HomeMy WebLinkAboutSubmittal Financial Statement PresentationCity of Miami
Financial Statement
Presentation
SUBMITTED INTO THE
PUBLIC RECORD FOR
ITEM pza ON x/i/o.
September 30, 2006
Comprehensive Annual Financial Report
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Introductory Section
O Chart of Principal Officials
O Letter of Transmittal
O Organization Chart
SUBMITTED INTO THE
PUBLIC RECORD FOR
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Financial Section
❑ Independent Auditors Report
■ Unqualified opinion
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❑ Management's Discussion and Analysis
■ Discussion of the City and the results of operations
❑ Basic Financial Statement
■ Includes government wide statements on the full accrual basis of
accounting as well as statements for the governmental funds on
the modified accrual basis of accounting
❑ Required Supplementary Information
■ Includes budgetary comparison schedules and pension schedules
❑ Combining Statements
■ Individual fund financial statements of the non -major
governmental and fiduciary funds
Statistical Section
❑ Includes trend information of various financial
and operating aspects of the City
■ Financial Trends
■ Revenue Capacity
■ Demographics and Economic Information
■ Operating Information
SUBMITTED INTO THE
PUBLIC RECORD FOR
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Statement of Revenues Expenditures
and Changes in Fund Balance (page 17)
Focus is on General Fund:
❑ Revenues for the Fiscal Year totaled $451.3 Million
❑ Expenditures totaled $452.0 Million
❑ Other Financing Sources (transfers in/transfers out)
totaled $9.88 Million
❑ Fund Balance increased of $9.15 Million
• Original Budget anticipated the use of approximately
$32 Million of Fund Balance. The results of operations
indicate that the City did not use any of its allocated
fund balance, in fact ended up with a surplus $9.15 M
❑ Ending Fund Balance for General Fund totaled
$126.26Million SUBMITTED INTO THE
PUBLIC RECORD FOR
ITEMON 2-1-o7
SUBMITTED INTO THE
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Focus is on General Fund:
-01.
❑ Unreserved and designated includes the amounts designated
■ in the subsequent years budget of $13.04 Million which
represents the amount of surplus that was used to balance the
2007 budget
■ for Strategic initiatives of $1.65 Million which are amounts
appropriated in future years for certain projects
■ for Management Initiatives of $68.99 Million:
❑ Amounts appropriated in future years for specific projects that
management has approved
❑ Amounts set aside in accordance with the City's Financial
Integrity Ordinance (10% of average of 3 years of revenues,
plus excess amounts can be included to fund up to 50% of long
term liabilities)
❑ Unreserved and Undesignated Fund Balance totals $41.69
Million and is available to meet the future needs of the City.
Statement of Net Assets
(page 13)
❑ Full Accrual Basis of Accounting:
• Includes significant long term obligations, such as claims payable
and compensated absences as well as the outstanding debt
issued where there is no offsetting capital asset
• Reflects all liabilities that are not related to the governments
capital assets and are not expected to be repaid from restricted
assets
❑ Net Assets increased by $51.2 M to $731.8 Million
• $640.9Million is invested in capital assets net of related debt
(not available for spending)
O Other Restricted Assets (not readily accessible) totaled $188.9 M
SUBMITTED INTO THE
PUBLIC RECORD FOR
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Questions?
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