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Home My WebLink About04-01299 FINANCIAL SUMMARYThe City of Miami, Florida Community Redevelopment Agency Monthly Financial Consolidated Revenue/Expenditures - Project As of November 30, 2004 BUDGET. OF Nov % of Budget Variance , iiEVISEll:-.- ". BUDGET:;- AS END OF Nov .. % of Bud Budget ---- Variance - ..1. 1 ... -. �REVISI'eD;.--. BUDGET . -. r� zpp4 AS END OF Nov FY 2004 %of Budget Variance Fy. Boy .REVISED.: 3UDGET .. FY 2004 AS END OF Nov FY %of Budget 1,827,940. �i•198,954� - - 11,058 0.0% 0.0% 0.1% 1,627,940 1,198,- 12,990,802 3,920;483 2294;328 2,974,446 •-- - 12,456 0.0% 0.0% 0.4% 3.920,4B3 2,294,326 2,961.979 2.313,002� _ 2,120 D.1% - 2.310.882 - -' 5,548423 -3,491,282 18,289,4f}7- 25,644 0%13,001,960-. 0% D% 15,826854. 11,058 0.1% 15,815,796 9,199,256 t2,466 011% 9,176,790 2,313,002 2,120 0.1% 2,310882 27,329,112- 25,644 D% 1,165,431 3.112.427 _303,163. 11,245,833 _ . 15828,854 14,149 11,600 - 25,749 1.2% 0,4% 0.0% 0.0% R2% 1,151,282 31100,827 303,183 10,782,T57 15,338,028 616,200 4,300.000 .- 584;504 - 3.888 552. 9189,258: _ _ - 0.0% 0.0% 0.0% O.D% D.0% - 182,849 4,300,00D- 584,504 3,BeB,552 8755,904 -.9".. 1 - 659,843 6.000 663,278 _. 2313,002- 78,094 44,526 932 - 2,094 125,646 7.9% 6.7% 15.5% 0.3% 5.4% 742,707 615.117 5,668 - 861,184 1024,156 --984,081.- 2,441,274'. 7,418,427- -. `887,667- d5,597,863 -.'27329,1•!2 78,094 58,fi74 12,532 _ 2,D94 151,396 8% 2% 0% D% 0% 1% 14 691 12,466 123,526 125,751 File: Financial Report- December AgendaAs 11/27/2004 Community Redevelopment Agency South Easl Overtown Park Monthly Financial - Budget vs. Actual Revenue(B"nditures - Project As of November 30, 2004 FY 2004 FY 2004 REVISED AS END %of SEOPW -Ord 10039 BUDGET Enc OF Nov Budget Variance Revenues 01 TAXES 100 CURRENTAD VALOREM TAXES 001 TAXES REAL CURRENT 1,627.940 03 INTERGOVERNMENTAL REVENUE 0.096 1.627,940 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOVTS-COUNTY 1,196.954 383 OTHER PAYMENTS FROM LOCAL UNIT 0.0% 1,196,954 235 OFF-STREET PARKING 8 000 04 CHARGES FOR SERVICES 8,000 438 HOUSING 264 PROPERTY SALE 06 MISCELLANEOUS REVENUE - 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 25,000 264 PROPERY SALE 10.462.460 6,787 27,1% 18.213 379 INTEREST INCOME -OTHER 10.462,480 749 GAIN/LOSS INVESTMENTS 1,500 607 RENT AND ROYALTIES 3,469 (1,969) 070 RENTAL PROPERTIES 3 000 08 NON -REVENUES 500 2,500 801 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO 244 CARRYOVER FUND BALANCE 2,500,000 _ 807 OTHER NON -REVENUES 2,500.000 990 OTHER NON -OPERATING 2,000 301.60 TOTAL REVENUES 15.1% 1, 18,826,854 - 11,057,99 0.1% 15,815,7996 Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 010 SALARIES -UNCLASSIFIED 200 FRINGE BENEFITS -FIXED 100 SOCIAL SECURITY CONTRIB _ 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCTG 25,000 17.250 602 INTEREST EXPENSE �' 000 7,750 400 OPERATING EXPENSES -VARIABLE 60,000 220 PROFESSIONAL SERVICES -APPRAI 40,000 1.350 250 PROFESSIONAL SERVICES -LEGAL 150,002 0.0 1,308 270 PROFESSIONAL SERVICES -OTHER 731.675 0.0% 158.822 1488.694 694 340 OTHER CONTRACTUAL SERVICES - O 158,754 . 117,511 5 760 BOOKS PUBLICATIONS MEMBERSHIPS _ 14,149 8.9% 27,% ,09595 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND - 860 CONSTRUCTION IN PROGRESS 3,112,427 146,851 80 GRANTS AND AIDS 11,600 0.4% 2,953,976 600 GRANTS IN AID - 940 OTHER GRANTS AND AIDS 303,183 19.984 90 NON -OPERATING 283,179 6W TRANSFERS TO OTHER FUNDS - 951 CONTRirrRANSFER TO DEBT SERVIC 956 CONTRIBUTION TO SPECIAL REVENU 513,195 9W CONTRIBUTION TO GRAL FUND 513,195 960 CONTRIBUTION TO TRUST & AGENCY SW OTHER NON -OPERATING 10 462 460 - 9% BUDGET RESERVE 270,178 10,462,460 TOTAL EXPENDITURES 270,17819,826,654 463.076 25,749 0.2% 15,338,030 REVENUE LESS EXPENDITURES (14,6s1 Community Redevelopment Agency Omni Tax Increment Fund interlocal Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of November 30, 2004 OMNI TAX INCREMENT FUND FY 2004 FY 2004 REVISED AS END _%of BUDGET Enc OF Nov Budget Variance Revenues 01 TAXES 100 CURRENT AD VALOREM TAXES 001 TAXES REAL CURRENT 3,920.483 - 03 INTERGOVERNMENTAL REVENUE 3,920,483 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOVTS-COUNTY 2,294,328 - 04 CHARGES FOR SERVICES 0.0% 2,294,328 311 MAJOR DESC. NOT FOUND 754 CRA FUND TIOUT SEOPW 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 40,000 244 CARRYOVER FUND BALANCE 2.932,945 8,437 21.1% 31,563 749 GAIN/LOSS INVESTMENTS 1,500 2,932,945 TOTAL REVENUES 9,189,256 - 4,029 12,466 0.1°� 9,176,790 Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 010 SALARIES -UNCLASSIFIED 200 FRINGE BENEFITS -FIXED - 100 SOCIAL SECURITY CONTRIB 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES -ACCTG 25,000 19,250 287 ADVERTISING 0.0% 5,750 470 ENTERTAINMENT _ 400 OPERATING EXPENSES -VARIABLE . 230 PROFESSIONAL SERVICES - ARCHIT - 250 PROFESSIONAL SERVICES - LEGAL - 270 PROFESSIONAL SERVICES -OTHER 5310,200 366,$13 0.0°% 60,000 340 OTHER CONTRACTUAL SERVICES - O 0.0 164,367 680 PRINTINGBINDING - OUTSIDE 690 PROMOTIONAL ACTIVITIES 760 BOOKS PUBLICATIONS MEMBERSHIPS 60 CAPITAL OUTLAY ' 500 CAPiTALOUTLAY -VARIABLE 860 CONSTRUCTION IN PROGRESS 4,300,000 80 GRANTS AND AIDS 0.0% 4,300,p00 600 GRANTS IN AID - 940 OTHER GRANTS AND AIDS 684,504 3,584 0.0% 90 NON -OPERATING 580,920 600 TRANSFERS TO OTHER FUNDS - 951 CONTRUTRANSFER TO DEBT SERVIC 952 CONTRIBUTION TO CAP PROJECTS _ 996 BUDGET RESERVE 1,118,133 _ 956 CONTRIBUTION TO SPECIAL 1,140,419 1,118,133 700 PRIOR YEAR'S APPROPRIATION 1,140,419 905 INTERGOVERNMENTAL CHARGES 1,430,000 TOTAL EXPENDITURES 0.0% 1,430,000 9,169,256 389,647 0 0.0% — 8,7~ REVENUE LESS EXPENDITURES 12,466 Community Redevelopment Agency General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of November 30, 2004 GENERAL OPERATING FY 2004 FY 2004 REVISED AS END % of BUDGET Enc OF Nov Budget Variance Revenues 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 139 REIMB. PR. YR. EXPEND, 244 CARRYOVER FUND BALANCE 749 GAINILOSS INVESTMENTS 607 RENT AND ROYALTIES - 070 RENTAL PROPERTIES 08 NON -REVENUES 2,120 (2,120) 801 INTERFUND TRANSFER - 140 TRANSFER FROM COMMUNITY DEVELO _ 143 MISCELLANEOUS REVENUE 736 CONTR. FIRM. OFFSTR. PARKING _ 905 MAJOR DESC. NOT FOUND 193 CONTRIBUTION FROM GN.FD. 659,388 09 INTERNAL SERVICE FUNDS 0.0% 659,388 905 CONTRIBUTION FROM OTHER FUNDS 356 CONTRIBUTION FROM TRUST AND AG 1.653,614 - TOTAL REVENUES 2,313,002 - 1,653, 14 2,120 0.1% 2,310,882 Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 001 SALARIES - CLASS. PERM, FT 006 EARNED TIME PAYOFF 010 SALARIES -UNCLASSIFIED 013 SALARIES - TEMPORARY 200 FRINGE BENEFITS -FIXED 080 EXPENSE ALLOWANCE 083 CAR ALLOWANCE 100 SOCIAL SECURITY CONTRIB 110 RETIREMENT CONTRIB. 130 GROUP INSURANCE CONTRIB. 150 WORKER'S COMPENSATION 160 UNEMPLOYMENT COMPENSATION 170 SEVERANCE PAY 180 TUITION REIMBURSEMENT 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCT'G 287 ADVERTISING 410 TRAVEL AND PER DIEM - TRAINING 420 TRAVEL AND PER DIEM -OTHER 470 ENTERTAINMENT 495 PARKING EXPENSE 533 POSTAGE 540 UTILITY SERVICES 660 UTILITY SERVICES -WATER 610 RENT OF EQUIPMENT- OUTSIDE 620 RENT BUILDINGS 635 RENT OTHERS 710 FOOD 715 MOTOR FUEL 400 OPERATING EXPENSES -VARIABLE 230 PROFESSIONAL SERVICES - ARCHIT 250 PROFESSIONAL SERVICES -LEGAL 147,000 - 4,321 2.9% 142.679 96.000 - 96,000 407,000 - 59,795 14.7% 347,205 90.500 2.575 - 87,925 18,000 - 338 1.9% 17,662 12,000 - 1,015 8.5% 10,905 85,000 - 3,797 4.5% 81.203 52,281 2,879 - 49,402 45,000 3,557 1,777 3.9% 39.666 6,300 - 6,300 25,000 1,596 0.1 23,404 30,000 17,366 57.9% 12,634 40,000 5 0.0% 39,995 1,000 33 3.3% 967 14,000 0.0% 14,000 45.000 9.057 0.0% 35,943 160,388 131,665 26,335 16.4% 2,388 13,600 492 0.0% 13.108 800 - B00 Community Redevelopment Agency General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of November 30, 2004 FY 2004 FY 2004 REVISED AS END % of BUDGET Enc OF Nov Budget Variance 270 PROFESSIONAL SERVICES - OTHER 231,000 267 0.1% 230,733 289 SPECIAL SERVICES - MISCELLANEO 38,000 0.0% 38,000 330 TAXES 340 OTHER CONTRACTUAL SERVICES - 0 13.085 6,345 494 3.8% 6,246 510 COMMUNICATIONS SERV. TELEPH. 0 10,770 1,364 0.0% 9,406 634 DELIVERY SERVICES 2,000 916 0.0% 1.084 650INSURANCE -LIABILITY 40,000 0.0% 40,000 670 REPAIRIMAINTENANCE - OUTSIDE 5,000 0.0% 5,000 680 PRINTINGISINDING - OUTSIDE 690 PROMOTIONAL ACTIVITIES 700 OFFICE SUPPLIES 6,000 3,934 0.0% 2.066 722 MISCELLANEOUS SUPPLIES 2.000 0.0% 2.000 760 BOOKS PUBLICATIONS MEMBERSHIPS 7,000 25 0.4% 6,975 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE _ 810 LAND 840 EQUIPMENT -NEW 841 OFFICE FURNITURE - NEW 6,000 721 932 - 4,347 843 EQUIPMENT LEASE -PURCHASED 860 CONSTRUCTION IN PROGRESS 880 CAPITAL LEASES 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 946 REHABILITATION GRANT AWARDS _ - 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 950 CONTRIBUTION TO GRAL FUND _ - 956 CONTRIBUTION TO SPECIAL REVENU 700 PRIOR YEAR'S APPROPRIATION 901 PERSONAL SERVICES 996 BUDGET RESERVE 628,278 628,278 903 MATERIALS AND SUPPLIES 35.000 5,149 2.094 6.0% 27,757 TOTAL EXPENDITURES 2,313,002 163,200 125,646 SAIL. 2,024,156 REVENUE LESS EXPENDITURES (123,526) Community Redevelopment Agency Sri SEOPW and Omni CRAs' External Audit Findings and Other Observations Status Report as of 12/13/04 Item No. Year Reportable Condition (Severe) Other Observation (Less Severe) Subject Condition Found Corrective Action Projected Resolution Cate pate Resolved Updating the capital assets A procedure has been instituted listing (i.e. updating additiona and disposals) is not performed whereby all capital purchases in throughout the year, but instead the amount of $1,000 or more go 1 2003-1 x Capital Assets Additions and is performed at the end of the through the office of the Agencies' '04 year through a search of Financial Officer to be March Disposals invoices paid. We noted added to the capital assets listing several 'items that were not (current inventory) at the time of included 'on the capital assets delivery, rather than waiting for listing at year-end. annual inventory update. On several occasions, we noted expenditures that were recorded in the incorrect line A procedure has been instituted item classification. For example, we noted: (1) A whereby all expenditures are forgivable loan (grant) entered in both the City's GEMS incorrectly recorded in the system and in the Agencies' membership dues expenditure inhouse computerized accounting 2 Line Item line item account; (2) A system. On a monthly basis, the 2003-2 x Expenditure p forgivable loan (grant) Agencies , system will be March '04 Classifications incorrectly recorded in the reconciled against the City's promotional activities line item financial system to capture any . account; (3) Construction in- inconsistencies and allow for a progress (services performed more accurate recording of all by HJ Ross) incorrectly expenditures in the proper line recorded in the professional item classification. services line item account Page 1 of 5 Reportable Other Projected Item NO.: : Year Condition Observation Date Subject Condition Found Corrective Action Resolution (Severe) (Less Severe) Data R esolved The Agencies' Financial Officer in concert with the Agencies' Maintaining The Agencies' Finance external CRA consultant will Authoritative Department does not maintain establish an in-house libraryu of 3 2003-3 x Accounting any , government accounting appropriate accounting literature, Jul. 04 Literature literature for reference and either through printed material or guidance. available computerized subscription. Books received Jul '04. Agencies' CPA (HB&A) to Inadequeate records to allow develop policy and procedure to document all grants on an Grants readily available information 4 2002-1 x with respect to the f individual basis allowing for names o Management selective auditing on a grant b Aug. '04 funded and Accountingorganizations along with grant basis. Draft policy reviewed the amounts grants, purpose, and status of the grant by Executive Director on 5/10/04- Amendments Underway. Final policy issued on 8/19/04 As of 3rd quarter fo FY'03, all 3rd party invoices are matched to Several third -party contractors approved resolutions, executed were paid for services in FY '02 contracts, PO's and/or work 5 2002-2 x Contract with no agreement between the orders. Agencies' CPA (HB&A) Ageements contractor and the Agency to formalize into policy and Aug. '04 found to be executed nor procedure. Draft policy reviewed approved by the Board. by the Executive Director on 5/10/04-- Amendments Underway. Final policy issued on 8/19/04 The Margaret Pace Park Currently, multiple signatory Improper Use financial approval all funding of Tax project, within the Omni Area 6 2002-3 x sources. CRA has requested Increment was paid from tax increment journal entry to SEOPW; in Apr. '03 Funds funds (TIF) collected by and process with City Finance & earmarked for SEOPW area gud et. Page 2 of 5 Reportable Other Projected Item' No. Year Condition Observation Subject Condition Found Corrective Action Resolution Date Date (Severe) (Less Severe) .. Date Inadequate records on the CRA 7 2002-4 Loan status of outstanding loans to has entered into agreement x Administration include complete inventory of all with NDC for Grow Miami Fund to Sept. '03 loans administer all future loans. Agencies' CPA (HB&A) to Agencies' Finance Department evaluate current and total Level of Staff is short qualified staff thus financial operations and submit within the delaying financial reporting; written report of findings and 8 2001-1 x (CRA) Finance most, if all of analysis and recommended action plan —to be Dec. '04 Department reconciliation of general ledger coupled with findings from accounts are not performed on internal audit. To be further a timely,basis reviewed by FY '04 External Audit. CRA plans to partner with City of Miami and implement GEMS Agencies do not use a procurement and encumbrance 9 2001-3 x Encumbrance purchase order system to computerized system. GEMS '04 Accountingencumber the purchase of Training has taken place for CRA Jan. goads and services. Staff. CRA will be on-line by March 1, 2004. CRA has implemented a comprehensive accountinq software acka e. Payroll File Documentation supporting staff Agencies' staff has updated all 10 2001-4 x Maintenance salaries and pay rates lacking in employee personnel files to Aug. '03 employee personnel files include payroll information. Page 3 of 5 Reportable Other.Projected item No. Year Condition Observation Subject Condition Found Corrective Action Resolution Date (Severe) (Less Severe) . Date Resolved . CRA plans to partner with City of Miami and implement GEMS procurement and encumbrance Project Cost Agencies lack formal system to computerized tracking system. 1 2001-5 x Accounting account for ongoing capital GEMS on hold for CRA while Jan. '04 projects software problems are resolved. CRA has implemented a comprehensive accounting software package. Agencies' CPA (HB&A) to Agencies rely only on the develop policy and procedures for general ledger reports prepared in-house reconciliation of all Establish by City Finance Department accounting transactions to . 12 2000-1 x Controls over and do not perform include pool -cash maintained by Aug. '04 General independent reconciliation of the City of Miami. Draft policy Ledger account balances and activity, reviewed by Executive Director including Cash balances on 5/10/04. Amendments Underway. Final policy issued on 8/19/04 Agencies' CPA (HB&A) to develop policy and procedure for formalized year-end financial Timely Agencies do not have reporting process. Audit binder Preparation of formalized year-end financial for FY '03 was prepared b 13 2000-2 x Financial reporting process to facilitate 12/1/03 and presented to Aug. '04 Statements the preparation of their financial External Auditor (SKJ) on statements 1/12/04. Draft policy reviewed by Executive Director on 5/10/04-- Amendments Underway. Final policy issued on 8/19/04. Page 4 of 5 Reportable Other. Projected Item No Year Condition Observation Subject Condition Found Corrective Action Resolution Date (.Severe) (Less Severe) Date Resolved Board appointed permanent Exec. Director on 11/25/02. New Present organizational structure Exec. Director hired an Agenda 14 2001-6 x Operational does not support the demands Coordinator on 5/6/03 and a Review on staff to maintain an efficient Financial Officer on 11/24/03. Jan. '04 and effective operation Board selected a new external auditing firm on December 8, 2003. FY '04 Budget was prepared and Agencies prepare their annual approved by CRA area and 15 2001-8 Budgetary budget on a combined entity- general operating fund tagged to x Accounting wide basis, as opposed to a each agency's current accounting Sept. 03 fund basis structure which will facilitate proper external financial reporting and auditing. Agencies' CPA (HB&A) to develop policy and procedure for formalized leased properties Agencies do not have a system system to include real property that allows for the identification inventory and records search. 16 1999-1 x Leased of all properties held for lease. Draft policy reviewed by Properties Agencies unable to determine if Executive Director on 5/10/04-- Aug. '04 some properties are leased and Amendments Underway. City's nature of lease agreements. IT Dept. to run comparative land ownership against the universe of all land in both CRA areas. Final policy issued on 8/19/04 Page 5of5