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FLORIDA
COMPREHENSIVE
FINANCIAL REPORT
Fiscal Year Ended September 30, 1997
MIAMI SHORES VILLAGE, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1997
Prepared by
THE FINANCE DEPARTMENT
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
INTRODUCTORY SECTION
Letter of Transmittal
PAGE
Village Officials viii
Organization Chart ix
Certificate of Achievement for Excellence in Financial Reporting x
FINANCIAL SECTION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED STATEMENTS - OVERVIEW)
Combined Balance Sheet - All Fund Types and Account Groups 2
Combined Statement of Revenues, Expenditures and Changes in Fund Balances -
All Governmental Fund Types and Expendable Trust Funds 4
Combined Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual - All Budgeted Governmental Fund Types 5
Combined Statement of Revenues, Expenses and Changes in Retained Earnings -
All Proprietary Fund Types 6
Combined Statement of Cash Flows - All Proprietary Fund Types 7
Combined Statement of Changes in Plan Net Assets - Pension Trust Fund 8
Notes to General Purpose Financial Statements 9
Required Supplementary Information 26
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
Governmental Fund Types
General Fund:
Comparative Balance Sheets 27
Comparative Statements of Revenues, Expenditures and Changes in Fund Balance 28
Schedule of Revenues and Expenditures - Budget and Actual 29
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
(Continued)
PAGE
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES, Continued
Capital Projects:
Comparative Balance Sheets 33
Comparative Statements of Revenues, Expenditures and Changes in Fund Balance 34
Proprietary Fund Types
Enterprise:
Comparative Balance Sheets 35
Comparative Statements of Revenues, Expenses and Changes in Retained Earnings 36
Internal Service:
Comparative Balance Sheets 37
Comparative Statements of Revenues, Expenses and Changes in Retained Earnings 38
Fiduciary Fund Types
Trust and Agency Funds:
Combining Balance Sheets - Trust and Agency Funds 39
Combining Statements of Revenues, Expenditures and Changes in Fund Balance -
Expendable Trust Funds 40
Combining Statements of Plan Net Assets 41
Combining Statements of Changes in Plan Net Assets - Pension Trust Funds 42
Statement of Changes in Assets and Liabilities - Deferred Compensation Agency Fund 43
General Fixed Assets Account Group
Schedules of General Fixed Assets - By Source 44
Schedule of General Fixed Assets - By Function and Activity 45
Schedule of Changes in General Fixed Assets - By Function and Activity 46
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
(Continued)
STATISTICAL SECTION
PAGE
Table I
- General Governmental Expenditures by Function - Lest Ten Fiscal Years
47
Table II
- General Governmental Revenues by Source - Last Ten Fiscal Years
48
Table III
- Property Tax Levies and Collections - Last Ten Fiscal Years
49
Table IV
- Assessed Value of Taxable Property - Last Ten Fiscal Years
50
Table V
- Property Tax Rates - Direct and Overlapping Governments - Last Ten Fiscal Years
51
Table VI
- Computation of Overlapping Debt
52
Table VII
- Demographic Statistics - Last Ten Fiscal Years
53
Table VIII
- Property Value, Construction and Bank Deposits - Last Ten Fiscal Years
54
Table IX
- Principal Taxpayers
55
Table X
- Miscellaneous Statistics
56
SUPPLEMENTARY AUDITOR'S REPORTS SECTION
Report of Independent Certified Public Accountants on Compliance and on Internal Control Over
Financial Reporting Based on an Audit of General Purpose Financial Statements Performed
in Accordance with Government Auditing Standards 57
Report of Certified Public Accountants on Examination of Management's Assertion about
Compliance with Specified Requirements 58
Schedule of State Financial Assistance 59
Management Letter in Accordance with the Rules of the Auditor General of the State of Florida 60
Schedule of Findings 62
INTRODUCTORY SECTION
Village Council
Miami Shores Village
Miami Shores, FL 33138
Dear Council Members:
November 20, 1997
Submitted herewith is the Comprehensive Annual Financial Report of Miami Shores Village, Florida (the
"Village ") for the fiscal year ending September 30, 1997 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 presents 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 issued an unqualified opinion on the financial statements as presented
herein.
This report consists of four sections. The Introductory Section contains the transmittal letter, names of the
Village Officials, organizational structure and highlighted financial information.
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 1996 -1997 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 10,162 residents. In addition, during the
school year, the Village also provides services for an additional 6,900 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. The cash management program involves a mix of
maintaining investment 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
1997. The average yields on maturing investments during the year ranged from 5.31% to 5.54 %, producing
interest earnings for the year of $251,934, excluding the Village's Pension Fund.
GENERAL GOVERNMENT FUNCTIONS
REVENUES
General Fund revenues amount to $8,328,514 for the period, an increase of 2.8% over the previous fiscal year.
General property taxes produced 34.3% of the General Fund revenues during the year compared to 34.5% 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:
11
Two revenue sources experienced significant increases. The increase in taxes is mainly attributed to the
increase of property tax revenue. The Village did not adopt the roll -back rate for fiscal year 1997. The millage
rate remained at 8.74. As for charges for services, this increase is mainly due to increased participation in
recreation programs and collection efforts for delinquent garbage fees.
EXPENDITURES
Operating expenditures in the General Fund for governmental purposes amounted to $7,944,437, an increase
of 6% over the preceding year. The expenditures for the major functions of the Village are shown in the
following tabulation (includes capital outlay by department):
1996
1997
1997
Increase
Increase
Percent
Percent
Percent
Percent
(Decrease)
Revenue Sources
Amount
to Total
Amount
to Total
over 1996
$ 833,262
11.1%
Taxes (all sources)
$4,226,963
52.2%
$4,285,860
51.5%
$58,897
Licenses and Permits
218,768
2.7
196,806
2.4
<21,962>
Intergovernmental Revenue
1,156,703
14.3
1,196,306
14.4
39,603
Charges for Services
1,927,433
23.8
2,074,061
24.9
146,628
Fines and Forfeitures
212,951
2.6
207,350
2.5
<5,601>
Miscellaneous Revenue
355,244
4.4
368,131
4.4
12,887
TOTALS
8 098 062
100.0%
8 328 514
100.0%
2$=3.
Two revenue sources experienced significant increases. The increase in taxes is mainly attributed to the
increase of property tax revenue. The Village did not adopt the roll -back rate for fiscal year 1997. The millage
rate remained at 8.74. As for charges for services, this increase is mainly due to increased participation in
recreation programs and collection efforts for delinquent garbage fees.
EXPENDITURES
Operating expenditures in the General Fund for governmental purposes amounted to $7,944,437, an increase
of 6% over the preceding year. The expenditures for the major functions of the Village are shown in the
following tabulation (includes capital outlay by department):
Various factors attributed to the increase in General Government. Firstly, the Village contributed $50,000 to
Barry University to assist in start-up costs for the charter school. Secondly, the Village received a $50,000
State grant which was used to do a feasibility study and to place a deposit for a purchase option on the Shores
Performing Arts Theatre. The Village also received a grant of $30,000 to fund the at risk students summer
job program. Lastly, was the increase in excess insurance premiums and claims. The increase in the Public
Safety is attributed to the hiring of an Assistant Building & Zoning Director, an increase in police personnel
expenses and operating expenses with the opening of the new Police building. As for Public Services, the
increase is mainly due to street resurfacing and sidewalk repairs expense increases incurred in FY 1997.
tit
1996
1997
Increase
Percent
Percent
(Decrease)
Expenditures
Amount
to Total
Amount
to Total
over 1996
General Government
$ 833,262
11.1%
$1,006,853
12.7%
$173,591
Public Safety
2,808,962
37.5
2,933,042
36.9
124,080
Public Services
2,208,645
29.5
2,397,400
30.2
188,755
Culture/Recreation
1,619,934
21.6
1,572,267
19.8
<47,667>
Debt Service
25,188
0.3
34,875
0.4
9,687
TOTALS
7 495 991
100.0%
7 944 437
100.0%
448 446
Various factors attributed to the increase in General Government. Firstly, the Village contributed $50,000 to
Barry University to assist in start-up costs for the charter school. Secondly, the Village received a $50,000
State grant which was used to do a feasibility study and to place a deposit for a purchase option on the Shores
Performing Arts Theatre. The Village also received a grant of $30,000 to fund the at risk students summer
job program. Lastly, was the increase in excess insurance premiums and claims. The increase in the Public
Safety is attributed to the hiring of an Assistant Building & Zoning Director, an increase in police personnel
expenses and operating expenses with the opening of the new Police building. As for Public Services, the
increase is mainly due to street resurfacing and sidewalk repairs expense increases incurred in FY 1997.
tit
Total fund balance of the General Fund at September 30, 1997 was $1,922,754 as compared to $1,923,585
at September 30, 1996. Presented below is an analysis of General Fund expendable resources designated for
capital outlay at September 30, 1997:
TOTAL FUND BALANCE - SEPTEMBER 30, 1997 $ 1,922,754
Less:
$514,593
Reserved for encumbrances
253,036
Reserved for prepaid costs
5,168
Reserved for inventories
25,519
Reserved for subsequent year expenditures
112,000
Designated for future use
63,810
Designated for emergencies and contingencies
848,851
EXPENDABLE RESOURCES AVAILABLE FOR CAPITAL OUTLAY 614 370
CAPITAL PROJECTS FUND
In fiscal year 1997, the following revenue sources helped to fund the acquisition of equipment, construction
of capital facilities and resource accumulation for future projects: $154,940 received from intergovernmental,
$239,740 appropriated from fund balance, $49,150 interest earnings and $384,908 transferred from the
General Fund to the Capital Projects Fund.
Expenditures Amount
Public Safety
$514,593
Public Services
1,500
Culture/Recreation
72,167
Debt Service
240,478
TOTAL 828 738
PROPRIETARY OPERATIONS
ENTERPRISE FUND
In Fiscal Year 1992, the Village negotiated an interlocal agreement to participate in Miami -Dade County's (the
County) stormwater utility system. The first billing from the County to all users was in July 1993 and was
assessed at $2.50 per Equivalent Residential Unit. As of September 30, 1997, the Stormwater Utility Fund
had a fund equity of $283,495. Capital outlay began in late fiscal year 1997.
IV
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 excess coverage premiums, state fees, management fees,
claims and recording of incurred but not reported (IBNR) claims in FY 1997 totaled $536,358. As of
September 30, 1997, $377,471 was reserved for IBNR, $287,544 was reserved to settle claims, resulting in
a fund equity of $30,000.
GENERAL FIXED ASSETS ACCOUNT GROUP
As of September 30, 1997, 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, 1997, the Village's General Fixed Assets amounted to $10,572,109. 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 the State of Florida for contributions for police
officers of $28,806, employee contributions of $225,044, Village contributions of $223,938 and net investment
earnings of $2,674,810. Fund balance at the end of the year amounted to $14,702,956, as compared to
$12,218,563 for the previous year.
DEBT ADMINISTRATION
In 1991, the Village issued revenue bonds to fund the purchase of a street sweeper at $83,782; crosswalk
paving at $60,000 and the driving range project of $30,000. These bonds were paid off on October 1, 1997.
In 1996, the Village entered into two capital leases. One in the amount of $124,500 to finance the purchase
of police vehicles and the other in the amount of $42,000 to finance the purchase of a chipper truck. Further,
the Village also received an $800,000 revenue note for the purchase and renovation of the new police building.
v
RISK MANAGEMENT
Since fiscal year 1990, Miami Shores Village has been functioning under a protected self - insurance program.
Under the program, the Village paid $261,815 in premiums and administrative fees for FY 1997 and
experienced claims of $173,385 for fiscal year 1997.
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
religious educational institution which have been removed 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 8.74, 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 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 neighboring unincorporated areas to
generate additional revenue for the Village. An application to annex the Bel Mar area has been filed with
Miami -Dade County.
MAJOR PROJECTS COMPLETED IN FY 1997
Completion of the Police Department building in January 1997.
2. Beautification of NW 95`h Street from NW 3`d Avenue to North Miami Avenue.
Approximately 530,000 square feet of street and alley areas were resurfaced.
4. Erection of a permanent 80 foot antenna tower to improve communication of the Village's two way
radio system.
Installation of decorative bus benches and matching trash cans in sixteen strategic locations, including
ten bus stop sites with the addition of brick pavers.
6. Installation of a new computer system for the Police Department.
vi
MAJOR PROJECTS SCHEDULED IN FY 1998
Efforts will continue in the annexation of unincorporated areas adjacent to Miami Shores boundaries.
Sidewalk repairs and street resurfacing in certain sections of the Village.
3. Building improvements to comply with ADA requirements.
Computer system for the Public Works Department.
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, 1996. 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, 1997.
ACKNOWLEDGEMENTS
A Comprehensive Annual Financial Report of this nature could not have been prepared without the dedicated
efforts of all staff members concerned. I would like to express my appreciation to all those who helped to
produce this report and for your interest and support in planning and conducting the fiscal operations of the
Village. A special note of thanks and appreciation is also extended to the firm of Rachlin Cohen & 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,
Patricia Varney, CGFO
Finance Director
vii
MIAMI SHORES VILLAGE, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
SEPTEMBER 30, 1997
VILLAGE OFFICIALS
MAYOR
Mary Ross Agosta
VILLAGE COUNCIL
Michael H. Boyle - Vice Mayor
Louis S. Imburgia
Cesar Sastre
Stephen K. Loffredo
VILLAGE MANAGER
Michael R. Couzzo, Jr.
FINANCE DIRECTOR
Patricia Varney
VILLAGE AUDITORS
Rachlin Cohen & Holtz
Certified Public Accountants
-viii-
MIAMI SHORES VILLAGE
ORGANIZATION CHART
1996 -1997
VILLAGE CITIZENS
VILLAGE ATTORNEY I VILLAGE COUNCIL
POLICE
MAYOR MARY ROSS AGOSTA
VICE MAYOR MICHAEL BOYLE
COUNCILMAN LOU IMBURGIA
COUNCILMAN STEPHEN LOFFREDO
COUNCILMAN CESAR SASTRE
VILLAGE CLERK
BUILDING &
ZONING
VILLAGE MANAGER
PUBLIC
WORKS
RECREATION
CODE
COMPLIANCE
-1X-
FINANCE
BOARDS
Handicapped Services
Planning & Zoning
Pension
Personnel Appeals
Code Enforcement
Historic Preservation
Library
Fine Arts
Recreation Advisory
Country Club Advisory
Beautification Advisory
dministration
Only I
I
LIBRARY
COMMUNITY
DEVELOP-
MENT
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, 1996
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.
PLACE OfpjC
W \a OANO�� HE
UNfTEO STATES y
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6 CORPORATION s President
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CHICnG /Ai:::,
Executive Director
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FINANCIAL SECTION
REPORT OF INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANTS
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, 1997 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 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. 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 as of September 30, 1997 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 20,
1997 on our consideration of the Village's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and grants.
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 statements and
schedules for the year ended September 30, 1997 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.
The information shown in the statistical section listed in the table of contents has not been subjected to
the auditing procedures applied in the audit of the general purpose financial statements and, accordingly,
we express no opinion thereon.
r
Miami, Florida
November 20, 1997
One Southeast Third Avenue, Tenth Floor, Miami, Florida 33131 • Dade (305) 377 -4228 • Fax (305) 377 -8331
700 Southeast Third Avenue, Third Floor, Ft.Lauderdale, Florida 33316 • Broward (954) 525 -1040 • Fax (954) 525 -2004
Member of Summit International Associates, Inc. with Offices in Principal Cities Throughout the World
Member of the American Institute of Certified Public Accountants Divi 'on for SEC Practice Section and the Private Companies Practice Section
Member of the Florida histih�fCertified Public Accountants
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
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MIAMI SHORES VILLAGE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -
ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
See notes to general purpose financial statements.
-4-
Governmental
Fiduciary
Totals
Fluid Tapes
Fund Types
(Memorandum Only)
Capital
Expendable
General
Proiects
Trusts
1997
1996
Revenues:
Taxes
$ 4,285,860
$ -
$ -
$ 4,285,860
$ 4,226,963
Licenses and permits
196,806
-
-
196,806
218,768
Intergovernmental revenues
1,196,306
154,940
-
1,351,246
1,156,703
Charges for services
2,074,061
-
-
2,074,061
1,927,433
Fines and forfeitures
207,350
-
2,979
210,329
215,633
Contributions
-
-
7,707
7,707
9,578
Miscellaneous revenue
224,311
-
18,353
242,664
241,203
Interest
143,820
49,150
3,116
196,086
196,568
Confiscated property
-
-
75,066
75,066
36,979
Total revenues
8,328,514
204,090
107,221
8,639,825
8,229,828
Expenditures
Current:
General government
979,562
-
-
979,562
851,107
Public safety
2,921,983
514,593
30,630
3,467,206
3,359,139
Public services
2,112,754
1,500
-
2,114,254
2,353,007
Culture /recreation
1,471,706
72,167
15,044
1,558,917
1,722,388
Capital outlay
423,557
-
81,873
505,430
674,029
Debt service:
Principal retirement
30,947
184,541
-
215,488
62,755
Interest
3,928
55,937
-
59,865
14,989
Total expenditures
7,944,437
828,738
127,547
8,900,722
9,037,414
Excess (deficiency) of revenues
over expenditures
384,077
(624,648)
(20,326)
(260,897)
(807,586)
Other financing sources (uses):
Operating transfers in (out)
(384,908)
384,908
-
-
-
Revenue note proceeds
-
-
-
-
800,000
Capital lease proceeds
-
-
-
-
166,500
Total other financing sources (uses)
(384,908)
384,908
-
-
966,500
Excess (deficiency) of revenues
over expenditures and other
financing sources (uses)
(831)
(239,740)
(20,326)
(260,897)
158,914
Fund balances, beginning
1,923,585
957,736
178,846
3,060,167
2,901,253
Fund balances, ending
$ 1,922,754
$ 717,996
$ 158,520
$ 2,799,270
$ 3,060,167
See notes to general purpose financial statements.
-4-
MIAMI SHORES VILLAGE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL -
ALL BUDGETED GOVERNMENTAL FUND TYPES
FISCAL YEAR ENDED SEPTEMBER 30, 1997
Revenues:
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeitures
Miscellaneous revenue
Interest
Total revenues
Expenditures:
Current:
General government
Public safety
Public services
Culture /recreation
Debt service:
Principal retirement
Interest
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses):
Appropriated fund balance
Operating transfers in (out)
Total other financing
sources
Excess (deficiency) of revenues
over expenditures and other
financing sources
See notes to general purpose financial statements.
-5-
General Fund
Capital Projects Fund
Budgetary
Variance
Budgetary
Variance
Basis
Favorable
Basis
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
$ 4,261,868
$ 4,285,860
$ 23,992
$ -
$ -
$ -
189,000
196,806
7,806
1,169,208
1,196,306
27,098
154,940
154,940
-
2,007,443
2,074,061
66,618
-
-
178,000
207,350
29,350
247,893
224,311
(23,582)
-
-
-
125.000
143.820
18.820
7.663
49.150
41.487
8.178.412
8328.514
150.102
162.603
204.090
41.487
1,060,906
1,006,821
54,085
-
-
-
3,027,145
27931,586
95,559
533,455
514,593
18,862
2,537,390
2,396,661
140,729
244,178
1,500
242,678
1,648,932
1,571,645
77,287
159,119
72,167
86,952
30,949
30,947
2
184,541
184,541
-
4.087
3928
159
56.124
55.937
187
8309.409
7.941.588
367.821
1.177.417
828.738
348.679
(130.997)
386.926
517.923
(1.014.814)
(624.648)
390.166
515,905
-
(515,905)
629,906
239,740
(390,166)
(384.908)
(384.908)
-
384.908
384.908
-
130.997
(384.908)
(515,905)
1.014.814
624.648
(390.166)
$ -
$ 2,018
$ 2,018
$ -
$ -
$ -
See notes to general purpose financial statements.
-5-
MIAMI SHORES VILLAGE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
Operating revenues:
Charges for services
Operating expenses:
Insurance expenses
Personnel expenses
Administrative and general
Total operating expenses
Operating income (loss)
Non - operating revenues:
Interest income
Total non - operating revenues
Net income (loss)
Retained earnings, beginning
Retained earnings, ending
Internal
Enterprise Service
Self
Stormwater Insurance
Totals
(Memorandum Only)
1997 1996
$ 116.027 $ 493.253 $ 609,280 $ 455.444
- 536,358 536,358
479,271
28,818 - 28,818
28,819
75,190 - 75.190
21,445
104.008 536.358 640.366
529.535
12.019 (43305) (31.086) (74,091)
12.743 43.105 55.848 50.755
12.743 43.105 55.848 50.755
24,762 - 24,762 (23,336)
258.733 30.000 288.733 312,069
$ 283,495 $ 30,000 $ 313,495 $ 288,733
See notes to general purpose financial statements.
-6-
MIAMI SHORES VILLAGE, FLORIDA
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operating activities:
Changes in operating assets and liabilities:
Increase in miscellaneous receivables
Increase (decrease) in accounts payable
and accrued liabilities
Increase (decrease) in estimated claims insurance
Increase (decrease) in deferred revenue
Total adjustments
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Interest income
Net cash provided by investing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning
Cash and cash equivalents, ending
Internal
Enterprise Service
Self
Stormwater Insurance
Totals
(Memorandum Only)
1997 1996
$ 12,019 $ 43105 $ 31,086 $ 74,091
2,182 -
2,182
851
22,132 (664)
21,468
(5,657)
- 12,203
12,203
(1,680)
- 14,669
14,669
30,000
24,314 26,208
50,522
(36,486)
36,333 (16,897) 19,436 (110,577)
12,743 43,105 55,848 50,755
12,743 43,105 55,848 50,755
49,076 26,208 75,284 (59,822)
206,724 658,017 864,741 924,563
$ 255,800 $ 684,225 $ 940,025 $ 864,741
See notes to general purpose financial statements.
-7-
MIAMI SHORES VILLAGE, FLORIDA
COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
Additions
Contributions:
Employer
State
Employees
Total contributions
Investment income:
Investment earnings
Less investment expenses
Net investment income
Other income
Total additions
Deductions
Benefit payments and refunds
Administrative and general
Total deductions
Net increase
Net assets held in trust for pension benefits:
Beginning of year
End of year
See notes to general purpose financial statements.
-8-
1997 1996
$ 223,938 $
240,362
28,806
25,389
225.044
220.679
477.788
486.430
2,775,144 1,509,671
(100.334) (88.935)
2.674.810 1.420.736
505 -
3.153.103 1.907.166
549,256
453,925
119.453
106.522
668.709
560.447
2,484,394 1,346,719
12.218,562 10.871.843
$ 14,702,956 $ 12,218,562
NOTES TO GENERAL PURPOSE
FINANCIAL STATEMENTS
MIAMI SHORES VILLAGE, F+ LORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
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 Miami -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.
The Village is not associated with entities that meet the definition of a component unit.
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 (GAAP) 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, 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. An
account group, on the other hand, is a financial reporting device designed to provide
accountability for certain assets and liabilities that are not recorded in the funds because they
do not directly affect net expendable available financial resources. 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.
-9-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The capital projects fund is used to account for financial resources to be used for the
acquisition of equipment and construction of capital facilities.
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 fiend 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 fiend 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 and other long -term obligations not accounted for in proprietary
fund types. Accordingly, the Village maintains a general fixed assets 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 determination of net income is necessary for
sound financial administration.
K12
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fiduciary Fund Types
Expendable trust funds are accounted for in a manner similar to that of governmental
fund types. The pension trust fund is accounted for in a manner similar to proprietary
fund types. The agency fund is custodial in nature (assets equal liabilities) and does not
involve measurement of results of operations.
Account Groups
The general 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 of the
governmental fund types is accounted for in the general long -term debt account group.
General fixed assets of the governmental fund types 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 GASB pronouncements and 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.
-11-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 fair 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. Inventory, except for
gasoline, is expensed when purchased (purchase method). Inventory for gasoline is expensed
when used (consumption method). Inventory is recorded on the balance sheet with a related
reservation of fund balance.
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. Certain public domain ( "infrastructure ") general fixed assets, consisting of roads,
curbs and gutters, and lighting systems are 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.
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.
-12-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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. Long -Term Obligations
The Village reports long -term debt of governmental funds at face value in the general long-
term debt account group. Certain other governmental fund obligations not expected to be
financed with current available financial resources are also reported in the general long -term
debt account group.
10. 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, other state grants, prepaid
occupational licenses and refuse collection fees received that have been budgeted to pay
expenditures of the subsequent fiscal year.
11. Encumbrances
Encumbrances are recorded at the time a purchase order or other commitment is entered into.
Encumbrances outstanding at year -end, if any, represent the estimated amount of
expenditures to result if unperformed purchase orders and other commitments at year -end are
completed. Appropriations lapse at year -end; however, the Village generally intends to honor
purchase orders and other commitments in process. As a result, encumbrances outstanding at
year -end are reported as reservations of fund balance since they do not constitute
expenditures or liabilities of the current period.
12. 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.
-13-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
13. Property Taxes
Property taxes are assessed as of January 1 each year and are first billed (levied) and due the
following November 1.
Under Florida law, the assessment of all properties and the collection of all county,
municipal, school board and special district property taxes are consolidated in the offices of
the County Property Appraiser and County Tax Collector. The laws for the State regulating
tax 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 mills ($10 per
$1,000 of assessed taxable valuation). The millage rate assessed by the Village for the year
ended September 30, 1997 was 8.740.
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 Miami -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 assessment roll is certified by the County Property
Appraiser. Miami -Dade County mails to each property owner on the assessment roll a notice
of the taxes due and Miami -Dade County also collects the taxes for the Village. Taxes may be
paid upon receipt of such notice from Miami -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 Miami -Dade County are provided for in the laws of Florida.
14. Budgets 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.
-14-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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. However, there were no
supplemental appropriations in fiscal year 1997.
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) except for
compensated absences.
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. Unencumbered 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.
15. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Although these estimates are
based on management's knowledge of current events and actions it may undertake in the
future, they may ultimately differ from actual results.
16. Comparative Data
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.
IWI
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
17. 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.
NOTE 2. DEPOSITS AND INVESTMENTS
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 No. 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.
At year end, the Village's investment balances which are not subject to categorization were as
follows:
Pension fund:
Common Stock Trust Fund Pool
Bond Trust Fund Pool
Deferred Compensation Plan
Total investments
-16-
$ 8,926,534
5,771,586
14,698,120
1,553,156
$16,251,276
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 3. FIXED ASSETS
Changes in general fixed assets during the year are as follows:
Depreciation is not required and has not been provided on general fixed assets
NOTE 4. LONG -TERM DEBT
Changes in general long -term debt during the year are as follows:
Balance
Balance
Balance
Balance
September 30,
1996
September 30,
1997
1996
Additions
Deletions 1997
Land
$ 718,531
$ -
$ - $ 718,531
Buildings
3,107,039
514,597
- 3,621,636
Improvements other than buildings
2,158,426
277,480
- 2,435,906
Equipment
3,711,604
257,849
173,417 3,796,036
Total
$_9,695,600
$1,049,926
$173,417 $10,572,109
Depreciation is not required and has not been provided on general fixed assets
NOTE 4. LONG -TERM DEBT
Changes in general long -term debt during the year are as follows:
Balance
Balance
September 30,
September 30,
1996
Additions Reductions
1997
Bonds payable $ 139,787
$ - $ 67,400
$ 72,387
Revenue note payable 800,000
- 80,000
720,000
Capital lease obligations 166,500
- 68,087
98,413
Accrued workers compensation 302,437
1,166 24,479
279,124
Accrued vacation and sick leave 366,262
122,324 113,435
375,151
Other 5,000
- -
5,000
Total $1,179,986
$123,490 $353.401
$1,550,075
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 electric
service utility
tax revenues to secure payment of the principal and interest on the bonds. The final installment
of $72,387 was made on October 1, 1997.
During fiscal year ended September 30, 1996, the Village received proceeds of $800,000 in
connection with a Revenue Note from Barnett Bank. The note is unsecured and bears interest at
4.99% annually. Proceeds from the note are to be used for the purchase and renovation of a new
police building. The note will be repaid with revenues from the police forfeitures trust fund and
the general fund. Payments of accrued interest, together with payments of principal in the
amount of $20,000 each are to be made quarterly commencing on October 1, 1996 through July
1, 2006.
-17-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 4. LONG -TERM DEBT (Continued)
During fiscal year ended September 30, 1996, the Village entered into two capital leases in the
form of installment notes of $124,500 and $42,000. Proceeds from the $124,500 note were used
to purchase police vehicles. This note is unsecured and bears interest at 5.36% annually.
Payments of accrued interest, together with payments of principal are to be made quarterly
commencing on October 25, 1996 through July 25, 1998. Proceeds from the $42,000 note were
used to purchase other vehicles. This note is unsecured and bears interest at 5.59% annually.
Payments of accrued interest together with payments of principal are to be made quarterly
commencing on October 25, 1996 through July 25, 2001. The aforementioned notes are
accounted for in the general long -term debt account group and will be repaid with revenues from
the general fund.
The annual debt service requirements to maturity are as follows:
NOTE 5. DEFERRED COMPENSATION PLAN
The Village offers its employees a deferred compensation plan (the 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 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 $1,553,156 of funds
recorded at fair value for future payments of plan benefits.
-18-
Principal
Interest
Total
Fiscal year ending September 30:
1998
$224,216
$ 43,709
$ 267,925
1999
88,374
31,752
120,126
2000
88,852
27,282
116,134
2001
89,358
22,784
112,142
2002
80,000
18,463
98,463
Thereafter
320,000
33,932
353,932
$890,800
$177,922
$1,068,722
NOTE 5. DEFERRED COMPENSATION PLAN
The Village offers its employees a deferred compensation plan (the 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 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 $1,553,156 of funds
recorded at fair value for future payments of plan benefits.
-18-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 6. COMMITMENTS AND CONTINGENCIES
1. Legal Matters
The Environmental Protection Agency has filed an action against several entities including the
Village regarding oil sent to a Broward site which became contaminated over time. The
Village, along with other responsible parties, has joined in the clean -up process. In addition, the
Village initiated a lawsuit against its insurance carrier to obtain reimbursement for defense costs
and to obtain indemnity. Recently, the Village and the insurance carrier reached a conditional
settlement for full and final settlement of all indemnity claims including future liability at the
petroleum products site, as well as attorney's fees. As such, in the opinion of legal counsel and
management, the liability which may arise from this action would not result in losses which
would materially affect the financial position or results of operations of the Village.
The Village is a defendant in a lawsuit against a group of disabled individuals who have sued
the Village for failure to achieve compliance with the American Disabilities Act ( "ADA "). The
case is scheduled for trial in December 1997; however, the parties are currently negotiating a
settlement. It is probable that when settled, the Village will incur the expenses necessary to
bring its existing facilities and services into compliance with the ADA, which will probably cost
in excess of $100,000 plus attorney's fees. The Village has budgeted a portion of these costs in
next years' general fund budget.
The Village has several other 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 Miami -Dade County for a prior workers compensation claim
for $321,045 as of September 30, 1997. The current portion of this claim is $41,921, which is
recorded in the general fund. The long -term portion of $279,124 is accounted for in the general
long -term debt account group. Annual payments are made by the Village to Miami -Dade
County Risk Management on a reimbursable basis.
3. Employment Contract
The Village has entered into an employment contract with its Village Manager through
December 31, 1999 that provides for an annual salary, adjusted for cost -of- living increases, and
certain benefits. At September 30, 1997, the total commitment, excluding benefits, was
approximately $210,000.
4. Contingent Liabilities
Federal and State programs in which the Village participates were audited in accordance with
the provisions of U.S. Office of Management and Budget Circular A -133 and the Rules of the
Auditor General of the State of Florida. Pursuant to those provisions, certain programs were
tested for compliance with applicable grant requirements. While no matters of non - compliance
were disclosed by the audit, government agencies may subject grant programs to additional
compliance tests which may result in disallowed costs. In the opinion of management, future
disallowances of current grant expenditures, if any, would not have a material effect on the
Village's financial condition.
-19-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 7. POST RETIREMENTS BENEFITS
Plan Description
The Village provides post- retirement health benefits accordingly to the requirements of an
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 $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 $4.16 per employee per week,
payable by payroll deduction during the year ended September 30, 1997. 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 September 30, 1997, there were 33 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 6.5 %, which are consistent with the pension plan. Total contributions for the
year were approximately $8,000 including employee contributions. As of September 30,
1997, the Plan had net assets of approximately $49,000 available for benefits and no
liabilities.
-20-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 8. 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 anyone claim or judgment not to exceed $100,000
and in each occurrence not to exceed $200,000. The amount of settlements for each of the past
three fiscal years did not exceed insurance coverage.
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 two years are as follows:
1997 1996
Unpaid claims, beginning $652,812 $ 654,492
Incurred claims (including 1BNR's) 82,974 170,869
Claim payments 70 771) 17( 2,549)
Unpaid claims, ending $665,015 $ 652,812
NOTE 9. BUDGET /GAAP RECONCILIATION
The following 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 over expenditures (budgetary basis) $386,926
Accrual for compensated absences (2,849)
Excess of revenues over expenditures (GAAP basis) $384,077
NOTE 10. EMPLOYEES' RETIREMENT SYSTEMS
Basis of Accounting
The Village's Employees' Retirement Systems financial statements are prepared using the
accrual basis of accounting. Plan member contributions are recognized in the period in which
the contributions are due. Employer contributions to each plan are recognized when due and
the employer has made a formal commitment to provide the contributions. Benefits and
refunds are recognized when due and payable in accordance with the terms of the Plan.
-21-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 10. EMPLOYEES' RETIREMENT SYSTEMS (Continued)
Change in Accounting Principles
In the fiscal year ended September 30, 1997, the Plan adopted the provisions of Governmental
Accounting Standards Board (GASB) Statement No. 25, "Financial Reporting For Defined
benefit Pension Plans and Note Disclosures For Defined Contribution Plans" and GASB
Statement No. 27 "Accounting For Pensions By State and Local Governmental Employers.
GASB No. 25 established a financial reporting framework for defined benefit pension plans
that distinguishes between two categories of information a) Current financial information
about Plan assets and financial activities and, b) Actuarilly determined information, from a
long -term perspective, about the funded status of the Plans and the progress being made in
accumulating sufficient assets to pay benefits when due. The provisions of this statement
have been applied prospectively.
GASB No. 27 establishes standards for the measurement, recognition, and display of pension
expense and related pension liabilities, pension assets, note disclosures and required
supplementary information.
Method used to Value Investments
Investments are reported at fair value. Securities traded on a national or international exchange
are valued at the last reported sales price. Net appreciation (depreciation) in fair value of
investments, realized and unrealized gains (losses) are determined on the basis of specific cost.
Within certain limitations as specified in the Plan, investment policy is determined by the
Board of Trustees and is implemented by an investment advisor. The Board of Trustees uses
the following guidelines:
• Unlimited investments in bonds, notes or other obligations of the United States
Government, State of Florida or political subdivision or agencies thereof, preferred stocks
and money market investments.
• Investments in common stocks cannot exceed 50% of the total assets of the Plan on a cost
basis.
• Investments in corporate bonds must hold a rating in one of the three highest
classifications by a major rating service and be listed on any one or more of the
recognized national stock exchanges.
Plait Description
The Village is the administrator of a single - employer Public Employee Retirement System
(PERS) established 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.
-22-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 10. EMPLOYEES' RETIREMENT SYSTEMS (Continued)
Plan Description (Continued)
Membership in each retirement system consisted of the following at October 1, 1996, the date
of the latest actuarial valuation:
General Police
Retirees and beneficiaries receiving benefits 30 10
Terminated plan members entitled to but not yet receiving benefits 3 -
Active plan members 66 30
Total 99 40
Active employees:
Fully- vested 18 15
Non - vested 48 15
66 30
The Village provides all employees retirement benefits through a single - employer defined
benefit plan. Under the plan, all full -time permanent employees upon completion of one year
of credited service are eligible. General employees who retire at or after age 62 are entitled to
a retirement benefit of 2% of final average compensation times years of service to a
maximum of 30 years.
Prior to July 1, 1989, for police employees who terminated or retired with 25 years or more of
service, regardless of age, retirement benefit was 2% for the first 25 years of service and 2%2
for years over 25 to a maximum of 30 years.
Subsequent to July 1, 1989, the retirement benefit for the first 25 years has been increased to
2.4 %. Subsequent to October 1, 1992, the retirement benefit for the first 15 years of credited
service is 2.4 %; plus 2.7% for the next ten years of service; plus 2.5% in excess of 25 years
(maximum 30 years). Subsequent to October 1, 1993, the retirement benefit for the first ten
years of credited service is 2.4 %; plus2.7% 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 benefit for the
first 5 years of credited services 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 credited service over 39.25 years. Subsequent to September 30, 1995, the
retirement benefit for the first 5 years of credited service is 2.4 %; plus 2.75% for the next 20
years; plus 2.3% in excess of 25 years (maximum of 30 years); plus 2% of monthly final
compensation multiplied by the number of years of credited service 39.25 years. Subsequent
to September 30, 1996, the amount of monthly retirement annuity for a police officer who
retires or terminates subsequent to October 1, 1996 and prior to September 30, 1997 will be
equal to 2.4% of the monthly average final compensation multiplied by the number of years
of creditable service up to 5; plus 2.8% beginning at 6 years and up to 25 years, plus 2.1%
over 25 years but not to exceed 30 years; plus 2% of the monthly average final compensation
multiplied by the number of years of creditable service over 39.25 years. The employee's
contribution shall not exceed 9% of his earnable compensation. Under no circumstances shall
an employee receive an amount of monthly retirement annuity less than 2% times the total
number of years of service.
-23-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 10. EMPLOYEES' RETIREMENT SYSTEMS (Continued)
Plan Description (Continued)
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. Beginning October 1, 1996, police officer retirees will
receive a 1% cost of living increase.
Funding Policy
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% annum interest are refunded.
The Village is required to contribute the remaining amounts necessary to finance the
coverage for its employees. Village contributions are actuarially determined. Village
contribution limits are established by Village charter not to exceed one mill and may be
amended only be special referendum.
Annual Pension Cost and Net Pension Obligation
As of October 1, 1996 (date of transition), the Village had made all of its required annual
contributions and thus did not have a net pension obligation at year end.
The annual required contributions for the current year were determined as part of the October
1, 1996 actuarial valuation using the frozen entry age actuarial cost method. The actuarial
assumptions included (a) 8% investment rate of return (net of administrative expenses) and
(b) projected salary increases ranging from 7% per year. Both (a) and (b) included an
inflation component of 4 %. The assumptions did not include post- retirement benefit
increases. The actuarial value of assets was determined using market value less unrecognized
capital appreciation, where capital appreciation is recognized at the rate of 20% per year.
Fiscal Year Ending
9/30/95
9/30/96
9/30/97
Three -Year Trend Information
Annual Pension
Cost (APQ
$248,001
262,633
249,327
-24-
Percentage of
APC Contributed
100%
100%
100%
Net Pension
Obligation
REQUIRED SUPPLEMENTARY INFORMATION
MIAMI SHORES VILLAGE, FLORIDA
PENSION TRUST FUNDS
SCHEDULE OF FUNDING PROGRESS
-25-
UAAL
Actuarial
as a
Actuarial
Accrued
Percentage
Value
Liability
Unfunded
of
Actuarial
of
(AAL)
AAL
Funded
Covered
Covered
Valuation
Assets
Entry Age
(UAAL)
Ratio
Payroll
Payroll
Date
(a)
?)
(L--al
(a/b)
ft-&c
10/1/91
$ 7,834,089
$ 7,393,946
$ (440,143)
106.0%
$ 2,666,872
(16.5)%
10/1/92
8,656,344
8,333,888
(322,456)
103.9
3,060,775
(10.5)
10/1/93
9,539,357
9,211,131
(328,226)
1.03.6
3,111,680
(10.5)
10/1/94
9,380,878
9,436,798
55,920
99.4
2,925,881
1.9
10/1/95
10,193,957
10,100,353
(93,604)
100.9
2,900,044
(3.2)
10/1/96
11,043,748
10,651,327
(392,421)
103.7
3,333,873
(11.8)
-25-
MIAMI SHORES VILLAGE, FLORIDA
PENSION TRUST FUNDS
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Year
Annual
Net
Ended
Required
Percentage Pension
September 30,
Contribution
Contributed Obligati
1992
$ 237,624
100% $ -
1993
185,656
100% -
1994
238,913
100% -
1995
248,001
100% -
1996
262,633
100% -
1997
249,327
100% -
The information presented in the required supplemental schedules was determined as part of the actuarial
valuations at the dates indicated. Additional information as of the latest actuarial valuation follows.
Valuation date
10/1/96
Actuarial cost method
Frozen Entry Age
Amortization method
N/A
Remaining amortization period
N/A
Asset valuation method
Difference between actual and expected return recognized
Actuarial assumptions:
Investment rate of return*
8% per year compounded annually net of investment
related expenses
Projected salary increases* 6.50%
Cost of living adjustments None
*Includes inflation at 4%
NOTE: The employer contributions for the police employees includes the state contributions
-26-
COMBINING, INDIVIDUAL FUND AND ACCOUNT
GROUP STATEMENTS AND SCHEDULES
GOVERNMENTAL FUND TYPES
GENERAL FUND
The General Fund is the principal operating fund of the Village and is used to account for
resources traditionally associated with governments which are not required to be accounted
for in another fund.
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996)
ASSETS
1997 1996
Cash and cash equivalents
$ 2,347,524
$ 2,222,016
Investment, at cost
-
65,000
Accounts receivable, net
609,057
566,613
Due from other governments:
234,753
175,896
Federal Government
5,173
-
State of Florida
50,210
74,309
Miami -Dade County
1,976
4,330
Prepaid costs
5,168
29,173
Inventories
25,519
35.467
Total assets
$ 3,044,627
$ 2,996,908
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
$ 152,836
$ 162,190
Accrued liabilities
234,753
175,896
Workers compensation claims payable
41,922
47,143
Deferred revenues
692.362
688.094
Total liabilities
1.121.873
1.073.323
Fund Equity:
Reserved for:
Encumbrances
253,036
291,062
Subsequent years expenditures
112,000
224,000
Prepaid costs
5,168
29,173
Inventories
25,519
35,467
Unreserved:
Designated for capital outlay
614,370
235,752
Designated for future use
63,810
277,068
Designated for emergencies and contingencies
848,851
831.063
Total fund equity
1.921754
1.923.585
Total liabilities and fund equity
$ 3,044,627
$ 2,996,908
-27-
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
-28-
1997
1996
Revenues:
Taxes
$ 4,285,860
$ 4,226,963
Licenses and permits
196,806
218,768
Intergovernmental revenues
1,196,306
1,156,703
Charges for services
2,074,061
1,927,433
Fines and forfeitures
207,350
212,951
Miscellaneous revenue
224,311
224,031
Interest
143.820
131.213
Total revenues
8.328.514
8.098.062
Expenditures:
Current:
General government
979,562
817,432
Public safety
2,921,983
2,722,896
Public services
2,112,754
1,966,655
Culture /recreation
1,471,706
1,432,398
Capital outlay
423,557
402,680
Debt service:
Principal retirement
30,947
20,332
Interest
3,928
4.856
Total expenditures
7.944.437
7.367,249
Excess of revenues over expenditures
384,077
730.813
Other financing sources (uses):
Operating transfers out
(384,908)
(704,381)
Capital lease proceeds
-
42.000
Total other financing uses
(384,908)
(662.381)
Excess (deficiency) of revenues over
expenditures and other financing uses
(831)
68,432
Fund balance, beginning
1,923,585
1,855,153
Fund balance, ending
$ 1,922,754
$ 1,923,585
-28-
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULES OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
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:
COPS Fast Grant
Juvenile Facility Grant
Theater Grant
Summer Jobs Program Grant
Cigarette taxes
State revenue sharing
Beverage licenses
Local government half cent sales tax
Department of transportation (landscape maintenance)
Local option gas tax trust
FEMA Grant
County shared revenues:
County occupational licenses
School crossing programs
Recycling grant
Total intergovernmental revenues
Charges 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
-29-
$ 8,178,412 $ 8,328,514 $ 150,102 $ 8,098,062
Budgetary
Variances
Budgetary
Basis
Favorable
Basis
Budget
Actual
(Unfavorable)
Actual
1997
1996
2,875,168
$ 2,857,501
$ (17,667)
$ 2,811,761
485,800
500,444
14,644
493,785
900,900
927,915
27,015
921,417
4261,868
4.285,860
23,992
4,226,963
61,000
67,047
6,047
61,881
104,000
97,948
(6,052)
131,717
24,000
31,811
7.811
25,170
189,000
196,806
7,806
218.768
26,000
28,988
2,988
30,801
30,000
30,000
-
-
50,000
50,000
-
32,521
32,521
-
-
11,030
11,011
(19)
10,540
206,679
225,583
18,904
229,725
1,200
771
(429)
1,340
530,383
515,033
(15,350)
508,742
17,318
17,318
-
17,318
222,177
237,429
15,252
281,918
-
-
-
16,215
19,000
14,704
(4,296)
18,186
22,900
21,107
(1,793)
30,281
11,841
11,841
11.637
1,169208
1,196,306
27,098
1,156,703
150,780
129,942
(20,838)
140,735
1,589,763
1,624,479
34,716
1,538,666
8,000
8,241
241
5,851
258,900
311,399
52,499
242.181
2,007,443
2,074,061
66,618
1,927,433
76,000
76,453
453
80,210
102,000
130,897
28,897
132,741
178,000
207,350
29,350
212,951
-
60
60
592
149,009
148,320
(689)
149,009
98,884
75,931
(22,953)
74,430
247,893
224,311
(23,582)
224,031
125,000
143,820
18,820
131.213
$ 8,178,412 $ 8,328,514 $ 150,102 $ 8,098,062
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULES OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (Continued)
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
Expenditures:
Current:
General government:
Village council:
Personnel services
Operating expenses
Village attorney:
Personnel services
Operating expenses
Village manager:
Personnel services
Operating expenses
Capital outlay
Village clerk:
Personnel services
Operating expenses
Capital outlay
Finance:
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
Captial outlay
Human resources:
Personnel services
Operating expenses
Capital outlay
Summer Program:
Personnel services
Operating expenses
Total general government
-30-
Budgetary
Variances Budgetary
Basis
Favorable Basis
Budget Actual
(Unfavorable) Actual
1997
1996
$ 5 $
5 $
- $
13,386
12.905
481
11,283
13,391
12.910
481
11.283
99.350
78.204
21,146
74,523
99.350
78.204
21,146
74.523
110,535
110,239
296
138,476
24,800
23,682
1,118
21,088
-
-
-
571
135,335
133,921
1,414
160.135
83,002
82,267
735
44,456
15,818
12,687
3,131
9,598
4.645
3.762
883
664
103.465
98,716
4,749
54.718
172,990
170,718
2,272
167,698
58,923
54,240
4,683
48,967
16300
16294
6
2.048
248.213
241252
6,961
218,713
57,430
57,430
-
54,013
93,121
88,699
4,422
52,191
1,478
1,478
1,136
152,029
147,607
4,422
107.340
5,000
3,921
1,079
99
141,900
141,898
2
107,322
63,025
55,500
7,525
16,578
3,436
3,436
-
3,149
213,361
204,755
8,606
127,148
38,292
32,868
5,424
60,684
22,629
21,747
882
18,718
2,320
2320
63.241
56.935
6,306
79.402
31,800 31,800 -
721 721 - -
32,521 32,521
1,060,906 1,006,821 54.085 831262
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULES OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (Continued)
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
Building and zoning
Personnel services
136,788
Budgetary
Variances
Budgetary
Operating expenses
45,564
Basis
Favorable
Basis
Capital outlay
Budget
Actual
(Unfavorable)
Actual
182,352
1997
17,112
1996
Public safety:
2,537,390
Code enforcement:
140.729
2,208,645
Law enforcement:
Personnel services
86,072
83,631
Personnel services
$ 2,493,915
$ 2,444,257
$ 49,658
$ 2,350,451
Operating expenses
229,469
212,491
16,978
199,445
Capital outlay
14,385
11,059
3,326
5,077
Non - operating expenses
5,844
4368
1,476
2,931,586
95,559
2743.613
2.671175
71438
1554.973
Building and zoning
Personnel services
136,788
128,202
8,586
104,573
Operating expenses
45,564
37,038
8,526
36,387
Capital outlay
-
-
-
479
182,352
165,240
17,112
141,439
Total public services
2,537,390
Code enforcement:
140.729
2,208,645
Personnel services
86,072
83,631
2,441
94,620
Operating expenses
15,108
10,540
4,568
15,939
Capital outlay
-
-
-
1,991
101,180
94,171
7,009
112.550
Total public safety
1027.145
2,931,586
95,559
1808962
Public services:
Public works administration:
Personnel services
260,261
259,557
704
238,680
Operating expenses
17,186
14,316
2,870
22,050
Capital outlay
9,448
1,453
7,995
1,485
286,895
275,326
11,569
262.215
Street maintenance:
Personnel services
124,429
111,850
12,579
122,021
Operating expenses
241,003
238,296
2,707
260,188
Capital outlay
381695
272.250
111,445
141618
749,127
622,396
126,731
524,827
Solid waste collection:
Personnel services
630,526
623,878
6,648
603,472
Operating expenses
609,159
608,841
318
581,553
Capital outlay
2,752
2352
12.529
1,242,437
1,235,471
6,966
1.197.554
Motor pool
Personnel services
173,359
179,081
(5,722)
145,010
Operating expenses
76,272
76,196
76
71,060
Capital outlay
9,300
8,191
1,109
7,979
258,931
263,468
(4,537)
224,049
Total public services
2,537,390
2396,661
140.729
2,208,645
-31-
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULES OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (Continued)
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
Culture /recreation:
Parks:
Personnel services
Operating expenses
Capital outlay
Recreation:
Personnel services
Operating expenses
Non - operating expenses
Capital outlay
Recreation maintenance:
Personnel services
Operating expenses
Capital outlay
Library:
Personnel services
Operating expenses
Capital outlay
Total culture /recreation
Debt service:
Principal retirement
Interest
Total debt service
Total expenditures
-32-
Budgetary
Variances Budgetary
Basis
Favorable Basis
Buda et Actual
(Unfavorable) Actual
1997
1996
$ 262,655
$ 258,635 $
4,020
$ 205,976
96,523
91,569
4,954
92,636
37,400
13,402
23,998
51,109
396,578
363,606
32,972
349,721
561,571
559,265
2,306
528,347
234,637
229,195
5,442
226,856
2,016
2,016
-
2,016
60,886
40,032
20,854
80,858
859,110
830,508
28.602
838,077
96,724
94,480
2,244
89,897
26,417
24,772
1,645
24,182
1,800
1,755
45
7.345
124,941
121,007
3,934
121,424
179,636
177,650
1,986
181,334
35,242
33,502
1,740
45,736
53,425
45,372
8A53
83,642
268,303
256,524
11379
310.712
1,648,932
1,571,645
77,287
1,619,934
30,949
30,947
2
20,332
4,087
3,928
159
4,856
35,036
34,875
161
25,188
$ 8,309,409
$ 7,941,588 $
367,821
$ 7,495,991
CAPITAL PROJECTS FUND
The capital projects fund accounts for financial resources used for acquisitions and
improvements to capital facilities.
MIAMI SHORES VILLAGE, FLORIDA
CAPITAL PROJECTS FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996)
ASSETS
Cash and cash equivalents
Prepaid costs
Total assets
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Total liabilities
Fund equity:
Reserved for:
Encumbrances
Prepaid costs
Recreation department
Unreserved:
Designated for capital outlay
Total fund balance
Total liabilities and fund balance
-33-
1997
1996
$ 690,356
$ 964,042
29.179
85.640
$ 719,535
$ 1,049,682
$ 1.539 $ 91,946
1.539 91.946
285,126
29,179
313,330
90,361
717.996
$ 719,535
529,906
85,640
256,636
85.554
957.736
$ 1,049,682
MIAMI SHORES VILLAGE, FLORIDA
CAPITAL PROJECTS FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
Revenues:
1997 1996
Intergovernmental revenues $ 154,940 $
Interest -
Total revenues
49,150 49,937
204,090 49,937
Expenditures:
Current:
General government
Public safety
-
30,425
Public service
514,593
500,741
Culture /recreation
1,500
336,225
Debt service:
72,167
333,923
Principal retirement
Interest
184,541
42,423
Total expenditures
55,937
10,133
828,738
1,253,870
Deficiency of revenues over expenditures
624,648
(1,203,933)
Other financing sources:
Operating transfers in
Revenue note proceeds
384,908
704,381
Capital lease proceeds
-
800,000
Total other financing sources
-
124.500
384,908
1,628,881
Excess (deficiency) of revenues and other
financing sources over expenditures
(239,740)
424,948
Fund balance, beginning
957,736
532,788
Fund balance, ending
$ 717,996
$ 957,736
-34-
PROPRIETARY FUND TYPES
ENTERPRISE FUND
The stormwater utility fund accounts for the operations and maintenance of the stormwater
system.
MIAMI SHORES VILLAGE, FLORIDA
ENTERPRISE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996)
ASSETS
1997 1996
Cash and cash equivalents $ 255,800 $ 206,724
Due from other governments 49.827 52.009
Total assets $ 305,627 $ 258,733
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Fund equity:
Retained earnings
Total fund equity
-35-
$ 22,132 $ -
283,495 258.733
$ 305,627 $ 258,733
MIAMI SHORES VILLAGE, FLORIDA
ENTERPRISE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
1997 1996
Charges for services $ 116.027 $ 124.444
Operating expenses:
Personnel expenses
28,818
28,819
Administrative and general
75.190
21.445
Total operating expenses
104.008
50.264
Operating income
12,019
74,180
Non - operating income:
Interest income
12,743
9.805
i
Net Income
24,762
83,985
Retained earnings, beginning
258.733
174.748
i
Retained earnings, ending
$ 283.495
$ 258,733
I
I
I
-36-
i
I
i
I
I
INTERNAL SERVICE FUND
The self insurance fund accounts for the accumulation and allocation of costs associated
with insurance.
MIAMI SHORES VILLAGE, FLORIDA
INTERNAL SERVICE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996)
ASSETS
1997 1996
Cash and cash equivalents $ 684,225 $ 658,01.7
Land held for sale 30.000 30.000
Total assets $ 714,225 $ 688,017
LIABILITIES AND FUND EQUITY
Liabilities:
Accounts payable
Deferred revenue
Estimated insurance claims
Total liabilities
Fund equity:
Retained earnings - reserved
Total liabilities and fund equity
-37-
$ 4,541 $ 5,205
14,669 -
665.015 652.812
684,225 658,017
30.000 30.000
$ 714,225 $ 688,017
MIAMI SHORES VILLAGE, FLORIDA
INTERNAL SERVICE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
1997
1996
Charges for services
g
$ 493.253
$ 331.000
Operating expenses:
Insurance premiums
261,815
257,300
Claims
173,385
170,869
Administrative
101.15 8
51.102
Total operating expenses
536358
479.271
Operating loss
(43,105)
(148,271)
Non - operating income:
Interest income
43.105
40.950
Net loss
-
(107,321)
Retained earnings - reserved, beginning
30.000
137.321
Retained earnings - reserved, ending
$ 30,000
$ 30,000
i
-38-
I
I
FIDUCIARY FUND TYPES
TRUST AND AGENCY FUNDS
These funds account for assets held by the Village in a trustee capacity or as an agent for
employees, other governments and/or other funds.
Expendable Trust Funds:
General Trust Fund - To account for the use of specific designated resources.
Police Insurance Trust Fund - 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 law enforcement purposes.
Pension Trust Fund:
Pension Trust Fund - To account for the accumulation of resources for pension benefit
payments to retirees of Miami Shores Village.
Agency Fund:
Deferred Compensation Fund - To account for assets held for employees in
accordance with the provisions of Internal Revenue Code Section 457.
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MIAMI SHORES VILLAGE, FLORIDA
EXPENDABLE TRUST FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
Law
Police Enforcement
General Insurance Training Police Totals
Trust Trust Trust Forfeiture 1997 1996
Revenues:
Fines and forfeitures
$ - $
- $
2,979
$ -
$ 2,979
$ 2,682
Contributions
-
7,707
-
-
7,707
9,578
Miscellaneous revenue
18,353
-
-
-
18,353
17,172
Interest
-
-
-
31116
3,116
15,418
Confiscated property
-
-
-
75.066
75,066
36.979
Total revenues
18,353
7.707
2.979
78.182
107.221
81.829
Expenditures:
Current:
Public safety
-
-
3,137
27,493
30,630
138,752
Culture /recreation
15,044
-
-
-
15,044
6,194
Capital outlay
7.499
-
-
74.374
81.873
271.349
Total expenditures
22.543
-
3.137
101.867
127.547
416,295
Excess (deficiency) of
revenues over expenditures
(4,190)
7,707
(158)
(23,685)
(20,326)
(334,466)
Fund balance, beginning
19.632
40.959
783
117.472
178,846
513,312
Fund balance, ending
$ 15,442 $
48,666 $
625
$ 93,787
$ 158,520
$ 178,846
-40-
MIAMI SHORES VILLAGE, FLORIDA
PENSION TRUST FUND
COMBINING STATEMENTS OF PLAN NET ASSETS
SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996)
ASSETS
Cash with pension trustee
Investments, at fair value
Due from employees
Other assets
Total assets
LIABILITIES AND NET ASSETS
HELD IN TRUST FOR BENEFITS
Liabilities:
Accounts payable
Net assets held in trust for
pension benefits
Total liabilities and net assets
held in trust for benefits
Totals
General Police 1997 1996
$ 14,016 $ 18,848 $ 32,864 $ 40,921
6,268,315 8,429,805 14,698,120 12,181,480
- - - 17,741
32 43 75 165
$ 6,282,363 $ 8,448,696 $ 14,731,059 $ 12,240,307
$ 14,164 $ 13,939 $ 28,103 $ 21,745
6.268.199 8.434,757 14.702.956 11218,562
$ 6,282,363 $ 8,448,696 $ 14,731,059 $ 12,240,307
-41-
MIAMI SHORES VILLAGE, FLORIDA
PENSION TRUST FUND
COMBINING STATEMENTS OF CHANGES IN PLAN NET ASSETS
FISCAL YEAR ENDED SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1996)
Additions
Contributions:
Employer
State
Employees
Total contributions
Investment income:
Investment earnings
Less investment expenses
Net investment income
Other income
Total additions
Deductions
Benefit payments and refunds
Administrative and general
Total deductions
Net increase
Net assets held in trust for pension benefits:
Beginning of year
End of year
-42-
Totals
General Police 1997 1996
$ 21,066
$ 202,872
$ 223,938
$ 240,362
-
28,806
28,806
25,389
101692
121.352
225.044
220.679
124,758
353,030
477,788
486,430
1,182,876
1,592,268
2,775,144
1,509,671
(42,141)
(58,193)
(100,334)
(88,935)
1,140,735
1,534,075
2,674,810
1,420,736
215
290
505
-
1,265.708
L887395
3.153.103
1.907.166
228,022
321,234
549,256
453,925
50,887
68,566
119.453
106.522
278,909
389.800
668,709
560.447
986,799
1,497,595
2,484,394
1,346,719
5.281.400
6.937.162
12.218,562
10.871.843
$ 6,268,199
$ 8,434,757
$ 14,702,956
$ 12,218,562
MIAMI SHORES VILLAGE, FLORIDA
DEFERRED COMPENSATION AGENCY FUND
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
Assets:
Investments, at fair value
Liabilities:
Deferred compensation payable
FISCAL YEAR ENDED SEPTEMBER 30, 1997
-43-
Balance Balance
October 1, Transfers/ September 30,
1996 Additions Deletions 1997
$ 1,199,896 $ 446,263 $ 93,003 $ 1,553,156
$ 1,199,896 $ 446,263 $ 93,003 $ 1,553,156
GENERAL FIXED ASSETS
ACCOUNT GROUP
To account for fixed assets other than those accounted for in Proprietary Funds or Trust
Funds.
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULES OF GENERAL FIXED ASSETS - BY SOURCE
SEPTEMBER 30, 1997
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1996)
1997 1996
General fixed assets:
Land $ 718,531 $ 718,531
Buildings 3,621,636 3,107,039
Improvements other than buildings 2,435,906 2,158,426
Equipment 3.796,036 3.711.604
Total general fixed assets $ 10,572,109 $ 9,695,600
Investments in general fixed assets:
General fetid
$ 5,420,531
$ 5,173,180
Capital projects fund
3,168,208
2,617,123
Country Club
1,333,183
1,333,183
Gifts and donations
51,728
44,229
Confiscated property
582,945
512,371
Insurance fund
15.514
15.514
Total investments in general fixed assets
$ 10,572,109
$ 9,695,600
-44-
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 1997
-45-
Improvements
Other than
Function
Land
Buildings
Buildings
Equipment
Total
General government - finance
and administrative
$ 1,500
$ 232,720
$ 94,777
$ 317,558
$ 646,555
Public safety - police
-
1,367,561
36,219
992,754
2,396,534
Public services - public works
71,264
405,632
1,626,035
1,635,470
3,738,401
Culture /recreation:
Parks and recreation
62,350
918,037
414,317
494,484
1,889,188
Library
2,500
350,269
2,795
212,684
568,248
Country Club
580.917
347.417
261.763
143,086
1.333.183
Total general fixed assets
allocated to functions
$ 718,531
$ 3,621,636
$ 2,435,906
$ 3,796,036
$ 10,572,109
-45-
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
FISCAL YEAR ENDED SEPTEMBER 30, 1997
General government:
Finance and administrative
Public safety - police
Public services - public works
Culture /recreation:
Parks and recreation
Library
Country Club
Total culture /recreation
Total general fixed assets
allocated to functions
Balance
Balance
October 1,
September 30,
1996
Additions
Deletions
1997
$ 624,739
$ 27,779
$ 5,963
$ 646,555
1,850,522
599,898
53,885
2,396,535
3,557,823
286,686
106,109
3,738,400
1,768,273
128,225
7,310
1,889,188
561,060
7,338
150
568,248
1.333,183
-
-
1.333.183
3.662.516
135.563
7.460
3.790.619
$ 9,695,600 $ 1,049,926 $ 173,417 $ 10,572,109
-46-
STATISTICAL TABLES
TABLE I
MIAMI SHORES VILLAGE, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION (1)
LAST TEN FISCAL YEARS
Public Services
Streets
Fiscal General Public and Culture/ Debt
Year Government Sqfee1y Admin. Sanitation Recreation Service Total
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
6,294,870
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
1996
858,675
3,637,242
1,316,880
1,200,739
1,946,134
77,744
9,037,414
1997
1,006,853
3,552,639
1,163,343
1,235,557
1,666,977
275,353
8,900,722
(1) General government expenditures include all Governmental Fund Types, Expendable Trust Funds and
capital outlay
Source: Miami Shores Village Finance Department
-47-
Fiscal
Year
MIAMI SHORES VILLAGE, FLORIDA
GENERAL GOVERNMENTAL REVENUES BY SOURCE (1)
LAST TEN FISCAL YEARS
Licenses Charges Fines
and Inter- for and
Taxes Permits Governmental Services Forfeitures Miscellaneous
1988
$ 3,043,277
$ 93,102 $
1989
3,270,710
106,214
1990
3,576,577
114,326
1991
3,605,607
116,836
1992
3,737,604
133,284
1993
4,034,053
161,227
1994
4,044,767
182,425
1995
4,151,583
175,278
1996
4,226,963
218,768
1997
4,285,860
196,806
TABLE II
Totals
886,953 $ 1,140,455 $ 61,395 $ 348,215 $ 5,573,397
868,871
1,332,099
122,483
343,510
6,043,887
897,078
1,438,148
138,753
273,567
6,438,449
885,653
1,553,224
96,444
760,582
7,018,346
883,719
1,826,078
83,401
1,069,366
7,733,452
968,227
1,804,167
116,021
988,830
8,072,525
1,026,376
1,790,393
158,786
786,451
7,989,198
1,097,505
1,902,751
207,611
772,887
8,307,615
1,156,703
1,927,433
215,633
484,328
8,229,828
1,351,246
2,074,061
210,329
521,523
8,639,825
(1) General government revenues include all Governmental Fund Types and Expendable Trust Funds and
capital outlay
Source: Miami Shores Village Finance Department
-48-
MIAMI SHORES VILLAGE, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
Percent
Delinquent
Current
Fiscal
Total
Tax
Year
Tax Lew
Collections
1988
$ 1,983,165
$ 1,863,594
1989
2,097,457
1,969,373
1990
2,439,756
2,317,768
1991
2,478,450
2,336,552
1992
2,556,303
2,430,777
1993
2,835,734
2,687,841
1994
1,766,898
2,653,211
1995
2,936,163
2,766,533
1996
2,904,311
2,765,122
1997
2,989,650
2,821,922
Percent
Delinquent
Total
of Levy
Tax
Tax
Collected
Collections
Collections
94%
$ 51,899
$ 1,915,493
94
50,157
2,019,530
95
48,023
2,365,791
94
15,443
2,351,995
95
33,819
2,464,596
95
30,991
2,718,832
96
19,871
2,673,082
94
22,689
2,789,222
95
46,639
2,811,761
94
35,579
2,857,501
Source: Miami Shores Village Finance Department and Miami -Dade County Property Appraiser
-49-
TABLE III
Percent of
Total Tax
Collection
to Tax Lew
97%
96
97
95
96
96
97
95
97
96
MIAMI SHORES VILLAGE, FLORIDA
ASSESSED VALUE OF TAXABLE PROPERTY (1)
LAST TEN FISCAL YEARS
TABLE IV
(1) The basis for assessed value is approximately one hundred percent (100 %) of actual value.
For each fiscal year ending September 30, property is valued as of January 1st of the
preceding calendar year.
Source: Miami -Dade County Property Appraiser
-50-
Real
Personal
Property
Property
Centrally
Total
Fiscal
Assessed
Assessed
Assessed
Assessed
Year
Value
Value
Property
Value
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
319,504,226
1995
324,627,082
13,757,768
664,077
339,048,927
1996
328,044,932
13,238,273
681,979
341,965,184
1997
327,242,080
14,159,332
663,877
342,065,289
(1) The basis for assessed value is approximately one hundred percent (100 %) of actual value.
For each fiscal year ending September 30, property is valued as of January 1st of the
preceding calendar year.
Source: Miami -Dade County Property Appraiser
-50-
MIAMI SHORES VILLAGE, FLORIDA
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
(Per $1,000 of Assessed Valuation)
TABLE V
Source: Miami -Dade County Property Appraiser
-51-
South
Miami-
Florida
Dade
Miami
Water
County
Miami -
Fiscal
Shores
Management
School
Dade
Year
Villaize
District
District
County
Total
1988
6.995
0.564
7.551
10.892
26.020
1989
7.380
0.587
7.693
10.894
26.550
1990
8.380
0.547
8.190
11.230
28.350
1991
7.790
0.547
8.666
12.000
29.000
1992
7.990
0.547
8.683
12.020
29.240
1993
9.120
0.547
9.528
11.590
30.785
1994
8.660
0.597
9.923
11.280
30.460
1995
8.660
0.597
10.345
10.532
30.134
1996
8.493
0.647
10.389
10.212
29.741
1997
8.740
0.610
10.466
9.988
29.804
Source: Miami -Dade County Property Appraiser
-51-
MIAMI SHORES VILLAGE, FLORIDA
COMPUTATION OF OVERLAPPING DEBT (1)
SEPTEMBER 30, 1997
Name of Governmental Unit
Combined Overlapping Debt (September 30, 1996)
Percent Applicable to Miami Shores Village*
Miami Shores Village Share of Debt
(1) Source: Miami -Dade County September 30, 1996 financial statement.
September 30, 1997 financial statement unavailable
* General obligation
-52-
TABLE VI
Miami -Dade County
$ 1,325,431,000
45%
$ 5,964,439
MIAMI SHORES VILLAGE, FLORIDA
DEMOGRAPHIC STATISTICS - LAST TEN FISCAL YEARS
SEPTEMBER 30, 1997
TABLE VII
Source:
(1) Bureau of Economic Analysis
(2) Miami -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 Miami -Dade County Figures; Village figures were not available)
** Figures not available
-53-
(1)
Per
(2)
(4)
Fiscal
Capita
Median
(3)
Unemployment
Year
Income
Age
Population
Rate
1988
**
39
8,925
5.3%
1989
**
39
9,061
6.4
1990
$15,892
39
10,006
6.9
1991
18,144
35
10,084
9.3
1992
17,072
36
10,097
11.8
1993
19,699
36
10,125
7.1
1994
20,056
36
10,125
4.8
1995
21,058
36
10,125
8.3
1996
**
**
10,149
7.3
1997
* *
* *
10,162
7.3
Source:
(1) Bureau of Economic Analysis
(2) Miami -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 Miami -Dade County Figures; Village figures were not available)
** Figures not available
-53-
MIAMI SHORES VILLAGE, FLORIDA
PROPERTY VALUE, CONSTRUCTION AND BANK DEPOSITS
SEPTEMBER 30, 1997
TABLE VIII
(1) Municipal Bank Deposit Records
(2) Estimated Actual Value
Source: Miami Shores Village and Barnett Bank
-54-
Construction Value
Property
Value (2)
Fiscal
Bank
Year
Commercial
Residential
Deposits (1)
Commercial
Residential
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
1,617,706
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
1996
4,196,947
4,958,956
11,296,602
30,816,273
311,148,911
1997
1,622,916
3,934,603
10,524,759
30,594,928
311,470,361
(1) Municipal Bank Deposit Records
(2) Estimated Actual Value
Source: Miami Shores Village and Barnett Bank
-54-
MIAMI SHORES VILLAGE, FLORIDA TABLE IX
PRINCIPAL TAXPAYERS
SEPTEMBER 30, 1997
1997
Assessed
Taxpaycr Property Owned Valuation
Boris Moroz and Phil Glassman
Shores Square
9301 Block of N.E. 6th Avenue
Burger King
Shores Point
Blockbuster Video
$ 3,078,771
Northern Trust Company
Publix
2,900,000
Tropical Chevrolet, Inc.
Tropical Chevrolet, Inc.
2,861,713
Biscayne Kennel Club, Inc.
Biscayne Kennel Club
2,407,250
Shorewal, Ltd.
Walgreens
1,700,000
Sheila McDonald
11 Residential Properties
in Miami Shores
1,376,971
Henry Everett
9600 Block of N.E. 2nd Avenue/
private residence
1,362,220
Bennett Electric /George Bennett
9600 Block of N.E. 2nd Avenue/
private residence
1,360,301
Ben Pumo
Private Residence
1,124,827
Konover Properties, Inc.
Shores Theater
9800 Block of N.E. 2nd Avenue/
private residence
986,208
$ 19,158,261
-55-
MIAMI SHORES VILLAGE, FLORIDA TABLE X
MISCELLANEOUS STATISTICS
SEPTEMBER 30, 1997
Date of Incorporation
1932
Form of Government
Council /Manager
Population
10,162
Area
2 -1/2 square miles
Miles of Streets
40
Number of Street Lights
1,038
Fire Protection:
66
Number of Stations
1
Number of Firemen and Officers (operated by Dade County)
7
Police Protection:
Number of Stations
1
Number of Policemen and Officers
34
Education:
1. University:
Number of Classrooms
91
Number of Teachers
544
Number of Students
6,899
2. Elementary School
Number of Classrooms
66
Number of Teachers
85
Number of Students
6,899
3. Preschool and Centers
Number of Classrooms
20
Number of Teachers
42
Number of Students
307
Recreation/Culture
Number of Parks 5
Number of Libraries 1
Number of Volumes 49,460
Other
Number of New Building/House Construction -
-56-
SUPPLEMENTARY AUDITOR'S
REPORTS SECTION
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A Partnership Including Professional Associations
Report of Independent Certified Public Accountants on Compliance and on
Internal Control over Financial Reporting Based on an Audit of General Purpose
Financial Statements Performed in Accordance with Government Auditing Standards
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 and for the year ended September 30, 1997, and have issued our report thereon dated November 20,
1997. We conducted are audit in accordance with generally accepted auditing standards and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States
Compliance
As part of obtaining reasonable assurance about whether the Village's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts and grants, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance that are required to be reported under
Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Village's internal control over financial reporting
in order to determine our auditing procedures for the purpose of expressing our opinion on the financial
statements and not to provide assurance on the internal control over financial reporting. Our consideration
of the internal control over financial reporting would not necessarily disclose all matters in the internal
control over financial reporting that might be material weaknesses. A material weakness is a condition in
which the design or operation of one or more of the internal control components does not reduce to a
relatively low level the risk that misstatements in amounts that would be material in relation to the 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 over
financial reporting and its operation that we consider to be material weaknesses.
This report is intended for the information of the Mayor, Village Council, Village management, the Auditor
General of the State of Florida and grantor agencies. However, this report is a matter of public record and
its distribution is not limited.
Miami„ Florida
November 20, 1997
-57-
One Southeast Third Avenue, Tenth Floor, Miami, Florida 33131 • Dade (305) 377 -4228 • Fax (305) 377 -8331
700 Southeast Third Avenue, Third Floor, Ft.Lauderdale, Florida 33316 • Broward (954) 525 -1040 • Fax (954) 525 -2004
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
RCH
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A Partnership Including Professional Associations
Report of Certified Public Accountants on Examination of
Management's Assertion about Compliance with Specified Requirements
Honorable Mayor, Village Council and Village Manager
Miami Shores Village, Florida
We have examined management's assertion, included in the representation letter dated November 20,
1997, that Miami Shores Village (the Village) complied with the allowable cost requirements during the
fiscal year ended September 30, 1997. As discussed in that representation letter, management is
responsible for the Village's compliance with those requirements. Our responsibility is to express an
opinion on management's assertion about the Village's compliance based on our examination.
Our examination was made in accordance with attestation standards established by the American
Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence
about the Village's compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the Village's compliance
with specified requirements.
In our opinion, management's assertion that the Village complied with the aforementioned requirements
during the fiscal year ended September 30, 1997 is fairly stated, in all material respects.
This report is intended for the information to the Village Council, Village management, the Auditor
General of the State of Florida and grantor agencies. However, this report is a matter of public record
and its distribution is not limited.
Miami, Florida
November 20, 1997
-58-
05 Southeast Third Avenue, Tenth Floor, Miami, Florida 33131 • Dade (305) 377 -4228 - Fax (305) 377 -8331
700 Southeast Third Avenue, Third Floor, Ft.Lauderdale, Florida 33316 • Broward (954) 525 -1040 • Fax (954) 525 -2004
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
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF STATE FINANCIAL ASSISTANCE
YEAR ENDED SEPTEMBER 30, 1997
State Agency/
Program Title
State of Florida Department of Commerce
Miami Shores Performing Arts Theater
512
State Contract/
Grant Number
1614N
Receipts
$50,000
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A Partnership Including Professional Associations
Management Letter in Accordance with the Rules of the Auditor General of the State of Florida
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 and for the year ended September 30, 1997, and have issued a report thereon dated November 20,
1997.
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, 1997, we report the following in accordance with Chapter 10.550 Rules of the Auditor
General Local Governmental Ent1hj Audits which requires that this report specifically address but not be
limited to the matters outlined in Rule 10.554(1)(e):
No inaccuracies, irregularities, shortages, defalcations or violations of laws, rules, regulations and
contractual provisions were reported in the preceding annual financial audit.
2. The Village, during fiscal year 1996, was not in a state of financial emergency as defined by Florida
Statute, Section 218.503 (1).
3. Recommendations made in the preceding annual financial audit have been implemented as reported
in the schedule of prior audit findings accompanying this report
4. Recommendations to improve the Village's present financial management and accounting
procedures are accompanying this report in the schedule of findings.
5. 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.
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06 Southeast Third Avenue, Tenth Floor, Miami, Florida 33131 • Dade (305) 377 -4228 • Fax (305) 377 -8331
700 Southeast Third Avenue, Third Floor, Ft.Lauderdale, Florida 33316 a Broward (954) 525 -1040 • Fax (954) 525 -2004
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
Honorable Mayor, Village Council and Village Manager
Miami Shores Village, Florida
Page Two
c. Had improper or inadequate accounting procedures.
d. Failed to record financial transactions which could have a material effect on the Village's general
purpose financial statements.
e. Had other inaccuracies, irregularities, shortages and defalcations.
6. The annual financial report for the year ended September 30, 1997 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.
� r
Miami, Florida
November 20, 1997
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MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS
FISCAL YEAR ENDED SEPTEMBER 30, 1997
PART I. CURRENT YEAR'S COMMENTS AND RECOMMENDATIONS
OTHER MATTERS
Recreation Department
Observation
1. In connection with the Village's normal procedural testing of cash receipts in the Recreation
Department, we noted that deposits are not being made on a timely basis. It appears that receipts
are accumulated for up to three days before they are deposited. As a result, there is a risk of theft,
misplacement and /or misappropriation.
2. We also noted that the cash receipts from the day shift were not reconciled to the pre- numbered
receipt book and closed out for the following shift. As a result of not having a supervisor assist in
the closing of the shift and verifying the receipt for that shift, the opportunity for a
misappropriation of funds can be present. Additionally, not closing out each shift makes it
difficult to determine when the potential loss occurred.
Recommendations
1. We recommend that cash receipts be deposited on a daily basis to reduce the risk of loss.
2. We recommend that each shift's receipts be reconciled to the receipt book by the supervisor and
that each attending employee be required to sign -off on the reconciliation along with the
supervisor's signature. Additionally, each attending employee should be held accountable for
receipts during their shift.
Management's Response
1. The Village Manager will issue a memo to direct the Department to follow the procedures and
policies that were implemented two years ago and that any cash must be deposited to the Finance
Department on the same date of receipt.
2. An internal control audit review will be performed in January to examine if any sdditional
revision need to be implemented.
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MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS
(Continued)
PART I. CURRENT YEAR'S COMMENTS AND RECOMMENDATIONS (Continued)
OTHER MATTERS
Implications of the "Year 2000" Software Issue
Condition
Effective January 1, 2000, several computer systems will experience an incapability of handling data
maintenance and general system calculations relating to the change in years. This situation may
occur if the computer program uses two digits in the "year" field (i.e., "97" for 1997). Once the year
2000 is reached in such a system, the "00" will be interpreted as 1900 and the transactions may not be
posted correctly.
Recommendation
The City should begin analyzing its current system to determine whether or not it will experience
conversion issues related to the change in years. If a problem is determined to exist, the current
system should be revised in order to enable it to handle the conversion. The system's ability to
handle the conversion should be analyzed and updated on an ongoing basis to ensure no critical
problems are experienced in the future. This should be a consideration in any new system to be
purchased.
Management's Response
The City has already contacted the City's software service provider, and they have already begun
preparing a systems modification for the year 2000.
Changes in Accounting Principles
Observation
As part of our continuing evaluation of changes in accounting principles which have an effect upon
the reporting and presentation of accounting information, we noted that in accordance with
Government Accounting Standards Board (GASB) 32 "Accounting and Financial Reporting for
Internal Revenue Code Section 457 Deferred Compensation Plans ", effective for financial statement
periods beginning after December 31, 1998, the City will be required to amend the 457 plan
document and set up the administration of the plan under a trust agreement. As such, the City will no
longer have access to the assets of the plan. Additionally, the plan assets will be separate and can not
be attached as a result of actions taken against the City.
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