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Home My WebLink AboutSubmittal-Commissioner Pardo-BPMT Financial StatementsSubmitted into the public Fteord or it (s) Qi, j. _ City Clerk BAYFRONT PARK MANAGEMENT TRUST (A Component Unit of the City of Miami, Florida) BASIC FINANCIAL STATEMENTS September 30, 2022 BAYFRONT PARK MANAGEMENT TRUST SCHEDULE OF FINDINGS AND RESPONSES FISCAL YEAR ENDED SEPTEMBER 30, 2022 FINANCIAL STATEMENT FINDiN SIGNIFICANT DEFICIENCIES 2022-01 Joumal Entries"" Criteria RECOMMENDATIONS Submitted into the public record fQ r itgm(s) ul. J. on tQ 1151 Ztl . City Clerk Best practices dictate that joumal entries are preferably prepared and reviewed with the appropriate sign off as evidence of the completeness, accuracy, and timeliness of the journal entry. Joumal entries should be prepared by one individual and reviewed by a separate individual in management. Property reviewed journal entries reduce the risk of errors, fraud, and material misstatements. Condition During our performance of audit planning procedures for the fiscal year ended September 30, 2022, joumal entry testing procedures were performed. We noted during our testing that the joumal entries were not signed off noting review and approval from management. Cause improper internal trots in place to ensure journal entries are properly reviewed and approved. Effect Without proper review of journal entry transactions, the Trust could be exposed to material misstatements due to improper recordings in addition to possible fraud or misuse of funds. Recommendation We recommend the Trust implement internal controls associated with the review of joumal entry transactions to ensure proper preparation and approval. View of responsible officials and planned corrective actions We will review QuidkBooks to see if we have a Joumal Entry list for the above recommendation. 2022-02 Bank Reconciliations Criteria Best practices dictate that bank reconciliations are preferably prepared and reviewed with the appropriate sign off as evidence of the completeness, accuracy, and timeliness of the reconciliation. Timeliness of the monthly bank reconciliations reduces the risk that errors, fraud, or misuse of funds could go undetected and/or uncorrected. Condition During our performance of audit planning procedures for the fiscal year ended September 30, 2022, we reviewed a selection of bank reconciliations and noted that the bank reconciliations had no indication of review and approval from management. Cause Improper internal c�ptftrols in place to ensure bank reconciliations are properly reviewed and approved. Effect Without proper review of bank reconciliations, the Trust would not know if the cash position at a point in time is accurate and whether or not there were errors, fraud, or misuse of funds. In addition, unreconciled transactions could cause accounts to be over/understated. 21 BAYFRONT PARK MANAGEMENT TRUST (A Component Unit of the City of Miami, Florida) Statement of Revenues, Expenses, and Changes in Net Position For the fiscal year ended September 30, 2022 Operating revenues: Licensing revenue Parking operations Charges for services Amphitheater revenue Ticket surcharge Other revenue Total operating revenues Operating expenses: General and administrative Special events and marketing Repairs and maintenance Total operating expenses before depreciation Operating income before depreciation Depreciation Operating income Nonoperating revenues Interest income Total nonoperating revenues Change in net position Net position - beginning of the year Net position - end of the year Itstfwr o oArc- Ct- ,stoivleo 1,053,735 1,309,659 2,188,931 926,100 859,815 10,030 6,348,270 612,525 1,340,236 1,394 900 3,347,661 3,000,609 469 551 2,531,058 7,228' 7 228 2,538.286 15,478.566 1$,016,852 Submitted into the public record oritfm(s) on fit) I 1l4 • City Cle1k BAYFRONT PARK MANAGEMENT TRUST (A Component Unit of the City of Miami, Florida) Statement of Revenues, Expenses, and Changes in Net Position For the fiscal year ended September 30, 2023 Operating revenues: Licensing revenue Parking operations Charges for services Amphitheater revenue Ticket surcharge Other revenue 1,605,237 1,258,408 3,743,368 931,802 247,512 88,000 Total operating revenues 7,874,327 Operating expenses: General and administrative Special events and marketing Repairs and maintenance Total operating expenses before depreciation Operating income before depreciation Depreciation Operating income Nonoperating revenues Intergovernmental revenue Interest income Total nonoperating revenues Change in net position Net position - beginning of the year Net position - end of the year 702,358 1,432,845 1,863,206 3,998,409 3,875,918 469,551 3,406,367 3,439,210 286,044 3,725,254 7,131,621 18,016,852 $ 25,148,473 Submitted into the public record f►r itgm s) , on o 1 Z City Clerk � - ,.` IN' Soo, aa "Exhibit A" • Reserve Transfer Funds Total Income - Gross Profit Expenses BPMT - AUTOMOBILE EXPENSES BPMT - EQUIPMENT RENTAL BPMT - LANDSCAPING & TREE MAINTENANCE BPMT - LICENSES & PERMITS BPMT - OFFICE & ORAL ADMIN. EXPENSES BPMT -OTHER BUSINESS EXPENSES BPMT -PAYROLL BENEFITS ANO EXPENSES BPMT - PAYROLL SALARIES & WAGES BPMT-PROFESSIONAL FEES BPMT - REPAIRS & MAINTENANCE BPMT - SPONSORED EVENTS & ENTERTAINMENT BPMT - SUPPLIES & MATERIALS BPMT - UTILITIES Total Expenses Net Operating Income Other income Interest Income & Dividends Other Income Total Other Income Other Expenses 7700 Depredation Expense Total Other Expenses Capttal Expenditures Net Other income Net Income Bayfront Park Management Trust Corporation Operating budget October 2024 - September 2025 Acthal Oct 1 2023-,' 30, 2024 9,739,69 • .401.02 .70!' 4.3C; 174,079.59: 235,670.58: 1'61.061,24 -;4738,11273 55382t3 t1;073,1Q` ,p64.T4 ,949:44 ,:.... , ;`4;t54.tl77:8U 792,1831'C ►`es: ;•. y, 422,340.34; sE=oT4 3F1, t+ n r:y7 ; 2424-SepE,30,'2024.: 9etse6A2 400.00 • .00 661.00 iioo 6: 685-66 .00 1,1ir5 00; 4.773iX 86`388.00 714 478.00, -=? ` 4:%140x470•00 23.584AO Proposed Budget 202412025 20,300,97020 $ 29,950,011.20 9 29,950,011,20 $ 3 26,042.00 38,000.00 198,500.00 12,000.00 142,040.00 73,000.00 282,724.00 1,305,098.42 1,172700.00 162,01200 1,382,500.00 62,160.00 846,500.00 Submitted into the p,Iblie record for it m(si �- on 1 City Clerk 4 ApproYed Bud 202412Q24 Budget variance Proposed va Prior Year Budget $• *` 9,879,628.00, -s 230,688.00 cid 4 • ,000A0 .000.00' 57,000.00. :154,300.00` ffi1.00 .000.06. • 7,000.005 .500-0. 443,o0o:0Q; 230,588.00 (4,458.00) 26,000.00 (30,500.00) 12,000.00 (89,960.00) (184,000.00) 128,424.00 99,277.42 596,700.00 (15.188.00) (174,500.00) (22.340.00) 403,500.00 5,703,276.42 $ : ,'? : ?i; 4,969,32t 00$ $ 744,955.42 $ 22,530,000.00 $ 22,903,265.22 ' 4,010,355. ".3:, 1 sr .272157A2 $ 0.00 4,451,75W* 4 975,543.42 1,045,000.00 $ 1,045,000.00 202,182.78 3 S42,917.22 4 13272620 Capital Improvements Funds Total $22,530,000,00 Bayfront Park: Fountain reconstruction: $6.5M Rock Garden $350K Landscaping $50K Fencing at Bayfront Park $150K Expansion of War Memorial $125K Improvements at Bayfront Park $1.5M (benches, lightning, monuments, promenade) Office building improvements Promenade Dock Repairs New Playground Equipment Rower Clock New Pick-up Truck New Polaris Total Submitted into the public record f• r ite . (s) on t 1 L. City Clerk Maurice Ferre Park: Grading Leveling for improvements: Aikefteatilg Play Area Equipment Lightning Landscape Design Sewall Repair New Fountain $2.0M $2.0M $350K $1.5M $325K $40K $15K $550K $275K $2.5M $750K $300K $750K $2.5M $ .12M Pending Forensic Audit (Statement or scope of work that specifically gives procedures to address significant deficiencies) - SIGNIFICANT DEFICIENCIES 2022 and 2023 financial statements — bank reconciliations and proper review of journal entries. - Cash and interest earned — No investments? Bank conflict? Related transfers ($45M) involving the former Interim Executive Director BPMT, District 3 and the Tower Theatre to include micro theatre facility built in the park- also to include salary and reimbursements. Permitting and procurement during the same time frame. Petty cash transfers related to VIP Parking and MPA agreement - Review of Contracts and agreements -any conflicts of interest during the same time period- (El Toro Loco/AmericaTV) $22.5M in committed projects coming online (Fountain reconstruction, Flower Clock and Rock Garden & New Fountain @ Maurice Ferre) Ensure free from conflicts and procurement is followed. Part of a master plan? Out of mission transfers to Little Haiti ($50M), Liberty City (Adonis Group:$50M)- Not in mission- community support? Submitted into the public record fpQr it m(s) an 10115 City Clerk