HomeMy WebLinkAboutExhibitMIAMI SPORTS AND EXHIBITION AUTHORITY
OPERATING BUDGET FOR FISCAL YEAR 2008/2009
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
Colin Carby
David Chiverton
Eli Feinberg
Doris Freudman
Gene Meehan
Frank Rollason
EXECUTIVE DIRECTOR •
Timothy F. Schmand
sports
16.
exhibition authority
Miami Sports and Exhibition Authority
OPERATING BUDGET
FISCAL YEAR 2008/2009
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July 31, 2008
Honorable Mayor Diaz
and Members of the City Commission;
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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. Currently MSEA is being managed by the Bayfront
Park Management Trust. 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. Pursuant to that mandate, MSEA continues to serve the community
as the landlord of the Children's Museum, the Chalk's seaplane operation on Watson
Island, and future leaseholder of Museums in Museum Park. It 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 May 6, 2008, meeting, and I would
respectfully request that you do the same.
Thank you in advance for your assistance.
Executive Director
Enc.
Cc: file
Miami Sports and Exhibition Authority
Operating Budget
Notes to Proposed Budget for 2008/2009
General Revenue
Interest Income: Income based on projected revenue from MSEA funds held in interest earning
accounts.
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 $137,400. These funds will be used to pay Bayfront Park
Management Trust a management fee of $11,450 monthly 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 $3,500. 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 $33,000. 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 $40,000. These funds will be used to pay for the annual audit of MSEA's
finances.
Professional Services / projects: proposed $20,000. These funds will be used to pay for
professional services and projects for MSEA.
MIAMI SPORTS AND EXHIBITION AUTHORITY
Proposed Budget
FISCAL YEAR 2008-2009
Approved
Approved
Proposed
DESCRIPTION
2007
2008
2009
Budget
Budget
Budget
REVENUES
Interest Income
250,000
250,000
244,400
TOTAL REVENUE
250,000
250,000
244,400
I. Payroll, Taxes and Benefits
COMPENSATION AND BENEFITS
1 Executive Director
50,000
50,000
-
2 Project Manager
40,000
40,000
-
Marketing Manager.
Executive Assistant
3 Bookkeeper
30,000
30,000
-
120,000
120,000
-
4 Group Insurance
-
-
-
5 SS/Medicare Contribution
9,200
9,200
-
6 Retirement Plan
8,200
8,200
-
Total Payroll, Taxes and Benefits
137,400
137,400
-
II. Operating Expenses
Annual. Management Fee
-
-
137,400.
Annual Facility Fee
-
-
3,600
7 Business Meeting Expenses
3,500
3,500
3,500
Business Travel
-
-
-
Car Allowance/Celphone, Mileage
-
-
-
Conference Registration
-
-
-
8 Contingencies
1,000
1,000
1,000
9 Courier/Delivery
1,500
1,000
1,000
Event Sponsorship
-
-
-
10 General Insurance & Directors Liability Insurance
33,000
33,000
33,000
Memberships/Subscriptions
-
-
-
Miscellaneous Warehouse Expenses
-
-
-
11 Office Equipment/Maintenance
1,200
1,200
1,200
12 Office Supplies
moo
1,000
1,000
13 Postage
1,200
1,200
1,200
Printing
-
-
-
Promotions/Marketing
-
-
-
14 Telephone
1,000
1,500
1,500
Major Citywide Event
TOTAL OPERATING EXPENSES
43,400
43,400
184,400
III. PROFESSIONAL SERVICES
15 Audit
40,000
40,000
40,000
16 Legal Support MSEA - WASTON ISLAND - City Attorney
-
-
-
17 Professional Services/ Temp
-
-
-
18 Professional Services/projects
20,000
20,000
. 20,000
TOTAL PROFESSIONAL SERVICES
60,000
60,000
60,000
TOTAL OPERATING EXPENSES
240,800
240,800
244,400
IV. CAPITAL EXPENDITURES
19 OFFICE EQUIPMENT PURCHASES
-
-
-
20 Furniture & Fixtures
-
-
-
21 Melreese Golf Clubhouse
-
-
-
TOTAL CAPITAL EXPENDITURES
-
-
-
TOTAL OPERATING BUDGET W/ CAPITAL EXPENDITURES
I 240,800
1 240,800
I 244,400
Excess(shortage) of Revenue over Expenses
9,200
9,200