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Home My WebLink AboutSubmittal-Commissioner Pardo-PresentationSubmitted into the public record for item(s) DI. 1 , on 10/15/2024 . City Clerk 10, BAYFRONT PARK MANAGEMENT TRUST (A Component Unit of the City of Miami, Florida) BASIC FINANCIAL STATEMENTS September 30, 2022 16731 Submittal -Commissioner Pardo -Presentation BAYFRONT PARK MANAGEMENT TRUST SCHEDULE OF FINDINGS AND RESPONSES FISCAL YEAR ENDED SEPTEMBER 30, 2022 FINANCIAL STATEMENT FINDINGS RECOMMENDATIONS SIGNIFICANT DEFICIENCIES 2022-01 Journal Entries Criteria Best practices dictate that journal entries are preferably prepared and reviewed with the appropriate sign off as evidence of the completeness, accuracy, and timeliness of the journal entry. Journal entries should be prepared by one individual and reviewed by a separate individual in management. Properly reviewed journal entries reduce the risk of errors, fraud, and material misstatements. Condition During our performance of audit planning procedures forthe fiscal year ended September 30, 2022, journal entry testing procedures were perforrned. We noted during our testing that the journal 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 journal entry transactions to ensure proper preparation and approval. View of responsible officials and planned corrective actions Vile will review QuickBooks to see if we have a Journal Entry list for the above recommendation. 2022-02 sank Reconciliations 4f. 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 andlor 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 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 overiunderstated. rots in ptace to ensure bank reconciliations are properly reviewed and approved. 21 Submitted into the public record for item(s) DI. 1 , on 10/15/2024 . City Clerk 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: I %.s1— n Licensing revenue J 1,053,735 Parking operations f 1,309,659 Charges for services L 1 , 09651 Amphitheater revenue 926,100 859,815 Ticket surcharge 10,030 Other revenue 6,348,270 Total operating revenues Operating expenses: 612,525 General and administrative 1,340,236 Special events and marketing 1,394,900 Repairs and maintenance 3,347,661 Total operating expenses before depreciation 3,000,609 Operating income before depreciation 469,551 Depreciation 2,531,058 Operating income Nonoperating revenues 7,228 interest income 7,228 Total nonoperating revenues 2,538,286 Change in net position 15,478,566 Net position -beginning of the year $ 18,016,852 Net position - end of the year ✓4. 4‘(,5NImoo Submitted into the public record for item(s) DI. 1 , on 10/15/2024 . City Clerk 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 7,374,327 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 for item(s) DI. 1 , on 10/15/2024 . City Clerk "Exhibit A" Reserve Transfer Funds Total Income Gross Profit Expenses BPMT -AUTOMOBILE EXPENSES BPMT - EQUIPMENT RENTAL BPMT - LANDSCAPING & TREE INAINTEi+[ANCE BPMT-LICENSES & PERMITS 0PMT -OFFICE 6 ORAL. ADMIN. EXPENSES BPMT -OTHER BUSINESS EXPENSES BPMT -PAYROLL BENEFITS AND EXPENSES BPMT -PAYROLL SALARIES A WAGES BPMT-PROFESSIONAL FEES BPMT - REPAIRS & MAINTENANCE 9PMT - 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 7760 Depreciation Expense Total Other Expen see Capital Expenditures Net Other Income Net income Bayfront Park Management Trust Corporation Operating budget October 2024 - September 2025 Actual Oct 1 2023- yFD st.fa `runs 3a, 2if2 `;,- ,.202.L-Sept_30. 2024: 0.739,592.s8 t S- 8.7a9 69Z98 • 24..333.13. 15 401.021 82 50.0.70 0;304.30 . 174,079.59' 235,070,58 ' 161.001-24 ' 735,I12.73 3t1,073 f0' ' 2;717.34: 53 C64.7t}; "43B 949.44E S• ,a,,4,41618.USe..42 S 41:40 "tume.42 0 400 00 79.661.00 9.000-00 :..'1,OOo 0fl ,55.427_00 275.665-00 137.214.0Q 015,395.00 0.00 xe",14.773.00 186.368.00 4,151,577.85 l $ .,' ' :Y S40,313.00 5,500,016.10 792,183_! 1; -83QI141 791 352A7 380.012,13: Proposed Budget 2024)2025 Approved E r[iget ••:202312024 20,300,97020 5 29,060,641.20 r. Submitted into the public record for item(s) DI. 1 , on 10/15/2024 . City Clerk Budget Variance Prapo3od vs Prior Year Budget 0,879,629.00. -$ 230,585.00 29,950,011.20 ;$• 9879,629,00 -S 230,388A0 20, 042.00 33,000,00 198,500.00 12,000.00 142,040.00 73,000.00 282,724.03 1,305,098.42 1,1 72.700.00 152,012.00 1,332,509.00 62,160.00 048,500.W9 5 5,703,276.42 2 $ 264,0&0.00 365;012_13'4 5 ' '.Ep-s 1401478.00 5 • 242.46,734.78 1,045,000A0 0.00 1,045,000,00 6T1,734.7B 671,734.28 3%000.00 •12,000:30� 229,000.00 232, 000.00 2 57,000.00 154,300_00 1,206,821.00 • 676.0 0_ 0 17T,2n0-an F557.000_00f 84,50400, 443,00O.AQ 4,sSS 321.00 4,921,302,00 0,00 490,552tm $ ', 409,552.00 22,530,000.00 , _ 422,340.24 )S .123.084,00 S 22,903,245.22 - sus s,0la sas.4 Q s yl .xra,1GT.4Z s 489.652.00' 0.00 ..$ 4,451,756 00 (4.4 56.00) 26,000.00 (30,500.00) 12.000_00 (09.960.00) - (184.000.00) 125,424.00 99,277.42 596.700.00 (15,188.00) (174,500_00) (22,340.00) 403,500.00 $ 744,355,42 .S 975,543.42 1,045,000.00 5 1,045,000.00 202_182.78 202,ia2,7a S E42.1I1722 132,726.26 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 $2.OM Promenade $2.OM Dock Repairs $350K New Playground Equipment $1.5M Flower Clock $325K New Pick-up Truck $40K New Polaris $15K Total $14.9M Maurice Ferre Park: Grading Leveling for improvements: t{l /fAfetimilefilig Play Area Equipment Lightning Landscape Design Sewall Repair New Fountain Total $550K $275K $2.5M $750K $300K $750K $2.5M 5.12M Submitted into the public record for item(s) DI. 1 , on 10/15/2024 . City Clerk