HomeMy WebLinkAboutExhibit 1MIANII SPORTS AND EXIID3ITION AUTHORITY
OPERATING BUDGET FOR FISCAL YEAR 2012/2013
• Table of Contents
I. MSEA Members
11. Letter of Introduction
III. Budget Summary
IV. MSEA Operating Budget
MIA1\11 SPORTS AND EXHIBITION AUTHORITY
BOARD OF DIRECTORS
Mayor Tomas Regalado, Chairman
Francis Suarez, Vice -Chairman
Wifredo Gort, Commissioner
Marc Sarnoff, Commissioner
Michelle Spence -Jones, Commissioner
Luther Campbell
Eli Feinberg
Nathan Kurland
Anthony •Recio
Jay Solowsky
Frank Veloso
EXECUTIVE DIRECTOR
Kirk R: Menendez
sports & exhibition authority
August 9, 2012
Honorable Mayor Regalado
And Members of the City Commission
The Miami Sports and Exhibition Authority (MSEA) was established in 1983, pursuant
to Florida Statute 212.057, as an independent and autonomous agency and
instrumentality of the City of Miami. MSEA was created to promote sports, conventions
and exhibitions and to strive to generate community support to achieve this purpose. It
was further given the authority to exercise any power usually possessed by private
corporations performing similar functions that are not in conflict with the Florida
constitution or law.
In the past ten years MSEA has successfullyauctioned off the Miami Arena and other
associated properties, reaping over $36,004,000 from the sales as well as returning those
properties to the tax rolls. MSEA continues to serve the community as the landlord of the
Children's :Museum, the heliport and Chalk's seaplane operations on Watson Island.
The attached budget will enable MSEA to fulfill its mandate. The budget was
unanimously approved by the MSEA board at its July 30, 2012 meeting, and I would
respectfully request that you do the same.
Thank you in advance for your assistance.
Respectfully,
VLL Q'L
Kirk R. Menendez
Executive Director
Enc.
Cc: file
Miami Sports and Exhibition Authority
Operating Budget
Notes to Proposed Budget for 2012/2013
Operating Reserves
MSEA Reserve Fund: proposed $66,000. This amount represents funds held in reserve at
Suntrust Bank, acct. xm)xxxx7286.
General Expenses
I. Payroll, Taxes and Benefits
Executive Director: proposed $00. The Executive Director provides overall management for the
Miami Sports and Exhibition Authority.
Project Manager: proposed $00. The Project Manager is responsible for MSEA' s finance,
bookkeeping and accounting functions and assists the Executive Director with the management of
Miami Sports and Exhibition Authority.
Bookkeeper: proposed $00. The Bookkeeper reports to the Project Manager and is responsible
for daily preparation and maintenance of MSEA's financial records.
SS/Medicare Contribution: proposed $00. These funds will be used for Social Security and
Medicare benefit costs of administrative employees.
Retirement Plan: proposed $00. These funds will be used for the retirement plan of the
administrative employees.
II. Operating Expenses
Administrative Services Fee: proposed $5,000. These funds will be used to reimburse the City
of Miami for the use of support staff on an as -need basis.
Business Meeting Expenses: proposed $1,300. These funds will be used for expenses associated
with the quarterly Board Meetings of Miami Sports and Exhibition Authority_
Car Allowance: These funds will be disbursed to the Executive Director on a monthly basis for
-use of a car.
Courier / Delivery: proposed $200. These funds will be used for courier services.
General Insurance & Directors Liability Insurance: proposed $25,000. These funds will be
used to purchase General Tnsurance & Directors Liability Insurance for Miami Sports and
Exhibition Authority.
Office Equipment / Maintenance: proposed $200. These funds will be used for office
equipment rental, lease and maintenance contracts.
Office Supplies: proposed $600. These funds will be used to purchase office supplies.
Postage: proposed $100. These funds will be used -to purchase postage.
Telephone: proposed $00. These funds will be used for • telephone services.
TR Professional Services
Audit: proposed $15,000. These fiords will be used to pay for the annual audit of MSEA's
finances.
Professional Services / projects: proposed $15,000. These funds will be used to pay for storage,
bank fees, projects and other professional services for MSEA.
sports & exhibition authority
Miami Sports and Exhibition Authority
OPERATING BUDGET
FISCAL YEAR 2012/2013
NIIAMI SPORTS AND EXHIBITION AUTHORITY
Proposed Operating Budget.;
FISCAL YEAR 2012-2013
DESCRIPTION
2012
Budget
REVENUES
MSEA Reserve Fund
66,000
TOTAL REVENUE
$ 66,000
I. Payroll, Taxes and Benefits
COMPENSATION AND BENEFITS
1 Executive Director
Project Manager
3 Executive Assistant
4 Bookkeeper
5 Group Insurance
6 SS/Medicare Contribution
7 Retirement Plan
0
Total Payroll. Taxes and Benefits
H. Operating Expenses
8 Administrative Services Expenses
9 Business Meeting Expenses
1D Car Allowance/Cellphone :'_Mileage
1"I ..CounerfDelivery
12 General Insurance & Directors Liabili Insurance
Otfce'Egutpnient/Maintenance
14 Office Supplies
15 Postage
16 Telephone
TOTAL OPERATING EXPENSES
III. PROFESSIONAL SERVICES
17 Audit
8 Legal SupportMSEA VVASTON ISLAND=Cry Rttomey
Professional Services/ i emp _...
20 Professional Serviceslorojects
TOTAL PROFESSIONAL SERVICES
TOTAL OPERATING EXPENSES
5,000
1,300
3800
o_
25,000
200
600
10D
36,000
15,000
15.000
30,000
66,000
IV. CAPITAL EXPENDITURES
21 Office Furniture Expenditures
TOTAL CAPITAL EXPENDITURES
'TOTAL OPERATING:BU-DGET:R'/,CAPTTALEXPENDITURES
Excess (shortage) of Revenue over Expenses