HomeMy WebLinkAboutExhibit 18APPENDIX A
GENERAL INFORMATION REGARDING THE CITY OF MIAMI
General
Now 110 years old, the City of Miami, Florida (the "City") is part of the nation's eleventh largest
metropolitan area. Incorporated in 1896, the City is the only major municipality conceived and founded by a
woman, Julia Tuttle. According to the U.S. Census Bureau, the City's population in 1900 was 1,700 people.
Today it is a city rich in cultural and ethnic diversity with more than 386,417 residents, 58.2% of them foreign
born. In physical size the City is not large, encompassing only 34.3 square miles. The City is situated at the
mouth of the Miami River on the western shore of Biscayne Bay, the main port entry in Florida. The City is
the southernmost major city and seaport in the continental United States. The nearest foreign territory is the
Bahamian Island of Bimini, 50 miles from the City's coast, In population, the City is the largest of the 35
municipalities that make up Miami -Dade County and is the county seat.
Population
City of Percent Miami -Dade Percent State of Percent
Year Miami Change County Change Florida Change
1960 291,688 935,047 4,951,560
1970 331,553 13.6 1,267,792 35.6% 6,791,418 37.2%
1980 346,865 4.6 1,625,509 28.2 9,746,961 43.5
1990 358,648 3.4 1,937,194 19.2 12,938,071 32.7
2000 362,470 1.0 2,253,362 16.3 15,982,378 23.5
2005 386,417 6.6 2,376,514 5.5 17,789,864 11.3
Source: University of Florida, Florida Statistical Abstract 2005, US Census Bureau, Miami -Dade County, Annual Report to
Bondholders
Government
Since 1997, the City has been governed by a form of government known as the "Mayor -City
Commissioner plan." There are five Commissioners elected from designated districts within the City. The
Mayor is elected at large every four years. As official head of the City, the Mayor has veto authority over
actions of the Commission. The Mayor appoints the City Manager who functions as chief administrative
officer.
City elections are held in November every two years on a non -partisan basis. Candidates for Mayor
must run as such and not for the Commission in general. At each election, two or three members of the
Commission are elected for four-year terms. Thus, the terms are staggered so that there are always at least
two experienced members of the Commission.
The City Manager serves as the administrative head of the municipal government, charged with the
responsibility of managing the City's financial operations and organizing and directing the administrative
infrastructure. The City Manager also retains full authority in the appointment and supervision of
department directors, preparation of the City's annual budget and initiation of the investigative procedures.
In addition, the City Manager takes appropriate action on all administrative matters.
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Climate
Miami's climate is sub -tropical -marine, characterized by long summers with abundant rain fall and
mild, dry winters. The average temperature in the summer is 81.4 degrees Fahrenheit and 69.1 degrees
Fahrenheit in the winter, with an average annual temperature of 75.4 degrees.
Parks and Recreation
Outdoor recreational activities like golf, tennis, running, bicycling, rollerblading, boating and fishing
can be enjoyed year-round. Altogether, Miami -Dade County has over 300 parks and recreational areas
totaling over one million acres, including Everglades and Biscayne National Parks. Eighteen public golf
courses and 504 public tennis courts are available throughout the county.
Miami -Dade County's area's 22 public beaches comprise 1,400 acres, which are freely accessible and
are enjoyed year round by residents and tourists.
Athletics for spectator sports fans are held at the City -owned Orange Bowl Stadium, the Miami
Convention Center and the Miami Arena. Dolphin Stadium, which is used by the Miami Dolphins and the
Florida Marlins, is located in North Central Dade County. Sports competition includes professional and
college football, basketball, baseball and championship boat races. Other athletic events include amateur
football, basketball, soccer, baseball, motorcycle speedway racing and rowing events.
Education
Miami -Dade County's public school system is the fourth largest in the United States. The countywide
school district offers a wide variety of programs to meet the needs of its 364,000-plus students. For example,
Miami-Dade's magnet schools provide intensive levels of instruction in subjects like science and technology,
foreign languages, health care, architecture, the performing arts and marine sciences. Other public school
programs serve students with different academic, physical or emotional needs, including gifted, advanced
and remedial courses.
Miami -Dade County is also noted for its high quality private schools, which include Guliver
Academy, Miami Country Day School and Ransom Everglades, as well as numerous schools affiliated with
religious organizations.
Overall, 80% of graduating seniors, accounting for over 232,000 students, continue their education in
a post -secondary institution. Miami -Dade County is also home to Miami -Dade Community College, the
largest comprehensive community college in the United States. Florida International University has two
convenient and highly rated academic programs. The University of Miami, a private undergraduate and
graduate institution, includes diversified research facilities and exceptional schools of law, music, medicine,
and marine sciences. Barry University, St. Thomas University, and Florida Memorial College offer degrees in
a variety of subjects.
Medical
Miami -Dade County has the largest concentration of medical facilities in Florida, with 32 hospitals
and more than 32,000 licensed health care professionals. Nursing homes, adult congregate living facilities
and home health care services also serve the region.
The University of Miami Jackson Memorial Medical Center, the second-largest public hospital in the
nation, forms the hub of the region's medical centers, which includes world-renowned specialized facilities
like Bascom Palmer Eye Institute, the Mailman Center for Child Development and the Sylvester
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Comprehensive Cancer Center.
Miami -Dade County has an extensive network of community hospitals, such as Mount Sinai Medical
Center, Cedars Medical Center, Baptist Hospital, Mercy Hospital and Miami Children's Hospital. Nine area
hospitals have formed the Miami Medical Alliance, a cooperative effort to serve patients from Latin America
and the Caribbean.
Transportation
Miami -Dade County has a comprehensive transportation network designed to meet the needs of
residents, travelers and area businesses. The county's internal transportation system includes Metrorail, a
22.4 mile above -ground system linking Kendall, South Miami, Coral Gables, Brickell Avenue, Downtown
Miami, the Medical Center, Northwest Dade and Hialeah. Metromover, a 4.4 mile automated loop, carries
passengers around downtown Miami, Brickell Avenue and the Omni shopping center areas. Miami -Dade
County's Metrobus covers 38 million miles per year and over 100 passenger trips annually. The County's also
provides para-transit services to qualified riders in the amount of 1.4 million passenger trips annually.
system Cargo rail service is available from both the airport and seaport, and Amtrak has a passenger station
in the City. Tri-Rail, a 67-mile train system, links West Palm Beach, Boca Raton, Fort Lauderdale, Hollywood
and Miami International Airport.
Miami International Airport. Miami International Airport is one of the busiest airports in the world for
both passengers and cargo traffic. It ranks sixteenth in the nation and twenty eighth in the world in passenger
traffic through the airport. The airport ranks fourth in the nation and eleventh in the world in tonnage of
domestic and international cargo movement. In 2005 over 30 million air travelers were serviced by Miami
International Airport, and approximately 1.96 million tons of cargo was handled. More than 90 airlines serve
Miami International Airport, flying passengers non-stop to more than 100 destinations on four continents.
Port of Miami. The Port of Miami, known as the "cruise capital of the world," is operated by the
Seaport Department of the Miami -Dade County. In 2005, 3,605,201 passengers sailed from the Port aboard
one of the 8 cruise companies who operate out of Miami. The Port of Miami is also a hub for Caribbean and
Latin American commerce. These countries account for over half of the 9.47 million tons cargo transferred in
the port in 2005. The Port of Miami is also reaching out to the global community where trade with Asian
countries accounted for almost 23% of the total cargo handled at the Port. The Port's is also important to the
U.S. economy, contributing in excess of $16 billion annually, which should increase after the completion of
the Port's five year, $346 million capital improvement program.
Economy
The economic base of the City has diversified in recent years, shifting from reliance on the tourism
industry to a combination of motion picture production, manufacturing, services industries and international
trade. The area's advantages in terms of climate, geography, low taxes and skilled labor have combined to
make the Miami area a prime relocation area for major manufacturing firms and international corporate
headquarters.
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The following major companies have their Latin American headquarters located in the City:
The Gap, Inc.
Federal Express Corporation
ABN AMRO Bank
Sony Broadcast Export Corporation
Olympus America
ExxonMobil Inter -America
Black & Decker Latin America Group
Hewlett Packard Co. Latin America
Eastman Chemical Latin America
Telefonica International USA, Inc.
Source: Beacon Council
Caterpillar Americas Co.
Ericsson, Inc.
Terra Networks USA
IBM Corporation
Canon Latin America
Acer Latin America
Komatsu Latin America
Tech Data
Chevron -Texaco
Johnson & Johnson
Lucent Technologies
Barclays Bank PLC
Oracle Latin America
Cisco Systems
AT&T Latin America
Olympus Latin America
Clorox Latin America
American Express
Stanley Latin America
Distribution of Major Employment Classifications
for City of Miami, Florida
Occupational Title
Construction
Manufacturing
Mining and Natural Resources
Transportation, Warehousing, and Utilities
Wholesale Trade
Retail Trade
Information
Finance Activities
Professional and Business
Education and Health Services
Leisure and Hospitality
Other Services
Government
Percentage
Employees of Totals
43,400 4.1
49,600 4.7
400 0
61,300 5.9
75,100 7.2
115,800 11.1
28,400 2.7
69,900 6.7
163,400 15,6
137,700 13.2
101,700 9.7
45,400 4.3
953,100 14.8
Total Employed 1,046,500 100.0
Source: Miami -Dade County Annual Report to Bondholders Series 10
Period
2002
2003
2004
2005
Labor Force and Employment Statistics
City of Miami, Florida
Employment
142,555
144,075
146,734
150,038
Source: Bureau of Labor
Civilian
Labor Force
156,153
156,283
158,039
157,380
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Unemployment
Rate
8.7%
7.8
7.2
4.7
Florida
Unemployment Rate
5.7%
5.3
4.7
3.8
Public Employers:
Major Employers
Name Number of Employees
Miami -Dade County Public Schools 50,000
Miami -Dade County 30,000
U.S. Federal Government 20,300
Florida State Government 18,300
Jackson Health System 10,453
Miami -Dade College 5,400
City of Miami 3,954
Florida International University 3,500
Miami Veteran Affairs Medical Center 2,400
City of Miami Beach 1,839
City of Hialeah 1,800
U.S. Coast Guard 1,224
U.S. Southern Command 1,200
City of Coral Gables 1,059
City of North Miami Beach 761
Source: City of Miami Comprehensive Annual Financial Report, September 2005
[Remainder of this page intentionally left blank.]
Private Employers:
Name Number of Employees
Baptist Health Systems of South Florida
University of Miami
American Airlines
United Parcel Service
Bell South
Winn Dixie Stores
Precision Response Corporation
Publix Super Markets
Florida Power & Light Company
Macy's of Florida
Royal Caribbean International
Mount Sinai Medical Center
Carnival Cruise Lines
American Sales & management
Miami Children's Hospital
Wachovia, N.A.
Mercy Hospital
Cordis (a Johnson & Johnson Company)
Miami Herald Publishing CO.
Assurant Group
Cedars Medical Center
Burger King Corporation
MasTec
Beckman Coulter Corp.
Bank of America
Boston Scientific
Source: The Beacon Council
10,683
9,367
9,000
5,000
4,800
4,616
4,196
4,000
3,665
3,368
3,300
3,000
3,000
2,800
2,571
2,500
2,433
2,200
2,000
2,000
2,000
1,907
1,800
1,800
1,700
1,500
International Banking
Miami -Dade County is established as major international financial and banking center. Out of the 12
Edge Act Banks in the United States, 6 are located in Miami -Dade County. These include: Bancafe
International, Banco Santander International, Bank of Boston International, Citibank International, HSBC
Private Bank International, and American Express Bank International and they account for $6.1 Billion on
deposit. The Federal Reserve Edge Act Amendment adopted in 1979, permits banks to open international
banking subsidiaries outside their home state. The Federal Reserve System has also established a branch
office in Miami -Dade County to assist the Atlanta office with financial transactions in the South Florida area.
In total, the FDIC has found that the Fort Lauderdale -Miami -Miami Beach area as 118 financial intuitions with
1,494 office and over 138 billion in deposits.
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City of Miami
Changes in Fund Balances of Governmental Funds: Licenses and Permits
2002
$21,375,993
2003
$21,469,973
2004
$23,011,688
Source: City of Miami Comprehensive Annual Financial Report, September 2005
2001
2002
2003
Per Capita Personal Income
Miamit'l (dollars)
26,410
26,995
27,593
Source: University of Florida, Florida Statistical Abstract 2005
iu Data is for Metropolitan Statistical Area
2005
$27,394,427
Florida (dollars)
29,268
29,549
30,098
Ad Valorem Assessments
As of 2005, the City's ten largest ad valorem taxpayers, the nature of their activities, the assessed
values of their properties (in thousands of dollars), and their relative percentage of total assessed property
values in the City follows:
THE CITY OF MIAMI, FLORIDA
TEN LARGEST TAX ASSESSMENTS
2005 ASSESSED VALUES
Taxpayer
SRI Miami Ventures, LP
Teachers Ins. & Annuity Association of America
Florida Power & Light
Prudential Insurance Co.
111 Brickell Office LLC
Terremark
Biscayne Tower Group
Swire Properties
Blue Capital U.S.
Cedars Healthcare Group
All Others
Total
Nature of Activity Assessed Value Percent
$278,800,000 1.27%
254,000,000 1.16%
Utility 229,721,716 1.05%
152,600,000 0.70%
124,500,000 0.57%
114,874,121 0.52%
90,000,000 0.41%
88,252,812 0.40%
85,000,000 0.39%
77,689,484 0.35%
Various 93.18%
$1,495,438,133 100.00%
Source: City of Miami Comprehensive Annual Financial Report, September 2005
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DIRECT DEBT
The City has met certain of its financial needs through debt financing. The table which follows is a
schedule of the outstanding debt of the City as of September 30, 2005, including that which is payable from
sources other than ad valorem taxes.
Purpose of Outstanding
DERIPTION Issued Balance
SC
General Obligations:
General Obligation Refunding Bonds, Series 1992 $70,100,000 $15,330,000
3,6
152,689,
95
Homeland Defense/Neighborhood CIP, Series 2002A 153,186,4066,00 28,830,00095
General Obligation Refunding Bonds, Series 2002A 23,190,0003511,870,000
General Obligations Bonds, Other Issues
8,680,000 12,850,000
General Obligation Refunding Bonds, Series 2003 18180,000. 250,000
General Obligation Refunding Bonds, Series 200313 $301,84f1,06 $215,729,956
Special Obligation and Revenue Bonds and Loans: 10,421,431
Special Revenue Refunding Bonds, Series 1987 65,271,325,270 ,000 0,421,431
Community Entitlement Revenue Bonds, Series 1990 11,500,000 4
000
Special Obligation Non -Ad Valorem, Series 1995 72,000,000222,885,000
Special Obligation Non -Ad Valorem Revenue, Series 1995 27,895,000 63,185,00023,85,000
Special Revenue Refunding Bonds, Series 2002A 5,435,000
Special Revenue Refunding Bonds, Series 2002B 13,170,00070,000 26.375,000
Special Revenue Refunding Bonds, Series 2002C 240,226,32528,3900Q 138,676,431
Loans:
Sunshine State Governmental Financing 27,630,900 12,202,100
Commission Loans
Sunshine State Governmental Financing 5,100,000 4,050,000
SEOPW - Section 108 HUD Loan 5,500,000 3,580,000
Wynwood - Section 108 HUD Loan
Sunshine State Governmental Financing 3,500,000 1,925,000
Commission - Secondary Loan
1,708,864 1.708,864
Gran Central Corporation Loan Total Loans $43,439,764 $23,465,964
Total Debt $585,512,495 $377,872,351
Source: City of Miami Comprehensive Annual Financial Report, September 2005
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OVERLAPPING DEBT
The table set forth below summarizes the general obligation debt of the Miami -Dade County and the
School Board of Miami -Dade County as of September 30, 2005. While the City believes the amount of debt of
the School Board of Miami -Dade County and Miami -Dade County set forth below to be accurate, it should be
understood that this amount was derived from source materials which were not complied and are not subject
to verification by the City. Accordingly, no assurance can be given as to the absolute accuracy of these
amounts.
Percentage Amount
Net Applicable to Applicable to
Debt the City of the City of
Government Unit Outstanding Miamio) Miami
Debt Repaid with Property Taxes:
Miami -Dade County $500,362,075 19.00% $ 95,068,794
Miami -Dade County School Board 983,577,044 19.00% 186,879,638
Subtotal, Overlapping Debt 281,948,432
City of Miami, Florida Direct Debt 377,872,351
Total Direct and Overlapping Debt $659,820,783
Sources: Data provided by the Miami -Dade County Finance Department and the Miami -Dade County School Board.
(1) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assess property values.
Value that is within the City's boundaries and dividing it by the County's and School Board's total taxable assess value. This approach
was also used for the other debt.
Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This
schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents
and businesses of the City of Miami. This process recognizes that, when considering the City's ability to issue and repay
Tong -term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this
does not imply that ever taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping
government.
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CITY OF MIAMI, FLORIDA
FOR FISCAL YEAR ENDED SEPTEMBER 30, 2005
SUMMARY OF DEBT RATIOS, MEASUREMENTS AND DEBT CONSTRAINTS CRITERIA
Debt Ratios
General Obligation & Limited Ad Valorem Debt Per Capita $590.99
General Obligation & Limited Ad Valorem Debt as a Percentage
of Taxable value 0.98%
Non -Self Supporting Revenue Debt Per Capita $418.91
Non -Self Supporting Revenue Debt as a Percentage of Taxable Assessed value 0.69%
General Governmental Debt Service (non -self supporting) as a Percentage of
Non -Ad Valorem General Fund Expenditures 53.91%
General Government Direct Debt Per Capita $590.99
Net Direct Debt as a Percentage of Taxable Assessed Value 0.98%
General Government Debt Service as a Percentage of Non -Ad Valorem 81 79%
General Fund Revenues
Source: Data provided by the Miami -Dade County Finance Department
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