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Home My WebLink AboutEXHIBITy Miami Sports and Exhibition Authority OPERATING BUDGET FISCAL YEAR 2010/2011 MIAMI SPORTS AND EXHIBITION AUTHORITY OPERATING BUDGET FOR FISCAL YEAR 2010/2011 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 Tomas Regalado, Chairman Francis Suarez, Vice -Chairman Frank Carollo, Commissioner Marc Sarnoff, Commissioner Eli Feinberg Nathan Kurland Gene Meehan Anthony Recio EXECUTIVE DIRECTOR Timothy F. Schmand c_-�rt =fir hibi 4i o a.,uth. o r t y July 28, 2010 Honorable Mayor Regalado 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 (Trust) Executive Director was chosen to serve in that same role for MSEA. As a result, MSEA's operations were consolidated into the Trust offices. In May of 2008, the Trust's management of MSEA was formalized through an Inter -local Agreement. In the past six 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. At the April 21, 2010, board of director's meeting MSEA approved a grant in the amount of $10,000 to the Black Police Precinct & Courthouse Museum, and a grant in the amount of $10,000 to the Cuban Museum. At the same meeting, the board approved a loan in the amount of $300,000 to the Miami Parking Authority for emergency repairs to the Olympia Theater. 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 July 21, 2010 meeting, and I would respectfully request that you do the same. Thank you in advance for your assistance. Res ctful , imothy F. Sc and Executive Director Enc. Cc: file MIAMI SPORTS AND EXHIBITION AUTHORITY Proposed Budget FISCAL YEAR 2010-2011 Proposed DESCRIPTION 2011 Budget REVENUES City Contribution 107,000 Interest Income - TOTAL REVENUE $ 107,000 I. Payroll, Taxes and Benefits COMPENSATION AND BENEFITS 1 Executive Director - 2 Project Manager Marketing Manager. Executive Assistant 3 Bookkeeper 4 Group Insurance 5 SS/Medicare Contribution 6 Retirement Plan Total Payroll, Taxes and Benefits II. Operating Expenses `Annual Management Fee 50,000 Annual FacilityFee' 3,600 7 Business Meeting Expenses 1,500 Business Travel Car Allowance/Cellphone, Mileage Conference Registration 8 Contingencies 1,000 9 Courier/Delivery 1,000 Event Sponsorship - 10 General Insurance & Directors Liability Insurance 20,000 Memberships/Subscriptions - Miscellaneous Warehouse Expenses - 11 Office Equipment/Maintenance 1,200 12 Office Supplies 1,000 13 Postage 1,200 Printing - Promotions/Marketing - 14 Telephone 1,500 Major Citywide Event TOTAL OPERATING EXPENSES 82,000 III. PROFESSIONAL SERVICES 15 Audit 15,000 16 Legal Support MSEA - WASTON ISLAND - City Attorney - 17 -Professional Services/ Temp = 18 Professional Services/projects 10,000 TOTAL PROFESSIONAL SERVICES 25,000 TOTAL OPERATING EXPENSES 107,000 IV. CAPITAL EXPENDITURES 19 OFFICE EQUIPMENT PURCHASES 20 Furniture & Fixtures 21 Melreese Golf Clubhouse TOTAL CAPITAL EXPENDITURES TOTAL OPERATING BUDGET W/ CAPITAL EXPENDITURES $ 107,000 Excess(shortage) of Revenue over Expenses Miami Sports and Exhibition Authority Operating Budget Notes to Proposed Budget for 2010/2011 General Revenue City Contribution: proposed $107,000. 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 1-1 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 Facilitv 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 / Delivery: 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 funds will be used to purchase postage. Telephone: proposed $1,500. These funds will be used for telephone services. III. Professional Services Audit: proposed $15,000. 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.