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HomeMy WebLinkAbout09-00032 Backup• CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY, CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY, AND CITY OF MIAMI MIDTOWN COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance With the Rules of the Auditor General of the State of Florida Year ended September 30, 2008 • • SKJ &Co 410 SANSON KLINE JACOMINO & COMPANY, LLP Certified Public Accountants & Consultants • • Management Letter in Accordance with the Rules of the Auditor General of the State of Florida To the Board of Directors of the City of Miami Southeast Overtown Park West Redevelopment Agency, City of Miami Omni Community Redevelopment Agency, and City of Miami Midtown Community Redevelopment Agency 5805 Blue Lagoon Drive Suite 220 Miami, Florkla 33126 Tel. C305) 269-8633 Fax C305) 265-0652 www.skinet.com We have audited the financial statements of the City of Miami Southeast Overtown Park West Redevelopment Agency, City of Miami Omni Community Redevelopment Agency, and City of Miami Midtown Community Redevelopment Agency (collectively referred to as "the Agencies"), Component Units of the City of Miami, Florida, as of and for the fiscal year ended September 30, 2008 and have issued our reports thereon dated November 20, 2008. We conducted our audits 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. We have issued our Independent Auditors' Reports on Internal Control over Financial Reporting and on Compliance and Other Matters. Disclosures in those reports, which are dated November 20, 2008, should be considered in conjunction with this management letter. Additionally, our audits were conducted in accordance with the provisions of Chapter 10.550, Rules of the Auditor General, which govern the conduct of local governmental entity audits performed in the State of Florida and, unless otherwise required to be reported in the report on compliance and internal controls or schedule of findings and questioned costs, this letter is required to include the following information. ■ Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report not otherwise addressed in the auditor's report pursuant to Section 10.557(3)(b)2., Rules of the Auditor General. There were no significant findings and recommendations made in the preceding annual financial audit report. ■ Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds. In connection with our audits, we determined that the Agencies complied with Section 218.415, Florida Statutes. • Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address in the management letter any recommendations to improve financial management. In connection with our audits, we did not have any such recommendations. • Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address violations of laws, regulations, contracts or grant agreements, or abuse that have occurred, or are likely to have occurred, that have an effect on the determination of financial statement amounts that is less than material but more than inconsequential. In connection with our audits, we noted no such violations. 1 • • • SKJ &Co Section 10.554(1)(i)5., Rules of the Auditor General, requires, based on professional judgment, the reporting of the following matters that are inconsequential to the determination of financial statement amounts, considering both quantitative and qualitative factors: (1) violations of laws, regulations, contracts or grant agreements, or abuse that have occurred, or are likely to have occurred; and (2) control deficiencies that are not significant deficiencies, including, but not limited to; (a) improper or inadequate accounting procedures (e.g., the omission of required disclosures from the financial statements); (b) failures to properly record financial transactions; and (c) inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to the attention of, the auditor. In connection with our audits, we did not have any such findings. ▪ Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. Such disclosures are made in note 1 to the Agencies' financial statements. ■ Section 10.554(1)(i)7.a., Rules_ of the Auditor General, requires a statement be included as to whether or not the local governmental entity has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and identification of the specific condition(s) met. In connection with our audits, we determined that the Agencies did not meet any of the conditions described in Section 218.503(1), Florida Statutes. • Section 10.554(1)(i)7.b., Rules of the Auditor General, requires that we determine whether the annual financial reports for the Agencies for the fiscal year ended September 30, 2008, filed with the Florida Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes, is in agreement with the annual financial audit report for the fiscal year ended September 30, 2008. The Agencies do not file a separate report with the State of Florida Department of Banking and Finance. The financial operations of the Agencies are included in the basic financial statements of the City of Miami, Florida for the year ended September 30, 2008. • Sections 10.554(1)(i)7.c. and 10.556(7), Rules of the Auditor General, require that we apply financial condition assessment procedures. In connection with our audits, we applied financial condition assessment procedures. It is management's responsibility to monitor the entity's financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. This management letter is intended solely for the information and use of the board of directors, management of the Agencies, and the State of Florida Office of the Auditor General, and is not intended to be and should not be used by anyone other than these specified parties. November 20, 2008 2