HomeMy WebLinkAbout10-00307 3-11-2010 Submittal-Basic Financial StatementsCITY OF MIAMI MIDTOWN COMMUNITY
REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Basic Financial Statements
September 30, 2009
(With Independent Auditor's Report Thereon)
CITY OFK0kAM|MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Table of Contents
Independent Auditor's Report
Management's Discussion and Analysis (Required Supplementary Information)
Basic Financial Statements:
Governmental Fund Balance Sheet/Statement cfNet Assets 5
Statement of Governmental Fund Revenues, Expenditures, and Changes
in Fund Balance/Statement ofActivities 6
Notes to Basic Financial Statements 7-9
Required Supplementary Information (Unaudited):
Budgetary Comparison Schedule 10
Note to Required Supplementary Information 11
Independent Auditor's Report on Internal Control Over Financial Reporting and
onCompliance and Other Matters Based onanAudit ofFinancial Statements
Performed inAccordance With Government Auditing Standards
12-13
Submitted into the public
record ioconnection with
items #1 on 3-11-10 .
Priscilla A'Thompson
Independent Auditor's Report
Submitted into the public
record in connection with
items #1 on 3-11-10 .
Priscilla A. Thompson
City Clerk
|mdwpoodmmt Auditor's Report
The Board of Directors
City ofMiami Midtown Community
Redevelopment Agency:
5805Nue
Tel. (3D5):269-8633
We have audited the accompanying basic financial statements of the governmental activities and the major
fund of the City of Miami Midtown Community Redevelopment Agency (the Agancy), a component unit of the
City of Miami, Florida (the City), as of and for the year ended September 30, 2009, which collectively comprise
the Agency's basic financial statements, as listed in the table of contents. These financial statements are the
responsibility of the Agency's management. Our responsibility is to express opinions on these financial
statements based onour audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in 8ovonmmnt Auditing Standards, issued
by the Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain nauuonab|o maaunonue about whether the financial statements are free of material misstatement. An
audit includes consideration of internal control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity's internal control over financial reporting. According|y, we express no such opinion. An audit
includes mxamin\ng, on o test bmois, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles usmdandoignificantestimateemadebymanagement.nnmmU
as evaluating the overall financial statement pnaamnbobnn. We believe that our audit provides a reasonable
basis for our opinions.
In nannia| statements referred tnabove present fairly, in all material respoctu, the respective
financial position of the governmental activities and the fund of the Agency as of September 30, 2009.
and the respective changes in financial position thereof for the year then ended in conformity with U.S
generally accepted accounting principles.
In accordance with Government Auditing Standards, uahave issued our report dated November 25.2009 on
our consideration of the Agency's internal control over financial reporting and our testa of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose cfthat
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that tesUng, and not to provide an opinion on the internal control over financial reporting or on
compliance. That report is an integral port of an audit performed in accordance with Govemment Auditing
Standards and should beconsidered inassessing the results nfour audit.
The management's discussion and analysis on pages 2 through 4 and the budgetary comparison information
onpages 1Oand 11are not mrequired part ofthe basic financial statements but are supplementary information
required by U.S. generally accepted accounting principles. We have applied certain limited procedures, which
consisted phncipa||ynfinquiries ofmanagement regarding the methods ofmeasurement and presentation of
the required supplementary information. Howwavmr, we did not audit the information and express noopinion on
November 25.20O9
Submitted into the public
record imconnection with
items 41 on 3'11'10 .
Priscilla A. Thompson
City Clerk
Management's Discussion and Analysis
Submitted into the public
record in connection with
items #1 on 3-11-10 .
Priscilla A. Thompson
City Clerk
CITY OFMIAM|MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
YNanagementmDiecumsionandAnalymis-Unaudked
September 3U.200Q
This section of the C/b/ of Miami NYkjbown Community Redevelopment Agency (the Agency) financial
statement presents management's analysis of the financial performance during the fiscal year that ended
September 3O.20O0.This discussion addresses whether ornot the Agency ooawhole iobetter off orworse
off anaresult of this year's activities.
Overview
The Agency was established in 2005 by the City of Miami, Florida (the City) under the provisions of Section
183.330. Florida Statutes. The purpose ofthe Agency is to eliminate blight and slum conditions within the
redevelopment area of the agency pursuant to the redevelopment plans of the Agency for new residential
and commercial activity of the Midtown area.
The Agency's primary source of revenue is tax increment funds. This revenue iecomputed by applying the
operating tax rate for the City and the County, multiplied by the increased value of property located within the
boundmhoo of the redevelopment areas of the Agenny, over the base property value, minus S%. Both the
City and the County are required to fund this amount annually without regard hotax collections or other
On June 30, 2005, the Agency entered into an Interlocal Cooperation Agreement, as amended, with the City,
Miami -Dade County (the County), and the Midtown Community Development District (the "District"), whereby
tax increment revenues collected bythe City and County would be paid to Midtown and used in accordance
with the approved budget and redevelopment plan and harms and conditions of the |nb*d000| Agreement. In
accordance with the redevelopment plan, the Agency has pledged the tax increments revenues received
from the City and County to the repayment of the debt service of bonds issued by the Disthot, which bonds
were issued on July 28, 2004. Any shortfalls in the debt service are to be paid by the District, not the
Agency.
Further. the Agency's policy is set by a board of directors oamphaad of the five members of the City
commission and are neparmte, distinct and independent from the governing body of the City; and it's
management plan inexecuted bymsmall professional staff led byits executive director.
Financial Hiqhliqhts
At the close of the current fiscal year, the Agency hadofundba|ance/net asset balance ofsO.which is the
same aointhe prior year. This was aresult nfthe remittance ofthe tax increment funds huthe District for the
repayment of the debt service of bonds issued by the District, as described above.
The Agency did not incur any debt during the current fiscal year.
Overview twthe Financial Statements
This discussion and analysis is intended to aemo as an introduction to the Agency's basic financial
statements. The Agency's basic financial statements are comprised ofthree components:
° Government -wide financial statements
° Fund financial statements
• Notes hmthe basic financial statements
In addition. the Agency reports, as required supplementary inhnrmadun, e budget Vmactual comparison and
notes to the required supplementary information.
Submitted into the public
record in connection with
items #K on 3-11-10 '
Priscilla /k'Thompson
City Clerk
CITY OFMIAJM|MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(AComponent Unit ofthe City ofMiami, Florida) �
Management's Discussion and Analysis 'Unaudited
September 30.2O00
Overview bmthe Financial Statements (cmntinuedl
The Agency is considered a special purpose government engaged in a single governmental activity, thus the
na|ahad government -wide and fund financial statements are included as a combined presentation in the
Governmental Fund Balance Sheat/Stutementcf Net Assets and the Statement of Governmental Fund
Revenues, Expenditures, and Changes in fund Balance/Statement ofActivities. Acoonding|y, there are no
reconciling items between these two statements, which may befound onpages 5and 8ofthis report,
Government -wide Financial Statements
The government -wide financial statements are designed toprovide readers with mbroad overview of the
Agency's financen, in a manner similar to a private -sector business (i.e. economic resources and
measurement focus).
The statement of net assets presents information on all of the Agency's assets and liabilities, with the
difference between the two reported asnet assets. Over time, increases ordecreases in net assets may
serve as a useful indicator of whether the financial position of the Agency is improving or deteriorating.
The statement cfactivities presents inh»nnoUon showing how the Agency's net assets changed during the
most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to
the change ocours, regardless of the timing of the related cash flows. Thua, revenues and expenses are
reported in this statement for some items that will only result in cash flows in future fiscal periods.
Fund Financial Statements
Afund is a grouping of related accounts that is used to maintain nnnbn| over resources that have been
segregated for specific activities orobjectives. The Agency, like other state and local governments, uses
fund accounting to ensure and demonstrate compliance with finance related legal requirements. The Agency
only has one governmental fund; the special revenue fund,
Governmental funds are used to account for essentially the same functions reported as governmental
activities in the government -wide financial statements. Huwmver, unlike the government -wide financial
ntatemenba. governmental fund financial statements focus on near -term inflows and outflows of expendable
nauouroos' as well as on balances ofexpendable resources available at the end ofthe fiscal year. Such
information may be useful in evaluating a government's near -term financing requirements.
Notes tmthe Basic Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in the
government -wide and fund financial statements. The notes tothe basic financial statements can befound on
pages 7hoAofthis report,
Budgetary Highlights
A budgetary comparison schedule has been provided for the special revenue fund to demonstrate
compliance with this budget. The budgetary comparison schedule can be found on page 10 of this report.
The significant change between the original budget and final budget was m nedamofnom the budget reserve
to e|loceh» funds for the remittance of the tax increment newanuon to the Midtown Community Development
District. The change in final budget to actual community redevelopment expenditures was primarily
attdbuted to overbudgeting for the remittance of the tax increment revenues.
Submitted into the public
record imconnection with
items #1 on 3-11-10 .
Priscilla A.Thompson
City Clerk
_
�
~
CITY OF MW\M|K0|DTOWMN COMMUNITY REDEVELOPMENT AGENCY
(AComponent Unit ofthe City n[Miami, Florida)
Management's Discussion and Analysis Unaudited
Financial Analysis
Govern ment-Wide/|nd ividma|Fund Analysis
Our analysis of the financial statements of the Agency begins below.The Statement ofNet Assets and the
Statement of Activities nypmt information about the Agency's activities that will help answer questions about
the position of the Agency. A comparative analysis is provided below.
Summary of Net Assets
Total assets $ $ 1.114'409
Total restricted net assets
� Total assets decreased from the prior year asaresult cf the remittance cfthe tax increment revenues to
the Midtown Community Development District occurring prior to year end, whereas in the prior year, the
remittance was accrued for and not paid out until after year-end.
Summary cfChanges inNet Assets
Expenditures:
General government $ 29,538 $ 27,354
Community redevelopment 3,391,730 1,119,084
Revenues:
Tax increment
Change innet assets
Net assets, beginning ofyear
Net assets, end of year
3.421,268 —778,467
-
�
(367A71)
367,971
• Community redevelopment expenditures increased in the current year as a result of the amount of the
remittance of tax increment nyvmnmas paid to the Midtown Community Development District in
accordance with the applicable inhsdoca|agreement.
• Tax increment revenues increased from the prior year as a result ofan increase in the annual pay out
from the City and the County.
Requests for Information
This financial is designed provide of finances. Questions
concerning any of the information provided in this report or requests for additional information should be
addressed hothe Executive Director, 49N.VV.S~Street, Suite 1U0.Miami, Florida 3312B.
4
Submitted into the public
record imconnection with
items #Y on 3-11-10 '
Priscilla A. Thompson
City Clerk
Basic Financial Statements
Submitted into the public
record in connection with
items #1 on 3-11-10 .
Priscilla A. Thompson
City Clerk
CITY OF MIAMI MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Governmental Fund Balance Sheet/Statement of Net Assets
September 30, 2009
Assets
Liabilities
Unreserved fund balance/unrestricted net assets
Special Statement of
revenue fund Adjustments net assets
Submitted into the public
record in connection with
items #1 on 3-11-10 .
Priscilla A. Thompson
City Clerk
The accompanying notes are an integral part of the basic financial statements.
5
CITY 0PMIAM|MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(\ Component Unit mfthe City ofMiami, Florida)
Statement ofGovernmental Fund Revenues, Expenditures,
and Changes inFund Balance/Statement nfActivities
Year ended September 3O.2OO8
Special Statement of
revenue fund Adjustments activities
Expenditures/expenses:
General government $ 29,538 29,538
Community redevelopment 3,391,730 3,391,730
Total expenditures/expenses
General revenues:
Tax increment revenue
Total general revenues
Excess ofrevenues over expenditures/in crease innet assets
Fund Balance/net assets beginning ufthe year
Fund Balance/net assets - end nfthe year
Submitted into the public
record in connection with
items 41 on 3'11-10 .
Priscilla /k'Thompson
City Clerk
The accompanying notes are an irtegral part of the basic financial statements.
6
CITY OF MIAMI MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Notes to Basic Financial Statements
September 30, 2009
1. Summary of Significant Accounting Policies
This summary of the City of Miami Midtown Community Redevelopment Agency (the Agency) significant
accounting policies is presented to assist the reader in interpreting the basic financial statements. The
policies are considered essential and should be read in conjunction with the basic financial statements.
The accounting policies of the Agency conform to accounting principles generally accepted in the United
States of America applicable to governmental units. This report, the accounting systems and
classification of accounts conform to standards of the Governmental Accounting Standards Board
(GASB), which is the accepted standard -setting body for establishing governmental accounting and
financial reporting principles. The following is a summary of the more significant policies:
A. Reporting Entity
. The Agency was established in 2005 by the City of Miami, Florida (the City) under the provisions of
Section 163, Florida Statutes. The purpose of the Agency is to eliminate blight and slum conditions within
the redevelopment area of the agency pursuant to the redevelopment plans of the Agency for new
residential and commercial activity of the Midtown area. The board of directors of the Agency are
comprised of the five members of the City commission and are separate, distinct and independent from
the governing body of the City.
On June 30, 2005, the Agency entered into an Interlocal Cooperation Agreement, as amended, with the
City, Miami -Dade County (the County), and the Midtown Community Development District (the "District"),
whereby tax increment revenues collected by the City and County would be paid to Midtown and used in
accordance with the approved budget and redevelopment plan and terms and conditions of the Interlocal
Agreement. In accordance with the redevelopment plan, the Agency has pledged the tax increments
revenues received from the City and County to the repayment of the debt service of bonds issued by the
District, which bonds were issued on July 28, 2004. Any shortfalls in the debt service are to be paid by
the District, not the Agency.
For financial reporting purposes, the Agency is a component unit of the City and is thus included in the
City's comprehensive annual financial report as a blended component unit.
B. Government -wide Financial Statements
The government -wide financial statements (i.e., the statement of net assets and the statement of
activities) report information on all of the financial activities of the Agency. Governmental activities, which
normally are supported by taxes and intergovernmental revenues, are reported separately from business -
type activities, which rely to a significant extent on fees and charges for support. The Agency does not
have any business -type activities and has only one governmental activity. The accounts of the Agency
are reported as a special revenue fund. The special revenue fund is the Agency's only fund and thus the
Agency's only major fund.
The statement of activities demonstrates the degree to which the direct expenses of a given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a
specific function or segment. Program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function or
segment and 2) grants and contributions that are restricted to meeting the operational or capital
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported instead as general revenues.
7
Submitted into the public
record in connection with
items #1 on 3-11-10 .
Priscilla A. Thompson
City Clerk
CITY OF MIAM|MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(AComponent Unit ofthe City ofMiami, Florida)
Notes toBasic Financial Statements
September 38.200
C. 88oamurammmt Focus, Basis ofAccounting, and Financial Statement Presentation
The government -wide financial statements are reported using the economic resources measurement
focus and the accrual basis ofaccounting. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows.
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis ofaccounting. Revenues are recognized amsoon authey are both
measurable and available. Revenues are considered to be available when they are collectible within the
current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the
Agency considers revenues available if they are collected within 80 days of the end of the current fiscal
period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
The Special Revenue Fund is the Agency's only fond, It accounts for all financial resources of the
|nUamoUy dedicated resources are reported as general revenues rather than as program revenues.
Ukewise, general revenues include all tax increment revenues, net of distribution remittances to the
D. Equity in Pooled Cash
The Agency's cash is pooled together with the C h -is maOenb*d as equity in pooled
cash on the Agency's governmental fund balance sheet / statement of net assets.
E. Fund Equity
Unreserved fund balance is the portion of fund equity available for any lawful use.
F. Tax Increment Revenues
The Agency's primary source of revenue is tax increment funds. This revenue is computed by applying
the operating tax rate for the City and the County, multiplied by the increased value ofproperty located
within the boundaries uf the redevelopment areas of the Agency, over the base property value, minus 5%.
Both the City and the County are required to fund this amount annually without regard to tax collections or
other obligations. As noted in note 1(A) above, in accordance with the redevelopment plan ofthe Agency,
the Agency has pledged the tax increments revenues received from the City and County to the repayment
of the debt service ofbonds issued by the Diotrict, which bonds were issued on July 28. 2004. Any
shortfalls in the debt service are to he paid by the District, not the Agency. For the fiscal year ended
September 30.2OOQ.the Agency remitted atotal of$3.387.055tothe District,
G. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the
United States of Amahnn requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes. Although these estimates are
based on management's knowledge ofcurrent events and actions it may undertake in the future, they
may ultimately differ from actual results.
8
Submitted into the public
record in connection with
/wrmuo #y on 3'11'10 .
Priscilla A.Thompson
City Clerk
CITY OF MIAM|MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit ofthe City ofMiami, Florida)
Notes to Basic Financial Statements
September 3U'2UDQ
2. Cash and Cash Equivalents
The Agency had no cash balance as of September 30, 2009. The Agency's funds participate in the Cky'a
pool on a dollar equivalent and daily transaction basis. Interest income (which includes unrealized gains
and losses) isdistributed monthly based onamonthly average balance.
Custodial Credit Risk iathe risk that in the event of bank failure, the Agency's deposits may not be
returned to it. In addition binsurance provided b the Federal Deposit Insurance Corporation FU(C),
deposits are held in banking institutions approved bythe State ofFlorida, State Treasurer tohold public
funds. Under the Florida Statutes Chepter288. "Florida Security for Public Deposits Act". the State
Treasurer requires all qualified public depositories to deposit with the Treasurer or another banking
institution eligible no||absnai In the event of a failure of aqum|i5ed public depoai&nry, the remaining public
depositories would beresponsible for covering any resulting losses.
Submitted into the public
record imommnectiun with
items #1 on 3'11'10 .
Priscilla A.Thompson
City Clerk
Required Supplementary Information
Submitted into the public
record in connection with
items #1 on 3-11-10 .
Priscilla A. Thompson
City Clerk
CITY OF MIAMI MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Budgetary Comparison Schedule
(Required Supplementary Information - Unaudited)
For the year ended September 30, 2009
Variance with
final budget -
Budgeted amounts positive
original Final Actual (negative)
Revenues:
Tax increment revenue 3,430,948 3,421,268 3,421,268
Other
Total revenues, net 3,430,948 3,421,268
3,421,268
Expenditures:
Current:
General government 41,309 41,213 29,538 11,675
Community redevelopment 4,494,464 3,391,730 1,102,734
Total expenditures 41,309 4,535,677 3,421,268 1,114,409
Excess (deficiency) of revenues
over (under) expenditures 3,389,639 (1,114,409) 1,114,409
Other financing uses:
Net (budget reserve) carryover fund balance (3,389,639) 1,114,409 1,114,409
Total other financing uses (3,389,639) 1.114,409 1,114,409
Net change in fund balance
Fund balance - beginning of the year
Fund balance - end of the year
Submitted into the public
record in connection with
items #1 on 3-11-10 .
Priscilla A. Thompson
City Clerk
The note to the required supplementary information is an integral part of this schedule.
10
CITY OF MIAMI MIDTOWN COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Note to Required Supplementary Information
September 30, 2009
1. Budgetary Policy
As set forth in the Interlocal Cooperation Agreement between the Agency and the City, the Agency adopts
an annual budget for the Special Revenue Fund. The budget is adopted on a basis consistent with U.S.
generally accepted accounting principles. Budgetary control is maintained at the fund level.
11
Submitted into the public
record in connection with
items J& on
Priscilla A. Thompson
City Clerk
Independent Auditor's Report on Internal Control Over
Financial Reporting and on Compliance and Other Matters Based
on an Audit of Financial Statements Performed in Accordance
With Government Auditing Standards
Submitted into the public
record in connection with
items #1 on 3-11-10
Priscilla A. Thompson
City Clerk
SKJ
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5805Nue Lagoon Drive
Fax (s05)aexnEz
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Independent Auditor's Report onInternal Control Over
Financial Reporting and mnCompliance and Other Matters Based
mnemAudit ofFinancial Statements Performed in Accordance
With Government Auditing Standards
Tnthe Board ofDirectors ofthe
City ofMiami Midtown Community
Redevelopment Agency:
We have audited the basic financial statements ofthe City of Miami Midtown CommunityRedevelopment
Agency (the Agency) as of and for the year ended September 30. 2009. and have issued our report
thereon doted November 25, 2009. We conducted our audit in accordance with auditing standards
generally accepted in the United States of America and the standards applicable to financial audits
contained inGovernment Auditing Standards, issued bythe Comptroller General nfthe United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Agency's internal control over financial reporting
osmbasis for designing our auditing proceduresfor the purpose ofexpressing our opinion onthe financial
abstemmntm, but not for the purpose of expressing an opinion on the effectiveness of the Agency's internal
control over financial reporting. Aocording|y, we do not express an opinion on the effectiveness of the
Agency's inbamo| control over financial reporting.
A control deficiency exists when the design or operation of aoontro| does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect misstatements
on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the entity's ability to initiote, authorize, reoord, pmocees, or report financial data reliably in
accordance with generally accepted accounting principles such that there is more than a remote likelihood
that o misstatement of the entity's financial statements that is more than inconsequential will not be
prevented ordetected bythe entity's internal control.
A mobaha| waokmaso in o significant dehoienny, or combination of significant defciomcieo, that results in
more than aremote likelihood that amaterial misstatement nfthe financial statements will not beprevented
ordetected bythe entity's internal control.
Our consideration of internal control over financial reporting was for the limited purpose described in the
first paragraphcf this section and would not necessarily identify all deficiencies ininternal control that might
be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control
over financial reporting that we consider to be material weaknesses, as defined above.
Compliance and Other Matters
Aspart ofobtaining reasonable assurance about whether the Agency's basic financial statements are free
of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
nnnhaots, and grant agreements, noncompliance with which could have e direct and material effect on the
determination offinancial statement amounts. Hovwsver, providing an opinion on compliance with those
provisions was not an objective of our audit, and acuondinQ|y, we do not express such on opinion. The
results ofour tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards. Submitted into the public
record ioconnection with
items #1 no 3-11-10 '
12 Priscilla /k.Thompson
City Clerk
In addition, we issued a management letter to management of the Agency dated November 25. 2009. as
required by the Rules of the Auditor General of the State of Florida,
This report is intended solely for the information and use of the board of directors, management of the
Agency. the State of Florida Office of the Auditor Genena, and federal and state awarding agencies and
pass -through anUtieo, and is not intended to be and should not be used by anyone other than these
specified parties.
13
Submitted into the public
record ioconnection with
'*eruo #1 on 3'11'10 .
Priscilla A. Jhnirnpsom