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HomeMy WebLinkAboutSubmittal-Financial Statement PresentationCity of Miami Financial Statement Presentation September 30, 2010 SUBM1TTED NTO THE PUBIJC RECORD FOR ITEM ON ! 1- 00390 r'1e State r-he e Comprehensive Annual Financial Report (CAFR) Fiscal Year 2010 • Independent Auditors Report ❑ City received an Unqualified opinion • Issued on time ❑ Issued on March 31, 2011 ❑ Submitted for GFOA's excellence in reporting certificate program • Management's Discussion and Analysis ❑ Summarizes the financial information contained within the CAFR Submitted Into the public record in cpnnection with item at, on 71I4 I t I Priscilla A. Thompson City Clerk Balance Sheet (page 15) Submitted Into the public record in connectio with 7 'rah // /l Priscilhohtpson City clerk Focus is on General Fund (Fund Level Financials): • Assets for the year totaled $74.2 Million • Liabilities for the year totaled $60.7 Million • Fund Balance ❑ Reserved, includes the amounts for • Storm Water - $171,428 ■ Prepaids - $2,807,847 • Long-term Due from other funds - $6,464,124 ❑ Unreserved, designated includes the amounts designated • for Strategic initiatives of $1.65 Million which are amounts appropriated in future years ■ for Management Initiatives of $2.35 Million ■ 10% of average 3 years revenues not met by $42.7 million o Unreserved, Undesignated Fund Balance is $0 • City's Financial Integrity Ordinance (10% of average of 3 years of revenues) not met by $46.7 million • Financial integrity ordinance fund balance requirement for FY2010 is $95.6 million ❑ At September 30, 2011 the fund balance requirement will be $93.5 million. The City is unable to meet that requirement and will be out of compliance with it's financial integrity ordinance. Statement of Revenues, Expenditures and Changes in Fund Balance (page 17) Submitted Into the public record in connection.with ; 3 on Priscilla A. Thompson City Clerk Focus is on General Fund (Fund Level Financials): • Revenues for the Fiscal Year totaled $452 Million EJ Down approximately $20 million from prior year • Expenditures totaled $518 Million O Up approximately $8 million from prior year • Other Financing Sources (transfers in/out) netted to $40 Million O Up approximately $38.5 million from prior year • Fund Balance decreased by $26.5 Million from prior year 0 Decrease in fund balance due primarily to shortfall in budgeted revenues and expenditures in excess of original budgets. • Ending Fund Balance for General Fund totaled $13,442,370. 4 Statement of Net Assets (page 13) ubmitted Into the public record in connection;i it item TM ©n Priscilla A. Thompson City Cle k • Presented on the Full Accrual Basis of Accounting: o Includes all fixed assets of the City (land, building, equipment, infrastructure and improvements) o Includes significant long term obligations, such as claims payable, compensated absences, and other post employment benefits, as well as the outstanding debt issued where there is no offsetting capital asset o Reflects all liabilities that are not related to the governments capital assets and are not expected to be repaid from restricted assets • Net Assets totaled $534.7 Million 5 Submitted Into the public record in connecti ern 2I Prisc�Thompson City Clerk Statement of Activities (page 14) • Charges for Services totaled $139.4 Million • Operating Grants totaled $73.1 Million • Capital Grants totaled $27 Million • Investment Earnings totaled $3.2 Million • Primary Government Expenditures totaled $759.2 Million 6 Submitted Into the public record in connection with item 51. 3 on 71114 I I Priscilla A. Thompson City Clerk Looking Ahead to Fiscal Year 2011 Submitted Into the public n 0�n�i th t-mO©74(I !la A. Thompson City Clerk Year to date (as of May 2011) • Projections are currently reporting a Fiscal Year 2011 deficit of $4.9 (as of May 2011) due primarily to revenue shortfalls in the area of property taxes, fines and forfeitures and other revenues. • Management initiatives are currently underway to reduce the deficit by cutting expenditures for the remainder of the fiscal year. • Goal is to end the fiscal year with a zero use of fund balance. Submitted Into the public record in � n on ig11�{/th Stern • Priscilla A. Thompson City Clerk GASB 54— Fund Balance reporting and Government Fund Type Definitions • This Statement enhances the usefulness of fund balance information by proving clearer fund balance classifications that can be more consistently applied and clarifying the existing governmental fund type definitions. • The City is reviewing current fund balance classifications as well as the existing fund types to ensure compliance with this standard. Submitted Into the public record in connection with item Or 3 on 7 11411 j Priscilla A. Thompson City Clerk McGladrey & Pullen Donnovan Maginley Partner Submitted Into the public record in connection with stern l t 3 on 7114 I Priscilla A. Thompson City Clerk Questions?