HomeMy WebLinkAbout10-00314 Submittal-Basic Financial StatementsCITY OF MIAMI SOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Basic Financial Statements
September 30, 2009
(With Independent Auditor's Report Thereon)
THE
CITY OF MIAMI SOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Table of Contents
Independent Auditor's Report
Page
1
Management's Discussion and Analysis (Required Supplementary Information) 2-6
Basic Financial Statements:
Government -wide Financial Statements:
Statement of Net Assets
Statement of Activities
Fund Financial Statements:
Balance Sheet — Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances —
Governmental Funds
7
8
9
10
Notes to Basic Financial Statements 11-18
Required Supplementary Information (Unaudited):
Budgetary Comparison Schedule — General Fund 19
Budgetary Comparison Schedule — Special Revenue Fund 20
Note to Required Supplementary Information 21
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
22-23
Submitted into the public
record in connection with
items on 3-15-10 .
Priscilla A. Thompson
City Clerk
Independent Auditor's Report
Submitted into the public
record in connection with
items #2- on do.3
Priscilla A. Thompson
City Clerk
SKJ
Independent Auditor's Report
The Board of Directors
City ofMiami Southeast Oxrtnwn
Park West Redevelopment Agency:
5805 Blue lAgoon Drive
Miami, Florida 3312,6
We have audited the accompanying basic financial statements of the governmental activities and each major
fund of the City of Miami Southeast Ovmdown Park West Redevelopment Agency (the Agenqy), a component
unit nfthe 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 inthe 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 inaccordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Go,ommo/tAuditing Standards, |ouuod
by the Comptroller General of the United States. Those standards require that we plan and perform the audit to
utda|n reasonable assurance about whether the financial statements are hem 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. Annonding|y, we express no such opinion. An audit
includes exomining, on e test baoio, evidence supporting the amounts and disclosures in the financial
obsbamento, assessing the accounting principles used and significant estimates made by managwmont, as well
ooevaluating the overall financial statement presentation. VVe believe that our audit provides reasonable
basis for our opinions.
In our opinion, the financial statements referred 1oabove present fairly, in all material respects, the respective
financial position ofthe governmental activities and each majorfund ofthe Agency uoofSeptember 3S'2O08.
and the eopmobve 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, we have issued our report dated November 25.2009on
our consideration of the Agency's internal control over financial reporting and our tests 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
naau|to of that temtinQ, 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 Government Auditing
Standards and should beconsidered inassessing the results wfour audit.
The management's discussion and analysis on pages 2thmugh 8 and the budgetary comparison information
onpages 1Sthrough 21are not arequired part of the basic financial statements but are supplementary
information required by U.S. generally accepted accounting principles. We have applied certain limited
prooedurau, which consisted principally ofinquiries of management regarding the methods of measurement
and presentation of the required supplementary information. Hmwover, we did not audit the information and
express ooopinion onit,
,?
Submitted into the public
record ioconnection with
items VLwn 3-15'10 .
Priscilla A.Thompson
City Clerk
Management's Discussion and Analysis
Submitted into the public
record in connection with
items tn, on 3-15-10 .
Priscilla A. Thompson
City Clerk
CITY OFM8IAM|SOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(AComponent Unit o[the City o[Miami, Florida)
Submitted into the public
record inconnection with
items #9_ on 3'15-10 .
Priscilla A'Thompson
City Clerk
Management's Discussion and Analysis Unaudited
This section of the City of Miami Southeast OvertownPark West Redevelopment Agency (the Agency)
financial statements presents management's analysis ofthe financial performance for the fiscal year ended
September 3O.3O08. This discussion addresses whether or not the Agency as a whole is better off or worse
off aomresult ofthis year's activities.
Overview
The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the
Agenoy, pursuant to the redevelopment plans of the Agency for new residential and commercial activity in
the Southeast 0vertownarea.
The Agency's primary source of revenue istax'inonamen funds- This revenue is computed by applying the
operating tax rate for the City and the County, multiplied by the increased value of property located within the
boundaries of 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 totax collections or other
On August G. 2007. the City, County and The ChUdren'o Trust (the Trust) entered into on |nb»dooa|
Agreement with the Agancy, whereby the Agency would receive from the Trust, on an annual basia, tax
increment revenues derived from the imposition of half -mil tux levied by the Trust against real property
located within the redevelopment district (referred toomTrust revenues). The agency agreed to use the
Trust revenues for debt service on, and other obligations relating to, existing debts of the Agency only after
all other available tax increment revenues have been exhausted for such purpona, and to remit bothe Trust
on the last day of the Agency's fiscal year, all of the Trust revenues that are not needed for debt service on,
orother obligations relating to, existing debts ofthe Agency.
Further. the Agency's policy is set by a board of directors comprised of the five members of the City
commission and are smpanate, distinct and independent from the governing body of the City; and it's
management plan is executed by a small professional staff led by its executive director.
Financial Hiohliqhhm
The assets of the Agency exceeded its liabilities at the close of its most recent fiscal year by $25.814.829.
Of this amount. $5.090.828 was invested in capital monots net of related debt, $782.270 was restricted for
debt service, *3.130.886wos restricted for capital projects, and $16.483.835wos restricted by enabling
legislation. This rcou|b:d in an mxoeoo of$318.i30 (unrestricted net assets) available to meet the Agency's
obligations tncitizens inthe Southeast Overtownarea.
At the close of the current fiscal year, the governmental funds reported combined ending fund
balances of $20,851,149, an increase of $3,137,670 in comparison with the prior year.
Overview to the Financial Statements
This discussion and analysis is intended to eenm' as an introduction the Agency's basic financial
statements. The Agency's basic financial statements are comprised ofthree components:
• Government -wide financial statements
• Fund financial statements
• Notes to the basic financial statements
In oddiLion, the Agency repods, as required supplementary infonnaUon, a budged to actual comparison and
notes to the required supplementary information.
CITY 0FKAIAM|SOUTHEAST QVERTOVVN
PARK WEST REDEVELOPMENT AGENCY
(AComponent Unit ofthe City ofMiami, Florida)
Management's Discussion and Analysis Unaudited
September 38.2UOS
Government -wide Financial Statements
The e financial statements are designed to provide readers with a broad overview of the
Agency's finoncem, in a manner similar to o private -sector business (i.e. economic resources and
measurement focus).
The statement of not assets presents information on all of the Agency's assets and |iabUitien, with the
difference between the two reported as net assets. Over time, increases or decreases in net assets may
serve as a useful indicator of whether the financial position of the Agency is improving or deteriorating.
The statement of activities presents information showing how the Agency's net assets changed during the
most recent fiscal year. All changes in net assets are reported as soon amthe underlying event giving rise to
the change occurs, regardless of the timing of the related cash flows. Thuo, revenues and expenses are
reported in this statement for some items that will only result in cash flows in future fiscal periods.
The government -wide financial statements may be found on pages 8 and 9 of this report.
Kurd Financial Statements
Afund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The Agency, like other state and local governments' uses
fund accounting to ensure and demonstrate compliance with finance related legal requirements. All of the
funds ofthe Agency are categorized aagovernmental funds,
Governmental funds are used to account for essentially the aomm functions reported as governmental
activities in the government -wide financial statements. Howover, unlike the government -wide financial
stabaments, governmental fund financial statements focus on near -term inflows and outflows ofexpendable
naaouncea, as well an on bm|anoaa of expendable resources available at the end of the finoa| year. Such
information may bmuseful |nevaluating agovernment's near -term finanoingrequirements,
Because the focus cfgovernmental funds isnarrower than that cf the government -wide financial statements,
it is useful bocompare the information presented for governmental funds with similar information presented
for governmental activities in the government -wide financial statements, By doing ao, readers may better
understand the long-term impact ofthe government's near -term financing decisions. Both the governmental
fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund
balances provide a reconciliation to facilitate this comparison between governmental funds and
governmental activities.
The Agency maintains hour individual governmental funds, Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement ofrevenues, expenditumo, and
changes in fund balances for the General Fund, Special Revenue Fund, Debt Service Fund and Capital
Projects Fund.
The basic governmental fund financial statements can be found on pages 10 and 11 of this report.
Notes bothe Basic Financial Statements
The notes provide additional information that ioessential hoofull understanding ofthe data provided in the
governmonhwideand fund financial statements. The notes huthe basic financial statements can be found on
pages 11ho18ofthis report.
Submitted into the public
record in connection with
3 items M on 3-15'10 .
Priscilla A'Thompson
City Clerk
CITY OFA0|AM0|SOUTHEAST 0VERT0WN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Management's Discussion and Analysis - Unaud1ed
Budgetary Highlights
The Agency adoptsmn annual budget on an individual fund basis. Budgetary comparison schedules have
been provided for the General Fund and Special Revenue Fund hodemonstrate compliance with the budget
onpages 1Qand 2O.respectively, nfthis report.
The following is m brief review of the variances from the final budget to actual amounts for the General Fund
(please see budget hoactual comparison onpage 1Q):
" The change in final budget to actual for parking fees was o result ofno amounts budgeted for the use of
the parking lots owned by the Agency and managed by the Miami Parking Authority.
" The change in final budget to actual for general government expenditures was mainly a result of payroll
expenditures budgeted higher than actually expended.
The following is a brief review of the variances from the fimd budget to actual amounts for the Special
Revenue Fund (please see budget hzactual comparison onpage 20):
" The change in final budget to actual for community redevelopment was a result of redevelopment
projects planned that either did not commence or were not completed as planned.
FinancinAnmlvsis
Analysis
Our analysis ofthe financial statements ofthe Agency begins below. The Statement ofNet Assets and the
Statement of Activities report information about the Agency's activities that will help answer questions about
the position ofthe Agency. Acomparative analysis ioshown below.
Asummary ofthe Agency's net assets ispresented hnTable A+1 and osummary nfchanges innet assets is
presented in Table A-2.
Table A-1
Summary of Net Assets
Current assets
Capital assets, net
Total assets
Current liabilities
Non -current liabilities
Total liabilities
Investment incapital assets, net cfrelated debt
Restricted
Unrestricted
Total net assets
4
Fiscal Year Fiscal Year
2009 2008
$21.547.504 $20.271.270
8.024.492 8.750.738
30.171.996 29.022.008
698.355 2.557,813
8.680.812 3.775.109
4.357.167 6.332.900
5,090,628
20,406,071
318138
2
5,031,874
17,270,278
386,956
22689.1D8
Submitted into the public
record imconnection ~vith
items h9L on 3-15-10.
Priscilla A. Thompson
CITY 8fMUAM|SOUTHEAST OVERTBVVN
PARK WEST REDEVELOPMENT AGENCY
(AComponent Unit ofthe City nfMiami, Florida)
Management's Discussion and Analysis -Unaudited
Government -wide Analysis (conbnumd)
° Current assets increased in the current year mainly as a result of an increase in equity in pooled 000h
from the prior year.
• Current liabilities decreased in the current year as a result ofthe decrease in construction costs accruals
from the prior year.
° A portion ofthe Agency's not assets ($5.090.628) reflects its investment in capital assets (e.g. furniture
and equipment, infrastructure and land), |emm any related outstanding debt used to acquire those assets.
These assets are not available for future spending.
= Another portion of the Agency's not assets ($20.406.071) represents resources that are subject to
external restrictions onhow they may beused.
• The remaining portion ofthe Agency's not 000eta ($318.130) represents veauurmaa that are unrestricted
and available for any lawful use bythe Agency.
Table A-2
Summary mfChanges in Net Assets
Fiscal Year
2009
Revenues:
Intergovernmental:
Operating
Charges for services:
Parking fees
General revenues:
Tax increment revenue
Sale cfproperty
Interest revenue
Other
Total revenues
Expenses:
General government
Community redevelopment
Interest onlong-term debt
Total expenses
Change innet assets
Net assets, beginning ufyear
Net assets, end ofyear
Fiscal Year
2008
717'723 $ 727.238
7.848.613 6.012,257
739.468 635,134
261.305 647.138
20.513 127.420
9.844.807 8.457.671
1,325,921
5,230,177
162,988
6,719,086
1,176,082
6,716,981
178,075
8\O71 138
3.125.721 386.533
22.689.108 22,302.575
$25,814823 $22689108
• The inone000 in tam increment revenue is o eouh of the increase in the payout from the City and the
County.
° The decrease in community redevelopment expenses was a result ofthe bulk of project expenditures
occurring during the prior year, mainly the NW 3r' Avenue 8toeetscape proienL
Submitted into the public
record kmconnection with
5 items #X on 3-15-10 .
Priscilla /k.Thompson
City Clerk
CITY OFK8KAA8|SOUTHEAST OVERT0WN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City nfMiami, Florida)
Management's Discussion and Analysis - Unaudited
Individual Fund Analysis
Fund balance for the General Fund increased from $443.201 at September 30. 2008 to $445.078 at
September 30. 2009. The fund balance for the Special Revenue Fund increased from $11.894.438 at
September 30. 2008 to $16.483.885 at September 30` 2009. Fund balance for the Debt Service Fund
decreased from $2,177,915 at Sepb*mbor3O. 2008hoa782.270 etSeptember 3D. 2009. Fund balance for
the Capital Projects Fund increased from $3.OQ7.025atSeptember 30.2008Vn$3.13U.UGGatSeptember 3O.
2008. Since the Agency only has governmental funds/octivideo, the changes in fund balance also explain
the increases innet assets. The following are key factors inthe changes infund balances for 20O8:
= The increase in fund balance in the Special Revenue Fund was mainly due to the increase in tax
increment revenues and the transfer from the debt service fund
• The decrease in fund balance in the Debt Service Fund was o result ofthe one time transfer to the
Special Revenue Fund.
• The increase in fund balance in the Capital Projects Fund was o result of interest income earned during
the year.
Capital &momta
As of m investment in capital asaets, not of accumulated depreciation,
amounted to $8,624,492, decreasing from $8,750,738 as of September 30, 2008.
Summary ofCapital Assets
(Net of Depreciation)
Fiscal Year Fiscal Year
Land $ 3i944.507 8 3.688.307
Furniture and equipment 15.887 25.762
Infrastructure 4.604.208 5.036.009
Total capital assets $ ~��:���� $ 8.750'738
Additional capital asset information can befound onpage 14ofthis report.
Debt Management
As of September 30. 2009. the Agency had $3.533.864 of special obligation bonds and loans outstanding
compared to $3.718.884 as of September 30. 2008. The bonds and loans are secured by o pledge of
guaranteed entitlement revenue received from the State ofFlorida and the tax increment revenue amounts
received from the City and County. Nuadditional debt was issued during fiscal year 2UUQ
Additional long-term debt information can be found on pages 15 and 16 of this report.
Requests for Information
This financial report is designed to pnmkdm a general overview of the Agency's finances. Questions
concerning any of the information provided in this reportor requests for additional information should be
addressed to the Executive Dineutor, 49N.VV� 51h8treet. Gu/b: 100. Miami, Florida 33128.
G
Submitted into the public
record in connection with
items 0L on 3'15-10 .
Priscilla A. Thompson
City Clerk
CITY OPNXIAM|SOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Statement ofNet Assets
September 3O.2OU8
Governmental
Activities
Equity inpooled cash $ 20,677.370
Restricted cash 782.270
Other receivable 42.686
Interest receivable 45.178
Capital assets (net ofaccumulated dopnaciadon):
Land 3.844.507
Furniture and equipment 15.887
Infrastructure 4.664.298
Total assets 30.171.996
Liabilities
Accounts payable and accrued liabilities 411/434
Due buother governments 284.921
Non -current liabilities:
Due within one year
Bonds payable 200.000
Due inmore than one year:
Bonds payable 1.625.800
Notes payable 1.708.864
Compensated absences 126.048
Total liabilities 4,357,167
Net Assets
Invested in capital aosets, net cfrelated debt 5O90.828
Restricted 20.406.071
Unrestricted 318.130
Total net assets $ 25,814,829
Submitted into the Public
record inconnection with
items *- on
Priscilla A. Thompson
°"`"pnom
The accompanying notes are an integral part of the basic financial statements.
CITY OF MIAMI SOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Statement of Activities
Year ended September 30, 2009
Governmental
Activities
Expenses:
General government 1,325,921
Community redevelopment 5,230,177
Interest on long-term debt 162,988
Total program expenses 6,719,086
Program revenues:
Intergovernmental revenue:
Operating
Charges for services:
Parking fees
717,723
257,095
Net program expense (5,744,268)
General revenues:
Tax increment revenue
Sale of property
Other
Interest revenue
Total general revenues
Increase in net assets
Net assets - beginning of the year
Net assets - end of the year
7,848,613
739,468
20,513
261,395
8,869,989
3,125,721
22,689,108
$ 25,814,829
Submitted into the public
record in connection with
items MI. on 3-15-10 .
Priscilla A. Thompson
City Clerk
The accompanying notes are an integral part of the basic financial statements.
8
Assets
Equity in pooled cash
Restricted cash
Other receivable
Interest receivable
CITY OF MIAMI SOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Balance Sheet
Governmental Funds
September 30, 2009
I 01,31
Special Capital governmental
General revenue Debt service projects funds
$ 495,210 17,049,099
Total assets 495,210
Liabilities and Fund Balances
Liabilities:
Accounts payable and accrued liabilities
Due to other governments
Total liabilities
Fund Balances:
Reserved for encumbrances
Reserved for debt service
Reserved for capital projects
Unreserved:
Designated for redevelopment projects
Undesignated
Total fund balances
Total liabilities and fund balances
17,
782,270
42,686
38,273
30,058 782,270
3,133,061 20,677,370
782,270
42,686
6,905 45,178
3,139,966 21,547,504
16,650 394,784 411,434
33,482 251,439 284,921
50,132 646,223
696,355
13,990,276 - 13,990,276
782,270 - 782,270
- 3,139,986 3,139,966
2,493,559 2,493,559
445,078 445,078
445,078 16,483,835 782,270 3,139,966 20,851,149
$ 495,210 17,130,058 782,270 3,139,966
Amounts reported for governmental activities in the statement of net assets consist of:
Capital assets used in governmental activities are not financial resources and, therefore, are not
reported in the funds.
Long-term liabilities are not due and payable in the current period and therefore are not reported
in the funds:
Bonds and notes payable
Compensated absences
Net assets of governmental activities
8,624 492
(3,533,864)
(126,948) (3,660,812)
$ 25,814,829
Submitted into the public
record in connection with
items on 3-15-10 .
Priscilla A. Thompson
City Clerk
The accompanying notes are an integral part of the basic financial statements.
9
Submitted into the public
record in connection with
items on 3-15-10 .
Priscilla A. Thompson
City Clerk
CITY OF MIAMI SOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
Year ended September 30, 2009
Total
Special Capital governmental
General revenue Debt service projects funds
Revenues:
Tax increment revenues $ 582,277 7,266,336 - - 7,848,613
Intergovernmental 417,723 - 300,000 - 717,723
Parking fees 257,095 - - - 257,095
Other - 16,651 3,862 - 20,513
Interest 218,861 493 42,041 261,395
Total revenues
1,257,095 7,501,848 304,355
42,041 9,105,339
Expenditures:
Current,
General government 1,255,218 1,255,218
Community redevelopment 5,103,931 5,103,931
Debt service:
Principal 185,000 185,000
Interest 162,988 162,988
Total expenditures 1,255,218
Excess (deficiency) of revenues over
(under) expenditures
5,103,931 347,988 6,707,137
1,877 2,397,917 (43,633) 42,041 2,398,202
Other financing sources (uses):
Transfers in 1,400,000 47,988 1,447,988
Transfers out (47,988) (1,400,000) - (1,447,988)
Sale of property 739,468 - - 739,468
Total other financing sources (uses) 2,091,480 (1,352,012) 739,468
Net change in fund balances 1,877 4,489,397 (1,395,645) 42,041 3,137,670
Fund balances - beginning 443,201 11,994,438 2,177,915 3,097,925 17,713,479
Fund balances -ending $ 445,078 16,483,835 782,270 3,139,966 20,851,149
Net change in fund balances - total govemmental funds 3,137,670
Amounts reported for governmental activities in the statement of activities are different because:
The issuance of long-term debt provides current financial resources to governmental funds,
while repayments on long-term debt consumes the curent financial resources of governmental
funds:
Payment of principal on long-term debt 185,000
Items reported in the statement of activities do not require the use of current financial
resources, and therefore, are not reported as expenditures in governmental funds:
Increase in compensated absences (70,703)
The governmental funds reported capital outlays as expenditures, however, in the statement of
activities, the cost of those assets is allocated over their estimated useful lives and reported as
depreciation expense:
Expenditures for capital assets 550,000
Less: depreciation expense (676,246) (126,246)
Change in net assets of governmental activities $ 3,125,721
The accompanying notes are an integral part of the basic financial statements.
10
CITY OFM8|AMUsoWTHEAST0VERTOWN
PARK WEST REDEVELOPMENT AGENCY
(AComponent Unit ofthe City oyMiami, Florida)
Notes to Basic Financial Statements
September 3O.2OOQ
i' Summary oKSignificant Accounting Policies
Submitted into the public
record inconnection with
items #A' on 3'15-80 .
Priscilla A'Thompson
City Clerk
This summary ofthe City ofMiami Southeast OvertownPark West 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 basin
financial statements.
The accounting policies of the Agency cunfonn to accounting principles generally accepted in the United
8bahau of America applicable to governmental units. This report, the accounting systems and
classification of accounts conform to standards of the Governmental Accounting Standards Board
(GA8B), which is the accepted standard -setting body for establishing governmental accounting and
financial reporting principles- The following iaasummary ofthe more significant policies:
A. Reporting Entity
The Agency was established in1Q83.by the City ofMiami, Florida (the City) under the provisions of
Section 163 FloridaStatutes. The of the Agency is to eliminateblight
the redevelopment area of the Agency pursuant to the redevelopment plans of the Agency for new
residential and commercial activity in the Southeast Overtown area. The board of directors of the Agency
is comprised of the five members of the City commission and are separate, distinct and independent
from the governing body of the City.
The City entered into Interlocal Cooperation Agreements, doted March31. 1982.vith Miami -Dade
County. Florida (the County) and na|ahad ordinances of the City and County whereby tax increment
revenue collected by the parties would be paid to the Agency and used in accordance with the approved
budgets of the redevelopment plans and terms and conditions of the |ntedoco| Agreements for the
benefit of the Agency.
For financial reporting purposes, the Agency is component unit ofthe City and is thus included in the
City's comprehensive annual financial report as a blended component unit.
B. Government -wide and Fund Financial Statements
The government -wide financial statements (i.e., the abatement of net assets and the statement of
activities) report information onall the nonfiduciaryactivities of the Agency. For the most part, the effect
of\n*»rfbnd activity has been removed from these statements. Governmental activities, which normally
are supported bytaxes and intergovernmental revenums, are reported separately from business —type
aotivdYoa, which rely to a significant extent on fees and charges for support. The Agency does not have
any business -type activities.
The statement nfactivities demonstrates the degree to which the direct expenses of given function or
segment are offset by program revenues. Direct expenses are those that are daedy identifiable with m
specific function or segment. Program revenues include 1) charges bocustomers orapplicants who
pun:hmse, use, or directly benefit from goods, smmicen, 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 particular function or segment. Taxes and other items not pnopedy included among
program revenues are reported instead angeneral revenues.
Separate financial statements are provided for the governmental funds. Major individual governmental
funds are reported as separate columns inthe fund financial statements.
11
Submitted into the public
record in connection with
items #1 on 3'15-10 .
Priscilla A'Thompson
City Clerk
CITY OF MhAM|SOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Notes toBasic Financial Statements
C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government -wide financial statements are reported using the economic resources measurement
focus and the accrual basis oyaccounting. 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 resource measurement
focus and the modified accrual basis ofaccounting. Revenues are recognized eosoon asthey are both
measurable and available. Revenues are considered 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 to be available if they are collected within 60 days of the end of the current
fiscal period. Expenditures generally one recorded when a |ieh(||h/ is inuurred, as under accrual
accounting. How/ever, debt service oxpenditunso, as well as expenditures related to compensated
absences and claims and judgments, are recorded only when payment isdue,
Taxes and interest associated with the current fiscal period are all considered to be susceptible to
aocme| and so have been recognized as revenues of the current fiscal period. Only the portion due
within the current fiscal period is considered to be susceptible to aooma| as revenue of the current
period. All other revenue items are considered to be measurable and available only when cash is
received bythe government.
The Agency reports the following major governmental funds:
� The General Fund is the Agency's primary operating fund. It accounts for all financial resources of
the general government, except those required to be accounted for in another fund;
� The Special Revenue Fund accounts for the proceeds of specific revenue sources (other than
major capital projects) that are legally restricted for specified purposes-,
� The Debt Service Fund accounts for the accumulation of resources for and the payment of, bond
principal and interest; and
° The Capital Projects Fund accounts for the acquisition and/or construction of major capital facilities.
When both restricted and unrestricted resources are available for use, it is the Agency's policy to use
restricted resources first, then unrestricted resources osthey are needed.
D. Equity imPooled Cash
The Agency's cosh, other than daoohbod below, is pooled together with the City's cash, All such cash is
reflected as equity in pooled cash on the Agency's statement ofnet assets and governmental funds
balance sheet.
ERestricted Net Assets
The government -wide statement cfnet assets reports $20,406.071 of restricted net assets, of which
$782.270 is restricted for debt service payments because their use is limited by applicable bond
covenants and restrictions, $3.139.166 is restricted for capital projects, and $10.483.835 is restricted by
enabling legislation (i.e. the use of tax increment funding for specific activities).
12
Basic Financial Statements
Submitted into the public
record in connection with
items fr.. on 3-15-10 .
Priscilla A. Thompson
City Clerk
CITY OFMUNNMISOUTHEAST 0VERTOWN
PARK WEST REDEVELOPMENT AGENCY
(AComponent Unit ofthe City ofMiami, Florida)
Notes UoBasic Financial Statements
Submitted into the public
��.�����������~�����.�
Gepbember3O.2OOQ ^"c°^="�^°�"=^^""��^E�
items A�- on 3-15-10 '
Priscilla /k.Thompson
F. Capital Assets ° City Clerk
Copho| aoaets, which include pnopeMy, plant, and equipment are reported in the applicable governmental
type activities column in the government -wide financial statements. Capital assets are defined by the
Agency as assets with an iniha|, individual cost cfmore than $1.000 and an amUmohed useful |iha in
excess cfone year. Such assets are recorded at historical cost or estimated historical cost if purchased
or constructed. Donated capital assets are recorded at estimated fair market value at the date of
donation.
The costs ofnormal maintenance and repairs that donot add tothe value of the asset ormaterially
extend assets lives are not capitalized. Major outlays for capital assets and improvements are
capitalized as projects are constructed.
Capital assets of the Agency are depreciated using the straight-line method over the following estimated
useful lives:
Assets Years
Fun`dunoand equipment 5
Infrastructure 5-35
G. Obligations
In the government -wide financial statements long-term debt and other long-term obligations are reported
as liabilities in the applicable governmental activities.
H. Fund Equity
In the fund financial statements, governmental funds report reservations offund balance for amounts that
are not available for appropriation or are legally restricted by outside parties for use for a specific
purpose. The deonhpdun of each reserve indicates the purpose for which each was intended.
Unreserved fund balance is the portion of fund equity available for any lawful use.
1. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted inthe
United States of America 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 cfcurrent events and actions it may undertake in the future, they
may ultimately differ from actual results.
2. Cash Deposits
At September 30. 2008. the consisted of equity in pooled mash of$2O.677.37O and
restricted cash oy$782.27O. The Agency's funds participate in the City's pool on a dollar equivalent and
daily transaction basis. |nbaoaet income (which includes unrealized gains and losses) is distributed
monthly based onamonthly average balance.
Custodial Credit Risk is the risk that in the event of bank failure, the Agency's deposits may not be
returned to it. In addition to insurance provided by the Federal Deposit Insurance Corporation (FD|C),
deposits are held in banking institutions approved by the State of Florida, State Treasurer to hold public
funds.
13
CITY OfMIAMI S0UTHEASTOVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(AComponent Unit cfthe City cfMiami, Florida)
Notes to Basic Financial Statements
2. Cash Deposits (continued)
Under the Florida Statutes Chopter2DO. ^Flohda Security for Public Deposits Act", the State Treasurer
requires all qualified public depositories to deposit with the Treasurer or another banking institution
eligible collateral. In the event of a failure of e qualified public depooitory. the remaining public
depositories would beresponsible for covering any resulting losses.
3. Sale ofProperty
On April 13, 2005, the Agency sold certain property to Bayview Towers Associates, LLC (Bayview) for a
total purchase price of $2.800.000. of which $500,000 was paid upon closing. The remaining amount of
$2,100,000 was due within two years from the date of closing, and was paid by Bayview upon the closing
of each condominium unit sold by 0ayview. vvhonuby 7% of the gross purchase phoa of each
condominium unit sold was paid tothe Agency, uptothe $2 100.000, Bayview is required to continue to
pay the Agency 794 of the gross purchase price of each condominium unit sold thereafter. The total
amount paid by Bayview during the fiscal year ended September 30, 2009 is $739,468.
4. Capital Assets
Capital asset activity for the fiscal year ended September 30.20Qwas as follows:
Balance Balance
September September
30.2008 Additions Deletions 30.2009
Capital assets, not being depreciated:
Land $ 3.688.307 250200 3.844.507
Total capital assets, not being depreciated 3,688.307 256.200 3.9*4.507
Capital assets, being depreciated:
Furniture and equipment 87,657 87,657
Infrastructure 8.758.800 293.800 9052.630
Total capital assets, being depreciated 8,846,457 293,800 9,140,257
Less accumulated depreciation for:
Furniture and equipment 61,885 10.075 71.870
Infrastructure 3.722131 6e6.171 4.388.302
Total accumulated depreciation 3.784,026 076.246 4,460,272
Total capital assets, being depreciated, net 5.062,431 (382,446) 4.679985
Total capital assets (net of accumulated
During fiscal year 2OOS.depreciation expense inthe amount cf $878.246was charged toCommunity
Submitted into the public
record ioconnection with
.,xmn #2' on 3'15-10 .
Priscilla ,k.Thompson
CITY 0FK8CA&8USOUTHEAST OVERTOWUN
PARK WEST REDEVELOPMENT AGENCY
(\ Component Unit o[the City ofMiami, Florida)
Notes hoBasic Financial Statements
September 3O.2OOA
5. Long -Term Obligations
The changes in the long-term obligations for the year ended September 30. %OOO are summarized an
Community Redevelopment Revenue
Bonds, Series 1990
Gran Central Loan
Compensated absences
Total long-term obligations
Balance Balance Amount due
September September within one
* 2D1O/000
1,708,864
56,245
- (185,000) 1.82500
1,708,864
' 70.703 126.940
'
Adescription ofeach obligation isanfollows:
(a) On November 8. 1990' the City issued s11.500.000 aggregate principal amount of Community
Redevelopment Revenue Bondn, Series 1990. maturing through 2015. with interest rates ranging
from 7.15% to 8.5%. These bonds are secured by a pledge o/ guaranteed entitlement revenue
received from the State of Florida and the tax increment revenue amounts received from the City and
County on the Southeast Overtovvn/Park West Redevelopment area. The proceeds of the bonds
were used mainly to refinance a $5.958.000 SuoUnn 108 HUD promissory note, to reimburse the City
for moneys advanced hzthe Agency bythe City inmnamount not hoexceed $75O.UUU.and tofinance
the acquisition and clearing of certain real property and the construction of certain infrastructure
improvements within the Southeast Overtown/Park West Redevelopment Area defined in the Phase I
Development Programs of the Agency's Interlocal Agreement and related resolutions of the City and
County,
The bonds are secured by a pledge of$300'80O per year by the City from the proceeds of its
Guaranteed Entitlement Revenue, in addition tothe tax increment revenue received by the City and
County. As m result, the City deposits $300.000 per year with the trustees ofthe bond indenture'
which represents its portion of the state of Florida's shared revenue for the payment of principal and
interest onthe bonds.
The principal and interest requirements on the special obligation bonds and loans are as follows:
2010
2011
2012
2013
2014
2O15'2O1S
Total
Principal Interest Total
200.000 146.825 346.625
220.000 128.775 348.775
235.000 100.438 344.438
255.000 88.813 343.613
280.000 65.875 345.875
636.000 55.037 690.037
15
2,419,363
Submitted into the public
record imconnection with
m�
'^� —A�on
CITY OF88UkM|SOUTHEAST OVGRTOWN
PARK WEST REDEVELOPMENT AGENCY
(\ Component Unit ofthe City cfMiami, Florida)
Notes to Basic Financial Statements
S. Long -Term Obligations (comtinumd)
(b) On January2O. 1988. the City entered into loan agreement with the Gen Central Corporation
(GCC) to finance 50% of the cost to acquire a parcel of property within the SBJPVV CRAAnya and
na|ooabm and widen Northwest First Avenue between Northwest First Street and Northwest Eighth
Street. The loan, /n the amount uf$1.7O8.884. does not bear interest and is payable from tax
increment funds received from the City and County within a donk]nabad area defined in the loan
documents on a junior and subordinate basis to the lien granted to holders of the $11'500.000
Community Redevelopment Revenue Bondo, Series 1990. GCC is to be fully repaid bythe year
2008with annual payments to be mode to the extent funds are generated by tax increment revenue
within the designated area, as defined inthe loan douument, ioavailable after required payments for
the Series 1990 Bonds debt service and any requirement ofthe reserve fund or reserve pnoduot, an
defined in the Series 1800 Bond indenture. GCC has subsequently been acquired by another
company (referred to as the "predecessor company"), which has taken over the loan.
The loan became duo during fiscal yemr2UO8. Howevar, management believes that since no tax
increment funds have been generated within the designated area, as defined in the loan documents,
no payment on the loan is naquired, and will only become due when any such tax increment funds
have been generated within the designated area Management cfthe Agency is in the process of
clarifying these terms with the predecessor company.
(c) Related to the issuance of the Community Redevelopment Revenue Bonds, Series 1090above, a
reserve amount was required for the maximum debt nanioe payment in the amount of$5S4.148.
Huwever, as the debt was being id by the City through to metuhh/. the Agency believed that the
naaeme amount of $554.148 should be released from restriction and to fund the amounts to the
Agoncy, as approved by Resolution No. 01'586. dated June 14, 2001. The advance of the debt
naaen/e was recorded as a liability of the Agency at the government -wide level. During fiscal year
2004. the liability to the City was reduced by$1Q2.QOQ. to $361.239. The remaining advance of
$361,239 was accrued during fiscal year 2008 at the fund level and paid during fiscal year 2009.
6. Tax Increment Revenue
The Agency's primary source of revenue is hax'inonsmertfundo. This revenue in computed by applying
the operating tax rate for the City and the Cuunb/, multiplied by the increased value of property |nnahad
within the boundaries of the redevelopment areas of the Agenoy, 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 orother obligations.
On AugustG. 2OO7. the City, County and The ChUdnsn'oTrun (the Trust) entered into an |ntedooal
Agreement with the Agency, whereby the Agency would receive from the Tiuot, on an annual bamu, bm
increment revenues derived from the imposition of a half -mil tax levied by the Trust against real property
located within the redevelopment district (referred to as Trust revenues). The Agency agreed to use the
Trust revenues for debt service on, and other obligations relating to, existing debts of the Agency only
after all other available tax increment revenues have been exhausted for such puryooe, and to remit to
the Trust on the |ont day ofthe Agency's fiscal year, all of the Trust revenues that are not needed for
debt service on, or other obligations relating to, existing debts of the Agency. AaofSeptember 3U.2OOQ.
the Agency recorded anamount due tothe Trust tota/ings251.43A.
16
Submitted into the public
record inconnection with
items #2. on 3-15-10 '
Priscilla A.Thompson
City Clerk
7. Parking Lease Revenue
CITY OFyNiAK8|SOUTHEAST OWE0TOWN
PARK WEST REDEVELOPMENT AGENCY
(\ Component Unit cfthe City ofMiami, Florida)
Notes hoBasic Financial Statements Submitted into the public
record ioconnection with
September 3O.2OOQ items OL on 3-15-80 '
Priscilla A'Thompson
City Clerk
OnFebruary 23. 1988, the City and the Department of Off -Street Parking (DOSP), a discretely presented
component unit of the Cih/, amhamd into an agreement whereby DOSP leased certain lots surrounding
the Miami Arena. The berm of the lease agreement was for a period of five yeano, which commenced on
June 1, 1988 and expired on June 1, 1993. DOSP paid the City $500.000 upon signing the lease
agreement and agreed to pay annually as rentpercent (85Y6) of gross revenue earned not of
operating expenses incurred on the operations of the leased lots for each respective lease year.
On October 20. 1983, the City and DOSP entered into an agreement to extend the lease hann of the
original agreement, which expired on June 1, 2000. Currently, the City and DOSP have extended the
lease agreement to an undetermined amount of time. All of the lots leased to DOSP are within the limits
o[the Southeast Overtown distric1, therefore, the City allocates all moneys received from DOSP tothe
Southeast Owartmmndistrict.
During 2009there was atransfer cf $47.988 from the special revenue fund huthe debt service fund to
cover debt service expenddurea, and a transfer ofs1.400,OOO from the debt service fund to the npedo|
revenue fund for use on the affordable housing program.
9. Special Benefit Plans
(a) 401(a) Deferred Compensation Plan
All employees, including executives and general employees, of the Agency are e|igitJe, after one
year of service, to join the |CyNA Retirement Trust 401(o) Deferred Compensation Plan (the Man).
The Plan agreement naquinam the Agency to contribute 8% of each executive employee's eamab|a
compensation, and 5% of each general *mp/nyon'n earnab|e compensation. Contributions by
executive and general employees are not required- Participants may withdraw funds atretirement or
upon separation based on a variety of payout options. The following information relates to the
Agency's participation in the 4D1(o) Deferred Compensation Plan:
Current year's payroll for executive employees o 91.000
Current year's payroll for general employees 356.355
Current year's employer contributions for:
Executive employees (8Y6rate) 7.280
General employees (5Y6rate) 9.079
(b) 457(b)Deferred Compensation Plan
All employeeo, including executives and general employees, of the Agency are e|kJibka to join the
United States Conference of Mayors 457(b) Deferred Compensation Plan (the Plan). The Man
agreement requires the Agency to contribute 696 of each executive employee's eornab|a
compennaUon, and is not required 0ocontribute hogeneral employee participants. Contributions by
executive and general employees are not required. Participants may widhdoaw/fbnduotretirement nr
upon separation based on a variety you options. The following information relates to the
Agency's participation inthe 457(b)Deferred Compensation Plan:
Current year's payroll for executive employees $ 91.000
Current year's employer contributions for:
Executive employees (596rate) 4.550
17
CITY OFK8IAMISOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(AComponent Unit ofthe City ofMiami, Florida)
Notes bzBasic Financial Statements
September 3O.2UOS
10L Commitment and Contingencies
The Agency is contractually obligated for approximately $7.5 million at September 30. 2009. for
construction projects.
The Agency isadefendant in several legal actions. Thwoutcome ofthese actions cannot bedetermined
atthis time. Management believes that any liability from these actions will not have a mobaha| effect on
the Agency's financial condition.
Submitted into the public
record imconnection with
items Al- on 3'15-10 '
Priscilla A. Thompson
City Clerk
18
Required Supplementary Information
Submitted into the public
record in connection with
items #¢ on 3-15-10 .
Priscilla A. Thompson
City Clerk
CITY OF MIAMI SOUTHEAST OVERTOWN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Budgetary Comparison Schedule - General Fund
(Required Supplementary Information - Unaudited)
Year ended September 30, 2009
Revenues:
Tax increment revenues
Intergovernmental
Parking fees
Total revenues
Expenditures:
Current:
General govemment
Total expenditures
Excess (deficiency) of revenues over
(under) expenditures
Other financing sources (uses):
Net (budget reserve) carryover fund balance
Total other financing sources (uses)
Net change in fund balance
Fund balances - beginning
Fund balances - ending
Budgeted amounts
Original Final
700,000 700,000
849,119 847,009
1,549,119 1,547,009
1,427,354 1,556,067
1,427,354 1,556,067
121,765 (9,058)
(121,765) 9,058
(121,765) 9,058
Variance with
final budget -
positive
Actual (negative)
582,277
417,723
257,095
(117,723)
(429,286)
257,095
1,257,095 (289,914)
1,255,218 300,849
1,255,218 300,849
1,877 10,935
1,877
443,201
$ 445,078
(9,058)
(9,058)
1 877
Submitted into the public
record in connection with
items ta.. on 3-15-10 .
Priscilla A. Thompson
City Clerk
The note to the required supplementary information is an integral part of this schedule.
19
CITY 0fhNW\M|SOUTHEAST OVER70VVN
PARK WEST REDEVELOPMENT AGENCY
(A Component Unit of the City ofMiami, Florida)
Budgetary Comparison Schedule ' Special Revenue Fund
(Required Supplementary Information -Unaudited)
Year ended September 3O.20OQ
Budgeted amounts
Original Final
Revenues:
Tax increment revenues n 7.036.011
Intergovernmental '
Other
Interest
Total revenues 7,086/011
Expenditures:
Community redevelopment
Total expenditures
Excess (deficiency) vfrevenues over
(under) expenditures
Other financin8sources (uoeo:
Transfers in
Transfers out
Proceeds from sale of land
Net carryover fund balance
Total other financing sources (uses
Net change infund balance
Fund balances beginning
Fund balances - ending
7,014.897 7.206.336
-
Variance with
final budget '
positive
(negative)
16,651 10,651
218,861
22.567.528 20,475148 5,103,931
(15,531.517) (13,460.251) 2,387,917
1.400,000 1,400.000
14`1e1.517 12,471,490
15.531.517 13,460,251
1,400,000
(47.g0O
739,468
2,091,480
*.*VS.3m7
/1.g94.438
$ 16.483.835
218,861
486,951
15,371,217
15,371,217
15,858,168
(11,388J71)
4,489,397
Submitted into the public
record imconnection with
items I on_3'15-10 '
Priscilla /k.Thompson
City Clerk
The note to the required supplementary information is an integral part of this schedule.
20
CRY OF MIAM|SOUTHEAST OVERTO00N
PARK WEST REDEVELOPMENT AGENCY
(\ Component Unit ofthe City ofMiami, Florida)
Note to Required Supplementary Information
1' Budgetary Policy
The Agency adopts an annual budget for the operations of the General Fund, Special Revenue Fund
and Debt Service Fund, Capital Project funds are budgeted on o total project basis for which annual
budgets are not available. In accordance with generally accepted accounting phnoip|oo, budgetary
comparison information is disclosed only for the General Fund and the Special Revenue Fund.
The budgets are adopted on a basis consistent with U.8. generally accepted accounting principles.
Budgetary control is maintained at the fund level.
21
Submitted into the public
record in connection with
items #1t- on 3-15-10 '
Priscilla A.Thompson
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 on 3-15-10 .
Priscilla A. Thompson
City Clerk
5805Nue Lagoon Drtvc
Independent Auditor's Report amInternal Control Over
Financial Reporting and omCompliance and Other Matters Based
omanAudit ofFinancial Statements Performed inAccordance
With Government Auditing Standards
The Board of Directors
City ofMiami Southeast Overtown
Park West Redevelopment Agency:
We have audited the basic financial statements of the City of Miami Southeast Overtnwn Park VVms
Redevelopment Agency (the Agency) as of and for the year ended Sephamber3O. 2009. and have issued
our report thereon dated 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 in Government Auditing Standards, issued by the Comptroller General of the United
States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Agency's internal control over financial reporting
as o basis for designing our auditing procedures for the purpose of expressing our opinion on the financial
sbatememte, but not for the purpose ofexpressing mnopinion onthe effectiveness of the Agency's internal
control over financial reporting. Aoconjing|y, we do not express an opinion on the effectiveness of the
Agency's internal control over financial reporting.
A control deficiency exists when the design or operation of control does not allow management or
emp|oyean, 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 inhiato, authohze, nannn1, pnonoom, or report financial data reliably in
accordance with generally accepted accounting principles such that there iomore than a remote likelihood
that o misstatement of the entity's financial statements that is more than inconsequential will not be
prevented or detected by the entity's internal control.
AmaUahm| weakness ism significant deficiency, or combination ofsignificant deficiencies, that results in
more than a remote likelihood that a material misstatement of the financial statements will not be prevented
or detected by the entity's internal control.
Our consideration of internal control over financial reporting was for the limited purpose described in the
first paragraph ofthis section and would not necessarily identify all deficiencies ininternal control that might
be significant -defioienoien or mnobaho| 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
As part of obtaining reasonable assurance about whether the Agency's basic financial statements are free
of material miootatement, we performed bante of its compliance with certain provisions of laws, nagu|odone,
oontrante, and grant agreements, noncompliance with which could have direct and material effect on the
determination of financial statement amounts. Hmwever, providing an opinion on compliance with those
provisions was not on objective of our oudit, and uouording|y, we do not express such an opinion. The
results of our tests diyubond no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Submitted into the public
record imconnection with
22 items 4% on 3-15'10 _
Priscilla A.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 General, and federal and state awarding agencies and
pass -through entities, and is not intended to be and should not be used by anyone other than these
specified parties.
November 25, 2009
Submitted into the public
record in connection with
items #1. on 3-15-10 .
23 Priscilla A. Thompson
City Clerk