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FISCAL YEAR ENDED SEPTEMBER 30, 1994 MIAMI SHORES VILLAGE, FLORIDA Comprehensive Annual Financial Report Fiscal Year Ended September 30, 1994 Prepared by: THE FINANCE DEPARTMENT Patricia Varney Finance Director MIAMI SHORES VILLAGE, FLORIDA Comprehensive Annual Financial Report Fiscal Year Ended September 30, 1994 Table of Contents Page Introductory Section: Letter of Transmittal 1 - 7 Village Officials 8 Organization Chart 9 Certificate of Achievement for Excellence in Financial Reporting 10 Financial Section: Independent Auditor's Report 11 General Purpose Financial Statements (Combined Statements - Overview) Combined Balance Sheet - All Fund Types and Account Groups 14 -15 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds 16 Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - All Budgeted Govern- mental Fund Types 17 Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balances - All Proprietary Fund Types and Pension Trust Funds 18 Combined Statement of Cash Flows - Proprietary Fund Types 19 Notes to Financial Statements 21 -36 Required Supplementary Information 37 -39 Combining, Individual Fund and Account Group Statements and Schedules Governmental Fund Types: General Fund: Comparative Balance Sheets 41 Comparative Statements of Revenues, Expenditures and Changes in Fund Balance 42 Schedule of Revenues and Expenditures - Budget and Actual 4345 MIAMI SHORES VILLAGE, FLORIDA Comprehensive Annual Financial Report Fiscal Year Ended September 30, 1994 Table of Contents, Continued Page Combining, Individual Fund and Account Group Statements and Schedules, Continued Governmental Fund Types: Capital Projects: Comparative Balance Sheets 47 Comparative Statements of Revenues, Expenditures and Changes in Fund Balance 48 Proprietary Fund Types: Internal Service: Comparative Balance Sheets 49 Comparative Statements of Revenues, Expenses and Changes in Retained Earnings 50 Fiduciary Fund Types: Trust and Agency Funds: Combining Balance Sheet - Trust and Agency Funds 51 Combining Statement of Revenues, Expenditures and Changes in Fund Balance - Expendable Trust Funds 52 Combining Balance Sheet - Pension Trust Funds 53 Combining Statement of Revenues, Expenses and Changes in Fund Balance - Pension Trust Fund 54 Statement of Changes in Assets and Liabilities - Deferred Compensation Fund 55 General Fixed Assets Account Group: Schedule of General Fixed Assets - By Source 57 Schedule of General Fixed Assets - By Function and Activity 58 Schedule of Changes in General Fixed Assets - By Function and Activity 59 MIAMI SHORES VILLAGE, FLORIDA Comprehensive Annual Financial Report Fiscal Year Ended September 30, 1994 Table of Contents, Continued Statistical Section: Page Comments Relative to Statistical Section 61 Table I - General Governmental Expenditures by Function - Accordance With Government Auditing Standards 73 -74 Last Ten Fiscal Years 62 Table II - General Revenues by Source - Last Ten Fiscal Years 63 Table III - Property Tax Levies and Collections - Last Ten Schedule of Federal Financial Assistance Fiscal Years 64 Table IV - Assessed Value of Taxable Property - Last Ten Fiscal Used in Administering Federal Financial Assistance Programs Years 65 Table V - Property Tax Rates - All Overlapping Governments - Assistance Programs Last Ten Fiscal Years 66 Table VI - Computation of Overlapping Debt Service 67 Table VII - Demographic Statistics - Last Ten Fiscal Years 68 Table VIII - Property Value, Construction and Bank Deposits - Last Ten Fiscal Years 69 Table IX - Principal Taxpayers 70 Table X - Miscellaneous Statistics 71 Supplementary Auditor's Reports Section: Independent Auditor's Report on Internal Control Structure in Accordance With Government Auditing Standards 73 -74 Independent Auditor's Report on Compliance in Accordance With Government Auditing Standards 75 Management Letter 76-77 Independent Auditor's Report on Supplementary Schedule of Federal Financial Assistance 78 Schedule of Federal Financial Assistance 79 Independent Auditor's Report on Internal Control Structure Used in Administering Federal Financial Assistance Programs 80-82 Independent Auditor's Report on Compliance with General Requirements Applicable to Federal Financial Assistance Programs 83 Independent Auditor's Report on Compliance With Specific Requirements Applicable to Federal Financial Assistance Programs. 84 Introductory Section November 16, 1994 Village Council Miami Shores Village Miami Shores, Florida 33138 Dear Council Members: liatt =�Iwtej aqc 10050 N E. SECOND AVENUE MIAMI SHORES, FLORIDA 33138 -2382 TELEPHONE (305) 795 -2209 FAX (305) 756-8972 Submitted herewith is the Comprehensive Annual Financial Report of the Village of Miami Shores, Florida (The "Village ") for the fiscal year ended September 30, 1994 as required by Chapter 11.45 of the Florida Statutes and Chapter 10.550 of the Rules of the Auditor General of the State of Florida. The "Village" Finance Department is responsible for the content of this financial report, and it is the official report of the Village. We believe this report represents a fair presentation of the Village's financial position and results of operations at the Village as measured by the financial activities of its various funds and account groups and that all disclosures necessary to enable the reader to gain the maximum understanding of the Village's financial affairs have been included. The Village's independent auditors, Rachlin & Cohen, Certified Public Accountants, have concurred in issuing an unqualified opinion on the financial statements as presented herein. This report consists of four sections. The Introductory Section contains names of Principal Officials of the Village, organizational structure and highlighted financial information. The transmittal letter and table of contents are included in this section. The Financial Section contains the Independent Auditor's Report General Purpose Financial Statements, Notes to the Financial Statements and schedules for all funds and account groups which disclose the financial position and results of operations for the 1993 -1994 fiscal year. The presentation of this financial report is being made in accordance with generally accepted accounting principles for the state and local governments as promulgated by the Governmental Accounting Standards Board. The Statistical Section contains data that are intended to reflect social, economic and financial trends, as well as the fiscal capacity of the Village. It is hoped that this information will give users of this report a better historical perspective and assist in assessing current financial status. The fourth section includes the Supplementary Auditor's Reports required under Governmental Auditing Standards and Circular A -128. Village Council Miami Shores Village Page Two THE REPORTING ENTITY AND ITS SERVICES The Village of Miami Shores has been incorporated since 1932 and is a political subdivision of the State of Florida. The Village operates under a council- manager form of government and provides General Government, Public Safety, Public Works and Recreation Services to an estimated 10,000 residents. In addition, during the school year, the Village also provides services for an additional 7,700 college students. The Council appoints the Village Manager, who is the chief administrative officer of the Village and responsible for implementing policies adopted by the Village Council. This report includes all funds and account groups tirai- mtoritrolled by- or-dependent- -on- the - Village Couricii. The criteria used in determining the reporting entity are consistent with Governmental Accounting Standards Board (GASB) Statement No. 1`j "Defining the Governmental Reporting Entity." These criteria deal with various manifestations of oversight which include criteria such as the selection of the governing body, designation of management, the ability to influence operations and fiscal accountability. ACCOUNTING SYSTEM AND INTERNAL CONTROLS The Village's accounting records for governmental and similar fiduciary funds are maintained on a modified accrual basis, with revenues being recorded when available and measurable and expenditures being recorded at the time a liability is incurred. Accounting records for the proprietary and pension trust operations are maintained on an accrual basis. Control of the annual budget, adopted by the Village Council, is maintained by a constant review by the Finance Director and Village Manager with monthly financial reports being prepared for internal use. The budget is amended in accordance with provisions of the budget policy during the fiscal year. Internal accounting controls have been designed to provide reasonable, but not absolute, assurance regarding safeguarding of assets against loss from unauthorized use or disposition and the reliability of financial records for preparing financial statements and maintaining accountability. The concept of reasonable assurance recognizes that the cost of control should not exceed the benefits likely to be derived and that the evaluation of costs and benefits requires estimates and judgment by management. All internal control evaluations occur within the above framework We believe that the Village's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. CASH MANAGEMENT The Village maintains a pooled cash account for all funds under its control. The cash management program involves a mix of maintaining principal and earnings free from risk, maintaining adequate liquidity to meet our obligations and maximizing investment return through the solicitation of competitive rates from various investment sources. The Village invested mainly in the State of Florida Local Government Investment Trust Fund for fiscal year 1994. The average yields on maturing investments during the year ranged from 3.35% to 4.17 %, producing interest earnings for the year of $139,000, excluding the Village's Pension Fund. Village Council Miami Shores Village Page Three GENERAL GOVERNMENT FUNCTIONS General Fund revenues amount to $7,855,604 for the period, an increase of .4% over the previous fiscal year. General property taxes produced 34% of the General Fund revenues during the year compared to 34.7 % for the previous year. The amount of General Fund revenues from various sources and the increases and decreases over the previous year are shown in the following tabulation: REVENUE Two revenue sources experienced significant increases and one revenue source experienced significant decreases during the fiscal year. The increase in Intergovernmental Revenue is due to an interlocal agreement signed for imposing an additional 5C gasoline tax to fund for Capital Improvement Projects adopted in the Comprehensive Plan. As for fines & forfeitures, the Village generates an additional $10,000 in delinquent charges from outstanding garbage bills. The Code Enforcement generates an additional $30,000 in fines compared to FY 1993. The decrease in Miscellaneous Revenue is due to FEMA reimbursement. EXPENDITURES Operating expenditures in the General Fund for governmental purposes amounted to $7,467,241, an increase of 6.7 % over the preceding year. The expenditures for the major functions of the Village are shown in the following tabulation: 1994 1993 Percent Percent Increase to to (Decrease) Revenue Sources Amount Total Amount Total _ over 1993 Taxes (all sources) $4,044,767 51.5% $4,034,053 51.6% $ 10,714 Licenses and permits 182,425 2.3 161,227 2.1 21,198 Intergovernmental Rev. 1,026,376 13.1 968,227 12.4 58,149 Charges for services 1,790,393 22.8 1,785,167 22.8 5,226 Fines and forfeitures 155,926 2.0 112,883 1.4 43,043 Miscellaneous revenue 655.717 8.3 759.468 9.7 < 103.751 > Totals $7,855,604 100.0% $7,82L025 100.0%, S 34,579 REVENUE Two revenue sources experienced significant increases and one revenue source experienced significant decreases during the fiscal year. The increase in Intergovernmental Revenue is due to an interlocal agreement signed for imposing an additional 5C gasoline tax to fund for Capital Improvement Projects adopted in the Comprehensive Plan. As for fines & forfeitures, the Village generates an additional $10,000 in delinquent charges from outstanding garbage bills. The Code Enforcement generates an additional $30,000 in fines compared to FY 1993. The decrease in Miscellaneous Revenue is due to FEMA reimbursement. EXPENDITURES Operating expenditures in the General Fund for governmental purposes amounted to $7,467,241, an increase of 6.7 % over the preceding year. The expenditures for the major functions of the Village are shown in the following tabulation: 1994 1993 Percent Percent Increase to to (Decrease) Expenditures Amount Total Amount Total over 1993 General Government $ 874,672 11.7% $ 801,859 11.4% $ 72,813 87,949 Public safety 2,795,714 1,970,318 37.4 26.4 2,707,765 2,052,268 36.7 29.3 <81,950> Public servies Culture /recreation 1,437,683 19.3 1,253,360 17.9 184,323 Debt service - 388,854 5.2 81 6.178 2.7 Z2h76 Totals $7,467,241 100.0% $7,001,430 100.0% S465,811 ,„� Village Council Miami Shores Village Page Four The increase in General Government is due to the expenses incurred in marketing the Village in FY 1994 in the amount of $29,000. Further, the funding of trees replacement was received from FEMA and the Village reimbursed the Country Club for those expenses. The increase in Public Safety is partly due to the payment of compensation absences to the Assistant Chief of Police when he resigned in June 1994. Also, because of union negotiations, the police officers received an increase in pension benefits in return of the cost -of- living increase. The Village's contributions to the pension benefit increased approximately $42,000 in FY 94 compared to FY 93. As for the increase in Culture/Recreation, this is mainly due to the replacement of trees in the Parks Department from Hurricane Andrew. The increase in the debt service is due to Council's decision in February 1994 to pay off the ten -year loan issued by Barnett Bank. Total fund balance of the General Fund at September 30, 1994 was $1,752,357 as compared to $1,781,730 at September 30, 1993. Presented below is an analysis of General Fund expendable resources designated for capital outlay at September 30, 1994: Total Fund Balance - September 30, 1994 $1,752,357 Less: 355,987 Fund balance - reserved for encumbrances Unreserved fund balance maintained for emergencies and 745,434 contingencies 230,845 Designated for Future Use 41.714 Reserved for Prepaid Expenses SUBTOTAL - DESIGNATED FOR CAPITAL OUTLAY $378,377 Less: Other asset balances included in fund balance which do not represent expendable resources Inventories (gasoline, 40.795 oil and recreation items for resale) EXPENDABLE RESOURCES AVAILABLE FOR CAPITAL OUTLAY S337 582 CAPITAL PROJECTS FUND In fiscal year 1991, the Village began the Capital Projects Fund. In fiscal Year 1994, $417,736 was transferred from General Fund to Capital Projects Fund for f cling of acquisition of equipment, construction of capital facilities, and to set up contingencies for future projects. Fxoenditures Amount $7,667 General Government 2'977 Public Safety 151,373 Public Services 73,933 Culture/Recreation 86,249 Debt Service Village Council Miami Shores Village Page Five PROPRIETARY OPERATIONS ENTERPRISE FUND In Fiscal Year 1992 the Village negotiated an interlocal agreement for the Village to participate in the County's stormwater utility system. The first billing from Dade County to all users was July 1993 and was assessed at $2.50 per Equivalent Residential Unit. As of September 30, 1994, the Stormwater Utility Fund has a fund balance of $80,557. Capital expenditures will begin to incur in FY 95. INTERNAL SERVICE FUND Commencing in fiscal year 1990, the Village instituted a protected self- insurance program with a self - insurance retention of $25,000 per occurrence for property and liability and $75,000 for workers compensation. The aggregate loss reserve fund is $350,000. For Fiscal Year 1993 excess coverage premiums, state fees and management fees totaled $274,130, and claims of $275,267. As of September 30, 1994, $277,500 was reserved for IBNR (incurred but not reported claims), $144,948 was reserved to settle claims and therefore resulting in a fund equity, of $274,402. GENERAL FIXED ASSETS ACCOUNT GROUP As of September 30, 1994, the General Fixed Assets group includes all assets used in performance of general governmental functions and the Country Club. Since the Club was leased in March 1990 all assets belonging to the Club were transferred to the General Fixed Assets Account Group. Depreciation of Country Club Assets was calculated until September 30, 1989. A total of $1,347,119 Country Club assets (Land - $580,917, Buildings - $347,417, Improvements Other Than Buildings - $261,763 and Equipment - $157,022) were transferred to the General Fixed Assets Account Group. As of September 30, 1994 the Villages' General Fixed Assets amount to $7,309,375. The total amount represents the original cost or estimated cost of the assets and bears no relation to their present value except the assets transferred from the Country Club, which were depreciated to the date of transfer. Depreciation is not computed in the General Fixed Assets Account Group. FIDUCIARY OPERATIONS The Miami Shores Village Pension Plan is governed by a Board of Trustees appointed by the Village Council that is responsible for the administration of the plan The Village is responsible for funding any actuarial deficiency which may arise. During the year, the Pension Fund revenues were derived from State of Florida contributions for the police officers of $22,157, employee contributions of $213,668, Village contributions of $214,712 and net investment loss of $113,099. Fund balance at the end of the year amounted to $9,155,034, as compared to $9,324,645 for the preceding year. DEBT ADMINISTRATION During the year ended September 30, 1987, Miami Shores Village and Miami Shores Country Club entered into a 10 year lease financing commitment for a total drawdown of $1,475,000 over a two -year period. Funds were used for capital acquisitions. In February 1994, the Council decided to appropriate $298,000 from fund balance to pay off this loan. In 1991, the City issued revenue bonds to fund the purchase of the streetsweeper at $83,782; crosswalk paving at $60,000 and the driving range project of $300,000. Village Council Miami Shores Village Page Six RISK MANAGEMENT Commencing in fiscal year 1990, Miami Shores Village is functioning under a protected self - insurance program. Under the program, the City paid $274,130 in premiums and administrative fees and experienced total payments of claims of $421,835 from fiscal year 1990 to fiscal year 1994. PROSPECTS FOR THE FUTURE Miami Shores Village is one of the older, well - established communities in South Florida. The Village is fully developed with very little new construction activity. As a consequence of these conditions, this Village is faced with the problem of a static revenue base. This community also supports several churches and a private religion educational institution which have removed property from the Village's tax rolls. As the educational institution has expanded, additional land has been removed from the tax rolls. All of these factors place the Village of Miami Shores in an unfavorable position with respect to future tax revenues. The Village currently levies a millage rate of 8.66, while Florida statutes impose a cap on millage rates at 10 mills. There is no industrial area in Miami Shores. It is mainly a residential neighborhood. The downtown area that consists of approximately five blocks, are mainly office buildings. Retail businesses, even with the help of the Downtown Revitalization Department in the past few years, have not been functioning well. The Village will hire a Marketing Director in Fiscal Year 1995 to promote Miami Shores Village hoping to attract quality business and residents to the Village. The City Administration is investigating the possibility of annexing neighborhood unincorporated areas to generate additional revenue for the City. The Village also is looking into the feasibility of contracting police services to Barry University. MAJOR PROJECTS COMPLETED IN FY 1994 1. The Village expensed $135,000 in streets resurfacing in FY 1994. 2. Trees replacement due to Hurricane Andrew was completed in FY 1994. FEMA will reimburse the Villag for these expenses. 3. Beautification of 103rd Street was completed. This provides the Village an entrance sign to the Village and landscape on 103 Street from N.W. 2nd Avenue to N. Miami Avenue. This project was funded from streets enclosure budget. MAJOR PROJECTS SCHEDULED IN FY 1995 1. The purchase of 9990 NE 2nd Avenue for the police department is expected to be completed in FY 1995. 2. Continuation on the renovation and improvement of the swimming pool project that was adopted by the Council in 1990 for a ten -year period. A City-wide sidewalk survey will be implemented in FY 95 to determine the areas that need improvement. Village Council Miami Shores Village Page Seven CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Miami Shores Village for its Comprehensive Annual Financial Report for the fiscal year ended September 30, 1993. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized Comprehensive Annual Financial Report, whose contents conform to program standards. Such reports 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 our current report continues to conform to Certificate of Achievement Program requirements, and we are submitting it to GFOA to determine its eligibility for another certificate. ACKNOWLEDGEMENTS A Comprehensive Annual Financial Report of this nature could not have been prepared without the dedicated efforts of all staff members concerned. I would like to express my appreciation to all those who helped to produce this report and for your interest and support in planning and conducting the fiscal operations of the Village. A special note of thanks and appreciation is also extended to the firm of Rachlin & Cohen for their professional approach and high standards in the conduct of their independent audit of the Village's financial records and transactions. Respectfully submitted, Patricia Varney Finance Director MIAMI SHORES VILLAGE, FLORIDA Comprehensive Annual Financial Report For the Year Ended September 30, 1994 Village Officials MAYOR William J. Heffernan VILLAGE COUNCIL Michael H. Boyle Robert E. Cook, III Richard M. Fernandez Steven J. Johnson VILLAGE MANAGER Michael R. Couzzo, Jr. FINANCE DIRECTOR Patricia Varney VILLAGE ATTORNEY William F. Fann, Jr. VILLAGE AUDITORS Rachlin & Cohen .g. MIAMI SHORES VILLAGE, FLORIDA Organization Chart As of September 30, 1994 BOARDS CITIZENS -- I HANDICAPPED SERVICES PLANNING AND ZONING PENSION VILLAGE VILLAGE PERSONNEL APPEALS ATTORNEY COUNCIL CODE ENFORCEMENT HISTORIC PRESERVATION LIBRARY FINE ARTS RECREATION ADVISORY BEAUTIFICATION ADVISORY VILLAGE MANAGER PERSONNEL/ DEPUTY FINANCE VILLAGE DIRECTOR CLERK S/0 1/0 POLICE PUBLIC BUILDING DEPT. WORKS RECREATION & ZONING 44/3 41/2 9/70• 4/0' • General Fund 111180 (manber ofJW1- rinw4wH4+w Personnwl) *Plus 20 Independent ContraCtors - Swim Coaches, Tennis Pro and Instructors ••Plus Ame Independent Contract Inspectors S2 Administration Only i LIBRARY 4/S Certificate of Achievement for Excellence in Financial Reporting Presented to Miami Shores Village, Florida For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 1993 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting. s SIAM W" k President Executive Director -10- Financial Section Independent Auditor's Report RACHLIN & COHEN 1320 South Dixie Highway CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS Penthouse A PARTNERSHIP of PROFESSIONAL ASSOCIATIONS Coral Gables, Florida 33146 -2964 Dade (305) 667 -0412 Fax (305) 665 -7456 Broward (305) 764 -7717 Independent Auditor's Report Honorable Mayor and Village Council Miami Shores Village, Florida 700 Southeast "Third Avenue Suite 400 Ft. Lauderdale, Florida 33316 -1102 Fax (305) 764 -7835 We have audited the accompanying general purpose financial statements of Miami Shores Village, Florida, as of and for the year ended September 30, 1994, as listed in the table of contents. These general purpose financial statements are the responsibility of Miami Shores Village, Florida's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessingthe accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of Miami Shores Village, Florida as of September 30, 1994 and the results of its operations and the cash flows of its proprietary fund types for the year then ended, in conformity with generally accepted accounting principles. Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund and account group financial statements and schedules listed in the table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of Miami Shores Village, Florida. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. The financial information listed in the statistical section in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the Miami Shores Village, Florida. Such information has not been subjected to auditing procedures sufficient to enable us to express an opinion as to the fairness of all the information included therein and, accordingly, we do not express an opinion thereon. /L e % - / Coral Gables, Florida November 16, 1994 -11- Member of Summit International Associates, Inc. with offices in principal cities throughout the world. 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Te is sr, �lo w Wa w ci H •W a w y r OD a MIAMI SHORES VILLAGE, FLORIDA Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balances - All Proprietary Fund Types and Pension Trust Funds Fiscal Year Ended September 30, 1994 (With comparative totals for fiscal year ended September 30, 1993) Operating revenues: Charges for services Contributions Investment income (loss) Total operating revenues Operating expenses: Insurance expenses Personnel expenses Supplies and operating expenses Benefit payments and refunds Total operating expenses Operating income (loss) Non - operating revenues: Interest income Total non - operating revenues Net income (loss) Retained earnings /fund balances, Beginning of year Retained earnings /fund balances, End of year Proprietary Fiduciary Fund Fund Totals Types Types (Memorandum Only) Enterprise Internal Fund Service Fund Self Pension Stormwater Insurance Trust 1994 1993 $127,341 $491,000 $ - $ 618,341 $ 510,000 - - 450,537 450,537 431,934 - 11( 3,0991 11( 3,099) 824,861 127,341 491,000 337,438 955,779 1,766,795 - 549,397 - 549,397 351,900 28,818 - - 28,818 - 28,626 - 87,300 115,926 95,376 419,749 419,749 309,669 57,444 549,397 507,049 1,113,890 756,945 69,897 5( 8,3971 16( 9,611) (158,111 1,009,850 410 29,600 30,010 21,638 410 29,600 30,010 21,638 70,307 (28,797) (169,611) (128,101) 1,031,488 10,250 303,199 9,324,645 9,638,094 8,606,606 $80557 $271 $9,1551,034 $9,509,993 $9,638,094 See accompanying notes to financial statements. -18- MIAMI SHORES VILLAGE, FLORIDA Combined Statement of Cash Flows Proprietary Fund Types Fiscal Year ended September 30, 1994 (With comparative totals for fiscal year ended September 30, 1993) Cash flows from operating activities: Operating income (loss) Adjustments to reconcile operating income (loss) to net cash provided by operating activities: Changes in assets and liabilities: Increase in miscellaneous receivables Increase (decrease) in prepaid expenses Increase (decrease) in accounts payable and accrued liabilities Increase in estimated claims insurance Total adjustments Net cash provided by operating activities Cash flows from investing activities: Investment income Net cash provided by investing activities Net increase in cash Equity in pooled cash and investments, Beginning of year Equity in pooled cash and investments, End of year Enterprise Internal Fund Service Fund (Memo Self Stormwater Insurance 1994 $69,897 $ 58 397 ) $ 11,500 Totals randum Only) 1993 $139,100 (8,000) (1,109) (9,109) - - - 2,314 - 823 823 653 93,016 93,016 69,222 (8,000 92,730 84,730 72,189 61,897 34,333 96,230 211,289 410 29,600 30,010 21,638 410 29600 30,010 21,638 62,307 63,933 126,240 232,927 8 750 635,235 626,485 402,308 $5357 $69.9 1.68 $7.5.272.5 $63.5 235 See accompanying notes to financial statements. -19- Notes to Financial Statements MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements September 30 ,1994 A. Summary of Significant Accounting Policies 1. Reporting Entity Miami Shores Village (the "Village ") is a political subdivision of the State of Florida. The Village, which was incorporated in 1932, is located in Dade County. The Village operates under a Council - Manager form of government. The legislative branch of the Village is composed of a five (5) member elected Council, including an elected mayor. The Village Council is governed by the Village Charter and by state and local laws and regulations. The Village Council is responsible for the establishment and adoption of policy. The execution of such policy is the responsibility of the Council- appointed Village Manager. The reporting entity for the accompanying general purpose financial statements consists of all funds, account groups, boards and departments in which the Village Council exercises oversight responsibility. Oversight responsibility includes, but is not limited to, financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations and accountability for fiscal matters. 2. Basis of Presentation The accompanying general purpose financial statements present the financial position, results of operations and cash flows of the applicable fund types and account groups governed by the Village Council of Miami Shores Village, Florida in accordance with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board. The following is a summary of the more significant policies. The accounts of the Village are organized and operated on the basis of funds and account groups, each of which is considered a separate accounting entity, with a self - balancing set of accounts that comprise its assets, liabilities, fund equity, revenues and expenditures, or expenses as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The following funds and account groups are used by the Village: Governmental Fund Types The General Fund is used to account for all financial resources except those that are required to be accounted for in other funds. The General Fund is the primary operating fund of the Village. The Capital Projects Fund is used to account for financial resources to be used for the acquisition of equipment and construction of capital facilities. -21- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued A. Summary of Significant Accounting Policies (Continued) 2. Basis of Presentation, Continued Proprietary Fund Types The EnterpriseFund is used to account for operations that.are financed and operated in a manner similar to private business enterprises where the intent of the governing body is for user charges to cover the costs (expenses, including depreciation) of providing the service. The Village has one Enterprise Fund, the Stormwater Utility Fund. The Internal Service Fund is used to account for the financing of goods or services provided by one department to other departments of the Village, on a cost reimbursement basis. The self insurance fund is the only Internal Service Fund used by the Village. Fiduciary Fund Types The Trust Funds are used to account for assets held by the Village in a trustee capacity for individuals, private organizations, other governments and/or other funds. The Village has four expendable trust funds (the General Trust, Police Insurance Trust, Law Enforcement Training Trust, Police Forfeitures Trust), and a Pension Trust Fund. The Agency Fund is used to account for assets held in a trustee capacity or as an agent for government employees and/or other funds. The Village has one agency fund, the Deferred Compensation Fund. Account Groups These comprise a fourth category of accounting entities that are used to establish control and accountability over the Village's general fixed assets and the unmatured principal of its general long -term debt. Accordingly, the Village maintains a General Fixed Asset Account Group and a General Long -Term Debt Account Group. 3. Measurement Focus Governmental Fund Types The General Fund and Capital Projects Fund are accounted for on a "spending" or "financial flow" measurement focus rather than upon net income determination. This means that only current assets and current liabilities are generally included on the balance sheet with fund balance representing available spendable resources. Proprietary Fund Types The Village's Enterprise Fund and Internal Service Fund are accounted for upon determination of net income, financial position and cash flows measurement focus. Accordingly, all assets and liabilities are included on the balance sheet, and the reported fund equity provides an indication of the economic net worth of the fund. -22- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued A. Summary of Significant Accounting Policies (Continued) 3. Measurement Focus, Continued Fiduciary Fund Types Expendable Trust Funds are accounted for in a manner similar to that of governmental fund types. The Pension Trust Fund is accounted for in a manner similar to proprietary fund types. The Agency Fund is custodial in nature (assets equal liabilities) and does not involve measurement of results of operations. Account Groups The General Long -Term Debt and General Fixed Assets Account Groups are concerned only with the measurement of financial position. They are not involved with the measurement of results of operations. Long -term indebtedness is accounted for in the General Long -Term Debt Account Group. Fixed assets are accounted for in the General Fixed Assets Account Group. 4. Basis of Accounting The basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. The basis of accounting relates to the timing of measurements made, regardless of the measurement focus applied. Governmental fund types are accounted for using the modified accrual basis of accounting. Under the modified accrual basis, revenues are recognized when they are susceptible to accrual, when they become measurable and available as expendable financial resources. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period, which, for the Village's purpose, is considered to be 60 days. Revenues, such as taxes, intergovernmental revenues, charges for services, rents and interest, are treated as susceptible to accrual under the modified accrual basis. Expenditures are generally recognized when the related fund liability is incurred. Prepaid costs are recorded in the governmental fund types and are recorded as expenditures when used. The Proprietary Fund types and the Pension Trust Fund are accounted for using the accrual basis of accounting. Under this method, revenues are recognized when they are earned, and expenses are recognized in the period incurred. The Village's Fiduciary Fund Types (Expendable Trusts and Agency Funds) are accounted for on the modified accrual basis. Equity in Pooled Cash and Investments The Village maintains a pooled cash and investments account for all funds except the Pension Trust Fund and Deferred Compensation Agency Fund. This enables the Village to invest large amounts of idle cash for short periods of time and to optimize earnings potential. Equity -23- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued A. Summary of Significant Accounting Policies (Continued) 5. Equity in Pooled Cash and Investments, Continued in pooled cash and investments represents the amount owned by each fund of the Village. Cash and investments held in the Village's Pension Trust Fund and Deferred Compensation Agency Fund are managed by trustees. Such amounts are reported separately on the Combined Balance Sheet - All Fund Types and Account Groups. Investments in Governmental Fund Types and Fiduciary Fund Types except the Pension Trust Fund and Agency Fund are stated at cost and consist of amounts on deposit with the Florida State Board of Administration Local Government Investment Pool, a Certificate of Deposit and U.S. Treasury Bills. Investments of the Village's Deferred Compensation Agency Fund are stated at market and consist of mutual funds. Cash and cash equivalents are considered to be cash on hand, demand deposits as well as short- term investments with an original maturity date of three months or less. 6. Inventories Inventories are valued at cost determined on a first -in, first -out basis. Inventories in the General Fund consist of expendable supplies held for consumption. The initial cost is recorded as an asset at the time the individual inventory items are purchased and is charged against operations in the period when used (consumption method). 7. Fixed Assets Fixed assets used in Governmental Fund Types are recorded as expenditures at the time of purchase. Such assets are capitalized at historical cost in the General Fixed Assets Account Group, except for public domain ( "infrastructure ") general fixed assets, consisting of certain improvements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems. Donated fixed assets are recorded in the General Fixed Assets Account Group at their fair market value at the date donated. Depreciation is not required and has not been provided on general fixed assets. 8. Compensated Absences Accumulated unpaid sick leave is accounted for using the modified accrual basis of accounting. Only those amounts estimated to be liquidated with expendable available financial resources are accrued at year end with the balance of the accumulated sick leave in the General Long -Term Debt Account Group. 9. Deferred Revenues Revenues collected in advance are deferred and recognized as income in the period earned. In the General Fund, deferred revenues consist of Federal Emergency Management Agency (FEMA) grant funds received in advance and not expended, prepaid occupational licenses and refuse collection fees received that have been budgeted to pay expenditures of the subsequent fiscal year. -24- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued A. Summary of Significant Accounting Policies (Continued) 10. Encumbrances Encumbrances are recorded at the time a purchase order or other commitment is entered into. Encumbrances outstanding at year -end, if any, represent the estimated amount of expenditures to result if unperformed purchase orders and other commitments at year-end are completed. Appropriations lapse at year-end; however, the Village generally intends to honor purchase orders and other commitments in process. As a result, encumbrances outstanding at year -end are reported as reservations of fund balance since they do not constitute expenditures or liabilities. 11. Reserves and Designations Fund balances are reserved to indicate that a portion of fund balance /retained earnings is not available for appropriation or is legally segregated for a specific future use. The description of each reserve indicates the purpose for which each was intended. Designated fund balance indicates that a portion of fund equity has been segregated based on tentative plans of the Village. Such plans or intent are subject to change. Unreserved undesignated fund balance is the portion of fund equity available for any lawful use. 12. Property Taxes Property taxes are assessed as of January 1 each year and are first billed (levied) and due the following November 1. Under Florida law, the assessment of all properties and the collection of all county, municipal, school board and special district property taxes are consolidated in the offices of the County Property Appraiser and County Tax Collector. The laws for the State regulating tax assessment are also designed to assure a consistent property valuation method statewide. State statutes permit municipalities to levy property taxes at a rate of up to 10 mills ($10 per $1,000). The millage rate assessed by the Village for the year ended September 30, 1994 was $8.66 per $1,000 of assessed taxable valuation. The tax levy of the Village is established by the Village Council prior to October 1 each year, and the County Property Appraiser incorporates the millage into the total tax levy, which includes Metropolitan Dade County, Dade County School Board and special district tax requirements. All property is reassessed according to its fair market value as of January I each year. Each assessment roll is submitted to the Executive Director of the State Department of Revenue for review to determine if the rolls meet all of the appropriate requirements of State statutes. All real and tangible personal property taxes are due and payable on November 1 each year or as soon as practicable thereafter as the assessment roll is certified by the County Property Appraiser. Metropolitan Dade County mails to each property owner on the assessment roll a notice of the taxes due and Metropolitan Dade County also collects the taxes for the Village. Taxes may be paid upon receipt of such notice from Metropolitan Dade County, with discounts at the rate of -25- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued A. Summary of Significant Accounting Policies (Continued) 12. Property Taxes, Continued four percent (4 %) if paid in the month of November, three percent (3 %) if paid in the month of December, two percent (2 %) if paid in the month of January and one percent (1 %) if paid in the month of February. Taxes paid during the month of March are without discount, and all unpaid taxes on real and tangible personal property become delinquent and liens are placed on April 1 of the year following the year in which taxes were assessed. Procedures for the collection of delinquent taxes by Metropolitan Dade County are provided for in the laws of Florida. 13. Budget and Budgetary Accounting The Village Council approves a total expenditure budget based on projected expenditures and revenues for the General Fund and the Capital Projects Fund. The budget allocations among the various organizational units are included in the Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual. The Village follows these procedures in establishing the budgetary data reflected in the financial statements. (a) The Village Manager submits to the Council a proposed operating budget for the ensuing fiscal year. The operating budget includes proposed revenues and expenditures with an explanation regarding each expenditure that is not of a routine nature. (b) Public hearings are conducted to obtain taxpayer comments. (c) Prior to October 1, the budget is legally enacted through passage of an ordinance. (d) The Village Council, by motion, may make supplemental appropriations for the year up to the amount of revenues in excess of those estimated. There was a supplemental appropriation during the year to pay -off the capital improvement loan. (e) Formal budgetary integration is employed as a management control device during the year for the General Fund and Capital Projects Fund. (f) Budgets for the General Fund and Capital Projects Fund are adopted on a basis consistent with generally accepted accounting principles (GAAP). (g) The Village Manager is authorized to transfer part or all of an unencumbered appropriation balance within departments within a fund; however, any revisions that alter the total appropriations of any department or fund must be approved by the Village Council. The classification detail at which expenditures may not legally exceed appropriations is at the department level. (h) Unencumbered appropriations lapse at fiscal year end. Encumbered amounts are reappropriated in the following year's budget. (i) Budgeted amounts are as originally adopted or as amended. Individual type amendments were not material in relation to the original appropriations. -26- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued A. Summary of Significant Accounting Policies (Continued) 14. Comparative Data/Reclassifications Certain amounts in the September 30, 1993 columns have been reclassified to conform to September 30, 1994 presentation. Comparative total data for the prior year has been presented in selected sections of the financial statements to provide an understanding of changes in the Village's financial position and operations. 15. Memorandum Only - Total Columns Total columns on the combined statements which are captioned "Memorandum Only" aggregate the columnar amounts presented by fund type and account group and are presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or cash flows in conformity with generally accepted accounting principles nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. B. Cash At September 30, 1994, the carrying amount of the Village's cash was $366,799 and the bank balance was $425,290. In addition to insurance provided by the Federal Depository Insurance Corporation (FDIC), all deposits are held in banking institutions approved by the State Treasurer of the State of Florida to hold public funds. Under Florida Statutes Chapter 280, Florida Securityfor Public Deposits Act, the State Treasurer requires all Florida qualified public depositories to deposit with the Treasurer or another banking institution eligible collateral equal to 50% to 125% of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally in the form of U.S. Government and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses. Accordingly, all amount reported as cash deposits are deemed as insured and are, therefore, not subject to classification by credit risk category under the provisions of GASB Statement Ns 3. C. Investments Village administration is authorized to invest in those instruments authorized by the Florida statutes. The Pension Trust Fund is authorized to invest in equities, preferred stocks rated A or better by Moody's and/or Standard & Poor's, corporate debt securities rated BBB or better from Standard & Poor's and/or Baa or better from Moody's, obligations of the U.S. Government and its fully guaranteed agencies and debt issues convertible to equities. All other funds are authorized to invest in agencies of the U.S. government, government trust funds and certificates of deposit. -27- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued C. Investments, Continued Investments are classified as to credit risk which are summarized below: Category 1 Insured or collateralized with securities held by the Village or its agents in the Village's name. Category 2 Uninsured and unregistered, with securities held by the counter - party's trust department or agent in the Village's name. Category 3 Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the Village's name. At year end, the Village's investment balances were as follows: U.S. Treasury Bill Common Stock Trust Fund Bond Trust Fund Investments not subject to categorization: State Investment Pool Deferred Compensation Plan A reconciliation of cash and investments as shown on the combined balance sheet all fund types and account groups as follows: Reconciliation of Cash and Investments Total per Note B Total per Note C Equity in pooled cash and investments Cash with pension trustee Investments Deferred compensation investments Category 1 2 3 $65,000 $ - $ - - - 5,164,519 3,953,144 $65000 s - $9 11 -28- Carrying Market Value Value $ 65,000 $ 65,000 5,164,519 5,164,519 3,953,144 3,953,144 9,182,663 9,182,663 2,947,990 2,947,990 761,915 761,915 $11892,568i $12,892,568 $ 366,799 12.892.568 $13,21 $ 3,343,812 35,977 9,117,663 761.915 $11M.9 367 MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued D. Fixed Assets The following is a summary of changes in general fixed assets account group during the fiscal year: Depreciation is not required and has not been provided on general fixed assets. E. General Long -Term Debt Changes in general long -term debt during the year are summarized as follows: Capital lease obligations Bonds payable Accrued workers compensation Accrued sick leave Other F. Bonds Payable Balance Balance Interest Balance September 30, September 30, September 30, 1993 1993 Additions Deletions 1994 Land $ 718,531 $ - $ - $ 718,531 Buildings 2,081,228 15,642 - 2,096,870 Improvements other than 25,000 47,582 260,068 buildings 1,477,049 302,660 - 1,779,709 Equipment 2,566,046 166,450 18,231 2.714,265 Total $6,842,854 $48 ®2 $1.8 31 $7,30 ®375 Depreciation is not required and has not been provided on general fixed assets. E. General Long -Term Debt Changes in general long -term debt during the year are summarized as follows: Capital lease obligations Bonds payable Accrued workers compensation Accrued sick leave Other F. Bonds Payable Balance Principal Interest Balance September 30, September 30, 1993 Additions Deletions 1994 $ 277,616 $ - $277,616 $ - 315,381 - 54,406 260,975 282,650 25,000 47,582 260,068 284,136 92,846 153,219 223,763 5,000 $26 $.5.0 a.01 5,000 $1,163 $11 8_46 $5.32823 $749.806 During the fiscal year ended September 30, 1991, the Village issued capital improvement revenue bonds of $443,782, the proceeds of which were used for the acquisition of equipment and construction of certain public improvements. The Village has pledged certain utility service tax revenues to secure payment of the principal and interest on the bonds. The bonds are due in annual installments of $77,744 which includes interest at 7.4% through October 1, 1997. The annual requirements to amortize the bonds as of September 30, 1994, are as follows: -29- Principal Interest Total Fiscal year ending September 30: 1995 $ 58,432 $19,312 $ 77,744 1996 62,756 14,988 77,744 1997 67,400 10,344 77,744 1998 72,387 5,357 77,744 $26 $.5.0 a.01 $31 -29- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued G. Deferred Compensation Plan The Village offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all Village employees, permits them to defer a portion of their salary until future years. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the Village (without being restricted to the provisions of benefits under the plan), subject only to the claims of the Village's general creditors. Participants' rights under the plan are equal to those of general creditors of the Village in an amount equal to the fair market value of the deferred account for each participant. It is the opinion of management that the Village has no liability for losses under the plan but does have the fiduciary duty that would be required of an ordinary prudent investor. The Village believes that it is unlikely that it will use the assets to satisfy the claims of general creditors in the future. The following is a summary of the increases and decreases of the deferred compensation fund for the year ended September 30, 1994: Fund assets (at market value) at October 1, 1993 $655,040 Deferrals of compensation 125,786 Earnings and adjustments to market value 13,518 Disbursements to employees (31,619) Administrative expenses (8101 Fund assets (at market value) at September 30, 1994 $761915 H. Commitments and Contingencies 1. Legal Matters The Village has several claims arising in the ordinary course of operations pending against the Village. In the opinion of counsel for the Village, the liabilities which may arise from such actions would not result in losses which would materially affect the financial position or the results of operations of any of the Village's various funds. In fiscal year 1991, the Village of Miami Shores was named as a potential responsible party in an EPA investigation. Potential liabilities are indeterminate at this time. 2. Workers Compensation The Village has a commitment to Dade County for a prior workers compensation claim for $285,068 as of September 30, 1994. The current portion of this claim is $25,000, which is recorded in the General Fund. The long -term portion of $260,068 is accounted for in the General Long -Term Debt Account Group. Semi -annual payments are made by the Village to Dade County Risk Management. -30- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued H. Commitments and Contingencies, Continued 3. Post Retirements Benefits The Village only offers continuation of health insurance benefits to police employees upon retirement. The Village pays up to $100 per month for each retiree. For general employees, this benefit is not offered. 4. Contingent Liabilities Federal programs in which the Village participates were audited in accordance with the provisions of U.S. Office of Management and Budget Circular A -128, Uniform Requirements for Grants to State and Local Governments. Pursuant to the provisions of Circular A -128, certain major programs were tested for compliance with applicable grant requirements. While no matters of noncompliance were disclosed by audit, the Federal government may subject grant programs to additional compliance tests which may result in disallowed expenditures. In the opinion of management, future disallowances of current grant program expenditures, if any, would be immaterial. I. Employee Retirement System 1. Plan Description The Village is the administrator of a single - employer Public Employee Retirement System (PERS) established by the Village to provide pension benefits for its employees. The PERS is considered to be part of the Village's financial reporting entity and is included in the Village's financial reports as a pension trust fund. The latest available actuarial valuation is as of October 1, 1993. The Village's total payroll for all employees was $3,943,577 for the year ended September 30, 1994. The covered payroll represents all compensation paid to active employees covered by the PERS on which contributions are made. Covered Annual Payroll General Police $1,676,181 1,435,499 $3,110 General Police Number of Members included in Plan: Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them 35 7 Current Employees: Fully vested 23 16 Non - vested 38 14 96 37 -31- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued I. Employee Retirement System, Continued 1. Plan Description, Continued The Village provides all employee retirement benefits through a single - employer defined benefit plan. Under the plan, all full -time, permanent employees upon completion of one year of credited service are eligible. General employees who retire at or after age 62 are entitled to a retirement benefit of 2% of final average compensation times years of service to a maximum of 30 years. Prior to July 1, 1989, for police employees who terminated or retired with 25 years or more of service, regardless of age, the retirement benefit was 2% for the first 25 years of service and 2'/2% for years over 25 to a maximum of 30 years. Subsequent to July 1, 1989, the retirement benefit for the first 25 years has been increased to 2.4 %. Subsequent to October 1, 1992, the retirement benefit for the first 15 years of credited service is 2.4 %; plus 2.7% for the next ten years of service; plus 2.5% in excess of 25 years (maximum of 30 years). Subsequent to October 1, 1993, the retirement benefit for the first ten years of credited service is 2.4 %; plus 2.7% for the next 15 years; plus 2.5% in excess of 25 years (maximum of 30 years). Final average compensation is the employee's average of the highest 36 consecutive months of compensation during the ten years immediately preceding retirement or termination. Employees are vested after 10 years of service. Vested general employees may retire at or after age 62. Vested police employees may retire upon completion of 25 years of credited service. Early retirement for general employees is at age 55 after 15 or more years of service with reduced retirement benefits. Benefits are established by the pension board and may be amended only by the Village Council. General employees and police officers are required to contribute 6% and 9 %, respectively, of their salaries to the PERS. If an employee leaves covered employment or dies before ten years of service, accumulated employee contributions with 3% per annum interest are refunded. The Village is required to contribute the remaining amounts necessary to finance the coverage for its employees. Village contributions are established by Village charter not to exceed one mil and may be amended only by special referendum. 2. Summary of Significant Accounting Policies Basis of Accounting PERS financial statements are prepared using the accrual basis of accounting. Employee and employer contributions are recognized as revenues in the period in which employee services are performed. Method Used to Value Investments Investments of the pension fund are reported at market and unrealized appreciation and depreciation due to market fluctuations are reflected in the financial statements as investment earnings or losses. Investment income is recognized as earned. -32- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued I. Employee Retirement System, Continued 3. Funding Status and Progress The amount shown below as "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases estimated to be payable in the future as a result of employee service to date. The measure is the actuarial present value of credited projected benefits and is intended to help users assess the Village's PERS funding status on a going -concern basis, assess progress made in accumulating sufficient assets to pay benefits when due and make comparisons among PERS. The measure is independent of the actuarial funding method used to determine contributions to the PERS. The pension benefit obligation was determined as part of an actuarial valuation performed as of October 1, 1993. Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits Current employees: Accumulated employee contributions with interest Employer financed vested Employer financed non - vested Total pension benefit obligation Net assets available for benefits, at actuarial value (actuarial value is at market). Assets in excess of (unfunded) pension benefit obligation Financial effect on the pension benefit obligation of current year changes in: Actuarial assumptions/plan amendment Benefit provisions Significant actuarial assumptions used in the valuation: Rate of return on the investment of present and future assets per year Projected salary increases per year due to: Inflation increases Merit or seniority increases *Includes projected Village contribution for fiscal 1994. -33- General Police Total $1,493,119 $1,485,330 $2,978,449 641,854 889,289 1,531,143 896,219 2,843,940 3,740,159 195,520 297,215 492,735 3,226,712 5,515,774 8,742,486 4,393,643 5,145,714 9,539,357* $1,166,91 $11Z26060) $.7.9.6.a8 NONE NONE NONE $78,763 $179,953 $258,716 8% 8% 4% 4% 2.5% 2.5% MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued Employee Retirement System, Continued 4. Contributions Required and Contributions Made The Village's funding policy provides for periodic employer contributions at actuarially determined rates that, expressed as percentages of annual covered payroll, are designed to accumulate sufficient assets to pay benefits when due. The required contributions are determined using the entry age actuarial cost method. The minimum contribution consists of the normal cost plus the amortization of the components of the unfunded actuarial accrued liability that should provide sufficient resources to pay employee pension benefits on a timely basis. The contributed amounts were actuarially determined based on an actuarial valuation as of October 1, 1993. Total contributions to the pension plan during 1994 amounted to $450,537. A breakdown of the contribution is as follows: The General Employees and Police plans both use the level dollar method to amortize the unfunded liability over a 30 year period. The difference between the actual contribution and the actuarially determined contribution is the result of higher than expected contributions by the Village, its employees and the amount received from the State for its share for police pension costs. The actuarial assumptions used to compute pension contribution requirements are the same as those used to determine the standardized measure of the pension obligation. The computation of the pension contribution requirements for fiscal year ended September 30, 1994 was based upon the same actuarial assumptions, benefits provisions, actuarial funding method and other significant factors as used to determine the pension contribution requirements in the previous year. -34- General Police Percentage Percentage of Covered of Covered Contribution Payroll Contribution Payroll Contribution Requirements: Normal Cost $178,636 10.7% $275,716 19.2% Unfunded actuarial accrued liability (96,624) 5.8 18,250 1_3 $ 8®2 0,12 16.5 % $296 20.5% Contributions Made: Village $ 15,563 .9% $199,149 13.8% Employees 93,839 5.5 119,829 8.3 State - 22,157 1.5 $109,402 4% $341x135 23.6% The General Employees and Police plans both use the level dollar method to amortize the unfunded liability over a 30 year period. The difference between the actual contribution and the actuarially determined contribution is the result of higher than expected contributions by the Village, its employees and the amount received from the State for its share for police pension costs. The actuarial assumptions used to compute pension contribution requirements are the same as those used to determine the standardized measure of the pension obligation. The computation of the pension contribution requirements for fiscal year ended September 30, 1994 was based upon the same actuarial assumptions, benefits provisions, actuarial funding method and other significant factors as used to determine the pension contribution requirements in the previous year. -34- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued I. Employee Retirement System, Continued 5. Trend Information Trend information gives an indication of the progress made in accumulating sufficient assets to pay benefits when due. Three -year trend information for the years ended September 30, (valuation date is as of beginning of fiscal year) is presented as follows (in thousands): General 1994 1993 1992 1. Net assets available for benefits * $4,394 $4,093 $3,835 2. Pension benefit obligations 3,227 2,944 2,676 3. Percentage funded (1 _ 2) 136.1% 136.7% 143.3% 4. Assets in excess of pension 1,167 1,098 1,159 benefit obligation (2 - 1) 5. Annual covered payroll 1,676 1,498 1,326 6. Assets in excess of pension benefit obligation as a percentage of covered payroll (4 _ 5) 66.6% 73.3% 87.4% 7. Employer contributions as a percentage of annual covered payroll. .9% 1.0% 5.9% Police 1994 1993 1992 1. Net assets available for benefits* $5,146 $ 4,563 $ 3,999 2. Pension benefit obligations 5,516 4,730 3,603 3. Percentage funded (1 = 2) 93.3% 96.5% 110.9% 4. Assets in excess of pension (unfunded) benefit obligation (2 - 1) (370) (166) 396 5. Annual covered payroll 1,435 1,438 1,341 6. Assets in excess of (unfunded) pension benefit obligation as a percentage of covered payroll (4 -- 5) (25.8)% 0 (11.5)% 29.5 /o 7. Employer contributions as a percent- age of annual covered payroll. I 13.8% 13.5% 10.3% * At market value. Ten -year historical trend information for the PERS presenting the progress in accumulating sufficient assets to pay benefits when due is presented in the accompanying required supplementary information. -35- MIAMI SHORES VILLAGE, FLORIDA Notes to Financial Statements, Continued J. Risk Management The Village is exposed to various risks of loss related to torts, theft, damage to and destruction of assets, errors and omissions and natural disasters. The maximum risk of loss for the Village is $350,000; thereafter the Village carries commercial insurance. Florida law limits the liability in any one claim or judgement not to exceed $100,000 and in each occurrence not to exceed $200,000. Liabilities are reported when it is probable that a loss has occurred and the amount of the loss can be reasonably estimated. Liabilities include an amount for claims that have been incurred but not reported (IBNR's). Claim liabilities are calculated considering the recent claim settlement trends. The liability for claims is reported in the Internal Service Fund. Changes in the balances of claims liabilities during the past year are as follows: Unpaid claims, Beginning of year $329,432 Incurred claims (including IBNR's) 368,283 Claim payments (275,267 Unpaid claims, End of year $422,448 -36- Required Supplementary Information MIAMI SHORES VILLAGE, FLORIDA Employees Retirement System Required Supplementary Information Schedule of Revenues by Source and Expenses by Type ra r.W.PM Expenses by Type Year ended Benefits & Revenues by Source September 30, Refunds Percentage Contribution (1) 1994 $217,050 Year ended of Covered 1993 Investment 39,896 September 30, Payroll (3) Employer Employee Income Total 1991 156,190 1994 .9% $21,116 $ 93,839 $(51,344) $ 63,611 1993 1.0 16,960 110,571 389,991 517,522 1992 5.9 79,083 81,893 356,816 517,792 1991 5.2 65,460 79,296 523,343 668,099 1990 4.2 65,460 59,137 (302,900) (178,303) 1989 10.1 164,666 115,041 454,326 734,033 1985 - 1988* (2) (2) (2) (2) (2) Expenses by Type Year ended Benefits & Administrative September 30, Refunds Expense Total 1994 $217,050 $ 40,209 $257,259 1993 171,965 39,896 211,861 1992 185,130 54,881 240,011 1991 156,190 66,866 223,056 1990 179,529 67,290 246,819 1989 165,995 46,072 212,067 1985 - 1988* (2) (2) (2) (1) Contributions were made in accordance with actuarially determined contribution requirements. (2) Ten years of information is unavailable. (3) Employer contributions as a percentage of covered payroll. * Actuarial valuation was for year ended January 1. -37- MIAMI SHORES VILLAGE, FLORIDA Employees Retirement System Required Supplementary Information Schedule of Revenues by Source and Expenses by Type Police Revenues by Source Percentage Contribution (1) Year ended of Covered Investment September 30, Payroll (3) Employer Employee State Income Total 1994 13.8% $193,596 $119,829 $22,157 $(61,755) $273,827 1993 13.5 193,596 124,702 24,201 434,870 777,369 1992 10.3 137,960 125,321 21,528 397,855 682,664 1991 11.8 135,559 110,414 20,599 531,235 797,807 1990 8.2 885,010 75,226 23,028 (307,468) (124,203) 1989* 17.2 194,052 79,149 21,386 417,516 712,103 1984 - 1988* (2) (2) (2) (2) (2) (2) Expenses by Type Year Ended September 30, 1994 1993 1992 1991 1990 1989* 1985 - 1988* Benefits & Refunds $202,699 137,704 59,590 63,179 37,234 86,130 (2) Administrative Expense $47,091 46,730 57,121 27,047 27,219 23,906 (2) Total $249,790 184,434 116,711 90,226 64,453 110,036 (2) (1) Contributions were made in accordance with actuarially determined contribution requirements. (2) Ten years of information is unavailable. (3) Employer contribution as a percentage of covered payroll. * Actuarial valuation was for year ended January 1. -38- MIAMI SHORES VILLAGE, FLORIDA Pension for General and Police Employees Required Supplementary Information Analysis of Funding Progress (In Thousands) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefits as a percentage of the pension benefit obligation provides one indication of the Village's funding status on a going - concern basis. Analysis of this percentage overtime indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage the stronger the PERS trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the Village's progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentgae the stronger the PERS. * At market value Note: Ten -year information was not available Note: Prior to 10/1/90 valuation was prepared as of January 1. -39- Unfunded Unfunded Pension Net Assets Pension Pension Annual Benefit Obligation Valuation Available Benefit Percentage Benefit Covered as a Percentage Date for Benefits Obligation Funded Obligation Payroll of Covered Payroll 01/1/88 $5,298 $5,250 100.9% $ (48) $2,635 (1.8)% 01/1/89 6,158 6,194 99.4 36 2,756 1.3 01/1/90 7,282 5,482 132.8 (1,800) 2,605 (69.1) 10/1/90 6,668 5,758 115.8 (910) 2,398 (37.9) 10/1/91 7,834 6,279 124.8 1,555) 2,667 (58.3) 10/1/92 8,656 7,724 112.1 (932) 2,936 (31.8) 10/1/93 9,539 8,743 109.1 (797) 3,111 (25.6) Analysis of the dollar amounts of net assets available for benefits, pension benefit obligation, and unfunded pension benefit obligation in isolation can be misleading. Expressing the net assets available for benefits as a percentage of the pension benefits as a percentage of the pension benefit obligation provides one indication of the Village's funding status on a going - concern basis. Analysis of this percentage overtime indicates whether the system is becoming financially stronger or weaker. Generally, the greater this percentage the stronger the PERS trends in unfunded pension benefit obligation and annual covered payroll are both affected by inflation. Expressing the unfunded pension benefit obligation as a percentage of annual covered payroll approximately adjusts for the effects of inflation and aids analysis of the Village's progress made in accumulating sufficient assets to pay benefits when due. Generally, the smaller this percentgae the stronger the PERS. * At market value Note: Ten -year information was not available Note: Prior to 10/1/90 valuation was prepared as of January 1. -39- GENERAL FUND The General Fund is the principal fund of the Village and is used to account for resources traditionally associated with governments which are not required to be accounted for in another fund. MIAMI SHORES VILLAGE, FLORIDA General Fund Comparative Balance Sheets September 30, 1994 (With comparative total for September 30, 1993) i 1994 1993 Assets Equity in pooled cash and investments $1,757,468 $1,877,523 Accounts receivable 937,301 758,443 Allowance for uncollectible accounts receivable (465,119) (283,580) Due from other governments: 49,947 62,610 State of Florida Metropolitan Dade County 35,169 480 Federal Emergency Management Assistance 92,227 57,347 177,343 120,437 Inventories 40,795 49,407 Prepaid costs 41,714 120,738 Total assets $2,489,502 $2164 Liabilities and Fund Equity Liabilities: Accounts payable $ 94,700 $ 159,879 Accrued liabilities ,990 71,084 Workers' compensation claims payable 25,000 25 26,572 Deferred revenues 528.455 603.703 Total liabilities 737,145 861,238 Fund Equity: Reserved for: Encumbrances 355,987 407,546 Prepaid costs 41,7]4 120,738 Inventories 40,795 ° Unreserved: Designated for capital outlay 337,582 282,857 Designated for future use 230,845 225,155 Designated for emergencies and contingencies 745,434 745,434 Total fund equity 1.752,357 1 781,730 Total liabilities and fund equity $2,48 ®2 $2,642,968 -41- MIAMI SHORES VILLAGE, FLORIDA General Fund Comparative Statements of Revenues, Expenditures and Changes in Fund Balance Fiscal year ended September 30, 1994 (With comparative totals for fiscal year ended September 30, 1993) -42- 1994 1993 Revenues: Taxes $4,044,767 $4,034,053 Licenses and permits 182,425 161,227 Intergovernmental revenues 1,026,376 968,227 Charges for services 1,790,393 1,785,167 Fines and forfeitures 155,926 112,883 Miscellaneous revenue 584,300 701,776 Interest 71,417 57,692 Total revenues 7,855,604 7,821,025 Expenditures: Current: 874,672 801,859 General government 2,795,714 2,707,765 Public safety 1,970,318 2,052,268 Public service 1,437,683 1,253,360 Culture /recreation Debt service: Principal retirement 374,669 157,490 Interest 14,185 28,688 Total expenditures 7,467,241 7,001,430 Excess of revenues over expenditures 388,363 819,595 Other financing uses: Operating transfers out (417,736 (372,070 Total other financing uses (417,736 (370,070 Excess (deficiency) of revenues over expenditures and other financing uses (29,373) 447,525 Fund balance, Beginning of year 1,781,730 1,334,205 Fund balance, End of year $1 75357 $1,78m 1,73_0 -42- MIAMI SHORES VILLAGE, FLORIDA General Fund Schedule of Revenues and Expenditures - Budget and Actual Fiscal Year Ended September 30, 1994 (With comparative totals for fiscal year end September 30, 1993) -43- Variance Revised Favorable Budget Actual (Unfavorable) Actual 1994 1993 Revenues: Taxes: General property taxes, current and delinquent $2,663,224 $2,673,082 $ 9,858 $2,718,832 Franchise taxes 463,000 479,610 16,610 465,530 Utili ty taxes 848,700 74.924 892,075 4, 44. 43 375 9.843 849 691 4,04,0 053 Total taxes ,/ Licenses and permits: Business licenses 52,000 47,146 (4,854) 51,043 Building permits Other licenses and permits 75,800 18,000 115,274 20,005 39,474 2.005 92,360 17,824 Total licenses and permits 145,800 182.425 - 36.625 161,227 Intergovernmental revenues: State shared revenues: Cigarette taxes 13,000 12,033 (967) 12,930 State revenue sharing 209,614 233,234 23,620 239,752 722 Beverage licenses 1,500 3,222 1,722 Local governmental half cent sales tax 500,386 475,095 (25,291) 495,286 Department of transportation (landscape 17,318 17,318 - 17,318 maintenance) Local option gas tax trust 207,000 232,132 25,132 168,875 County shared revenue: County occupational licenses 29,000 32,197 3,197 25,008 School crossing programs 8,000 8,286 12.859 286 12859 8,011 325 Recyclin grant g Total intergovernmental revenues - 985.818 1,026.376, . 40,558," 968.227 Charge for services: Public safety 169,330 139,518 (29,812 191,666 Physical environment 1,548,408 14,000 1,448,292 9,866 (100,116 (4,134 1,389,826 15,417 Transportation Culture /recreation Total charges for services 214,075 1,945,813 192 717 .790.393 ✓ 21 358 (155,420 188.258 1,785,167 Fines and forfeitures: Court fines and costs 58,000 66,314 8,314 66,652 Other Total fines and forfeitures 88,500 146.500 89,612 155.926 - 1112 .426 46.231 112.883 j, Miscellaneous revenue: Donations 3,765 2,425 (1,340) 2,298 Rents 182,338 157,876 (24,462 ) 177,543 j Other revenue j Total miscellaneous revenue 1.238,979 1,425,082 423.999 584,300 (814.980) (840,782 521.935 701.776 Interest 55.500 71,417 15.917 57.692 Total revenues $8,679,437 $7,855 $ 823 833 $7.827,821 -43- MIAMI SHORES VILLAGE, FLORIDA General Fund Schedule of Revenues and Expenditures - Budget and Actual, Continued Fiscal Year Ended September 30, 1994 (With comparative totals for fiscal year end September 30, 1993) I Variance Revised Favorable Budget Actual (Unfavorable) Actual 1994 1993 Expenditures: Current: General Government: Village Council $ 5 $ 5 $ $ 5 Personnel services Operating expenses 6,660 6,072 588 4,830 6,665 6,077 588 4,835 Village Attorney: Personnel services 1,500 1,500 - 1,500 Operating expenses 97,085 60,867 36,218 70,077 98,585 62,367 36,218 71,577 Village Manager: Personnel services 171,691 171,686 5 200,021 Operating expenses 21,613 21,465 148 26,177 Capital outlay 5,144 198,448 5,143 198,294 1 154 226,198 Finance: Personnel services 161,109 160,476 63 162,003 Operating expenses 54,823 54,725 98 41735 215,932 215,201 731 204,738 Marketing: Personnel services 35,967 20,460 15,507 - Operating expenses 62,674 7,863 54,811 - Capital outlay p y 1,359 1,359 - - 100,000 29,682 70,318 - Other General Government Services Non - departmental: Personnel Services 8,000 5,168 2,832 3,046 Operating expenses 342,486 340,962 1,524 278,866 Non - operating expenses 85,281 8,450 12,610 4,311 72,671 4,139 9,610 j 2,989 Capital outlay 444,217 363,051 81,166 294.511 Total general government 1,063,847 874,672 189,175 801,859 I Public safety: Law enforcement: Personnel services 2,423,218 2,348,821 74,397 2,309,226 Operating expenses 241,171 239,188 1,983 226,543 Capital outlay 14,188 2,678,577 13,949 2,601,958 239 76,619 2,535,769 Building and zoning: Personnel services 150,401 150,031 370 137,893 Operating expenses 47,457 42,976 4,481 33,351 752 Capital outlay 1,418 199,276 749 193,756 669 5,520 171996 Total public safety 2,877,853 2,795,714 82,139 2.707!7 65 -44- MIAMI SHORES VILLAGE, FLORIDA General Fund Schedule of Revenues and Expenditures - Budget and Actual, Continued Fiscal Year Ended September 30, 1994 (With comparative totals for fiscal year ended September 30, 1993) -45- Variance Revised Favorable Budget Actual (Unfavorable) Actual 1994 1993 Public services: Public works administration: Personnel services $ 149,527 $ 148,687 $ 840 $ 137,346 Operating expenses 16,734 16,241 493 12,115 Capital outlay 780 167,041 780 165.708 - 1,333 149,461 Street maintenance: Personnel services 269,645 261,154 8,491 275,791 Operating expenses 235,582 416,592 231,092 119,974 4,490 296,618 350,706 73,344 Capital outlay 921.819 612.220 309.599 699,841 Solid waste collection: Personnel services 591,905 571,259 20,646 562,707 Operating expenses 636,472 30,112 608,623 12,508 27,849 17,604 638,131 2,128 Capital outlay 1,258.489 1.192.390 66,099 1,202,966 Total public services 2,347.349 1,970.318 377,031 2,052,268 Culture /recreation: Parks' Personnel services 271,364 207,719 233,822 194,692 37,542 13,027 243,418 59,724 Operating expenses Capital outlay 34,052 13,011 21,041 ' 513,135 441.525 71,610 303.142 Recreation: Personnel services 491,740 461,734 30,006 7,566 536,395 186,688 Operating expenses 206,087 1,800 198,521 1,800 - 8,531 . Non - operating expenses Capital outlay 16,736 15.585 1.151 - 716,363 677.640 38.723 731,614 Recreation maintenance: Personnel services 73,409 73,151 258 - Operating expenses 25,741 2.600 24,274 1,406 1,467 1,194 - Capital outlay 101,750 98,831 2,919 - Library: Personnel services 163,648 30,108 162,723 29,114 925 994 160,520 55,022 Operating expenses Capital outlay 27,850 27,850 219 687\/ 1.919 3.062 218,604 Total culture /recreation 221,606 1,552,854 1.437,683 115,171 1,253.360 Debt service: Principal retirement 399,546 374,669 24,877 157,490 28.688 Interest 20,252 14,185 6.067 Total debt service 419,798 388.854 30.944 186,178 j Total expenditures $8,26 1 $7,46 $794,-460 $7 00��1.430 -45- Combining, Individual Fund and Account Group Statements and Schedules CAPITAL PROJECTS FUND The capital projects fund accounts for financial resources used for acquisitions and improvements to capital facilities. MIAMI SHORES VILLAGE, FLORIDA Capital Projects Fund Comparative Balance Sheets September 30, 1994 (With comparative totals for September 30, 1993) -47- 1994 1993 Assets Equity in pooled cash and investments $507,718 $435,762 Prepaid costs 52,556 - Total assets $.560j274 $435,762 Liabilities and Fund Balance Liabilities: Accounts payable $ 3,885 $___274 Total liabilities 3,885 274 Fund Balance Reserved for: Encumbrances $139,894 $156,304 Recreation Department 116,890 - Prepaid costs 52,556 - Unreserved: Designated for capital outlay 247,049 279,184 Total fund balance 556,389 435,488 Total liabilities and fund balance $.5601.274 $4.35762 -47- MIAMI SHORES VILLAGE, FLORIDA Capital Projects Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Fiscal Year Ended September 30, 1994 (With comparative totals for fiscal year ended September 30, 1993) -48- 1994 1993 Revenues: Interest $ 25,364 $ 15,548 Total revenues 25,364 15,548 Expenditures: Current: General government 7,667 18,928 Public safety 2,977 81,068 Public service 151,373 21,077 Culture /recreation 73,933 41,908 Debt service: Principal 63,867 60,884 Interest 22,382 27,246 Total expenditures 322,199 251,111 Deficiency of revenues over expenditures 29( 6,835) 23( 5,563) Other financing sources: Operating transfers in 417,736 370,779 Financing proceeds 33,900 Total other financing sources 417,736 404,679 Excess of revenues and other financing sources over expenditures 120,901 169,116 Fund balance, Beginning of year 435,488 266,372 Fund balance, End of year $556i38�9 $43 -48- Proprietary Fund Types INTERNAL SERVICE FUND The self insurance fund accounts for the accumulation and allocation of costs associated with insurance. MIAMI SHORES VILLAGE, FLORIDA Internal Service Fund Self- Insurance Comparative Balance Sheets September 30, 1994 (With comparative totals for September 30, 1993) -49- 1994 1993 Assets Equity in pooled cash and investments $699,168 $635,235 Accounts receivable 1,109 - Total assets $ $635,235 Liabilities and Fund Equity Liabilities: Accounts payable and accrued liabilities $ 3,427 $ 2,604 Estimated insurance claims 422,448 329,432 Total liabilities 425,875 332,036 Fund equity: Retained earnings - unreserved 274,402 303,199 Total liabilities and fund equity $70 $635,235 -49- MIAMI SHORES VILLAGE, FLORIDA Internal Service Fund Self - Insurance Comparative Statement of Revenues, Expenses and Changes in Retained Earnings Fiscal year ended September 30, 1994 (With comparative totals for fiscal year ended September 30, 1993) Charges for services Operating Expenses: Insurance premiums Claims Administrative ;d1 a a,t� �� „ _� Total operating expenses Operating income (loss) Non - operating income: Interest income Net income (loss) Retained earnings, Beginning of year Retained earnings, End of year -50- 1994 1993 $491,000 $491,000 — 228,015 ,)?4' 1 200,375 275,267.3'; ,'r! � 112,979 7,I' °% 38.546 46.115 << 549,397 351,900 (58,397) 139,100 29,600 21,638 (28,797) 160,738 303,199 142,461 $274402 $303.199 Fiduciary Fund Types TRUST AND AGENCY FUNDS These funds account for assets held by the Village in a trustee capacity or as an agent for employees, other governments and/or other funds. Expendable Trust Funds: General Trust Fund - To account for the use of,specific designated resources. Police Insurance Trust - To accumulate resources on behalf of police personnel to partially cover retirement hearth insurance. Law Enforcement Training Trust Fund - To account for proceeds obtained through fines designated specifically for training law enforcement officers. Police Forfeiture Fund - To account for proceeds obtained through the sale of confiscated and unclaimed property turned over to the Village through court judgments. Proceeds are to be used solely for crime fighting purposes. Pension Trust Fund: Pension Trust Fund - To account for the fiscal activities of the Miami Shores Village Pension Board which accumulates assets and pays benefits to qualified retirees of Miami Shores Village. � /Agency Fund: V Deferred Compensation Fund - To account for, receipts and disbursements of amounts withheld from wages of employees participating in a deferred compensation plan. V C eu a" 0 y aF h 2 F- pM P _N 0 O� C O u w o U O N .y aF U y � w C acui.E2 -.,OFF W u v p0. vii F y uF V 00 00 M O1 � N o M nC � �Mn�M N O W J a $v1n1 ci ..l c Rt O �. vl V1 M to ed ` w 7 Q CQ to h V] ^C o/ .0 a> H > w'-., v� F" U � 8 � aui •� � O � U O+ � O t en OMO N r 3 V C eu a" 0 y aF h 2 F- pM P _N 0 O� C O u w o U O N .y aF U y � w C acui.E2 -.,OFF W u v p0. vii F y uF V 00 00 Op�00�efoD N nC � �Mn�M N O OooNV 0+ �D $v1n1 NNO�o�� vpi vl V1 M �D �D t� M en N �C M O+ M O H > Oi O O « c � aui •� � acd � « O+ � O = en OMO N r Go Y ° A. N O+ N h V1 h .-• O� � 00 O V'1 �' NM -+�D� NeD atw�EO �p Op0 u�� ^ Op0 \O M •+ [� N F = �,� F w V Wawa0.�.� F F H H jaC H V1 h h h r�w �_ 00 M M M M 0p n^ Off, �O v w �• 0G N tV N O O N V1 ^ M h M cp H o+ o H H M 00 h h h N OMO pp I I I eq N N NH H . H i9 H O _ _ v� I v1 H H K H H H -51- Ea > « c � aui •� � acd � « = Y ° A. ld u atw�EO C u�� vuy�paui� O O .3 tw u 2 F = �,� F w V Wawa0.�.� F F uwu jaC t�U =CG¢ r�w -51- MIAMI SHORES VILLAGE, FLORIDA Expendable Trust Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance Fiscal Year ended September 30, 1994 (With comparative totals for fiscal year ended September 30, 1993) Revenues: Fines and forfeitures Sales of confiscated property Miscellaneous Interest Total revenues Expenditures: Current: Public safety Culture /recreation Capital outlay Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources: Operating transfers in Excess (deficiency) of revenues and other financing sources over expenditures Fund balance, Beginning of year Fund balance, End of year Law Enforcement Police Totals General Training Forfeitures Trust Trust Fund 1994 1993 $ - $2,860 $ - $ 2,860 $ 3,138 - - 76,489 76,489 193,306 16,672 - - 16,672 11,563 12.209 12,209 8.945 16.672 2.860 88.698 108.230 216.952 1,383 1,875 56,934 60,192 58,051 5,829 - - 5,829 9,777 20.844 37,574 58,418 84,884 28,056 1.875 X4,508 21 4.439 152,712 (11,384) 985 (5,810) (16,209) 64,240 1.291 (11,384) 985 (5,810) (16,209) 65,531 18.223 329 302,434 320,986 255,455 $.6 51 4 S 96 4 S3 7 77 $320 -52- MIAMI SHORES VILLAGE, FLORIDA Pension Trust Fund Combining Balance Sheets September 30, 1994 (With comparative totals for September 30, 1993) Liabilities and Fund Balance Totals General Police 1994 1993 Assets Accounts payable $ 8,398 $ 9,836 $ 18,234 Cash with pension trustee $ 16,423 $ 19,554 $ 35,977 $ 48,968 Due from employees 8,358 11,160 19,518 39,145 Investments, at market 4,162,446 4,955,217 ` 9,117,663 9,252,606 Accrued interest receivables 50 60 110 82 Total assets $4,187,277 $4,985,991 $9,173,268 $9,340,801 Liabilities and Fund Balance Liabilities: Accounts payable $ 8,398 $ 9,836 $ 18,234 $ 16.156 Total liabilities 8398 9,836 18,234 16,156 Fund Balance: Reserved for pensions 4,178,879 4,976,155 9,155,034 9,324,645 Total liabilities and fund balance $4,187,277 $4,985,991 $9,173,268 $9,340,801 -53- MIAMI SHORES VILLAGE, FLORIDA Pension Trust Fund Combining Statement of Revenues, Expenses and Changes in Fund Balance Fiscal Year Ended September 30, 1994 (With comparative totals for fiscal year ended September 30, 1993) Operating expenses: Administrative and general 40,209 47,091 87,300 Totals Benefits payments and refunds General Police 1994 1993 Operating revenues: 257.259 249.790 507.049 396.295 Contributions: (193,648) 24,037 (169,611) 860,500 Village $ 21,116 $ 193,596 $ 214,712 $ 172,460 State - 22,157 22,157 24,201 Employees 93.839 119,829 213.668 235,273 Total revenues 114,955 335,582 450,537 431,934 Earnings (loss) on investments 51 344) L61.755) (113,099) 824,861 Total operating revenues 63,611 273,827 337,438 1,256,795 Operating expenses: Administrative and general 40,209 47,091 87,300 86,626 Benefits payments and refunds 217.050 202,699 419.749 309.669 Total operating expenses 257.259 249.790 507.049 396.295 Net income (loss) (193,648) 24,037 (169,611) 860,500 Fund balance, Beginning of year 4,372.527 4,952,118 9,324,645 8.464.145 Fund balance, End of year $4,178,879 $4,976,155 $9 1 $9,324,645 -54- MIAMI SHORES VILLAGE, FLORIDA Agency Fund Deferred Compensation Fund Statement of Changes in Assets and Liabilities Fiscal Year Ended September 30, 1994 Balance October 1, 1993 Assets: Deferred compensation investments, at market $65 Liabilities: Deferred compensation payable to employees $655,040 Balance Transfers/ September 30, Additions Deletions 1994 -55- $139,414 $32539 $761,915 $1396414 $3s $7.61 915 GENERAL FIXED ASSETS ACCOUNT GROUP To account for fixed assets other than those accounted for in Proprietary Funds or Trust Funds. MIAMI SHORES VILLAGE, FLORIDA Schedule of General Fixed Assets - by Source September 30, 1994 (With comparative totals for September 30, 1993) -57- 1994 1993 General fixed assets: Land $ 718,531 $ 718,531 Buildings 2,096,870 2,081,228 Improvements other than buildings 1,779,709 1,477,049 Equipment 2,714,265 2,566,046 Total general fixed assets $ 7,30 $ 6,842,854 Investment in general fixed assets from: General Fund $ 4,858,281 $ 4,673,693 Capital projects fund 856,396 633,142 Gifts and donations 40,215 19,371 Confiscated property 221,300 183,775 Country Club 1,333383 1,332,873 Total investment in general fixed assets $ 7,309,375 $ 6,842,854 -57- Statistical Tables MIAMI SHORES VILLAGE, FLORIDA Comments Relative to Statistical Section September 30, 1994 Unaudited The following statistical tables that are recommended for inclusion by the Governmental Accounting Standards Board (GASB) Statement N4 1 are not included for the reasons stated below: A. Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt Per Capita - The Village has not had any general obligation bonds over the past ten fiscal years. B. Ratio of Annual Debt Service for General Bonded Debt to Total General Expenditures - The Village has not had any general obligation bonds over the past ten fiscal years. C. Computation of Legal Debt Margin - The City Charter and the Constitution of the State of Florida, Florida State Statute 200.181 does not provide for a legal debt limit. -61- TABLE I MIAMI SHORES VILLAGE, FLORIDA General Governmental Expenditures by Function (1) Last Ten Fiscal Years Public Services Fiscal general Public Streets Culture/ Debt Year Government Safety & Admin. Sanitation Recreation Service Total 1985 $ 477,767 $1,704,364 $665,024 $717,165 $1,122,899 $ 18,174 $4,705,393 1986 529,970 1,657,942 598,507 796,787 1,116,003 4,806 4,704,015 1987 579,320 2,156,247 767,617 999,907 1,151,157 3,374 5,657,622 1988 662,200 2,050,383 564,012 1,153,518 1,273,411 190,108 5,893,632 1989 771,309 2,429,889 645,513 938,330 1,270,930 238,899 6,194,870 1990 724,504 2,487,160 849,493 973,996 1,147,600 308,484 6,491,237 1991 1,079,128 2,658,769 839,476 1,026,076 1,236,613 348,289 7,188,351 1992 766,732 2,802,608 1,060,660 1,259,103 1,259,271 329,034 7,477,408 1993 829,537 2,931,768 860,157 1,213,188 1,305,045 274,308 7,414,003 1994 882,339 2,858,883 984,164 1,195,945 1,517,445 475,103 7,913,879 (1) General governmental expenditures include all Governmental Fund Types and Expendable Trust Funds of the Village. Source: Miami Shores Village Finance Department. -62- TABLE II MIAMI SHORES VILLAGE, FLORIDA General Revenues by Source (1) Last Ten Fiscal Years (1) General revenues include all Governmental Fund Types and Expendable Trust Funds of the Village. Source: Miami Shores Village Finance Department. -63- Licenses Charges Fines Fiscal and Inter- for and Year Taxes Permits Governmental Services Forfeitures Misc. Totals 1985 $2,892,152 $ 70,739 $ 708,700 $ 849,753 $ 48,140 $246,159 $4,815,643 1986 3,102,089 80,660 784,705 1,069,626 51,960 252,031 5,341,071 1987 3,059,448 95,324 757,487 1,150,649 70,843 227,888 5,361,639 1988 3,043,277 93,102 886,953 1,140,455 61,395 348,215 5,573,397 1989 3,270,710 106,214 868,871 1,332,099 122,483 343,510 6,043,887 1990 3,576,577 114,326 897,078 1,438,148 138,753 273,567 6,449,449 1991 3,605,607 116,836 885,653 1,553,224 96,444 760,582 7,018,346 1992 3,737,604 133,284 883,719 1,826,078 83,401 1,069,366 7,733,452 1993 4,034,053 161,227 968,227 1,804,167 116,021 988,830 8,072,525 1994 4,044,767 182,425 1,026,376 1,790,393 158,786 786,451 7,989,198 (1) General revenues include all Governmental Fund Types and Expendable Trust Funds of the Village. Source: Miami Shores Village Finance Department. -63- TABLE III MIAMI SHORES VILLAGE, FLORIDA Property Tax Levies and Collections Last Ten Fiscal Years Source: Miami Shores Village Finance Department and Dade County Property Appraiser. -64- Percent of Percent Delinquent Total Total Tax Fiscal Total Current Tax of Levy Tax Tax Collection Year Tax Levy Collections Collected Collections Collections to Tax Levy 1985 $1,997,108 $1,886,883 95% $43,130 $1,930,013 97% 1986 2,001,818 1,897,495 95 45,810 1,943,305 97 1987 1,951,427 1,901,359 97 2,652 1,904,011 98 1988 1,983,165 1,863,594 94 51,899 1,915,493 97 1989 2,097,457 1,969,373 94 50,157 2,019,530 96 1990 2,439,756 2,317,768 95 48,023 2,365,791 97 1991 2,478,450 2,336,552 94 15,443 2,336,552 95 1992 2,556,303 2,430,777 95 33,819 2,464,596 96 1993 2,835,734 2,687,841 95 30,991 2,718,832 96 1994 2,766,898 2,653,211 96 19,871 2,673,082 97 Source: Miami Shores Village Finance Department and Dade County Property Appraiser. -64- MIAMI SHORES VILLAGE, FLORIDA Assessed Value of Taxable Property (1) Last Ten Fiscal Years Fiscal Real Property Personal Property Centrally Year Assessed Value Assessed Value Assessed Property 1985 $263,922,507 $14,357,831 $479,122 1986 265,321,732 15,288,618 439,652 1987 266,968,806 14,261,806 407,057 1988 268,844,024 15,295,871 345,907 1989 269,114,947 15,284,559 576,031 1990 274,396,671 14,286,897 576,031 1991 304,247,415 13,205,137 705,348 1992 303,333,325 15,899,139 705,348 1993 296,784,956 17,956,913 705,348 1994 304,864,072 14,150,253 489,901 TABLE IV Total Assessed Value $278,759,460 281,050,002 281,637,669 284,485,802 284,975,537 289,259,599 318,157,900 319,937,812 315,447,217 319,503,326 (1) The basis of assessed value is approximately one hundred percent (100 %) of actual value. For each fiscal year ending September 30, property is valued as of January 1 st of the preceding calendar year. Source: Dade County Property Appraiser. -65- MIAMI SHORES VILLAGE, FLORIDA Property Tax Rates - Direct and Overlapping Governments Last Ten Fiscal Years (Per $1,000 of Assessed Valuation) Fiscal General Year Fund 1985 6.60 1986 7.17 1987 7.17 1988 6.995 1989 7.380 1990 8.380 1991 7.790 1992 7.990 1993 9.120 1994 8.66 South Florida Water Management District .427 .439 .513 .564 .587 .547 .547 .547 .547 .597 Source: Dade County Property Appraiser. Dade County School District -66- 7.20 7.316 7.558 7.551 7.693 8.190 8.666 8.683 9.528 9.923 TABLE V Dade County Total 9.57 23.80 10.74 25.67 10.81 26.05 10.892 26.02 10.894 26.55 11.23 28.35 12.00 29.00 12.02 29.24 11.59 30.785 11.28 30.46 TABLE VI MIAMI SHORES VILLAGE, FLORIDA Computation of Overlapping Debt Service (1) September 30, 1994 Name of Governmental Unit Net Debt Outstanding Percent Applicable to Miami Shores Village Miami Shores Village Share of Debt Metropolitan Dade County $783,311,248 .049% $ 3,383,225 (1) Source: Dade County September 30, 1993 financial statement. September 30, 1994 financial statement unavailable. -67- TABLE VII MIAMI SHORES VILLAGE, FLORIDA Demographic Statistics - Last Ten Fiscal Years September 30, 1994 Source: (1) Bureau of Economic Analysis * (Figures in 1988 and 1989 not available). (2) Dade County Planning Department. (3) Bureau of Economic and Business Research. (4) State of Florida Department of Labor and Employment. (All figures, except population, are Dade County figures; Village figures were not available.) -68- (1) (2) (3) (4) Fiscal Per Capita Median Unemployment Year Income Age Population Rate 1985 $14,918 39 9,100 7.7% 1986 15,366 39 9,050 6.5% 1987 15,689 39 9,130 5.6% 1988 15,689* 39 8,925 5.3% 1989 15,689* 39 9,061 6.4% 1990 15,892 39 10,006 6.9% 1991 17,963 35 10,084 9.3% 1992 21,428 36 10,097 11.8% 1993 18,252 36 10,125 7.1% 1994 21,452 36 10,125 4.8% Source: (1) Bureau of Economic Analysis * (Figures in 1988 and 1989 not available). (2) Dade County Planning Department. (3) Bureau of Economic and Business Research. (4) State of Florida Department of Labor and Employment. (All figures, except population, are Dade County figures; Village figures were not available.) -68- MIAMI SHORES VILLAGE, FLORIDA Property Value, Construction and Bank Deposits September 30, 1994 Construction Value TABLE VIII Property Value (2) Fiscal Bank Year Commercial Residential Deposits (1) Commercial Residential 1985 $1,050,000 $ 420,000 $10,508,703 $28,543,457 $250,216,003 1986 2,548,295 1,127,495 10,092,538 28,667,100 252,382,902 1987 2,285,076 4,465,914 14,659,605 28,724,225 252,913,444 1988 4,404,642 2,049,631 12,897,683 29,014,707 255,471,095 1989 1,496,734 2,194,491 12,258,045 29,067,505 255,908,032 1990 6,142,111 2,627,706 11,387,817 32,869,891 256,389,708 1991 1,395,011 3,027,508 11,877,335 36,142,737 282,015,163 1992 1,303,199 3,116,805 11,020,361 32,953,954 286,984,218 1993 1,439,194 6,317,638 10,425,099 31,544,721 283,902,496 1994 7,682,079 4,697,261 12,337,712 30,576,468 288,926,858 (1) Municipal Bank Deposit Records (2) Estimated Actual Value Source: Miami Shores Village and Barnett Bank -69- Principal Taxpayers September 30, 1994 Taxpayer TABLE IX MIAMI SHORES VILLAGE, FLORIDA Percentage 1994 of Total Assessed Assessed Property Owned Valuation Valuation Biscayne Kennel Club $8,248,949 2.43% Northern Trust Bank of Florida Shores Center 2,900,000 .86 Boris Moroz and Phil Glassman 9325 Block of Park Dr. Shores Point Burger King, Eckerds Drugs Tropical Chevrolet, Inc. Tropical Chevrolet Henry Everett 9600 Block of NE 2nd Avenue (and private residence) George Bennett/Bennett Electric 9500 Block of NE 2nd Avenue (and private residence) Sheila McDonald 11 Residential Property in Miami Shores NCNB National Bank NCNB Thomas T. Lin/Lihsuen Lin Hacienda Motel 9101 Biscayne Blvd Konover Properties, Inc. Shores Cinema 9800 Block of NE 2nd Avenue (and private residence) Source: Miami Shores Village Finance Department -70- 2,221,472 .66 1,588,450 .49 1,537,250 .45 1,444,929 .43 1,229,055 .36 1,080,988 .32 868,068 .26 854.335 .25 $..19 � 6.48% MIAMI SHORES VILLAGE, FLORIDA Miscellaneous Statistics September 30, 1994 TABLE X Date of Incorporation 1932 Form of Government Council/Manager Population 10,125 Area 2' /s square miles Miles of Streets 40 Number of Street Lights 1,038 Fire Protection: Number of Stations I Number of Firemen and Officers (operated by Dade County) 7 Police Protection: Number of Stations I Number of Policemen and Officers 33 Education: 1. University: Number of Classrooms 132 Number of Teachers 556 Number of Students 7,692 2. Elementary School: Number of Classrooms 79 Number of Teachers 120 Number of Students 1,507 3. Preschool and Centers: Number of Classrooms 17 Number of Teachers 38 Number of Students 296 Recreation/Culture Number of Parks 3 Number of Libraries I Number of Volumes 58,900 -71- Supplementary Auditor's Reports Section RACHLIN & COHEN 1320 South Dixie Highway CERTIFIFD PUBLIC ACCOUNTANTS & CONSULTANTS 700 Southeast Third Avenue Penthouse A PAR,rNERSHre OF PROFESSIONAL AmOCIATnONS Suite 400 Coral Gables, Florida 33146 -2964 Dade (305) 667 -0412 Ft. Lauderdale, Florida 33316 -1102 Fax (305) 665 -7456 Broward (305) 764 -7717 Fax (305) 764 -7835 Independent Auditor's Report on Internal Control Structure In Accordance with Government Auditing Standards Honorable Mayor and Village Council Miami Shores Village, Florida We have audited the general purpose financial statements of Miami Shores Village, Florida (the "Village "), as of and for the year ended September 30, 1994 and have issued our report thereon dated November 16, 1994. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. In planning and performing our audit of the general purpose financial statements of the Village for the year ended September 30, 1994, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the general purpose financial statements and not to provide assurance on the internal control structure. The management of the Village is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. -73- Member of Summit International Associates, Inc. with offices in principal cities throughout the world. Member of the American Institute of Ccrtified Public Accountants Division for SEC Practice Section and the Private companies Practice Section Member of the Florida Institute of Certified Public Accountants Honorable Mayor and Village Council Miami Shores Village, Florida Page Two For the purpose of this report, we have classified the significant internal control structure policies and procedures in the following categories: • Cash and Investments • Revenues and Receivables • Payables and Accrued Liabilities • Property and Equipment • Payroll For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation and we assessed control risk. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that errors and irregularities in amounts that would be material in relation to the general purpose financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operations that we consider to be material weaknesses as defined above. This report is intended for the information of the Mayor, Village Council, Village Management and grantor agencies. However, this report is a matter of public record and its distribution is not limited. I /'�^-- Coral Gables, Florida November 16, 1994 -74- RACHLIN & COHEN 1320 South Dixie IIighway CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS Penthouse A PARTNERSHIP OF PROFESSIONAL, AssocIATIONS Coral Gables, Florida 33146 -2964 Dade (305) 667 -0412 Fax (305) 665 -7456 Broward (305) 764 -7717 Independent Auditor's Report on Compliance in Accordance with Government Auditing Standards Honorable Mayor and Village Council Miami Shores Village, Florida 700 Southeast Third Avenue Suite 400 Pt. Lauderdale, Florida 33316 -1102 Fax(305)764 -7835 We have audited the general purpose financial statements of Miami Shores Village, Florida (the "Village "), as of and for the year ended September 30, 1994 and have issued our report thereon dated November 16, 1994. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Compliance with laws, regulations, contracts and grants applicable to the Village is the responsibility of the Village's management. As part of obtaining reasonable assurance about whether the general purpose financial statements are free of material misstatement, we performed tests of the Village's compliance with certain provisions of laws, regulations, contracts and grants. However, the objective of our audit of the general purpose financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. The results of our tests indicate that, with respect to the items tested, the Village complied in all material respects with the provisions referred to in the preceding paragraph. With respect to items not tested, nothing came to our attention that caused us to believe that the Village had not complied, in all material respects, with those provisions. This report is intended for the information of the Mayor, Village Council, Village Management, and grantor agencies. However, this report is a matter of public record and its distribution is not limited. I - - M Coral Gables, Florida November 16, 1994 -75- Member of Summit International Associates, Inc. with offices in principal cities throughout the world. Member of the American Institute of Certified Public Accountants Division for SEC Practice Section and the Private Companies Practice Section Member of the Florida Institute of Certified Public Accountants RACHLIN & COHEN 1320 South Dixie Highway CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS Penthouse A PARTNERSHIP OF PROFESSIONAL AssoCIATIONs Coral Gables, Florida 33146 -2964 Dade (305) 667 -0412 Fax (305) 665 -7456 Broward (305) 764 -7717 Management Letter Honorable Mayor and Village Council Miami Shores Village, Florida 700 Southeast Third Avenue Suite 400 Ft. Lauderdale, Florida 33316 -1102 Fax (305) 764 -7835 We have audited the general purpose financial statements of Miami Shores Village, Florida (the "Village "), as of and for the year ended September 30, 1994 and have issued a report thereon dated November 16, 1994. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. In connection with our audit of the general purpose financial statements of the Village for the year ended September 30, 1994, we report the following in accordance with Chapter 10.550 Rules of the Auditor General Local Governmental Entity Audits which requires that this report specifically address but not be limited to the matters outlined in Rule 10.554(lxf): No irregularities were reported in the preceding annual financial audit. 2. The Village, during fiscal year 1994, was not in a state of financial emergency as defined by Florida Statute, Section 218.503 (1). During the course of our audit, nothing came to our attention that caused us to believe that the Village: a. Was in violation of any laws, rules or regulations. b. Made any illegal or improper expenditures. C. Had improper or inadequate accounting procedures. d. Failed to record financial transactions which could have a material effect on the Village's general - purpose financial statements. e. Had other inaccuracies, irregularities, shortages and defalcations. Member of Summit International Associates, Inc. wit!7(fiTces in principal cities throughout the world. Member of the American Institute of Certified Public Accountants Division for SEC Practice Section and the Private Companies Practice Section Member of the Florida Ins ti ELI tc of Certified Public Accountants Honorable Mayor and Village Council Miami Shores Village, Florida Page Two Our audit was not directed primarily toward obtaining knowledge toward all possible improprieties and, accordingly, our study was limited as described in the second paragraph of this report. 4. The financial report for the year ended September 30, 1994 has been filed with the Department of Banking and Finance pursuant to Section 218.32 Florida Statutes and is in agreement with the financial audit report for the same period. This report is intended for the information of Mayor, Village Council, Village Management, and the Auditor General of the State of Florida. However, this report is a matter of public record and its distribution is not limited. 444.1-- 46-ItA- Coral Gables, Florida November 16, 1994 -77- RAGHLIN & COHEN 1320 South Dixie Highway CER'FIFIED PUBLIC ACCOUNTAN'T'S & CONSULTANTS 700 Southeast Third Avenue Penthouse A PARTNERSHIP or PROFESSIONAL AssocIATIONS Suite 400 Coral Gables, Florida 33146 -2964 Dade (305) 667 -0412 Ft. Lauderdale, Florida 33316 -1102 Fax (305) 665 -7456 Broward (305) 764 -7717 Fax (305) 764 -7835 Independent Auditor's Report on Supplementary Schedule of Federal Financial Assistance Honorable Mayor and Village Council Miami Shores Village, Florida We have audited the general purpose financial statements of the Miami Shores Village, Florida (the "Village "), as of and for the year ended September 30, 1994, and have issued our report thereon dated November 16, 1994. These general purpose financial statements are the responsibility of the Village's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, and GovernmentAuditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Our audit was made for the purpose of forming an opinion on the general purpose financial statements of the Village taken as a whole. The accompanying Schedule of Federal Financial Assistance is presented for purposes of additional analysis and is not a required part of the general purpose financial statements. The information in that schedule has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly presented in all material respects in relation to the general purpose financial statements taken as a whole. g,&,- .,� 104, Coral Gables, Florida November 16, 1994 Member of Summit International Associates, Inc. w.i7&fices in principal cities throughout the world. Member of the American Institute of Certified Public Accountants Division for SEC Practice Section and the Private Companies Practice Section Member of the Florida Institute of Certified Public Accountants MIAMI SHORES VILLAGE, FLORIDA Schedule of Federal Financial Assistance Fiscal Year Ended September 30, 1994 Federal Grantor/Pass- through Grantor/ Federal Pass- through Disbursement/ Program Title CFDA N2 Grantor's N° Expenditures Non -Major Programs: Federal Emergency Management Agency 83.516 93E0- 1R- 11 -23 -02 -013 $242,609 Disaster Assistance Program Passed Through State of Florida Department of Community Affairs. Blue Halo Grant (1) (2) 18,422 Total Federal Assistance Expended $26� (1) CFDA N2 is not available (2) Miami Shores Village is a sub - recipient through the City of North Miami Beach, Florida -79- RACHLIN & COHEN 1320 South Dixie Highway CER'T'IFIED PUBLIC ACCOUNTANTS & CONSULTANTS g A PARTNERSHIP OF PROFESSIONAL, ASsocIATtONS 700 Southeast Third Avenue Penthouse Suite 400 Coral Gables, Florida 33146 -2964 Dade (305) 667 -0412 Ft. Lauderdale, Florida 33316 -1102 Fax (305) 665 -7456 Broward (305) 764 -7717 Fax (305) 764 -7835 Independent Auditor's Report on the Internal Control Structure Used In Administering Federal Financial Assistance Programs Honorable Mayor and Village Council Miami Shores Village, Florida We have audited the general purpose financial statements of Miami Shores Village, Florida (the "Village "), as of and for the year ended September 30, 1994, and have issued our report thereon dated November 16, 1994. We have also audited the Village's compliance with requirements applicable to federal financial assistance programs and have issued our report thereon dated November 16, 1994. We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and Office of Management and Budget ("OMB ") Circular A -128, "Audits of State and Local Governments." Those standards and OMB Circular A -128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement and about whether the Village complied with laws and regulations, noncompliance with which would be material to a federal financial assistance program. In planning and performing our audit for the year ended September 30, 1994, we considered the Village's internal control structure in order to determine our auditing procedures for purpose of expressing our opinion on the Village's general purpose financial statements and on its compliance with requirements applicable to major programs and to report on the internal control structure in accordance with OMB Circular A -128. This report addresses our consideration of internal control structure policies and procedures relevant to compliance with requirements applicable to federal financial assistance programs. We have addressed internal control structure policies and procedures relevant to our audit of the general purpose financial statements in a separate report dated November 16, 1994. The management of the Village is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of general purpose financial statements in accordance with generally accepted accounting principles, and that federal financial assistance programs are managed in compliance with applicable laws and regulations. Because of inherent limitations in any internal control structure, errors, irregularities, or instances of noncompliance may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. -80- Member of Summit International Associates, Inc. with offices in principal cities throughout the world. Member of the American Institute of Certified Public ACCOnncants Division for SEC Practice Section and the Private Companies Practice Section Member of the Florida Institute of Certified Public Accountants Honorable Mayor and Village Council Miami Shores Village, Florida Page Two For the purpose of this report, we have classified the significant internal control structure policies and procedures used in administering federal financial assistance programs in the following categories: Activity Cycles • Cash • Disbursements • External Financial Reporting General requirements • Political activity • Civil rights • Cash management • Federal financial reports • Allowable costs /Cost principles • Drug -free workplace • Administrative requirements Specific requirements • Types of services • Eligibility • Matching, level of effort • Reporting • Cost allocation • Monitoring subrecipients Claims for advances and reimbursements Amounts claimed or used for matching For all of the internal control structure categories listed above, we obtained an understanding of the design of relevant policies and procedures and determined whether they have been placed in operation, and we assessed control risk. During the year ended September 30,1994, the Village expended 100% of its total federal financial assistance under federal financial assistance programs. We performed tests of controls, as required by OMB Circular A -128, to evaluate the effectiveness of the design and operation of internal control structure policies and procedures that we considered relevant to preventing or detecting material noncompliance with specific requirements, general requirements, and requirements governing claims for advances and reimbursements and amounts claimed or used for matching that are applicable to the Village's federal financial assistance program, which are identified in the accompanying Schedule of Federal Financial Assistance. Our procedures were less in scope than would be necessary to render an opinion on these internal control structure policies and procedures. Accordingly, we do not express such an opinion. -81- Honorable Mayor and Village Council Miami Shores Village, Florida Page Three Our consideration of the internal control structure policies and procedures used in administering federal financial assistance would not necessarily disclose all matters in the internal control structure that might constitute material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control structure elements does not reduce to a relatively low level the risk that noncompliance with laws and regulations that would be material to a federal financial assistance program may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operations that we consider to be material weaknesses as defined above. This report is intended for the information of the Mayor, Village Council, Village Management and grantor agencies. However, this report is a matter of public record and its distribution is not limited. &Wu" d4&- Coral Gables, Florida November 16, 1994 -82- RACHLIN & COHEN 1320 South Dixie Highway CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS 700 Southeast Third Avenue Penthouse A PARTNERSHIP a, PROFES.SIONM. AssocrATloNS Suite 400 Coral Gables, Florida 33146 -2964 Dade (305) 667 -0412 Ft. Lauderdale, Florida 33316 -1102 Fax (305) 665 -7456 Broward (305) 764 -7717 Fax (305) 764 -7835 Independent Auditor's Report on Compliance with the General Requirements Applicable to Federal Financial Assistance Programs Honorable Mayor and Village Council Miami Shores Village, Florida We have audited the general purpose financial statements of Miami Shores Village, Florida (the "Village "), as of and for the year ended September 30, 1994, and have issued our report thereon dated November 16, 1994. We have applied procedures to test the Village's compliance with the following requirements applicable to its federal financial assistance programs, which are identified in the Schedule of Federal Financial Assistance for the year ended September 30, 1994. The general requirements tested included Political Activity; Civil Rights; Cash Management; Federal Financial Reports; Allowable costs/Cost principles; Drug -Free Workplace, and Administrative Requirements. Our procedures were limited to the applicable procedures described in the Office of Management and Budget's Compliance Supplement for Single Audits of State and Local Governments. Our procedures were substantially less in scope than in an audit, the objective of which is the expression of an opinion on the Village's compliance with the requirements listed in the preceding paragraph. Accordingly, we do not express such an opinion. With respect to the items tested, the results of those procedures disclosed no material instances of noncompliance with the requirements listed in the second paragraph of this report. With respect to items not tested, nothing came to our attention that caused us to believe that the Village had not complied, in all material respects, with those requirements. This report is intended for the information of the Mayor, Village Council, Village Management, and grantor agencies. However, this report is a matter of public record and its distribution is not limited. Coral Gables, Florida November 16, 1994 -83- Member of Summit Intc'national Associates, Inc. with offices in principal cities throughout the world. Member of the American Institute of Certified Public Accountants Division for SEC Practice Section and the Private Companies Practice Section Member of the Florida Institute of Certified Public Accountants RACHLIN & COHEN 1320 South Dixie Highway CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS 700 Southeast Third Avenue Penthouse A I'AirrNaRSUU' oF' PRODHSSIONAI. Associxr1ONS Suite 400 Coral Gables, Florida 33146 -2964 Dade (305) 667 -0412 Ft. Lauderdale, Florida 33316 -1102 Fax (305) 665 -7456 Broward (305) 764 -7717 Fax (305) 764 -7835 Independent Auditor's Report on Compliance with Specific Requirements Applicable to Federal Financial Assistance Programs Honorable Mayor and Village Council Miami Shores Village, Florida We have audited the general purpose financial statements of Miami Shores Village, Florida (the "Village "), as of and for the year ended September 30, 1994 and have issued our report thereon dated November 16, 1994. We have also audited the Village's compliance with the requirements governing types of services allowed or unallowed; eligibility; matching and reporting; claims for advances and reimbursements; and amounts claimed or used for matching, which is identified in the Schedule of Federal Financial Assistance for the year ended September 30, 1994. The management of the Village is responsible for the Village's compliance with those requirements. Our responsibility is to express an opinion on compliance with those requirements based on the audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and OMB Circular A -128, "Audits of State and Local Governments ". Those standards and OMB Circular A -128 require that we plan and perform the audit to obtain reasonable assurance about whether material noncompliance with the requirements referred to above occurred. An audit includes examining, on a test basis, evidence about the Village's compliance with those requirements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the Village, complied, in all material respects, with the requirements governing types of services allowed or unallowed; eligibility; matching and reporting; claims for advances and reimbursements; and amounts claimed or used for matching that are applicable to each of its federal financial assistance programs for the year ended September 30, 1994. This report is intended for the information of the Mayor, Village Council, Village Management and grantor agencies. However, this report is a matter of public record and its distribution is not limited. 94A.1- t' edoo, -- Coral Gables, Florida November 16, 1994 Member of Summit International Associates, Inc. with offices in principal cities throughout the world. Mein ber of the American Institute of Certified Public Accountants Division for SEC Practice Section and the Private Companies Practice Section Mcmbcr of the Florida Institute_cg4ertified Public Accountants