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CITY OF MIAMI, FLORIDA FISCAL YEAR ENDED SEPTEMBER 30, 2025 --- ....,...,„_.--- „,..„:-/, : - - -..1 - , -..- 0 - -:-.- --- - - - - - -- --->-- - -.:-,-;,-,-,:- -- --- : - - ",- .; - • .r.--",,,,-;. - - -,- -.- .•..--;- .:------.„---J---:--..-,--::,--------;---_:-: !--,... ..."-' - -- ,---- ,...." „„..„...-;_„<,,--__,„..-,_:',..:_--: ----,- --%_----!"----{_____- „:.. _.„-- ... , - -- - - -'''' -- --.f..- --- - -__-7-t.;:-----. -- - - - ...:.% „---X„-----;-:- - ' ------- --- ---2 - - - "*; ;'-- -- --- ".- - -' ...f„-__,, ___ =...-..-: ---..------- ..-<--5- --- --- 7----------__ :-.....,.._,--- „.."--_-----,...i- __-; --___:':,---_,- ----- '---- „--- ..::-.....___.-----_; __-. .__,. - ,--. _ - --"--.„ __..„„-- i-;',...,;:,-..„‹-...--':4-_,--, „„„:--;-"!-- ._,-..--,5-:-:. -""-, ;--j.-je---4,-:-2_„,_!-_--,-,-2--,;71-,'".. -T-`---"---->";,.%-,--;:/----:-:;"2,-;----%- ---7" -'--,---_,,,:_r,- --- ,--:7;:.----"/--.."-----''.:-->"-%_---- _ -----/.----',.<,;_:, ,-- -<„:...:„.-,- -....,...-_„-_,,/,--,.--- - .‘„„,-,...„_,c - -- ,...,,_..i,., - -„.:- -.--;----„„,-„...---- - ----'".:',----.--12----;/;:;. --•••'1_,, ,,..,-/----",, „,--------„,„„,5-';------,,__7,_ --..':: -----:".._:„.,- ,.._,,,-.------, •-='---,;_;,,•_;-----.7 _---,:----___--:."'",.--..1.-”' „,...............„,,,-- .........,„----__:‘,„..- j.-/..----__„..---,.....„...-_,-"-_,-- .-;--- ,,,,_.........„.„.:,,,,-*,-'---.. _____.....e.--: - c-..,-;- ..,.,...;,.--/- ,,.................. f''.77-----1-:'-...:-.''';;..--------.'_....-------->,-,.-';-<%....."5:-.---"----:;"=-;-,*--;?..7--:-..... -•"=.----''...-.....-'---,-.2'.--:_:.-->.-:-...,".----. ...-_, ...6%,..-..-.';- „.---"' - • 4, ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2025 Prepared By: The Finance Department Munirah J. Daniel, CPA Noel G. Ramos Director Assistant Director Ricardo J. Borrego Armando J. Blanco Controller Treasurer Page left intentionally blank TABLE OF CONTENTS INTRODUCTORY SECTION (unaudited) Letter of Transmittal 1 City Organizational Chart 16 Principal City Officials 17 GFOA Certificate of Achievement 18 FINANCIAL SECTION Independent Auditor's Report 20 Management's Discussion and Analysis (unaudited) 23 Basic Financial Statements: Government -wide Financial Statements: Statement of Net Position 35 Statement of Activities 36 Fund Financial Statements: Governmental Funds: Balance Sheet 37 Reconciliation of the Balance Sheet - Governmental Funds to Government -wide Statement of Net Position 38 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 39 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities 40 Fiduciary Funds: Statement of Fiduciary Net Position 41 Statement of Changes in Fiduciary Net Position 42 Discretely Presented Component Units: Statement of Net Position 43 Statement of Activities 45 Notes to the Financial Statements 47 Required Supplementary Information (unaudited): Budgetary Comparison Schedules of Revenues, Expenditures and Changes in Fund Balances: General Fund 142 Notes to Required Supplementary Information 143 Pension Schedules: Schedule of Changes in the Total OPEB Liability and Related Ratios 144 Schedule of Changes in the Net Pension Liability and Related Ratios 147 TABLE OF CONTENTS Schedule of Employer Contributions 152 Schedule of Investment Returns 157 Combining and Individual Fund Financial Statements and Schedules: Nonmajor Governmental Funds: Combining Balance Sheet 163 Combining Statement of Revenues, Expenditures and Changes in Fund Balances 171 Budgetary Comparison Schedules: Special Revenue Funds: OMNI Community Redevelopment Agency (OMNI) Fund 181 Midtown Community Redevelopment Agency (Midtown) Fund 182 Southeast Overtown Park West Community Redevelopment Agency (SEOPW) Fund 183 Homeless Program Fund 184 Community Development Fund 185 Choice Housing Vouchers (Section 8) Fund 186 Mainstream Vouchers Program Fund 187 State Housing Initiatives Program (SHIP) Fund 188 Convention Center Fund 189 Economic Development & Planning Services Fund 190 Net Offices Fund 191 Parks and Recreations Fund 192 Police Services Fund 193 Law Enforcement Trust Fund 194 Public Works Services Fund 195 City Clerk Services Fund 196 Fire Rescue Special Revenue Fund 197 General Special Revenue Fund 198 Department Improvement Initiatives Fund 199 Transportation & Transit Fund 200 Miami Ballpark Parking Facilities Fund 201 Liberty City Revitalization Trust 202 Virginia Key Beach Trust 203 Solid Waste Recycling Trust 204 Little Haiti Revitalization Trust 205 Bayfront Park Trust Fund 206 TABLE OF CONTENTS Debt Service Funds: General Obligation Bonds Fund 207 Special Obligation Bonds Funds 208 Fiduciary Funds: Combining Statement of Fiduciary Net Position 210 Combining Statement of Changes in Fiduciary Net Position 211 STATISTICAL SECTION (unaudited) Financial Trends: Net Position by Component 213 Changes in Net Position 214 Governmental Activities Tax Revenues by Source 215 Fund Balances - Governmental Funds 216 Changes in Fund Balances - Governmental Funds 217 Revenue Capacity: General Government Tax Revenues by Source 219 Net Assessed Value and Estimated Actual Value of Taxable Property 220 Property Tax Rates - Direct and Overlapping Governments 221 Principal Property Taxpayers 222 Property Tax Levies and Collections 223 Debt Capacity: Ratios of Outstanding Debt by Type 224 Ratios of General Bonded Debt Outstanding 225 Direct and Overlapping Governmental Activities Debt 226 Legal Debt Margin Information 227 Pledged Revenue Coverage 228 Demographics and Economic Information: Demographics and Economic Statistics 229 Principal Employers 230 Operating Information: Full -Time Equivalent City Government Employees by Function 231 Operating Indicators by Function 232 Capital Assets Statistics by Function/Program 233 Page left intentionally blank April 23, 2026 To the Honorable Mayor, Members of the Commission and Citizens of the City of Miami, Florida: We are pleased to present the City of Miami, Florida's ("the City") Annual Comprehensive Financial Report ("Annual Report") as of and for the fiscal year ended September 30, 2025. The financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) as promulgated by the Governmental Accounting Standards Board (GASB). Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. RSM US LLP, Certified Public Accountants, have issued an unmodified opinion on the City's basic financial statements as of and for the fiscal year ended September 30, 2025. The independent auditor's report is located at the front of the financial section of this report. The management's discussion and analysis ("MD&A") immediately follows the independent auditor's report and provides a narrative introduction, overview, and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. This report may also be accessed via the internet at http://www.miamigov.com/finance. City Profile & Government Structure The City is situated at the mouth of the Miami River on the western shores of Biscayne Bay. It is a main port of entry into Florida. Now 129 years old, the City is part of the nation's eighth largest metropolitan area. Incorporated in 1896, the City is the only municipality conceived and founded by a woman — Julia Tuttle. According to the U.S. Census Bureau, the City's population in 1900 was 1,700 people. Today it is a city rich in cultural and ethnic diversity of approximately 478,799 residents according to the Bureau of Economic and Business Research, University of Florida, 57.7 percent of them foreign born. In physical size, the City is not large, encompassing only 35.87 square miles. In population, the City is the largest of the 34 municipalities that make up Miami -Dade County, Florida ("the County"). The City Charter was adopted by the electors of the City at an election held May 17, 1921, and legalized and validated by Chapter 9024 of the laws of the State of Florida of 1921. The Florida Legislature, in 1955, approved and submitted to a general election, a constitutional amendment designed to give a new form of government to the County. The County is, in effect, a municipality with governmental powers affecting thirty-five cities, including the City and unincorporated areas. The County has not displaced nor replaced the cities' powers but supplements them. The County can take over activities of the City's operations if the services fall below minimum standards set by the County Commission, or with the consent of the governing body of the City. Accordingly, the County's financial statements are not included in this report. 1 Since 1997, the City has been governed by a form of government known as the "mayor -city commissioner plan." There are five commissioners elected from designated districts within the City. City elections are held in November every two years on a non -partisan basis. Candidates for mayor must run as such and not for the commission in general. At each election, two or three members of the commission are elected for four-year terms. Thus, the terms are staggered so that there are always at least two experienced members of the commission. The mayor is elected at large every four years. As official head of the City, the mayor has veto authority over actions of the commission. However, the commission can override a mayoral veto if four -fifths of all commissioners present votes in favor of a resolution to override a mayoral veto. The commission action in question shall be deemed enacted or adopted and effective in accordance with its terms; otherwise, the mayoral veto shall be deemed sustained. The mayor appoints the "city manager" who functions as chief administrative officer. The city manager serves as the administrative head of the municipal government, charged with the responsibility of managing the City's financial operations and organizing and directing the administrative infrastructure. The city manager also retains full authority in the appointment and supervision of department directors, preparation of the City's annual budget and initiation of the investigative procedures. In addition, the city manager takes appropriate action on all administrative matters. The City provides a full range of services, including police and fire protection; public works activities; refuse collection; building inspections; licenses and permits; vital statistics; the construction and maintenance of streets, and other infrastructure; recreational and cultural activities; and trolley services. The accompanying financial statements include those of the City and those of its component units. Component units are legally separate organizations for which the City is financially accountable or organizations that should be included in the City's financial statements because of the nature and significance of their relationship with the City. Additional information on all these legally separate entities can be found in the notes to the financial statements. Budget Process and Control The mayor is required to prepare and deliver a budgetary address annually to the people of the City any time between one to three months preceding the beginning of the fiscal year. The city commission is required to hold public hearings on the proposed budget and to adopt the final budget no later than September 301h preceding the beginning of the fiscal year on October 1". The annual budget serves as the foundation for the City's financial planning and control. Budgets are monitored at varying levels of classification detail that include both personnel and operating as appropriation designations; however, budgetary control is legally maintained at the fund level except for the general fund, which is maintained at the departmental operating level. Budget -to -actual comparisons are provided in this report for each major individual governmental fund for which an appropriated annual budget has been adopted and all non -major governmental funds with appropriated annual budgets. The major phases of the budget process are detailed in the Notes to the Required Supplementary Information Section of this report. 2 Local Economic Condition and Outlook The City of Miami, with one of the tallest skylines in the United States, serves as the economic and cultural core of South Florida and has further solidified its position as a global city. The City remains a key hub for construction, trade and transportation, financial services, tourism, and international commerce, benefiting from its strategic proximity to Latin American and Caribbean markets. Miami also continues to be a center for international banking and finance, with one of the largest concentrations of international banks in the United States. In recent years, the City has experienced significant corporate relocation and expansion activity, particularly within the financial services, technology, and investment management sectors. Miami has increasingly been recognized as an emerging financial and fintech hub, attracting firms and high - net -worth individuals seeking business -friendly tax policies, global connectivity, and quality of life advantages. This trend has contributed to job creation, office demand, and increased economic diversification, further positioning the City as a competitive alternative to traditional financial centers. The evolution of remote and hybrid work models has also influenced local economic dynamics. Miami has benefited from in -migration of remote workers and entrepreneurs, contributing to population growth, increased housing demand, and expansion of small businesses and professional services. While these trends have supported economic growth, they have also contributed to upward pressure on housing costs and overall cost of living. At the same time, the City and broader region continue to face structural challenges related to housing affordability and cost of living. A recent housing needs assessment identified a shortage of more than 90,000 affordable and available housing units for renter households earning below 80 percent of area median income, with the gap projected to widen in future years if supply constraints persist. This imbalance continues to place pressure on workforce stability and long-term economic sustainability. The real estate market remains a significant component of the local economy and tax base. Residential property values have continued to demonstrate strength, supported by sustained in - migration, domestic demand, and Miami's appeal as both a primary and secondary home market. Commercial real estate activity remains active, though subject to evolving market conditions, including interest rate pressures and shifts in office utilization patterns. Large-scale mixed -use developments and infrastructure investments continue to contribute to the City's expanding tax base and economic footprint. Major development projects continue to shape the City's growth trajectory. Miami Worldcenter, one of the largest private real estate developments in the United States, continues to advance as a transformative mixed -use project in downtown Miami, adding residential, retail, hospitality, and entertainment components. The continued expansion of the Brightline rail system, including its connection between Miami and Orlando, has further enhanced regional connectivity and supports both economic development and tourism activity. Additionally, ongoing public and private investments in transit -oriented development, waterfront resilience, and urban infrastructure continue to reinforce the City's long-term competitiveness. Climate resilience and infrastructure adaptation remain central to the City's long-term planning efforts. Through initiatives such as the Miami Forever Climate Ready strategy and related capital investments, the City continues to address risks associated with sea -level rise, flooding, and extreme weather events. These investments are intended not only to protect critical infrastructure and 3 neighborhoods, but also to support economic stability and preserve the City's long-term viability as a global coastal city. The City's financial position is supported by prudent fiscal management, strong reserve levels, and disciplined budgeting practices. Credit rating agencies have historically recognized the City's financial flexibility and ability to manage through economic cycles, supported by a diverse revenue base and ongoing attention to long-term financial planning. Looking forward, the City's economic outlook remains positive, supported by continued population growth, sustained development activity, and its role as a global gateway for commerce, finance, and tourism. However, risks remain, including housing affordability constraints, inflationary pressures, interest rate volatility, and global economic uncertainty. The City continues to monitor these factors closely while advancing policies and investments designed to promote sustainable growth, economic inclusion, and long-term financial stability. Local Government Financial Trend The table below summarizes and compares General Fund revenues and expenditures and transfers over the last four fiscal years. Some of the reasons for these trends are actions taken by the City and discussed further in this letter under the heading ofLong-Term Financial Planning. Summary of General Fund Financial Results Fiscal Years 2022 - 2025 2025 2024 2023 2022 Revenues and Transfers In $ 1,220,365,775 $ 1,132,646,389 $ 1,046,645,479 $ 919,390,732 Expenditures and Transfers Out 1,200,851,768 1,130,786,002 1,018,890,705 888,662,207 Net Change in Fund Balance 19,514,007 1,860,387 27,754,774 30,728,525 Beginning Fund Balance 217,856,791 215,996,404 188,241,630 157,513,105 Ending Fund Balance $ 237,370,798 $ 217,856,791 $ 215,996,404 $ 188,241,630 Employment & Wealth Demographics The following demographic and economic indicators were reported by the U.S. Census Bureau and the U.S. Bureau of Labor Statistics. The table provides Miami demographics compared to the State of Florida and the United States. Unemployment Rate Median Household Income Persons Below Poverty Level High School Graduate or Higher Bachelor's Degree or Higher Persons Without Health Insurance United Miami Florida States 3.0% 3.9% 4.4% $ 62,462 $ 74,568 $ 80,734 19.4% 12.0% 10.6% 81.3% 89.9% 89.6% 37.4% 34.1% 35.7% 18.9% 13.6% 9.6% 4 Tourism Tourism serves as a major economic driver for the City of Miami and the broader Miami -Dade County region. Building on a record -setting year in 2024, the destination sustained strong performance into 2025. According to the Greater Miami Convention and Visitors Bureau, Miami - Dade County welcomed approximately 28.2 million visitors during the July 2024 through June 2025 period, representing a 4.5 percent increase over the prior year. Visitor spending during this period reached approximately $21.3 billion, reflecting continued growth despite broader global economic challenges. The tourism sector continues to benefit from strong domestic and in -state demand, while international visitation experienced modest fluctuations due to economic and geopolitical factors affecting key markets. Overall, the industry has demonstrated resilience, supported by major events, year-round cultural attractions, and Miami's position as a leading global destination for leisure, business, and convention travel. Popular annual events include, but are not limited to, Formula 1 Grand Prix, Art Basel, Miami International Boat Show, Coconut Grove Arts Festival, Art Wynwood, Bayfront Park New Year's Eve Celebration, the Ultra Music Festival, and in 2026 the FIFA World Cup. In addition to the annual events, visitors to Miami can explore attractions such as Vizcaya Museum and Gardens, Perez Art Museum Miami (PAMM) and the Phillip and Patricia Frost Museum of Science. Tourism remains a critical contributor to the local economy and a key driver of the City's economic vitality, supporting employment, generating significant tax revenues, and driving demand across hospitality, retail, transportation, and entertainment sectors. Miami International Airport Miami International Airport ("MIA"), operated by the Miami -Dade Aviation Department, serves as one of the region's most important economic and transportation assets. MIA remains America's busiest airport for international freight and the nation's second -busiest airport for international passengers. In 2025, MIA served approximately 55.3 million total passengers, including approximately 30.5 million domestic travelers and 24.8 million international travelers, reflecting continued strong demand for both domestic and global travel. In 2025, MIA also recorded a historic 3.3 million tons of cargo, the highest annual cargo total in the airport's history. This continued growth in cargo activity reinforces MIA's role as a critical global gateway for trade, particularly between the United States, Latin America, and the Caribbean. The airport's long-range modernization effort also continues to advance, supported by a $9.0 billion capital improvement and modernization program designed to expand capacity, enhance the passenger experience, and modernize core infrastructure. Planned improvements include upgrades to conveyance systems (escalators, elevators, and walkways), restrooms, and passenger boarding bridges. PortMiami PortMiami, ("the Port") is operated by the Seaport Department of Miami -Dade County. The Port serves as one of the region's most significant economic engines and a critical global gateway for both cruise and cargo activity. The Port is widely recognized as the Cruise Capital of the World and, as of 2025, includes nine cruise terminals designed to efficiently move passengers from land to sea while accommodating the world's largest and most advanced cruise vessels. 5 In 2025, the Port welcomed approximately 8.56 million cruise passengers, representing a record level of activity and continued growth over the prior year. The Port also continued to expand its cruise offerings, with several new and next -generation vessels that called at PortMiami, including Cunard's Queen Anne and Queen Elizabeth, MSC Cruises' MSC World America, Norwegian Cruise Line's Norwegian Aqua, Royal Caribbean International's Wonder of the Seas, Virgin Voyages' Brilliant Lady, and Oceania Cruises' Altura. These additions further reinforce the Port's position as a premier global cruise destination. In addition to its leadership in the cruise industry, PortMiami remains a major cargo hub and the closest U.S. East Coast deepwater container port to the Panama Canal, providing efficient access to global shipping routes and the U.S. market. In 2025, the port handled approximately 1.12 million twenty -foot equivalent units (TEUs), marking its eleventh consecutive year exceeding one million TEUs. This sustained performance reflects the Port's strategic importance in facilitating international trade, particularly with Latin America and the Caribbean. PortMiami's economic impact extends beyond passenger and cargo volumes. The port is estimated to generate approximately $61.4 billion in total economic activity and support more than 340,000 direct, indirect, and induced jobs within Miami -Dade County and the surrounding region. Continued investments in infrastructure, terminal capacity, and port operations position PortMiami to accommodate future growth and maintain its role as a leading global seaport. Long -Term Financial Planning and Major Initiatives The City remains committed to strong fiscal stewardship and long-term financial sustainability through disciplined budgeting, strategic alignment of resources, and proactive financial management in an evolving economic environment. Financing The City relies on a combination of voter -approved general obligation debt, limited ad valorem debt, and special obligation financings to advance strategic capital priorities while supporting long-term infrastructure and operational modernization. The Miami Forever Bond program remains a central component of the City's capital strategy, providing $400 million of voter -approved funding across five key categories: sea -level rise and flood prevention, roadway improvements, parks and cultural facilities, public safety, and affordable housing. The City also previously issued Special Obligation Non -Ad Valorem Revenue Bonds to support construction of a new administrative building and implementation of the Oracle Cloud enterprise resource planning system. These financing initiatives reflect the City's continued emphasis on resiliency, infrastructure renewal, housing, and modernization of government operations. Details of these financings are as follows: In November 2017, the City of Miami voters approved the $400.0 million General Obligation Miami Forever Bonds. The Bonds will fund a series of projects that will transform the future of Miami in five key categories: Sea -Level Rise and Flood Prevention ($192 million), Roadway Improvements ($23 million), Parks and Cultural Facilities ($78 million), Public Safety ($7 million) and Affordable Housing ($100 million). The bonds were validated on January 17, 2020, by the Eleventh Judicial Circuit Court. On November 20, 2023, the City of Miami closed on the Special Obligation Non -Ad Valorem Revenues Bonds for the purpose of the development, construction and equipping of the City's new 6 administrative building and the acquisition and implementation of the Oracle Enterprise Resource Planning Cloud System. The total amount issued was $241.2 million. On June 12, 2024, the City of Miami closed on the Limited Ad Valorem Tax Bonds (Miami Forever Infrastructure Programs) Tax Exempt Series 2024A and Limited Ad Valorem Tax Bonds (Miami Forever Infrastructure Programs) Taxable Series 2024B, for $135.4 million and $44.1 million, respectively. The purpose of the bond issuance is to pay for the costs of applicable infrastructure proj ects. On August 1, 2024, the City of Miami closed on the Limited Ad Valorem Tax Bonds (Miami Forever Infrastructure Programs) Tax Exempt Series 2024C for $73.5 million for the purpose of paying for the costs of infrastructure capital projects. Major Initiatives Miami is a modern and diverse city that is a global leader in technology, innovation, and resiliency. The City is committed to elevating the quality of life of its residents by improving public safety, housing, mobility, and diverse shared spaces that foster community, while promoting efficient and transparent government. To achieve this mission, the City ensures operations are strategically aligned across the organization through its Strategic Plan, which sets forth the City's priorities. The City's long-term planning framework is guided by strategic priorities centered on quality of life, resilience, and pathways to prosperity. The FY 2022-2025 Strategic Plan emphasizes efficient and effective service delivery, mobility, housing, resilient infrastructure, waterfront protection, and economic inclusion, providing a coordinated approach to advancing the City's core objectives. In parallel, the City continues to advance a comprehensive climate and resilience agenda informed by the Miami Forever Climate Ready strategy and related resilience planning efforts. These initiatives address critical challenges such as flooding, sea -level rise, extreme heat, and infrastructure adaptation, while supporting sustainable growth and long-term environmental and economic stability. Some of the major Strategic Plan objectives by priority area are: Quality of Life o Deliver efficient and effective services. o Create and enhance shared civic spaces. o Enhance mobility and transportation options. o Transform the experience of conducting business with the City. o Protect and promote the health and well-being of all residents. Resilience o Ensure decision are data -driven and take future conditions into account. o Inform, engage and prepare residents and businesses for stresses and shocks. o Protect and enhance our waterfront. o Invest in resilient and smart public infrastructure. o Promote adaptive neighborhoods and buildings. Pathway to Prosperity o Maintain and grow diverse and inclusive economy. o Establish a supportive environment for small businesses. o Foster and promote job training and education. o Position all for success by providing access to critical services. o Increase and enhance housing options. The City of Miami prioritizes climate resilience and sustainability as core components of its long- term strategic planning. In November 2019, the City Commission approved a resolution declaring a climate emergency, initiating a coordinated effort to advance climate adaptation and mitigation strategies. In January 2020, the City released the Miami Forever Climate Ready Climate Adaptation Plan, which outlines a comprehensive framework of actions to address flooding due to sea level rise, intensifying storms, and extreme heat over a ten-year horizon. This plan, in conjunction with the Resilient305 Strategy, continues to guide the City's climate resilience efforts. Since adoption of these plans, the City has made continued progress in implementing resilience initiatives and advancing supporting plans. The updated Stormwater Master Plan establishes prioritized infrastructure projects that guide the strategic use of Miami Forever Bond funding and support the pursuit of additional federal and state funding opportunities. In addition, the Miami Forever Carbon Neutral Plan, adopted by the City Commission in November 2021, establishes a pathway to achieve net -zero greenhouse gas emissions by 2050. The City continues to advance these initiatives through ongoing investments in stormwater infrastructure, coastal resilience, and sustainability programs. These efforts are intended to enhance the City's ability to withstand climate -related risks, protect critical infrastructure, and support long- term environmental and economic sustainability. For details on the City's FY 2022-2025 Strategic Plan please visit: https://www.miamigov. com/Services/Your-Government/City-of-Miami-Strategic-Plan Capital Improvement Plan The City's Capital Budget and multi -year Capital Improvement Plan ("CIP") serve as the primary framework for guiding multi -year investment in key infrastructure, facilities, and systems, while linking capital needs to available funding sources and long-term operating considerations. The Capital Plan is designed to identify, prioritize, and finance projects that sustain and improve public infrastructure, improve service delivery, and promote long-term community development over a six - year planning horizon. The CIP from FY 2026 to FY 2031 includes funding of $1.988 billion for 623 capital projects. During FY 2026 new capital budget appropriations totaling $56.2 million will be used to fund 50 projects as detailed in the Plan. Debt Proceeds make up the largest share of funding at 31.8 percent, followed by City Funds -Special Revenue Contribution and City Funds -Impact Fees Contribution at 19.4 percent and 17.6 percent, respectively. The remaining 31.4 percent is made up of funding from City Funds -General Fund Contributions, State Sources, County Sources, Federal Sources, Private Sources, Other Local Units, and lastly Donations. This diversified funding structure supports the City's ability to advance critical capital projects while maintaining fiscal flexibility. 8 The CIP is developed through a coordinated, multi -year planning process that balances infrastructure needs with fiscal capacity, while also considering operating impacts and long-term sustainability. Through continued investment in critical infrastructure and public assets, the City aims to support economic growth, enhance quality of life, and strengthen resilience to future challenges. The tables below summarize the revenues by type and the expenditures by fund within the Capital Improvement Program. Capital Improvement Program Revenue by Type Description Amount Percent City Funds $ 1,041,121,000 52.1% City Debt Proceeds 632,482,000 31.7% Private Donations/Other 15,165,000 0.8% State Grants 108,488,000 5.4% Federal Grants 131,330,000 6.6% Miami -Dade County Grants 64,020,000 3.2% Other Local Units 4,699,000 0.2%© $ 1,997,305,000 100.0% Capital Improvement Program Expenditures by Functions Description Amount Percent General Government $ 495,298,000 24.8% Streets and Sidewalks 298,337,000 14.9% Disaster Recovery 338,000 0.0% Mass Transit 29,208,000 1.5% Parks and Recreation 481,945,000 24.1 % Public Facilities 209,093,000 10.5% Public Safety 109,625,000 5.5% Sanitary Sewers 5,279,000 0.3% Solid Waste 8,195,000 0.4% Storm Sewers 359,987,000 18.0% $ 1,997,305,000 100% Relevant Financial Policies The City has adopted a comprehensive set of financial policies. The policies are described below. Write -Off Policy The City adopted an accounts receivable Write -Off Policy on March 12, 2020, to set forth parameter for the management of the City to allow for the write-off of balances from certain defined types of customer accounts, whether with persons or entities, deemed uncollectible at a future date. It 9 specifies the responsibilities over the administration of certain defined types of customer accounts receivable and the actions required to adjust those type of uncollectible accounts receivable. Further, it provides for enhanced collection efforts to ensure uniform, consistent efforts to recover receivables. Ad Valorem Tax Exemption for Historic Resources The City adopted the City of Miami Historic Ad Valorem Tax Program for owners of historic properties on November 16, 2017. The purpose is to protect and preserve historic resources by assisting property owners preserve, restore and rehabilitate their properties. The program establishes a procedure for owners of residential and commercial historic resources to apply for a tax exemption on the portion of ad valorem taxes levied by the City for a period up to ten (10) years. This exemption does not apply to taxes levied for the payment of bonds or to taxes authorized by a vote of the electors pursuant to section 9(b) or section 12, article VII of the Florida Constitution. Owners are required to complete a Preconstruction Application, which consists of two sections: Determination of Property Eligibility, and a detailed description of all proposed improvements. Eligible improvements may include 1) additions or permanent accessory structures compatible with the historic character of the building and site; 2) upgrades that respect the property's original character or design and increase the assessed value of the property, including mechanical and electrical upgrades; and 3) restoration of original features. Once a project is substantially complete, a Historic Preservation Officer reviews the work and if everything is as approved, the City and the applicant enter into a Covenant, which is a promise by the owner to maintain the property and improvements for the full period of the tax exemption. The completed application and executed covenant are presented to the City Commission for their consideration at a public hearing for approval or denial of exemption. Debt Management Policy The City adopted a revised Debt Management Policy on May 26, 2016, to provide guidance governing the issuance, management, continuing evaluation of and reporting on all debt obligations issued by the City. Additionally, the Policy will provide guidance for the preparation and implementation necessary to assure compliance. It is the responsibility of the Finance Committee to review and make recommendations regarding the issuance of debt obligations and the management of outstanding debt. The Finance Committee shall consist of seven voting members, consisting of five members from the local business community appointed by the City Commission, the Mayor or his designee, and the City's Finance Director as the City Manager's designee. Others who may be present at meetings of the Finance Committee to provide technical expertise and advice shall include representatives from the City Attorney's office, the Management and Budget Department, the Department to which the proposed debt may relate, the City's Financial Advisor, Bond Counsel and Disclosure Counsel. Meetings will be open to all interested parties and official minutes will be taken and copies made available upon request to the City Clerk. The City's Finance Committee will consider all issues related to outstanding and proposed debt obligations and will vote on issues affecting or relating to the credit worthiness, security and repayment of such obligations, including but not limited to procurement of services, structure, repayment terms and covenants of the proposed debt obligation, and issues which may affect the security of the bonds and ongoing disclosure to bondholders and interested parties. The following policies concerning the issuance and management of debt were established in the Debt Management Policy: (a) the City will not issue debt obligations or use debt proceeds to finance current operations, (b) the City will utilize debt obligations only for acquisition, construction or 10 remodeling of capital improvement projects that cannot be funded from current revenue sources or in such cases wherein it is more equitable to the users of the project to finance the project over its useful life, (c) the City will measure the impact of debt service requirements of outstanding and proposed debt obligations on single year, five, ten and twenty-year periods. This analysis will consider debt service maturities and payment patterns as well as the City's commitment to a pay as you go budgetary capital allocation, (d) the City will evaluate the long-term operational impact of capital projects to the City's budget and five-year financial plan. Each proposed debt issuance will be accompanied by a statement from the City Manager stating the estimated operational impact of the project being financed, and (e) the City may periodically refinance debt to take advantage of lower interest rates which will result in a present value savings. The City may issue current refunding bonds that result in a minimum of three percent (3%) net present value savings, and advance refunding bonds that result in a minimum of five percent (5%) net present value savings. Refunding bonds shall not extend the final maturity of the bonds being refunded. If the present value savings is less than the threshold, or will result in a present value loss, and/or the maturity is greater than the maturity on the debt obligations to be refunded, the City may issue or enter into refunding Debt obligations but only after a finding by the Commission that a compelling public policy objective would be achieved by the refunding, such as eliminating restrictive bond covenants or providing additional financial flexibility. The Commission's findings may be based on a report presented with the legislation authorizing the refunding. The following other provisions shall be applicable to the City each time it considers a debt issuance: (a) the City will issue debt obligations for acquiring, constructing or renovating capital improvements or for refinancing existing debt obligations. Projects must be designed as public purpose projects by the City Commission prior to funding, and (b) all debt obligations shall have a maximum maturity of the earlier of: (i) the estimated useful life of the capital improvements being financed; or, (ii) thirty years: or, (iii), in the event they are being issued to refinance outstanding debt obligations the final maturity of the debt obligations being refinanced, unless a longer term is recommended by the Finance Committee. As the City periodically addresses its ongoing needs, the City Manager and the City Commission must ensure that the future elected officials will have the flexibility to meet the capital needs of the City. Since neither State law nor the City Charter provides any limits on the amount of debt, which may be incurred (other than the requirement to have General Obligation debt approved in advance by referendum), this policy establishes the following targets and limits, which at the same time provide future flexibility: (a) debt service as a percentage of Non -Ad Valorem general fund revenues: less than or equal to 15%; (b) net debt per capita: less than or equal to $2,000; and (c) net debt to taxable assess value: less than or equal to 5%. Investment Management Policy The City adopted a detailed written investment policy on February 26, 2015, that applies to all cash and investments held or controlled by the City and identified as "general operating funds." The Investment Policy does not apply to the City's Pension Funds, Deferred Compensation & Section 401(a) Plans, and funds related to the issuance of debt where there are other existing policies or indentures in effect for such funds. Additionally, any future revenues which have statutory investment requirements conflicting with the City's Investment Policy, and funds held by State agencies (e.g., Department of Revenue) are not subject to the provisions of the policy. The primary objective of the investment program is the safety of the principal of those funds within the portfolios. Investment transactions shall seek to keep capital losses at a minimum, whether they are from securities defaults or decline of market value. To attain this objective, diversification is 11 required so that potential losses on individual securities do not exceed the income generated from the remainder of the portfolio. The portfolios are required to be managed in such a manner that funds are available to meet reasonably anticipated cash flow requirements in an orderly manner. Return on Investment is of least importance compared to the safety and liquidity objectives described in the policy. The policy stipulates that in accordance with the City's Administrative Policies, the responsibility for providing oversight and direction regarding the management of the investment program resides with the City's Finance Director, designee or investment advisor approved by the City Commission. The City Manager shall delegate to the Finance Director the responsibility for setting or adjusting policies and overseeing the City's investments and investment activities. The active management of the City's investments shall be the responsibility of the City's Finance Director, or he may delegate such responsibility, in whole or in part, to Treasurer or Assistant Finance Director or, subject to the approval of the City Commission, an investment advisor experienced in municipal finance that is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934. The City may employ an investment advisor to assist in managing some or all of the City's portfolios. Such investment advisor must be registered with the Securities and Exchange Commission under the Investment Advisors Act of 1940. Subject to the exceptions in the City's investment policy, the City may invest in the types of securities listed in Note 2 — Deposits and Investments, under the section titled Concentration of Credit Risk. For the year ending September 30, 2025, the City has complied with its Investment and Debt Management Policies. The investment policy is adopted by City Resolution. The Finance Director, Treasurer, and the Investment Committee shall review the policy annually and the City Commission shall approve any modifications made thereto. Financial Integrity Principles On February 10, 2000, the City enacted Ordinance No. 11890 ("Financial Integrity Ordinance") establishing thirteen financial integrity principles. The Financial Integrity Ordinance was enacted as a preventative measure setting forth financial practices that would prevent the recurrence of a financial emergency. The Financial Integrity Ordinance requires the City to establish three reserves: (1) a "contingency" reserve of $5 million to fund unanticipated budget issues which arise for potential expenditure overruns which cannot be offset through other sources or actions; (2) an "unassigned" fund balance reserve equal to ten percent of the prior three years average of general revenues (excluding transfers and including the contingency reserves to fund unexpected mid -year revenue shortfalls or for an emergency such as a natural or man-made disaster, which threatens the health, safety and welfare of the City's residents, businesses or visitors; and (3) the "designated" reserve equal to ten percent of the prior three years average of general revenues (excluding transfers) to fund long-term liabilities and commitments of the City, such as compensated absences, self-insurance plan deficits and anticipated adjustments in pension plan payments resulting from market losses. "Designated" fund balance shall be classified as either non -spendable, restricted, committed, or assigned based on standards and guidance established by the Governmental Accounting Standards Board (GASB). 12 For fiscal year 2025, the City's General Fund reserves increased by approximately $19.5 million, resulting in an ending General Fund fund balance of approximately $237.4 million. The fund balance at year-end is comprised of approximately $45.7 million classified as nonspendable, $32.6 million as restricted, $58.2 million as assigned, and $100.9 million as unassigned in accordance with Governmental Accounting Standards Board (GASB) guidance. The City was in compliance with the Financial Integrity Principles established in Chapter 18, Article IX, Division 2 of the City Code, which require the General Fund to maintain minimum reserves equal to 20 percent of the prior three-year average of General Fund revenues (excluding transfers), consisting of 10 percent designated reserves and 10 percent unassigned reserves. For fiscal year 2025, the required minimum General Fund reserve totaled approximately $100.9 million. The City's five-year forecast projects that revenues will only grow at a slower pace than expenditures. Overall, General Fund revenues are projected to grow by 15.8 percent over the next five years and General Fund expenditures are projected to grow by 18.2 percent over the same period. Employee salaries and wages represent the largest General Fund expenditure category. The baseline assumption used in the five-year forecast is that the cost of salaries and wages citywide will grow from FY 2026 to FY 2030 as normal step progression is included for all collective bargaining units and similar salary increases for non -bargaining employees. Risk Management Self Insurance Program The City administers a self-insurance program for workers' compensation, tort liability, property, and group health and life insurance programs, subject to certain stop -loss provisions. The City also offers to its retirees' comprehensive medical coverage and life insurance benefits through its self-insurance plan. The health and life insurance programs are administered by an independent administrator. The City funds the program on a pay as you go basis. Insurance coverage is maintained with independent carriers for property damage to City facilities. The City maintains excess coverage with independent carriers for workers' compensation and general liability. The City allows for cost allocation of pension, health insurance and worker's compensation benefits in the operating departments and a centralized account from which payments are made. Certificate ofAchievement The Government Finance Officers Association (GFOA) named the City of Miami a 2023 Triple Crown Winner. GFOA's Triple Crown designation recognizes governments who have received GFOA's Certificate of Achievement for Excellence in Financial Reporting, Popular Annual Financial Reporting Award and Distinguished Budget Presentation Award for a fiscal year. GFOA awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its Annual Comprehensive Financial Report and Popular Annual Financial Report for the fiscal year ended September 30, 2024. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting. The attainment of this award represents a significant accomplishment by a government and its financial management team. To be awarded a Certificate of Achievement, the government had to publish an easily readable and efficiently organized Annual Report that satisfied both generally accepted accounting principles and applicable program requirements. A Certificate of Achievement for Excellence in Financial Reporting is valid for a period of one year only. We believe that our current Annual Report and 13 Popular Annual Financial Report continues to meet the Certificate of Achievement for Excellence in Financial Reporting Program's requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate. The City of Miami also received the GFOA' s Distinguished Budget Presentation Award for its annual budget document for the fiscal year beginning October 1, 2024. To qualify for the Distinguished Budget Presentation Award, the government's budget document had to be judged proficient as a policy document, a financial plan, an operations guide, and a communications device. Acknowledgements The preparation of this report would not have been possible without the skill, effort, and dedication of the entire staff of the Finance Department. The year-end closing, the audit, and compiling and publishing the Annual Report could not have been accomplished without hard work, commitment and personal sacrifice. We wish to thank all government departments for their assistance in providing the data necessary to prepare this report. The guidance and cooperation of the Mayor and City Commission in planning and conducting the financial affairs of the City is greatly appreciated. Lastly, we wish to express our appreciation to the City's General Services Administration for the reproduction of this report. Respectfully submitted, Erica T. Paschal Darling, CPA Assistant City Manager / CFO Munirah J. Daniel, CPA Finance Director 14 Page left intentionally blank 15 CITY COMMISSION Commissioner: Miguel Angel Gabela District 1 Commissioner: Damian Pardo District 2 Vice -Chairman: Rolando Escalona District 3 Commissioner: Ralph "Rafael" Rosado District 4 Chairwoman: Christine King District 5 Executive Mayor Eileen T. Higgins Chief Administrator / City Manager James Reyes Deputy City Manager Natasha Colebrook -Williams Assistant City Manager Chief Financial Officer Erica T. Paschal Darling, CPA Finance Grants Administration Housing and Community Development Management and Budget Procurement Risk Management Real Estate and Asset Management Economic Innovation and Development Coconut Grove BID Downtown Development Authority Liberty City Trust Wynwood BID Little Haiti Revitalization Trust Deputy City Manager Chief of Infrastructure Barbara Hernandez Code Compliance General Services Administration Human Services Innovation and Technology Parks and Recreation Solid Waste Fire Fighters' and Police Officers' Retirement Trust General Employees' and Sanitation Employees' Retirement Trust Midtown CRA Omni CRA Southeast Overtown Park West CRA Assistant City Manager Chief of Infrastructure Asael Marrero, RA,RID,AIAICC Building Capital Improvements Planning Resilience and Public Works Zoning Resilience and Sustainability Bayfront Park Management Trust Civilian Investigative Panel Miami Parking Authority Virginia Key Beach Park Trust Agenda Coordination Communications Equal Opportunity and Diversity Programs ISM Human Resources Civil Service 16 MISSION STATEMENT Miami is a modern and diverse city that is a global leader in technology, innovation, and resiliency. VISION The City of Miami is committed to elevating the quality of life of its residents by improving public safety, housing, mobility, diverse shared spaces that foster community, and efficient and transparent government. Miguel Angel Gabela Commissioner - District 1 Eileen T. Higgins Mayor Damian Pardo Commissioner - District 2 Ralph "Rafael" Rosado Commissioner - District 4 James Reyes City Manager Rolando Escalona Commissioner - District 3 Vice -Chairman Christine King Commissioner - District 5 Chairwoman Todd B. Hannon City Clerk George K. Wysong, III City Attorney September 30, 2025 17 G�9 Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of Miami Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2024 Executive Director/CEO 18 19 RSM RSM US LLP Independent Auditor's Report Honorable Mayor and Members of the City Commission City of Miami, Florida Report on the Audit of the Financial Statements Opinions We have audited the financial statements of the governmental activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Miami, Florida (the City), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents. In our opinion, based on our audit and the reports of the other auditors, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the City of Miami, Florida, as of September 30, 2025, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. We did not audit the financial statements of the entities listed below: • Discretely Presented Component Units: Downtown Development Authority Bayfront Park Management Trust Wynwood Business Improvement District Coconut Grove Business Improvement District • Blended Component Units—Nonmajor Funds: OMNI Redevelopment Agency Virginia Key Beach Park Trust Little Haiti Revitalization Trust Midtown Community Redevelopment Agency Liberty City Community Revitalization District Trust Southeast Overtown Park West Redevelopment Agency • Fiduciary Component Units —Pension Trust Funds: Firefighters' and Police Officers' Retirement Trust General Employees' and Sanitation Employees' Retirement Trust The discretely presented component units listed above represent 38.3%, 44.9% and 35.9% of the total assets, net position and revenues, respectively, of the aggregate discretely presented component units. The blended component units listed above represent 7.4%, 12.5% and 7.9% of the total assets, net position and revenues, respectively, of governmental activities. The aggregate of the fiduciary component units and blended component units listed above represent 83.2%, 84.0% and 71.0% of the total assets, net position/fund balance and revenues/additions, respectively, of the aggregate remaining fund information. Those statements were audited by other auditors whose reports have been furnished to us, and our opinions, insofar as it relates to the amounts included for those entities listed above are based solely on the reports of the other auditors. THE POWER OF BEING UNDERSTOOD ASSURANCE I TAX I CONSULTING RSM US LLP is the U.S. member firm of RSM International, a global network of independent assurance, tax, and consulting firms. Visit rsmus.com/aboutus for more information regarding RSM US LLP and RSM International. 20 Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to the financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphasis of Matters As discussed in Note 1 to the financial statements, the City adopted the recognition and disclosure requirements of Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, as of October 1, 2024. As a result of the adoption, the City restated certain beginning net position and compensated absence balances. In addition, as discussed in Note 1 to the financial statements, the discretely presented component units net position was restated related to a correction regarding the previously presented accounts receivable balance for the Wynwood Business Improvement District. Our and the other auditors' opinions are not modified with respect to these matters. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for 12 months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern for a reasonable period of time. 21 We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control -related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, budgetary comparison information, and pension and other post -employment benefits (OPEB) related information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We and other auditors have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The combining and individual fund financial statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the combining and individual fund financial statements are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated April 23, 2026, on our consideration of the City's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City's internal control over financial reporting and compliance. Coral Gables, Florida April 23, 2026 22 The Management's Discussion and Analysis As management of the City of Miami, Florida (the "City"), we offer readers of the City's financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended September 30,2025. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages 1-14 of this report. Financial Highlights o At the close of the 2025 fiscal year, the liabilities and deferred inflows of resources of the City exceeded its assets and deferred outflows of resources by approximately $954.4 million resulting in a net position deficit. This deficit is primarily attributable to the City's long-term obligations, including bonded debt, net pension and other postemployment benefit (OPEB) liabilities reported at the government -wide level. o The City's total net position decreased in fiscal year 2025 by $62.5 million compared to a decrease in net position of $8.7 million during fiscal year 2024. Revenues increased compared to the prior year, primarily due to higher property taxes, charges for services, and capital grants and contributions, reflecting increased taxable values, development activity, and capital funding. These increases were partially offset by decreases in operating grants and contributions and investment earnings. Total expenses increased year - over -year and exceeded total revenues, primarily due to higher costs in general government, planning and development, and community redevelopment, driven largely by personnel -related expenditures, professional services, and increases in pension and OPEB expense associated with updated actuarial valuations and assumptions. o At the close of the current fiscal year, the City's govemmental operating fund (General Fund) reported a fund balance of approximately $237.4 million, representing an increase of approximately $19.5 million compared to the prior year. This increase was primarily the result of revenue growth outpacing expenditure growth, particularly in ad valorem tax revenues and other economically sensitive revenue sources. Expenditure increases were largely attributable to public safety operations, employee compensation, and benefit -related costs. o The City's total outstanding long-term liabilities increased by approximately $158.1 million during fiscal year 2025, compared to the prior year. This increase was primarily due to increases in bonds and loans issued to finance capital improvement projects and an increase in the net pension liability resulting from actuarial experience and assumption changes. These increases were partially offset by scheduled debt service payments and the amortization of existing long-term obligations. Overview of Financial Statements This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's basic financial statements are comprised of three components: 1) government -wide financial statements 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government -Wide Financial Statements The government -wide financial statements are designed to provide readers with a broad overview of the City's finances, in a manner similar to private -sector business. The focus of the statement of net position presents financial information on all of the City's assets and liabilities, and deferred inflows/outflows of resources with the difference reported as net position (deficit). Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The statement of activities presents information showing how the City's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported for some 23 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). The information is presented with the intent to summarize and simplify the user's analysis of the cost for the primary govemment and its component units' governmental activities. Both of the govemment-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities). The governmental activities of the City include general government, planning and development, community development, community redevelopment areas, public works, public safety, public facilities, and parks and recreation. The government -wide financial statements include not only the City itself (known as theprimary government), but also its discretely presented component units, which are other governmental units over which the City can exercise influence and/or may be obligated to provide financial subsidies. Financial information for these component units is reported separately from the financial information presented for the primary government itself. The blended component units, although legally separate, function for all practical purposes as departments of the City, and therefore have been included as an integral part of the primary government. The government -wide financial statements can be found on pages 35-36 of this report. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other states and local governments, uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements. All of the funds of the City can be divided into two categories: governmental funds and fiduciary funds. Governmental Funds Governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statements. However, unlike the government -wide financial statements, governmental fund financial statements focus on near -term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in assessing a government's near -term financing requirements. Because the focus of governmental funds is narrower than that of the government -wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government -wide financial statements. By doing so, readers may better understand the long-term impact of the government's near -term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains thirty-seven individual governmental funds. Information is presented separately in the governmental fund balance sheets and in the governmental fund statements of revenues, expenditures and changes in fund balances for the General Fund, General Obligation Bonds Projects Fund, Other Capital Projects Fund, and Emergency Services Fund, which are considered major funds. Data from the other thirty-three governmental funds are combined into a single aggregated presentation. Individual fund data for each of these non -major governmental funds is provided in the form of combining statements in the combining and individual fund statements and schedules section of this report. The City adopts an annual appropriated budget for its General Fund, and most special revenue funds and debt service funds. Budgetary comparison schedules have been provided for the general fund, special revenue funds and debt service funds. The basic governmental fund financial statements can be found on pages 37-40 of this report. 24 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the City. Fiduciary funds are not reported in the government -wide financial statements because the resources of those funds are not available to support the City's own programs and operations. The basic fiduciary fund financial statements can be found on pages 41-42 of this report. Notes to the Financial Statements The notes provide additional information that is necessary to acquire a full understanding of the data provided in the government -wide and fund financial statements. The notes to the financial statements can be found on pages 47-141 of this report. Other Information In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning budgetary comparisons and the City's progress in funding its obligations to provide pension benefits to its employees. Required supplementary information can be found on pages 142-157 of this report. The combining statements referred to earlier in connection with non -major governmental funds are presented immediately following the required supplementary information. Combining and individual fund statements and schedules can be found on pages 163-180 of this report. Government -Wide Overall Financial Analysis As noted earlier, net position over time may serve as a useful indicator of a government's financial position. In the case of the City, the assets and deferred outflows of resources was lower than liabilities and deferred inflows of resources by $954.4 million at the close of the most recent fiscal year, resulting in a net position (deficit). The City's net position reflects its investment in capital assets (e.g. infrastructure, land, buildings, machinery and equipment); net of accumulated depreciation, less any related debt used to construct or acquire those assets that are still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City's investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves are typically not used to liquidate these liabilities. As of September 30, 2025, the City's net investment in capital assets was approximately $907.0 million. An additional portion of the City's net position represents resources that are subject to restrictions on how they may be used. As of September 30, 2025, the City's portion of restricted net position was approximately $479.7 million. The remaining portion represents an unrestricted deficit of approximately $2.3 billion, which is primarily due to outstanding liabilities for which there are no off -setting assets, which include claims payable, net pension liability, total OPEB liability, and compensated absences. At the end of the current fiscal year, the City 's net position decreased from a net position (deficit) of approximately $891.9 million to a net position (deficit) of approximately $954.4 million. The reasons for this overall change are discussed in the following sections for governmental activities. 25 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 The following schedule reflects a summary ofthe statement of net position (deficit) compared to the prior year: Summary Statement of Net Position (Deficit) as of September 30, 2025 and 2024 Governmental Activities Assets Current and other assets Capital Assets Total Assets Deferred Outflows of Resources Liabilities Current and Other Liabilities Long -Term Liabilities Total Liabilities Deferred Inflows of Resources Net Position (Deficit): Net Investment in Capital Assets Restricted Unrestricted (Deficit) Total Net Position (Deficit) 2025 $ 2,009,145,971 1,362,815,583 3,371,961,554 803,354,779 181,995,554 4,023,992,911 4,205,988,465 923,765,752 907,017,564 479,693,315 (2,341,148,763) S (954,437,884) 2024 $ 1,925,594,234 1,212,013,087 3,137,607,321 768,768,848 183,402.733 3,865,892,277 4,049,295,010 748,996,180 812,015,404 503,298,022 (2,207,228,447) S (891,915.021 }* Change Change ($) (%o) $ 83,551,737 150,802,496 234,354,233 4,34%0 12.44% 7.47% 34,585,931 4.50% (1,407,179) 158,100,634 156,693,455 (0.77)% 4.09% 3.87% 174,769,572 23.33% 95,002,160 (23,604,707) (133,920,316) S (62 522,863) *8egining balances of net position were restated with the implementation of GASB 101, Compensated Absences. 11.70% (4.69)% 6.07% 7.01% 26 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 The following table provides a summary of the City's changes in the statement of net position (deficit) for the fiscal years ended September 30, 2025, and 2024: Changes in Net Position (Deficit) as of September 30, 2025 and 2024 Governmental Activities Change 2025 2024 Change ($) (%) Revenues; Program revenues Charges for Services $ 374,885,857 $ 331,201,030 $ 43.684,827 13.19% Operating Grants and Contributions 185,655.324 230,761,961 (45,106,637) (19.55)% Capital Grants and Contributions 19,763,314 10.353,086 9.410,228 90.89% General revenues: Property Taxes 711,732,027 646,051,877 65.680,150 10.17% Franchise Taxes 61,918,226 59,976,870 1,941,356 3.24% State Revenue Sharing - Unrestricted 22,799,152 22,592,017 207,135 0.92% Sales and Other Use Taxes 46,798,839 47,109,159 (310,320) (0.66)% Public Service Taxes 86,135.634 82,580,499 3,555,135 4.30/ Investment Eamingsf(1x ases) - Unrestricted 68,777,939 77,210,689 (8,432,750) 1 1 % Total Revenues 1,578,466,312 1,507,837,188 70,629,124 4.68% General Government 249,494,721 217,594,494 31,900,227 14.66% Planning and Development 75,836,58I 55,034,345 20,802,236 37.80% Community Development 56,835,592 43,871.666 12,963,926 29.55% Community Redevelopment Areas 99,905,677 65,554,273 34,351,404 52.40% Public Works 187,962,755 176,102,758 11,859,997 6.73% Public Safety 810,482,884 823,595,885 (13,113,001) (1.59)% Public Facilities 30,197,653 40,064,488 (9,866,835) (24.63r/0 Parks and Recreation 87,677,633 75,870,941 11.806,692 15.56% Interest an Long -Term Debt 41,720,127 34,098.087 7.622,040 22.35% Lease Financing Interest 875,552 665,165 210,387 31.58% Total Expenses I,640,989,175 1,532,452,102 108.537.073 7.08% Net Position (Deficit) - Beginning As Restated Net Position (Deficit) - Ending (62,522,863) (24,614.914) (37,907.949) 154.00% (891,915,021) (867,300,107) (24,614,914) 2.84% (954,437,884) $ (891,915,021)* $ (62,522,863) 7.01% 'Begining balances of net position were restated with the implementation of GASB 101, Compensated Absences. Governmental Activities As noted earlier, the City's net position decreased by approximately $62.5 million compared to prior fiscal year. The major changes are as follows: During fiscal year 2025, total expenses for governmental activities were more than the total revenues for the governmental activities. Total expenses increased by $108.5 million, which is an increase of 7.1 percent in comparison to the 12.6 percent increase in expenses in the prior year. Expenses for Community Redevelopment Areas experienced the most significant increase of $34.4 million or 52.4 percent during the current fiscal year and there were also noteworthy increases in General Government (of $31.9 million or 14.7 percent), Planning and Development (of $20.8 million or 37.8 percent), Community Development (of $13.0 million or 29.6 percent), Parks and Recreation (of $11.8 million or 15.6 percent and Public Works (of 11.9 million or 6.7 percent), primarily due to overall increases in personnel and payroll related expenses and net pension contributions. Interest on Long -Term Debt also experienced an increase of $7.6 million or 22.4 percent, primarily due to the issuance of new debt and a higher average outstanding debt balance during the year to fund various capital improvement projects, including a new administration building. Public Facilities experienced a decrease. 27 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 Total revenues for governmental activities increased over the prior year by $70.6 million, which is an increase of 4.7 percent. Specifically, property taxes increased over the prior year by $ 65.7 million, an increase of 10.2 percent, which was primarily driven by new construction and ongoing development. Other increases in revenues occurred in Charges for Services which increased by $43.7 million or 13.2 percent, Capital Grants and Contributions which increased by $9.4 million or 90.9 percent (for Public Works Storm Sewer, Streets and Side Walks and Parks and Recreation), Public Service Taxes which increased by $3.6 million or 4.3 percent. Operating Grants and Contributions decreased by $45.1 million or 19.6 percent (due to CITT surtax funding for transportation projects and improvements) and Investment Earnings decreased by $8.4 million or 11.0 percent, which was primarily driven by lower interest rates. The following charts provide a visual representation of the expenses and revenues for the governmental activities for fiscal year ended September 30, 2025: S9OO OOO,OOC 5800,1X:0,000 5700,000,000 s600,000.000 5500,000,000 S400 ,000.00C 5 300, 000,000 S200.000.000 $100.;000,000 s- Expenses and Program Revenues - Governmental Activities I� 11 ■ 9. ¢4resk— s��Q� Q�®4 -se" p� � ��' ��e� `��c'.� `&yea fr-P ems`,r, r .'� d� ��C q*a q� RJo �� ygr oil, ��� c ark c L¢ • Expenses • Revenues Revenue by Source - Governmental Activities Il r Source X A.►ouns Property saxes 45% 3 71t.732.C27 Charges tor services 24% 374,885457 Operating grants and contreautiorrs 12% 185.655.324 Public swvioes ram 5% 86.135.634 Franchiseta»es 4% 61,918.226 Sales and other use tames 3% 46,798,839 State revenue sharng - unmetrictec 214 22.799.152 Imes -mere earnings - unrestricted 4% 68371.339 Ca al grants and corxribuoons tf 19.763,314 TOTAL 1 Jo'. 1 1,578,466.312 ■ P uperry taxes 45% •Chimes for sertices 24?%c •Operating grants and ramiaributions 12% ■ Public seresces tax 5% • French se taxes 4% ra Sales and other use taxes 3% • State revenue sharing -tmre3tricted 2% Mat-escnewearn' s-unresmciett 4% s•Capaalgrants and cc•n-buions1% 28 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 Financial Analysis of Governmental Funds Governmental Funds The focus of the City 's governmental funds is to provide information on near -term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. The General Fund is the chief operating fund of the City. At the end of the current fiscal year, the City's total General Fund balance was $237.4 million. Of this amount, the City has approximately $136.5 million retained as designated fund balance, which includes $32.6 million as restricted, approximately $45.7 million is reported as non -spendable for prepaid expenses and advances, approximately $58.2 million is designated as assigned fund balance, and approximately $100.9 million is unassigned fund balance in accordance with the City's Financial Integrity Ordinance The General Fund's fund balance had a net increase of approximately $19.5 million during the current fiscal year. Although expenditure increased by $89.0 million, this was offset by a $70.9 million increase in revenues. Other financing sources (uses), net remained negative in both years; however, it improved by $35.8 million compared to the prior year, primarily due to decreases in transfers out and increases in transfers in. As a result, the General Fund reported a net increase in fund balance for the fiscal year. Significant revenue increases reflect an improvement in the local economy and include property taxes (9.9 percent), licenses and permits (4.8 percent), and other service charges (15.8 percent). Licenses and permits consist of revenues generated from the issuance of local professional and occupational licenses, building permits, and other licenses and permits, such as fireworks/bench permits. Fines and forfeitures consist primarily of revenues derived from the collection of penalties for statutory offenses, violation of administrative rules, and neglect of lawful duties. This category also includes revenues from confiscated property and court fees, and charges for city services, Special Events, Parking Surcharges, and Parking Facilities. Notably, investment earnings decreased significantly (26.5 percent) from the prior fiscal year, reflecting a decline in the market conditions and lower interest rates. Increased expenditure is primarily due to increases in retirement contributions and payroll -related costs. Financial highlights of the City's other major govemmental funds are as follows: The Other Capital Project Fund has a fund balance of $430.0 million. This represents a decrease of approximately $40.1 million from the prior year's balance of $470.1 million. The reduction is primarily attributed activities related to transfers in for capital projects funding, and operational activities for the City Administrative Building, intergovernmental revenues, investment earnings, and $230.2 million for issuance of debt to fund the cost of development, construction, and equipping of the City's new administrative building, as well as the acquisition and implementation of the Oracle Enterprise Resource Planning Cloud system. The Emergency Services Fund has a fund balance of approximately $8.8 million as of September 30, 2025. This represents an increase of approximately $0.5 million from the prior year. The increase is primarily attributed to FEMA-COVID, the American Rescue Plan Act (ARPA), the U.S. Department of Homeland Security, FEMA public assistance grant reimbursements for Hurricane Irma and other hurricane deployments, and Emergency Rental Assistance funds from the Department of the Treasury. The General Obligation Bonds Project Fund has a fund balance of $187.0 million as of September 30, 2025, for debt service expenditures and interest. This represents a decrease of $19.9 million compared to prior year balance. During this period, there were no issuances of debt for infrastructure capital projects, however, there was continued construction of new parks and renovations and improvements to existing parks; public pool 29 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 improvements; the construction of community centers; improvements for stormwater management, flood control and flood mitigation including seawall replacement, repair and new pump stations, and the related construction and repair of roads, sidewalks and other public improvements. General Fund Budgetary Highlights The FY2025 Adopted Budget emphasizes long-term economic recovery, infrastructure development, public safety, and employee well-being as the City works to deliver improved services, lay the groundwork for growing and diversifying its economy, and maintain the quality of life for its residents, visitors, and businesses. For example, the budget includes a transfer of $22.9 million for multiple Capital Improvement Projects, including Citywide Storm Sewer Repairs, Street Milling and Resurfacing, and updating of the Enterprise Permitting Solutions for the Building Department. This budget advances infrastructure investments through funding provided by Miami Forever Bonds and continues to aid private and government initiatives, such as the Anti -Poverty Initiative program, Miami -Dade College Scholarship Program, the Childhood Savings Accounts program, and others totaling $3.6 million. Labor agreements with AFSCME and FOP are honored, with $2.7 million wage increases for both collective bargaining agreements and non -bargaining employees. Furthermore, the annual required contribution to the pension for Police and Fire increased by $6.8 million and GESE increased by $1.5 million. The overall millage rate decreased from 7.4599 in the prior year to 7.3900. The Operating remains at 7.1364 mills and the Debt Service decreased to 0.2536 mills. This reflects the lowest millage rate in over 60 years, with the goal of fostering a strong economy. The General Fund budget for FY2025 of approximately $1.2 billion is $81.0 million higher than last year's final amended General Fund budget of $1.1 billion, a 9 percent increase. This is the part of the budget that funds the largest number of City functions or activities including police, fire, public works, building, and parks and recreation services. The FY2025 budget is guided by the City 's Strategic Plan, which has three priority areas: Quality of Life, Resilience, and Pathway to Prosperity. Goals within each of these areas include such things as: creating and enhancing shared civic spaces; enhancing mobility and transportation options; protecting and enhancing our waterfront; investing in resilient and smart public infrastructure; establishing a supporting environment for small businesses; and increasing and enhancing housing options. During the year, there was a total budget amendment of $30.7 million to increase the original budget of $1.17 billion to $1.2 billion. This is mostly due to the appropriation of a prior year surplus rollover in other revenue and an increase in interest revenue. The City utilizes a five-year financial forecast to assist with the strategic decision -making process and to identify and prepare for future challenges. The five-year financial forecast projects that revenues will not grow as rapidly as anticipated expenditures. Overall, General Fund revenues are projected to grow by 15.8 percent over the next five years. However, General Fund expenditures are projected to grow by 18.2 percent over the same period. 30 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 Capital Assets and Debt Administration Capital Assets The City's capital assets as of September 30, 2025, is $1.4 billion. Capital assets include land, buildings, improvements, machinery, equipment, and infrastructure. The total increase in capital assets from the end of prior year is approximately $150.8 million. Capital Assets (Net of Depreciation) As of September 30, 2025 Governmental Activities 2025 Land $ 189,365,706 Construction -in -Progress 366,908,47I Buildings 163,499,153 Improvements 81,755,469 Machinery and Equipment 71,861,491 Infrastructure 467,126,26I Right to use asset 22,299,032 Total $ 1,362,815,583 2024 $ 162,870,050 265,072,160 171,046,311 64,481,217 65,639,599 465,104,676 17,799,074 Change Change ($) (%) $ 26,495,656 101,836,311 (7,547,158) 17,274,252 6,221, 892 2,021,585 4,499,958 $ 1,212,013,087 $ 150,802,496 16.27% 38.42% (4.41)% 26.79% 9.48% 0.43% 25.28% 12.44% Major capital asset events during the current fiscal year included the following: o Land increased approximately $26.5 million. o Construction in progress increased approximately $101.8 million. The total transfers out and deletions of construction in progress amounted to approximately $ 95.2 million, while there were additions of approximately $197.0 million in new expenditures. o Buildings decreased by approximately $7.5 million. The decrease is primarily attributed to $7.5 million in depreciation expense. o Improvements increased by approximately $17.3 million. The projects completed during the fiscal year and transferred from construction in progress totaled $25.2 million. There was also an addition of $1.3 million. These transfers and additions are offset by a deletion of $0. 1 million and approximately $9.3 million of depreciation expense incurred for the current fiscal year. o Machinery and Equipment increased by approximately $6.2 million. There was $10.7 million in additions, primarily attributed to the acquisition of Fire, Police, Public Works and GSA light and heavy fleet vehicles and Police and Fire equipment. In addition, there were $15.3 million transfers from construction in progress. These additions and transfers are offset by $23.7 million in retirements and approximately $19.3 million in depreciation expense for the current fiscal year. o Infrastructure increased by approximately $2.0 million. The projects completed during the fiscal year and transferred from construction in progress totaled $35.7 million and were primarily for roadway improvements and water control projects. This was offset by $33.7 million in net depreciation expense for the current fiscal year. o The City also reported right to use leased and SBITA assets, net of accumulated amortization, at year-end of $22.3 million. This represents an increase of $4.5 million. Additional information on the City's capital assets (including right to use assets) can be found in Note 1 and Note 5 in the notes to the financial statements. 31 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 Long -Term Debt At the end of the current fiscal year, the City had a total debt outstanding of $1.0 billion plus $44.6 million of unamortized bond premiums. Of this amount, $288.6 million is backed by the Limited Ad Valorem Tax Revenue; the remainder represents Special Obligation Bonds and loans secured solely by Non -Ad Valorem revenue sources. The City's net debt increased during the current fiscal year by $104.9 million or 11.4 percent. This is primarily due to the addition of $142.2 million issuance of CRA Southeast Overtown/Park West Tax Increment Revenue Bonds Series 2025A to fund redevelopment projects. Outstanding Debt as of September 30, 2025 and 2024 Governmental Activities General Obligation Bonds General Obligation Bonds - Direct Placements Special Obligation Bonds - Direct Placements Loans - Direct Payments Special Obligation, Revenue Bonds and Loans Total 2025 2024 $ 248,275,000 $ 253,030,000 40,280,000 51,800,000 184,599,240 202,596,399 38,633,893 29,213,308 514,545,000 384,785,000 $ 1,026,333,133 $ 921,424,707 The City's current ratings for all of the various types of debt are shown below: Issue Limited General Obligation Bonds Marlins Garage Special Obligation Street and Sidewalks City of Miami, Florida Bond Ratings Moody's Aa2 Aa3 Aa3 A3 $ Change % Change $ (4,755,000) (1.88)% (11,520,000) (22.24)% (17,997,159) (8.88)% 9,420,585 32.25% 129,760,000 33.72% $ 104,908,426 11.39% Standard & Poor's AA- AA- AA - A Fitch A- A+ A+ AA - Additional information on the City's long-term liabilities can be found in Note 8 in the notes to the financial statements. 32 CITY OF MIAMI, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS (Unaudited) September 30, 2025 Economic Factors and Next Year's Budget and Rates The budget is developed based on needs and performance and follows the direction of policy as set by the elected officials. The process begins with the preparation of the financial outlook; a comprehensive review of allocation needs that are expected to be required by the City for its operations. These allocations include a review of salaries and wages (growth as dictated by negotiated union contracts); pension requirement needs, anticipated insurance premium increases, etc. These allocation needs are then compared to the City's anticipated revenue inflows to determine whether these needs can be satisfied. It is with this analysis, along with the Mayor and City Commissioners' feedback, and the City's comprehensive strategic plan, that the guidelines for preparing the budget toolkit are determined and compiled into an all-inclusive instructional booklet that is then distributed to departments for their use in preparing their budget submissions. The City 's elected and appointed officials considered many factors when adopting the fiscal year 2025 budget. Included among these factors were uncertainties regarding pension costs, health insurance costs, other post -employment benefit costs, and other various economic indicators. Between FY 2026 and FY 2030, General Fund revenues are forecasted to grow by a total of 15.8 percent. The largest components of General Fund revenues are Property Taxes (52.9 percent of FY 2026 General Fund revenues), Franchise Fees and Other Taxes (11.9 percent), Charges for Services (12.8 percent), Licenses and Permits (8.5 percent), and Intergovernmental Revenues (9 percent). Interest, Fines and Forfeitures, Other Revenues, and Transfers -In comprise the remaining 4.9 percent. In fiscal year 2026, the total adopted property tax rate is 7.3616 mills, which is a decrease from year millage rate of the prior year millage rate of 7.3900. The FY 2026 Budget for General Fund property tax revenue is $647.6 million. This budget is based on an assessed valuation of $103.7 billion and a General Fund operating millage rate of 7.1080. The millage rate is assumed to remain flat over the five-year period. Taxable property values are projected to increase by nine percent in FY 2027, seven percent in FY2028, and by five percent annually each remaining year of the forecast. This assumption is based on the expectation that the development activity in the City has leveled out and will remain flat through the end of the five-year period. Requests for Information This financial report is designed to provide a general overview of the City's finances for all those with an interest in the government's finances to demonstrate the City 's accountability. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the City of Miami's Finance Department — Director, 444 Southwest 2nd Avenue, Suite 618, Miami, Florida 33130, or visit the City's web site at www.miamigov.com.. 33 Page left intentionally blank 34 City of Miami, Florida Statement of Net Position (Deficit) September 30, 2025 Discretely Governmental Presented Activities Component Units Assets Cash, Cash Equivalents, and Investments $ 538,846,053 $ 148,163,726 Receivable - Net 45,292,962 9,877,829 Lease Receivable Current 3,378,052 503,662 Accrued Interest 7.135 016 - Due From Other Governments 56,419,017 454,981 Land Held far Resale 90,971 - Prepaids 11,006,488 840,538 Other Assets 1,556,471 5,458,658 Lease Receivable Non -Current 280,775,106 1,575,304 Restricted Cash, Cash Equivalents, and Investments Related to Debt Proceeds 638,648,082 Restricted Cash, Cash Equivalents, and Investments 425,997,753 34,683,165 Capital Assets: Non -Depreciable 556,274,177 13,663,605 Depreciable - Net 806.541.406 80,997,610 Total Assets 3,371,961,554 296,219,078 Deferred Outflows of Resources Deferred Loss on Refunding Bonds Outflows Related to Pension Outflows Related to OPEB Total Deferred Outflows of Resources 9,100,392 383,810,443 410,443,944 782,680 2,078,586 20,492 803.354.779 2,881,758 Liabilities ,Accounts Payable and Accrued Liabilities 114,334,205 13,226,836 Due to Other Governments 9,038,248 1,808,346 Due to Fiscal Agent 160 - Unearned Revenue 30,622,217 2,397,246 Deposits 19,930,751 2,126,356 Liabilities from Restricted Assets 197,845 Accrued Interest Payable 7,872,128 955,200 Non -Current Liabilities: Due Within One Year: Bonds, Loans and Arbitrage 59,980,814 2,065,000 Compensated Absences 12,235,171 669,128 Claims Payable 62,354,540 - SBITA Liability 4,361,628 15,368 Other Post Employment Benefits 27,734,302 - Lease Liability 628,383 807,042 Due In More Than One Year: Bonds, Loans and Arbitrage 1,012,546,138 44,062,439 Compensated Absences 131,338,529 527,505 Claims Payable 186,316,838 - Other Post Employment Benefits 1,065 900,934 182,187 Net Pension Liability 1,444 488,246 - SBITA Liability 14,110,156 - Lease Liability 1,997,232 5,1 16,241 Total Liabilities 4,205,988.465 73,958,894 Deferred Inflows of Resources Inflows Related to Pension inflows Related to OPEB Deferred Lease Revenue Total Deferred Inflows of Resources 209,414,801 435,104,014 279.246.937 1,991,451 151,503 1,970,619 923,765,752 4,1 13,573 Net Position (Deficit) Net Investment in Capital Assets 907 017,564 47,942,933 Restricted for: Capital Projects 284,420,215 12,147,594 Debt Service 24 428,475 2,599,475 Pension Benefits - 1,587,241 Parking Waiver and Transportation 10,593457 2,400,756 Parking Surcharge 542,867 Facilities Improvement 12.457,581 - Building 22,065,446 Housing Assistance and Economic Development 12,888,558 Law Enforcement 1,748,657 Community Redevelopment 83,010,960 Choice Housing Voucher Program 162,023 E-91 1 and Public Safety 7,610,484 - Other 20 307459 25,566,315 Unrestricted (Deficit) (2,341,148,763) 128,241,188 Total Net Position (Deficit) $ (954,437,884) $ 221,028,369 The notes to the financial statement are an integral part of this statement. 35 City of Miami, Florida Statement of Activities For the Fiscal Year Ended September 30, 2025 Functions/Programs: Primary Government: Governmental Activities: General Government Planning and Development Community Development Community Redevelopment Areas Public Works Public Safety Public Facilities Parks and Recreation Interest on Long -Term Debt Interest on Lease Total Primary Government Component Units: Department of Off -Sweet Parking Downtown Development Authority Bayfront Park Management Trust Coconut Grove BID Wynwood BID Total Component Units Expenses Charges for Services Program Revenues Operating Grants and Contributions Capital Grants and Contributions $ 249,494,721 $ 93,887,612 $ 55,248,020 $ 75,836,581 73, 982,004 56,835,592 1,565,554 47,462,862 99,905,677 4,124,456 1,175,542 187,962,755 80,737,901 31,034,431 810,482,884 51,483,898 50,462,711 30,197,653 63,293,446 (44,124) 87,677,633 5,810,986 315,882 41,720,127 - - 875,552 - $ 1,640,989,175 $ 374,885,857 5,741,247 7,690 756 357,352 489,512 5,484,447 Net (Expense) Revenue and Changes in Net Position Primary Government Governmental Activities Discretely Presen ted Component Units $ (94,617,842) $ (1,854,577) (7,807,176) (94,605,679) (68,499,667) (708,178,923) 33,541,181 (76,066,318) (41,720,127) (875,552) $ 185,655,324 $ 19,763,314 $ (1,060,684,680) $ $ 52,738,416 $ 65,483,283 $ 13,054,100 7,179,930 9,049,015 1,986,229 1,800,922 4,057,174 10 057,088 $ 79,015,849 $ 86,390,308 $ General Revenues: Taxes: Property Taxes, levied for general purposes Property Taxes, levied for debt service Franchise Taxes State Revenue Sharing Sales and Other Use Taxes Public Service Taxes Investment Earnings Gain on Sale of Capital Assets Other General Revenues Total General Revenues Change in Net Position Net Position - Beginning (Deficit) as Previously Reported Net Position - Beginning (Deficit) Restated Net Position - Ending (Deficit) $ 2,000,000 2,000,000 $ $ 12,744,867 (13,054,100) 3,869,085 (185,307) 5,999,914 $ 9,374,459 $ 687,880,665 $ 12,806,615 23,851,362 61,918,226 22,799,152 46,798,839 86,135,634 68,777,939 998,161,817 (62,522,863) (876,045,989) (891,915,021) 4,122,517 58,783 405 592 17,393,507 26,767,966 170,697,802 194,260,403 $ (954,437,884) $ 221,028,369 The notes to the financial statement are an integral part of this statement. 36 General City of Miami, Florida Balance Sheet Governmental Funds September 30, 2025 Major Funds General Nun -Major Total Other Capital Emergency Obligation Governmental Governmental Projects Services Bonds Projects Funds Funds Assets Pooled Cash, Cash Equivalents, and Investments $ 209,356,926 $ 448,289,496 $ 20,569,954 $ 224,91 1,231 $ 274,366,528 $ 1,177,494,135 Restricted Cash, Cash Equivalents, and Investments - - 425,997,753 425,997,753 Receivables (Net of Allowance for Uncollectibles): Loans Receivable - 1,794 1,794 Accounts Receivable 35,623,473 1,616 4,581,041 40,206,130 Property Tax 4,887,642 - - 197,396 5,085,038 Due From Other Governments 7,975,426 17,996,386 2,550,777 27,896,428 56,419,017 Lease Receivable 283,914,389 - - 238,769 284,153,158 Due From Other Funds 12,680,597 - 12,680,597 Advance to Other Funds 39,401,518 - - - 39,401,518 Accrued Interest 4,505,727 605,593 369,558 1,654,138 7,135,016 Prepaids 6,316,442 3,299,160 - 1,390,886 11,006,488 Other Assets 707,237 849,234 1,556,471 Total Assets $ 605,369,377 $ 470,192,251 $ 23,120,731 $ 225,280,789 $ 737,173,967 $ 2,061,137,115 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts Pavable and Accrued Liaibilities 47,784,222 31,298,234 1,262,752 3,381,919 30.043,983 1 13,771,1 10 Other Liabilities 558,871 - - 4,224 563,095 Due to Other Funds - 12,680,597 12,680,597 Advances From Other Funds 34,914,408 4,487,110 39,401,518 Due to Other Governments 1,129,200 8,925 7,900,123 9,038,248 Due to Fiscal Agent 160 - - 160 Unearned Revenue 16,124,261 1,049,228 13,032,182 416,546 30,622,217 Deposits 19,714,323 - 216,428 19,930,751 Liabilities from Restricted Assets - - 197,845 197,845 Total Liabilities 85,311,037 32,347,462 14,303,859 38,296,327 55,946,856 226,205,541 Deferred Inflows of Resources Unavailable Revenue - Other 10,714,519 763,314 3,906,444 15,384,277 Deferred Lease Revenue 271,973,023 7,047,035 226,879 279,246,937 Total Deferred Inflows of Resources 282,687,542 7,810,349 4,133,323 294,631,214 Fund Balances (Deficit): Non -Spendable Fund Balance Non Spendable 45,717,960 3,299,160 2,519,674 51,536,794 Spendable Fund Balance Restricted 32,569,646 349,551,133 8,816,872 186,984,462 540,419,284 1,118,341,397 Committed - 71,270,199 130,384,800 201,654,999 Assigned 58,224,678 5,913,948 - 3,770,030 67,908,656 Unassigned (deficit) 100,858,514 - - 100,858,514 Total Fund Balances Total Liabilities, Deferred Inflows and Fund Balance 237,370,798 430,034,440 8,816,872 186,984,462 677.093,788 1.540,300,360 $ 605,369,377 $ 470,192,251 $ 23,120,731 $ 225,280,789 $ 737,173,967 $ 2,061,137,115 The notes to the financial statement are an integral part of this statement. 37 City of Miami, Florida Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position (Deficit) September 30, 2025 Fund Balances - Total Governmental Funds $ 1,540,300,360 Amounts reported for governmental activities in the Statement of Net Position (Deficit) are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the governmental funds. Governmental Capital Assets Less: Accumulated Depreciation 3,283,850,611 (1,921,035,028) 1,362,815,583 Inventory for land held for resale are not financial resources and therefore are not reported in the governmental funds. 90,971 Deferred outflows related to pensions Deferred outflows related to OPEB Deferred inflow related to pensions Deferred inflow related to OPEB plan 383,810,443 410,443,944 (209,414,801) (43 5,104,014) 149,735,572 Loss on refunding of debt is recognized in the Statement of Net Position (Deficit) and amortized over the term of the bond 9,100,392 Receivables are reported as deferred inflows in the fund financial statements due to amounts being unavailable; under full accrual accounting they are reported as revenues. Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds. Bonds, Notes, and Loans Payable Arbitrage Rebate Liability Compensated Absences Claims Liability Total OPEB Liability Net Pension Liability Lease and SBITA Liability Accrued Interest Payable (1,070,952,544) (1,574,408) (143,573,700) (248,671,378) (1,093,635,236) (1,444,488,246) (21,097,399) (7,872,128) 15,384,277 (4,031,865,039) Net Position (Deficit) of Governmental Activities $ (954,437,884) The notes to the financial statement are an integral part of this statement. 38 City of Miami, Florida Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For The Fiscal Year Ended September 30, 2025 General Major Funds General Non -Major Total Other Capital Emergency Obligation Governmental Governmental Projects Services Bonds Projects Funds Funds Revenues Property Taxes $ 578,090,548 $ - $ - $ $ 133,641,479 $ 711,732,027 Franchise and Other Taxes 148,053,860 - 148,053,860 Licenses and Permits 110,598,582 9,364,972 119,963,554 Fines and Forfeitm-es 7,115,291 - - 3,639,962 10,755,253 Intergovernmental Revenues 105,446,804 19,763,256 14,598,832 119,823,460 259,632,352 Charges For Services 173,391,073 294,179 - 12,917,638 186,602,890 lnvestment Earnings 34,237,176 9,957,760 9,273,490 15,309,513 68,777,939 Impact Fees - 46,137,756 46,137,756 Other 5,460,961 11,311 - 63,463 30,810,855 36,346,590 Total Revenues 1,162,394,295 30,026,506 14,598,832 9,336,953 371,645,635 1,588,002,221 Expenditures Current Operating: General Government 150,308,375 3,933,522 2,627,621 82,010 28,393,643 185,345,171 Planning and Development 61,693,128 381,015 - 2,520,578 64,594,721 Community Development 1,745,388 - 1,073,786 6,064,603 46,845,394 55,729,171 Community Redevelopment Areas - - 98,111,880 98,111,880 Public Works 129,104,027 574,314 - 24,764,1 17 154,442,458 Public Safety 641,348,602 434,292 2,740,786 31,554,850 676,078,530 Public Facilities 20,931,957 1,630,821 2,294,926 24,857,704 Parks and Recreation 64,852,175 2,846,912 - 2,148,424 69,847,511 Debt Service: Principal - 74,752,506 74,752,506 Lease Principal 7,381,680 559,214 7,940,894 Lease Interest 812,209 - - 63,343 875,552 Interest and Other Charges - 40,015,271 40,015,271 Other Debt Service Costs - - - 2,198,074 2,198,074 Capital Outlay 11,750,686 136,651,354 7,151,796 23,216,116 66,727,446 245,497,398 Total Expenditures 1,089,928,227 146,452,230 13,593,989 29,362,729 420,949,666 1,700,286,841 Excess (Deficiency) of Revenues Over (Under) Expenditures 72,466,068 (116,425,724) 1,004,843 (20,025,776) (49,304,031) (112,284,620) Other Financing Sources (Uses) Transfers In 46,465,773 59,168,083 382,688 - 182,233,954 288,250,498 Transfers Out (110,923,541) (573,928) (920,899) (64,272) (175,767,858) (288,250,498) Proceeds from Sale of Property 724,548 - 192,631 - 917,179 Premium from Issuance of Debt - 10,841,955 10,841,955 Issuance of Debt - 161,910,000 161,910,000 Lease Liability issued 10,781,159 - - 622,040 11,403,199 Finance Purchase - 17,750,932 - - 17,750,932 Total Other Financing Sources (Uses) (52,952,061) 76,345,087 (538,211) 128,359 179,840,091 202,823,265 Net Changes in Fund Balances 19,514,007 (40,080,637) 466,632 (19,897,417) 130,536,060 90,538,645 Fund Balances - Beginning 217,856,791 470,115,077 8,350,240 206,881,879 546,557,728 1,449,761,715 Fund Balances- Ending $ 237,370,798 $ 430,034,440 $ 8,816,872 $ 186,984,462 $ 677,093,788 $ 1,540,300,360 The notes to the financial statement are an integral part of this statement. 39 City of Miami, Florida Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Fiscal Year Ended September 30, 2025 Net Changes in Fund Balances - Total Governmental Funds $ 90,538,645 Amounts reported for governmental activities in the Statement of Activities are different because: The governmental funds reported right to use asset as expenditures, however, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as amortization expense Expenditures for right to use asset 11,403,199 Less Current year amortization expense (6,903,241) 4,499,958 Grant revenues are reported as deferred inflows in the fund financial statements due to amounts being unavailable, under full accrual accounting they are reported as revenues. 183,190 Tax revenues are reported as deferred inflows in the fund financial statements due to amounts being unavailable, under full accrual accounting they are reported as revenues. 5,320,680 Governmental funds report capital outlays as expenditures. However, in the Statement of Activities the cost of these assets is depreciated over their estimated useful lives. Expenditures for capital assets 235,774,365 Less: current year depreciation (69,779,040) 165,995,325 The net effect of various transactions involving capital assets (i.e. sales and disposals) is to decrease net position. Loss on disposal of capital asset (19,692,787) The issuance of long-term debt provides current financial resources and the payment of the principal on long-term debt consumes the resources of the governmental funds. Principal paid on bonds and loans Net effect of deferring and amortizing premiums, discounts, and accretion Issuance of debt -special obligation Issuance of debt -Loans Direct payments Issuance of Lease Principal payments on lease liability The net effect of amortizing the loss on debt refunding Arbitrage Liability increase Premium on issuance of debt Some items reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. Compensated absences Claims payable Total OPEB liability and related deferred inflows and outflows Net pension liability and related deferred inflows and outflows Accrued interest payable 74,752, 506 2,923,919 (161,910,000) (17,750,932) (11,403,199) 7,940,894 (1,521,144) (650,875) (10,841,955) (118,460,786) (11,578,193) (5,106,714) (79,341,637) (94,621,862) (258,682) (190,907,088) Change in Net Position (Deficit) of Governmental Activities $ (62,522,863) The notes to the financial statement are an integral part of this statement. 40 City of Miami, Florida Statement of Fiduciary Net Position Fiduciary Funds September 30, 2025 Assets Cash and Cash Equivalents Accounts Receivable Capital Assets, Net Accrued Interest Investments: U.S. Government Obligations Other Fixed Income Securities Corporate Stocks Money Market Funds International Equity Real Estate Private Equity Total Investments Pension Trust Funds $ 30,476,113 28,914,193 3,560,010 117,297 63,067,613 225,633,759 520,382,715 1,482,621,514 40,054,899 419,972,495 129,757,265 244,495,140 3,062,917,787 Securities Lending Collateral 62,759,531 Total Assets 3,188,744,931 Liabilities Obligations Under Security Lending Transactions Accounts Payable Payable for Securities Purchased Total Liabilities 62,759,531 1,199,987 25,412,760 89,372,278 Net Position Restricted for Pension Benefits $ 3,099,372,653 The notes to the financial statement are an integral part of this statement. 41 City of Miami, Florida Statement of Changes in Fiduciary Net Position Fiduciary Funds For the Fiscal Year Ended September 30, 2025 Pension Trust Funds Additions Contributions: Contributions - Employer $ 183,931,948 Plan Members 38,120,746 Total Contributions 222,052,694 Investment Earnings: Net Increase in Fair Value of Investments 231,553,292 Interest 14,299,622 Dividends 29,924,608 Other 1,251,325 Total investment Earnings 277,028,847 Security Lending Activities: Security Lending income Security Lending Fees and Rebates Net Income From Security Lending Activities 248,350 (62,047) 186,303 Less Investment Expenses (6,696,139) Net Investment Earnings 270,519,011 Reimbursement from City for Administrative Costs 3,310,809 Total Additions 495,882,514 Deductions Benefit Payments 281,671,254 Refunds upon Resignation, Death, Other 2,438,670 Administrative Expenses and Other Expenses 5,507,198 Total Deductions 289,617,122 Change in Net Position 206,265,392 Net Position Restricted for Pension Benefits - Beginning of Year 2,893,107,261 Net Position Restricted for Pension Benefits - End of Year $ 3,099,372,653 The notes to the financial statement are an integral part of this statement. 42 City of Miami, Florida Statement of Net Position Discretely Presented Component Units September 30, 2025 Department Downtown Bayfront Park of Off -Street Development Management Parking Authority Trust Assets Cash, Cash Equivalent and Investments $ 67,341,260 $ 18,978,172 $ 22,119,269 Receivables (Net of uncollectible accounts) 232,215 702,303 501,676 Due From Other Governments 454,981 - Lease Receivable - Current 503,662 Lease Receivable - Non -Current 1,575,304 Prepaids 799,060 34,518 Other assets 1,604,838 - Restricted Assets: Cash, Cash Equivalents, and Investments 34,683,165 Capital Assets: Non -Depreciable 7,155,629 - 6,507,976 Depreciable, Net 67,280,085 4,571,080 8,562,881 Total Assets 181,630,199 24,251,555 37,726,320 Deferred Outflows of Resources Deferred Loss on Refunding Bonds 782,680 Outflows Related to Pension 2,078,586 Outflows Related to OPEB 20,492 Total Deferred Outflows of Resources 2,881,758 Liabilities Accounts Payable and Accrued Liabilities 4,137,413 8,672,274 Due to the Primary Government 1,808,346 - Unearned Revenue 1,666,118 731,128 Deposits 1,619,675 506,681 Accrued Interest Payable 955,200 Non -Current Liabilities Due Within One Year: Bonds and Loans Payable 2,065,000 - Compensated Absences 664,400 4,728 Lease Liability 345,351 336,581 Other Post Employment Benefits 15,368 - Due In More Than One Year: Bonds and Loans Payable, Net 44,062,439 - Compensated Absences 340,330 187,175 Other Post Employment Benefits 182,187 - Lease Liability 780,381 4,165,304 Total Liabilities 58,642,208 13,366,062 1,237,809 Deferred Inflows of Resources Inflows Related to Pension 1,991,451 Inflows Related to OPEB 151,503 Deferred Lease Revenue 1,970,619 Total Deferred Inflows of Resources 4,113,573 Net Position Net Investment in Capital Assets 32,452,750 176,901 15,070,857 Restricted for: Capital Projects 12,147,594 Debt Service 2,599,475 Pension Benefits 1,587,241 Parking Waiver and Transportation Parking Surcharge Other - Unrestricted 72,969,116 10,708,592 21,417,654 Total Net Position $ 121,756,176 $ 10,885,493 $ 36,488,511 (continued) The notes to the financial statement are an integral part of this statement. 43 City of Miami, Florida Statement of Net Position Discretely Presented Component Units September 30, 2025 Coconut Grove Wynwood BID BID Total Assets Cash, Cash Equivalent and Investments S 4,000,496 $ 35,724,529 $ 148,163,726 Receivables (Net of uncollectible accounts) 952,179 7,489,456 9,877,829 Due From Other Governments - - 454,981 Lease Receivable - Current 503,662 Lease Receivable - Non -Current - - 1,575,304 Prepaids 2,615 4,345 840,538 Other assets 3,842,320 11,500 5,458,658 Restricted Assets: Cash, Cash Equivalents, and Investments 34,683,165 Capital Assets: Non -Depreciable - - 13,663,605 Depreciable, Net 456,514 127,050 80,997,610 Total Assets 9,254,124 43,356,880 296,219,078 Deferred Outflows of Resources Deferred Loss on Refunding Bonds 782,680 Outflows Related to Pension 2,078,586 Outflows Related to OPEB 20,492 Total Deferred Outflows of Resources 2,881,758 Liabilities Accounts Payable and Accrued Liabilities 159,383 257,766 13,226,836 Due to the Primary Government - - 1,808,346 Unearned Revenue 2,397,246 Deposits 2,126,3 56 Accrued Interest Payable 955,200 Non -Current Liabilities Due Within One Year: Bonds and Loans Payable 2,065,000 Compensated Absences - - 669,128 Lease Liability 64,486 60,624 807,042 Other Post Employment Benefits - - 15,368 Due In More Than One Year: Bonds and Loans Payable, Net 44,062,439 Compensated Absences 527,505 Other Post Employment Benefits - - 182,187 Lease Liability 144,538 26,018 5,116,241 Total Liabilities 368,407 344,408 73,958,894 Deferred Inflows of Resources Inflows Related to Pension 1,991,451 Inflows Related to OPEB 151,503 Deferred Lease Revenue 1,970,619 Total Deferred Inflows of Resources 4,113,573 Net Position Net Investment in Capital Assets 200,217 42,208 47,942,933 Restricted for: Capital Projects 12,147,594 Debt Service 2,599,475 Pension Benefits - - 1,587,241 Parking Waiver and Transportation 1,035,556 1,365,200 2,400,756 Parking Surcharge 542,867 542,867 Other 25,566,315 25,566,315 Unrestricted 7,107,077 16,038,749 128,241,188 Total Net Position S 8,885,717 $ 43,012,472 $ 221,028,369 The notes to the financial statement are an integral part of this statement. 44 City of Miami, Florida Discretely Presented Component Units Statement of Activities For the Fiscal Year Ended September 30, 2025 Program Revenues Operating Capital Charges for Grants and Grants and Expenses Services Contributions Contributions Department of Off -Street Parking Transportation $ 52,738,416 $ 65,483,283 $ $ Total Department of Off -Street Parking 52,738,416 65,483,283 Downtown Development Authority Economic Development 13.054,100 Total Downtown Development Authority 13.054,100 Bayfront Park Parks and Recreation Total Bayfront Park Coconut Grove BID General Government Total Coconut Grove BID Wynwood BID General Government Total Wynwood BID Total Component Units 7.179,930 9,049,015 2,000,000 7.179,930 9,049,015 2,000,000 1.986,229 1,800,922 1.986,229 1,800,922 4.057,174 10,057,088 4.057,174 10,057,088 $ 79.015,849 $ 86,390,308 $ $ 2,000,000 General Revenues: Taxes: Property Taxes Investment Earnings Gain of Sale of Capital Assets Other General Revenues Total General Revenue Change in Net Position Net position - Beg. Net position - Ending (continued) The notes to the financial statement are an integral part of this statement. 45 Department of Off -Street Parking Downtown Development Authority $ 12,744,867 $ 12,744,867 (13,054,100) (13,054,100) $ 12,744,867 $ (13,054,100) 2,236,119 58,783 2,294,902 15,039,769 106,716,407 $ 121,756,176 12,806,615 540,460 385,279 13,732,354 678,254 10,207,239 $ 10,885,493 City of Miami, Florida Discretely Presented Component Units Statement of Activities For the Fiscal Year Ended September 30, 2025 Net (Expense) Revenue and Changes in Net Position Bayti ont Park Management Trust Coconut Grove BID Wynwood BID $ $ $ 3,869,085 3,869,085 $ 3,869,085 878,347 878,347 4,747,432 31,741,079 $ 36,488,511 (185,307) (185,307) S (185,307) 467,591 20,313 487,904 5,999,914 5,999,914 Totals S 12,744,867 12,744,867 (13,054,100) (13,054,100) 3,869,085 3,869,085 (185,307) (185,307) 5,999,914 5,999,914 S 5,999,914 S 9,374,459 302,597 5,999,914 8,583,120 37,012,558 12,806,615 4,122,517 58,783 405,592 17,393,507 26,767,966 194,260,403 $ 8,885,717 $ 43,012,472 $ 221,028,369 The notes to the financial statement are an integral part of this statement. 46 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2025 NOTE 1. — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Reporting Entity The City of Miami, Florida (the "City") is located in Miami -Dade County, Florida (the "County"), was incorporated in 1896, and has a population of 478,799. The City is situated at the mouth of the Miami River on the western shores of Biscayne Bay and is a main port of entry into Florida and is the county seat of the County. The City comprises 36.07 square miles of land and 19.87 square miles of water. The City's Charter was adopted by the electors of the City of Miami at an election held on May 17, 1921 and was legalized and validated by Chapter 9024 of the laws of the State of Florida of 1921. During fiscal year 1997, the residents of the City voted on a referendum that created single -member districts and an Executive Mayor form of government. The City continues to operate under the Commission/City Manager form of government and provides the following services: police and fire City protection, public works activities, refuse collection, parks and recreational facilities, planning and development, community development, financial services, and general administrative services. The Florida Legislature, in 1955, approved and submitted to a general election, a constitutional amendment designed to give a new form of government to the County. The County is, in effect, a municipality with governmental powers affecting thirty-five cities and unincorporated areas, including the City. The County has not displaced nor replaced the City's powers but supplements them. The County can take over particular activities of the City's operations if (1) the services fall below minimum standards set by the County Commission or (2) with the consent of the governing body of the City. The accompanying financial statements include those of the City (the primary government) and those of its component units. Component units are legally separate organizations for which the primary government is financially accountable or organizations which should be included in the City's financial statements because of the nature and significance of their relationship with the primary government. Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards Section 2100 provides guidance for the inclusion of a legally separate entity as a component unit of an entity. The application of this guidance provides for identification of any entities for which the City is financially accountable or organizations that the nature and significance of their relationship with the City are such that exclusions would cause the City's basic financial statements to be misleading or incomplete. Based upon the application of GASB Codification Section 2100, the financial statements of the component units listed on the following pages have been included in the City's reporting entity as either blended or discretely presented component units. Blended component units, although legally separate entities, are in substance part of the City's operations. Accordingly, data from these component units are included with data of the primary government. Each discretely presented component unit, on the other hand, is reported in a separate column in the financial statements to emphasize that they are legally separate from the City. The financial balances and activities for each blended and discretely presented component unit are as of and for the year ended September 30, 2025. 47 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Blended Component Units SOUTHEAST OVERTOWN PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("SEOPW CRA") — SEOPW CRA is an Agency established by the City in 1983 under the authority of Section 163.330, Florida Statutes and City Resolution No. 82-755. The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the agency pursuant to the redevelopment plans of the Agency for new residential and commercial activity of the Southeast Overtown Park West area. The City has entered into an interlocal agreement with Miami -Dade County approving the deposit of tax increments into the separate SEOPW CRA accounts. The members of the City Commission are also the Board of Directors of the SEOPW CRA. Additionally, under the interlocal agreement the City handles the disbursement, accountability, management, and proper application of all monies in the SEOPW accounts. The funds of the SEOPW CRA are included within the reporting entity as a special revenue fund (SEOPW CRA), a debt service fund (SEOPW CRA - Other Special Obligation Bonds), and a capital projects fund (SEOPW Community Redevelopment Agency). OMNI COMMUNITY REDEVELOPMENT AGENCY ("OMNI CRA") — OMNI CRA is an Agency established by the City in 1986 under the authority of Section 163.330, Florida Statutes and City Resolution No. 86-868. The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the agency pursuant to the redevelopment plans of the Agency for new residential and commercial activity of the Omni area. The City has entered into an interlocal agreement with Miami - Dade County approving the deposit of tax increments into the separate OMNI CRA accounts. The members of the City Commission are the Board of Directors of the OMNI CRA. Additionally, under the interlocal agreement the City handles the disbursement, accountability, management, and proper application of all monies in the OMNI CRA accounts. The OMNI CRA is included within the reporting entity as a special revenue fund (OMNI CRA). MIDTOWN COMMUNITY REDEVELOPMENT AGENCY ("MIDTOWN CRA") — MIDTOWN CRA is an Agency established by the City in 2005 under the provisions of Section 163.330, Florida Statutes and City Resolution No. 05-002. The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the agency pursuant to the redevelopment plans of the Agency for new residential and commercial activity of the Midtown area. The MIDTOWN CRA entered into an interlocal agreement with the City, Miami -Dade County, and the Midtown Community Development District whereby tax increments would be deposited into the separate MIDTOWN CRA accounts. The members of the City Commission are the Board of Directors of the MIDTOWN CRA. Additionally, under the interlocal agreement the City handles the disbursement, accountability, management, and proper application of all monies in the MIDTOWN CRA accounts. The MIDTOWN CRA is included within the reporting entity as a special revenue fund (MIDTOWN CRA). VIRGINIA KEY BEACH PARK TRUST ("VKBPT") — On December 14, 2000 (and effective January 2001), via sections 38-230 through 38-242 of Chapter 38 of the Code of the City of Miami Ordinance 12003, the VKBPT was established and acts as a limited agency and instrumentality of the City of Miami. Its general purposes, in cooperation with City of Miami, are to preserve, restore, and maintain the Historic Virginia Key Beach Park in a manner consistent with environmental health, the historical importance of the Park and the aspirations of the African American Community, make it accessible to the general public, propose policy, planning, and design to ensure maximum community utilization and enjoyment. The City Commission must approve VKBPT's board membership and operating budget. The City considers itself the exclusive recipient of the services provided by VKBPT and therefore its operations are blended in the reporting entity as a special revenue fund (Virginia Key Beach Park Trust). 48 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 LIBERTY CITY COMMUNITY REVITALIZATION TRUST ("Liberty City") — On July 10, 2001, via section 2-892 of Chapter 2 of the Code of the City of Miami Ordinance 12082, Liberty City was established and acts as a limited agency and instrumentality of the City and provides services entirely or almost entirely to the primary government. Liberty City, in cooperation with the Department of Housing and Community Development and other City departments, is responsible for oversight of and facilitating the City's revitalization efforts for the redevelopment of the Liberty City Community Revitalization District in a manner consistent with the strategy identified in the Five -Year Consolidated Plan, adopted by the City Commission in August 1999. Liberty City's specific purpose is to purchase land and renovate capital assets that belong to the City of Miami within the Liberty City area. The City Commission must approve Liberty City's board membership and operating budget. The City considers itself the exclusive recipient of the services provided by Liberty City and therefore its operations are blended in the reporting entity as a special revenue fund (Liberty City Revitalization Trust). LITTLE HAITI REVITALIZATION TRUST ("Little Haiti") — On April 25, 2019, via section 2-892 of Chapter 2 of the Code of the City of Miami Ordinance 13834, Little Haiti was established and acts as a limited agency and instrumentality of the City and provides services entirely or almost entirely to the primary government. Little Haiti, in cooperation with the Department of Housing and Community Development and other City departments shall be responsible for oversight and facilitating the City's revitalization efforts for the redevelopment of the Little Haiti Community Revitalization District in a manner consistent with the strategy identified in the Five -Year Consolidated Plan, adopted by the City Commission in February 2014. Little Haiti's specific purpose is to create jobs, attract industry and facilitate the production of goods and services in the area for residents and non-residents. The City Commission must approve Little Haiti's board membership and operating budget. The City considers itself the exclusive recipient of the services provided by Little Haiti and therefore its operations are blended in the reporting entity as a special revenue fund (Little Haiti Revitalization Trust). The City also reports the Firefighters and Police Officers Retirement Trust (FIPO), General Employees and Sanitation Employees Retirement Trust (GESE) and the Elected Officials Retirement Trust (EORT) as fiduciary component units. These pension trust funds are further discussed in Note 10. Discretely Presented Component Units DEPARTMENT OF OFF-STREET PARKING OF THE CITY OF MIAMI, FLORIDA, d/b/a MIAMI PARKING AUTHORITY ("DOSP") — The DOSP was originally created in 1955 by a special act of the Florida State Legislature (Laws of Florida Chapter 30.997, as amended) and subsequently incorporated into the City's Charter in 1968. The DOSP is an agency and instrumentality of the City which owns and operates parking facilities within the City. The City Commission has reserved the right to confirm new members of the DOSP Board, to establish and fix rates and charges for parking services, to approve the DOSP's operating budget and to authorize the issuance of revenue bonds. Therefore, the DOSP is fiscally dependent, and the City is discretely presenting the DOSP in the accompanying financial statements. DOWNTOWN DEVELOPMENT AUTHORITY ("DDA") — The DDA was created by the City in 1965 pursuant to Chapter 65-1090 of the General Laws of Florida and City Code Section 14-25. The DDA is governed by a board appointed by the City Commission and was established for the purpose of furthering the development of the Downtown Miami area by promoting economic growth in the region and strengthening downtown's appeal as a livable City as well as a regional, national and international center for commerce and culture. The City Commission must approve the DDA's operating budget, and the millage levied on the special taxing district established to fund the DDA. Therefore, the DDA is 49 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 fiscally dependent, and the City is discretely presenting the DDA in the accompanying financial statements. BAYFRONT PARK MANAGEMENT TRUST ("BFP") — The BFP was established by the City in 1987 under the authority of City of Miami Resolution No. 10348. The BFP was created for the purpose of managing and operating the events held at Bayfront and Bicentennial Park and the daily maintenance and upkeep of the grounds, its various amenities including the amphitheater and the Mildred and Claude Pepper Fountain. The governing body of the BFP consists of nine appointed members serving initial terms of one to three years. Upon expiration of an initial term, each successor member may be appointed by the City Commission for terms of one to three years. The BFP has appointed an executive director to act as the chief executive officer, subject to policy directives. The BFP prepares and submits an annual budget request and master plan to the City Commission for its approval for each fiscal year. Therefore, the BFP is fiscally dependent, and the City is discretely presenting the BFP in the accompanying financial statements. COCONUT GROVE BUSINESS IMPROVEMENT DISTRICT ("CGBID") — In July 2004, pursuant to Resolution No. 12564, the City of Miami approved the establishment of the Coconut Grove Business Improvement Committee ("BIC"). The BIC was formed as an advisory committee to the City. During November 2008, the City tabulated the results of a special election for the creation of the Coconut Grove Business Improvement District ("CGBID"), where the CGBID was deemed to be approved by a majority of the affected property owners. During March 2009, under City Ordinance No. 13059, the City approved to repeal the BIC and establish a new Coconut Grove Business Improvement District Board ( "CGBID Board") to stabilize and improve retail and other businesses in the CGBID area through promotion, management, marketing and other similar services, including, but not limited to, coordination, funding, implementation and maintenance of all infrastructure improvement, and other projects, utilizing CGBID assessment proceeds and other funds identified. The CGBID board consists of nine members, including local property owners, commercial tenants, and key city officials, with final approval for the CGBID and its board members generally managed through City commission resolutions. Five of the nine seats are designated for elected members who, to the extent practical, represent diverse sectors including hotels, restaurants, retail, and office properties. The remainder of the board is composed of within the CGBID boundaries. The board is chaired by the District 2 Miami Commissioner, and it also includes a seat for the executive director of the Miami Parking Authority. The CGBID prepares and submits an annual budget request and master plan to the City Commission for its approval for each fiscal year. Therefore, the CGBID is fiscally dependent, and the City is discretely presenting the CGBID in the accompanying financial statements. WYNWOOD BUSINESS IMPROVEMENT DISTRICT ("WBID") — On June 4, 2013, the City through its Office of the City Clerk tabulated the results of a special election for the creation of the Wynwood Business Improvement District ("WBID"), where the WBID was deemed to be approved by a majority of the affected property owners. During July 2013, under City Ordinance No. 13-00831, the City approved to establish a new Wynwood Business Improvement District Board ("WBID Board") to manage the WBID in stabilizing and improving retail and other businesses in the WBID area through promotion, management, marketing and other similar services, including, but not limited to, coordination, funding, implementation and maintenance of all infrastructure improvement, and other projects, utilizing WBID assessment proceeds and other funds identified. The WBID prepares and submits an annual budget request to the City Commission for its approval for each fiscal year. The WBID board is composed of property and business owners from the 50-city-block Wynwood Arts District. The board members are selected through a structured election and nomination process. The recommended slate must be approved by both the existing board of directors and the WBID property 50 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 owners through an "up and down" vote. In cases of mid-term resignations, the board may appoint interim members to serve the remainder of a term. Therefore, the WBID is fiscally dependent, and the City is discretely presenting the WBID in the accompanying financial statements. The WBID recognized a restatement of their beginning net position and fund balance as of Octoberl, 2024 to reflect correction of an unrecorded receivable. The restatement had no effect on the change in net position or fund balance for fiscal year 2025. Please refer to separately issued financial statements for details. HEALTH FACILITY AUTHORITY ("HFA") — The HFA is an agency established by the City in 1979 under the authority of Chapter 154, Florida Statutes and City Resolution No. 79-93 to serve as a conduit to issue revenue bonds. The City Commission must approve the HFA's board membership and operating budget. Therefore, the HFA is fiscally dependent, and the City is discretely presenting the HFA in the accompanying financial statements. There are no assets, liabilities, deferred inflows/outflows of resources or results of operations to report as of and for the year ended September 30, 2025. The HFA does not issue stand-alone audited financial statements. Complete financial information of the individual component units may be obtained at the entity's respective administrative offices as follows: SEOPW CRA 819 NW 2nd Avenue 3rd Floor Miami, Florida 33136 OMNI/MIDTOWN CRA 1401 North Miami Avenue 2"d Floor Miami, Florida 33136 Virginia Key Beach Park Trust 4020 Virginia Beach Drive Miami, Florida 33149 Health Facility Authority c/o Department of Finance 444 S.W. 2"d Avenue Miami, Florida 33130 City of Miami Fire Fighters' and Police Officers' Retirement Trust 1895 SW 3' Avenue Miami, Florida 33129 Department of Off Street Parking 40 NW 3rd Street Suite 1103 Miami, Florida 33128 Downtown Development Authority 201 S. Biscayne Boulevard Suite 2600 Miami, Florida 33131 Bayfront Park Mgmt. Trust 301 N. Biscayne Boulevard Miami, Florida 33132-2226 Elected Officer' s Retirement Trust 444 S.W. 2"d Avenue Miami, Florida 33130 City of Miami General Employees' & Sanitation Employees' Retirement Trust 2901 Bridgeport Avenue Coconut Grove, Florida 33133 Coconut Grove BID 3250 Mary Street Suite 305 Coconut Grove, Florida 33133 Wynwood BID 118 NW 25 Street Miami, Florida 33127 Liberty City Community Revitalization Trust 4800 NW 12th Avenue Miami, Florida 33127-2218 Little Haiti Revitalization Trust 212 NE 59th Terrace Miami, Florida 33138 51 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 B. Government -Wide Financial Statements The accompanying financial statements of the City have been prepared in conformity with Generally Accepted Accounting Principles in the United States (GAAP). The GASB is the standard -setting body for governmental accounting and financial reporting. The GASB periodically updates its codification of the existing Governmental Accounting and Financial Reporting Standards which, along with subsequent GASB pronouncements, constitutes GAAP for governmental units. The more significant of these accounting policies are described below. The government -wide financial statements (i.e., the Statement of Net Position (Deficit) and the Statement of Activities) report information on all of the non -fiduciary activities of the City and its component units. The primary government is reported separately from the legally separate discrete component units. The Statement of Net Position (Deficit) presents the financial position of the City and its discretely presented component units at the end of its fiscal year. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment and indirect expenses (claims payable, compensated absences, pension benefits, other post - employment benefits, and leases) are allocated to activities based on each activities pro-rata share of the cost incurred. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items that are not deemed to be program revenues are reported instead as general revenues. C. Fund Financial Statements The accounts of the City are organized and operated on the basis of funds. A fund is an independent fiscal and accounting entity with a self -balancing set of accounts which comprise its assets, liabilities, deferred outflows/inflows of resources, fund balances/net position, revenues, and expenditures. Fund accounting segregates funds according to their intended purpose and it is used to aid management in demonstrating compliance with finance -related legal and contractual provisions. The City maintains the minimum number of funds consistent with legal and managerial requirements. The focus of governmental fund financial statements is on major funds as that term is defined in professional pronouncements. Each major fund is to be presented in a separate column, and non -major funds are aggregated and presented in a single column. The City maintains fiduciary funds which are used to account for assets held by the City in a trustee capacity. Since the governmental fund statements are presented on a different measurement focus and basis of accounting than the government -wide statements' governmental activities column, a reconciliation is presented which briefly explains the adjustments necessary to transform the fund level financial statements into the governmental activities column of the government -wide presentation. The City reports the following major governmental funds: o General Fund — The General Fund is the general operating fund of the City. General tax revenues and other receipts that are not allocated by law or contractual agreement to some other funds are accounted for in this fund. General operating expenditures and capital improvement costs not paid through other funds are paid from this fund. 52 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 o Other Capital Projects — This capital projects fund is used to account for and report on funds received from various resources (primarily from current revenues, federal and state grants) designated for construction projects. o Emergency Services Fund — This special revenue fund is used to account for grant expenditures and FEMA reimbursements related to disasters and certain Covid-19 related grant receipts and disbursements. This fund is designated by management as a major fund for public interest purposes. o General Obligations Bonds Projects — This capital projects fund is used to account for the receipt and disbursement of bond proceeds from general obligation debt and loan agreements to be used for construction and/or acquisition activities of the City. Additionally, the City reports the following fiduciary funds: o Pension Trust Funds — The pension trust funds account for the City of Miami Fire Fighters' and Police Officers' Retirement Trust ("FIPO"), the City of Miami General Employees' and Sanitation Employees' Retirement Trust ("GESE") and Other Managed Trusts (GESE Excess Plan and GESE Staff Plan), and the Elected Officers' Retirement Trust ("EORT"). These funds accumulate resources for pension benefit payments to qualified employees. D. Measurement Focus and the Financial Statement Presentation The government -wide and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. As a general rule, the effect of interfund activity has been eliminated from the government -wide financial statements. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Likewise, general revenues include all taxes. The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City considers revenues to be available if they are collected within 60 days of the end of the fiscal period, except for grant revenues which are considered to be available if collected within one year. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to lease and SBITA obligations, compensated absences, insurable claims, pollution remediation obligations, pension benefits, and other post - employment benefits are recorded only when payment is due or when the City has made a decision to fund these obligations with current available resources. 53 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Certain revenues associated with the current fiscal period are considered measurable, subject to accrual and are recognized as revenues of the current fiscal period when available. These include: o Property taxes o Intergovernmental revenue o Sales tax, franchise and utility taxes o Charges for services o Interest o Impact Fees All other revenue items are considered to be measurable only when cash is received by the City. E. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position/Fund Balance Deposits and Investments The City has defined cash, cash equivalents and investments to include cash on hand, demand deposits, money market funds, debt securities, and cash with fiscal agents. Each fund's equity in the City's investment pool is considered to be a cash equivalent since funds can be deposited or effectively withdrawn at any time without prior notice or penalty. In addition, the City considers all highly liquid investments with a maturity of three months or less when purchased, to be a cash equivalent. Investments, including those of the Pension Trust Funds, are recorded at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The City and the Pension Trust Funds categorizes its fair value measurements within the fair value hierarchy established by GASB 72 - Fair Value Measurement and Application. The hierarchy is based on the valuation inputs to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level inputs are significant unobservable inputs. In addition, certain investments are measured at the net asset value (NAV) per share (or its equivalent) or amortized cost. See Note 2 for more detail regarding methods used to measure the fair value of investments. Interfund Receivables, Payables and Advances Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the fiscal year is referred to as "due to/from other funds" and "advances to/from other funds". Receivables Receivables include amounts due from other governments and others for services provided by the City and are recorded when the related revenue is earned. Allowances for uncollectible receivables are based upon historical trends and the periodic aging of receivables. The City fully reserves for all receivables greater than 60 days with the exception of grant receivables and other accounts that are in the collection process, which are based on historical collection experience and other factors. Property taxes receivables are adjusted to reflect the balance of delinquent taxes provided by Miami -Dade County at fiscal year- end. 54 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Leases and Subscription Based Information Technology Arrangements (SBITAs) A lease is defined as a contractual agreement that conveys control of the right to use another entity's nonfinancial asset as specified in the contract for a period of time in an exchange or exchange -like transaction. Examples of nonfinancial assets include buildings, land, vehicles, and equipment. The City of Miami is a lessor for noncancellable leases of buildings. The City recognizes a lease receivable and a deferred inflow of resources in the government -wide and governmental fund financial statements. At the commencement of a lease, the City initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term. Key estimates and judgments include how the City determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts. o The City of Miami uses its estimated incremental borrowing rate as the discount rate for leases. o The lease term includes the noncancellable period of the lease. Lease receipts included in the measurement of the lease receivable is composed of fixed payments from the lessee. The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable and related amounts. A SBITA is defined as a contract that conveys control of the right to use another party's (a SBITA vendor's) information technology (IT) software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange -like transaction. At the commencement of each subscription, the liability is measured at the present value of payments expected to be made during the term. Subsequently, the subscription liability is reduced by the principal portions of payments made. The Right -to -use subscription assets are measured as the initial amount of the individual liabilities, adjusted for payments made at or before the subscription commencement dates, plus certain initial direct costs. Subsequently, the right -to -use subscription assets are amortized on a straight-line basis over their useful lives. Key estimates and judgments related to subscriptions include how the City determines (1) the discount rate it uses to discount the expected subscription payments to present value, (2) subscription term, and (3) subscription payments. o The City of Miami uses its estimated incremental borrowing rate as the discount rate for subscriptions. o The subscription terms include the noncancelable period of the subscriptions. Subscription payments included in the measurement of the subscription liability are composed of fixed payments. 55 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Leases and SBITAs are included in capital assets and long-term liabilities on the Statement of Net Position. Prepaids Prepaid items of both government -wide and governmental fund statements are recorded under the consumption method. Prepaid expenses consist of certain costs which have been paid prior to the end of the fiscal year but represent items which are applicable to future accounting periods. Reported amounts in governmental funds are equally offset by non -spendable fund balance in the fund financial statements, which indicates that these amounts do not constitute "available spendable resources" even though they are a component of current assets. Assets Held for Resale The government -wide financial statements present as inventory properties held by the Housing and Community Development Department for resale. Such balances are recorded at lower of cost or net realizable value. Restricted Assets Certain proceeds from bonds, loans and deposits are classified as restricted assets because their use is limited by applicable bond indentures, contracts, agreements, and other externally imposed constraints. Capital Assets Capital assets, which include property, plant, equipment, and infrastructure (e.g., roads, sidewalks, drainage, and similar items), are reported in the governmental activities column in the government -wide financial statements, fiduciary funds and discrete component unit financial statements. Capital assets are defined by the City as assets with an initial cost of $5,000 or more and an estimated useful life in excess of one year. Such assets are recorded at historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value on the date of the donation. Major outlays for capital assets and improvements are capitalized as projects are constructed. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Property, plant, equipment, leased and SBITA assets and infrastructure are depreciated/amortized using the straight-line method over the following estimated useful lives: Asset Years Buildings 20 - 50 Infrastructure 15 - 75 Improvements 10 - 30 Machinery and equipment 3 - 15 Right of Use Leased and SBITA Assets 5 - 20 Right of Use Leased and SBITA Assets The leased and SBITA assets are amortized on a straight-line basis over the shorter of the life of the assets or the related lease and SBITA term. 56 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Compensated Absences Under the terms of civil service regulations, labor contracts, and administrative policy, City employees earn vacation and sick leave in varying amounts, and certain overtime hours may be accrued and carried forward as earned time off. Unused leave may be payable upon separation from service, subject to limitations based on employee classification and seniority. In accordance with GASB Statement No. 101, the City recognizes a liability for unused leave attributable to services already rendered that accumulates and is more likely than not to be used or paid/settled, as well as for leave used but not yet paid or settled, based on the City's leave policies and historical experience. The liability, including applicable salary• related costs, is reported in the government• wide financial statements as current and long• term liabilities and in the governmental funds only to the extent expected to be liquidated with expendable available financial resources Deferred Outflows and Inflows of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to future periods. The City has three items that qualifies for reporting in this category. The first two items are deferred outflow of resource related to pension benefits and other post -employment benefits (OPEB). Deferred outflows on pensions arise from differences between projected and actual earnings on pension plan investments and are amortized to pension expense using a systematic and rational method over a closed five-year period. Deferred outflows on pensions and OPEB also include the difference between expected and actual experience with regard to economic or demographic factors, and changes in actuarial assumptions. These are amortized over the average expected remaining service lives of all employees that are provided with pensions and OPEB through each plan. Employer contributions to pension and OPEB plans made subsequent to the measurement date are also deferred and reduce the net pension liability and total OPEB liability in the subsequent year. The third item is a deferred charge on refunding, which is the difference between the carrying value of the refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to future period and so will not be recognized as an inflow of resources (revenue) until that time. Amounts related to governmental fund receivables that are measurable, but not available (not received within 60 days from fiscal year end), are recorded as unavailable (a deferred inflow of resources) in the governmental fund financial statements. A deferred inflow of resources for leases is recorded at lease initiation and amortized on a straight-line basis over the applicable lease term. Deferred inflows on pensions are recorded when investment return on pension plan assets exceeds actuarial assumptions and are amortized using a systematic and rational method over a closed five-year period. Deferred inflows on pensions and OPEB also include the difference between expected and actual experience with regard to economic, or demographic factors. These are amortized over the average expected remaining service lives of all employees that are provided with pensions through each pension 57 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 plan. Deferred Inflow of Resources related to pensions and OPEB arise from changes in actuarial assumptions. This amount is amortized over a period equal to the average of the expected remaining service lives (in years) of all employees that are provided with benefits through the OPEB plan. Employee Benefit Plans and Net Pension Liability - The City provides separate defined benefit pension plans for general employees, sanitation employees and for uniformed police and fire department personnel, as well as a defined contribution pension plan created in accordance with Internal Revenue Code ("IRC") Section 401(a) primarily for directors and other unclassified administrator employees. The City also offers an optional deferred compensation plan created in accordance withIRC Section 457. For the purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, the City's defined benefit pension plans and additions to/deductions from the plans' fiduciary net position have been determined on the same basis as they are reported by the plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. Post -Employment Benefits Other Than Pensions (OPEB) - Pursuant to Section 112.0801, Florida Statutes, the City is required to permit participation in the health insurance program by retirees and their eligible dependents at a cost to the retiree that is no greater than the cost at which coverage is available for active employees. Retired police officers are offered coverage at a discounted premium under the FOP Health Trust that is administered separately from the City's health care plan. For non -police retirees (firefighters, general employees, sanitation employees and elected officials) and their dependents, the City subsidizes health care coverage and life insurance at a premium equal to the blended group rate. The City is financing OPEB on a pay -as -you go basis. As determined by an actuarial valuation, the City recorded the total OPEB liability in its government -wide financial statements related to the implicit subsidy. The total OPEB liability is measured and reported in accordance with the requirements of GASB 75, Accounting and Financial Reporting for Post -employment Benefits Other than Pensions. Unearned Revenues Resources that do not meet revenue recognition requirements (not earned) are recorded as unearned revenue in the government -wide and the governmental fund financial statements. Unearned revenues in the government -wide and governmental funds financial statements at year end are as follows: Source Balance Revenue Received in Advance - Other $ 16,771,939 Revenue Received in Advance - Grants 13,850,278 Total $ 30,622,217 58 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Long -Term Obligations In the government -wide financial statements long-term debt and other long-term obligations are reported as liabilities on the statement of net position (deficit). Bonds payable as reported includes bond premiums or discounts. Bond premiums, discounts and prepaid insurance cost are amortized over the life of the bonds using the effective interest method. In the fund financial statements, governmental fund types recognize bond premiums and discounts during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received and payment of debt principal, are reported as debt service expenditures. Pursuant to GASB 49, Accounting and Financial Reporting for Pollution Remediation Obligations, the City has accrued for known pollution remediation obligations to address pollution remediation activities such as assessments and clean-ups. Risk Management Under the protection of the sovereign immunity limit, Florida Statutes 768.28 and Chapter 440, Florida Statutes covering Workers' Compensation, the City has established a self -insured program to provide coverage for almost all areas of liability including Workers' Compensation, General Liability, Automotive Liability, Police Professional Liability, Public Officials' Liability, and Employment Practices Liability. Section 768.28, Florida Statutes, provides for waiver of sovereign immunity in tort actions or claims against the state and its agencies and subdivisions. The present limit of recovery in the absence of special relief granted by the Florida legislature is $200,000 per person per claim or judgment. The limit of recovery for all claims or judgments arising out of the same incident or occurrence is $300,000. The City also provides group health benefits for its active employees, retirees, and their dependents through a fully self -funded health insurance program and uses a commercial carrier as the administrator. The City records a liability for Workers' Compensation, General Liability, Employee Health Programs, Automotive Liability, Police Professional Liability, Public Officials' Liability, and Employment Practices Liability. Net Position Equity in the government -wide statement of net position (deficit) is displayed in three categories: 1) net investment in capital assets, 2) restricted, and 3) unrestricted. Net investments in capital assets consists of capital, SBITA and leased assets reduced by accumulated depreciation and by any outstanding debt incurred to acquire, construct, or improve those assets, excluding unexpended proceeds. Deferred outflow and inflow of resources that are attributable to acquisition of those assets or related debt are included in this component of net position. Net position is reported as restricted when there are legal limitations imposed on its use by enabling legislation from State Statutes, City legislation or external restrictions by other governments, creditors, or grantors. Unrestricted net position (deficit) consists of all items that do not meet the definition of either of the other two components. When restricted resources are available for use, it is the City's policy to use restricted resources first as they are needed. Similarly, within fund balance categories committed amounts are reduced first, followed by assigned, and then by unassigned amounts when expenditures are incurred for purposes for which amounts in any of these fund balance classifications could be used. 59 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Fund Balance GASB 54, Fund Balance Reporting and Governmental Fund Type Definitions, established the accounting and financial reporting standards for government entities to report fund balance in classifications that comprise a hierarchy based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. The following is a description of the classifications used by the City. o Nonspendable Fund Balance — This amount includes amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. Examples of this would be advances, inventory, prepaid assets, and permanent endowments. o Restricted Fund Balance — This amount includes amounts that are restricted to specific purposes as stipulated by (a) external creditors, grantors, contributors, or laws or regulations of other governments or (b) imposed by law through constitutional provisions or enabling legislation. o Committed Fund Balance — This amount includes amounts that can only be used for specific purposes pursuant to constraints imposed by the City's highest level of decision -making authority which is the City Commission. The commitment can only be revised or removed by adoption of a new resolution. o Assigned Fund Balance — This amount includes amounts that are constrained by the City's intent to be used for specific purposes but are neither restricted nor committed. Assignments are made directly by City Commission or management. o Unassigned Fund Balance — This amount is the residual classification for the General Fund. This classification represents fund balance that has not been restricted, committed, or assigned to specific purposes within the General Fund. An assigned fund balance cannot result in an unassigned fund balance deficit. 60 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The following schedule classifies the City's fund balances as of fiscal year-end September 30, 2025: City of Miami, Florida Fund Balance (Deficit) Classification Governmental Funds September 30, 2025 Major Funds General General Non -Major Total Other Capital Emergency Obligation Bonds Governmental Governmental Projects Services Projects Funds Funds FUND BALANCES (DEFICIT) Nan Spendable: Recycling Funds $ - $ - $ Prepaid Items 6.316,442 3,299,160 Long Term Due from Other Funds 39,401,518 - 45,717,960 3,299,160 1,128,788 $ 1,128,788 1,390,886 I1,006,488 39.401,518 2,519,674 51,536,794 Spendable: Restricted for: Debt Service (Required by Debt Covenants) - 21,907.380 21,907,380 Water Sewer Combination 4,523,497 - - 4,523,497 Emergency and Disaster Relief - 8,816,872 - 8,816,872 Park Projects - 19.463.122 - 10,957,932 30.421,054 Capital improvements - 57,384,344 - 186,984.462 168,129,083 412,497,889 Transportation and Transit 10,504,200 3,405.177 - 68,545,878 82.455,255 Housing and Urban Development - - - - 12,243,792 12,243,792 Public Safety - 366,470 - 9,359,141 9,725,611 Building 22,065,446 1,000,000 - - - 23,065,446 Facilities Improvement 251.355,460 12,457,581 263,813,041 Public Works - 9,365,814 - 456,061 9,821,875 Other 2,687.249 548,359 3.235,608 CRA - - - 234,943,997 234,943,997 Solid Waste 50,000 50,000 Human Services _ - _ - - 820,080 820,080 32_569,646 349.551,133 8,816.872 186,984,462 540,4I9,284 1,118,341,397 Committed to: Housing and Urban Development - - - - 14,285,986 I4,285,986 Capital Improvement 9,752,347 9.752,347 Transportation Projects - 3,484.000 - 190,101 3.674,101 Public Safety 10,755,651 107,310 10,862,961 Public Works - 2,258,525 - - 4,4I 1,370 6,669,895 Facilities Improvement 11,640,232 I 1,640,232 Parks Projects 21,307,152 - 4,113.498 25.420,650 Water -Sewer Combination 3,130,610 3,130,6 10 Other - 6,760,585 - 107,134,796 1I3,895.381 Economic Development - - - 136,084 136.084 Solid Waste - 210,192 - - 5,655 215,847 Building 1,970,905 - - 1.970,905 71,270.199 130,384.800 201,654,999 Assigned to: Public Safety - 91,166 91,166 Public Facilities Projects - 4,134,817 - 4,134,817 Post -Retirement Benefits, Self -Insurance and Claims 58,224,678 - 58,224,678 Capital Improvement 1,779,131 - - - 1.779,131 Other - 3,678,864 3,678,864 58,224,678 5,913,948 - 3,770,030 67,908,656 Unassigned: Other (deficit) 100,858,514 - - - 100,858,514 Total Fund Balance (Deficit) S 237,370,798 $ 430,034,440 $ 8,816,872 $ 186,984,462 $ 677,093,788 $ 1.540,300,360 61 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The City's Financial Integrity Principles require the City to maintain a minimum General Fund balance equal to twenty percent (10% Designated and 10% Unassigned) of the prior three-year average of general revenues (excluding transfers). The average three-year revenues for fiscal years 2022, 2023, and 2024 were approximately $1.009 billion. Based on this, the City is required to individually retain a designated and unassigned fund balance of approximately $100.9 million each. The designated fund balance consists of amounts classified as either nonspendable, restricted, committed, or assigned and such designation shall be based on the standard and guidance established, and amended from time to time by GASB. As of September 30, 2025, the City has $136.5 million of fund balance which meets the above designated fund balance criteria, and has reported an unassigned fund balance of $100.9 million as required in accordance with the City's Financial Integrity Ordinance. These amounts combined equal the total General Fund Balance of $237.4 million. Use of estimates - The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, deferred inflow/outflow of resources and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from estimates. Excess of Expenditures over Appropriations The following funds' actual expenditure exceeded appropriations for the year -ended September 30, 2025. Fund Exceeds Budget Authorization General: Mayor $ 13,850 City Manager 58,698 City Clerk 54,993 Human Resources 3,270 Finance 10,374,921 Capital Improvements and Transportation 152,599 Non -Departmental 1,561,429 Building 620,717 Zoning Department 70,617 Solid Waste 967,315 Fire - Rescue 381,127 Police 1,257,453 Parks Department 395,301 Additional information on the City's right to use assets for Finance Department (additions) can be found in Note 5 in the notes to the financial statements and Required Supplementary Information Statements. 62 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Budgets are monitored at varying levels of classification detail; however, budgetary control is legally maintained at the fund level except for the General Fund, which is maintained at the departmental level. City departments will work closely with the Budget Department to minimize these instances in the ensuing fiscal year. New Accounting Pronouncements The City adopted the following pronouncements for the year ended September 30, 2025: GASB Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. Effective October 1, 2024, the City implemented GASB Statement No. 101, Compensated Absences, which updates the recognition and measurement guidance for compensated absences and requires that liabilities for compensated absences be recognized for (1) leave that has not been used and (2) leave that has been used but not yet paid in cash or settled through noncash means. The implementation increased beginning compensated absences liability and decreased the beginning net position as shown below: Balance October 1, 2024, as previously reported Change to implement GASB 101 Balance October 1, 2024, as restated Compensated Net Position Absences $ 116,126,475 $ (876,045,989) 15,869,032 (15,869,032) $ 131,995,507 $ (891,915,021) GASB Statement No. 102, Certain Risk Disclosures. The objective of this Statement is to provide users of government financial statements with essential information about risks related to a governmenf s vulnerabilities due to certain concentrations or constraints. The requirements of this Statement will improve financial reporting by providing users of financial statements with essential information that currently is not often provided. The disclosures will provide users with timely information regarding certain concentrations or constraints and related events that have occurred or have begun to occur that make a government vulnerable to a substantial impact. As a result, users will have better information with which to understand and anticipate certain risks to a government's financial condition. The City adopted this Statement with no material effect. 63 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 NOTE 2. — DEPOSITS AND INVESTMENTS Pooled Cash The City (excluding the Pension Trust Funds and restricted cash balances) maintains a cash management pool for its cash, cash equivalents, and investments in which each fund and/or account or sub -account of a fund participates on a dollar equivalent and daily transaction basis. Interest income (which includes unrealized gains and losses) is distributed monthly to all eligible funds, accounts and/or sub -account, based on the available cash balance at month end. The yield is determined for these eligible funds, based on the amount of time they are available for investing. A cash balance that is needed within a three- month period will receive the yield on a three-month treasury bill as determined by the current bond market. Deposits Custodial Credit Risk — This is the risk in the event of a financial institution failure; the City's deposits may not be recoverable. In addition to insurance provided by the Federal Deposit Insurance Corporation (FDIC), deposits are held in banking institutions approved by the State Treasurer of Florida to hold public funds. The City's adopted policy is governed by Florida Statutes Chapter 280, Security for Public Deposits, which requires all Florida qualified public depositories to deposit with the Treasurer or other banking institution eligible collateral. In the event of failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses. Investments As required by Florida Statutes, the City has adopted a written investment policy, which may, from time to time, be amended by the City Commission. The purpose of the policy is to set forth investment objectives and parameters for the management of public funds of the City and is designed to safeguard the City's funds, the availability of operating and capital funds when needed, and an investment return competitive with comparable funds and financial market indices. Investments should be made subject to the cash flow needs and such cash flows are subject to revisions as market conditions and the City's needs change. However, when the invested funds are needed in whole or in part for the purpose originally intended or for more optimal investments, the Finance Director, designee, or investment advisor may sell the investment at the then -prevailing market price and place the proceeds into the proper account at the City's custodian. Diversification strategies within the established guidelines shall be reviewed and revised periodically as necessary by the Investment Committee. The Investment Committee, Finance Director, designee, or investment advisor shall have the option to further restrict investment percentages from time to time based on market conditions, risk and diversification investment strategies. The percentage allocations requirements for investment types and issuers shall be calculated based on the original cost, at the time of purchase, of each investment. Investments not listed in this policy are prohibited. 64 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The City Code authorizes the Director of Finance and/or a designee in his/her absence to purchase and invest idle funds prudently in the following instruments with limits: Sector Sector Maximum (%) Per Issuer Maximum (%) Minimum Ratings Requirement U.S. Treasury 100% 100% Not Applicable GNMA 40% Other U.S. Government Guaranteed (e.g. AID, GTC) 10% Federal Agency/GSE: FNMA, FHLMC, FHLB, FFCB 75% 40% Not Applicable Federal Agency/GSE other than those above 10% Supranationals where U.S. is a shareholder and voting member 25% 10% Highest ST or LT Rating Category (A-1/P-1, AAA-/Aaa3, or equivalent) Foreign Sovereign Governments (OECD countries only) and Canadian Provinces 5% 2% Highest ST or Two Highest LT Rating Categories (A-1/P-1, AA-/Aa3, or equivalent) Corporates 25% 5% Highest ST or Two Highest LT Rating Categories (A-1/P-1, A-/Aa3, or equivalent) Municipals 25% 5% Highest ST or Three Highest LT Rating Categories (SP-1/MIG 1, A-/A3, or equivalent) Agency Mortgage -Backed Securities (NIBS) 5% 40% Not Applicable Asset -Backed Securities (ABS) 5% 5% Highest ST or LT Rating (A-1+/P-1, AAA/Aaa, or equivalent) Non -Negotiable Collateralized Bank Deposits or Savings Accounts o 10% None, if fully collateralized None, if fully collateralized. Commercial Paper (CP) 35% 5% Highest ST Rating Category (A-1/P-1, or equivalent) Repurchase Agreements (Repo or RP) 20% 20% Counterparty (or if the counterparty is not rated by an NRSRO, then the counterparty's parent) must be rated in the Highest ST Rating Category (A-1/P-1, or equivalent). If the counterparty is a Federal Reserve Bank, no rating is required Money Market Funds (MMFs) 25% 25% Highest Fund Rating by all NRSROs that rate the fund (AAAm/Aaa- mf, or equivalent) Intergovernmental Pools (LGIPs) o 25% 25% Highest Fund Quality and Volatility Rating Categories by all NRSROs that rate the LGIP (AAAm/AAAf, Si, or equivalent) Florida Local Government Surplus Funds Trust Funds ("Florida Prime" or "SBA") 25% Not Applicable Highest Fund Rating by all NRSROs who rate the fund (AAAm/Aaa- mf, or equivalent) 65 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 At September 30, 2025, the City's bank balance was $ 356.9 million. This included cash invested by the bank as part of a sweep account. Pooled cash, cash equivalents and investments including restricted amounts of the primary government, exclusive of the Pension Trust Funds and discrete componentunits balances, consisted of the following: Investment Type Balance United States Treasury Notes $ 708,066,005 Federal Home Loan Bank 49,984,082 Corporate Notes 39,490,670 Commercial Paper 305,982,300 Money Market Fund 35,212 Total Investments 1,103,558,269 Bank Deposits 499,933,619 Total Pooled Cash, Cash Equivalents and Investments $ 1,603,491,888 Custodial Credit Risk — This is the risk in the event of the failure of the counterparty, the City will not be able to recover the value of its investments or collateral securities in the possession of an outside party. The City's investment policy requires securities be registered in the name of the City. All safekeeping receipts for investment instruments are held in accounts in the City's name. As of September 30, 2025, the unrestricted cash was $538.8 million. The total restricted cash was $1.1 billion, of which $638.6 million relates to unspent bond and loan proceeds restricted for capital projects. Unspent proceeds by debt issue consisted of the following: Debt Issue Unspent Debt Proceeds 2009 Homeland Defense S 1,531,902 2009 Streets & Sidewalks 24,523 2010B Marlins Garage Taxable 216,315 2017 Special Obligation Bond 2,950,716 2018C Streets & Sidewalks 1,322,856 2024A Miami Forever Bonds 123,660,391 202413 Miami Forever Bonds 13,855,443 2024C Miami Forever Bonds 83,923,380 2023A New Administration Building 228,579,065 2023E Oracle Cloud 32,583,491 2025A CRA SEOPW Tax Increment Revenue 150,000,000 Total $ 638,648,082 Interest Rate Risk — Interest rate risk is the risk that changes in market rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in the market interest rates. 66 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The City's policy limits the maturity of an investment to a maximum of five years. As of September 30, 2025, the City had the following investments with the respective weighted average maturity in years. The respective weighted average maturities were based on the securities' maturity date. Weighted Average Investment Type Fair Value Maturity in Years United States Treasury Notes $ 708,066,005 0,58 Federal Home Loan Bank 49,984,082 0.58 Corporate Notes 39,490,670 1.75 Commercial Paper 305,982,300 0.37 Money Market Fund 35,212 Less than 1 year Total $ 1,103,558,269 The City's portfolio of Corporate Notes securities includes callable securities. If a callable investment is purchased at a discount or premium, the maturity date is assumed to be the maturity date of the investment. As of September 30, 2025, the City owned callable securities with a fair value of $16 million. The portfolio's overall weighted average duration was 0.56 years. The City's investment policy dictates that the overall weighted average duration of the City's portfolio shall be three (3) years or less at the time of purchase. Credit Risk — Credit Risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The City's investment policy, (the Policy), minimizes credit risk by restricting authorized investments to the highest ratings of at least one of the nationally recognized statistical rating organizations (NRSROs) at the date of purchase. Commercial paper and banker's acceptances must have the highest letter and numerical rating as provided for by at least one NRSRO. All ratings requirements set forth in the City's Investment Policy apply at time of purchase. The City was compliant throughout the fiscal year. The table that follows summarizes the investments by credit rating at September 30, 2025: Investment Type S&P United States Federal Home Corporate Commercial Money Rating Treasury Notes Loan Bank Notes Paper Market Fund Total AAAiu $ - $ - $ - $ - $ 35,212 $ 35,212 A-1+ 79,991,200 68,975_700 148,966,900 AA+ 628,074,805 49,984,082 678,058,887 AA- 8,620,625 8,620,625 A+ 7,220,833 7,220,833 A 11.82.5,061 11,825,061 A- 9,419,053 237,006,600 246,425,653 BBB+ 1,394,498 1,394,498 NR 1,010,600 1,010,600 $ 708,066,005 $ 49,984,082 $ 39,490,670 $ 305,982,300 $ 35,212 $ 1,103,558,269 67 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Concentration of Credit Risk — The City's policy establishes limitations on portfolio composition by investment type and by issuer to limit its exposure to concentration of credit risk as previously disclosed in the notes. As of September 30, 2025, the following issuers represent 5 percent or more of the City's investment portfolio: Issuer Percentage Federal Home Loan Bank 5% United States Treasury Notes 64% Fair Value Measurements — The City categorizes its investments within the fair value hierarchy levels established by GASB 72. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Investments measured and reported at fair value are classified and disclosed in one of the following categories. Level 1 inputs are investments traded in an active market with available quoted prices for identical assets as of the reporting date. Level 2 inputs are inputs other than quoted prices included in level 1 that are observable for an asset or liability, either directly or indirectly, as of the reporting date. Level 3 inputs are investments not traded in an active market and for which no significant observable market inputs are available as of the reporting date. All of the City's investments are categorized as Level 2. Governmental bonds/notes, corporate notes, and other fixed income instruments classified in Level 2 of the fair value hierarchy are valued based on significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities or other market corroborated inputs. The following table summarizes the valuation of the City's investments in accordance with the above - mentioned fair value hierarchy levels as of September 30, 2025: Fair Value Measurements Significant Other Observable Inputs Investments by Level: Balance Level 2 Debt Securities: United States Treasury Notes $ 708,066,005 $ 708,066,005 Federal Home Loan Bank 49,984,082 49,984,082 Corporate Notes 39,490,670 39,490,670 Commercial Paper 305,982,300 305,982,300 Total Investments by fair value level 1,103,523,057 $ 1,103,523,057 Measured at Amortized Cost: Money Market Fund 35,212 Total Investments $ 1,103,558,269 68 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Elected Officer's Retirement Trust (EOR7) The EORT Trust follows the City's investment policy. At September 30, 2025, the investments of EORT are as follows: Investment Type Fair Value United States Treasuries Notes $ 8,521,320 Money Market Fund 837,717 Total $ 9,359,037 The EORT has the following asset allocation as of September 30, 2025: Asset Class Target Allocation U.S Fixed Income 91% Money Market Fund* 9% 100% *These are cash deposits that are invested in a sweep account by the bank. Interest Rate Risk — Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in the market interest rate. EORT's investment policy limits the maturity of an investment to a maximum of 5 years. At September 30, 2025, EORT had the following investments with the respective weighted average maturity in years. The respective weighted average maturities were based on the securities call date, not the maturity date. Weighted. Average Investment Type Maturity In Years United States Treasury Notes Money Market Funds Less than 1 year Less than 1 year EORT's investments at September 30, 2025, were in compliance with its investment policy at the time of purchase. 69 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Credit Risk — The Plan's investment policy minimizes credit risk by restricting authorized investments to the highest ratings of at least one of the nationally recognized statistical rating organizations (NRSROs). At September 30, 2025, all of the Plan's investments were held in United States Treasury Notes and Money Market Funds. Money Market Funds are authorized by the City's investment policy but are not rated by a major rating agency. Custodial Credit Risk — This is the risk that in the event of the failure of the counterparty, the Plan will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The EORT Plan utilizes an independent custodial safekeeping agent for its investments. All investments are held by the plans custodial bank and registered in the Plan's name. Concentration of Credit Risk — The Plan's policy establishes limitations on portfolio composition by investment type and by issuer to limit its exposure to concentration of credit risk. The policy provides that a maximum of 20 percent of the portfolio may be invested in SEC registered money market funds with no more than 10 percent to any single money market fund. A maximum of 100 percent of available funds may be invested in the Local Governments Surplus Funds Trust Fund. A maximum of 100 percent of the total portfolio may be invested in U.S. Government securities and federal instruments, with a limit of 25 percent invested in any one issuer of federal instruments. A maximum of 35 percent of the portfolio may be invested in prime commercial paper with a maximum of 5 percent with any one issuer. A maximum of 10 percent of the portfolio may be invested in banker's acceptances with a maximum of 5 percent with any one issuer. At September 30, 2025, the EORT did not have any investment with individual issuers greater than 5 percent, except for investments with the U.S. government. Fair Value Measurements — The EORT categorizes its investments within the fair value hierarchy established by GASB 72 as previously discussed in the footnotes. Debt Securities consist primarily of U.S. Treasury Notes. These securities can typically be valued using the close or last traded price on specific date (quoted prices in active markets). Investments in money market funds are measured at amortized cost. The following table summarizes the values of the EORT's investments in accordance with GASB 72 fair value hierarchy levels as of September 30, 2025: Fair Value Measurements Significant Other Observable Inputs Investments by level: Fair Value (Level 2) Debt Securities: United States Treasury Notes $ 8,521,320 $ 8,521,320 Total Investments by fair value level 8,521,320 $ 8,521,320 Measured at Amortized Cost: Money Market Fund 837,717 Total Investments $ 9,359,037 70 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 City of Miami Firefighters and Police Officers Retirement Trust (FIPO) and General Employees and Sanitation Employees Retirement Trust (GESE Trust). The FIPO and GESE Plans each issue stand-alone financial statements. Investment disclosures relating to each Plans' interest rate risk, credit risk, custodial credit risk, concentration of credit risk and related fair value measurement disclosures required by GASB are included in the separate stand-alone plans financial statements. Such disclosures are not required to be included in the City's financial statements herein. The Information can be found or requested to The Board of Trustees and Plan Administrators as follows: City of Miami Fire Fighters' and Police Officers' Retirement Trust 1895 SW 3rd Avenue Miami, Florida 33129 (305) 858-6006 https://www.miamifipo.org/ City of Miami General Employees' & Sanitation Employees' Retirement Trust 2901 Bridgeport Avenue Miami, Florida 33133 (305) 441-2300 https://www.gese.org/ 71 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 NOTE 3. — ACCOUNTS RECEIVABLE, LEASES RECEIVABLE AND DUE FROM OTHER GOVERNMENTS Receivables at year-end for the City in individual major and non -major funds in the aggregate, including the applicable allowance for uncollectible accounts are as follows: Other Capital Emergency Non -Major Receivables General Projects Services Funds Total Accounts $ 65,920,824 $ 1,958,810 $ $ 21,383,141 $ 89,262,775 Property Tax 4,887,642 - 197,396 5,085,038 Due From Other Governments 7,975,426 17,996,386 2,550,777 27,896,428 56,4 [ 9,017 Loans Receivable - - 21,023,713 21,023,713 Gross Receivables 78,783,892 19,955,196 2,550,777 70,500,678 171,790,543 Less: Allowance for Uncollectibles (30,297,351) (1,957,194) (37,824,019) (70,078,564) Net Total Receivables $ 48,486,541 $ 17,998,002 $ 2,550,777 $ 32,676,659 $ 101,7 1 I,979 The City, the County, U.S. Department of Housing and Urban Development (HUD) and Parrot Jungle and Gardens of Watson Island Inc. (Jungle Island) entered into various agreements that allowed Jungle Island to obtain a $13.8 million loan as presented above as loan receivable for the City, to fund construction of the Parrot Jungle Island project. On November 17, 2011, the City, Miami -Dade County, and HUD amended their May 13, 2001, Assumption of Loan Guarantee Assistance Liability and Pledge Agreement in order to refinance the Parrot Jungle Island project HUD Section 108 Loan under a new note at a lesser interest rate for the then outstanding principal amount of $15.6 million. The refinancing under the new note remained in accordance with the pro-rata payment obligations under a continuing agreement for the Parrot Jungle Island project HUD Section 108 Loan, whereby the City's pro-rata payment obligations remain 80 percent and the County's pro-rata payment obligations remain 20 percent. The City and the County have multiple continuing agreements, which have been amended over time with Jungle Island, regarding, inter alia, (1) the borrowing by Jungle Island of the Parrot Jungle Project HUD Section 108 Loan proceeds from the County and the City, (2) the use by Jungle Island of City -owned property for the construction of the Project, (3) City and County payments to HUD for the Parrot Jungle Island project HUD Section 108 Loan due to Jungle Island's inability to pay during construction and start-up of the Project, and (4) another loan from the City to Jungle Island of $800,000 for the payment of ad -valorem taxes on the Jungle Island property to the County. At this time, Parrot Jungle's payment obligations to the City are as follows: 1.Parrot Jungle Island Project HUD Section 108 Loan Deferred Payments: The City and Jungle Island has a deferred payment schedule. The City has recorded an allowance for the full amount of this receivable. On July 22, 2021, the City Commission approved Resolution 21-0319, which allowed for changes to the payment terms, upon execution of a Second Amendment to the Development Agreement, in a form acceptable to the City Attorney, and further subject to review, approval, and execution by the County. This agreement has not been executed as of the end of the fiscal year. 72 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 2. Regular Rent Payments: Beginning April 1, 2013, Jungle Island is required to pay the rent based upon a "Gross Revenues" monthly calculation. 3.Deferred Rent Payments: Payments due from Jungle Island to the City based upon a minimum rent/percentage rent calculation formula. The deferred rent amounts to $1.6 million and any percentage rent due. Given the uncertainty of the collections related to this amount, it is not recognized in the City's financial statements. All amounts due from Jungle Island at year end are fully reserved since collection is not certain. Single -Family Homeownership and Rehabilitation Programs Single-family home rehabilitation and homeownership programs funded under the Community Development Block Grant (CDBG), HOME Investment Partnership Loan Program (HOME), American Dream Down Payment Initiative (ADDI), State Housing Initiative Partnership Program (SHIP) and Affordable Housing Trust Fund, generally are repaid when the related properties are transferred or sold. If the property is transferred or sold before the end of the loan period, the proceeds from the repayment including interest, if any, are then returned to the program to assist additional low-income families. If the homeowners remain in their homes for the full term of the deferred loan, the loan is forgiven and becomes a grant. A mortgage or a covenant is placed against the property to ensure the repayment of the loan and interest. Given the nature of these loans and historical experience, collection is not assured, therefore all amounts due at year end are fully reserved by the City. A summary of single-family, deferred long-term loans that are fully reserved in the City's financial statements, at September 30, 2025, are as follows: Program Loans Outstanding Amount CDBG 30 loans $ 1,854,057 HOME 477 loans 22,604,601 SHIP 320 loans 20,232,297 Other 90 loans 6,384,831 Total 917 loans $ 51,075,786 Multi -Family Rental Loans Multi -family rental loan programs are funded by the Community Development Block Grant (CDBG) and HOME Investment Partnership Loan Program (HOME). At September 30, 2025, there are 121 projects aggregating to $131.3 million for new construction or rehabilitation of multi -family units, which under the terms of the loan agreement are to be repaid if program conditions are not met. Home ownership unit loans are usually forgiven to the developer and transferred to the home buyer. The home buyer loans are usually amortizable or deferred during the life of the affordability period. Such loans will be forgiven and become grants if the homeowners remain in their homes during the full term of the loan. Given the nature of these loans and historical experience, collections are not assured, therefore all amounts due at year end are fully reserved by the City. 73 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Economic Development Commercial Loans At September 30, 2025, there are 4 loans aggregating to $3.7 million for special economic development projects under the CDBG program. Those projects are collateralized by placing a mortgage against the property of the business or non-profit entity's assets to ensure repayment of the loan and interest to the City. Some of these loans are written with no interest payment or deferred payments and are forgivable if all program conditions are met. Given the nature of these loans and historical experience, collection is not assured, therefore all amounts due at year end are fully reserved by the City. Leases The City is a lessor for non -cancellable leases of buildings and other facilities owned by the City. The future minimum Lease receivable payments and interest for its leasing activities follows: Fiscal Year(s) 2026 2027 2028 2029 2030 2031-2035 2036-2040 2041-2045 2046-2050 2051-2055 2056-2060 2061-2065 2066-2070 2071-2075 2076-2080 2081-2085 2086-2090 2091-2095 2096-2100 Future Principal $ 3,378,052 4,265,876 6,255,668 6,179,144 5,655,540 31,535,727 36,714,283 39,518,705 38,960,108 41,998,038 46,743,563 20,406,639 2,456,378 10,618 12,006 13,576 15,351 17,358 16,528 Minimum Lease Receipts Interest Total $ $ 8,202,222 8,136,948 7,984,331 7,802,499 7,636,442 35,623,031 30,814,222 25,273,180 19, 564, 821 13,458,624 6,906,847 1,255,094 64,121 9,880 8,492 6,922 5,147 3,140 895 $ 11,580,274 12,402, 824 14,239,999 13,981,643 13,291,982 67,158,758 67,528,505 64,791,885 58,524,929 55,456,662 53,650,410 21,661,733 2,520,499 20,498 20,498 20,498 20,498 20,498 17,423 $ 284,153,158 $ 172,756,858 $ 456,910,016 In fiscal year 2025, the City recognized $9.5 million of lease revenue and $8.2 million of interest revenue under the lease agreements. At year end, the City has $14.6 million of deferred inflows — deferred lease revenues related to lease payments received in advance for two leases. The deferred inflows — deferred lease revenues will be recognized as revenue over the life of the lease term. 74 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Discretely Presented Component Units Long -Term Debt Department of Off -Street Parking (DOSP) Fiscal Year(s) Future Minimum Lease Receipts (in thousands) Principal Interest Total 2026 $ 503,662 $ 43,600 $ 547,262 2027 492,534 28,162 520,696 2028 180,426 17,981 198,407 2029 139,591 13,494 153,085 2030 74,819 11,778 86,597 2031-2035 106,563 52,016 158,579 2036-2040 124,160 42,348 166,508 2041-2045 143,705 31,129 174,834 2046-2050 165,388 18,187 183,575 2051-2054 148,118 4,559 152,677 $ 2,078,966 $ 263,254 $ 2,342,220 NOTE 4. - PROPERTY TAXES Property taxes are assessed according to the value determined by the Miami -Dade County Property Appraiser on January 1s1 of each year and are due, with discounts of one to four percent allowed if paid prior to March 1st of the following calendar year. In accordance with Florida Statute 197.122, taxes become an enforceable lien on the assessed property on November 1 each year based upon the assessed value established by the County property appraiser as of the prior January 1. Taxes are levied after the millage rate is certified in September of each year. Taxpayers also have the option of paying their taxes in advance in equal quarterly payments based on the prior year's tax assessment with quarterly discounts varying between 2 percent and 4 percent. All unpaid taxes on real and personal property become delinquent on April 1st and bear interest at 18 percent until a tax sale certificate is sold at auction. The County bills and collects all property taxes for the City and sells tax certificates for delinquent taxes. The assessed value of property, as established by the Miami -Dade County Property Appraiser, at January 1, 2024, upon which the 2024-2025 levy was based, was $103.7 billion. The City is permitted by Article 7, Section 8 of the Florida Constitution to levy taxes up to ten dollars per $1,000 of assessed valuation for general governmental services other than the payment of principal and interest on general obligation long-term debt. In addition, unlimited amounts may be levied for the payment of principal and interest on general obligation long-term debt, subject to a limitation on the amount of debt outstanding. The tax rate to finance general governmental services (other than the payment of principal and interest on general obligation long-term debt) for the year ended September 30, 2025, was $7.13640 per $1,000. The debt service tax rate for the same period was $0.2536 per $1,000. Property taxes receivable reported in the government -wide statement of net position and the governmental funds balance sheet represent amounts due for unpaid delinquent property taxes at September 30, 2025. Property taxes that are not considered "available" have been reported as deferred inflows on the governmental funds balance sheet. 75 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 NOTE 5. — CAPITAL ASSETS The following is a summary of changes in capital assets during the year ended September 30, 2025: Primary Government Beginning Balance Governmental Activities: Capital assets, not being depreciated: Land S 162,870,050 Construction in progress 265,072,160 Total Capital Assets, not being depreciated Depreciable Assets: Buildings Improvements Machinery, and equipment Infrastructure Right to Use Asset Buildings Right to Use SBITA Subscription -based Arrangements Total capital assets being depreciated Less Accumulated Depreciation For: Buildings improvements Machinery and Equipment Infrastructure 427,942,210 361,100,076 356,127,999 330,766,931 1,578,132,174 3,515,79I 22,159,251 2,651,802,222 190,053,765 291,646,782 265,127,332 1,113,027,498 Additions/ Transfers In Retirements) Transfers Out $ 26.495,656 8 197,046,740 223,542.396 26,671,847 25,997,1 11 35,740,581 622,040 10.781,159 99.812,738 7„547.158 9,287,114 19,265,685 33,679,083 Ending Balance $ 189,365,706 (95 210,429) 366,908,471 (95,210.429) (274.600) (23,704,881) (59,045) (24.03 8.52 » Less Accumulated Amortization for: Leased Buildings 971,489 590.138 Less Accumulated Amortization for. Subscription -based Arrangements 6,904,479 6,313,103 Total accumulated depreciationlamortization 1,867,731,345 76.682,281 Total capital assets being depreciated. net 784,070,877 23, I30,457 Governmental activities capital assets, net $ 1,212,013,087 $ 246,672,853 $ The City has right of use assets under lease and SBITAs in the accumulated amortization of $14.8 million at September 30, 2025. (164,119) (23,195,347) {19,132) (23,378,598) (659,928) 556,274,177 361.100,076 382,525,246 333,059, I61 1,6I3,813,710 4,137.831 32,940,410 2,727,576.434 197,600,923 300,769,777 261,197,670. 1,146,687,449 1,561.627 13.217,582 1,921.035,028 806,541.406. (95,870.357) 5 1,362.815,583 amount of $37.1 million with The leased and SBITA assets have net book values of $2.6 million and $19.7 million, respectively, at year end. Depreciation and amortization expense was charged to governmental functions as follows: Lease and SBITA Amortization Function/Program Activities General Government Planning and Development Community Development Community Redevelopment Areas Public Works Public Safely Public Facilities Parks and Recreation Total depreciation and amortization expense Depreciation Expenses 36,529,591 $ 6,858,871 257,127 305,745 1,118,995 10,319,140 - 10,711,005 - 3,498,266 - 7,039,171 44,370 $ 69,779,040 $ 6,903,241 76 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Construction Commitments As of September 30, 2025, the City had various construction projects in progress that were not completed with remaining balances that totaled approximately $181.0 million. Funding of these projects will be made primarily from proceeds of the bond issues, loans, future tax revenues and grants. Discretely Presented Component Units Capital Assets The following is a summary of changes in capital assets of the City's discretely component units during the year ended September 30, 2025: A summary of the changes in capital assets for DOSP is as follows: Keginning Additions/ Retirements/ Ending Kal.rnee Transfers In Transfers Out Balance Capital assests, not being depreciated: Land $ 5,937,211 $ $ $ 5,937,211 Construction in progress 833,171 566,242 (180,995) 1.218,41 ti Total capital assets, not being depreciated 6.770.382 566,242 (180,995) 7,155,629 Capital assets being depreciated Building and structures 101,644,453 - (368) 101,644,085 Leasehold improvements 11,768,878 494,285 12,263,163 Furniture and fixtures 1,024,337 62,721 - 1,087,058 Equipment 8,477, 865 132,856 8,610,721 Right to use leased vehicles 1,710,427 41,069 1,751,496 Total capital assests being depreciated 124,625,960 730,931 (368) 125,356,523 Less accumulated depreciation for: Building and structures Leasehold improvements Furniture and fixtures Equipment Right to use leased vehicles Total accumulated depreciation Total capital assets being depreciated, net DOSP capital assests, net 36,013,808 2,530,708 10,448,383 233,190 746,065 67,776 7,048,425 377,262 366,478 340,575 (96,232) 38,544,516 10,681,573 813,841 7,329,455 707.053 54.623,159 70,002, 801 3,549,511 (2,818,580) (96,232) 95,864 76,773,183 $ (2,252,338) $ (85,131) 58,076,438 67,280,085 74,435.714 77 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 A summary of the changes in capital assets for DDA is as follows: Beginning Additions/ Retirements/ Ending Balance Transfers In Transfers Out Balance Capital assets being depreciated: Furniture and equipment S 832,309 $ 97.343 S (3,084) S 926,568 Right to use leased 4,825,750 4,825,750 Total capital assets being depreciated 832,309 4,923,093 (3,084) 5,752,318 Less accumulated depreciation for: Furniture and equipment 725,490 25,065 (888) 749,667 Right to use leased - 431,571 - 431,571 Total accumulated depreciation 725,490 456,636 (888) 1,181.238 DDA capital assests, net S 106,819 $ 4,466.457 S (2,196) S 4,571,080 A summary of changes in capital assets for BFP is as follows: Beginning Additions/ Retirements/ Ending Balance Transfers In Transfers Out Balance Capital assets, not being depreciated: Land S 516,129 $ - $ - $ 516,129 Construction in Progress 3,224,933 2,766,914 - 5,991,847 Total capital assets, not being depreciated 3.741.062 2.766,914 6,507.976 Capital assets, being depreciated: Buildings 2,595,374 - - 2,595,374 Public domain and system infrastructure 13,359,531 707,213 - 14,066,744 Machinery and equipment 1,233,480 17,900 - 1,251,380 Total capital assets being depreciated 17.188,385 725,113 17,913,498 Less accumulated depreciation for; Buildings 1,915,574 30,280 1,945,854 Public domain and system infrastructure 6,177,334 335,240 - 6,512,574 Machinery and equipment 865,864 26,325 892,189 Total accumulated depreciation 8,958,772 391,845 9,350,617 Total capital assets being depreciated, net 8,229,613 333,268 8,562,881 BFP capital assets, net $ 11,970,675 $ 3,100,182 $ - $ 15,070,857 A summary of changes in capital assets for CGBID is as follows: Beginning Additions/ Ending Balance Transfers In Balance Capital assets being depreciated: Furniture and equipment $ 918,342 S 76.052 $ 994,394 Right to use leased 323,857 - 323,857 Total capital assets being depreciated 1.242,199 76,052 1,318.251 Less accumulated depreciation for: Furniture and equipment Right to use leased Total accumulated depreciation CGBID capital assests, net 637,934 61,707 699,641 98,975 63,121 162,096 736,909 124,828 861.737 542,558 (86,044) $ 456,514 78 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 A summary of changes in capital assets for WBID is as follows: Capital assets being depreciated: Furniture and equipment Right to use leased. Total capital assets being depreciated Less accumulated depreciation for: Furniture and equipment Right to use leased Total accumulated depreciation WIND capital assests, net Beginning Additions/ Ending Balance Transfers In Balance $ 343,598 $ - $ 343,598 176,231 176,231 519,829 519,829 277,743 33,267 23,647 301,390 58,122 91,389 311,010 81,769 392,779 $ 208,819 $ (81,769) $ 127,050 Summary of the discretely presented component units capital assets at September 30, 2025 are as follows: DOSP DDA BFP CGBID WBID Total Capital Assets: Non -depreciable $ 7,155,629 $ - $ 6,507,976 $ - $ - $ 13,663,605 Depreciable, net 67,280,085 4,571,080 8,562,881 456,514 127,050 80,997,610 Total $ 74,435,714 $ 4,571,080 $ 15,070,857 $ 456,514 $ 127,050 $ 94,661,215 Depreciation expenses were charged to the discretely presented component units as follows: Entity Depreciation Expense DOSP $ 3,549,511 DDA 456,636 BFP 391,845 CGBID 162,096 WBID 81,769 Total depreciation expense $ 4,641,857 79 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 General Projects NOTE 6. — ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities reported in the governmental funds balance sheet at September 30, 2025, consisted of the following: General Non -Major Other Capital Emergency Obligation Governmental Services Bonds Projects Funds Total. Accounts Payables $23,393,193 $27,182,236 Retainage 44,386 4,115,998 Salaries and Benefits Accounts Payable and Accrued Liabilities 24,346,643 $711,623 $2,514,905 551,129 867,014 $27,053,755 2,538,398 451,830 $80,855,712 8,116,92.5 24,798,473 $47,784,222 $31,298,234 Other Liabilities 558,871 Total $ 48,343,093 $ 31,298,234 $1,262,752 $3,381,919 $ 1,262,752 $ 3,381,919 $30,043,983 4,224 $ 30,048,207 $113,771,110 563,095 $ 114,334,205 NOTE 7. — INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS The balances reflected as due from/due to other funds reported as of September 30, 2025, are as follows: These outstanding balances between funds result mainly from the time lag between the dates that (a) reimbursable expenditures occur, (b) transactions are recorded in the accounting system, and (c) payments between funds are made. Receivable Fund Payable Fund Amount General Fund Non -Major Governmental Funds Advances From/to Other funds Receivable Fund General Fund General Fund 12,680,597 Total S 12,680,597 Payable Fund Major Fund - General Obligation Bonds Projects Non -Major Fund - Special Obligation Bonds Projects Amount $ 34,914,408 4,487,110 Total $ 39,401,518 The amounts payable to the general fund relate to the City's Declaration of Intent to issue bonds and reimburse the amount advanced for capital expenditures incurred in the Special Obligation and General Obligations Bonds Projects funds. Balances are not scheduled to be collected in the subsequent year and therefore have been reported as advances. 80 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The following is a summary of interfund transfers reported for the fiscal year ended September 30, 2025: Transfer In Non -Major Other Capital Emergency Governmental Transfer Out General Projects Services Funds Total General Fund $ $ 44,044,930 $ 6,866 $66,871,745 $110,923,541 Other Capital Projects 247,023 326,905 573,928 Emergency Services 590,743 247,023 - 83,133 920,899 General Obligation Bonds Projects 64,272 64,272 Nonmajor Governmental Funds 45,875,030 14,811,858 128,799 114,952,171 175,767,858 Total $ 46,465,773 $ 59,168,083 $ 382,688 $ 182,233,954 $ 288,250,498 Transfers are used to (a) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them, (b) move receipts restricted for debt service from the funds collecting the receipts to the debt service fund as debt service payments become due, and (c) move unrestricted revenues collected in the general and public services tax funds to finance various programs accounted for in other funds in accordance with budgetary authorizations. During the fiscal year, transfers from the General fund to other funds totaled $110.9 million. This total was comprised of transfers of $66.9 million to Non -Major Governmental funds and $44.0 million to Other Capital Projects funds. The $44.0 million transferred to Other Capital Projects were allocated to various capital improvement projects as follows: $1.8 million of Stormwater Utility Fees for city-wide storm sewer repair projects, $4.8 million of Parking Surcharge fees collected were transferred for Flagler Street Beautification, $10.0 million of Improvements and acquisitions of public parks, $9.0 million for Enterprise Permitting Solutions and Enterprise Permitting Software upgrades, $2.0 million for Electronic Plans Review Phase II, $2.0 million for I-395 project Matching Grant, $1.0 million from 20 percent Local Option Gas Tax to CIP city-wide pavement resurfacing projects, $3.1 million capital contribution for Department of Fire and Rescue, $0.3 million for repairs at the College of Policing, $2.0 million contribution from Marina Ticket Surcharge and Dockage for capital operations and improvements, $0.3 million for Building department computer upgrades, $5.0 million Land Acquisition, $1.5 million to replacement HVAC's in City Parks, and $1.2 million for Florida Cultural Heritage Center Complex, and various city-wide renovation proj ects. The $66.9 million transferred from the General fund to other non -major funds consists of several allocations to different programs and to cover the debt service payments of the Special Obligation Bonds ("SOB") fund. The most relevant ones are the following: $16.2 million for New Administrative Building, $7.3 million transferred for vehicle financing debt service payments, $9.4 million transferred to fund city- wide festivals, special events, and Anti -Poverty Initiative programs, $3.3 million to Police Special Revenue fund as grant match and to cover budget deficits for the E-911 Fund, $1.1 million of Cost Allocation contribution to Fire Rescue Special Revenue and UASI fund, $8.3 million from the Public Service tax proceeds was allocated to various SOB funds, $5.0 million city contribution for the FIFA World Cup, $0.9 million transfer to Community Development Special Revenue fund to cover the Social Services Gap Funding, $4.7 million from Parking Surcharge, State Shared Revenue, and Local Option Fuel tax to Streets' bond debt service, $1.9 million for allocation of rollover funds to Elected Officials Discretionary Account, $1.6 million for FPL Utility Underground Projects, $0.1 million to Bayfront Land 81 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Acquisition Trust Fund, $1.6 million for Oracle Cloud, $1.1 million for Wagner Creek loan, $2.9 million to CRAs, and $1.5 related to the Solid Waste Surcharge Litigation. Also included in this fiscal year's transfers are $175.8 million from Non -Major Governmental funds. This total was comprised of $45.9 million to the General fund, $14.8 million to Other Capital Projects, $115.0 million to Non -Major Governmental funds, and $0.1 million to Emergency Services Fund. The $45.9 million to the General fund from Non -Major Governmental fund consists primarily of $5.5 million from Midtown CRA pursuant to Section 5(e) of the Global Agreement and $0.9 million from the SEOPW CRA to the City. An additional $1.4 million was transferred from Human Services and Police Special Revenue funds for grant programs, $24.6 million from CITT to General Fund, $10 million to Transportation Reserve Fund, $1.8 million one-time extraordinary payment to GESE and FIPO Pension Stabilization Fund, and $1.7 million from Miami For Everyone Program to be allocated to Mayor's Departmental Improvement Initiative Fund. The $14.8 million to Other Capital Projects includes: $4.3 million from OMNI CRA for improvements at Maurice Ferre Park per Interlocal Agreement & surplus for CRA, $2.4 million from Departmental Improvement Initiative to innovation and technology computer replacement plan & Fleet replacement, $1.2 million for expenditures at Gibson Park and reimbursement for buildout of Code Compliance Office, $2.3 million for Citywide Tree planting, $2.8 million for Miami Ballpark Parking Facilities refurbishing and repairs, and $1.8 million Underdeck/I-395 project. The $115.0 million transfer to Non -Major Governmental funds are: $11.3 million from the OMNI and SEOPW CRAs Special Revenue funds to the CRA Debt Service funds to cover the CRA's debt service payments, $1.9 million from CRA's for other programs, $5.9 million from the Transportation and Transit Special Revenue fund for Streets Bond debt service payments, $54.7 million from Transportation and Transit for Capital Appropriation (CITT), $17.9 million from Planning Services fund to Public Benefits Trust Fund, $12.7 million from General Special Revenue fund to Community Development funds for Affordable Housing, $10 million to Parks and Recreation Special Revenue fund, and $0.6 million for debt service payments Marlins Garage 2010A Refunding 2019. Included in this fiscal year's transfers are $0.3 million from Other Capital Projects funds to Non -Major Governmental funds, and $0.2 million to Emergency Services. Finally, there was a $0.9 million transfer from Emergency Services Fund: $0.6 million to the General Fund to cover city-wide departmental needs, $0.2 million to Other Capital Projects, and $0.1 million to Non -Major Governmental funds. 82 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 NOTE 8. — LONG-TERM OBLIGATIONS Changes in Long -Term Obligations The following is a summary of changes in long-term obligations reported for the year ended September 30, 2025: Primary Government General Obligation Bonds General Obligation Bonds - Direct Placements Special Obligation Bonds - Direct Placements Loans - Direct Payments Special Obligation Bonds Bond Premium (Discounts) Total Bonds and Loans Other Liabilities: Compensated Absences' Claims Payable and other liabilities Other Post Employement Benefits Net Pension Liability Arbitrage Rebate Liability SB1TA Liability Lease Liability Total Other Liabilities Total Governmental Activities Long -Term Liabilities Beginning* Balance $ 253,030,000 51,800,000 202,596.399 29,213,308 384.785,000 921,424,707 36,701,375 958,126,082 Additions 17,750,932 161,9 10,000 179,660_932 1(1, 841.955 190,502,887 Reduction - $ (4,755,000) (11,520,000) (17,997,159) (8,330,347) (32.150,000) (74,752,5061 (2,923.919) (77.676.425) Ending Due within Balance One Year $ 248,275,000 $ 5,420,006 40,280,000 11,825,000 184,599,240 22,639,240 38,633.893 5,356,574 514, 545. 00 0 14, 740, 006 1,026.333,133 59,980,814 44,619.41 1 1,070,952,544 59,980,81.4 131,995,507 243.564,664 1,185,548,459 1,328,098,938 923,533 15,072,305 2,562,789 32,970,510 131,204,898 116,389,308 650,875 10,781,159 622,040 (21,392,317) (126,098,184) (91,913,223) (7,381,680) (559,214) 143,573.700 12,235,171 248,671,378 62,354,540 1,093,635,236 27,734,302 1,444,488,246 1,574,408 18,471,784 4,361,628 2,625,615 628.383 2,907,766,195 292,618,790 (247,344,618) 2,953,040,367 107, 314,024 $ 3,865,892,277 $ 483,121,677 $ (325,021,043) S4,023,992,911 $ 167,294,838 *Beginning balances were restated with the implementation of GASB 101, Compensated Absences. Claims payable, compensated absences, net pension liability, lease and SBITA liability, and other post - employment benefits are generally liquidated by the General Fund. Claims payable balance of $248.7 million includes an accrual of $1.1 million for pollution remediation obligations, which are obligations to address the current or potential detrimental effects of existing pollution and $39.9 million for potential legal claims as discussed in Note 12. Claims payables of $207.7 million reported in connection with the City's self-insurance program is discussed in Note 9. 83 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Bonds, Loans and Leases Outstanding — The following presents the City's bonds and loans outstanding at September 30, 2025: DESCRIPTION General Obligation Bonds: General Obligation Refunding Bond Series 2015 General Obligation Refiuiding Bond Series 2017 General Obligation Bonds, Tax -Exempt Series 2024A (Limited) General Obligation Bonds, Taxable Series 20248 (Limited) General Obligation Bonds, Tax -Exempt Series 2024C (Limited) Total General Obligation Bonds Special Obligation and Revenue Bonds: Special Obligation Rev Ref Bonds Series 2018A Taxable Special Obligation Rev Ref Bonds Series 2018B Taxable Special Obligation Revenue Bonds Series 2018C Tax -Exempt Special Obligation Revenue Bonds Series 2023A Taxable Special Obligation Revenue Bonds Series 2023B CRA SEOPW Tax Increment Revenue Bonds Series 2025A CRA SEOPW Tax Increment Rev Ref Bonds Series 2025E Total Special Obligation and Revenue Bonds Other Direct Placements: Special Obligation Bonds Series 2017 Special Obligation Refunding Bonds Series 2014 Special Obligation Refunding Notes Series 2017 Special Obligation Refunding Note Pension Series 2017 Special Obligation Refunding Note Garage Seines 2018 Special Obligation Refunding Note, Tax -Exempt Series 2023 Part Tunnel Taxable Special Obligation Parking Revenue Refunding Note Series 2019 Special Obligation Non -Ad Valorem Tax -Exempt Revenue Bonds Series 2021 CRA OMNI Tax Increment Revenue Bonds Series 2018A CRA OMNI Tax Increment Revenue Bonds Series 2018B Gran Central Corporation Loan Vehicle Replacement Program Series 2021 Motorola Lease 2025 State Revolving Fund Loan Total Other Direct Placements Total Bonds and Loans Purpose of Issue Refunding Refunding Miami Forever Infra Prograrn Miami Forever Infra Program Miami Forever Infra Program Refunding Refunding Street & Sidewalks New Building Administration Oracle Cloud Redevelopment Refunding Maturity (late Amount Issued I / 1 /2028 57,240,000 /1/2029 114,380,000 1/ 1 /2049 111/2034 111/2049 135,460,000 44,060,000 73,510,000 Outstanding Balance 25,360,000 14,920,000 135,460,000 41,110,000 71,705,000 424,650,000 288,555,000 1/1/2037 57,405,000 43,645,000 1/1/2039 42,620,000 35,805,000 1/1/2039 7,455,000 5,860,000 1/1/2053 241,220,000 237,150,000 1/1/2033 30,175,000 30,175,000 3/1/2042 142,23 5,000 142,235,000 3/1/2030 19,675,000 19,675,000 540.785.000 514 545,000 Park Improvements 1/112032 27,160,000 13,980,000 Refunding Refunding Refunding Refunding Refunding/Port Tunnel Refunding FP&L Underground Redevelopment Redevelopment Redevelopment Bank Loan Equipment Lease Wagner Creek 7/1/2026 18,049,380 1,109,240 2/1/2031 59,310,000 35,200,000 12/1/2025 7,180,000 3,770,000 7/1/2027 16,555,000 5,730,000 3/1/2030 26,460,000 19,270,000 1/1/2039 75,540,000 74,850,000 1/1/2041 24,435,000 20,480,000 9/1/2029 10,000,000 3,870,000 9/1/2029 15,000,000 6340,000 N/A 1,708,864 1,708,864 I/1/2026 9,766,531 1,997,210 7/ 112032 17, 750,932 17,750,932 N/A 21,177,751 17,176,887 330,093,458 223,233,133 $ 1,295,528,458 $ 1,026333,133 Interest Rate Range 2.640% 2.170% 5.000%-5.500% 5.056%-5.409% 5.000%-5.250%0 5.000% 3.925%°-4.808% 4.342°10-4.808% 5.000%-5.250% 5.345%-5.534% 5.000%-5.250% 5.000% 2.560% 3.280% 2.780% 3.150% 3.750% 1.720% 4.200% 2.4600% 3.250% 4.490% 0.000% 1.5750% 4,4600% 0.000% 84 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Annual Debt Service Requirements to Maturity At September 30, 2025, the annual debt service requirements for all bonds and loans over the life of the debt is listed below: Year Bonds and Loans for Direct Special Obligation, Ended General Obligation Bonds Placement Revenue Bonds Total September 30, Principal Interest Principal Interest Principal Interest Principal Interest 2026 $ 5,420,000 $ 12,683,734 $ 38,980,814 $ 7,560,825 $ 14,740,000 S 25,704,695 $ 59,140,814 $ 45,949,254 2027 5,705,000 12,397,541 34.733,209 6,523,182 15,550,000 24,891,525 55,988,209 43,812,248 2028 6,005,000 12,100,506 35,021,462 5,579,469 16,335,000 24,105,901 57,361.462 41,785,876 2029 6,315,000 11,789,388 27,109,321 4,705,580 17,590,000 23.257,845 51,014,321 39,752,813 2030 6,645,000 11,460,161 21,146,991 3,963,919 18,500,000 22,341,951 46,29 I,991 37,766,031 2031-2035 38,850,000 51.674,559 63,281,625 12,306.723 107,185.000 96,224,344 209,316,625 160,205,626 2036-2040 49,995.000 40.531,625 39,970,520 3,077,702 128,440,000 66,161,599 218,405.520 109,770,926 2041-2045 64,235,000 26,296,031 3,269,191 18,819 79,315.000 38,443,150 146,819,191 644,758,000, 2046-2050 65,105,000 7,307,919 - - 67,285,000 22,065,288 132,390,000 29,373,207 2051-2053 - - 49,605,000 3,997,481 49.605,000 3,997,481 Total $ 248,275,000 $ 186,241,464 $ 263,513,133 $ 43,736,219 $ 514,545,000 $ 347.193,779 $1.026,333.133 $ 577,171,462 Long -Term Debt Issued The following is a summary of debt issued during fiscal year 2025: $17,750,932 Motorola Equipment Lease -Purchase Agreement 2025 — On July 1, 2025, the City entered into an equipment lease• purchase agreement to acquire Police and Fire radio equipment, related infrastructure, and deployment services. For financial reporting purposes, the arrangement is accounted for as a financed purchase and the related obligation is classified as a loan payable rather than a lease liability, as title to the equipment vests in the City during the term of the agreement. The obligation bears interest at 4.46%, matures on July 1, 2032, and no specific revenues are pledged as security. $142,235,000 CRA - Southeast Overtown/Park West Tax Increment Revenue Bonds Series 2025A— On August 18, 2025, the City of Miami's Southeast Overtown/Park West CRA issued $142,235,000 in Tax Increment Revenue Bonds and the cost of issuance thereof. The proceeds were used to fund redevelopment projects as listed in the Official Statement. The interest rate was 4.4% and the average coupon rate was 5.07%. The final maturity on the bonds is 2042. $19,675,000 CRA - Southeast Overtown/Park West Tax Increment Revenue Refunding Bonds Series 2025B - On August 18, 2025, the City of Miami's Southeast Overtown/Park West CRA issued $19,675,000 in Tax Increment Revenue Refunding Bonds and the cost of issuance thereof. The proceeds were used to refund the outstanding Southeast Overtown/Park West Tax Increment Revenue Bonds Series 2014A-1. The interest rate was 3.23% and the average coupon rate was 5.00%. The final maturity on the bonds is 2030. The refunding represented a net present value savings of $890,509. 85 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Terms Specified in Debt Agreements The City's total outstanding bonds related to public offerings are $762,820,000. An event of default is a failure to make a payment of principal or interest due on the bond. The following bonds have insurance to cover their respective payments, in an event of default: o Special Obligation Refunding Bonds Series 2018A o Taxable Special Obligation Refunding Bonds Series 2018B o Taxable Special Obligation Revenue Bonds Series 2018C o CRA - Southeast Overtown/Park West Tax Increment Revenue Bonds Series 2025A o CRA - Southeast Overtown/Park West Tax Increment Revenue Refunding Bonds Series 2025B The following bonds do not have insurance. o Special Obligation Non -Ad Valorem Revenue Bonds Series 2023A - Any interest not punctually paid on a Regular Record Date shall forthwith cease to be payable to the Holder on such Regular Record Date and may be paid at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Bond Registrar, notice of which shall be given not less than 10 days prior to such special record date to such Holder. o Taxable Special Obligation Non -Ad Valorem Revenue Bonds Series 2023B - Any interest not punctually paid on a Regular Record Date shall forthwith cease to be payable to the Holder on such Regular Record Date and may be paid at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Bond Registrar, notice of which shall be given not less than 10 days prior to such special record date to such Holder. o Limited Ad Valorem Tax Bonds Series 2024AB - In the event of default, such defaulted interest shall be payable to the person in whose name such Series 2024A&B Bond is registered at the close of business on a special record date for the payment of such defaulted interest as established by notice deposited in the U.S. mail, postage prepaid, by the Bond Registrar to the Registered Owners of Series 2024A&B Bonds not less than fifteen (15) days preceding such special record date. Such notice shall be mailed to the persons in whose names the Series 2024A&B Bonds are registered at the close of business on the fifth (5th) day (whether or not a business day) preceding the date of mailing. o Limited Ad Valorem Tax Bonds Series Tax -Exempt Series 2024C - In the event of any default in the payment of interest, such defaulted interest shall be payable to the persons in whose names such Series 2024C Infrastructure Bonds are registered at the close of business on a special record date for the payment of such defaulted interest as established by notice deposited in the U.S. mails, postage prepaid, by the Paying Agent to the registered owners of the Series 2024C Infrastructure Bonds not less than fifteen (15) preceding such special record date. Such notice shall be mailed to the persons in whose names the Series 2024C Infrastructure Bonds are registered at the close of business on the fifth day (whether or not a business day) preceding the date of mailing. 86 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The City's total outstanding notes from direct placements related to governmental activities are $263.5 million. They are listed below with their events of default information. o General Obligation Refunding Bond Series 2015 - An event of default is a failure to make a payment of principal, premium if any, or interest due on the bond. In the event of default, the bond shall automatically bear interest at the default rate of 5% per annum or, after the occurrence of a determination of taxability, a rate of 6% per annum. o General Obligation Refunding Bonds Series 2017 - An event of default is a failure to make a payment of principal or interest due on the bond. In the event of default, DNT Asset Trust may declare the bond to be immediately due and payable. In addition, any amounts due on the bond which shall remain unpaid past the scheduled payment dates shall bear interest at the lesser of the default rate, calculated as the base rate of 2.17% plus 4% or the maximum rate permitted by law of 18% per annum simple interest (Florida Statutes 687.02(1)), until all amounts then due under the bonds are paid in full. o Taxable Special Obligation Parking Revenue Refunding Note Series 2019 - (Marlins Stadium Parking Facilities Project) - An event of default is a failure to make a payment of principal or interest due on the note within five (5) days after the due date. Upon the occurrence and continuation of an event of default any interest on the note which shall remain unpaid past the scheduled payment dates, shall bear interest at the default rate equal to the interest rate plus 2.00% per annum. o Special Obligation Non -Ad Valorem Revenue Refunding Note, Tax -Exempt Series 2023 (Port of Miami Tunnel Project) - An event of default is a failure to make a payment of principal or interest due on the bond. Upon the occurrence and continuation of an event of default, interest on the Note shall automatically bear interest at the default rate of the lesser of the fixed rate plus 4% per annum or the maximum rate permitted by law of 18% per annum simple interest (Florida Statutes 687.02(01). o Special Obligation Refunding Bonds Series 2014 - An event of default is a failure to make a payment of principal or interest due on the bonds. In the event of default, the interest on the bonds shall automatically bear the interest at the default rate, which is the lesser of the prime rate plus 3% per annum or the maximum rate permitted by law of 18% per annum simple interest (Florida Statutes 687.01(1). o Vehicle Replacement Program 2021 - An event of default is a failure to pay any rental payment for 15 days after such payment is due. In the event of default, Santander Bank (the Bank) may declare all payments and other amounts payable by the City thereunder to the end of the then current budget year to be immediately due and payable. In addition, the Bank may require that the City, at the City's expense, redeliver any or all the equipment to a location specified by the Bank. o Special Obligation Bonds Series 2017 - An event of default is a failure to pay any payment of principal or interest on the bond within 3 days of the date due. In the event of default, the interest rate shall immediately and automatically become the default rate of 7% per annum. 87 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 o Special Obligation Refunding Notes Series 2017 - An event of default is a failure to make payment of principal or interest due on the Note. In the event of default, interest on the Note shall automatically bear the interest at the default rate, which is the lesser of the prime rate plus 4% per annum or the maximum rate permitted by law of 18% per annum simple interest (Florida Statutes 687.02(1)). o Special Obligation Refunding Note Pension Series 2017 - An event of default is a failure to make payment of principal or interest due on the note. In the event of default, any interest past due on the note which shall remain unpaid past the scheduled payment date, shall bear interest at the default rate of the lesser of the prime rate plus 3% per annum or the maximum permitted by law of 18% per annum simple interest (Florida Statutes 687.02(1)), until all amounts then due under the note are paid in full. o Special Obligation Refunding Note Garage Series 2018 - An event of default is a failure to make payment of principal or interest due on the Note after 5 days after the due date. In the event of default, any interest on the note which shall remain unpaid past the scheduled payment dates, shall bear the interest at the default rate, calculated as the interest rate plus 2%, until all amounts due under the Note are paid in full. o Special Obligation Non -Ad Valorem Tax -Exempt Revenue Bonds Series 2021 (FP&L Undergrounding Project) - An event of default is a failure to make payment of principal on the Bonds when due, or any other required payment. In the event of default, the lender may sue to protect and enforce any and all rights. o CRA Omni Tax Increment Revenue Bonds Series 2018A & 2018B - An event of default is a failure to make payment of principal or interest due on the due date. In the event of default, the default rate shall be calculated at 6.75% per annum. o State Revolving Loan Wagner Creek - An event of default is a failure to make any monthly loan deposit or to make an installment of the semiannual loan payment when it is due and such failure shall continue for a period of 30 days. In the event of default, the Department of Environmental Protection (the Department) may impose a penalty in an amount not to exceed an interest rate of 18% per annum on the amount due in addition to changing the cost to handle and process the debt. Also, the Department may accelerate the repayment schedule or increase the financing rate on the unpaid principal balance of the loan to as much as 1.667 times the financing rate. o Motorola Equipment Lease -Purchase Agreement 2025 - An event of default is a failure to make any payment for ten calendar days after such payment is due. In the event of default, the lessee can declare all amounts due under the lease, and all remaining lease payments due during the fiscal year in effect when the default occurs to be immediately due and payable; request that the lessee promptly deliver the equipment to lessor or its assignee; an/or exercise any other right, remedy or privilege which may be available to it under applicable laws of the state of the equipment location. o Gran Central Corporation Loan (1998-N/A) — An event of default is a failure to make a payment on the scheduled payment date. In the event of any such default, the defaulted amount will become payable to the Registered Owner at the close of business on a special record date for the payment of such defaulted amount. 88 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Debt Authorized but Unissued As of September 30, 2025, the City has authorized but not issued the following debt: On December 12, 2018, the City Commission approved resolution #18-0546 for a declaration of intent that included $15 million for new affordable housing projects and a single-family home rehabilitation program from the Miami Forever Bonds voted by residents in November 2017. On January 28, 2021, the City Commission approved the declaration of intent to issue both taxable and tax-exempt General Obligation Bonds at an initial expected not to exceed total maximum principal amount of $40 million as Tranche 2 of the Miami Forever Bonds. The proceeds will reimburse the City for funds advanced for certain expenses incurred with respect to capital projects to be undertaken by the City to improve affordable housing within the City's limits and associated costs. On October 26, 2023, the City Commission approved resolution #23-0488 to issue tax-exempt and/or taxable special obligation bonds, in one or more series, in the expected total maximum principal amount of $6 million in order to, among other things, reimburse itself from the proceeds of such special obligation bonds for funds advanced by the City for certain expenses incurred with respect to certain capital improvements projects on Virginia Key including the boat launch and trailer parking, the mooring field in the Miami Marine Stadium basin, and parking facilities. On March 14, 2024, the City Commission approved the declaration of intent to issue both taxable and tax- exempt Miami Forever Affordable Housing Limited Ad Valorem Bonds, in one or more series, for Affordable Housing Projects in the expected not to exceed total maximum principal amount of $15 million for development of a mixed -use development known as "Dulce Vida Apartments" that will provide no less than 230 affordable and/or workforce rental units, with one hundred and seventy of those units being designated as City -assisted units. On February 13, 2025, the City Commission approved resolution #25-0038 that included a declaration of intent to issue taxable General Obligation Bonds (Miami Forever Affordable Housing Bonds) in a total amount of $6,163,016. The proceeds will reimburse the City for the acquisition costs of certain real properties, for the express public purpose of establishing public parks within the City. On February 27, 2025, the City Commission approved resolution #25-0061 that included a declaration of intent to issue taxable General Obligation Bonds (Miami Forever Affordable Housing Bonds) in a total amount of $5,700,000. The proceeds will reimburse the City for the construction of an Affordable Housing Development. On March 13, 2025, the City Commission approved resolution #25-0104 that included a declaration of intent to issue taxable General Obligation Bonds (Miami Forever Affordable Housing Bonds) in a total amount of $4,210,000. The proceeds will reimburse the City for the costs associated with a mixed -use development that will provide no fewer than fifty-six (56) micro -condo affordable homeownership units for low-income households at or below eighty percent (80%) of area median income adjusted for family size, as published annually by the United States Department of Housing and Urban Development 89 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 On March 13, 2025, the City Commission approved resolution #25-0067 for a declaration of intent to issue taxable General Obligation Bonds (Miami Forever Affordable Housing Bonds) in a total amount of $1,200,000. The proceeds will reimburse the City for pre -development and construction costs associated with the development of affordable single family and/or twin homes in District 5. On May 8, 2025, the City Commission approved resolution #25-0174 for a declaration of intent to issue taxable General Obligation Bonds (Miami Forever Affordable Housing Bonds) in a total amount of $5,390,000. The proceeds will reimburse the City for costs associated with the development of a proposed mixed -use development that will provide no fewer than eighty-eight (88) affordable and/or workforce rental units. Equipment Financing Obligation The City has entered into equipment financing agreements to finance the acquisition of police and fleet vehicles with total issuances of $67,311,259. At year end, the capital assets acquired under these and prior financing arrangements that remain in service had an aggregate historical cost of $64.0 million and accumulated depreciation of $47.6 million. The following is a schedule showing the payments due under the various financing agreements by years as of September 30, 2025: Police & Fleet Motorola Vehicles Equipment Lease Year Ending September 30, Santander Purchase Principal Interest Total 2026 $ 2,028,668 $ 3,007,951 $ 4,213,472 $ 823,147 $ 5,036,619 2027 3,007,951 2,315,105 692,846 3,007,951 2028 3,007,951 2,418,358 589,593 3,007,951 2029 3,007,951 2,526,217 481,734 3,007,951 2030 3,007,951 2,538,885 369,066 3,007,951 2031 3,007,951 2,756,581 251,370 3,007,951 2032 3,007,951 2,879,524 128,427 3,007,951 Total $ 2,028,668 $ 21,055,657 $ 19,748,142 $ 3,336,183 $ 23,084,325 Principal and Interest Requirements for Lease Liability In FY2022, the City adopted GASB Statement No. 87, "Leases". The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right -to -use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources. At the commencement of a lease, the City initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight. hne basis over its useful life. 90 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Lease liability On August 18, 2022, the Agency entered into an agreement to lease an office facility. The lease was recorded at the present value of the remaining future minimum lease payments. The agreement requires ten annual payments of $280,000 per year. The lease liability is measured at a discount rate of 6%. On August 1, 2024, the Agency entered into an agreement to lease an office facility. The lease was recorded at the present value of the remaining future minimum lease payments. The agreement requires thirty-six monthly payments of $19,460, with 3% escalations every August 1st. The lease liability is measured at a discount rate of 6%. On February 11, 2025, the Agency entered into an agreement to sublease retail space. The lease was recorded at the present value of the remaining future minimum lease payments. The agreement requires one hundred twenty and a half monthly payments of $1,400. The lease liability is measured at a discount rate of 6%. On February 14, 2025, the Agency entered into an agreement to lease retail/office facilities. The lease was recorded at the present value of the remaining future minimum lease payments. The agreement requires one hundred twenty and a half monthly payments of $1,667, with 5% escalations every January 1". The lease liability is measured at a discount rate of 6%. On April 22, 2025, the Agency entered into an agreement to lease a multipurpose space. The lease was recorded at the present value of the remaining future minimum lease payments. The agreement requires thirty-six monthly payments of $7,560. The lease liability is measured at a discount rate of 6%. The Trust has several leases for its office facility, which qualifies as other than short-term leases under GASB Statement No. 87. As such the leases were recorded at the present value of the future minimum lease payments as of the date the leases commenced. The lease liabilities are measured at a discount rate of 6%. Fiscal Year(s) Principal Interest Total 2026 $ 628,383 $ 56,805 $ 685,188 2027 581,089 34,581 615,670 2028 351,110 21,395 372,505 2029 303,304 17,421 320,725 2030 307,606 15,315 322,921 2031-2035 454,123 26,691 480,814 $ 2,625,615 $ 172,208 $ 2,797,823 91 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Principal and Interest Requirements for Subscription -Based Information Technology Agreements The City entered into seventeen subscription -based information technology agreements that convey the right to use another party's information technology software, alone or in combination with a tangible capital asset. The agreements expire at various dates through 2031. The interest rate on these agreements ranges from 2.34% to 3.37%. Future minimum payments under subscription -based information technology agreements for Governmental Activities are as follows: Fiscal Year(s) Principal Interest Total 2026 $ 4,361,628 $ 588,684 $ 4,950,312 2027 3,052,263 455,933 3,508,196 2028 2,660,986 357,066 3,018,052 2029 2,702,356 271,054 2,973,410 2030 2,815,941 184,173 3,000,114 2031 2,878,610 93,488 2,972,098 $ 18,471,784 $ 1,950,398 $ 20,422,182 There are no variable payments, residual value guarantees, or termination penalties associated with the leases, not previously included in the measurement of the lease liability. Synopsis of Bond Covenants Debt service for general obligation bonds is provided for by a tax levy on non-exempt property value. The total general obligation debt outstanding is limited by the City Charter to 15 percent of the assessed non- exempt property value. At September 30, 2025, the statutory debt limitation of assessed non-exempt property value for the City amounted to $15.30 billion providing a debt margin of $15.03 billion after consideration of $288.56 million of general obligation bonds outstanding at September 30, 2025, and adjusted for the fund balance of $20.54 million in the related Debt Service Fund. Special Obligation debt of the City for which no revenue is pledged is collateralized by covenants to budget and appropriate non -ad -valorem revenues, and tax increment revenue in accordance with their bond indentures. The bond indentures require that sufficient funds be available in the sinking fund to meet the annual debt service requirements. At September 30, 2025, the City had approximately $1.4 million available in the sinking fund to meet this requirement. Principal and interest to be paid in subsequent years totals $900.5 million on all other Special Obligation debt of the City. Pledged Revenue The City pledged future revenue proceeds of (i) 80 percent Transportation Taxes, (ii) 100 percent new Local Option Gas Taxes, and (iii) 20 percent of the City's Parking Surcharge* to repay $57.4 million in Special Obligation Revenue Bonds Series 2018A, $42.6 million Special Obligation Revenue Bonds Series 2018B, and $7.4 million Taxable Special Obligation Revenue Bonds Series 2018C. The proceeds from the bonds were used for the improvement of streets, sidewalks, and drainage within the City. Those bonds are payable solely from the pledged revenues listed above through January 1, 2039. Principal and interest paid for the current year were $4.14 and $4.23 million, respectively. The current year pledged 92 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 revenues were (i) $24.71 million* (ii) $7.45 million and (iii) $6.66 million respectively. Principal and interest to be paid in subsequent years totals $58.03 million on the Series 2018A bonds, $51.8 million on the Series 2018B bonds, and $8.01 million on the Series 2018C bonds. The City further pledged future revenue proceeds of (i) 100 percent Convention Development Taxes and (ii) Parking Revenues in connection with Major League Baseball Home Games at the Miami Marlins Baseball Stadium, along with related parking surcharge revenues* to repay $75.54 million Taxable Special Parking Revenue Refunding Note Series 2019, and $16.6 Special Obligation Parking Refunding, Series 2018. The proceeds from the bonds were used for the construction of the parking facilities for the Miami Marlins Baseball Stadium. The bonds are payable solely from the pledged revenues listed above through the year 2039. Principal and interest to be paid in subsequent years totals $102.69 million on the Series 2019 bonds and $6.04 million on the Series 2018 bonds. The total pledge revenue collected during the year was approximately $10.05 million and total principal and interest payments during the year were $2.2 million and $3.44 million, respectively. *Refer to NOTE 12. — COMMITMENTS AND CONTINGENCIES, for more information related to the City's Parking Surcharge litigation. Arbitrage Under U.S. Treasury Department regulations, all governmental tax-exempt debt issued after August 31, 1986, is subject to arbitrage rebate requirements. The requirements stipulate, in general, that the actual earnings from the investment of tax-exempt bond proceeds, which exceed related interest earnings if such investments were invested at a rate equal to the yield of the bonds, must be remitted to the Federal government on every fifth anniversary of each bond issuance. The City has evaluated each series of tax- exempt obligations issued by the City. The City has recognized an arbitrage liability of $1,574,408. HEALTH FACILITY AUTHORITY (HFA) — The HFA is an agency established by the City in 1979 under the authority of Chapter 154, Florida Statutes and City Resolution No. 79-93 to serve as a conduit to issue revenue bonds. The City Commission must approve the HFA's board membership and operating budget. Therefore, the HFA is fiscally dependent and the City considers HFA to be a discretely presented component unit. HFA had no assets, liabilities, net position, or activities to report as of and for the fiscal year ended 2025. Proceeds from these bond issues were used to finance construction of buildings and parking facilities; land acquisitions; equipment purchases including beds and other medical apparatus; renovation of existing facilities; and engineering costs for various not for profit entities. Debt obligations issued under the purview of the HFA do not constitute an indebtedness, liability or pledge of the faith or credit of the HFA or the City. The HFA does not issue stand-alone audited financial statements. At September 30, 2025, the HFA conduit debt activity and outstanding balance totaled $35.44 million. Debt Issue Series 2017 Beginning Balance Principal Payment Outstanding Balance $ 36,635,000 $ 915,000 $ 35,435,000 The scheduled debt service payments were made by Miami Jewish Home, and the payments are current. 93 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Discretely Presented Component Units Long -Term Debt Department of Off -Street Parking (DOSP) The changes in DOSP's long-term debt for 2025 are as follows (in thousands): Beginning Ending Due Within Balance Additions Reductions Balance One Year Bonds Payable $ 45,530 $ S I ,970 $ 43,560 $ 2,065 Premium (discount) 3,423 - 856 2,567 - Compensated absences* 975 914 884 1,005 664 Net Pension Liability 1,963 - 1,963 - Other post -employment benefit liability (OPEB) 173 25 - 198 15 Lease Payable 1,399 41 314 1,126 345 53,463 $ 980 $ 5,987 $ 48,456 $ 3,089 *Beginning balances were restated with the implementation of GASB 101, Compensated Absences. The following summarizes the debt service to maturity of outstanding DOSP debt at September 30, 2025: Year Ending Bonds September 30, Principal Interest Total 2026 $ 2,065,000 $ 1,858,775 $ 3,923,775 2027 2,170,000 1,752,900 3,922,900 2028 2,275,000 1,641,775 3,916,775 2029 2,390,000 1,525,150 3,915,150 2030 2,505,000 1,402,775 3,907,775 203I-2035 14,460,000 5,090,625 19,550,625 2036-2040 17,695,000 1,824,700 19,519,700 Total S 43,560.000 S 15.096.700 S 5S,656.700 Range of Rates 4.25%-5.66% Coconut Grove Business Improvement District The future minimum lease obligations and the net present value of these minimum lease payments as of September 30, 2025, are as follows: Fiscal Year Principal Interest Total 2026 $ 64,486 $ 4,277 $ 68,763 2027 69,574 2,627 72,201 2028 74,964 847 75,811 $ 209,024 $ 7,751 $ 216,775 94 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Wynwood Business Improvement District The future minimum lease obligations and the net present value of these minimum lease payments as of September 30, 2025, are as follows: Fiscal Year Principal Interest Total 2026 $ 60,624 $ 1,329 $ 61,953 2027 26,018 107 26,125 $ 86,642 $ 1,436 $ 88,078 Downtown Development Authority The future minimum lease obligations and the net present value of these minimum lease payments as of September 30, 2025, are as follows: Fiscal Year Office 2026 $ 516,990 2027 532,511 2028 548,498 2029 564,950 2030 581,867 Thereafter 2,732,048 Total future minimum lease payments 5,476,864 Less: Interest (974,979) Present value of net minimum lease payments $ 4,501,885 NOTE 9. — RISK MANAGEMENT SELF-INSURANCE AND OTHER LIABILITIES Section 768.28, Florida Statute, provides for waiver of sovereign immunity in tort actions or claims against the state and its agencies and subdivisions. The present statutory limit of recovery in the absence of special relief granted by the Florida legislature is $200,000 per person and $300,000 per incident. Under the protection of this sovereign immunity limit, Florida Statutes 768.28 and Chapter 440, Florida Statutes covering Workers' Compensation, the City has established a self -insured program to provide coverage on all areas of liability including workers' compensation, general liability, automotive liability, police professional liability, public officials' liability, and employment practices liability. The City also purchases excess insurance coverage to limit catastrophic losses associated with its liability exposures. The excess liability insurance program provides for $10 million in total limits on the general liability and auto liability lines of coverage with a self -insured retention limit of $1,000,000. The excess insurance program also provides excess statutory workers' compensation coverage subject to a self -insured retention limit of $2,000,000 for Police and Fire, with $1,000,000 self -insured retention limit on all other employees or class codes. The program also provides coverage for Law Enforcement Liability and Public Officials Liability with a $5 million limit per line of coverage subject to a $1,000,000 retention. The City carries an excess layer Buffer policy bringing the total self -insured retention limit on the workers' compensation exposure to $1,000,000. In addition, the City also purchases dedicated commercial general liability policies for the Grapeland waterparks and the various marinas that it operates. These policies carry a $1 million limit per occurrence. 95 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The City's master property insurance program provides an insured All Other Perils (AOP) limit of $100 million. The City's total insured value on covered property is approximately $653 million. Included in this amount is $25 million for named windstorm and $30 million of wind, earthquake, and flood coverage. Except for earthquakes, floods and named windstorms, the all -other -perils deductible is $100,000 per occurrence. In regard to the named windstorm, the deductible is five percent of the value of the affected location subject to a minimum of $250,000 for any one occurrence. The City also maintains a standalone property policy on the Marlins Stadium Parking Garages providing $25 million in total limits for flood and earthquake, and full TIV limits of $97 million on Wind and AOP perils. The Marlins Stadium Parking Garages have a $25,000 all other perils deductible, and a deductible of five percent of total insured values at time of loss, with a $100,000 minimum per location for named windstorm and flood perils. The payment of losses within the self -insured retention level are made from the General Fund. Claims are adjusted by a third -party administrator. Claims expenditures and liabilities are reported in the Statement of Net Position when it is probable that a loss has occurred, and the amount of that loss can be reasonably estimated. The City provides group health plan for its active employees, retirees, and their dependents through a fully self -funded health insurance program. The City is currently contributing approximately 87 percent, while the employees/retirees are contributing 13 percent of the calculated health insurance premium. The City is currently contributing approximately eight percent of the calculated health insurance premium cost for non -Medicare eligible retirees and approximately 38 percent for Medicare eligible retirees. The City purchases specific stop loss coverage for claims in excess of $350,000. At September 30, 2025, the total estimated undiscounted liability is recorded in the government -wide financial statements. Changes in the claims and other litigation related liability amounts for 2025 and 2024 were as follows: Fiscal Year Ended September 30, 2025 2024 Beginning of Fiscal Year Liability $ 243,564,664 241,620,610 Current Year Claims and Changes in estimates 131,204,898 105,570,681 Claim Payments $ (126,098,184) (103,626,627) Balance at Fiscal Year End $ 248,671,378 243,564,664 Claims payable balance of $248.7 million includes an accrual of $1.1 million for pollution remediation obligations, which are obligations to address the current or potential detrimental effects of existing pollution and $39.9 million for potential legal claims as discussed in Note 12. Claims payables of $207.7 million reported in connection with the City's self-insurance program. Settled claims have not exceeded the City's aggregate excess coverage in force for the last three years. 96 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 NOTE 10. — PENSIONS The City sponsors separate single -employer, defined benefit pension plans under the administration and management of separate Boards of Trustees: the City of Miami Fire Fighters and Police Officers Retirement Trust (FIPO), the City of Miami General Employees and Sanitation Employees Retirement Trust and Other Managed Trusts (GESE), and the City of Miami Elected Officers' Retirement Trust (EORT). Thereafter the "Plans". Basis of Accounting. The financial statements for the Plans are prepared using the accrual basis of accounting. All Plans are reported as pension trust funds in the City's financial statements. Plan member contributions are recognized in the period in which the contributions are due. Employer contributions are recognized when due. Benefits and refunds are recognized when due and payable in accordance with the terms of the Plans. FIREFIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST The audited financial statements for the plan can be obtained from the FIPO Trust Fund, 1895 SW 3' Avenue, Miami Florida, 33129, https://www.miamifipo.org/. Plan Description FIPO is a single employer, defined benefit plan established by the City pursuant to the provisions and requirements of Ordinance No. 10002 as amended. Participants are contributing police officers and fire fighters with full-time employment status in the Police and Fire Department of the City. As of September 30, 2024, membership in the FIPO consisted of the following: Members Retirees and beneficiaries currently receiving benefits 2,257 Inactive plan members entitled but not yet receiving benefits 145 Active plan members- vested 1012 Active plan members- non -vested 867 Total 4,281 Pension Benefits The City Code establishes the FIPO benefit terms and contribution requirements, and any amendments thereto would require approval by 3/5th of the City commission. Members may elect to retire after 10 or more years of creditable service upon attainment of normal retirement age. Normal retirement pursuant to Section 40-203 of the City code shall be determined as follows: Plan A - For members employed on September 30, 2010, who as of that date have attained age 50 with ten or more years of creditable service or eligibility for rule of 64 retirement for police officer members, or eligibility for rule of 68 for firefighter members, the normal retirement age shall be 50 years of age with ten or more years of creditable service, or rule of 64 retirement for police officer members, or rule of 68 for firefighter members. 97 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Plan B - For members employed on September 30, 2010, who as of that date have not attained age 50 with ten or more years of creditable service, or rule of 64 retirement for police officer members, or rule of 68 retirement for firefighter members, and members hired on or after October 1, 2010, shall have to meet the rule of 70 for retirement with a minimum age of 50 and ten or more years of creditable service. Rule of 64, 68 and 70 is a computation consisting of the sum of a member's age and length of creditable service, which sum shall permit normal service retirement upon the member's combined age and creditable service equaling at least 64, 68 and 70, respectively. A member entitled to a normal retirement benefit shall receive a retirement allowance equal to 3 percent of the member's average final compensation (as defined in City Code section 40-351), multiplied by years of creditable service for the first 15 years of such creditable service, and 3 1/2 percent of the member's average final compensation multiplied by years of creditable service exceeding 15 years, which shall be paid in monthly installments. For members who retire under normal service retirement or Rule of 64 for Police Officers and Rule 68 for Firefighters the retirement allowance shall not exceed the lesser of 100% of the member's average final compensation. For members who were not vested as of September 30, 2010, the annual retirement allowance shall not exceed $120,000. Early retirement, disability, death and other benefits are also provided. Effective September 30, 2026, restore the FIPO pension plan benefits that were in effect prior to September 27, 2010, for Fire bargaining unit members who were non -vested as of September 27, 2010, but fully vested by September 26, 2015. This change in benefit term resulted in an increase of approximately $20 million in the total pension liability accrued for the Plan as ofyear-end. Cost of Living Adjustment Effective January 9, 1994, the FIPO Trust entered into an agreement with the City with regards to the funding methods, employee benefits, employee contributions and retiree cost of living adjustment ( "COLA"). Pursuant to the agreement, members no longer contribute to the original COLA account ( "COLA I") and a new COLA account ("COLA II") was established. The agreement included the following provisions: (a) the funding method was changed to an aggregate method; (b) all accounts were combined for investment purposes (membership and benefit, COLA I, and COLA II); (c) retirees receive additional COLA benefits; and (d) active members no longer contribute 2 percent of pretax earnings to fund the original retiree COLA I account. The COLA II account is funded annually by either a percentage of the excess investment returns from other than COLA I account assets or minimum Trust sponsor contribution. The excess earnings contributed to the COLA II account are used to fund a minimum annual payment of $2.5 million, increasing by 4 percent compounded annually. To the extent necessary, the City will fund the portion of the minimum annual payment not funded by the annual excess earnings no later than January 1 of the following year. For the year ended September 30, 2025, approximately $8.4 million was funded by the City. Benefits payable from the COLA accounts are computed in accordance with an actuarially based formula as defined in Section 40.204 of the City Code. Deferred Retirement Option Plan (DROP) Effective October 1, 2021, all members may participate in the Deferred Retirement Option Program (DROP). 98 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Members who are eligible for service retirement or Rule of 64 for Police Officers or Rule of 68 for Fire Fighters may elect to participation in either a Forward DROP or a Back DROP. Maximum participation in the Forward DROP for firefighters shall be 54 full months and for police officers shall be 84 full months. Once the maximum participation has been achieved, the participant must terminate employment. A member's creditable service, accrued benefit and compensation calculation shall be frozen. Upon commencement of participation in the Forward DROP, the participant's contribution and the City's contribution to the Trust for that participant cease as the participant will not earn further creditable service for pension purposes. Effective January 1, 2013, a Back DROP benefit option was implemented. An eligible employee who elects the Back DROP option shall receive a monthly benefit payable on the employee's actual retirement date based on the benefit the employee would have received if the employee had severed employment and retired on an earlier date after attaining normal retirement eligibility. Employees are eligible to elect the Backdrop option after completing one year of creditable service following the normal retirement date. An employee can elect a Back DROP period of 1 to 7 full years. Participants in the DROP are not entitled to receive an ordinary or service disability retirement and in the event of death of a DROP participant, there is no accidental death benefit for pension purposes. Participation in the DROP does not affect any other death or disability benefit provided to a member under federal law, state law, City ordinance, or any rights or benefits under any applicable collective bargaining agreement. The DROP balance for the year ended September 30, 2025, amounted to $240.3 million and is recorded with the plan investments on the Statements of Fiduciary Net Position. An individual account is created for each participant. A series of investment vehicles, as established by FIPO's Board of Trustees, are made available to DROP participants to choose from. Any losses incurred on account of the option selected by the participant will not be made up by the City or the FIPO Trust and will be borne by the participant only. All interest will be credited to the members' account. Upon termination of employment, a participant may receive payment from the DROP account in a lump sum distribution, or periodic payments. A participant may elect to rollover the balance to another qualified retirement plan, individual retirement account, an IRC Section 457 Plan, or an annuity. A participant may defer payment until the latest date authorized by Section 401(a) (9) of the IRC. DROP participation will not affect any other death or disability benefit provided under law or applicable collective bargaining agreement. If a participant dies before the account balances are paid out in full, the beneficiary will receive the remaining balance. DROP pension payments for the year ended September 30, 2025, amounted to $25.0 million. The DROP of the FIPO Trust also consists of a Benefit Actuarially Calculated DROP ("BACDROP"). The BACDROP is a DROP benefit actuarially calculated. A member may elect to BACDROP to a date, no further back than the date of the member's requirement eligibility date. The BACDROP period must be in 12-month increments, beginning at the start of a pay period, not to exceed 48 full months for firefighters (36 months prior to October 1, 2001) and for police officers who elected BACDROP on October 1, 2003 (36 months prior to October 1, 2003). BACDROP pension payments for the year ended September 30, 2025, amounted to $3.0 million. Effective September 30, 2026, firefighters may elect to Forward DROP up to 84 months. Contributions and Funding Policies Police officer members of FIPO are required to contribute 10 percent of their salary on a bi-weekly basis (7 percent if hired prior to October 1, 2012). Firefighter members are also required to contribute 10 99 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 percent of their salary on a bi-weekly basis. The City is required to contribute such amounts annually as necessary to maintain the actuarial soundness of FIPO and to provide FIPO with assets sufficient to meet the benefits to be paid to participants. Contributions to FIPO are authorized pursuant to Sections 40.196(a) and (b) of the City Code. Contributions to the FIPO COLA accounts are authorized pursuant to Section 40.204 of the City Code. The City's contributions to FIPO provide for non -investment expenses and normal costs. The yield on investments on FIPO serves to reduce/increase future contributions that would otherwise be required to provide for the defined level of benefits under the FIPO Trust. The payroll for employees covered by FIPO for the year ended September 30, 2025, was approximately $206.7 million. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. For the year ended September 30, 2025, the average active employee contribution rate was 10 percent of annual pay, and the City's average contribution rate was 62 percent of annual covered -employee payroll. Employer contributions for the fiscal year 2025 totaled approximately $127.5 million. Net Pension Liability The components of the net pension liability for FIPO at September 30, 2025, are as follows: FIPO Total pension liability Plan fiduciary net position Net pension liability $ 3,076,921,028 (1,943,149,383) $ 1,133.771,645 Plan fiduciary net position as a percentage of total pension liability 63.15% Actuarial Assumptions The total pension liability was based on an October 1, 2024 actuarial valuation rolled forward to the measurement date of September 30, 2025, using the following assumptions, applied to all periods included in the measurement: Actuarial Assumptions Measurement Date Inflation Actuarial cost method Projected salary increases Cost -of -living adjustments Assumed rate of return on investments September 30, 2025 2.60% Entry age cost method 3.25% - 9.25%, average, including inflation Amount varies annually with the adjustment on January 1st 6.75% compounded annually, net of pension plan investment expense including inflation. The actuarial assumptions used in the October 1, 2024 valuations were based on the results of an actuarial experience study for the period October 1, 2017 to September 30, 2023. 100 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Mortality rates are calculated with the Florida Retirement System projected using the scale MP-2021 for all healthy retirees. A load of 12% to Police retirement benefits was added to anticipate the impact of allowing up to 200 hours of overtime as pensionable income for Police officers. Changes in Benefit Terms and Actuarial Assumptions Effective October 1, 2021, all members are eligible for Forward DROP, thus the retirement rates previously exclusive for those eligible for Forward DROP only now apply to all members. All members are now assumed to enter Forward DROP upon eligibility, instead of entering Back DROP. The long-term expected rate of return on pension plan investments was determined in accordance with Actuarial Standard of Practice (ASOP) No. 27, Selection of Economic Assumptions for measuring Pension Obligation. ASOP No. 27 provides guidance on the selection of an appropriate assumed investment rate of return. Consideration was given to expected future real rates of return (expected returns, net of pension Plan investment expense and inflation) for each major asset class as well as historical investment data and Plan performance. Best estimates of real rates of return for each major asset class included in the pensions Plan's target asset allocation as of September 30, 2025, are summarized in the following table: Asset Class Domestic Fixed Income Domestic Equity International Equity International Fixed Income Real Estate Private Equity Long -Term Expected Real Rate of Return 3.30°/Q 5.70% 6.00% 2.10% 5.80% 6.40% Real rates of return are net of the long-term inflation assumption of 2.60% for 2025. Discount Rate The discount rate used to measure the total pension liability decreased from 7.00 percent to 6.75 percent in comparison to 2024. The projection of cash flows used to determine the discount rate assumed that Plan member contributions will be made at the current contribution rates and that contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current Plan members. Therefore, the long-term expected rate of return on pension Plan investments was applied to all periods of projected benefit payments to determine the total pension liability. 101 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Changes in Net Pension Liability The following table shows the FIPO changes in net pension liability based on the actuarial information provided to the City at September 30, 2025: Balance at 10/0112024 Changes for the year: Service Cost Interest Changes of benefit terms Differences between expected and actual experience Changes of assumptions Contributions - employer Contributions - member Net investment income Benefit payments, including refunds of member contributions Administrative expenses and other Net Changes Balances at 09/30/2025 Total Pension Liability (a) $ 2,788,517,696 56,348,194 192,421,049 23,512,418 36,464,969 171,644,234 FIND Increase (Decrease) Plan Fiduciary Net Position (b) $ 1,810,064,791 127,509,318 21,149,987 178,401,366 (191,987,532) (191,987,532) (1,988,547) 288,403,332 133,084,592 Net Pension Liability (a) - (b) 978,452,905 56,348,194 192,421,049 23,512,418 36,464,969 171,644,234 (127,509,318) (21,149,987) (178,401,366) 1,988,547 (155,318,740) 3,076,921,028 $ 1,943,149,383 $ 1,133,771,645 Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following table illustrates the impact of interest rate sensitivity on theFIPO net pension liability as of September 30, 2025: 1% Decrease (5.75%) Current Discount Rate 1% Increase (6.75%) (7.75%) Net Pension Liability $ 1,491,903,644 $ 1,133,771,645 $ 835,338,974 102 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Pension Expense and Deferred Outflows and Inflows of Resources Related to Pension For the year ended September 30, 2025, the City recognized pension expense of $180.9 million. At September 30, 2025 the City reported deferred outflows of resources and deferred inflows of resources from the following sources: Differences between expected and actual experience Changes of assumptions Net difference between projected and actual earnings on pension plan investments Total FIPO Deferred Outflow of Deferred Inflows of Resources Resources 66,568,181 $ 183,504,374 11,838,976 100,702,338 250,072,555 $ 112,541,314 Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Year ending September 30th: 2026 $ 87,072,125 2027 5,865,368 2028 13,628,491 2029 30,965,257 $ 137,531,241 GENERAL EMPLOYEES AND SANITATION EMPLOYEESRETiREMEENT TRUST (GESE Trust) The Board of Trustees of the GESE Trust administers four defined benefit pension plans: (a) GESE Trust; (b) an Excess Benefit Plan for the City of Miami (the "EBP"); (c) General Employees and Sanitation Employees Retirement Trust Staff Pension Plan (the "Staff Trust"), and (d) General Employees and Sanitation Employees Retirement Trust Staff Excess Benefit Plan (the "Staff Excess Benefit Plan"). Each Plan's assets may be used only for the payment of benefits to the members of that Plan, in accordance with the terms of the Plan. The City code establishes the GESE Plans benefits terms and contribution requirements, and any amendments thereto would require approval by 3/5t' of the City commission. The audited financial statements for the GESE Plans can be obtained from the pension board at: GESE Trust, 2901 Bridgeport Avenue, Coconut Grove, Florida 33133, https://www.gese.org/. 103 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 GESE Trust Plan Description The GESE Trust is a single employer defined benefit plan. The GESE Trust was established pursuant to the City Ordinance No. 10002 and subsequently revised under City Ordinance No. 12111. The GESE Trust covers all City general and sanitation employees except certain employees eligible to decline membership. Participation in the GESE Trust is a mandatory condition of employment for all regular and permanent employees other than firefighters, police officers and executive level employees hired after October 1, 2009. As of October 1, 2024, membership in the GESE consisted of the following: Members Retirees and beneficiaries currently receiving benefits 2,005 Terminated members entitled to benefits but not yet receiving benefits 329 Active employees 1 888 Total 4.222 Pension Benefits The minimum normal retirement age is 55. Any member in service who has 10 or more years of continuous creditable service may elect to retire upon attainment of normal retirement age. A member who has completed a combination of at least 10 or more years of creditable service plus attained an age equaling 70 points may elect a Rule of 70 Retirement. Subsequent to September 30, 2010, for members not eligible to retire as of that date, the retirement age and service changed to age 55 and 30 years of creditable service or age 60 and 10 years of continuous creditable service or a combination of at least ten years of creditable service plus attained age equaling 80 points (Rule of 80). For members eligible for retirement on September 30, 2010, and members hired prior to October 1, 2010, who retire on or after September 30, 2020, retirement benefits are based on 3 percent of average final compensation multiplied by all years of creditable service. Upon retirement, all active members will receive a retroactive 5% salary increase for the member's highest one year salary. Effective October 1, 2023, for members hired after or on October 1, 2010: AFSCME Local 1907 members retirement benefits are based on 2.50 percent of average final compensation multiplied by creditable service up to 20 years, 3.00 percent of average final compensation for service over 20 years. AFSCME Local 871 members retirement benefits are based on 2.50 percent of average final compensation multiplied by creditable service up to 20 years, and 2.75 percent of average final compensation for service over 20 years. Non -bargaining members retirement benefits are based on 2.25 percent of average final compensation for service 1-15 years and 2.50 percent of average final compensation for service 16-20 years and 2.75 percent of average final compensation for service over 20 years. Upon retirement, all active members will receive a retroactive 5% salary increase for the member's highest one year salary. Members eligible to receive accumulated sick and vacation leave from the City are able to transfer the amount to an eligible retirement plan. The GESE Trust facilitates the transfer of accumulated sick and vacation leave to any eligible retirement plan and is pursuant to Section 40-266 of the City Code. 104 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Effective October 1, 2018, the following positions shall be eligible for participation in the Plan or the Trust Fund: City Attorney, Chief Deputy City Attorney, Deputy City Attorney, Assistant City Attorney, and persons employed in these positions on or after June 1, 2019, may elect to participate in either plan. Effective October 1, 2021, the following positions shall be eligible for participation in the Plan or the trust fund: City Manager, Deputy City Manager, Assistant City Managers, City Clerk, Assistant City Clerk, Department Directors, Assistant Directors and those employees identified by the City's administration as employed in the executive service of the City on or after October 1, 2021, may elect to participate in either plan. For members who retire on or after October 1, 2018, compensation shall include a retroactive 5% salary increase for the member's highest one-year salary. For non -bargaining members hired before October 1, 2010, who retire on or after September 30, 2020, retirement eligibility at age 55 with 10 years of service or Rule of 70 is restored. The benefit multiplier is restored to 3% per year of service effective October 1, 2018. For members who retire on or after October 1, 2018, the average final compensation is the highest 1 year of salary. The following applies to members of the AFSCME Local 1907 bargaining unit effective October 1, 2020, and to non -bargaining members effective October 1, 2021: For members who are eligible to retire or enter the DROP on October 1, 2012, member retirement allowances shall not exceed $120,000. For members who are not eligible to retire or enter the DROP as of October 1, 2012, member retirement allowances shall not exceed $100,000. For members of AFSCME Local 871 bargaining unit, effective October 1, 2022, the maximum retirement benefit will reduce to $100,000 for all active members. Maximum Limitation Effective on or after October 1, 2021, for members retiring or entering DROP from that date on, member retirement allowance shall not exceed the lesser of 100 percent of the member's average final compensation or an annual allowance of $120,000 as of retirement or DROP entry based on the normal form of benefit in effect on the date of retirement for members eligible to retire as of October 1, 2012. Effective October 1, 2022, for members retiring or entering DROP from that date on, member retirement allowance shall not exceed the lesser of 100 percent of the member's average final compensation or $100,000 as of retirement or DROP entry based on the normal form of benefit in effect on the date of retirement for members who were not eligible to retire as of October 1, 2012. However, any member who has an accrued benefit in excess of these annual allowance caps shall retain that benefit but not accrue any additional benefits after that date and other benefits as defined in City of Miami Ordinance No. 12111. Pension benefits are paid annually in monthly installments. 105 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Cost of Living Adjustment (COLA) Effective October 1, 1998, the GESE Trust was amended to provide for an increase in the COLA paid to retirees to 4 percent with a $400 annual maximum increase, provided the retiree's first anniversary of retirement has been reached. The amendment also provided for retirees electing the return of contribution option to receive a minimum COLA benefit of $27 per year and a maximum COLA benefit of $200 added to the previous COLA benefit, provided the retiree's first anniversary of retirement has been reached. Deferred Retirement Option Plan (DROP) The DROP is available to all GESE Trust members eligible for normal retirement. The DROP is an enhancement to the GESE Trust that can provide a member with another way to save for retirement. It allows a participant to receive pension payments by depositing in the DROP program while continuing to work and receive pay and benefits as an active employee, for maximum participation of 7 years. At the end of the DROP period, when the participant is officially required to retire, the participant receives monthly pension payments based on the years of service and salary at the time that the participant enrolled in the DROP. The participant may receive the accumulated DROP account balance after withdrawing from the DROP. The DROP monies can be rolled over into a separate tax -qualified plan such as an Individual Retirement Account (IRA) or 457(b) government sponsored deferred compensation plan. DROP pension payment for the year ended September 30, 2025, amounted to $11.6 million. The DROP balance for the year ended September 30, 2025, amounted to $58.4 million and is recorded with the plan's investments on the statements of Fiduciary Net Position. Effective September 19, 2022, for all members of the GESE Trust, the maximum period of participation in the DROP shall be 84 months. The BACKDROP shall not replace the DROP program. BACKDROP Option (BACKDROP) The Backdrop is available to all GESE Trust members effective January 1, 2013. Under the BACKDROP option a member can receive a lump sum payment in addition to a monthly pension annuity. The employee chooses to take a BACKDROP at the end of his or her employment with the City as long as he or she BACKDROPs to any date after he/she reaches the Normal Retirement date. If the member elects the BACKDROP option, the monthly benefit payable on the member's actual retirement date (when the member leaves City employment) is based on the benefit the member would have received had he or she left employment and retired on an earlier Normal Retirement date, referred to as the BACKDROP date. In addition, the member will receive a lump sum payment equal to the accumulation of annuity payments he or she would have received during the BACKDROP period had he or she elected to receive immediate pension annuity payments starting as of the BACKDROP date. Annuity payments would be accumulated at the rate of 3 percent per year, compounded annually. The member's BACKDROP date can be any date after his or her Normal Retirement Date and the BACKDROP period can be as little as one year and as long as seven years. If the member does not elect a BACKDROP benefit option, his or her monthly retirement benefit will be calculated using his or her final average final compensation and creditable service as of the member's actual employment termination date. The participant may receive the accumulated BACKDROP account balance upon electing the BACKDROP and at the end of his or her employment. The BACKDROP monies can be rolled over into a separate tax -qualified plan such as Individual Retirement Account (IRA) or 457(b) 106 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 government sponsored deferred compensation plan. BACKDROP pension payment for the year ended September 30, 2025, amounted to $1.2 million. Contributions and Funding Policies Members of the GESE contribute 10 percent of their base salaries or wages to the Plan. The GESE's funding policies provide for periodic contributions at actuarially determined rates that are sufficient to maintain the actuarial soundness of GESE and to accumulate sufficient assets to pay benefits when due. Contributions are determined using the individual entry age normal cost method. The City is required to contribute an actuarially determined amount that, when combined with participants' contributions, will fully provide all benefits as they become payable. Contributions to GESE are authorized pursuant to Sections 40-246(a) and (b) of the City Code. Contributions from the City are designed to fund GESE's non -investment expenses and normal costs and to fund the unfunded actuarial accrued liability. The return (interest, dividends and net realized and unrealized gains and losses) on investment of GESE serves to reduce or increase future contributions that would otherwise be required to provide for the defined level of benefits under the GESE Plan. The payroll for employees covered by the GESE Trust for the year ended September 30, 2025, was approximately $146.5 million. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. For the year ended September 30, 2025, the average active employee contribution rate was 11.52 percent of annual pay, and the City's average contribution rate was 37.45 percent of annual covered -employee payroll. Employer contributions for fiscal year 2025 totaled $54.9 million. Net Pension Liability The components of the net pension liability of the GESE Trust at September 30, 2025, are as follows: GESE Trust Total pension liability $ 1,376,398,274 Plan fiduciary net position (1,067,106,515) Net pension liability $ 309.291,759 Plan fiduciary net position as a percentage of total pension liability Actuarial Assumptions 77.53% The total pension liability was based on an October 1, 2023, actuarial valuation rolled forward to the measurement date of September 30, 2024, using the following assumptions, applied to all periods included in the measurement: Actuarial Assumptions Measurement Date September 30, 2024 Inflation 2.5% Projected salary increases 4% - 8.75%, including inflation 107 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Assumed rate of return on 7.00% per year, net of pension plan investment expense and including investments inflation The rates of mortality are according to the following tables: Pre -Retirement Mortality Female: PUB-2010 Headcount Weighted General Below Median Employee Female Table Male: PUB-2010 Headcount Weighted General Below Median Employee Male Table, set back 1 year Projection Scale: MP-2021 (fully generational) Post -Retirement Healthy Mortality Female: PUB-2010 Headcount Weighted General Below Median Healthy Retiree Female Table Male: PUB-2010 Headcount Weighted General Below Median Healthy Retiree Male Table, set back 1 year Projection Scale: MP-2021 (fully generational) Post -Retirement Disabled Mortality Female: PUB-2010 Headcount Weighted General Disabled Retiree Female Table, set forward 4 years Male: PUB-2010 Headcount Weighted General Disabled Retiree Male Table, set forward 4 years Projection Scale: MP-2021 (fully generational) Changes of Assumption The long-term rate of return decreased from 7.30% to 7.00%. Long Term Rate of Return The long term expected rate of return on pension plan investments was determined using a long -normal distribution analysis in which best -estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of real rates of return for each major asset class included in the pensions Plan's target asset allocation as of September 30, 2025, are summarized in the following table: Long -Term Expected Asset Class Real Rate of Return U.S. Large Cap Equity U.S. Small Cap Equity International Equity U.S. Fixed Income Cash and Other 5.81% 7.06% 6.64% 3.27% 1.00% 108 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Discount Rate The discount rate used to measure the total pension liability decreased from 7.30 percent to 7.00 percent in comparison to 2024. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made, and the City contributions will be made in accordance with the City Ordinance and Florida Statutes. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Changes in Net Pension Liability The following table shows the GESE Trust changes in net pension liability based on the actuarial information provided to the City at September 30, 2025: Balance at 10/01/2024 Changes for the year: Service Cost Interest Changes of benefit terms Differences between expected and actual experience Changes of assumptions Contributions - employer Contributions - member Net investment income Benefit payments, including refunds of member contributions Administrative expenses and other Net Changes Balances at 09/30/2025 GESE Trust Increase (Decrease) Total Pension Liability (a) $ 1,220,474,883 21,3 79,007 85,831,862 68,364,910 28,222,461 41,517,060 (89,391,909) 155,923,391 $ 1,376,398,274 Plan Fiduciary Net Position (b) $ 875,651,660 53,457,831 15,836.608 211,913,144 Net Pension Liability (a) - (b) $ 344,823,223 21,379,007 85,831,862. 68,364,910 28,222,461 41,517,060 (53,457,831) (15,836,608) (211,913,144) (89,391,909) (360,819) 360,819 191,454,855 (35,531,464) $ 1,067,106,515 $ 309,291,759 Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following table illustrates the impact of interest rate sensitivity onthe GESE Trust net pension liability as of September 30, 2025: 1% Decrease (6.00%) Net Pension Liability $ 464,790,381 Current Discount Rate 1% Increase (7.00%) (8.00%) $ 309,291,759 $ 178,812,945 109 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Pension Expense and Deferred Outflows and Inflows of Resources Related to Pension For the year ended September 30, 2025, the City recognized pension expense of $99.5 million. At September 30, 2025 the City reported deferred inflows and outflows of resources from the following source: GESE Trust Deferred Outflows of Deferred Inflows of Resources Resources Differences between expected and actual experience $ 33,840,230 $ 176,555 Changes of assumptions 43,918,065 6,449,637 Net difference between projected and actual earnings on pension plan investments - 86,305,102 Employer contribution made subsequent to measurement date 54,856,035 Total $ 132,614,330 $ 92,931,294 There is $54.9 million reported as deferred outflows of resources related to pensions resulting from City contributions made subsequent to the measurement date. This amount will be recognized as a reduction of the net pension liability for year ending September 30, 2026. Other amounts reported will be recognized in pension expense as follows: Year ending September 30th: 2026 $ (739,035) 2027 21,323,105 2028 (20,183,398) 2029 (15,573,671) $ (15,172,999) GESE Excess Benefit Plan (EBP) Plan Description In July 2000, the City, pursuant to applicable IRC provisions, established a single -employer qualified governmental excess benefit plan to continue to cover the difference between the allowable pension to be paid and the amount of the defined benefit, so the benefits for eligible members are not diminished by changes in the IRC. The GESE Board of Trustees administers the excess benefit plan. GESE members are not required to contribute to the EBP. Members of the GESE participate in this plan. As of October 1, 2024, the date of the most recent actuarial valuation report, membership in the EBP consisted of 10 retirees currently receiving benefits. 110 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Contributions and Funding Policies The payment of the City's contribution of excess retirement benefits for eligible members of GESE above the limits permitted by the IRC is: (a) funded from the City's General Fund; (b) paid annually concurrently with the City's annual contribution to normal pension costs which causes the City to realize a reduction in normal pension costs; and (c) deposited in a separate account established specifically for the GESE to receive the City's excess retirement benefit contributions. This account is separate and apart from the accounts established to receive the City's normal pension contributions for the GESE Trust. The EBP is an unfunded plan and the City is required to contribute amounts as benefits become payable. The payroll for employees covered by the EBP for the year ended September 30, 2025, was approximately $146.5 million. The City's contribution to the plan for the year ended September 30, 2025, was $106,226 and plan benefit payments were $106,226. The City's average contribution rate was 0.07 percent of covered -employee payroll. Net Pension Liability The components of the net pension liability of the GESE EBP at September 30, 2025, are as follows: GESE EBP Net pension liability $ 1,330,237 Plan fiduciary net position as a percentage of total pension liability 0%4 The Excess Benefit Plan was established so that the amount of the defined benefits for eligible members is not diminished by changes in the IRS Tax code. The Plan pays GESE Trusts' participants whose benefits exceeded the amounts permitted by section 415 and 401(a)(17) of Internal Revenue Code. Accordingly, the Plan does not have a plan net position. Actuarial Assumptions The total pension liability was based on an October 1, 2023, actuarial valuation rolled forward to the measurement date of September 30, 2024, using the following assumptions, applied to all periods included in the measurement: Actuarial Assumptions Measurement Date September 30, 2024 Inflation 2.50% Projected salary increases 4% - 8.75%, including inflation Investment rate of return Not applicable, the plan has no assets for investments Discount rate 3.81% 111 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The rates of mortality are according to the following tables: Pre -Retirement Mortality Female: PUB-2010 Headcount Weighted General Below Median Employee Female Table Male: PUB-2010 Headcount Weighted General Below Median Employee Male Table, set back 1 year Projection Scale: MP-2021 (fully generational) Post -Retirement Healthy Mortality Female: PUB-2010 Headcount Weighted General Below Median Healthy Retiree Female Table Male: PUB-2010 Headcount Weighted General Below Median Healthy Retiree Male Table, set back 1 year Projection Scale: MP-2021 (fully generational) Post -Retirement Disabled Mortality Female: PUB-2010 Headcount Weighted General Disabled Retiree Female Table, set forward4 years Male: PUB-2010 Headcount Weighted General Disabled Retiree Male Table, set forward 4 years Projection Scale: MP-2021 (fully generational) Changes of Assumption The discount rate used to measure the total pension liability decreased from 4.09% to 3.81%. Discount Rate The discount used to measure the total pension liability was 3.81 percent (a decrease of 0.28 percent from the prior year rate of 4.09 percent). Since the Excess plan has no assets, there are no assets available to make projected future benefit payments of current plan members. Therefore, the applicable municipal bond index rate of 3.81 percent, based on the Bond Buyer General Obligation 20-year Municipal Bond Index as of September 30, 2024, was applied to all periods of projected benefit payments. As a result, the Single Equivalent Interest Rate (SEIR) is also 3.81 percent. The projection of cash flows used to determine the discount rate assumed that member contributions will be made, and the employer contributions will be made in accordance with the City Ordinance and Florida Statutes. 112 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Changes in Net Pension Liability The following table shows the GESE EBP changes in net pension liability based on the actuarial information provided to the City at September 30, 2025: Balance at 10/01/2024 Changes for the year: Interest Differences between expected and actual experience Changes of assumptions Contributions - employer Benefit payments, including refunds of member contributions Net Changes Balances at 09/30/2025 (;ESF: F.BP Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) 1,771,804 $ 70,044 (437,318) 44,173 (118.466) 118,466 Net Pension Liability (a) - (b) 1,771,804 70,044 (437,318) 44,173 (118,466) (118,466) - (441.567) (441,567) $ 1,330,237 $ `6 1,330,237 Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following table illustrates the impact of interest rate sensitivity on the GESE EBP net pension liability as of September 30, 2025: Current Discount 1 % Decrease Rate 1 % Increase (2.81%) (3.81%) (4.81%) Net Pension Liability $ 1,510,363 $ 1,330,237 $ 1,183,022 113 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Pension Expense and Deferred Outflows and Inflows of Resources Related to Pension For the year ended September 30, 2025, the City recognized a credit to pension expense of $1.1 million. At September 30, 2025 the City reported deferred outflows and inflows of resources from the following source: Differences between expected and actual experience Changes of assumptions Employer contribution made subsequent to measurement date Total GESE EBP Deferred Outflows of Deferred Inflows of Resources Resources $ 75,93I $ 2,587,946 50,401 418,703 106,226 - 232,558 $ 3,006,649 There is $106,226 reported as deferred outflows of resources related to pensions resulting from City contributions made subsequent to the measurement date. This amount will be recognized as a reduction of the net pension liability in the year ending September 30, 2026. Other amounts reported will be recognized in pension expense as follows: Year ending September 30th: 2026 $ (1,101,075) 2027 (1,120,028) 2028 (540,314) 2029 (118,900) $ (2,880,317) City of Miami General Employees and Sanitation Employees Retirement Trust (Staff Trust) Plan Description The Staff Trust is a single employer defined benefit plan to which member employees of the plan contribute 10% of their base salaries or wages. The Staff Trust was established by the rule -making authority of the GESE Trust, pursuant to Chapter 40 of the City Code. The Staff Trust covers all administrative full-time employees and other positions as may be named by the Board of Trustees. Participation in the Staff Trust is a mandatory condition of employment for all full-time employees, other than those eligible to decline membership. As of October 1, 2024, membership in the Staff Trust consisted of the following: Members Retirees and beneficiaries currently receiving benefits 7 Terminated members entitled to benefits but not yet receiving benefits 2 Active employees 9 Total 18 114 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Pension Benefits The minimum normal retirement age is 55. Any member who has 10 or more years of continuous creditable service may elect to retire, regardless of age. A member who has completed a combination of at least 10 or more years of creditable service plus attained an age equaling 70 points may elect a Rule of 70 Retirement. However, a member is entitled to early retirement at any age with at least 10 years of creditable service. Retirement benefits are generally based on 3 percent of the average final compensation multiplied by years of creditable service, which is paid annually in monthly installments. In addition, the benefit is increased by 5 percent at retirement. A retired member who dies prior to having received 12 monthly retirement payments and prior to having an optional allowance becoming effective will have a lump sum equal to the excess, if any, of 12 times the monthly payments over the actual payments received paid to his designated beneficiary. Effective October 1, 2016, the Staff Trust approved a cost -of -living adjustment equal to 4% of the total benefit with minimum increases of $54 per year and maximum increases of $400 per year deferred five years from date of retirement of DROP entry date. Deferred Retirement Option Plan (DROP) The Staff Trust implemented a DROP for employees eligible for Rule of 70 Retirement on March 26, 2010. Any employee who has 10 or more years of service is eligible to participate in the DROP. Upon election of participation, a member's creditable service, accrued benefits, and compensation calculation are frozen, and the DROP payment is based on the member's average final compensation. The member's contribution and the City contribution to the retirement plan for that member ceases as no further service credit is earned. The member does not acquire additional pension credit for the purposes of the pension plan but may continue City employment for up to a maximum of 48 months. Once the maximum participation has been achieved, the participant must terminate employment. Upon termination of employment, a participant may receive payment from the DROP account in a lump sum distribution or periodic payments. A participant may elect to roll over the balance to another qualified retirement plan, individual retirement account, an IRC Section 457 Plan, or an annuity. A participant may defer payment until the latest date authorized by Section 401(a) (9) of the IRC. DROP participation will not affect any other death or disability benefit provided under law or applicable collective bargaining agreement. If a participant dies before the account balances are paid out in full, the beneficiary will receive the remaining balance. The DROP balance for the year ended September 30, 2025, amounted to $1.4 million and is recorded with the Plan's Investments on the Statement of Fiduciary Net Position. Contributions and Funding Policy Members of the Staff Trust contribute 10 percent of compensation to the plan. The funding policies of the Staff Trust provide for periodic contributions at actuarially determined rates that, expressed as percentages of annual covered payroll, are sufficient to maintain the actuarial soundness of the Staff Trust and to accumulate sufficient assets to pay benefits when due. The City is required to contribute an actuarially determined amount that, when combined with member contributions, will fully provide all benefits as they become payable. The Staff Trust administrative and other expenses are funded through reimbursements from the GESE Trust. The yield (interest, dividends and net realized and unrealized gains and losses) on investments of the Staff Trust serves to reduce or increase future contributions that would otherwise be required to provide for the defined level of benefits under the Staff Plan. 115 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The payroll for employees covered by the Staff Trust for the year ended September 30, 2025, was approximately $700,671. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. For the year ended September 30, 2025, the average active employee contribution rate was 11.92 percent of annual covered pay, and the City's average contribution rate was 52.27 percent of annual covered -employee payroll. Employer contributions for fiscal year 2025 totaled approximately $366,000. Net Pension Liability The components of the net pension liability of the GESE Staff Trust at September 30, 2025, are as follows: GESE Staff Trust Total pension liability $ 7,606,463 Plan fiduciary net position (7,328,206) Net pension liability $ 278,257 Plan fiduciary net position as a percentage of total pension liability 96.34% Actuarial Assumptions The total pension liability was based on an October 1, 2023, actuarial valuation rolled forward to the measurement date of September 30, 2024, using the following assumptions, applied to all periods included in the measurement: Actuarial Assumptions Measurement Date September 30, 2024 Inflation 2.50% Projected salary increases 6%, including inflation Investment rate of return 7.00% per year, net of pension plan investment expense and including inflation. The rates of mortality are according to the following tables: Pre -Retirement Mortality Female: PUB-2010 Headcount Weighted General Below Median Employee Female Table Male: PUB-2010 Headcount Weighted General Below Median Employee Male Table, set back 1 year Projection Scale: MP-2021 (fully generational) 116 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Post -Retirement Healthy Mortality Female: PUB-2010 Headcount Weighted General Below Median Healthy Retiree Female Table Male: PUB-2010 Headcount Weighted General Below Median Healthy Retiree Male Table, set back 1 year Projection Scale: MP-2021 (fully generational) Post -Retirement Disabled Mortality Female: PUB-2010 Headcount Weighted General Disabled Retiree Female Table, set forward4 years Male: PUB-2010 Headcount Weighted General Disabled Retiree Male Table, set forward 4 years Projection Scale: MP-2021 (fully generational) Changes of Assumption The long-term rate of return decreased from 7.30% to 7.00%. Long Term Rate of Return The long term expected rate of return on pension plan investments was determined using a long -normal distribution analysis in which best -estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation Best estimates of real rates of return for each major asset class included in the pension plan's target asset allocation as of September 30, 2025, are summarized in the following table: Asset Class U.S. Large Cap Equity U.S. Small Cap Equity International Equity U.S. Fixed Income Cash and Other Discount Rate Long -Term Expected Real Rate of Return 5.81% 7.06% 6.64% 3.27% l .00% The discount rate used to measure the total pension liability decreased from 7.30 percent to 7.00 percent in comparison to 2024. The projection of cash flows used to determine the discount rate assumed that member contributions will be made, and the employer contributions will be made in accordance with the City Ordinance and Florida Statutes. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. 117 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Changes in Net Pension Liability The following table shows the GESE Staff Trust changes in net pension liability based on the actuarial information provided to the City at September 30, 2025: Total Pension Liability (a) Balance at I0/01/2024 $ 6,814,756 Changes for the year: Service Cost 189,688 Interest 485,234 Differences between expected and actual experience 169,785 Changes of assumptions 282,435 Contributions - employer - Contributions - member Net investment income Benefit payments, including refunds of member contributions (335,435) Net Changes 791,707 Balances at 09/30/2025 GESE Staff Trust Increase (Decrease) Plan Fiduciary Net Position _(b) $ 5,675,822 290,226 80,605 1,616,988 Net Pension Liability (a) - (b) 1,138,934 189,688 485,234 169,785 282,435 (290,226) (80,605) (1,616,988) (335,435) - 1,652,384 860,677 $ 7,606,463 $ 7,328,206 $ 278,257 Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following table illustrates the impact of interest rate sensitivity on the GESE Staff Trust Plan net pension liability as of September 30, 2025: Current Discount 1% Decrease Rate 1% Increase (6.00%) (7.00%) (8.00%) Net Pension Liability S 1,371,672 $ 278,257 $ (596,191) 118 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Pension Expense and Deferred Outflows and Inflows of Resources Related to Pension For the year ended September 30, 2025, the City recognized pension expense of $160,198. At September 30, 2025 the City reported deferred outflows and inflows of resources as follows: GESE Staff Trust Deferred Outflows of Deferred Inflows Resources of Resources Differences between expected and actual experience $ 210,592 $ Changes of assumptions 291,872 Net difference between projected and actual earnings on pension plan investments - 770,392 Employer contribution made subsequent to measurement date 388,536 - Total $ 891,000 S 770,392 There is $388,536 reported as deferred outflow of resources related to pension resulting from City's contributions made subsequent to the measurement date. This amount will be recognized as a reduction of the net pension liability in year ending September 30, 2026. Other amounts reported as deferred outflows of resources related to pensions will be recognized in pension expense as follows: Year ended September 30th: 2026 $ (13,537) 2027 112,660 2028 (200,570) 2029 (166,481) $ (267,928) GESE Staff Excess Benefit Plan Plan Description The original effective date is May 25, 2001. The plan was established to fund the excess, if any, of the benefit earned under the GESE Staff Plan without taking into account the IRC Section 415 limits. Membership consists of members of the GESE Staff Trust Plan who exceed the maximum benefit. There are no member contributions or plan assets. Effective October 1, 2017, the plan document was amended to provide for an increase in the COLA paid to retirees to 4% with a $400 annual maximum increase, provided the retiree's fifth anniversary of retirement has been reached. The amendment also provided for retirees electing the return of contribution option to receive a minimum COLA benefit of twenty-seven dollars per year and a 119 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 maximum COLA benefit of two hundred dollars added to the previous COLA benefit, provided the retiree's fifth year anniversary of retirement has been reached. As of October 1, 2024, the date of the most recent actuarial report valuation, membership in the EBP consisted of 1 retired member currently receiving benefits. As of September 30, 2025, there are no pension liabilities related to this plan that require recognition or disclosure by the City. Elected Officers' Retirement Trust (EORT) Plan Description Prior to October 22, 2009, the City's elected officials participated in a single -employer, non-contributory defined benefit pension plan under the administration and management of a separate Board of Trustees. Under the EORT, eligibility requires 7 years of total service if elected between October 1, 2001, and October 22, 2009, or 10 years of total service if elected prior to October 1, 2001, as an elected official of the City to be vested without requiring that such service be continuous. Any official elected after October 22, 2009, is not eligible to participate in the plan. The City, pursuant to applicable IRC provisions, also established qualified governmental excess benefit plans to continue to cover the difference between the allowable pension to be paid, and the amount of the defined benefit, so that the benefits for eligible members are not diminished by changes in the IRC. As of September 30, 2025, membership in the EORT consisted of the following: Members Retirees and beneficiaries currently receiving benefits 7 Terminated members entitled to benefits but not yet receiving benefits 0 Active officers 1 Total 8 Pension Benefits Benefits accrue for elected officers at the rate of 50 percent of the highest annual W-2 wages in the last three years of employment after 7 years of service as an elected official of the City plus 5 percent for each additional year up to 100 percent at 7 or more years of service. For a member who became vested under provisions in effect prior to 2001, ceased to be an Elected Officer, and then returned to office at a later date, Compensation for benefits purposes is the highest W-2 wage from either period as an Elected Officer. The Plan benefit is payable beginning on the date the participant ceases to be an elected officer, but no earlier than the participant's 55th birthday. The benefit is payable monthly, for the participant's lifetime. An active participant will be fully vested upon death and a single sum death benefit is payable. The EORT was frozen to new entrants effective October 22, 2009. Only participants who were accruing benefits and had not yet become vested in their benefits as of that date continue to accrue benefits under the EORT. Benefit accruals for all other participants were frozen. Contributions and Funding Policy The City's annual contribution is determined using the Projected Unit Credit (PUC) Cost Method, which was adopted effective with the January 1, 2012, actuarial valuation report. The PUC Cost Method separates and develops funding components for annual contributions into 1) normal costs and 2) an amortization payment toward the unfunded accrued liability for past service benefits. Revising the 120 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 actuarial funding method allows the City to fund the payment liability over a longer period of time. Contributions made to EORT are in accordance with actuarially determined contribution requirements, based on the actuarial valuation performed for each respective year. EORT is a non-contributory defined benefit plan; therefore, all funding is provided by the City. The City is required to contribute the actuarially determined rate. The City's contribution to the plan for the year ended September 30, 2025, was $1,071,833. The City's average contribution rate was 1,055.60 percent of covered -employee payroll. For the year ended September 30, 2025, covered• employee payroll for the Elected Officers' Retirement Trust totaled $101,538, while employer contributions totaled $647,260, which were actuarially determined and driven primarily by funding requirements related to the plan's unfunded actuarial accrued liability rather than current• year payroll. Net Pension Liability The components of the net pension liability of EORT at September 30, 2025, were as follows: EORT Total pension liability $ 9,292,682 Plan fiduciary net position (9,476,334) Net pension liability (asset) $ (183,652) Plan fiduciary net position as a percentage of total pension liability 101.98% Actuarial Assumptions The total pension liability was determined based on a October 1, 2025 actuarial valuation date and measurement date of September 30, 2025, using the following assumptions, applied to all periods included in the measurement. Actuarial Assumptions Assumed rate of return on 3.50%, net of pension plan investment expense investments Inflation Rate 2.50% Actuarial cost method Entry age normal Projected salary increases None Mortality rates after commencement of monthly benefits are calculated with PubG• £010(A) Retiree Table (general employees, benefits weighted, above• median income, sex• distinct), with fully generational mortality improvement projected under Scale MP• Z021. No mortality is assumed for years prior to the expected commencement date for monthly benefits. 121 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Effective January 1, 2020, the mortality assumption was revised to conform to new tables adopted by the Florida Retirement System (FRS). Additionally, a clarifying interpretation of plan provisions, as provided by the City Law Department, related to plan members who were in payment status prior to October 2009 and then re• elected to office after October 2009 was reflected. In 2024, the plan year for funding purposes was changed from the calendar year to the 12-month period ending on September 30, to coincide with the City's fiscal year. The measurement date for accounting disclosures was also changed from December 31" to September 3 0tn Changes of Assumption The discount rate used to measure the total pension liability increased from 2.50% to 3.50%. Long - Term Rate of Return The long-term expected rate of return on pension plan investments was determined using a building- block method in which best -estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return by asset class included in the pensions plan's target asset allocation as of September 30, 2025, are as follows: Asset Class U.S. Fixed Income Discount Rate Long -Term Expected Real Rate of Return 1.00% The discount rate used to measure the total pension liability increased from 2.50 percent to 3.50 percent in comparison to 2024. The projection of cash flows used to determine the discount rate assumed that Plan member contributions will be made at the current contribution rates and that contributions from the City will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. 122 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Changes in Net Pension Liability The following table shows the EORT changes in net pension provided to the City at September 30, 2025: Balances at 10/01/2024 Changes for the year: Service Cost Interest Differences between expected and actual experience Changes of assumptions Contributions - employer Net investment income Benefit payments, including refunds of member contributions Administrative expenses and Other liability based on the actuarial information EORT Increase (Decrease) Total Pension Liability (a) $ 10,519,821 Plan Fiduciary Net Position (b) $ 8,607,749 Net Pension Liability (a) - (b) 1,912,072 77,702 256,955 128,021 (1,100,306) (589,511) 1,071,833 388,663 (589,511) (2,400) 77,702 256,955 128,021 (1,100,306) (1,071,833) (388,663) 2,400 Net Changes (1,227,139) 868,585 (2,095,724) Balances at 9/30/2025 $ 9,292,682 $ 9,476,334 $ (183,652) Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following table illustrates the impact of interest rate sensitivity onthe EORT's net pension liability as of September 30, 2025: 1% Decrease (2.50%) Current Discount Rate 1% Increase (3.50%) (4.50%) Net Pension Liability (Asset) $ 781,580 $ (183,652) $ (997,700) 123 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Pension Expense and Deferred Outflows and Inflows of Resources Related to Pension For the year ended September 30, 2025, the City recognized a credit to pension expense of $831,189. At September 30, 2025 the City reported deferred inflows of resources from the following source: Deferred Inflows of Resources Net difference between projected and actual earnings on pension plan investments $ (165,152) Total $ (165,152) Deferred inflows of resources will be recognized in pension expense as follows: Year ended September 30th: 2026 $ 5,074 2027 (39,142) 2028 (98,454) 2029 (32,630) $ (165,152) 124 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Separate stand-alone financial statements are not issued for EORT and are therefore presented below City of Miami, Florida Statement of Fiduciary Net Position Fiduciary Fund September 30, 2025 Assets Accrued Interest Investments: U.S. Government Obligations Money Market Funds Total Assets Net Position Restricted for Pension Benefits Elected Officers Retirement Trust (EORT) 117,297 117,297 8,521,320 837,717 9,476,334 $ 9,476,334 125 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 City of Miami, Florida Statement of Changes in Fiduciary Net Position Fiduciary Fund For the Fiscal Year Ended September 30, 2025 Additions Contributions - Employer Investment Earnings: Net Increase in Fair Value of Investments Total Additions Elected Officers Retirement Trust (EORT) $ 1,071,833 388,663 1,460,496 Deductions Benefits Payments 589,511 Administrative and Other Expenses 2,400 Total Deductions 591,911 Change in Net Position 868,585 Net Position- Beginning of Year 8,607,749 Net Position- End of Year $ 9,476,334 126 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The following summarizes net pension liability, deferred inflow and outflow of resources at September 30, 2025, for each Pension Plan as previously disclosed in Note 10: Plan Net Pension Deferred Deferred Pension Liability Inflow of Outflow of Expense (Asset) Resources Resources (Credit) FIPO $1,133,771,645 $ 112,541,314 $ 250,072,555 $180,863,407 GESE Trust 309,291,759 92,931,294 132,614,330 99,450,558 GESE EBP 1,330,237 3,006,649 232,558 (1,114,720) GESE Staff Trust 278,257 770,392 891,000 160,198 EORT (183,652) 165,152 - (831,189) Total $1,444,488,246 $ 209,414,801 $ 383,810,443 $ 278,528,254 The schedules of changes in the net pension liability and related ratios and the schedules of contributions, presented as Required Supplementary Information (RSI) following the notes to the financial statements, provides additional information about the net pension liability for each of the City's defined benefit pension plans. Special Benefit Plans (SBP) Certain executive employees of the City are allowed to join the International City/County Management Association (ICMA) Retirement Trust's 401(a) plan (the "SBP"). This defined contribution deferred compensation plan, which covers governmental employees throughout the country, is governed by a Board of Directors responsible for carrying out the overall management of the organization, including investment administration and regulatory compliance. Membership for the City employees is limited by the City Code to specific members of the City Clerk, City Manager, City Attorney's offices, Department Directors, Assistant Directors, and other executives. To participate in the plan a written trust agreement must be executed, which requires the City to contribute 10 percent of the individual's earnable compensation, and the employee to contribute 10 percent of their salary. Participants may withdraw funds at retirement or upon separation based on a variety of payout options. The City does not have any fiduciary responsibility relating to the plan, consequently the plan assets are not recorded in the fiduciary funds of the City. As of September 30, 2025, the City's participation in this plan was as follows: Total current year's payroll for all employees Current year's payroll for participating employees Current year employer contributions $ 516,669,337 6,237,843 473,787 In addition to coverage under the FIPO, the firefighters and police officers are members of two separate defined contribution money purchase benefit plans established under the provisions of Chapters 175 and 185, Florida Statutes, respectively. These two plans are funded solely from proceeds of certain excise taxes imposed upon property and casualty insurance coverage within the City limits. This tax, which is collected from insurers by the State of Florida, is remitted directly to the Plans' Boards of Trustees. The 127 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 City is entitled to levy such excise taxes solely for the use of the money purchase benefit plans as long as the minimum benefit provisions of Chapter 175 and 185, Florida Statutes, are met by the FIPO. The City does not have any fiduciary responsibility relating to the SBP, consequently plan assets are not recorded in the City's fiduciary funds. The total of such excise taxes received from the State of Florida and remitted to the plans was $15.7 million for the year ended September 30, 2025. Accordingly, these monies are recorded as pass through funds in the City's financial statements. Benefits are allocated to the participants based upon their service during the year and the level of funding received during said year. Participants are fully vested after nine years of service. Upon termination of service, a participant may elect to receive one of the three options (1) a lump sum payment; (2) five substantially equal payments, or (3) 10 percent or more in the first year and the remainder in any way over the next four years. The total must be paid out within five years. NOTE 11. — POST -EMPLOYMENT HEALTH CARE BENEFITS Pursuant to Section 112.0801, Florida Statutes, the City is required to permit participation in the health insurance program by retirees and their eligible dependents at a cost to the retiree that is no greater than the cost at which coverage is available for active employees. Retired police officers are offered coverage at a discounted premium under the Fraternal Order of Police (FOP) Health Insurance Trust (HIT) that is administered separately from the City's health care plan. For non -police retirees (fire fighters, general employees, sanitation employees and elected officials) and their dependents, the City subsidizes health care coverage and life insurance at a discounted premium equal to the blended group rate. The City follows GASB Statement No. 75, Accounting and Financial Reporting for Post -employment Benefits Other than Pensions (OPEB) for financial reporting and disclosure of its OPEB plans. Plan Description The City has three separate single -employer OPEB plans for its police, firefighter and general employees retirees. The benefits afforded to all retirees include lifetime medical, prescription, vision, dental and certain life insurance coverage for retiree and dependents. The City offers to its retiree's comprehensive medical coverage and life insurance benefits through its self-insurance plan. This plan was established in accordance with Section 112.0801, Florida Statutes. Substantially all of the City's general employees and sanitation employees may become eligible for these benefits when they reach normal retirement age while working for the City. Retired Police Officers receive the same benefits as provided through the FOP Health Trust and Retired Firefighters receive the same benefits as provided through the IAFF Health Trust. As of October 1, 2024 there are approximately 6,370 covered participants of whom approximately 4,075 are active employees and 2,295 are retirees. The City, as authorized by Florida Statutes, establishes the OPEB benefit terms and contribution requirements, any amendments thereto would require approval by the City commission. Contributions and Funding Policy The City is authorized to establish benefit levels and approve the actuarial assumptions used in the determination of contributions levels. Retirees are contributing the majority of the premium costs each month. Spouses and other dependents are also eligible for coverage, although the retiree pays the premium cost. 128 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Currently, the City's OPEB Plans are unfunded. There are no separate trust funds or equivalent arrangements into which the City makes contributions to advance -fund the OPEB obligations, as it does for its retiree pension plans. The City's cost of the OPEB benefits is funded on a pay-as-you-gobasis. The City contributed $23.9 million to these OPEB Plans for the fiscal year ended September 30, 2025. In addition to three plans administered by the City, the FOP sponsors a HIT that is partially self -insured, which provides life, heath, and accidental death and dismemberment insurance to substantially all full- time sworn members of the City's Police department, eligible retirees, their families and beneficiaries. The HIT receives a significant source of its funding from the City, pursuant to the terms of a collective bargaining agreement. The agreement requires the City to reimburse the HIT an amount that is required to bring the HIT's minimum fund balance to $3.0 million annually. City of Miami Police - OPEB Plan The City's total OPEB liability for its Police Officers was determined by an actuarial valuation as of October 1, 2023 and rolled forward to the measurement date September 30, 2025, using the following assumptions applied to all periods included in the measurement date, unless otherwise specified: Actuarial Assumptions Projected salary increases Discount rate Healthcare cost trend rates Not applicable 4.90% 6.50% decreasing 0.5% per year to an ultimate rate of 5.0% Mortality rates were based on the Pub-2010 Total Dataset mortality table with mortality improvements Projected by Scale MP-2021 on a generational basis. The mortality table has been updated to reflect the same mortality tables described in the FIPO Retirement Trust Annual Report. The disability rates have also been updated to reflect the same report. Changes of assumptions and other inputs reflect a change in the discount rate from 3.81% at September 30, 2024 to 4.90% at September 30, 2025. The mortality table has been updated to reflect the 1\SP-2021 projection scale. The medical trend rates have been reset to 7.50% in 2023, trending down by 0.5% per annum to an ultimate rate of 5.0% in 2028. Discount Rate For plans that do not have assets, the discount rate is based on the tax-exempt municipal bond rate on an index of 20-year general obligation bonds with an average rating of AA/Aa or higher as of the measurement date. Therefore, a discount rate of 4.90% was adopted as of the September 30, 2025 measurement date. 129 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Changes in the Total OPEB Liability Police Plan Total OPEB Liability Balances at 10/1/2024 $ 760,109,384 Changes for the year: Service Cost 27,626,723 Interest 29,742,389 Changes of assumptions (158,099,219) Benefit payments, including refunds of member contributions (14,325,879) Net Changes (115,055,986) Balances at 9/30/2025 $ 645,053,398 Sensitivity of the Total OPEB Liability to Changes in the Discount Rate. The following table illustrates the impact of interest rate sensitivity on thetotal OPEB Liability for the year ended September 30, 2025: Total OPEB Liability Police Plan Current Discount 1% Decrease Rate 1 % Increase (3.90%) (4.90%) (5.90%) $ 788,124,273 $ 645,053,398 $ 536,786,000 The following table illustrates the impact of healthcare cost trendrate sensitivity on the total OPEB Liability for fiscal year ended September 30, 2025: 1% Decrease Police Plan Health Care Cost Trend Rates 1% Increase Total OPEB Liability $ 525,616,591 $ 645,053,398 $ 805,923,912 130 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the fiscal year ended September 30, 2025, the City recognized OPEB expense of $56,711,492. At September 30, 2025, the City reported deferred inflows of resources related to OPEB in the amount of $215,698,684 for changes in assumptions, and $42,982,572 for differences between expected and actual experience and deferred outflows of resources related to OPEB in the amount of $67,506,568 for changes in assumptions, and $159,301,452 for differences between expected and actual experience. Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year ended September 30th: 2026 2027 2028 2029 2030 Thereafter City of Miami General Employees — OPEB Plan $ (17,780,610) (16,919,397) (12,297,130) 13,854,732 13,205,778 (11,936,609) $ (31,873,236) The City's General Employees total OPEB liability was determined by an actuarial valuation as of September 30, 2024 rolled forward to the measurement date of September 30, 2025. The General Employees Plan is inclusive of all City employees, excluding Police Officers and Firefighters. Actuarial Assumptions The following actuarial assumptions were used and applied to all periods included in the measurement, unless otherwise specified: Actuarial Assumptions Projected salary increases Discount rate Healthcare cost trend rates 3.5% per annum 4.90% per annum The annual trends are based on the current HCA Consulting trend study and are applied on a select and ultimate basis. The trends rates were updated to an initial rate of 7.75% and are reduced 0.30% each year for ten years, and 0.10% thereafter until reaching the ultimate trend rate of 4.00%. The mortality assumption was based on a Pub-2010 headcount weighted base mortality table, projected generationally using scale MP-2021. Change of assumptions and other inputs reflect a change in the discount rate from 3.81% at September 30, 2024 to 4.90% at September 30, 2025. 131 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Discount Rate For plans that do not have assets, the discount rate is based on the tax-exempt municipal bond rate on an index of 20-year general obligation bonds with an average AA rating as of the measurement date. Therefore, the discount rate used to measure the total OPEB liability was 4.90 %, which is based on the Bond Buyer 20-Bond GO index. Changes in the Total OPEB Liability General Employees Total OPEB Liability Balances at 10/1/2024 $ 140,210,717 Changes for the year: Service Cost 8,463,101 Interest 5,607,779 Changes of assumptions (21,343,779) Benefit payments, including refunds of member contributions (2,976,039) Net Changes (10,248,938) Balances at 9/30/2025 $ 129,961,779 Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following table illustrates the impact of interest rate sensitivity on thetotal OPEB liability for fiscal year ended September 30, 2025: General Employees Current Discount 1% Decrease Rate 1 % Increase (3.90%) (4.90 %) (5.90%) Total OPEB Liability $ 151,381,000 $ 129,961,779 $ 112,742,000 The following table illustrates the impact of healthcare cost trendrate sensitivity on the total OPEB liability for fiscal year ended September 30, 2025: 1% Decrease General Employees Health Care Cost Trend Rates 1% Increase Total OPEB Liability $ 110,390,000 $ 129,961,779 $ 154,822,000 132 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the fiscal year ended September 30, 2025, the City recognized OPEB expense of $2,743,044. At September 30, 2025, the City reported deferred inflows of resources related to OPEB in the amount of $43,643,277 for differences between expected and actual experience and $52,376,118 for changes in assumptions and deferred outflows of resources related to OPEB in the amount of $7,536,567 for differences between expected and actual experience and $17,354,685 for changes in assumptions. Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year ending September 30th: 2026 $ (11,327,836) 2027 (6,987,771) 2028 (11,437,592) 2029 (11,723,084) 2030 (6,962,595) Thereafter (22,689,265) $ (71,128,143) City of Miami Fire — OPEB Plan Effective January 1, 2019, members of the Fire Fighter Union (IAFF) and their retirees formed the Local 587 Health Insurance Trust (Firefighter's Plan). The City's total OPEB liability for its Firefighter's Plan was measured as of September 30, 2025, and determined by an actuarial valuation as of September 30, 2024, rolled -forward to the measurement date, using the following assumptions applied to all periods included in the measurement, unless otherwise specified. Actuarial Assumptions Projected salary increases Discount rate Healthcare cost trend rates 4.75% per annum 4.90% per annum The current health care trend rate starts at an initial rate of8.00%, decreasing to an ultimate rate of 4.50%. Mortality rates were based on the Pub-2010 generational table scaled using MP-2021 and applied on a gender -specific basis. The prior valuation used a discount rate of 4.06% as of September 30, 2024. The current full valuation uses a discount rate of 4.90% as of September 30, 2025. 133 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Discount Rate For plans that do not have assets, the discount rate is based on the tax-exempt municipal bond rate on an index of 20-year general obligation bonds with an average AA rating as of the measurement date. The discount rate used to measure the total OPEB liability was 4.90%, which is based on a yield for 20-year tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher (or equivalent quality on another rating scale). Changes in the Total OPEB Liability Fire Plan Total OPEB Liability Balances at 10/1/2024 $ 285,228,538 Changes for the year: Service Cost 15,830,154 Interest 12,089,640 Changes in assumption (20,990,683) Differences between expected and actual experience 33,096,849 Benefit payments, including refunds of member contributions (6,634,259) Net Changes 33,391,701 Balances at 9/30/2025 $ 318,620,059 Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following table illustrates the impact of interest rate sensitivity on the Total OPEB liability for fiscal year ended September 30, 2025: Total OPEB Liability Fire Plan Current Discount 1% Decrease Rate 1 % Increase (3.90%) (4.90%) (5.90%) $ 369,601,828 $ 318,620,059 $ 277,422,654 134 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The following table illustrates the impact of healthcare cost trend rate sensitivity on the total OPEB Liability for fiscal year ended September 30, 2025: Total OPEB Liability 1% Decrease Fire Plan Health care cost Trend Rates 1% Increase $ 268,033,640 $ 318,620,059 $ 383,421,666 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the fiscal year ended September 30, 2025, the City recognized OPEB expense of $43,823,280. At September 30, 2025, the City reported deferred outflows of resources related to the Fire OPEB plan in the amount of $117,659,067 for differences between expected and actual experience and $41,085,605 for changes in assumptions and deferred inflows of resources related to OPEB in the amount of $27,900,348 for differences between expected and actual experience and $52,503,015 for changes in assumptions. Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year ending September 30th: 2026 $ 15,903,486 2027 15,903,486 2028 15,903,486 2029 15,903,482 2030 9,770,396 Thereafter 4,956,973 $ 78,341,309 The following summarizes total OPEB liability, deferred inflow and outflow of resources and OPEB expense at September 30, 2025 for each OPEB plan. Deferred Deferred Total OPEB Inflow of Outflow of OPEB Plan Liability Resources Resources Expense Police $ 645,053,398 $ 258,681,256 $ 226,808,020 $ 56,711,492 Fire 318,620,059 80,403,363 158,744,672 43,823,280 General Employee 129,961,779 96,019,395 24,891,252 2,743,044 Total $1,093,635,236 $ 435,104,014 $ 410,443,944 $ 103,277,816 135 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 NOTE 12. — COMMITMENTS AND CONTINGENCIES The City participates in a number of federal and state grant programs. These programs are subject to audit under the requirements of the Florida Single Audit Act, Chapter 10.550, Rules of the Florida Auditor General and OMB Uniform Guidance. These grants are for specific purposes and are subject to review and audit by the grantor agencies. Such audits could result in requests for reimbursement for expenditures being disallowed under the grant terms. Based upon prior experience, the City's management believes any request for reimbursement, if any, will not be significant. Global Agreement: In December 2007, the City, the County, the OMNI CRA, and the Southeast Overtown Park West CRA, entered into an interlocal agreement that establishes the funding framework for several major facilities and infrastructure improvement projects. Those projects included the Arsht Performing Arts Center ("Arsht Center"), Miami Port Tunnel, Museum Park improvements, and the Miami Marlins Baseball Stadium and parking facilities. The agreement specifically calls for the OMNI CRA to increase its contribution to the County to service debt and other loans on the Arsht Center. Further, the agreement established parameters by which the City, County, and CRAs would move forward with the legal process of extending the lives and expanding the geographic boundaries of both CRAs and utilizing the additional tax increment revenues to finance affordable housing, infrastructure, and redevelopment projects consistent with the CRAs' redevelopment plans. The additional OMNI CRA tax increment revenues were available to finance the City's contributions to the Miami Port Tunnel project and the Museum Park improvements. Finally, the agreement addressed the City's and County's Miami Marlins Major League Baseball project stadium and related parking facilities built on the former Orange Bowl location site. To date, the total contributions required to be made by the City for the Museum Park Improvement projects have not been determined. The OMNI CRA has voted to provide an annual grant of tax increment revenues to the City in connection with repayment of the City's Special Obligation Non -Ad Valorem Revenue Refunding Bonds Series (Port of Miami Tunnel Project) issued December 13, 2012. The Special Obligation Non -Ad Valorem Revenue Refunding Bonds is City debt. As such the City is responsible for all debt services. However, the OMNI CRA has agreed to provide the City with the funding required to make annual debt service payments. In the event the CRA defaults on its commitment to the City, the City would be responsible to pay the debt service from legally available funds. On July 17, 2020, the City issued $28,035,000 Special Obligation Non -Ad Valorem Revenue Refunding Note Taxable Series 2020 (Port of Miami Tunnel Project) for the purpose of providing funds, together with all available moneys to (i) refund a portion of the Special Obligation Non -Ad Valorem Series 2012 Bonds and (ii) pay the cost of issuance of the Series 2020 Bonds. On March 1, 2023, the City closed a tax-exempt loan transaction in the principal amount of $26,460,000, the proceeds of which were used to prepay, on a current basis, all of the City's outstanding Special Obligation Non -Ad Valorem Revenue Refunding Note Taxable Series 2020 (Port of Miami Tunnel Project). As of September 30, 2025, the total outstanding related debt was paid for the Non -Ad Valorem Revenue Refunding Bonds Series (Port of Miami Tunnel Project) issued December 13, 2012, and the total outstanding related debt for the Special Obligation Non -Ad Valorem Revenue Refunding Note Tax -Exempt Series 2023 (Port of Miami Tunnel Project) was approximately $19.3 million. 346 NW 29' Street, LLC, et al. v. City of Miami, this is a class action for declaratory relief regarding the City's obligations pursuant to Chapter 56, Article V, of the Code of the City. The City commission, at its discretion, may grant, by ordinance, ad -valorem tax exemptions to new and expanding businesses located within enterprise zones. Qualifying new or expanding businesses were eligible to receive an exemption up to 100% of the municipal portion of their real or personal property ad -valorem taxes. The Florida Statutes which enabled this exemption gave the right to all applicants to be considered by the City 136 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Commission. If they were approved as qualified by the administration, they were entitled to an up or down vote by the Commission. If the administration did not approve their application, they had a right to appeal to the Commission. Unfortunately, approved applicants were not submitted and rejected applicants were not advised of their right to appeal. The trial court certified the class and granted the Plaintiff s motion for summary judgment on liability. On January 25, 2018, the City Commission approved Resolution #18-0033 authorizing to pay an amount not to exceed $12,000,000 in full settlement of any and all claims alleged against the City in the class action. $4.1 million in attorney fees and settlement claims of approximately $7 million have been paid, leaving the remaining balance of approximately $1.6 million for distribution to the class on an annual basis every October 1st. The balance is recorded as a Claims Payable under Non -Current Liabilities in the Statement of Net Position. Fraternal Order of Police, Walter E. Headley, Jr., Miami Lodge No. 20 v. City of Miami, The FOP Miami Lodge 20 (hereinafter the "Police Union") alleges that it had a Collective Bargaining Agreement with the City, effective through September 30, 2010, that the parties exchanged initial proposals for a successor agreement, and that the parties have held several bargaining sessions. The Police Union further alleges that during the several bargaining sessions, the City never advised the Police Union that there was a need to reach settlement on economic items expeditiously, or that the City intended to declare a "financial urgency" and invoke the process set forth in Section 447.4095, Florida Statutes. The Police Union contends that Section 447.4095 may only be invoked to modify the terms of an existing agreement. The Police Union further alleges that although the parties continued to bargain for a successor collective bargaining agreement on August 9 and 12, 2010, the parties never discussed wages or pensions, but on August 16, 2010, the City advised the Public Employees Relations Commission ("PERC") that it had engaged in negotiations on the impact of the financial urgency, and any action necessitated by the financial urgency, and that a dispute existed. The Police Union then alleges that on August 31, 2010, the City unilaterally took action to alter the terms and conditions of employment before reaching impasse with the Police Union, in violation of Section 447.501(1)(a) and (1)(c). Further, the Police Union alleges that, although the changes were not discussed with them, they were discussed in a closed door unnoticed "shade" meeting conducted in violation of Section 447.605, Florida Statutes (an exemption to the Sunshine Law). The Police Union contends that the failure of the City to have any discussions with the Police Union on these matters constitutes bad faith or surface bargaining in violation of Section 447.501(1) II (a), Florida Statutes. It also asserts that by unilaterally altering terms and conditions of employment before completion of the impasse procedure set forth in Section 447.403, Florida Statutes, and by not responding to a request for records, the City violated Section 447.501(1)(a) and (1)(c), Florida Statutes. The City received a recommended order from the Hearing Officer in its favor, which was ultimately adopted by the City Commission. The FOP appealed to the Florida District Court of Appeals, First District. The First District affirmed. The FOP sought review by the Florida Supreme Court. The Florida Supreme Court accepted review. The Supreme Court heard oral arguments on April 7, 2015. On March 2, 2017, the Florida Supreme Court issued a decision in favor of FOP, quashing the decision of the First District and remanding the case to the First District for proceedings consistent with State law. The PERC entered an Order on the Merits of the Unfair Labor Practice Charge and scheduled a back -pay hearing in June 2018. Despite the pendency of the back -pay case, the FIPO Trust voted to disburse adjusted pension payments to its members. The City filed an injunction and the Third District Court of Appeal held that the FIPO Trust had no authority to make adjusted pension payments at that time, and that neither the Florida Supreme Court decision in Headley, nor the October 18, 2017 PERC Order rescinded the City's current pension code. The Third District Court of Appeal emphasized that only the City has the authority to change its pension code, as appropriate, and, at the conclusion of the financial urgency litigation proceedings. The Third District also affirmed the trial court's ruling abating the proceedings pursuant to 137 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Chapter 164 of the Florida Statutes. Pursuant to the Court's opinion, the parties should commence formal intergovernmental dispute resolution proceedings under Florida Statutes Chapter 164. The FOP backpay case before the PERC began on June 18, 2018. FOP presented its case and the parties agreed to close the record and attempt mediation. The parties negotiated a settlement agreement, which was approved by the City Commission on October 25, 2018. The settlement with the FOP required the City to pay $33.0 million, including backpay claims and increases to future pay and pension benefits by the Police Union. The remaining unpaid balance due on the settlement on September 30, 2025 is $1.7 million. The balance is recorded as a Claims Payable under Non -Current Liabilities in the Statement of Net Position. International Association of Firefighters, Local 587 v. City of Miami, The IAF Local 587 (hereinafter "Firefighters Union") alleges that it had a Collective Bargaining Agreement ("CBA") with the City, effective through October 1, 2010, that, in exchange for concessions by the Firefighters Union, the CBA was extended through September 30, 2011, and that the City expressly waived its right not to fund any year of the CBA except in the case of "true fiscal emergency", defined in the CBA as, "the City must demonstrate that there is no other reasonable alternative means of appropriating monies to fund the agreement for that year or years". The Firefighters Union further alleges that less than six (6) months after agreeing to the extension, on April 30, 2010, the City invoked the process under Section 447.4095, Florida Statutes, claiming "financial urgency," and on August 31, 2010, unilaterally took action to modify wages, insurance, and pension benefits. The Firefighters Union asserts that the invocation of Section 447.4095, Florida Statutes was improper and was waived by the City in the CBA. Further, the Firefighters Union alleges that, prior to their enactment, the modifications to the CBA were discussed in a closed door, unnoticed "shade" meeting in violation of Section 447.605, Florida Statutes (an exemption to the Sunshine Law). Finally, the Firefighters Union asserts that the City failed to bargain collectively and in good faith by enacting the changes of August 31, 2010, by not providing the Firefighters Union with notice in advance, and by failing to discuss, bargain over, impact bargain, or complete the process set forth in Section 447.403 and/or Section 447.4095, Florida Statutes. The City received a recommended order from the Hearing Officer in its favor, which was adopted by the City Commission. The Third District remanded the case back to PERC, consistent with the outcome in Headley v. City of Miami. The PERC entered an Order on the Merits of the Unfair Labor Practice Charge and scheduled a backpay hearing in June 2018. The Firefighters Union backpay case before the PERC began on June 5, 2018. The record was recessed so that the parties could attempt mediation. On October 11, 2018, the City Commission approved a new labor contract and a settlement agreement with the Firefighters Union for $20.5 million, including backpay claims and increases to future pay and pension benefits by the Firefighters Union. The final payment of $2.5 million was made on October 1, 2024. Therefore, as of September 30, 2025 there was no remaining unpaid balance due on the settlement. Public Benefit Agreement Regarding Construction of Fire Station No.4, On April 13, 2020, the City entered into a Public Benefit Agreement with 191 SW 12 Owner LLC ("Developer"). The City is the owner of Fire Station No. 4, located at 1105, 1115, 1131, and 1133 SW 2' Avenue. The Developer is the owner of the adjacent property, located at 191 SW 121h Street. The Developer has offered to consolidate the City's property and their own property for no compensation, in order to create two separate parcels one of which would be an Air Rights parcel to be owned by Developer, and the other which would be a Fee Parcel to be owned by the City. The Developer has offered to construct a new, state of the art, larger and modern Fire Station for the City on the Developer Property, and part of the City Property at a cost of $8.0 million at the Developer's expense. The Developer also intends to develop a mixed -use tower with first floor retail and a parking garage on the Air Rights parcel. In furtherance of Developer's construction of the project, Developer, at its sole cost and expense, has agreed to provide certain Public Benefits, including: (1) the construction of the Fire Station on behalf and for the benefit of the City; (2) the conveyances of the Developer Property to the City; (3) the conveyance of fifty parking spaces to the City; 138 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 (4) an annual Profit Participation Payment equal to five percent of the available cash, (5) additional cash contribution anticipated to be expended for the purchase of one ladder truck, one engine truck, two fire rescue trucks, and two Ford trucks in connection with the operation of New Fire Station and other Fire Department related expenses, (6) one-time Transfer of Development Rights (TDR) Payment in the amount of $9.0 million for the exclusive and restricted use of promoting and developing affordable housing and park projects within District 3, (7) pay City's Parks and Recreation Impact Fee in the amount of $4.1 million, (8) contribute a Public Benefit Contribution that when added to the TDR Payment amount and the Park Impact Fee that equals $13.0 million, (9) contribute funds for exclusive and restricted use of promoting arts, culture and entertainment throughout District 3 in an amount equal to $250 thousand, (10) contribute funds in the amount of $200 thousand for streetscape improvements, (11) contribute $3.0 million for improvements to Southside Park and other Public Benefits as outlined in the agreement. Of the cash contributions outlined in the agreement the City has received the $9.0 million TDR payment for the exclusive use of promoting and developing affordable housing, $1.0 million in park impact fees and a total amount of $500 thousand for the purpose of promoting arts, culture, and entertainment throughout District 3. All monies received to date have been recorded in a special revenue fund. Richard Klugh et al v. City of Miami, is a class action alleging a constitutional challenge to a City of Miami ordinance and the related City regulations that impose a parking surcharge. Under Fla. Stat. § 166.271(1), a municipality may impose and collect a parking surcharge if it satisfies the following preconditions: (1) the municipality is located in county with a population of more than 500,000, (2) the municipality has a resident population of 200,000 or more, and (3) "more than 20 percent of the real property" in the municipality is exempt from ad valorem taxes. Plaintiffs allege that since as early as 2017, more than 20 percent of the real property in the City was not exempt from ad valorem taxes. Thus, according to Plaintiffs, the City no longer satisfied a precondition for imposing and collecting the parking surcharge. Plaintiffs define the class as all people who paid the City's parking surcharge from October 24, 2019, to date. Plaintiffs seek, inter alia, a refund of the parking surcharge paid by the class members. The trial court issued a non -final ruling favoring Plaintiffs' interpretation of the statute but then issued a subsequent non -final ruling requiring Plaintiffs to go through the City's administrative process for refunds. The average annual collection of the parking surcharge since fiscal year 2017 is $24.6 million. To date, the City cannot estimate the ultimate losses from this suit (if any). Litigation The City is involved in various lawsuits arising from the ordinary course of operations. Although the outcome of these matters is not presently determinable, it is the opinion of management of the City based upon consultation with legal counsel, that the outcome of these matters will not have an adverse material effect on the financial position of the City beyond the amount accrued for its self -insured liability and the amount accrued for estimated probable losses to date. Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for expenditure of funds are recorded in order to reserve that portion of the applicable appropriation, is utilized in the governmental funds. Encumbrances do not constitute expenditures or liabilities and are recorded in the appropriate fund balance classifications of restricted, committed or assigned in accordance with the City's fund balance policy. 139 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The City has outstanding encumbrances in the governmental funds. The following is a summary of these commitments on September 30, 2025. Governmental Funds Totals Major Funds: General Obligations Bonds Projects Other Capital Projects Emergency Services Non Major Governmental Funds NOTE 13. — SUBSEQUENT EVENTS $ 44,349,153 97,377,081 1,878,980 41,071,244 $ 184,676,458 On September 25, 2025, the City Commission approved a Senior Citizen Property Tax Rebate program pursuant to Resolution No. R-25-0242. The program was designed to provide tax relief to eligible senior property owners within the City. The City utilized the Miami -Dade County property tax records to identify eligible properties that had both a Homestead Exemption and a Senior Exemption on file for the applicable tax year. The rebate amounts were then determined based on the City's portion of property taxes paid by those eligible property owners. In February 2026, the City issued 2,300 rebate checks totaling $2.4 million to eligible recipients. On November 20, 2025, the City Commission adopted Ordinance #14417, terminating the previously approved development agreement, under Ordinance #13974, associated with Jungle Island Special Area Plan adopted by Ordinance #13973. Also, further approving a new development agreement, associated with an amendment to the existing Jungle Island Special Area Plan, inclusive of the regulating plan and concept book, as part of the amendment with a name change to the 'Ecoresiliency Special Area Plan" and authorizing the City Manager to negotiate and execute said development agreement. As part of the draft development agreement, the developer shall pay to the City the amount of all debt issued by the City in connection to the Section 108 loan from the U.S. Department of Housing and Urban Development at the time of closing. The City obtained a $13.8 million loan, as referenced in Note 3 - ACCOUNTS RECEIVABLE, LEASES RECEIVABLE AND DUE FROM OTHER GOVERNMENTS. On March 12, 2026, the City Commission adopted Resolution #26-0134, approving issuance of the OMNI Redevelopment District Community Redevelopment Agency Tax Increment Revenue Bonds Series 2026 in an amount not exceeding $150.0 million in order to finance certain redevelopment projects and certain grants to be used for affordable housing, all in the redevelopment area. NOTE 14. — PRONOUNCEMENTS ISSUED, BUT NOT YET ADOPTED GASB Statement No. 103, Financial Reporting Model Improvements. The objective of this Statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government's accountability. This Statement also addresses certain application issues. The requirements of this Statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter. Earlier application is encouraged. 140 CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 GASB Statement No. 104, Disclosure of Certain Capital Assets. The objective of this Statement is to provide users of government financial statements with essential information about certain types of capital assets. This Statement requires certain types of capital assets to be disclosed separately in the capital assets note disclosures required by Statement 34. Lease assets recognized in accordance with Statement No. 87, Leases, and intangible right -to -use assets recognized in accordance with Statement No. 94, Public - Private and Public -Public Partnerships and Availability Payment Arrangements, should be disclosed separately by major class of underlying assets in the capital assets note disclosures. Subscription assets recognized in accordance with Statement No. 96, Subscription Based Information Technology Arrangements, also should be separately disclosed. In addition, this Statement requires intangible assets other than those three types to be disclosed separately by major class. The requirements of this Statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter. Earlier application is encouraged. GASB Statement No. 105, Subsequent Events. The objective of this Statement is to improve the financial reporting requirements for subsequent events, thereby enhancing consistency in their application and better meeting the information needs of financial statement users. This Statement defines subsequent events as transactions or other events that occur after the date of the financial statements but before the date the financial statements are available to be issued. The requirements of this Statement are effective for fiscal years beginning after June 15, 2026, and all reporting periods thereafter. Earlier application is encouraged. The City's management has not yet determined the effect these statements will have on the City's financial statements. 141 Required Supplementary Information City of Miami, Florida Schedule of Revenues, Expenditures and Changes In Fund Balance Budget and Actual - General Fund For The Fiscal Year Ended September 30, 2025 (Unaudited) Budgeted Amounts Actual Variance with Original Final Amounts Final Budget Revenues: Property Taxes $ 589,253,000 $ 589,253,000 $ 578,090,548 $ (11,162,452) Franchise and Other Taxes 156,298,000 156,298,000 148,053,860 (8,244,140) Licenses and Permits 101,281,000 101,281,000 110,598,582 9,317,582 Fines and Forfeitures 7,379,000 7,379,000 7,115,291 (263,709) Intergovernmental Revenues 107,933,000 107,933,000 105,446,804 (2,486,196) Charges for Services 141,142,000 141,142,000 173,391,073 32,249,073 Investment Earnings 17,363,000 22,363,000 34,237,176 11,874,176 Other 38,543,000 64,232,000 5,460,961 (58,771,039) Total Revenues 1,159,192,000 1,189,881,000 1,162,394,295 (27,486,705) Expenditures: General Govenunent Mayor 3,560,000 3,560,000 3,573,850 (13,850) Commissioners 12,611,000 12,161,000 10,075'750 2,085,250 City Manager 3,689,000 4,585,000 4,643,698 (58,698) Agenda Coordination 492,000 499,000 498,327 673 City Clerk 2,459,000 2,489,000 2,543 993 (54,993) Civil Service Board 648,000 658,000 657,019 981 Independent Inspector General 2,106,000 2,106,000 580,759 1,525,241 Communications 2,204,000 2,204,000 2,048,956 155,044 Human Resources 6,746,000 6,746,000 6,749,270 (3,270) Dept Human Services 8,118,000 8,118,000 8,017,760 100,240 Innovation and Technology Department 16,971,000 16,971,000 15,873,327 1,097,673 City Attorney 15,006,000 15,006,000 13,593,359 1,412,641 Management and Budget 4,418,000 4,418,000 4,087,181 330,819 Procurement 3,974,000 3,974,000 3,692,503 281,497 Equal Opportunity & Diversity Programs 711,000 711,000 704,507 6,493 Finance 13,971,000 13,971,000 24,345,921 (10,374,921) Capital Improvements and Transportation 2,048,000 2,449,000 2,601,599 (152,599) Grants Administration 2,227,000 2,227,000 2,179,174 47,826 Non -Departmental 70,215,000 55,483,000 57,044,429 (1,561,429) Risk Management 5,286,000 5,286,000 4,621,955 664,045 Economic Transformation and Innovation 1,598,000 1,598,000 1,315,847 282,153 Total General Government 179,058,000 165,220,000 169,449,184 (4,229,184) Planning and Development Building 44,073,000 46,936,000 Planning 7,746,000 7,746,000 Zoning Department 6,535,000 6 630 000 Total Planning and Development 58,374,000 61,312,000 Public Works Solid Waste General Service Administration Public Works and Sustainability Resiliency and Sustainability Total Public Works 48,033,000 37,823,000 41,500,000 1,37 7,000 128,733,000 50,584,000 37,823,000 41,500,000 1 377 000 131,284,000 47,556,-17 7,435,794 6,700,617 (620,717) 310,206 (70,617) 61,693,128 (381,128) 51,531315 35,954,823 40,356,667 1,255,222 129,118,027 (967,315) 1,868,177 1,143,333 121,778 2,165,973 Public Safety Code Compliance 13,048,000 13,048,000 12,462,994 585,006 Fire -Rescue 243,529,000 247,804,000 248,185,127 (381,127) Police 378,574,000 379 975 000 381,232453 (1,257,453) Total Public Safety 635,151,000 640,827,000 641,880,574 (1,053,574) Real Estate and Asset Management 21,392,000 21,392,000 21,025,625 366,375 Housing and Conununity Development 3,879,000 3,879,000 1,745,388 2,133,612 Parks and Recreation 63,384,000 64 621 000 65,016,301 (395,301) Total other departments 88,655,000 89,892,000 87,787,314 2,104,686 Total Expenditures 1,089,971,000 1,088,535,000 1,089,928,227 (1,393,227) Excess (Deficiency) of Revenues Over (Under) Expenditures 69,221,000 101,346,000 72,466.068 (28,879,932) Other Financing Sources (Uses): Transfers Tn 7,457,000 8,829,000 46,465,773 37,636,773 Transfers Out (76,830,000) (110,327,000) (110,923,541) (596,541) Proceeds from Sale of Property 152,000 152,000 724,548 572,548 Lease Liability Issued - - 10,781,159 10,781,159 Total Other Financing Sources (Uses) (69,221,000) (101,346,000) (52,952,061) 48,393,939 Net Change in Fund Balance Fund Balance - Beginning of Year 19,514.007 19,514,007 217,856. 791 217,856,791 Fund Balance - End of Year $ $ $ 237,370,798 $ 237,370,798 See Notes to Required Supplementary Information. 142 Notes to Required Supplementary Information City of Miami, Florida Year Ended September 30, 2025 (Unaudited) NOTE 1. - BUDGETARY POLICY A. Budget Policy The City Commission annually adopts an operating budget ordinance for all governmental funds of the City, except for the capital projects funds, the Emergency Service Special Revenue Fund and the CRA Special Obligation Bonds Fund. The Capital Projects Funds are budgeted on a total project basis for which annual budgets are not available. The CRA budgets in their Special Revenue Fund Operating Budget to pay for their Special Obligation Bonds, therefore, annual budgets are not available. For governmental funds, budgets are prepared on a basis consistent with accounting principles generally accepted in the United States of America. B. Budget -Legal Compliance The City follows these procedures in establishing the budgetary data reflected in the accompanying financial statements: o Prior to August 31st, the City Manager submits to the City Commission a proposed operating budget by fund, except for the General Fund, which is at the departmental level, for the fiscal year commencing October 1st The operating budget includes proposed expenditures and the means of financing them. o The Mayor prepares and delivers a budgetary address annually to the people of the City between July 1 st and September 30th. o Such report is prepared after consultation with the City Manager. o Public hearings are conducted to obtain taxpayer comments. o Prior to October 1st, the budget is legally enacted through the passage of a resolution and adoption of the budget report. Management may not make changes to the adopted budget without the approval of a majority vote of the Commission. o The Commission may transfer among departments any part of an unencumbered balance of an appropriation to a purpose for which an appropriation for the current year has proved insufficient. At the close of each fiscal year, the unencumbered balance of each appropriation reverts to the fund from which it was appropriated and is subject to future appropriations. o Budgets are monitored at varying levels of classification detail; however, budgetary control is legally maintained at the fund level except for the General Fund, which is maintained at the departmental level. All budget amendments require City Commission approval. During fiscal year 2025, supplemental appropriations totaling $32.1 million increase in the General Fund. The Special Revenue Funds budget was increased in fiscal year 2025 as follows: $38.6 million was allocated to General Special Revenues, $11.7 to Departmental Improvement Initiatives, $6.4 million to Miami Ballpark Parking Facilities, $5.2 million to Police Services, $22.5 million to Parks and Recreation Services, $8.5 million to Economic Development and Planning Services, $1.4 million to Public Works Services, $12.8 million to Community and Economic Development, $91.7 million to Transportation and Transit, $0.9 million to Human Services, and a reduction of $19.5 million to Fire Rescue Services. The CRA budgets for transfers in their Special Revenue Fund Operating Budget to pay for their Special Obligation Bonds, therefore the schedule of budget to actuals is not reflected in the Required Supplementary Information. 143 Required Supplementary Information City of Miami, Florida Schedule of Changes in the Total OPEB Liability and Related Ratios Police Officers Other Post Employment Benefit Plan Last Eight Years (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 Total OPEB liability Service cost $ 27,626,723 $ 24,434,489 $ 15,262,518 $ 28,439,539 $ 27,620,413 $ 23,424,653 $ 15,532,134 $ 18,643,389 Interest 29,742,389 28,428,260 17,131,202 13,166,306 12,673,651 12,875,493 17,584,487 16,174,180 Differences between expected and actual experie - 224,322,454 - (25,783,543) - (150,693,611) - - Changes of assumptions (158,099,219) 63,685,211 (5,977,896) (180,153,744) 7,939,551 80,970,635 166,632,926 (52,081,436) Benefit payments (14,325,879) (13,060,053) (9,909,529) (9,037,396) (9,786,494) (9,114,857) (11,270,476) (9,692,349) Net Change in total OPEB liability (115,055,986) 327,810,361 16,506,295 (173,368,838) 38,447,121 (42,537,687) 188,479,071 (26,956,216) Total OPEB liability - beginning Total OPEB liability - ending Covered -employee payroll City's Total OPEB liability as a percentage of covered -employee payroll 760,109,384 432,299,023 415,792,728 589,161,566 550,714,445 593,252,132 404,773,061 431,729,277 $ 645,053,398 $ 760,109,384 $ 432,299,023 $ 415,792,728 $ 589,161,566 $ 550,714,445 $ 593,252,132 $ 404,773,061 $ 183,856,871 $ 166,066,797 $ 151,908,517 $ 146,409,507 $ 154,307,948 $ 126,533,994 $ 116,997,315 $ 117,554,673 351% 458% 285% 284% 382% 435% 507% 344% Notes to Schedule: (1) This Schedule is presented to illustrate the requirement of GASB 75. The City implemented GASB No.75 for the fiscal year ended September 30, 2018. This Schedule will present 10 years as information becomes available. (2) Changes in assumption: The discount rate changed from 3.81% to 4.90%. (3) There are no assets accumulated in a trust to pay related benefits for the OPEB plan. 144 Required Supplementary Information City of Miami, Florida Schedule of Changes in the Total OPEB Liability and Related Ratios General Employees Other Post Employment Benefit Plan Last Eight Years (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 Total OPEB liability Service cost $ 8,463,101 $ 9,553,910 $ 9,711,782 $ 11,463,516 $ 11,228,830 $ 9,770,177 $ 12,089,305 $ 11,604,247 Interest 5,607,779 7,316,300 6,740,260 4,249,792 4,056,735 5,440,284 8,428,692 7,543,984 Differences between expected and actual experience - (42,391,381) - 14,987,224 - (46,944,745) Changes ofassumptions (21,343,779) (2,401,249) (1,803,562) (55,142,732) 2,028,674 12,599,295 62,941,852 (20,723,542) Plan change - - - - - - (74,064,500) Benefit payments (2,976,039) (2,391,198) (4,161,058) (3,444,217) (3,449,534) (3,116,358) (5,278,831) (4,900,471) Net Change in total OPEB liability (10,248,938) (30,313,618) 10,487,422 (27,886,417) 13,864,705 (22,251,347) 4,116,518 (6,475,782) Total OPEB liability - beginning Total OPEB liability - ending Covered -employee payroll City's Total OPEB liability as a percentage of covered -employee payroll 140,210,717 170,524,335 160,036,913 187,923,330 174,058,625 196,309,972 192,193,454 198,669,236 $ 129,961,779 $ 140,210,717 $ 170,524,335 $ 160,036,913 $ 187,923,330 $ 174,058,625 $ 196,309,972 $ 192,193,454 $ 174,309,491 $ 168,414,967 $ 132,920,183 $ 126,590,650 $ 104,021,000 $ 100,990,997 $ 104,744,000 $ 154,355,815 75% 83% 128% 126% 181% 172% 187% 125% Notes to Schedule: (1) This Schedule is presented to illustrate the requirements of GASB 75. The City implemented GASB No.75 for the fiscal year ended September 30, 2018. This Schedule will present 10 years as information becomes available. (2) Plan change: Effective January 1, 2019, members of the Fire Fighter Union (IAFF) including their retirees moved from the City's health plan to participate in a newly formed Health Trust. (3) Changes in assumption:The discount rate was updated from 3.81% to 4.90%. (4) There are no assets accumulated in a trust to pay related benefits for the OPEB plan. 145 Required Supplementary Information City of Miami, Florida Schedule of Changes in the Total OPEB Liability and Related Ratios Firefighters Other Post Employment Benefit Plan Last Seven Years (Unaudited) 2025 2024 2023 2022 2021 2020 2019 Total OPEB liability Service cost $ 15,830,154 $ 11,942,800 $ 10,366,142 $ 10,109,849 $ 8,325,799 $ 5,753,979 $ Interest 12,089,640 12,267,309 9,983,967 4,599,910 3,604,440 2,121,916 (1,295) Changes ofbenefitterms - 16,752,997 - - - - 74,127,736 Changes in assumptions (20,990,683) 44,840,713 (3,738,132) (52,486,381) (616,017) 18,637,678 - Differences between expected and actual experience 33,096,849 (37,200,464) 30,252,128 62,240,445 30,740,330 42,693,288 Benefit payments (6,634,259) (6,577,150) (5,146,640) (4,306,174) (3,903,874) (95,000) (61,941) Net Change in total OPEB liability 33,391,701 42,026,205 41,717,465 20,157,649 38,150,678 69,111,861 74,064,500 TotalOPEBliability- beginning 285,228,358 243,202,153 201,484,688 181,327,039 143,176,361 74,064,500 TotalOPEBliability- ending $ 318,620,059 $ 285,228,358 $ 243,202,153 $ 201,484,688 $ 181,327,039 $ 143,176,361 $ 74,064,500 Covered -employee payroll City's Total OPEB liability as a percentage of covered -employee payroll $ 71,657,209 $ 68,407,837 $ 65,305,811 $ 62,344,449 $ 59,517,374 $ 56,818,495 $ 54,242,000 445% 417% 372% 323% 305% 252% 137% Notes to Schedule: (1) This Schedule is presented to illustrate the requirement of GASB 75. The City implemented GASB No.75 for the fiscal year ended September 30, 2018. This Schedule will present 10 years as information becomes available. (2) Plan change: Effective January 1, 2019, members of the Fire Fighter Union (IAFF) including their retirees moved from the City's health plan to participate in a newly formed Health Trust. (3) The discount rate changed from 4.06% to 4.90% for the year ended September 30, 2025. (4) There are no assets accumulated in a trust to pay related benefits for the OPEB plan. 146 Required Supplementary Information City of Miami, Florida Schedule of Changes in the Net Pension Liability and Related Ratios Firefighters and Police (FIPO) Last Ten Fiscal Years (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 2017 (Restated) 2016 Total pension liability Service cost $ 56,348,194 $ 48,915,573 $ 48,985,511 $ 46,664,662 $ 33,080,765 $ 33,703,733 $ 30,947,329 $ 27,965,925 $ 26,279,333 $ 21,625,163 Interest 192,421,049 182,539,342 177,545,797 170,619,991 159,732,358 160,096,512 152,192,907 149,244,425 146,548,443 156,265,650 Changes of benefit terms 23,512,418 20,072,720 - 45,605,790 119,271,883 4,270,406 55,386,337 122,641,436 - Differences between expected and actual experience 36,464,969 14,267,922 26,912,741 11,516,006 29,131,987 46,795,554 32,027,954 21,728,074 15,553,948 12,725,721 Changes of assumptions 171,644,234 55,381,893 - - 77,759,117 (82,872,814) (5,024,797) 16,618,357 - 30,651,781 Benefit payments, including refunds of member contributions (191,987,532) (182,898,138) (181,177,358) (174,397,080) (168,246,291) (164,416,994) (156,798,207) (156,093,286) (151,375,376) (166,203,470) Net change in total pension liability 288,403,332 138,279,312 72,266,691 100,009,369 250,729,819 (2,423,603) 108,731,523 59,463,495 159,647,784 55,064,845 Total pension liability -beginning 2,788,517,696 2,650,238,384 2,577,971,693 2,477,962,324 2,227,232,505 2,229,656,108 2,120,924,585 2,184,102,526 2,222,547,481 2,167,482,636 Changes in Benefit Terms - - - - - - - (122,641,436) - - Restatement - - - - - - - (198,092,739) - Total pension liability - ending 3,076,921,028 2,788,517,696 2,650,238,384 2,577,971,693 2,477,962,324 2,227,232,505 2,229,656,108 2,120,924,585 2,184,102,526 2,222,547,481 Plan fiduciary net position Contributions -employer 127,509,318 120,722,513 107,166,543 73,386,674 69,982,149 67,564,414 62,694,851 56,999,866 53,264,009 48,672,615 Contributions - member 21,149,987 19,600,500 16,887,735 17,385,719 15,892,461 15,820,796 16,309,563 14,258,763 13,206,378 12,082,805 Net investment income 178,401,366 286,939,627 149,770,178 (220,842,878) 302,211,711 88,184,264 73,863,324 102,296,007 136,351,212 132,946,827 Benefit payments, including refunds of member contributions (191,987,532) (182,898,138) (181,177,358) (174,397,080) (168,246,291) (164,416,994) (156,798,207) (156,093,286) (151,375,376) (166,203,470) Administrative expenses (1,988,547) (1,994,835) (2,093,447) (2,159,543) (2,202,023) (2,230,468) (2,128,469) (2,086,709) (2,058,797) (2,029,168) Other - - - - - - 585,124 (42,726) (42,726) (42,726) Net change in plan fiduciary net position 133,084,592 242,369,667 90,553,651 (306,627,108) 217,638,007 4,922,012 (5,473,814) 15,331,915 49,344,700 25,426,883 Plan fiduciary net position - beginning 1,810,064,791 1,567,695,124 1,477,141,473 1,783,768,581 1,566,130,574 1,561,208,562 1,566,682,376 1,551,350,461 1,700,098,500 1,674,671,617 Restatement - - - - - - - - (198,092,739) - Plan fiduciary net position - ending 1,943,149,383 1,810,064,791 1,567,695,124 1,477,141,473 1,783,768,581 1,566,130,574 1,561,208,562 1,566,682,376 1,551,350,461 1,700,098,500 Citys net pension liability $ 1,133,771,645 $ 978,452,905 $ 1,082,543,260 $ 1,100,830,220 $ 694,193,743 $ 661,101,931 $ 668,447,546 $ 554,242,209 $ 632,752,065 $ 522,448,981 Plan fiduciary net position as a percentage of the total pension liability Covered payroll Net pension liability as a percentage of covered payroll 63.15% 64.91% 59.15% 57.30% 71.99% 70.32% 70.02% 73.87% 71.03% 76.49% $ 206,704,372 $ 189,067,815 $ 187,880,152 $ 189,755,997 $ 178,532,455 $ 176,635,566 $ 168,059,448 $ 166,670,939 $ 141,497,840 $ 133,083,231 548.50% 517.51% 576.19% 580.13% 388.83% 374.27% 397.74% 332.54% 447.18% 392.57% Notes to Schedule: This Schedule is presented to illustrate the requirements of GASB 68. The City implemented GASB No.68 for the fiscal year ended September 30, 2014. The discount rate changed from 7.00% to 6.75% for the year ended September 30, 2025. The retirement rates were changed for all active participants since they are now eligible for the Forward DROP beginning in October 1, 2021. 147 Required Supplementary Information City of Miami, Florida Schedule of Changes in the Net Pension Liability and Related Ratios General and Sanitation Employees (GESE) Last Ten Fiscal Years (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total pension liability Service cost $ 21,379,007 $ 20,878,684 $ 19,630,537 $ 19,869,463 $ 18,328,598 $ 14,701,646 $ 14,547,783 $ 12,906,853 $ 10,165,542 $ 9,234,478 Interest 85,831,862 83,117,371 80,783,849 79,331,327 77,267,497 72,575,197 70,181,377 64,220,387 63,603,300 64,212,607 Changes of benefit terms 68,364,910 14,020,671 18,659,207 13,656,820 51,240,022 - - - - Differencesbetweenexpectedandactualexperience 28,222,461 11,158,830 9,374,988 (755,419) 17,095,189 (2,153,338) 21,593,105 10,997,320 8,476,546 (8,035,778) Changes of assumptions 41,517,060 17,676,112 (15,316,483) (1,593,601) 78,636 - 64,620,251 (421,932) Benefit payments, including refiinds of member contributions (89,391,909) (84,092,395) (79,526,897) (78,369,982) (74,794,162) (74,608,564) (75,040,709) (73,580,735) (73,827,066) (73,029,933) Net change in total pension liability 155,923,391 62,759,273 33,605,201 20,075,389 49,960,341 61,833,599 31,281,556 79,164,076 7,996,390 (7,618,626) Total pension liability - beginning Total pension liability - ending Plan fiduciary net position Contributions -employer Contributions- member Net investment income Benefit payments, including refimds of member contributions Administrative expenses Net change in plan fiduciary net position Plan fiduciary net position - beginning Plan fiduciary net position - ending 1,220,474,883 1,157,715,610 1,124,110,409 1,104,035,020 1,054,074,679 992,241,080 1,376,398,274 1,220,474,883 1,157,715,610 1,124,110,409 1,104,035,020 1,054,074,679 53,457,831 55,325,610 55,807,861 54,121,724 15,836,608 15,313,027 15,679,905 13,863,911 211,913,144 107,514,694 (143,357,054) 169,736,310 (89,391,909) (84,092,395) (79,526,897) (78,369,982) (360,819) (318,225) (162,782) (317,969) 191,454,855 93,742,711 (151,558,967) 159,033,994 875,651,660 781,908,949 933,467,916 774,433,922 1,067,106,515 875,651,660 781,908,949 933,467,916 960,959,524 881,795,448 992,241,080 960,959,524 49,923,146 14,457,555 50,886,836 (74,794,162) 95,992 43,526,929 13,094,948 47,381,929 (74,608 564) (60,585) 40,569,367 29,334,657 733,864,555 704,529,898 774,433,922 733,864,555 40,879,285 10,847,473 60,276,827 (75,040,709) (287,451) 34,355,719 11,081,234 78,645,544 (73,580,735) (352,230) 36,675,425 50,149,532 667,854,473 617,704,941 704,529,898 667,854,473 873,799,058 881,417,684 881,795,448 873,799,058 32,881,500 9,595,465 60,237,354 (73,827,066) (233,337) 33,036,318 8,163,643 1,496,395 (73,029,933) (176,693) 28,653,916 (30,510,270) 589,051,025 619,561,295 617,704,941 589,051,025 City's net pension liability $ 309,291,759 $ 344,823,223 $ 375,806,661 $ 190,642,493 $ 329,601,098 $ 320,210,124 $ 287,711,182 $ 293,105,051 $ 264,090,507 $ 284,748,033 Plan fiduciary net position as a percentage of the total pension liability Covered payroll Net pension liability as a percentage of covered payroll 77.53% 71.75% 67.54% 83.04% 70.15% 69.62% 71.00% 69.50% 70.05% 67.41% $ 141,524,941 $ 142,271,264 $ 131,715,858 $ 129,902,012 $ 122,643,648 $ 111,004,019 $ 111,127,482 $ 97,373,080 $ 81,069,095 $ 71,924,747 218.54% 242.37% 285.32% 146.76% 268.75% 288.47% Notes to Schedule: This Schedule is presented to illustrate the requirement of GASB 68. The City implemented GASB No.68 for the fiscal year ended September 30, 2015. The discount rate changed from 7.30% to 7.00% for the year ended September 30, 2025. Updated mortality to comply with Florida Statute 112.63(1)(t). 258.90% 301.01 % 325.76% 395.90% 148 Required Supplementary Information City of Miami, Florida Schedule of Changes in the Net Pension Liability and Related Ratios General and Sanitation Employees Excess Benefit Plan (GESE Excess Benefit) Last Ten Fiscal Years (Unaudited) 2025 2024 2023 2022. 2021 2020 2019 2018 2017 2016 Total pension liability Service cost $ $ $ $ $ $ - $ $ - $ - $ - Interest 70,044 143,645 164,795 159,670 225,257 318,281 387,640 385,137 469,106 392,659 Differences between expected and actual experience (437,318) (1,810,969) (2,630,978) 324,879 (1,061,015) (930,692) (2,359,812) (1,948,114) (516,393) 3,177,002 Changes of assumptions 44,173 (15,478) (950,935) (52,548) 435,484 1,294,576 (571,232) (92,094) 1,459,230 Benefit payments, including refimds of member contributions (118,466) (237,284) (365,619) (364,502) (417,755) (477,892) (587,959) (674,572) (680,534) (653,302) Net change in total pension liability (441,567) (1,920,086) (3,782,737) 67,499 (818,029) 204,273 (3,131,363) (2,329,643) 731,409 2,916,359 Total pension liability -beginning 1,771,804 3,691,890 7,474,627 7,407,128 8,225,157 8,020,884 11,152,247 13,481,890 12,750,481 9,834,122 Total pension liability - ending 1,330,237 1,771,804 3,691,890 7,474,627 7,407,128 8,225,157 8,020,884 11,152,247 13,481,890 12,750,481 Plan fiduciary net position Contributions - employer 118,466 237,284 365,619 364,502 417,755 477,892 587,959 674,572 680,534 648,302 Contributions - member - - - - - - - - - Net investment income Benefit payments, including refimds of member contributions (118,466) (237,284) (365,619) (364,502) (417,755) (477,892) (587,959) (674,572) (680,534) (653,302) Administrative expenses - - - - - - - - - 5,000 Net change in plan fiduciary net position - Plan fiduciary net position- beginning - - - - - - - - - - Planfiduciarynetposition- ending - - - - - - - - - - City's net pension liability $ 1,330,237 $ 1,771,804 $ 3,691,890 $ 7,474,627 $ 7,407,128 $ 8,225,157 $ 8,020,884 $ 11,152,247 $ 13,481,890 $ 12,750,481 Plan fiduciary net position as a percentage of the total pension liability 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Covered payroll $ 141,524,941 $ 142,271,264 $ 131,715,858 $ 129,902,012 $ 122,643,648 $ 111,004,019 $ 111,127,482 $ 97,373,080 $ 81,069,095 $ 71,924,747 Net pension liability as a percentage of covered payroll 0.94% 1.25% 2.80% 5.75% 6.04% 7.41 % 7.22% 11.45 % 16.63% 17.73% Notes to Schedule: This Schedule is presented to illustrate the requirements of GASB 68. The City implemented GASB No.68 for the fiscal year ended September 30, 2015. The discount rate changed from 4.09% to 3.81 % for the year ended September 30, 2025. Updated mortality to comply with Florida Statute 112.63(1)(t). 149 Required Supplementary Information City of Miami, Florida Schedule of Changes in the Net Pension Liability and Related Ratios General and Sanitation Employees Staff Trust Plan (GESE Staff Trust) Last Ten Fiscal Years (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total pension liability Service cost $ 189,688 $ 159,543 $ 118,812 $ 113,703 $ 102,120 $ 82,784 $ 69,391 $ 52,832 $ 45,464 $ 43,416 Interest 485,234 457,510 434,484 415,667 400,033 385,782 369,771 320,492 365,280 353,121 Changes of benefit terms - - - - - - - 460,951 - - Differences between expected and actual experience 169,785 96,138 88,222 46,797 65,909 26,620 78,475 10,440 (686,043) 99,869 Changes of assumptions 282,435 125,626 59,142 105,798 Benefit payments, including refunds of member contributions (335,435) (330,259) (334,629) (312,565) (310,171) (305,180) (308,761) (295,460) (332,554) (340,299) Net change in total pension liability 791,707 508,558 306,889 263,602 317,033 190,006 208,876 655,053 (607,853) 156,107 Total pension liability - beginning Total pension liability - ending Plan fiduciary net position Contributions - employer Contributions - member Net investment income Benefit payments, including refunds of member contributions Net change in plan fiduciary net position Plan fiduciary net position - beginning Plan fiduciary net position - ending City's net pension liability Plan fiduciary net position as a percentage of the total pension liability Covered payroll Net pension liability as a percentage of covered payroll 6,814,756 6,306,198 5,999,309 7,606,463 6,814,756 6,306,198 290,226 257,061 277,952 80,605 72,609 53,513 1,616,988 742,857 (974,673) (335,435) (330,259) (334,629) 1,652,384 742,268 (977,837) 5,735,707 5,418,674 5,228,668 5,019,792 4,364,739 4,972,592 5,999,309 5,735,707 5,418,674 5,228,668 5,019,792 4,364,739 4,816,485 4,972,592 254,056 221,616 232,280 233,242 247,449 269,054 291,087 46,617 44,971 40,846 32,621 24,542 19,316 19,838 1,108,679 451,577 176,655 424,372 438,774 364,079 (15,614) (312,565) (310,171) (305,180) (308,761) (295,460) (332,554) (340,299) 1,096,787 407,993 144,601 381,474 415,305 319,895 (44,988) 5,675,822 4,933,554 5,911,391 4,814,604 4,406,611 4,262,010 3,880,536 3,465,231 3,145,336 3,190,324 7,328,206 5,675,822 4,933,554 5,911,391 4,814,604 4,406,611 4,262,010 3,880,536 3,465,231 3,145,336 $ 278,257 $ 1,138,934 $ 1,372,644 $ 87,918 $ 921,103 $ 1,012,063 $ 966,658 $ 1,139,256 $ 899,508 $ 1,827,256 96.34% 83.29% 78.23% 98.53% 83.94% 81.32% 81.51% 77.30% 79.39% 63.25% $ 644,175 $ 567,464 $ 433,844 $ 417,671 $ 387,761 $ 320,720 $ 280,425 $ 225,148 $ 172,459 $ 164,547 43.20% 200.71% 316.39% 21.05% 237.54% 315.56% 344.71% 506.00% 521.58% 1110.48% Notes to Schedule: This Schedule is presented to illustrate the requirements of GASB 68. The City implemented GASB No.68 for the fiscal year ended September 30, 2015. The discount rate changed from 7.30% to 7.00% for the year ended September 30, 2025. Updated mortality to comply with Florida Statute 112.63(1)(f). 150 Required Supplementary Information City of Miami, Florida Schedule of Changes in the Net Pension Liability and Related Ratios Elected Officers Retirement Trust (EORT) Last Ten Fiscal Years (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Total pension liability Service cost $ 77,702 $ 86,718 $ 48,919 $ 66,869 $ 73,209 $ - $ - $ - $ $ 88,956 Interest 256,955 427,855 248,761 268,338 269,170 246,287 311,867 319,429 317,610 316,813 Differences between expected and actual experience 128,021 937,307 132,848 (600,249) 115,597 906,733 52,687 (199,276) 53,460 (2,221) Changes of assumptions (1,100,306) 93,871 1,489,649 - Benefit payments, including refunds of member contributions (589,511) (1,031,644) (507,167) (491,782) (476,745) (319,771) (318,442) (325,800) (318,754) (263,320) Net change in total pension liability (1,227,139) 420,236 (76,639) (756,824) (18,769) 927,120 1,535,761 (205,647) 52,316 140,228 Total pension liability- beginning 10,519,821 10,099,585 10,176,224 10,933,048 10,951,817 10,024,697 8,488,936 8,694,583 8,642,267 8,502,039 Total pension liability- ending 9,292,682 10,519,821 10,099,585 10,176,224 10,933,048 10,951,817 10,024,697 8,488,936 8,694,583 8,642,267 Plan fiduciary net position Contributions -employer 1,071,833 538,179 1,226,119 - 1,361,670 366,358 553,471 406,911 860,089 Netinvestmentincome 388,663 686,472 (90,382) (20,107) 68,090 132,455 125,407 47,166 54,780 42,971 Benefit payments, including refunds of member contributions (589,511) (1,031,644) (507,167) (491,782) (476,745) (319,771) (318,442) (325,800) (318,754) (263,320) Administrative expenses (2,400) (4,200) (2,400) (2,400) (2,400) (2,400) (2,400) (2,400) (2,400) (2,400) Net change in plan fiduciary net position 868,585 188,807 626,170 (514,289) 950,615 (189,716) 170,923 272,437 140,537 637,340 Plan fiduciary net position - beginning Plan fiduciary net position - ending City's net pension liability Plan fiduciary net position as a percentage of the total pension liability Covered payroll 8,607,749 8,418,942 7,792,772 8,307,061 7,356,446 7,546,162 7,375,239 7,102,802 6,962,265 6,324,925 $ 9,476,334 $ 8,607,749 $ 8,418,942 $ 7,792,772 $ 8,307,061 $ 7,356,446 $ 7,546,162 $ 7,375,239 $ 7,102,802 $ 6,962,265 $ (183,652) $ 1,912,072 $ 1,680,643 $ 2,383,452 $ 2,625,987 $ 3,595,371 $ 2,478,535 $ 1,113,697 $ 1,591,781 $ 1,680,002 101.98% 81.82% 83.36% 76.58% 75.98% 67.17% 75.28% 86.88% 81.69% 80.56% $ 101,538 $ 101,538 $ 101,919 $ 100,614 $ 100,614 $ 100,585 $ - $ - $ - $ 100,788 Net pension liability as a percentage of covered payroll (180.87)% 1883.11% 1649.00% 2368.91% 2609.96% 3574.46% N/A N/A N/A Notes to Schedule: (1) This Schedule is presented to illustrate the requirements of GASB 68. The City implemented GASB No.68 for the fiscal year ended September 30, 2014. The discount rate changed from 2.50% to 3.50% for the year ended September 30, 2025. N/A = Not Applicable 1666.87% 151 City of Miami, Florida Schedule of Contributions - FIPO September 30, 2025 Last Ten Fiscal Years (Unaudited) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Actuarially determined contribution $ 127,509,318 $ 120,722,513 $ 107,166,543 $ 73,386,674 $ 69,982,149 Contributions made in relation to the actuarially determined contribution 127,509,318 120,722,513 107,166,543 73,386,674 69,982,149 Contribution deficiency (excess) $ - $ - $ $ $ Covered payroll $ 206,704,372 $ 189,067,815 $ 187,880,152 $ 189,755,997 $ 178,532,455 Contributions as a percentage of covered payroll 61.69% 63.85% 57.04% 38.67% 39.20% FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Actuarially determined contribution $ 67,564,414 $ 62,694,851 $ 56,999,866 $ 53,264,009 $ 48,672,615 Contributions made in relation to the actuarially determined contribution 67,564,414 62,694,851 56,999,866 53,264,009 48,672,615 Contribution deficiency (excess) $ - $ - $ $ $ Covered payroll $ 176,635,568 $ 168,059,448 $ 166,670,939 $ 141,497,840 $ 133,083,231 Contributions as a percentage of covered payroll 38.25% 37.31% 34.20% 37.64% 36.57% The following actuarial methods and assumptions were used to determine contribution rates for Fiscal Year 2025, as reported in the Schedule of Contributions above: Valuation date: Actuarial cost method: Asset valuation method: Actuarial Assumptions: Interest rates Inflation Projected salary increases Expense and/or Contingency Loading October 1, 2024 Aggregate Cost Method 20% Phase -In Method: fair market value of assets on the valuation date adjusted for a 5-year phase -in of gains and losses on the fair market value of assets. 7.00% net of investment expenses 3.25% 1.5% for promotions and other increase plus salary merit $2,039,789 City of Miami, Florida Schedule of Contributions - GESE September 30, 2025 Last Ten Fiscal Years (Unaudited) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Actuarially determined contribution $ 54,856,035 $ 53,457,831 $ 55,325,610 $ 55,807,861 $ 54,121,724 Contributions made in relation to the actuarially determined contribution 54,856,035 53,457,831 55,325,610 55,807,861 54,121,724 Contribution deficiency (excess) $ - $ $ - $ - $ - Covered payroll $ 146,472,451 $ 141,524,941 $ 142,271,264 $ 131,715,858 $ 129,902,012 Contributions as a percentage of covered payroll 37.45% 37.77% 38.89% 42.37% 41.66% FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Actuarially determined contribution $ 49,923,146 $ 43,526,929 $ 40,879,285 $ 34,355,719 $ 32,881,500 Contributions made in relation to the actuarially determined contribution 49,923,146 43,526,929 40,879,285 34,355,719 32,881,500 Contribution deficiency (excess) $ - $ $ - $ - $ - Covered payroll $ 122,643,648 $ 111,004,019 $ 111,127,482 $ 97,373,080 $ 81,069,095 Contributions as a percentage of covered payroll 40.71% 39.21% 36.79% 35.28% 40.56% The following actuarial methods and assumptions were used to determine contribution rates for Fiscal Year 2025, as reported in the Schedule of Contributions above: Valuation date: Actuarial cost method: Amortization method: Remaining amortization period: Asset valuation method: Actuarial Assumptions: Investment rate of return* Projected salary increases Payroll Growth Includes inflation at* Cost of living adjustments October 1, 2024 Entry Age Normal Level Percent, Closed 1 to 20 years 5-Year Smoothed Market 7.00% 4% to 8.75%, including 3.5% wage inflation 3.00% 2.50% 4% per year, with $54 per year minimum and $400 per year maximum 153 City of Miami, Florida Schedule of Contributions - GESE Excess Benefit September 30, 2025 Last Ten Fiscal Years (Unaudited) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Actuarially determined contribution $ 418,137 $ 183,011 $ 234,885 $ 428,626 $ 616,889 Contributions made in relation to the actuarially determined contribution 106,226 118,466 237,284 365,619 364,502 Contribution deficiency (excess) $ 311,911 $ 64,545 $ (2,399) $ 63,007 $ 252,387 Covered payroll $ 146,472,451 $ 141,524,941 $ 142,271,264 $ 131,715,858 $ 129,902,012 Contributions as a percentage of covered payroll 0.07% 0.08% 0.17% 0.28% 0.28% FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Actuarially determined contribution $ 572,194 $ 631,547 $ 694,643 $ 850,429 $ 914,859 Contributions made in relation to the actuarially determined contribution 417,755 477,892 587,959 674,572 680,534 Contribution deficiency (excess) $ 154,439 $ 153,655 $ 106,684 $ 175,857 $ 234,325 Covered payroll $ 122,643,648 $ 111,004,019 $ 111,127,482 $ 97,373,080 $ 81,069,095 Contributions as a percentage of covered payroll 0.34% 0.43% 0.53% 0.69% 0.84% The following actuarial methods and assumptions were used to determine contribution rates for Fiscal Year 2025, as reported in the Schedule of Contributions above: Valuation date: Actuarial cost method: Amortization method: Remaining amortization period: Asset valuation method: Actuarial Assumptions: Investment rate of return Projected salary increases Includes inflation at October 1, 2024 Entry Age Normal Level Dollar, Closed 6 years Not Applicable. 7.00% 4% to 8.75%, including 3.5% wage inflation 2.50% 154 City of Miami, Florida Schedule of Contributions - GESE Staff Trust September 30, 2025 Last Ten Fiscal Years (Unaudited) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Actuarially determined contribution $ 366,242 $ 290,226 $ 257,061 $ 277,952 $ 254,056 Contributions made in relation to the actuarially determined contribution 366,242 290,226 257,061 277,952 254,056 Contribution deficiency (excess) $ - $ $ $ - $ - Covered payroll $ 700,671 $ 644,175 $ 567,464 $ 433,844 $ 417,671 Contributions as a percentage of covered payroll 52.27% 45.05% 45.30% 64.07% 60.83% FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Actuarially determined contribution $ 221,616 $ 232,280 $ 233,242 $ 247,449 $ 269,054 Contributions made in relation to the actuarially determined contribution 221,616 232,280 233,242 247,449 269,054 Contribution deficiency (excess) $ - $ $ $ - $ - Covered payroll $ 387,761 $ 320,720 $ 280,425 $ 225,148 $ 172,459 Contributions as a percentage of covered payroll 57.15% 72.42% 83.17% 109.91% 156.01% The following actuarial methods and assumptions were used to determine contribution rates for Fiscal Year 2025, as reported in the Schedule of Contributions above: Valuation date: Actuarial cost method: Amortization method: Remaining amortization period: Asset valuation method: Actuarial Assumptions: Investment rate of return Projected salary increases Includes inflation at Cost of living adjustments October 1, 2024 Entry Age Normal Level Dollar, Closed 1 to 20 years 3-Year Smoothed Market 7.00% 6.00%, including 3.5% wage inflation 2.50% 4% per year, with $54 per year minimum and $400 per year maximum deferred for five years. 155 City of Miami, Florida Schedule of Contributions - EORT September 30, 2025 Last Ten Fiscal Years (Unaudited) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 Actuarially determined contribution $ 482,485 $ 537,060 $ 427,743 $ 794,439 $ 792,760 Contributions made in relation to the actuarially determined contribution 647,260 538,179 430,025 796,094 792,760 Contribution deficiency (excess) $ (164,775) $ (1,119) $ (2,282) $ (1,655) $ Covered payroll $ 101,538 $ 101,538 $ 101,919 $ 100,461 $ 100,614 Contributions as a percentage of covered payroll 637.46% 530.03% 421.93% 792.44% 787.92% FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Actuarially determined contribution $ 567,727 $ 366,358 $ 463,386 $ 406,911 $ 469,450 Contributions made in relation to the actuarially determined contribution - 366,358 553,471 406,911 860,089 Contribution deficiency (excess) $ 567,727 $ - $ (90,085) $ - $ (390,639) Covered payroll $ 100,585 $ - $ $ - $ 100,788 Contributions as a percentage of covered payroll 0.00% Not Applicable Not Applicable Not Applicable 853.36% The following actuarial methods and assumptions were used to determine contribution rates for Fiscal Year 2025, as reported in the Schedule of Contributions above: Valuation date: October 1, 2024 Actuarial cost method: Projected Unit Credit Cost Method Amortization method: Level dollar, closed Remaining amortization period: 5 to 10 years Equivalent single amortization period: 10 years Asset valuation method: Market Value Actuarial Assumptions: Investment rate of return 2.50% Projected salary increases None Payroll Growth None Includes inflation at 2.50% Cost of living adjustments None 156 Year Ended September 30, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 City of Miami, Florida Schedule of Investment Returns September 30, 2025 Last Ten Fiscal Years (Unaudited) Annual money -weighted rate of return, net of investment expense Firefighters and Police (FIFO) 9.80% 18.11% 10.13% (12.26%) 19.71% 6.17% 5.39% 7.48% 9.22% 9.70% General and Sanitation Employees (GESE) 8.80% 24.00% 13.40% (15.00%) 21.40% 7.30% 7.10% 9.30% 13.20% 10.60% (a) General and Sanitation Employees Excess Benefit (GESE Excess Plan) Note to Schedule: (a) The GESE Excess Plan has no assets. This Schedule is presented to illustrate the requirement of GASB 67 and 68. General and Sanitation Employees Staff Trust Plan (GESE Staff Plan) 13.00% 28.70% 15.30% (16.70%) 23.20% 10.40% 4.20% 11.20% 12.90% 11.80% Elected Officers Retirement Trust (EORT) 4.93% 4.60% (1.09%) (0.25%) 0.89% 1.80% 1.74% 0.68% 0.81% 0.65% on -Major I overnmental Funds _L_bdi Annual Comprehensive Financial Report 2o25 SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for special revenues that are legally restricted to expenditures for specified purposes. Community Redevelopment Agency (OMNI CRA) To account for revenues and expenditures to be used for general operations in the defined OMNI Community Redevelopment Area. Community Redevelopment Agency (Midtown CRA) To account for revenues and expenditures to be used for special operations in the defined Midtown Community Redevelopment Area. Community Redevelopment Agency (SEOPW) To account for revenues and expenditures to be used for special operations in the defined Southeast Overtown Park West Community Redevelopment Area. Homeless Program To account for the activities of the City's homeless program. Community Development To account for the proceeds from the Federal government under the U.S. Department of Housing and Urban Development. Housing Choice Vouchers To account for the monies received for administration and assistance to be provided in accordance with Section 8 of the U.S. Housing Act of 1937, as amended under the Choice Housing Voucher Program. State Housing Initiatives Program (SHIP) To account for the monies received from the State of Florida Housing Finance Corporation to used to provide home ownership and rental housing programs at the local level. Convention Center To account for the operations of the City of Miami/ University of Miami James L. Knight International Center and Parking Garage. 158 SPECIAL REVENUE FUNDS Economic Development & Planning Services To account for the operations of the Economic Development and Planning Services. NET Offices To account for the operations of the City's Neighborhood Enhancement Teams (NET Offices). Parks & Recreation Services To account for the operations of the Parks and Recreation Services. Police Services To account for the proceeds of various grants from Local, State, and Federal Agencies that are expended for police activities. Law Enforcement Trust To account for confiscated monies awarded to the City for law enforcement related expenditures as stipulated by State Statutes. Public Works Services To account for the proceeds granted from Local and State Agencies to be used for maintenance of streets, highways, sidewalks and infrastructure. City Clerk Services To account for the operations of the Passport Facility, Municipal Archives and Records, and related programs. Fire Rescue Services To account for the grants revenues and expenditures which supplement the City's emergency Fire Rescue operations 159 on -Major overnmental Funds I_L_bdi Annual Comprehensive Financial Report 2o25 SPECIAL REVENUE FUNDS General Special Revenue To account for activities that are designated as special revenue which do not fall into one of the previous special revenue categories. Departmental Improvement Initiatives To account for the funds designated for the City of Miami initiatives related to quality of life and technology. Transportation and Transit To account for the operations of the City's transit and transportation projects. Miami Ballpark Parking Facility To account for the operations of the Miami Ballpark Parking Facility. Liberty City Revitalization Trust To account for the revitalization efforts for the redevelopment of the Liberty City Community Revitalization District. Virginia Key Beach Park Trust To account for the activities to preserve, restore, and maintain the Historic Virginia Key Beach Park. Solid Waste Recycling Trust To account for funds received through the recycling program that are utilized to pay for scholarships annually to educational institutions for Solid Waste employees and for the children or legal dependents of Solid Waste employees. Little Haiti Revitalization Trust To account for the revitalization efforts for the redevelopment of the Little Haiti Community Revitalization District Bayfront Park Land Acquisition Trust To account for the acquisitiion of real property adjacent to the Miami River and Biscayne Bay in order to provide public access and public enjoyment of those waterbodies. Mainstream Vouchers To account for the monies received from the Federal government under the U.S. Department of Housing and Urban Development. 160 DEBT SERVICE FUNDS Debt Service Funds are used to account for the accumulation of resources, payments of general obligation bond principal, interest from government resources, special obligation bond principal and interest from pledged revenues when the government is obligated in some manner for the payment. General Obligation Bonds To account for monies for payment of principal, interest, and other costs related to various issues of long-term general obligation bonds. Debt Service is financed primarily by an ad valorem tax. CRA Other Special Obligation Bonds To account for monies for payment of principal, interest, and other costs related to various CRA special obligation bonds and loans. Special Obligation Bonds To account for monies for payment of principal, interest, and other costs related to various special obligation and revenue bonds and loans. 161 on -Major overnmental Funds I LAN* Annual Comprehensive Financial Report 2o25 CAPITAL PROJECTS FUNDS Capital Projects Funds are used to account for the acquisition and construction of major capital facilities. Community Redevelopment Agency To account for the acquisition or construction of major capital facilities for community redevelopment in the defined Community Redevelopment Area. Transportation and Transit To account for expenditures for the improvement to infrastructure that enhances transportation options, improves safety, and increases mobility within city limits. Special Obligation Bond Projects (S.O.B.) To account for the receipt and disbursement of bond proceeds from special obligation debt and loan agreements to be used for constructions and/or acquisition activities for the City. Impact Fee To account for the collection of impact fees and the cost of capital improvement projects for the types of improvements for which the impact fees was imposed. 162 City of Miami, Florida Combining Balance Sheet Non -Major Governmental Funds September 30, 2025 Special Revenue Funds Homeless Community Omni CRA Midtown CRA SEOPW CRA Program Development Assets Pooled Cash, Cash Equivalents, and Investments $ 27,334,075 $ 1,848,896 $ 46,809,379 $ 272,600 $ 28,66(1,824 Restricted Cash, Cash Equivalents, and Investments Receivables (Net of Allowance for Uncollectibles): Loans Receivable 1,794 Accounts Receivable 4,139 Lease Receivable 238,769 - Property Tax Due From Other Governments 163,106 736,859 2,752,341 Accrued Interest 277,407 73,006 376,610 21,305 Prepaids 11,829 Other Assets - 816,034 Total Assets $ 27,611,482 $ 1,921,902 $ 48,403,898 $ 1,009,459 $ 31,452,232 Liabilities, Fund Balances and Deterred Inflows of Resources Liabilities: Accounts Payable and Accrued Liaibilities Other Liabilities Due to Other Funds Advances From Other Funds Due to Other Governments Unearned Revenue Deposits Liabilities from Restricted Assets Total Liabilities Deferred Inflows of Resources Unavailable Revenue - Other Deferred Lease Revenue Total Deferred Inflows of Resources Fund Balances (Deficit): Non -Spendable Fund Balance Non -Spendable Spendable Fund Balance Restricted Committed Assigned Unassigned (deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources and Fund Balances (Deficit) $ 1,100,747 $ 5,100 $ 565,257 $ 53,836 $ 2,347,854 4,224 14,961 117,326 7,900,123 105,204 84,054 1,100,747 5,100 580,218 171,162 10,441,459 226,879 226,879 26,510,735 1,916,802 47,596,801 820,080 18,217 11,829 6,712,958 14,285,986 26,510,735 1,916,802 47,596,801 838,297 21,010,773 $ 27,61 1,482 $ 1,921,902 $ 48,403,898 $ 1,009,459 $ 31,452,232 163 City of Miami, Florida Combining Balance Sheet Non -Major Governmental Funds September 30, 2025 Special Revenue Funds Housing Choice Vouchers SHIP Economic Development Convention & Planning Center Services NET Offices Assets Pooled Cash, Cash Equivalents, and Investments $ 164,367 $ 5.584,485 $ 368 $ 22,770,293 $ 9,228 Restricted Cash, Cash Equivalents, and investments Receivables (Net of Allowance for Uncollectibles): Loans Receivable Accounts Receivable 1,100 3,550 Lease Receivable Property Tax Due From Other Governments - - Accrued Interest 2 25,487 Prepaids Other Assets Total Assets $ 165,469 $ 5.609,972 $ 368 $ 22,773,843 $ 9,228 Liabilities, Fund Balances and Deterred Intlows of Resources Liabilities: Accounts Payable and Accrued Liaibilities Other Liabilities Due to Other Funds Advances From Other Funds Due to Other Governments Unearned Revenue Deposits Liabilities from Restricted Assets Total Liabilities Deferred Inflows of Resources Unavailable Revenue - Other Deferred Lease Revenue Total Deferred Intlows of Resources $ 3,446 $ 305,509 $ $ 69,498 $ 9,228 197,845 3,446 305,509 267,343 9,228 Fund Balances (Deficit): Non -Spendable Fund Balance Non -Spendable Spendable Fund Balance Restricted 162,023 5,304,463 Committed - 19,491,007 Assigned 368 3,015,493 Unassigned (deficit) - - - Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources and Fund Balances (Deficit) 162,023 5,304,463 368 22,506,500 $ 165,469 $ 5,609,972 $ 368 $ 22,773,843 $ 9,228 164 City of Miami, Florida Combining Balance Sheet Non -Major Governmental Funds September 30, 2025 Special Revenue Funds Parks & Law Recreation Enforcement Public Works City Clerk Services Police Services Trust Services Services Assets Pooled Cash, Cash Equivalents, and Investments $ 13,752,550 $ 3,699,274 $ 1,867,088 $ 5,793,943 $ 1,541,729 Restricted Cash, Cash Equivalents, and Investments - Receivables (Net of Allowance for Uncollectibles): Loans Receivable - Accounts Receivable 228 1,464,551 53,874 Lease Receivable Property Tax - - Due From Other Governments 25,161 2,057,845 3,742 Accrued Interest 1 - 4,069 485 Prepaids 163,057 Other Assets Total Assets $ 13,777,940 $ 7,384,727 $ 1,871,157 $ 5,852,044 $ 1,541,729 Liabilities, Fund Balances and Deterred Intlows of Resources Liabilities: Accounts Payable and Accrued Liaibilities $ 41,396 $ 566,649 $ 10,087 $ 1,225,260 $ Other Liabilities - - Due to Other Funds 694,385 Advances From Other Funds - Due to Other Governments - Unearned Revenue 124,086 - 69,930 Deposits 112,413 Liabilities from Restricted Assets Total Liabilities 165,482 1,261,034 122,500 1,295,190 Deferred Inflows of Resources Unavailable Revenue - Other Deferred Lease Revenue Total Deferred Inflows of Resources 620,000 620,000 Fund Balances (Deficit): Non -Spendable Fund Balance Non -Spendable 163,057 Spendable Fund Balance Restricted 10,957,932 5,142,160 1,748,657 139,829 Committed 2,654,526 107,310 - 4,417,025 1,541,729 Assigned 91,166 Unassigned (deficit) Total Fund Balances (Deficit) 13,612,458 5,503,693 1,748,657 4,556,854 1,541,729 Total Liabilities, Deferred Inflows of Resources and Fund Balances (Deficit) $ 13,777,940 $ 7,384,727 $ 1,871,157 $ 5,852,044 $ 1,541,729 165 City of Miami, Florida Combining Balance Sheet Non -Major Governmental Funds September 30, 2025 Assets Pooled Cash, Cash Equivalents, and Investments Restricted Cash, Cash Equivalents, and investments Receivables (Net of Allowance for Uncollectibles): Loans Receivable Accounts Receivable Lease Receivable Property Tax Due From Other Governments Accrued Interest Prepaids Other Assets Total Assets Liabilities, Fund Balances and Deterred Inflows of Resources Liabilities: Accounts Payable and Accrued Liaibilities Other Liabilities Due to Other Funds Advances From Other Funds Due to Other Governments Unearned Revenue Deposits Liabilities from Restricted Assets Total Liabilities Deferred Inflows of Resources Unavailable Revenue - Other Deferred Lease Revenue Total Deterred Inflows of Resources Fund Balances (Deficit): Non -Spendable Fund Balance Non -Spendable Spendable Fund Balance Special Revenue Funds Miami General Departmental Ballpark Fire Rescue Special Improvement Transportation Parking Services Revenues Initiatives & Transit Facilities $ 1,190,103 $ 23,767,420 $ 67,819,148 $ 17,006 $ 10,240,103 3,784 100,927 109,927 2,222,478 15,090,911 49,128 52,798 391 5,379 33.200 6,964,537 130,773 $ 16,318,389 $ 23,922,854 $ 67,981,873 $ 7,112,316 $ 12,462,581 $ 4,581,442 $ 193,483 $ 5,920,807 $ 1,216,422 $ 9,268,623 2,717,589 5,000 13,850,065 193,483 5,920,807 3,934,011 5,000 3,089,048 3,089,048 Restricted 2,468,324 379,535 588,058 Committed 23,205,376 60,954,465 Assigned 144,460 518,543 Unassigned (deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources and Fund Balances (Deficit) 89,257 12,457,581 2,468,324 23,729,371 62,061,066 89,257 12,457,581 $ 16,318,389 $ 23,922,854 $ 67,981,873 $ 7,112,316 $ 12,462,581 166 City of Miami, Florida Combining Balance Sheet Non -Major Governmental Funds September 30, 2025 Assets Pooled Cash, Cash Equivalents, and Investments Restricted Cash, Cash Equivalents, and investments Receivables (Net of Allowance for Uncollectibles): Loans Receivable Accounts Receivable Lease Receivable Property Tax Due From Other Governments Accrued Interest Prepaids Other Assets Total Assets Liabilities, Fund Balances and Deferred Inflows of Resources Liabilities: Accounts Payable and Accrued Liaibilities Other Liabilities Due to Other Funds Advances From Other Funds Due to Other Governments Unearned Revenue Deposits Liabilities from Restricted Assets Total Liabilities Deferred Inflows of Resources Unavailable Revenue - Other Deferred Lease Revenue Total Deferred Inflows of Resources Special Revenue Funds Bayfront Park Liberty City Virginia Key Solid Waste Little Haiti Land Revitalization Beach Park Recycling Revitalization Acquisition Trust Trust Trust Trust Trust Fund $ 210,272 $ 1,423,333 $ 1,158,002 $ 6,153,694 $ 2,214,000 35,212 52,000 1,042 1,636 6,973 33,050 $ 263,314 $ 1,460,181 $ 1,164,975 $ 6,186,744 $ 2,214,000 $ 9,969 $ 1,209 $ $ 41,525 $ 9,969 1,209 41,525 Fund Balances (Deficit): Non -Spendable Fund Balance Non -Spendable 1,128, 788 Spendable Fund Balance Restricted 253,345 - 6,145,219 Committed 1,458,972 36,187 2,214,000 Assigned Unassigned (deficit) Total Fund Balances (Deficit) 253,345 1,458,972 1,164,975 6,145,219 2,214,000 Total Liabilities, Deferred Inflows of Resources and Fund Balances (Deficit) $ 263,314 $ 1,460,181 $ 1,164,975 $ 6,186,744 $ 2,214,000 167 City of Miami, Florida Combining Balance Sheet Non -Major Governmental Funds September 30, 2025 Special Revenue Funds Debt Service Funds CRA Other Mainstream General Special Vouchers Total Special Obligation Obligation Program Revenue Bonds Bonds Assets Pooled Cash, Cash Equivalents, and Investments $ 64,348 $ 274,366,528 $ - $ Restricted Cash, Cash Equivalents, and investments - 35,212 20,472,827 2,521,095 Receivables (Net of Allowance for Uncollectibles): Loans Receivable 1,794 Accounts Receivable 4,016,558 64,483 Lease Receivable 238,769 - Property Tax - 197,396 Due From Other Governments 27,896,428 - Accrued Interest 957,616 Prepaids 174,886 Other Assets 849,234 Total Assets $ 64,348 $ 308,537,025 $ 20,734,706 $ 2,521,095 Liabilities, Fund Balances and Deterred Inflows of Resources Liabilities: Accounts Payable and Accrued Liaibilities Other Liabilities Due to Other Funds Advances From Other Funds Due to Other Governments Unearned Revenue Deposits Liabilities from Restricted Assets Total Liabilities Deferred Inflows of Resources Unavailable Revenue - Other Deferred Lease Revenue Total Deterred Inflows of Resources $ 18,268,724 $ $ 4,224 12,680,597 7,900,123 416,546 216,428 197,845 39,684,487 3,709,048 197,396 226,879 - 3,935,927 197,396 Fund Balances (Deficit): Non -Spendable Fund Balance Non -Spendable 1,303,674 Spendable Fund Balance Restricted 64,348 129,458,107 20,537,310 2,521,095 Committed 130,384,800 Assigned 3,770,030 Unassigned (deficit) - - - Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources and Fund Balances (Deficit) 64,348 264,916,611 20,537,310 2,521,095 $ 64,348 $ 308,537,025 $ 20,734,706 $ 2,521,095 168 City of Miami, Florida Combining Balance Sheet Non -Major Governmental Funds September 30, 2025 Assets Pooled Cash, Cash Equivalents, and Investments Restricted Cash, Cash Equivalents, and Investments Receivables (Net of Allowance for Uncollectibles): Loans Receivable Accounts Receivable Lease Receivable Property Tax Due From Other Governments Accrued Interest Prepaids Other Assets Total Assets Liabilities, Fund Balances and Deterred Intlows of Resources Liabilities: Accounts Payable and Accrued Liaibilities Other Liabilities Due to Other Funds Advances From Other Funds Due to Other Governments Unearned Revenue Deposits Liabilities from Restricted Assets Total Liabilities Deferred Inflows of Resources Unavailable Revenue - Other Deferred Lease Revenue Total Deferred Inflows of Resources Fund Balances (Deficit): Non -Spendable Fund Balance Non -Spendable Spendable Fund Balance Restricted Committed Assigned Unassigned (deficit) Total Fund Balances (Deficit) Total Liabilities, Deferred Inflows of Resources and Fund Balances (Deficit) Debt Service Capital Projects Funds Funds Community Special Obligation Total Debt Redevelopment Transportation Bonds Service Agency & Transit $ - $ 870,070 23,863,992 500,000 564,483 197,396 $ 1,370,070 $ - $ 150,000,000 70,472,613 48,002 $ 24,625,871 $ 150,000,000 $ 70,520,615 197,396 197,396 $ - $ 2,141,519 2,141,519 1,370,070 24,428,475 150,000,000 68,379,096 1,370,070 $ 1,370,070 24,428,475 150,000,000 68,379,096 $ 24,625,871 $ 150,000,000 $ 70,520,615 169 City of Miami, Florida Combining Balance Sheet Non -Major Governmental Funds September 30, 2025 Capital Projects Funds Special Obligation Bonds Projects Impact Fee Total Non - Major Total Capital Governmental Projects Funds Assets Pooled Cash, Cash Equivalents, and Investments $ - $ - $ - $ 274,366,528 Restricted Cash, Cash Equivalents, and investments 37,085,775 144,540,161 402.098,549 425,997,753 Receivables (Net of Allowance for Uncollectibles): Loans Receivable 1,794 Accounts Receivable 4,581,041 Lease Receivable 238,769 Property Tax 197,396 Due From Other Governments - - 27,896,428 Accrued Interest 50,586 597,934 696,522 1,654,138 Prepaids 1,216,000 1,216,000 1,390,886 Other Assets 849,234 Total Assets $ 37,136,361 $ 146,354,095 $ 404.011,071 $ 737,173,967 Liabilities, Fund Balances and Deterred Inflows of Resources Liabilities: Accounts Payable and Accrued Liaibilities Other Liabilities Due to Other Funds Advances From Other Funds Due to Other Governments Unearned Revenue Deposits Liabilities from Restricted Assets Total Liabilities Deferred Inflows of Resources Unavailable Revenue - Other Deferred Lease Revenue Total Deterred Intlows of Resources $ 32,284 $ 9,601,456 4,487,110 4,519,394 9,601,456 $ 11.775,259 $ 30,043,983 4,224 12,680,597 4,487,110 4,487,110 7,900,123 416,546 216,428 197,845 16.262,369 55,946,856 3,906,444 226,879 4,133,323 Fund Balances (Deficit): Non -Spendable Fund Balance Non -Spendable 1,216,000 1,216,000 2,519,674 Spendable Fund Balance Restricted 32,616,967 135,536,639 386,532,702 540,419,284 Committed 130,384,800 Assigned 3,770,030 Unassigned (deficit) Total Fund Balances (Deficit) 32,616,967 136,752,639 387.748,702 677,093,788 Total Liabilities, Deferred Inflows of Resources and Fund Balances (Deficit) $ 37,136,361 $ 146,354,095 $ 404,011,071 $ 737,173,967 170 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Special Revenue Funds Omni CRA Midtown CRA SEOPW CRA Homeless Program Revenues Property Taxes $ 43,218,029 $ 13,918,164 $ 52,653,924 $ Licenses and Permits Fines and Forfeitures - Intergovernmental Revenues - 3,892,693 Charges for Services - 19,141 Investment Earnings 1,829,859 260,383 2,356,938 Impact Fees - - - - Other 165,587 - 3,904,670 8,764 Total Revenues 45,213,475 14.178,547 58,934,673 3,901,457 Expenditures Current Operating: General Government Planning and Development Community Development Community Redevelopment Areas Public Works Public Safety Public Facilities Parks and Recreation Debt Service: Principal Interest and Other Charges Other Debt Service Costs Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses) Transfers In Transfers Out Premium from Issuance of Debt Issuance of Debt Lease Liability Issued Total Other Financing Sources (Uses) Net Changes in Fund Balances (Deficit) Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending 37,627,756 1,268 8,424,493 50,229,727 515,778 59,859 1,565,463 3,258,682 37,629,024 8,424,493 52,370,827 3,258,682 7,584,451 5,754,054 6,563,846 642,775 1,115,031 (12,014,089) 392,767 (5,448,793) 1,392,107 (7,291,336) 559,830 22,672 (741,574) (10,899,058) (5,056,026) (5,339,399) (718,902) (3,314,607) 698,028 1,224,447 (76,127) 29,825,342 1,218,774 46,372,354 914,424 $ 26,510,735 $ 1,916,802 $ 47,596,801 $ 838,297 171 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Special Revenue Funds Community Housing Choice Development Vouchers SHIP Convention Center Revenues Property Taxes $ $ $ $ Licenses and Permits Fines and Forfeitures - - Intergovernnrental Revenues 41,133,955 3,496,432 2,211,732 Charges for Services - - Investment Earnings 92,442 199,449 Impact Fees Other 208,305 - 776,576 Total Revenues 41,434,702 3,496,432 3,187,757 Expenditures Current Operating: General Government Planning and Development Community Development Community Redevelopment Areas Public Works Public Safety Public Facilities Parks and Recreation Debt Service: Principal Interest and Other Charges Other Debt Service Costs Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses) Transfers Tn Transfers Out Premium from Issuance of Debt Issuance of Debt Lease Liability Issued Total Other Financing Sources (Uses) Net Changes in Fund Balances (Deficit) 38,171,096 30,000 20,601,358 3,334,409 4,722,100 58,802,454 3,334,409 4,722,100 (17,367,752) 13,654,352 (74,095) 162,023 (1,534,343) 13,580,257 (3,787,495) Fund Balances (Deficit) - Beginning 24,798,268 Fund Balances (Deficit) - Ending 162,023 (1,534,343) 6,838,806 368 $ 21,010,773 $ 162,023 $ 5,304,463 $ 368 172 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Revenues Property Taxes Licenses and Permits Fines and Forfeitures Intergovernmental Revenues Charges for Services Investment Earnings Impact Fees Other Total Revenues Expenditures Current Operating: General Government Planning and Development Community Development Community Redevelopment Areas Public Works Public Safety Public Facilities Parks and Recreation Debt Service: Principal Interest and Other Charges Other Debt Service Costs Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses) Transfers In Transfers Out Premium from Issuance of Debt Issuance of Debt Lease Liability Issued Total Other Financing Sources (Uses) Net Changes in Fund Balances (Deficit) Fund Balances (Deficit) - Beginning Special Revenue Funds Economic Development & Planning Services NET Offices Parks & Recreation Services Police Services $ $ $ - $ 1,178,178 90,386 359,139 5,190,832 - 1,516 1,321,906 10,000 7,692,432 9,564,276 676,323 110,713 40,244 459,525 10,391,556 4,736 5,317 1,724,105 - 12, 768,220 391,435 9,650 75,644 596,900 1,738,491 467,079 13,370,437 5,953,941 (7,554) (2,978,881) 2,839 10,217,500 4,682,465 (21,989,156) (10,801) (663,956) (21,986,317) (10,801) (16,032,376) (10,801) 38,538,876 10,801 10,217,500 4,018,509 10,209,946 1,039,628 3,402,512 4,464,065 Fund Balances (Deficit) - Ending $ 22,506,500 $ $ 13,612,458 $ 5,503,693 173 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Revenues Property Taxes Licenses and Permits Fines and Forfeitures Intergovernmental Revenues Charges for Services Investment Earnings Impact Fees Other Total Revenues Special Revenue Funds Law Enforcement Trust 890,609 Public Works Fire Rescue Services City Clerk Services Services $ $ $ 8,096,408 3,742 - 20,535,929 - 189,270 4,970 78,389 - 1,136 270 - 2,800 968,998 8,100,420 189,270 20,544,835 Expenditures Current Operating: General Government 560,267 Planning and Development Community Development Community Redevelopment Areas Public Works 6,881,579 Public Safety 616,650 16,813,726 Public Facilities Parks and Recreation Debt Service: Principal Interest and Other Charges Other Debt Service Costs Capital Outlay 6,800 4,836 - 4,952,397 Total Expenditures 623,450 6,886,415 560,267 21,766,123 Excess (Deficiency) of Revenues Over (Under) Expenditures 345,548 1,214,005 (370,997) (1,221,288) Other Financing Sources (Uses) Transfers Tn Transfers Out Premium from Issuance of Debt Issuance of Debt Lease Liability Issued Total Other Financing Sources (Uses) Net Changes in Fund Balances (Deficit) Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending 125,000 1,081,179 (14,096) (22,244) (14,096) 331,452 1,214,005 1,417,205 3,342,849 125,000 1,058,935 (245,997) (162,353) 1,787,726 2,630,677 $ 1,748,657 $ 4,556,854 $ 1,541,729 $ 2,468,324 174 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Special Revenue Funds Departmental General Special Improvement Transportation & Miami Ballpark Revenues Initiatives Transit Parking Facilities Revenues Property Taxes $ $ $ $ Licenses and Permits - Fines and Forfeitures 2,749,353 - - Intergovernmental Revenues 183,655 132,441 30,890,908 - Charges for Services 516,104 - - 5,783,204 Investment Earnings 47,643 35,306 1,003,443 Impact Fees - Other 23,530, 761 81,492 Total Revenues 24,278,163 2,998,592 31,894,351 5,783,204 Expenditures Current Operating: General Government 145,582 24,367,767 Planning and Development 22,547 773,926 Community Development Community Redevelopment Areas - Public Works 1,520,796 16,240,436 Public Safety - Public Facilities 2,294,926 Parks and Recreation 35,879 Debt Service: Principal Interest and Other Charges Other Debt Service Costs Capital Outlay 1,186,673 Total Expenditures 1,688,925 26,364,245 16,240,436 2,294,926 Excess (Deficiency) of Revenues Over (Under) Expenditures 22,589,238 (23,365,653) 15,653,915 3,488,278 Other Financing Sources (Uses) Transfers In 19,367,169 16,239,000 Transfers Out (24,506,371) (4,179,704) (95,173,199) (3,442,000) Premium from Issuance of Debt Issuance of Debt Lease Liability Issued Total Other Financing Sources (Uses) (5,139,202) 12,059,296 (95,173,199) (3,442,000) Net Changes in Fund Balances (Deficit) 17,450,036 (11,306,357) (79,519,284) 46,278 Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending 6,279,335 73,367,423 79,608,541 12,41 1,303 $ 23,729,371 $ 62,061,066 $ 89,257 $ 12,457,581 175 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Special Revenue Funds Liberty City Virginia Key Beach Solid Waste Little Haiti Revitalization Trust Park Trust Recycling Trust Revitalization Trust Revenues Property Taxes $ $ $ $ Licenses and Permits Fines and Forfeitures Intergovernmental Revenues 886,542 600,000 249,004 Charges for Services 537,794 Investment Earnings 17,346 89,356 46,483 276,549 Impact Fees Other 35,000 629,447 Total Revenues 938,888 1,856,597 46,483 525,553 Expenditures Current Operating: General Government Planning and Development Community Development Community Redevelopment Areas 1,057,240 742,664 Public Works 7,296 Public Safety Public Facilities - Parks and Recreation 1,614,583 Debt Service: Principal 43,436 Interest and Other Charges 3,484 Other Debt Service Costs - Capital Outlay 112,364 - 162 Total Expenditures 1,057,240 1,773,867 7,296 742,826 Excess (Deficiency) of Revenues Over (Under) Expenditures (118,352) 82,730 39,187 (217,273) Other Financing Sources (Uses) Transfers Tn Transfers Out Premium from Issuance of Debt Issuance of Debt Lease Liability Issued Total Other Financing Sources (Uses) Net Changes in Fund Balances (Deficit) Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending 85,000 62,210 85,000 62,210 (33,352) 144,940 286,697 1,314,032 39,187 (217,273) 1,125,788 6,362,492 $ 253,345 $ 1,458,972 $ 1,164,975 $ 6,145,219 176 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Special Revenue Funds Bayfront Park Land Acquisition Mainstream Total Special Revenue Trust Fund Vouchers Program Revenues Property Taxes $ $ $ 109,790,1 17 Licenses and Permits 9,364,972 Fines and Forfeitures - 3,639,962 Intergovernmental Revenues 599,673 114,740,121 Charges for Services - 12,917,638 Investment Earnings 6,446,951 Impact Fees - - Other - 30, 715, 822 Total Revenues 599,673 287,615,583 Expenditures Current Operating: General Government 28,342,351 Planning and Development - 2,520,578 Community Development 617,789 46,845,394 Community Redevelopment Areas 98,111,880 Public Works 24,650,107 Public Safety 30,198,596 Public Facilities 2,294,926 Parks and Recreation 2,041,897 Debt Service: Principal 559,214 Interest and Other Charges 63,343 Other Debt Service Costs - Capital Outlay 29,1 13,515 Total Expenditures 617,789 264,741,801 Excess (Deficiency) of Revenues Over (Under) Expenditures (18,116) 22,873,782 Other Financing Sources (Uses) Transfers In Transfers Out Premium from Issuance of Debt Issuance of Debt Lease Liability Issued Total Other Financing Sources (Uses) Net Changes in Fund Balances (Deficit) 135,000 68,512,081 (175,571,414) 622,040 135,000 (106,437,293) 135,000 (18,116) (83,563,511) Fund Balances (Deficit) - Beginning 2,079,000 82,464 348,480,122 Fund Balances (Deficit) - Ending $ 2,214,000 $ 64,348 $ 264,916,611 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Debt Service Funds General ObligationCRA Other Special Special Obligation Bonds Obligation Bonds Bonds Total Debt Service Revenues Property Taxes $ 23,851,362 $ $ $ 23,851,362 Licenses and Permits - - Fines and Forfeitures - Intergovernnrental Revenues 5,083,339 5,083,339 Charges for Services - - - Investment Earnings Impact Fees Other - 1,346 93,687 95,033 Total Revenues 23,851,362 1,346 5,177,026 29,029,734 Expenditures Current Operating: General Government 6,001 6,001 Planning and Development Community Development Community Redevelopment Areas Public Works Public Safety Public Facilities Parks and Recreation Debt Service: Principal 16,275,000 26,255,000 32,222,506 74,752,506 Interest and Other Charges 14,268,157 1,614,195 24,132,919 40,015,271 Other Debt Service Costs - 2,198,074 - 2,198,074 Capital Outlay Total Expenditures 30,549,158 30,067,269 56,355,425 116,971,852 Excess (Deficiency) of Revenues Over (Under) Expenditures (6,697,796) (30,065,923) (51,178,399) (87,942,118) Other Financing Sources (Uses) Transfers Tn 7,313,968 51,365,000 58,678,968 Transfers Out - Premium from Issuance of Debt 1,132,614 1,132,614 Issuance of Debt 21,619,341 21,619,341 Lease Liability Issued Total Other Financing Sources (Uses) 30,065,923 51,365,000 81,430,923 Net Changes in Fund Balances (Deficit) (6,697,796) 186,601 (6,51 1,195) Fund Balances (Deficit) - Beginning 27,235,106 2,521,095 1,183,469 30,939,670 Fund Balances (Deficit) - Ending $ 20,537,310 $ 2,521,095 $ 1,370,070 $ 24,428,475 178 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Capital Projects Funds Community Redevelopment Transportation & Special Obligation Agency Transit Bonds Projects Impact Fee Revenues Property Taxes $ $ $ $ Licenses and Permits Fines and Forfeitures - - - Intergovernmental Revenues - - - Charges for Services - - Investment Earnings 1,920,325 1,380,338 5,561,899 Impact Fees - - 46,137,756 Other - - - Total Revenues 1,920,325 1,380,338 51,699,655 Expenditures Current Operating: General Government Planning and Development Community Development Community Redevelopment Areas Public Works Public Safety Public Facilities Parks and Recreation Debt Service: Principal Interest and Other Charges Other Debt Service Costs Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures 50,670 7,289,519 45,291 63,340 1,356,254 106,527 491,994 29,832,418 7,340,189 491,994 31,403,830 (5,419,864) 888,344 20,295,825 Other Financing Sources (Uses) Transfers In 54,934,485 108,420 Transfers Out (185,874) (10,570) Premium from Issuance of Debt 9,709,341 Issuance of Debt 140,290,659 Lease Liability Issued Total Other Financing Sources (Uses) 150,000,000 54,748,611 - 97,850 Net Changes in Fund Balances (Deficit) 150,000,000 49,328,747 888,344 20,393,675 Fund Balances (Deficit) - Beginning 19,050,349 31,728,623 116,358,964 Fund Balances (Deficit) - Ending $ 150,000,000 $ 68,379,096 $ 32,616,967 $ 136,752,639 179 City of Miami, Florida Combining Statement of Revenues, Expenditures and Changes in Fund Balances Non -Major Governmental Funds For The Fiscal Year Ended September 30, 2025 Revenues Property Taxes Licenses and Permits Fines and Forfeitures Intergovernmental Revenues Charges for Services Investment Earnings Impact Fees Other Total Revenues Expenditures Total Non -Major Total Capital Governmental Projects Funds $ $ 133,641,479 9,364,972 3,639,962 119,823,460 12,917,638 8,862,562 15,309,513 46,137,756 46,137,756 30,810,855 55,000,318 371,645,635 Current Operating: General Government 45,291 28,393,643 Planning and Development 2,520,578 Community Development 46,845,394 Community Redevelopment Areas 98,111,880 Public Works 114,010 24,764,1 17 Public Safety 1,356,254 31,554,850 Public Facilities - 2,294,926 Parks and Recreation 106,527 2,148,424 Debt Service: Principal 75,31 1,720 Interest and Other Charges 40,078,614 Other Debt Service Costs - 2,198,074 Capital Outlay 37,613,931 66,727,446 Total Expenditures 39,236,013 420,949,666 Excess (Deficiency) of Revenues Over (Under) Expenditures 15,764,305 (49,304,031) Other Financing Sources (Uses) Transfers In Transfers Out Premium from Issuance of Debt Issuance of Debt Lease Liability Issued Total Other Financing Sources (Uses) Net Changes in Fund Balances (Deficit) Fund Balances (Deficit) - Beginning Fund Balances (Deficit) - Ending 55,042,905 182,233,954 (196,444) (175,767,858) 9,709,341 10,841,955 140, 290,659 161,910,000 622,040 204,846,461 179,840,091 220,610,766 130,536,060 167,137,936 546,557,728 $ 387,748,702 $ 677,093,788 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Omni CRA For The Fiscal Vear Ended September 30, 2025 Budgeted Amounts Original Revenues: Variance with Final Actual Amounts Final Budget Property Taxes $ 41,430,754 $ 41,430,754 $ 43,218,029 $ 1,787,275 Investment Earnings (Loss) - 1,829,859 1,829,859 Other 32,219,653 32,219,653 165,587 (32,054,066) Total Revenues 73,650,407 73,650,407 45.213,475 (28,436,932) Expenditures: Community Redevelopment Areas 63,385,217 63,385,217 37,627,756 25,757,461 Capital Outlay 6,579,628 6,579,628 1,268 6,578,360 Total Expenditures 69,964,845 69,964,845 37,629,024 32,335,821 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers In Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance 3,685,562 3,685,562 (3,685,562) (3,685,562) 7,584,451 3,898,889 1,115,031 1,115,031 (3,685,562) (12,014,089) (8,328,527) (3,685,562) (10,899,058) (7,213,496) (3,314,607) (3,314,607) Fund Balance - Beginning of Year 29,825,342 29,825,342 Fund Balance - End of Year $ $ $ 26,510,735 $ 26,510,735 181 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Midtown CRA For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Revenues: Variance with Final Actual Amounts Final Budget Property Taxes $ 13,918,129 $ 13,918,129 $ 13,918,164 $ 35 Investment Earnings (Loss) - 260,383 260,383 Other 4,920,421 4,920,421 (4,920,421) Total Revenues 18,838,550 18,838,550 14,178,547 (4,660,003) Expenditures: Community Redevelopment Areas 18,838,550 18,838,550 8,424,493 10,414,057 Total Expenditures 18,838,550 18,838,550 8,424,493 10,414,057 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers In Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance 5,754,054 5,754,054 392,767 392,767 (5,448,793) (5,448,793) (5,056,026) (5,056,026) 698,028 698,028 Fund Balance - Beginning of Year 1,218,774 1,218,774 Fund Balance - End of Year $ $ $ 1,916,802 $ 1,916,802 182 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - SEOPW CRA For The Fiscal Vear Ended September 30, 2025 Budgeted Amounts Original Revenues: Variance with Final Actual Amounts Final Budget Property Taxes $ 50,403,758 $ 50,403,758 $ 52,653,924 $ 2,250,166 Charges for Services 19,141 19,141 Investment Earnings (Loss) 2,356,938 2,356,938 Other 50,062,520 50,062,520 3,904,670 (46,157,850) Total Revenues 100,466,278 100,466,278 58,934,673 (41,531,605) Expenditures: Community Redevelopment Areas 76,286,552 76,286,552 50,229,727 26,056,825 Lease Financing Principal 515,778 515,778 Lease Financing Interest - 59,859 59,859 Capital Outlay 3,644,657 3,644,657 1,565,463 2,079,194 Total Expenditures 79,931,209 79,931,209 52,370,827 27,560,382 Excess (Deficiency) of Revenues Over (Under) Expenditures 20,535,069 Other Financing Sources (Uses): Transfers In Transfers Out Lease Liability Issued Total Other Financing Sources (Uses) Net Change in Fund Balance 20,535,069 6,563,846 (13,971,223) (20,535,069) (20,535,069) (20,535,069) (20,535,069) 1,392,107 1,392,107 (7,291,336) 13,243,733 559,830 559,830 (5,339,399) 15,195,670 1,224,447 1,224,447 Fund Balance - Beginning of Year - 46,372,354 46,372,354 Fund Balance - End of Year $ $ $ 47,596,801 $ 47,596,801 183 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Homeless Program For The Fiscal Vear Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 3,492,000 $ 3,492,000 $ 3,892,693 $ 400,693 Other 145,273 1,002,273 8,764 (993,509) Total Revenues 3,637,273 4,494,273 3,901,457 (592,816) Expenditures: General Governrnent 3,637,273 4,494,273 3,258,682 1,235,591 Total Expenditures 3,637,273 4,494,273 3,258,682 1,235,591 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers In Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance 642,775 642,775 22,672 22,672 (741,574) (741,574) (718,902) (718,902) (76,127) (76,127) Fund Balance - Beginning of Year - 914,424 914,424 Fund Balance - End of Year $ $ $ 838,297 $ 838,297 184 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Community Development For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 48,660,000 $ 48,760,000 $ 41,133,955 $ (7,626,045) Investment Earnings (Loss) - 92,442 92,442 Other 43,726,000 43,726,000 208,305 (43,517,695) Total Revenues 92,386,000 92,486,000 41,434,702 (51,051,298) Expenditures: Community Development 93,098,000 94,808,000 38,171,096 56,636,904 Community Redevelopment Areas - 30,000 (30,000) Capital Outlay 166,000 11,263,000 20,601,358 (9,338,358) Total Expenditures 93,264,000 106,071,000 58,802,454 47,268,546 Excess (Deficiency) of Revenues Over (Under) Expenditures (878,000) (13,585,000) (17,367,752) (3,782,752) Other Financing Sources (Uses): Transfers In Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance - Beginning of Year Fund Balance - End of Year 878,000 13,585,000 13,654,352 69,352 (74,095) (74,095) 878,000 13,585,000 13,580,257 (4,743) (3,787,495) (3,787,495) 24,798,268 24,798,268 $ $ $ 21,010,773 $ 21,010,773 185 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Housing Choice Vouchers For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 6,096,000 $ 6,046,000 $ 3,496,432 $ (2,549,568) Total Revenues 6,096,000 6,046,000 3,496,432 (2,549,568) Expenditures: Community Development 6,096,000 6,046,000 3,334,409 2,711,591 Total Expenditures 6,096,000 6,046,000 3,334,409 2,711,591 Excess (Deficiency) of Revenues Over (Under) Expenditures Net Change in Fund Balance Fund Balance - Beginning of Year 162,023 162,023 162,023 162,023 Fund Balance - End of Year $ $ $ 162,023 $ 162,023 186 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Mainstream Vouchers Program For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 607,000 $ 657,000 $ 599,673 $ (57,327) Total Revenues 607,000 657,000 599,673 (57,327) Expenditures: Community Development 607,000 657,000 617,789 39,211 Total Expenditures 607,000 657,000 617,789 39,211 Excess (Deficiency) of Revenues Over (Under) Expenditures Net Change in Fund Balance (18,116) (18,116) (18,116) (18,116) Fund Balance - Beginning of Year - 82,464 82,464 Fund Balance - End of Year $ $ $ 64,348 $ 64,348 187 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - SHIP For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 2,248,000 $ 2,248,000 $ 2,211,732 $ (36,268) Investment Earnings (Loss) - 199,449 199,449 Other 5,575,000 5,575,000 776,576 (4,798,424) Total Revenues 7,823,000 7,823,000 3,187,757 (4,635,243) Expenditures: Community Development 7,823,000 7,823,000 4,722,100 3,100,900 Total Expenditures 7,823,000 7,823,000 4,722,100 3,100,900 Excess (Deficiency) of Revenues Over (Under) Expenditures (1,534,343) (1,534,343) Net Change in Fund Balance - (1,534,343) (1,534,343) Fund Balance - Beginning of Year 6,838,806 6,838,806 Fund Balance - End of Year $ $ $ 5,304,463 $ 5,304,463 188 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Convention Center For The Fiscal Vear Ended September 30, 2025 Revenues: Total Revenues Expenditures: Excess (Deficiency) of Revenues Over (Under) Expenditures Net Change in Fund Balance Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Fund Balance - Beginning of Year - 368 368 Fund Balance - End of Year $ $ $ 368 $ 368 189 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Economic Development & Planning Services For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Revenues: Variance with Final Actual Amounts Final Budget Licenses and Penults $ 250,000 $ 250,000 $ 1,178,178 $ 928,178 Charges for Services 5,508,000 5,508,000 5,190,832 (317,168) Investment Earnings (Loss) 1,516 1,516 Other 31,032,000 39,540,000 1,321,906 (38,218,094) Total Revenues 36,790,000 45,298,000 7,692,432 (37,605,568) Expenditures: General Government 146,000 136,000 4,736 131,264 Planning and Development 32,522,000 23,084,000 1,724,105 21,359,895 Capital Outlay - 9,650 (9,650) Total Expenditures 32,668,000 23,220,000 1,738,491 21,481,509 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers In Transfers Out Total Other Financing Sources (Uses) 4,122,000 22,078,000 (4,122,000) (4,122.000) 5,953,941 (16,124,059) 2,839 2,839 (22,078,000) (21,989,156) 88,844 (22,078,000) (21,986,317) 91,683 Net Change in Fund Balance (16,032,376) (16,032,376) Fund Balance - Beginning of Year - 38,538,876 38,538,876 Fund Balance - End of Year $ $ $ 22,506,500 $ 22,506,500 190 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - NET Offices For The Fiscal Year Ended September 30, 2025 Revenues: Total Revenues Expenditures: Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance Budgeted Amounts Original Variance with Final Actual Amounts Final Budget (10,801) (10,801) (10,800 (10,801) (10,801) (10,801) Fund Balance - Beginning of Year - 10,802 10,802 Fund Balance - End of Year $ $ $ - $ 191 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Parks & Recreation Services For The Fiscal Vear Ended September 30, 2025 Budgeted Amounts Original Revenues: Variance with Final Actual Amounts Final Budget Licenses andPermits $ 83,000 $ 83,000 $ 90,386 $ 7,386 Intergovernmental Revenues 270,000 290,000 359,139 69,139 Other 878,000 13,403,000 10,000 (13,393,000) Total Revenues 1,231,000 13,776,000 459,525 (13,316,475) Expenditures: Parks and Recreation 1,231,000 23,776,000 391,435 23,384,565 Capital Outlay - 75,644 (75,644) Total Expenditures 1,231,000 23,776,000 467,079 23,308,921 Excess (Deficiency) of Revenues Over (Under) Expenditures (I0,000,000) (7,554) 9,992,446 Other Financing Sources (Uses): Transfers In Total Other Financing Sources (Uses) Net Change in Fund Balance 10,000,000 10,000,000 10,217,500 217,500 10,217,500 217,500 10,209,946 10,209,946 Fund Balance - Beginning of Year 3,402,512 3,402,512 Fund Balance - End of Year $ $ $ 13,612,458 $ 13,612,458 192 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Police Services For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 9,343,000 $ 11,045,000 $ 9,564,276 $ (1,480,724) Charges for Services 415,000 415,000 676,323 261,323 Investment Earnings (Loss) - 110,713 110,713 Other 1,429,000 5,158,000 40,244 (5,1 17,756) Total Revenues 11,187,000 16,618,000 10,391,556 (6,226,444) Expenditures: General Government - 5,317 (5,317) Public Safety 14,108,000 19,539,000 12,768,220 6,770,780 Capital Outlay 295,000 295,000 596,900 (301,900) Total Expenditures 14,403,000 19,834,000 13,370,437 6,463,563 Excess (Deficiency) of Revenues Over (Under) Expenditures (3,216,000) Other Financing Sources (Uses): Transfers In Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance - Beginning of Year Fund Balance - End of Year (3,216,000) (2,978,881) 237,119 3,216,000 3,216,000 3,216,000 3,216,000 4,682,465 1,466,465 (663,956) (663,956) 4,018,509 802,509 1,039,628 1,039,628 4,464,065 4,464,065 $ $ $ 5,503,693 $ 5,503,693 193 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Law Enforcement Trust For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Fines and Forfeitures $ 250,000 $ 250,000 $ Investment Earnings (Loss) Other 1,631,000 1,417,000 Total Revenues 1,881,000 1,667,000 Expenditures: Public Safety 1,812,000 1,598,000 Capital Outlay 69,000 69,000 Total Expenditures 1,881,000 1,667,000 Excess (Deficiency) of Revenues Over (Under) Expenditures 890,609 $ 640,609 78,389 78,389 (1,417,000) 968,998 (698,002) 616,650 981,350 6,800 62,200 623,450 1,043,550 345,548 345,548 Other Financing Sources (Uses): Transfers Out (14,096) (14,096) Total Other Financing Sources (Uses) (14,096) (14,096) Net Change in Fund Balance Fund Balance - Beginning of Year 331,452 331,452 1,417,205 1,417,205 Fund Balance - End of Year $ $ $ 1,748,657 $ 1,748,657 194 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Public Works Services For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Revenues: Variance with Final Actual Amounts Final Budget Licenses and Permits $ 6,100,000 $ 6,100,000 $ 8,096,408 $ 1,996,408 Intergovernmental Revenues 2,000,000 3,742 (1,996,258) Other 3,959,000 3,343,000 270 (3,342,730) Total Revenues 10,059,000 11,443,000 8,100,420 (3,342,580) Expenditures: Public Works 10,059,000 11,443,000 6,881,579 4,561,421 Capital Outlay - - 4,836 (4,836) Total Expenditures 10,059,000 11,443,000 6,886,415 4,556,585 Excess (Deficiency) of Revenues Over (Under) Expenditures Net Change in Fund Balance 1,214,005 1,214,005 1,214,005 1,214,005 Fund Balance - Beginning of Year - 3,342,849 3,342,849 Fund Balance - End of Year $ $ $ 4,556,854 $ 4,556,854 195 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - City Clerk Services For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Charges for Services $ 190,000 $ 190,000 $ 189,270 $ (730) Other 1,704,000 1,788,000 (1,788,000) Total Revenues 1,894,000 1,978,000 189,270 (1,788,730) Expenditures: General Governrnent 2,019,000 2,103,000 560,267 1,542,733 Total Expenditures 2,019,000 2,103,000 560,267 1,542,733 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers In Total Other Financing Sources (Uses) Net Change in Fund Balance (125.000) (125,000) 125,000 125,000 (370,997) (245,997) 125,000 125,000 125,000 125,000 (245,997) (245,997) Fund Balance - Beginning of Year - 1,787,726 1,787,726 Fund Balance - End of Year $ $ $ 1,541,729 $ 1,541,729 196 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Fire Rescue Services For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 18,333,000 $ 31,580,000 $ 20,535,929 $ (11,044,071) Charges for Services 4,970 4,970 Investment Earnings (Loss) 1,136 1,136 Other 34,748,000 1,978,000 2,800 (1,975,200) Total Revenues 53,081,000 33,558,000 20,544,835 (13,013,165) Expenditures: Public Safety 27,159,000 (2,820,000) 16,813,726 (19,633,726) Capital Outlay 27,077,000 37,571,000 4,952,397 32,618,603 Total Expenditures 54,236,000 34,751,000 21,766,123 12,984,877 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers Tn Transfers Out Proceeds from Sale of Property Total Other Financing Sources (Uses) Net Change in Fund Balance (1,155 000) (1,193,000) 1,155,000 1,155,000 38,000 1,155,000 1,193,000 (1,221,288) (28,288) 1,081,179 (73,821) (22,244) (22,244) (38,000) 1,058,935 (134,065) (162,353) (162,353) Fund Balance - Beginning of Year - 2,630,676 2,630,676 Fund Balance - End of Year $ $ $ 2,468,324 $ 2,468,324 197 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - General Special Revenues For The Fiscal Vear Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 260,000 $ 260,000 $ 183,655 $ (76,345) Charges for Services 965,000 965,000 516,104 (448,896) Investment Earnings (Loss) - 47,643 47,643 Other 2,878,000 41,584,000 23,530,761 (18,053,239) Total Revenues 4,103,000 42,809,000 24,278,163 (18,530,837) Expenditures: General Government 312,000 2,307,000 145,582 2,161,418 Planning and Development 14,535,000 22,547 14,512,453 Public Works 1,991,000 1,991,000 1,520,796 470,204 Total Expenditures 2,303,000 18,833,000 1,688,925 17,144,075 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers In Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance 1,800,000 23,976,000 (1,800,000) 1,500,000 (25,476,000) (1,800,000) (23,976,000) 22,589,238 (1,386,762) 19,367,169 17,867,169 (24,506,371) 969,629 (5,139,202) 18,836,798 17,450,036 17,450,036 Fund Balance - Beginning of Year 6,279,335 6,279,335 Fund Balance - End of Vear $ $ $ 23,729,371 $ 23,729,371 198 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Departmental Improvement Initiatives For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Fines and Forfeitures $ 1,500,000 $ 1,500,000 $ 2,749,353 $ 1,249,353 Intergovernmental Revenues 250,000 250,000 132,441 (117,559) InvestmentFarnings (T.oss) - 35,306 35,306 Other 60,763,000 65,563,000 81,492 (65,481,508) Total Revenues 62,513,000 67,313,000 2,998,592 (64,314,408) Expenditures: General Government 63,772,000 74,434,000 24,367,767 50,066,233 Planning and Development 4,699,000 4,931,000 773,926 4,157,074 Public Facilities 74,000 - 74,000 Parks and Recreation - 35,879 (35,879) Capital Outlay - 1,186,673 (1,186,673) Total Expenditures 68,471,000 79,439,000 26,364,245 53,074,755 Excess (Deficiency) of Revenues Over (Under) Expenditures (5,958,000) Other Financing Sources (Uses): Transfers Tn Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance 7,648,000 (1,690.000) (12,126,000) (23,365,653) (11,239,653) 16,240,000 (4,115,000) 5,958,000 12,125,000 16,239,000 (1,000) (4,179,704) (64,704) 12,059,296 (65,704) (1,000) (11,306,357) (11,305,357) Fund Balance - Beginning of Year - 73,367,423 73,367,423 Fund Balance - End of Year $ $ (1,000) $ 62,061,066 $ 62,062,066 199 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Transportation & Transit For The Fiscal Year Ended September 30, 2025 Revenues: Intergovernmental Revenues Investment Earnings (Loss) Other Total Revenues Expenditures: Public Works Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance - Beginning of Year Fund Balance - End of Year Budgeted Amounts Original 23,170,000 23,170,000 Variance with Final Actual Amounts Final Budget $ 35,170,000 $ 30,890,908 $ (4,279,092) 1,003,443 1,003,443 79,609,000 (79,609,000) 114,779,000 31,894,351 (82,884,649) 17, 315, 000 19, 205, 000 17, 315, 000 19, 205, 000 5,855,000 95,574,000 (5,855.000) (95,574,000) (5,855,000) (95,574,000) 16,240,436 2,964,564 16,240,436 2,964,564 15,653,915 (79,920,085) (95,173,199) 400,801 (95,173,199) 400,801 (79,519,284) (79,519,284) 79,608,541 79,608,541 $ $ $ 89,257 $ 89,257 200 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Miami Ballpark Parking Facilities For The Fiscal Vear Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Charges for Services $ 6,205,000 $ 6,205,000 $ 5,783,204 $ (421,796) Other 6,615,000 13,053,000 (13,053,000) Total Revenues 12,820,000 19,258,000 5,783,204 (13,474,796) Expenditures: Public Facilities 12,178,000 16,616,000 2.294,926 14,321,074 Total Expenditures 12,178,000 16,616,000 2,294,926 14,321,074 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance - Beginning of Year Fund Balance - End of Year 642,000 2,642,000 3,488,278 846,278 (642,000) (2,642,000) (642_000) (2,642,000) (3,442,000) (800,000) (3,442,000) (800,000) 46,278 46,278 12,411,303 12,411,303 $ $ $ 12,457,581 $ 12,457,581 201 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Liberty City Revitalization Trust For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 843,882 $ 1,168,882 $ 886,542 $ (282,340) Investment Earnings (Loss) - 17,346 17,346 Other 35,000 35,000 Total Revenues 843,882 1,168,882 938,888 (229,994) Expenditures: Community Redevelopment Areas 843,882 1,168,882 1,057,240 1 1 1,642 Total Expenditures 843,882 1,168,882 1,057,240 1 1 1,642 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers Tn Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance - Beginning of Year (118,352) (118,352) 85,000 85,000 85,000 85,000 (33,352) (33,352) 286,697 286,697 Fund Balance - End of Year $ $ $ 253,345 $ 253,345 202 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Virginia Key Beach Park Trust For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 625,000 $ 625,000 $ 600,000 $ (25,000) Charges for Services 350,000 350,000 537,794 187,794 Investment Earnings (Loss) - 89,356 89,356 Other 1,170,000 1,170,000 629,447 (540,553) Total Revenues 2,145,000 2,145,000 1,856,597 (288,403) Expenditures: Parks and Recreation 1,999,350 1,985,000 1,614,583 370,417 Lease Financing Principal - 43,436 43,436 Lease Financing interest - 3,484 3,484 Capital Outlay 320,000 160,000 112,364 47,636 Total Expenditures 2,319,350 2,145,000 1,773,867 371,133 Excess (Deficiency) of Revenues Over (Under) Expenditures (174,350) 82,730 82,730 Other Financing Sources (Uses): Lease Liability Issued 62,210 62,210 Total Other Financing Sources (Uses) 62,210 62,210 Net Change in Fund Balance (174,350) 144,940 144,940 Fund Balance - Beginning of Year 1,314,032 1,314,032 Fund Balance - End of Year $ (174,350) $ $ 1,458,972 $ 1,458,972 203 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Solid Waste Recycling Trust For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Investment Earnings (Loss) $ 48,000 $ 48,000 $ 46,483 $ (1,517) Other 72,000 126,000 (126,000) Total Revenues 120,000 174,000 46,483 (127,517) Expenditures: Public Works 120,000 174,000 7,296 166,704 Total Expenditures 120,000 174,000 7,296 166,704 Excess (Deficiency) of Revenues Over (Under) Expenditures - 39,187 39,187 Net Change in Fund Balance - 39,187 39,187 Fund Balance - Beginning of Year 1,125,788 1,125,788 Fund Balance - End of Year $ $ $ 1,164,975 $ 1,164,975 204 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Little Haiti Revitalization Trust For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 249,000 $ 254,000 $ 249,004 $ (4,996) Investment Earnings (Loss) - 276,549 276,549 Other 6,155,600 6,155,600 (6,155,600) Total Revenues 6,404,600 6,409,600 525,553 (5,884,047) Expenditures: Community Redevelopment Areas 6,345,600 6,350,600 742,664 5,607,936 Capital Outlay 9,000 9,000 162 8,838 Total Expenditures 6,354,600 6,359,600 742,826 5,616,774 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers Out Total Other Financing Sources (Uses) Net Change in Fund Balance 50,000 50,000 (5OE000) (50,000) (217,273) (267,273) (50,000) 50,000 (50,000) 50,000 (217,273) (217,273) Fund Balance - Beginning of Year - 6,362,492 6,362,492 Fund Balance - End of Year $ $ $ 6,145,219 $ 6,145,219 205 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Bayfront Park Land Acquisition Trust Fund For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Revenues: Variance with Final Actual Amounts Final Budget Other $ 2,079,000 $ 2,079,000 $ $ (2,079,000) Total Revenues 2,079,000 Expenditures: Public Facilities 2,214,000 Total Expenditures 2,214,000 Excess (Deficiency) of Revenues Over (Under) Expenditures (135,000) Other Financing Sources (Uses): Transfers In Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance - Beginning of Year 135,000 135,000 2,079,000 (2,079,000) 2,214,000 2,214,000 2,214,000 2,214,000 (135,000) 135,000 135,000 135,000 135,000 135,000 135,000 135,000 2,079,000 2,079,000 Fund Balance - End of Year $ $ $ 2,214,000 $ 2,214,000 206 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - General Obligation Bonds For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Property Taxes $ 22,682,000 $ 22,682,000 $ 23,851,362 $ 1,169,362 Other 14,602,000 14,602,000 (14,602,000) Total Revenues 37,284,000 37,284,000 23,851,362 (13,432,638) Expenditures: General Governtnent 11,921,000 6,739,000 6,001 6,732,999 Principal 14,470,000 16,275,000 16.275,000 - Interest and Other Charges 10,893,000 14,270,000 14.268,157 1,843 Total Expenditures 37,284,000 37,284,000 30,549,158 6,734,842 Excess (Deficiency) of Revenues Over (Linder) Expenditures (6,697,796) (6,697,796) Net Change in Fund Balance Fund Balance - Beginning of Year Fund Balance - End of Year (6,697,796) (6,697,796) 27,235,106 27,235,106 $ $ $ 20,537,310 $ 20,537,310 207 City of Miami, Florida Schedule of Revenue, Expenditures and Changes In Fund Balance Budget and Actual - Special Obligation Bonds For The Fiscal Year Ended September 30, 2025 Budgeted Amounts Original Variance with Final Actual Amounts Final Budget Revenues: Intergovernmental Revenues $ 5,000,000 $ 5,000,000 $ 5,083,339 $ 83,339 Other 1,144,000 93,687 93,687 Total Revenues 6,144,000 5,000,000 5,177,026 177,026 Expenditures: Principal 32,226,000 32,226,000 32,222,506 3,494 Interest and Other Charges 24,139,000 24,139,000 24,132,919 6,081 Total Expenditures 56,365,000 56,365,000 56,355,425 9,575 Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses): Transfers Tn Total Other Financing Sources (Uses) Net Change in Fund Balance Fund Balance - Beginning of Year (50,221,000) (51,365,000) 50,221,000 50,221,000 (51,178,399) 186,601 51,365,000 51,365,000 51,365,000 51,365,000 186,601 186,601 1,1 83,469 1,1 83,469 Fund Balance - End of Year $ $ $ 1,370,070 $ 1,370,070 208 209 City of Miami, Florida Combining Statement of Fiduciary Net Position Fiduciary Funds September 30, 2025 Pension Trust Funds General and General and Sanitation General and Sanitation Employees Staff Elected Officers Fire Fighters and Sanitation Employees (GESE Plan (GESE Staff Retirement Trust Total Pension Police (FIPO) Employees (GESE) Excess Plan) Plan) (EORT) Trust Funds Assets Cash and Cash Equivalents $ 29,912,926 $ 412,131 $ 45,042 $ 106,014 $ $ 30,476,113 Accounts Receivable 7,135,497 21,746,684 27,012 5,000 28,914,193 Accrued Interest - - - 117,297 117,297 Capital Assets, Net 1,962,966 1,597,044 - 3,560,010 39,011,389 23,755,859 72,054 111,014 117,297 63,067,613 Investments: U.S. Government Obligations 18,652,737 198,459,702 8,521,320 225,633,759 Other Fixed Income Securities 458,772,539 59,823,961 1,786,215 520,382,715 Corporate Stocks 639,546,221 836,590,086 6,485,207 1,482,621,514 Money Market Funds - 39,217,182 - 837,717 40,054,899 International Equity 419,972,495 - - 419,972,495 Real Estate 129,757,265 - 129,757,265 Private Equity 244 495,140 - - 244,495,140 Total Investments 1,911,196,397 1,134,090,931 8,271,422 9,359,037 3,062,917,787 Securities Lending Collateral 62,759,531 - - 62,759,531 Total Assets 2,012,967,317 1,157,846,790 72,054 8,382,436 9,476,334 3,188,744,931 Liabilities Obligations Under Security Lending Transactions 62,759,531 - - 62,759,531 Accounts Payable 183,519 940,281 72,054 4,133 1,199,987 Payable for Securities Purchased 6 874 884 18 537 876 - - 25 412 760 Total Liabilities 69,817,934 19,478,157 72,054 4,133 89,372,278 Net Position Restricted for Pension Benefits $ 1,943,149,383 $ 1,138,368,633 $ $ 8,378,303 $ 9,476,334 $ 3,099,372,653 210 City of Miami, Florida Combining Statement of Changes in Fiduciary Net Position Fiduciary Funds For the Fiscal Year Ended September 30, 2025 Pension Trust Funds General and General and General and Sanitation Sanitation Total Sanitation Employees Employees Staff Elected Officers Pension Fire Fighters and Employees (GESE Excess Plan (GESE Retirement Trust Trust Police (FIPO) (GESE) Plan) StaffPlan) (EORT) Funds Additions Contributions: Contributions - Employer $ 127,509,318 $ 54,856,035 $ 106,226 $ 388,536 $ 1,071,833 $ 183,931,948 Plan Members 21,149,987 16,887,267 - 83,492 - 38,120,746 Total Contributions 148,659,305 71,743,302 106_,226 472,028 1,071,833 222,052,694 Investment Earnings: Net Increase in Fair Value of Investments 159,890,462 70,471,112 803,055 388,663 231,553,292 Interest 1,102,673 13,196,949 - - 14,299,622 Dividends 20,243,490 9,531,655 149,463 29,924,608 Other 1,133,428 117,897 - - 1,251,325 Total Investment Earnings 182,370,053 93,317,613 952,518 388,663 277,028,847 Security Lending Activities: Security Lending Income Security Lending Fees and Rebates Net Income From Security Lending Activities Less Investment Expenses Net Investment Earnings Reimbursement From City for Administrative Costs Total Additions Deductions Benefits Payments Refunds upon Resignation, Death, Other Administrative and Other Expenses Total Deductions Change in Net Position Net Position- Beginning of Year - Net Position- End of Year 248,350 (62,047) 186,303 248,350 (62,047) 186,303 (4,154,990) (2,541,920) 771 - (6,696,139) 178,401,366 90,775,693 953,289 388,663 270,519,011 3 203 160 107_649 - 3,310,809 327,060,671 165,722,155 213,875 1,425,317 1,460,496 495,882,514 191,615,666 88,996,060 371,866 2,055,375 1,988,547 3,408,602 193,976,079 94,460,037 133,084,592 71,262,118 1, 810,064,791 1,067,106,515 $ 1,943,149,383 $ 1,138,368,633 106,226 363,791 11,429 107,649 213.875 375,220 1,050,097 7,328,206 $ 8,378,303 589,511 281,671,254 2,438,670 2,400 5,507,198 591,911 289,617,122 868,585 206,265,392 8,607,749 2,893,107,261 $ 9,476,334 $ 3,099,372,653 211 This part of the Government's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the government's overall financial health. CONTENTS Financial Trends These schedules contain trend information to help the reader understand how the government's financial performance and well-being have changed over time, which can be found on page 213-218. Revenue Capacity These schedules contain information to help the reader assess the government's most significant local revenue source, the property tax, which can be found on page 219-223. Debt Capacity These schedules present information to help the reader assess the affordability of the government's current level of outstanding debt and the government's ability to issue additional debt in the future, which can be found on page 224-228. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the government's financial activities take place, which can be found on page 229-230. Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the government's financial report relates to the services the government provides and the activities it performs, which can be found on page 231-233. 212 Primary Government: Net Investment in Capital Assets Restricted Unrestricted (Deficit) Total Primary Government Net Position Notes: CITY OF MIAMI, FLORIDA NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 $ 907,017,564 $ 812,015,404 $ 780,830,574 $ 715,473,122 $ 629,956,484 $ 665,680,605 $ 604,198,879 $ 578,092,580 $ 627,800,618 $ 616,752,804 479,693,315 503,298,022 448,588,697 397,310,704 426,214,523 401,306,194 372,927,622 358,414,955 297,600,108 273,730,365 (2,341,148,763) (2,191,359,415) (2,096,719,378) (2,007,581,280) (1,965,159,870) (1,853,857,487) (1,692,600,562) (1,565,976,087) (1,604,200,940) (1,224,962,154) $ (954,437,884) $ (876,045,989) $ (867,300,107) $ (894,797,454) $ (908,988,863) $ (786,870,688) $ (715,474,061) $ (629,468,552) $ (678,800,214) $ (334,478,985) (1) The City does not have any business -type activities for financial reporting purposes. 213 Expenses Governmental Activities: General Government Planning and Development Community Development Community Redevelopment Areas Public Works Public Safety Public Facilities Parks and Recreation Interest on Long -Tenn Debt Interest on Lease Total Primary Govemment Expenses CITY OF MIAMI CHANGES IN NET POSITION LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 $ 249,494,721 $ 201,765,549 $ 236,646,089 $ 139,895,526 $ 181,802,024 $ 176,361,184 $ 211,372,070 $ 190,328,428 $ 174,982,174 $ 145,455,559 75,836,581 55,034,345 50,292,697 26,342,054 32,322,698 29,291,564 32,481,681 22,721,335 19,462,678 15,513,166 56,835,592 43,871,666 45,708,781 64,951,670 49,845,139 29,159,537 29,885,260 28,371,102 29,443,452 27,937,279 99,905,677 65,554,273 81,701,184 46,524,287 41,687,355 48,200,294 39,510,779 35,272,784 34,616,272 36,149,769 187,962,755 176,102,758 134,553,426 122,261,123 128,492,915 117,255,343 119,321,247 124,014,524 95,595,175 91,985,468 810,482,884 823,555,798 675,352,316 736,037,131 693,848,367 602,699,416 534,660,409 387,651,947 579,366,645 446,865,144 30,197,653 40,064,488 26,006,068 18,193,540 20,286,822 19,575,268 20,295,788 22,371,164 19,086,773 16,758,483 87,677,633 75,870,941 79,559,292 41,850,258 60,233,253 54,919,137 63,493,078 66,817,655 63,380,712 50,207,864 41,720,127 34,098,087 16,212,390 17,603,609 18,690,842 18,504,420 20,689,106 25,405,481 29,663,407 32,606,891 875,552 665,165 453,450 5,803 1,640,989,175 1,516,583,070 1,346,485,693 1,213,665,001 1,227,209,415 1,095,966,163 1,071,709,418 902,954,420 1,045,597,288 863,479,623 Program Revenues Governmental Activities: Charges for Services General Govemment 93,887,612 75,258,370 89,864,924 68,526,288 55,236,442 59,106,255 67,114,357 79,713,436 79,706,559 78,089,981 Planning and Development 73,982,004 80,989,633 74,685,096 67,656,620 47,719,297 46,837,764 48,357,041 45,574,467 46,837,017 47,586,059 Community Development 1,565,554 2,563,906 1,424,687 1,424,196 786,476 369,387 920,736 538,541 - 1,766,173 Community Redevelopment Areas 4,124,456 4,501,480 2,560,628 4,204,813 7,550,071 6,746,428 5,638,853 4,332,416 1,998,138 2,157,456 Public Works 80,737,901 76,176,377 72,264,863 68,740,796 59,921,470 59,206,993 57,622,280 61,804,169 59,742,989 56,594,045 Public Safety 51,483,898 34,218,182 35,303,002 34,559,295 33,489,824 35,219,101 38,228,864 39,758,747 29,475,920 28,477,126 Public Facilities 63,293,446 51,335,844 47,005,340 48,898,117 30,734,347 23,853,938 38,503,061 35,922,411 37,720,512 35,324,297 Parks and Recreation 5,810,986 6,157,238 5,399,211 8,922,513 7,064,103 5,362,750 8,094,754 6,958,019 7,741,695 7,845,180 Operating Grants and Contributions 185,655,324 230,761,961 192,529,223 190,492,332 162,278,864 120,557,951 104,297,657 95,524,077 81,114,292 88,478,479 Capital Grants and Contributions 19,763,314 10,353,086 8,554,132 8,060,969 19,238,489 7,128,248 2,816,007 9,069,762 1,078,796 11,315,519 Total Primary Govemment Program Revenue 580,304,495 572,316,077 529,591,106 501,485,939 424,019,383 364,388,815 371,593,610 379,196,045 345,415,918 357,634,315 Net(Expense)/Rev®ne Total Primary Govemment Net Expense (1,060,684,680) (944,266,993) (816,894,587) (712,179,062) (803,190,032) (731,577,348) (700,115,808) (523,758,375) (873,254,883) (505,845,308) General Revenues and Other Changes in Net Assets Governmental Activities: Taxes Property Taxes, Levied for General Purposes 687,880,665 620,843,293 566,452,260 510,016,568 485,723,309 448,028,007 399,003,234 369,230,063 336,475,508 298,719,456 Property Taxes, Levied for Debt Service 23,851,362 25,208,584 22,791,118 20,253,623 19,365,454 23,849,213 28,201,316 28,017,811 26,964,194 25,661,731 Franchise Taxes 61,918,226 59,976,870 61,217,502 57,001,420 50,339,450 49,083,039 51,399,079 49,741,913 49,207,879 47,416,360 State Revenue Sharing -Unrestricted 22,799,152 22,592,017 23,010,534 22,494,052 18,716,613 16,310,689 17,254,032 16,380,921 15,687,260 14,836,385 Saks and Other Use Taxes 46,798,839 47,109,159 47,769,337 49,108,943 40,024,004 32,664,564 37,022,921 35,786,997 33,521,269 32,699,735 Public Service Taxes 86,135,634 82,580,499 80,527,456 70,042,172 65,846,228 64,646,386 64,160,961 64,250,989 62,532,940 60,020,384 Investment Earnings (Losses) -Unrestricted 68,777,939 77,210,689 42,623,727 (2,546,307) 1,056,799 12,061,606 17,068,757 9,681,343 4,544,604 3,500,158 Gain (Loss) on Disposal of Capital Assets - - - - - 13,537,217 - (1) - - OtherGeneralRevenues - - - - TotalPrimary Govemment 998,161,817 935,521,111 844,391,934 726,370,471 681,071,857 660,180,721 614,110,300 573,090,036 528,933,654 482,854,209 Charge in Net Position Total Primary Govemment $ (62,522,863) $ (8,745,882) $ 27,497,347 $ 14,191,409 $ (122,118,175) $ (71,396,627) $ (86,005,508) $ 49,331,661 $ (344,321,229) $ (22,991,099) Notes: (1)The City does not have any business -type activities for financial reporting purposes. 214 Fiscal Year 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Ad Valorem Taxes General Purpose $ 687,880,665 620,843,292 566,428,649 510,016,568 485,723,309 448,028,007 404,479,302 369,230,063 336,475,508 298,719,456 CITY OF MIAMI, FLORIDA GENERAL GOVERNMENTAL TAX REVENUES BY SOURCE LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) Ad Valorem Taxes Debt Service $ 23,851,362 25,208,584 22,791,118 20,253,623 19,365,454 23,849,213 28,201,316 28,017, 811 26,964,194 25,661,731 Franchise Sales and Other Communication Taxes Use Taxes Service Taxes Total $ 61,918,226 $ 46,798,839 $ 86,135,634 $ 906,584,726 59,976,870 47,109,159 82,580,499 835,718,404 61,217,502 47,769,337 80,527,456 778,734,062 57,001,420 49,108,943 70,042,172 706,422,726 50,339,450 40,024,004 65,846,228 661,298,445 49,083,039 32,664,564 64,646,386 618,271,209 51,399,079 37,022,921 64,160,961 585,263,579 49,741,913 35,786,997 64,250,989 547,027,773 49,207,879 33,521,269 62,532,940 508,701,790 47,416,360 32,699,735 60,020,384 464,517,666 Fund Balances: Non -Spendable Fund Balance Non Spendable Spendable Fund Balance Restricted Committed Assigned Unassigned (deficit) Total Fund Balances CITY OF M1AMI,FLORIDA FUND BALANCES OF OTHER GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 $ 5,818,834 $ 3,321,776 $ 1,000,000 $ 4,629.715 $ 9,328,858 $ 5,340,361 $ 1,111,308 $ 1,026,537 $ 1,021,897 $ 1,023,573 1,085,771,751 991,181,160 455,723,375 358,228,302 399,706,759 328,160,418 310,838,708 318,849,862 265,501,347 258,667,436 201,654,999 229,105,098 165,270,721 153,429,543 115,455,853 108,797,334 110,723,266 107,646,577 121,083,524 133,813,871 9,683,978 8,296,890 8,000,780 52,012,806 6,283,166 10,168,840 7,759,828 24,489,771 19,260,410 23,123,877 - - (43,171,554) (32,154,469) (25,820,508) (57,118,857) (34,924,981) (17,507,009) (218,262) (19,998,886) $ 1,302,929,562 $ 1,231,904,924 $ 586,823,322 $ 536,145,897 $ 504,954,128 $ 395,348,096 $ 395,508,129 $ 434,505,738 $ 406,648,916 $ 396,629,871 Note: Changes to the find balance is being presented prospectively. Excluding general fund Fund Balances: Non -Spendable Fund Balance Non Spendable Spendable Fund Balance Restricted Committed Assigned Unassigned (deficit) Total Fund Balances FUND BALANCE GENERAL FUND LAST TEN FISCAL YEAR (MODIFIED ACCRUAL BASIS OF ACCOUNTING) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 $ 45,717,960 $ 39,361,984 32,569,646 42,539,851 58,224,678 44,789,380 100,858,514 91,165,576 $ 237,370,798 $ 217,856,791 $ 51,871,577 $ 37,893,799 $ 27,108,617 43,250,983 38,275,173 82,598,671 $ 215,996,404 $ 61,238,332 10,779,271 78,330,228 188,241,630 $ $ 13,821,891 $ 3,342,337 $ 2,154,528 $ 2,101,634 $ 2,009,736 51,328,869 96,364,271 93,564,826 82,882,117 72,818,263 51,908,663 2,811,048 12,516,335 76,264,571 73,863,962 157,513,105 $ 196,566,459 $ 33,984,190 38,015,621 69,054,019 64,411,285 199,945,372 $ 187,463,551 25,386,647 21,116,250 59,836.874 56,486,700 $ 160,143,418 $ 131,521,349 Note: General Fund information is presented separately from other governmental funds with a ten year trend information on fund balance. 216 CITY OF MIAMI, FLORIDA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) Revenues Property Taxes Franchise and Other Taxes Licenses and Permits Fines and Forfeitures Intergovernmental Revenues Charges for Services Investment Earnings (Loss) Impact Fees Other Total Revenues Expenditures General Government Planning and Development Community Development Community Redevelopment Areas Public Works Public Safety Public Facilities Parks and Recreation Debt Service: Principal Lease Financing Principal Lease Financing interest Other Debt Service Cost Interest and Other Charges Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses) Transfers In Transfers Out Proceeds from Sale of Property Payment To Escrow Agent For Refunding Premium from Issuance of Debt Issuance of Debt Discount from Issuance of Debt Lease Financing Finance Purchase Total Other Financing Sources (Uses) Net Changes in Fund Balances 2025 2024 2023 2022 2021 $ 711,732,027 $ 148,053,860 119,963,554 10,755,253 259,632,352 186,602,890 68,777,939 46,137,756 36,346,590 1,588,002,221 646,051,877 $ 142,557,369 112,515,587 10,709,122 300,935,811 162,633,665 77,210,689 23,886,985 28,556,590 1,505,057,695 589,219,767 $ 141,744,958 108,673,479 9,219,964 263,897,302 162,876,290 42,647,338 26,752,331 14,547,430 1,359,578,859 529,767,979 $ 505,088,763 127,043,592 116,185,678 101,056,835 78,454,388 9,873,212 9,825,195 263,891,045 230,523,592 160,875,895 122,876,516 (2,546,307) 1,056,799 22,711,318 14,209,808 14,748, 978 16,419,124 1,227,422,547 1,094,639,863 183,665,005 64,594,721 55,729,171 98,111,880 154,442,458 676,078,530 24,857,704 69,847,511 74,752,506 7,940,894 875,552 2,198,074 40,015,271 247,177,564 1,700,286,841 146,141,040 53,036,174 42,493,060 64,148,654 154,369,469 650,212,842 23,725,763 63,896,268 45,964,734 5,756,999 665,165 3,270,541 25,214,829 147,707,966 1,426,603,504 153,439,692 49,057,680 45,437,976 80,289,644 126,128,117 567,279,328 21,630,445 72,417,3 71 70,770,798 1,975,456 453,450 15,715,513 115,863,440 1,320,458,910 128,778,743 36,366,695 66,487,378 45,528,531 127,873,486 509,531,048 19,274,254 59,812,433 59,724,832 41,117 5,803 17,188,700 95,544,870 1,166,157, 890 135,160,981 30,683,308 49,418,983 39,714,941 115,167,657 480,671,049 17,100,412 52,026,981 59,358,896 18,035,653 77,495,908 1,074,834,769 (112,284,620) 78,454,191 39,119,949 61,264,657 19,805,094 288,250,498 (288,250,498) 917,179 10,841,955 161,910,000 11,403,199 17,750,932 202,823,265 $ 90,538,645 $ 189,099,264 (189,099,264) 699,371 33,596,518 524,424,994 9,766,915 568,487,798 646,941,989 $ 224,969,684 (224,969,684) 912,162 123,009,276 (123,009,276) 540,279 33,892,552 4,507,536 115,358 39,312,250 655,637 78,432,199 $ 61,920,294 $ 139,828,821 (139,828,821) 227,165 50,520,419 50,747,584 70,552,678 Debt Service as a Percentage of Non -Capital Expenditures 8.50% 6.07% 7.38% 7.19% 7.76% (continued) 217 CITY OF MIAMI, FLORIDA CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) Revenues Property Taxes Franchise and Other Taxes Licenses and Permits Fines and Forfeitures Intergovernmental Revenues Charges for Services Investment Earnings (Loss) Impact Fees Other Total Revenues Expenditures General Government Planning and Development Community Development Community Redevelopment Areas Public Works Public Safety Public Facilities Parks and Recreation Debt Service: Principal Lease Financing Principal Lease Financing Interest Other Debt Service Cost Interest and Other Charges Capital Outlay Total Expenditures Excess (Deficiency) of Revenues Over (Under) Expenditures Other Financing Sources (Uses) Transfers In Transfers Out Proceeds from Sale of Property Payment To Escrow Agent For Refunding Premium from Issuance of Debt Issuance of Debt Discount from Issuance of Debt Lease Financing Finance Purchase Total Other Financing Sources (Uses) Net Changes in Fund Balances 2020 2019 2018 2017 2016 $ 471,877,220 $ 113,729,425 79,300,612 9,021,942 168,720,203 108,120,816 12,061,606 24,683,333 15,575,913 1,003,091,070 432,680,618 $ 115,560,040 80,010,141 9,293,224 159,010,672 134,956,287 17,068,757 17,360,958 22,859,336 988,800,033 397,247,874 $ 113,992,902 73,756,786 15,638,528 156,349,299 133,732,658 9,681,342 20,861,463 30,612,771 951,873,623 363,439,702$ 11 1,740,819 73,030,964 17,727,789 131,983,836 131,422,481 4,544,604 25,347,222 15,694,374 874,931,791 324,381,187 107,436,744 71,826,609 17,022,156 144,464,881 128,520,198 3,500,158 25,491,632 14,979,722 837,623,287 102,450,375 146,416,786 116,727,619 113,445,352 94,863,916 28,881,769 28,842,970 22,526,541 18,478,112 16,530,501 29,552,658 29,278,850 28,331,999 29,059,382 27,669,432 46,923,582 38,207,865 33,972,903 33,155,840 35,240,353 110,631,807 104,267,248 113,745,559 93,845,068 88,781,332 469,416,576 439,120,870 398,331,195 377,635,776 358,151,070 16,090,739 16,271,550 18,098,100 16,095,228 14,172,514 51,400,432 49,672,482 53,971,624 50,122,922 40,252,541 62,764,274 51,836,573 53,599,962 42,848,297 31,666,421 25,977,322 86,245,833 1,030,335,367 24,567,265 75,065,968 1,003,548,427 35,299,145 80,821,666 955,426,313 33,376,755 80,312,188 888,374,920 37,407,853 88,247,094 832,983,027 (27,244,297) (14,748,394) (3,552,690) (13,443,129) 4,640,260 101,441,753 (101,441,753) 14,449,072 (103,575,001) 112,831,279 98,046,289 (98,046,289) 195,133 (120,320,000) 108,357,473 118,757,528 (118,757,527) 277,969 (74,105,000) 132,556,675 115,984,813 (115,984,813) 787,221 (112,330,000) 134,391,945 (134,391,945) 441,720 (57,635,000) 163,694,922 67,884,628 (67,900) 23,705,350 (11,767,394) 58,729,645 52,084,243 10,691,348 $ (3,538,947) $ (26,515,788) $ 55,176,955 $ 38,641,114$ 15,331,608 Debt Service as a Percentage of Non -Capital Expenditures 9.40% 8.23% 10.16% 9.43% 9.28% 218 CITY OF MIAMI, FLORIDA GENERAL GOVERNMENTAL TAX REVENUES BY SOURCE LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) Ad Valorem Ad Valorem Sales Communication Fiscal Taxes Taxes Franchise and Other Service Year General Purpose Debt Service Taxes Use Taxes Taxes Total 2025 $ 687,880,665 $ 23,851,362 $ 61,918,226 $ 46,798,839 $ 86,135,634 $ 906,584,726 2024 62(1,843,293 25,2(18,584 59,976,870 47,109,159 82,580,499 835,718,405 2023 566,428,649 22,791,118 61,217,502 47,769,337 80,527,456 778,734,062 2022 510,016,568 20,253,623 57,001,420 49,108,943 70,042,172 706,422,726 2021 485,723,309 19,365,454 50,339,450 40,024,004 65,846,228 661,298,445 2020 448,028,007 23,849,213 49,083,039 32,664,564 64,646,386 618,271,209 2019 4(14,479,3(12 28,2(11,316 51,399,079 37,022,921 64,160,961 585,263,579 2018 369,230,063 28,017,811 49,741,913 35,786,997 64,250,989 547,027,773 2017 336,475,508 26,964,194 49,207,879 33,521,269 62,532,940 508,701,790 2016 298,719,456 25,661,731 47,416,360 32,699,735 60,020,384 464,517,666 219 Fiscal Year Ended September 30, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 CITY OF MIAMI, FLORIDA NET ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS Real Property Residential Property $ 66,256,816,088 60,176,717,217 52,854,931,418 46,196,295,350 40,749,289,342 39,059,892,406 36,145,085,669 32,694,764,561 30,510,541,198 27,319.085,749 Commercial Property $ 33,937,588,852 30,649,201,274 28,288,129,784 24,694,856,292 22,410,214,056 21,350,788,617 20,300,307,800 18,370,692,628 16,942,681, 891 15.141,552,949 Personal Property $ 3,511,543,007 3,309,391,625 3,308,707,221 2,858,329,569 2,675,736,253 2,596,961,699 2,516,205,948 2,291,647,844 2,168,086,910 2,141,666,844 Source: Miami -Dade Country Property Appraiser's Office. Net Assessed Value Total Direct Tax Rate $ 103,705,947,947 94,13 5, 310,1 16 84,451,768,423 73,749,481,211 65,835,239,651 63,007,642,722 58,961,599,417 53,357,105,033 49,621, 309,999 44,602,305,542 7.3900 7.4599 7.8774 7.9900 7.9900 7.9900 8.0300 8.0300 8.2900 8.3351 Estimated Actual Value $ 139,717,492,934 134,41 1,413,677 120,403,671,841 97,315,325,026 81,693,987,652 78,950,963,476 76,358,400,388 71,868,917,720 66,582,430,165 60,628,790,417 Note: Property in the City is reassessed each year. State law requires the Property Appraiser to appraise property at 100% of market value. The Florida Constitution was amended, effective January 1, 1995, to limit annual increases in assessed value of property with homestead exemption to 3 percent per year or the amount of the Consumer Price Index, whichever is lower. The increase is not automatic since no assessed value shall exceed market value. Tax rates are per $1,000 of assessed value. (1) Includes tax-exempt property. Net Assessed Value as a Percentage of Estimated Actual Value (1) 74.23% 70.04% 70.14% 75.78% 80.59% 79.81% 77.22% 74.24% 74.53% 73.57% Fiscal Year 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Tax Roll Year 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 CITY OF MIAMI, FLORIDA PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS City of Miami, Florida General Debt Total Operations Service City 7.13640 0.2536 7.3900 7.13640 0.3235 7.4599 7.55390 0.3235 7.8774 7.66650 0.3235 7.9900 7.66650 0.3235 7.9900 7.56650 0.4235 7.9900 7.58650 0.4435 8.0300 7.43650 0.5935 8.0300 7.64650 0.6435 8.2900 7.64650 0.6886 8.3351 Overlapping Rates (1) Miami -Dade County School Miami -Dade Board County 6.6020 5.0011 6.6990 5.0095 6.5890 5.1055 7.0090 5.1744 7.1290 5.1449 7.1480 5.1449 6.7330 5.1313 6.9940 5.0669 7.3220 5.0669 7.6120 5.1169 Miami -Dade Miami -Dade Children's County Library Trust System 0.5000 0.2812 0.5000 0.2812 0.5000 0.2812 0.5000 0.2840 0.4507 0.2840 0.4680 0.2840 0.4415 0.2840 0.4673 0.2840 0.5000 0.2840 0.5000 0.2840 Sources: City of Miami, Florida Finance Department and Miami -Dade County Property Appraiser's Office. South Florida Water Management District 0.1974 0.1974 0.1974 0.2207 0.2295 0.2398 0.2519 0.2659 0.2836 0.3045 Note: All millage rates are based on $1 for every $1,000 of assessed value. (1) Overlapping rates are those of local and county governments that apply to property owners within the City of Miami, Florida. Not all overlapping rates apply to all City of Miami, Florida property owners (i.e. the rates for special districts apply only to the proportion of the government's property owners whose property is located within the geographic boundaries of the special district). Total Florida Inland Direct and Environmental Navigation Overlapping Projects District Rates 0.0327 0.0288 20.03320 0.0327 0.0288 20.20850 0.0327 0.0320 20.61520 0.0365 0.0320 21.24660 0.0380 0.0320 21.29810 0.0397 0.0320 21.34640 0.0417 0.0320 20.94540 0.0441 0.0320 21.18420 0.0471 0.0320 21.82560 0.0506 0.0320 22.23510 221 CITY OF MI_AMI, FLORIDA PRINCIPAL PROPERTY TAXPAYERS CURRENT YEAR AND NINE YEARS AGO 2025 2016 Percent of Percent of Total Total Net City Net Net City Net Assessed Assessed Assessed Assessed Taxpayer Value Rank Value Value Rank Value Florida Power and Light 1,068,465,524 1 1.03% 535,078,335 1 1.20% TWJ 1101 LLC 426,879,480 2 0.41 % - - Ponte Gadea Biscayne LLC 393,014,022 3 0.38% - - T C 701 Brickell LLC 291,247,000 4 0.28% 172,085,196 4 0.39% Brickell Holdings LLC 316,192,681 5 0.30% - - River Landing Development LLC 265,866,441 6 0.26% - - Resorts World Miami LLC 269,869,536 7 0.26% 126,391,313 10 0.28% PPF AMLI NE 2 Ave LLC 250,500,000 8 0.24% - - 1450 Brickell LLC 236,700,305 9 0.23% 160,067,796 5 0.36% Brickell City Centre Retail LLC 220,636,214 10 0.21% - CP Miami Center LLC 198,555,245 3 0.45% 600 Brickell LLC 134,815,800 8 0.30% Plantation General Hospital 154,290,662 6 0.35% 200 S Biscayne TTC 1 LLC 247,609,522 2 0.56% PR 1111 Brickell LLC 139,998,093 7 0.31% Met II Office LLC 126,923,994 9 0.28% Total $ 3,739,371,203 3.61% $ 1,995,815,956 4.47"/0 Net Assessed Value- Citywide Source: Miami -Dade Property Appraiser $ 103,705,947,947 $ 44,602,305,542 222 CITY OF MIAMI, FLORIDA PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS Collected within the Fiscal Year Total Collections of Levy To Date Fiscal Year Total Taxes Collections of Ended Levied for Percent Delinquent Percent September 30, Fiscal Year Amount of Levy Taxes Amount of Levy 2025 $ 728,067,608 $ 684,076,999 93.96% $ 25,995,008 $ 710,072,007 97.53% 2024 667,128,000 618,563,837 92.72% 27,488,035 646,051,872 96.84% 2023 631,997,343 570,374,265 90.25% 18,833,869 589,208,134 93.23% 2022 559,795,437 512,762,869 91.60% 17,005,069 529,767,938 94.64% 2021 499,722,387 486,873,568 97.43% 18,215,189 505,088,757 101.07% 2020 478,259,512 446,908,467 93.44% 24,968,743 471,877,210 98.67% 2019 449,788,561 408,965,659 90.92% 18,238,870 427,204,529 94.98% 2018 407,034,676 384,282,266 94.41% 12,965,608 397,247,874 97.60% 2017 390,792,627 350,970,845 89.81% 12,468,857 363,439,702 93.00% 2016 353,176,443 320,048,201 90.62% 4,332,986 324,381,187 91.85% Note 1: The County Tax Collector does not allocate delinquent taxes collected by the original tax year levied. Consequently, all collections of delinquent taxes are applied to the immediately prior tax year and, as a result, the percentage for collections to date may exceed 100%. 223 CITY OF MIAMI, FLORIDA RATIOS OF OUTSTANDING DEBT BY TYPE LAST TEN FISCAL YEARS Governmental Activities Fiscal Year General Premium Percent of Ended Obligation Revenue Loans Lease -Finance Lease SBITA (Discounts) Personal Per September 30, Bonds Bonds Payable Purchase Liability Liability Accretions Total Income (1) Capita (1) 2025 $288,555,000 $700,853,104 $ 17,176,887 $ 19,748,142 $2,625,615 $ 18,471,784 $44,619,411 $ 1,092,049,943 3.74% 2,281 2024 304,830,000 589,090,262 18,319,991 9,184,454 2,562,789 15,072,305 36,701,375 975,761,176 3.54% 2,102 2023 63,025,000 342,382,932 19,463,095 18,093,414 2,221,017 11,404,161 4,207,668 460,797,287 1.83% 1,003 2022 71,280,000 366,213,903 13,173,647 29,175,138 4,909,844 484,752,532 2.25% 1,056 2021 94,345,000 389,170,207 13,745,199 42,307,114 - 5,689,227 545,246,747 2.47% 1,212 2020 115,240,000 389,778,811 13,745,199 29,641,987 6,545,073 554,951,070 2.89% 1,115 2019 135,315,000 424,332,312 13,745,199 28,521,480 9,128,227 611,042,218 2.59% 1,245 2018 154,385,000 461,893,102 12,867,726 36,567,263 4,869,802 670,582,893 3.09% 1,393 2017 174,640,000 455,546,326 - 30,675,052 6,436,510 667,297,888 3.22% 1,426 2016 189,735,000 451,965,126 - 10,644,628 8,547,344 660,892,098 3.47% 1,449 Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements. (1) See the Schedule of Demographic and Economic Statistics for personal income and population data. N/A: Information not available 224 CITY OF MIAMI, FLORIDA RATIOS OF GENERAL BONDED DEBT OUTSTANDING LAST TEN FISCAL YEARS Fiscal Year Ended September 30, Bonds 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Less Amounts General Available in Obligation Debt Service Fund $ 288,555,000 $ 20,537,310 $ 304,830,000 27,235,107 63,025,000 14,602,612 71,280,000 1,737,411 94,345,000 6,577,891 115,240,000 10,458,570 135,315,000 9,649,590 154,385,000 9,425,837 174,640,000 5,580,816 189,735,000 3,449,542 Percentage of Estimated Actual Taxable Value of Total Property (1) 268,017,690 277,594,893 48,422,388 69,542,589 87,767,109 104,781,430 125,665,410 144,959,163 169,059,184 186,285,458 0.258% 0.295% 0.057% 0.094% 0.133% 0.166% 0.213% 0.272% 0.341% 0.418% Per Capita (2) 560 594 105 155 176 213 261 310 371 424 Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements (1) See the Schedule of Assessed Value and Estimated Actual Value of Taxable Property on page 220 for property value data. (2) See the Schedule of Demographic and Economic Statistics on page 229 for population data. CITY OF MIAMI, FLORIDA DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT AS OF SEPTEMBER 30, 2025 Government Unit Percentage Amount Net Applicable to Applicable to Debt the City of the City of Outstanding Miami (I) Miami Debt Repaid with Property Taxes: Miami -Dade County $ 2,326,740 19,000.00% $ 442,080,600 Miami -Dade County School Board 1,076,498 19.00% 204,535 Subtotal, Overlapping Debt 442,285,135 City of Miami. Florida Direct Debt (Includes special obligation, revenue bonds, loans, premium (discount) accretion and leases) 1,092,049,943 Total Direct and Overlapping Debt $ 1,534,335,078 Sources: Data provided by the Miami -Dade County Finance Department and the Miami -Dade County School Board. Note: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of the City of Miami. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for repaying the debt, of each overlapping government. (1) For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxable assessed property values. Value that is within the City's boundaries and dividing it by the County's and School Board's total taxable assessed value. This approach was also used for the other debt. 226 CITY OF MIAMI, FLORIDA LEGAL DEBT MARGIN INFORMATION LAST TEN FISCAL YEARS 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Debt Limit $ 15,300,056,360 $13,876,230,703 $12,423,699,449 $ 10,826,484,615 $ 9,642,536,477 $ 9,219,517,382 $ 8,539,422,902 $ 7,700,217,064 $ 7,144,383,601 $ 6,391,518,217 Total Net Debt Applicable to Limit Legal Debt Margin Total Net Debt Applicable to the Limit as a Percentage of Debt Limit 268,017,689 277,594,893 48,422,388 69,542,589 87,767,109 104, 781,430 125,665,410 144,959,163 169,059,184 186, 285,45 8 $ 15,032,038,671 $13,598,635,810 $12,375,277,062 $ 10,756,942,026 $ 9,554,769,368 $ 9,114,735,952 $ 8,413,757,492 $ 7,555,257,901 $ 6,975,324,417 $ 6,205,232,759 1.75% 2.00% Assessed Value $ 103,705,947,947 Less Homestead Exempt Valuation (1,705,572,213) Total Assessed Value 102,000,375,734 Debt Limit for Bonds (15% of Total Assessed Value) 15,300,056,360 Present Debt Application to Debt Limitation General Obligation Debt 288,555,000 Less Amount Available in Debt Service Fund (20,537,311) Total Net Debt Applicable to Limit 268,017,689 Legal Debt Margin $ 15,032,038,671 0.39% 0.64% 0.91% 1.14% 1.47% 1.88% 2.37% 2.91% 227 Fiscal Year Ended Ad -Valorem CITY OF MIAMI, FLORIDA PLEDGED REVENUE COVERAGE LAST TEN FISCAL YEARS Debt Service September 30, Revenues (1) Principal 2025 $ 710,072,007 2024 646,051,873 2023 589,208,134 2022 529,767,939 2021 486,873,568 2020 446,908,467 2019 408,965,659 2018 384,282,266 2017 363,439,702 2016 324,381,189 $ 16,275,000 11,225,000 8,255,000 23,065,000 20,895,000 20,075,000 19,070,000 20,255,000 17,145,000 14,908,304 Interest $ 14,268,157 1,420,950 1,668,416 2,026,603 2,506,753 2,957,634 3,423,817 3,941,109 9,490,770 9,123,918 2x Annual Debt Service $ 61,086,315 25,291,900 19,846,831 50,183,206 46,803,506 46,065,269 44,987,634 48,392,218 53,271,540 48,064,444 Note: (1) Ad valorem revenues shall mean all legally available revenues and taxes of the governmental unit in the Funds (defined as the general fund, special revenue funds, the capital project funds, the special assessment funds, and the expandable trust fund(s)) derived from any source whatever other than ad valorem taxation on real and personal property, including appropriated fund balances in the funds and applicable operating transfers (in). Non -Ad Valorem Revenues are required to be two times greater than projected debt service. Coverage (2) 11.62 25.54 29.69 10.56 10.40 9.70 9.09 7.94 6.82 6.75 (2) The Sunshine State Government Financing Loans require that available non -ad valorem revenues be two times the annual projected debt service for all debt other than general obligation debt of the City. (I) (2) (3) (4) Year 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Sources: Bureau of Economic and Business Research, University of Florida United States Census Bureau Miami -Dade County School Board Budget Office U.S. Bureau of Labor Statistics (FY24 - FY25) Population(1) 478,799 467,171 464,225 459,224 449,747 497,924 490,947 481,333 467,872 456,089 CITY OF MIAMI, FLORIDA DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS Personal Income (Amounts Expressed in Thousands) (2) $ - $ 29,180,435 27,570,323 25,192,110 21,524,891 22,042,100 19,170,989 23,576,653 21,680,253 20,724,684 Personal Income(2) 62,462 59,390 54,858 47,860 44,268 39,049 48,982 46,338 45,440 FY 2025 Personal Income Information not available Median Age (1) 39 38 40 40 40 39 39 39 39 39 School Enrollment (3) 313,220 337,172 33 5, 725 329,337 332,776 347,069 350,040 354,172 356,086 356,480 Unemployment Rate (4) 3.0% 2.1% 2.8% 2.9% 5.2% 8.0% 3.1% 4.1% 4.6% 5.0% 229 Employer Miami -Dade County Public Schools Miami -Dade County Employer Federal Government Florida State Government University of Miami Jackson Health System American Airlines Publix Supermarkets Florida International University Amazon Baptist Health South Florida City of Miami Total CITY OF MIAMI, FLORIDA PRINCIPAL EMPLOYERS CURRENT YEAR AND NINE YEARS AGO 2025 2016 Percentage of Percentage of Total County Total County Employees Rank Employment Employees Rank Employment 34,512 1 2.6% 33,477 1 2.4% 31,901 2 2.4% 25,502 2 1.9% 21,800 4 1.6% 19,200 3 1.5% 25,152 3 1.5% 17,100 4 1.5% 20,591 5 1.9% 12,818 5 1.1% 15,000 6 1.1% 9,797 8 0.6% 14,600 7 1.0% 11,031 7 0.9% 13,231 8 1.1% 10,347 9 0.6% 3,534 10 0.3% 7,595 10 0.8% 11,353 6 1.0% 4,179 9 0.4% 194,729 14.6% 147,991 11.6% Sources: The School Board of Miami -Dade County, Florida Annual Comprehensive Financial Report 2025. 230 CITY OF MIAMI, FLORIDA FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION LAST TEN FISCAL YEARS 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Number of Employees: General Government 652 652 647 668 647 658 638 674 642 6(18 Planning and Development 322 324 287 250 196 185 179 169 152 138 Community Development 38 38 37 35 35 35 35 35 35 35 Public Works 603 630 629 631 609 591 583 572 573 517 Public Safety 2,746 2,710 2,705 2,654 2,556 2,692 2,648 2,599 2,580 2,548 Public Facilities 56 53 49 50 50 57 59 63 63 54 Parks and Recreation 293 293 289 288 288 299 294 300 301 279 Total Number of Employees 4,710 4,700 4,643 4,576 4,381 4,517 4,436 4,412 4,346 4,179 Source: City of Miami, Budget Department 231 Function/Program Community Development: Entitlements/Grants Received CITY OF MIAMI, FLORIDA OPERATING INDICATORS BY FUNCTION LAST TEN FISCAL YEARS 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 $ 25,481 $ 24,522 $ 23,889 $ 21.599 $ 21,168 $ 20,763 $ 20,921 $ 19,401 N/A $ 19,287 Public Safety: Police: Part 1 Crimes - (1) N/A N/A N/A N/A 15,319 17,275 20,462 20,360 23,269 23,043 Part 1 Arrests - (1) N/A N/A N/A N/A 2,380 2,687 2,971 3,188 2,456 3,239 Part 2 Arrests - (2) N/A N/A N/A N/A 10,963 9,310 18,748 17,205 17,898 21,732 Fire: Number of Fire Calls 20,601 20,935 19,682 18,858 17,882 15,889 15,437 15,285 19,090 14,445 Number of EMS Calls 78,596 81,738 83,343 84.787 91,534 93,107 81,462 82,711 86,865 87,977 Number of Alarms 99,197 102,673 103,025 103.645 109,416 108,996 96,899 97.996 105,955 102,422 Planning and Development: Certificate of Use Permits Used Business Tax Receipts Issued Culture and Recreation: 19,784 19,950 20,095 21.224 22,482 22,810 22,762 25,779 22,018 26,739 29,199 28,545 27,030 26,270 22,426 21,411 23,368 24,144 21,592 26,661 Solid Waste: Refuse Collected (Tons/Day) 363 373 376 364 381 383 635 709 693 562 Recyclables Collected (Tons/Day) 6 12 31 41 40 48 54 45 56 52 Sources: Various City Departments. Note: Indicators are not available for the general government function. (1) Part 1 crimes and arrests include murder, rape, robbery, aggravated assault, burglary, larceny. and motor vehicle theft. (2)Part 2 arrests include all other arrests that are not Part 1 crimes. N/A information not available 232 CITY OF MIAMI, FLORIDA CAPITAL ASSETS STATISTICS BY FUNCTION/PROGRAM LAST TEN FISCAL YEARS Function/Program 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Public Safety: Police: Police Stations 1 1 1 1 1 1 1 1 1 1 Police Sub -Stations 3 3 3 3 3 3 3 3 3 3 Fire: Fire Stations 16 16 15 15 15 15 15 15 15 15 Solid Waste: Collection Trucks Public Works: Streets (Miles - Paved) Streets (Miles - Unpaved) Transportation: Street Resurfacing (Miles) 158 158 158 159 160 160 151 170 164 148 661.0 661.5 661.6 661.6 661.6 661.6 661.6 661.9 661.9 663.2 0.82 0.82 0.80 0.80 0.80 0.8 0.8 0.8 0.8 0.8 N/A N/A N/A N/A N/A N/A N/A N/A 23.1 24.0 Culture and Recreation: Parks Acreage 1.343 1,447 1,447 1.345 1,345 1,444 1,316 1,316 1.316 1,497 Parks 159 157 164 147 149 147 145 145 145 143 Swimming Pools 17 17 17 18 18 18 15 15 15 15 Tennis Courts 60 51 51 51 51 48 65 65 65 61 Community Centers 44 43 43 43 43 43 43 43 43 34 Basketball Courts 96 96 96 96 96 91 71 71 71 71 Water Playgrounds 6 6 6 6 6 6 6 6 6 5 Soccer Fields 28 28 24 24 24 15 15 15 15 15 Football Fields 6 6 9 9 9 9 9 9 9 9 Baseball Fields 27 25 28 28 28 29 30 30 30 30 Open Practice Fields 29 29 29 29 2 Sources: Various City Departments. Note: No Capital asset Indicators are available for the general government function. N/A Information not available 233 Page left intentionally blank 234 About the Cover View of Miami Skyline and Formula 1 Miami Grand Prix. The Finance Department would like to extend a special recognition to Richard Rios, GSA -Graphics Reproduction Section, for his creativity with the production of the Annual Comprehensive Financial Report. City of Miami, Florida Finance Department 444 SW 2 Avenue, 6th Floor Miami, Florida 33130 235 CITY OF MIAMI, FLORIDA Annual Comprehensive Financial Report FISCAL YEAR ENDED SEPTEMBER 30, 2025 CITY OF MIAMI, FLORI A FISCAL YEAR ENDED SEPTEMBER 30, 2025 Prepared By: The Finance Department Munirah J. Daniel, CPA Noel G. Ramos Director Assistant Director Ricardo J. Borrego Armando J. Blanco Controller Treasurer FISCAL YEAR ENDED SEPTEMBER 30, 2025 TABLE OF CONTENTS INTRODUCTION About our City 1 Principal City Officials / Geographic Location & Population 2 City Organizational Chart 3 Miami by the Numbers / Economic Outlook 5 Achievements 5 Budget Process 6 FINANCIAL INFORMATION Financial Highlights 7 Net Position 8 Expenses 9 Revenues 10 Capital Assets 11 Long -Term Obligations 12 Cash and Investments 13 Fund Balance 14 Glossary 15 CITY OF MIAMI, FLORID FISCAL YEAR ENDED SEPTEMBER 30, 2025 The Finance Department would like to extend a special recognition to GSA -Graphics Division, for their creativity and support with the production of the Popular Annual Financial Report City of Miami, Florida Finance Department ABOUT THE POPULAR ANNUAL FINANCIAL REPORT (PAFR) The Popular Annual Financial Report (PAFR) is an unaudited summary report of the financial a ctivities of the City and is prepared primarily from detailed information contained in the City's 2025 Annual Comprehensive Financial Report, with selected information from Annual Comprehensive Financial Report's prepared for earlier years. The Annual Comprehensive Financial Report is prepared in accordance with generally accepted accounting principles (GAAP) and includes audited financial statements. As such, it provides much more detail as well as full disclosure of all material events, both financial and non -financial. The GAAP presentation also includes the City's component units (related organizations) and information on individual funds. The information in the Annual Comprehensive Financial Report by its nature can be technical and complex and as such not as useful to citizens wishing to gain an overview of the City's finances. The PAFR has been prepared to simplify the information in the Annual Comprehensive Financial Report and better inform the public about the overall financial condition of the City, without the heavy use of technical accounting terms or excessive detail. The PAFR is not intended to provide a complete financial picture of the City in accordance with GAAP. Questions or feedback concerning any of the information provided in this report or requests for additional financial information may be directed to the City's Finance Department via mail to 444 SW 2nd Avenue, 6th Floor, Miami, Florida 33130. TO VIEW THE CITY'S ANNUAL COMPREHENSIVE FINANCIAL REPORT AND POPULAR ANNUAL FINANCIAL REPORT (PAFR) PLEASE VISIT: https://www.miami.gov/My-Government/Departments/ 444 SW 2 Avenue, 6th Floor, Miami, Florida 33130 Finance -Department The City of Miami was incorporated in 1896. The City is situated at the mouth of the Miami River on the western shores of Biscayne Bay. It is a main port of entry into Florida. Now 128 years old, the City is part of the nation's eighth largest metropolitan area. Incorporated in 1896, the City is the only municipality conceived and founded by a woman — Julia Tuttle. The City Charter was adopted by the electors of the City of Miami at an election held May 17, 1921 and legalized and validated by Chapter 9024 of the laws of the State of Florida of 1921. The Florida Legislature, in 1955, approved and submitted to a general election, a constitutional amendment designed to give a new form of government to Miami -Dade County, Florida ("County"). The County is, in effect, a municipality with governmental powers affecting thirty-five cities and unincorporated areas, including the City. The County has not displaced nor replaced the cities' powers but supplements them. The County can assume activities of the City's operations if the services fall below minimum standards set by the County Commission, or with the consent of the governing body of the City. Accordingly, the County's financial statements are not included in this report. Since 1997, the City has been governed by a form of government known as the "Mayor -City Commissioner plan" There are five Commissioners elected from designated districts within the City. City elections are held in November every two years on a non -partisan basis. Candidates for mayor must run as such and not for the commission in general. At each election, two or three members of the Commission are elected for four-year terms. The Mayor is elected at large every four years. As official head of the City, the Mayor has veto authority over actions of the Commission. The Mayor appoints the City Manager who functions as chief administrative officer. The City Manager serves as the administrative head of the municipal government, charged with the responsibility of managing the City's financial operations and organizing and directing the administrative infrastructure. The City Manager also retains full authority in the appointment and supervision of department directors, preparation of the City's annual budget and initiation of the investigative procedures. In addition, the City Manager takes appropriate action on all administrative matters. CITY SERVICES The City provides a full range of services, including police and fire protection, public works activities; refuse collections; building inspections; licenses and permits; vital statistics; the construction and maintenance of streets, and other infrastructure; recreational and cultural activities; and trolley services. ITypF LO�DI Eileen T. Higgins Mayor O • F� James Reyes City Manager Todd B. Hannon City Clerk George K. Wysong, TTT City Attorney • Commissioner Miguel Angel Gabela DISTRICT 2: Commissioner Damian Pardo DISTRICT 3: Vice -Chairman Rolando Escalona DISTRICT 4 Commissioner Ralph "Rafael" Rosado DISTRICT 5: Chairwoman Christine King lir_ District 1 / FLAGAMI ' WEST FLAC�LER .1District 4 r. / I . z According to the U.S. Census Bureau, the City's population in 1900 was 1,700 people. Today it is a city rich in cultural and ethnic diversity of approximately 478,799 residents according to the Bureau of Economic and Business research, University of Florida, 57.7 percent of them foreign born. In physical size, the City is not large, encompassing only 35.87 SOUTH/WEST square miles. In population, the City COCONUT is the largest of the 34 municipalities GROVE that make up Miami -Dade County, Florida ("the County"). PopularAnual Financial Re MISSION STATEMENT Miami is a modern and diverse city that is a global leader in technology, innovation, and resiliency. VISION The City of Miami is committed to elevating the quality of life of its residents by improving public safety, housing, mobility, diverse shared spaces that foster community, and efficient and transparent government. ALLAPATTAII1 • CORAL ■ WAY NORTH/EF . COCONUT GROVE: LITTLE ' HAITI f • District 5 UPPER EASTSTDE ▪ WYNWOOD/EDWATER / istrict 3 RICKELJ istrict 1 --------------- 2 I-T�flR � RATION ART CITY COMMISSION Commissioner: Miguel Angel Gabela District 1 Commissioner: Damian Pardo District 2 Vice -Chairman: Rolando Escalona District 3 Commissioner: Ralph "Rafael" Rosado District 4 Chairwoman: Christine King District 5 City Attorney George K. Wysong, III City Clerk Todd B. Hannon Independent Inspector General Antonio Diaz Executive Mayor Eileen T. Higgins Chief Administrator / City Manager James Reyes Deputy City Manager Natasha Colebrook -Williams Assistant City Manager Chief Financial Officer Erica T. Paschal Darling, CPA Finance Grants Administration Housing and Community Development Management and Budget Procurement Risk Management Real Estate and Asset Management Economic Innovation and Development Coconut Grove BID Downtown Development Authority Liberty City Trust Wynwood BID Little Haiti Revitalization Trust Deputy City Manager Chief of Infrastructure Barbara Hernandez Code Compliance General Services Administration Human Services Innovation and Technology Parks and Recreation Solid Waste Fire Fighters' and Police Officers' Retirement Trust General Employees' and Sanitation Employees' Retirement Trust Midtown CRA Omni CRA Southeast Overtown Park West CRA Assistant City Manager Chief of Infrastructure Asael Marrero, RA,RID,AIAICC Building Capital Improvements Planning Resilience and Public Works Zoning Resilience and Sustainability Bayfront Park Management Trust Civilian Investigative Panel Miami Parking Authority Virginia Key Beach Park Trust Agenda Coordination Communications Equal Opportunity and Diversity Programs ISM Human Resources Civil Service 3 ' IAMI BENUMBERS/ C�1OMi OUTLOOK Popular Annual Financial Report 2o25 '" 3 3 officers / sq. mile Police coverage density ~48per 1,000 Crime rate (reported offenses per 1,000 residents) 6 Water Playgrounds POLICE 1 Station 3 Sub -stations PUBLIC WORKS 661.0 CITY EMPLOYEES 4,710 -4\ FIRE 16 Stations MIAMI AREA -6 minutes - Average fire response time / minutes - Emergency call response time 8 minutes - Emergency medical response time 35.87 Streets (miles paved) Sq. Miles 17 PARK & RECREATION Public swimming159 pool facilities Parks 44 1,343 Community Centers Total parkland 3 9years Median age 37.4% $66,300 Median household income 19.9% Persons below poverty level Residents with bachelor's degree 0 Stu iensperpu.'csc o0 POPULATION 478,799 The City of Miami is the largest of 34 municipalities that make up Miami -Dade County 22,700 Private -sector jobs added ---3 Regional GDP growth rate 2.7% Unemployment rate 4 Government Finance Officers Association Award for Outstanding Achievement in Popular Annual Financial Reporting Presented to City of Miami Florida For its Annual Financial Report For the Fiscal Year Ended September 30, 2024 Executive Director/CEO Government Finance Officers Association of The United States and Canada (GFOA) has given an award for Outstanding Achievement in Popular Annual Financial Reporting to City of Miami, Florida for its Popular Annual Financial Report for the fiscal year ended September 30, 2024. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability, and reader appeal. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to GFOA to determine its eligibility for another Award. City of Miami, Florida Annual Comprehensive Financial Report for the year ended 2025, from which the information on pages 1-17 has been drawn, was awarded the Certificate of Achievement for Excellence in Financial Reporting by Government Finance Officers Association of the United States and Canada (GFOA). The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized Annual Comprehensive Financial Report, whose contents conform to program standards. Such an Annual Comprehensive Financial Report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current Annual Comprehensive Financial Report continues to conform to the Certificate of Achievement Program's requirements, and we are submitting it to GFOA to determine its eligibility for another Certificate. 5 e- END OF FEBRUARY Department Budget Submittals J MARCH Mayor delivers "State of the City" address to City residents APRIL THROUGH MAY Budget workshops are conducted with the department and budget analysts. Public Hearings are held for citizen's comments. JULY Proposed Budget is finalized and introduction of Budget Ordinance to the City Commission. Commission also votes on the proposed millage rate. SEPTEMBER Review of Budget Ordinance and Public Hearings with City Manager and department directors LATE SEPTEMBER Adoption of Budget Ordinance The annual budget serves as the foundation for the City's financial planning and control. The City's fiscal year is from October 1st to September 30th. The Mayor is required to prepare and deliver a budgetary address annually to the residents of the City. The City Commission is required to hold public hearings on the proposed budget and to adopt the final budget no later than September 30th preceding the beginning of the fiscal year on October 1st. Budgets are monitored at varying levels of classification detail that include both personnel and operating as appropriation designations; however, budgetary control is legally maintained at the fund level, except for the general fund, which is maintained at the departmental operating level. 6 The information provided is summarized and represents only selected funds; therefore, it is not in accordance with generally accepted accounting principles (GAAP) and is not intended to represent all of the City's component units. The following table is a summary of select financial data for the past five fiscal years: FINANCIAL SUMMARY GOVERNMENTAL ACTIVITIES NET POSITIONS Assets Deferred Outflows Liabilities Deferred inflows Total Net Position (Deficit) REVENUES Governmental Activities Total Revenues EXPENSES Governmental Activities Total Expenditures CAPITAL ASSETS Governmental Activities Total Capital Assets LONG-TERM OBLIGATIONS Governmental Activities Total Long -Term Obligations $3,000,000,000 $3,000,000,000 $2,000,000,000 $1,000,000,000 $30 ($1,000,000,000) 1fl Deferred Outflows Liabilities 2025 $3,371,961,554 803,354,779 4,205,988,465 923,765,752 (954,437,884) 1,578,466,312 1,578,466,312 1,640,989,175 1,640,989,175 1,362,815,583 1,362,815,583 1,026,333,133 $1,026,333,133 11111 Deferred Inflows Total Net Position (Deficit) �II ■ 2025 2024 $3,137,607,321 768,768,848 4,049,295,010 748,996,180 (891,915,021 1,507,837,188 1,507,837,188 1,532,452,102 1,532,452,102 1,212,013,087 1,212,013,087 921,424,707 $921,424,707 Governmental Activities I Total Revenues ■ 2024 I1 2023 2023 $ 2,464,061,735 679,623,620 3,304,991,327 705,994,135 (867,300,107) 1,373,983,040 1,373,983,040 1,346,485,693 1,346,485,693 1,165,347, 716 1,165,347,716 442,964,442 $ 442,964,442 Governmental Total Activities Expenditures 2022 ■ 2021 2022 $ 2,299,105,624 712,257,594 3,111,775,783 794,384,888 (894,797,454) 1,227,856,410 1,227,856,410 1,213,665,001 1,213,665,001 1,110,009,806 1,110,009,806 479,842,688 $ 479,842,688 Governmental Total Capital Activities Assets 2021 $1,965,193,186 573,825,255 3,072,883,367 375,123,936 (908,988,863) 1,105,091,240 1,105,091,240 1,227,209,415 1,227,209,415 1,076,256,328 1,076,256,328 539,567,520 $539,567,520 Governmental Total Activities Long-term Obigations Governmental activities of the City — general government, planning, and development, community development, community redevelopment areas, public works, public safety, public facilities, parks and recreation, interest on long- term debt, lease financing. 7 The Government -wide Balance Sheet, known as the Statement of Net Position, presents information on all of the City's assets and liabilities, with the difference between the two reported as net position. Increases and decreases in net position serve as an indicator of the City's financial position and ofthc results of the City's operations. The liabilities and deferred inflows of resources of the City exceeded its assets and deferred outflows of resources at the close of the 2025 fiscal year by approximately $954.4 million (net position deficit). This deficit is primarily attributable to the City's long-term obligations, included bonded debt, net pension and other posteinployment benefit (OPEB) liabilities reported at the government - wide level. One portion of the City's net position is its investment in capital assets (e.g., infrastructure, land, buildings, machinery and equipment, and right to use asset), which is reported net of accumulated depreciation, less any related debt used to construct or acquire those assets that is still outstanding. The City uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City's investment in capital assets is reported net of related debt, it should be noted the resources needed to repay this debt must be provided from other sources, since the capital assets themselves are typically not used to liquidate these liabilities. As of September 30, 2025, the City's net investment in capital assets was approximately $0.9 billion. An additional portion of the City's net position represents resources that are subject to restrictions on how they may be used. As of September 30, 2025, the City's portion of restricted net position was approximately $479.7 million. The remaining portion of the City's net position represents an unrestricted deficit of approximately $2.3 billion, which is primarily due to outstanding liabilities for which there are no off -setting assets, which include claims payable, net pension liability, total OPEB liability, and compensated absences. At the end of the current fiscal year, the City's overall net position decreased by approximately $62.5 million compared to the prior fiscal year. STATEMENT OF NET POSITION GOVERNMENTAL ACTIVITIES ASSETS Current and Other Assets Capital Assets Total Assets 2025 2024 CHANGE ($) CHANGE ($) $2,009,145,971 $1,925,594,234 $83,551,737 4.34% 1,362,815,583 1,212,013,087 150,802,496 12.44% 3,371,961,554 3,137,607,321 234,354,233 7.47% DEFERRED OUTFLOWS OF RESOURCES 803,354,779 768,768,848 34,585,931 4.50% LIABILITIES Other Liabilities Long -Term Liabilities 181,995,554 4,023,992,911 183,402,733 3,865,892,277 (1,407,179) 158,100,634 (0.77)% 4.09% Total Liabilities 4,205,988,465 4,049,295,010 156,693,455 3.87% DEFERRED INFLOWS OF RESOURCES 923,765,752 748,996,180 174,769,572 23.33% NET POSITION (Deficit) Net Investment in Capital Assets Restricted Unrestricted (Deficit) 907,017,564 812,015,404 95,002,160 11.70% 479,693,315 503,298,022 (23,604,707) (4.69)% (2,341,148,763) (2,207,228,447) (133,920,316) 6.07% Total Net Position (Deficit) $(954,437,884) $(891,915,021) $(62,522,863) 7.01% 8 �VrJNMNT FUND XP NS[SII Popular Annual Financial Report 2025 WHERE DOES THE MONEY GO? During fiscal year 2025, expenses for governmental activities increased by $108.5 million, which is an increase of 7.1 percent in comparison to the 12.6 percent increase in expenses in the prior year. Expenses for Community Redevelopment Areas experienced the most significant increase of $34.4 million or 52.4 percent during the current fiscal year and there were also noteworthy increases in General Government (of $31.9 million or 14.7 percent), Planning and Development (of $20.8 million or 37.8 percent), Community Development (of $13.0 million or 29.6 percent), Parks and Recreation (of $11.8 million or 15.6 percent and Public Works (of 11.9 million or 6.7 percent), primarily due to overall increases in personnel and payroll related expenses and net pension contributions. Interest on Long -Term Debt also experienced an increase of $7.6 million or 22.4 percent, primarily due to the issuance of new debt and a higher average outstanding debt balance during the year to fund various capital improvement projects, including a new administration building. Public Facilities experienced a decrease. The following schedule reflects a summary of expenses compared to the past two years: TOTAL EXPENSES GOVERNMENTAL ACTIVITIES EXPENSES General Government Planning and Development Community Development Community Redevelpment Areas Public Works Public Safety Public Facilities Parks and Recreation Interest on Long -Term Debt Lease Financing Interest 2025 2024 2023 $ 249,494,721 $ 217,594,494 $236,689,348 75,836,581 55,034,345 50,292,697 56,835,592 43,871,666 45,708,781 99,905,677 65,554,273 81,701,184 187,962,755 176,102,758 134,553,426 810,482,884 823,595,885 675,352,316 30,197,653 40,064,488 26,006,068 87,677,633 75,870,941 79,516,033 41,720,127 34,098,087 16,212,390 875,552 665,165 453,450 Total Expenses $1,640,989,175 $ 1,532,452,102 $ 1,346,485,693 Public Safety 49% Parks and Recreation Public Facilities 5% 2% Interest on Long -Term Debt 3% Lease Financing Interest 0% General Government 15% Public Works 11% Planning and Development 5% Community Development 4% Community Redevelopment Areas 6% 9 WHERE DOES THE MONEY COME FROM? During fiscal year 2025, total revenues for governmental activities increased over the prior year by $70.6 million, which is an increase of 4.7 percent. Specifically, property taxes increased over the prior year by $65.7 million, an increase of 10.2 percent, which was primarily driven by new construction and ongoing development. Other increases in revenues occurred in Charges for Services which increased by $43.7 million or 13.2 percent, Capital Grants and Contributions which increased by $9.4 million or 90.9 percent (for Public Works Storm Sewer, Streets and Side Walks and Parks and Recreation), Public Service Taxes which increased by $3.6 million or 4.3 percent. Operating Grants and Contributions decreased by $ 45.1 million or 19.6 percent (due to CITT surtax funding for transportation projects and improvements) and Investment Earnings decreased by $8.4 million or 11 percent, which was primarily driven by lower interest rates. The following schedule reflects a summary of revenue compared to the past two years: TOTAL REVENUES GOVERNMENTAL ACTIVITIES PROGRAM REVENUES 2025 2024 2023 Charges for Services $374,885,857 $331,201,030 $328,507,752 Operating Grants and Contributions 185,655,324 230,761,961 192,529,222 Capital Grants and Contributions 19,763,314 10,353,086 8,554,132 GENERAL REVENUE Property Taxes Franchise Taxes State Revenue Sharing - Unrestricted Sales and Other Use Taxes Public Service Taxes Investment earnings/(losses) - unrestricted Total Revenues Property Taxes 45% 711,732,027 61,918,226 22,799,152 46,798,839 86,135,634 68,777,939 $ 1,578,466,312 Sales and other use taxes Franchise Taxes 4% State Revenue Sharing - Unrestricted 1% 646,051,877 59,976,870 22,592,017 47,109,159 82,580,499 77,210,689 $ 1,507,837,188 Public Service Taxes 589,219,767 61,217,502 23,010,534 47,769,337 80,527,456 42,647,338 $ 1,373,983,040 Investment Earnings - Unrestricted 4% Charges for Services 24% Operating Grant and Contributions 12% Capital Grants and Contributions 1% 10 INVESTING IN OUR COMMUNITY The City's capital assets as of September 30, 2025, is $1.4 billion. Capital assets include land, buildings, improvements, machinery, equipment, infrastructure, and right to use asset. The total increase in capital assets from the end of the prior fiscal year is approximately $150.8 million. Major capital asset events during the current fiscal year included the following: • Land increased approximately $26.5million. • Construction in progress increased approximately $101.8 million. The total transfers out and deletions of construction in progress amounted to approximately $95.2 million; however, there were additions of approximately $197.0million in new expenditures. • Buildings decreased by approximately $7.5 million. The decrease is primarily attributed to $7.5 million in depreciation expense. • Improvements increased by approximately $17.3 million. The projects completed during the fiscal year and transferred from construction in progress totaled $25.2 million. There was also an addition of $1.3 million. These transfers and additions are offset by a deletion of approximately $0.1 million and approximately $9.3 million of depreciation expense incurred for the current fiscal year. • Machinery and Equipment increased by approximately $6.2 million. There was $10.7 million in additions, primarily attributed to the acquisition of Fire, Police, Public Works, and GSA light and heavy fleet vehicles and Police and Fire equipment. In addition, there were $15.3 million transfers from construction in progress. These additions and transfers are offset by $23.7 million in retirements and approximately $19.3 million in depreciation expense for the current fiscal year. • Infrastructure increased by approximately $2.0 million. The projects completed during the fiscal year and transferred from construction in progress totaled $35.7 million and were primarily for roadway improvements and water control projects. This was offset by $33.7 million in net depreciation expense for the current fiscal year. • The City also reported right to use leased and SBITA assets, net of accumulated amortization, at year end of $22.3 million. This represents an increase of $4.5 million. CAPITAL ASSETS (NET OF DEPRECIATION) GOVERNMENTAL ACTIVITIES 2025 2024 Land $ 189,365,706 $ 162,870,050 Construction -in -Progress 366,908,471 265,072,160 Buildings 163,499,153 171,046,311 Improvements 81,755,469 64,481,217 Machinery and Equipment 71,861,491 65,639,599 Infrastructure 467,126,261 465,104,676 Right to use asset 22,299,032 17,799,074 Total Capital Assets $ 1,362,815,583 $ 1,212,013,087 11 As of September 30, 2025, the City's long-term obligations totaled $4.0 billion. Of this amount, $167.3 million is due within one year. The long-term obligations for the City include claims payable, debt, compensated absences, net pension liability, other postemployment benefit (OPEB) obligations, and leases and SBITA liability. The claims payable balance of $248.7 million includes an accrual of $1.1 million for pollution remediation obligations, which are obligations to address the current or potential detrimental effects of existing pollution, $39.9 million for potential legal claims and $207.7 million in connection with the City's self-insurance program. GOVERNMENTAL ACTIVITIES LONG-TERM OBLIGATIONS Ending Balance as of Amount Due September 30, 2025 Within One Year General Obligation Bonds - Direct Placement $ 40,280,000 $ 11,825,000 General Obligation Bonds 248,275,000 5,420,000 Special Obligation Bonds - Direct Placement 184,599,240 22,639,240 Loans - Direct Placement 38,633,893 5,356,574 Special Obligation Bonds 514,545,000 14,740,000 Total Debt Outstanding 1,026,333,133 59,980,814 Bond Premium (Discounts) Compensated Absences Claims Payable and other liabilities Other Post -Employment Benefits Net Pension Liability Lease and SBITA Liability Arbitrage Rebate Liability Total Long -Term Obligations 44,619,411 143,573,700 248,671,378 1,093,635,236 1,444,488,246 21,097,399 1,574,408 $ 4,023,992,911 12,235,171 62,354,540 27,734,302 4,990,011 $ 167,294,838 The City had total debt outstanding of $1.0 billion plus $44.6 million of unamortized bond premiums as of September 30, 2025. Of this amount, $288.6 million is backed by the Limited Ad Valorem Tax Revenue; the remainder represents Special Obligation Bonds and loans secured solely by Non -Ad Valorem Revenue sources. LONG TERM DEBT General Obligation Bonds: Direct Payment Placement 4% General Obligation Bonds 24% Loans Direct Placements Ilk Special Obligation Bonds - Direct Placements 18% Special Obligation Bonds 50% 12 TYPES OF RISK Interest Rate Risk - the risk that the fair value of the City's investments will decrease as a result of an increase in interest rates. Credit Rate Risk - the risk that the City will not recover its investments due to the inability of the issuer to fulfill its obligation. Custodial Credit Risk - the risk that, in the event of failure of the issuer, the City will not be able to recover the value of its deposits, investments, or collateral securities that are in possession of an outside party. WAYS THE CITY MITIGATES RISK Interest Rate Risk - to limit its exposure to fair value losses arising from rising interest rates, the City's Investment Policy limits the maturity of an investment to a maximum of five years. Credit Rate Risk - in order to prevent over concentration by investment type, the City's Investment Policy provides for diversification of its portfolio which establishes limitations on portfolio composition by investment type and by issuer. Custodial Credit Risk - the City's Investment Policy requires that all securities be registered in the name of the City and be held with a third party custodian. The policy also requires that all securities purchased and all collateral obtained by the City should be properly designated as an asset of the City. As of September 30, 2025, pooled cash, cash equivalents and investments including restricted amounts of the primary government, exclusive of the Pension Trust Funds and discrete component units balances, consisted of the following: Investment Type Balance Standard & Moody's Poor's Rating Rating United States Treasury Notes Federal Home Loan Bank Corporate Notes Commercial Paper Money Market Fund $ 708,066,005 49,984,082 39,490,670 305,982,300 35,212 Total Investments 1,103,558,269 Bank Deposits 499,933,619 Total Pooled Cash, Cash Equivalents and Investments $ 1,603,491,888 AA+ Aaa AA+ Aaa AA- A3 1 P-1 AAAm Aaa-mf 13 The General Fund is the chief operating fund of the City. At the end of the current fiscal year, the City's total General Fund balance was $237.4 million. Of this amount, the City has approximately $136.5million retained as designated fund balance, which includes $32.6 million as restricted, approximately $45.7 million is reported as non -spendable for prepaid expenses and advances, approximately $58.2 million is designated as assigned fund balance, and approximately $100.9 million is unassigned fund balance in accordance with the City's Financial Integrity Ordinance. The General Fund's fund balance had a net increase of approximately $19.5 million during the current fiscal year. Although expenditures increased by $89.0 million, the increase was offset by an increase in revenues of $70.9 million and an increase in other financing sources totaling $35.8 million, which resulted in the net increase of the General Fund balance. $250,000,000 1200,000,000 $150,000,000 $100,000,000 $50,000,000 So General Fund Balance Composition - 2025 vs 2024 Non Spendable J Restricted Assigned Unassigned 2025 2024 FUND BALANCE - GENERAL FUND 2025 2024 Non Spendable $ 45,717,960 $ 39,361,984 Restricted 32,569,646 42,539,851 Committed Assigned 58,224,678 44,789,380 Unassigned 100,858,514 91,165,576 Total Fund Balances $ 237,370,798 $ 217,856,791 14 Assets Resources owned by the City, such as cash, investments, receivables, and inventory, used to provide public services. Current Liabilities Short term obligations the City expects to pay within one year. Deferred Inflows of Resources Funds received that relate to a future period and cannot yet be counted as revenue. Deferred Outflows of Resources Costs already paid or incurred that apply to future periods. Expenses / Expenditures The cost of providing City services; expenses are reported citywide, while expenditures show how governmental funds spend money. Fund A financial "bucket" used to track money dedicated to specific activities or purposes. Fund Balance The amount of financial resources available in a governmental fund after liabilities are deducted. Fund balance is categorized based on how the money may be used: • Nonspendable - Not available to spend (e.g., inventory or prepaid costs) • Restricted - Legally required to be used for a specific purpose • Committed - Set aside by formal action of the City Commission • Assigned - Intended for a particular use • Unassigned - Available for general use in the General Fund General Fund The City's main operating fund, supporting essential services such as police, fire, and public works. Government Finance Officers Association (GFOA) A national organization that promotes best practices and excellence in public finance and recognizes governments for high quality financial reporting. Long Term Liabilities Debt and other financial obligations that are due beyond the current year. Millage Rate The property tax rate expressed as dollars per $1,000 of taxable property value. Net Position The City's overall financial condition, calculated as total assets minus total liabilities. Prior Period Adjustment An accounting change that corrects errors or applies new rules to previous financial statements. Revenues Money the City receives from taxes, fees, grants, and services to fund operations and programs. 15 'X twitter.com/ miamifinance3o5