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Miami Sports and Exhibition Authority
PROPOSED
OPERATING BUDGET
FISCAL YEAR 2014/2015
MIAMI SPORTS AND EXHIBITION AUTHORITY
OPERATING BUDGET FOR FISCAL YEAR 2014/2015
Table of Contents
I. MSEA Members
II. Letter of Introduction
III. MSEA Operating Budget
/4_, /93a-
MIAMI SPORTS AND EXHIBITION AUTHORITY
BOARD OF DIRECTORS
Mayor Tomas Regalado, Chairman
Francis Suarez, Vice -Chairman
Wifredo Gort, Commissioner
Marc Samoff, Commissioner
Keon Hardemon, Commissioner
Eli Feinberg
Nathan Kurland
Anthony Recio
Jay Solowsky
Frank Veloso
EXECUTIVE DIRECTOR
Kirk R. Menendez
sports & n auth riy
August 1, 2014
Honorable Mayor R.egalado
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 successfully auctioned 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 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 June 13, 2014 meeting, and I would respectfully request that
you do the same.
Thank you in advance for your assistance.
Respectfully,
Kirk R. Menendez
Executive Director
Enc.
Cc: file
MIAMI SPORTS AND EXHIBITION AUTHORITY
Proposed Operating Budget
FISCAL YEAR 2014-2015
DESCRIPTION
2014-2015
Budget
REVENUES
MSEA Reserve Funds
$89,000
TOTAL REVENUE
I $ 89,000
I. Payroll, Taxes and Benefits
COMPENSATION
1 Executive Director
$o
2 Project Manager
$o
3 Bookkeeper
$o
4 Retirement Plan
$o
TOTAL PAYROLL, TAXES AND BENEFITS
0
$0.00
II. Operating Expenses
5 Administrative Services
1
$30,000
6 Business Meeting Expenses
$1,500
7 Courier/Deliveries
$100
8 General Insurance & Directors Liability Insurance
$16,000
9 Car Allowance
$5,400
10 Travel Expenses
$2,700
11 Insurance - health, life, disability
$5,000
12 Phone / tablet PC Allowance
$3,400
13 Memberships/Subscriptions - State of Florida fees
$500
14 Promotions/Marketing
so
15 Office Supplies
$200
16 Postage
$50
17 Printing
$ioo
18 Contingencies
$5,000
TOTAL OPERATING EXPENSES
$69,950
III. Professional Services
19 Warehouse Storage Services
$4,500
20 Audit Services
$10,000
21 Bank Services
$550
22 Accounting Services
$4,000
TOTAL PROFESSIONAL SERVICES
$19,050
TOTAL OPERATING EXPENSES
$89,000
IV. Capital Expenditures
23 Office Equipment
so
24 Furniture & Fixtures
$o
TOTAL CAPITAL EXPENDITURES
0
$o
TOTAL OPERATINGBUDGET W/ CAPITAL EXPENDITURES
$ 89,000
Notes to Budget for 2014/2015
General Revenue
MSEA Reserve Funds: proposed $89,000. This figure is derived from MSEA's Reserve Funds.
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 of Miami Sports and Exhibition Authority.
Bookkeeper: proposed $00. The Bookkeeper reports to the Project Manager and is responsible
for daily maintenance of MSEA's financial records.
Retirement Plan: proposed $00. These funds will be used for the retirement plan of the
administrative employees.
II. Operating Expenses
Administrative Services: proposed $30,000. These funds will be used to pay for support staff.
Business Meeting Expenses: proposed $1,500. These funds will be used for expenses associated
with the quarterly Board Meetings of Miami Sports and Exhibition Authority.
Courier / Delivery: proposed $100. These funds will be used for courier services.
General Insurance & Directors Liability Insurance: proposed $16,000. These funds will be
used to purchase General Insurance & Directors Liability Insurance for Miami Sports and
Exhibition Authority.
Car Allowance: proposed $5400. These funds will be disbursed to the Executive Director on a
monthly basis for the use of a car.
Travel Expenses: proposed $2,700. These funds will be used to reimburse the Executive
Director, upon the submission of supporting receipts, for parking fees, taxi service, gasoline and.
lodging and other related expenses.
Insurance: proposed $5,000. These funds will be disbursed to the Executive Director on a
monthly basis for health, life and disability insurance coverage.
Phone / table PC Allowance: $3400. These funds will be disbursed to the Executive Director
on a monthly basis for use of a phone and/or tablet PC.
Membership/Subscriptions: proposed $500. These funds will be used primarily to pay State of
Florida fees.
Office Supplies: proposed $200. These funds will be used to purchase office supplies.
Postage: proposed $50. These funds will be used to purchase postage.
Printing: proposed $100. These funds will be used for printing services.
Contingencies: proposed $5,000. These funds will be used for any unforeseen expenses incurred
during the year.
III. Professional Services
Warehouse Storage Services: proposed $4,500. These funds will be used for expenses related
to the warehouse storage of the Miami Sports and Exhibition Authority archives.
Audit: proposed $10,000. These funds will be used to pay for the annual audit of the Miami
Sports and Exhibition Authority's finances.
Bank Services: proposed $550. These funds will be used to pay for professional service fees
including, but not limited to, bank and state regulatory fees.
Accounting Services: proposed $4,000. These funds will be used to pay for accounting services
provided by a certified public accounting firm and/or individual to the Miami Sports and
Exhibition Authority.
Office Equipment: proposed $0. These funds will be used for office equipment purchases, rental
or lease.
Furniture & Fixtures: proposed $0. These funds will be used for office furniture and fixtures,