HomeMy WebLinkAboutSubmittal-City of Miami Financial Statement PresentationSUBMITTED INTO THE
PUBLIC RECORD FOR
ITEMtiON 7
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City of Miami
Financial Statement
Presentation
September 30, 2009
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Comprehensive Annual Financial Report
(CAFR) Fiscal Year 2009
► Independent Auditors Report
City received an Unqualified opinion
Issued on April 20, 2010
Submitted for GFOA's excellence in reporting
certificate program
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Statement of Revenues, Expenditures
and Changes in Fund Balance (page 1 7)
Focus is on General Fund (Fund Level Financials):
Revenues for the Fiscal Year totaled $471 .5 Million
Expenditures totaled $526.6 Million
Other Financing Sources
Transfers In $47,785,001
Transfers Out $46,319,266
Fund Balance decreased by $53.6 Million
Decrease in fund balance clue primarily to expenditures in
excess of original budgets of 25.2 Million as well as
one-time transfers to capital projects in the amount of
20.2 Million to cover capital project expenditures and
$8.2 Million to replenish Impact Fee eligible capital
project accounts tor which previous general fund
contributions had been removed
Ending Fund Balance for General Fund totaled $39.9 Million
Submitted into the public
record in connection with
item DI.1 & D1.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Balance Sheet (page 15)
Focus is on General Fund (Fund Level Financials):
Assets for the year totaled $97.7 Million
Cash at year end totaled $30.3 Million.
Pooled Cash balances were used to cover cash deficits in Oct/Nov
2009 in the General Fund due to payment of pension costs on
October 1st.
Liabilities for the year totaled $57.7 Million
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
balance Sheet (cons.)
Fund Balance
Reserved
Prepaid items $2.4 Million
Long-term due from other funds $12.7 Million
Unreserved, Designated
Subsequent years budget - $5 Million which represents
the amount that was used for contingency reserve in the
2010 budget
Strategic initiatives - $1.65 Million which are amounts
appropriated in future years
Management Initiatives - $18.2 Million
Unreserved, Undesignated
$0
Financial Integrity Principle Reserve requirement for
FY 2009 was �94,253,332. The Ci_ty did not meet
the reserve requirement by $69.4 Million
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Single Audit Report
Total Federal Expenditures for FY 2009:
$48,797,688
Qualified auditors report issued on compliance for
major programs
► Total State Expenditures for FY 2009:
$4,217,483
Unqualified auditors report issued on compliance
for major projects
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Single Audit depart (cant.)
► Control Deficiencies
Six findings
• two as material weakness
• four as significant deficiency
► Internal Control over Compliance
Three findings
► Compliance
Three findings
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Single Audit Report (cunt.)
Control Deficiencies
Bank reconciliation
o Recording of accruals and accounts payable
Payroll processing
Oracle human resources management system
implementation
o Filing for grant reimbursements
Capital asset management
•• Internal Control over Compliance
• Payroll Certification
Equipment and Real Property Management
Program Income
0, Compliance
Equipment and Real Property Management
c Program Income
Environmental Reviews
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Management Letter
► Control Deficiencies
Six findings
two as material weakness
four as significant deficiency
Compliance
One finding
► Other Comments
Nine findings
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Management Letter (coat.)
Control Deficiencies
Same listed as Single Audit Findings
Compliance
Excess of Expenditures over Appropriations
Other Comments
Grant Receivables
Interfund Transfers
Pension Plans
Password Settings
IT Policies and Procedures
IT System Trail
Timeliness of Financial Reporting
Fund Balance Reserve Requirements
Procurement Code Violation
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Looking Ahead to Fiscal
Year 2010
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Year to date (as of May 201 0)
Projections are currently reporting a Fiscal Year
2010 deficit of $20.8 (as of May 2010) due
primarily to reductions in property tax collections,
decreased licenses and permits and decreases in
interest income.
Management initiatives are currently underway to
reduce the deficit by cutting expenditures for the
remainder of the fiscal year.
Cash flow shortages at year end will require use of
pooled cash to meet cash needs for the first three
months of the new fiscal year until property tax
collections are received.
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
GASH 53 - Accounting and Financial for
derivative Instruments
GASB Statement 53 was issued in dune
2008. This Statement addresses the
recognition, measurement, and disclosure
of information regarding derivative
instruments entered into by state and local
governments.
The City will be implementing GASB 53 in
the FY 2010 Comprehensive Annual
Financial Report.
Submitted into the public
record in connection with
item D1.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
GASH 54 - Fund balance Reporting and
Governmental Fund Type Definitions
► In March 2009, The Government Accounting
Standards Board (GASB) issued Statement No. 54
which establishes accounting and financial
reporting standards for all governments that
report governmental funds. It establishes
criteria for classifying fund balances into
specifically defined classifications and clarifies
definitions for governmental fund types.
r, The City will be implementing GASB 54 in the FY
2010 Comprehensive Annual Financial Report.
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
GASB 57 - OPEB Measurements by Agent
Employers and Agent Multiple -Employer
This statement was issued in December 2009.
It addresses issues related to the use of the
alternative measurement method and the
frequency and timing of measurements by
employers that participate in agent multiple -
employer other postemployment benefit
(OPEB) plans.
The City will be implementing GASB 57 in the
FY 2010 Comprehensive Annual Financial
Report.
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
McGladrey & Pullen
Donnovan Maginley
Director
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk
Questions?
Submitted into the public
record in connection with
item DI.1 & DI.2 on 07-08-10
Priscilla A. Thompson
City Clerk