HomeMy WebLinkAbout10-00300 03-11-2010 Submittal-Basic Financial StatementsCITY OF MIAMI OMNI COMMUNITY
REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Basic Financial Statements
September 30, 2009
(With Independent Auditor's Report Thereon)
....CORD FOR
ON 3/11hp
CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Table of Contents
Independent Auditor's Report
Management's Discussion and Analysis (Required Supplementary Information)
Page
1
2-5
Basic Financial Statements:
Governmental Fund Balance Sheet/Statement of Net Assets 6
Statement of Governmental Fund Revenues, Expenditures, and Changes
in Fund Balance/Statement of Activities 7
Notes to Basic Financial Statements 8-11
Required Supplementary Information (Unaudited):
Budgetary Comparison Schedule
Note to Required Supplementary Information
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
12
13
14-15
Submitted into the public
record in connection with
items #2.. on 3-11-10 .
Priscilla A. Thompson
City Clerk
Independent Auditor's Report
Submitted into the public
record in connection with
items NJ. on 3-11-10 .
Priscilla A. Thompson
City Clerk
SKJ
&Co
SANSON KLINE
JACOMINO & COMPANY, LLP
Certified Public Accountants & Consultants
Independent Auditor's Report
The Board of Directors
City of Miami Omni Community
Redevelopment Agency:
5805 Blue Lagoon Drive
Suite 220
Miami, Florida 33126
Tel. C305) 269-8633
Fax (305) 265-0652
www.skir,et.com
We have audited the accompanying basic financial statements of the governmental activities and the major
fund of the City of Miami Omni Community Redevelopment Agency (the Agency), a component unit of the 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 in the 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 on our audit.
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. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free 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. Accordingly, we express no such opinion. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities and the major fund of the Agency as of September 30, 2009,
and the respective changes in financial position thereof for the year then ended in conformity with U.S.
generally accepted accounting principles.
In accordance with Govemment Auditing Standards, we have issued our report dated November 25, 2009 on
our consideration of the Agency's intemal 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 of that
report is to describe the scope of our testing of intemal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on the internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be considered in assessing the results of our audit.
The management's discussion and analysis on pages 2 through 5 and the budgetary comparison information
on pages 12 and 13 are not a required part of the basic financial statements but are supplementary information
required by U.S. generally accepted accounting principles. We have applied certain limited procedures, which
consisted principally of inquiries of management regarding the methods of measurement and presentation of
the required supplementary information. However, we did not audit the information and express no opinion on
it.
November 25, 2009
1
Submitted into the public
record in connection with
items #Z on 3-11-10 .
Priscilla A. Thompson
City Clerk
Management's Discussion and Analysis
Submitted into the public
record in connection with
items #2, on 3-11-10 .
Priscilla A. Thompson
City Clerk
CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Management's Discussion and Analysis - Unaudited
September 30, 2009
This section of the City of Miami Omni Community Redevelopment Agency (the Agency) financial statement
presents management's analysis of the financial performance during the fiscal year that ended September
30, 2009. This discussion addresses whether or not the Agency as a whole is better off or worse off as a
result of this year's activities.
Overview
The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the
Agency, pursuant to the redevelopment plans of the Agency for new residential and commercial activity in
the OMNI area.
The Agency's primary source of revenue is tax -increment 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 to tax collections or other
obligations.
On June 24, 1996, the City and County entered into an Interlocal Cooperation Agreement with the Agency,
whereby the Agency will receive over a three year period, commencing on the date of the Agreement, a total
of $1.2 million of tax increment revenue contributed by the City and County. If within the three-year period
the Agency receives more than $1.2 million in tax increment revenue, the excess shall be remitted to the
County for the Performing Arts Center Project. Thereafter, the Agency shall remit to the County tax
increment funds received up to, but no more than $1.43 million per year. The obligation to pay the $1.43
million each year shall cease at such time that the County has no Performing Arts Center construction bonds
outstanding.
On December 31, 2007, the City and County entered into an Interlocal Agreement with the Agency, whereby
in addition to the $1.43 million per year described above for the Performing Arts Center project, the Agency
shall remit on March 31, 2009 and every March 31st thereafter ending on March 31, 2012 an amount equal to
35% of the amount by which the increment revenue exceeds $1.43 million, and on March 31, 2013 and every
March 31st thereafter until March 31, 2027, including any additional time extensions beyond March 31, 2027,
an amount equal to the greater of $1.43 million or 35% of the increment revenue, provided that the mounts
remitted by the Agency do not exceed $25 million in any fiscal year.
On August 6, 2007, the City, County and The Children's Trust (the Trust) entered into an Interlocal
Agreement with the Agency, whereby the Agency would receive from the Trust, on an annual basis, tax
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 purpose, and to remit to the Trust
on the last day of the 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.
Further, the Agency's policy is set by a board of directors comprised of the five members of the City
commission and are separate, 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.
2
Submitted into the public
record in connection with
items #. on 3-11-10 .
Priscilla A. Thompson
City Clerk
CITY OFMQkMkOMN|COMMUNITY REDEVELOPMENT AGENCY
(AComponent Unit cfthe City ofMiami, Florida)
Management's Discussion and Analysis 'Unaudited
September 3O.%0O9
Finmmcia|Hiqh|iahts
At the close of the current fiscal year, the Agency had o fund balance of a30.482.017. on increase of
$47O1.108incomparison with the prior year. The difference between fund balance and net assets iscapital
a000to of $856. The vantrinbad net asset of$3O.482.O1T is subject to external restrictions on how it may be
used.
The Agency did not incur any debt during the current fiscal year.
Overview 0mthe Financial Statements
This discussion and analysis is intended to serve as an introduction to the Agency's basic financial
statements. The Agency's basic financial statements are comprised of three components:
° Government -wide financial statements
• Fund financial statements
° Notes bzthe basic financial statements
In addition, the Agency reports, as required supplementary infonnaUon, a budget to actual comparison and
notes to the required supplementary information.
The Agency isconsidered aspecial purpose government engaged inasingle governmental activity, thus the
oda&*d government -wide and fond financial statements are included as a combined presentation in the
Govennmenba| Fund Balance Sheet/Statement of Net Assets and the Statement of Governmental Fund
Revenues, Expenditures, and Changes in fund Balance/Statement of Activities. Aunonjing|y, the only
reconciling item between these two statements iathe addition of land that was donated by the C(ty, which
may bofound onpages Sand 7ofthis report.
Government -wide Financial Statements
The financial statements are designed to provide readers with o broad overview ofthe
Agency's finances, in m manner similar to m private -sector business (i.e. economic resources and
measurement focus).
The statement of net assets presents information on all of the Agency's assets and liabilities, wbh the
difference between the two reported as net assets. Over time, increases or decreases in net assets may
serve aemuseful indicator cf whether the financial position ofthe Agency isimproving ordeteriorating.
The statement ofactivities 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 as the underlying event giving rise to
the change oucurs, nagmvd|aso of the timing of the ndmhed cash flows. Thus, revenues and expenses one
reported in this statement for some items that wili only result in cash flows in future fiscal periods.
Fund Financial Statements
Afund is o grouping of relateda000unts that isused 1omaintain control over resources that have been
omgnsgabad for specific activities or objectives. The Agency, like other mbab» and local govemments, umaa
fund accounting to ensure and demonstrate compliance with finance related legal requirements. The Agency
only has one governmental fund; the special revenue fund.
Submitted into the public
3
CITY OFM0IAMUOMN|COMMUNITY REDEVELOPMENT AGENCY
(AComponent Unit cfthe City nfMiami, Flodda)
Management's Discussion and Analysis 'Unaudited
September 3O.2O0Q
Fund Financial Statements (ommtinumd)
Governmental funds are used to account for essentially the same functions reported amgovernmental
activities in the government -wide financial statements. However, unlike the government -wide financial
mbubemonta, governmental fund financial statements focus on near -term inflows and outflows of expendable
nuanuroos, as well as on balances of expendable nanoumms available at the end of the fiona| year. Such
information may be useful in evaluating a government's near -term financing requirements.
Notes to the Basic Financial Statements
The nmhau provide additional information that is omoente| to a full understanding of the data provided in the
government -wide and fund financial statements. The notes tnthe basic financial statements can bafound on
pages 8 to 11 of this report.
Budgetary Highlights
A budgetary comparison schedule has been provided for the special revenue fund to demonstrate
compliance with this budget. The budgetary comparison schedule can be found on page 12 of this report,
There were nosignificant changes between the original budget and final budget. The change infinal budget
to actual community redevelopment expenditures was primarily attributed to projects that were planned for in
the fiscal year 2009, but not yet started as planned.
Financial Analysis
Government-Wide/Individual Fund Analysis
Our analysis of the financial statements of the Agency begins below. The Government -Wide financial
statements and the Fund financial sbstemontn, in this case, issubstantially the some. with the exception of
the capital assets of $858. The Statement of Net Assets and the Statement of Activities report information
about the Agency's activities that will help mnavvor questions about the position of the Agency. A
comparative analysis iuprovided below.
Summary of Net Assets
Total assets * 32.549.013 * 26.238.023
Total liabilities 2.060.140 456.348
Total net assets 30.482.873 25.781.810
� Total assets increased from the prior year asmresult of the overall increase intax increment revenue
� Total liabilities increased from the prior year as m result of the year-end accounts payable accruals for
amounts due, but not yet paid out.
� Total restricted net assets increased from the prior year an m result of the overall net innnaone in
4
Submitted into the public
record imconnection with
itcms n on 3-81'10 ,
Priscilla /K'Thompson
City Clerk
CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Management's Discussion and Analysis - Unaudited
September 30, 2009
Summary of Changes in Net Assets
Expenditures:
General government
Community redevelopment
9/30/09 9/30/08
$ 388,185 $ 330,000
10,381,853 6,113,670
Revenues:
Tax increment 15,053,838 12,543,065
Interest 417,398 831,309
Other 856
Increase in net assets 4,701,198 6,931,560
Net assets, beginning of year 25,781,675 18,850,115
Net assets, end of year $ 30,482,873 $ 25,781,675
■ Community redevelopment expenditures increased in the current year primarily as a result of the
amounts paid for the remittance of tax increment revenues to Miami -Dade County, in accordance with
the applicable interlocal agreement.
• Tax increment revenue increased from the prior year as a result of an increase in the annual pay out
from the City and the County.
Capital Assets
As of September 30, 2009, the Agency's investment in capital assets amounted to $856.
Requests for Information
This financial report is designed to provide a general overview of the Agency's finances. Questions
concerning any of the information provided in this report or requests for additional information should be
addressed to the Executive Director, 49 N.W. 5th Street, Suite 100, Miami, Florida 33128.
Submitted into the public
record in connection with
items #Z. on 3-11-10 .
Priscilla A. Thompson
City Clerk
5
Basic Financial Statements
Submitted into the public
record in connection with
items AT on 3-11-10 .
Priscilla A. Thompson
City Clerk
CITY OF MIAMI OMNI COMML1NITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Governmental Fund Balance Sheet/Statement of Net Assets
September 30, 2009
Special Statement of
revenue fund Adjustments net assets
Assets
Equity in pooled cash 32,486,115
Interest receivable 62,042
Capital assets:
Land
Total assets
Liabilities
Accounts payable
Due to other govemment
Total liabilities
Fund Balance/Net Assets
Fund balance reserved for encumbrances
Unreserved fund balance:
Designated for redevelopment projects
Undesignated
Invested in capital assets
Restricted net assets
Total fund balance/net assets
32,548,157
$ 1,535,206
530,934
2,066,140
856
856
27,513,954 (27,513,954)
2,968,063 (2,968,063)
30,482,017
856
30,482,017
56
32,486,115
62,042
856
32,549,013
1,535,206
530,934
2,066,140
856
30,482,017
30,482,873
Submitted into the public
record in connection with
items & on 3-11-10 .
Priscilla A. Thompson
City Clerk
The accompanying notes are an integral part of the basic financial statements,
6
CITY OPMIAM|O&NN|COMMUNITY REDEVELOPMENT AGENCY
(AComponent Unit ofthe City nfMiami, Florida)
Statement ofGovernmental Fund Revenues, Expenditures,
and Changes inFund Balance/Statement cfActivities
Year ended September 3O.2OO9
Special Statement of
revenue fund Adjustments� activities
General government $ 388185 388.105
Community redevelopment 10,381,853 10,381,853
Total expend uumo/expenueo
General revenues:
Tax increment revenue
Interest revenue
Total general revenues
Excess ofrevenues over expenditures/increase innet assets
Fund Ba|onootnotassets beginning ofthe year
Fund Balancetnet assets - end of the year
15,053,838
417,398
15,471,236
15,053,838
417,398
15,471,236
4,701,198 4701.188
25J80.018 058 25J01.675
Submitted into the public
record inconnection with
items 1% on 3-11'18 .
Priscilla /k.Thompson
Cltv Clerk
The accompanying notes are anintegral part ofthe basic financial statements.
7
CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit ofthe City ofMiami, Florida)
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies
This summary of the City of Miami Omni Community Redevelopment Agency (the Agency) significant
accounting policies is presented to 000int the reader in interpreting the bmako financial statements. The
policies are considered essential and should be read in conjunction with the basic financial statements.
The accounting policies of the Agency conform to accounting principles generally oopepbud in the United
States of America applicable to governmental units, This report, the accounting systems and
n|ooaiOomtkon of accounts conform to standards of the Governmental Accounting Standards Board
. which is the accepted standard -setting body for establishing governmental accounting and
financial reporting principles. The following isasummary of the more significant policies:
A. Reporting Entity
The Agency was established in 1986 by the City of Miam. Florida (the City) under the provisions of
Section 163, Florida Statutes. The purpose of the Agency is to eliminate blight and slum conditions within
the redevelopment area ufthe agency pursuant to the redevelopment plans nfthe Agency for new
residential and commercial activity of the Omni area. The board wfdirectors ofthe Agency are comprised
of the five members of the C|h/ commission and are separate, distinct and independent from the
governing body ofthe City.
The City entered into an |nbsdooa|Cooperation Agreement on June24.1988 with Miami -Dade County,
Florida (the County) whereby tax increment revenue collected by the parties would be paid to the Agency
and used inaccordance with the approved budgets of the redevelopment plans and terms and conditions
of the |ntadooa| Agreement for the benefit of the Agency. In addiUon, on yNmn:h 13. 2000. the Agency
entered into on |ntedoca| Agreement with the City. As mbab»d on the agreement, the City has agreed to
provide financial support to the Agency for the p/anning, deve|opment, program manaQoment, technical
aomiabonce, coovdinmdon, monitoring and other services needed for the projects, In addition, the City has
agreed to provide personnel and other resources including the use of the City attorney, which shall serve
as counsel and the City Clerk, which will serve as the official custodian of records.
For financial reporting purposes, the Agency is a component unit of the City and is bhma included in the
City's comprehensive annual financial report as a blended component unit.
B. Government -wide Financial Statements
The government -wide financial statements (ie, the statement of net assets and the statement of
activities) report information onall ofthe financial activities ofthe Agency. Governmental activities, which
normally are supported by taxes and intergovernmental revenues, are reported separately from business -
type activities, which rely to a significant extent un hnem and charges for support. The Agency does not
have any business -type activities and has only one governmental activity. The accounts of the Agency
are reported aoaspecial revenue fund. The special revenue fund isthe Agency's only fund and thus the
Agency's only major fund.
The statement of activities demonstrates the degree to which the direct expenses ofo given function or
segment are offset by program revenues. Direct expenses are those that are clearly identifiable with o
specific function or segment. Program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from gnodo, men/ices, 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 properly included among
program revenues are reported instead asgeneral revenues. Submitted into the public
record ioconnection with
8 items #1 on 3-11-10 '
Priscilla A'Thompson
City Clerk
CITY OFMIAMUOMN|COMMUNITY REDEVELOPMENT AGENCY
(4Component Unit ofthe City cfMiami, Florida)
Notes hnBasic Financial Statements
September 3D.2009
C. Measurement Focus, Basis oVAccounting, and Financial Statement Presentation
The government -wide financial statements are reported using the economic n000un000 nxoaoumnnent
focus and the accrual basis ofaccounting. 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 resources measurement
/bouo and the modified accrual basis of accounting. Revenues are recognized as noon as they are both
measurable and available. Revenues are considered bobeavailable 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 available if they are collected within GO days of the end of the current fiscal
period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
The Special Revenue Fund is the Agency's only fund. It accounts for all financial resources of the
Internally dedicated resources are reported as general revenues rather than as program revenues.
Likewise general revenues include all bm increment revmnues, not of distribution remittances to the
County and The Chddnen'oTrust.
D.Equity in Pooled Cash
The Agency's cash is pooled together with the Cky's cash. All such cash is reflected as equity in pooled
cash on the Agency's governmental fund balance sheet / statement of net assets.
F. Capital Assets
Capital assets are defined by the Agency as assets with an initial, individual costcfmore than $1.00Oand
anestimated useful life inexcess ofone year. Such assets are recorded athistorical cost mestimated
historical cost ifpurchased nrconstructed. Donated capital assets are recorded atestimated fair market
value at the date of donation, unless donated by a related entity (e.g. the City). Capital assets donated by
a related entity are recorded at the net book value of the related entity at the time of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend assets lives are not capitalized.
G.Restricted Net Assets
The restricted net assets cf$3O.4B2.017 reported on the government -wide statement of net assets is
restricted by enabling legislation (i,e, the use of tax increment funding for specific activities).
H. Fund Equity
/n the fund financial statements, the Special Revenue fund reports a reservation of fund balance for an
amount that is not available for appropriation or is legally restricted by outside parties for use for a specific
purpose. Unreserved fund balance is the portion of fund equity available for any lawful use.
9
Submitted into the public
record ioconnection with
items 4L un_3-11'10 .
Priscilla /k'Thompson
CITY OF MWkM|OMN|COMMUNITY REDEVELOPMENT AGENCY
(AComponent Unit ofthe City ofMiami, Florida)
Notes to Basic Financial Statements
September 8O.2UOQ
C Tax Increment Revenues
The Agency's primary source of revenue is tax increment 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 tofund this amount annually without regard botax collections cv
other obligations.
On June 24, 1996. the City and County entered into an |nterloco| Cooperation Agreement with the
Agency, whereby the Agency will receive over a three year period, commencing on the date of the
Agnamment, a total of $1.2 million of tax increment revenue contributed by the City and County. If within
the three-year h d the Agency receives more than $1.2 million in tax increment revenue, the excess
shall be remitted to the County for the Performing Arts Center Project. Thereafter, the Agency shall remit
to the County tax increment funds received up to, but no more than $1.43 million per year. The obligation
tupay the $1.43 million each year shall cease at such time that the County has no Performing Arts Center
construction bonds outstanding.
On December 31. 2007 the City and County wnbonyd into an Interlocal Agreementwdh the Agmnny,
whereby inaddition hothe $1.43million per year described above for the PerformingArts Center project,
the Agency shall remit on March 31, 2009 and every March 31"t thereafter ending on March 31, 2012 an
amount equal to 35% of the amount by which the increment revenue exceeds $1.43 miKion, and on
March 31. 2013 and every yNeruh 31m thereafter until /Noxoh 31. 2027. including any additional time
extensions beyond March 31. 2027. an amount equal to the greater pf$1.43 million or 35% of the
increment revenue, provided that the mounts remitted by the Agency do not exceed $25 million in any
fiscal year. For the fiscal year ended September 30. 2009. the Agency remitted a total of$6.444.52U to
the County.
On AugustG. 2007, the City, County and The Children's Trust (the Trust) entered into an |nterloca|
Agreement with the Agency, whereby the Agency would receive from the Trust, on an annual basis, tax
increment revenues derived from the imposition of a half -mil tax levied by the Trust against real property
located within the redevelopment district (referred tossTrust revenues). The Agency agreed house 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 purpooe, and to remit to
the Trust on the last day of the Agency's fiscal year, all of the Trust revenues that are not needed for debt
service on, prother obligations ma|oUng to, existing debts qfthe Agency. As of September 30. 2009. the
Agency recorded onamount due tothe Trust totaling $53O.Q34.
J. Use mfEstimates
The pnapensbon of financial statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the
amounts reported hnthe financial statements and accompanying notes. Although these emdmobeo are
based on management's knowledge of current events and actions it may undertake in the futum, they
may ultimately differ from actual results.
2. Cash Deposits
The Agency's cash as of September 30. %OUA, consisted of equity in pooled cash in the amount of
$32.48S.115.The Agency's funds participate )nthe Ci ' pool onadollar equivalent and daily transaction
basis. Interest income (which includes unrealized gains and losses) is distributed monthly based on a
monthly average balance. Submitted into the public
record imconnection with
10 items 01- on 3-]]-10 '
Priscilla A'Thompson
City Clerk
CITY OFM8|AM|OMN|COMMUNITY REDEVELOPMENT AGENCY
(4Component Unit ofthe City ofMiami, Flohda)
Notes toBasic Financial Statements
September 3D.2OOQ
2. Cash Deposits (comtimued)
Custodial Credit Risk is the risk that in the event ofo bank failure, the Agency's deposits may not be
returned to it. In addition to insurance provided by the Federal Deposit Insurance Corporation (FO)C),
deposits are held in banking institutions approved by the State ofFlorida, State Treasurer to hold public
funds. Under the Florida Statutes Chapter28D. "Florida Security for Public Deposits Act', the State
Treasurer requires all qualified public depositories to deposit with the Treasurer or another banking
institution eligible oo||oh*rei In the event of o failure of qualified public depoaitory, the remaining public
depositories would beresponsible for covering any resulting losses.
3. Capital Assets
Capital asset activity for the fiscal year ended September 3O'2OOQwas aafollows:
Balance Balance
September September
30.2008 Additions Deletions 30,28009
Capital assets, not being depreciated:
Land $ 856 858
4' Commitment and Contingencies
The Agency is contractually obligated for approximately $21 million at September 30. 2000. for
construction projects.
11
Submitted into the public
record in connection with
iteuuo_#1 wm_3-1--10_'
prisuillaA.Thompson
city Clerk
Required Supplementary Information
Submitted into the public
record in connection with
items #j_ on 3-11-10 -
Priscilla A. Thompson
City Clerk
CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Budgetary Comparison Schedule
(Required Supplementary Information - Unaudited)
Revenues:
Tax increment revenue
Interest revenue
Total revenues
For the year ended September 30, 2009
Variance -
Budgeted amounts positive
Original Final Actual (negative)
$ 14,567,486 14,522,904 15,053,838 530,934
14,567,486 14,522,904
417,398 417,398
15,471,236 948,332
Expenditures:
Current:
General govemment 757,405 756,359 388,185 368,174
Community redevelopment 39,643,127 39,903,712 10,381,853 29,521,859
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing uses:
Net carryover fund balance
Total other financing uses
Net change in fund balance
Fund balance - beginning of the year
Fund balance - end of the year
40,400,532 40,660,071 10,770,038 29,890,033
(25,833,046) (26,137,167) 4,701,198 30,838,365
25,833,046
25,833,046
26,137,167 26,137,167
26,137,167 26,137,167
4,701,198
25,781,675
$ 30,482,873
4,701,198
Submitted into the public
record in connection with
items on 3-11 .
Priscilla A. Thompson
City Clerk
The note to the required supplementary information is an integral part of this schedule.
12
CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY
(A Component Unit of the City of Miami, Florida)
Note to Required Supplementary Information
September 30, 2009
1. Budgetary Policy
As set forth in the Interlocal Cooperation Agreement between the Agency and the City, the Agency adopts
an annual budget for the Special Revenue Fund. The budget is adopted on a basis consistent with U.S.
generally accepted accounting principles. Budgetary control is maintained at the fund level.
Submitted into the public
record in connection with
items Z
Priscilla A. Thompson
City Clerk
13
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
itemsi-2 on 3--t(—[O.
Priscilla A. Thompson
City Clerk
SKJ
5805 blue LAgoon Drive
Miami, Florida B126
Independent Auditor's Report on Internal Control Over
Financial Reporting and mnCompliance and Other Matters Based
omamAudit mfFinancial Statements Performed in Accordance
With Government Auditing Standards
Tothe Board ofDirectors of the
City cfMiami Omni Community
Redevelopment Agency:
We have audited the basic financial statements of the City of Miami Omni Community Redevelopment
Agency (the Agency) as of and for the year ended Sepbambar30. 2009. and have issued our report
thereon dated November 25, 2000. We conducted our audit in accordance with auditing standards
generally accepted in the United States of Amehoa and the standards applicable to financial audits
contained inGovernment Auditing Standards, issued bythe Comptroller General ofthe 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
statements, but not for the purpose of expressing on opinion on the effectiveness of the Agency's internal
control over financial reporting- Aconnding/y, we do not express an opinion on the effectiveness of the
Agency's internal control over financial reporting.
Acontrol deficiency exists when the design oroperation ofacontrol does not allow management or
employees, inthe normal course ofperforming their assigned functions, 0oprevent ordetect misstatements
on a timely basis. Aaignifioant deficiency is o control dmficianoy, or combination of control defioianuims, that
adversely affects the entity's ability to inidmte, muthndze recond, prucess, or report financial data reliably in
accordance with generally accepted accounting principles such that there is more than a nemnbs likelihood
that m misstatement of the entity's financial statements that is more than inconsequential will not be
prevented ordetected bythe entity's internal control.
A material weakness is e significant deficiency, or combination ofsignificant deficiencies, that results in
more than aremote likelihood that amaterial misstatement of the financial statements will not beprevented
or detected bythe entity's internal control.
Our consideration of internal control over financial reporting was for the |hnded purpose described in the
first paragraph of this section and would not necessarily identify all deficiencies in internal control that might
basignificant deficiencies ormaterial 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 misstatement, we performed tests of its compliance with certain provisions of |owm, nagu|obnne,
conhnctm, and grant agreements, noncompliance with which could have direct and material effect on the
determination of financial statement amounts. Huwever, providing an opinion on compliance with those
provisions was not an objective ofour audit, and amoondinQ|y, we do not express such an opinion. The
results ofour tests disclosed no instances of noncompliance orother matters that are required to be
reported under Government Auditing Standards.
14
Submitted into the public
record inconnection with
itenmo��'—r on 3-if-/a'
Priscilla A.Thompson
City Clerk
In addition, we issued o management letter to mmnegmmmmd of the Agency dated November 25. 2009. an
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 Stake of Florida Office of the Auditor Gmnero), and federal and state awarding agencies and
pass -through antdkas, and is not intended to be and should not be used by anyone other than these
specified parties.
Z?
15
Submitted into the public
record in connection with
P~isx@UaA^'Thompson
City Clerk