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HomeMy WebLinkAboutExhibit• s C4414111 -Lc sports & exhibition authority OPERATING BUDGET FISCAL YEAR 2009-2010 MIAMI SPORTS AND EXHIBITION AUTHORITY OPERATING BUDGET FOR FISCAL YEAR 2009/2010 Table of Contents I. MSEA Members II. Letter of Introduction III. Budget Summary IV. MSEA Operating Budget MIAMI SPORTS AND EXHIBITION AUTHORITY BOARD OF DIRECTORS Mayor Manuel A. Diaz, Chairman Tomas Regalado, Vice -Chairman Angel Gonzalez, Commissioner Joe Sanchez, Commissioner Oscar Baisman Eli Feinberg Nathan Kurland Gene Meehan Frank Rollason EXECUTIVE DIRECTOR Timothy F. Schmand sports & exhibition authority July 31, 2009 Honorable Mayor Diaz And Members of the City Commission The Miami Sports and Exhibition Authority (MSEA) was established in 1983, pursuant to Florida Statute 212.057, as an independent and autonomous agency and instrumentality of the City of Miami. MSEA was created to promote sports, conventions and exhibitions and to strive to generate community support to achieve this purpose. It was further given the authority to exercise any power usually possessed by private corporations performing similar functions that are not in conflict with the Florida constitution or law. In 2005, the Bayfront Park Management Trust (BPMT) Executive Director was chosen to serve in that same role for MSEA. As a result, MSEA's operations were consolidated into the BPMT offices. BPMT's provision of management services to MSEA were formalized through an Inter -local Agreement, and approved by the Miami City Commission on May 28, 2009. In the past five years MSEA has successfully auctioned off the Miami Arena and other associated properties, reaping over $36,004,000 from the sales as well as returning those properties to the tax rolls. MSEA continues to serve the community as the landlord of the Children's Museum and the Chalk's seaplane operation on Watson Island. More recently, at the April 23, 2009, board of director's meeting, MSEA approved the transfer of $8,004,360, to the City of Miami for the construction of a new Marlin's Stadium. On May 4, 2009, the board approved a grant in the amount of $393,280 to the Miami Children's Museum, which enabled the museum to remain solvent during these difficult economic times. At the same meeting, the board approved a grant in the amount of $350,000 to the Melreese Golf Course Club House and a grant in the amount of $350,000 for the Caribbean Market Place renovation Project. The board has since decided to not extend future grants. MSEA also has primary responsibility in the Watson Island heliport negotiations. The attached budget will enable MSEA to fulfill its mandate. The budget was unanimously approved by the MSEA board at its April 23, 2009 meeting, and I would respectfully request that you do the same. Thank you in advance for your assistance. MIAMI SPORTS AND EXHIBITION AUTHORITY Proposed Budget FISCAL YEAR 2009-2010 Approved Approved Proposed DESCRIPTION 2008 2009 2010 Budget Budget Budget REVENUES City Contribution 112,000 Interest Income 250,000 244,400 - TOTAL REVENUE $ 250,000 $ 244,400 $ 112,000 I. Payroll, Taxes and Benefits COMPENSATION AND BENEFITS 1 Executive Director 50,000 - - 2 Project Manager 40,000 Marketing Manager. Executive Assistant 3 Bookkeeper 30,000 120,000 4 Group Insurance - 5 SS/Medicare Contribution 9,200 1 6 Retirement Plan 8,200 Total Payroll, Taxes and Benefits 137,400 H. Operating Expenses �jj .!ls T1e7it FES 137,41W S0 0�0 7 Business Meeting Expenses 3,500 3,500 1,500 Business Travel - - Car Allowance/Cellphone, Mileage Conference Registration 8 Contingencies 1,000 1,000 1,000 9 Couner/Delivery 1,000 1,000 1,000 Event Sponsorship - - - 10 General Insurance & Directors Liability Insurance 33,000 33,000 20,000 Memberships/Subscriptions - - Miscellaneous Warehouse Expenses - 11 Office Equipment/Maintenance 1,200 1,200 1,200 12 Office Supplies 1,000 1,000 1,000 13 Postage 1,200 1,200 1,200 Printing - - - Promotions/Marketing - - - 14 Telephone 1,500 1,500 1,500 Major Citywide Event TOTAL OPERATING EXPENSES 43,400 184,400 82,000 III. PROFESSIONAL SERVICES 15 Audit 40,000 40,000 20,000 16 Legal Support MSEA - WASTON ISLAND - City Attorney - - 17 Professional Services/ Temp - - - 18 Professional Services/projects 20,000 20,000 10,000 TOTAL PROFESSIONAL SERVICES 60,000 60,000 30,000 TOTAL OPERATING EXPENSES 240,800 244,400 112,000 IV. CAPITAL EXPENDITURES 19 OFFICE EQUIPMENT PURCHASES - 20 Furniture & Fixtures 21 Melreese Golf Clubhouse TOTAL CAPITAL EXPENDITURES TOTAL OPERATING BUDGET W/ CAPITAL EXPENDITURES J $ 240,800 1 $ 244,400 $ 112,000 Excess(shortage) of Revenue over Expenses 1 9,200 Miami Sports and Exhibition Authority Operating Budget Notes to Proposed Budget for 2009/2010 General Revenue City Contribution: proposed $112,000. This figure represents the City of Miami contribution to MSEA. General Expenses I. Payroll, Taxes and Benefits Executive Director: proposed $00. The Executive Director provides overall management for the Miami Sports and Exhibition Authority. Project Manager: proposed $00. The Project Manager is responsible for MSEA's finance, bookkeeping and accounting functions and assists the Executive Director with the management of Miami Sports and Exhibition Authority. Bookkeeper: proposed $00. The Bookkeeper reports to the Project Manager and is responsible for daily maintenance of MSEA's financial records. SS/Medicare Contribution: proposed $00. These funds will be used for Social Security and Medicare benefit costs of administrative employees. Retirement Plan: proposed $00. These funds will be used for the retirement plan of the administrative employees. II. Operating Expenses Annual Management Fee: proposed $50,000. These funds will be used to pay Bayfront Park Management Trust a management fee for the scope of services. Annual Facility Fee: proposed $3,600. These funds will be used to pay Bayfront Park Management Trust a facility fee, which shall include costs for office space, electricity, water, and administrative infrastructure. Business Meeting Expenses: proposed $1,500. These funds will be used for expenses associated with the quarterly Board Meetings of Miami Sports and Exhibition Authority. Contingencies: proposed $1,000. These funds will be used for any unforeseen expenses incurred during the year. Courier / Dehven,: proposed $1,000. These funds will be used for courier services. General Insurance & Directors Liability Insurance: proposed $20,000. These funds will be used to purchase General Insurance & Directors Liability Insurance for Miami Sports and Exhibition Authority_ Office Equipment / Maintenance: proposed $1,200. These funds will be used for office equipment rental, lease and maintenance contracts. Office Supplies: proposed $1,000. These funds will be used to purchase office supplies. Postage: proposed $1,200. These fluids will be used to purchase postage. Telephone: proposed $1,500. These funds will be used for telephone services. III. Professional Services Audit: proposed $20,000. These funds will be used to pay for the annual audit of MSEA's finances. Professional Services/ projects: proposed $10,000. These funds will be used to pay for professional services, storage, bank fees and projects for MSEA.