delinquent p p 7 Other Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources: Operating transfers in Excess (deficiency) of sourcerevenus and other financing sureas over expenditures fund balances at beginning of year fund balances at end of year ��Iiiii �r •_ General Orange S4"ite Obligation Bowl IncinitatOt �6tidi Total - Bonds Bonds Mud .. 16,692,347 b 16',692,347 73,164 29,605 78,380 1,498,030_ 1,173,152 �= 1,176,15 - - 561 1,173,152 - _ - - --.�- US 3=562 78,3 80 19,367,091 199185,942 73,164 29,605 ----'—"—�" �--- _ 173,000 150,000 10,638,000 10,160,000 155,000 12,975 42,412 7,310,SO1 7,235,230 19,884 _ _ 76,325 76,325 190 1—9 1�08 193 76 192,412 18,133,285 17,579,748 174,960 186,165 1,606,194 (101,796) (156,560) (114,032) 1,133,806g 186,250 19�;913 _ 380,16 1,606,194 (101,796) 29,690 79,881 663, 8B 1,613,9` 4,976.1, 3,2�78,8_3_4 71�0'-4-9 274,073 303,763 743,069 6,S40,S S 4,8859028 608,683 A-41 �•.sr�TE�1ENT 3tdPROOF OF'r/V81/Xl5 Cm Or mtmt. MUDS capital frojecto rewo Coobifting Balance, Must September 30. MIS ",agal Obli &CiOO I@Alk Siabwar Store Sanitary foliation Folice mocroaclow control F"'ititio, Facilities -IftEad2goor, vociliciew, Si lite sousing Car Pland, —9022mmesm assets Saware $twat@ 60 5.336.7 3.026.202 19.35S 1.369.M 3*.M 141.110 10.44r."a "�=6411111 1,3SS,"G 1.124,099 3.35?,350 5,306,"? gv,gy in pooled C.86 and lievestowage seceivables (mat, 1,bage applicable. Of log W-011ectibles of - 3r,"* snow 6110.80cas S566.7901 - - - - Uk"S &ccoomto 7.730.M Assassinate funds S,326.90y 3.026.2ox 1W.335 1,36W.90111 MUGO 160.186 D" Iran otbog 1.2".966 9.959.422 1.224.099 3.157.350 5,506.447 0 :4 > 4104 Fund Balanced 236,345 769.56S 380,1011 101,95% Few Toacbsts and OCCOM01910 payable > Accgwod *&pfuses (Pli 3.246 2.933 t.423,305 $1,423 - V."% Bad to otter foods - 181,943 891 309,160 263,436 104, 297.6m t.421.309 63.421 - 6".540 250.345 169,563 — — Total 998bilig"S — — low Jalsocoo (daticit)z 1,038.611 9.161.831 1.042,156 3,013,914 5,401,556 5.297.747 2.731,522 4y, ll.gtrvgd tog autbogised projects - (33,317) (26,109Y 967-1 Unreserved ),073,914 5,401.556 S,217,741 2.133.522 99.533 (33.311) (24.12911- 160.166 11,03a.196 Total food balanced (deficit) 1.036.621 — 9.189.113, — I.o4z.iJ6 — — — — 3.526.907 3.026.203 19.551 1.369,.9" MM 160.1" MOW" 1,111@,966 9#959,422 1,224.099 3.357.330 5.506, 447 I's 60% rft i ciTT w Miami. /1iu101 capital halacto F."O Sutoodst e0 0o000Me. *"W"ic traf - - .4 Aoape to F." SelaaaaO � for aMod 9puoYx 30, tSSO r ISO General OY11 one /OOsials (rt/Oaiio�l . - -- pOUco kites W Socfo.00 MaBbi, Gewneer n Vise Vega[#* /r-koide � �� hit Wry - Saxe Sao,"", roll.atw inetfrl pK tlitiee fK.1.[ie. Irov.neo[e Gataf M Vase itletae /tda.at4e - - 5�..�fa S._(a f3i.77r rtN✓f►f� Y7 p),I70 1.314.f)S 111.20) .02.316 110.N. aN.US _ 247,314 - 10, t.[ot0orr(.o..ut a0 r00 IY,Nf 2•Nr.tl� / tcao..toe cases ease( -- —M).7 i0 1. )It,S7� - t/1.JUI - WJ.)lY 1SS,J1S MY,MS - S)t.fd17 t.fli 123.3aY 36,IN Ifrtw.!!it ISTI 0.01S,N0 1,0 K.)S� to In 107.700 1,710.10J 11.fS0.3/r! l!?•171i•YIY/• , e.y..a tt rces - spigot protestsSOU (1, 042,3071 - (2,µS.i7a) t.S31 (1.414.03) l3Y,INl If.1S0' = teu.a (Muc..K7) o! MeaOwe (1.13J,1001 U.30t.Or71 /0i),1)11 (lW,NI) 0Sa,010 a..f ayeMttrMe 1 - - - U/Mf ttMxtl.3 eWf[er (.Mi)t to - - _ - (I,Sr0,1001 - (913,000) - - �—IVAN) (30.008 ),A2,20! lM.1MF Op.ro[i1.0 tuMl.to Op.tan.S lcaAafof/ ert -� _ ll,%0.)00) - - 1f77,0001 - —_ '[tt111 T.ul "hot (INKIa3 M.tGa/ t.Na) ---' Sac... 44.16c....c7, of .*..~a W u.,oa.:9ol /1,oaJ,3Y,) - (3,O1f.Y2a) 1.03) (I.Y7a..f3) (26.1891 412.141t r.Nl,Wi t1!•tdl►'.fNN Y2►2Wil� �� NK1069648 :the 1ttp NN Ytr Ooa[ (1.133.1011 43.301.043) (3.1$3) N (>��)rl/ f,12/.l•Y7 Y.fl2.1YY q.I.Y31.UY - 17r.S2! 1�.It+Y.f32a (jjajt esp.oduotes one xYa( .Mr S.IS0,110 IJ.aW.Y10 1.10T,)OS 3,102,315 1.10S,S46 6.268.0SY - - - tL MdillA � food Yalaoces at NSlroty of Tor - - N.SSf I33.)U1 11Y.lM1 IM.1/Y IT.t3/.ItSb YYy3-Ti /a sNt4 u.Ntrr• l[ol xMr I.We sod of lest — -- S 1.018,621 9.109,011 I.OaI.ISY ). o17,ttr S,a0t.3SY S,J17,/s/ - - 2.733.33t >•aats >� �� ►W blaocar taeftcttl at "1 „O "rl J !li¢Iledisl�E . 70 CITY or MIAMI, n0RID& ice.. . Enterprise Funds ,p i� Combining Balance Sheet September 30, 1980 Orange A Macias Stadium Miami Bawl stadium Stadium COAVeAt10A Center Mariws eivar rudit�o��. Colo Propertyibemll Assets O Current assets: S accounts receivable (net, where applicable of $84,746) i 13,524 4Z,026 386,567 — 53.23 E 43,797 _ Y allowances for uncollectibles of I3,524 42,026 386,567 — 53,27E 43,797 27,049 �s3� 3 Total current assets �— ---! Restricted assetat ! Cash and investments with fiscal agent, _ _ _ 60,658,304 _ 68af3/r,308r A , including accrued interest property, plant and equipments 4,83E 375,000 709,982 6,618,693 120,290 122,050 15, 000� — 77 9fs,80l1 s � Land 2,320,565 735,097 8,352,922 3,455,357 5,739,693 1,182,765 "4,3 9f 2i,1SOa.9!? y Buildings and improvements 120,990 37,834 283,762 3,568 46,963 117,000 269,819 878t,M18 r> equproipment Machinery and equipment machinery aConstruction 8,494 2,436,953 10,761,683 5,141 $3,280 E?s2f3,141t S in M— — — — 3.924.73] — — ` 3a` .71 Bond issuance toga 3 2.459,915 1,198,441 12,170,186 81,966,981 3.680,892 6,042,740 1,536,90 444,391b 109rS00Fif� EconeiwNll Liabilities and Fund Equit Liabilities: Current liabilities (payable from current aeeeta)f Deficit (equity) in pooled caab and investments Voucher• and accounts payable Accrued expenses (principally salaries) Due to other funds Deferred revenue Deposits and other 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 f6od equity I 2 CITY OP Mimi. FLORIDA Enterprise funds Combining Balance Sheet September 30, 1980 ftNNidtrt B1.1tr ft .a E Orange Merino Stadium Miami Stadium Bowl Stadium Convention Center marinas dudstociur Co18 mse w�`Oer ill f 253,029 83,646 602,799 1,270,865 (537.917) 367,137 9,987 (236,2M 31,221 (68,725) - 1.734.382 373,417 22,746 338 16,653 2,388 275,682 36,925 - 3,302 17,523 11,335 3,885 10,43E = 68,66s - - - 555 1,245,604 190,713 - - - 19,320 - 26,69S - - 20,000 r245,8" 257,483 - 4,820 - 2% - 4,849 276,113 103.247 2,3S1,923 1,274,194 (484,869) 407,904 (194,511'7)6 (40a72S) 3,685400 _ - - 1,875,880 - - - - 1,8730"D - - 1,267,400 - - - 1.267,400 - - - 3,143,280 60,000,000 - 200.000 60_ 205�,009 276,113 103,247 2,351.923 64,417,474 (484,869) 407a901i (196s50'i) 139,275 67,036,480 - 17,549,507 - _ - - 17,Sy9,S07 2,183,802 1,095.194 9,818,263 - 4,165,761 5,634,836 1,731,SOOk 28Sc L. 21,914.473 2,183,802 1,095,194 9,818,263 17,549,507 4,165,761 5,634,636 1,731,S00 285,11•• 42_443,962 : 2,459,91S 1,198,441 12,170,186 81,966,981 3,680,992 6,042,740 1,536.913 444,'_9,: l0y,S00,462 Operating revenues - cbargea for services Operating expenses: personal services contractual services Materials and supplies Heat, light and power l Intragovernmental charges Other 1 _ 0 Total operating axpen/e/ s A Operating income (loss) i j punopera a ng revenues (expenses), interest Interest and fiscal charges TI Other Total nonoperating revenues (eapenaes) Income (loss) before operating transfers ;, Operating trsnafera is Het income (lose) a >D Coatributed cspital and retained earnings at beginning of rear 95 Contributions from dtjher governments a gquitr transfers (to) from other funds s /( Contributed capital and retained earnings at end of year f i CITY OP MUNI, FiARID% gaterprise Fund/ Cabioiag Statement of t/ulnae/. gapsnsas and Changes is Contributed Capiul and 8ecaiwt d Lacsiog Year ended September 30. 1980 Orange Hacebamem 8lamf{sF1a Cooventioa CoIE !co et 3 • �t Mariam Miami Bowl Marines Auditoriusmx ,. StadCancer — Scadiw Stadium —ium H 303�_398 78:.093_ - 99�6.850 - •SD i _ s 7Z- l29'3� 1■463.3 _ __.L3 00 _ �a2f�/iS11 ` 7T.046_842.897 486,355 16,354 9, 6 428,466 3, 317 i� 71,532 52.346 7,119 28.603 53,515 21.819 g0,258 18,466 168,748 120,709 "'Sol 10,759 39,859 24,614 50,977 9,122 294 175,794 160,707 276,396 157,577 6■61y564,249 201.867 13 136492 —1376069 _SIS 19.753 —�774 --40.644 —223.786 765.784 ,j3>6�8i ]99,157 ]6I,636 l■878 • 724 668.829 9 19,221 715,147 �_ (3,691) — 3S.8D3s rD,8O9a33T ---�- (320.913) -- (232,289) (261,506) 668.824) 57,629 (41i. 749) — - -- - 5,964 F.26D - 40�aS2d► Q78Os924riM _ 22,549 512,34I 55.403 _ _ (14,200 7D gp (T66,720) _ I- 164 - � 02S - 4.656 S■li9 ISLS71 _ 4. 716 -�'_— 10.620 (6r� t9�a19D 5,159 181871 27,265 ♦5,627 70,567 23,025 - QD.6Ei.36ii1 �—'- (234,24]) (621• 202) 125.196 (363,724) 6,929 2f1,870j _ � g32p 754) (213,418) 592OI 219,134 17�0.000 (623,202) 128,196 (133.127) 66.130 29,870> (96. 6;;,) (43,418) (234.243) 256,249k D.6S0►138 24,I621,570 9,498,310 q,017,565 8.615,514 1,665,]70 - �r►4' 2,280.41: 1.138,612 _ _ _ _ _ 554,196 2,351,275 _ (b 650N )) ► ZY 3!Y^� _ (2■847zi51) �=—.- -- ♦ 165.761 $. 634,836 1,731.SOOr 28f.D19 — -�" s 2.18].802 1,095.194 9,818,263 17,5499507 • A Assets Current assets: Equity (deficit) in pooled cash and investments 3 Accounts receivable 1 pInventories '*1 Total current assets Property, plant and equipment: r v Buildings and improvements 4 Machinery and equipment A S t" Liabilities and Fund Equity �^1 Current liabilities. Vouchers and accounts payable Accrued expenses (principally salaries) Total liabilities a Contributed capital and retained earnings ,e (deficit) O M CITY Of MIAMI, FWR.IDB Internal Service Funds Combining Balance Sheet September 30, 1980 Public City Motor Property Psint Stationery cammunicatianw Properties Garage Pool Maintenance; Slkop Stock Heintenanae YOUR $ (60,690) 1,941,522 416,154 (239,030) (30,213) 25,565 266,382' 2,3".696 - - 421 11,498 - - 70 141A M 190,116 116,852 90,994 9 730 20:483) 39,293 64,858 44.366 330,818 491.351 2,743,030 (60,690) 2,031,638 533,427 (136,538) - 3,229,451 244,934 90,259 1,609 - - 3,366,253 32,413 5,676,311 3,307,068 108,569 76,209 - 613,606 9,314,176 4 (28,277) 10,937,400 4,085,429 62,290 57,335 64,858 944,424 16,123,439. 31,010 313,102a, 1,595 135,947 64,505 58,621 10,226 22,009' 4._792 27,383 I864649, 26„522 1.651 359 6.700r w & �3Ws9JW9r 6,387 163,330 83,154 85,143 11,877 22,368 27,718 (34,664) 10,774,070 4,002,275 (22,853) ;,459 42,490 916,706 15.wim $ (28,277) 10,937,400 4,095,429 62,29-, 57,335 64,11% 944.424 16,1n,4591 i Operating revenues - charges for services > Operating expenses: 'a Personal services + Contractual services > Materials and supplies Heat, light and power Other Total operating expenses Operating income (loss) Nonoperating revenues: Interest Other Total nonopersting revenues income (loss) before operating transfers M a Operating transfers in (out) V Net income (loss) Contributed capital and retained earnings (deficit) at beginning of year O ma`s Equity transfers (to) from other funds Contributed capita'ltand retained • earnings (deficit) at end of year r w CITY OF MIAMI, FLORID& Internal Service Funds Combining Statement of Revenues, Expenses and Changes in Contributed Capital and Retained EarUiGga Year ended September 30, 1980 Public City Motor Property Print Properties Cara a Pool Maintenance Shop $ 400,_446 2,902,353 2,198,433 1L960,846 166,518 374,400 1,119,976 827,579 1,205,199 82,843 7,243 66,581 37,834 322,144 26,299 58,896 1,337,739 1,444,146 268,989 68,117 1,564 54,163 22,889 5,916 1,174 7,130 113,318 121,078 254,676 3,719 449,233 2,691,777 2,453,526 2,056,924 182,152 (48,787) 210,576 (255,093) (96,078) (15,634) • 245,031 245,031 - - 190 (48,787) 455,607 (255,093) (96,078)' 05 AW (63,424) - 70.000 JZ.524 48,787) 392,183 255.09-3) (26,073; 17,080 1,243 11,204,786 3,434,469 (8,700); 28.378• 12.880 (822,899) 822,829 II,925 $ (34,664) 10,774,070 4,002,275 (22,853} 45,450 stationery Coemuuivatio" Stock Maintenance 205,108 871,534 13,677 352,315 224 199,113 173,534 43,346 - 5,625 973 85,772 188,408 686,171 16,700 185,363 _ 27,074 - 1.912? - 29,986 16,706 214,349 - E701.000)ti 16,7 144,34% 25,790 6' 42,4901 gl6om& afigas1e ft 51 Total 9.705.238 3,*75,989 639,430 3,324,767 91,331 586.664 8,708,191 (2,953) 272,105. 2.102 374,1 271,234 630:900y Z40,3511 14,685.9661 ?9T':162 >s5,7T3�,482 i Assets Receivables (net, where applicable, of allowances for uncollectibles of $1,064,721): n Taxes Accounts a S Mortgage notes and loans 1 Due from other governments 0 Prepaid expenses and other n op A Liabilities and Fund Balances S Liabilities: Deficit in pooled cash and investments vouchers and accounts payable 1 a Accrued expenses (principally salaries) �p Due to other governments Deferred revenue Deposits refundable Total liabilities Fund balances (deficit) I CITY OF HIAHI, FLORIDA Trust and Agency Funds Combining Balance Sheet September 30, 1980 Other Schedrut� 6�-i Pension Community Dever mp_ ent EEDl1 EicAl1 Grantor C-'Fll 39939 $ 3,939 _ _ _ - 2D8992681 2,189,268 - _ _ _ - 4,606,187 1,392,560 318.510 155,370 333,191 6�804'556 _ _ 4,556 _ 319 207 $ 2r 4,606,187 1,3 323,066 155,370 333,191 9,.003s581 143,082 3,304,165 733,003 165,583 135,754 240,761 4,72430 1,218,410 1,193,016, 268,779 50,311 13,a61 80,,7165 2,825,191 1 710 • 3$,.548 2209557 28,451 5,771 113,711 36.8,7486 150,805 - 12,127 _ _ - 12,500 A,479 1,970 - - 67,574 6U&I"j � 1,365,172 60 4,5 1, 281 1,37- 4,425 244, 345 155 8686 427,389 8,102,fi0! 828 035 70,398 181135 18 721 t (116) (94,197) 333,191 900.9+76► 9s,0039581 207 4,606,187 1,392,560 323,066 155,370 iIIIRIII•„^, �,+T,'�'�'""- ' ' '"""� ""'T 1111'Il!AIIAA!'IltillAlllPl l l..... .i I CITY OF MIAMI, FLORIDA Trust and Agency Funds Combining Statement of Revenues, Expenses MA Changes in Fund Balances Year ended September 30, 1980 u community CETA RDA LZAk Oft' Gr_antsa Pension Development Revenuess 3 - 8,685,370 8,861,688 897,476 _ 541,774 _ 1,984,795 - 20,973.1" 15,6T3.132 Intergovernmental grants 15,673,731 - - _ _ 156,562 5�8 Inteagovernmental charges Other 436,339 - - ---- 897,476 - 541,774 2,141,357 37.23T.?33 : 16,110,070 8,685,370 8,861,688 Total revenues i Expenses: _ 8.638,651 8,903,195 890,360 627,470 2.911,699 - I` ������ ,_ Grant and related expenses 14,273,007 - 39,012 Pension expense Uncollectible delinquent property taxes 38,012 - 646,956 - - _ 146,267 793,243 !� Other 14,957,975 8,638,651 8,903,195 890.360 627,410 3.057.986 37.075,63 Total expenses —"— Excess (deficiency) of revenues 1,152.095 46,T19 (41,50T) T,116 (85,696) (916,629) 162r.,098► ' f over expenses 470,176 47OP„!T6 Other financing sources:---- . Operating transfers in a Excess (deficiency) of revenues other financing sources over and 1,152,095 46,719 (41,507)' :,I16 (85.696) (446.453) ii33 T .2 e •� expenditures (324,060) 23,679 59,642 71,605 85, 580 428,48T 144,9033 4 Fund balances (deficit) at beginning of year (76,23,S) _i70�238 \ Equity transfers (to) other funds 828.035 70,398 18,135 78�,72t (116) (94.193) 900iN9rT� Fund balances (deficit) at end of year $ �s i t IAN i11A*1M "01 t itteeA i+:ncsfwa 6*6 0AR1'h RI PLAtA Uft it ANef6eb, 6ALYP: 961if �n �kitwNi W660; 1VCYi MITCHE.L , Pearry 014t U60++ PLAZA, Wti Y60k, N.Y.16658 tt!•3x#�6b6 MUR.. PHiia ( PROPOSED FORM OF LEOAL OPINIONS) J' = +A140A 6iilct 6A40t1tfi 6ARR bUIL61046 166$ A614L1t+ i5 OW& ♦AiNNA, PL64#6A 39661 MUF18p t: 61. -11114 6068 City CO=ission of the City of Miami, Florida Oettlemen: 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 �y7 • • • • I. • . • • • • • • • / • • • • • • • • • • • . i • i 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 1st day of August and February in each year, as follows: Year of Principal Interest Maturity Amount Rate fifty.eah df the 'MY Of MIMfii, P16rida Page 2 i Both the principal of and the interest en Said blinds, except the interest oh any bond registered Ad to both principal and interest, are payable at Chemical Bank, in the Borough of Manhattan, City and State of New York, or at lean American Bank, National Association, in the City of Miami, Piorida, 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. Said bonds maturing on or after June 1, 1992 are subject to redemption at the option of the Commission of said City on grid after June 1, 1991, in whole on any date, or in part in the i::Ievse order of their maturities (by lot within any maturity) on any interest payment date, at the following redemption prices, plus accrued interest to the date of redemption: Redemption Price Redemption Period (percentage of (dates inclusive) principal amount) June 1, 1991 to May 31, 1992....6.. 103 % June 11 1992 to May 319 1993.6.6.4. 102-1/20 ' June 11 1993 to May 31, 1994....... 102 ro June 1, 1994 to May 31, 1995....... 101-112100 June 1, 1995 to May 31, 1996....... 101 % June 1, 1996 to May 319 1997....... 100-1/2a June 1, 1997 and thereafter........ 100 ro installment of a voted and authorized issue of $........i............................... Bonds of The City of Mami, 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 far the issuance and sale of said bonds pursuant to the Constitution and laws of the State of Florida, including the Charter of said City city eawifigiem 6f PIP id cityMiami, r1ur taws of Pl6rid&5 19255 as (Chapter 108471 Spedic, iftding general that said bonds constitute valid and b ami for the Payment of which and the ti6ng of The city of Mi edxgpr Ofinterest thereon the full faab�ycthatallthe irrevocpledged, and The City of Miami are City of Mimi (excluding honem taxable property within The without the levy of an ad valorem tams steads) is subject to amounts for the payment of said limitation as to rate or bonds and the interest thereon' interest on said We are further of the opinion that the in taxes) and exempt from all present Federal income come thereon are exempt from income tax - bonds is exei d the in imposed by Chapter said bonds an Florida law) except as to taxes r Profits on debt ation under Statutes on interests income 0� in said Chapter 220, Florida I s as defined obligations owned by corporationis 220, Florida Statutes. Respectfully submitted, B-2 Cift dk MfAW PL61*1bA IWMWOPFIft 'MtM1bF*ANbUM ZA HdWdtd V, Gary OAtE Jutte 29 4 1981 RILE City Manager UNJECt Agenda tt@-fh for Approval A FROM Gai`ldaGarcia Acting biroctor of. IENCLdSUhES: This is to recommend that a resolution to approve the enclosed Preliminary official Statement for the issuance of $91150,000 General Obligation Bonds be approved by the City Commission. The City of Miami, in order to maintain its capital improvement plans, needs to sell $9,150,000 general obligation bonds on August 1, 1981. The enclosed preliminary official statement will be used to inform prospective bidders of this approved sale. This document has been pre- pared jointly by the law firm of Brown, Wood, Ivey, Mitchell and Petty, of New York, and the financial advisory firm of James J. Lowrey & Co.Inco, of New York, and the Finance Department of the City of Miami. Y f 1NTIER PPiCIt MEMORANDUM To Reward V. Gary bAfE June 25, 1981 City manager tuaAcf $ 911�00000 toad Sale FROM Cdrlog E. Garcia Acting Director of n - e ENClO$URE5. This is to recommend that a resolution authorizing notice of sale of $9,150,000 general obligation bonds be placed on the .duly 9, 1981 City Commission Agenda. The City as part of its capital program plan is involved in the develop- ment of storm sewers, housing and fire protection projects. The cash flow needs of these funds require that general obligation bonds be sold - by August 1, 1981, in the following amounts: Storm Sewer Bonds $3,000,000 Housing Bonds 4,400,000 Fire Fighting Bonds 1,750,000 $9,150,000 These funds will be uses as follows - Storm Sewer Bond Fund: Cash available May 31, 1981 $3,130,000 Bond Sale 3,000,000 Cash available after bond sale 6,130,000 Cash requirements from June '81 thru March '82 5,210,000 Projected cash balance at March $ 920,000 31, 1982 Housing Bond Fund: Loan payable to Capital Improve- ment fund (1,400,000) Bond Sale 4,400,000 Cash available after bond sale 3,000,000 Contributions to Dade County for - 3,000,000 housing purposes from June '81 through March 182 Projected cash balance at March '82 - 0 - ,rifficrightift fond J uftd.# tsoan payable to Capital tMproVe tent fund bond Sale Cash available after bond sale 0 This sale was originally planned in the amount of $190150,0001 and has been reduced to $9,150,000 in cohsideration of rates, ourreht high interest The components of the $9,150,000 are urgently needed either to continue ptojects already approved by the City Cot=ission, at to refund the loans obtained from the Capital Improvement fund which were intended to be of a short-term nature. GfG:hb