1999Miami Shores Village, Florida
GENERAL PURPOSE FINANCIAL STATEMENTS
For the Fiscal Year Ended September 30, 1999
Prepared by
The Finance Department of
Miami Shores Village, Florida
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
INTRODUCTORY SECTION
PAGE
Letter of Transmittal i
Organizational Chart vii
Village Officials viii
FINANCIAL SECTION
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
Combined Balance Sheet - All Fund Types and Account Groups 3
Combined Statement of Revenues, Expenditures and Changes in Fund Balances -
All Governmental Fund Types and Expendable Trust Funds 5
Combined Statement of Revenues, Expenditures and Changes in Fund Balances -
Budget and Actual - All Budgeted Governmental Fund Types 6
Combined Statement of Revenues, Expenses and Changes in Retained Earnings -
All Proprietary Fund Types 7
Combined Statement of Cash Flows - All Proprietary Fund Types 8
Combined Statement of Changes in Plan Net Assets - Pension Trust Fund 9
Notes to General Purpose Financial Statements 10 -27
Required Supplementary Information 28
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
Governmental Fund Types
General Fund:
Comparative Balance Sheets 31
Comparative Statements of Revenues, Expenditures and Changes in Fund Balance 32
Schedule of Revenues and Expenditures - Budget and Actual 33 -36
Special Revenue Funds:
Combining Balance Sheets 37
Combining Statements of Revenues, Expenditures and Changes in Fund Balance 38
Combining Statements of Revenues, Expenditures and Changes in Fund Balance -
Budget to Actual 39
Capital Projects:
Combining Balance Sheets 40
Combining Statements of Revenues, Expenditures and Changes in Fund Balances 41
Combining Statements of Revenues, Expenditures and Changes in Fund Balances -
Budget to Actual 42
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
(Continued)
PA('-F.
COMBINING, INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES, Continued
Proprietary Fund Types
Enterprise:
Comparative Balance Sheets 43
Comparative Statements of Revenues, Expenses and Changes in Retained Earnings 44
Internal Service:
Comparative Balance Sheets 45
Comparative Statements of Revenues, Expenses and Changes in Retained Earnings 46
Fiduciary Fund Types
Trust and Agency Funds:
Combining Balance Sheets - Trust and Agency Funds 47
Combining Statements of Revenues, Expenditures and Changes in Fund Balances -
Expendable Trust Funds 48
Comparative Statements of Plan Net Assets 7 Pension Trust Fund 49
General Fixed Assets Account Group
Schedules of General Fixed Assets - By Source 50
Schedule of General Fixed Assets - By Function and Activity 51
Schedule of Changes in General Fixed Assets - By Function and Activity 52
STATISTICAL SECTION
General Governmental Expenditures by Function
53
General Governmental Revenues by Source
54
Property Tax Levies and Collections
55
Taxable Property Values
56
Property Tax Levies
57
Property Tax Rates — Direct and Overlapping Governments
58
Demographic Information and Statistics
59
Property Value, Construction and Bank Deposits
60
Miscellaneous Information
61
Principal Taxpayers
62
Ten Largest Public and Private Employers Located in Miami -Dade County, Florida
63
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
(Continued)
PAGE
SUPPLEMENTARY AUDITORS 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 64
Management Letter in Accordance with the Rules of the Auditor General of the State of Florida 66
Schedule of Findings 68
l
l
i
INTRODUCTORY SECTION
Thomas J. Benton
Village Manager
Mark A. Malatak, C.P.A.
Chief Financial Officer
Mayor Mark Ulmer and
Members of the Village Council
Miami Shores Village
10050 Northeast Second Avenue
Miami Shores, Florida 33138 -2325
Dear Mayor Ulmer and Council members:
1l tu,u =jwu.7
10050 N.E. SECOND AVENUE
MIAMI SHORES, FLORIDA 33138-2382
November 24, 1999
FINANCE DEPARTMENT
TELEPHONE (305) 795 -2209
FAX (305) 756-8972
It is with great pleasure that I present to you the Comprehensive Annual Financial Report for the Village of Miami Shores,
for the fiscal year ended September 30, 1999. This report, required by Florida State Statute Section 11.45 and Chapter 10.550
of the Rules of the Auditor General, contains audited financial statements, reported in a manner designed to present fairly the
financial position and results from operations of the various funds and account groups of the Village of Miami Shores. All
disclosures necessary to enable the readers to gain an understanding of the Village's financial activities have been included.
The Village's management is responsible, in all material respects, for both the accuracy of the data and the completeness of the
presentation; including all disclosures. The report has been prepared in conformity with Generalli, Accepted Accounting
Principles (GAAP) and standards delineated by the Government Accounting Standards Board (GASB).
The Comprehensive Annual Financial Report is presented in four sections: (1) Introductory; (2) Financial; (3) Statistical; and,
(4) Supplementary Auditor's report. The Introduction section includes this transmittal letter, the organizational chart of the
Village, and a list of key officials who were employed by the Village during the period in which the information is reported.
The Financial section of the document includes the report of the independent certified public accountants, the combined general
purpose financial statements, notes to the general purpose financial statements which highlight the key factors of the recorded
transaction, and more detailed combining and individual fund and account groups financial statements and schedules. The
Statistical section of the report includes selected financial and general information presented in a multi -year format for
comparative or trend purposes. The Supplementary Auditor's Report section of the report provides the regulatory or
mandatory compliance prepared by the independent auditors including audit compliance, management letter and current or past
year's comments and recommendations.
The Village provides a diversified range of services. Included in the Village's services are police protection; sanitation and
recycling services; a full- service recreational program for residents; storm water drainage services; along with the construction
and maintenance of all Village -owned streets, sidewalks, right -of -ways, parks, along with general governmental activities or
functions.
FINANCIAL INFORMATION
The Village administration is responsible for establishing and maintaining an internal control structure designed to ensure that
the assets of the government are protected from loss, theft or misuse; ensuring that adequate controls exist to protect the fiscal
integrity of the organization. The internal control structure is designed to provide reasonablely, but not absolute assurance that
these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the
benefits which are likely to be derived; and, (2) the valuation of costs and benefits requires the estimates and adjustments by
Letter to Mavor Ulmer and Village Council November 24, 1999
management. As part of the FY 1999 fiscal audit, the Village's independent certified public accountants, Rachlin Cohen &
Holtz, LLP, prepared a report which addresses a series of internal control issues. Findings identified by the auditors are
provided to management as a means to improve operations and controls; accordingly, the administration has already
implemented or is in the process of implementing their findings to ensure that the proper accountability of all Village funds is
secured.
Budgetaiv Controls. The Village maintained budgetary controls at a line -item level, ensuring compliance with legal provisions
` embodied in the annual appropriated budget approved and amended by the Village Council. These procedures are required by
Section 200.065, Florida State Statutes, and establish procedures related to the preparation, adoption, implementation and
amendments of the various operating budgets of the Village. The level of control at which expenditures cannot legally exceed
the appropriated amounts is established at the departmental / divisional level. The Village maintains budgetary controls through
an encumbrance - accounting system which compares requested goods and services to unencumbered funds prior to the release
of purchase orders and disbursement of funds. Encumbrances at year end are reported as reservations of fund equity. The
Village Manager is authorized to transfer budgeted amounts within departments of any fund; however, budget revisions that
modify or adjust the total expenditure of any given department requires Village Council authorization through resolution. To
ensure budgetary compliance, monthly comparative reports are prepared and reviewed by management. These reports are
prepared for management to: (1) ensure budgetary compliance of revenues, expenditures and encumbrances; and, (2) confirm
that disbursements are accurately recorded in the correct division and line item.
GENERAL GOVERNMENT FUNCTIONS
Revenues: General fund revenues and other operating sources, including operating transfers -in totaled $ 8,427,006 for the fiscal
year ended September 30, 1999. This is a 4.9% decrease from the total revenues received in FY 1998. In reviewing the
following Revenue Source chart, please note that a majority of the reported losses result from the creation of new special revenue
and enterprise funds for Local Option Gas Tax Proceeds, Public Service Taxes and Franchise Fees, along with the creation
of a Grant and Hurricane Fund and Sanitation Enterprise Fund. The following chart graphically presents a categorical
summary of general fund revenues and other financing sources for the fiscal year, their related percent and the amount and
percentage of increases or decreases in relationship to the prior year's proceeds.
Total General Fund Revenue Sources
Source
Amount
Percent of
Total
Increase/
(Decrease)
from 1998
Percent of
Increase/
(Decrease)
Ad Valorem Revenues
$ 3,072,144
36.5%
$ <1,453,162>
-47.3%
Licenses & Permits
231,674
2.7%
20,215
8.7%
Intergovernmental Revenues
942,571
11.2%
<260,506>
-27.6%
Charges for Services
2,145,903
25.5 %
<158,356>
-7.4%
Fines & Forfeitures
111,930
1.3 %
<93,307>
-83.4%
Interest Income
150,028
1.8 %
4,958
3.3%
Other Revenues
260,978
3.1 %
35,402
13.6%
Operating Transfers -in
1,511,778
17.9%
1,491,778
98.7%
TOTAL REVENUES ->
$ 8,427,006
100.0%
$ <412,980>
-4.9%
Letter to Mavor Ulmer and Village Council November 24, 1999
The most significant sources of general fund revenues were ad valorem taxes, representing 36.5% of the total general fund
proceeds for the Village. Note that the material negative variance results from the reclassification of Public Service Taxes and
Franchise Fees collected from utility providers into a new Special Revenue Fund. This accounting adjustment was necessitated
by the Bond Covenants from the 1999 General Obligation Bonds, pledging these funds as a subordinate revenue stream to meet
annual debt service obligations. Property taxes are based upon assessed value of real and personal properties as prepared by
the Miami -Dade County Property Appraisers' Office and applied to the millage rate established and adopted by the Village
Council. The final assessed value for the tax year 1998 fur, real and personal properly was $ 367,730,418 compared to
$352,830,811 in 1997. This represents a $13,536,404 (or 3.68 %) increase between the two reporting years.
Along with ad valorem revenues, the General Fund operates with proceeds generated from licenses and permit fees, shared
revenue from state and county agencies (intergovernmental) including the 1/2-cent sales tax, 2/3 -cent cigarette tax and the 8 -cent
motor fuel tax. Inter -fund transfers -in represents the collection of the franchise fees and public service taxes collected from
utilities including telecommunications, electricity, cable television, gas, fuels and oils sold in Miami Shores. Receipts are
initially deposited to a separate special revenue fund, then transferred for use into the general fund. Fines and forfeitures
represent traffic violations and penalties applied to sanitation accounts.
Expenditures: General fund operating expenditures totaled to $ 8,171,651 for the fiscal year ended September 30, 1999. This
generated a general fund operating surplus of $ 255,355 from revenues in excess of expenditures, which was reflected as an
increase to the unreserved / Undesignated general fund balance. This account is held for special projects, working capital and
emergency purposes. The total expenditures for the year reflected a 3.4% decrease from the total adjusted FY 1998 operating
expenditures. The following schedule presents a summary of expenditures including open encumbrances or obligations at year-
end, along with other financing uses for the year, the related percentages of the total and the amount and percentage of increase
or decrease over the prior fiscal year's expenditure.
Total General Fund Expenditures
Source
Amount
Percent of
Total
Increase/
(Decrease)
from 1998
Percent of
Increase/
(Decrease)
General Government
$ 894,358
10.9%
$< 96,969>
-10.8%
Public Safety
3,026,323
37.0%
16,629
0.5%
Public Works
2,143,106
26.2%
< 26,570>
-1.2%
Recreation & Culture
1,539,543
18.8 %
23,001
1.5%
Other Services
182,839
2.2%
<205,416>
-112.3%
Operating Transfers -out
385,482
4.7%
10,826
2.8%
Total Expenditures ->
$ 8,171,651
100.0%
$ <278,499>
3.4%
General Government comprises the following administrative departments: Mayor and Village Council, Office of the Village
Manager, Office of the Village Clerk, Office of the Village Attorney, Community Development, and Finance. Public Safety
includes the Police Department, Building and Zoning Department, and Code Enforcement Division. Public Works includes,
an administrative Division, Waste Division (to be renamed "Sanitation" in FY 2000, and reclassified into a new enterprise fund),
Parks Maintenance Division, Streets Division, Recreation Maintenance, and the Motor Pool Divisions (to be renamed "Fleet
Maintenance" in FY 2000). Recreation and Culture includes the Recreation Administrative Division, Community Center
Division, Athletics Division, Aquatic Division, the Tennis Center, and the Library Operations. Other Services reports those
activities recorded in the "Unclassified" or Non - departmental division reporting activities on a village -wide or general purpose.
M
Letter to Mavor Ulmer and Village Council November 24, 1999
Special Revenue Funds. Special revenue funds record proceeds from specific revenue sources which are legally restricted for
designated expenditures or purposes. Included in these funds are proceeds from excise tax dollars (the public service and utility
taxes), local option gas tax proceeds and all grant awards not specifically recorded in any other operating fund.
Excise Tax Fund (120) represents the group of accounts related to the receipt of public service taxes (PST) and franchise fees.
These receipts are paid by utility providers operating in Miami Shores including telecommunication services, electrical services,
cable televisions / broadband services, gas, fuel and oil products and services. These revenues are a secondary pledge to the
General Obligation Bonds sold in 1999 and reflect $ 916,214 and $ 5,544,564 for public service taxes and franchise fees
respectively.
Local Option Gas Tax Fund (130) represents the two components of sales tax dollars received for all gasoline, petroleum or
petroleum- related products sold and allocated to Miami Shores. The tax is distributed by the State of Florida in two sections
on a monthly basis. The proceeds of these dollars are restricted in use to streets, streetlights, sidewalks, right -of -ways, and
easements projects. Funds not used - during anyone fiscal year are held as unreserved fund balance and may be used in
subsequent years for the aforementioned projects.
The General Fixed Asset Account Group represents the general fixed or capital assets of the Village which are not acquired
using designated or capital funds. These assets are wholly -owned by Village and capitalized at the end of each fiscal year to
be incorporated into this fund for reporting purposes. (Note: during the next five fiscal vears, the Village will be implementing
the regulations specified by GASB 34 which requires full reporting and depreciation expenses; however, under this ruling, the
Village has five veins to develop guidelines to implement the policy.) Assets specifically purchased with law enforcement,
enterprise fund operations or other specially - designated funds are excluded from this reporting group. In accordance with
generally accepted accounting principles for local governments, fixed assets nor infrastructure assets such as roads, bridges,
curbs and gutters, streets and sidewalks, or similar assets which are immovable and of value only to the Village. Assets are
recorded at cost except for those donated items which are recorded at fair market value at the time of contribution. As of
September 30, 1999, the general fixed assets recorded in the account group is $ 12,328,009.
General Long -term DebtAccount Group is used as a self - balancing group of accounts designed to account for liabilities arising
from accumulated unpaid vacation and sick leave. The general long -term debt as of September 30, 1999 for accrued benefits
is $ 4,518,425. Additionally, the debt obligation for the Village's General Obligation Bond - Series 1999 is also included in
this group and had an outstanding balance of $ 3,200,000 at the end of the fiscal year.
FIDUCIARY OPERATIONS
Pension Trust Fund. The Village administers the Miami Shores Village General Employees Pension System. The financial
operations of this fund are incorporated into this report. As a subsequent period note, the applicable Florida State Statute
delineating the rules and regulations for public pension systems has changed following the enactment of Florida Public Law
Chapter 99 -1. For reporting purposes, the Village will sponsor two (2) independently operated pension systems, each with their
own board of trustees: the first for general employees and the second providing benefits to police officers. With the FY 2000
report, the results from operations of both funds will be separately reported, including all contributions, benefits, and investment
results. Independent actuarial calculations will be performed and the activities of each fund will be unique.
RISK MANAGEMENT - LIABILITY MANAGEMENT
The Village uses a modified self - insurance method for risk management purposes. Under the description of risk management,
the Village is protected using accumulated funds which have been actuarially calculated along with separate insurance policies
for a wide array of coverage. A third parry administrator, manages the Village's liability claims including workers'
compensation and property and casualty insurances. Funding for these costs, including the contribution to reserves and payment
premium payments, are derived from internal transfers from other operating funds. The loss ratio for the Village has improved
by 7.4% over last fiscal year and, along with expanded safety training, workers' compensation claims are anticipated to
significantly reduce during FY 2000.
-iv-
Letter to Mavor Ulmer and Village Council November 24, 1999
CASH MANAGEMENT AND TREASURY
The Finance Department is responsible for the security, and return maximization for all Village funds including reserves and
working capital. Cash management or investment policies and strategies are incorporated into the Adopted FY 2000 Operating
Budget and are fully integrated into the day -to -day operations of the Village. During the last quarter of FY 1999, the new
management of the Finance Department negotiated changes with the Village's bankers which resulted in the release of more
than $250,000 in cash for investment purposes. The negotiations included the elimination of bank fees, reduction of the
minimum balance maintenance from $500,000 to $150,000, expanded investment purchases to included state - authorized
commercial paper certificates of deposits and bankers' acceptances notes, repurchase and reverse repurchase agreements, along
with governmental agency funds. No investment exceeding one year will be purchased and sufficient cash will be maintained
in the operating accounts to ensure that all financial obligations (payroll, general accounts payable and debt service) are met.
ECONOMIC CONDITION AND OUTLOOK
Miami Shores Village is located in the northeastern portion of Miami -Dade County, a municipality in Southeast Florida.
Located just north of the metropolitan City of Miami, Miami Shores is an affluent residential community comprising 2.3 square
miles with a population of 10,162 full -time and season residents. The Village begins at Biscayne Bay, the easternmost portion
of the Village and includes the area west to Northwest Second Avenue. The north and south borders of the Village are 115"
Street and 91s` Street respectively. A small business district traverses the Northeast Second Avenue corridor and is currently
under review for revitalization, expansion and development.
During the last quarter of FY 1999 and continuing into the new fiscal year, the Village Council established the Miami Shores
Design Charette. The purpose of this committee is to strategically review the fiscal implications of an expanded business
district. The group has regularly met to discuss various opportunities presenting themselves to the Village and is expected to
make formal recommendations to the Village Council during the second quarter of FY2000.
The Village also owns the Miami Shores Golf and Country Club. Operated by PCM III under a 30 -year management agreement,
the course has seen a considerable revitalization over the past several years. The resurgence of golf enthusiasm has brought the
club to the forefront of municipal golf operations throughout the County. Several million dollars have been invested in the
course's infrastructure and clubhouse. Under the terms of the modified agreement, PCM pays the Village a flat rental fee of
$150,000 at the beginning of each fiscal year. For years in which total revenues exceed $1,875,000, the Village receives 8-
percent of the surplus which is paid subsequently to the firm's fiscal year end. For FYI 999, the Club earned $2,001,306,
resulting in a $10,105 bonus paid the Village in January 2000. This amount was not included in the attached report as the
transaction occurred after all books were closed.
Additionally, the Village sold a $3.2 million general obligation bonds in April 1999. Bond proceeds will be used to design,
develop and construct the new Miami Shores Aquatic Facility which will be located immediately to the north of the Miami
Shores Golf and Country Club. This state -of -the -art facility will incorporate new developments in the municipal aquatics
business including technologically advanced maintenance equipment and a custom - designed tot -aqua lot. The new development
will replace the existing pool which, upon completion of the new project, will be razed to make way for additional parking needs
at the country club. The new pool is scheduled to open in Summer, 2000.
OTHER INFORMATION
Independent Audit. The State of Florida requires municipalities to prepare annual financial reports. These reports are
prepared by an external auditor who reviews the Village's financial statements, accounts and associated records. The Village
uses the services of the certified public accounting firm of Rachlin Cohen & Holtz, LLP. Rachlin Cohen & Holtz is recognized
as one of the foremost accounting and auditing firms in the tri -county vicinity and RCH has considerable expertise in the area
of small to mid -sized cities. Focusing their attention to the details of managing a government, the firm adheres to the strictest
of accounting and professional standards. In addition to meeting the general guidelines, RCH prepares subordinated reports
and technical comments to ensure the fiscal integrity of the Village and applies the Generally Accepted Accounting Principles
and Generaly, Accepted Auditing Standards to their reviews.
-v-
Letter to Mavor Ulmer and Village Council November 24, 1999
Acknowledgments. The preparation of the Comprehensive Annual Financial Report (CAFR) demonstrates the
professional commitment of the Chief Financial Officer and the staff members of the Finance Department to ensure that
accurately and timely information is provided to the Village Council, Administration and other interested parties. We take a
moment in closing to thank the auditing team from Rachlin Cohen & Holtz, LLP for the many hours of hard work and assistance
which they provided the Village Administration during the preparation of this Annual Report. As a result of the Village's new
management team, the new bond programs and renewed energies focusing on the redevelopment of the business district of the
community, the annual report requires considerably more analysis, compilation and collation of data. Without the extensive
help of the accounting staff and external audit professionals, the information disseminated in this report would lack credence
and credibility.
As we approach and pass the millennium milestone, the Administration eagerly accepts the new challenges facing each of us
for FY 2000 and beyond. In the spirit of mutual cooperation, consensus building and enhanced lifestyle opportunities, we look
forward to the future; bringing new technologies, revitalized spirits and improved quality of life for our residents, businesses
and visitors throughout the Village.
Finally, we want to especially thank Carolyn Modeste, Lisa Keeley, Clara Bender and Gloria Aldana of the Finance Department
for the many, long hours dedicated to gathering the necessary supporting schedules used for this report. Additionally, we thank
each of the Department Heads and their respective staff for cooperating with us during this transition year without whom we
could not have completed this annual report.
Respectfully submitted,
MIAMI SHORES VILLL,AAGE
THOMAS J. BENTON
Chief Executive Officer
Village Manager
TJB:MAM:
Attachments
-vi-
MARK A. MALATAK, C.P.A.
Chief Financial Officer
Finance Director
MIAMI SHORES VILLAGE, FLORIDA
VILLAGE CLERK
BARBARA FUGAZZI
EXECUTIVE ASST.
TO VILLAGE MANAGER
BARBARA FUGAZZI
POLICE
BUILDING
MAYOR/COUNCIL
ORGANIZATION CHART
SEPTEMBER 30, 1999
MAYOR / COUNCIL
MAYOR MARK S. ULMER
VICE MAYOR ROBERT C. BLUM
COUNCILWOMAN MARY ROSS AGOSTA
COUNCILMAN WILLIAM A. DAVIS
COUNCILMAN STEPHEN K. LOFFREDO
VILLAGE MANAGER
TOM BENTON
PUBLIC I I RECREATION
WORKS
COMMUNITY
DEVELOPMENT
VILLAGE ATTORNEY
RICHARD SARAFAN
FINANCE
AND
ADMINISTRATION
PLANNING &
ZONING
MIAMI SHORES VILLAGE, FLORIDA
VILLAGE OFFICIALS
SEPTEMBER 30, 1999
MAYOR
Mark S. Ulmer
VILLAGE COUNCIL
Robert C. Blum - Vice Mayor
Mary Ross Agosta
William A. Davis
Stephen K. Loffredo
VILLAGE MANAGER
Tom J. Benton
MARK A. MALATAK, CPA
Chief Financial Officer
VILLAGE AUDITORS
Rachlin Cohen & Holtz LLP
Certified Public Accountants & Consultants
-viii-
Rachlin Cohen & Holtz LLP
Certified Public Accountants & Consultants
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, 1999 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 the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. 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 Miami Shores Village, Florida as of September 30, 1999, 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 24,
1999 on our consideration of the Village's internal control over financial reporting and our tests of
compliance with certain laws, regulations and contracts.
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 as listed in the table of contents and the required supplementary information on pages 29 and
30 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.
-I-
One Southeast Third Avenue, Tenth Floor, Miami, Florida 33131 • Tel 305- 377 -4228 • Fax 305 -377 -8331
Offices in: Miami a Ft. Lauderdale • Boca Raton * West Palm Beach • Stuart
www.rchcpa.com
Member of Summit International Associates, Inc. with offices in principal cities throughout the world
Member of the American Institute of Certified Public Accountants and member of the Florida Institute of Certified Public Accountants
Honorable Mayor, Village Council and Village Manager
Miami Shores Village, Florida
Page Two
The year 2000 supplementary information on page 28 is not a required part of the basic financial
statements but is supplementary information required by the Governmental Accounting Standards Board.
We have applied certain limited procedures, which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the supplementary information. However, we
did not audit the information and do not express an opinion on it. In addition, we do not provide
assurance that the Village is or will become year 2000 compliant, that the Village's year 2000
remediation efforts will be successful in whole or in part, or that parties with which the Village does
business are or will become year 2000 compliant.
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.
Miami, Florida
November 24, 1999
-2-
i
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
N
G
O
y
c
a�
N
w
ro
c
w
v
O
K
O
a
v
c
0
O
c
�D
00
O
O
G
Q
h
%O
h
-It
V.
00
M
� i
W
u
Q)
00�
O^W�I
00
V1
t�
N
V'
W)
O
M
--
--
M
00
>
y
Y
N
r-:,
O
00
.D O
N
M
h
C
>
Y p
o �
En r
v
c
G;
0
c c
0
E
c
En b
aci
c
d 1
C
69
r
3
3
E
s
o
o
v
o
2
a
69
cv'a
cno
`�
O C
F- 0
cca
w
o
O\
[�
�O
V
O
ON
h
V
h
M
5
.l
c4
m
M
!�
a
.5
O
LT-
d
vl
N
oo
N
O
a\
V'
cl
M
M
N
N
O
V
N
ro
o0
y
Oy
N
00
O
t�
t-
N
O�
If
Oi
l—
00
OO�VVI
00
M
M
M
Vl
M
h
N
M
It
�
6A
N
N
�
N
F
00
00
coq
0
rn
ca
_
0
0
O
K
00
N
00
N
(�3
09
T y
h
00
N
M
N
ca
U H
7
00
M
N
W)
00
rn
7
w
i..
Vl
M
O\
h
w
d
~'
64
A
a
M
O
N
[T
F>•,
00
O
00
C7,
W
V
cn
W O
a
vs
d
U U
O
o
o,
rq
.al
Q ¢
w
_
�
t-
kn
N
W
Q
Q
Q
W
kn
69
W
OQ
�Q�
Ca
I
III
'
rdr
O
Y
�c
O
N
O\
CIO
F
U
6
E
_
N
,
M
>
3
R
>
N
�
h
..
h
r
00
O
M
6A
69
_
00 00
O
N
N
N
O)
O
vl
00
N
M
N
N
M
00
D
N
N rn
O\
V1
N
M
49
N
G
O
y
c
a�
N
w
ro
c
w
v
O
K
O
a
v
c
0
O
c
G
Q
� i
W
u
Q)
C
>
y
Y
O
y
.D O
b0
C
>
Y p
o �
En r
v
c
G;
0
c c
0
c
En b
aci
c
C
r
3
3
E
s
o
o
v
o
2
a
c :°
cv'a
cno
`�
>
cca
w
o
a
>
-�
d
ba
E C H
U
U
U
5
.l
c4
m
M
!�
a
.5
O
LT-
d
N
G
O
y
c
a�
N
w
ro
c
w
v
O
K
O
a
v
c
0
O
c
,
O r O r N 0 O 0000 O
—
QJ N U ^
r- r4 O, 0w0
^Wi N N r 10 M 10 N O
_ M
A 69
O
F
00 M V� Obi R O N N N
r CT N I� 0o O
° �O N C1,41
V ^ M n C W
Vi
U 00 O N ON O V
v I''' ID 00 w 00 O I 00
cn
C ^ V r ON v
o M a
7 �
O
lu
� w
69
r� O CT
w
N N DD
Q Az r
�
xx �,
Q UC, as ds
G°¢ iF A
W �
CL Q� wOF �
2w F
F
O F .w > e
0
�+ ¢ p V. U
N
O E
¢ 00 00
>° °
t ° U
10 O
M 00 lO V \O M
— N v1
69
N
U
G
U
DO ;d
C 0
O 0 U
A O
Cd
o
°' y c c v ❑
v a tR tl .v t0^tl O U G . •E G 7 ,G. ' o 0 v U u w a> 0.. . a0 o .� ai � .o .—_u L c .°wG bOE ` ' A v °y C.; . G2 4� 'O a0 i wG ' d .. G w ..
yn0 >c ° v u v
> U F G ° 0 O 0j 0 E L N 0. 7
o
v ' g u q w � im v d q cd iv � d q wN im v aE d
'
F n. 0 u
E c o ua CL r- c y > ; .- t v U U ° w z u 0 u
- y 0 3 ¢A W 0 0 ¢¢ u ACr 5
w
00 NV
b r O V'i O N
W N
0°`0 DO
cl M O
N
N
O 16
oo r - M f, -- M �O
V' m V C+
G,
00
M Vl
V1 M -- M CT °�
r V' ,n M
M
T
M
r M N M
N 00 v1
r
M
M
FA
C7,
Cl
K
O N M CT Vl 10 o0 r O oD
CT V M O R_
O
O
O
O
�O V', N N 01 O r O, O M
rn �p M O
00
M
O wl
e} V c'! - - O W vl r
^ vj P V �— W M N
IO O O
vi M O O
N
M CA
.-+ Cl N N r O r N M
r 0 io
m
C4
M
N
V
00
fV
fiH
00
Cl
O0
C
00
w
M
M
M
N
N
69
10
OHO r
\O
7
^ D Vl N
16
„r
te M
N
o
O
O
N
MO
O
'r
6M 9 yGj
M
r N
vi
rn
�
0\ .?
� U
f.9 N
G
,
I'o,
11
�
a
M
00
N
'D 00
N
N m
r $
64 0
c
M
C, 0
Vl V1
M �
M M
M
Vl
O
T
? N v° O
O O T
O ,D
m
N
^ Cn vi
r
^ N
M
69
N
U
G
U
DO ;d
C 0
O 0 U
A O
Cd
o
°' y c c v ❑
v a tR tl .v t0^tl O U G . •E G 7 ,G. ' o 0 v U u w a> 0.. . a0 o .� ai � .o .—_u L c .°wG bOE ` ' A v °y C.; . G2 4� 'O a0 i wG ' d .. G w ..
yn0 >c ° v u v
> U F G ° 0 O 0j 0 E L N 0. 7
o
v ' g u q w � im v d q cd iv � d q wN im v aE d
'
F n. 0 u
E c o ua CL r- c y > ; .- t v U U ° w z u 0 u
- y 0 3 ¢A W 0 0 ¢¢ u ACr 5
w
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, 1999
( WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
See notes to general purpose financial statements.
-5-
Govemmental
Fiduciary
Totals
Fund Types
Fund Types
(Memorandum
Only
Special
Capital
Debt
Expendable
General
Revenue
Proiects
Service
Tmst
1999
im
Revenues:
Taxes and fees
$ 3,072,144
$ 1,817,288
$
$
$
$ 4,889,432
$ 4,525,306
Licenses and permits
231,674
-
231,674
211,459
Intergovernmental revenues
942,571
6,901
3,265,000
4,214,472
1,203,077
Charges for services
2,145,903
-
-
2,145,903
2,304,259
Fines and forfeitures
111,930
33,696
145,626
230,430
Contrihutions
-
8,062
8,062
6,811
Miscellaneous revenue
260,978
-
-
260,978
226,276
Interest
150,028
31,848
18,028
199,904
199,296
Confiscated property
-
-
205,676
205,676
262,676
Total revenues
6,915,228
1,824,189
3,296,848
265,462
12,301,727
9,169,590
Expenditures:
Current:
General government
894,358
46,377
-
-
940,735
991,327
Public safety
3,026,323
-
30,025
153,770
3,210,118
3,024,268
Public services
2,143,106
661,305
-
2,804,411
2,304,188
Culture /recreation
1,539,543
-
7,887
1,547,430
1,604,055
Capital outlay
160,080
23,723
-
-
183,803
353,381
Debt service:
Principal
18,076
-
19,363
37,439
224,216
Interest
4,683
-
7,581
65,659
77,923
56,245
Total expenditures
7,786,169
70,100
718,274
65,659
161,657
8,801,859
8,557,680
Excess (deficiency) of revenues
over expenditures
(870,941)
1,754,089
2,578,574
(65,659)
103,805
3,499,868
611,910
Other financing sources (uses):
Operating transfers in
1,511,778
-
133,260
1,645,038
394,656
Operating transfers out
(133,260)
1,511,778
-
1,378,518
(394,656)
Capital loan proceeds
-
234,328
234,328
Total other financing sources (uses)
1,378,518
1,511,778
367,588
3,257,884
Excess (deficiency) of revenues
over expenditures and other
financing sources (uses)
507,577
3,265,867
2,946,162
(65,659)
103,805
6,757,752
611,910
Fund balances, beginning
2,313,590
-
686,208
411,382
3,41 1,180
2,799,270
Equity transfers in (out)
(252,222)
102,222
-
-
(150,000)
-
Fund balances, ending
$ 2,568,945
$ 3,368,089
$ 3,632,370
$ (65,659)
$ 515,187
$ 10,018,932
$ 3,411,180
See notes to general purpose financial statements.
-5-
Q
_G
O
a
V
Q
a
a
W
a
O
m
t/]
Q
i5
.-1
Q
f-'
U
¢
Q
z
LT.
O
h-'
z
w
w
F-
t-
4
w
z
O
U
Q �
w
a
C,
O
a w w
'w
> Q
3� w
0.l �
'a w
.-1
Q
eq
O 'n 'n
r O\ \.O
V
o
N 00
N
a)
C
O N O
'V [�
[�
'V
r- 00
c
U
oo
M
O O M
.M-.
00
kn
N
\O Vl
CO
N
o�
O N
;
M
M
r-
00
N
M
N
et
^
00
>
W
M
M
N
N
"O
w
k=.
69
u
>1
'
00
00
' 'n 'n '
M ^
�}'
t}
' O '
00 00
N
4)
N
-al
O
000
0�0
O M
r +l vl
N
N
M
'V
�.
y
N
M
N
O
'
M
G
—
N
V'
co
M
M
N
M
O
N
69
cd
69
O
O ' ' '
O O
O
O
' ' '
Ln
W)
In
M
o
00 00
C
O O
Ln kn
N N
!i9
M
M
M
M
v
69
O
00
CKS
>
^
00
00
g
m
>
7—
M
N
>
w
b
_
00
00
00
0O
0^O
00
00
G
N
r-
00
>>
r
N
U
W
.�
W)
kn
kn
•
...+
G U
69
..+
d
69
00
N
O
00
N
N 0o
O
'
' O
O
Oj
y
N
O
p
N
N
E
O
00
0o
p
a7
co
N
N
O
O
v
U
Cd
n
[� O,
O
00 �O
O\
r -n lO 't
In N
ON
00
O\
00
G
ONO v1
O
r O\
'fin
Cad
O O N
OMO
OHO
D
n N
vl
ti
G
[d
i.. ~
M
'd' M
v
lO
01
7 00 OV
ry
M
O\
h
O
00
^
G
�
69
D
69
00 00
00
l� M
'V M
01
'
00
v'1 O�
O�
O1 O
N
N
O 00 O
'n
1� 00
�
`p^O
G
yd
h id
V O
'n
'
ro
Oq
•R
I� M
�Y
^-
�O
M V. -'t D\
00
�
M
00
1�
N
¢
O N
O�
.-•
N .--,
.�.
O�
CN O �
^
O
N
0000
,^ ,M-
M
69
f�
O\ O
00 O
V
O
O N
CN
00
,n
00
[� O�
I� M
O
N O
.--�
'n V O f—
O Il- O
ON 000
O
0�1
001 O 00
M1
N
W
M
O�
T
_
O -
o0 —
0
.--,
(7N d'
,--.
00
00 (�
O
ry .�.
0r0
00
69
69
y
C
C
N
u1
a)
O
a)
O
vUi
7
C
N
v
cl
y
U
y
G
W
U
.0 OD
vO
� p
U •C
cd
N .>
y
U
... ..
O
U 4.
in
y
co
4.,
C a
y
=
d G
O
Gt
y
N
y
p
=
En
O
is
K
u
C
u v
y
_
CO 7
0. U
O
>a
0
U
CO
a
W
X
i
d
0 0 0
x
w
MIAMI SHORES VILLAGE, FLORIDA
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS -
ALL PROPRIETARY FUND TYPES
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
Internal Totals
Ent=rise Service jMemorandum Only)
Self -
Stormwater Insurance 1999 1998
Operating revenues:
Charges for services $ 126,951 $ 477,982 $ 604,933 $ 573,843
Operating expenses:
Insurance expenses - 514,568 514,568 499,145
Personnel expenses - - - 28,816
Administrative and general 36,464 - 36,464 20,921
Depreciation 7,683 - 7,683 -
Total operating expenses 44,147 514,568 558,715 548,882
Operating income (loss) 82,804 (36,586) 46,218 24,961
Non - operating revenues:
Interest income 5,603 36,586 42,189 48,486
Total non - operating revenues 5,603 36,586 42,189 48,486
Net income 88,407 - 88,407 73,447
Retained earnings, beginning 356,942 30,000 386,942 313,495
Equity transfer in 150,000 - 150,000 -
Retained earnings, ending $ 595,349 $ 30,000 $ 625,349 $ 386,942
See notes to general purpose financial statements.
-7-
MIAMI SHORES VILLAGE, FLORIDA
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
Cash flows from operating activities:
Operating income
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation
Changes in operating assets and liabilities:
(Increase) decrease in miscellaneous receivables
Increase (decrease) in accounts payable and accrued liabilities
Increase (decrease) in estimated insurance claims
Increase in deferred revenue
Net cash provided by operating activities
Cash flows from non - capital financing activities:
Equity transfer in
Cash flows from capital and related financing activities:
Capital improvements
Cash flows from investing activities:
Interest received
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning
Cash and cash equivalents, ending
Internal Totals
EnteLprise Service (Memorandum Only)
Self -
Stormwater Insurance 1999$
$ 82,804 $ - $ 82,804 $ 24,961
7,683
-
7,683
(2,427)
5,942
3,515
(6,800)
(21,789)
5,286
(16,503)
5,585
-
4,979
4,979
(14,669)
-
-
-
52,955
66,271
16,207
82,478
62,032
150,000 - 150,000 -
(307,322)
5,603
- 5,603
48,486
221,874
16,207 238,081
(196,804)
21,155
722,066 743,221
940,025
$ 243,029
$ 738,273 $ 981,302
$ 743,221
See notes to general purpose financial statements.
-8-
MIAMI SHORES VILLAGE, FLORIDA
COMBINED STATEMENT OF CHANGES IN PLAN NET ASSETS
PENSION TRUST FUND
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
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.
-9-
1999 1998
$ 190,036 $ 224,565
28,907 30,193
199,878 237,793
1,872,316 1,244,809
2,177,077 1,652,691
605,004 571,105
623,778 597,486
1,553,299 1,055,205
15,758,161 14,702,956
$ 17,311,460 $ 15,758,161
NOTES TO GENERAL PURPOSE
FINANCIAL STATEMENTS
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
SEPTEMBER 30, 1999
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 Village and any organization for which the Village 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 does not have any component units that meet the definition described above.
2. Basis of Presentation
The accompanying general purpose financial statements present the financial position, results
of operations and cash flows of the applicable fund types and account groups of the Village in
accordance with generally accepted accounting principles (GAAP) as prescribed by the
Governmental Accounting Standards Board (GASB).
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 Village uses the
following funds and account groups:
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.
-10-
MIAMI SHORES VILLAGE, F+ LORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
2. Basis of Presentation (Continued)
Governmental Fund Types (Continued)
The special revenue funds are used to account for the collection and disbursement of
earmarked monies. The Village has four special revenue funds: Excise Tax Fund, Local
Option Gas Tax Fund, Grant Fund and Hurricane Fund.
The debt service fund accounts for the servicing of general long -term debt not being
financed by proprietary funds.
The capital projects funds are used to account for financial resources to be used for the
acquisition of equipment and construction of capital facilities. The Village maintains two
capital projects funds: Capital Improvement Fund and the 1999 G.O. Bond Fund.
Proprietary Fund Types
The enterprise fund is used to account for operations that are financed and operated in a
manner similar to private business enterprises where the intent of the governing body is
for user charges to cover the costs of providing the service. The Village has one enterprise
fund, the Stormwater Utility Fund.
The internal service fund is used to account for the financing of goods or services
provided by one department to other departments of the Village, on a cost reimbursement
basis. The self insurance fund is the only internal service fund used by the Village.
Fiduciary Fund Types
The trust funds are used to account for assets held by the Village in a trustee capacity for
individuals, private organizations, other governments and/or other funds. The Village has
four expendable trust funds (the General Trust, Police Insurance Trust, Law Enforcement
Training Trust, Police Forfeiture Trust), and a Pension Trust 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.
-11-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
3. Measurement Focus
Governmental Fund Types
The general fund and capital projects funds 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.
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 the
proprietary fund types.
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 the recognition of revenues and expenditures or expenses as
reported in the accounts and 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, which is when they become both measurable and available as expendable financial
resources. Measurable means that the amount of the transaction can be determined and
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.
-12-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
4. Basis of Accounting (Continued)
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 are accounted for on the modified accrual basis.
5. Deposits and Investments
The Village maintains a pooled cash account for all funds except the pension trust fund. This
enables the Village to invest large amounts of idle cash for short periods of time and to
optimize earnings potential. 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 are
managed by trustees. Such amounts are reported separately on the Combined Balance Sheet -
All Fund Types and Account Groups.
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.
The investment in the Investment Pool (2A -7 Pool) is reported at its fair value of its position
in the pool, which is the same as the value of the pool shares. The investments in the pension
trust fund are reported at fair value.
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). Inventories are recorded on the balance sheet with a
related reservation of fund balance.
7. General 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. Assets related to the golf and country club represent the contractually required
capital investments made annually by the operator, PCM III. Depreciation is not required and
has not been provided on general fixed assets.
-13-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
8. Proprietary Fund Fixed Assets
Fixed assets are stated at cost or, if donated, at fair market value at the date of donation.
Expenses, which materially extend the useful life of existing assets, are capitalized. The cost
of property sold or retired, together with the related accumulated depreciation, is removed
from the appropriate accounts and any resulting gain or loss is included in net income.
Depreciation has been provided over the estimated useful lives of the related assets using the
straight -line method. The estimated useful lives are as follows:
Drainage improvements
9. Compensated Absences
Estimated Useful
Lives (Years)
M
Village employees are granted vacation and sick leave in varying amounts based on length of
service and the department which the employee serves.
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 in the appropriate fund. The remaining accumulated vacation leave balance is
accounted for in the general long -term debt account group.
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.
10. 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.
11. Deferred Revenues
Revenues collected in advance are deferred and recognized as income in the period earned.
In the general fund, deferred revenues consist primarily of occupational licenses and refuse
collection fees received in advance that have been budgeted to pay expenditures of the
subsequent fiscal year.
-14-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
12. 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.
13. Reserves and Designations
Reservations of fund balance /retained earnings represent amounts that are not available for
appropriation or are legally segregated for a specific future use. The description of each
reserve indicates the purpose for which each was intended.
Designations of fund balance indicate that a portion of fund balance 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.
14. Property Taxes
Property taxes are assessed as of January 1 each year and are first billed (levied) 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, 1999 was 8.740.
The Village Council prior to October 1 each year establishes the tax levy of the Village, and
the County Property Appraiser incorporates the millage into the total tax levy, which includes
Miami -Dade County, Miami -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.
-15-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
14. Property Taxes (Continued)
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.
15. Budgets and Budgetary Accounting
Annual appropriated budgets are adopted for the general fund, three of the four special
revenue funds, and the capital projects funds. The budget allocations among the various
organizational units are included in the Combined Statement of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual.
The Village follows these procedures in establishing the budgetary data reflected in the
financial statements.
a) The Village Manager submits to the Council a proposed operating budget for the
ensuing fiscal year. The operating budget includes proposed revenues and
expenditures with an explanation regarding each expenditure that is not of a routine
nature.
b) Public hearings are conducted to obtain taxpayer comments.
c) Prior to October 1, the budget is legally enacted through passage of a Village Council
resolution.
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 1999.
e) Formal budgetary integration is employed as a management control device during the
year for the general fund, certain special revenue funds and capital projects fund.
f) Budgets for the general fund, certain special revenue funds and capital projects funds
are adopted on a basis consistent with generally accepted accounting principles
(GAAP) except for compensated absences.
-16-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
15. Budgets and Budgetary Accounting (Continued)
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 may
be 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.
16. 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.
17. 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.
18. Memorandum Only - Total Columns
Total columns on the combined financial 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
All of the City's public deposits are held in qualified public depositories pursuant to Florida
Statutes, Chapter 280, Florida Security for Public Deposits Act. Under the Act, all qualified
public depositories are required to pledge eligible collateral. All collateral must be deposited
with an approved financial institution. Any losses to public depositors are covered by applicable
-17-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 2. DEPOSITS AND INVESTMENTS (Continued)
deposit insurance, sale of securities pledged as collateral and, if necessary, assessments against
other qualified public depositories of the same type as the depository in default. When public
deposits are made in accordance with Chapter 280, no public depositor shall be liable for any
loss thereof. All deposits of the City are considered insured or collateralized and therefore are
not subject to risk categorization in accordance with 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 carrying value of investment balances not subject to risk categorization were as
follows:
State Board Investment Pool
Common Stock Trust Fund Pool
Bond Trust Fund Pool
Total investments
$ 2,427,256
10,570,864
6,767,660
$19,765,780
A reconciliation of cash and cash equivalents and investments as shown on the combined balance
sheet follows:
Cash and cash equivalents $ 5,182,959
Cash with fiscal agent 3,134,027
Cash with pension trustee 1,186
Investments 17,338,524
$25,656,696
Carrying amount of deposits $ 5,890,916
Carrying amount of investments 19,765,780
$25,656,696
NOTE 3. RECEIVABLES
The City has receivables arising from various taxes and services provided to its residents. Total
receivables amounted to $769,206 with an allowance of $117,507.
M
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 4. DUE TO/FROM OTHER FUNDS
Interfund receivables and payables at September 30, 1999 were as follows:
Fund Receivables Payables
General fund $114,856 $132,500
Local option gas tax fund - 114,856
1999 General Obligation bond fund 66,440 -
Debt service fund 65,659 -
General employee pension fund 401
$241-356 $247,356
NOTE 5. 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
The following is a summary of proprietary fund type fixed assets:
Drainage improvements
Less accumulated depreciation
-19-
Enterprise Funds
September 30, September 30,
1999 1998
$307,322 $307,322
7,683 -
$299,639 $307,322
Balance
Balance
September 30,
September 30,
1998
Additions
Deletions 1999
Land
$ 718,531
$ -
$ - $ 718,531
Buildings
3,685,815
313,864
- 3,999,679
Improvements other than buildings
2,613,728
217,493
- 2,831,221
Equipment
3,964,690
813,888
- 4,778,578
Total
$10,982,764
$1,345,245
$ - $12,328.009
Depreciation is not required and has not been provided on general fixed assets
The following is a summary of proprietary fund type fixed assets:
Drainage improvements
Less accumulated depreciation
-19-
Enterprise Funds
September 30, September 30,
1999 1998
$307,322 $307,322
7,683 -
$299,639 $307,322
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 6. LONG -TERM DEBT
a. Summary of Long -Term Debt
Long -term debt at September 30, 1999 was comprised of the following:
1999 General Obligation bonds issued via the Florida Municipal Loan
Council. Principal is due annually over 30 years at various amounts,
commencing April 1, 2000 and ending April 1, 2029. The Bonds bear
interest at variable rates, 3.2% as of September 30, 1999 and are payable
semi - annually commencing October 1, 1999. $3,200,000
Unsecured revenue note payable to a bank; principal and interest due in
quarterly payments of $20,000. Note bears interest at 4.99% per annum,
due July 1, 2006. 540,000
Revenue note payable to a bank; principal and interest due in quarterly
payments of $9,822. Note bears interest at 4.56% per annum, due October
15, 2005. The note is collateralized by certain equipment. 205,276
Capital lease financed through an installment note; principal and interest
due in quarterly payments of $2,398. Note bears interest at 5.59% per
annum, due July 5, 2001. The note is unsecured and is payable out of
general fund revenues. 18,209
Accrued vacation and sick leave 418,051
Workers' compensation claims payable 136,889
$4,518,425
Changes in general long -term debt during the year are as follows:
Balance Balance
September 30, September 30,
1998 Additions Reductions 1999
General obligation bond payable $
Revenue note payable
640,000
Revenue note payable
-
Capital lease obligations
26,584
Other
5,000
Subtotal
671,584
Accrued vacation and sick leave
384,604
Workers' compensation claims
256,210
Total
$1,312 398
-20-
$3,200,000
$ -
$3,200,000
-
100,000
540,000
234,321
29,045
205,276
-
8,375
18,209
-
5,000
-
3,434,321
142,420
3,963,485
352,270
318,823
418,051
-
119,321
136,889
$3,786,591
$580,564
$4518,425
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 6. LONG -TERM DEBT (Continued)
b. Summary of Future Debt Service Requirements
The annual debt service requirements to maturity for all long -term debt are as follows:
Fiscal year ending September 30:
2000
2001
2002
2003
2004
Thereafter
Principal Interest Total
$ 174,334 $ 184,812 $ 359,146
173,857
177,039
350,896
175,661
169,314
344,975
174,884
161,584
336,468
176,502
153,752
330,254
3,088,247
2,227,053
5,315,300
$3,963.485
$3,073,554
$7037.039
NOTE 7. COMMITMENTS, CONTINGENCIES AND SUBSEQUENT EVENTS
a. 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 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.
b. Workers' Compensation Claims
The Village has a commitment to Miami -Dade County for a prior workers compensation
claim for $154,331 as of September 30, 1999. The current portion of this claim is $17,442,
which is recorded in the general fund. The long -term portion of $136,889 is accounted for in
the general long -term debt account group. The Village makes annual payments to Miami -
Dade County Risk Management on a reimbursable basis.
-21-
MIANII SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE S. COM IITNIENTS, CONTINGENCIES AND SUBSEQUENT EVENTS (Continued)
c. Employment Contract
Effective October 7, 1998, the Village entered into a year -to -year employment contract with
its Village Manager that provides for an annual salary, adjusted for cost -of- living increases,
and certain benefits. The Village maintains the right at any time, for any reason, to replace
the employee with another Village Manager and rehire the employee to his prior position
within the Village.
d. Contingent Liabilities
Amounts received or receivable from grant agencies are subject to audit and adjustment by
grantor agencies. While no matters of non - compliance were disclosed by the audit, grantor
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 adverse effect on the Village's financial
condition.
e. Construction Commitments
During fiscal year ended September 30, 1999, the Village commenced construction of its new
$3,200,000 aquatic center with the proceeds from $3,200,000 of the general obligation bonds.
The spouse of a Village council member has a non - voting ownership interest in one of the
contractors selected to perform work on the Village's aquatic center. The transaction with
this contractor was entered into at arms- length.
f. Police Pension System
During fiscal year 2000, the Village will establish a new Police Pension System to comply
with State Law 99 -1. This new legislation mandates that governments must segregate police
pension systems from general employees no later than December 31, 1999.
g. Sanitation Enterprise Fund
Effective October 1, 1999, the Village established the Sanitation Enterprise Fund to record
the full costs of operations and capital needs for the Village's sanitation operation. The fund
was established to permit the Village to capitalize all assets related to the sanitation or waste
removal operations, previously recorded as a general fund division.
h. Sale of Land
In November 1999, the Village sold land for $35,000. The Village recognized a gain of
$5,000 on this transaction.
-22-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 8. POST- RETIREMENTS BENEFITS
Plan Description
The Village provides post- retirement health benefits in accordance with the requirements of
an agreement between the Village and the Miami -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.
The employer makes benefit payments 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 50/50 basis. The total cost of the retiree health benefit is determined by
periodic actuarial review. The employee contribution was $4.05 per employee per week,
payable by payroll deduction during the year ended September 30, 1999. 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.
Funding Policy
As of September 30, 1999, there were 37 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 $7,000 including employee contributions. As of September 30,
1999, the Plan had net assets of approximately $62,000 available for benefits and no
liabilities.
-23-
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 any one 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. There was no reduction in insurance
coverage from coverage in the prior year.
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:
NOTE 9. EMPLOYEES' RETIREMENT SYSTEM
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.
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.
-24-
1999
1998
Unpaid claims, beginning
$717,970
$ 665,015
Incurred claims (including IBNR's)
48,926
164,716
Claim payments
(43,947
LLLL7 61
Unpaid claims, ending
$722 949
$_717,970
NOTE 9. EMPLOYEES' RETIREMENT SYSTEM
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.
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.
-24-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 10. EMPLOYEES' RETIREMENT SYSTEM (Continued)
Method Used to Value Investments (Continued)
• 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.
Plan 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.
Membership in each retirement system consisted of the following at October 1, 1998, the date
of the latest actuarial valuation:
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.
Subsequent to September 30, 1997, the amount of monthly retirement annuity for a police
officer who retires or terminates subsequent to October 1,1997 and prior to September 30,
1998 will be equal to two and four - tenths percent (2.4 %) of the monthly average final
compensation multiplied by the number of years of creditable services up to five (5); plus two
and eight -five hundredths percent (2.85 %) of the monthly average final compensation
multiplied by the number of years of creditable service beginning at six (6) years and up to
twenty -five (25) years; plus one and nine tenths percent (1.9 %) of the monthly average final
compensation multiplied by the number of years of creditable service over. twenty -five (25)
-25-
General
Police
Retirees and beneficiaries receiving benefits
28
10
Terminated plan members entitled to but not yet receiving benefits
3
-
Active plan members
63
30
Total
94
40
Active employees:
Fully- vested
22
16
Non - vested
41
14
63
30
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.
Subsequent to September 30, 1997, the amount of monthly retirement annuity for a police
officer who retires or terminates subsequent to October 1,1997 and prior to September 30,
1998 will be equal to two and four - tenths percent (2.4 %) of the monthly average final
compensation multiplied by the number of years of creditable services up to five (5); plus two
and eight -five hundredths percent (2.85 %) of the monthly average final compensation
multiplied by the number of years of creditable service beginning at six (6) years and up to
twenty -five (25) years; plus one and nine tenths percent (1.9 %) of the monthly average final
compensation multiplied by the number of years of creditable service over. twenty -five (25)
-25-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 10. EMPLOYEES' RETIREMENT SYSTEM (Continued)
Plan Description (Continued)
years, but not to exceed a total of thirty (30) years of creditable service; plus two percent
(2 %) of the monthly average final compensation multiplied by the number of years of
creditable service over thirty-nine and one fourth (39.25) years. The employee's contribution
shall not exceed 9% of his eamable 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.
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, 1997, police officer retirees will
receive a 1% cost of living increase.
Members who continue in employment past normal retirement date after fiscal year 1998 may
elect to retire and enter the Deferred Retirement Option Plan (DROP). Each participant in the
DROP has an account credited with benefits not received and investments earned.
Participation in the DROP must end no later than 60 months after normal retirement date.
The value of the drop accounts at September 30, 1999 was $68,776.
Funding Policy
General employees and police officers are required to contribute 6% and 9 %, respectively, of
their salaries to the Plan. If an employee leaves covered employment or dies before ten years
of service, accumulated employee contributions with 3% per annum interest are refunded.
The Village is required to contribute the remaining amounts necessary to finance the
coverage for its employees. Village contributions are actuarially determined. Village
contribution limits are established by Village charter not to exceed one mill and may be
amended only by special referendum.
Annual Pension Cost and Net Pension Obligation
As of October 1, 1997 (date of transition), the Village did not have a net pension obligation.
As of September 30, 1999, the Village had made all of its required annual contributions and
thus did not have a net pension obligation.
The annual required contributions for the current year were determined as part of the October
1, 1997 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 6% - 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.
-26-
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO GENERAL PURPOSE FINANCIAL STATEMENTS
(Continued)
NOTE 10. EMPLOYEES' RETIREMENT SYSTEM (Continued)
Annual Pension Cost and Net Pension Obligation (Continued)
Three -Year Trend Information
Annual Pension Percentage of Net Pension
Fiscal Year Ending Cost (APC) APC Contributed Obligation
9/30/97 $249,327 100% $ -
9/30/98 253,370 100 -
9/30/99 220,408 100 -
-27-
REQUIRED SUPPLEMENTARY INFORMATION
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
YEAR 2000 ISSUE
SEPTEMBER 30, 1999
In accordance with GASB Technical Bulletin No. 98 -1, as amended, we are presenting the status of the
year 2000 issue as it related to the Village.
The Village has completed an inventory of computer systems and other electronic equipment that may be
affected by the year 2000 issue and that are necessary to conducting Village operations. The Village has
identified the following systems requiring year 2000 planning.
• Awareness stage — establishing a budget and project plan for dealing with the year 2000 issue.
• Assessment stage — identifying the systems and components for which year 2000 compliance
work is needed.
• Remediation stage — Making changes to systems and equipment.
• Validation and testing stage — validating and testing the changes that were made during the
remediation stage has been completed.
Through the date of the financial statements, the Village has not experienced any computer system
problems related to the date rollover. However, because of the unprecedented nature of the year 2000
issue, its effects and the success of related remediation efforts of the Village or parties with whom the
Village does business, will not be fully determined until the year 2000 and thereafter.
No
MIAMI SHORES VILLAGE, FLORIDA
PENSION TRUST FUNDS
SCHEDULE OF FUNDING PROGRESS
-29-
Actuarial
Actuarial
Accrued
Percentage
Value
Liability
Unfunded
Actuarial
of
(AAL)
AAL
Valuation
Assets
Entry Age
(UAAL)
Date
La)
02)
-10.5%
10/1/93
$ 9,539,357
$ 9,211,131
$ (328,226)
10/1/94
9,380,878
9,436,798
55,920
10/1/95
10,193,957
10,100,353
(93,604)
10/1/96
11,043,748
10,651,327
(392,421)
10/1/97
11,990,762
11,411,093
(579,669)
10/1/98
12,753,331
12,112,534
(640,797)
-29-
UAAL
as a
Percentage
of
Funded
Covered
Covered
Ratio
Payroll
Payroll
�)
b -a /c
103.6%
$ 3,111,680
-10.5%
99.4%
2,925,881
1.9%
100.9%
2,900,044
-3.2%
103.7%
3,333,873
-11.8%
105.1%
3,382,347
-17.1%
105.3%
3,078,948
-20.8%
MIAMI SHORES VILLAGE, FLORIDA
PENSION TRUST FUNDS
SCHEDULE OF CONTRIBUTIONS FROM EMPLOYER AND OTHER CONTRIBUTING ENTITIES
Year
Annual
Contribution
Contribution
Ended
Required
from
from
Percentage
September 30,
Contribution
Employer
State
Contributed
1994
$ 238,913
$ 214,712
$ 24,201
100%
1995
248,001
225,844
22,157
100
1996
262,633
240,362
22,271
100
1997
249,327
223,938
25,389
100
1998
253,370
224,865
28,806
100
1999
220,229
190,036
28,907
99
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 10/1/98
Actuarial cost method Frozen Entry Age
Amortization method N/A
Remaining amortization period N/A
Asset valuation method 5 year smoothed market
Difference betwcen 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% police; 5.50% general
Cost of living adjustments N/A
*Includes inflation 4%
-30-
r
j
j
COMBINING, INDIVIDUAL FUND AND
ACCOUNT GROUP STATEMENTS
AND SCHEDULES
j
1
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.
1
/
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1998)
-31-
1999
1998
ASS„ SETS
Cash and cash equivalents
$ 2,932,447
$ 2,372,533
Receivables, net
584,185
835,968
Due from other governments:
State of Florida
45,124
80,924
Federal Government
-
10,401
Miami -Dade County
4,701
9,037
Due from other funds
132,500
-
' Prepaid costs
9,123
11,176
Inventories
24,229
33,017
Total assets
$ 3,732,309
$ 3,353,056
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
$ 247,607
$ 159,865
Accrued liabilities
94,660
145,178
Workers compensation claims payable
17,442
41,797
Deferred revenues
631,374
692,626
Due to other funds
114,856
-
Other liabilities
57,425
-
Total liabilities
1,163,364
1,039,466
Fund balances:
Reserved for:
Encumbrances
105,452
183,601
Subsequent years' expenditures
-
68,122
Prepaid costs
9,123
11,176
Inventories
24,229
33,017
Aquatic center
226,595
-
Code violations
174,906
-
Unreserved:
Designated for capital outlay
-
1,163,358
Designated for future use
1,128,640
-
Designated for emergencies and contingencies
900,000
854,316
Total fund balances
2,568,945
2,313,590
Total liabilities and fund balances
$ 3,732,309
$ 3,353,056
-31-
ML4PM SHORES VILLAGE, FLORIDA
GENERAL FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
-32-
19-9
1998
Revenues:
Taxes
$ 3,072,144
$ 4,525,306
Licenses and permits
231,674
211,459
Intergovernmental revenues
942,571
1,203,077
Charges for services
2,145,903
2,304,259
Fines and forfeitures
111,930
205,237
Miscellaneous revenue
260,978
225,576
Interest
150,028
145,072
Total revenues
6,915,228
8,819,986
Expenditures:
Current:
General government
894,358
991,327
Public safety
3,026,323
3,008,694
Public services
2,143,106
2,169,676
Culture /recreation
1,539,543
1,516,542
Capital outlay
160,080
353,381
Debt service:
Principal
18,076
31,374
Interest
4,683
3,500
Total expenditures
7,786,169
8,074,494
Excess (deficiency) of revenues over expenditures
(870,941)
745,492
Other financing sources (uses):
Operating transfers in
1,511,778
20,000
Operating transfers out
(133,260)
(374,656)
Total other financing sources (uses)
1,378,518
(354,656)
Excess of revenues over expenditures
and other financing sources (uses)
507,577
390,836
Fund balance, beginning
2,313,590
1,922,754
Equity transfers out
(252,222)
-
Fund balance, ending
$ 2,568,945
$ 2,313,590
-32-
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
Revenues:
Taxes:
Property taxes, current and delinquent
Franchise fees
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
Law Enforcement Grant
Law Enforcement Block Grant
Juvenile Facility Grant
Federal Disaster Relief Grand
Library Grant
Summer Jobs Program Grant
Recreation Mitigation 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
153,832
Budgetary
Variances
Budgetary
6,000
Basis
Favorable
Basis
Bueet
Actual
(Unfavorable)
Actual
157,000
1999
(3,794)
1998
$ 3,096,789
$ 3,072,144
$ (24,645)
$ 3,032,661
-
-
67,728
506,824
-
-
-
985,821
3,096,789
3,072,144
(24,645)
4,525,306
-33-
(Continued)
70,000
64,100
(5,900)
68,176
96,000
127,684
31,684
107,250
32,900
39,890
6,990
36,033
198,900
231,674
32,774
211,459
23,883
12,750
(11,133)
4,707
43,309
32,059
(11,250)
-
7,500
7,500
-
57,500
6,900
16,500
9,600
-
-
-
-
10,000
1,376
1,376
36,104
-
6,000
6,000
-
11,348
10,789
(559)
11,136
218,416
221,199
2,783
232,045
700
972
272
1,538
530,370
562,571
32,201
540,396
17,318
21,648
4,330
17,318
-
-
-
238,736
-
-
-
13,599
16,500
20,293
3,793
16,772
19,500
28,704
9,204
18,671
1,000
210
(790)
4,555
896,744
942,571
45,827
1,203,077
153,832
155,456
1,607,403
1,621,408
6,000
22,130
342,129
346,909
2,109,364
2,145,903
1,624 138,018
14,005 1,821,280
16,130 5,871
4,780 339,090
36,539 2,304,259
60,000
111,930
51,930
74,310
125,000
-
(125,000)
130,927
185,000
111,930
(73,070)
205,237
157,000
153,206
(3,794)
155,419
36,250
107,772
71,522
70,157
193,250
260,978
67,728
225,576
145,072
150,028
4,956
145,072
$ 6,825,119
$ 6,915,228 $
90,109
$ 8,819,986
-33-
(Continued)
MIAMI SHORES VILLAGE, FLORIDA
GENERALFUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (Continued)
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
Expenditures:
Current:
General government:
Village council:
Personnel services
Operating expenses
Village attomey:
Operating expenses
Village manager:
Personnel services
Operating expenses
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:
Non - departmental:
Personnel services
Operating expenses
Non - operating expenses
Capital outlay
Human resources:
Personnel services
Operating expenses
Capital outlay
Summer Program:
Personnel services
Operating expenses
Total general government
Budgetary Variances
Budgetary
Basis Favorable
Basis
Budeet Actual (Unfavorable)
Actual
1999
1998
$ 5
$ 5 $
-
$ 1
10,880
5,353
5,527
8,101
10,885
5,358
5,527
8,102
107,000
148,901
(41,901)
150,534
107,000
148,901
(41,901)
150,534
116,659
110,682
5,977
140,576
9,230
6,322
2,908
15,168
125,889
117,004
8,885
155,744
88,017
88,781
(764)
85,266
15,933
11,543
4,390
17,584
5,000
4,820
180
4,515
108,950
105,144
3,806
107,365
203,923
176,052
27,871
179,932
74,789
64,266
10,523
53,823
7,281
3,308
3,973
5,086
285,993
243,626
42,367
238,841
48,864
31,262
17,602
39,196
36,200
32,510
3,690
51,573
-
490
(490)
-
85,064
64,262
20,802
90,769
4,000
2,376
1,624
10,476
259,273
193,836
65,437
126,720
-
-
-
56,000
41,000
531
40,469
1,281
304,273
196,743
107,530
194,477
18,000
19,844
(1,844)
21,701
18,000
19,844
(1,844)
21,701
-
2,625
(2,625)
35,075
-
-
1,029
-
2,625
(2,625)
36,104
1,046,054
903,507
142,547
1,003,637
34- (Continued)
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (Continued)
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
Public safety:
Law enforcement:
Personnel services
Operating expenses
Capital outlay
Non - operating expenses
Building and zoning:
Personnel services
Operating expenses
Capital outlay
Code enforcement:
Personnel services
Operating expenses
Capital outlay
Total public safety
Public services:
Public works administration:
Personnel services
Operating expenses
Capital outlay
Street maintenance:
Personnel services
Operating expenses
Capital outlay
Solid waste collection:
Personnel services
Operating expenses
Capital outlay
Fleet maintenance:
Personnel services
Operating expenses
Capital outlay
Total public services
Budgetary Variances
Budgetary
Basis Favorable
Basis
Budeet Actual (Unfavorable)
Actual
1999
1998
$ 2,647,581 $ 2,545,898 $ 101,683 $ 2,521,330
252,691 223,555 29,136 230,103
82,081 70,182 11,899 12,632
- - - 2,933
2,982,353 2,839,635 142,718 2,766,998
131,467 112,996
50,703 44,913
1,000 -
183,170 157,909
18,471 133,637
5,790 36,357
1,000 -
25,261 169,994
98,693
83,470
15,223
79,723
20,045
15,491
4,554
8,095
1,500
181
1,319
-
120,238
99,142
120,057
87,818
3,285,761
3,096,686
189,075
3,024,810
271,319
215,098
27,198
1 4,379
33,000
12,311
331,517
241,788
134,051 141,521
241,355 198,992
248,150 8,586
623,556 349,099
699,121 655,042
815,796 653,245
925 -
1,515,842 1,308,287
56,221 300,567
12,819 16,289
20,689 -
89,729 316,856
(7,470) 128,748
Al 161 23n,n 1 7
239,564 176,734
274,457 535,899
44,079
638,760
162,551
613,709
925
1,695
207,555
1,254,164
174,272
176,285
(2,013)
171,532
78,322
88,544
(10,222)
68,771
47,500
-
47,500
2,795
300,094
264,829
35,265
243,098
2,771,009
2,164,003
607,006
2,350,017
(Continued)
-35-
MIAMI SHORES VILLAGE, FLORIDA
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL (Continued)
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
Recreation:
Personnel services
631,258
Budgetary
Variances
Budgetary
Operating expenses
268,384
Basis
Favorable
Basis
Non - operating expenses
Budeet
Actual
(Unfavorable)
Actual
Capital outlay
14,477
1992
8,340
1998
Culture /recreation:
914,119
853,496
60,623
906,751
Parks:
Personnel services
$ 288,854
$ 258,449
$ 30,405
$ 244,141
Operating expenses
125,204
82,773
42,431
61,667
Capital outlay
23,567
3,564
20,003
50,420
437,625
344,786
92,839
356,228
Recreation:
Personnel services
631,258
594,976
36,282
626,983
Operating expenses
268,384
252,383
16,001
243,325
Non - operating expenses
-
-
-
2,016
Capital outlay
14,477
6,137
8,340
34,427
Total culture /recreation
914,119
853,496
60,623
906,751
Recreation maintenance:
Personnel services 101,756 98,614 3,142 95,447
Operating expenses 24,774 23,502 1,272 21,397
Capital outlay - - - 7,634
126,530 122,116 4,414 124,478
Library:
Personnel services
192,834
192,360
474
188,271
Operating expenses
42,002
36,486
5,516
35,502
Capital outlay
51,368
49,970
1,398
56,162
$ 8,080,731
286,204
278,816
7,388
279,935
Total culture /recreation
1,764,478
1,599,214
165,264
1.667.392
Debt service:
Principal 129,911
18,076
111,835
31,374
Interest 15,825
4,683
11,142
3,501
Total debt service 145,736
22,759
122,977
34,875
Total expenditures $ 9,013,038
$ 7,786,169 $
1,226,869
$ 8,080,731
-36-
SPECIAL REVENUE FUNDS
Special Revenue Funds are used to account for specific revenues that are legally restricted
to expend for a particular purpose.
Excise Tax Fund - This fund accounts for the monthly and semi- annual receipts for
public service taxes and franchise fees.
Local Option Gas Tax Fund — This fund accounts for the revenues and expenditures
related to the six -cent and additional three -cent taxes applied to petroleum products sold
in Miami -Dade County.
Grant Fund — This fund accounts for the revenues and expenditures related to various
grant programs and awards.
Hurricane Fund This fund accounts for revenues and expenditures related to storms
receiving disaster declarations from the Federal Emergency Management Agency
(FEMA).
MIAMI SHORES VILLAGE, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
SEPTEMBER 30, 1999
sc1FA
Local
Option
Excise
Gas
Tax
Tax
Grant
Hurricane
Fund
Fund
Fund
Fund
Totals
Assets:
Cash and cash equivalents
$ -
$ 172,725
$ 20,873
$ (15,569)
$
178,029
Receivables
67,514
-
-
-
67,514
Due from other funds
-
114,856
-
-
114,856
Total assets
$ 67,514
$ 287,581
$ 20,873
$ (15,569)
$
360,399
Liabilities and fund balances:
Liabilities:
Accounts payable
$ -
$ -
$ -
$ 1,408
$
1,408
Accrued liabilities
-
-
14,458
-
14,458
Total liabilities
-
-
14,458
11408
15,866
Fund balances:
Unreserved fund balance (deficit)
67,514
287,581
6,415
(16,977)
344,533
Total fund balances
67,514
287,581
6,415
(16,977)
344,533
Total liabilities and fund balances
S 67,514
$ 287,581
$ 20,873
$ (15,569)
$
360,399
sc1FA
MIAMI SHORES VILLAGE, FLORIDA
SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
SEPTEMBER 30, 1999
Local
Option
Excise Gas
Tax Tax Grant Hurricane
Fund Fund Fund Fund Totals
Revenues:
Franchise fees $ 544,565 $ - $ - $ - $ 544,565
Utility taxes 1,034,727 - - - 1,034,727
Other taxes - 237,996 - - 237,996
Intergovernmental revenues - - 6,901 - 6,901
Total revenues 1,579,292 237,996 6,901 - 1,824,189
Expenditures:
Operating - 28,914 486 16,977 46,377
Capital outlay - 23,723 - - 23,723
Total expenditures - 52,637 486 16,977 70,100
Excess (deficiency) of
revenues over expenditures 1,579,292 185,359 6,415 (16,977) 1,754,089
Other financing uses:
Operating transfers out (1,511,778) - - - (1,511,778)
Total other financing uses (1,511,778) - - - (1,511,778)
Excess (deficiency) of revenues
over expenditures and other
financing uses 67,514 185,359 6,415 (16,977) 242,311
Fund balances, beginning - - - _ _
Equity transfer in - 102,222 - - 102,222
Fund balances (deficit), ending $ 67,514 $ 287,581 $ 6,415 $ (16,977) $ 344,533
-38-
Q
A
a
O
a
w
w
C7 W
y W.
W
a
.a
O d
W
w CE
_a
«-1
Q
H
U
d
Q
z
a
C,
LL �
z o
M
z
x w
U a
zz U)
Gam_'
v, W
W C:
Fa- W
Q a
a �
� a
W Q
W t%
LwwzS.I
W
F-
z
w
2
w
f--
a
cn
0
z
0
U
�t r rn
o �
�
c
00
00
00
a a oC
0 0
0
%.o
r
V')
r
Vl
00
U
Cr, ol
00
a,
00
N
a�
N r-
0
M
N
P.
69
6)
r
M
M
"0
00
00
00
�O N d\ O
a0
O N
N
1
r
r
00
cdl
r O- Oc
7 r
O
N
F^
N
N N
V'1
O N
-.
o0^
.-.
N
.-.
...r
69
O O 00 O
00
O 00
00
O
O
O
r M N 0
N
O N
N
O
O
O
vl �O v1 lr
N
vi vl
O
N
N
N
r
O
N
�
vl C7,
~
NO
N
'cY
~
7
6)
...i
�''
6 )
(71
'cY O
�T_
t
N
U
v
O
O
0
0
>
> w
f
69
w
00
vI
�I
�I
I
�I
I I
U
69
69I
i i
O
Cl
O
O
I
I
O I
69
a\
O\
n
.,
O
O
O 00
00
M
M
c
cV o
r
r
00
00
=
r >
>
K
> w
C
[^
69
69
cd
r
r
�r M
r
o
0
a, r-
00 M
N
kn
v�
M
M
N N
vl
00
00
¢yl
N
N
69
69
id
U
00
00
O 00
00
a
N
N
O N
N
7
V1
O
�!1
O
O V'1
O
V1
O
N
N
00
N
N
a
r
r
Oa
-
a�
a a,
a,
o,
r
cE ~O
>
N r
O
O
�D
q >
> �
G
C
O
w
a r
DD
00
00
cd
�r v
o:
a,
U
^'
z
O
O
yr
N
as
N
N
L
b
N
4J
U
�
k
U
N
U
U
O
C
ti
>
O
>
CCO
L
O
y
C
O
d
cID y m E
N X 00x N
>
N
y0..,
bA 0
X
U pp
'C
N
G
.�.. Y>
i..
G p
y
C
00
0
U �' b�0
i
+0+
'fl
i
0
w Cd
(C
O
v
a`i
.�..
w X0.6
°OU
x
�O
>ow
a
w
O
x
w
w
CAPITAL PROJECTS FUND
The capital projects fund accounts for financial resources used for acquisitions and
improvements to capital facilities.
Capital Improvement Fund — This fund is used to account for major capital acquisitions
and projects to improve the Village.
1999 General Obligation Bond Fund - This fund is used to account for the construction
of the aquatic center funded by issuance of general obligation bonds through the Florida
Municipal Loan Council.
i
MIAMI SHORES VILLAGE, FLORIDA
CAPITAL PROJECTS FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1998)
ASSETS
Cash and cash equivalents
Cash with fiscal agent
Bond issue costs
Other assets
Total assets
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable
Accrued interest payable
Due to other funds
Total liabilities
Fund equity:
Reserved for:
Encumbrances
Recreation department
Waste department
Unreserved:
Designated for capital outlay
Total fund balances
Total liabilities and fund balances
-40-
1999
General
Capital Obligation
Improvement Bond Totals
Fund Fund 1999 1998
$ 465,303 $ 39,301 $ 504,604 $ 691,831
- 3,134,027 3,134,027 -
- 77,267 77,267 -
967 967
$ 466,270 $ 3,250,595 $ 3,716,865 $ 691,831
$ 6,706 $ 55 $ 6,761 $ 5,623
- 11,294 11,294 -
- 66,440 66,440 -
6,706 77,789 84,495 5,623
- - 154,383
294,706 - 294,706 294,705
123,500 - 123,500 123,500
41,358 3,172,806 3,214,164 113,620
459,564 3,172,806 3,632,370 686,208
$ 466,270 $ 3,250,595 $ 3,716,865 $ 691,831
MIAMI SHORES VILLAGE, FLORIDA
CAPITAL PROJECTS FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
Revenues:
Intergovernmental revenues
Interest
Total revenues
Expenditures:
Current:
Operating expenditures
Capital outlay
Culture /recreation
Debt service:
Principal retirement
Interest
Total expenditures
Excess (deficiency) of revenues over expenditures
Other financing sources:
Operating transfers in
Capital loan proceeds
Total other financing sources
Excess (deficiency) of revenues and other
financing sources over expenditures
Fund balances, beginning
Fund balances, ending
1999
Capital General Tglaia
Improvement Obligation 1999
Fund Bond Fund
$ 65,000 $ 3,200,000 $ 3,265,000 $ -
31,848 - 31,848 44,579
96,848 3,200,000 3,296,848 44,579
2,831 27,194 30,025 1,220
661,305 - 661,305 134,512
- - - 69,704
19,363 - 19,363 192,842
7,581 - 7,581 52,745
691,080 27,194 718,274 451,023
(594,232) 3,172,806 2,578,574 (406,444)
133,260
- 133,260 374,656
234,328
- 234,328 -
367,588
- 367,588 374,656
(226,644) 3,172,806 2,946,162 (31,788)
686,208 - 686,208 717,996
$ 459,564 $ 3,172,806 $ 3,632,370 $ 686,208
-41-
N
7
V)
v')
!` ON
�O
O N
00
N
r-
O1
rn �o
t`
�o r-
00
U
N
OO
M
C�
lO
o0
V't
N llO
Vl
t.,
c
w
N 00
M
N
M
M
M
cd
"
ON N
�
N�o
00
N
M
N
' w
O
>
m
^"
.-.
00
r'
Cl
>
M
M
N
N
W
r.
69
by
O 00
00
V'1
Vl
M "-+
O 00
00
N
O It
rt
N
O
�O N
00
�O
ny
O 00
00
O
M
M Vl
N
V')
N M
V1
y
Vn ;-
�
O
O\ i-
00
00
M
QI
M
ON
M
�O
[�
cn M
N
N
�O
t`
v7
N
M
D\
M
M
N
N
69
69
O
O
O
O
O
7
I M
\
N
- r
p
v-
vt
O
N
N
�
oo
D\
N
M
M
M
M
'�
69
69
00
O
00
0°0
0°0
w
b�
6,
U
o
o
OO
N
o°o
N
C7,
^
Q
W
W
M
M
M
M
0.
�
�
69
69
W W
cn
WZ
W Q
x
o
0
0
0
0
d
FWm
°
°
N
U
W
M
M
M
M
Q
C�
69
O
O
0. Q
Q
a.)
O o0
N
(=
O�
�o
cn
C�
t� O�
O
N
O N
00
.-.
O
N
00
a
d W L
W
U
O
C
4,
N 00
M
M
x
Q
W
ol
w
..
v
rq
Ci,
>
>
u
w
0
0
z
z
U
C�
>
O
t
O 00
00
.--i
to
M
O
N
C) 00
00
Z d
�"
cd
O
O DO
ct
00
M
00
O
M
\O 00
M W)
00
O
M
\O N
00
x
N
M en
r`
07 U
U
to M
01
ON
CN
O Q
y
Q
-
N
M
N_
U Q
cd
69
o o
0
o
0
o o
0
0
0
0
y
� o
k
° W)
�
°
0
0
o
o
0
0
0
l-- M
O
M
V"1
O\
Vj
V'j
vj
V')
�O
N
N
N
69
6'i
m
N
U
H
N
V
O
O
O
N
O
p
En
q
C
>
>
t
N
F
t«+
O
r.
>
1U-i
H
W
N.
a o
U
U
b
=
W
Y
w y
^
O
Ly
>i
N
O
U U
N
O
4r
G
cu
>
..
bn
a
Fj
b
"°
Cd
'mo
a°�o a
o ;�
y
o
,�,
d
p
b
b
>
a
a cu
R u
a
rn
v>
W
a,
a
s
..
O U Q
O
ca
O U
U
x
W
W
o
W
N
7
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, 1999
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1998)
ASSETS 1999 1998
Cash and cash equivalents $ 243,029 $ 21,155
Due from other governments 53,112 50,685
Fixed assets, net 299,639 307,322
Total assets $ 595,780 $ 379,162
LIABILITIES AND EQUITY
Liabilities:
Accounts payable $ 431 $ 22,220
Equity:
Retained earnings 595,349 356,942
Total equity $ 595,780 $ 379,162
-43-
MIAMI SHORES VILLAGE, FLORIDA
ENTERPRISE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
1999 1998
Revenues:
Charges for services $ 126,951 $ 117,843
Operating expenses:
Personnel expenses
-
28,816
Administrative and general
36,464
20,921
Depreciation
7,683
-
Total operating expenses
44,147
49,737
Operating income
82,804
68,106
Non - operating income:
Interest income
5,603
5,341
Net income 88,407 73,447
Retained earnings, beginning 356,942 283,495
Equity transfer in 150,000 -
Retained earnings, ending $ 595,349 $ 356,942
-44-
INTERNAL SERVICE FUND
The self - insurance fund accounts for the accumulation and allocation of costs associated
i
with insurance.
MIAMI SHORES VILLAGE, FLORIDA
INTERNAL SERVICE FUND
COMPARATIVE BALANCE SHEETS
SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1998)
ASSETS 1999 1998
Cash and cash equivalents $ 738,273 $ 722,066
Land held for sale 30,000 30,000
Other assets - 5,942
Total assets $ 768,273 $ 758,008
LIABILITIES AND EQUITY
Liabilities:
Accounts payable $ 15,324 $ 10,038
Estimated insurance claims 722,949 717,970
Total liabilities 738,273 728,008
Equity:
Retained earnings - reserved 30,000 30,000
Total liabilities and equity $ 768,273 $ 758,008
-45-
MIAMI SHORES VILLAGE, FLORIDA
INTERNAL SERVICE FUND
COMPARATIVE STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
1999 1998
Charges for services $ 477,982 $ 456,000
Operating expenses:
Insurance premiums 412,654 261,570
Claims 87,649 139,715
Administrative 14,265 97,860
Total operating expenses 514,568 499,145
Operating loss (36,586) (43,145)
Non - operating income:
Interest income 36,586 43,145
Net income
Retained earnings, beginning 30,000 30,000
Retained earnings, ending $ 30,000 $ 30,000
-46-
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.
't
O
-
M
O
N
�
O
�o
I'D
00
00
�
O
rY
O
M
N
O
l—
r-
It
—
—
M
00
to
O
00
O
l—
Ile
00
N
\-
tr
N
00
M
'N
01
N
�I
N
r
N
N
N
�J
01
..
r-
-
N
kr
1�6
kr
1�6
id
�I
69
yq
69
�
[l-
00
N
M
N
tr)
O
D1
kn
\C
[—
D1
M
\0
N
--'
V)
,--1
":t
V)
T
ON
O1
M
00
I-
I-
00
06
M
00
N
qt
V)
N
M
N
�6
Lr
I--
(-
M
1�6
N
V)
O\
V)
M
O1
M
00
01
-w
r-
�
t
(�
69
b4
64)
bq
'
00
N
N
O
110
n
O
h
oc
N
'IT
r-
00
o0
a;
.-.
a
I
a
O
I
M
N
N
�
'IT
0000
-
69
69
69
O\
-+
cu
N
M
ON
'
N
N
cY
v'i
�
,
,
r
,
,
r-
,
Uy0.
O
M
M
\C
O
�y
W
a
o
``)
N
O
It
O
O
O
O
w
611)
64
b9
bq
GO
w
W
0
0
0
C\
o
�
y
�t
a
Zz�O
U
Ha
c)
I
w
a
x
es
u
a
1
¢
¢
d
Cd
w
64
fF,
69
69
l�
a)
,7,
�4
¢
601)
9q
p
Cd
V
't
O
Q1
01
M
M
d
N
M
O\
N
M
00
I—
01
N
O
Q
y0
It
It
M
10
M
N
N
Hbq
69
W
U
z
a
d
as
co
-O
N
CCd
w
O^
O
cad
rn
N
Q"
aa� ) 0
Gl
cd
-v
rA
o
.^
o°
o
Q.
C.)
0 co
cz
o
H
0
N
LIS
U
Cd
U
O
j
w
MIAMI SHORES VILLAGE, FLORIDA
EXPENDABLE TRUST FUNDS
COMBINING STATEMENTS OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
FISCAL YEAR ENDED SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR FISCAL YEAR ENDED SEPTEMBER 30, 1998)
Law
Police Enforcement
General Insurance Training Police Totals
Trust Trust Trust Forfeiture 1222 1998
Revenues:
Fines and forfeitures
$ 30,700 $ - $
2,996
$ -
$ 33,696
$ 25,193
Contributions
- 8,062
-
-
8,062
6,811
Miscellaneous revenue
- -
-
-
-
700
Interest
- -
-
18,028
18,028
9,645
Confiscated property
- -
-
205,676
205,676
262,676
Total revenues
30,700 8,062
2,996
223,704
265,462
305,025
Expenditures:
Current:
Public safety
- -
1,243
152,527
153,770
14,354
Culture /recreation
7,887 -
-
-
7,887
17,809
Total expenditures
7,887 -
1,243
152,527
161,657
32,163
Excess of revenues over expenditures
22,813 8,062
1,753
71,177
103,805
272,862
Other financing uses:
Operating transfers out - - - - - (20,000)
Total other financing uses - - - - - (20,000)
Excess of revenues over expenditures
and other financing uses 22,813 8,062 1,753 71,177 103,805 252,862
Fund balances, beginning 20,133 55,477 2,292 333,480 411,382 158,520
Fund balances, ending $ 42,946 $ 63,539 $ 4,045 $ 404,657 $ 515,187 $ 411,382
-48-
MIAMI SHORES VILLAGE, FLORIDA
PENSION TRUST FUND
COMPARATIVE STATEMENTS OF PLAN NET ASSETS
SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1998)
ASSETS
Cash with pension trustee
Investments
Other assets
Total assets
LIABILITIES AND NET ASSETS HELD
IN TRUST FOR PENSION BENEFITS
Liabilities:
Accounts payable
Due to other funds
Total liabilities
Net assets held in trust for pension benefits
-49
Totals
1999 1998
$ 1,186 $ 27,008
17,338,524 15,756,321
1,012 88
17 2A0 777 1c 7Q2 A1-7
28,861
A01
25,256
W� -N
$ 17,311,460 $ 15,758,161
GENERAL FIXED ASSETS
ACCOUNT GROUP
To account for fixed assets other than those accounted for in Proprietary Funds or Trust
Funds.
i
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULES OF GENERAL FIXED ASSETS - BY SOURCE
SEPTEMBER 30, 1999
(WITH COMPARATIVE TOTALS FOR SEPTEMBER 30, 1998)
General fixed assets:
Land
Buildings
Improvements other than buildings
Equipment
Total general fixed assets
Investment in general fixed assets:
General fund
Special revenue fund
Capital projects fund
Country Club
Gifts and donations
Confiscated property
Insurance fund
Total investment in general fixed assets
-50-
1999
$ 718,531
3,999,679
2,831,221
4,778,578
$ 12,328,009
$ 5,788,002
4,034,577
23,723
1,820,517
53,283
592,393
15.514
WSJ:
$ 718,531
3,685,815
2,613,728
3,964,690
$ 10,982,764
$ 5,626,122
3,373,272
1,333,183
51,728
582,945
15.514
$ 12,328,009 $ 10,982,764
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
SEPTEMBER 30, 1999
Function
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
Improvements
Other than
Land Buildings Buildings Equipment Total
$ 1,500 $ 232,720 $
- 1,387,049
71,264 427,545
94,907 $ 339,749 $ 668,876
36,819 1,401,386 2,825,254
1,794,118 1,984,418 4,277,345
62,350
1,021,933
467,644
550,228
2,102,155
2,500
350,269
45,265
235,828
633,862
580,917
580,163
392,468
266,969
1,820,517
645,767
1,952,365
905,377
1,053,025
4,556,534
$ 718,531 $ 3,999,679 $ 2,831,221 $ 4,778,578 $ 12,328,009
-51-
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
FISCAL YEAR ENDED SEPTEMBER 30, 1999
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
September 30,
September 30,
1998
Additions
Deletions 1999
$ 657,437
$ 11,309
$ - $ 668,746
2,374,289
450,965
- 2,825,254
4,002,146
275,329
- 4,277,475
2,033,372
68,783
- 2,102,155
582,337
51,525
- 633,862
1,333,183
487,334
- 1,820,517
3,948,892
607,642
- 4,556,534
$ 10,982,764 $ 1,345,245 $ - $ 12,328,009
-52-
1
1
j
t
` i
�.
f
t
I
I
i
MIANII SHORES VILLAGE, FLORIDA
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION
LAST TEN FISCAL YEARS
Includes general fund only (excludes capital outlay).
5191!
Recreation
Fiscal
General
Public
Public
and
Debt
Year
Government
Lafety
Works
Culture
Service
Total
1990
$ 724,504
$ 2,487,160
$ 1,823,489
$ 1,147,600
$ 308,484
$ 6,491,237
1991
1,079,128
2,658,769
1,865,552
1,236,613
348,289
7,188,351
1992
766,732
2,802,608
2,319,763
1,259,271
329,034
7,477,408
1993
829,537
2,931,768
2,073,345
1,305,045
274,308
7,414,003
1994
882,339
2,858,883
2,180,109
1,517,445
475,103
7,913,879
1995
905,890
3,177,645
2,408,825
1,470,847
77,744
8,040,951
1996
858,675
3,637,242
2,517,619
1,946,134
77,744
9,037,414
1997
1,006,853
3,552,639
2,398,900
1,666,977
275,353
8,900,722
1998
1,003,637
3,024,810
2,350,017
1,667,392
34,875
8,080,731
1999
894,358
3,026,323
2,143,106
1,539,543
22,759
7,626,089
Includes general fund only (excludes capital outlay).
5191!
N IANII SHORES VILLAGE, FLORIDA
ASSESSED VALUE OF TAXABLE PROPERTIES
LAST TEN FISCAL YEARS
Source: Miami -Dade County Property Appraisers Office.
-56-
Real
Personal
Property
Property
Centrally
Total
Fiscal
Assessed
Assessed
Assessed
Assessed
Year
Value
Value
Value
Value
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
498,901
319,513,226
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
1998
352,803,811
14,849,506
862,792
368,516,109
1999
367,730,418
17,216,418
854,252
385,801,088
Source: Miami -Dade County Property Appraisers Office.
-56-
MIAMI SHORES VILLAGE, FLORIDA
PROPERTY TAX LEVIES
LAST TEN FISCAL YEARS
Source: Miami -Dade County Property Appraiser.
961VA
Total
Fiscal
County-
Debt
Tax
Year
Villaee
Wide
Service
Fire
MDCC
LibraZy Libra
School
State
Levies
1990
8.380
7.095
1.294
2.446
-
0.959
8.549
0.584
29.307
1991.
7.790
8.118
1.210
2.281
-
0.351
9.001
0.602
29.353
1992
7.990
8.118
1.150
2.281
0.750
0.351
9.104
0.600
30.344
1993
9.120
7.305
0.830
2.344
0.750
0.351
9.923
0.597
31.220
1994
8.660
7.500
0.808
3.150
0.750
0.351
9.503
0.597
31.319
1995
8.660
6.828
0.789
2.558
0.030
0.329
10.389
0.687
30.270
1996
8.493
6.828
0.829
2.518
-
0.329
10.389
0.687
30.073
1997
8.740
6.469
0.774
2.745
-
0.339
10.366
0.710
30.143
1998
8.740
6.023
0.837
2.869
-
0.334
10.260
0.644
29.707
1999
8.740
-
0.607
2.752
-
-
9.744
0.641
22.484
Source: Miami -Dade County Property Appraiser.
961VA
MIAMI SHORES VILLAGE, FLORIDA
PRINCIPAL TAXPAYERS
SEPTEMBER 30, 1999
-62-
Assessed
Percent
Value
of Total
for
Village -Wide
Taxpayer
Property Location
1998
Assessment
Northern Trust Bank of Florida
Shores Center, Biscayne Boulevard
$ 2,900,000
0.8%
Boris Moroz & Phil Glassman
Shores Square
3,078,771
0.8
9325 Park Drive, Miami Shores
Includes Burger King and Eckerds
Tropical Chevrolet, Inc.
9000 Biscayne Boulevard
2,691,619
0.7
Henry Everett
9600 block of N.E. 2nd Avenue
1,362,220
0.4
Private residence
George Bennett
9500 block of N.E. 2nd Avenue
1,360,301
0.4
Sheila McDonald
11 unit residential complex
1,316,055
0.3
Ben Pumo
9700 block of N.E. 2nd Avenue
1,124,827
0.3
Konover Properties, Inc.
Shores Cinema
1,022,950
0.3
9800 block of N.E. 2nd Avenue
NationsBank, N.A.
9595 N.E. 2nd Avenue
1,267,122
0.3
-62-
MIAMI SHORES VILLAGE, FLORIDA
TEN LARGEST PUBLIC AND PRIVATE EMPLOYERS
LOCATED IN MIAMI -DADE COUNTY, FLORIDA
SEPTEMBER 30, 1999
Ten Largest Public Employers
Ten Largest Private Employers
Metropolitan Dade County School
33,658
American Airlines
9,000
Miami -Dade County, Florida
28,000
University of Miami, Inc.
7,574
State of Florida
17,700
BellSouth, Inc.
5,000
United States Government
17,600
Federated Department Stores
4,500
Jackson Memorial Hospital Trust
7,216
Florida Power & Light (FPL)
3,400
City of Miami, Florida
3,189
Baptist Health Care Systems
3,275
Florida International University
2,775
Mt. Sinai Medical Center
3,228
VA Medical Center
2,610
Publix Supermarkets
3,000
City of Miami Beach, Florida
2,210
Winn -Dixie Supermarkets
2,500
City of Hialeah, Florida
1,405
Humana Health Care
2,000
Source: The Beacon Council - Research Department
-63-
r
F
r
SUPPLEMENTARY AUDITOR'S
REPORTS SECTION
�z Rachlin Cohen & Holtz LLP
Certified Public Accountants & Consultants
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 Auditint? 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, 1999, and have issued our report thereon dated November 24,
1999. We conducted our audit in accordance with generally accepted auditing standards and the
standards applicable for 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.
roll a
One Southeast Third Avenue, Tenth Floor, Miami, Florida 33131 a Tel 305- 377 -4228 • Fax 305 -377 -8331
Offices in: Miami • Ft. Lauderdale • Boca Raton e West Palm Beach • Stuart
www.rchcpa.com
Member of Summit International Associates, Inc. with offices in principal cities throughout the world
Member of the American Institute of Certified Public Accountants and member of the Florida Institute of Certified Public Accountants
Honorable Mayor, Village Council and Village. Manager
Miami Shores Village, Florida
Page Two
However, we noted other matters involving the internal control over financial reporting that we have
reported to management in the accompanying schedule of findings.
This report is intended solely for the information and use of the Mayor, Village Council, management,
and applicable state agencies and is not intended to be used or should be used by anyone other than those
specified parties. However, this report is a matter of public record and its distribution is not limited.
Miami, Florida
November 24, 1999
-65-
Rachlin Cohen & Holtz LLP
Certified Public Accountants & Consultants
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, 1999, and have issued our report thereon dated November 24,
1999. We conducted our audit in accordance with generally accepted auditing standards and the
standards applicable for financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States.
In connection with our audit of the general purpose financial statements of the Village for the year ended
September 30, 1999, we report the following in accordance with Chapter 10.550 Rules of the Auditor
General Local Governmental Entity Audits which requires that this report specifically address but not be
limited to the matters outlined in Rule 10.554(1)(e):
1. 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 1999, was not in a state of financial emergency as defined by Florida
Statute, Section 218.503 (1). The Village had no deficit fund balances for two consecutive years.
Recommendations made in the preceding annual financial audit have been implemented, except as
disclosed in the accompanying schedule of findings.
4. Recommendations to improve the Village's present financial management, accounting procedures
and internal controls are accompanying this report in the schedule of findings.
During the course of our audit, nothing came to our attention that caused us to believe_ t_ha_t_ the
Village:
a. Was in violation of any laws, rules or regulations.
b. Made any illegal or improper expenditures.
C. Had improper or inadequate accounting procedures.
-66-
One Southeast Third Avenue, Tenth Floor, Miami, Florida 33131 • Tel 305 -377 -4228 • Fax 305 -377 -8331
Offices in: Miami • Ft. Lauderdale • Boca Raton • West Palm Beach • Stuart
www.rchcpa.com
Member of Summit International Associates, Inc. with offices in principal cities throughout the world
Member of the American Institute of Certified Public Accountants and member of the Florida Institute of Certified Public Accountants
Honorable Mayor, Village Council and Village Manager
Miami Shores Village, Florida
Page Two
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, and instances of fraud and
fraud related matters.
6. The annual financial report for the year ended September 30, 1999 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. Miami Shores Village, Florida was incorporated by Laws of Florida 27675.
This report is intended solely for the information and use of the Mayor, Village Council, management,
and applicable state agencies and is not intended to be used or should be used by anyone other than those
specified parties. However, this report is a matter of public record and its distribution is not limited.
Miami, Florida
November 24, 1999
-67-
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS
FISCAL YEAR ENDED SEPTEMBER 30, 1999
PART I. CURRENT YEAR'S COMMENTS AND RECOMMENDATIONS
1. NEW PRONOUNCEMENT
Condition
Governmental Accounting Standards Board Statement No. 34, Basic Financial Statements — and
Management's Discussion and Analysis —for State and Local Governments, establishes new financial
reporting requirements for state and local governments throughout the United States. When
implemented, it will create new information and will restructure much of the information that
governments have presented in the past. These new requirements were developed to make annual
financial reports more comprehensive and easier to understand and use. The new reporting model
will include government -wide financial statements as well as fund financial statements as well as a
management's discussion and analysis section. Implementation will be required for fiscal year ending
September 30, 2003. However, many of the reporting requirements need to be addressed several
years before the required implementation date.
Recommendation
We recommend that the Village review the new requirements and plan accordingly.
Management Response
The Village will review the reporting requirements of GASB No. 34 and will begin planning to
implement them in the new fiscal year.
2. FINANCIAL REPORTING SYSTEM
Condition
DurinDuring niir aiiraif iva nnf, /A flint f1k P V11lana A;A nnf Inn— o.1a.,,,�40 .i...,,...o..�,F:..« ir ,e.� -
g vaaa —U-1.1 — aav ava. __t the ♦ 11—gr — not laa�l. —equate ddocu entaLion 1V1 certain
calculations, policies and journal entries specifically as they related to compensated absences,
receivables, fund balance and general fixed assets. This results in certain revenues, assets and
liabilities to be erroneously reported. Matters noted during the audit were corrected and are properly
reported.
Recommendation
We recommend the Village develop written procedures and policies regarding the documentation
required for recording of journal entries and have the Chief Financial Officer review and approve of
entries prior them being recorded.
Management Response
The Village has implemented written policies and has taken steps to ensure proper documentation is
obtained prior to entries being recorded.
IFIT-11
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS
(Continued)
PART I. CURRENT YEAR'S COMMENTS AND RECOMMENDATIONS (Continued)
3. GRANT CENTRALIZATION
Condition
The Village made an attempt to centralize its grant procedures so that any grants applied for flowed
through the Village's finance department and that the Village took a proactive approach to applying
for any and all federal and state funding available. It was discovered that several of the departments
are applying for monies and the finance department is completely uninformed of the awards until
after funds are expended or received. This subjects the Village to various degrees of non - compliance
in the areas of filing and reporting.
Recommendation:
We recommend that the Village establish a formal grant process that requires sign -off by all of the
responsible officials, department heads with final authorization passing through the finance
department.
Management Response
The Village will establish a formal procedure for grant application, record keeping and filing.
4. CODE VIOLATION REVENUES
Condition
At present, the code enforcement department fines residents for various violations. These fines are
recorded in the Village's records on the accrual basis. Due to the nature of such items, they tend to
remain unpaid or unresolved for a considerable amount of time, thereby presenting an unrealistic
amount of revenue during the year.
Recommendation
We recommend that the Village begin recording the violations on the cash basis, but also retain a
listing of potential revenues to be collected.
Management Response
The Village will begin recording code violations on the cash basis. Since the system automatically
records a revenue and corresponding receivable, a journal entry will be made each month to reverse
the transaction and record only the cash received as current period revenues.
56ta