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Home My WebLink About04-01074 Financial SummarySUMMARY REVENUES SOUTHEAST OVERTOWN PARK WEST FY 2004 ' FY 2004 REVISED AS END BUDGET OF Oct %or Budget FY 2004 Variance The City of Miami, Florida Community Redevelopment Agency Monthly Financial Consolidated Revenue/Expenditures - Project As of October 31, 2004 FY 2004 FY 2004 REVISED BUDGET AS END OF Oct OMNI TAX INCREMENT REVENUES 1,627,940 CONTRIBUTION GOVTS•COUNTY 1 196 954 OTHER REVENUES 13001960 151 TOTAL REVENUES 1- EXPENDITURES PERSONNEL SERVICES OPERATING EXPENSES CAPITAL PROJECTS GRANTS AND AIDS NON OPERATING TOTAL EXPENDITURES f REVENUE LESS EXPENDITURES 1 1 15,826,854 151 1,165,431 3,112,427 363,163 11,245,833 22,744 3,400 15,826,854 26,144 0.0% 0.0% 0,0% 0.0% 2.0% 0,1% 0.0% 0.0% 0.2% Re: Financial Report- NovemberAgenda.xls {25,993) 1,627,940 1,196,954 13,001,809 15,828,703 3,920,483 2,294,328 2,974,445 % or Budget FY 2004 Variance GENERAL OPERATING FY 2004 FY 2004 REVISED AS END BUDGET OF Oct FY 2004 % o1 11 Budget Variance FY 2004 REVISED BUDGET CRATOTALS FY 2004 AS END OF Oct FY 2004 %o1 Budget Variance 00% 0.0% 0.0% 3.920,483 2,294,328 2 974,445 2,313,002 0,0% 2,313.002 5,548,423 3,491,262 18,289.407 151 0% 0% 0% 5.548,423 3,491,282 18,289,256 1,142,667 3,109,027 303,163 10,762,757 15,337,634 9,189,256 616,200 4,300,000 584,504 3,888,552 9,189,256 10,375 36,350 46,725 0.0% 1.7% 00% 6.2% 0.0% 0.5% 9,189,256 172,473 4,300,000 548,154 3,688,552 8,709,179 2,313,002 984,081 35,173 659,643 46,278 6.000 2,589 663,278 I 462 2,313,002 84,501 0.0% 3.6% 7.0% 43.1% 0.156 3.7% 1 2,313,002 785,708 613,365 3,411 662,616 2,065,301 27,329,112 984,081 2,441,274 7,418,427 887.667- - 15,597,663 27,329,112 151 35,173 79.397 5,989 36.350 462 157,370 0%' 4%' 3% 0% 4% 0% 1% 27,328,961 785.708 1,928,525 7,412,438 851,317 15,134,125 26,112,114 {46,725) (84,s01) (157,220) 11/1/2004 Community Redevelopment Agency South East Overlown Park Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of October 31, 2004 SEOPW - Ord 10039 Revenues 01 TAXES 100 CURRENT AD VALOREM TAXES FY 2004 REVISED BUDGET Enc FY 2004 AS END % of OF Oct Budget Variance 001 TAXES REAL CURRENT 1,627,940 0,0% 1,627,940 03 INTERGOVERNMENTAL REVENUE 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOVTS-COUNTY 1,196,954 0 0% 1,196,954 383 OTHER PAYMENTS FROM LOCAL UNIT 235 OFF-STREET PARKING 8 000 8,000 04 CHARGES FOR SERVICES 438 HOUSING 264 PROPERTY SALE 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON I 094 INTEREST ON INVESTMENT 25,000 0.0% 25,000 264 PROPERY SALE 10,462,460 10,462,460 379 INTEREST INCOME -OTHER 749 GAIN/LOSS INVESTMENTS 1,500 1 500 607 RENT AND ROYALTIES 070 RENTAL PROPERTIES 3,000 3,000 08 NON -REVENUES 801 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO 244 CARRYOVER FUND BALANCE 2,500,000 2,500,000 807 OTHER NON -REVENUES 990 OTHER NON -OPERATING 2,000 150.80 7.5% 1,849 TOTAL REVENUES 15,828,854 150.80 0.0% 15,826,703 Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 0f0 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 5,000 2,750 602 INTEREST EXPENSE 60,000 60,000 400 OPERATING EXPENSES -VARIABLE 220 PROFESSIONAL SERVICES - APPRAI 40,000 1,350 0.0% 38,650 250 PROFESSIONAL SERVICES - LEGAL 150,002 1,308 3,225 2.1% 145,469 270 PROFESSIONAL SERVICES - OTHER 731,675 158,822 13,450 1.8% 559,403 340 OTHER CONTRACTUAL SERVICES - 0 158,754 117,511 1,069 0.7% 40,174 760 BOOKS PUBLICATIONS MEMBERSHIPS 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND 860 CONSTRUCTION IN PROGRESS 3,112,427 146,851 3,400 0.1% 2,962,176 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 303,163 19,984 283,179 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 951 CONTRIITRANSFER TO DEBT SERVIC 956 CONTRIBUTION TO SPECIAL REVENU 513,195 513,195 950 CONTRIBUTION TO GRAL FUND 960 CONTRIBUTION TO TRUST & AGENCY 990 OTHER NON -OPERATING 10,462,460 10,462,460 996 BUDGET RESERVE 270,178 270,178 TOTAL EXPENDITURES 15,826,854 463,076 26,144 0.2% 15,337,634 REVENUE LESS EXPENDITURES (25,993) Community Redevelopment Agency Omni Tax Increment Fund Interlocal Monmry Financial - Budget vs. Actual Revenue/Expenditures - Project As of Oct 31, 2004 OMNI TAX INCREMENT FUND FY 2004 FY 2004 REVISED AS END % of BUDGET Enc OF Oct Budget Variance Revenues 01 TAXES 100 CURRENT AD VALOREM TAXES 001 TAXES REAL CURRENT 3,920,483 3,920,483 03 INTERGOVERNMENTAL REVENUE 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOUTS -COUNTY 2,294,328 0.0% 2,294,328 04 CHARGES FOR SERVICES 311 MAJOR DESC, NOT FOUND 754 CRA FUND T/OUT SEOPW 08 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON I 094 INTEREST ON INVESTMENT 40,000 0.0% 40,000 244 CARRYOVER FUND BALANCE 2,932,945 2,932,945 749 GAIN/LOSS INVESTMENTS 1,500 1,500 TOTAL REVENUES 9,189,256 0.0% 9,189,256 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-ACCT'G 287 ADVERTISING 470 ENTERTAINMENT 400 OPERATING EXPENSES -VARIABLE 230 PROFESSIONAL SERVICES - ARCHIT 250 PROFESSIONAL SERVICES - LEGAL 270 PROFESSIONAL SERVICES - OTHER 340 OTHER CONTRACTUAL SERVICES - 0 680 PRINTING/BINDING - OUTSIDE 690 PROMOTIONAL ACTIVITIES 760 BOOKS PUBLICATIONS MEMBERSHIPS 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 860 CONSTRUCTION IN PROGRESS 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 951 CONTR1JTRANSFER TO DEBT SERVIC 952 CONTRIBUTION TO CAP PROJECTS 996 BUDGET RESERVE 956 CONTRIBUTION TO SPECIAL 700 PRIOR YEAR'S APPROPRIATION 905 INTERGOVERNMENTAL CHARGES 25,000 19,250 60,000 531,200 410,518 4,300,000 3,000 12.0% 2,750 0,0% 7,375 1.4% 60,000 113,307 0.0% 4,300,000 584,504 3,584 36,350 6.2% 1,118,133 1,140,419 544,570 1,118,133 1,140,419 2.5% 1,430,000 TOTAL EXPENDITURES 9,189,256 433,352 46,725 0.5% 8,709,179 1,430,000 REVENUE LESS EXPENDITURES (46,725) Community Redevelopment Agency General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of October 31, 2004 GENERAL OPERATING Revenues 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON I 094 INTEREST ON INVESTMENT 139 RE1MB. PR. YR. EXPEND. 244 CARRYOVER FUND BALANCE 749 GAIN/LOSS INVESTMENTS 607 RENT AND ROYALTIES 070 RENTAL PROPERTIES 08 NON -REVENUES 801 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO 143 MISCELLANEOUS REVENUE 736 CONTR. FRM. OFFSTR. PARKING , 905 MAJOR DESC. NOT FOUND 193 CONTRIBUTION FROM GN.FD. 09 INTERNAL SERVICE FUNDS 905 CONTRIBUTION FROM OTHER FUNDS 356 CONTRIBUTION FROM TRUST AND AG TOTAL REVENUES Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED FY 2004 REVISED BUDGET Enc FY 2004 AS END % of OF Oct Budget Variance 659,388 0.0% 659,388 1,853,814 1,653,614 2,313,002 0.0% 2,313,002 001 SALARIES - CLASS. PERM. FT 147,000 1,571 1.1% 145,429 006 EARNED TIME PAYOFF 96,000 96,000 010 SALARIES -UNCLASSIFIED 407,000 28,755 7.1% 378,245 013 SALARIES - TEMPORARY 90,500 90,500 200 FRINGE BENEFITS -FIXED 080 EXPENSE ALLOWANCE 18,000 238 1 3% 17,762 083 CAR ALLOWANCE 12,000 554 4.6% 11,446 100 SOCIAL SECURITY CONTRIB 85,000 1,888 2.2% 83,112 110 RETIREMENTCONTRIB. 52,281 306 51,975 130 GROUP INSURANCE CONTRIB. 45,000 3,557 1,765 3.9% 39,677 150 WORKER'S COMPENSATION 160 UNEMPLOYMENT COMPENSATION 6,300 6,300 170 SEVERANCE PAY 180 TUITION REIMBURSEMENT 25,000 96 0.0 24,904 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCTG 287 ADVERTISING 30,000 13,939 46.5% 16,081 410 TRAVEL AND PER DIEM - TRAINING 420 TRAVEL AND PER DIEM - OTHER 40,000 0.0% 40,000 470 ENTERTAINMENT - 495 PARKING EXPENSE - 533 POSTAGE 1,000 0.0% 1,000 540 UTILITY SERVICES 14,000 214 1.5% 13,788 560 UTILITY SERVICES - WATER 610 RENT OF EQUIPMENT - OUTSIDE 45,000 9,057 3,351 7.4% 32,592 620 RENT BUILDINGS 160,388 131,665 26,335 16.4% 2,388 635 RENT OTHERS - 710 FOOD 13,600 492 189 1.4% 12,918 715 MOTOR FUEL 800 800 400 OPERATING EXPENSES -VARIABLE 230 PROFESSIONAL SERVICES - ARCHIT 250 PROFESSIONAL SERVICES - LEGAL Community Redevelopment Agency General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of October 31, 2004 FY 2004 FY 2004 REVISED AS END % of BUDGET Enc OF Oct 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 -O 13,085 6,345 915 7.0% 5,825 510 COMMUNICATIONS SERV. TELEPH. 0 10,770 1,364 612 5,7% 8,794 534 DELIVERY SERVICES 2,000 916 84 4.2% 1,000 650 INSURANCE -LIABILITY 40,000 0.0% 40,000 670 REPAIR/MAINTENANCE - OUTSIDE 5,000 0.0% 5,000 680 PRINTING/BINDING - OUTSIDE - 690 PROMOTIONAL ACTIVITIES - 700 OFFICE SUPPLIES 6,000 3,934 372 6.2% 1,694 722 MISCELLANEOUS SUPPLIES 2,000 0.0% 2,000 760 BOOKS PUBLICATIONS MEMBERSHIPS 7,000 0.0% 7,000 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND 840 EQUIPMENT - NEW - 841 OFFICE FURNITURE - NEW 6,000 721 2,589 2,690 843 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 5,149 462 1.3% 29,389 TOTAL EXPENDITURES 2,313,002 163,200 84,501 3.7 % 2,065,301 REVENUE LESS EXPENDITURES (84,501) Community Redevelopment Agency SEOPW and Omni CRAs' External Audit Findings and Other Observations Status Report as of 11/15/04 Item No. Year 1 2003-1 Reportable Condition (Severe) Other Observation (Less Severe) x Subject Capital Assets Additions and Disposals Condition Found Updating the capital assets listing (i.e. updating additiona and disposals) is not performed throughout the year, but instead is performed at the end of the year through a search of invoices paid. We noted several items that were not included on the capital assets listing at year-end. Corrective Action A procedure has been instituted whereby all capital purchases in the amount of $1,000 or more go through the office of the Agencies' Financial Officer to be added to the capital assets listing (current inventory) at the time of delivery, rather than waiting for annual inventory update. Projected Resolution Date Date Resolved March '04 2 2003-2 x Line Item Expenditure Classifications On several occasions, we noted expenditures that were recorded in the incorrect line item classification. For A procedure has been instituted 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 line item account; (2) A system. On a monthly basis, the forgivable loan (grant) Agencies' system will be 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 more accurate recordingof all progress (services performed expenditures in the by HJ Ross) incorrectly . p proper line recorded in the professional item classification. services line item account March '04 Page 1 of 5 Item No. Year Reportable Condition (Severe) Other Observation (Less Severe) Subject Condition Found Corrective Action Projected Resolution Date Date Resolved 3 2003-3 x Maintaining Authoritative Accounting Literature The Agencies' Finance Department does not maintain any government accounting literature for reference and guidance. The Agencies' Financial Officer in concert with the Agencies' external CRA consultant will establish an in-house libraryu of appropriate accounting literature, either through printed material or available computerized subscription. Books received July '04. Jul. '04 4 2002-1 x Grants Management and Accounting Inadequeate records to allow readily available information with respect to the names of organizations funded along with the amounts grants, purpose and status of the grant Agencies' CPA (HB&A) to develop policy and procedure to document all grants on an individual basis allowing for selective auditing on a grant by grant basis. Draft policy reviewed by Executive Director on 5110f04- Amendments Underway. Final draft under review. Aug. '04 5 _ 2002-2 x Contract Ageements Several third -party contractors were paid for services in FY '02 with no agreement between the contractor and the Agency found to be executed nor approved by the Board. As of 3rd quarter fo FY '03, all 3rd party invoices are matched to approved resolutions, executed contracts, PO's and/or work orders. Agencies' CPA (HB&A) to formalize into policy and procedure. Draft policy reviewed by the Executive Director on 5/10/04-- Amendments Underway. Final draft under review. Aug. '04 6 2002-3 x Improper Use of Tax Increment Funds The Margaret Pace Park project, within the Omni Area was paid from tax increment funds (TIF) collected by and earmarked for SEOPW area Currently, multiple signatory financial approval all funding sources. CRA has requested journal entry to SEOPW; in process with City Finance & Budget. Apr. '03 Page 2 of 5 Item No. Year Reportable Condition (Severe) Other Observation (Less Severe) Subject Condition Found Corrective Action Projected Resolution Date Date Resolved 7 2002-4 x Loan Administration Inadequate records on the status of outstanding loans to include complete inventory of all loans CRA has entered into agreement with NDC for Grow Miami Fund to administer all future loans. Sept. '03 8 2001-1 x Level of Staff within the (CRA) Finance Department Agencies' Finance Department is short qualified staff thus delaying financial reporting; most, if all of analysis and reconciliation of general ledger accounts are not performed on a timely basis Agencies' CPA (HB&A) to evaluate current and total financial operations and submit written report of findings and recommended action plan —to be coupled with findings from internal audit. To be further reviewed by Oversight Committee. Jan.'05 9 2001-3 x Encumbrance Accounting Agencies do not use a purchase order system to encumber the purchase of goods and services. CRA plans to partner with City of Miami and implement GEMS procurement and encumbrance computerized system. GEMS Training has taken place for CRA Staff. CRA will be on-line by March 1, 2004. CRA has implemented a comprehensive accounting software package. Jan. '04 10 2001-4 x Payroll File Maintenance Documentation supporting staff salaries and pay rates lacking in employee personnel files Agencies' staff has updated all employee personnel files to include payroll information. Aug. '03 Page 3 of 5 Item No. Year Reportable Condition (Severe) Other Observation (Less Severe) Subject Condition Found Corrective Action Projected Resolution Date Date Resolved 11 r 2001 -.� x Project Cost Accounting Agencies lack formal system to account for ongoing capital projects CRA plans to partner with City of Miami and implement GEMS procurement and encumbrance computerized tracking system. GEMS on hold for CRA while software problems are resolved. CRA has implemented a comprehensive accounting software package. Jan. '04 12 2000 1 x Establish Controls over General Ledger g Agencies rely only on the general ledger reports prepared by City Finance Department and do not perform independent reconciliation of account balances and activity including cash balances Agencies' CPA (HB&A) to develop policy and procedures for in-house reconciliation of all accounting transactions to include pool -cash maintained by the City of Miami. Draft policy reviewed by Executive Director on 5/10/04. Amendments Underway. Final draft under review. Aug. '04 13 2000-2 x Timely Preparation of Financial Statements Agencies do not have formalized year-end financial reporting process to facilitate the preparation of their financial statements Agencies' CPA (HB&A) to develop policy and procedure for formalized year-end financial reporting process. Audit binder for FY '03 was prepared by 12/1/03 and presented to External Auditor (SKJ) on 1/12/04. Draft policy reviewed by Executive Director on 5/10/04-- Amendments Underway. Final draft under review. J Aug. '04 Page 4 of 5 Item No. Year Reportable Condition (Severe) Other Observation (Less Severe) Subject Condition Found Corrective Action Projected Resolution Date Date Resolved 14 15 16 2001-6 2001-8 1999-1 x x x Operational Review Budgetary Accounting Leased Properties Present organizational structure does not support the demands on staff to maintain an efficient and effective operation Agencies prepare their annual budget on a combined entity - wide basis, as opposed to a fund basis Agencies do not have a system that allows for the identification of all properties held for lease. Agencies unable to determine if some properties are leased and nature of lease agreements. Board appointed permanent Exec. Director on 11/25/02. New Exec. Director hired an Agenda Coordinator on 5/6/03 and a Financial Officer on 11/24/03. Board selected a new external auditing firm on December 8, 2003. To be further reviewed by CRA Oversight Committee FY '04 Budget was prepared and approved by CRA area and general operating fund tagged to each agency's current accounting structure which will facilitate proper external financial reporting and auditing. Agencies' CPA (HB&A) to develop policy and procedure for formalized leased properties system to include real property inventory and records search. Draft policy reviewed by Executive Director on 5/10/04-- Amendments Underway. City's IT Dept. to run comparative land ownership against the universe of all land in both CRA areas. Final draft under review. Jan. '04 Sept. '03 Aug. '04 Page 5 of 5