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HomeMy WebLinkAboutExhibitits i for 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,