HomeMy WebLinkAboutLetter to Chairman GortEli 11/1. Feinberg
PRESIDENT
March 7, 2014
The Hon. Wifredo Gort
Chair, City Commission
City of Miami
City Hall
3500 Pan American Drive
Miami, Florida 33131
Re: Request for Opportunity
Dear Mr. Chairman:
I am writing you as Chair, appointed by Mayor Regalado, and on behalf, of the Finance
Committee of the City of Miami. On January 15, 2014, the Committee, in an open
meeting pursuant to notice, heard the oral report of one of its members, Richard E.
Brodsky, Esq., of Miami into the current situation with respect to the City's ownership of
approximately $271,000,000 in 5-year callable bonds issued by various Federal
Government -sponsored entities, such as FNMA and FHLMC, which, at December 31,
2013, carried approximately $5,000,000 in unrealized losses. It is my understanding that
Mr. Brodsky and Robin Jackson, Esq., of the City Attorney's Office previously briefed
you on this matter.
At its meeting on January 15, the Finance Committee has formally approved four
resolutions: first, to request the City's Independent Auditor General to investigate the
circumstances that led to this situation, and second, to direct Mr. Brodsky to draft a full
report on his findings for review by the Committee. In addition, the Committee resolved
to make two requests to the City Commission, as follows:
• To give the City Attorney's Office the authority to engage outside disclosure
counsel to assist in drafting the City's Comprehensive Annual Financial
Report (CAFR);
• To give the Finance Department the authority to engage, on an as -needed
basis, an outside CPA with experience in Governmental Accounting
Standards, to assist the City with respect to accounting and financial reporting
issues.
11M:Y & Associates, Inc. Government Affairs Consultants
6761 S.W, 89th Terrace, Miami, Florida 33156 Cell 305/904-2828 Fax 305/6704842 F-mail: elimfeinberg@iclound.com
We would sincerely appreciate it if you would arrange for time at an early meeting of the
City Commission for the Committee to brief the Commission on these matters and
explain the reasons for these requests. We would sincerely appreciate your prompt
attention to these matters. Thank you.
Sincerely yours,
Eli Feinberg
Chairman
City of Miami Finance Committee