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HomeMy WebLinkAboutSubmittal-Email-Revised Proposed FY 2011 Budget-Miami Department of Off-Street ParkingThompson, Priscilla From: Martinez, Maribel on behalf of City of Miami City Clerk's Office Sent: Monday, September 27, 2010 8:22 AM To: Thompson, Priscilla; Latimore, Pamela; Hannon, Todd Subject: FW: Revised Proposed FY 2011 Budget - Miami Department of Off -Street Parking Attachments: Revised Budget Package - 9-24-2010.pdf From: Scott Simpson [mailto:ssimpson@miamiparking.com] Sent: Monday, September 27, 2010 8:13 AM To: Regalado, Tomas (Mayor); Gort, Wifredo (Commissioner); Sarriciff, Marc (Commissioner); Carollo, Frank (Commissioner); Suarez, Francis (Commissioner); Dunn II, Richard P. (Commissioner District 5); Migoya, Carlos (City Manager); City of Miami City Clerk's Office; Bru, Julie Cc: Jami Reyes (External); Arthur Hertz (External); Marion A. Hill (External); Thomas B. Jelke (External); Stephen Nostrand (External); Arthur Noriega; Castaneda, Frank; Nelson, Ron; Commissioner Suarez; Alexander, Koteles; Dziedzic, Mirtha Subject: Revised Proposed FY 2011 Budget - Miami Department of Off -Street Parking Good Morning... Please find attached the revised FY 2011 Proposed Budget which was reviewed and discussed with the Mayor, Manager, and Chief Financial Officer on Thursday... The revised budget in the amount of $13,963,157 represents a 5.06% reduction from the prior year's budget or approximately $744,586 of operational expenses,.. Please feel free to contact myself or Art Noriega to discuss any questions that you may... C) Regards... Scott Simpson ti Scoff Simpson Chief Financial Officer Miami Parking Authority LLI 40 NW Third Street Miami, FL 33128 Phone 305-373-6789 x233 Fax 305-371-9451 www.miamigarking.com Find convenient, safe and affordable parking before you head to your City of Miami destination. 7 _j,_ Visit; .www.miamiparkin.g.con7loaLkinglocato CONFIDENTIAL COMMUNICATION The information contained in this transmission may contain privileged and confidential information. It is intended only for the use of the person(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution, or duplication of this communication is strictly prohibited. If you are not the intended recipient, please immediately contact the sender by reply E-mail and destroy all copies of the original message. Thank you. *Please Note: Due to Florida's very broad public records law, most written communications to or from City of Miami Department of Off -Street Parking employees regarding Authority business are public records, available to the public and media upon request. Therefore, this e- mail communication may be subject to public disclosure. 2011 roe r fir I", N ITEMOH, i67ON?-,z�--lo MIA411 PARKING AUMORITY Schedule of Revenue and Expenses Proposed FY 2011 Operating Budget Revised 9-24-2010 FY 2009 FY 2010 FY 2011 Requested Budget 2011 - - 1,091,525 Approved Proposed vs. 20.38 13.43 Actual Budget Budget FY 2009 Actual Budget 2010 Operating Revenue $ S $ Increase/(Decrease) Off -Street Facilities 2,764,712 3,560,250 3,672,074 907,362 111,824 Parking Lots 7,764,915 7,971,243 7,876,933 111,918 (94,4 10) On -Street 10,241,641 10,847,000 13,890,316 3,648,675 3,043,316 Management Fees 535,087 416,280 390,796 (144,291) (25,484) Other 317,524 153,250 200,000 (117,524) 46,750 Total Operating Revenue 21,623,879 22,948,023 26,030,019 4,406,140 3,081,996 Operating Expenses Salaries, Wages & Fringe Benefits 7,172,999 7,068,054 6,470,962 (702,037) (597,092) Repairs, Maintenance, Cleaning & Landscape 1,155,118 908,750 850,450 (295,668) (49,300) Security 1,026,145 1,162,200 831,873 (194,272) (330,327) Utilities 649,849 713,600 721,950 72,101 8,350 Insurance 804,418 836,219 762,574 (41,844) (73,645) Rental - Building/Land 483,004 258,005 729,976 246,972 471,971 Revenue Sharing 1,553,978 1,500,110 1,269,577 (284,401) (230,533) Parking Meier Parts & Installation 285,208 128,900 115,200 (170,008) (13,700) Legal and Professional 833,364 833,000 805,000 (28,364) (28,000) Bank Charges 494,986 475.000 760,000 265,014 285,000 Supplies & Miscellaneous 203,002 217,250 203,450 448 (13,800) Other Expenses 411,425 269,655 211,645 (199,780) (58,010) Advertising & Promotion 241,873 337,000 221,500 (20,373) (115,500) Total Operating Expenses 15,315,369 14,707,743 13,963,157 (1,352,212) (744,586) Operating Results Before Depr & Amort 6,308,510 8,240,280 12,066,862 5,758,352 3,826,582 Depreciation & Amortization (2,545,454) (2,786,021) (3,297,505) (752,051) (511,484) Operating Results, 3,76.1,056 5,454,259 9,769,357 5,006,301 3,315,098 Non -Operating Revenues (Expenses): Interest Income Lower of Cost of Market - Investments Gain (Loss) on Disposal Property Interest Expenses Total Nan -Operating Net Revenue to Excess of Expenses Operating Results Interest Income Income Available For Debt Service Less: Debt Service - Interest Expense Less: Debt Service - Principal Reductio[ Less: interest Income - Restricte( Less� Capital Replacement Resery Excess Revenue To Cit) 332,934 75,000 75,000 78,099 - - (1,024,037) (3,087,766) (3,616,862) (613,004) (3,012,766) (3,541,862) 3,150,052 2,441,493 5,227,495 6,308,510 8,240,280 12,066,862 411,033 75,000 75,000 6,719, 543 8,315,280 12,141,862 2,541,529 3,097,766 3,616,862 95(),000 985,000 1,025,000 130,750 - - 1,091,525 242,514 2,005,7 39 4,000,000 7,500,000 (257,934) (78,099) (2,592,825) (529,096) (2,928,858) (529,096) 2,077,443 2,786,002_ Requested Budget 2011 V& FY2009Actual Budget 2010 Increasel(Decresse) 32.82 3.14 1.44 (IA8) 35.63 28.06 (26,97) (6.12) (37,01) 30.51 20.38 13.43 (9-79) (8.45) (25-60) (5,43) (18.93) (28A2) 11.10 1,17 (5.20) (8.81) 5L13 18193 (18.30) (15,37) (59,61) (10.63) (3A0) (3.36) 53.54 60.00 0,22 (6,35) (48.56) (21.51) (8.42) (34.27) (8.83) (5.06) 91.28 46.44 29.54 18.36 14,707,743 Approved FY 2010 13,963,157 Revised FY 2011 744,586 Reduction ofFY2011 5.06% % Cut From FY 2010 Other Factors 326,000 FOOT 285,000 Credit Cards 1,355,586 Total Cuts 9.22% Total % 133,04 60,78 (77,47) (100.00) 253.20 17.14 47739 17.56 65.95 114AI ask MIAMI PARKING AUTHORITY Schedule of Revenue and Expenses Proposed FY 2011 Operating Budget " Revised 9-24-2010 v* FY 2009 FY 2010 FY 2011 Requested Budget 2011 Requested Budget 2011 Approved Proposed vs. vs. Actual Budget Budget FY 2009 Actual Budget 2010 FY 2009 Actual Budget 2010 $ 5 5 [ncreasaQDecrease) lncreasei(Dec7easC) Operarireg Revenue OJT -Street Facilities 2364,712 3,560.250 3,672,074 907,362 111,824 32.82 3.14 Parking Lots 7,764,915 7,971.243 7,876,833 11 1.918 (94,410) 1.44 (1,181 On -Street 10,241,641 10,847,000 13.890,316 3,648,675 3,043,316 35.63 28.06 Management Fees 535,087 416,280 390,796 (144,291) (25,484) (26,97) (6,12) Other 317,524 153.250 200,000 (117,524) 46.750 _ (37.01) -30.51 Tnrul Openuling Revenue 21,623,879 22,948,023 26,030,019 4,406,140 3,081,996 2033 13.43 Operrafng Expenses Salaries Waees & FrinEe )3enertts Salaries- Regular 4,915,891 L965.520 4,595,702 (320,189) (369,818) (6.51) (7.45) Salaries -Overtime 259,464 158,274 126,674 (132,790) (31,600) (51.18) (19.97) Salaries - Sick&. Vacation 441,254 299,807 340,117 (101,137) 40,310 (22.92) 13.45 Social Security 381,721 367,019 340,402 (41,319) (26.617) (10.82) (7.25) Health lnsuranee 524,147 554,201 402,256 (121,891) (151,945) (23:26) (27.42) Reurcment 451,707 526,214 513.985 62,278 (12,229) 13.79 (2-32) Benefits - (Auto, LTD, STD) 165,403 145,769 130,826 (34,577) (14.943) 120 90) (1025) "Illition 7,579 19,000 16,000 8,421 (3,000) 111.11 (15.79) Mucellancous Pay 25,832 32,250 5.000 (20,832) (27,250) (80.64] (84.50) ?,{72.498 2,068,0_4_64X962 (702-036) (597,092) (9.79) (8.45) Regai�Maintenance, Cleanine&Landscape----- Maintenance-Property 248,275 147,850 152,300 (95,975) 4,450 (38.66) 3.01 Maintenance - Landscaping 67,227 46,000 36,500 (3(},727) (9,500) (45.71) (20.65) Maintenance -Elevators 150,491 78,000 109,400 (41,991) 31.400 (2730) 40_6 Maintenance -A1C 12,703 9,500 10.000 (2,703) 500 (21,28) 526 Maintenance - Computers 51,897 52,000 65,500 13.603 133.500 26.21 25.96 Maintenance -Garage Equipment 173,676 136,000 28,000 (145,676) (108,000) (83.88) (79.41) Maintenance - Alarrns 10,530 15,200 14,200 3,670 (1,000) 34.85 (6.58) Maintenance -TV Surveillance 1,136 2,500 5,000 3,864 2,500 340,14 100.00 Repairs - Equipment 17,536 20,700 12.900 (4,636) (7,800) (26.44) (37.68) Motor Pool 215,993 209.150 224,900 13,905 20,750 6.44 9.92 Cleaning& Housekeeping Supplies 17,726 29,400 26,650 8.924 (2,750) 5034 (9,35) Expendable Tools 4,138 2,750 2,750 (1,388) - (33.54) - Clothing 33317 44,200 24,400 (8,917) (19,800) (26.76) (44.80) Signs 41,289 62,000 69,450 28,162 7,450 68.21 12-02 Small Equipment 73,304 22,500 35,500 (37,804) €3,000 (51.57) 5738 Maintenance - Other 15,630 7,000 7,000 (8,630) - (55.21) - Cleaning 20,251 24.000 30,000 9,749 6.000 48.14 _ 25.00 1,155,120 408,750 859.454 (295,670) Seeuri Security 996,591 1,127,400 808.073 (188,518) (319.327) (18.92) (28.32) Armored Car Services 29,554 34,800 23,800 (5,754) (11,000) (19.47) (31-61} 1,026,145 1,162,200 831,873 (194,272) (730,327) (18.93) (28,421 Utilities Teleplun, 233,430 171,500 158,200 (75.230) (13,300) (32.23) (776) Light & Power 366,055 442,850 486.900 120,845 44,050 33,01 935 Water 50,365 99,250 --713,600 76,850 ~- 26,485_ (22A00) _ 52-59 (2257) 649.850 721,950 72,100 8,350 11,09 (.I7 - Insurance..�.�.....�.... .-.�_�.. _- Property& Gen Liability Insurance 735,878 745,587 662.568 (73,310) (83,019) (9.96) (11.13) Workers Compensation Insurance _ 68,540 90,632 _ 100,006 31,466 9,374 45.91 10.34 804,418 936,219 762.574 (41,844) (7-33,649) (520) (8.81) Rental - Builith. Rental - BwldinglLand 483,004 258,005 729,976 246,972 47(,971 51.13 182.93 2evenueshariny v Revenue Sharing 1,553,978 1,500,110 1,269,577 (284,401) (230.533) (18.30) 115.37) Parking Meter Yartn & lnstaflation Equipment Rental 32,647 28.900 35,200 2.553 6,300 7.82 2).80 Parking Meter Parts & Installation 252,561 100,000 80,000 _ (172,561) 120,000) (68.32) (2000) 285,208 128.900 115,200 (170008) (13,700) (59,61) (10.63} or SUBMIT P U B L I C R EU'*"'U'** R Pu"' F 0 ITEMew6- I of 2 MIAMI PARKING AUTHORITY Sehedute of Revenue and Expenses Proposed FY 201 t Operating Budget •• Revised 9-24-2010 FY 2009 FY 2010 FY 2011 Requested Budget 2011 (8,83) Requested Budget 2011 6308,508 8,240,280 12,066,862 Approved Proposed vs. 46.44 vs. (2,786,021) (3,297,505) --- Actual Budget Budget FY 2009 Actual Budgat2010 3,763,054 FY 2009 Actual Budget 2010 8,769,357 $ S S increase/(Decrease) Increase/iDacrcase) 332,934 Lcy»I 400 yrofcsal Car All 75,000 (257.934) - (77,47) - 78,099 - Property Survey$, Platting 2,990 20,000 5,000 2.010 (15,000) 6T22 (75.00) Legal Services 146,742 122,000 122000 5,258 - 4,50 - Trustee Fees 22,278 18,000 - (22,278) (18,000) (100,00) (100.00) Audit Fees 138,000 150,000 150.000 14000 - 8,70 Pay and Display Fees 553,354 $23,000 528,000 (25,354) 5,000 833,364 833,1100 805,000 (28,364) (28,000)(3,40) _ (3,36) Bank Charges 494,986 475,000_ 760.000265,014 285,000 _53.54 60.00 smilies &Miscellaneous Postage& Courier Services 17,557 34,650 26,650 9,093 (8,000) 51,79 (23,09) Printing 110,842 88,300 96,850 (13,992) 8,550 (12.62) 9.68 Office Supplies 39,495 44,500 37,200 (2,295) (7,300) (5.81) (16.40) Office Equipment 9,866 8,200 7,000 (2,866) (1.200) (29,05) (14.63) Computer Supplies 2,247 19,750 14,000 11,753 (5,750) 523.05 (:9.11) Computer Software 22,994 21,850 21,750 _ (1,244) (100) (5.41) (0.46) _ 203,001 217,250 203,450 449 (13,800) 022 (6-35) Other Expenses Property Taxes 36,484 - 38,000 1.516 38,000 4.16 - Licenses&Permits 4,483 950 2,050 (2,433) 1,100 (5427) 115.79 Miiseellamcous 25,967 33,430 11,300 (14,667) (22,130) (56.48) (66.20) Travel 13.860 15,500 11,000 (2,860) (4,500) (20.63) (2203) Training 14,258 57,000 36,400 22,142 (20,600) 155,30 (36.14) Mieetirngs and Conventions 177,070 135,500 87,850 (89,220) (47,650) (50.39) (35.17) Cashier• Overage/(Shortage) (1,440) - - 1,440 - (100.00) - Publications 2,353 1,175 1.625 (728) 450 (30.94) 38.30 Membership Dues 20,608 26,100 23,420 2,812 (2680) 13.65 (1027) Claims Settlement 7,054 - (7,054) - (M.00) - Bad Debt Expense 109,278 - - (109,278) - (100.00) - Penalties&Interest 1,451 (1,451) (100.00_)_ -�-(21.51) _ _ 411025 2691,655--- Z11,64i (199,781) (58.Ot0)��- -J (416) 8. ----56) -___. Advert sing& Promalian Promotional 11,587 29,500 10,000 (1,587) (19,500) (13.70) (66.10) Public Relations 104149 172,500 131,500 31,351 (41,000) 31.30 (23.77) Advertising (30,131 135,000 80,000 (50,137)___(55,000) (38,53)J40.74) 241,873 337,000 221,500 (24373) (115900) (8.42) (34.27) Total Operating Expenses Operafft Ri,=11, Bd m Depr & Arxar Depreciation & Amortization Operating Resalts Non -Operating Revenues (Expenses): Interest Income Lower of Cost or Market - Investments Gain (Loss) on Disposal Property Interest Expenses Total Non -Operating Net Revenge In R,eces's of Expenses Operating Resu.ts Interest Income Income Available For Debt Service Less: Debt Service- Interest Expense Less: Debt Service - Principal Reductior I -es, Interest Income - Restricted Less: Capital Replacement Reservt Excess Revenue To City 15315,371 14,707,743 13,963,157 (1,352,214) (744,586) (8,83) (5.06) 6308,508 8,240,280 12,066,862 5,758,354 3,826,582 91,28 46.44 (2,545,454) (2,786,021) (3,297,505) --- (752,051) (511-484) _ 29.54 18.36 3,763,054 5,454,254 8,769,357 5,006303--� 3,315,098 133,04 60.78 332,934 75,000 75,000 (257.934) - (77,47) - 78,099 - - (78,099) - (100.00) (1024,037) (3087,766) (3,616,862) (2,592,825) (529,096) 253,20 IT 14 (613,004) (3.)12,766) (3.541.862) (2,928,958) (524,096) 477.79 17.56 3,150,050 2,441,493 5,227,495 2,077445 2,786,002 65.95 114.11 6308,508 8,244280 11066,862 411,033 75,000 75,000 6,719,541. 8,315,180 12,141,862 2,541,529 3,087,766 3,616,862 950,000 985,000 1,025.000 130,750 _ 1,091,525 _ _ 242,514 2---- - 4,0----ta -----000 14,707,743 Approved FY 2010 13,963,157 Reviscd FY 2011 744,586 Reduction of FY 2011 5.06°%0 % Cut From FY 2010 Other Factors 326,000 MOT 285,000 Credit Cards 1,355,586 Total Cuts 9.22 Total % MIAMI PARKING A UTHORITY Schedule of Revenues and Expenses Proposed FY 2011 Operating Budget – Line Item Descriptions Description of Line Items: Operating Revenue Off_ Street Facilities - Revenue collected at parking garages, including daily customer revenue, monthly cardholder revenue and revenue derived from special events Pa,rkirig_ Lots – Revenue collected at parking lots, including daily customer revenue, monthly decal -holder revenue and revenue derived from special events / rental of lots On -Street – Revenue collected from single space and Pay and Display meters located on -street as well as revenue derived from rental of metered spaces (production events, valet, etc) Management Fees – Fees charged to third parties (i.e. Miami -Dade County, Florida FDOT and City of Miami) for the administration of various parking / non -parking facilities including the Gusman Theatre Other – Majority of line item represents fees remitted by towing companies that assist in towing illegally parked vehicles from parking facilities / on -street spaces Operating Expenses Salaries, Wakes & Fringe Benefits Salaries.– Regular r - Base salaries for all full time / part-time Authority personnel Salaries – Overtime – Overtime funds paid to hourly personnel Salaries—Sick & Vacation – Sick and vacation time for full-time Authority personnel Social Security – Social security taxes paid to the federal government for Authority personnel Health Insurance – Insurance premiums paid by MPA for full-time Authority personnel Retirement – Employer portion of annual pension obligation paid to the MPA's pension plan for full-time Authority personnel Other Benefits – Insurance premiums paid by MPA on behalf of full-time administrative and operations personnel for auto, short-term disability and long term disability SUBMITTED INTO THI Page I of 5 PUBLIC RECORD FOR ITEM-+.1s_ON I Tuition — MPA provides educational assistance for regular full-time employees who have completed 365 calendar days of service in an eligible employment classification. The amount of assistance paid by the Agency is 100% of tuition costs up to a MaXiMUM of 53,000 in a calendar year providing the employee earns grade of "C" or better Miscellaneous Pay — Payment for the use of temporary labor for special events and special employee assignments Repairs, Maintenance, Cleaning & Landscape Maintenance — Property — Contractual expenses incurred in connection with the maintenance of parking facility structural components, excluding items detailed below Maintenance — Landscaping — Contractual expenses incurred in connection with the maintenance of parking facility landscaping Maintenance — Elevators — Contractual expenses incurred in connection with the maintenance of parking facility elevators Maintenance — A/C — Contractual expenses incurred in connection with the maintenance of parking facility, operations and administrative office air conditioning units Maintenance — CoWutes — Contractual expenses incurred in connection with the maintenance of parking facility / administrative office computer equipment Maintenance — Garage-Equiprrint e — Contractual expenses incurred in connection with the _- _ maintenance of parking facility revenue control equipment Maintenance — Alarms — Contractual expenses incurred in connection with the maintenance of parking facility revenue alarm / security systems Maintenance — TV Surveillance — Contractual expenses incurred in connection with the maintenance of TV surveillance cameras located in garage facilities Repairs — Ep merit — Non -contractual repairs associated with parking facilities rit Motor Pool — Expenditures associated with Agency vehicles including gas, repairs and lease payments for leased Agency vehicles Cleaning / LCleaning & Housekeeping Supplies — Contractual expenses and cleaning supplies _j _ purchases for the maintenance of parking facilities / administrative offices Expendable Tools / Small Equipment - Maintenance tools and maintenance / office equipment purchases that do not exceed $1,000 and therefore are not considered a capital asset SUBMITTED INTO THE Page 2 of 5 PUBLIC RECORD FOR ITEMe44-,60N (2 Clothing — Uniforms for operations personnel Signs — Maintenance and purchase of signage for both off-street and on -street parking facilities Maintenance — Other — Annual contractual maintenance fee incurred for Authority telephone system Sectrri Security — Contractual expenses incurred for security personnel who perform surveillance of parking facilities Armored Car Services — Brinks services for the pickup of cash at specified locations Utilities Telephone — Expenses paid to telephone carriers for the usage of telephone lines and cellular phone lines (i.e. AT&T, Sprint) Light & Power — Electricity expense for all parking facilities / administrative offices (FPL) Water — Water expense for all parking facilities / administrative offices (Miami -Dade Water and Sewer) Insurance Propeqy--g,nd GerLeral Liability Insurance — Insurance premiums related to property, general liability, and directors and officers liability coverage Workers Compensation Insurance — Workers compensation premiums for Authority personnel Rental — Buildin,- /Land Rental Building/Land — Fixed, contractual lease payment's paid for the rental of parking lots managed and not owned by the Authority Revenue Sharing Revenue Sharing — Payments made to lessors of parking lots that are managed by the Authority. These payments are based on a % of either gross or net revenue derived by the parking lot SUBMITTED INTO THE Page 3 of 5 PUBLIC RECORD FOR Iri4ij, -7 Parkin,- Meter Parts & Installation Equipment Rental — Rental of golf carts for security personnel to roam facilities, rental of office copiers Parking Meter Parts & Installation — Purchases of parking meter supplies / parts to replace defective parking meter equipment Legal and Professional PropertySurveys, Platting — Expenditures incurred related to property surveys and platting of prospective parking facility acquisitions Legal Services — Legal fees paid to City of Miami for City Attorney services Trustee Fees - Fees paid to Trustee of Authority bonds Audit Fees — Fees paid in connection with the annual audit of the Authority's financial records Pam -ap�dDisplay Fees — Service contract fees paid to parking meter vendors, parking consultants, payroll processing fees, website redesign fees, rating agency fees in connection with the Authority's bonds Bank Char, -es Bank Charges — Bank fees and credit card processing charges associated with the Authority's parking facilities Supplies and Miseellaneous Postale Courier Services — Postage expense for Authority's mailings Printing — Printing of tickets and decals for parking facilities and customer service pamphlets Office Supplies — Desk supplies (i.e. paper) for all Authority facilities / administrative offices Off ce'Eqqignient — Office equipment purchases that do not meet threshold for capitalization Computer Supplies — Computer supply purchases for all Authority facilities / administrative offices Computer Software — Computer software purchases for all Authority facilities administrative offices SUBMITTED INTO THE�. Page 4 of 5 PUBLIC RECORD F01R4 U 27- 1<9 ITEM N Other Lvyenses Licenses & Permits - Miscellaneous licenses and fees Miscellaneous — Payment for medical exams and back ground check for employees (new hire and worker comp cases) and mystery shopper program Travel - Business travel expenses incurred for parking related conferences Training -Training expenses for all employees Meetin2s and Conventions - Business meeting expenses for all employees Publications — Miscellaneous business publication subscriptions Membership dues — Membership dues for various parking related organizations and professional associations Advertising- & Promotion Promotional — Promotional materials distributed to customers at special events / customer appreciation week Public Relations — Contractual expenditures related to public relations consultant services and sponsorships of various charities and non-profit organizations Advertising — Media advertising expenses (i.e. radio, television, and printed media) Non-Operatin-f-, Revenues/ (Eypenses) D — Depreciation related to parking facilities, including building and structures, leasehold improvements, furniture and fixtures, and parking equipment Interest Income — Interest and gain/losses on Authority investments Interest Expenses — Interest expenses and amortization of bond issuance costs incurred in connection with the Authority's bond issue. WOMITTED INTO TH!7. FP` 0 mo L I C Km E C", 0 R D F Ol