2011
MIAMI SHORES VILLAGE, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE
FISCAL YEAR ENDED SEPTEMBER 30, 2011
PREPARED BY THE FINANCE DEPARTMENT
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
Page
I. INTRODUCTORY SECTION (Unaudited)
Letter of Transmittal i-v
GFOA Certificate of Achievement vi
List of Elected Officials vii
List of Appointed Officials viii
Organizational Chart ix
II. FINANCIAL SECTION
Independent Auditors’ Report 1-2
Managements’ Discussion and Analysis (Required Supplementary Information) 3-12
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Assets 13
Statement of Activities 14
Fund Financial Statements:
Balance Sheet – Governmental Funds 15
Reconciliation of the Balance Sheet to the Statement of Net Assets-Governmental Funds 16
Statement of Revenues, Expenditures, and Changes in Fund Balances -
Governmental Funds 17
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund
Balances of Governmental Funds to the Statement of Activities 18
Statement of Net Assets – Proprietary Funds 19
Statement of Revenues, Expenses, and Changes in Fund Net Assets –
Proprietary Funds 20
Statement of Cash Flows – Proprietary Funds 21
Statement of Fiduciary Net Assets- Fiduciary Funds 22
Statement of Changes in Fiduciary Net Assets 23
Notes to Financial Statements 24-46
Required Supplementary Information:
Budgetary Comparison Schedule:
General Fund 47-48
Special Revenue Funds 49
Notes to Budgetary Comparison Schedule 50
Schedule of Funding Progress 51
Schedule of Employer Contributions 52
Combining and Individual Financial Statementsand Schedules:
Combining Balance Sheet – Nonmajor Governmental Funds 53-54
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances –
Nonmajor Governmental Funds 55-56
Schedules of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual
Nonmajor Governmental Funds 57-58
Internal Service Funds:
Combining Statement of Net Assets 59
Combining Statement of Revenues, Expenses and Changes in Net Assets 60
Combining Statement of Cash Flows 61
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
II. FINANCIAL SECTION
Fiduciary Funds:
Combining Statement of Fiduciary Net Assets – Pension Trust Funds 62
Combining Statement of Changes in Fiduciary Net Assets – Pension Trust Funds 63
Statement of Changes in Assets and Liabilities – Agency Fund 64
III. STATISTICAL SECTION
Net Assets by Component 65
Changes in Net Assets 66-67
Fund Balances for Governmental Funds
Changes in Fund Balances of Governmental Funds
68
69
General Governmental and Excise Tax Revenues by Source 70
Assessed Value and Actual Value of Taxable Property 71
Property Tax Rates Direct and Overlapping Governments 72
Principal Property Taxpayers 73
Operating Property Tax Levies and Collections 74
Ratios of Outstanding Debt By Type 75
Direct and Overlapping Governmental Activities Debt 76
Legal Debt Margin Information 77
Demographic and Economic Statistics 78
Principal Employers Located in Miami Dade County 79
Village Employees by Function 80
IV. COMPLIANCE SECTION
Independent Auditors’ Report on Internal Controls over Financial Reporting 81-82
and Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards
Management Letter in Accordance with the Rules of the Auditor General of the 83-84
State of Florida
Schedule of Findings and Responses 85
INTRODUCTORY SECTION
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Miami Shores Village
10050 N.E.2nd Avenue
Miami Shores, Florida 33138
Tel: (305) 795.2207
Fax: (305) 756.8972
March 26, 2012
The Mayor and Members of the Village Council
10050 Northeast Second Avenue
Miami Shores, Florida 33138-2382 Subject: FY 2010-11
Financial Report (CAFR)
To the Mayor and Members of the Village Council:
In compliance with Florida State Statute Chapter §11.45, Chapter §10.550 of the Rules of the Auditor General, and
Chapter 34(3) of the Miami Shores Village Code of Ordinances, we are pleased to submit for your review and
consideration the Miami Shores Village Comprehensive Annual Financial Report (CAFR) for the fiscal year ended
September 30, 2011. The financial statements included in this report conform to generally accepted accounting
principles in the United States of America (“GAAP”) as prescribed by the Governmental Accounting Standards
Board (“GASB”). The responsibility for both the accuracy of the presented data and the completeness and fairness
of the presentation, including all disclosures, rests with the Village.
This report consists of management’s representations concerning the financial condition of Miami Shores Village
(“The Village”). Consequently, management assumes full responsibility for the complete presentation, reliability,
and accuracy of all of the information presented in this report. To provide a reasonable basis for making these
representations, the Village’s management has established a comprehensive internal control framework that is
designed both to protect the government’s assets from loss, theft or misuse and to compile sufficient reliable
information for the preparation of the Village’s financial statements in conformance with accounting principles
generally accepted in the United States. Because the cost of internal controls should not outweigh their benefits, the
Village’s comprehensive framework of internal controls has been designed to provide reasonable rather than
absolute assurance that the financial statements will be free from material misstatement. As management, we assert
that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.
The financial statements have been audited by Alberni, Caballero & Company, L.L.P. Certified Public Accountants.
The independent auditor has issued an unqualified opinion that this report fairly represents the financial position of
the Village in conformity with GAAP. Their audit was in accordance with auditing standards generally accepted in
the United States, Government Auditing Standards issued by the Comptroller General of the United States and the
Rules of the Auditor General, State of Florida. The goal of the independent auditor is to provide reasonable
assurance that the financial statements of the Village for the fiscal year ended September 30, 2011 are free of
material misstatements. The independent audit involved examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements; assessing the accounting principles used and significant
estimates made by management; and evaluating the overall financial statement presentation. The independent
auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unqualified opinion that
the financial statements of Miami Shores Village for the fiscal year ended September 30, 2011 are fairly presented in
conformity with generally accepted accounting principles (GAAP).
The contents of the CAFR have been influenced by compliance with GASB pronouncements, including Statement
34 that has required the preparation of new government-wide financial statements on a full accrual basis of
accounting for all funds as well as Management’s Discussion and Analysis (MD&A). The MD&A can be found
immediately following the independent auditors’ report.
FY 2010-11 Financial Report March 26, 2012
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PROFILE OF THE GOVERNMENT
Miami Shores Village, a Florida municipal corporation incorporated in 1932, is located in Northeast Miami-Dade
County. The Village has a year-round population estimated at 10,500 residents living within the 2.8 square mile
jurisdiction. The Village begins at Biscayne Bay on the east and goes west to Northwest Second Avenue. The north
and south boundaries are 115th Street and 91st Street respectively. The Village is a residential-based community with
two (2) commercial districts located on Second Avenue and Biscayne Boulevard. With limited commercial
presence, new growth will likely be limited to redevelopment. The Village is almost entirely built out, which is
reflected in its below average growth in full value, decreasing 11% from 2006 to 2011; and population increasing
1.1% from 2000-2011. Wealth levels in the Village are average, with per capita income at $26,134 or 66% of the
state, and median family income at $64,963 or 146% of the state.
Operating under a Council-Manager form of government, the Council consists of five members elected at large. The
Mayor is chosen by each of the newly formed councils. Historically, the individual receiving the highest number of
votes during the election is chosen as the Mayor and the Vice-Mayor has received the second highest. Both the
Mayor and Vice-Mayor serve four (4) year terms, two as mayor/vice-mayor and two as regular council members.
The Village Council is responsible for the selection and appointment of the Village Manager, Village Clerk and
Village Attorney. The Village Manager is responsible for engaging all department heads and their subordinates.
Miami Shores Village provides a full range of municipal services including recreation and culture, public safety
through the police, public works and general administrative services for its residents and businesses. For the fiscal
year ended September 30, 2011, no legally separate authorities or agencies operated under the auspices of the
Village; therefore, no additional financial information will be incorporated into these statements.
FACTORS AFFECTING FINANCIAL CONDITIONS
The information presented in the Village’s financial statements primarily focus on the financial position at the end of
each fiscal year as measured by existing resources and claims against those resources. To better understand the
Village’s financial condition, readers should focus on both existing and future resources and potential claims (or
liabilities) against those resources. This broader concept is used to assess the financial condition of Miami Shores,
reflecting the current financial position as well as the prospects that today’s financial condition will improve or
deteriorate. To achieve this objective, the Village uses a wide-range of information including local economic
conditions and outlook; long-term debt management; capital construction and investments; cash management /
investments; and, of course, risk controls.
ECONOMIC CONDITION AND OUTLOOK
During the past few years, various State tax initiatives have been passed in order to lower property taxes throughout
the State. This, coupled with the significant decrease in assessed values due to the downturn in the economy, has
resulted in a reduction in the property taxes levied in 2011. Actual taxes levied by the Village in 2011 reflected a
drop of $616,000 as compared with taxes levied in 2010. It is anticipated that assessed values within the Village
will begin to stabilize in the 2012 fiscal year with an increase in assessed values in future years. Although the
Village anticipates increases in assessed valuation in future years, the impact of these increases will not be sufficient
to make up for prior loss in values. As such, Management must still strive to control expenditures.
In order to continue to provide the high level of services which has become a hallmark of the community,
Management has taken steps to control costs by closely monitoring purchasing procedures, purchasing only as
required, and not filling vacant positions when possible. Revenues have been reviewed and monitored for
collection. The collection of sanitation and storm water fees have been outsourced to the County via the property
tax bills to maximize collection while continuing to actively collect the existing receivable. Through these efforts,
the general fund surplus increased $1.4 million dollars in 2011, increasing the unassigned surplus to $7.6 million.
FY 2010-11 Financial Report March 26, 2012
-iii-
This surplus will enable the Village to continue to provide the same level of services to the residents in the
upcoming fiscal years.
In December of 2010, Moody’s Investors Service affirmed the Village’s A1 rating with expectation that the financial
position will remain stable in the near term. The A1 rating reflects the Village’s strong financial position with
healthy reserve levels, modest tax base with above average socioeconomic indices, and a manageable debt profile
with no additional borrowing plans. The increasingly stable financial operations are a result of management’s
commitment to conservative budgeting.
FINANCIAL INFORMATION
Accounting Control
Management is responsible for establishing and maintaining an internal control structure designed to ensure that the
assets of the Village are protected from loss, theft or misuse, and to ensure that adequate accounting data is compiled
to allow for the preparation of financial statements in conformity with generally accepted accounting principles in
the United States of America. The internal control structure is designed to provide reasonable, 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 likely to be derived and (2) the valuation of costs and benefits requires estimates and
judgments by management.
As a recipient of federal, state and local financial assistance, the government is also responsible for ensuring that an
adequate internal control structure is in place to ensure and document compliance with applicable laws and
regulations related to these programs. This internal control structure is subject to periodic evaluation by
management. In addition, the Village maintains extensive budgetary controls. The objective of these controls is to
ensure compliance with policy and implementation procedures embodied in the annual appropriated budget
approved by Village Council. The level of budgetary control (i.e. the level at which expenditures cannot legally
exceed the appropriated amount) is the department level within each fund. The Village also maintains an
encumbrance accounting system.
The Village’s accounting system is organized on a fund basis. A fund is defined as an independent fiscal and
accounting entity with a self-balancing set of accounts. The types of funds used are generally determined by the
Village Council, upon the recommendations of the Village Manager and the Finance Director, which are based upon
established and accepted accounting policies and procedures as well as the number of funds required.
Budgetary Control
Florida State Statute §200.065 requires that all municipal governments prepare, approve, adopt and execute an
annual budget for such funds as may be required by law or by sound fiscal practices. In compliance with this Statute
as well as other state regulatory items, the Village adopts an annual operating budget into which funds are either
formally appropriated by resolution or non-appropriated in nature, depending upon the fund (i.e. – general, special
revenue, debt service, enterprise, internal service or trust funds). However, in practice, all funds by those identified
as fiduciary in nature, receive annual budgets and corresponding appropriations.
The annual budget serves as a foundation for the financial planning, guidance and control of the Village. Funds
which require legal appropriations cannot exceed their original and amended budgets. All departments are required
to annually submit requests for appropriations to the Village Manager by June 1st of each year. The Village
Manager then uses those requests as the base from which the annual operating and capital budgets are developed.
The budget is presented to the Village Council following the release of the tentatively assessed property values in
early July of each year. A workshop is held in July during which council members are free to address department
staff with general and specific issues proposed in the budget. Following the summer workshop, the Council adopts a
resolution which sets the tentative millage rates which are subsequently sent to the County using Florida Form
FY 2010-11 Financial Report March 26, 2012
-iv-
DR420 for inclusion on the Proposed Tax Bills. Two public hearings are held in September of each year during
which members of the public are offered the opportunity to provide insight and solicit information regarding the
operations of their municipality. After the second public hearing, resolutions presenting the final operating and debt
service millage rates along with corresponding budgets for the fiscal year and are subsequently adopted by the
Village Council.
The annual budget is adopted at the fund and department level. Line-item transfers are permitted with the approval
of the Finance Director and Village Manager; however, changes to the bottom line of department or fund totals
require council approval and are executed by resolution. Budget to actual comparisons are provided in this report
for each individual governmental fund for which an appropriated annual budget has been adopted. As shown by the
statements and schedules included in the financial section of this report, the Village continues to meet its
responsibility for sound financial management.
Cash Management
Miami Shores Village is charged with the security of the Village’s funds and assets with the goal of maximizing
return on surplus or idle cash. Cash management policies follow the regulations defined by the laws of the State of
Florida. Per Council direction, the Village’s primary investment instruments for Fiscal year 2010-11 were Qualified
Public Depositories and the State Board of Administration’s (SBA) Local Government Investment Pool. The
principal focus of cash management is to first insure the safety of the Village’s cash and then maximize the return on
the Village’s investments. The Village has no long-term investments. All investments are subject to immediate
access. During fiscal year 2011, the Village earned $38,691 in investment income, as compared to $41,878 in fiscal
year 2010. The reduction in investment income was due lower interest rates available to the Village.
Risk Management
The Village purchases general liability, property, casualty insurance, and workers’ compensation coverages through
the Florida League of Cities. The Village is continually reviewing risk exposures and determining the most cost
effective method of mitigating those exposures.
LONG-TERM FINANCIAL PLANNING
The Village’s 2010-2011 Annual Budget included funding of $1.5 million for the completion of a Fleet Maintenance
Building. This project began major construction during fiscal year 2011 and is anticipated to be completed during
fiscal year 2012.
The Village is maintaining financial stability with fiscal management controls by constantly reviewing and
monitoring staff levels, and by comparing budget appropriations to actual expenditures, and estimated revenues to
actual revenues. The Village maintains a level of revenue sufficient to meet operating expenditures. During the
year, the Village also monitors all user fees to ensure that costs are being matched while at the same time remaining
competitive in the marketplace.
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Miami Shores Village,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2010
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
President
Executive Director
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Mayor Jim McCoy
Vice Mayor Hunt Davis
Councilman
Al Davis
Councilman
Stephen Loffredo
Councilman
Jesse Walters
MIAMI SHORES VILLAGE, FLORIDA
LIST OF ELECTED OFFICIALS
SEPTEMBER 30, 2011
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MIAMI SHORES VILLAGE, FLORIDA
LIST OF APPOINTED OFFICIALS
SEPTEMBER 30, 2011
APPOINTED OFFICIALS
Village Manager ....................................................................................................Thomas J. Benton
Village Clerk .............................................................................................. Barbara A. Estep, MMC
Village Attorney ....................................................................................................... Richard Sarafan
DEPARTMENT HEADS
Building Director ...................................................................................................... Norman Bruhn
Finance Director............................................................................................... Holly Hugdahl, CPA
Library Director ....................................................................................................... Elizabeth Esper
Planning & Zoning Director ...................................................................................David Dacquisto
Chief of Police ............................................................................................................. Kevin Lystad
Public Works Director .................................................................................................... Scott Davis
Recreation Director .......................................................................................................... Jerry Estep
VILLAGE AUDITORS
Alberni Caballero & Company, LLP
Certified Public Accountants and Consultants
-ix-
MIAMI SHORES VILLAGE, FLORIDA
ORGANIZATION CHART
SEPTEMBER 30, 2011
MAYOR & COUNCIL
MAYOR - JIM MCCOY
VICE MAYOR - HUNT DAVIS
COUNCILMAN - AL DAVIS
COUNCILMAN - STEPHEN LOFFREDO
COUNCILMAN - JESSE WALTERS
VILLAGE CLERK
BARBARA A. ESTEP, MMC
VILLAGE ATTORNEY
RICHARD SARAFAN, ESQ.
VILLAGE MANAGER
THOMAS J. BENTON
BUILDING
DIRECTOR
NORMAN BRUHN
FINANCE DIRECTOR
HOLLY HUGDAHL, CPA
PLANNING & ZONING
DIRECTOR
DAVID DACQUISTO
PUBLIC WORKS
DIRECTOR
SCOTT DAVIS
CHIEF OF
POLICE
KEVIN LYSTAD
DIRECTOR OF
LIBRARY SERVICES
ELIZABETH ESPER
RECREATION
DIRECTOR
JERRY ESTEP
FINANCIAL SECTION
1
INDEPENDENT AUDITORS' REPORT
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
We have audited the accompanying financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of Miami Shores Village, Florida (the “Village”) as of
and for the fiscal year ended September 30, 2011, which collectively comprise the Village’s basic financial statements
as listed in the table of contents. These basic financial statements are the responsibility of the Village's management.
Our responsibility is to express opinions on these basic financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
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
consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village’s internal
control over financial reporting. Accordingly, we express no such opinion. An audit also 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 opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities, each major fund, and the aggregate
remaining fund information of Miami Shores Village, Florida as of September 30, 2011, and the respective changes in
financial position and cash flows, where applicable, thereof for the fiscal year then ended in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated March 20, 2012 on our
consideration of the Village's internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to
describe the scope of our testing of internal control over financial reporting and compliance and the results of that
testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is
an integral part of an audit performed in accordance with Government Auditing Standards and should be considered
in assessing the results of our audit.
Accounting principles generally accepted in the United States of America require that the management’s discussion
and analysis and budgetary comparison information be presented to supplement the basic financial statements. Such
information, although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures
to the required supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the information and
comparing the information for consistency with management’s responses to our inquiries, the basic financial
statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express
an opinion or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
4649 PONCE DE LEON BLVD.
SUITE 404
CORAL GABLES, FL 33146
TEL: 305-662-7272
FAX: 305-662-4266
ACC-CPA.COM
2
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Village’s basic financial statements. The introductory section, combining non-major fund financial statements,
schedules of funding progress and employer contributions and statistical tables are presented for purposes of
additional analysis and are not a required part of the basic financial statements. The combining non-major fund
financial statements are the responsibility of management and were derived from and relate directly to the underlying
accounting and other records used to prepare the financial statements. The information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including
comparing an reconciling such information directly to the underlying accounting and other records used to prepare
the financial statements or to the financial statements themselves, and other additional procedures in accordance
with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly
stated in all material respects in relation to the basic financial statements taken as a whole. The introductory section,
schedules of funding progress and employer contributions and statistical tables have not been subjected to the
auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an
opinion or provide any assurance on them.
Alberni Caballero & Company, LLP
Alberni Caballero & Company, LLP
Coral Gables, Florida
March 20, 2012
MANAGEMENT’S DISCUSSION AND ANALYSIS
(Required Supplementary Information)
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Management’s Discussion and Analysis
As management of Miami Shores Village, we offer readers of the Village’s financial statements this narrative overview and
analysis of the financial activities of Miami Shores Village for the fiscal year ended September 30, 2011.
Financial Highlights for Fiscal Year 2011
At September 30, 2011, the Miami Shores Village assets exceeded its liabilities by $30.5 million (net assets). Of this
amount, $14.2 million was invested in capital assets, net of related debt. Additionally, $4 million was restricted by law,
agreements, debt covenants or for capital projects. The Village had unrestricted net assets of $12.3 million at
September 30, 2011 an increase of $900 thousand or 8% as compared with the prior year.
During the fiscal year 2011, net assets increased by $2 million. Of this increase, $1.8 million was in governmental
activities and the remaining increase of $200 thousand was in business-type activities.
At September 30, 2011, the Miami Shores Village’s governmental funds had fund balances totaling $13.5 million. Of the
total fund balance, approximately $7.6 million or 56% was unassigned and approximately $1.8 million or 13.4% was
committed for future capital projects and encumbrances. The restricted fund balance of approximately $4 million, or
29.5%, is related to funds restricted by the contributing agency. The net change in fund balances during the year was an
increase of $1 million.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the basic financial statements of Miami Shores Village.
The Village’s basic financial statements comprise three components: 1) government-wide financial statements; 2) individual fund
financial statements; and, 3) notes to the financial statements. This report also contains other supplementary information in
addition to the basic financial statements themselves.
Government-wide financial statements. The government-wide financial statements are designed to provide readers with a
broad overview of the financial activity of Miami Shores Village, in a manner similar to a private-sector business.
The Statement of Net Assets presents information on all of the assets and liabilities of Miami Shores Village, with the difference
between the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful indicator of
whether the financial position of the Village is improving or deteriorating.
The Statement of Activities presents information showing how the government’s net assets changed during the most recent fiscal
year. All changes in net assets are reported as soon as the underlying event giving rise to the change occurs, regardless of the
timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of Miami Shores Village that are principally supported by
taxes and intergovernmental revenues (governmental activities) as well as other functions that are intended to recover all or a
significant portion of their costs through user fees and charges (business-type activities). The governmental activities of Miami
Shores Village include general government, public safety, public works, building, planning, zoning, code enforcement, parks and
recreation. The business-type activities of the Village include Sanitation and Storm water operations.
The government-wide financial statements may be found on pages 13-14 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have
been segregated for specific activities or objectives. Miami Shores Village, like other local governments, uses fund accounting to
ensure and demonstrate compliance with finance-related legal requirements. All of the funds of Miami Shores Village can be divided
into three categories: governmental funds, proprietary funds and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental
activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental
fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable
resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term cash
flow and financing requirements.
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Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to
compare the information presented for governmental funds with similar information presented for governmental activities in the
government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s
near-term financing decisions and the impact on short term cash flow requirements to meet basic on-going operations. Both the
governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balance
provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
Miami Shores Village maintains fourteen (14) individual governmental funds. Information is presented separately in the
governmental funds balance sheet and in the governmental funds statement of revenues, expenditures and changes in fund
balance for the general fund and the four major funds. Data from the other nine governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of
combining statements elsewhere in this report.
The basic governmental fund financial statements may be found on pages 15 to 18 of this report.
Proprietary funds. Miami Shores Village maintains two proprietary or enterprise funds. Enterprise Funds are used to report the
same functions presented as business-type activities in the government-wide financial statements. Miami Shores uses enterprise
funds to account for its Sanitation and Storm water operations. Internal service funds provide for an accounting method whereby
the organization can accumulate and allocate costs internally among the other user divisions. The Village uses internal service
funds to account for its risk management costs as well as its’ fleet operation. Because both of these services predominantly
benefit governmental rather than business-type functions, they have been included within governmental activities in the
government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The
proprietary fund financial statements provide separate information for the Village’s Sanitation and Stormwater operations, the
Sanitation fund is considered to be a major fund of the Village. Additionally, the Village segregates the financial reporting of both
internal service funds to better distinguish the costs of each function.
The basic proprietary fund financial statements may be found on pages 19 to 21 of this report.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government.
Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not
available to support the Village’s own programs. The accounting used for fiduciary funds is much like that used for proprietary
funds.
The basic fiduciary fund financial statements may be found on pages 22 to 23 of this report.
Notes to the financial statements. The notes provide additional information that is essential to fully understand the data
provided in the government-wide and fund financial statements. The notes to the financial statements may be found on pages 24
to 46 of this report.
Other information. In addition to the basic financial statements and accompanying notes, this report also presents certain
required supplementary information concerning the progress in funding its obligations to provide pension benefits to the
employees of Miami Shores Village.
Required supplementary information may be found on pages 47 to 52 of this report.
The combining statements referred to earlier in connection with non-major governmental funds and internal service funds are
presented immediately following the required supplementary information on pensions. Combining and individual fund statements
and schedules may be found on pages 53 to 64 of this report.
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Government-wide Financial Analysis
The difference between a government’s assets and its liabilities is its net assets. The Village’s net assets are summarized below:
Table 1
Miami Shores Village
Summary of Net Assets
(in thousands)
Total
Total primary percentage
Governmental activities Business-type activities government Change
2011 2010 2011 2010 2011 2010 2011-2010
Current and other assets $ 16,267 $ 15,579 $ 3,220 $ 2,895 $ 19,487 $ 18,474 5.4%
Capital assets 21,310 21,105 1,924 2,044 23,234 23,149 0.4%
Total assets 37,577 36,684 5,144 4,939 42,721 41,623 2.6%
Long-term liabilities
outstanding 9,764 10,261 83 78 9,848 10,339 -4.7%
Other liabilities 1,641 2,055 752 784 2,392 2,839 -15.7%
Total liabilities 11,405 12,316 835 862 12,240 13,178 -7.1%
Invested in capital assets,
net of related debt 12,280 11,508 1,924 2,044 14,204 13,552 4.8%
Restricted 3,976 3,509 - - 3,976 3,509 13.3%
Unrestricted 9,916 9,351 2,385 2,033 12,301 11,384 8.0%
Total net assets $ 26,172 $ 24,368 $ 4,309 $ 4,077 $ 30,481 $ 28,445 7.1%
Net assets may be used to assess the financial position of the Village. The Village’s combined net assets as of September 30,
2011 were $30.5 million. Approximately 47%, or $14.2 million, of the Village’s net assets represent investment in capital assets,
net of outstanding related debt. These assets include land, buildings, machinery and equipment, and infrastructure and are not
available for future spending. Additionally, $4 million are restricted net assets and are subject to external restrictions on how
they may be spent.
At September 30, 2011, Miami Shores Village had unrestricted net assets of $12.3 million. At the end of the current fiscal year,
the Miami Shores Village is able to report positive balances in all three categories of net assets, both for the government as a
whole, as well as for its separate governmental and business-type activities.
-6-
Governmental activities. Financial activities for the fiscal year are reported below. Key indicators, including revenues and
expenditures by category are presented herein for review:
Table 2
Miami Shores Village
Changes in Net Assets
(in thousands)
Total
Total primary percentage
Governmental activities Business-type activities government Change
2011 2010 2011 2010 2011 2010 2010-2011
Revenues:
Program revenues:
Charges for services $ 3,887 $ 3,311 $ 2,914 $ 3,133 $6,801 $6,444 5.5%
Operating grants & Contributions 217 96 - - 217 96 26.0%
Capital grants and Contributions 66 172 - - 66 172 -61.6%
General Revenues:
Property taxes 6,144 6,584 - - 6,144 6,584 -6.7%
Other taxes 2,138 2,222 - - 2,138 2,222 -3.8%
Intergovernmental revenues,
unrestricted 936 798 - - 936 798 17.3%
Interest earnings - unrestricted 36 39 2 3 38 42 -9.5%
Miscellaneous 1,019 950 - - 1,019 950 7.1%
Total revenues 14,443 14,172 2,916 3,136 17,359 17,308 0.3%
Expenses:
General government 2,385 2,391 - - 2,385 2,391 0.2%
Public safety 5,597 5,217 - - 5,597 5,217 7.3%
Highways Streets 1,950 2,202 - - 1,950 2,202 -11.4%
Sanitation / Stormwater - - 2,448 2,589 2,448 2,589 -5.4%
Culture & recreation 2,498 2,341 - - 2,498 2,341 6.7%
Interest on Long-term Debt 444 465 - - 444 465 -4.5%
Total expenses 12,874 12,616 2,448 2,589 15,322 15,205 0.8%
Increase in net assets before
Transfers 1,569 1,556 468 547 2,037 2,103 -3.7%
Transfers 235 (1,392) (235) 1,392 - - -
Increase in net assets 1,804 164 233 1,939 2,037 2,103 -3.7%
Beginning net assets 24,368 24,204 4,076 2,137 28,444 26,341 8.0%
Ending net assets $ 26,172 $ 24,368 $ 4,309 $ 4,076 $ 30,481 $ 28,444 8.0%
For FY 2011, increases in ending net assets were substantially due to insurance proceeds, related to a recovery, of
approximately $500 thousand, an increase in permit fees due to increased activity and reductions in expenditures. General
government expenditures were less than anticipated due to unfilled vacant positions and a reduction in general government
operating expenditures.
-7-
Figure A-1
Expenses and Program Revenues – Governmental Activities
For the Fiscal Year Ended September 30, 2011
0
1000000
2000000
3000000
4000000
5000000
6000000
RevenuesExpenses
General government Public safety Public Works
Culture/recreation Interest on long-term debt
Figure A-2
Revenues by Source – Governmental Activities
For the Fiscal Year Ended September 30, 2011
Other taxes
21%
Charges for services
27%
Property Taxes
43%
Investment earnings
0%
Other
7%
Grant/contribution
2%
-8-
Business-type activities. The Miami Shores Village major business-type activities include the following enterprise funds:
Sanitation Fund
Stormwater Fund
Net assets of business-type activities increased by approximately $200 thousand due to the reduction of expenses related to
vacant positions and a reduction in general spending. The bar graph below summarizes the expenses and program revenues of
the business-type activities.
Figure A-3
Expenses and Program Revenues – Business-type Activities
For the Fiscal Year ended September 30, 2011
Financial Analysis of the Government’s Funds
As noted earlier, Miami Shores Village uses fund accounting to ensure and demonstrate compliance with finance-related legal
requirements.
Governmental funds. The focus of the governmental funds for Miami Shores Village is to provide information on near-term
inflows, outflows and balances of spendable resources. Such information is useful in assessing the Village’s financing
requirements. In particular, the unreserved fund balance may serve as a useful indicator of the governments net resources
available for spending at the end of a fiscal year.
As of the end of the current fiscal year, the governmental funds for Miami Shores Village reported combined ending fund
balances of $13.5 million, a $1 million increase over FY 2011. Of this amount, $7.6 million reflects unassigned fund balance,
which is available for spending at the government’s discretion. The remainder of the fund balance is committed or restricted to
indicate that it is not available for new spending as those dollars have already been 1) committed to liquidate contracts or
encumbered fiscal obligations (outstanding purchase orders) valued at $1.8 million and 2) restricted for funds which restrict how
the funds may be spent of $4 million.
The general fund is the primary operating fund of the Village. At the end of the current fiscal year, the unassigned fund balance
for the general fund was $7.6 million as compared with $6.4 million in the prior year. Nonspendable fund balance decreased
from $134 thousand in the prior year to $63 thousand for the current fiscal year. The decrease was due to a reduction in
encumbrances relating to ongoing projects which had not been completed as of last year-end.
The Village's general fund balance increased by $1.1 million during the fiscal year. The main factors associated with this
increase were $500 thousand in revenues associated with the collection of an insurance claim, an increase in activity in
permitting in the building department, and a reduction in anticipated expenditures due to tight spending policies and maintaining
vacant positions wherever possible.
The Village has four other major funds, excise tax fund, grants fund, capital improvement fund, and general trust fund. The
excise tax fund collects public service taxes, per loan requirements, and transfers the taxes to the general fund. The fund
balance of $128 thousand will be transferred to the general fund in future years. The grants fund is utilized to account for federal
and state grants. The fund balance of $15 thousand will be used to offset the related future grant expense.
0
1000000
2000000
3000000
SanitationStormwater
Program Revenue Expenses
-9-
The capital improvement fund accounts for major capital items. All capital appropriations are transferred to this fund to account
for each of the projects. During fiscal year 2011, the fund balance decreased $575 thousand due to the beginning stages of the
construction of the fleet maintenance building. The remaining fund balance of $1.7 million consists of $1.3 million of funds
encumbered for ongoing projects and $400 thousand of committed to be used for cost overruns or future projects. The general
trust fund accumulates funds that are restricted for specific purposes, i.e. recreation, building department, and charter school
repairs. During fiscal year 2011, the fund balance increased $164 thousand dollars for a total of $1.2 million.
Proprietary funds. The Village’s proprietary funds provide the same type of information found in the government-wide financial
statements, but in more detail.
Unrestricted net assets of the Sanitation Fund at the end of the year totaled $1.8 million, a $200 thousand increase in net
asset values. Unrestricted net assets will be used to fund future purchases of capital assets.
Unrestricted net assets of the Stormwater Fund at the end of the year totaled $553 thousand, an $24 thousand increase in
net asset values. Unrestricted net assets are maintained to fund future maintenance projects for the existing stormwater
system.
General Fund Budgetary Highlights
The Village adopts annual budgets by fund, department and line item in compliance with Florida State Statute Section 200.065
(commonly referred to as the Truth-in Millage Legislation). The law requires municipal organizations to prepare and adopt annual
operating budgets for the General, Special Revenue and Debt Service Funds following uniform time frames related to property
tax levies. The balanced budgets may be revised throughout the year. The Village’s code allows for department level budget
transfers without council approval; however, department and fund total changes require Council-approved budget amendments
adopted by resolution.
The Village’s policy is to adopt the budget following the second public hearing of each fiscal year, held in September for an
October 1st year. The Village has also adopted a policy which provides for the reappropriation of reserved fund balance for
encumbrances and prepaid assets. This amendment is always adopted as the first budget amendment of each fiscal year and is
normally presented at the first meeting in November of each fiscal year. Additional budget amendments may be presented to
council at any time during the fiscal year.
Over the course of the year, the Village amended the General Fund budget four times. The budget amendments fall into two
categories: (1) Amendments are approved for rollovers related to prior year encumbrances; and (2) supplemental appropriations
to provide appropriations for various other needs which have arisen since the adoption of the budget. With these adjustments,
disbursements were approximately $882 thousand below final budgeted amounts. General government, $238 thousand, and
public safety, $419 thousand, were the most significant contributors to this variance. There was a significant savings in general
government costs and various departmental savings due to staff vacancies and conservative spending.
The fiscal year 2011 final amended budget was $12.4 million, an increase of 0.1 % over the original General Fund budget of
$12.2 million. Correspondingly, the Consumer Price Index (or inflation index) from the U.S. Bureau of Labor Statistics – All Urban
Consumers for the past year was 3.2%. Beyond base revenues of $8.7 million and $2.4 million in operating transfers from Excise
Tax, Sanitation Fund and Stormwater Fund, the final Adopted Budget is balanced by an additional $1.3 million from fund balance.
However, unanticipated revenues of $1.5 million and reductions in expenditures of $882 thousand resulted in a decrease in use
of fund balance. Unanticipated revenues included $500 thousand from the settlement of an insurance claim; $350 thousand in
additional building permit fees due to an increase in building, and $200 thousand in recreation fees due to the addition of
programs.
Differences between the original budget and the final amended budget increased appropriations by $200 thousand and can be
briefly summarized as follows:
$127 thousand in encumbrances carried over
$70 thousand due to increases in public safety related to the purchase of police vehicles.
Other Budgetary Highlights
There were supplemental appropriations in the Debt Service fund totaling $8 thousand due to additional revenues during 2011, in
the Local Option Gas Tax fund totaling $6 thousand, the Stormwater fund totaling $7 thousand, and the Risk Management fund
totaling $18 thousand for prior year encumbrances. Supplemental appropriations were made to the Fleet Maintenance fund
totaling $99 thousand for prior year encumbrances of $12 thousand and $87 thousand for the purchase of police vehicles. $2.4
million of additional encumbrances were made to the Capital Project fund related to the Second Avenue Project and the
construction of the Fleet Maintenance building. These supplemental appropriations increased the Capital Project fund budget to
$2.7 million for 2011.
-10-
Capital Asset and Debt Administration
Capital Assets. Miami Shores Village’s investment in capital assets for its governmental and business-type activities as of
September 30, 2011 amounts to $23.2 million (net of accumulated depreciation). This investment in capital assets includes
Village-owned buildings, equipment and other infrastructure (streets, sidewalks, easements, right-of-ways). The value of capital
investments includes the cost of the Doctors’ Charter School of Miami Shores. The following table summarizes the components
of the Villages’ investments in capital assets.
Miami Shores Village
Capital Assets as of September 30, 2011 and 2010
(net of depreciation)
Governmental Activities Business-Type Activities Total
Classification 2011 2010 2011 2010 2011 2010
Land $ 2,358,437 $ 2,358,437 $ - $ - $ 2,358,437 $ 2,358,437
Construction in progress 730,026 1,518,342 - - 730,026 1,518,342
Building 8,206,246 8,370,374 - - 8,206,246 8,370,374
Land Improvement 1,681,634 1,837,390 - - 1,681,634 1,837,390
Infrastructure 6,977,557 5,926,228 1,533,322 1,597,735 8,510,879 7,523,963
Machinery and equipment 1,355,753 1,094,617 390.739 446,060 1,746,492 1,540,677
Totals $21,309,653
$21,105,388 $1,924,061 $2,043,795 $23,233,714 $23,149,183
Additional information on Miami Shores’ capital assets may be found in Note V on Page 33 and 34 of this report.
Long-term Liabilities. At September 30, 2011, Miami Shores Village had $10.4 million in long-term liabilities, which are
summarized in the schedule below. Additional information on the Village’s long-term debt may be found in Note VI on Pages 34
to 36 of this report.
Miami Shores Village
Outstanding Long-term Liabilities as of September 30, 2011 and 2010
Governmental Activities Business-type activities Total Primary Government
2011 2010 2011 2010 2011 2010
General obligation bonds $ 6,665,000 $ 6,860,000 $ - $ - $ 6,665,000 $ 6,860,000
Other( issuance discount) (74,434) (77,818) - - (74,434) (77,818)
Other debt 2,364,878 2,737,675 - - 2,364,878 2,737,675
8,955,444 9,519,857 - - 8,955,444 9,519,857
OPEB liability 263,711 172,948 47,035 31,130 310,746 204,078
Estimated insurance claims payable 508,411 543,707 - - 508,411 543,707
Compensated absences 647,898 709,496 54,728 74,852 702.626 784,348
Total $10,375,464 $10,946,008 $101,763 $105,982 10,477,227 11,051,990
-11-
Economic Factors and Next Year’s Budgets and Rates
Miami Shores Village is a residential, single-family community. As such, standard economic indicators used to determine the
overall health of a community are slightly different for Miami Shores. Since the Village’s “business community” is restricted to a
four-block area on Second Avenue and isolated pockets of business entities on Biscayne Boulevard, the Village must monitor
property values and other residentially-related trends to determine the health and vitality of the community. Quality recreational
activities, including the Village’s first-class aquatics facility, support the residents’ requirement for high standards and outstanding
recreation and leisure activities. This, along with its own public safety department, provides a higher standard of living than that
which is found in surrounding municipalities.
The State of Florida, by constitution, does not have a state personal income tax and therefore, the State operates primarily using
sales, gasoline and corporate income taxes. Local governments (cities, counties, and school boards) primarily rely upon property
taxes and a limited array of permitted other taxes (sales, telecommunication, gasoline, utilities services, etc.) and fees (franchise,
building permits, occupational licenses, etc.) for funding of their governmental activities. In addition, there are a number of state-
shared revenues and recurring and non-recurring (one-time) grants from both the state and federal governments.
On January 29, 2008, the Florida electorate approved an amendment to the Florida Constitution relative to property taxation.
This amendment (referred to as Amendment 1) was placed on the ballot by the Florida legislature at a special session held in
October 2007. With respect to homestead property, Amendment 1 increases the current $25,000 homestead exemption by
another $25,000 (for property values between $50,000 - $75,000), except for school district taxes. Since the new $25,000
homestead exemption does not apply to school district taxes, this effectively amounts to a $15,000 increase to the existing
homestead exemption. Amendment 1 also allows property owners to transfer (make portable) up to $500,000 of their Save Our
Homes benefits to their next homestead when they move. Save Our Homes became effective in 1995 and limits (caps) the
annual increase in assessed value for homestead property to three percent (3%) or the percentage change in the Consumer
Price Index, whichever is less.
With respect to non-homestead property, Amendment 1 limits (caps) the annual increase in assessed value for non-homestead
property (businesses, industrial property, rental property, second homes, etc.) to ten percent (10%), except for school district
taxes. The Amendment also provides a $25,000 exemption for tangible personal property.
Amendment 1 became effective on October 1, 2008 with the exception of the ten percent (10%) assessment cap on non-
homestead property which became effective on January 1, 2009. Additional tax relief bills are expected to be introduced at the
upcoming legislative session which could, if ratified, further limit the extent to which municipalities can levy taxes.
Actual taxes levied by the Village in 2011 reflected a drop of $616 thousand, precipitated by a drop in property values of $77
million or 9% in property values as compared with 2010. It is anticipated that assessed values within the Village will begin to
stabilize and then see a slight increase in assessed values due to the desirability of the area and the close location to Greater
Downtown Miami.
Property values for fiscal year 2012 showed a slight decrease of $1.7 million, reducing property tax revenues by $13 thousand.
Even though property values appear to be stabilizing, prior year losses in property values resulted in budgeting $1.1 million of
fund balance surplus in 2012 to make up the loss of revenues. During the current fiscal year, unassigned fund balance in the
General Fund was $7.6 million compared to unreserved fund balance of $6.4 million in 2010. This $7.6 million is approximately
equal to 7.5 months of General Fund operating expenditures. The Village, as can be shown in the following graph, is maintaining
its unassigned fund balance so that a portion of unassigned fund balance will be available to preclude or moderate future tax and
user fee decreases or additional increases in operational expenditures.
-12-
General Fund Unrestricted and Unassigned Surplus
For the Fiscal Years ended September 30, 2002-2011
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
2002200320042005200620072008200920102011
In 1995, the state of Florida limited all local governments’ ability to increase property assessments of homestead property in any
given year to 3 percent or cost of living, whichever is lower. The graph below shows the millage rates over the past ten years.
For many years, the Village, just like many cities across the country, had to face the challenge of keeping taxes and service
charges as low as possible while providing residents with the level of service they have come to expect.
Miami Shores Village
Total Village Millage
For the Fiscal Years ended September 30, 2002-2011
0
2
4
6
8
10
2002200320042005200620072008200920102011
Operating Millage Debt Service Millage
Fiscal year 2012 budgeted expenditures and transfers are expected to decrease $109,000 compared with fiscal year 2011. This
minimal decrease in expenditures helps to mitigate the continued loss of revenues and reduce the amount of fund balance
required to meet the ongoing needs of the Village.
Requests for Information
This financial report is designed to provide a general overview of Miami Shores Villages’ finances to our citizens, taxpayers,
customers, investors, creditors, and others with an interest in the Villages’ finances. Questions concerning this report or requests
for additional financial information should be directed to the Finance Director, Holly Hugdahl, CPA, CGMA.
MIAMI SHORES VILLAGE
Finance Department
10050 Northeast Second Avenue
Miami Shores, Florida 33138-2382
BASIC FINANCIAL STATEMENTS
Business-
GovernmentalType
Activities Activities Total
ASSETS
Cash and cash equivalents14,097,168$ 2,271,771$ 16,368,939$
Investments234,850 - 234,850
Accounts receivable - net 1,403,566 859,909 2,263,475
Prepaid items216,445 - 216,445
Inventories35,969 88,678 124,647
Net pension asset 279,194 - 279,194
Capital assets not being depreciated3,088,463 - 3,088,463
Capital assets being depreciated, net 18,221,190 1,924,061 20,145,251
Total assets37,576,845 5,144,419 42,721,264
LIABILITIES
Accounts payable and accrued liabilities796,379 33,496 829,875
Unearned revenues 123,020 699,768 822,788
Accrued interest payable 110,022 - 110,022
Noncurrent liabilities:
The amount due in one year 611,527 18,367 629,894
The amount due in more than one year9,763,937 83,396 9,847,333
Total liabilities11,404,885 835,027 12,239,912
NET ASSETS
Invested in capital assets, net of related debt12,279,776 1,924,061 14,203,837
Restricted3,975,983 - 3,975,983
Unrestricted9,916,201 2,385,331 12,301,532
Total net assets26,171,960$ 4,309,392$ 30,481,352$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF NET ASSETS
SEPTEMBER 30, 2011
See notes to basic financial statements
13
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)
93
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936,215
I
n
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(
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n
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e
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)
36
,
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2,313
38,691
M
i
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s
1,
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-
1,019,320
Tr
a
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s
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e
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s
23
5
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(235,000)
-
T
o
t
a
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e
s
10
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(232,687)
10,275,505
C
h
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n
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s
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232,745
2,036,952
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e
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e
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24
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4,076,647
28,444,400
N
e
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a
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e
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s
,
e
n
d
i
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26
,
1
7
1
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$
4,309,392
$
30,481,352$
MI
A
M
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S
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I
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L
A
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A
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A
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E
N
D
E
D
S
E
P
T
E
M
B
E
R
3
0
,
2
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1
1
Pr
o
g
r
a
m
R
e
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e
n
u
e
s
Ne
t
(
E
x
p
e
n
s
e
)
R
e
v
e
n
u
e
a
n
d
Ch
a
n
g
e
s
i
n
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e
t
A
s
s
e
t
s
ST
A
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M
E
N
T
O
F
A
C
T
I
V
I
T
I
E
S
Se
e
n
o
t
e
s
t
o
b
a
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i
c
f
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n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
14
Ca
p
i
t
a
l
OtherTotal
Ex
c
i
s
e
Im
p
r
o
v
e
m
e
n
t
Ge
n
e
r
a
l
GovernmentalGovernmental
Ge
n
e
r
a
l
Ta
x
Gr
a
n
t
s
Fu
n
d
Tr
u
s
t
FundsFunds
AS
S
E
T
S
Ca
s
h
a
n
d
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a
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e
q
u
i
v
a
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n
t
s
7,
0
9
9
,
3
9
8
$
-
$
-
$
1,
8
5
0
,
3
2
1
$
1,
3
3
7
,
7
9
5
$
2,461,275
$
12,748,789$
In
v
e
s
t
m
e
n
t
s
17
3
,
3
5
6
-
29
,
2
2
5
-
11
,
7
5
5
20,514
234,850
Ac
c
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e
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e
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v
a
b
l
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-
n
e
t
42
9
,
4
9
9
32
9
,
5
5
8
28
8
,
3
3
4
-
-
275,060
1,322,451
Du
e
f
r
o
m
o
t
h
e
r
f
u
n
d
s
56
8
,
3
6
7
-
-
-
-
-
568,367
Pr
e
p
a
i
d
i
t
e
m
s
1,
8
8
5
-
-
-
-
61,225
63,110
T
o
t
a
l
a
s
s
e
t
s
8,
2
7
2
,
5
0
5
$
32
9
,
5
5
8
$
31
7
,
5
5
9
$
1,
8
5
0
,
3
2
1
$
1,
3
4
9
,
5
5
0
$
2,818,074
$
14,937,567$
LI
A
B
I
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I
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I
E
S
Ac
c
o
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n
t
s
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a
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e
s
48
5
,
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$
-
$
2,
1
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4
$
18
7
,
6
8
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$
11
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,
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6
$
953
$
786,114$
Du
e
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s
-
20
0
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8
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5
28
9
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9
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7
-
-
77,595
568,367
Un
e
a
r
n
e
d
r
e
v
e
n
u
e
s
11
2
,
7
4
4
-
10
,
2
7
6
-
-
-
123,020
T
o
t
a
l
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i
a
b
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l
i
t
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e
s
59
7
,
7
9
5
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8
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5
30
2
,
3
9
7
18
7
,
6
8
0
11
0
,
2
4
6
78,548
1,477,501
FU
N
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No
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5
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-
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-
61,225
63,110
Re
s
t
r
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c
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e
d
-
12
8
,
7
2
3
15
,
1
6
2
-
1,
2
3
9
,
3
0
4
2,592,794
3,975,983
Co
m
m
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t
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e
d
63
,
1
0
9
-
-
1,
6
6
2
,
6
4
1
-
85,507
1,811,257
Un
a
s
s
i
g
n
e
d
7,
6
0
9
,
7
1
6
-
-
-
-
-
7,609,716
T
o
t
a
l
f
u
n
d
b
a
l
a
n
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e
s
7,
6
7
4
,
7
1
0
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8
,
7
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3
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,
1
6
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1,
6
6
2
,
6
4
1
1,
2
3
9
,
3
0
4
2,739,526
13,460,066
T
o
t
a
l
l
i
a
b
i
l
i
t
i
e
s
a
n
d
f
u
n
d
b
a
l
a
n
c
e
s
8,
2
7
2
,
5
0
5
$
32
9
,
5
5
8
$
31
7
,
5
5
9
$
1,
8
5
0
,
3
2
1
$
1,
3
4
9
,
5
5
0
$
2,818,074
$
14,937,567$
MI
A
M
I
S
H
O
R
E
S
V
I
L
L
A
G
E
,
F
L
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R
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D
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L
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N
M
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T
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L
F
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P
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R
3
0
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1
1
Ma
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a
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n
a
n
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l
s
t
a
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m
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n
t
s
15
Fund balances - total government funds (Page 15)13,460,066$
Amounts reported for governmental activities in the statement
of net assets are different as a result of:
Capital assets used in governmental activities are not
financial resources and therefore are not reported in the
governmental funds.
Governmental capital assets 36,979,958
Less accumulated depreciation (16,359,960)
Unamortized bond issuance costs are not available to pay for current period
expenditures and therefore are not reported in the governmental funds74,434
Net pension asset 279,194
Long-term liabilities, including bonds payable, are not due and
payable in the current period and therefore are not reported in
the governmental funds.
Bonds and notes payable(8,870,270)$
OPEB liability (263,711)
Claims payable (168,388)
Accrued interest payable(110,022)
Compensated absences(621,488) (10,033,879)
Net assets of internal service funds are not reported with governmental funds1,772,147
Net assets of governmental activities (Page 13)26,171,960$
SEPTEMBER 30, 2011
MIAMI SHORES VILLAGE, FLORIDA
RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET ASSETS
GOVERNMENTAL FUNDS
See notes to basic financial statements
16
C
a
p
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Governmental
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529,060
$
6,143,806$
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u
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2,137,473
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714,120
714,120
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1,052,626
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1,219,439
C
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1,542,432
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s
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e
12
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8,227
31,796
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s
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14,252,246
Ex
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20,522
2,391,556
P
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5,399,589
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1,540,755
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44
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1,173,423
D
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13,460,066$
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Amounts reported for governmental activities in the statement
of activities are different as a result of:
Net change in fund balances - total government funds (Page 17)918,623$
Governmental funds report capital outlays as expenditures.
However, in the statement of activities, the cost of those assets
is depreciated over their estimated useful lives.
Expenditures for capital outlays 1,173,423$
Less current year depreciation (836,894)
Net adjustment 336,529
The net effect of various transactions involving capital assets (i.e., sales, trade-ins, and
donations) is to increase (decrease) net assets.
Capital outlays not meeting threshold for capitalization 72,807
Other (40,470)
The issuance of long term debt (e.g., bonds, leases) provides current financial
resources to governmental funds, while the repayment of the principal of long term
debt consumes the current financial resources of governmental funds. Neither
transaction, however, has any effect on net assets.
Principal payments 465,351
Amortization of issuance costs, premiums and discounts (3,384) 461,967
Some expenses reported in the statement of activities do not require the use of
current financial resources and, therefore, are not reported as expenditures
in governmental funds
Increase of net pension asset (92,631)
Decrease in compensated absences 49,759
Increase in OPEB liability (90,763)
Decrease in accrued interest payable 4,560
Allocation of internal service funds' net income 183,826 54,751
Change in net assets of governmental activities (Page 14)1,804,207$
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2011
MIAMI SHORES VILLAGE, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCE OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
See notes to basic financial statements
18
Governmental
Activities -
Major Fund Major Fund Internal
Service
ASSETS Sanitation Stormwater Total Funds
Current assets:
Cash and cash equivalents 1,702,980$ 568,791$ 2,271,771$ 1,348,379$
Accounts receivable - net 801,949 57,960 859,909 81,115
Inventories 88,678 - 88,678 35,969
Prepaid items - - - 153,335
Total current assets 2,593,607 626,751 3,220,358 1,618,798
Capital assets:
Capital assets not being depreciated - - - 7,127
Capital assets being depreciated, net 390,739 1,533,322 1,924,061 682,528
Total noncurrent assets 390,739 1,533,322 1,924,061 689,655
Total assets 2,984,346 2,160,073 5,144,419 2,308,453
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 30,549 2,947 33,496 10,265
Unearned revenues 639,292 60,476 699,768 -
Compensated absences 16,992 1,375 18,367 9,520
Capital lease - - - 109,253
Total current liabilities 686,833 64,798 751,631 129,038
Non-current liabilities:
Compensated absences 32,492 3,869 36,361 16,889
Capital lease - - - 50,354
OPEB liability 41,809 5,226 47,035 -
Claims payable - - - 340,025
Total noncurrent liabilities 74,301 9,095 83,396 407,268
Total liabilities 761,134 73,893 835,027 536,306
NET ASSETS
Invested in capital assets, net of related debt 390,739 1,533,322 1,924,061 530,048
Unrestricted 1,832,473 552,858 2,385,331 1,242,099
Total net assets 2,223,212$ 2,086,180$ 4,309,392$ 1,772,147$
Enterprise Funds
Business-type Activities -
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF NET ASSETS
PROPRIETARY FUNDS
SEPTEMBER 30, 2011
See notes to basic financial statements
19
Governmental
Activities -
Major Fund Major Fund Internal
Service
Sanitation Stormwater Total Funds
Operating revenues:
Charges for services 2,665,041$ 248,668$ 2,913,709$ 1,912,834$
Operating expenses:
Administrative and general 803,477 24,072 827,549 595,270
Personnel expenses 738,619 79,336 817,955 213,922
Depreciation 139,993 64,412 204,405 188,572
Contractual services 575,196 23,172 598,368 -
Insurance premiums - - - 658,381
Insurance claims - - - 103,310
Total operating expenses 2,257,285 190,992 2,448,277 1,759,455
Operating income 407,756 57,676 465,432 153,379
Non-operating revenues (expenses):
Interest income 1,161 1,152 2,313 4,582
Interest expense - - - (6,806)
Total non-operating revenues (expenses)1,161 1,152 2,313 (2,224)
Income before transfers and contributions 408,917 58,828 467,745 151,155
Transfers (out)(200,000) (35,000) (235,000) -
Contributions - - - 32,671
Change in net assets 208,917 23,828 232,745 183,826
Total net assets, beginning 2,014,295 2,062,352 4,076,647 1,588,321
Total net assets, ending 2,223,212$ 2,086,180$ 4,309,392$ 1,772,147$
Enterprise Funds
Business-type Activities -
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2011
See notes to basic financial statements.
20
MIAMI SHORES VILLAGE, FLORIDA,
STATEMENTOFCASHFLOWS STATEMENT OF CASH FLOWS
PROPRIETARYFUNDSPROPRIETARY FUNDS
FISCALYEARENDEDSEPTEMBER302011FISCAL YEAR ENDED SEPTEMBER 30, 2011
GovernmentalBusinesstypeActivitiesGovernmental
ActivitiesEnterpriseFunds
Business-type Activities -
Activities-
MajorFund MajorFund Internal
Enterprise Funds
Major Fund Major Fund Internal
ServiceService
Sanitation Stormwater Total Funds Sanitation Stormwater Total Funds
Cash flows from operating activities:pg
Cash received from customers, governments and other funds 3,143,876$ 293,866$ 3,437,742$ 1,893,746$ ,g ,,,,,,,
Cash paid to suppliers (1,492,506) (57,120) (1,549,626) (1,438,481)
Cash paid for employees (630,389) (65,409) (695,798) (174,278)
Net cash provided by operating activities 1,020,981 171,337 1,192,318 280,987 yg
Cash flows from non-capital financing activities:pg
Transfers out (200,000) (35,000) (235,000) -
Net cash (used in) non-capital financing activities (200,000) (35,000) (235,000) - ()pg (,)(,)(,)
Cash flows from capital related financing activities:pg
Acquisition and construction of fixed assets (84,671) - (84,671) (212,511) q ()()()
Capital contributions - - - 32,671
Principal retirements of capital debt - - - (102,447)
Interest paid on capital debt - - - (6,806)
Net cash (used in) capital and related financing activities (84,671) - (84,671) (289,093)
Cash flows from investing activities:
Interest and other income 1,161 1,152 2,313 4,582
Net cash provided by investing activities 1,161 1,152 2,313 4,582
Net increase (decrease) in cash and cash equivalents 737,471 137,489 874,960 (3,524)
CashandcashequivalentsOctober1 965509 431302 1396811 1351903Cash and cash equivalents, October 1 965,509 431,302 1,396,811 1,351,903
Cash and cash equivalents, September 30 1,702,980$ 568,791$ 2,271,771$ 1,348,379$
ReconciliationofoperatingincometonetcashReconciliation of operating income to net cash
provided by operating activities:podedbyopeatgacttes
Operating income 407,756$ 57,676$ 465,432$ 153,379$ pg ,,,,
Adjustmentstoreconcileoperatingincometonet Adjustments to reconcile operating income to net
cash provided by operating activities: pypg
Depreciation 139,993 64,412 204,405 188,572 p
Change in assets and liabilities:
(Increase) decrease in:
Accounts receivable 478,835 45,198 524,033 (19,088)
Inventories 25,289 - 25,289 2,545
Pidit 3947 Prepaid items - - - 3,947
I(d)i Increase (decrease) in:
Accountspayableandaccruedliabilities 19761 2036 21797 6865 Accounts payable and accrued liabilities 19,761 2,036 21,797 6,865
Claimspayable (35295) Claims payable - - - (35,295)
Compensatedabsences (12331)1703 (10628)(19938) Compensated absences (12,331) 1,703 (10,628) (19,938)
OPEBliability 14138 1767 15905 - OPEB liability 14,138 1,767 15,905 -
Unearnedrevenues (52,460)(1,455)(53,915)- Unearned revenues (52,460) (1,455) (53,915)
Totaladjustments 613225 113661 726886 127608 Total adjustments 613,225 113,661 726,886 127,608
Netcashprovidedbyoperatingactivities 1020981$171337$1192318$280987$Net cash provided by operating activities 1,020,981$ 171,337$ 1,192,318$ 280,987$
See notes to basic financial statements
21
PensionPrivate
TrustPurpose
Funds Trust Agency
ASSETS
Cash and cash equivalents1,245,249$ 1,748,187$ 152,835$
Receivables:
Accrued interest and dividends64,270 - -
Total receivables64,270 - -
Investments, at fair value
U.S. Government securities3,571,719 - -
Municipal bonds628,984
Corporate bonds3,274,901 - -
Mutual funds - equity6,605,364 - -
Common stocks4,910,114 - -
LGIP Fund B Surplus Trust Fund- 7,726 -
Total investments18,991,082 7,726 -
Total assets20,300,601 1,755,913 152,835
LIABILITIES
DROP liability439,672 - -
Other liabilities- - 152,835
Total liabilities439,672 - -
NET ASSETS
Net assets held in trust19,860,929$ 1,755,913$ 152,835$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
SEPTEMBER 30, 2011
See notes to basic financial statements
22
PensionPrivate
TrustPurpose
Funds Trust
ADDITIONS
Contributions:
Employer 1,076,650$ -$
Employees 376,176 -
Total contributions 1,614,395 -
Investment income:
Unrealized (losses)(1,313,144) -
Realized gains 761,076 -
Interest and dividend income 500,265 27,381
Total investment (losses) income (51,803) 27,381
Less investment expenses 240,306 -
Net investment income (292,109) 27,381
Total additions 1,322,286 27,381
DEDUCTIONS
Benefits paid 1,321,981 -
Distribution to charter school - 200,000
Total deductions 1,321,981 200,000
Changes in net assets 305 (172,619)
Net assets- beginning 19,860,624 1,928,532
Net assets- ending 19,860,929$ 1,755,913$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2011
See notes to basic financial statements
23
NOTES TO BASIC FINANCIAL STATEMENTS
24
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO THE BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2011
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Financial Reporting Entity
Miami Shores Village, Florida, (the Village) was incorporated in 1931 and is a political subdivision of the State of
Florida located in northeastern Miami-Dade County. The Village operates under a Council-Manager form of
government, with its legislative function being vested in a five-member council. 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 Village provides the following full range of municipal services as
authorized by its charter: public safety, streets, sanitation, stormwater, culture and recreational activities, public
improvements, planning and zoning, and general administrative services.
The criteria for including component units consist of identification of legally separate organizations for which the
elected officials of the Village are financially accountable. This criteria also includes identification of
organizations for which the nature and significance of their relationship with the primary government are such
that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. Blended
component units, although legally separate entities, are in substance, part of the government’s operations and
so data from these units are combined with data of the primary government. Discretely presented component
units are reported in a separate column in the government-wide financial statements to emphasize that they are
legally separate from the government. At September 30, 2011 the Village had no entities that met the definition
for inclusion as a blended or discretely presented component unit.
The financial statements of the Village have been prepared in conformity with accounting principles generally
accepted in the United States of America (GAAP) as applied to governmental units. The Governmental
Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental
accounting and financial reporting. The more significant of the Village's accounting policies are described below:
B. Government-wide and fund financial statements
The government-wide financial statements (i.e., the statement of net assets and the statement of changes in net
assets) report information on all of the nonfiduciary activities of the Village. For the most part, the effect of
interfund activity has been removed from these statements. Governmental activities, which normally are
supported by taxes and intergovernmental revenues, are reported separately from business-type activities,
which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment
are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or
segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly
benefit from goods, services, or privileges provided by a given function or segment and 2) grants and
contributions that are restricted to meeting the operational or capital requirements of a particular function or
segment. Taxes and other items not properly included among program revenues are reported instead as
general revenues.
Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even
though the latter are excluded from the government-wide financial statements. Major individual governmental
funds and major individual enterprise funds are reported as separate columns in the fund financial statements.
All remaining non-major governmental funds are aggregated and reported as other governmental or other
proprietary funds.
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C. Measurement Focus, Basis of Accounting and Basis of Presentation
The government-wide financial statements are reported using the economic resources measurement focus and
the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues
are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the
related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and
similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have
been met.
Governmental fund financial statements are reported using the current financial resources measurement focus
and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable
and available. Revenues are considered to be available when they are collectible within the current period or
soon enough thereafter to pay liabilities of the current period. For this purpose, the Village considers receivables
collected within 60 days after year-end to be available and recognizes them as revenues of the current year.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt
service expenditures, as well as expenditures related to compensated absences and claims and judgments, are
recorded only when payment is due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all considered
to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Revenues for
expenditure driven grants are recognized when the qualifying expenditures are incurred. All other revenue items
are considered to be measurable and available only when cash is received by the Village.
The Village reports the following major governmental funds:
General Fund – This fund is the Village’s primary operating fund. It accounts for all financial resources of
the general government, except those required to be accounted for in another fund.
Excise Tax Fund – This fund records revenues received by the Village for contractually-adopted franchise
fee agreements and corresponding public service or utility taxes. The receipts of these funds are used to
subordinate the Village’s General Obligation Bond Series 1999 should insufficient debt service revenues be
received from ad valorem levies. Surplus proceeds are then transferred out of this fund and into the General
Fund for operating purposes.
Grants – This fund accounts for the use of specific designated resources related to grant programs.
Capital Improvement Fund – This fund accounts for major capital acquisitions and projects to improve the
Village.
General Trust Fund – This fund accumulates assets for its employees, other governmental entities and/or
funds, primarily for the recreation, library and police departments, as well as the charter school.
The Village reports the following major proprietary fund:
Sanitation Fund - This fund accounts for the operations and maintenance of the Village’s sanitation system.
Stormwater Fund - This fund accounts for the operations and maintenance of the Village’s stormwater
system.
Additionally, the Village reports the following fund types:
Internal Service Funds – The internal service funds are 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 Village has two internal service funds, the Risk Management Fund and the Fleet Maintenance Fund.
Pension Trust Funds - The pension trust funds account for the activities of the Police Pension and General
Employees’ Retirement Plans, which accumulate resources for pension benefits to qualified employees.
Private Purpose Trust Fund – This fund accounts for a donation from a foundation to be held by the
Village on behalf of the Doctors Charter School to assist with meeting the operating needs of the school.
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Agency Fund – The agency fund is custodial in nature and does not present results of operations or have a
measurement focus. This fund is used to account for assets that the Village holds for others in an agency
capacity.
Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are
followed in both the government-wide and proprietary fund financial statements to the extent that those
standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board.
Governments also have the option of following subsequent private-sector guidance for their business-type
activities and enterprise funds, subject to this same limitation. The Village has elected not to follow subsequent
private-sector guidance.
As a general rule the effect of interfund activity has been eliminated from the government-wide financial
statements. Exceptions to this general rule are charges between the Village’s enterprise fund functions and
various other functions of the Village. Elimination of these charges would distort the direct costs and program
revenues reported for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or
privileges provided, and 2) operating grants and contributions, and 3) capital grants and contributions. Internally
dedicated resources are reported as general revenues rather than as program revenues. Likewise, general
revenues include all taxes. Proceeds from local option gas tax and Transportation Surtax are used to fund
transportation related expenditures and therefore are reported as program revenues under the function “Public
Works”.
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues
and expenses generally result from providing services and producing and delivering goods in connection with a
proprietary fund’s principal ongoing operations. The principal operating revenues of the sanitation, and
stormwater fund and internal service funds are charges to customers or other funds for services. Operating
expenses for the enterprise funds and internal service funds include the cost of services, administrative
expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are
reported as non-operating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is Village policy to use restricted
resources first, and then unrestricted resources as needed.
D. Deposits and Investments
The Village's cash and cash equivalents, for purpose of the statement of cash flows, include cash on hand, time
and demand deposits, and short-term investments with original maturities of three months or less from the date
of acquisition. The Village maintains a cash pool that is available for use by all funds. Interest earned on pooled
cash is allocated to each of the funds, based on the fund’s average equity balance on a monthly basis.
All of the Village’s investments are reported at fair value, which is based on quoted market prices The Village’s
investment in the State Board of Administration Investment Pool is divided into the Local Government Surplus
Funds Trust Fund Investment Pool (“LGIP”) and the Fund B Surplus Funds Trust Funds (“Fund B”). The LGIP is
considered a SEC 2A-7-like fund, thus reported at its fair value of its position in the pool, which is the same as its
value of the pool shares. The Fund B is accounted for as a fluctuating NAV pool. The fair value factor for
September 30, 2011 was 0.75683860. The account balance in Fund B should be multiplied by the factor in
order to calculate the fair value of the Village’s investment in Fund B.
The Plan’s investments are carried at fair value using quoted market prices to value investments. Differences
between cost and market value are recorded as net unrealized gains or losses. Net realized gains or losses for
securities which are sold are combined with the unrealized gains and losses and shown as “net appreciation
(depreciation) in fair value of investments” in plan net assets. Dividends and interest are recognized as earned.
Purchases and sales of investments are recorded on a trade-date basis.
Investments in the Village's local government surplus funds are governed by the provisions of Florida Statutes
Section 218.415. Investments in the Village's retirement plans are governed by the Plan's investment policies.
27
E. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the
fiscal year are referred to as either “due to/from other funds” (i.e. the current portion of interfund loans) or
“advances to/from other funds” (i.e. the non-current portion of interfund loans). All other outstanding balances
between funds are reported as “due to/from other funds.” Any residual balances outstanding between the
governmental activities and business-type activities are reported in the government-wide financial statements as
“internal balances.”
F. Inventories and Prepaid Items
Inventories are valued at cost using the first-in, first-out (FIFO) method. The costs of governmental fund-type
inventories are recorded as expenditures when consumed rather than when purchased (consumption method).
In the governmental funds, reported inventories are offset by fund balance reserve which indicates that they do
not constitute available spendable resources.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid
items in both government-wide and fund financial statements. Amounts reported in the governmental funds are
offset by an equal reservation of fund balance in the fund financial statements. This is an indication that these
components of current assets do not constitute available spending resources.
G. Property Taxes
Property values are assessed as of January 1 of each year, at which time taxes become an enforceable lien on
the property. Tax bills are mailed for the Village by Miami Dade County on or about October 1 of each year and
are payable with discounts of up to 4% offered for early payment. Taxes become delinquent on April 1 of the
year following the year of assessment and State law provides for enforcement of collection of property taxes by
seizure of the personal property or by the sale of interest-bearing tax certificates to satisfy unpaid property taxes.
Assessed values are established by the Miami-Dade County Property Appraiser. In November 1992, a Florida
constitutional amendment was approved by the voters, which provides for limiting the increases in homestead
property valuations for ad valorem tax purposes to a maximum of 3% annually and also provides for
reassessment of market values upon changes in ownership. The County bills and collects all property taxes and
remits them to the Village.
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 tax levy of the Village is established by the Village Council and the Miami-Dade County
Property Appraiser incorporates the Village’s millage into the total tax levy, which includes the County and the
County School Board tax requirements. The millage rate assessed by the Village for the year ended September
30, 2011 was 8.7762 mills ($8.7762 per $1,000 of taxable assessed valuation).
H. Restricted Assets
Assets of the debt service fund have been classified as restricted because their use is restricted by a bond
indenture agreement for the Village’s debt service requirements. Proceeds from forfeiture funds are classified as
restricted in the Law Enforcement Training and Police Forfeiture Special Revenue Funds since these resources
are specifically earmarked for law enforcement purposes only. Additionally, proceeds from the People’s
Transportation Tax and Local Option Gas Tax are classified as restricted since these resources may only be
used for road and transportation related expenditures.
Assets held in the General Trust Fund are restricted primarily for recreation, library and police departments, as
well as the charter school.
28
I. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
sidewalks, and similar items), are reported in the applicable governmental or business-type activities columns in
the government-wide financial statements. The Village defines capital assets as assets with an initial, individual
cost of more than $1,000 and an estimated useful life in excess of three years. Purchased or constructed assets
are recorded at historical cost or estimated historical cost. Donated capital assets are recorded at estimated fair
market value at the date of donation.
Major outlays for capital assets and improvements are capitalized as projects are constructed. The costs of
normal maintenance and repairs that do not add value to the asset or materially extend its useful life are not
capitalized.
Capital assets of the Village are depreciated using the straight line method over the following estimated useful
lives:
Assets Years
Buildings and improvements 10-40
Land improvements 40
Infrastructure 30
Sanitation equipment 10
Vehicles 5
Other equipment, machinery, furniture and fixtures 3-10
J. Deferred Charges
Deferred charges in the government-wide financial statements represent unamortized portion of bond issuance
costs. These costs are being amortized over the term of the related bond issue.
K. Compensated Absences
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 allows all regular non-temporary
employees to accrue vacation leave on a monthly basis. Vacation leave accrued in previous year must be used
prior to the next year’s anniversary date (unless authorized by the Village Manager). Upon separation from
Village employment in good standing, employees shall receive a lump sum payment for any unused accrued
vacation leave up to a maximum allotted for the employee’s length of service.
The Village’s sick leave policy provides for the accumulation of one work day per month up to a maximum of 720
hours for a general employee. A general employee shall receive payment for one hundred percent (100% to a
maximum of 720 hours) of accrued sick leave upon retirement and fifty (50%) upon separation in good standing.
For both vacation and sick leave, there is no payout for an employee who is discharged for misconduct,
termination or is not in good standing with the Village.
All vacation and sick leave is accrued and reported as a fund liability when it is probable that the Village will
compensate the employee with expendable available financial resources. Vacation and sick leave is accrued
when incurred in proprietary funds and reported as a fund liability. All vacation pay is accrued when incurred in
the government-wide and proprietary fund financial statements. A liability for these amounts is reported in
governmental funds only if they have matured, for example, as a result of employee resignations and
retirements. For governmental funds, compensated absences are generally liquidated by the General Fund.
L. Unearned Revenues
Unearned revenues include amounts collected before revenue recognition criteria are met and receivables,
which, under the modified accrual basis of accounting, are measurable, but not yet available. The unearned
items consist primarily of license and permit revenues. Unearned revenues in the proprietary funds are related
to billings for the 11-12 fiscal year.
29
M. Long-Term Obligations
In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-
term debt and other long-term obligations are reported as liabilities in the applicable governmental activities,
business-type activities, or proprietary fund type statement of net assets. Bond issuance costs are amortized
over the term of the related debt. For proprietary fund types, bonds payable are reported net of the applicable
bond premium, discount, and issuance costs.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as
bond issuance costs, during the current period. The face amount of debt issued is reported as other financing
sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs are reported as debt service expenditures.
N. Net Assets
In accordance with GASB Statement No. 34, total equity as of September 30, 2011, is classified into three
components of net assets:
Invested in capital assets, net of related debt: This category consists of capital assets (including
restricted capital assets), net of accumulated depreciation and reduced by any outstanding balances of
bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, and
improvements of those assets.
Restricted net assets: This category consists of net assets restricted in their use by (1) external groups
such as grantors, creditors or laws and regulations of other governments; or (2) law, through
constitutional provisions or enabling legislation.
Unrestricted net assets: This category includes all of the remaining net assets that do not meet the
definition of the other two categories.
O. Fund Balance
As of September 30, 2011, fund balances of the governmental funds are classified as follows:
Non-spendable — Amounts that cannot be spent either because they are in non-spendable form or
because they are legally or contractually required to be maintained intact.
Restricted — Amounts that can be spent only for specific purposes because of constitutional provisions
or enabling legislation or because of constraints that are externally imposed by creditors, grantors,
contributors, or the laws or regulations of other governments.
Committed — Amounts that can be used only for specific purposes determined by a formal action of the
Village Council. The Village Council is the highest level of decision-making authority for the Village.
Commitments may be established, modified, or rescinded only through ordinances or resolutions
approved by the Village Council. Committed fund balance also should incorporate contractual
obligations to the extent that existing resources in the fund have been specifically committed for use in
satisfying those contractual requirements.
Assigned — Amounts that do not meet the criteria to be classified as restricted or committed but that
are intended to be used for specific purposes.
Unassigned — All other spendable amounts.
30
Capital OtherTotal
Excise ImprovementGeneralGovernmentalGovernmental
General Tax Grants Fund Trust Funds Funds
Fund Balances:
Nonspendable:
Prepaids 1,885$ -$ -$ -$ -$ 61,225$ 63,110$
Restricted:
Transportation - 128,723 - - - 1,179,910 1,308,633
Capital projects - - - - - 8,341 8,341
Library - - 1,712 - 74,537 - 76,249
Recreation - - 13,450 - 69,010 - 82,460
Buildings - - - - 58,449 - 58,449
Pilot Program - - - - 85,179 - 85,179
Charter School - - - - 952,129 - 952,129
Public Safety - - - - - 231,648 231,648
Debt service - - - - - 1,172,895 1,172,895
Committed:
Encumbrances 63,109 - - - - 11,414 74,523
Capital projects - - - 1,662,641 - 74,093 1,736,734
Assigned:- - - - - - -
Unassigned:7,609,716 - - - - - 7,609,716
Total Fund Balances 7,674,710$ 128,723$ 15,162$ 1,662,641$ 1,239,304$ 2,739,526$ 13,460,066$
Fund Balances:
Nonspendable 1,885$ - - - - 61,225 63,110$
Restricted - 128,723 15,162 - 1,239,304 2,592,794 3,975,983
Committed 63,109 - - 1,662,641 - 85,507 1,811,257
Assigned - - - - - - -
Unassigned 7,609,716 - - - - - 7,609,716
Total Fund Balances 7,674,710$ 128,723$ 15,162$ 1,662,641$ 1,239,304$ 2,739,526$ 13,460,066$
P. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the amounts of assets,
liabilities, disclosures of contingent liabilities, revenues and expenditures/expenses reported in the financial
statements and accompanying notes. These estimates include assessing the collectibility of receivables, the
realization of pension obligations and the useful lives of capital assets. Although these estimates as well as all
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.
Q. New Accounting Pronouncement Adopted
At October 1, 2010, the Village adopted the provision of GASB Statement No. 54, Fund Balance Reporting and
Governmental Fund Type Definitions. The objective of this Statement is to enhance the usefulness of fund
balance information by providing clearer fund balance classifications that can be more consistently applied and
by clarifying the existing governmental fund type definitions. This Statement establishes fund balance
classifications that comprise a hierarchy based primarily on the extent to which a government is bound to
observe constraints imposed upon the use of the resources reported in governmental funds.
II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
By its nature as a local government unit, the Village is subject to various federal, state, and local laws and
contractual regulations. The Village has no material violations of finance-related legal and contractual
obligations.
1. Fund Accounting Requirements
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The Village, like any other state and local governments, uses
fund accounting to ensure and demonstrate compliance with finance related requirements, bond covenants,
and segregation for management purposes.
31
2. Revenue Restrictions
The Village has various restrictions placed over certain revenue sources from federal, state, or local
requirements. The primary revenue sources include:
Revenue Source Legal Restrictions of Use
Gas Tax Roads, sidewalks, streets
Transportation Surtax Transportation and roads
Police Forfeitures Law Enforcement
Federal Emergency Management Agency Disaster mitigation
For the fiscal year ended September 30, 2011, the Village complied, in all material respects, with these
revenue restrictions.
3. Excesses of expenditures over appropriations
For the year ended September 30, 2011 expenditures exceeded appropriations in the Grants Fund by
$119,141. These over-expenditures were funded by greater than anticipated revenues.
III. DEPOSITS AND INVESTMENTS
Deposits
In addition to insurance provided by the Federal Depository Insurance Corporation, all deposits are held in
banking institutions approved by the State Treasurer of the State of Florida to hold public funds. Under
Florida Statutes Chapter 280, Florida Security for Public Deposits Act, the State Treasurer requires all
Florida qualified public depositories to deposit with the Treasurer or another banking institution eligible
collateral. In the event of a failure of a qualified public depository, the remaining public depositories would be
responsible for covering any resulting losses. Accordingly, all amounts reported as deposits are insured or
collateralized with securities held by the entity or its agent in the entity's name.
Investments
The Village is authorized to invest in obligations of the U.S. Treasury, its agencies, instrumentalities and the
Local Government Surplus Funds Trust Fund administered by the State Board of Administration. The
investment policy defined in the statutes attempts to promote, through state assistance, the maximization of
net interest earnings on invested surplus funds of local units of governments while limiting the risk to which
the funds are exposed.
Investments – Village
As of September 30, 2011, the Village had the following investments:
Investment Type
Fair Value
Weighted
Average
Maturity
(Days)
Weighted
Average
Maturity
(Years)
SBA- LGIP 148,537 52 n/a
SBA- Fund B 86,313 n/a 7.49
Total $234,850
32
Interest Rate Risk - Interest rate risk refers to the portfolio’s exposure to fair value losses arising from
increasing interest rates. The Village does not have a written policy on interest rate risk; however, the
Village manages its exposure to declines in fair values by limiting the weighed average monthly maturity of
its investment portfolio to less than 180 days.
Credit Risk - State law limits investments in bonds, U.S. Treasuries and agency obligations, or other
evidences of indebtedness to the top ratings issued by nationally recognized statistical rating organizations
(NRSRO) of the United States. The LGIP is rated AAAm by Standard and Poor’s and Fund B is not rated by
nationally recognized statistical rating agencies.
Concentration of Credit Risk - The Village’s investment policy does not stipulate any limit on the
percentage that can be invested in any one issuer. GASB Statement No. 40 requires disclosure when the
percent is 5% or more in any one issuer. As of September 30, 2011, the value of each position held in the
Village’s portfolio comprised of less than 5% of the Village’s investment assets.
Investments – Pension Plans
As of September 30, 2011, the Plan had the following investments:
Fair Less than 1More than
Investment Type Value Year 1-5 Years 6-10 Years 10 Years
U.S. Government Securities $ 4,200,703 $ 734 $ 97,936 $ 872,999 $ 3,229,033
Corporate bonds 3,274,901 91,414 1,084,983 1,197,040 901,463
Total fixed income securities $ 7,475,604 $ 92,148 $ 1,182,920 $ 2,070,040 $ 4,130,497
Investment Maturities (in Years)
Interest Rate Risk – Interest rate risk is the risk that changes in market interest rates will adversely affect
the fair value of an investment. Generally, the longer the maturity of an investment the greater the sensitivity
of its fair value to changes in market interest rates. As a means of limiting its exposure to interest rate risk,
the Plan diversifies its investments by security type and institution, and limits holdings in any one type of
investment with any one issuer with various durations of maturities.
Credit Risk – Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real
or perceived change in the ability of the issuer to repay its debt. This risk is generally measured by the
assignment of a rating by a nationally recognized statistical rating organization. The Plan’s investment
policy utilizes portfolio diversification in order to control this risk. The Plan’s investment policies limit
investments in fixed income securities to a rating of investment grade or higher.
The following table discloses credit ratings by investment type, at September 30, 2011:
Standard & Poor'sPercentage of
Quality Ratings of CreditFixed Income
Risk Debt Securities Fair Value Portfolio
AAA $ 886,898 12%
AA+ 1,134,892 15%
AA 67,608 1%
AA- 151,491 2%
A+ 474,731 6%
A 754,033 10%
A- 328,463 4%
BBB+ 175,155 2%
BBB 296,558 4%
BBB- 128,484 2%
N/R 3,077,290 41%
$ 7,475,604 100%
33
Concentration of Credit Risk –The investment policy of the Plan contains limitations on the amount that
can be invested in any one issuer as well as maximum portfolio allocation percentages. As of September
30, 2011, no investment by any one issuer was above the 5% threshold required for disclosure.
Custodial of Credit Risk –This is the risk that in the event of a failure of the counterparty, the Plan will not
be able to recover the value of its investments or collateral securities that are in the possession of an outside
party. Consistent with the Plan’s investment policy, the investments are held by Plan’s custodial bank and
registered in the Plan’s name.
Risks and uncertainties - The Plan has investments in a combination of stocks, bonds, government
securities and other investment securities. Investment securities are exposed to various risks, such as
interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and
the level of uncertainty related to changes in the value of investment securities, it is at least reasonably
possible that changes in risks in the near term would materially affect balances and the amounts reported in
the statement of plan net assets and the statement of changes in plan net assets. The Plan, through its
investment advisors, monitors the Plan's investments and the risks associated therewith on a regular basis,
which the Plan believes minimizes these risks.
The Village does not participate in any securities lending transactions nor has it used, held or written
derivative financial instruments.
IV. RECEIVABLES
Receivables at year-end are as follows:
NonmajorInternal
Excise TaxSanitationStormwaterGovernmentalService
General Fund Grants Fund Funds Funds Funds Total
Receivables:
Accounts-$ -$ -$ 801,949$ 57,960$ -$ 81,115$ 941,024$
Taxes249,995 329,558 - - - 111,725 - 691,278
Grants and other179,504 - 288,334 - - 163,335 - 631,173
Total receivables429,499$ 329,558$ 288,334$ 801,949$ 57,960$ 275,060$ 81,115$ 2,263,475$
Governmental funds report deferred revenues for revenues considered to be not yet available to liquidate
liabilities of the current period. Governmental funds also defer revenue recognition on revenues received but not
yet earned.
V. CAPITAL ASSETS
Capital assets activity for the fiscal year ended September 30, 2011 was as follows:
Beginning Additions Deletions Ending
Governmental activities
Capital assets not being depreciated:
Land $ 2,358,437 $ - $ - $ 2,358,437
Construction in progress 1,518,342 618,964 (1,407,280) 730,026
Total capital assets not being depreciated 3,876,779 618,964 (1,407,280) 3,088,463
Capital assets being depreciated:
Building and improvements 11,000,731 37,440 - 11,038,171
Land improvements 4,072,615 29,050 - 4,101,665
Infrastructure 15,675,870 1,407,280 - 17,083,150
Machinery and equipment 3,904,664 560,777 (55,000) 4,410,441
Total capital assets being depreciated 34,653,880 2,034,547 (55,000) 36,633,427
Less accumulated depreciation for:
Building and improvements (2,630,357) (201,568) - (2,831,925)
Land improvements (2,235,225) (184,806) - (2,420,031)
Infrastructure (9,749,642) (355,951) - (10,105,593)
Machinery and equipment (2,810,047) (283,141) 38,500 (3,054,688)
Total accumulated depreciation (17,425,271) (1,025,466) 38,500 (18,412,237)
Total capital assets being depreciated, net 17,228,609 1,009,081 (16,500) 18,221,190
Governmental activities capital assets, net $ 21,105,388 $ 1,628,045 $ (1,423,780) $ 21,309,653
34
Beginning Additions Deletions Ending
Business-type activities
Capital assets being depreciated:
Machinery and equipment $ 1,989,864 $ 84,671 $ - $ 2,074,535
Drainage improvements 2,006,589 - - 2,006,589
Total capital assets being depreciated 3,996,453 84,671 - 4,081,124
Less accumulated depreciation for:
Machinery and equipment (1,543,803) (139,993) - (1,683,796)
Drainage improvements (408,855) (64,412) - (473,267)
Total accumulated depreciation (1,952,658) (204,405) - (2,157,063)
Total capital assets being depreciated, net 2,043,795 (119,734) - 1,924,061
Business-type activities capital assets, net $ 2,043,795 $ (119,734) $ - $ 1,924,061
Depreciation expense was charged to functions/programs of the Village as follows:
Governmental activities
General Government $ 20,886
Public Safety 76,113
Public Works 597,163
Culture and Recreation 331,304
Total depreciation expense – governmental activities $ 1,025,466
Business- type activities
Sanitation$ 139,993
Stormwater 64,412
Total depreciation expense – business- type activities $ 204,405
VI. LONG-TERM DEBT
1. 1999 General Obligation Bonds (Aquatic Center)
The 1999 General Obligation Bonds were issued by the Florida Municipal Loan Council. Principal is due
annually over 30 years at various amounts ranging from $80,000 in 2011 to a final payment of $195,000 in
2029. The bonds bear interest at variable rates ranging from 3.2% to 5.00%, payable semi-annually. The
bonds are secured by ad-valorem revenues.
Debt service requirements to maturity for the fiscal year ending September 30, 2011 are summarized as
follows:
September 30,Principal Interest Total
2012 $ 85,000 $ 119,050 $ 204,050
2013 90,000 115,225 205,225
2014 95,000 111,175 206,175
2015 100,000 106,306 206,306
2016 105,000 101,181 206,181
2017-2021 600,000 422,413 1,022,413
2022-2026 770,000 219,500 989,500
2027-2029 555,000 56,500 611,500
2,400,000$ 1,251,350$ 3,651,350$
2. 2004 General Obligation Bonds (Charter School)
The 2004 General Obligation Bonds were issued by the Village of Miami Shores. Principal is due annually
over 30 years at various amounts ranging from $115,000 in 2011 to final payment of $305,000 in 2033. The
bonds bear interest at variable rates ranging from 3% to 5%, payable semi-annually. The bonds are
secured by ad-valorem revenues.
35
Debt service requirements to maturity for the fiscal year ending September 30, 2011 are summarized as
follows:
September 30,Principal Interest Total
2012 $ 120,000 $ 196,058 $ 316,058
2013 125,000 191,495 316,495
2014 130,000 186,620 316,620
2015 135,000 181,220 316,220
2016 140,000 175,620 315,620
2017-2021 785,000 777,338 1,562,338
2022-2026 980,000 563,563 1,543,563
2027-2031 1,255,000 280,500 1,535,500
2032-2033 595,000 15,250 610,250
Total $ 4,265,000 $ 2,567,663 $ 6,832,663
3. Series 2006 Promissory Note
In May 2006, the Village borrowed $3,500,000 from SunTrust Bank. The note bears interest at a rate of
4.56% per annum. The note was obtained for the purpose of repaying outstanding notes and lines of credit.
The Village pledge local option gas tax revenues and ad valorem tax revenues to secure the note. The note
matures in May 2018 and requires quarterly principal and interest payments throughout the life of the note.
Debt service requirements to maturity for the fiscal year ending September 30, 2011 are summarized as
follows:
September 30,Principal Interest Total
2012 $ 284,877 $ 95,450 $ 380,327
2013 298,091 82,236 380,327
2014 311,918 68,409 380,327
2015 327,144 53,184 380,327
2016 341,526 38,801 380,327
2017-2018 641,716 29,341 671,057
Total $ 2,205,271 $ 367,421 $ 2,572,692
4. Capital leases
The Village has entered into a lease purchase agreement as lessee for financing the acquisition of police
vehicles in the fleet maintenance fund. The lease agreement qualifies as a capital lease for accounting
purposes and has been recorded at the present value of the future minimum lease payments as of the
inception date. Under the terms of the agreement, the Village will make quarterly payments of $27,313,
including interest at 3.04% per annum, over a period of 60 months.
Future minimum lease payments and the present value of net minimum lease payments as of September
30, 2011 are as follows:
Governmental
September 30,Activities
2012$ 109,253
2013 54,626
Total minimum lease payments 163,879
Less amount representing interest (4,272)
Present value of net minimum lease payments$ 159,607
36
The assets acquired through capital leases outstanding as of September 30, 2011 are as follows:
Assets:
Fleet $406,522
Less accumulated depreciation (200,329)
Total $206,193
Long-term debt activity for the fiscal year ended September 30, 2011 was as follows:
Due within
Beginning Additions Reductions Ending One Year
Governmental Activities
Bonds and notes payable:
General obligation bonds payable-1999 $ 2,480,000 $ - $ (80,000) $ 2,400,000 $ 85,000
General obligation bonds payable-2004 4,380,000 - (115,000) 4,265,000 120,000
Promissory note – 2006 2,475,621 - (270,350) 2,205,271 284,877
Less deferred amounts – discounts (77,818) - 3,384 (74,434) (3,384)
Total bonds and notes payable 9,257,803 - (461,966) 8,795,837 486,493
Other liabilities:
Capital lease 262,054 - (102,447) 159,607 105,597
OPEB liability 172,948 90,763 - 263,711 -
Claims payable 543,707 - (35,296) 508,411 -
Compensated absences 709,496 551,784 (613,382) 647,898 19,437
Total other liabilities 1,688,205 642,547 (751,125) 1,579,627 125,034
Governmental activity long-term liabilities $ 10,946,008 $ 642,547 $ (1,213,091) $ 10,375,464 $ 611,527
Business-type activities
Other liabilities:
OPEB liability $ 31,130 $ 15,905 $ - $ 47,035 $ -
Compensated absences 65,356 29,115 (39,743) 54,728 18,367
Business-type activities Long-term liabilities $ 96,486 $ 45,020 $ (39,743) $ 101,763 $ 18,367
VII. INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS
Interfund balances at September 30, 2011 are as follows:
InterfundInterfund
Receivable Payable
General Fund $ 568,367 $ -
Excise Tax - 200,835
Grants - 289,937
Non-major governmental funds - 77,595
Total $ 568,367 $ 568,367
The outstanding balances between funds result mainly from the time lag between the dates that (1) interfund
goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the
accounting system, and (3) payments between funds are made.
37
Interfund transfer activity for the year ended September 30, 2011 was as follows:
Transfers In Transfers Out
General fund $ 2,573,800 $ 663,678
Excise tax - 2,137,473
Capital improvement fund 267,800 -
Sanitation fund - 200,000
Stormwater fund - 35,000
Non-major governmental funds 489,580 295,029
$ 3,331,180 $ 3,331,180
Transfers are used to (a) move revenues from the fund that statute or budget requires to collect them to the
fund the statute or budget requires to expend them and (b) move unrestricted revenues collected in the
General Fund to finance various programs accounted for in other funds in accordance with budgetary
authorization.
VIII. EMPLOYEE RETIREMENT PLANS
The Village maintains two separate defined benefit single-employer pension plans, the General Employees'
Retirement Plan and the Police Officers' Retirement Plan which cover substantially all of its full-time employees.
The Village accounts for these pension plans as pension trust funds.
Basis of Accounting
The Village's pension plans are accounted for 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 each Plan.
Method Used to Value Investments
Investments are reported at fair value. Securities traded on national or international exchanges are valued at the
last reported sales price or exchange rate. Net appreciation (depreciation) in fair value of investments includes
the difference between cost and fair value of investments held as well as the net realized gains or losses from
securities sold. Interest and dividend income is recognized on the accrual basis when earned. Purchases and
sales of investments are recorded on a trade date basis.
Membership
The membership in the Plans as of October 1, 2009 consisted of:
General
Employees
Police
Inactive employees:
Retirees and beneficiaries currently receiving benefits
and terminated employees entitled to benefits but not yet receiving them 41 23
Active participants: 71 28
A. General Employees’ Retirement Plan
Plan Description
The General Employees' Retirement System (the Plan) is a single-employer defined benefit pension plan that
covers all Village employees, except for police, and certain appointed employees. The Plan was established on
January 1, 1957 by the Village Council. On December 31, 1999, the Plan was split between the general
employees and the police officers. The Plan is governed by certain provisions of Chapter 112, Florida Statutes.
The Board of Trustees for the Plan administers the Plan. Plan amendments must be authorized by the Village
Council. The Plan provides retirement and death benefits to Plan members and beneficiaries. The Plan does not
issue a separate financial report.
38
Deferred Retirement Option Plan
Effective December 5, 2006, current employees may elect to participate in the deferred retirement option plan
(DROP) the first day of the month coincident with or next following the date of normal retirement. Election into the
DROP is voluntary. The employee may elect to participate in the plan for a maximum of 60 months. Once
participation in the DROP commences, such participation constitutes an irrevocable election.
A member's continuous service and accrued benefit under the Plan shall be determined and frozen on the
effective date of the employee's election to participate in the DROP. Additional continuous service or benefits
under the Plan shall not be accrued. No payments are made directly to the employee from the Plan while the
member participates in the drop plan.
During the period of the member's participation in the DROP, the employee's normal retirement benefit shall be
credited to the employee's DROP account. No further contributions to the General Employees' Pension Plan will
be required by the Village nor the employee on behalf of any employee who has elected participation in the
DROP. The member's account is invested as part of the corpus of the system by the Board and is credited with
interest equal to the overall net rate of return on the fund assets during the reporting period during which the
member participates in the DROP.
Upon termination of employment with the Village or 60 months of DROP participation, the balance of the DROP
account will become payable in addition to the monthly normal retirement benefit (which is based on credited
service and average monthly salary on the DROP election date). The DROP account is distributed to the
member in a single lump sum payment or a direct rollover to another qualified retirement plan. If a member dies
before the member's DROP account balance has been paid in full, distribution of the DROP account balance will
be made according to the member's designation. DROP payments to a beneficiary will be in addition to any
retirement benefits payable by the Plan. Under any option and in no event may the total benefit payments to the
member or the beneficiary be less than the member's own accumulated contributions. At the end of September
30, 2011, total liabilities for the DROP were $323,567.
Funding Policy
Plan members are required to contribute 6% of their annual covered salary. The employer contributions for the
fiscal year ending September 30, 2011, determined using the actuarial valuation dated October 1, 2009, were
4.14% of covered payroll. The Village contributes at actuarially determined rates that are designed to accumulate
sufficient assets to pay benefits when due.
Funded Status and Funding Progress
The funded status of the Plan as of October 1, 2009, the most recent actuarial valuation date, is as follows:
UAAL
as a
ActuarialActuarialPercentage
ValueAccruedUnfundedof
ActuarialofLiabilityAALFundedCoveredCovered
ValuationAssets(AAL) -(UAAL)RatioPayrollPayroll
Date (a)(b)(b-a)(a/b)(c)(b-a)/c
10/1/20099,335,036$ 9,258,119$ (76,917)$ 100.8%3,228,192$ -2.4%
The schedule of funding progress, presented as required supplementary information (RSI) following the notes to
the financial statements, presents multiyear trend information about whether the actuarial value of Plan assets
are increasing or decreasing over time relative to the AAL for benefits.
39
Annual Pension Cost and Net Pension Obligation (Asset)
The Village's 2011 contribution was determined through an actuarial valuation performed as of October 1, 2009.
Significant actuarial assumptions used in the latest actuarial valuation are as follows:
Valuation date 10/1/09
Actuarial cost method Aggregate
Amortization method NA
Remaining amortization period NA
Asset valuation method 5-year smoothed market
Actuarial assumptions:
Investment rate of return * 8.0%
Projected salary increases* 5.5%
Cost-of-living adjustments Not applicable
*Includes inflation and other general
increases at 4%
The aggregate actuarial cost method is used to determine the annual required contribution of the employer for
the Plan. Because the method does not identify or separately amortize unfunded actuarial liabilities, information
about the Plan's funded status and funding progress has been prepared using the entry age actuarial cost
method for that purpose, and the information presented is intended to serve as a surrogate for the funded status
and funding progress of the Plan.
The Village's annual pension cost and net pension asset for the Plan for the year ended September 30, 2011
was as follows:
Annual required contribution$ 133,658
Interest on net pension obligation (3,318)
Adjustment to annual required contribution 3,318
Annual pension cost 133,658
Contributions made 125,000
(Decrease) in net pension asset (8,658)
Net pension asset, beginning of year 71,226
Net pension asset, end of year$ 62,568
% of AnnualNet
Fiscal YearAnnual PensionActualPension CostPension
Ended Cost (APC)Contribution Contribution (APC)Asset
9/30/200959,027$ 99,500$ 169%41,479$
9/30/201071,897$ 101,644$ 141%71,226$
9/30/2011133,658$ 125,000$ 94%62,568$
Three Year Trend Information
40
Financial Information
The Plan does not issue separate stand-alone financial statements, therefore, included below is the Statement of
Plan Net Assets and the Statement of Changes in Plan Net Assets as of and for the fiscal year ended September
30, 2011.
STATEMENT OF PLAN NET ASSETS
SEPTEMBER 30, 2011
ASSETS
Cash and cash equivalents $ 247,187
Investments, at fair value 7,899,335
Accrued interest receivable 25,188
Total assets 8,171,710
LIABILITIES AND NET ASSETS
DROP liability 323,567
Net assets held in trust for pension benefits $7,848,143
B. Police Officers' Retirement Plan
Plan Description
The Police Officers' Retirement System (the Plan) is a single-employer defined benefit pension plan that covers
substantially all of the Village's certified police officers. The Plan was established as of the effective date of
January 1, 1957 by the Village Council. It was amended on December 31, 1999, to split the Plan between
General Employees and Police Officers. The Plan is also governed by certain provisions of Chapter 185, Florida
Statutes. The Board of Trustees for the Plan administers the Plan. Plan amendments must be authorized by the
Village Council. The Plan provides retirement, disability, and death benefits to Plan members and beneficiaries.
The Plan does not issue a separate financial report.
Deferred Retirement Option Plan
Effective May 5, 1998, subsequent to the approval from the State of Florida, Division of Retirement, current
employees with at least 25 but not more than 30 years of continuous service as a member of the plan may elect
to participate in the deferred retirement option plan (DROP) for sworn police personnel. The employee may elect
to participate in the plan for a maximum of 60 months before the employee attains 30 years of continuous
service. A member's continuous service and accrued benefit under the plan shall be determined and frozen on
the effective date of the employee's election to participate in the DROP. Additional continuous service or benefits
under the plan shall not be accrued, except for cost-of-living adjustments provided to retirees under the plan. No
payments are made directly to the employee from the pension plan while the member participates in the drop
plan.
STATEMENT OF CHANGES IN PLAN NET ASSETS
FISCAL YEAR ENDED SEPTEMBER 30, 2011
ADDITIONS
Contributions $295,179
Net investment income (137,184)
Total additions 157,995
DEDUCTIONS
Pension benefits 481,481
Change in net assets (323,486)
Net assets held in trust for pension benefits:
Beginning 8,171,629
Ending $7,848,143
41
During the period of the member's participation in the DROP, the employee's normal retirement benefit shall be
credited to the employee's DROP account. No further contributions to the police officers' retirement system will
be required by the Village nor the employee on behalf of any employee who has elected participation in the
DROP. The member's account is invested as part of the corpus of the system by the Board and is credited with
interest equal to the overall net rate of return on the fund assets during the reporting period during which the
member participates in the DROP.
At the conclusion of the member's participation in the DROP, the member will receive a normal benefit calculated
in accordance with the plan using an average monthly earnings and continuous service as of the effective date of
the member's election to participate in the DROP. The DROP account is distributed to the member in a cash
lump sum, unless the member alternatively elects to receive payments in approximately equal quarterly or
annual installments over a period designated by the member. If a member dies before distribution of the
member's DROP plan commences, the account balance is paid to the member's designated beneficiary in an
immediate cash lump sum. Provisions of the plan do not allow for the distribution of a member's DROP account
to begin later than April 1 following the later of the calendar year in which the member separates from service
with the Village or attains age 701/4 years. At the end of September 30, 2011, total liabilities for the DROP were
$116,105.
Funding Policy
The Village's contribution rate is adjusted each year to an amount equal to the total pension cost for the year, as
determined by the most recent actuarial valuation which is designed to accumulate sufficient assets to pay
benefits when they are due. Members are required to contribute 9% of their annual covered earnings. Pursuant
to Chapter 185 of the Florida Statutes, a premium tax on certain casualty insurance contracts written on Miami
Shore Village’s properties is collected by the State and is remitted to the Plan. This amount totaled $161,569 for
the fiscal year ended September 30, 2011. This amount was recognized as expenditure and revenue in the
General Fund. The Village is required to contribute the remaining amounts necessary to finance the benefits
through periodic contributions of actuarially determined amounts. For the fiscal year ended September 30, 2011,
the Village's contribution was 40.65% of annual covered earnings which was determined by the October 1, 2009
actuarial valuation.
Funded Status and Funding Progress
The funded status of the Plan as of October 1, 2009, the most recent actuarial valuation date, is as follows:
UAAL
as a
ActuarialActuarialPercentage
ValueAccruedUnfundedof
ActuarialofLiabilityAALFundedCoveredCovered
ValuationAssets(AAL) -(UAAL)RatioPayrollPayroll
Date (a)(b)*(b-a)(a/b)(c)(b-a)/c
10/1/200912,349,336$ 16,905,643$ 4,556,307$ 73.0%1,989,749$ 229.0%
The schedule of funding progress, presented as required supplementary information (RSI) following the notes to
the financial statements, presents multiyear trend information about whether the actuarial value of Plan assets
are increasing or decreasing over time relative to the AAL for benefits.
42
Annual Pension Cost and Net Pension Obligation (Asset)
The Village's 2011 contribution was determined through an actuarial valuation performed as of October 1, 2008.
Significant actuarial assumptions used in the latest actuarial valuation are as follows:
Valuation date 10/1/09
Actuarial cost method Aggregate
Amortization method NA
Remaining amortization period NA
Asset valuation method 5-year smoothed market
Actuarial assumptions:
Investment rate of return * 8.0%
Projected salary increases* 6.5%
Cost-of-living adjustments 1.5%
*Includes inflation and other general
increases at 4.0%
The aggregate actuarial cost method is used to determine the annual required contribution of the employer for
the Plan. Because the method does not identify or separately amortize unfunded actuarial liabilities, information
about the Plan's funded status and funding progress has been prepared using the entry age actuarial cost
method for that purpose, and the information presented is intended to serve as a surrogate for the funded status
and funding progress of the Plan.
The Village's annual pension cost and net pension asset to the Plan for the fiscal year ended September 30,
2011 was as follows:
Annual required contribution$ 838,984
Interest on net pension obligation (9,786)
Adjustment to annual required contribution 9,786
Annual pension cost 838,984
Contributions made 951,650
(Decrease) in net pension asset 112,666
Net pension asset, beginning of year 103,960
Net pension asset, end of year$ 216,626
% of AnnualNet
Fiscal YearAnnual PensionActualPension CostPension
Ended Cost (APC)Contribution Contribution (APC)Asset
9/30/2009703,633$ 813,128$ 116%122,330$
9/30/2010808,370$ 790,000$ 98%103,960$
9/30/2011838,984$ 951,650$ 113%216,626$
43
Financial Information
The Plan does not issue separate stand-alone financial statements, therefore, included below is the Statement of
Plan Net Assets and the Statement of Changes in Plan Net Assets as of and for the fiscal year ended September
30, 2011.
STATEMENT OF NET PLAN ASSETS
SEPTEMBER 30, 2011
ASSETS
Cash and cash equivalents $ 998,062
Investments, at fair value 11,091,747
Accrued interest receivable 39,082
Total assets 12,128,891
LIABILITIES AND NET ASSETS
DROP liability 116,105
Net assets held in trust for pension benefits $12,012,786
IX. 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 for which it has purchased commercial insurance. Prior to October 1, 2005,
the Village was self-insured for these claims up to certain limits.
As of September 30, 2011, there was one liability claim and three workers' compensation claims outstanding
under the previous self-insurance program.
The amount of settlements for each of the past three fiscal years did not exceed insurance coverage.
Liabilities in the risk management internal service fund include amounts for claims that have been incurred but
not reported (IBNR's) as well as known claims that existed prior to purchasing commercial insurance. Claim
liabilities are calculated considering the recent claim settlement trends.
STATEMENT OF CHANGES IN PLAN NET ASSETS
FISCAL YEAR ENDED SEPTEMBER 30, 2011
ADDITIONS
Contributions $1,319,216
Net investment income (154,925)
Total additions 1,164,291
DEDUCTIONS
Pension benefits 840,500
Change in net assets 323,791
Net assets held in trust for pension benefits:
Beginning 11,688,995
Ending $12,012,786
44
Changes in the balances of estimated claims for the past three years ended September 30, 2011 are as follows:
2011 2010 2009
Unpaid claims, beginning $543,707 $508,387 $509,047
Incurred claims (including IBNR’s) - 45,454 9,474
Claim payments and disbursements ( 35,296) ( 10,134) ( 10,134)
Unpaid claims, ending $508,411 $543,707 $508,387
The above claims liability includes the Village's commitment to Miami-Dade County for a prior workers'
compensation claim for $168,387. This is the final remaining claim from a program with the County that the
Village participated in previously. The Village is required to pay $2,200 per quarter as well as any medical
expenses the claimant incurs related to the injury.
X. COMMITMENTS AND CONTINGENCIES
1. Litigation
Various suits and claims arising in the ordinary course of operations are pending against the Village. While
the ultimate effect of such litigation cannot be ascertained at this time, in the opinion of legal counsel, the
Village has sufficient insurance coverage to cover any claims and/or liabilities, which may arise from such
action. The effect of such losses would not materially affect the financial position of the Village or the results
of its operations.
2. Grants
Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor
agencies. Any disallowed claims, including amounts already collected may constitute a liability of the
applicable funds. In the opinion of management, future disallowances of grant expenditures, if any, would
not have a material adverse effect on the Village's financial condition.
XI. OTHER POST EMPLOYMENT BENEFITS
Plan Description and Provisions
Other Post-Employment Benefits (OPEB) are available to all employees eligible for Disability, Early or
Normal Retirement, as above, after terminating employment with the Village. The OPEB benefits include
access to coverage for the retiree and dependents under the Medical and Prescription Plans as well as
participation in the Dental group plans sponsored by the Village for employees.
HEALTH-RELATED BENEFITS
Eligible retirees may choose among the same Medical Plan options available for active employees of the
Village. Dependents of retirees may be covered at the retiree’s option the same as dependents of active
employees. Prescription Drug coverage is automatically extended to retirees and their dependents who
continue coverage under any one of the Medical Plan options. Covered retirees and their dependents are
subject to all the same Medical and Prescription benefits and rules for coverage as are active employees.
Retired Police Officers who are over age 65 are only eligible to enroll in Medicare Advantage Plan. Retired
General Employees and their dependents who are over age 65 are not required to enroll for Part B under
Medicare in order to remain covered under the program. For claims otherwise covered under the Medicare
Part B, the Plan pays as secondary only for retirees actually enrolled into Parts A and B. However, currently
no retired General Employee stays in the program after attaining age 65.
RETIREE CONTRIBUTIONS FOR MEDICAL/PRESCRIPTION
In order to begin and maintain retiree Medical/Prescription coverage, premium contributions are required
from the retiree. For dependent coverage, the retiree is required to pay a premium as well. If any required
amounts are not paid timely, the coverage for the retiree and/or the dependent(s) will cease. The amount of
the contributions required for retiree and dependent coverage may change from time to time.
45
MEDICAL INSURANCE SUPPLEMENT
Retired Police Officers are eligible for supplemental payments from the Village in the amount of $100 per
month to help paying for the costs of health insurance, even if retired officers have coverage through a
different health plan. Eligibility is conditioned upon demonstration that the Officer has health insurance
coverage. The benefit stops at age 65.
This benefit is partially funded during active employment with the Village – Police officers contribute $4.05
per pay period towards future payments from the Village. In the event of termination prior to 10 years of
service, the accumulated employee contributions are forfeited. In the event of termination after 10 years of
service but prior to OPEB eligibility, the member may request a refund of the employee contribution and
forfeit the right to future coverage. The employee contributions are not held in a qualifying trust or similar
arrangement.
DISABLED RETIREES PREMIUM CONTRIBUTIONS
Members eligible for disability retirement are subject to premium payments the same as all regular retirees.
An exception is made to Police Officers who had sustained catastrophic injuries in the line of duty.
Premiums for health coverage of the such officers, their spouses and any dependent children will be paid by
the Village as prescribed by the Florida Statute Sections 112.19(2)(g)1 and 112.19(2)(h)1 respectively (first
introduced as the Alu-O'Hara Public Safety Act).
Funding Policy
Benefits are funded on a pay-as-you-go basis.
Annual Required Contribution (ARC)
In accordance with GASB Statement No. 45, an actuarial study was prepared calculating the
postemployment healthcare costs as of September 30, 2011. The actuarial valuation estimated the
Unfunded Actuarial Accrued liability (UAAL) and an Annual Required Contribution (ARC) of $186,086.
The ARC represents a level of funding that if paid on an ongoing basis, is projected to cover normal cost
each year and amortize any unfunded liability amounts over a period not to exceed 30 years.
Annual OPEB Costs
Year
Ended
September 30
Annual
OPEB
Cost
Actual
Contribution
Percentage
Contributed
Net
OPEB
Obligation
2009 $168,479 $67,632 40.14% $100,847
2010 177,205 73,974 41.74% 204,078
2011 186,086 79,418 42.68% 310,746
Schedule of Funding Progress
Actuarial
Valuation
Date
Actuarial
Value of
Assets
(a)
Actuarial
Accrued
Liability
(AAL)
(b)
Unfunded
AAL
(UAAL)
(b)-(a)
Funded
Ratio
(a)/(b)
Covered
Payroll
(c)
UAAL as a
% of
Covered
Payroll
[(b)-(a)] /(e)
10/1/2008 - $1,597,598 $1,597,590% $4,767,200 33.51%
The schedule of funding progress presented as required supplementary information (RSI) above, present
multiyear trend information about whether the actuarial values of the plan assets are increasing or
decreasing over time relative to the AALs for benefits.
46
The Village's annual contribution is based on the actuarial valuation.
Actuarial Cost Method: Entry Age
Amortization Method: Level % Closed
Amortization Period: 30 Years
Asset Valuation Method: Unfunded
Actuarial Assumptions:
Investment rate of return 4.25% (includes general price inflation at 3.0%)
Projected salary increases 5.5% - 6.5%
Payroll growth assumptions 4.0%
Initial per capital cost trend rate 2.0%
XII. SUBSEQUENT EVENTS
Management evaluated subsequent events from October 1, 2011 through March 20, 2012, the date that the financial
statements were available to be published. No events were identified during this review of subsequent events that
required adjustment to or disclosure within these financial statements.
REQUIRED SUPPLEMENTARY INFORMATION
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FISCAL YEAR ENDED SEPTEMBER 2011
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes:
Property taxes5,480,921$ 5,480,921$ 5,614,746$ 133,825$
Licenses and permits:
Business licenses - Village 70,000 70,000 100,382 30,382
Business licenses - County 16,000 16,000 18,785 2,785
Building permits 450,000 450,000 802,425 352,425
Certificate of reoccupancy 9,000 9,000 8,825 (175)
Other licenses and permits 109,000 109,000 122,209 13,209
Total licenses and permits654,000 654,000 1,052,626 398,626
Intergovernmental revenues:
State shared revenues:
State revenue sharing210,828 210,828 217,854 7,026
Local government half cent sales tax 663,447 663,447 683,493 20,046
Other 1,100 1,100 11,074 9,974
Total intergovernmental revenues875,375 875,375 912,421 37,046
Charges for services:
Physical environment40,000 40,000 51,057 11,057
Police extra duty261,041 261,041 301,276 40,235
Landscape maintenance19,901 19,901 19,901 -
Culture/recreation 963,187 971,437 1,170,198 198,761
Total charges for services 1,284,129 1,292,379 1,542,432 250,053
Fines and forfeitures:
Court fines and costs 100,000 100,000 77,055 (22,945)
School crossing guards 20,000 20,000 21,145 1,145
Other 161,500 161,500 231,706 70,206
Total fines and forfeitures 281,500 281,500 329,906 48,406
Miscellaneous:
Rents 25,000 25,000 24,495 (505)
Other 32,450 32,450 608,823 576,373
Total miscellaneous 57,450 57,450 633,318 575,868
Interest 37,186 37,186 12,859 (24,327)
Total revenues 8,670,561$ 8,678,811$ 10,098,308$ 1,419,497$
(Continued)
Budgeted Amounts
See notes to budgetary comparison schedule
47
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
Variance with
Final Budget -
ActualPositive
Original Final Amounts (Negative)
Expenditures:
Current:
General government:
Village council10,091$ 10,091$ 8,995$ 1,096$
Village attorney 125,841 135,841 131,198 4,643
Village manager 232,609 232,609 223,058 9,551
Village clerk 163,368 181,868 144,978 36,890
Code enforcement 176,408 176,408 170,765 5,643
Building department 344,471 344,471 341,511 2,960
Planning and zoning158,021 158,021 147,806 10,215
Finance471,510 519,510 503,037 16,473
Other general government 618,438 618,838 468,236 150,602
Total general government 2,300,757 2,377,657 2,139,584 238,073
Public safety:
Law enforcement 5,589,836 5,677,882 5,259,660 418,222
School crossing guard41,754 41,754 40,865 889
Total public safety 5,631,590 5,719,636 5,300,525 419,111
Public works:
Parks374,243 375,243 340,975 34,268
Street maintenance435,707 435,707 383,776 51,931
Public works administration372,657 372,657 357,820 14,837
Recreation maintenance180,756 180,756 139,247 41,509
Total public services1,363,363 1,364,363 1,221,818 142,545
Culture and recreation:
Recreation1,834,298 1,867,730 1,808,652 59,078
Library 412,241 412,241 389,361 22,880
Total culture and recreation2,246,539 2,279,971 2,198,013 81,958
Total expenditures11,542,249 11,741,627 10,859,940 881,687
Deficiency of revenues over expenditures (2,871,688) (3,062,816) (761,632) 2,301,184
Other financing sources (uses)
Transfers in2,441,945 2,441,945 2,573,800 131,855
Transfers out(663,678) (663,678) (663,678) -
Appropriations from prior year fund balance 1,093,421 1,284,549 - (1,284,549)
Total other financing sources (uses)2,871,688 3,062,816 1,910,122 (1,152,694)
Net change in fund balance- - 1,148,490 1,148,490
Fund balance, beginning of year - - 6,526,220 6,526,220
Fund balance, end of year -$ -$ 7,674,710$ 7,674,710$
FISCAL YEAR ENDED SEPTEMBER 2011
Budgeted Amounts
See notes to budgetary comparison schedule
48
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49
50
MIAMI SHORES VILLAGE, FLORIDA
NOTE TO BUDGETARY COMPARISON SCHEDULE
FISCAL YEAR ENDED SEPTEMBER 30, 2011
Budgetary Information
Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States
of America. The Village annually adopts operating budgets for the following governmental funds: General Fund,
Excise Tax Fund, Grants Fund, Local Option Gas Tax Fund, Half Cent Surtax Fund, the Capital Improvements Fund and
Debt Service Fund. Budgets are also adopted for the Stormwater fund, Sanitation fund, Risk Management and Fleet
Maintenance Fund.
1. 35 days prior to the fiscal year end, the Village Manager submits to the Village Council a proposed operating
budget for the fiscal year commencing the following October 1st. The operating budget is restricted to
proposed expenditures and the means of financing them by means of appropriated revenues, other financing
sources and appropriations of fund balances. B udgetary control over expenditures for the General Fund is
legally maintained at the departmental level. For all other funds it is legally maintained at the fund level.
2. Two public hearings are conducted to obtain taxpayer comments as required by Truth in Millage (TRIM)
legislation.
3. Prior to September 28th (unless preempted by TRIM) as stated in the Village's Charter, the budget is legally
enacted through passage of a resolution.
4. The Village Manager may at any time transfer any unencumbered appropriated balance or portion thereof
between general classifications of expenditures within an office, department or agency. At the request of
the Village Manager and within the last three months of the budget year, the Council may by resolution
transfer any unencumbered appropriated balance or portion thereof, from one office, department or agency
to another.
5. Budgeted amounts are as originally adopted or as amended. There were supplemental appropriations in
the general fund totaling $199,378, in the Local Option Gas Tax Fund Totaling $6,000, in the Capital
Improvement Fund totaling $2,379,206, in the Debt Service Fund totaling $8,250, in the Stormwater Fund
totaling $7,000, in the Risk Management Fund totaling $40,578 and the Fleet Maintenance fund totaling
$99,572 during the fiscal year ended September 30, 2011 for funding outstanding obligations and
unanticipated expenses.
6. Unencumbered appropriations lapse at year end.
Excesses of expenditures over appropriations
For the year ended September 30, 2011 expenditures exceeded appropriations in the Grants Fund by $119,141.
These over-expenditures were funded by greater than anticipated revenues.
UAAL
as a
Actuarial Actuarial Percentage
Value Accrued Unfunded of
Actuarial of Liability AAL Funded Covered Covered
Valuation Assets (AAL) -(UAAL)Ratio Payroll Payroll
Date (a)(b)(b-a)(a/b)(c)(b-a)/c
10/1/2009 9,335,036$ 9,258,119$ (76,917)$ 100.8%3,228,192$ -2.4%
10/1/2007 8,989,754 8,474,105 (515,649) 106.1%2,918,493 -17.7%
10/1/2006 8,297,232 7,995,304 (301,928) 103.8%3,243,186 -9.3%
10/1/2005 8,173,688 7,680,175 (493,513) 106.4%2,786,865 -17.7%
10/1/2003 7,458,449 6,533,561 (924,888) 114.2%2,895,480 -31.9%
10/1/2002 7,038,780 5,959,283 (1,079,497) 118.1%2,871,867 -37.6%
An actuarial valuation was not performed for 10/1/08
UAAL
as a
Actuarial Actuarial Percentage
Value Accrued Unfunded of
Actuarial of Liability AAL Funded Covered Covered
Valuation Assets (AAL) -(UAAL)Ratio Payroll Payroll
Date (a)(b)*(b-a)(a/b)(c)(b-a)/c
10/1/2009 12,349,336$ 16,905,643$ 4,556,307$ 73.0%1,989,749$ 229.0%
10/1/2008 11,728,021 16,032,250 4,304,229 73.2%1,901,236 226.4%
10/1/2007 11,320,831 15,114,334 3,793,503 74.9%1,683,969 225.3%
10/1/2006 10,332,878 14,573,821 4,240,943 70.9%1,630,878 260.0%
10/1/2005 10,151,153 13,679,903 3,528,750 74.2%1,424,759 247.7%
10/1/2003 10,238,221 10,983,149 744,928 93.2%1,514,310 49.2%
*The annual required contribution (ARC) is calculated using the aggregate actuarial cost method. Information
in this schedule is calculated using the entry age actuarial cost method as a surrogate for the funding progress
of the plan.
Police Officer's Retirement System
PENSION TRUST FUNDS
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS
General Employees' Retirement System
51
Fiscal
Year Annual
Ended Required Percentage
September 30,Contribution Contributed
2011 133,658$ 94%
2010 68,362 149%
2009 58,998 169%
2008 88,622 100%
2007 56,709 128%
2006 15,845 100%
Fiscal
Year Annual
Ended Required Percentage
September 30,Contribution Contributed
2011 838,984$ 100%
2010 808,791 100%
2009 770,594 100%
2008 702,455 100%
2007 700,455 100%
2006 594,211 100%
Police Officers' Retirement System
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
PENSION TRUST FUNDS
General Employees' Retirement System
52
COMBINING FINANCIAL STATEMENTS
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
Special revenue funds are used to account for specific revenue that is legally restricted to
expenditure for particular purposes.
Transportation Surtax – This fund accounts for the Village’s portion of the Miami-Dade County
one-half percent transportation surtax approved by voters in November 2002.
Local Option Gas Tax – This fund accounts for the revenues from the six cents and additional
three cents sales tax levied on all petroleum products sold in Miami-Dade County.
Building Better Communities – This fund accounts for the improvements to sidewalks and
drainage systems which are being funded by granting agencies.
Hurricane – This fund accounts for hurricane related expenditures as well as FEMA
reimbursements. The fund is used to centralize financial activities required to restore the Village
to normal operations following a natural disaster.
Law Enforcement Training – This fund accounts for proceeds obtained through fines
designated specifically for training law enforcement officers.
Police Forfeiture – This fund accounts 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.
Debt Service Fund
General Obligation Bonds – This fund accounts for the 1999 and 2004 General Obligation
bonds issued to fund the design, developments and construction of the Miami Shores Aquatic
Facility (1999) and for the charter school construction (2004) and other banking financing.
Capital Project Funds
Aquatic Facility – This fund accounts for all the cost associated with the design, development
and construction of the aquatic facility which was completed in fiscal year 2005 and funded by
general obligation bonds issued through the Florida Municipal Loan Council.
Charter High School Construction – This fund accounts for all costs associated with the
construction of the Doctors Charter School of Miami Shores which was substantially completed
in 2005.
Lo
c
a
l
Bu
i
l
d
i
n
g
La
w
Tr
a
n
s
p
o
r
t
a
t
i
o
n
Op
t
i
o
n
Be
t
t
e
r
En
f
o
r
c
e
m
e
n
t
Po
l
i
c
e
Su
r
t
a
x
Ga
s
T
a
x
Co
m
m
u
n
i
t
i
e
s
Hu
r
r
i
c
a
n
e
Tr
a
i
n
i
n
g
Fo
r
f
e
i
t
u
r
e
Total
AS
S
E
T
S
Ca
s
h
a
n
d
c
a
s
h
e
q
u
i
v
a
l
e
n
t
s
44
7
,
0
5
7
$
63
0
,
0
5
9
$
-
$
-
$
14
,
3
6
3
$
200,956
$
1,292,435$
In
v
e
s
t
m
e
n
t
s
-
-
-
-
-
6,797
6,797
Ac
c
o
u
n
t
s
r
e
c
e
i
v
a
b
l
e
-
n
e
t
82
,
5
7
6
29
,
1
4
9
85
,
9
3
6
-
26
4
12,704
210,629
Du
e
f
r
o
m
o
t
h
e
r
f
u
n
d
s
-
-
-
-
Pr
e
p
a
i
d
i
t
e
m
s
-
15
0
-
-
-
-
150
T
o
t
a
l
a
s
s
e
t
s
52
9
,
6
3
3
$
65
9
,
3
5
8
$
85
,
9
3
6
$
-
$
14
,
6
2
7
$
220,457
$
1,510,011$
LI
A
B
I
L
I
T
I
E
S
Ac
c
o
u
n
t
s
p
a
y
a
b
l
e
a
n
d
a
c
c
r
u
e
d
l
i
a
b
i
l
i
t
i
e
s
95
3
$
-
$
-
$
-
$
-
$
-
$
953$
Du
e
t
o
o
t
h
e
r
f
u
n
d
s
-
-
77
,
5
9
5
-
-
-
77,595
T
o
t
a
l
l
i
a
b
i
l
i
t
i
e
s
95
3
-
77
,
5
9
5
-
-
-
78,548
FU
N
D
B
A
L
A
N
C
E
S
No
n
s
p
e
n
d
a
b
l
e
-
1
5
0
-
-
-
-
1
5
0
Re
s
t
r
i
c
t
e
d
5
2
8
,
6
8
0
6
5
1
,
2
3
0
8
,
3
4
1
-
1
4
,
6
2
7
2
1
7
,
0
2
1
1
,
4
1
9
,
8
9
9
Co
m
m
i
t
t
e
d
-
7,
9
7
8
-
-
-
3,436
11,414
T
o
t
a
l
f
u
n
d
b
a
l
a
n
c
e
s
52
8
,
6
8
0
65
9
,
3
5
8
8,
3
4
1
-
14
,
6
2
7
220,457
1,431,463
T
o
t
a
l
l
i
a
b
i
l
i
t
i
e
s
a
n
d
f
u
n
d
b
a
l
a
n
c
e
s
52
9
,
6
3
3
$
65
9
,
3
5
8
$
85
,
9
3
6
$
-
$
14
,
6
2
7
$
220,457
$
1,510,011$
MI
A
M
I
S
H
O
R
E
S
V
I
L
L
A
G
E
,
F
L
O
R
I
D
A
CO
M
B
I
N
I
N
G
B
A
L
A
N
C
E
S
H
E
E
T
NO
N
M
A
J
O
R
G
O
V
E
R
N
M
E
N
T
A
L
F
U
N
D
S
SE
P
T
E
M
B
E
R
3
0
,
2
0
1
1
Sp
e
c
i
a
l
R
e
v
e
n
u
e
F
u
n
d
s
53
(Continued)
Debt
Service
Total
CharterNonmajor
Aquatic High SchoolGovernmental
GO Bonds Facility Construction Total Funds
ASSETS
Cash and cash equivalents1,151,212$ -$ 17,628$ 17,628$ 2,461,275$
Investments13,717 - - - 20,514
Accounts receivable - net7,966 - 56,465 56,465 275,060
Due from other funds- - - - -
Prepaid items61,075 - - - 61,225
Total assets 1,233,970$ -$ 74,093$ 74,093$ 2,818,074$
LIABILITIES
Accounts payable and accrued liabilities-$ -$ -$ -$ 953$
Due to other funds- - - - 77,595
Total liabilities- - - - 78,548
FUND BALANCES
Nonspendable61,075 - - - 61,225
Restricted1,172,895 - - - 2,592,794
Committed- - 74,093 74,093 85,507
Total fund balances 1,233,970 - 74,093 74,093 2,739,526
Total liabilities and fund balances1,233,970$ -$ 74,093$ 74,093$ 2,818,074$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2011
Capital Projects
54
Lo
c
a
l
Bu
i
l
d
i
n
g
La
w
Tr
a
n
s
p
o
r
t
a
t
i
o
n
Op
t
i
o
n
Be
t
t
e
r
En
f
o
r
c
e
m
e
n
t
Po
l
i
c
e
Su
r
t
a
x
Ga
s
T
a
x
Co
m
m
u
n
i
t
i
e
s
Hu
r
r
i
c
a
n
e
Tr
a
i
n
i
n
g
Fo
r
f
e
i
t
u
r
e
Total
Re
v
e
n
u
e
s
:
P
r
o
p
e
r
t
y
t
a
x
e
s
-
$
-
$
-
$
-
$
-
$
-
$
-$
O
t
h
e
r
t
a
x
e
s
34
0
,
9
3
0
37
3
,
1
9
0
-
-
-
-
714,120
I
n
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
r
e
v
e
n
u
e
s
-
-
-
-
-
-
-
F
i
n
e
s
a
n
d
f
o
r
f
e
i
t
u
r
e
s
-
-
-
-
3,
4
1
6
90,583
93,999
M
i
s
c
e
l
l
a
n
e
o
u
s
-
-
-
-
-
108,533
108,533
I
n
t
e
r
e
s
t
i
n
c
o
m
e
89
2
1,
5
2
9
-
-
13
1
1,921
4,473
T
o
t
a
l
r
e
v
e
n
u
e
s
34
1
,
8
2
2
37
4
,
7
1
9
-
-
3,
5
4
7
201,037
921,125
Ex
p
e
n
d
i
t
u
r
e
s
:
C
u
r
r
e
n
t
:
G
e
n
e
r
a
l
g
o
v
e
r
n
m
e
n
t
-
$
-
$
-
$
-
$
-
$
-
$
-
$
P
u
b
l
i
c
s
a
f
e
t
y
-
-
-
-
2,
3
1
7
96,747
99,064
P
u
b
l
i
c
w
o
r
k
s
19
6
,
9
7
6
12
1
,
9
6
1
-
-
-
318,937
C
a
p
i
t
a
l
o
u
t
l
a
y
-
3,
0
1
9
-
-
-
121,714
124,733
D
e
b
t
s
e
r
v
i
c
e
:
P
r
i
n
c
i
p
a
l
-
-
-
-
-
-
-
I
n
t
e
r
e
s
t
-
-
-
-
-
-
-
T
o
t
a
l
e
x
p
e
n
d
i
t
u
r
e
s
19
6
,
9
7
6
12
4
,
9
8
0
-
-
2,
3
1
7
218,461
542,734
Ex
c
e
s
s
(
d
e
f
i
c
i
e
n
c
y
)
o
f
r
e
v
e
n
u
e
s
o
v
e
r
(
u
n
d
e
r
)
e
x
p
e
n
d
i
t
u
r
e
s
b
e
f
o
r
e
o
t
h
e
r
f
i
n
a
n
c
i
n
g
s
o
u
r
c
e
s
14
4
,
8
4
6
24
9
,
7
3
9
-
-
1,
2
3
0
(17,424)
378,391
Ot
h
e
r
f
i
n
a
n
c
i
n
g
s
o
u
r
c
e
s
:
T
r
a
n
s
f
e
r
s
(
o
u
t
)
-
(
9
3
,
7
0
2
)
-
(
2
0
1
,
3
2
7
)
-
-
(
2
9
5
,
0
2
9
)
T
r
a
n
s
f
e
r
s
i
n
-
-
-
-
-
-
-
T
o
t
a
l
o
t
h
e
r
f
i
n
a
n
c
i
n
g
s
o
u
r
c
e
s
(
u
s
e
s
)
-
(9
3
,
7
0
2
)
-
(2
0
1
,
3
2
7
)
-
-
(295,029)
Ne
t
c
h
a
n
g
e
i
n
f
u
n
d
b
a
l
a
n
c
e
14
4
,
8
4
6
15
6
,
0
3
7
-
(2
0
1
,
3
2
7
)
1,
2
3
0
(17,424)
83,362
Fu
n
d
b
a
l
a
n
c
e
s
,
b
e
g
i
n
n
i
n
g
38
3
,
8
3
4
50
3
,
3
2
1
8,
3
4
1
20
1
,
3
2
7
13
,
3
9
7
237,881
1,348,101
Fu
n
d
b
a
l
a
n
c
e
s
,
e
n
d
i
n
g
52
8
,
6
8
0
$
65
9
,
3
5
8
$
8,
3
4
1
$
-
$
14
,
6
2
7
$
220,457
$
1,431,463$
FI
S
C
A
L
Y
E
A
R
E
N
D
E
D
S
E
P
T
E
M
B
E
R
3
0
,
2
0
1
1
MI
A
M
I
S
H
O
R
E
S
V
I
L
L
A
G
E
,
F
L
O
R
I
D
A
CO
M
B
I
N
I
N
G
S
T
A
T
E
M
E
N
T
O
F
R
E
V
E
N
U
E
S
,
E
X
P
E
N
D
I
T
U
R
E
S
AN
D
C
H
A
N
G
E
S
I
N
F
U
N
D
B
A
L
A
N
C
E
S
NO
N
M
A
J
O
R
G
O
V
E
R
N
M
E
N
T
A
L
F
U
N
D
S
Sp
e
c
i
a
l
R
e
v
e
n
u
e
F
u
n
d
s
55
(Continued)
Debt
Service
Total
CharterNonmajor
Aquatic High SchoolGovernmental
GO Bonds Facility Construction Total Funds
Revenues:
Property taxes529,060$ -$ -$ -$ 529,060$
Other taxes- - - - 714,120
Intergovernmental revenues- - 56,465 56,465 56,465
Fines and forfeitures- - - - 93,999
Miscellaneous- - - - 108,533
Interest income3,163 - 591 591 8,227
Total revenues532,223 - 57,056 57,056 1,510,404
Expenditures:
Current:
General government19,694$ 258$ 570$ 828$ 20,522$
Public safety - - - - 99,064
Public works- - - - 318,937
Capital outlay- - 56,465 56,465 181,198
Debt service:
Principal 465,351 - - - 465,351
Interest 436,736 - - - 436,736
Total expenditures921,781 258 57,035 57,293 1,521,808
Excess (deficiency) of revenues
over (under) expenditures before
other financing sources(389,558) (258) 21 (237) (11,404)
Other financing sources:
Transfers (out)- - - - (295,029)
Transfers in489,580 - - - 489,580
Total other financing sources (uses)489,580 - - - 194,551
Net change in fund balance100,022 (258) 21 (237) 183,147
Fund balances, beginning1,133,948 258 74,072 74,330 2,556,379
Fund balances, ending1,233,970$ -$ 74,093$ 74,093$ 2,739,526$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2011
Capital Projects
56
Lo
c
a
l
O
p
t
i
o
n
G
a
s
T
a
x
Tr
a
n
s
p
o
r
a
t
i
o
n
S
u
r
t
a
x
Va
r
i
a
n
c
e
w
i
t
h
Variance with
Fi
n
a
l
B
u
d
g
e
t
Final Budget
B
u
d
g
e
t
e
d
A
m
o
u
n
t
s
Ac
t
u
a
l
Po
s
i
t
i
v
e
B
u
d
g
e
t
e
d
A
m
o
u
n
t
s
ActualPositive
Or
i
g
i
n
a
l
Fi
n
a
l
Am
o
u
n
t
s
(N
e
g
a
t
i
v
e
)
Or
i
g
i
n
a
l
Fi
n
a
l
Amounts(Negative)
Re
v
e
n
u
e
s
:
O
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58
(Continued)
INTERNAL SERVICE FUNDS
Internal service funds are 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.
Risk Management Fund – This fund accounts for the accumulation and allocation of costs
associated with insurance.
Fleet Maintenance Fund – This fund accounts for all direct and indirect costs to maintain and
operate the Village’s vehicles and equipment fleet.
Risk Fleet
Management Maintenance
Fund Fund Total
ASSETS
Current assets:
Cash and cash equivalents857,110$ 491,269$ 1,348,379$
Accounts receivable - net 81,115 - 81,115
Inventories- 35,969 35,969
Prepaid items153,335 - 153,335
Total current assets1,091,560 527,238 1,618,798
Capital assets:
Capital assets not being depreciated- 7,127 7,127
Capital assets being depreciated, net - 682,528 682,528
Total noncurrent assets- 689,655 689,655
Total assets 1,091,560$ 1,216,893$ 2,308,453$
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities -$ 10,265$ 10,265$
Compensated absences- 9,520 9,520
Capital lease- 109,253 109,253
Total current liabilities- 129,038 129,038
Noncurrent liabilities:
Compensated absences- 16,889 16,889
Capital lease- 50,354 50,354
Claims payable340,025 - 340,025
Total noncurrent liabilities340,025 67,243 407,268
Total liabilities340,025 196,281 536,306
NET ASSETS
Invested in capital assets, net of related debt - 530,048 530,048
Unrestricted751,535 490,564 1,242,099
Total net assets751,535$ 1,020,612$ 1,772,147$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF NET ASSETS
INTERNAL SERVICE FUNDS
SEPTEMBER 30, 2011
59
Risk Fleet
Management Maintenance
Fund Fund Total
Revenues:
Charges for services835,111$ 1,077,723$ 1,912,834$
Operating expenses:
Administrative and general 49,375$ 545,895$ 595,270$
Personnel expenses- 213,922 213,922
Depreciation- 188,572 188,572
Insurance premiums564,333 94,048 658,381
Insurance claims96,982 6,328 103,310
Total operating expenses710,690 1,048,765 1,759,455
Operating income124,421 28,958 153,379
Non-operating revenues (expenses):
Interest income3,040 1,542 4,582
Interest expense- (6,806) (6,806)
Total non-operating revenues (expenses)3,040 (5,264) (2,224)
Income before contributions127,461 23,694 151,155
Contributions- 32,671 32,671
Change in net assets127,461 56,365 183,826
Net assets, beginning624,074 964,247 1,588,321
Net assets, ending751,535$ 1,020,612$ 1,772,147$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN NET ASSETS
INTERNAL SERVICE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2011
60
RiskFleet
ManagementMaintenance
Fund Fund Total
Cash flows from operating activities:
Cash received from customers, governments and other funds816,023$ 1,077,723$ 1,893,746$
Cash paid to suppliers(742,038) (696,443) (1,438,481)
Cash paid for employees- (174,278) (174,278)
Net cash provided by operating activities73,985 207,002 280,987
Cash flows from capital related financing activities:
Acquisition and construction of fixed assets- (212,511) (212,511)
Capital contributions- 32,671 32,671
Principal retirements of capital debt - (102,447) (102,447)
Interest paid on capital debt - (6,806) (6,806)
Net cash (used in) capital and related financing activities- (289,093) (289,093)
Cash flows from investing activities:
Interest and other income3,040 1,542 4,582
Net cash provided by investing activities3,040 1,542 4,582
Net increase (decrease) in cash and cash equivalents77,025 (80,549) (3,524)
Cash and cash equivalents, October 1780,085 571,818 1,351,903
Cash and cash equivalents, September 30857,110$ 491,269$ 1,348,379$
Reconciliation of operating income to net cash provided by
operating activities:
Operating income124,421$ 28,958$ 153,379$
Adjustments to reconcile operating income to net
cash provided by operating activities:
Depreciation - 188,572 188,572
Change in assets and liabilities:
(Increase) decrease in:
Accounts receivable(19,088) - (19,088)
Inventories- 2,545 2,545
Prepaids3,947 - 3,947
Increase (decrease) in:
Accounts payable and accrued liabilities - 6,865 6,865
Claims payable(35,295) - (35,295)
Compensated absences- (19,938) (19,938)
Total adjustments(50,436) 178,044 127,608
Net cash provided by operating activities73,985$ 207,002$ 280,987$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FISCAL YEAR ENDED SEPTEMBER 30, 2011
61
FIDUCIARY FUNDS
These funds account for assets held by the Village in a trustee capacity or as an agent for
employees.
Pension Trust Funds:
Police Officers Retirement System – To account for the accumulation of resources for
pension benefit payments to police officers who have retired from Miami Shores Village.
General Employees Retirement System – To account for the accumulation of resources for
pension benefit payments to employees, other than police, who have retired from Miami Shores
Village.
Agency Fund:
Police Insurance Trust Fund – To accumulate resources on behalf of police personnel to
partially cover retirement health insurance.
General
Police Employee's
PensionPension
Trust Trust Total
ASSETS
Cash and cash equivalents998,062$ 247,187$ 1,245,249$
Receivables:
Accrued interest and dividends39,082 25,188 64,270
Total receivables39,082 25,188 64,270
Investments, at fair value
U.S. Government securities2,191,542 1,380,177 3,571,719
Municipal bonds381,057 247,927 628,984
Corporate bonds1,973,780 1,301,121 3,274,901
Mutual funds- equity3,669,725 2,935,639 6,605,364
Common stocks2,875,643 2,034,471 4,910,114
Total investments11,091,747 7,899,335 18,991,082
Total assets12,128,891 8,171,710 20,300,601
LIABILITIES
DROP liability116,105 323,567 439,672
Total liabilities116,105 323,567 439,672
NET ASSETS
Held in trust for pension benefits12,012,786$ 7,848,143$ 19,860,929$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF FIDUCIARY NET ASSETS
PENSION TRUST FUNDS
SEPTEMBER 30, 2011
62
General
Police Employee's
PensionPension
Trust Trust Total
ADDITIONS
Contributions:
Employer 951,650$ 125,000$ 1,076,650$
Employees205,997 170,179 376,176
State of Florida161,569 - 161,569
Total contributions1,319,216 295,179 1,614,395
Investment income:
Unrealized (losses)(743,009) (570,135) (1,313,144)
Realized gains 427,201 333,875 761,076
Interest and dividend income 297,666 202,599 500,265
Total investment (losses)(18,142) (33,661) (51,803)
Less investment expenses136,783 103,523 240,306
Net investment income(154,925) (137,184) (292,109)
Total additions1,164,291 157,995 1,322,286
DEDUCTIONS
Benefits paid840,500 481,481 1,321,981
Changes in net assets323,791 (323,486) 305
Net assets- beginning11,688,995 8,171,629 19,860,624
Net assets- ending12,012,786$ 7,848,143$ 19,860,929$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
PENSION TRUST FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2011
63
Balance Balance
September 30, September 30,
2010 Additions Deductions 2011
ASSETS
Cash and cash equivalents144,925$ 7,910$ -$ 152,835$
LIABILITIES
Other liabilities144,925$ 7,910$ -$ 152,835$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND
SEPTEMBER 30, 2011
POLICE INSURANCE TRUST AGENCY FUND
64
STATISTICAL SECTION
MIAMI SHORES VILLAGE, FLORIDA
STATISTICAL SECTION
This part of the Miami Shore Village’s comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, note disclosures, and
required supplementary information says about the Village’s overall financial health.
Contents Page
Financial Trends 65-69
These schedules contain trend information to help the reader understand how the Village’s
financial performance and well-being have changed over time.
Revenue Capacity 70-74
These schedules contain information to help the reader assess the Village’s most significant
local revenue source, the property tax.
Debt Capacity 75-77
These schedules contain information to help the reader assess the affordability of the
Village’s current levels of outstanding debt and the Village’s ability to issue additional debt in
future.
Demographic and Economic Information 78-79
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the Village’s financial activities take place.
Operating Information 80
These schedules contain service and infrastructure data to help the reader understand
how the information in the Village’s financial report relates to the services the Village provides
and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive
annual financial reports for the relevant years.
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72
PercentagePercentage
Taxableof Total CityTaxableof Total City
AssessedTaxableAssessedTaxable
Taxpayer Value Rank Value Value Rank Value
Northern Trust Bank8,189,776$ 11.14%-$ 0.00%
Shore Square Investments, LLC6,615,264 20.92%- 0.00%
Tropical Chevrolet, Inc.6,283,319 30.87%3,328,497 20.77%
Florida Power & Light Co.5,597,818 40.78%- 0.00%
Frances B Everett3,083,919 50.43%- 0.00%
DVS LLC2,821,031 60.39%- 0.00%
Wal Miami LLC2,456,175 70.34%- 0.00%
Comcast of South Florida II Inc.2,328,192 80.32%- 0.00%
Omar Cassola2,263,365 90.31%- 0.00%
Norton L Barchan 2,013,724 100.28%- 0.00%
Publix Supermarket- 0.00%5,325,672 11.23%
Boris Moroz/Phil Glassman Trust- 0.00%2,907,881 30.67%
Bujolo, Inc.- 0.00%1,857,565 40.43%
Shiela McDonald- 0.00%1,582,421 50.36%
George Bennet- 1,467,858 60.34%
Ben and Ruth Pumo- 1,280,516 70.30%
Bank of America, N.A.- 1,267,122 80.29%
MS Center, LLC- 1,211,747 90.28%
Tsao Investments, Inc - 0.00%1,250,000 100.29%
Total41,652,583$ 5.78%21,479,279$ 4.66%
Source: Miami-Dade County Property Appraiser Office
20112002
MIAMI SHORES VILLAGE, FLORIDA
PRINCIPAL PROPERTY TAX PAYERS
CURRENT YEAR AND TEN YEARS AGO
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Percentage
Fiscal of Actual
YearGeneralTaxable
EndedObligation LoanValue of Per
September 30,Bonds Payable Total Property Capita
20023,030,000 438,202 3,468,202 0.80%334
20032,970,000 1,680,000 4,650,000 0.96%448
20047,910,000 1,485,868 9,395,868 1.75%905
20057,750,000 1,405,069 9,155,069 1.53%882
20067,585,000 3,444,879 11,029,879 1.55%1,054
20077,415,000 3,215,811 10,630,811 1.27%1,024
20087,235,000 3,438,552 10,673,552 1.11%1,028
20097,050,000 3,095,362 10,145,362 1.10%977
20106,860,000 2,737,674 9,597,674 1.20%901
20116,665,000 2,364,878 9,029,878 1.25%808
Note: Details regarding the Village's outstanding debt can be found in the notes to the financial statements.
Governmental Activities
MIAMI SHORES VILLAGE, FLORIDA
RATIOS OF OUTSTANDING DEBT BY TYPE
FOR THE LAST TEN FISCAL YEARS
75
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77
PersonalPer
IncomeCapita
Estimated(Thousand ofPersonalUnemployment
Year Population (1)Dollars) Income (2)Rate (3)
200210,380281,786 27,147 6.6%
200310,385289,648 27,891 5.9%
200410,385309,650 29,817 5.4%
200510,380330,779 31,867 4.3%
200610,462363,126 34,709 3.8%
200710,380371,511 35,791 3.6%
200810,380386,800 37,264 5.3%
200910,380393,495 37,909 8.9%
201010,654244,648 22,963 12.1%
201111,170291,917 26,134 11.8%
Sources:
(1) State of Florida Department of Revenue
(2) FBeacon Council of Miami Dade County
(3) U.S. Department of Labor Statistics
MIAMI SHORES VILLAGE, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
FOR THE LAST TEN CALENDAR YEARS
78
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Function/Program 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
General government:
Administration:
Full time9 9 9 9 10 11 10 - 10 11
Part time5 - - - - - - - - -
Finance:
Full time5 5 4 4 4 5 5 5 5 5
Part time- 1 1 1 1 1 1 1 1 1
Public works:
Full time40 47 45 44 60 66 55 54 53 55
Part time- 1 2 1 2 2 2 2 2 2
Culture and recreation:
Recreation:
Full time13 13 11 12 12 12 12 12 12 12
Part time30 51 56 48 64 64 64 64 64 64
Library:
Full time3 3 3 3 3 4 4 4 4 4
Part time6 7 7 7 7 6 7 7 7 6
Public safety
Police
Full time44 45 45 43 47 47 44 44 44 35
Part time3 3 3 3 5 5 5 4 4 5
Total158 185 186 175 215 223 209 197 206 200
Source: Village Finance office
Fiscal Year
MIAMI SHORES VILLAGE, FLORIDA
VILLAGE EMPLOYEES BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
80
COMPLIANCE SECTION
81
INDEPENDENT AUDITORS’ REPORT ON
INTERNAL CONTROL OVER FINANCIAL REPORTING AND
ON COMPLIANCE AND OTHER MATTERS BASED
ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
We have audited the financial statements of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of Miami Shores Village, Florida (the Village) as of and for the
fiscal year ended September 30, 2011 which collectively comprise the Village’s basic financial statements, and have
issued our report thereon dated March 20, 2012. We conducted our audit in accordance with auditing standards
generally accepted in the United States of America and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered Village's internal control over financial reporting as a basis for
designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for
the purpose of expressing an opinion on the effectiveness of Village's internal control over financial reporting.
Accordingly, we do not express an opinion on the effectiveness of Village's internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct
misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will
not be prevented, or detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting
that might be deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in
internal control over financial reporting that we consider to be material weaknesses, as defined above.
4649 PONCE DE LEON BLVD.
SUITE 404
CORAL GABLES, FL 33146
TEL: 305-662-7272
FAX: 305-662-4266
ACC-CPA.COM
82
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
Compliance and Other Matters
As part of obtaining reasonable assurance about whether Village's financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements, 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 or other matters that are required to be reported under Government Auditing Standards.
Pursuant to Chapter 119, Florida Statutes, this report is public record and its distribution is not limited. Auditing
standards generally accepted in the United States of America require us to indicate that this report is intended solely
for the information and use of the Village Council and management of Miami Shores Village and the State of Florida
Auditor General, and is not intended to be and should not be used by anyone other than these parties.
Alberni Caballero & Company, LLP
Alberni Caballero & Company, LLP
Coral Gables, Florida
March 20, 2012
83
MANAGEMENT LETTER REQUIRED BY SECTION 10.550
OF THE RULES OF THE AUDITOR GENERAL OF THE
STATE OF FLORIDA
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
We have audited the financial statements of Miami Shores Village, Florida, as of and for the fiscal year ended
September 30, 2011, and have issued our report thereon dated March 20, 2012.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America,
the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States. We have issued our Independent Auditors’ Report on Internal Control over financial
reporting and on Compliance and Other Matters. Disclosures in that report, which are dated March 20, 2012, should
be considered in conjunction with this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the Auditor
General, which govern the conduct of local governmental entity audits performed in the State of Florida and, unless
otherwise required to be reported in the report on compliance and internal controls, this letter is required to include
the following information.
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions
have been taken to address significant findings and recommendations made in the preceding annual financial
report. There were no recommendations made in the preceding annual financial report.
Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the provisions of
Section 218.415., Florida Statutes, regarding the investment of public funds. In connection with our audit, we
determined that the Miami Shores Village, Florida complied with Section 218.415, Florida Statutes.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address in the management letter any
recommendations to improve financial management, accounting procedures, and internal controls. In
connection with our audit we have no recommendations to report.
Section 10.554(1)(i)4., Rules of the Auditor General, requires that we address violations of provisions of
contracts and grant agreements or abuse that have an effect on the financial statements that is less than
material but more than inconsequential. In connection with our audit, we did not have any such findings.
Section 10.554(1)(i)5., Rules of the Auditor General, provides that the auditor may, based on professional
judgment, report the following matters that have an inconsequential effect on financial statements, considering
both quantitative and qualitative factors: (1) violations of provisions of contracts or grant agreements, fraud, illegal
acts, or abuse, and (2) Deficiencies in internal control that are not significant deficiencies. In connection with our
audit, we did not have any such findings.
4649 PONCE DE LEON BLVD.
SUITE 404
CORAL GABLES, FL 33146
TEL: 305-662-7272
FAX: 305-662-4266
ACC-CPA.COM
84
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and legal authority
for the primary government and each component unit of the reporting entity be disclosed in the management
letter, unless disclosed in the notes to the financial statements. The Village was incorporated in accordance
with the laws of the State of Florida Chapter 165 of 1963. There are no component units related to the Village.
Section 10.554(1)(i)7.a., Rules of the Auditor General, requires a statement be included as to whether or
not the local government entity has met one or more of the conditions described in Section 218.503(1),
Florida Statutes, and identification of the specific condition(s) met. In connection with our audit, we
determined that the Miami Shores Village, Florida did not meet any of the conditions described in Section
218.503(1), Florida Statutes.
Section 10.554(1)(i)7.b., Rules of the Auditor General, we determined that the annual financial report for the
Miami Shores Village, Florida for the fiscal year ended September 30, 2011, filed with the Florida
Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes, is in agreement with
the annual financial audit report for the fiscal year ended September 30, 2011. In connection with our audit,
we determined that these two reports were in agreement.
Pursuant to Sections 10.554(1)(i)7.c. and 10.556(7), Rules of the Auditor General, we applied financial
condition assessment procedures. It is management's responsibility to monitor the Village’s financial
condition, and our financial condition assessment was based in part on representations made by
management and the review of financial information provided by same.
Pursuant to Chapter 119, Florida Statutes, this management letter is public record and its distribution is not limited.
Auditing standards generally accepted in the United States of America require us to indicate that this letter is intended
solely for the information and use of management, and the State of Florida Auditor General, and is not intended to be
and should not be used by anyone other than these parties.
We wish to thank Miami Shores Village, Florida, and the personnel associated with it, for the opportunity to be of
service to them in this endeavor as well as future engagements and the courtesies extended to us.
Alberni Caballero & Company, LLP
Alberni Caballero & Company, LLP
Coral Gables, Florida
March 20, 2012
85
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS AND RESPONSES
FISCAL YEAR ENDED SEPTEMBER 30, 2011
PRIOR YEAR FINANCIAL STATEMENT FINDINGS
NONE
CURRENT YEAR FINANCIAL STATEMENT FINDINGS
NONE