1995MIAMI SHORES VILLAGE
Financial
Report
FISCAL YEAR ENDED SEPTEMBER 30, 1995
MIAMI SHORES VILLAGE, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1995
Prepared by:
THE FINANCE DEPARTMENT
Patricia Varney, CGFO
Finance Director
MIAMI SHORES VILLAGE, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1995
TABLE OF CONTENTS
INTRODUCTORY SECTION
PAGE
Letter of Transmittal 1
Village Officials 8
Organization Chart 9
Certificate of Achievement for Excellence in Financial Reporting 10
FINANCIAL SECTION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 11
General Purpose Financial Statements (Combined Statements - Overview)
Combined Balance Sheet - All Fund Types and Account Groups
12
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - All Governmental Fund Types and Expendable
Trust Funds
14
Combined Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual - All Budgeted Governmental Fund Types
15
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings/Fund Balances - All Proprietary Fund Types
and Pension Trust Funds
16
Combined Statement of Cash Flows - Proprietary Fund Types
17
Notes to Financial Statements
18
Required Supplementary Information
36
Combining, Individual Fund and Account Group Financial Statements and Schedules
GOVERNMENTAL FUND TYPES
General Fund:
Comparative Balance Sheets 39
Comparative Statements of Revenues, Expenditures and Changes in Fund Balance 40
Schedule of Revenues and Expenditures - Budget and Actual 41
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
PAGE
Combining, Individual Fund and Account Group Financial Statements
and Schedules, Continued
GOVERNMENTAL FUND TYPES
Capital Projects:
Comparative Balance Sheets 44
Comparative Statements of Revenues, Expenditures and Changes in
Fund Balance 45
PROPRIETARY FUND TYPES
Enterprise:
Comparative Balance Sheets 46
Comparative Statements of Revenues, Expenses and Changes in
Retained Earnings 47
Internal Service:
Comparative Balance Sheets 48
Comparative Statements of Revenues, Expenses and Changes in
Retained Earnings 49
FIDUCIARY FUND TYPES
Trust and Agency Funds:
Combining Balance Sheet - Trust and Agency Funds
50
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance - Expendable Trust Funds
51
Combining Balance Sheets - Pension Trust Funds
52
Combining Statement of Revenues, Expenses and Changes
in Fund Balance - Pension Trust Funds
53
Statement of Changes in Assets and Liabilities - Deferred
Compensation Fund
54
GENERAL FIXED ASSETS ACCOUNT GROUP
Schedule of General Fixed Assets - By Source 55
Schedule of General Fixed Assets - By Function and Activity 56
Schedule of Changes in General Fixed Assets - By Function
and Activity 57
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
STATISTICAL SECTION
PAGE
Table I
- General Governmental Expenditures by Function -
Last Ten Fiscal Years
58
Table II
- General Revenues by Source - Last Ten Fiscal Years
59
Table III
- Property Tax Levies and Collections - Last Ten Fiscal Years
60
Table IV
- Assessed Value of Taxable Property - Last Ten Fiscal Years
61
Table V
- Property Tax Rates - Direct and Overlapping Governments -
Last Ten Fiscal Years
62
Table VI
- Computation of Overlapping Debt Service
63
Table VII
- Demographic Statistics - Last Ten Fiscal Years
64
Table VIII
- Property Value, Construction and Bank Deposits -
Last Ten Fiscal Years
65
Table IX
- Principal Taxpayers
66
Table X
- Miscellaneous Statistics
67
SUPPLEMENTARY AUDITOR'S REPORTS SECTION
Report of Independent Certified Public Accountants on Internal Control
Structure in Accordance With Government Auditing Standards 68
Report of Independent Certified Public Accountants on Compliance with Laws
and Regulations in Accordance With Government Auditing Standards 70
Management Letter
71
Recommendations to Improve Internal Accounting Controls and Administrative
Efficiency 73
10050 N.E. SECOND AVENUE
I SHORES. FLORIDA 33138.2
November 17, 1995
Village Council
Miami Shores Village
Miami Shores, FL 33138
Dear Council Members:
:PARTMENT
TELEPHONE (305) 795-2209
FAX (305) 756-8972
Submitted herewith is the Comprehensive Annual Financial Report of Miami Shores Village, Florida (the
"Village ") for the fiscal year ending September 30, 1995 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 & Holtz,
Certified Public Accountants, have concurred in issuing an unqualified opinion on the financial statements as
presented herein.
114-
This report consists of four sections. The Introductory Section contains names of the 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 Report of Independent Certified Public Accountants on the General
Purpose Financial Statements, Notes to the Financial Statements and Required Supplementary Information
for all funds and account groups which disclose the financial position and results of operations for the 1994-
1995 fiscal year. The presentation of this financial report is being made in accordance with generally
accepted accounting principles for 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.
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 10,125 residents. In
addition, during the school year, the Village also provides services for an additional 7,048 college students.
The Council appoints the Village Manager, who is the chief administrative officer of the Village and is
responsible for implementing policies adopted by the Village Council.
This report includes all funds and account groups for which the Village is financially accountable. The
criteria used in determining the reporting entity are consistent with Governmental Accounting Standards
Board (GASB) Statement No. 14, The Financial Reporting Entity.
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.
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
1995. The average yields on maturing investments during the year ranged from 4.30% to 5.83 %, producing
interest earnings for the year of $232,114, excluding the Village's Pension Fund.
GENERAL GOVERNMENT FUNCTIONS
REVENUES
General Fund revenues amount to $7,965,317 for the period, an increase of 1.4% over the previous fiscal
year. General property taxes produced 35% 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:
-2-
Three revenue sources experienced significant increases and one revenue source experienced a significant decrease
during FY 1995. The increase in taxes is mainly due to increase in property value as the Village levied the same
millage rate as FY 1994. Increase in intergovernmental revenue is due to a full year revenue of the five cent
gasoline tax and the Comprehensive Plan Grant. The charges for services increased due to an increase in revenue
in recreational fees and activities. The decrease in miscellaneous revenue is due to FEMA reimbursement for
Hurricane Andrew.
EXPENDITURES
Operating expenditures in the General Fund for governmental purposes amounted to $7,290,102, a decrease of
2.4% over the preceding year. The expenditures for the major functions of the Village are shown in the following
tabulation (includes capital outlay by department):
1994
1995
Increase
Percent
Percent
(Decrease)
Revenue Sources
Amount
to Total
Amount
to Total
over 1994
Taxes (all sources)
$4,044,767
51.5%
$4,151,583
52.1%
106,816
Licenses and Permits
182,425
2.3
175,278
2.2
<7,147>
Intergov'tal Revenue
1,026,376
13.1
1,097,505
13.8
71,129
Charges for Services
1,790,393
22.8
1,902,751
23.9
112,358
Fines and Forfeitures
155,926
2.0
204,701
2.6
48,775
Miscellaneous Revenue
655.717
8.3
433.319
5.4
<222.398>
TOTALS
$7,855,604
100.0%
$7,965,137
100.0%
$109,533
Three revenue sources experienced significant increases and one revenue source experienced a significant decrease
during FY 1995. The increase in taxes is mainly due to increase in property value as the Village levied the same
millage rate as FY 1994. Increase in intergovernmental revenue is due to a full year revenue of the five cent
gasoline tax and the Comprehensive Plan Grant. The charges for services increased due to an increase in revenue
in recreational fees and activities. The decrease in miscellaneous revenue is due to FEMA reimbursement for
Hurricane Andrew.
EXPENDITURES
Operating expenditures in the General Fund for governmental purposes amounted to $7,290,102, a decrease of
2.4% over the preceding year. The expenditures for the major functions of the Village are shown in the following
tabulation (includes capital outlay by department):
The increase in General Government is partly due to reallocation of costs. In FY 1995, all personnel advertising
and pre - employment physical and drug screening costs were expended under the Personnel, Department. In the
past, these costs had been allocated to individual departments. In FY 1995, the Village employed a Marketing
Director to promote the Village. Further, because the PBA contract was re- negotiated, the Village incurred more
legal costs.
-3-
1994
1995
Increase
Percent
Percent
(Decrease)
Expenditures
Amount
to Total
Amount
to Total
over 1994
General Government
$ 874,672
11.7%
$ 969,777
13.3%
$ 95,105
Public Safety
2,795,714
37.4
2,871,445
39.4
75,731
Public Services
1,970,318
26.4
2,064,994
28.3
94,676
Culture/Recreation
1,437,683
19.3
1,358,698
18.6
< 78,985>
Debt Service
388.854
5.2 -
25.188
0.4
<363,666>
TOTALS
$7,467,241
100.0%
$7,290,102
100.0%
$ <177,139>
The increase in General Government is partly due to reallocation of costs. In FY 1995, all personnel advertising
and pre - employment physical and drug screening costs were expended under the Personnel, Department. In the
past, these costs had been allocated to individual departments. In FY 1995, the Village employed a Marketing
Director to promote the Village. Further, because the PBA contract was re- negotiated, the Village incurred more
legal costs.
-3-
The increase in the Public Safety is partly due to an increase in pension benefits for the Police Officers, salary for
the Community Affairs Specialist and the expenditures incurred from the Comprehensive Plan Grant. As for the
increase in Public Services, this is mainly due to the funding of the Assistant Public Works Director and to all
vehicle maintenance costs being expended under the Motor Pool. In previous years, the expenditures were
allocated under each department. The Village paid off its ten year loan in FY 1994, thus reducing the Debt Service
in FY 1995.
Total fund balance of the General Fund at September 30, 1995 was $1,855,153 as compared to $1,752,357 at
September 30, 1994. Presented below is an analysis of General Fund expendable resources designated for capital
outlay at September 30, 1995:
TOTAL FUND BALANCE - SEPTEMBER 30, 1995 $ 1,855,153
Less:
Fund Balance - reserved for encumbrances 329,950
Reserved for Prepaid Costs 32,402
Unreserved fund balance maintained for emergencies and contingencies 745,434
Designated for Future Use 277,068
Designated for Parks & Recreation 138.315
SUBTOTAL - DESIGNATED FOR CAPITAL OUTLAY $331,984
Less:
Other asset balances included in fund balance which do not represent
expendable resources - Inventories (gasoline, oil and recreation items
for resale). 40,582
EXPENDABLE RESOURCES AVAILABLE FOR CAPITAL OUTLAY S12L402
CAPITAL PROJECTS FUND
In fiscal year 1991, the Village began the Capital Projects Fund. In fiscal year 1995, $572,239 was transferred
from the General Fund to the Capital Projects Fund for funding of acquisition of equipment, construction of
capital facilities, and to set up commitments for future projects.
Expenditures Amount
General Government
$ 33,208
Public Safety
116,543
Public Services
326,793
Culture/Recreation
108,136
Debt Service
52,556
-4-
PROPRIETARY OPERATIONS
ENTERPRISE FUND
In Fiscal Year 1992, the Village negotiated an interlocal agreement to participate in Dade County's stormwater
utility system. The first billing from Dade County to all users was in July 1993 and was assessed at $2.50 per
Equivalent Residential Unit. As of September 30, 1995, the Stormwater Utility Fund has a fund balance of
$174,748. Capital outlay will begin in FY96.
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
maximum risk of loss is $350,000 per year. The Village performed an actuarial study in FY95. The excess
coverage premiums, state fees, management fees, claims and recording of incurred but not reported (IBNR) claims
in FY 1995 totaled $673,857. As of September 30, 1995 $513,566 was reserved for IBNR, $140,926 was
reserved to settle claims, resulting in a fund equity of $137,321.
GENERAL FIXED ASSETS ACCOUNT GROUP
As of September 30, 1995, the General Fixed Assets account group includes all assets used in performance of
general governmental functions and the Miami Shores 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 recorded until September 30, 1989. A total of $1,347,119 of 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, 1995, the Village's General Fixed Assets amount to $7,926,378. The total amount
represents the original cost or estimated cost of the assets and bears no relation to their fair market 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, Pension Fund revenues were derived from State of Florida contributions for police officers of
$22,271, employee contributions of $202,629, Village contributions of $225,844 and net investment earnings of
$1,808,374. Fund balance at the end of the year amounted to $10,871,843, as compared to $9,155,034 for the
preceding year.
-5-
DEBT ADMINISTRATION
In 1991, the City issued revenue bonds to fund the purchase of a streetsweeper at $83,782; crosswalk paving at
$60,000 and the driving range project of $30,000. These bonds will be paid off by October 1, 1997.
RISK MANAGEMENT
Since fiscal year 1990, Miami Shores Village has been functioning under a protected self - insurance program.
Under the program, the City paid $274,296 in premiums and administrative fees for FY 1995 and experienced
claims of $399,561 for fiscal year 1995.
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 in an
unfavorable position with respect to future tax revenues. The Village currently levies a millage rate of 8.493,
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, primarily includes small office buildings. The Village has hired a
Marketing Director in Fiscal Year 1995 to promote Miami Shores Village hoping to attract quality business and
residents to the Village.
The Village Administration is investigating the possibility of annexing neighborhood unincorporated areas to
generate.Additional revenue for the Village. The Village is also looking into the feasibility of contracting police
services for Barry University.
MAJOR PROJECTS COMPLETED IN FY 1995
The Village Marketing Department has completed a Public Relations and Communications Plan to
promote awareness and understanding of Village services, projects and programs to the public.
2. An inventory of the N.E. 2nd Avenue Business district has been completed, which includes the size and
cost per square foot of all current vacancies.
3. The Village has updated its computer system, including conversion to a PC network utilizing new
technology such as Windows, Lotus, Page Maker, etc...
4. All sidewalks in the business district were presurre cleaned, dozens of street signs were installed and new
Village Hall and Library monument signs were installed.
S2
MAJOR PROJECTS SCHEDULED IN FY 1996
The purchase and renovation of 9990 N.E. 2nd Avenue for the police department is expected to be
completed in FY 1996.
2. Continuation on the renovation and improvement of the ten -year swimming pool project that was adopted
by the Council in 1990.
Conversion of the Village's main computer system from a main frame to a PC system.
4. Purchase of a new communication system for the Police Department.
Sidewalk repairs and street resurfacing in certain sections of the Village.
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, 1994. 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 the GFOA to determine
its eligibility for September 30, 1995.
ACKNOWLEDGEMENTS
A Comprehensive Annual Financial Report of this nature could not have been prepared without the dedicated
efforts of all staff members concerned. 1 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 & Holtz for their
professional approach and high standards in the conduct of their independent audit of the Village's financial
records and transactions.
Respectfully submitted,
rD
Patricia Varney, CGFO
Finance Director
Bra
MIAMI SHORES VILLAGE, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SEPTEMBER 30, 1995
VILLAGE OFFICIALS
MAYOR
Lou Imburgia
VILLAGE COUNCIL
Mary Ross Agosta
Michael H. Boyle
William J. Heffernan
Cesar Sastre
VILLAGE MANAGER
Michael R. Couzzo, Jr.
FINANCE DIRECTOR
Patricia Varney
VILLAGE ATTORNEY
William F. Fann, Jr.
VILLAGE AUDITORS
Rachlin Cohen & Holtz
-8-
MIAMI SHORES VILLAGE
ORGANIZATION CHART
1994 -1995
VILLAGE CITIZENS
VILLAGE ATTORNEY VILLAGE COUNCIL
BOARDS
Handicapped Services
MAYOR LOU IMBURGIA
Planning & Zoning
Pension
VICE MAYOR CESAR SASTRE
Personnel Appeals
COUNCILMAN WILLIAM HEFFERNAN
Code Enforcement
COUNCILMAN MICHAEL BOYLE
Historic Preservation
COUNCILWOMAN MARY ROSS AGOSTA
Library
Fine Arts
Recreation Advisory
Country Club Advisory
Beautification Advisory
VILLAGE CLERK
POLICE PUBLIC
DEPARTMENT I I I WORKS
VILLAGE MANAGER
FINANCE DIRECTOR
5/0
I
RECREATION LIBRARY
e/rn• alb
BUILDING b• I I HUMAN I I CODE I I MARKETINGO
ZONING RESOURCES COMPLIANCE
2/0 1/1 310
General Fund: 116/88 (Number of Full Time/Part Time Personnel)
Plus 20 Independent Contractors - Swim Tam Coaches, Tennis Pro & Instructors
•• Plus three Independent Contract Inspectors
-9-
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, 1994
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.
-10-
President
Executive Director
RACHLIN COHEN & HOLTZ
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A PARTNERSHIP INCLUDING PROFESSIONAL ASSOCIATIONS
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Honorable Mayor, Village Council and Village Manager
Miami Shores Village, Florida
We have audited the general purpose financial statements of Miami Shores Village, Florida (the "Village ")
as of September 30, 1995 and for the year then ended, as listed in the table of contents. 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 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.
In our opinion, the general purpose financial statements referred to above present fairly, in all material
respects, the financial position of the Village at September 30, 1995 and the results of its operations and
cash flows of its proprietary fund types for the year then ended, in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report dated November 17, 1995
on our consideration of the Village's internal control structure and a report dated November 17, 1995 on
its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements
taken as a whole. The combining, individual fund and account group financial statements and schedules
for the year ended September 30, 1995 as 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 the Village. 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.
-11-
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
Coral Gables, Florida
November 17, 1995
1320 South Dixie Hwy.
100 South Biscayne Blvd.
700 Southeast Third Ave. 1900 Corporate Blvd.
Penthouse
Suite 1201
Third Floor Suite 305 West
Coral Gables, Florida 33146
Miami, Florida 33131
Ft. Lauderdale, Florida 33316 Boca Raton, Florida 33431
Dade (305) 667 -0412
Dade (305) 377 -4228
Broward (305) 525 -1040 Phone (407) 989 -8788
Fax (305) 665 -7456
Fax (305) 377 -8331
Fax (305) 525 -2004
-11-
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
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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, 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1994)
Proprietary
Fund
Types
Fiduciary
Fund
Types
Internal
Enterprise Service
Self Pension
Stormwater Insurance Trust
Totals
(Memorandum Only)
1995 1994
Operating Revenues:
Charges for services
$134,237
$ 491,000
$ -
$ 625,237
$ 618,341
Contributions
-
-
450,744
450,744
450,537
Investment earnings (loss)
-
-
1,808,374
1,808,374
(113,099)
Total operating revenues
134,237
491,000
2,259,118
2,884,355
955,779
Operating expenses:
Insurance expenses
-
673,857
-
673,857
549,397
Personnel expenses
28,818
-
-
28,818
28,818
Administrative and general
17,502
-
95,195
112,697
115,926
Benefit payments and refunds
-
-
447,114
447,114
419,749
Total operating expenses
46,320
673,857
542,309
1,262,486
1,113,890
Operating income (loss)
87,917
(182,857
1,716,809
1,621,869
(158,111)
Non - operating revenues:
Interest income
6,274
45,776
52,050
30,010
Total non - operating revenues
6,274
45,776
52,050
30,010
Net income (loss)
94,191
(137,081)
1,716,809
1,673,919
(128,101)
Retained earnings /fund balances,
Beginning
80,557
274,402
9,155,034
9,509,993
9,638,094
Retained earnings /fund balances,
Ending
$174,748
$ 137,321
$10,871,843
$11,183,912
$9,509,993 _
See notes to financial statements.
-16-
MIANU SHORES VILLAGE, FLORIDA
COMBINED STATEMENT OF CASH FLOWS
PROPRIETARY FUND TYPES
FISCAL YEAR ENDED SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1994)
Cash Flows from Investing Activities:
Investment income
Enterprise
Internal
52,050
Totals
Net cash provided by investing activities
Fund
Service Fund
(Memorandum Only)
30,010
Net increase in cash and cash equivalents
Self
103,507
171,838
126,240
Stormwater
Insurance
1995
1994
Cash Flows from Operating Activities:
Cash and cash equivalents, Ending
$121,888
$802,675
$924,563
Operating income (loss)
$ 87,917
$082,857 )
$(94,940
$ 11,500
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Changes in assets and liabilities:
Increase (decrease) in miscellaneous
receivables
(25,860)
1,109
(24,751)
(9,109)
Increase in accounts payable and accrued
liabilities
-
7,435
7,435
823
Increase in estimated claims insurance
-
232,044
232,044
93,016
Total adjustments
2( 5,860)
240,588
214,728
84,730
Net cash provided by operating activities
62,507
57,731
119,788
96,230
Cash Flows from Investing Activities:
Investment income
6,274
45,776
52,050
30,010
Net cash provided by investing activities
6,274
45,776
52,050
30,010
Net increase in cash and cash equivalents
68,331
103,507
171,838
126,240
Cash and cash equivalents, Beginning
53,557
699,168
752,725
626,485
Cash and cash equivalents, Ending
$121,888
$802,675
$924,563
$752,725
See notes to financial statements.
-17-
NOTES
i
TO
FINANCIAL
STATEMENTS
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30 ,1995
NOTE 1. 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.
In accordance with generally accepted accounting principles, these financial statements present the
government and its organizations for which the government is considered to be financially accountable.
Financial accountability includes (1) the appointment of a voting majority of the organization's
governing body, (2) the ability of the primary government to impose its will on the organization,
or (3) if there is a financial benefit/burden relationship. In addition, an organization which is fiscally
dependent on the primary government should be included in its reporting entity.
As of September 30, 1995, there were no organizations that met the requirements described above.
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 of the Village in accordance
with generally accepted accounting principles as prescribed by the Governmental Accounting Standards
Board (GASB). 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.
-18-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. Basis of Presentation
Proprietary Fund Types
The Enterprise Fund 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 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 current financial resources
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 on a flow of economic
resources 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.
-19-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3. Measurement Focus
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 Fixed Assets Account Group and General Long -Term Debt Account Group 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, that is
when they become both 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.
For proprietary funds, the Village has elected to follow all FASB pronouncements issued on or
before November 30, 1989 except for those that are contradicted by a GASB pronouncement.
The Village's Fiduciary fund types (Expendable Trusts and Agency Funds) are accounted for on
the modified accrual basis.
-20-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
5. Deposits and Investments
The Village maintains a pooled cash 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 in pooled cash and cash equivalents
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.
All investments of the Village are recorded at cost except those investments in the Pension Trust
Fund and Deferred Compensation Agency Fund which are reported at market value.
Cash and cash equivalents which are cash and short-term investments with maturities of three months
or less, includes cash on hand, demand deposits and investments with the State Board of Administration
Investment Pool
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. Public
domain ( "infrastructure ") general fixed assets, consisting of roads, bridges, curbs and gutters, and
lighting systems are not included in general fixed assets. 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
Village employees are granted vacation and sick leave in varying amounts based on length of service
and the department which the employee services. Such compensated absences are recorded in
accordance with GASB Statement N416.
The Village's sick leave policy is to permit employees to accumulate earned but unused sick pay
benefits. Sick leave is accrued and reported as a fund liability when it is probable that the Village
will compensate the employee in the following fiscal year through cash benefits conditioned on
the employee's termination or resignation. The remaining accumulated sick leave balance is accounted
for in the General Long -Term Debt Account Group.
yde
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
8. Compensated Absences
The Village's vacation policy is that earned vacation must be taken within one year of the employee's
anniversary date as there is no carryover from one period to another. Unused vacation pay, if any,
is paid with the employee's termination or retirement. Those amounts estimated to be liquidated
with expendable available financial resources are reported as an expenditure and a fund liability
of the appropriate fund.
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.
10. Encumbrances
Encumbrances are recorded at the time a purchase order or other commitment is entered into. Encum-
brances 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. , "a 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.
-22-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12. Property Taxes
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 assessments 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 mils ($10 per $1,000). The millage rate assessed by
the Village for the year ended September 30, 1995 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 taxing districts.
All property is reassessed according to its fair market value as of January 1 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 assessmentroll 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 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
Annual appropriated budgets are adopted 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.
-23-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
13. Budget and Budgetary Accounting
(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.
(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.
14. Reclassifications /Comparative Data
Certain amounts in the September 30, 1994 columns have been reclassified to conform to September
30, 1995 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.
-24-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 2. DEPOSITS AND INVESTMENTS
As of September 30, 1995, the Village maintained deposits with bank balances of $4,085,073.
This amount includes the balance held at the State Board of Administration of $3,873,996. 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 Security for 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. The
investment at the State Board of Administration Investment Pool is not subject to risk categorization.
Accordingly, all amounts reported as cash and cash equivalents are deemed as insured and are, therefore,
not subject to classification by credit risk category under the provisions of GASB Statement N4 3.
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.
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 counterparty'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.
-25-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 2. DEPOSITS AND INVESTMENTS
At year end, the Village's investment balances were as follows:
Category
Carrying
Market
1 2 3
Value
Value
U.S. Treasury Bill $65,000 $ $ -
$ 65,000
$ 65,000
Investments not subject to
categorization:
Common Stock Trust Fund
6,379,098
6,379,098
Pool
4,459,549
4,459,549
Bond Trust Fund Pool
1,037,199
1,037,199
Deferred Compensation Plan
$11,940,846
$11,940,846
Total investments
NOTE 3. FIXED ASSETS
The following is a summary of changes in general fixed assets during the fiscal year:
Balance Balance
September 30, September 30,
1994 Additions Deletions 1995
Land $ 718,531 $ - $ - $ 718,531
Buildings 2,096,870 31,686 - 2,128,556
Improvements other than
buildings 1,779,709 160,772 - 1,940,481
Equipment 2,714,265 619,895 195,350 3,138,810
Total $7,309,375 $812,353 $195,350 $7,926,378
Depreciation is not required and has not been provided on general fixed assets.
-26-
MIANU SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 4. GENERAL LONG -TERM DEBT
Changes in general long -term debt during the year are summarized as follows:
Balance
September 30,
1994 Additions Deletions
Bonds payable $260,975 $ - $ 58,432
Accrued workers compensation 260,068 40,153 61,339
Accrued sick leave 223,763 86,336 105,242
Other 5,000
$749,806 $126,489 $225,013
NOTE 5. BONDS PAYABLE
Balance
September 30,
1995
$202,543
238,882
204,857 .
5,000
$651,282
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 for repayment of the bonds as of September 30, 1995, are as follows:
Fiscal year ending
Principal
Interest
Total
September 30:
1996
$ 62,756
$14,988
$ 77,744
1997
67,400
10,344
77,744
1998
72,387
5,357
77,744
$202,543
$30,689
$233,232
-27-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 6. 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 plan 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.
Included in the trust and agency funds on the combined balance sheet is $1,037, 199 of funds recorded
at market value for future payments of plan benefits.
NOTE 7. 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 legal counsel and management of 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 the Village.
2. Workers Compensation
The Village has a commitment to Dade County for a prior workers compensation claim for $279,035
as of September 30, 1995. The current portion of this claim is $40,153, which is recorded in the
General Fund. The long -term portion of $238,882 is accounted for in the General Long -Term Debt
Account Group. Semi -annual payments are made by the Village to Dade County Risk Management.
K-11
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 7. COMMTMENTS AND CONTINGENCIES
3. Post Retirements Benefits
Plan Description
The Village provides postretirement health benefits, per the requirements of the agreement between
the Village and the Dade County Police Benevolent Association.
Police officers who retire and begin receiving benefits from the Village's Pension Plan on or after
October 1, 1991 are eligible to receive a monthly benefit of up to $100 to defray the cost of health
insurance coverage for the retiree.
Only those police officers who retire under the provisions of the Village's Pension Plan with at
least 25 years of creditable service, or who are granted a disability benefit under the provisions
of the Village's Pension Plan, are eligible for the retiree health benefit.
Eligible retired police officers receive the retiree health benefit until they become eligible for medicare
benefits, at which time the Village retiree health benefit will cease.
Benefit payments are made by the employer directly to an insurance carrier or health benefit program
on behalf of the eligible retired police officer. If the retired police officer is covered by any other
insurance or health benefit program, the Village retiree health benefit will be secondary to any and
all other insurance or benefit programs. If the actual cost of the retired police officer's participation
in such other insurance or benefit program is less than one $100 per month, the Village retiree
health benefit payable is the actual cost of such insurance or benefit program.
The Village and police officers share the cost of establishing and maintaining the retiree health
benefit on a 50150 basis. The total cost of the retiree health benefit is determined by periodic actuarial
review. The employee contribution was $4.21 per employee per week, payable by payroll deduction
during the year ended September 30, 1995. Employee and Employer contributions are adjusted
based on periodic actuarial review.
Employee contributions to the retiree health benefit fund are refundable to the employee if the employee
terminates Village employment after contributing to the retiree health benefit fund for ten (10) or
more years. Any employee who receives a refund of contributions from the retiree health benefit
fund is not eligible to receive a retiree health benefit.
Accounting and Financing
As of fiscal year end, there were 30 eligible participants. The Village contributions are advance-
funded from the General Fund on an actuarially determined basis. The actuary uses the aggregate
cost method based on the assumptions of an interest rate of 8% and salary increases of 6 %, which
are consistent with the pension plan. Total contributions for the year were approximately $10,000
including employee contributions. As of September 30, 1995, the Plan had net assets of approximately
$31,000 available for benefits and no liabilities.
-29-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 7. COMMITMENTS AND CONTINGENCIES
4.
NOTE 8.
1.
Contingent Liabilities
The Village, which participated in various federal and state programs, was not required to have
a single audit pursuant to provisions of Circular A -128 for the fiscal year ended September 30,
1995. However, single audits were performed on federal and state programs in prior years which
tested compliance with applicable grant requirements. While no matters of noncompliance were
disclosed, federal and state agencies 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 not be material.
EMPLOYEE RETIREMENT SYSTEM
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 statements
as a pension trust fund. The latest available actuarial valuation is as of October 1, 1994. The Village's
total payroll for all employees was $4,136,073-for the year ended September 30, 1995. The covered
payroll represents all compensation paid to active employees covered by the PERS on which
contributions are made.
Covered Annual Payroll
General $1,582,078
Police 1,338,121
$2 92
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 37 8
Current Employees:
Fully vested 23 16
Non - vested 34 13
94 37
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.
-30-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 8. EMPLOYEE RETIREMENT SYSTEM
1. Plan Description
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' /z%
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 3 0 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.
Subsequent to September 30, 1994, the retirement for the first 5 years of credited service is 2.4 %,
plus 2.7% for the next 20 years; plus 2.5% in excess of 25 years (maximum of 30 years); plus
2% of monthly final compensation multiplied by the number of years of creditable service over
39.25 years.
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.
-31-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 8. EMPLOYEE RETIREMENT SYSTEM
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, 1994.
General Police Total
Pension Benefit Obligation:
Retirees and beneficiaries currently
receiving benefits and terminated
employees not yet receiving benefits $1,643,727 $1,706,205 $3,349,932
Current employees:
Accumulated employee contributions
including allocated investment earnings 656,190 926,802 1,582,992
Employer financed vested 958,086 2,904,737 3,862,823
Employer financed non - vested 17,859 254,387 272,246
Total pension benefit obligation 3,275,862 5,792,131 9,067,993
2:-
Net assets available for benefits,
at market 4,188,515 5,192,363 9,380,878
Assets in excess of (unfunded)
pension benefit obligation $ 91, 2,653 $ 599768 $ 312,885
Financial effect on the pension benefit
obligation of changes in:
Actuarial assumptions /plan amendments NONE NONE
Benefit provisions NONE $94,702
Significant actuarial assumptions used
in the valuation:
Rate of return on the investment of
present and future assets per year 8.0% 8.0%
Projected salary increases per year
due to:
Inflation increases 4.0% 4.0%
Merit or seniority increases 2.5% 2.5%
-32-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 8. EMPLOYEE RETIREMENT SYSTEM
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 when due. The contributed amounts were actuarially determined
based on an actuarial valuation as of October 1, 1994. Total contributions to the pension plan
during 1995 amounted to $450,744. 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,
1995 was based upon the same actuarial assumptions, benefits provision, except as provided on
the previous page, actuarial funding method and other significant factors used to determine the
pension contribution requirements in the previous year.
-33-
General
Police
Percentage
Percentage
of Covered
of Covered
Contribution
Payroll
Contribution
Payroll
Contribution Requirements:
Normal Cost
$168,797
10.7%
$244,387
18.3%
Unfunded actuarial
accrued liability
270,275
17.1
117,136
8.8
$439,072
27.8%
$361,523
27.1%
Contributions Made:
Village
$ 9,636
.6%
$216,208
16.1%
Employees
85,987
5.4
116,642
8.7
State
-
_
22,271
1.7
$95,623
6.0%
$355,121
26.5%
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,
1995 was based upon the same actuarial assumptions, benefits provision, except as provided on
the previous page, actuarial funding method and other significant factors used to determine the
pension contribution requirements in the previous year.
-33-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 8. EMPLOYEE RETIREMENT SYSTEM
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
1995
1994
1993
1. Net assets available for benefits *
$4,189
$4,394
$4,093
2. Pension benefit obligation
3,276
3,227
2,944
3. Percentage funded (1 _ 2)
127.9 %
136.1%
136.7%
4. Assets in excess of pension
89.6%
93.3%
96.5%
benefit obligation (2 - 1)
913
1,167
1,098
5. Annual covered payroll
1,582
1,676
1,498
6. Assets in excess of pension
1,438
6.
(Unfunded) pension benefit obligation as a
benefit obligation as a percentage
of covered payroll (4 _ 5)
57.7%
66.6%
73.3%
7. Employer contributions as a
Employer contributions as a percent-
percentage of annual covered payroll.
.6%
.9%
1.0%
* 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.
-34-
Police
1995
1994
1993
1.
Net assets available for benefits*
$5,192
$5,146
$ 4,563
2.
Pension benefit obligation
5,792
5,516
4,730
3.
Percentage funded (1 _ 2)
89.6%
93.3%
96.5%
4.
Unfunded benefit obligation (2 - 1)
(600)
(370)
(166)
5.
Annual covered payroll
1,338
1,435
1,438
6.
(Unfunded) pension benefit obligation as a
percentage of covered payroll (4 - 5)
(44.8)%
(25.8)%
(11.5)%
7.
Employer contributions as a percent-
age of annual covered payroll.
16.1%
13.8%
13.5%
* 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.
-34-
MIANII SHORES VILLAGE, FLORIDA
NOTES TO FINANCIAL STATEMENTS
(Continued)
NOTE 9. 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, September 30, 1994 $ 422,448
Incurred claims (including IBNR's) 399,561
Claim payments (167,517
Unpaid claims, September 30, 1995 $_65
NOTE 10. BUDGET /GAAP RECONCILIATION
The fol lowing schedule reconciles the amounts on the combined statements of revenues, expenditures
and changes in fund balance - budget to actual to the amounts on the combined statement of revenues,
expenditures and changes in fund balances.
Excess of revenues and other financing sources
over expenditures (budgetary basis)
Accrual for compensated absences
Excess of revenues and other financing sources over
expenditures (GAAP basis)
-35-
$274,420
171.624
$10
General
MIAMI SHORES VILLAGE, FLORIDA
EMPLOYEES RETIREMENT SYSTEM
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES BY SOURCE AND EXPENSES BY TYPE
Revenues by Source
Year ended
September 30,
1995
1994
1993
1992
1991
1990
1989
Expenses by Type
Benefits
Payments and
Refunds
$243,608
217,050
171,965
185,130
156,190
179,529
165,995
Administrative
and General
$42,505
40,209
39,896
54,881
66,866
67,290
46,072
Total
$286,113
257,259
211,861
240,011
223,056
246,819
212,067
(1) Contributions were made in accordance with actuarially determined contribution requirements.
(2) Employer contributions as a percentage of covered payroll.
(3) Ten years of information is unavailable.
-36-
Percentage
Contributions (1)
Year ended
of Covered
Investment
September 30,
Payroll (2)
Employer
Employee
Earnings
Total
1995
.6%
$ 9,636
$ 85,987
$802,190
$ 897,813
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
Year ended
September 30,
1995
1994
1993
1992
1991
1990
1989
Expenses by Type
Benefits
Payments and
Refunds
$243,608
217,050
171,965
185,130
156,190
179,529
165,995
Administrative
and General
$42,505
40,209
39,896
54,881
66,866
67,290
46,072
Total
$286,113
257,259
211,861
240,011
223,056
246,819
212,067
(1) Contributions were made in accordance with actuarially determined contribution requirements.
(2) Employer contributions as a percentage of covered payroll.
(3) Ten years of information is unavailable.
-36-
MIAMI SHORES VILLAGE, FLORIDA
EMPLOYEES RETIREMENT SYSTEM
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES BY SOURCE AND EXPENSES BY TYPE
Police
Expenses by Type
Benefits
Year Ended Payments and
September 30, Refunds
1995
1994
1993
1992
1991
1990
1989
$203,506
202,699
137,704
59,590
63,179
37,234
86,130
Administrative
and General
$52,690
47,091
46,730
57,121
27,047
27,219
23,906
Total
$256,196
249,790
184,434
116,711
90,226
64,453
110,036
(1) Contributions were made in accordance with actuarially determined contribution requirements.
(2) Employer contribution as a percentage of covered payroll.
(3) Ten years of information is unavailable.
-37-
Revenues by Source
Percentage
Contributions (1)
Year ended
of Covered
Investment
September 30,
Payroll (2)
Employer
Employee
State
Earnings
Total
1995
16.1%
$216,208
$116,642
$22,271
$1,006,184
$1,361,305
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
85,010
75,226
23,028
(307,468)
(124,204)
1989
17.2
194,052
79,149
21,386
417,516
712,103
Expenses by Type
Benefits
Year Ended Payments and
September 30, Refunds
1995
1994
1993
1992
1991
1990
1989
$203,506
202,699
137,704
59,590
63,179
37,234
86,130
Administrative
and General
$52,690
47,091
46,730
57,121
27,047
27,219
23,906
Total
$256,196
249,790
184,434
116,711
90,226
64,453
110,036
(1) Contributions were made in accordance with actuarially determined contribution requirements.
(2) Employer contribution as a percentage of covered payroll.
(3) Ten years of information is unavailable.
-37-
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 benefit obligation provides one indication of the Village's funding status
on a going- concern basis. Analysis of this percentage over time 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 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 percentage 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.
-38-
Assets In
Assets In
Excess of
Excess of
(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)
10/1/94
9,381
9,068
103.5
(313)
2,920
(10.7)
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 benefit obligation provides one indication of the Village's funding status
on a going- concern basis. Analysis of this percentage over time 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 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 percentage 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.
-38-
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.
l_
i
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR END SEPTEMBER 30, 1994)
Budgetary Variance
Basis Favorable
Budget Actual (Unfavorable)
1995
Revenues:
Taxes:
General property taxes, current and
delinquent
Franchise taxes
Utility taxes
Total taxes
Licenses and Permits:
Business licenses
Building permits
Other licenses and permits
Total licenses and permits
Intergovernmental Revenues:
State shared revenues:
Cigarette > taxes
State revenue sharing
Beverage licenses
Local governmental half cent
sales tax
Department of transportation (landscape
maintenance)
Local option gas tax trust
County Shared Revenue:
County occupational licenses
School crossing programs
Recycling grant
Total intergovernmental revenues
Charge for Services:
Public safety
Physical environment
Transportation
Culture /recreation
Total charges for services
Fines and Forfeitures:
Court fines and costs
Other
Total fines and forfeitures
Miscellaneous Revenue:
Donations
Rents
Other revenue
Total miscellaneous revenue
Interest
Total revenues
-41-
Budgetary
Basis
Actual
1994
$2,824,355
$2,789,222
$(35,133)
$2,673,082
478,000
475,152
(2,848)
479,610
864,900
887,209
22,309
892,075
4,167,255
4,151,583
(15,672)
4,044,767
57,500
61,917
4,417
47,146
85,000
91,240
6,240
115,274
20,000
22,121
2,121
20,005
162,500
175,278
12,778 -
182,425
12,500
11,881
(619)
12,033
229,686
241,310
11,624`'
233,234
1,600
1,273
(327)
3,222
463,183
489,798
26,615
475,095
17,318
17,318
-
17,318
290,131.
280,870
(9,261)
232,132
16,100
29,944
13,844
32,197
8,200
11,564
3,364
8,286
13,547
13,547
12,859
1,038,718
1,097,505
58,787
1,026,376
190,010
198,636
8,626
139,518
1,547,408
1,467,675
(79,733)
1,448,292
14,000
10,558
(3,442)
9,866
226,952
225,882
(1,070)
192,717
1,978,370
1,902,751
(75,619
1,790,393
65,000
86,595
21,595
66,314
89,500
118,106
28,606
89,612
154,500
204,701
50,201
155,926
1;800
2,930
1,130
2,425
147,544
150,541
2,997
157,876
131,016
160,188
29,172
423,999
280,360
313,659
33,299
584,300
68,000
119,660
51,660
71,417
$7,849,703
$7 96
$ 115,434
$7 855 604
ontmue )
MLAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (Continued)
FISCAL YEAR ENDED SEPTEMBER 30 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1994)
Budgetary Variance
Basis Favorable
Budget Actual (Unfavorable)
1995
Expenditures:
Current:
General Government:
Village Council:
Personnel services
Operating expenses
Village Attorney,:
Personnel services
Operating expenses
Village Manager:
Personnel services.
Operating expenses
Capital outlay
Financse:
Personnel services
Operating expenses
Capital outlay
Marketing:
Personnel services
Operating expenses
Capital outlay
Other General Government
Services Non - departmental:
Personnel Services
Operating expenses
Non - operating expenses
Capital outlay
Human Resources:
Personnel services
Operating expenses
Total general government
Public Safety:
Law enforcement:
Personnel services
Operating expenses
Capital outlay
Building and Zoning:
Personnel services
Operating expenses
Capital outlay
Code Enforcement:
Personnel services
Operating expenses
Capital outlay
Total public safety
-42-
$ 5
1,500
102.960
159,033
17,306
4.561
162,320
50,641
7.058
27,384
5 7, 824
5 362
5,360
201,350
116,735
62,026
41 692
1,032,670
2,485,791
179,854
TOT
87,042
60,144
1.681
90,176
1 '600
2,949,564
$ 1✓
6,967
1,5001
8-82,386
158 ✓
,780
16,583
162 '
,121
49,667
0
25,490
29,132
58,,683
5,358 V/
201,066
16,100
61,004/
35T
861,313 J
2,440,489
174,237
2,614,72
86,083
47,660
89,496
12,919
-iU2,415
2,851,115
$ 4
25 7
22,074
723
1638
974
5 06
1,894
28,692
1.301
284
100,635
1,022
4.145
171,357
45,302
5,617
27.000
959
12,913
1.021
680
4,357
600
98,449
Budgetary
Basis
Actual
1994
$ 5
x'07'7
1,500
6
171,686
21,465
5.143
160,476
54,725
-=, U I
20,460
7,863
5,168
340,962
12,610
363',051
874,672
2,348,821
239,188
13.949
150,031
X737
2,795,714 '
(Continued)
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (Continued)
FISCAL YEAR ENDED SEPTEMBER 30 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1994)
Budgetary
Variance
Budgetary
Basis
Favorable
Basis
Budi et
Actual
(Unfavorable)
Actual
1995
1994
Public services:
Public works administration:
Personnel services
$ 198,932
$ 198,368
$ 564
$ 148,687
Operating expenses
Capital outlay
26,273
20.086
24,466
1,807
19,183
161241
- $
Street maintenance:
Personnel services
126,233
112,266
13,967
261,154
Operating expenses
Capital outlay
234,584
306.568
220,102
143.143
14,482
16�,$2�
231,092
119,974
Solid waste collection:
Personnel services
595,899
593,747
2,152
571,259
Operating expenses
Capital outlay
615,731
19,8 2
556,215
17.519
59,516
-7=
608,623
TT�390
Motor Pool:-
Personnel services
128,409
121,339
7,070
-
Operations expenses
Capital outlay
61,641
4.300
60,812
T8:3T
829
89
-
_
Total public services
2,336,888
2,049,180
287,708
1,970,318
Culture /recreation:
Parks:
Personnel services
226,465
213,890
12,575
233,822
Operating expenses
90,116
900
67,933
22,183
194,692
13,0311
Capital outlay
X480,3
-3S4 18
Recreation: -
Personnel" services
504,334
485,406
18,928
461,734
Operating expenses
231,089
1,920
200,334
1,920
30,755
-
198,521
1,800
Non - operating expenses
Capital outlay
-7t& 6,,-M32
3 30688
73,'097
15.585
Recreation Maintenance:
Personnel services
82,880
82,161
719
73,151
Operating expenses
Capital outlay
25;820
12.300
121,UOU
22,486
3,334
1334
24,274
98,831
Library:
Personnel services
174,900
34,024
174,538
33,827
362
197
162,723
29,114
Operating expenses
Capital outlay
356 2
40 32,399
T
2
Total culture /recreation
1,460,591
1,331,682
128,909
1,437,683
Debt Service:
Principal retirement
18,931
18,931
-
374,669
14,185
Interest
6,257
6,257
-
Total debt service
25,188
25,188
388,854
Total expenditures
$7,804,901
$7,118,478
$ 686,423
$7,467,241-
-43-
CAPITAL PROJECTS FUND
MIAMI SHORES VILLAGE, FLORIDA
CAPITAL PROJECTS FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1994)
ASSETS
Cash and cash equivalents
Prepaid costs
Total assets
LIABILITIES AND FUND BALANCE
Liabilities:
.Accounts payable
Total liabilities
Fund Balance:
Reserved for:
Prepaid costs
Encumbrances
Recreation Department
Unreserved:
Designated for capital outlay
Total fund balance
Total liabilities and fund balance
-44-
1995
1994
$484,731
$507,718
52,556
52,556
$537,287
$560,274
$ 4,449 $ 3,885
4,499 3,885
52,556
52,556
195,583
139,894
191,309
116,890
93,340 247,049
532,788 556,389
$537,287 $560,274
MIAMI SHORES VILLAGE, FLORIDA
CAPITAL PROJECTS FUND
COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES
AND' CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1994)
Revenues:
Interest
Total revenues
Expenditures:
Current:
General government
Public safety
Public service
Culture /recreation
Debt Service:
Principal retirement
Interest
Total expenditures
Deficiency of revenues over expenditures
Other Financing Sources:
Operating transfers in
Excess (deficiency) of revenues and other financing sources
over expenditures
Fund balance, Beginning
Fund balance, Ending
-45-
1995 1994
$ 41,396 $ 25,364
41,396 25,364
33,208
7,667
116,543
2,977
326,793
151,373
108,136
73,933
42,423
63,867
10,133
22,382
637,236
322.199
(595,840) (296,835)
572,239 417,736
(23,601)
120,901
556,389
435,488
$ 532,788
$ 556,389
MIAMI SHORES VILLAGE, FLORIDA
ENTERPISE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1994)
ASSETS 1995 1994
Cash and cash equivalents $121,888 $ 53,557
Due from other governments 52,860 27,000
Total assets $174 $80,557
FUND EQUITY
Fund Equity:
Retained earnings $174,748 $80,557
Total fund equity $174,748 $80,557
-46-
MIANH SHORES VILLAGE, FLORIDA
ENTERPRISE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1994)
1995 1994
Charges for services $134,237 $127,341
Operating Expenses:
Personnel expenses
28,818
28,818
Administrative and general
17,502
28,626
Total operating expenses
46,320
57,444
Operating income
87,917
69,897
Non - Operating Income:
Interest income
6,274
410
Net income
94,191
70,307
Retained earnings, Beginning
80,557
10,250
Retained earnings, Ending
$174,748
$80,557
-47-
MIAMI SHORES VILLAGE, FLORIDA
INTERNAL SERVICE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1994)
ASSETS 1995 1994
Cash and cash equivalents $802,675 $699,168
Accounts receivable 1,109
Total assets $802,675 $700,277
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable $ 10,862 $ 3,427
Estimated insurance claims 654,492 422,448
Total liabilities 665,354 425,875
Fund Equity:
Retained earnings 137,321 274,402
Total liabilities and fund equity $8022675 $700,277
-48-
WUM SHORES VILLAGE, FLORIDA
INTERNAL SERVICE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1994)
Charges for services
IL
Operating Expenses:
Insurance premiums
Clams
Ad- t3inistrative
Total operating expenses
Operating loss
Non - Operating Income:
Interest income
Net loss
Retained earnings, Beginning
Retained earnings, Ending
-49-
1995 1994
$ 491,000 $491,000
230,751
228,015
399,561
275,267
43,545
46,115
673,857
549,397
(182,857)
(58,397)
45,776
29,600
(137,081)
(28,797)
274,402
303,199
$ 137,321
$274,402
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 health 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:
l Deferred Compensation Fund - To account for receipts and disbursements of amounts
withheld from wages of employees participating in a deferred compensation plan.
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MIAMI SHORES VILLAGE, FLORIDA
EXPENDABLE TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1994)
Revenues:
Fines and forfeitures
Contributions
Donations
Interest
Confiscated property
Total revenues
Expenditures:
Current:
Public safety
Culture /recreation
Capital outlay
Total expenditures
Excess (deficiency) of
revenues over expenditures
wk-
Fund balance, Beginning
Fund balance, Ending
Nse
Law
Police
Enforcement
Police
Totals
General
Insurance
Training
Forfeitures
Trust
Trust
Trust
Fund
1995
1994
$ -
$ -
$2,910
$ -
$ 2,910
$ 2,860
-
10,316
-
-
10,316
21,066
12,686
-
-
-
12,686
16,672
-
-
-
19,008
19,008
12,209
256,162
256,162
76,489
12,686
10,316
2,910
275,170
301,082
129,296
-
-
3,638
79,381
83,019
60,192
6,858
-
-
-
6,858
5,829
3,222
20,514
23,736
58,418
10,080
-
3,638
99,895
113,613
124,439
2,606
10,316
(728)
175,275
187,469
4,857
6,840
21,065
1,314
296,624
325,843
320,986
$91446
$31,381
$ 586
$471,899
$513,312
$325,843
Nse
MIAMI SHORES VILLAGE, FLORIDA
PENSION TRUST FUNDS
COMBINING BALANCE SHEETS
SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1994)
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 10,296 $ 13,071 $ 23,367 $ 18,234
Total liabilities 10,296 13,071 23,367 18,234
Fund Balance:
Reserved for pensions 4,790,579 6,081,264 10,871,843
Total liabilities and fund balance $4,800,875 $6,094,335 $10,895,210
-52-
9,155,034
$9,173,268
Totals
General
Police
1995
1994
ASSETS
Cash with pension trustee
$ 18,000
$ 22,849
$ 40,849
$ 35,977
Investments, at market
4,775,951
6,062,696
10,838,647
9,117,663
Due from employees
6,842
8,686
15,528
19,518
Other assets
82
104
186
110
Total assets
$4 80
$6,094,335
$10,895,210
$9,17
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 10,296 $ 13,071 $ 23,367 $ 18,234
Total liabilities 10,296 13,071 23,367 18,234
Fund Balance:
Reserved for pensions 4,790,579 6,081,264 10,871,843
Total liabilities and fund balance $4,800,875 $6,094,335 $10,895,210
-52-
9,155,034
$9,173,268
MIAMI SHORES VILLAGE, FLORIDA
PENSION TRUST FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1994)
-53-
Totals
General
Police
1995
1994
Operating Revenues:
Contributions:
Employer
$ 9,636
$ 216,208
$ 225,844
$ 214,712
State
-
22,271
22,271
22,157
Employees
85,987
116,642
202,629
213,668
Total contributions
95,623
355,121
450,744
450,537
Investments earnings (loss)
802,190
1,006,184
1,808,374
11( 3,099)
Total operating revenues
897,813
1,361,305
2,259,118
337,438
Operating Expenses:
Administrative and general
42,505
52,690
95,195
87,300
Benefits payments and refunds
243,608
203,506
447,114
419,749
Total operating expenses
286,113
256,196
542,309
507,049
Net income (loss)
611,700
1,105,109
1,716,809
(169,611)
Fund balance, Beginning
4,178,879
4,976,155
9,155,034
9,324,645
Fund balance, Ending
$4,790,579
$6,081,264
$10,871,843
$9,155,034
-53-
MIAMI SHORES VILLAGE, FLORIDA
DEFERRED COMPENSATION AGENCY FUND
STATMENT OF CHANGES IN ASSETS AND LIABILITIES
FISCAL YEAR ENDED SEPTEMBER 30, 1995
Balance
September 30, Transfers/
1994 Additions Deletions
Balance
September 30,
1995
Assets:
Deferred compensation investments $761,915 $285954 $10670 $1,037,199
Liabilities:
Deferred compensation payable $761,915 $285,954 $10.670 $1 03
-54-
MIANH SHORES VILLAGE, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS - BY SOURCE
SEPTEMBER 30, 1995
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1994)
General Fixed Assets:
Land
Buildings
Improvements other than buildings
Equipment
Total general fixed assets
Investment in General Fixed Assets from:
General fund
Capital projects fund
Gifts and donations
Confiscated property
Country Club
Total investment in general fixed assets
-55-
1995 1994
$ 718,531 $ 718,531
2,128,556 2,096,870
1,940,481 1,779,709
3,138,810 2,714,265
$7,92�6,378 $ 7630
$4,880,066 $ 4,858,281
1,427,878 856,396
43,437 40,215
241,814 221,300
1,333,183 1,333,183
$7,926,378 $ 7,309,375
MIANH SHORES VILLAGE, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 1995
Function
Land
Buildings
General government - finance and
1,471,974
3,066,037
administrative
$ 1,500
$ 232,720
Public safety - police
-
266,410
Public services - public works
71,264
246,434
Culture /recreation:
$3,138,810
$7,926,378
Parks and recreation
62,350
723,932
Library
2,500
311,643
Country club
580,917
347,417
Total general fixed assets
allocated to functions
$718,531
$2 12
44-
-56-
Improvements
Other than
Buildings Equipment Total
$ 94,777 $ 257,748 $ 586,745
34,274
792,924
1,093,608
1,276,365
1,471,974
3,066,037
272,967
282,326
1,341,575
335
190,752
505,230
261,763
143,086
1,333,183
$1,940,481
$3,138,810
$7,926,378
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
FISCAL YEAR ENDED SEPTEMBER 30, 1995
-57-
Balance
Balance
September 30,
September 30,
1994
Additions
Deletions
1995
General Government:
Finance and administrative
$ 544,625
$ 42,319
$ 199
$ 586,745
Public safety - police
967,728
153,232
27,352
1,093,608
Public services - public works
2,760,686
455,758
150,407
3,066,037
Culture Recreation:
Parks and recreation
1,221,545
137,422
17,392
1,341,575
Library
481,608
23,622
-
505,230
Country club
1,333,183
-
1,333,183
Total culture /recreation
3,036,336
161,044
17,392
3,179,988
Total general fixed assets
allocated to functions
$7 30
$812353
$195,350
$7,926,378
-57-
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
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
1995
905,890
3,177,645
1,008,616
1,400,209
1,470,847
77,744
8,040,951
(1) General government expenditures include all Governmental Fund Types, Expendable Trust Funds
and capital outlay.
Source: Miami Shores Village Finance Department.
-58-
TABLE I
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.
-59-
Licenses
Charges
Fines
Fiscal
and
Inter-
for
and
Year
Taxes
Permits
Governmental
Services
Forfeitures
Misc.
Totals
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
1995
4,151,583
175,278
1,097,505
1,902,751
207,611
772,887
8,307,615
(1) General revenues include all Governmental Fund Types and Expendable Trust Funds of the Village.
Source: Miami Shores Village Finance Department.
-59-
TABLE III
MIAMI SHORES VILLAGE, FLORIDA
Property Tax Levies and Collections
Last Ten Fiscal Years
A-
Source: Miami Shores Village Finance Department and Dade County Property Appraiser.
-60-
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
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
1995
2,936,163
2,766,533
94
22,689
2,789,222
95
A-
Source: Miami Shores Village Finance Department and Dade County Property Appraiser.
-60-
TABLE IV
MIAMI SHORES VILLAGE, FLORIDA
Assessed Value of Taxable Property (1)
Last Ten Fiscal Years
Fiscal Real Property Personal Property
Year Assessed Value Assessed Value
Centrally
Assessed Property
Total Assessed
Value
1986
$265,321,732
$15,288,618
$439,652
$281,050,002
1987
266,968,806
14,261,806
407,057
281,637,669
1988
268,844,024
15,295,871
345,907
284,485,802
1989
269,114,947
15,284,559
576,031
284,975,537
1990
274,396,671
14,286,897
576,031
289,259,599
1991
304,247,415
13,205,137
705,348
318,157,900
1992
303,333,325
15,899,139
705,348
319,937,812
1993
296,784,956
17,956,913
705,348
315,447,217
1994
304,864,072
14,150,253
489,901
319,503,326
1995
324,627,082
13,757,768
664,077
339,048,927
(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.
-61-
MIAM SHORES VILLAGE, FLORIDA
Property Tax Rates - Direct and Overlapping Governments
Last Ten Fiscal Years
(Per $1,000 of Assessed Valuation)
Fiscal General
Year Fund
South Florida
Water
Management
District
1986
7.170
.439
1987
7.170
.513
1988
6.995
.564
1989
7.380
.587
1990
8.380
.547
1991
7.790
.547
1992
7.990
.547
1993
9.120
.547
1994
8.660
.597
1995
8.660
.597
Source: Dade County Property Appraiser.
TABLE V
Dade County
School
Dade
District
County
Total
7.316
10.740
25.670
7.558
10.810
26.050
7.551
10.892
26.020
7.693
10.894
26.550
8.190
11.230
28.350
8.666
12.000
29.000
8.683
12.020
29.240
9.528
11.590
30.785
9.923
11.280
30.460
10.345
10.532
30.134
-62-
MIAMI SHORES VILLAGE, FLORIDA
Computation of Overlapping Debt Service (1)
September 30, 1995
Name of Governmental Unit
Net Debt Outstanding
Percent Applicable to Miami Shores Village*
Miami Shores Village Share of Debt
(1) Source: Dade County September 30, 1994 financial statement.
September 30, 1995 financial statement unavailable.
* General obligation
-63-
TABLE VI
Metropolitan Dade County
$1,035,937,000
.469%
$ 2,015,000
TABLE VII
MIAMI SHORES VILLAGE, FLORIDA
Demographic Statistics - Last Ten Fiscal Years
September 30, 1995
Source:µ;- (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.)
** Data not available
-64-
(1)
(2)
(3)
(4)
Fiscal
Per Capita
Median
Unemployment
Year
Income
Age
Population
Rate
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%
1995
**
**
10,125
8.3%
Source:µ;- (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.)
** Data not available
-64-
MLAMI SHORES VILLAGE, FLORIDA
Property Value, Construction and Bank Deposits
September 30, 1995
Construction Value
TABLE VIII
Property Value (2)
Fiscal
Bank
Year
Commercial
Residential
Deposits (1)
Commercial
Residential
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
1995
1,881,706
5,152,751
10,876,146
33,902,278
290,274,804
(1) Municipal Bank Deposit Records
(2) Estimated Actual Value
Source: Miami Shores Village and Barnett Bank
-65-
MIAMI SHORES VILLAGE, FLORIDA
Principal Taxpayers
September 30, 1995
Taxpayer
Biscayne Kennel Club
Northern Trust Bank of Florida
Boris Moroz and Phil Glassman
Tropical Chevrolet, Inc.
George Bennett/Bennett Electric
Henry Everett
Sheila McDonald
NCNB National Bank
Thomas T. Lin/Lihsuen Lin
Konover Properties, Inc.
Property Owned
Shores Center
9325 Block of Park Dr.
Shores Point
Burger King, Eckerds Drugs
Tropical Chevrolet
9500 Block of NE 2nd Avenue
(and private residence)
9600 Block of NE 2nd Avenue
(and private residence)
11 Residential Property in
Miami Shores
NCNB
Hacienda Motel
9101 Biscayne Blvd
Shores Cinema
9800 Block of NE 2nd Avenue
(and private residence)
Source: Miami Shores Village Finance Department
-66-
TABLE Ix
1,741,630 .54
1,240,797 .38
965,876 .30
919,210 .28
938,465 .28
$22,310,485 6.86%
Percentage
1995
of Total
Assessed
Assessed
Valuation
Valuation
$7,210,383
2.22%
2,900,000
.89
2,299,435
.71
2,303,801
.71
1,790,888
.55
1,741,630 .54
1,240,797 .38
965,876 .30
919,210 .28
938,465 .28
$22,310,485 6.86%
MIAMI SHORES VILLAGE, FLORIDA
Miscellaneous Statistics
September 30, 1995
TABLE X
Date of Incorporation
1932
Form of Government
Council/Manager
Population
10,125
Area
2%z 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
34
Education:
1. University:
Number of Classrooms
102
Number of Teachers
400
Number of Students
7,048
2. Elementary School:
Number of Classrooms
75
Number of Teachers
101
Mumber of Students
1,838
3. Preschool and Centers:
Number of Classrooms
18
Number of Teachers
43
Number of Students
281
Recreation/Culture
Number of Parks 5
Number of Libraries I
Number of Volumes 58,858
Other: Number of New Building/House Construction 2
-67-
RACHLIN COHEN & HOLTZ
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A PARTNERSHIP INCLUDING PROFESSIONAL ASSOCIATIONS
Report of Independent Certified Public Accountants
on Internal Control Structure in Accordance with
Government Auditing Standards
Honorable Mayor and Village Council
Miami Shores Village
We have audited the general purpose financial statements of Miami Shores Village (the "Village ") as of
and for the year ended September 30, 1995, and have issued our report thereon dated November 17, 1995.
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.
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 financial statements in accordance with generally accepted accounting principles. Because of inherent
limitati9ps 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.
In planning and performing our audit of the general purpose financial statements of the Village for the
year ended September 30, 1995, we obtained an understanding of the internal control structure. With
respect to the internal control structure, 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 in order to
determine our auditing procedures for the purpose of expressing our opinion on the general purpose
financial statements and not to provide an opinion on the internal control structure. Accordingly, we do
not express such an opinion.
1320 South Dixie Hwy.
Penthouse
Coral Gables, Florida 33146
Dade (305) 667 -0412
Fax (305) 665 -7456
100 South Biscayne Blvd
Suite 1201
Miami, Florida 33131
Dade (305) 377 -4228
Fax (305) 377 -8331
700 Southeast Third Ave.
Third Floor
Ft. Lauderdale, Florida 33316
Broward (305) 525 -1040
Fax (305) 525 -2004
1900 Corporate Blvd.
Suite 305 West
Boca Raton, Florida 33431
Phone (407) 989 -8788
-68-
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
To the Honorable Mayor and
Village Council
Miami Shores Village
Page Two
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 or 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.
However, we noted one matter involving the internal control structure that were reported to management
in a separate letter accompanying this report. (Page 73)
This report is intended for the information of the 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.
Coral Gables, Florida
November 17, 1995
" Pr
know ,
orm, 9111
-69-
RACHLIN COHEN & HOLTZ
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A PARTNERSHIP INCLUDING PROFESSIONAL ASSOCIATIONS
Report of Independent Certified Public Accountants on Compliance with Laws
and Regulations in Accordance with Government Auditing Standards
Honorable Mayor and Village Council
Miami Shores Village
We have audited the general purpose financial statements of Miami Shores Village (the "Village ") as of
and for the year ended September 30, 1995, and have issued our report thereon dated November 17, 1995.
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 disclosed no instances of noncompliance that are required to be reported herein
under Government Auditing Standards.
This report is intended for the information of the 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.
Coral Gables, Florida
November 17, 1995
1320 South Dixie Hwy.
Penthouse
Coral Gables, Florida 33146
Dade (305) 667 -0412
Fax (305) 665 -7456
100 South Biscayne Blvd.
Suite 1201
Miami, Florida 33131
Dade (305) 377 -4228
Fax (305) 377 -8331
700 Southeast Third Ave.
Third Floor
Ft. Lauderdale, Florida 33316
Broward (305) 525 -1040
Fax (305) 525 -2004
-70-
1900 Corporate Blvd.
Suite 305 West
Boca Raton, Florida 33431
Phone (407) 989 -8788
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 & HOLTZ
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A PARTNERSHIP INCLUDING PROFESSIONAL ASSOCIATIONS
Management Letter
Honorable Mayor and Village Council
Miami Shores Village
We have audited the general purpose financial statements of Miami Shores Village (the "Village ") as of
and for the year ended September 30, 1995, and have issued a report thereon dated November 17, 1995.
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, 1995, 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):
1. No irregularities were reported in the preceding annual financial audit.
2. The Village, during fiscal year 1995, was not in a state of financial emergency as defined by Florida
Statute, Section 218.503 (1).
Recommendations to improve the Village's present financial management and accounting procedures
are accompanying this report (Page 73).
4. 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, other than those noted in our report of
recommendations to improve the Village's administrative and accounting controls.
d. Failed to record financial transactions which could have a material effect on the Village's general
purpose financial statements.
Had other inaccuracies, irregularities, shortages and defalcations.
1320 South Dixie Hwy.
Penthouse
Coral Gables, Florida 33146
Dade (305) 667 -0412
Fax (305) 665 -7456
100 South Biscayne Blvd
Suite 1201
Miami, Florida 33131
Dade (305) 377 -4228
Fax (305) 377 -8331
700 Southeast Third Ave.
Third Floor
Ft. Lauderdale, Florida 33316
Broward (305) 525 -1040
Fax (305) 525 -2004
-71-
1900 Corporate Blvd.
Suite 305 West
Boca Raton, Florida 33431
Phone (407) 989 -8788
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 Acemiuranre
To the Honorable Mayor and
Village Council
Miami Shores Village
Page Two
6. The financial report for the year ended September 30, 1995 has been filed with the Department of
Banking and Finance pursuant to Section 218.32 Florida Statutes and is in agreement with the
audited financial statements of the same period.
7. The Village was incorporated by Laws of Florida 15690.
This report is intended for the information of the 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.
Coral Gables, Florida
November 17, 1995
-72-
MIAMI SHORES VILLAGE, FLORIDA
RECOMMENDATIONS TO IMPROVE THE VILLAGE'S
ADMINISTRATIVE AND ACCOUNTING CONTROLS
FISCAL YEAR ENDED SEPTEMBER 30, 1995
CONDITION
We noted that certain public works department employees' annual time sheets, which are generated
from weekly payroll worksheets submitted to the finance department by the department head, did
not agree to the amounts on their annual attendance cards. The annual attendance card, signed by
both the employee and department head, is considered a more accurate record. The finance
department made year end adjustments to properly reflect the time reported on the attendance card
and, as such, no auditor adjustments were required.
RECOMMENDATION
We recommend that the Village perform a mid -year audit of the public works department timesheets
during fiscal year 1996. If problems discussed above still persist, the Village should consider
purchasing an automated time recording system.
RESPONSE TO MANAGEMENT COMMENT
Miami Shores management agrees with the auditor's recommendation. A mid -year audit will be
performed by the Finance Department and a decision will then be made if an automated time
recording system needs to be purchased.
-73-