HomeMy WebLinkAboutR-79-0686RESOLUTION NO.
79-686
RESOLUTION APPROVING THE OCTOBER 15, 1979 OFFICIAL
STATEMENT FOR THE $6,750,000 BONDS OF THE CITY OF
MIAMI, FLORIDA DATED NOVEMBER 1, 1979.
WHEREAS, the Finance Department of the City of Miami (the "City"),
has prepared and submitted to the Commission of the City (the "Commission")
an Official Statement, dated October 15, 1979, containing data and
information respecting the City, Dade County and the bonds of the City
in the principal amount of $6,750,000, dated November 1, 1979, consisting
of $3,000,000 Sanitary Sewer Bonds, $1,750,000 Fire Fighting, Fire
Prevention and Rescue Facilities Bonds and $2,000,000 Storm Sewer Improvement
Bonds; and
WHEREAS, the Commission has examined and considered said Official
Statement; now, therefore,
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The Official Statement dated October 15, 1979 prepared
by the City's Finance Department containing data and information respect-
ing the City, Dade County and the bonds of the City in the principal
amount of $6,750,000, dated November 1, 1979, consisting of $3,000,000
Sanitary Sewer Bonds, $1,750,000 Fire Fighting, Fire Prevention and
Rescue Facilities Bonds and $2,000,000 Storm Sewer Improvement Bonds is
hereby approved in the form presented to the Commission for its consideration
and is ordered to be filed as part of the official records of the City.
Section 2. The Mayor of the City is hereby authorized and directed
to sign said Official Statement for and on behalf of the City in such
form, with such minor changes, insertions and omissions as he may approve,
and thereupon cause such Official Statement to be delivered by the
Director of Finance for use by the prospective purchasers of said bonds
in connection with the public sale of said bonds, and the signature of
the Mayor on such Official Statement shall be conclusive evidence of his
approval, as herein authorized, of any such changes, insertions and
omissions in said Official Statement. "DOCUMENT INDEX
ITS- i 1..0 11
PASSED AND ADOPTED this 17 th day of October , 1979. •
CT r? /
RALPH G. ONGIE
CITY CLERK
Maurice A. Ferre
MAURICE A. FERRE
MAYOR MEETING OF
—CITY-COMMISSION
OCT1 7 1979
aeOWT
ION 9 - 6 8
............
PREPARED AND APPROVED BY:
kae-i,td
ROBERT F. CLARK
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
11111111111111111111111111111111100
-2-
79-686
as
CITY OF MIAMI. FLORIDA
INTER•Or'FlCr MEMORANDUM
TO:
FROM:
Joseph P . Grassie
City Manager
DATCt
September 26, 1979.
sunJECt R esolution Approving the Official
Statement for the. $6, 750, 000 General
Obligation Bond Sale, October 30, 1979
REFERENCE9t,
Attached is a resolution approving the OfficialStatement regarding `the
$6, 750, 000 General. Obligation Bond sale, scheduled for October 30, 19.79;
consisting of:
Sanitary Sewer Bonds
Fire Fighting, Fire Prevention
and Rescue Facilities Bonds
Storm Sewer Improvement Bonds
Please place the resolution on the agenda of the October
Commission meeting:
JEG:JP:mb
Attachment (1)
cc: George F.
686
NOTICE OF SALE
$6,750,000 BONDS
THE CITY OF MIAMI, FLORIDA
$3,000,000 Sanitary Sewer Bonds
$1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
$2,000,000 Storm Sewer Improvement Bonds
Sealed bids will be received by the Commission of the City of Miami, Florida, at its regular place of
meeting in the City Hall, 3500 Pan American Drive; Dinner Key, Miami, Florida, until I I o'clock A.M.
Miami time, on Tuesday, October 30, 1979, at which time and place all bids will be publicly opened and
read, for the following bonds of the City of Miami, Florida, all dated November I, 1979:
$3,000,000 SANITARY SEWER BONDS,
maturing annually, November 1, without option of prior redemption, as follows:
Year of Principal
Maturity Amount
1981 $I60,000
1982 160,000
1983 160,000
1984 160,000
1985 160,000
1986 160,000
1987 ; 155,000
1988 155,000
1989 155,000
Year of
Maturity
Year of Principal
Maturity Amount
1990 $155,000
1991 155,000
1992 155,000
1993 155,000
1994 155,000
1995 160,000
1996 160,000
1997 160,000
1998 160,000
1999 160,000
51,750,000 FIRE FIGHTING, FIRE PREVENTION
AND RESCUE FACILITIES BONDS,
maturing annually, November 1, without option of prior redemption, as follows:
Principal Year of Prlaelpal
Amosut Maturity Amount
1981 S 95,000 1990 S 95,000
1982 95,000 1991 95,000
1983 95,000 1992 95,000
1984 95,000 1993 90,000
1985 95,000 1994 90,000
1986 90,000 1995 90,000
1987 90,000 1996 90,000
1988 90,000 1997 90,000
1989 ; 90,000 1998 90,000
1999 90,000
S2,000,000 STORM SEWER IMPROVEMENT BONDS,
maturing annually, November 1, without option of prior redemption, as follows:
Year of Principal
MIturIty Amami
1981 S 60,000
1982 65,000
1983 70,000
1984 70,000
1985 75,000
1986 ' 80,E
1987 85,000
1988 90,E
1989 95,000
Year of Pncd/al
Maturity Amount
1990 S 100,000
1991 105,000
1992 110,000
1993 120,000
1994 125,000
1995 135,000
1996 140,000
1997 150,000
1998 160,000
1999 165,000
Denomination $5,000; coupon bonds registrable as to principal alone or as to both principal and
interest; principal and semi-annual interest (November 1 and May I) payable at Chemical Bank, in the
Borough of Manhattan, City and State of New York, or, at The First National Bank of Chicago, in the
City of Chicago, Illinois or at Pan American Bank of Miami, in the City of Miami, Florida, at the option of
the holder or registered owner; general obligations; unlimited tax upon all taxable property within the City
(excluding homesteads).
Said Sanitary Sewer Bonds and Fire Fighting, Fire Prevention and Rescue Facilities Bonds were
validated by a judgment of the Circuit Court of Dade County, Florida, on February 22, 1977; and said
Storm Sewer Improvement Bonds were validated by a judgment of the Circuit Court of Dade County on
November 30, 1978.
Bidders are requested to name the interest rate or rates, not exceeding 71/2% per annum, in multiples of
1/8 or 1/20 of 1 %. Each bidder must specify in his bid the amount and the maturities of the bonds of each
rate, and all bonds maturing on the same date must bear interest at the same rate. Any number of interest
rates may be named, but the interest rate named for the bonds of any maturity shall not be less than the
interest rate named for the bonds of any earlier maturity. No rate may be more than two times the lowest
rate named in the bid. The interest on any bond payable on any interest payment date shall be represented
by a single coupon. No bid for less than all of the bonds offered or for Tess than par and accrued interest
will be entertained. The Bonds will be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the City, such cost to be determined by deducting the total amount of of any premium bid
from the aggregate amount of interest on all of the bonds from their date until their respective maturities.
Each bid must be submitted on a form to be furnished by the undersigned and must be enclosed in a
sealed envelope marked "Bid for $6,750,000 Bonds", and must be accompanied by a certified or bank
cashier's or treasurer's check for $135,000, drawn on an incorporated bank or trust company, payable
unconditionally to the order of The City of Miami, Florida, on which no interest will be allowed. Award or
rejection of bids will be made on the date above stated for the 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 his bid, but, in the event that the successful bidder shall fail
to comply with the terms of his bid, the proceeds will be retained as and for full liquidated damages.
Whenever such terms have been complied with the proceeds may be applied towards payment of the bonds,
or if it shall be found impossible to issue and deliver the bonds, the proceeds will be returned.
The approving opinion of Brown, Wood, Ivey, Mitchell & Petty, will be furnished without cost to the
purchasers of the bonds. There will also be furnished the usual closing papers.
Delivery of the bonds will be made on or about November 20, 1979 in the Borough of Manhattan, City
and State of New York, against payment therefor in Federal funds or other immediately available funds.
Copies of the Notice of Sale, bid form and the Official Statement may be obtained by application to
the undersigned at Miami City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida 33133 and
from Brown, Wood, Ivey, Mitchell & Petty, One Liberty Plaza, New York, N.Y. 10006, Attention: Joseph
Guandolo.
The right to reject any or all bids is reserved.
James E. Gunderson
Director of Finance
City of Miami, Florida
Denomination $5,000; coupon bonds registrable as to principal alone or as to both principal and
interest; principal and semi-annual interest (November 1 and May 1) payable at Chemical Bank, in the
Borough of Manhattan, City and State of New York, or, at The First National Bank of Chicago, in the
City of Chicago, Illinois or at Pan American Bank of Miami, in the City of Miami, Florida, at the option of
the holder or registered owner; general obligations; unlimited tax upon all taxable property within the City
(excluding homesteads).
Said Sanitary Sewer Bonds and Fire Fighting, Fire Prevention and Rescue Facilities Bonds were
validated by a judgment of the Circuit Court of Dade County, Florida, on February 22, 1977; and said
Storm Sewer Improvement Bonds were validated by a judgment of the Circuit Court of Dade County on
November 30, 1978.
Bidders are requested to name the interest rate or rates, not exceeding 71% per annum, in multiples of
1/8 or 1/20 of 1%. Each bidder must specify in his bid the amount and the maturities of the bonds of each
rate, and all bonds maturing on the same date must bear interest at the same rate. Any number of interest
rates may be named, but the interest rate named for the bonds of any maturity shall not be less than the
interest rate named for the bonds of any earlier maturity. No rate may be more than two times the lowest
rate named in the bid. The interest on any bond payable on any interest payment date shall be represented
by a single coupon. No bid for less than all of the bonds offered or for less than par and accrued interest
will be entertained. The Bonds will be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the City, such cost to be determined by deducting the total amount of of any premium bid
from the aggregate amount of interest on all of the bonds from their date until their respective maturities.
Each bid must be submitted on a form to be furnished by the undersigned and must be enclosed in a
sealed envelope marked "Bid for $6,750,000 Bonds", and must be accompanied by a certified or bank
cashier's or treasurer's check for $135,000, drawn on an incorporated bank or trust company, payable
unconditionally to the order of The City of Miami, Florida, on which no interest will be allowed. Award or
rejection of bids will be made on the date above stated for the 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 his bid, but, in the event that the successful bidder shall fail
to comply with the terms of his bid, the proceeds will be retained as and for full liquidated damages.
Whenever such terms have been complied with the proceeds may be applied towards payment of the bonds,
or if it shall be found impossible to issue and deliver the bonds, the proceeds will be returned.
The approving opinion of Brown, Wood, Ivey, Mitchell & Petty, will be furnished without cost to the
purchasers of the bonds. There will also be furnished the usual closing papers.
Delivery of the bonds will be made on or about November 20, 1979 in the Borough of Manhattan, City
and State of New York, against payment therefor in Federal funds or other immediately available funds.
Copies of the Notice of Sale, bid form and the Official Statement may be obtained by application to
the undersigned at Miami City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida 33133 and
from Brown, Wood, Ivey, Mitchell & Petty, One Liberty Plaza, New York, N.Y. 10006, Attention: Joseph
Guandolo.
The right to reject any or all bids is reserved.
James E. Gunderson
Director of Finance
City of Miami, Florida
Commission of the City of Miami
City Hall
3500 Pan American Drive
Dinner Key
Miami, Florida 33133
Sirs:
We make the following offer for the bonds of The City of Miami, Florida, mentioned below and
described in the Notice of Sale of said bonds, which Notice is hereby made a part of this bid, this offer
being for all of said bonds and not for less than all:
For $3,000,000 Sanitary Sewer Bonds, $1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities
Bonds and $2,000,000 Storm Sewer Improvement Bonds maturing and bearing interest as follows:
Fire Fighting,
Sanitary Fire Prevention and Storm Sewer Total
Year of Sewer Rescue Facilities Improvement Principal Interest
Maturity Bonds Bonds Bonds Amount Rate
1981 $160,000 $95,000 $ 60,000 $315,000 %
1982 160,000 95,000 65,000 320,000 %
1983 160,000 95,000 70,000 325,000 %
1984 160,000 95,000 70,000 325,000 %
1985 160,000 95,000 75,000 330,000 %
1986 160,000 90,000 80,000 330,000 %
1987 155,000 90,000 85,000 330,000 %
1988 155,000 90,000 90,000 335,000 %
1989 155,000 90,000 95,000 340,000 %
1990 155,000 95,000 100,000 350,000 %
1991 155,000 95,000 105,000 355,000 %
1992 155,000 95,000 110,000 360,000 %
1993 155,000 90,000 120,000 365,000 %
1994 155,000 90,000 125,000 370,000 %
1995 160,000 90,000 135,000 385,000 %
1996 160,000 90,000 140,000 •390,000 %
1997 160,000 90,000 150,000 400,000 %
1998 160,000 90,000 160,000 410,000 %
1999 160,000 90,000 165,000 415,000 %
We enclose herewith a certified or bank cashier's or treasurer's check, drawn on an incorporated bank
or trust company in the amount of $135,000 payable to the order of The City of Miami, Florida, which
check is to be applied or returned in accordance with the Notice of Sale.
The closing papers referred to in the Notice of Sale are to include a certificate, dated as of the date of
the delivery of the bonds, with reference to the Official Statement, as provided therein, and stating that
there is no litigation pending or, to the knowledge of the signer of such certificate, threatened affecting the
validity of the bonds.
(No addition or alteration, except as providedabove,.
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 partof this bid:
Aggregate amount of interest from date of bonds to final maturity
Less premiumbid, if any,
Net interest cost
Net effective interest_: rate
• • • • , '• •
The above good faith check has been returned and receipt thereof is duly acknowledged.
In the opinion of Bond Counsel, interest on the Bonds is exempt under existing statutes,
regulations, rulings and court decisions from Federal income taxes.
OFFICIAL STATEMENT
S6,750,000
THE CITY OF MIAMI, FLORIDA'
GENERAL OBLIGATION BONDS
$3,000,000 Sanitary Sewer Bonds
1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
2,000,000 Storm Sewer Improvement Bonds
Dated: November 1, 1979
Due:In Annual Installments
November 1, in the years
1981 to 1999, inclusive
Denomination $5,000; Coupon Bonds, registrable as to principal alone and also as to both principal and
interest; except as to fully registered Bonds, principal and semi-annual interest (May 1 and November 1,
first interest May 1, 1980), payable, at the option of the holder, at Chemical Bank, New York, New York,
at The First National Bank of Chicago, Chicago, Illinois, or at Pan American Bank of Miami, Miami,
Florida.
The Bonds will be 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 homesteads
to the extent of the exemption). The Bonds are stated to mature, without option of prior redemption, on
November 1 in each of the years, and in the principal amounts, respectively, as follows:
Year of Rate or Year of Rate or Year of Rate or
Maturity Amount Yield Maturity Amount Yield Maturity Amount Yield
1981 315,000
1982 320,000
1983 325,000
1984 325,000
1985 330,000.
1986 330,000
1987 330,000 1993 365,000
1988 335,000 1994 370,000
1989 340,000 1995 385,000
1990 350,000 1996 390,000
1991 355,000 1997 400,000
1992 360,000 1998 410,000
1999 415,000
Sealed, bids will be received by the Commission of The City of Miami, Florida, at its
regular place of meeting in the City Hall, 3500 Pan American Drive, Dinner Key, Miami,
Florida, until 11 o'clock, A.M., Miami Time, on Tuesday, October 30, 1979.
The Bonds are offered when, as and if issued, and subject to the approving opinion of Brown, Wood,
Ivey, Mitchell & Petty, New York, New York, Bond Counsel. A copy of such legal opinion will be printed
on the Bonds. It is expected that the Bonds will be delivered in definitive form on or about November 20,
1979.
Prepared by
City of Miami Finance Department
City Hall, 3500 Pan American Drive
Miami, Florida 33133
October 15, 1979
l.79-686
In the opinion of Bond Counsel, interest on the Bonds is exempt under existing statutes,
regulations, rulings and court decisions from Federal income taxes.
OFFICIAL STATEMENT
$3,000,000 Sanitary Sewer Bonds
1,750,000 Fire; Fighting, Fire Prevention and Rescue Facilities Bonds
2,000,000 Storm Sewer Improvement Bonds
Dated: November 1, 1979
ue: In Annual Installments
November 1, in the years
1981 to 1999, inclusive
Denomination $5,000; Coupon Bonds, registrable as to principal alone and also as to both principal and
interest; except as to fully registered Bonds, principal and semi-annual interest (May 1 and November 1,
first interest May 1, 1980), payable, at the option of the holder, at Chemical Bank, New York, New York,
at The First National Bank of Chicago, Chicago, Illinois, or at Pan American Bank of Miami, Miami,
Florida.
The Bonds will be 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 homesteads
to the extent of the exemption). The Bonds are stated to mature, without option of prior redemption, on
November 1 in each of the years, and in the principal amounts, respectively, as follows:
Year of Rate or Year of Rate or Year of Rate or
Maturity Amount Yield Maturity Amount Yield Maturity Amount Yield
1981 315,000
1982 320,000
1983 325,000
1984 325,000
1985 330,000
1986 330,000
1987 330,000 1993 365,000
1988 335,000 1994 370,000
1989 340,000 1995 385,000
1990 350,000 1996 390,000
1991 355,000 1997 400,000
1992 360,000 1998 410,000
1999 415,000
Seale bids will be received by the Commission of The City of Miami, Florida, at its
regular place of meeting in the City Hall, 3500 Pan American Drive, Dinner Key, Miami,
Florida, until 11 o'clock, A.M., Miami Time, on Tuesday, October 30, 1979.
The Bonds are offered when, as and if issued, and subject to the approving opinion of Brown, Wood,
Ivey, Mitchell & Petty, New York, New York, Bond Counsel. A copy of such legal opinion will be printed
on the Bonds. It is expected that the Bonds will be delivered in definitive form on or about November 20,
1979.
Prepared by
City of Miami Finance Department
City Hall, 3500 Pan American Drive
Miami, Florida 33133
October 15, 1979
' 79.686
r� �
MST 110111AL
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Miami — The Magic City. ()ne of the most beautiful cities in the world lies off Biscayne Bay. With its scenic Miamarina.
Miami is the hub city of a metropolitan area of nearly two million people.
1
T.-
THE CITY OF MIAMI
MEMBERS OF BOARD OF CITY COMMISSIONERS
MAURICE A, FERRE, Mayor
THEODORE R. GIBSON J. L. PLUMMER, JR,
ROSE GORDON ARMANDO.E. LACASA
CITY OFFICIALS
City Manager . J. R. GRASSIE
City Attorney ..: .. G. F. KNOX, JR,
Finance Director ..... J" E. GUNDERSON.
City Clerk , R. G. ONGIE
BOND COUNSEL
BROWN,: WOOD, IVEY, MITCHELL & PETTY
New York, New York
Additional copies of this Official Statement, the Notice of Sale and Bid Form, may
be obtained from J. E. Gunderson, Director of Finance, P.O. Box 330708, Miami,
Florida 33133, Telephone (305) 579-6350, or from Brown, Wood, Ivey, Mitchell &
Petty, 1 Liberty Plaza, New York, N.Y. 10006, Attention J. Guandolo, Telephone
(212) 349-7500.
This Official Statement does not constitute an offer to sell Bonds in any jurisdiction to any person to
whom it is unlawful to make such offer in such jurisdiction. No dealer, salesman, or any other person has
been authorized to give any information or make any representation, other than those contained herein, in
connection with the offering of these Bonds, and if given or made, such information or representation must
not be relied upon. The information and expressions of opinion herein are subject to change without notice
and neither the delivery of this Official Statement nor any sale made hereunder shall, under no cir-
cumstances, 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,
TABLE OF CONTENTS Par
Introduction .................................................................
Security, Authorization and Validation ................. • • • . • "' ..• • .. • • ..... • " ..„ . „ • , .. • 1 2-3
4
.. 4
Application of Proceeds of Bonds
Government of Miami; •
Background of Certain City Officials . • . • •
EconomicFactors.................................................................................................................................
Employee Relations .
Debt Structure66666.6666
Outstanding Bonds; Debt Service ..66646
Statement of Direct and Overlapping Debt . . • .. 23
Authorized but
Bonds not Issue . • • ..... 23
Ratio of Net Debt to Assessed Valuation and Per Capita Figures ...................... ....... 2425
Statement of Legal Debt Margin ....... 26
Tax Data ..... 27-30
Financial Information ....... 30
General Description of Financial Practices . ..... 30
Revenues and Expenditures • 31
Revenue Structure . 32-33
City Pension Funds . . 33-34
Risk. Management . . 35
Contingent Liabilities . ..... 35
Tax Exemptions . . ... 35
Financial Statements . 36
Closing Certificates .... .....................
36
Approval of Legal Proceedings . 36
Miscellaneous ...... ........................ . ..
36
Appendix A, Audited Statements: 37
Letter of Certified Public Accountants ..... ....'.......:.... .
41
Appendix B, statistical PP Statistil Comparison • � .. `Expenditures � ..:.:` ....: ..... . -107
of Ten Years Revenes and u
Description of ISSUer; ..... • ... • • • • • • • • . " " " 6
'
46616116666.416
This Official Statement does not constitute an offer to sell Bonds in any jurisdiction to any person to
whom it is unlawful to make such offer in such jurisdiction. No dealer, salesman, or any other person has
been authorized to give any information or make any representation, other than those contained herein, in
connection with the offering of these Bonds, and if given or made, such information or representation must
not be relied upon. The information and expressions of opinion herein are subject to change without notice
and neither the delivery of this Official Statement nor any sale made hereunder shall, under no cir-
cumstances, 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.
TABLE OF CONTENTS pale
Introduction ..........•••••••••• _
Security, Authorization and. Validation 1
Application of Proceeds of Bonds .
.. : .,,f .,. 4 4 4 I 4 .,. , ,. ... 1.... 2-3
Description of Issuer ..... • .. • • • , . • • • • 444464
Government of Miami . . • • •
Background of Certain City Officials , .... • . , . 5
Economic Factors ...:.......
Employee Relations..............................
Debt Structure .............. ..
Outstanding Bonds; Debt Service . •
Statement of Direct and Overlapping Debt ... . 23
Bonds Authorized but not Issued ..• • 23
p g
Ratio of NetDebtto Assessed Valuation and Per Capita Figures ..: .... .:`:.:.......... 24.25
Statement of Legal Debt Margin
4
4
5.14
TaxData ......... ..............
15
15
17-22
.............. 26
............. 27-30
Financial Information .......... 30
General Description of Financial Practices ... • ........
30
Revenues and. Expenditures... 31
Revenue Structure .
CityPension Funds......................................................................................................................................
Risk Management
Contingent Liabilities °:........................... .
Tax Exemptions .
Financial. Statements'..
........... 35
........ ............. 35
36
Closing Certificates . 36
Approval of Legal Proceedings . 36
Miscellaneous ......................................... ... 36
Appendix A, Audited Statements . :..... :: .
37
Letter of Certified Public Accountants ............. . .:::......'.
41
Appendix B, Statistical Comparison of Ten Years Revenues and: Expenditures • .. • 107
OFFICIAL STATEMENT
Relating to
THE CITY OF MIAMI, FLORIDA
$6,750,000 General Obligation Bonds
Consisting of
$3,000,000 Sanitary Sewer Bonds
1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
2,000,000 Storm Sewer Improvement Bonds
INTRODUCTION
The City of Miami, Florida (the "City") will offer for sale on Tuesday, October 30, its general
obligation bonds in the total principal amount of $6,750,000 (the "Bonds"), being parts 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.
The material in this Official Statement is presented in advance of the sale of the Bonds in order that
those interested in the purchase of the Bonds may have 'available information with which '
investment judgments respecting the Bonds.
The purpose of this Official Statement, which includes the cover page and appendices hereto, is to set
forth information concerning the City and the Bonds offered for sale.
SECURITY, AUTHORIZATION and VALIDATION
The Bonds will be general obligations of the City for which its full faith and credit is pledged, and are
payable from unlimited ad valorem taxes on all taxable property in the City (excluding homestead
exemptions for certain persons who are aged, disabled or otherwise qualified therefor).
The Bonds shall be issued under and pursuant to the laws of the State of Florida, the Charter of the
City and ordinances and resolutions of the Commission of the City. The Bonds have been authorized under
the provisions of the City Charter, including particularly Section 58 thereof, and certain ordinances and
resolutions adopted by the Commission of the City. The Bonds have been approved by the electors and
validated as follows:
The Sanitary Sewer Bonds were authorized by Ordinance No. 8573, adopted July 22, 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 Fire Fighting, Fire Prevention and Rescue Facilities Bonds were authorized by Ordinance No.
8571, adopted July 22, 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 Storm Sewer Improvement Bonds were authorized by Ordinance No, 8736, adopted January I,,
1978, were approved by the electors on M arch 7, 1978, and were, validated by judgement of th6 Circuit
Court of Dade County on November. 30, 1978. No appeal was taken,
APPLICATION OF PROCEEDS OF BONDS
$3,0004000 Sanitary Sewer Bonds
Ordinance No, 8573 authorized the issuance of $25,000,000 Sanitary Sewer Bonds for the Purpose of
paying the cost of improvements and extensions to the sanitary sewer system of the City, including the
construction, reconstruction and extension of sanitary sewers and other sanitary sewer improvements,
intercepting sewers, force mains, trunk sewers, pumping stations, outlets and connections to the sewage
disposal systern of the City, the relaying of any damaged street or sidewalks, and the acquisition of a
necessary land. $16,000,000 principal amount of such bonds has been issued and an additional installment
of $3,000,000 of such bonds is being offered hereunder.
Ordinance No. 8573 provides that a part of the cost ofthe sanitary sewer improvements for which the
munku,y sewer bonds authorized thereunder are to be issued may, if the Commission of the City ohoU mm
determine, 6nspecially assessed and /[ any such special assessments *huUbn1*viedthuo:6mr,theunnuu\tao
levy for the payment of such bonds may be reduced in any year by such amount as is held for such purpose
in u special fund in which the proceeds of such opcoiu| uosmoamcni uhuU have been deposited, The
Commission has not muJc any such determination with respect to any of such bonds including the
$3.000,0008oniiury Sewer Bonds offered hereunder.
�
~
The excavation for the expansion of the City of Nliami sanitary sewer system.
2
$1,750,000 Fire Fighting, Fire Prevention and Rescue Facilities Bonds
Ordinance No. 8571 authorized the issuance of $10,000,000 Fire Fighting, Fire Prevention and Rescue
Facilities Bonds for the purpose of' paying the cost of Fire Fighting, Fire Prevention and Rescue Facilities,
including the construction, reconstruction and improving of fire stations, an administration building and a
communication system related to the Fire Department and the acquisition of any necessary land and
equipment. $8,250,000 principal amount of such bonds has been issued and the final installment of
$1,750,000 of such bonds is being offered hereunder.
The City of Miami's latest fire fighting equipment.
$2,000,000 Storm Sewer Improvement Bonds
Ordinance No. 8736 authorized the issuance of $15,000,000 of Storm Sewer Improvement Bonds for
the purpose of paying the cost of the construction of permanent drainage facilities within the City. A
portion of the proceeds will be used to construct drainage facilities in conjunction with street improvement
projects in certain portions of the City. $5,000,000 principal amount of such bonds has been issued and an
additional installment of $2,000,000 of such bonds is being offered hereunder.
The construction of storm sewer improvements.
4-4
3-
•
An aerial view of Miami Cih Hall.
DESCRIPTION OF ISSUER
Government of Miami
The City of Miami has operated under the Commission -City Manager form of government since 1921,
The City Commission consists of five elected citizens, who are qualified voters in the City, one of whom
serves as Mayor. The Commission acts as the governing body of the City with powers to pass ordinances,
adopt regulations and appoint a chief administrative officer known as the City Manager.
City elections are held in November every two years on a non -partisan basis. At each of these elections
a mayor is elected for a two year term. Candidates for Mayor must run as such and not for the Commission
in general. At each election two members of the Commission are elected for four year terms. Thus, the City
Commissioners' terms are staggered so that there are always at least two experienced members on the
Commission, The City Commission appoints the City Clerk, the City Attorney, the City Manager, the
members of the Off -Street Parking Board and the members of the Planning and Zoning Board.
The City Manager acts as the administrative head of the municipal government and is responsible for
the proper administration of all affairs of the City. The Charter of the City of Miami places considerable
responsibility upon the City Manager. He is authorized to appoint and remove all departmental directors,
prepare the annual budget, investigate the affairs of the City or of any City department, reorganize the
administrative structure and recommend to the City Commission any policies which will benefit the health,
safety or welfare of the community.
Background of Certain City Officials
Maurice A. Ferre was elected Mayor in November 1973 and reelected in November 1975 and
November 1977 for two-year terms respectively. Mayor Ferre is 44 years old, 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 andcorporate consultant with interests in both the
United States and the -Caribbean.
Theodore R. Gibson was appointed a Commissioner in April 1972 and was elected in November 1973
and in November 1977 for four-year terms. Father Gibson is 64 years old. He 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.
Rose Gordon has served as a Commissioner since November 1971. Mrs. Gordon was educated in New
Jersey and Florida Schools. She is a registered real estate broker, appraiser and consultant, She has been
the owner of Rose Gordon Realty, Inc., Miami, for over twenty years. Mrs, Gordon is Treasurer of the
South Florida Regional Planning Council and is on the Steering Committee of the National League of
Cities and the Human Resources Committee, and is Vice Chairman of Health Systems Agency and Co-
chairman of Florida Board of Realtors, Urban Revitalization Committee.
Armando E. Lacasa was appointed a Commissioner on January 17, 1979. He is 43 years old and 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 November 1975 for four-year terms. Commissioner Plummer is 42 years old and a
graduate of Miami Senior High School and the Cincinnati College of Mortuary Science. He is Chairman of
the Board of Ahern -Plummer Funeral Home, Miami.
J. R. Grassie was appointed by the City Commission as City Manager on July 30, 1976. He served as
City Manager of Grand Rapids, Michigan from 1970 to 1976 and as Deputy City Manager of Grand
Rapids from 1968 to 1970. City Manager Grassie is 46 years old and a graduate of the University of
Chicago with both a Bachelor of Arts degree and a Master's degree in Political Science/Economics. He is
an active member of the International City Management Association.
James E. Gunderson, the Director of Finance for the City of Miami, was graduated from the
University of Illinois in Law and Accounting. He has extensive experience in both the private and
governmental sectors of the economy. Prior employment includes the University of Washington, Boeing
Airplane Company, Pierce County, Washington and the City of Grand Rapids. He has been associated
with Kiwanis, Elks, Lions and the Boy Scouts. He was a former School Board Director in the State of
Washington and also served as a Commissioner on the Governor's Crime Commission for the State of
Michigan.
George F. Knox, Jr., the City Attorney for the City of Miami, was graduated from the Michigan State
University and University of Miami, Florida School of Law. Prior to becoming City Attorney, Mr. Knox
was Assistant Professor of Law at the University of Arkansas. He is a member of the Association of
American Law Schools.
ECONOMIC FACTORS
The City
The City of Miami in the County of Dade (the "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 1978 estimated census population of the City was
344,393, representing 22,5% of the total population of Dade County,
The Climate
The temperature of Miami is essentially subtropical marine, featured by long, warm summers, with
abundant rainfall, followed by mild, dry winters. The average temperature in the summer is 81.4° and 69.1
in the winter, with a yearly average of 75.3°,
Government of Dade County
The following information and data concerning Dade County are significant in indicating factors
which substantially affect the City of Miami by reason of its status as the largest, municipality in Dade
County and the County's urban character.
The Florida Legislature in 1955 approved and submitted to ;a general election, a constitutional
amendment designed to give a new form of government to the County of Dade. The amendment was
approved in a state-wide general election in November of 1956, A Dade County Charter Board was
constituted and in April, 1957 it completed a draft of a charter for the County. The proposed charter, which
established a form of Metropolitan County government, was adopted in a county election in May of 1957,
and became effective on July 20, 1957. The electors of Dade County are granted power to revise and amend
the charter from time to time by county -wide vote, Since its adoption the charter•has been amended in
1961, 1962, 1963, 1966, 1967, 1969 and 1972. It now enjoys home rule subject only to the limitations of the
Florida Constitution and General State Laws. The County is, in effect, a municipality with governmental
powers effective upon the twenty-seven cities in the County and the unincorporated area. It has not
displaced or replaced the cities but supplements them, The County can take over particular activities of a
city's operations (I) 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 lire 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
planning and 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; regulation of all taxicabs within the County; effecting a combined public library
system of the County and eighteen municipalities, which together operate the main library, seventeen
branches and six mobile units serving forty-four County -wide locations; centralization of the property
appraiser and tax collector functions; furnishing data to municipalities, Board of Public Instruction and
several state agencies for the purpose of budget preparation and for their respective governmental
operations; collection by the Dade County Tax Collector of all taxes and distribution directly to the
respective governmental entities according to their respective tax levies; and prescribing minimum
acceptable standards adopted by the Board of County Commissioners and enforceable throughout the
County in such areas as environmental resources management, building and zoning, consumer protection,
health, housing and welfare.
Demographics of Dade County
The U.S, Census figures for 1970 show that the working group from 20 years through age 64 niakes up
54,1% of Dade County's population, compared to 52,3% for the entire United States, The percent of pop-
ulation 65 and over exceeds the national average by 3,8%.
AGE GROUP AS A PERCENT OF TOTAL POPULATION
1970
Age Group
0-5
5-9
10.14
15.19.
20-24
25-29.
30-34 ."
35-39,
40-44
45-49
50-54
55=59
60-64
65-69
70-74.
75 and over
Total
Transportation
The following table sets forth certain data concerning the movement of cargo and individuals into and
from the City.
United States Percentage Dade County . Percentage
17,154,337 8.4 86,172 6,8
19,956,247 9.8 107,062 8.4
20,789,468 10,2 113,205 8.9
19,070,348 9,4 103,050 8.1
16,371,021 8,1 89,329 7.0
13,476,993 6.6 75,785 6.0
11,430,436 5,6 . 71,059 5,6
11,106,851 5,5 73,200 ;5.8
11,980,954 5.9 83,372 6.6
12,115,939 6.0 82,701 6.5
11,104,018 5.5 75,701 6.0
9,973,028 4.9 69,635 5.5
8,616,784 4.2 64,804 5.1
6,991,625 3.4 62,213 4.9
5,443,831 2.7 50,155 4.0
7,630,046 3.8 60,349 4.8
203,211,926 100;0 1,267,792 100.0
PORT OF MIAMI
MIAMI
INTERNATIONAL AIRPORT
Number Air Cargo Air Mail
Cargo of (Ibs.) (Ibs.)
Year Revenue Tonnage Passengers Passengers (000's) (WO's)
1950 $ 355,199 194,633 61,377 1,387,142 67,160 6,391
1957.:.`: 597,482 318,001 120,732 3,980,534 202,814 14,428
1960 601,936 352,154 136,275 4,180,556 188,657 20,597
1970'. :: 2,380,579 794,144 569,366 10,660,815 513,823 64,811
1971 2,755,088 841,185 685,990 11,176,739 579,071 66,194
1972 " 2,842,933 779,591 678,397 12,076,000 636,893. 71,449
1973 3,700,182 1,205,454 . 851,164 12,776,011 709,776 69,766
1974 3,850,232 ` 1,301,052 728,201 12,443,885 778,006 68,120
1975 ... 4,517,946. 1,257,608 804,926 12,068,118 745,453 68,233
1976 4,956,670. 1,525,095 1,029,687 12,884,153 807,791 69,218
1977 ` 5,374,978 1,711,535 947,093 13,736,500 907,390 69,856
1978 .::6,236,385 1,756,850 982,275 15,891,402 1,057,802 72,247 .
Source: Economic Society of South Florida.,
ft
The Port of Miami with a full house of cruise ships.
Port of Miami
Eight terminals accommodate the seven cruise lines which dock their 16 permanent and five seasonal
ships.
The Port's contribution to the community is not solely economic in nature. It also strengthens Miami's
role as the Gateway of the Americas. As an international community, Miami is looking more and more to
the shipping industry to advertise and promote commerce throughoutthe community. This is evident by
multinational companies locating overseas offices in the area, supported by the foreign banking depart-
ments of local banks and 14 Edge Act banks, thus establishing Miami as a major international center.
Miami International Airport
Miami International Airport experienced a 20 percent increase in passenger traffic during 1978,
averaging more than 45,000 passengers per day through the terminal and its seven concourses.
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.
Business and Industry
Dade County in recent years has begun to shift from a tourist -oriented economy to an economy with a
more varied economic base. Industry and manufacturing are becoming stronger forces in Dade County.
While the County's share of Florida's expanding 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 in-
dustrial 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.
The following chart gives the September 30, 1978 estimated employment in non-agricultural establish-
ments in Dade County, Florida. These figures are compared with the corresponding figures for September
30, 1977, 1976, and 1975.
569,800
82,600
32,500
3,600
2,600
6,100
7,900
2,800
9,500
50,100
7,100
18,000
6,500
18,500
21,000
584,000
84,800
34,600
4,000
2,800
7,800
8,000
3,400
8,600
50,200
7,100
21,400
6,600
15,100
37,400
57,300 55,100
1,500
6,100
25,600
7,300
16,800
145,000
42,700
102,300
3,200
20,900
16,700
2,300
6,300
23,000
6,400
17,100
148,900
41,800
107,100
3,900
25,100
15,500
11,500 11,800
7,100 8,100
5,800
25,600
11,500
5,400
25,500
11,800
43,500 45,600
ESTIMATED EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS
DADE COUNTY, FLORIDA
the. State of Florida Department of Commerce in Cooperation
with the U.S. Bureau of Labor Statistics)
TOTAL ............ i . . . . . . . . 44 „, .. .
MANUFACTURING .. ....,,
Durable Goods .
Furniture & Fixtures..
Stone, Clay & Glass Products ... ..
Fabricated Metal Products ...•... .
Machinery (2) ....................:..... ;..
Transportation Equipment .. ...
Other Durable Goods .......
Nondurable Goods .................. .
Food & Kindred Products ..........
Apparel & Other Textile Products
Printing & Publishing
Other Nondurable Goods ...... ,
CONTRACT CONSTRUCTION
TRANSPORTATION,
COMMUNICATION & PUBLIC
UTILITIES ....................
Local & Interurban Passenger
Transit.................. .
Trucking & Warehousing. ...
Air Transportation ....... .
Other Transportation .... .
Communications & Public Utilities .
TRADE ...............4008.40464.
Wholesale Trade ..........
Retail Trade ............ .........:..
Bldg. Materials & Farm
Equipment ..............
General Merchandise .. . .
Food Stores .............
Automotive Dealers & Service
Stations ................
Apparel & Accessory Stores
Furniture, Home Furnishings
Stores..................
Eating & Drinking Places
Miscellaneous Retail Stores
FINANCE, INSURANCE &
REAL ESTATE .............. ....
September
1978
Estimated Total Employment as of:
September September September
1977 1976 1975
629,600 586,500
93,100 87,800
39,100 36,500
4,000 3,500
3,000 2,700
7,600 7,600
8,600 10,700
2,700 3,800
-0- -0-
54,000 51,300
5,900 6,700
19,100 18,500
7,600 7,200
-0- -0-
33,000 23,900
61,700 59,100
1,900 1,600
6,100 6,300
26,5013 25,900
-0- -0-
16,400 ` 16,100
160,700 149,700
48,700 45,700
112,000 104,000
3,900
16,800
14,300 12,500
8,900 ;, 7,200
4,100
30,200
13,600
46,200 43,300
20,200
3,500
21,200
17,000
4,500
26,700
11,400
(Continued)
SERVICES & MISCELLANEOUS . , 145,600100
Hotels & Other Lodging Places ..... , . • , , . , . . 15,
8,200
Personal Services ............ .. " •• '
....
Miscellaneous Business Services . . ........... E..•. 24,500500
Motion Pictures ............... .. '
7,200
Amusement & Recreation .......... .
Medical & Other Health Services.. ., 37,600
Other Services & Miscellaneous - - -0- 45,200
Industries ................
89,300 96,80084,400
Government
(I) All industries are classified according to the Standard Industrial Classification Manual, 1967. All data
are adjusted to first quarter 1975 benchmark levels,
(2) Includes both electrical and non -electrical machinery,
38,900 136,000 137,800
15,800 15,800
7,900 7,400
21,200 22,200
1,100 1,400
6,000 7,800
36,700 36,200
20,800
9,100
21,900
1,400
7,700
34,000
42,900
74,400
The ten largest private employers in the County are:
Eastern Air Lines . .. 12,500"
Southern Bell Telephone Co. 10,158
National Air Lines Co.. 5,300
Southeast Banking Corp.. 5,285
t3urdines . 4,8f30
University of Miami 4,805
Florida Power & Light Co, . 4,398
Sears 3,059
Delta Air Lines ..................... 2,700'
Mount Sinai Medical Center 2,407
Adding to the County's diversified economic base is its growth as the location for many national and
international firms doing business in Latin America. Among firms having substantial properties in Dade
County are such corporations as Dow Chemical, Gulf Oil Corp., Owens-Corning Fiberglass Corp.,
American Hospital Supply, Coca-Cola Interamerican Corp., and Ocean Chemicals, Inc., a subsidiary of
Rohm Haas Co.
Other national firms which established international operations or office locations in Dade County are
Alcoa International, Ltd., Atlas Chemical Industries, Bemis International, Dymo, Inc., International Har-
vester, Johns-ManvilleInternational, Minnesota (3-M) Export, Inc., Pfizer Latin American, Royal Export
and United Fruit.
per Capital Personal Income
Dade County and Other Areas
19511 1965 1969 1970,,
1974 1975 1976 1977,
U.S.A. ............. .$1,496 2,760 3,688 3,920 4,157 5,023 5,486 5,903 > 6,441 7,026
Sou theist ...........`$1,022 2,099 2,916 3,163 3,404 4,308", 4,740 5,054 5,544 6,057
Florida........... $1,281 2,442 3,525 3,584 4,034 5,041 5,406 .' 5,640 6,108 6,697
Miami' area ........ $1,650 2,790 4,054 4,428 4,706 5,862 6,375. 6,455 6,931 7,755
Miami/USA .`:....... 1.10% 1.01 1.10 1.13 1.13 1.17 1.16 1.09 1.08 1.10
Source: Dade County Planning Department.
Average; Labor Force Summary
(Greater Miami)
1976
Civilian Labor Force
Employment ..
Unemployment .
Unemployment Rate
*as of April 1979
Source: Florida Department of Labor and Employment Security.
1977
Agriculture
A significant factor of the economy of Dade County is its agricultural production. Dade County leads
Floridain the production of limes, avocados, mangos, tomatoes and pole beans for fresh market. The mild
climate allows crops to be grown and harvested during winter months. An average of more than 100 million
dollars of agriculture products are produced annually, and the total retail value of these products is
estimated at approximately 300 million dollars. Millions of dollars are generated each year in the marketing
and distribution of these products. It has been estimated that farmers purchase goods and services within
the County in excess of 50 million dollars.
691000
613,000
78,000
11,370
672,000 681,700
609,000 621,100
63,000 60,600
9.47o 8.9%
1978
688,034
639,847
48,1s87
7,0%
1979*
697,500
650,800
46,700
6.77o
Financial Institutions
There are 71 banks located in Dade County which
deposits.
Source: Miami -Metro Publicity & Tourism
togetherhave a total of over $7,000,000,000 in
Demand` Deposits and Bank Debits
Number
o(. Total Total
fear Banks Demand Deposits Rank Debits
1960 36 $1,150,924,000 $15,682,000
1965 63 1,744,453,000 21,869,000
1970 68 3,257,368,000 46,086,000
1971 71 3,614,491,000 55,129,000
1972 77 4,432,841,000 62,168,000
1973 83 5,193,728,000 80,030,401
1974 91 5,493,965,000 91,205,336
1975 93 5,296,569,000 90,037,666
1976 95 5,526,615,000 95,569,000
1977 98 6,489,006,000 *
1979 71** 7,008,649,000 *
*Discontinued by Federal. Reserve Board System in 1977.
**The current listing of banks merged all of Flagship Banks together and also.
Banks.
Source: Economic Society of South Florida.
all of Pan American
location
Dade County is also increasing as an international
as Bank of Americas
Bank off, Bo one Bankers
in the County of such major northern and western banks
Trust Co,, Chase Manhattan Bank, Citizens and Southern Bank, First National City Bank, Irving Trust
Co„ Northern Trust Co. and The Wells Fargo Bank. The inan cal transactionseral Reserve in n the Soustem has thated a Flor'daranch
area.
office in Dade County to assist the Atlanta of
Such branch received full branch status on July 1, 1975. There are 13 major overseas Edge At banks
banks that
have moved to Miami. The Federal Reserve Edge Act amendment, adopted in 1919, permitted
to
open international banking subsidiaries outside their home states.
Building Permits
Building permits issued in Dade County and the City since 1971, are as follows:
City of Miami Dade County
Veer (off s) (000's)
1971 156,239 760,228
1972 241,967 1,296,235
1973 190,026 1,119,141
1974 113,619 786,760
1975 60,750 404,585
1976 80,744 506,798
1977 97,151 460,689
1978 105,064 651,482
Source: Economic Society of South :Florida.
AMENITIES
Education
Dade County provides educational facilities on primary, secondary and
Colleges anduniversities located within the area are:
University of Miami
Miami -Dade Community College
Florida International University
Barry College
Biscayne College
Public. School enrollment, including both primary and secondary
School Enrollment
Public School System
1971
1972
1973
1974
1975
1976`.
1977
1978"
college levels.
levels, since 1971 is
follows:
245,275
242,190
244,565
246,548
243,444
239,806
235,123
228,592
Medical Facilities
There are 42 hospitals located in Dade County.
Recreation
The Miami area is famous for its sailing, deep sea fishing and hunting in the Everglades National Park.
Athleticsfor 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,
Tourism
Tourism is, and will be for the near future, an important economic force in both the County and the
City. 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 too numerous to detail - have made the area a tourist mecca, The City is also one of the major
convention centers in the United States,
Miscellaneous
Data which reflects the growth of the economy of Dade County since 1950 is presented in the following
table.
DADE COUNTY, FLORIDA
WATER ELECTRJC11TY : TELEPHONES
Number Consumption K W H Number Motor Post Sales Tax
of Millions of Sold Commercial Residential in Vehicle Office Collections
Year Water Meters ''Gals. (000's) Customers Customers Service Registration Receipts (000's)
1950 59,613 18,081 780,295 19,233 144,902 200,687 222,839 $ 5,677,073 S 12,763
1955 77,637 26,070 1,714,338 23,919 220,003 325,853 377,093 9,868,686 22,622
1957 83,291 " 29,290 2,319,301 26,046 254,013 419,928 448,736 12,101,825 32,639
1960 86,918 32,440 3,344,041 28,993 288,987 516,715 492,999 17,396,609 41,666
1965 92,657 51,310 5,121,535 31,472 341,328 649,457 603,349 25,429,331 58,942
1966 94,516 45,957 5,676,151 31,937 354,300 689,937 633,402 27,091,324 63,703
1967 96,185 48,601 6,294,814 32,351 361,262 740,540 671,210 28,641,261 69,807
1968 97,170 50,127 7,153,631 35,296 383,455 792,654 730,922 34,553,865 99,703
1969 98,180 50,044 8,165,989 37,746 401,922 859,684 796,455 37,322,879 129,241
1970 100,035 55,879 9,134,181 39,452 419,957 918,131 823,442 39,404,520 140,227
1971 104,221 58,073 10,117,519 41,955 443,419 995,606 863,564 45,251,523 155,001
1972 105,166 59,558 11,237,948 43,882 466,814 1,092,960 925,881 51,304,014 178,565
1973 117,807 64,785 12,164,376 50,010 488,642 1,181,573 995,000 51,679,418 193,845
1974 120,936 69,020 12,162,021 52,594 501,040 1,216,761 1,009.855 59,889,081 233,487
1975 122,870 69,437 12,416,964 53,334 494,269 1,235,015 1,040,047 71,088,591 218,347
1976 126,500 70,770 12,388,600 55,200 511,900 1,251,390 1,200,212 78,807,661 224,801
1977 130,500 71,774 13,032,900 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
Economic Society of South Florida
rx..........
An aerial view of downtown Miami, including the Miamarina yacht basin.
Principal Governmental 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.
The Police Department is the largest department of the City. In addition to law enforcement, it
provides personnel training, developing of new information, computer systems, criminal investigations and
improving relations between the Department and the community it serves.
Other .services performed by the City are garbage collection; sanitary sewer, storm sewer, and highway
construction; tourism, trade and commerce promotion; planning; and building and zoning inspection.
Principal Facilities of the City
The City maintains 87 parks having an area of 836 acres, and two golf courses. It operates and
maintains the Orange Bowl Stadium; the Miami Baseball Stadium; four City -owned marina facilities
providing 685 berthing facilities; the newly renovated Dinner. Key Exposition Building, and the Bayfront
Park Auditorium.
Capital Improvement Plan
The 1978-1984 Capital Improvement Program of the City includes 175 projects totaling $243,704,000
in value. There has been an increase in programmed spending in the number of storm, sanitary sewer and
street projects scheduled in the latter years of this program.
In addition, the City has undertaken the construction of a Convention Center using the proceeds of its
general obligation bonds in the principal amount of $4,500,000, which bonds were sold on April 10, 1969.
The City contemplates using its revenue bonds to complete construction of the Convention Center and of
an associated parking garage and connecting walkway. These revenue bonds will be secured by revenues
derived from the Convention Center and the parking garage, including revenues derived from rent and
other payments made pursuant to the provisions of a Lease and Agreement for Development with a
developer of a hotel to be constructed through the use of air rights over part of the Convention Center, and
by other revenues of the City exclusive of ad valorem tax revenues. Also, the City will receive as advance
rent the sum of $2,500,000 plus certain earnings thereon from the University of Miami for space rented in
the Convention Center as a conference center,
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 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, presently being
constructed, 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 587; and the other with the American Federation of
State, County & Municipal Employees, Local No. 1907.
The Sanitation Employees Association and the City, have recently
terminating October 1, 1982.
entered into a 3-year'agreenient'
All of these agreements provide for increases not to exceed 6% on the second and third years of the
contract, and there are neither cost -of -living escalator clauses or any economic reopener clauses.
Further negotiations are precluded by a waiver clause (the waiver precludes reopening the contract),
and all the employee organizations enumerated above specifically 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
negotiations and contract administration during the term of these agreements. `.
DEBT STRUCTURE
Procedure for Tax Levy and Tax Collection
Real and personal property valuations are determined each year as of January 1 by the Dade County
Assessor of Property at just value. A notice is mailed to each property owner indicating the property
valuation. The property owner has the right to file an appeal with the Dade County Clerk of the Board of
Tax Adjustment if such property valuation as determined by the property appraiser is inconsistent with
that as determined by the property owner. All appeals of such valuation determinations are heard by the
Dade County Board of Equalization. The Board certifies the assessment roll upon completion of the
hearing of all appeals so filed.
All taxes are due and payable on November 1 of each year or as soon thereafter as the assessment roll
is certified and delivered to the Dade County Tax Collector. The Dade County Tax Collector mails to each
taxpayer on the assessment roll a notice of the taxes levied. Taxes may be paid upon receipt of such notice,
with discounts at the rate of four percent if paid in the month of November, three percent if paid in the
month of December, two percent if paid in the month of January and one percent if paid in the month of
February. Taxes paid during the month of March are without discount. All unpaid taxes on real and
personal property become delinquent on April 1 of the calendar year following the year in which the taxes
were levied. All tax collections for the City are delivered to the City of Miami by Dade County. The
delinquent real property taxes bear interest at the rate of eighteen percent per year from April 1 until a tax
sale certificate is sold at auction from which time the interest rate shall be as bid by the buyer of the
certificate.
15
- •
A powerboat regatta at the City of Miami Marine Stadium.
he Vita Course stations in the City of 1lam, Kennedy Park.
kn Artist's rendition of the Convention Center presently under con-
struction in downtown Nliami.
The new 35 acre City of Miami Bicentennial Park.
The annual Orange Bowi football game at the City of Miami Orange Bowi stadium.
16
TEN LARGEST TAXPAYERS IN THE CITY OF MIAMI
Name of Taxpayer
Southern Bell Telephone & Telegraph Co.
Florida Power & Light Co,
Equit. Life Assur.
International Business Machine Co,
First Federal Savings & Loan Co,
Miami Herald
One Biscayne Assoc,
Massachusetts Mutual Ins. C
St. Joe Paper Co,
New York Life Insurance Co.,
Total Assessed Valuation of top 10.Taxpayers, which is
of total 1978 Assessed" Valuation'`
Nature of Activity
Telephone Utility
Electrical Utility
Retail Sales
Retail Sales
Bank
Newspaper
Office Building
Insurance
Paper Manufacturer
Insurance
13,67%
COMPUTATION OF DEBT SERVICE TAX RATE
Fiscal Year Ended September 30, 1979
Total principal & interest requirements ........
Less; Appropriation from prior year's fund balance* .
Amount of appropriation required
Plus costs and expenses of administration ..... .
Total amount required
$4.487 tax rate, per thousand dollars
95%collection produces . :, $17,180,470
*Amount available for meeting principal'. and . interest 'requirements derived from special assessments,
investment earnings and miscellaneous sources. a
$17,735,693.
653,223
$17,082,470
98,000
$17,180,470
1978
Assessed
Value
$220,145,510
69,765,376
65,485,195
39,081,036
37,348,613
34,022,494
25,609,191
20,685,541
20,523,946
18,486,532
$551,153,434
17
Fiscal
fear
Ending
9.3(1
City of Miami, Florida
Principal and Interest Requirements on all outstanding bonds,
including the $6,750,000 of Bonds
Outstanding Bonds
Principal Interest 'Total
1980 $ 8,299,000 $ 7,721,879 $ 16,020,879
1981 11,411,000 7,075,542 18,486,542
1982 11,240,000 6,419,690 17,659,690
1983 10,089,000 5,785,011 15,874,011
1984 9,651,000 5,184,552 14,835,552
1985 9,647,00(1 4,613,191 14,260,191
1986 9,527,000 4,066,794 13,593,794
1987 8,733,000 3,587,788 12,320,788
1988 8,340,000 3,158,207 11,498,207
1989 7,241,000 2,759,615 10,000,615
1990 7,057,000 2,419,325 9.476,325
1991 6,385,000 2,097,587 8,482,587
1992 5,700,000 1,782,884 7,482,884
1993 5,320,000 1,486,685 6,806,685
1994 5,01(1,000 1,215,853 6,225,853
19955,065,000 986,318 6,051,318
1996 4,545,000 775,506 5,320,506
1997 4,305,00(1 576,330 4,881.330
1998 3,135,0(10 380,965 3,515,965
1999 2,010,000 255,835 2,265,835
20(8) 970,000 181,481 1,151,481
2001 1,000,0(10 126,743 1,126,743
2002 795,000 70,356 865,356
2(8)3 555,000 30.100 585,100
2(04 75,0(0) 17.500 92,500
2005 95,000 14,100 109,100
2006 95,000 10,300 105,300
2007 100,000 6.400 106,400
20(18 110,000 2,2(10 112,200
$146,505,0(81 $62,808,737 $209,313,737 $6,750,000 $4,643,400 $11,393,400 $220,707,137 $13,193,911 $207,513,226
Note: Interest on the $6,750,000 Bonds being offered for sale has been calculated at the rate of 6% for
purposes of illustration.
Total
Total Less Requirements
Principal Self for
and Supporting General
This $6,750,000Issue Interest Debt Obligation
Principal Interest' Total Requirements Requirements Bonds
202,500 $ 16,223,379 $ 1,046,649 $ 15,176,730
405,000 18,891,542 1,042,602 17,848,940
710,550 18,370,240 849,527 17,520,713
696,500 16,570,511 67 2, 327 15,898,184
682,150 15,517,702 654,955 14,862,747
662,650 14,922,841 651,512 14,271,329
648,000 14,241,794 646,432 13,595,362
628,200 12,948,988 641,785 12,307,203
608,400 12,106,607 637,320 11,469,287
593,450 10,594,065 483,837 10,110,228
578,200 10,054,525 482,370 9,572,155
567,500 9,050,087 458,115 8,591,972
551,350 8,034,234 461,105 7,573,129
534,900 7,341,585 458,325 6,883,260
518,150 6,744,003 460,075 6,283,928
501,100 6,552,418 460,925 6,091,493
493,450 5,813,956 464,150 5,349,806
475,200 5,356,530 466,275 4,890,255
461,500 3,977,465 472,300 3,505,165
447,200 2,713,035 471,950 2,241,085
427,450 1,578,931 475,500 1,103,431
1,126,743 482,675 644,068
865,356 253,200 612,156
585,100 585,100
92,500 92,500
109,100 109,100
105,300 105,300
106,400 106,400
112,200 112,200
$ 202,500 $
405,000
$ 315,000 395,550
320,000 376,500
325,000 357,150
325,000 337,650
330,000 318,000
330,000 298,200
330,000 278,400
335,000 258,450
340,000 238,200
350,000 217,500
355,000 196,350
360,000 174,900
365,000 153,150
370,000 131,100
385,000 108,450
390,000 85,200
400,000 61,500
410,000 37,200
415,000 12,450
iuiuiii
GENERAL OBLIGATION BONDS OUTSTANDING ON SEPTEMBER 30, 1979.
General Obligation Issue
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
Sanitary Sewer
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 & Highway Improvements
Public Pk & Recreation Facilities
Storm Sewer Improvements
Police Headquarters
Storm Sewer Improvements
Sanitary Sewer Improvements
Police Headquarters
Street & Highway Improvements
Sanitary Sewer Bonds
Police Headquarters
Sanitary Sewer
Street & Highway Improvements
Fire Fighting
Police Headquarters
Storm Sewer Improvement
Fire Fighting
Public Pk & Recreation Facilities
Housing
Street & Highway Improvements
Sanitary Sewer
Fire Fighting, Prevention & Rescue
Storm Sewer Improvement
Dated
Find
Maturity
Year
3-1.-58 1988
3=1-58 1988
1-1-62 1990
6-1-65 1985
' 6-1-65 1985
8-1-67 1987
8-1-67 1987
8-1-67 1987
7-1-68 1988
7-1-68 1988
7-1-68 1988
5-1-69 1989
5-1-69 1980
10-1-70 1990
10-1-70 1990
10-1-70 : 1990
10-1-701990
2-1-71 1982
2-1-71 1991
9-1-71 , 1991
- 9-1-71 1991
6-1-72 ` 1992
'6-1-72 1992
6-1-72 1992
6-1-72 1992
6-1-72 : 1992
1997
9-1-73 ' 1993
9-1-73 1993
3-1-75. 1995
3-1-75.` 1986
-3-1-75 1995
3-1-75 1986
10-I-75'- 1995
10- I"-75 1995
'5-1-77' 1997
5-1-77' :1988
5-1-77-r 1997
5-1-77 '1997
5-1-77"" . 1997
12-1-77 1998
12-1-77 2003
12-1-77 2008
�12-1-78 1998
12-1-78!; 1998
12-1-78 ..1998
12-1-78' 1998
Amount
Issued
$ 850,000
1,100,000
14,565,000
2,370,000
700,000
2,250,000
1,000,000
1,000,000
1,500,000
1,500,000
5,000,000
4,500,000
3,000,000
1,000,000
1,500,000
3,000,000
7,000,000
3,000,000
1,500,000
2,000,000
5,000,000
1,100,000
5,000,000
1,500,000
3,000,000
2,000,000
28,350,000
2,000,000
4,000,000
3,000,000
5,000,000
8,000,000
3,000,000
5,000,000
2,000,000
13,000,000
5,000,000
5,000,000
3,000,000
2,000,000
1,000,000
11,540,000
1,500,000
5,000,000
6,000,000
2,250,000
5,000,000
Amount
Outstanding
$ 370,000
485,000
6,490,000
745,000
210,000
930,000
400,000
400,000
720,000
720,000
1,050,000
2,350,000
300,000
560,000
860,000
1,720,000
2,440,000
900,000
945,000
1,230,000
2,235,000
760,000
2,450,000
1,020,000
2,040,000
1,070,000
21,260,000
1,475,000
2,950,000
2,520,000
3,500,000
6,710,000
2,100,000
3,935,000
1,680,000
12.260,000
4,500,000
4,735,000
2,855,000
1,895,000
1,000,000
11,540,000
1,500,000
5,000,000
6,000,000
2,250,000
5,000,000
$138,065,000
REVENUE AND SPECIAL OBLIGATION BONDS OUTSTANDING ON SEPTEMBER 30, 1979
Special Obligation and
Revenue Bond Issue
incinerator Revenue
Utilities Service Tax Series A
Orange Bowl Special Obligation
Orange Bowl Warehouse Revenue
Orange Bowl Warehouse Revenue
Off Street Parking Revenue
Series A&B
Series C
Fiscal
Year
Ending
Sept. 30
1980 $ 14,974,230.$
17,443,940
16,810,163
15,201,684
14,180,597
13,608,679
12,947,362
11,679,003
10,860,887
9,516,778
8,993,955
8,024,472
7,021,779
6,348,360
5,765,778
5,590,393
4,856,356
4,415,055
3,043,665
1,793,885
675,981
644,068
612,156
585,100
92,500
109,100
105,300
106,400
112,200
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
i Inal
Date of MYe�rty
issue
7-1-51 1981
2-1-63 1988
3-1-67. 1982
12-1-69 1982
12-20-74 1989
4-1-66 1994
4-1-73 2002
Amount
Issued
3,330,000
3,125,000
1,900,000
105,000
225,000
4,800,000
3,150,000
Total
General Obligation Bonded Indebtedness Principal and Interest
September 30, 1979, exclusive of the Bonds offered hereunder
Bayfront Coconut Dinner
Requirements Recreation Grove Convention Key Land
Principal Interest Facilities Incinerator Center Marina Firefighting Acquisition
7,650,000 $ 7,324,230 $I20,000 $ 45,000 $ 235,000 $125,000 $ 405,00p $ 35,000
10,740,000 6,703,940 120,000 50,000 235,000 125,000 585,000 35,000
10,735,000 6,075,163 115,000 50,000 235,000 125,000 585,000 35,000
9,740,000 5,461,684 115,000 50,000 235,000 125,000 580,000 35,000
9,305,000 4,875,597 115,000 55,000 235,000 125,000 585,000 35,000
9,290,000 4,318,679 115,000 55,000 235,000 120,000 585,000 35,000
9,160,000 3,787,362 115,000 60,000 235,000 590,000
8,355,000 3,324,003 115,000 60,000 235,000 590,000
7,950,000 2,910,887 60,000 235,000 590,000
6,990,000 2,526,778 235,000 550,000
6,795,000 2,198,955 540,000
6,135,000 1,889,472 535,000
5,435,000 1,586,779 485,000
5,045,000 1,303,360 435,000
4,720,000 1,045,778 435,000
4,760,000 830,393. 435,000
4,220,000 636,356 435,000
3,960,000 455,055 435,000
2,765,000 278,665 175,000
1,620,000 173,885 120,000
555,000 120,981
555,000 89,068
555,000 57,156
555,000 30,100
75,000 17,500
95,000 14,100
95,000 10,300
100,000 6,400
110,000 2,200
Amount
Outstanding
346,000
1,350,000
485,000
44,000
185,000
2,295,000
3,105,000
$8,440,000
$196,119,826 $138,065,000 $58,054,826
20
$9,675,000 $210_000
General Obligation Bonded Indebtedness Principal and Interest
September 30,1979, exclusive of the Bonds offered hereunder
Fiscal
Year Refunding Public Park &
Ending . Recreation Sewage Sanitary Storm Highway Police Pollution Recreational
Sept. 30 Facilities Disposal Sewers Sewers Improvements Headquarters Control Facilities Housing
1980 $ 130,000 $ 590,000 $ 2,480,000 $ 730,000 $ 1,365,000 $ 870,000 $ $ 500,000 $ 20,000
1981 130,000 590,000 3,430,000 880,000 1,660,000 1,055,000 160,000 1,665,000 20,000
1982 130,000 590,000 3,425,000 885,000 1,660,000 1,055,000 160,000 1,665,000 20,000
1983 130,000 590,000 2,735,000 900,000 1,350,000 1,050,000 160,000 1,665,000 20,000
1984 130,0(10 590,000 2,390,000 910,000 1,250,000 1,045,000 155,000 1,665,000 20,000
1985 130,000 590,000 2,370,000 915,000 1,250,000 1,040,000 155,000 1,665,000 30,000
1986 130,000 590,000 2,360,000 940,000 1,245,000 1,045,000 155,000 1,665,000 30,000
1987 130,0(10 590,000 1,850,000 950,000 945,000 1.040,000 155,000 1,665,000 30,000
1988 80,000 590,000 1,655,000 910,000 945,000 1.035,000 155,000 1,665,000 30,000
1989 590,000 1,440,000 840,000 445,000 1,1140,000 155,000 1,665,0W 30,000
1990 590,000 1,440,000 855,000 445,000 1,065,000 155,000 1,665,000 40,000
1991 1,435,000 870,000 370,000 1,065,000 155,000 1,665,000 40,000
1992 1,180,000 )105,000 270,000 990,000 1,665,000 40,000
1993 1,100,000 665,000 225,000 915,000 1,665,000 40,000
1994 1,105.000 575,000 225,000 675,000 1,665,000 40,000
1995 1,105,000 595,000 230,000 675,000 1,665,000 55,000
1996 1,115,000 460,000 230,000 260,000 1,665,000 55,000
1997 935,000 485,000 230,000 155,000 1,665,000 55,000
1998 310,000 400,000 230,000 1,595,000 55,000
1999 310,000 425,000 230,000 480,000 55,000
2000 480,000 75,000
2001 480,000 75,000
2002 480,000 75,000
• 2003 • 480,000 75,000
2004 75,000
2W5 95,000
2006 95,000
2007 100.000
2008 110,000
$32,800,000 $1,500,000
REVENUE BONDS AND SPECIAL OBLIGATION BONDS'
PRINCIPAL AND INTEREST MATURITIES
as of Sep
Fiscal Year
Ending Orange howl Special Obligation
Sept.31) Principal Interest Total
1980 155,000 19,885 174,885
1981 165,000 13,530 178,530
1982 165,000 6,765 171,765
$485,000 $40,180 $525,180
Incinerator
Principal Interest Total
173,000 12,975 185,975
173,000 6,488 179,488
$346,000 $19,463 $365,463
Fiscal Parking Facilities
fear Parking Facilities Revenue Series C Utilities Service Tax Bonds Revenue Bonds
Ending Refunding & Revenue Ser, A & B
Sept, 30 Principal Interest Total Principal Interest Total principal Interest Total rinc pa Interest Total
1981) 140,000 136,050 276,050 10,000 172,125 182,125 150,0W 42,412 192,412 21,000 14,202 35,202
5 5 I SU,WU 37,537 187,537 23,000 12,772 35,172
1981 150,000 129,750 279,750 10,000 171,525 181,.2.
1982 155,000 123,OIX) 278,000 10,000 170,925 180,925 150,000 32,625 182,625 25,000 11,212 36,212
1883 16U,(HH) 115,870 275,870 10,000 170,325 180,325 I50,oW 27,675 177,675 29,OW 9,457 38,457
19114 170,000 108,510 278,510 10,000 169,725 179.725 ISU,oW 22,725 172,725 16,000 7,995 23,995
17,775 167,775 17,000
1985 175,IXH) IOQG90 275,690 15,000 169,125 184,125
168,225 183,225 150,000
150,000 12,750 162,750 17,000 5,817 22 817
c 277,640 15,000
1986 185,IX)U �_,640 20,000167,325 187,325 I SU,000 7,650 157,650 18,000 4,680 22,680
1987 190,000 84,130 74,130
1988 200,IXH) 75,2(H) 275,200 20,000 166,125 186,125 150,000 2,550 152,550 20,000 3,445 23,445
2 20,000 164,925 184,925 21,000 2,112 23,112
1989 10,000 65,8(H) 275,800 22,000 715 22,715
1990 220,000 55,930 275,930 20,000 163,725 183,725
1991 230,000 45,590 275,590 20,000 162,525 182,525
1992 240,00() 34,780 274,780 25,000 161,325 186,325
1993 250,000 23,500 273,5(0 25,000 159,825 184,825
1994 250,000 11,750 261,750 40,000 158,325 198,325
1995 305,000 155,925 460.925
1996 325,000 139,150 464,150
1997 345,000 121,275 466,275
1998 370,000 102,300 472,300
1999 390,000 81,950 471,950
2000 415,000 60,500 475,500
21811 445,000 37,675 482,675
2002 240,000 13,200 253,200
$2,295,000 $1,203,190 $4,128,190 $3,105,000 $3,208,050 56,313,050 $1,350,000 $203,699 $1,553,699 $229,000 $79,329 S308,329
Since the above facilities have been financed with revenue bonds, there is good authority for the City's practice of not
providing depreciation on property, plant and equipment which is financed with revenue bonds.
Orange Bowl Warehouse
STATEMENT OF DIRECT AND OVERLAPPING DEBT
Name Net Debt
City of Miami, September 30, 1979 , , . , .. $138,065,000
Dade County, June 30, 1979 . , 416,280,000
$554,345,000
Percentage
Applicable to City's Share
City* of Debt
100,00% $138,065,000
22,39 93,205,092
$231,270,092
*Percentage applicable to City for Dade County based on January 1, 1979 assessed valuation.
BONDS AUTHORIZED BUT NOT ISSUED
Of the $81,475,000 bonds approved by the voters on June 30, 1970 all of such bonds have been issued
except $7,375,000 of Streets and Highway Improvement Bonds and $4,000,000 of Pollution Control Bonds.
The $35,000,000 bonds approved by the voters on September 28, 1976 herein listed and the amounts of
such bonds unissued are as follows:
Sanitary Fire
Sewers Fighting
Authorized $25,000,000 $10,000,000
Previously Issued 16,000,000 8,250,000
Proposed Issue 3,000,000 1,750,000
Balance Unissued 6,000,000 -0-
At an election held on March 7, 1978, the electors approved the issuance of $I5,000,000 of Storm
Sewer Improvement Bonds. $5,000,000 of said Storm Sewer Improvement Bonds were previously issued.
$2,000,000 are offered hereunder.
The principal amounts issued and unissued of the $25,000,000 General Obligation Housing Bonds
approved by the electors on. March 9, 1976 and validated on February 17, 1977, are as follows:
Previously Issued $ 1,500,000
Unissued ................. 23,500,000
Total Authorized .. ...... $25,000,000
RATIO OF NET DEBT TO ASSESSED VALUATION
for fiscal year ended September 30, 1979
Inclusive of Bonds offered hereunder.
1978 Net Assessed Valuation* $4,030�,994
1978 Assessed Value* $3,415,306,566
Real Estate 806,793,605
Personal Property; 6,793,65
Railroad Property 4,227,175,027
Total196,708,033
Less Homestead Exemptions . , .. $4,036,78,033
Total 1978 Net Assessed Valuation ..
Total Debt (including the $6,750,000 Bonds) $ (g4,i3 f 155,000
General Obligation Bonds ........... •
Incinerator Revenue Bonds 346,0001,36,000
Utility Service Tax Bonds .................
Orange Bowl Revenue Bonds ...... • • 485,000285,000
Orange Bowl Warehouse Rental Bonds
Off Street Parking Revenue Bonds ...... 6,030,000 $ 153,255,000
Less: self-supporting bonds including
bonds payable from special assessments
NETDEBT ........................
Ratio Net Debt, including the Bonds, to Net
Assessed Valuation .......
1979 Estimated Population - 345,000
Per Capita Assessed Valuation — $11,682.52
Per Capita Net Debt — $ 419.75
*Latest assessment valuation.
RATIO OF NET GENERAL BONDED DEBT
TO NET ASSESSED VALUE AND NET BONDED DEBT PER CAPITA
Fiscal
Year
Ended Assessed Homestead
September 30 Population' Value Exemption
1979 345,000 4,227,175,02'7 196,708,033
1978 345,000 4,023,847,098 195,664,076
1977 342,000 3,938,270,393 198,558,652
1976 340,000 3,796,881,240 199,947,752
1975 338,000 2,541,205,760 196,797,718
1974 336,000 2,701,654,390 198,186,762
1973 334,000 2,424,469,847 201,750,942
1972 334,859 2,282,551,069 202,900,985
1971 331,000 2,107,791,481 203, 825, 857
1970 328,000 1,742,403,180 203,903,065
1969 325,000 1,711,327,596 204,653,075
1968 320,000 $1,638,177,177 $205,676,100
Net
Assessed
Value
4,030,466,994
3,828,183,022
3,739,711,741
3,596,933,488
3,344,408,042
2,503,467,628
2,222,718,905
2,079,650,084
1,903,965,624
1,538,500,115
1,506,674,521
$1,432,501,077
*Estimated on basis of added electric and water connections and
those years for which a Federal census was available.
**This figure for Fiscal 1978 is based upon the inclusion of the $6,750,000 Bonds.
***This percentage for Fiscal 1978 is based upon the inclusion of the $6,750,000 Bonds.
Bonded Debt
Ratio of
Bonded Debt
to Net
Assessed Value
Bonded Debt
Per Capita
144,815,000" 3.59%*** 419.75"
129,675,000 3.39 375.87
103,826,694 2.78 303,59
94,523,990 2,63 278.01
83,933,263 2.51 248.32
86,844,273 3.46 258.47
51,164,790 2.31 153,19
48,341,208 2.32 144.30
33,154,654 1,74 100.16
35,681,842 2,32 100,51
30,790,295 2,04 87.73
$ 27,666,934 1.93 79.05
new dwelling units constructed, except in
STATEMENT OF ASSESSED VALUATION AND LEGAL DEBT MARGIN
Fiscal year ended September 30, 1979
AssessedValuations
Total Assessed Valuation
Homestead Exempt Valuation
Net Assessed. Valuation ........ • .
Debt Limitation. for Bonds
(15% of $4,030,466,994)*
Present Debt Applicable to Debt Limitation::
General Bonded Debt**
Less:
Sinking Fund .
Legal Debt Margin.....................................
$4,227 175,027,`.
i 96,708,033
$4,030,466,994
$604,570,049
135,965,314
$468,604,735
*Section 58 of the City Charter limits voted bonds of the City to 15% of the assessed valuation of all real
and personal property within the city limits as shown by the last preceding 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,
**Exclusive of the $6,750,000, Bonds.
TAX DATA
Fiscal Year Ended September 30, 1979
Assessed Value
Total Net Assessed Value
Tax Rates 1978-79 (Dollars per Thousand of Assessed Value)
Ad Valorem
Funds Tax Miliage Tax Ley
General Operations**
Debt Service
Total Millage & Ad Valorem Tax Levy
*See page 9 for breakdown of assessed value.
**Ten Mill Limit
44030,466,994*
10,000.. $40,304,670
4.487 18,084,705
14.487 $58,389,375
RECORD OF TAX COLLECTIONS
Outstanding
Total ' Total Delinquent
Fiscal Adjusted Collection Per Cent Collection Collections Taxes
Year Tax of Current of of Total As Percent Outstanding As Percent
Ended'. Levy Year's Levy Delinquent Tax of Current Delinquent of Current
Sept, 30 All Funds 'taxes Collected Taxes Collections Levy Taxes Levy
1978 50,532,016 40,095,263 97. I6% 523,373 49,618,636 98.19% 3,195,919 6.49%
1977 43,854,070 42,969,232 97.99 650,775 43,620,007 99.47 2,282,539 5.20
1976 ' 38,508,055 37,280,660 96.81 633,860 37,914,520 98.46 2,048,476 5.32
1975 34,923,276 33,833,693 96,88 1,583,714 35,417,407 101.41 1,454,941 4.17
1974 " 33,637,575 32,736,227 97.32 881,853 33,618,080 99.94 1,949,072 5.79
1973 28,106,081 27,448,865 97.66 908,385 28,357,250 100.89 1,929,577 6.87
1972 28,809,445 29,043,734 97.43 277,691 29,321,425 99.36 2,180,746 7.32
1971.27,891,796 27,332,485 97.99 173,669 27,506,154 98.62 1,692,726 6.07
1970. 24,313,151 23,771,100 97.77 196,137 23,967,237 98.58 1,307,084 5.38
1969 23,678,971 23,246,912 9818 183,702 23,430,614 98.95 961,170 4.06
*Rates of delinquencies are based upon the cumulative amount of delinquent taxes for past years.
Estimate of Ad Valorem Taxes
levied
e for the City of Miami County and the onr the average home ($24,000 assessed
value for the 1978 tax year, exclusive
Average Total Tax .. . , . ,, ""' ' "'
Specific Purposes 7.79 9,84
.......... .......
Administration . • ... 12,73 16.08
Public Works.............. ,,,,,,,,,,,,,, 24.51 30.96
,.. ..., ., ., .,....
Sanitation ......... 10.45 13.20
Parks and Recreation • , .. . „ , . "' . • .. 0.4< 96.00
Police and Fire Protection .,.. ,. .,,,,........
Miscellaneous ....... 20,71 26.16
Pensions.
' ' ' 29.2fi" 36.96
.....
... • • • • „
Street Lighting .... • • . 5,$9 7.44
"'
Publicity and Tourism . , , . 2.66 3.36
Debt Retirement........... ...... ............ . .,..
85.25 107.69
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
having a situs within the taxing city, when the tax is being imposed to generate monies for municipal
purposes. Taxes levied for the payment of bonds are not, however, limited by this ten mill maximum.
For the fiscal years 1977-78 and 1978-79 the City's tax rate, exclusive of that attributable to bonded
indebtedness, reached the ten mill maximum. Consequently, while the City is not limited in the taxes which
it may impose to discharge its bonded indebtedness, including the Bonds, it may not generate additional
revenues to meet increased annual operating expenses or to finance new construction by increasing the tax
rate. Such additional revenues can only result from an increase in the aggregate assessed value of taxable
real and tangible personal property situated within the City's borders.
S24,000 S24,000
(WilhS5,000 (Without Home -
Homestead Exemption) stead Exemption)
$275.25 $347.69
ASSESSED VALUE OF ALL TAXABLE PROPERTY
Fiscal Years Ended September 30,
Fiscal . Real Personal Gross Homestead Net
Year Properly Properly Total Exemptions Total
1979 3,420,381,422 .806,793,605 4,227,175,027 196,708,033 4,030,466,994
1978 3,279,667,236 744,179,862 4,023,847,098 195,664,076 3,828,183,022
1977 3,256,815,414 681,454,979 3,938,270,393 198,558,652 3,739,711,741
1976 3,123,657,035 672,697,054 3,796,354,089 199,420,601 3,596,933,488
1975 2,851,309,996 689,895,764 3,541,205,76(1 195,797,718 3,344,408,042
1974 2,168,158,819 533,495,571 2,701,654,390 198,186,763 2,503,467,628
1973 1,959,720,765 464,749,081 2,424,469,847 201,750,942 2,222,718,905
1972 1,866,182,202 416,368,867 2,282,551,069 202,900,985 2,079,650,084
1971 1,727,513,398 380,278,083 2,107,791,481 203,825,857 1,903,965,824
1970 1,417,823,945 324,579,235 1,742,403,180 203,903,065 1,538,500,115
Tax Rate Per $1,000 of Assessed Valuations
Fiscal Years Ended September 30,
Fiscal General Lighting Hydrant
Year Operating City Service Publicity I'ensions
1979 10.000 -0- -0- -0- -0-
I978*** 10.000 -0- -0- -0-
1977 5.683 .541 -0- .239 3.129
1976 5.553 .374 -0- .171 2,521':
1975 4.959 .242 -0- .304 3.064
1974 5.921 .503 -0- .439 2,892
1973 6.152 .665 0- .404 2.779
1972 8.658 .480 -0-* .420 2.661
1971 : 9.180 - .523 .114 .342 2.482
1970 9.418 .511 .174 > .405 2.400
eht
Libraries Service
-0- 4,487
0- 3,200
.2311
-0- 2.311
-0- 2.311
-0- 3.781.
-0- 2.673
304**:: 2,232
865 - 1.319
.972 1.882
*Hydrant service function became the responsibility of the Metropolitan Dade County Water Division
of the Department of Water and Sewers effective October 1, 1971.
**Operation of the Library System was transferred to Metropolitan Dade County effective November 1,
Total
14.487
13,200
11.903
10.830
10,880
13.436
12.673
14.755
14.825
15,762
***The 1977-78'Millage Ordinance consolidated the Lighting City, Publicity and Pensions into the General
Fund.
TAX LEVIES
Fiscal Years Ended September 30,
Fiscal General Lighting Hydrant
fear Operating City Service Publicity Pensions
0 -0- -0-
-0- 0- -0-
-0- 893,791 11,701,558
-0- 615,076 9,067,869
.0- 1,016,700 10,247,266
-0- 1,099,022 7,240,029
-0- 897,978 6,176,935
-0-* 873,453 5,533,948
217,052 651,156 4,725,642
267,699 623,092 3,692,400
1979 40,304,670 0-
1978*** 38,281,830 -0-
1977 21,252,782 2,023,184
1976 19,973,772 1,345,253
1975 16,584,919 809,347
1974 14,572,685 1,259,244
1973 13,674,166 1,478,108
1972 18,005,510 998,232
1971 17,478,404 995,774
1970 14,489,594 786,173
*Hydrant service function became the responsibility of the iweuul,�.«
of the Department of Water and Sewers effective October 1, 1971.
**Operation of the Library System was transferred to Metropolitan Dade County effective November
1971.
Debt
Libraries Service Total
18,084,705
12,250,186
8,642,474
8,312,513
7,728,927
9,465,611
-0- 5,941,327
632,213** 4,641,778
1,646,930 2,511,330
1,495,422 2,895,457
58,389,375
50,532,016
44,513,789
39,314,483
36,387,159
33,636,591
28,168,516
30,685,236
28,226,290
24,249,838
***The 1977-78 Millage Ordinance consolidated the Lighting City, Publicity
•Fundy
General Description of Financial Practices
Dade County Water Division
Pensions into the General
The City Charter requires the City Manager to submit a budget estimate not later than one month
before September 30 of each fiscal year. Each department prepares its own budget request for review by the
City Manager, The City Commission holds public hearings on the budget plan and must adopt the budget
not later than October 1.
The City's budgetary funds (General, Special Revenue, and Debt Service Funds) follow the modified
accrual basis of accounting, under which expenditures, other than interest on long-term debt, are recorded
when the liability is incurred and revenues are recorded when received in cash unless susceptible to accrual,
i.e„ measurable and available to finance the City's operations, or of a material amount and not received at
the normal time of receipt. The accrual basis is utilized (with minor exceptions) by all other funds.
The accounts, books, records and, financial transactions of the City are audited annually by a firm of
independent, certified public accountants. The opinions of the outside certified public accountants are
included in the Annual Reports of the Director of Finance.
The tables hereinbelow set forth present certain financial information, respecting the City and evidence
the financial capacity of the City respecting the payment of its obligations, including the Bonds.
REVENUES AND EXPENDITURES
GENERAL FUND
SPECIAL TAX LEVY FUNDS
and
BOND AND INTEREST RETIREMENT FUNDS
Fiscal Year Ended September 30
Revenue:
Ad Valorem Taxes (Net)
General Operating
Special Tax Levies . ; .
Debt Service ....... ,.:..
Other Income
Operating ...........
Debt Service .
Operating and Debt Service,
Fund Balance
Expenditures:
General Operations ..
Special Tax Levy Fund . ,
Debt Service
Principal and Interest
Other
1979
Budget
$ 42,902,628
16,186,390
19711
11,819,882
61,904,770 58,689,883
864,698
1,278,840
$122,272,628 $108,371,254>
$104,807,398 $93,712,007
17,465,230 14,870,252
95,320
$122,272,628 $108,677,579
$ 20,515,729 $19,428,843
14,076,087 10, 702, 793
8,321,806 8,064,784
54,073,641. 46,827,489
238,496 3,576,608
$ 97,225,759 $88,600,517
$ 72,946,790 $67,308,499
15,959,621 11,410,663
13,516,195
437,473
$102,860,079
12,007,329
515,923
$91,242,414
Surplus or (Deficiency) of
Revenue over Expenditures $ — $ (306,325) $ (5,634,320) $ (2,641,897)**
* 1979 Budget consolidated the General Operating Budget and the Special Tax Levies Budget.
**The deficiencies of revenue over expenditures. in 1978, 1977 and. 1976 were offset by fund balance
appropriations. All 1978, 1977 and 1976 debt service payments were met as scheduled.
REVENUE STRUCTURE
The following is a description of the City's revenue structure. See Appendix A for a detailed statement
of revenues for the fiscal year ended September 30, 1978,
General and Special Tax Levy Funds
Ad Valorem Taxes — Described elsewhere in this Official Statement,
(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
County returns to the cities its pro rata share of revenue collected. The pro rata share due each City de-
pends on the number of contractors doing business within each City's limits.
Utilities Service Tax — The City imposes a 10% tax on each purchase of electricity, metered gas, bottle
gas, water and local telephone and telegraph services. Revenue is pledged for debt service on Utilities Ser-
vice Tax bonds. The excess over the debt service reverts to the general fund.
Federal Revenue Sharing — The revenues derived from the Federal government are appropriated by
the Commission for various social service programs throughout the City as well as the City's improvements
to the fire rescue service, recreation programs and the continuation of the City's pay plan. The City's
receipts', of federal revenue sharing funds since fiscal year ended September 30, 1973 are as follows:
Federal Revenue Sharing Receipts
Fiscal' Year
Ended September 30
1979*
1978
1977
1976
1975
1974
1973
Total receivedto date .
*Budgeted
$ 7,993,394
8,351,251
8,893,709
8,775,313
8,935,551
8,075,539
10,360,577
$53,969,117
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 Cityhas received the following revenue sharing
funds from the State:
Fiscal. Year
Ended September 30
1979*
1978
1977
1976
32
$11,194,988
11,005,477
11,070,719
10,880,405
Fines and Forfeitures — The City receives a pro rata share of fine and forfeiture revenue from Dade
County, Since Fiscal 1976 the City has received the following amounts from the County:
FhicrlYear
Ended September 30
1979*
1978
1977
1976
*Budgeted
$ 945,000
1,299,509
1,125,302
1,162,587
Intergovernmental — There are five intergovernmental 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.
Stationery Stock Fund: For purchases and storing of office supply items consumed in quantity in the
City's operations.
Enterprise Funds — Monies for these funds are generated by self-supporting activities which render
services on a user charge basis to the general public. These activities include operation of the Orange Bowl
Stadium, the Marine Stadium, the Miami Baseball Stadium, various marinas, Dinner Key Auditorium,
golf ranges, and warehouse property in which floats for the annual Orange Bowl parade are built and
stored.
City Pension Funds
The City has two separate pension funds, the Retirement System (Police and Firemen) which went into
effect on February I, 1940 (the "System" or "Retirement System") and the Retirement Plan (General
Employees) which went into effect on July 1, 1956 (the "Plan" or "Retirement Plan"). The actuary for the
Retirement Plan is E. H. Friend & Co., Washington, D.C. For the Retirement System, the actuary is.
Alexander & Alexander, Atlanta, Georgia.
With respect to the System and Plan, the principal actuarial assumptions are:
(1) As to funding method:
System —Entry Age Normal Cost Method with Frozen Initial Liability modification.
Plan —Entry Age Normal Cost Method, modified to result in level funding by City as a
percentage of payroll, taking into account lower City costs for employees hired after
October 1, 1974.
(2) As to interest rate:
System and Plan-7%
(3) As to assets:
System and Plan —Market Value taken into account to some degree (5-year average)
(4) As to retirement age:
The System and Plan have adopted, as of October 31, 1979, the use of probabilities by age, rather
than a single retirement assumption. Prior to October 31, 1979, the system used age 53 and the
Plan used age 62.
Membership in the System and Plan is compulsoryfor classified employees, optional for unclassified
employees and not open to temporary employees.
The City's contribution is determined annually by the actuaries, 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.
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 year.
ending September 30, 1977 and 1978:
The unfunded liability reflected was determined upon the basis of data as of January 1st of each year.
The year 1979-1980, the unfunded liablity was determined with data as of January 1,:1979 for the System,
and October I, 1978 for the Plan.
CITY PENSION FUNDS
FINANCIAL DATA FOR PENSION PLANS
Fiscal fear Ending
September 30, 1978
***MiamiEmployees' l etirementSystem
***Miami Lniployces',Retirement Plan.;.
September 30, 1977**
Miami Employees'. Retirement, System
Miami Employees' Retirement Plan
Total
Calendar Year Ending
December 31, 1976
Miami Employees' Retirement System $ 6,527,501 $ 90,554,826 $4,876,775 $2,339,785. $2,974,713
Miami Employees' Retirement Plan...... $ 3,097,787 $ 54,652,564 $4,706,876 $2,563,735 $2,215,597
Total . ...............•
.......... $ 9,625,288 $145,207.390 $9,583,651 $4,903,520 $5,190,310
December 31, 1975
Miami Employees' Retirement System .. $ 5,184,668 $ 89,276,761 $4,468,664 $2,192,304 $2,555,907
Miami Employees' Retirement Plan $ 2,936,983 $ 56,203,346 $3,862,404 $2,463,447 $2,018,482
Total t .......''.......:......... $ 8,121,651 $145,480,107 $8,331,068 $4,655,751 $4,574,389
December 31, 1974
Miami Employees' Retirement System .. $ 4,271,823 $ 99,000,000 $4,483,326 $2,187,051
Miami Employees' Retirement Plan $ ` 1,786,752 $2,667,295 $2,027,594
Total :.................. $ 6,058,575 $ 99,000,000 $7,150,621 $4,214,645 $4,571,531
City's Benefits Pmts.
Contribution Unfunded including
(Accrued
Liability Withd •als
Accrued
Employee
Contribution
Interest
Earnings*
$10,400,013 $ 81,000,000 $6,364,922 $2,346,232 $3,007,515
$ 3,309,064 $ 56,000,000 $6,198,957 $2,462,769 $1,885,234
$13,709,077 $137,000,000 $12,563,879 $4,809,001 4,892,749
$ 6,229,299 $ 81,177,566 $4,182,323 $1,791,842
$ 2,465,716 $ 46,290,391 $4,377,429 $1,888,139
$ 8,695,015 $127,467,957 $8,559,752 $3,679,981
$3,033,058
$2,344,190
$5,377,248
S4,571,531
December 31, 1973
Miami Employee Retirement System $ 2,800,408 $ 65,000,000 $3,914,596 $1,789,515 S3,212,809
Miami Employees' Retirement Plan $_1,842,092 $2,749,837 $1,705,526
Total "........................... $ 4,642,500 $ 65,000,000 $6,664,433 $3,495,041 $3,212,809
*Earnings for Plan & System
transferred to Plan.:
**For the nine months
thereafter.
***Figures adjusted to include Cost
•
were combined prior to _ 1975. In 1975 all General Employees were
ended September 30, 1977. The fiscal year was changed to end September 30,
of Living increase to retirees.
RISK MANAGEMENT
It became apparent through past experience that measures had to be taken to halt the spiraling costs of
insurance premiums. A charter amendment was successfully voted on by the electorate in 1971 (7,964 for,
4,687 against), allowing the City to set up a Self -Insurance and Insurance Trust Fund. The City
Commission created, by ordinance, a Board of Trustees composed of the City Manager, the Director of
Finance and the Insurance Manager to handle the security investments of the fund. Also created is a Self-
insurance Committee, appointed by the City Manager, to administer the plan.
The City is self -insured for all vehicular accidents, Police Torts and Premises Liability up to $50,000
per accident and $100,000 per occurrence in accordance with Florida Statutes, Section 768.28, waiving
sovereign immunity in tort claims.
The City of Miami is self -insured for all other exposures with the exception that coverage by outside
insurance purchase is made where it is found available at acceptable rates. Coverages currently purchased
include accidental death and property damage, excluding burglary. Group Life and Accidental Disability
and Death benefits have been purchased, with group benefits being self -funded.
CONTINGENT LIABILITIES
Pending Legal`Proceedings
With respect to pending tort actions for which the City may have liability, reserves have been set aside
as follows:
Rosen v. City of Miami ..... ..............................
Auto accident with Police vehicle, in which City is awaiting Plaintiff Attorney
to act by entering a stipulation or obtaining a summary judgment. Without
this initial activity, the City cannot proceed with the appeal.
There are presently 112 claim files, involving 149 potential claimants, pending
involving various types of automobile accidents, including all Departments of
the City. These claims have been recorded and reserved in the Self -Insurance
Fund
The City is involved in 51 police civil liability matters which have been
recorded and reserved in the Self -Insurance Fund
The City is involved in 130 general liability matters of various types which have
been recorded and reserved in the Self -Insurance Fund .:.....'....:..`r..:.
754,994.00
357,701.00
371,330.00
TOTAL ...................... ..... $1,884,025.00
In the opinion of the City Attorney, there is n.o pending litigation that may have any materially adverse
effect on the financial condition of the City of Miami, other than the claims and actions above, all of which
have been booked by the City.
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 statues, regulations, rulings and
court decisions.
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.
letterto 8t Co,, independent the City Commission dated Juled yc 31 accountants, Iggfor the periods
and to the extent stated in t
CLOSING CERTIFICATES
Certificate of City Manager and Finance
Director Concerning Official Statement
Concurrently with the delivery of the Bonds, the City Manager and the Director of Finance will
furnish their certificate to the effect 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
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 PROCEEDINGS
Certain legal matters incident to the authorization and issuance of the $6,750,000 Bonds are subject to
the approval. of Brown, Wood, Ivey, Mitchell & Petty, New York, N,Y., Bond Counsel, whose legal
opinion will be available to the underwriters, at no cost to them, at the time of the delivery of the Bonds and
will be printed on the Bonds.
MISCELLANEOUS
Any statements in this Official Statement involving matters of opinion or estimates, whether or not
expressly so stated, are intended as such and not as representations of fact. No representation is made that
any of the statements will be realized.
References herein to the Constitution, state laws, the City Charter, ordinances and resolutions are only
brief outlines of certain provisions thereof and do not purport to summarize or describe all provisions
thereof.
The information contained in this Official Statement has been compiled by the Finance Department of
the City of Miami from official and other sources deemed to be reliable, and while not guaranteed as to
completeness or accuracy, is believed to be correct as of this date.
The execution of this Official Statement has been duly authorized by the Commission of the City of
Miami.
City of Miami, Florida
by s/s;MAURICE A. FERRE
Mayor.
THIS PAGE INTENTIONALLY LEFT BLANK
AccountantsReport
Part I Financial -Statements:
Combined Balance
Account Groups
CITY OF MIAMI, FLORIDA
Financial Report
Sheet - All Fund Types" and
Combined Statement of Revenues, Expenditures, Encumbrances
and Changes in Fund Balances - All Governmental
Fund Types
Combined Statement of Revenues, Expenditures, Encumbrances
and Changes in Fund Balances - Budget and Actual
General and Special Revenue Fund Types
Combined Statement of Revenues, Expenses and Changes in
Contributed Capital and Retained Earnings/Fund Balances
- All Proprietary Fund Types and Similiar Trust Funds
Combined Statement of Changes in Financial Position
- Enterprise Funds
Notes to Financial Statements
Part II - Supplementary Data
General Fund: I 72
Balance Sheet
Statement of Revenues, Expenditures, Encumbrances II 74-77
and Transfers - Budget and Actual Statement of Changes in Fund Balance I11 78
Pages
41-42
44-47
48-49
50-51
52-53
54
55-71
Schedules Pages
Special Revenue Funds:
Combining Balance Sheet
Combining Statement of Revenues and Transfers
Combining Statement of Changes in Fund Balances
Debt Service Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenditures,
Transfers and Changes in Fund Balances
39
V: 80-81
82-83
VI 84-85
VI°I 86-87
VIII 88-89
Capital Projects:
Combining Balance Sheet
Combining Statement of. Revenues,
and Changes in Fund Balances
Enterprise Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenses and Changes
in Contributed Capital and Retained Earnings
Intragovernmental Service Funds: XIII 98-99
Combining Balance Sheet
Combining Statement of Revenues, Expenses and Changes XIV 100-101
in Contributed Capital and Retained Earnings
Trust and Agency Funds:
Combining Balance Sheet
Combining Statement of Revenues, Expenses and
in Fund Balances
PEAT, MARWICK, MITCIIELL SC Co,
CERTIFIED PUIBLIC ACCOUNTANTS
1000'I3RICKELL AVENUE
MIAMI, FLORIDA 33131
The Honorable Mayor, City
Commissioners and City Manager
City of Miami, Florida
We have examined the financial statements of the various funds and account
groups of the City of Miami, Florida as of September 30, 1978 and for the
year then ended, as listed on the accompanying 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.
The Department of Off Street Parking, the City of Miami Retirement Plan and
System and the Downtown Development Authority are entities independent of
the City of Miami, Florida. The financial statements of these entities for
the year ended September 30, 1978, are not included in the accompanying
financial statements.
As described more fully in note 14 to the financial statements, the City is
experiencing difficulty in maintaining the current level of services with
existing available resources. The City has levied the maximum property tax
millage for operating purposes and has determined that future
intergovernmental revenues will be decreasing and that anticipated
contributions in support of the pension plan will be increasing
significantly over the next few years. The ability of the City to continue
to maintain the level of current services in the future will depend on the
City's ability to maintain or expand existing revenue sources while
containing costs.
As described more fully in note 1 to the financial statements, the City
does not provide depreciation on property, plant and equipment of the
Enterprise and Inteagovernmental Service Funds as required by generally
accepted accounting principles. Also, as described more fully in note 6 to
the financial statements, the City, which is self -insured for a variety of
risks, does not record claims payable in the Self Insurance Fund for all
losses incurred as required by generally accepted accounting principles.
The Honorable Mayor, City
Commissioners and City Manager
City of Miami, Florida
Page Two
As described more fully in note 12 to the financialstatements the City
participates in several Federally -assisted grant programs which . are
subject to financial and compliance audits by the grantors or their repre-
sentatives. The amount of reimbursement, if any, which may berequired as
the result of such audits is subject to final determination by the granting
agencies and cannot be determined at this time.
In our opinion, except for the effects on the financial statements of the
failure to provide depreciation on property, plant and equipment of the
Enterprise and Intragovernmental Service Funds and the failure to provide
for all losses incurred in the Self Insurance Fund and, subject to the
effect, if any, on the financial statements resulting from the financial
and compliance audits required by certain grantor agencies, all as
discussed in the two preceding paragraphs, the financial statements
present fairly the financial position of the various funds and account
groups of the City of Miami, Florida at September 30, 1978, and the results
of operations of such funds and the changes in financial position of the
Enterprise Funds for the year then ended, in conformity with generally
accepted accounting principles applied on a basis consistent with that of
the preceding year.
The examination referred to above was directed primarily toward
formulating an opinion on the financial statements of the various funds and
account groups of the City of Miami, Florida. The supplementary data
included in the schedules listed in the Table of Contents are presented for
supplementary analysis purposes and are not necessary for a fair presenta-
tion of the financial position and results of operations of the various
funds and account groups, and changes in financial position of the
Enterprise Funds of the City of Miami, Florida. The supplementary data
have been subjected to the auditing procedures applied in the examination
of the basic 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 Intragovernmental Service Funds and the
failure to provide for all losses incurred in the Self Insurance Fund, and
subject to the effect, if any, on the financial statements resulting from
the financial and compliance audits required by certain grantor agencies
all as discussed in the preceding paragraphs above, are stated fairly in
all material respects only when considered in conjunction with the basic
financial statements taken as a whole.
Peat- 721 $2.u.t.) 7,11:1-citee Co
CITY OF MIAMI, FLORIDA
Combined Balance. Sheet - All Fund Types and Account Groups
September 30, 1978
Assets and Other Debits
Equity in pooled
(note 1)
Receivables:
Taxes receivable - delinquent,
(less allowance for estimated,
uncollectible amounts of
$2,136,408)
General accounts receivable (net of
allowance for doubtful accounts
of $77,662)
Assessment liens receivable (note l
Other governments (net of allowance
for doubtful accounts of $110,000);,
Deposits and prepaid insurance
Inventories, and other (note 1)
Property, plant and equipment (note
Land
Buildings and improvements
Machinery and equipment
Improvements other than buildings (note
Contruction-in-progress (note 10)
Amount available for retirement
General obligation
Special obligation
Amount to be provided for retirement
bonds and judgment payable:
General obligation bonds
Special obligation bonds
Judgment and other payables,
(note 7)
1
941,675 50,973,378
•
Capital
projects
242, 806
615
,186 19,120
Oa
SID
MO
3186,282 50,992,498
Exhibit A
Proprietary Fund Types
Intra-
Enterprise governmental
773,848
484,889
1,820,107
21,121,652
785,439
4,104,915
29,090,850
FiduciaryFund Types
Self.
Trust and Insurance
agency Fund
Account Groups
General General
fixed long-term
assets debt
16,667,666
15,007,005
6,763,986
90,381,312
49,686,504
1,585,738
1,522,514
Total
(Memorandum
only)
67706,230
059,516
398,189
20,306
424,137
148,092
330,684
18,487,773
36,853,146
16,642,981
90,381,312
55,630,333
1,585,738
1,522,514
128,089,262 128,089,262
1,124,486 1,124,486
1,107,201 12107,201
133,429,201 03.511,900
CITY OF MIAMI, FLORIDA
Combined Balance Sheet - Alt Fund Types and Account Groups
Deficit in pooled
(note 1)
Accrued liabilities'
salaries)
Accounts payable,
Deferred income (note
Revenue bonds payable
Deposits refundable
Due to other governments
Claims payable (notes 6 and. 7)
General obligation bonds 'payable
(note 4)
Special obligation bonds payable
(note 4)
Judgment and other payables
(note 7)
Total liabilities
Encumbrances outstanding (note 1)
Reserve for noncurrent delinquent
taxes receivable
Fund Balance, Contributed Capital
and Retained Earnings
Fund balances - appropriated (note 1)
Fund balances - unappropriated
Contributed capital and retained
earnings - appropriated
Contributed capital and retained
earnings - unappropriated
Investment in general fixed assets
Contingencies and commitments
(notes 9 and 13)
See accompanying notes to financial statements.
1,019,73.9
2,094,269
2,202,797.
46
Governmental -Fund '-Types.•
Capital
Projects
1,076,826 1,134,795 48,295,394
566,347 1,973,457
Exhibit A, Cont.
Proprietary Fund Types.
Intra-
Enterprise governmental
30,772
65,248
277,337
249,000
622.357
327,889
28,140,604
Fiduciary Fund TypesAccount Groups
Self"`' General Trust and InsuranceGeneral,
fixed long-term
agency. Fund assets debt.
6,746,132 -
52,283 212,6141,503
69,290 1,759,731 123,274
29,090,850 13,158,850
178,506,473
Total
(Memorandum
only)
7,197,207
1,322,435
6,803,448
2,480,134
249,000
226,693
30,810
3,949,752
000 129,675,000
2,647,000 2,647,000
1,_107,201 1,1 07=201
133,429,201 155,688,680
1,050,450
339,047
52,787,540
3,633,940
327,889
41,177,881
178,506,473
133,429,201 433,511,900
CITY OF MIAMI, FLORIDA
Ex enditures, Encumbrances and
Combined Statement of Revenues�AllpGovernmental Fund Types
Changes in Fund, Balances
Year ended`: September 30
Revenues:
Taxes (notes 2 and 10)
Licenses and permits
Intergovernmental revenue
Intragovernmental revenue
Charges for services
Sale of bonds (note 4)
Assessment lien collections (note.
Franchise and utility service tax revenue
Interest
Other
Total revenues;
Transfers from other funds
Total revenues and transfers
Expenditures and encumbrances
General government
Public improvements
Public safety
Sanitation
Pension (note 3)
Parks and recreation
Intragovernmental charges
Other
Project expenditures
Debt service (note 4):
Bond principal
Bond interest
Fiscal agents' fees and administrative charges
Total expenditures
Transfers to other funds
Total expenditures, encumbrances and transfers
Excess (deficiency) of revenues and transfers
over expenditures, encumbrances and transfers
Fund balances (deficit), October 1, 1977
Reclassification of encumbrance outstanding (note 8)
(Increase) decrease in reserve for noncurrent
delinquent taxes receivable
Transfer of current portion of judgment
payable (note 7)
Fund balances, September 30, 1978
See accompanying notes to financ.te statements.
48
General
$ 37,937,203
4,476,690
18,784,170
1,525,513
718,514
1,049,282
1,198,635
65,690,007
29,996,667
95,686,674 8,359,550
Special
revenue
8.037.906
8,494,669
9,149,199
36,891,170
12,022,064
14,410,208
5,103,662
1,546,357
4,290,990
228,467
93,177
8,359,550
Deb t
service
1, 819',882
358,917
15,442,625
505,781
28,127,205
191,700
28,318,905
Capital
projects
618,505
14,040
000
4,853,025
3,654,854
14,966
24,181,350
24,181,350
Exhibit B
Total
(Memorandum
only)
49,757,085
4,476,690
28,440,581
1,525,513
718,514
14,040,000
358,917
20,295,650
5,438,384
1,306,778
126,358,112
30,188,367
156,546,479
8,494,669
9,149,199
36,891,170
12,022,064
14,410,208
5,103,662
1,546,357
4,290,990
26,923,332
8,726,000 - 8,726,000
- - 6,709,502 - 6,709,502
96,179 - 96,179
91,908,319 - 15,531,681 26,923,332 134,363,332
1,803,688 11,037,215 15,240,175 3,506,537 31_,587,615
93,712,007 11,037,215 30,771,856 30,429,869 165,950,947
1,974,667 (2,677,665) (2,452,951) (6,248,519)
(61,377) 3,776,980 5,575,618 54,543,913
500,000
(63,'765) 43,858 (14,415)
000)
(9,404,468)
63,835,134
500,000
(34,322)
(375,000)
CITY OF MIAMI, FLORIDA
Combined Statement of Revenues, Expenditures, Encumbrances and
Changes in Fund Balances - Budget and Actual
General and Special Revenue Fund Types
Year ended September'30, 1918
Revenues
Taxes:(note'2)
License"s, permits and service. taxes
Intergovernmental revenue (note:l2)
Intragovernment'al revenue
Charges for services
Interest
Other`(including.General Fund budget :item
of`$1,SOO,OOO;for anticipated salary savings)
Transfers
Total revenues
from other funds
Total revenues .and ,transfers
•
Expenditures and encumbrances (note 6).
General government
Public improvements
Public safety
Sanitation
Pension (note 3)
Parks and recreation;
Inteagovernmental charges`
Other
Total expenditures
Transfers .to other funds
Total expenditures and transfers
Excess (deficiency) of revenues and transfers over
expenditures and transfers
Fund balances (deficit) October
(Increase). decrease in reserve for
taxes. receivable
Reclassification of encumbrances outstanding
Transfer of current portion` of long-term judgment
payable (note 7)
1977
noncurrent delinquent
(note 8)
Fund balance, September 30, 1978
See accompanying notes to financial statements.
50
General
Budget
$ 37,845,091;,
4,043,941
21,654,433.
1,626,312
890,763�
900,000'
1,969,767
68,930,307
28,274,413
97,204,720
9,478,813
9,954,468
38,117,734
12,551,290
14,621,841
5,239,978
1,692,891
4,908,497
96,565,512
1,543,472
98,108,984
$ (904,264).
Fund"
Actual
37,937,203
4,476,690
18, 784,170
1,525,513
718,514
1,049,282
29, 996,667.
95,686674`
8,494,669
9,149,199
36,891,170
12,022,064
14,410,208
5,103,662
1,546,357
4,290,990
91,908,319
1,803,688
93,712,007
Special Revenue Funds
Budget Actual
Exhibit C
Total
(Memorandum Only)
Budget Actual
37,845,091
- 4,043,941
8,037,906 21,654,433
1,626,312
890,763
900,000
969,767
478,813
9,954,468
38,117,734
12,551,290
14,621,841
5,239,978
1,692,891
4,908,497
96,565,512
1,543,472
98,108,984
37,937,203
4,476,690
26,822,076
1,525,513
718,514
1,277,749
1,291,812
104,046,224
8,494,669
9,149,199
36,891,170
12,022,064
14,410,208
5,103,662
1,546,357
4,290,990
91,908,319
12,840,903
104,749,222
7,665) (904,264) (702,998)
3,715,603
(19,907)
500,000
(375,000)
3,117,698
CITY OF MIAMI, FLORIDA
Combined Statement of Revenues, Expenses and Changes in'Contributed
Capital and Retained Earnings/Fund Balances
Proprietary Fund Types and Similiar Trust Funds
Year`Ended September 30, 1978
Revenues:
Revenue from operations
Inteagovernmental charges
Intergovernmental grants (note 12
Contributions from employees and retirees
Interest
Other
Total revenues.
Transfersfrom other funds
Total revenues and transfers
Expenses:
Operating expenses
Grant expenditures (note 12
Total expenses
Transfers to other funds
Total expenses and transfers
Net income
Excess of revenues and transfers over
expenses and transfers
Contributed capital and retained earnings,
fund balances, October 1, 1977,
Reclassification of Self Insurance Fund (note 10)
Contributions from other funds
Contributed capital and retained earnings,
fund balances, September 30, 1978
See accompanying notes to financial statements.`
52
Proprietary;-
Fund Types
Enterprise
3,701,319
Fiduciary.
Fund:Types.
'Self
...,Intra7 Trust Insurance.'
governmental & Agency, Puna:
`6,364,097 - 4,011,626
- 26,074,069 -
- 2,498,559
58,638' 80',765 - 56,417
191,310
3,7.59'957 6,444,862 26,07.4 069 6,757,912
1., 657., 248 _213 000 -
3,759,957 8,102,110 26,287,069 6,757,912
3,073,538 6,187,850 - 6,465,714.
25,713,271 -
3, 073,538 6,187,850 25,713,271 6,465,714
44,644 435,000-
3,073,538 6,232,494 26,148,271 6,465,714
686,419 1,869,616 - -
24
491,574
3`, 290, 500
$ 28,468,493.
138,798 292,198:
10,434,847; 299,882
(1,169,258) - 1,169,258
1'902,072'
13,037,277 438,680': 1,461,456;
53=
Exhibit D
Exhibit E
CITY OF"MIAMI
FLORIDA
Enterprise Funds
Combined Statement of Changes in Financial Position
Year ended September 30, 1978
Funds provided:
Net income
Item not: using
and equipment.
funds -`disposition,
machinery
Funds provided from operations
Contributions froin other funds
Increase in accounts payable and other liabilities?.
Funds used:
Retirement of`
Increase in. receivables
Additions to property, plant
Decrease in accrued liabilities
Increase in
revenue bonds
and equipment
equity: in pooled cash and Investments
See accompanying notes.
o financial 'statements.
54
686,419
55,485
741,904
3,290,500
40,435
4,072,839
18,000
87,644
3,622,044
9,206
335,945
$ 4,072,839
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
September 30, 1978
(1) Summary of Significant Accounting Policies
The City of Miami in the County of Dade was incorporated in 1896 and comprises
approximately 34 square miles of land and 20 square miles of water. The City
operates under a Commission - City Manager form of government and provides the
following services as authorized by its charter: public safety, public works,
sanitation, recreation and community development. The County is a separate
governmental entity and its financial statements are not included in this
report. (see note 11)
The accounting policies of the City of Miami, Florida conform to generally
accepted accounting principles as applicable to governmental units except for
the nonrecognition of depreciation on fixed assets of the Enterprise and
Intragovernmental Service Funds and except for the failure to provide for all
losses incurred in the Self Insurance Fund. The following is a summary of the
more significant policies:
(a) Basis of Presentation - Fund Accounting
The accounts of the City are organized on the basis of funds or groups of
accounts, each of which is considered a separate accounting entity. The
operations of each fund are accounted for with a separate set of self -
balancing accounts that comprise its assets, liabilities, reserves, fund
balance, revenues and expenditures. The Department of Off -Street Parking,
the City of Miami Retirement Plan and System and the Downtown Development
Authority are entities independent of the City. The financial statements of
these entities are not included herein. The various funds are grouped by
type in the financial statements. The following fund types and account
groups are used by the City:
GENERAL GOVERNMENTAL FUNDS
General Fund - The General Fund is the general operating fund of the City. All
general tax revenues and other receipts that are not allocated by law or
contractual agreement to another fund are acounted for in this fund. From the
fund are paid the general operating expenses and the fixed charges that are not
paid through other funds.
Special Revenue Funds - Special Revenue Funds are used to account for the proceeds
of specific revenue sources (other than special assessments or major capital
projects) requiring separate accounting because of legal or regulatory
provisions or administrative action. Budget information has not been presented
since all resources are appropriated in the General Fund. (See note 10)
55 (Continued)
79•686
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Debt Service Funds - Debt Service Funds are used to account for the annual payment
of principal, interest and expenditures on long-term general obligation debt,
other than bonds payable from the operations of an enterprise.
Capital Project Funds Capital Project Funds are used to account for financial
resources segregated for the acquisition or construction and financing of
public improvements.
PROPRIETARY FUNDS
Enterprise Funds - Enterprise Funds are used to account for operations that
provide a service to citizens financed primarily by a user charge for the
provision of that service, and activities where the periodic measurement of net
income is deemed appropriate for capital maintenance, public policy, management
control, accountability or other purposes.
Intragovernmental Service Funds - Intragovernmental Service Funds are used to
account for the financing of goods or services by a department of the City on a
cost reimbursement basis.
FUDICIARY FUNDS
Trust and Agency Funds - Trust and Agency Funds are used to account for assets
held in trust or as an agent by the City for others. These funds are used to
account for revenues and expenditures relating to most Federal and State grants.
For the year ended September 30, 1978 approximately $13,600,000 of expenditures
were reported in the Trust and Agency Funds which benefit other funds. The
amount of benefit provided to other funds is not individually readily
accessible, although the majority is in support of general governmental
services.
Self Insurance Fund - Self Insurance Fund is used to account for losses incurred
by the City for a variety of risks for which it is self insured. The Fund also
accounts for employee and employer contributions for certain health coverages.
GROUPS OF ACCOUNTS
General Fixed Assets Group of Accounts - This group of accounts is established to
account for all fixed assets of the City, other than those accounted for in the
Enterprise and Intragovernmental Service Funds.
General Long -Term Debt Group of Accounts - This group of accounts is established
to account for all long-term debt not accounted for in the Enterprise Funds.
(b) Basis of Accounting
The modified accrual basis of accounting is followed by the General
Governmental Funds. Under the modified accrual basis of accounting,
revenues are recorded when received in cash unless susceptible to accrual,
i.e. measurable and available to finance the City's operations or of a
-material amount and not received at the normal time of receipt.
56
(Continued)
Expenditures, other than interest on long-term debt, are recorded when the
liability is incurred.: The accrual basis of accounting is utilized by
Proprietary and Fiduciary Fund. Types.
(c) Encumbrances'
Encumbrance accounting,under which purchase orders, contracts an other
commitments < for the expenditure of funds : are .recorded in order to reserve
that portion of the applicable appropriation, -is employed in the;: general
governmental funds.
Includedin encumbrances outstanding in the General Fund is $120,854
to prior years.
(d) Investments--
Investments arestated at cost, which approximates market. Investments
consist of U. S. government obligations and time deposits with financial
institutions.
relating
(e) Inventories"
Inventories are priced at cost on a first -in, first -out basis. Inventory in
the Intragovernmental Service Funds consists of expendable supplies held for
consumption.
(f) Property, Plant and Equipment -Enterprise
and Intragovernmental Service Funds
Property, plant and equipment owned by the Enterprise and Intragovernmental
Service Funds is stated at cost. Depreciation has not been provided as
required by generally accepted accounting principles. The amount of
accumulated depreciation at September 30, 1978 and the related depreciation
expense for the year then ended is not susceptible to determination at this
time.
(g) General Fixed Assets
General Fixed Assets have been acquired for general governmental purposes.
Assets purchased are recorded as expenditures in the general governmental
funds and capitalized at cost in the General Fixed Assets Group of Accounts.
In the case of gifts or contributions, such assets are recorded in General
Fixed Assets at fair market value at the time received, except for the
Olympia building which houses the Maurice Gusman Cultural Center for the
Performing Arts which was donated in 1975 but for which a fair value has not
yet been determined.
General Fixed Assets include certain improvements, including roads, bridges,
curbs and gutters, streets and sidewalks, and lighting systems.
(Continued)
57
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
No depreciation has been, provided on general fixed assets.
(h) VacationEarned Time and Sick Leave
Under terms of Civil` Service regulations and administrative policy, City
employees are granted vacation and sick leave in varying amounts.
Additionally, certain overtime hours can be accrued and carried forward as
earned time -off. Due to the uncertainties relating to the timing and amount
of payment to be made, the above liabilities are not recorded (see note 13).
(i) Pooled Cash and Investments
During 1977, the City implemented a new accounting system in which all cash,
investments and accrued interest are recorded and maintained in a separate
group of accounts. All cash and investments, including accrued interest and
interfund transfers, are reflected in the equity or deficit in pooled cash
and investments. Interest income is allocated based upon the approximate
proportionate balances of each fund's equity in pooled cash and investments.
A summary of pooled cash and investments and equity in pooled cash and
investments follows:
Short term investments, including accrued interest
Petty cash and other
$ 65,026,389
32,182
$ 65,058,571
Bank overdrafts $ 3,127,097
Liability for payroll deductions: 1,272,273
Other 150,178
Equity (deficit) of Funds:
General Fund 7,204,548
Special Revenue Funds (451,075)
Debt Service Funds 2,941,675
Capital Projects Funds 50,973,378
Enterprise Funds 773,848
Intragovernmental Funds 1,197,802
Trust and Agency Funds (6,746,132)
Self Insurance Fund 4,614,979
$ 65,058,571
The liability for payroll deductions shown above represents employee salary
deductions for FICA, credit union, bond purchasers etc. This liability
is not reflected in the accompanying financial statements since each
funds' equity in pooled cash and investments amount has been reduced for
its respective portion.
58
(Continued)
CITY OF MIAMI. FLORIDA
Notes to Financial Statements
The General' Fund incurs certain administrative expenses' for other funds,
including accounting, legal and engineering services An administrative
charge is levied against these funds to defray a portion of these expenses.
he General. Fund also contributes toward certain costs of the
Intragovernmental Service Funds, including pension cost, social security and
group insurance charges. These costsare recordedin the Intragovernmental
Service Funds, with the General Fund transfering sufficient funds to cover
the expenses.
(k) Appropriation of"Fund-;Balances''
he 1978-79'budget for the General and Special Revenue Funds include appropria-
tion of the September 30, 1978 fund balances of $2,427,000 and $1,077,000
respectively for purposes of funding general operating expenses.
Deferred. Income
Deferred. income at
for which` the use
September 30, 1978 represents collections made in advance
or service will not be provided until the subsequent year.
Included in the General Fund amount is a $580,000 payment received in 1978
pursuant to an agreement made in 1975 for the sale of certain assets to the
Dade County Water and Sewer Authority. The payment was received in advance
of the scheduled date and is being deferred until the next fiscal year to
coincide with the period in which it is appropriated.
(m) Debt Service Funds Activities
Included in the operations of the debt service funds are collections of
utilities service taxes and collections of assessment 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. Excess
receipts over current debt service and reserve requirements are transferred
to the General Fund for general operating purposes.
(2) Real and Personal Property Tax
The City's real and personal property tax is levied each January 1 on the assessed
value listed as of the prior September 30, for all property located in the City.
Assessed values are established by the Dade County Assessor of Property at just
values. The assessed value of property at September 30, 1977, upon which the
1977-78 levy was based was $3,828,200,000.
59
(Continued)
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
The City is limited, under. Article 7, Section 8 of the Florida Constitution to a
maximum tax levy of 10mills per $100 ($10 per $1000) of assessed valuation for
general governmental services. Taxes levied for the payment of principal and
interest on long-term debt are not subject to this limitation. The tax rate to
finance general government services, other than the payment of principal and
interest on long-term debt, for the year ended September 30, 1978 was $10 per
$1000 of assessed valuation which means that the City exhausted its taxing
capability to finance general government services. An additional $3.20 per $1000
of assessed valuation was levied for the purpose of debt service. Total taxes
levied, therefore, for the year ended September 30, 1978 aggregated $50,532,000
of which $38,282,000 was designated for general government service and
$12,250,000 for debt service.
All taxes are due and payable on November 1 of each year or as soon thereafter as
the assessment roll is certified and delivered to the Dade County Tax Collector.
The Dade County Tax Collector mails to each taxpayer on the assessment roll a
notice of the taxes levied. Taxes may be paid upon receipt of such notice, with
discounts at the rate of four percent if paid in the month of November, three
percent if paid in the month of December, two percent if paid in the month of
January and one percent if paid in the month of February. Taxes paid during the
month of March are without discount. All unpaid taxes on real and personal
property become delinquent on April 1 of the calendar year following the year in
which the taxes were levied. All tax collections for the City are delivered to
the City of Miami by Dade County. The delinquent real property taxes bear
interest at the rate of eighteen percent per year from April 1 until a tax sale
certificate is sold at auction from which time the interest rate shall be as bid
by the buyer of the certificate.
(3) Retirement Plana
The City has contributory pension plans covering substantially all employees.
Total pension expense for the current fiscal year, including amortization of
prior service costs over 35 years was approximately $14,650,000. Of this amount
$14,410,000 was funded by the General Fund, and the remainder by various other
funds, principally Enterprise.
The actuarially computed value of vested benefits under the plans exceeded the
pension funds' net assets by approximately $76,211,000 at September 30, 1978,
the date of the last valuation.
The pension expense and the excess of vested benefits over fund assets, for the
year ended September 30, 1978 increased substantially from the amounts reported
for the year ended September 30, 1977 (approximately $11,200,000 and
$69,700,000, respectively). This increase was principally due to changes in
actuarial assumptions, the moat significant being anticipated future salary
increases.
The anticipated aggregate contribution for the fiscal year ending September 30,
1979 is approximately $16,100,000.
60
(Continued)
CITY
Motes
(4) Bonds Payable
(a) Bond Issuances
OF MIAMI, FLORIDA
o Financial Statements
During 1978 the City issued;$14,040,000 of General
Obligation Bonds. The proceeds are restricted
as to use as follows:
Parks and recreational facilities
Fire facilities
Housing
(b) General Long -Term Debt
General obligation bonds, 1/102 to 7-1/2X, maturing
in various years through 2008, current principal
maturities of approximately $9,860,000 backed by
the full faith and credit of the City and its
taxing power.
Special obligation bonds, 3% to 4-1/102, maturing in
various years through 1988, current principal
maturities of approximately $466,000.
(c) Enterprise Funds
Revenue bonds, 6.5%, maturing in various years through
1989, current principal maturities of approximately
$20,000.
(d) Debt Service Requirements
General Oligation Bonds
Debt service is provided by an unlimited tax levy on nonexempt property value
and collections on assessment liens from projects financed by proceeds of
such bonds.
11,540,000
1,000,000
1,500,000
14,040,000
129.675.000
2.647.000
$ 249,000
Special Obligation Bonds
(1) Incinerator revenue bonds - Debt service is being provided by General Fund
transfers. A reserve of $250,000 must be maintained.
(2) Utilities service tax bonds - Debt service is provided by utilities service
taxes imposed by the City on each purchase of electricity, g ,
water local telephone and telegraph service. A reserve must be maintained
equal to the maximum annual debt service requirement. Utilities service
tax revenues exceeding debt service and reserve requirements can be used
for any lawful purpose.
61
(Continued)
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
(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, 1978 there were sufficient
funds reserved to fully pay the amount outstanding.
Enterprise Revenue Bonds
Rental income from the lease of the
debt service on these bonds.
(5) Land Transactions
During 1974 the Inter -American Center Authority purchased a parcel of land from
the City known as the Graves Tract for $8,500,000. The Authority had agreed to
pay the amount of the indebtedness, together with 5% annual interest, in equal
semiannual installments of $300,000 beginning January 1, 1977. In 1.975 the
Authority was dissolved. Negotiations as to the payment of indebtedness are in
process. The State of Florida budget for 1979-80 fiscal year contains a line
item that gives the State the opportunity to buy the City's interest in the
property for $8,000,000. The $8,000,000 would be restricted for projects
related to tourist development. The City has not yet accepted the terms of the
State's proposal and due to uncertainty as to timing and ultimate collection of
this amount, no receivable has been recorded at the balance sheet date.
At September 30, 1978 Dade County was indebted to the City for approximately
$830,000 relating to the sale of the Dodge Island site. Pursuant to terms of
the original agreement, the aggregate purchase price of $1,330,000 was to be
received by the City after payment and cancellation of the County's Seaport
Revenue Bonds. During 1977, the original agreement was amended to provide for
earlier payment. Included in revenue for 1978 is a receipt for approximately
$580,000 including accrued interest. The remaining $830,000 is not considered
available to finance 1978 operations, and therefore has not been recorded at the
balance sheet date.
(6) Self insurance
On October 1975 the City established a Self Insurance Fund to provide insurance
against certain liability risks. The City has continued to purchase outside
coverage for certain exposures where the premium is small in relation to the
coverage provided. In prior years these self insured risks were limited to
automobile liability an property damage, and general liability for slips,
falls and torts (hereinafter referred to as general coverage). During 1978 the
City expanded the types of risk for which it is self insured to include group
accident and health and also modified its accounting for workers compensation.
The City's accounting policy and amount of unpaid claims at September 30, 1978
for the various coverage is explained below:
u1I1u1li1111 uu�
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
General Coverage -
Departments of the City are assessed a charge for
each risk based upon the number of automobiles,
square footage of space utilized, etc. As claims
are reported, claims personnel investigate each
claim and estimate a liability on a case by
case basis. No provision is made for claims
incurred but not reported. The amount of this
liability is not susceptible to determination at
this time.
Amount included
in claims
payable
1, 884,025
B. Group Accident and Health - 1,690727
Employees participating in the City's group coverage
contribute through payroll deduction 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.
During 1978, when the City assumed the liability
for this coverage, the insurance carrier returned
to the City an amount representing the unpaid
claims at that date. This amount was established
as a claim liability. All claims paid subsequent
to this date have been expensed as paid.
C.`=Workers Compensation -
n prior years, workers compensation claims were
recorded on a pay-as-you-go basis in the General
Fund. In 1978, all departments of the City were
charged for their respective share of claims paid.
Effective October 1, 1979 all workers compensation
costs will be included in the Self Insurance
Fund with all departments of the City being assessed
a charge for this coverage. At September 30, 1978
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
63
$ 3,574,752
(Continued)
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
The charges made by the Self Insurance Fund to other funds are not determined on
an actuarially sound basis due to the lack of adequate data. The accuracy of
expenditures recorded in other funds for insurance coverage depends on the
ability of the Self Insurance Fund to accurately estimate the claim losses
incurred by the insured departments. To the extent the claim liabiilty recorded
in the Self Insurance Fund is understated, or to the extent the fund balance
represents charges to other funds in excess of actual losses, the expenditures
of other funds would differ accordingly. The City does not believe such a
refinement in the claim liability amount would have a material impact on any
fund's expenditures for the year ended September 30, 1978.
(7) Claims, Judgment and Other Payables
Claims Payable - General Fund
In April 1978, the City, as defendant, settled an outstanding suit which alleged
certain irregularities in pay increases granted to certain City employees in
prior years. The City agreed to pay the plaintiffs $1,100,000 covering all back
wages, attorney's fees, court costs and auditor costs. Of this amount, $187,500
was charged to expenditures during 1976, and $912,500 was charged to
expenditures in 1977, both in the General Fund.
The City disbursed $350,000 during 1978 from the General Fund and has accrued as
part of claims payable the fiscal 1978-79 payment of $375,000. A corresponding
charge to fund balance in the General Fund has been recorded for the fiscal
1978-79 accrual. The remaining $375,000 payment is scheduled to be made during
fiscal 1979-80 and is reported as part of judgments and other payables in the
General Long Term Debt Account Group (see below).
Judgments and Other Payables -
General Long Term Debt Account Group
During the fiscal year ended September 30, 1977 the City purchased a parcel of
land and agreed to compensate the owner $1,293,500. At September 30, 1978 the
unpaid balance of the indebtedness is $732,201 and is scheduled to be paid in
varying amounts through 1986.
The remaining $375,000 in judgments and other payables represent the fiscal 1979-
80 payment on the judgment described above.
(Continued)
f
i
CITY OF MIAMI, FLORIDA
Notes'to Financial Statements
(8) Federal Revenue Sharing ;Fund -
Reclassification of Encumbrance
Outstanding
During 1978 the City cancelled an encumbrance outstanding in the Federal Revenue
Sharing Fund for $500,000 and appropriated the monies for the 1978-79 operating
budget. Due to the significance of the amount involved and the fact that the
original encumbrance was never supported by an executed purchase order the
amount is being shown as an addition to fund balance for the year ended
September 30, 1978.
(9) Litigation
(a) 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 NW 6th and NW 9th Street
and bounded in the west by Biscayne Boulevard. In March, 1978 a trial court
entered an Order of Taking and an Order of Necessity, vesting title to said
property in the City subject to a Stipulation entered between the parties.
In accordance with the Order of Taking and the stipulation, the City
deposited $14,500,000 of certificates of deposit with a local depository. On
March 30, 1978, FEC and certain other defendants appealed. In June 12, 1979
the Third District Court of Appeal issued its opinion affirming the Order of
the trial court. The FEC has asked for a rehearing before the Third District
Court of Appeal.
If the City continues to be successful in upholding the Order of the trial
court, this case will be returned to the Circuit Court for a jury trial to
determine the ultimate amount which the City must pay FEC and other
defendants for the property and damages they may have sustained including
defendant's attorney's fees and court costs. This amount, however, cannot be
determined at this time.
(b) Gates et al vs The City of Miami
The City of Miami is involved in a lawsuit filed by several contributors and
retired members of the Miami City Employees' Retirement System primarily
challenging the legality of certain expenditures made by the City from
revenue raised pursuant to a Special Act which authorized the City to levy ad
valorem real property taxes for the relief and pension of City employees.
The alleged improper expenditures are as follows:
• City's Social Security contributions $ 8,771,929
▪ City's required portion of premiums on
Group Health and Life Insurance Policies 8,627,239
. Payment of Judgments on pension related cases 1,660,182
▪ City's Workers' Compensation obligations 566,810
• Reimbursement to City of expenses for City
Departments' services rendered to pensions 2,460,233
$ 22.086.393
65
(Continued)
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
In the, opinion of the. City Attorney, the lawsuit will not ultimately
the City of Miami having to actually pay any money judgment.
(c ) Other
result in
The City is currentlyappealing a $400,000'judgment that arose`. out, of an
automobile accident involving a police 'vehicle. In the opinion of the City
Attorney the City liability is either $100,'000 or $400,000 depending on the
outcome of the appeal.
The City is defendant in a case which arose out of an alleged police brutality
incident. A verbal demand for $300,000.has been submitted and in the opinion
of City counsel the case will be settled.
There are a number of claims and lawsuits against the City resulting
principally from personal injuries incurred on City property. In the opinion
of City officials and the City attorney, these claims together with those
mentioned above could result in a liability to the City of approximately
$1,900,000. The liability for outstanding claims is recorded in the Self
Insurance Fund (see note 6).
The City of Miami relies primarily on their legal department acting under the
direction of the City Attorney for legal advice. The foregoing opinions are
based solely on the opinion of the City Attorney.
(10) Changes Affecting Comparability
(a) Reclassification of Self Insurance Fund
As discussed in note 6, the Self Insurance Fund was reported as an
Intragovernmental Service Fund for the year ended September 30, 1977 but has
been reclassified and is being reported as a Fiduciary Fund Type for the year
ended September 30, 1978. This reclassification, in managements' opinion,
more properly presents the activity of the Fund. The amount reclassified of
$1,169,258 represents fund balance at October 1, 1977.
(b) Special Tax Levy Funds
For the year ended September 30, 1977 general property taxes aggregating
$14,099,000 were levied and reported as revenue in the Special Revenue Funds
in support of Pension, Publicity and Tourism and Street Lighting. Total
expenditures reported in the Fund were $15,959,000. Pursuant to City
Commission action, these activities and the related revenue and expenditures
are reported in the General Fund for the year ended September 30, 1978.
(Continued).
66
IIII III I■111IIIIIIIIIIIII
(c)
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Group Insurance and Workers°
Compensation Costs
Prior to June 1, 1978 the General Fund absorbed certain costs relating to Group
Insurance and Workers' Compensation costs. Subsequent to that date, each
department is charged their respective portion of actual claims coverage.
Aggregate costs charged for the year ended September 30, 1978 was $5,012,000
of which $4,341,000 was recorded in the General Fund and $671,000 was
recorded in other funds, principally Intragovernmental, Enterprise and Trust
and Agency Funds. The aggregate costs recorded in the General Fund for the
year ended September 30, 1977 were $4,927,000.
(d) Federal Revenue Sharing Fund
Prior to 1978 certain expenditures were budgeted and paid for directly by the
Federal Revenue Sharing Fund. For the year ended September 30, 1978 all
disbursements previously reported in this Fund were budgeted and disbursed
by the General Fund. Total expenditures reported for the year ended
September 30, 1977 for activities currently reported in the General Fund
were $2,747,000.
(e)
Transfer of General Fixed Assets
to Dade County Water and
Sewer Authority
As of September 30, 1978 the City recorded the transfer of approximately
$49,000,000 of sanitary sewers to the Miami -Dade Water and Sewer Authority in
accordance with an agreement dated March 1975 between the City, Dade County
and the Miami -Dade Water and Sewer Authority. The transfer was recorded,
although most of the assets were being used by the Miami -Dade Water and Sewer
Authority since 1976, by reducing improvements other then buildings by
$48,842,186 with a corresponding decrease in investment in general fixed
assets. There is an additional $8,896,690 of similar assets recorded as part
of construction -in -process that will be transferred when the respective
projects are completed.
(11) Relationship with Metropolitan Dade County
The Florida Legislature in 1955 approved and submitted to a general election, a
Constitutional Amendment designed to give a new form of government to the County
of Dade. The Amendment was approved in a state-wide general election in 1956.
A Dade County Charter Board was constituted and in 1957 and drafted a charter
which established a form of Metropolitan County government. The charter was
adopted in a county election on July 20, 1957. The electors of Dade County are
granted power to revise and amend the charter from time -to -time by county -wide
vote. The County is in effect, a municipality with governmental powers
effective upon twenty-seven cities and unincorporated areas including the City
of Miami. It has not displaced or replaced the cities but supplements them.
The County can take over particular activities of 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.
67
(Continued)
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
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
service; uniform system of fire protection complementing the muncipal fire
protection; consolidated two-tier court.system;. creation of the Miami -Dade
County Water and Sewer Authority; coordination of" the various surface
transportation programs; installation of a"central traffic control computer
system; merging all public transportation systems into a County system;
effecting a combined public library system; and centralization of the property
appraiser and tax collector functions.
(12) Federally Assisted Grant Programs
The City participates in a number of Federally -assisted grant programs,
principally of which are General Revenue Sharing, Community Development Block
Grant, Comprehensive Employment and Training Act (CETA) and Local Public Works
programs. These programs are subject to financial and compliance audits by
grantors or their representatives.
In December of 1978 an audit report was issued by the Dade County Internal Audit
Department representing the South Florida CETA Consortium. This report covered
the financial and compliance activities of the City as subgrantee for CETA funds
from June 1, 1974 to September 30, 1977 and questioned $1,717,000 of costs
disbursed by the City during that period. Although the City has responded
defending specific items of questioned costs, a final determination of the
amount, if any, of monies to be reimbursed to the South Florida CETA Consortium
cannot be determined at this time.
At September 30, 1978, the audits of certain other programs including the
Comprehensive Employment Training Act for the period since October 1, 1977 have
not been conducted. Accordingly, the City's compliance with applicable grant
requirements will be established at some future date. The amount, if any, of
expenditures which may be disallowed by the different granting agencies cannot
be determined at this time.
(13) Commitments and Contingencies
At December 31, 1978, the City had certain contingent liabilities relating to
earned employee benefits. The amount of benefits earned and accumulated is
governed by Civil Service regulations and administrative policy. These earned
benefits are summarized below:
MM
MM
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
Description
Normal vacation earned
Additional time -off earned
by hourly employees for over-
time hours worked
Normal sick leave accumulated
Amount
1,223,405
1,812,100
12,438,021
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 200 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, or in the case of sanitation workers,
fifteen years service is required and limited to $3,000 or twenty-five years
service and limited to $5,000, or forty years of service and limited to 960
hours at the pay rate at separation date. Due to uncertainties relating to the
timing and amount of payments to be made, the above liabilities are not
recorded.
In February 1976 the Commission passed an ordinance which approved the issuance of
$25,000,000 General Obligation Housing Bonds of the City for the purpose of
providing housing for families and persons, including the elderly, of low or
moderate income. In addition, and pursuant to agreements between the City and
Dade County, the proceeds of such bonds, as they are issued from time to time,
will be deposited in trust in a reserve fund to provide additional security for
certain housing revenue bonds to be issued by Dade County. 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, 1978, $1,500,000 of such City Housing Bonds
were sold and approximately $213,000 has been transferred to the trust account.
Due to the uncertainty as to timing or ultimate return of the amount transferred
to the trust account, no receivable was recorded at the balance sheet date.
(14) Maintaining the Current Level of Service
The City is experiencing difficulty in providing the current level of
services with existing available resources. Revenue curtailments and operating
cost increases have resulted from many conditions. Some of the more significant
conditions affecting the City's resources are:
. Property taxes for general operating purposes have reached their maximum
allowable millage (see note 2).
. Limitations have been placed on the maximum increase allowed in assessed
valuation from year to year.
69
(Continued)
CITY OF MIAMI, FLORIDA
Notes to Financial Statements
▪ Anti -Recession Fiscal. Assistance Funds have been discontinued.
▪ Federal Revenue
decreasing.
Sharing Funds available
• Comprehensive Employment Training
decreasing (see note 12).
. Anticipated pension contributions
note 3).
for general operating
Act Funds and other
purposes
sustaining
and related expenses
General operating costs are suffering
inflation.
from the continuation;
grants
are increasing
f double
. The amount of vested benefits under the, City of Miami
System exceeding fund assets is increasing (see note 3).�
Retirement
are
are
(see
digit
Plan and
The City is continually assessing alternatives to alleviate the above conditions
and has successfully avoided any reduction in services. Its ability to continue
to provide the current level of services in the future is dependent upon
expanding existing revenue sources while containing costs.
(15) Subsequent Events and Other Matters
Bond Issuance
In November 1978, the City offered for sale $18,250,00 of General Obligation
Bonds as follows:
$6,000,000
$5,000,000
$2,250,000
Reserve
$5,000,000
Sanitary Sewer Bonds
Street and Highway Improvement Bonds
Fire Fighting, Fire Prevention and
Facilities Bonds
Storm Sewer Improvement Bonds
Ordinances authorizing the issuance of these bonds were previously adopted by
the Commission and approved by the electors. The bonds bear interest at rates
between 4% and 7.5% and were sold at a small premium.
Bond Resolution
In May of 1979 the Commission passed a resolution authorizing the City Manager
to execute an investment banking agreement with certain underwriters for the
sale and issuance of $55,000,000 of revenue bonds to finance the development
of Watson Island as an amusement and recreation complex (the Project). In
June 1979 an Investment Banking Agreement was executed whereby the
70
(Continued)
CITY OF MIAMI, FLORIDA
o Financial Statements
underwriters agreed to underwrite the $55,000,000 principal amount of the
revenue bonds. Of such bonds, $20,000,000 will be secured by revenues from
the' Project together with a pledge of the City's franchise fees and non -
ad valorem taxes or revenues not otherwise pledged, and $35,000,000 of revenue
bonds will be secured only by Project revenues.
State Reporting Requirements
On June 15, 1979, the Governor of the State of Florida approved the "Local
Government Financial Emergency and Accountability Act." The Act is effective
October 1, 1979, and requires local governmental entities to complete their
financial statements within 90 days after the close of their fiscal year.
Additionally, financial statements are to be included in a financial report
examined by a certified public accountant and submitted to the State
Department of Community Affairs within 180 days after the close of the
entities' fiscal year. Failure to comply with these requirements may result
in the witholding by the state of funds payable to the entity until the
required report is received.
CITY OF MIAMI,.FLORIDA
General Fund
Balance Sheet
September 30, 1978
Equity` in pooled cash and
Taxes receivable - delinquent
(leas allowance for estimated. 642748
uncollectible amounts of $1,292,407);
General accounts receivable (net of allowance 502 246
for doubtful accounts of $18,677)
Other 39,120
$ 8,388,662
Schedule I
548
Liabilities, Reserves, and Fund Balance
Accrued liabilities (principally salaries) $ 1,019,739
Accounts payable 2,094,269
Deferred income 2,202,797
Claims payable �� `
375,000
Total liabilities 5,691,805
Encumbrances outstanding 1,015,512
Reserve for noncurrent delinquent
taxes receivable 206,820
Fund balance - appropriated 1,474,525
$ 8,388,662
CITY OF MIAMI
General Fund
Statement of Revenues, Expenditures,
Encumbrances ':and -Transfers, Budget and Actual
Year ended September 30, 1978
Revenues::
Taxes:
General property tax
Penalties and interest
Business and excise taxes
Licenses and permits:;:,
Business licenses and permits4
Construction permits
Intergovernmental revenue:
Federal. grants
State grants
Other
Inteagovernmental revenue:
Engineering services
Charges for services:
Public safety
Recreation
Other
Miscellaneous revenues:
Interest"
Rents
Other (including General Fund budget Item o
anticipated salary savings)
Total revenues
Transfers from other funds
Total revenues and transfers
74
$
500,000 for
Revised
budget
37,202,692
200
642,199
37,845,091
3,571,441
472,500
4,043,941
4,432,383
12,885,052
4,336,998
21,654,433
1,626,312
515,905
246,650
128,208
890,763
900,000
112,574
1,857,193
2,869,767
75
36,996,791
226,257
714,155
37,937,203
3,545,153
931,537
4,476,690
3,052,684
12,101,588
3,629,898
18,784,170
1,525,513
414,879
154,065
149, 570
718,514
1,049,282
310,658
887,977
2,247,917
65,690,007
29,996 667
95 686,674
Schedule II
CITY OF MIAMI, FLORIDA
General Fund
Statement of Revenues, Expenditures,
Encumbrances and Transfers, Budget and Actual
Expenditures and encumbrances:
General government:
Mayor and commission
City manager
City clerk
Management services
Finance
Legal
Civil service
Human resources
Citizen services
Conferences and conventions
Tourism and promotion
Computers and communications`
Public improvements:
Public works
Building
Planning and zoning boards,.
Public -safety:
Police
Fire
Sanitation
Pension
Parks and recreation
Intragovernmental charges:
Property maintenance
Self insurance
Print Shop
Other:
Employee benefits
Special programs
Miscellaneous
encumbrances,
Total expenditures and
Transfers to other funds
Total expenditures encumbrances and transfers
Excess of,revenues and transfers,
over expenditures, encumbrances and transfers
76
a
240,341
555,682
295,321
543,347
1,260,883
745,783
161,255
852,363
148,757
675,934
1,214,331
2,784,816
9,478,813
7,946,812
1,435,412
572,244
9,954,468
22,113,187
16,004,547
38,117,734
12,551,290
14,621,841
5,239,978
701,085
877,714
114,092
1,692,891
2,297,564
182,700
2,428,233
4,908,497
96,565,512
1,543,472
98,108,984
$ (904,264)
Expen-
ditures
transfers';
.Encum
brances Actual
230,486 '1,031 231,517
545,794 1,113 546,907
298,507 10,096 308,603
478,013 57,634 535,647
1,168,629 10,102 1,178,731
716,949 222 717,171
140,542 10,225 150,767
630,700 161,228 791,928
238,887 6,039 244,926
110,661 - 110,661
1,038,791 101,539 1,140,330
2,537,481 - 2,537,481
8,135,440 359,229 8,494,669
7,357,610 8,898 7,366,508
1,264,856 8,158 1,273,014
483,040 26,637 509,677
9,105,506 43,693 9,149,199
21,489,148 170,465 21,659,613
15,139,353 92,204 15,231,557
36,628,501 262,669 36,891,170
12,019,413 2,651 12,022,064
14,410,208 - 14,410,208
5,036,650 67,012 5,103,662
646,985 - 646,985
826,686 - 826,686
72,686 - 72,686
1,5_ - 1,546,357
1,489,015 - 1,489,015
100,859 - 100,859
2,541,712 159,404 2,701,116
4,131,586 159,404 4,290,990
91,013,661 894,658 91,908,319
1,803,688 - 1,803,688
92,817,349 894,658 93,712,007
1,974,667
77
Schedule III
CITY OF MIAMI, FLORIDA
General Fund
Statement` of Changes in Fund Balance
Year ended September 30, 1978
(61,377)
Excess of revenues and;_transfers; over
expenditures, encumbrances and transfers ,974,667
(Increase) in reserve for noncurrent (63,765)
delinquent taxes receivable
Transfer of current portion of long-term
judgment payable (375,000)
Fund balance, September 30, 1978 $ 1,474,525
D79-365€
CITY OF MIAMI, FLORIDA
Special Revenue Funds
Combining Balance Sheet
September'30, 1978'.
Assets
Taxes receivable - delinquent (less allowance
uncollectible"amounts of $370,868)"
Receivables from other governments
for estimated
Liabilities, Encumbrances Outstanding,
Reserves and" Fund Balances
Deficit (equity) in pooled cash and investments
Accounts payable
Encumbrances outstanding
Reserve for noncurrent delinquent taxes receivable
Fund balances - appropriate
Fund balances - unappropriated
0
Total
Special Tax Levy Funds
Publicity
and Street
Pension Tourism `Lighting
Federal
Revenue
Sharing
Fund
$ 173,962 148,280 13,203 12,479
2,009,477 - - 2,009477
$ 2,183,439 " 148,280 13,203 12,'479 2 009477
$ 451,075
6
34,938
54,247.
(6,773)
1226" >(532,602)" 987,224.
�6,110069
4,068
1,076,826 2,725 527,015
566,347 108,943 3183 13998
148,280 13,203 12,479 2,009,477
34,938
547,086
440.223
$
81
Schedule IV
CITY OF MIAMI, FLORIDA
Special Revenue Funds
Combining Statement;. of Revenues and Transfers
Year ended September 30, 1978
Revenues:
Intergovernmental revenue entitlement payments
of revenues over transfers
1
Federal
Publicity Revenue
and Street Sharing
Total Pension Tourism Lighting Fund
$ 8,037906
93,177
8,298 8,351,252
418,474 10,618,741
(410,176) (2,267,489)
CITY OF MIAMI, FLORIDA
Special Revenue Funds
(Deficiency) of revenues over transfers
Reclassification of encumbrances outstanding
for noncurrent delinquent taxes
receivable
Federal
Publicity Revenue
and Street Sharing
Total Pension Tourism Lighting Fund
$ 3,776,980 73,970 2,725 945,487 2,754,798
(2,677,665) - - (410,176) (2,267,489)
500,000 - - 500,000
43,858 34,973 3,183
$ 1,643,173 108,943
85
Schedule VI
CITY OF MIAMI, FLORIDA
Debt Service Funds
Combining Balance Sheet
September.30
Receivables`:
Taxes receivable - delinquent (less allowance' for
estimated uncollectible amounts.of.$473,133)
Assessment liens receivable
General, accounts receivable (less allowance.;;for
doubtful accounts of $37,720)
Accounts payable
Reserve for non -current delinquent taxes
Fund balances :
Appropriated;
Unappropriated
Total=fund balances
receivable
Schedule VII
General Orange Utilities
obligation Bowl Incinerator service
Total bonds bonds bonds tax bonds
2,941675 1,419,748 648,095 249,957 623,875
615.
$ 3,186,282 1,663,740 648,095 250,305 624,142'
77,980`.
1,134,795
1,973,457`
3,108,252'
$ 3,186,282
648,095 250000 236,700.
1,585,738 - 305 387,414
1,585,738 648,095 250',305 624 ,114
1,663,.740 648,095 250,305 624,142
87
CITY OF MIAMI, FLORIDA
Debt Service Funds
Combining Statement of Revenues,. Expenditures,
Transfers and Changes in Fund Balance
General property taxes
Interest
Assessment liens collections
Franchise and utilities service
Total revenues
Transfers from other funds
Total revenues and transfers
Expenditures:
Bond principal
Bond interest
tax
Fiscal agents' fees and administrative charges
Total expenditures
Transfers to other funds
Total expenditures and transfers
Excess (deficiency) of revenues and transfers
over expenditures and transfers
Fund balances, October 1, 1977
(Increase) in reserve for noncurrent delinquent
taxes receivable
Fund balances, September 30
1978
Total
$ 11,819,882
505,781
358,917
15,442,625
28,127,205
191,700
28,318,905
8,726,000
6,709,502
96.179
15,531,681
15,240,175
30,771,856
(2,452,951)
5,575,618
(14,415);
$ 3,108,252
11,819,882'
505,781
358,917
12,684580-
8,270,000
6, 600,252
Orange Utilities
bowl Incinerator
bonds bonds
191,700
191,700 15,442,625
166,000 150,000
25,425 52,050
50 232 577
171,825 191,657 202,627
15,240,175
14,965,572 171,825 191,657 15,442,802
(2:,280
250305 624,114
89
CITY OF MIAMI, FLORIDA
Capital Projects Funds
Equity in pooled 'cash .and ,'.investments $ 50,973,378 3,675, 864-
Assessment liens receivable 19120"
Liabilities and Fund Balances
Accounts payable
Accrued liabilities
salaries)
Fund balances
anitary:,
sewers
Pollution
control
2,470,349
General
Police
facilities
3,796,771
470,,349 3,796,771
2,534
5,524 — — — 2,080
48,295,394 1 3,59,960 12,550,068 2,470",349 3,792,157,
14,182,.1"17 2,:470,349 3,796,771
Obligation
Parks and
recreation Highway Convention Fire
facilities improvements center facilities Sidewalks Housing--
7,492,631 3,474,301 3,705,476 6,038,733 68,616 1,296 492
282,694
1,321
7,208,616 3,2033
270,974 127,246 286,918
7,492,631 3,474,301
Schedule IX.
Special Obligation
Revolving Capital
fund improvements
374,337 4,416,477
374,332 4,416,816
CITY OF MIAMI, FLORIDA
Capital Projects Funds
Combining Statement of Revenues. and Expenditures
and Changes in Fund Balances
Year ended September 30, 1978
Revenues:
Sale of bonds
Franchise revenues
Interest
Grants
Other
Project expenditures'
Transfers to other funds
Total project expenditures
transfers
Excess (deficiency) of
revenues over expen-
ditures and transfers?
Fund balances,
October 1, 1977
Fund balances,
September 30
Pollution
control
134'
177,134
374,518
374518
(187, 384 )
2667,733
2470,349
General
Police
facilities
268,199
268,199
304,005
304.005
(35,806)
3,827,963
3,792,157
Total
$-14,040,000
4',853,025
3,654,854
1,618,505
14,966
24,181,350
26,923,332
3,506,537
095,937.. 5,976,740
(814,360) (4,857,611)
4406320 17,407679
3 591960 12,550068
Obligation
Parks and
recreation Highway Convention
facilities improvements center
11,540,000
566,476
435,000
12,541,476
13,591,006
(1,049,530) (
7,208,616 3,203,327
23,870
Special
Obligation
Capital
improvement
4,85i,025
2 22v 934
g
23,870\j, 5,07.959
,215,426
3 506 L537
3,721,963
492 23,870 1,353,996
350,462 1062,481
63,694,1296,492, 374,332 4,41 6,477
CITY OF MIAMI, FLORIDA
Enterprise Funds
Combining. Balance Sheet
September`30, 1978
Assets
Equity (deficit) in
pooled cash and
investments
Accounts receivable (net
of allowance for doubt-.,
ful accounts of $21,265)
Property, plant and
equipment:
Land
Buildings and
improvements
Machinery and equip-
ment
Construction in
progress
Marine Miami
Total Stadium Stadium
773,848 (100,386),> 41,442
484,889
4,561'' S8,583
1,820,107 4,836: 375,000
21,121,652' 2,254,020'' 689,097
785,439 116,985' 34,853
4'104 , 915 264 185
$ 2909.0850 2,290,280 1,199160
Orange Bowl
Stadium
214,238
170,070
709,981
8,014,835
252,823
351,056
9,713,003
Liabilities, Contributed
Capital and Retained
Earnings
Accounts payable 65,248 3,222 33,386
Accrued liabilities
(principally salaries) 30,772 1,508
Deferred income 277,337 6,000
Revenue bonds payable 249000. -
Total liabilities 622'357
Contributed capital and
retained earnings -
unappropriated 28,140,604 2,279,550 1,191',331 9,449,694
Contributed capital and
retained earnings -
appropriated 327,889 - -
29,090,850 2,290,280 1,199',160 9,713,003
10,730
5,120
709 10,777
2,000 219,146
94
7,829 263,309
Schedule XI
Warehouse Special
Marinas Auditoriums Golf property properties
142,981
208,195
120,290
3,339,972
46,714
3,738
3,861,890
9,308.
9,403
16,436
500,000 5 , 000 - 95, 000 '>
3,802,928 ;:1,156,406 444,394 1,420,000`
100,156 230,454 - 3,454
3,749,672 -
8`465,535 1,490,703 499294 1,570985
20 215''',;
3,508,576 8,445
3,861,890 8,465,535 1,490,703
20,000
249,000
269.000
220,572 1,570,900
9.722 -
499,294 1,570,985
95
CITY OF MIAMI, FLORIDA
Enterprise Funds
Combining Statement of Revenues, Expenses
and Changes in Contributed Capital
and Retained. Earnings
For the year ended September 30, 1978
Revenues:
Revenue from°operations
Interest
Total revenues
Operating expenses
Net income (loss)
Contributed capital and retained earning
October 1, 1977
Contributions from other funds
Contributed capital and retained
earnings, September 30, 1978
96
Total
3,7.01,319
58,638
3
759,957
3,073,538
686,419
Marine Miami
Stadium Stadium
236,032 253,163
- 4,370
236,032 257,533
275,556 248,488
(39,524) 9,045
24,491,574 2,319,074 1,182,286
3,290,500 -
$ 28,468,493 2,279,550 1,191,331
Orange
Bowl
Stadium
961,978
14,550
976,528
811,243
165,285
Schedule XII
Warehouse Special
Marinas Auditoriums Golf property properties
901,695
14633''
916,328
680,900
235,428
9,280,399 3,591
4.010.
9,449,694 3,826,743
472,550
14 224
486',774 .711,187 39,425 136,150
280`591 614,580 17,560 144,620
206,183 96,607 21,865 (8,470)?
CITY OF MIAMI, FLORIDA
Intragovernmental Service Funds
Combining Balance Sheet
eptember 30, 1978
Assets
Equity (deficit) in pooled cash
and<investments
Accounts receivable
Inventor-ies
Property, plant and equipment:
Buildings and improvements
Machinery and equipment,.
Construction in progress
Liabilities .and ;Retained =Earnings
Accrued liabilities
salaries)
ccounts payable
principally'
Contributed capital,, and retained
earnings (deficit).- unappropriated
Total
,197,802
12,525
291564
724,489
9,093,556
1,838,914
$ 13,158,850
2° 283
69,290
Public
properties
24,109
16,003
40.112
2,780
683
13,037,277 36,649
$'13,158 850 40,112
MotorProperty Print
pool maintenance Shop
390,545 244,934
6,154,805 2,768,800
1,838,914 - -
9;645,348 3349,801 (63,804)
9,676,575 3,37.6,062 (23425)
48769
Schedule XIII
4179-648€
Public
properties
159,066
159.066
CITY OF MIAMI, FLORIDA
Intragovernmental Service Funds
Comb• ining_ Statement of Revenues, Expenses
and Changes in Contributed Capital and Retained Earnin
For the year ended September 30, 1978
Transfers from other funds
Total revenues and transfers
Operating expenses
Transfers to other funds
Total expenses and transfers
Net income (loss)
Contributed capital and retained
earnings (deficit), October 1, 1977
Contributions from other funds
Contributed capital and retained
earnings (deficit),
September 30, 1978
Total'
6,444,862
1,657,248
8,102,110
6,187,850
44,644
6,232,494
1,869,616
1'.902' 07.2
277
161,864
40,827
202,691
(43,625)
80,274
36.649
City
Mgt
3,031,140
498,501
3, 5 9 641
2,392,440
3,817
2, 3_ 96_257
1,133,384
Property Print Stationery
maintenance shop stock
1,880,899 1,062,463 122,611 188,683
622,418 4,017 693
2,412 518 1,684.881 126`628 189376
,464 1,436,227 141,580 151,275
531 619
1,904
1,904,464 1,436,'227 141,580 151,275'
054 248,654 (14,952) 38,101
508,
6,609,892 2,841,747
1,902,072
9,645,348 3,349
Motor
pool
CITY OF MIAMI, FLORIDA
Trust and Agency Funds
Combining BalanceSheet
September 30
Receivables from other governments (net of
allowance for doubtful accounts of $110,000
Liabilities and Fund Balances
Deficit..(equity) in pooled cash and
investments
Accrued liabilities.
Accounts. payable
Deposits refundable
Due to other governments
rincipally salaries)
Total
9,414,660
9,414,660
6,746,132
212,614
1,759,731
226,693
30,810
438,680
9,414,660
Community
Development
1,533,255
1,533,255
6,767,163`. 810,008 - 304234
6,767,163 810,008 - 304,234:
766,127 6,301,140;`
6,724
742,680
17,724
1,533,255
195, 511 — 5, 283" 5, 096,
,254 780,008 1,153 26",636
186,212
30,810
20,777` 1,'825 1,327 397,027
6,767,163. 810,008 304234
209
40,481
103
CITY OF MIAMI, FLORIDA
Trust and Agency Funds
Comb"fining Statement of Revenues, Expenses
and:Changes in Fund Balances
September 30, 1978
October'
Revenues - intergov,ernmental,"grants
Transfers°from other funds
Grant expenditures
Total
299,882
26,074,069
213,000
25,713,271
4_
438.680
Schedule XVI
6,970,388
435,000
17.724
THIS PAGE INTENTIONALLY. LEFT BLANK
A statistical comparison of ten years revenues and expenditures.
CITY OF MIAMI, FLORIDA
GENERAL REVENUE BY SOURCE
LAST TEN FISCAL YEARS
City State Taxes Licenses tines
yised Year end Property and and
September 30, Taxes • Grants • permits Forfeitures
1978 66.66666666 37,223,048 12,101,588 4,476,690 ` 1,299,509
34,848,936 12,271,365 3,911,212 1,125,302
1976 .. ; 30,315,577 11,919,764 3,879,956 1,162,586
1975 , ; , , 26,239,664 12,456,546 3,761,602 1,225,870
1974. 22,915,782 12,524,075 4,012,672 1,243,704
1973;, , .. 21,011,368 11,452,073 4,250,789 1,090,420
1972:. .. ; , .. 24,742,993 7,961,047 3,939,992 1,141,205
1971 , . ;... , , 23,967,489 4,674,990 3,431,840 1,103,873
1970 . , 1166166 20,062,060 4,638,556 2,924,669 1,269,328
1969 .. :.:. ,164. 19,852,790 4,573,603 2,517,922 1,390,439
1978 . .
1977 .
1974
1973 .
1972 .
1971
1970 .
1969 ...........
38.9%
39.3
39.4
39.4
37.8,
38.6
49.8
52.2
50.2
51.5
Percentage of Total Revenues
12.7% 4,77o
13.8 4.4
15.5 "50.
18.7 5.5
20,6 6.6.,
21.0 7.8
16,0 8.0
10.2 7.5
11.6 7.3
11'.9 6.5
108
1,4%
1.3
1.5
1.8
2,0:
2.0
2.3
3.2,::.
3,6
Contributions
Use:of. Charges • From Other Federal
money and Other for Funds and Revenue
Prey Agencies Services Miscellaneous Sharing Total
1,359,940 5,383,073 2,244,027 23,560,894 8,037,905 95,686,674
798,920 5,111,683 2,436,838 19,398,298 8,762,903 88,665,457
1,232,227 1,732,458 2,140,251 18,012,183 6,563,430 76,958,432
1,543687 574,739 1,566,713 13,698,361 5,600,000 66,577,182
2,124,235 477,342 1,335,666 13,029,582 3,000,000 60,670,058
789,773 614,818 1,244,837 10,113,533 3,907,364 54,474,975
815158 447,754 1,096,615 9,546,588 49,691,352
739,436 84,789 1,648,692 10,219,226 45,870,605
948934 68,302 1,072,311 8,983,120 39,967,280
817,715 83,790 992,050 8,346,545 38,574,854
1.4% 5,67o . 2.3% 24.6%,
g.. 5.8 2,7 21,9
1.6 2.3 2,8 23.4
23 .9 2.4 20.6.`.
3.5. .8 22 21,5
15 . 1.1 . 2.3 18.5
1.6, ,9 :` 2.2 19.2
1.6 2' 3.6 22.3
2.4 27 22.4
2.1 2 2.6 21.6
%Increase
of Revenues
Over Prior
Year
8 4% 7.9%
9.915.2
85 15.6
8.4 9.7
50. 11.4
9.6
8,3
14.8
3.6
13,6
CITY OF MIAMI, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN YEARS
Parks Fiscal
Fiscal Year End Public Public and and
September 30, Safety Improvements Recreation Sanitation Administrative
1978 38,122,421 6,234,468 5,103,662 12,022,064 6,012,427
1977 37,155,825 5,805,270 4,106,840 10,375,192 6,833,585
1976........ 33,592,159 5,677,643 4,117,516 10,400,131 5,536,357
197530,226,057 5,797,969 3,831,500 9,630,421 4,795,299
1974 25,444,701 5,176,162 3,347,083 8,507,417 3,979,445
1973 23,146,577 4,713,406 3,059,575 7,785,445 3,201,220
1972 .... 20,717,608 3,947,743 3,045,680 7,125,771 2,736,056
1971 20,220,729 3,717,559 2,821,648 6,970,912. 2,688,011
1970.. ........ 17,942,085 3,327,178 2,451,524 4,732,024 2,505,331
1969 16,472,030 3,209,982 2,465,029 4,001,667 2,298,287
*General Purpose Accounts include Building Costs, Fringe Benefits and Other General Expenditures.
**The operations of the Libraries and the Hydrant Service were transferred to Metropolitan Dade
County.
***Prior to, and including 1975, the costs of the Group Insurance and Social Security are included in
Pensions.
Percentage of Total Revenues
1978 ....`......: 40.7% 6.7% 5.5% I2.8% 6.470
1977 ....,..... 41.8 6.5 4.6 11.7 7.7
1976 ... ....... 42.7 7.2 5.3 13.2 7.0
1975 ........ 41.3 8.0 5.2 13.2 6.6
1974 .... 42.0 8.6 5.5 14,1 6.6
1973 . . 43.2 8.8 5.714.5 6.0
1972 43.3 8.2 6.3 15.0 6.0
1971 .:.......... 43.0 8.0 6.0 14.8 5.7
1970 .......... 43.7; 8.1 6.0 11.5 6.1
1969 ..... 42.3 8 2 6.3 10.3 5.9
110 :.
r
Pensions
14,410,208 1,250,991
11,003,921 1,292,173
8,741,067 1,288,725
10,266,025*** 1,483,296
7,277,231 1,398,783
5,875,635
4,897,069
4,537,380
3,612,402
3,645,687
Publicity
1,204,927
1,151,801
924,406
901,222
974,901
Lighting
2,914,731
2,739,047
1,380,178
1,188,716
378,754
1,216,546
1,060,828
892,995
812,251
758,339
Libraries
478,191**
2,635,865
2,218,435
2,208,053
Hydrant
senice
350,193**
Gummi
Pew*
Accounts
7,641,035
9,594,558
7,984,693
5,873,041
5,015,178
3,386,870
2,576,508
1,540,664
2,531,804
2,538,655
Total
93,712,007
88,906,411
78,718,469
73,092,324
60,524,754
53,590,201
47,737,255
46,950,169
41,034,256
38,922,823
% Increase
Decrease
of Expenditures
Over Prior Year
I5.4% 1.3• 8.1%
10.8 12.9
70 33:11%
1.4
12.4 11.0 1.7 1.8
8.0 20.8
10.1 7.7
13.0
1.6 8.3
12.0 2
11,0
2.2
• 2.3 6.3 5.4
12.3
10.22,0 114.4
2.49,6 Iu 5.4 1.0
5'4 7
2.8 2.2 2.0 2,0 65
0 2.2 2.0 5 7 6' 12 0
3
5.4%
•
. op?.
THIS PAGE INTENTIONALLY. LEFT BLANK
THIS PAGE INTENTIONALLY LEFT BLAN
79.686
THIS PAGE INTENTIONALLY LEFT BLANK.
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