20191
Miami Shores Village –– AA Florida Municipalitytyyy
MIAMI SHORES VILLAGE, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
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 Position 13
Statement of Activities 14
Fund Financial Statements:
Balance Sheet – Governmental Funds 15
Reconciliation of the Balance Sheet to the Statement of Net Position – 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 Position – Proprietary Funds 19
Statement of Revenues, Expenses, and Changes in Fund Net Position –
Proprietary Funds 20
Statement of Cash Flows – Proprietary Funds 21
Statement of Fiduciary Net Position – Fiduciary Funds 22
Statement of Changes in Fiduciary Net Position 23
Notes to the Basic Financial Statements 24-62
Required Supplementary Information:
Budgetary Comparison Schedule:
General Fund 63-64
Special Revenue Fund – Excise Tax 65
Notes to Budgetary Comparison Schedule 66
Schedule of Changes in Village’s Net Pension Liability and Related Ratios – General Employees’
Retirement System (Village’s Reporting)
67
Schedule of Changes in Village’s Net Pension Liability and Related Ratios – General Employees’
Retirement System (Plan’s Reporting)
68
Schedule of Contributions – General Employee’s Retirement System (Village’s Reporting) 69
Schedule of Contributions – General Employee’s Retirement System (Plan’s Reporting) 70
Schedule of Investment Returns – General Employee’s Retirement System 71
Schedule of Changes in Village’s Net Pension Liability and Related Ratios – Police Officers’
Retirement System (Village’s Reporting) 72
Schedule of Changes in Village’s Net Pension Liability and Related Ratios – Police Officers’
Retirement System (Plan’s Reporting) 73
Schedule of Contributions – Police Officer’s Retirement System (Village’s Reporting) 74
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MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
PAGE
II. FINANCIAL SECTION (Continued)
Required Supplementary Information (Continued):
Schedule of Contributions – Police Officer’s Retirement System (Plan’s Reporting) 75
Schedule of Investment Returns – Police Officer’s Retirement System 76
Schedule of Changes in Total OPEB Liability and Related Ratios 77
Supplementary Information:
Combining and Individual Financial Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental Funds 78-79
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Nonmajor Governmental Funds 80-81
Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
Nonmajor Governmental Funds 82-83
Internal Service Funds:
Combining Statement of Net Position 84
Combining Statement of Revenues, Expenses and Changes in Fund Net Position 85
Combining Statement of Cash Flows 86
Fiduciary Funds:
Combining Statement of Fiduciary Net Position - Pension Trust Funds 87
Combining Statement of Changes in Fiduciary Net Position - Pension Trust Funds 88
III. STATISTICAL SECTION (Unaudited)
Net Position by Component 89
Changes in Net Position 90-91
Fund Balances for Governmental Funds 92
Changes in Fund Balances of Governmental Funds 93
General Governmental and Excise Tax Revenues by Source 94
Assessed Value and Actual Value of Taxable Property 95
Property Tax Rates Direct and Overlapping Governments 96
Principal Property Taxpayers – Current Year and Nine Years Ago 97
Operating Property Tax Levies and Collections 98
Ratios of Outstanding Debt By Type 99
Direct and Overlapping Governmental Activities Debt 100
Legal Debt Margin Information 101
Demographic and Economic Statistics 102
Principal Employers Located in Miami Dade County – Current Year and Nine Years Ago 103
Village Employees by Function/Program 104
IV. COMPLIANCE SECTION
Independent Auditors’ Report on Internal Controls over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards 105-106
Management Letter In Accordance with the Rules of the Auditor General of the
State of Florida
107-108
Independent Accountants’ Report on Compliance Pursuant to Section 218.415
Florida Statutes 109
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INTRODUCTORY SECTION
10050 N.E. SECOND AVENUE
MIAMI SHORES, FLORIDA 33138·2382
TELEPHONE: (305) 795·2207
FAX: (305) 756·8972
April 30, 2020
The Mayor and Members of the Village Council
10050 Northeast Second Avenue
Miami Shores, Florida 33138
To the Mayor and Members of the Village Council:
Subject: FY 2018-19
Financial Report (CAFR)
Crystal Wagar
MAYOR
Alice Burch
VICE MAYOR
Sean Brady
COUNCILMAN
Stephen Loffredo
COUNCILMAN
Jonathan Meltz
COUNCILMAN
Tom Benton
VILLAGE MANAGER
Richard Sarafan
VILLAGE ATTORNEY
Ysabely Rodriguez
VILLAGE CLERH
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, 2019. 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 have 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 Caballero Fierman Llerena & Garcia, LLP, Certified Public
Accountants. The independent auditor has issued an unmodified opinion that this report fairly represents the financial
position of the Village in conformity with GAAP. Their audit was conducted 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, 2019 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 unmodified opinion that the
financial statements of Miami Shores Village for the fiscal year ended September 30, 2019 are fairly presented in
conformity with generally accepted accounting principles (GAAP).
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FY 20J.8·19 Financial Rep ort A priJ 3 0. 2 02 0
The contents of the CAFR have been influenced by compliance with GASB pronouncements, including Statement 34
that requires the preparation of 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.
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 10,700 residents living within the 2.5 square mile
jurisdiction. The Village generally begins at Biscayne Bay on the east and goes west to Northwest Second Avenue.
The north and south boundaries are generally 115 th Street and 915 1 Street respectively. The Village is a residential-
based community with two (2) commercial districts located on Second Avenue and Biscayne Boulevard. Despite its
close proximity to Downtown Miami, the Village maintains a suburban feel. With limited commercial presence, new
growth will likely be limited to redevelopment. Wealth levels in the Village are above average, with per capita income
at $47,913 or 92% of the state, and median household income at $110,536 or 202% 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, 2019, 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 the Village,
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 I
investments; and, of course, risk controls.
ECONOMIC CONDITION AND OUTLOOK
Property values in the Village continue on an upward trend. Although substantially built-out, the Village is
experiencing a significant amount of residential renovation and teardown/rebuild activity. New construction,
additions, and rehabilitative improvements continue with a net new taxable value of $1.1 million reflected in fiscal
year 2019. Building Permits continue to be issued at an all-time high. It is anticipated that property values will
continue to increase due to the desirability of the area and the close proximity to Greater Downtown Miami. The
Village experienced an increase in assessed property values of 7.9% for fiscal year 2018 and 6.3% for fiscal year 2019.
It is anticipated that this trend will continue into fiscal year 2020.
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FY 2018-19 Financial Rep ort A pril 30. 2020
Management continues to make capital improvements that will maintain and further enhance the lifestyle of the
residents and improve services. During fiscal year 2019, the Village completed several projects that include computer
safety and security systems, a new agenda management system, and an upgrade to the permitting software to accept
online payments. Management monitors all user fees to ensure that costs are being matched while at the same time
remaining competitive in the marketplace. The Village conducted a Sanitation Rate Study to determine if sanitation
rates are sufficient to meet the current community demand. In order to continue to provide the high level of services
that have become a hallmark of the community, Management continues to control costs by closely monitoring
purchasing procedures and levels of staffing. Due to these efforts the general fund unassigned fund balance for fiscal
year 2019 is $8.6 million. This surplus will enable the Village to continue to provide the same level of services to the
residents in the upcoming fiscal years, and to address continuing capital improvement requirements.
The Village maintains a strong financial position with adequate reserve levels, modest tax base with above average
socioeconomic indices, and a manageable debt profile. The stable financial operations are a result of management's
commitment to conservative budgeting and controlling costs.
FINANCIAL INFORMATION
Accounting Contro l
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(]) 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 but those identified as fiduciary
in nature, receive annual budgets and corresponding appropriations.
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FY 2018-1 9Fina.ncial Report A PJ'il 3 0. 2020
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 15 1 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 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 are subsequently adopted by the Village Council.
The annual budget is adopted at the fund and general fund 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.
LONG-TERM FINANCIAL PLANNING
Management maintains 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. Due to the COVID-19 pandemic,
there is much uncertainty with respect to the economy, subject to when businesses will reopen, and what effect the
new business model will have on property owners, sales taxes, and other related revenue streams. The Village is
closely monitoring and taking a conservative approach in order to continue to provide basic services to our residents
and to ensure the high quality of life our residents currently enjoy. The Village maintains a strong fund balance in
order to address many of these issues.
Although the Village is a highly desirable place to live, management has plans to continue making improvements to
our Community. As a Bayside Community, the Village is much more susceptible to issues related to sea level rise.
A Septic to Sewer Conversion Study is being conducted in order to provide a course of action. The design phase has
been completed for a multi-modal pathway from Barry University to NE I 03rd Street along NE 2nd Avenue. The
installation of an automatic license plate reader camera system (ALPR) at signalized intersections within the Village
is underway. These projects are anticipated to be completed during fiscal year 2020. Our Public Works Department
continues to implement traffic calming measures on various streets throughout our Village as a result of our completed
traffic study. This will improve our quality of life by reducing speed and volume of traffic on our Village streets
making them more pedestrian friendly. We are also continuing with both the road-resurfacing program and the
sidewalk repair program utilizing existing funding.
A WARDS and ACKNOWLEDGEMENTS
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to Miami Shores Village for its comprehensive annual financial
report for the fiscal year ended September 30, 2018. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized comprehensive annual financial report. This
repo_rt must satisfy both generally accepted accounting principles and applicable legal requirements.
-IV-
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vi
Government Finance Officers Association
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, 2018
~P-~
Executive Director/CEO
Mayor Crystal Wagar
Vice Mayor Alice Burch
Councilman
Sean Brady
Councilman
Stephen Loffredo
Councilman
Jonathan Meltz
MIAMI SHORES VILLAGE, FLORIDA
LIST OF ELECTED OFFICIALS
SEPTEMBER 30, 2019
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MIAMI SHORES VILLAGE, FLORIDA
LIST OF APPOINTED OFFICIALS
SEPTEMBER 30, 2019
APPOINTED OFFICIALS
Village Manager....................................................................................................Thomas J. Benton
Village Clerk............................................................................................Ysabely Rodriguez,CMC
Village Attorney.......................................................................................................Richard Sarafan
DEPARTMENT HEADS
Building Director......................................................................................................Ismael Naranjo
Code Compliance Director......................................................................................Lazaro Remond
Finance Director...............................................................................................Holly Hugdahl, CPA
Library Director......................................................................................................Michelle Brown
Planning &Zoning Director......................................................................................Travis Kendall
Chief of Police.............................................................................................................Kevin Lystad
Public Works Director....................................................................................................Scott Davis
Recreation Director...................................................................................................Angela Dorney
VILLAGE AUDITORS
Caballero Fierman/OHUHQD *DUFLD,LLP
Accountants and Advisors
-viii-
MIAMI SHORES VILLAGE, FLORIDA
ORGANIZATION CHART
SEPTEMBER 30, 2019
MAYOR & COUNCIL
MAYOR - CRYSTAL WAGAR
VICE MAYOR - ALICE BURCH
COUNCILMAN - SEAN BRADY
COUNCILMAN - STEPHEN LOFFREDO
COUNCILMAN - JONATHAN MELTZ
VILLAGE CLERK
YSABELY RODRIGUEZ, CMC
VILLAGE ATTORNEY
RICHARD SARAFAN, ESQ.
VILLAGE MANAGER
THOMAS J. BENTON
BUILDING
DIRECTOR
ISMAEL NARANJO
FINANCE
DIRECTOR
HOLLY HUGDAHL, CPA
PLANNING &
ZONING DIRECTOR
TRAV IS KENDALL
PUBLIC WORKS
DIRECTOR
SCOTT DAVIS
CHIEF OF
POLICE
KEVIN LYSTAD
RECREATION
DIRECTOR
ANGELA DORNEY
CODE COMPLIANCE
DIRECTOR
LAZARO REMOND
DIRECTOR OF
LIBRARY SERVICES
MICHELLE BROWN
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I I I
I I
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT
1
8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 F: 305.662.4266 I CFLGCPA.COM
INDEPENDENT AUDITORS’ REPORT
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
Report on the Financial Statements
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, 2019, and the related notes to the financial statements, which collectively
comprise the Village’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
accounting principles generally accepted in the United States of America; this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express opinions on these 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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and d isclosures in the financial
statements. The procedures selected depend on the auditors ’ judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, t he
auditor considers internal control relevant to the Village’s preparation and fair presentation of the financial statements
in order to design 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. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
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 the Village, as of September 30, 2019, and the respective changes in financial position and , where
applicable, cash flows for the fiscal year then ended in accordance with accounting principles generally accepted in the
United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion
and Analysis on pages 3 through 12 and the Budgetary Comparison Schedules, Pension, and Other Post-Employment
Benefits Schedules, on pages 63 through 77, 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
2
8950 SW 74th Court I Suite 1210 I Miami, FL 33156
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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.
Supplementary and Other Information
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 and individual nonmajor fund financial
statements and budgetary comparison schedules and statistical section, are presented for purposes of additional
analysis and are not a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements and budgetary compar ison schedules are the
responsibility of management and were derived from and relate directly to the underlying accounting and other records
used to prepare the basic financial statements. Such information has been subjected to the auditing procedures appl ied
in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the basic financial statements
or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial
statements and budgetary comparison schedules are fairly stated in all material respects in relation to the basic financial
statements as a whole.
The introductory and statistical sections 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.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 30, 2020 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 internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering the Village’s
internal control over financial reporting and compliance.
Caballero Fierman Llerena & Garcia, LLP
Caballero Fierman Llerena & Garcia, LLP
Miami, Florida
April 30, 2020
MANAGEMENT’S DISCUSSION AND ANALYSIS
(Required Supplementary Information)
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
3
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, 2019. Readers are encouraged to
consider the information presented here in conjunction with additional information that is furnished in the letter of transmittal, which
can be found on pages i to iv of this report.
This discussion and analysis is designed to (a) assist the reader in focusing on significant financial issues; (b) provide an overview
of the Village’s financial activity; (c) identify changes in the Village’s financial position (its ability to address the next and subsequent
year challenges); (d) identify any material deviations from the financial plan (the approved budget); and (e) identify individual fund
issues or concerns. The information contained within this section should be considered only a part of a greater whole.
Financial Highlights for Fiscal Year 2019
At September 30, 2019, Miami Shores Village assets and deferred outflows exceeded its liabilities and deferred
inflows by $28.8 million (net position). Of this amount, $20 million was invested in capital assets, a decrease of
$1 million compared with the prior year. Additionally, $4.5 million was restricted by law, agreements, and debt
covenants or for capital projects. The Village had an unrestricted net position of $4.2 million at September 30,
2019, an increase of $2.6 million or a 172% increase as compared with the prior year. The increase in
unrestricted net position was due to the transfer of capital assets to the county and an increase in pension
assets due to changes in market position.
During fiscal year 2019, total net position decreased by $3.3 million, from $32.1 million in FY2018 to $28.8
million in FY2019. Of this decrease, $1.4 million was an increase in governmental activities and $4.8 million
was a decrease in business-type activities.
At September 30, 2019, Miami Shores Village’s governmental funds had fund balances totaling $11.3 million.
Of the total fund balance, approximately $5.2 million or 46% was unassigned and $1.6 million or 14% was
committed for future capital projects and encumbrances. The restricted fund balance of approximately $4.5
million, or 40%, is related to funds restricted by the contributing agency. The nonspendable fund balance of
approximately $15 thousand is related to prepaid items. The net change in fund balances during the year was
an increase of $52 thousand indicative of the financial stability of the Village.
The General Fund’s fund balance increased by $494 thousand for the fiscal year ended September 30, 2019.
This increase was a result of departmental savings during the year due to unfilled vacant positions and other
lower than budgeted cost savings.
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 of 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 Position presents information on all of the assets and deferred outflows and liabilities and deferred inflows
of Miami Shores Village, with the difference reported as net position. Over time, increases or decreases in net position 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 position changed during the most recent fiscal
year. All changes in net position 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, Stormwater, and Water and Sewer operations.
The government-wide financial statements may be found on pages 13 to 14 of this report.
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
4
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.
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 twelve (12) 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 seven 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 three 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, Stormwater, and Water & Sewer 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, Stormwater, and Water & Sewer
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 62 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 63 to 77 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. Combining and individual fund statements and schedules
may be found on pages 78 to 88 of this report.
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
5
Government-wide Financial Analysis
The difference between a government’s assets and deferred outflows and its liabilities and deferred inflows is its net position. The
Village’s net position is summarized below:
Miami Shores Village
Summary of Net Position
(in thousands) Total
percentage
change Governmental activities Business-type activities Total primary
government
2019 2018 2019 2018 2019 2018 2019-2018
Current and other assets
14,952
14,941
6,573
8,017
21,525
22,958 -6.24%
Capital assets
22,222
21,460
2,579
6,970
24,801
28,430 -12.76%
Total assets
37,174
36,401
9,152
14,987
46,326
51,388 -9.85%
Deferred outflows related
to pension & OPEB
1,819
1,932
96
127
1,915
2,059 -6.99%
Total deferred
outflows of resources
1,819
1,932
96
127
1,915
2,059 -6.99%
Long-term liabilities
outstanding
10,157
12,936
4,000
4,935
14,157
17,871 -20.78%
Other liabilities
1,082
806
867
1,058
1,949
1,864 4.56%
Total liabilities
11,239
13,742
4,867
5,993
16,106
19,735 -18.39%
Deferred inflows related to
BTR, pension & OPEB
3,117
1,393
185
172
3,302
1,565 110.99%
Total deferred
inflows of resources
3,117
1,393
185
172
3,302
1,565 110.99%
Net investment in capital
assets,
17,559
17,976
2,579
3,118
20,138
21,094 -4.53%
Restricted
4,507
5,736
-
3,773
4,507
9,509 -52.60%
Unrestricted
2,571
(514)
1,617
2,058
4,188
1,544 171.24%
Total net position
24,637
23,198
4,196
8,949
28,833
32,147 -10.31%
Net position may be used to assess the financial position of the Village. The Village’s combined net position as of September 30,
2019 was $28.8 million. Approximately 70%, or $20 million, of the Village’s net position represent net investment in capital assets.
These assets include land, buildings, machinery and equipment, and infrastructure and are not available for future spending.
Additionally, $4.5 million are restricted net position and are subject to external restrictions on how they may be spent.
At September 30, 2019, Miami Shores Village had an unrestricted net position of $4.2 million. At the end of the current fiscal year,
Miami Shores Village is able to report positive balances in all three categories of net position for the government as a whole, as
well as, the governmental funds and business-type activities.
Governmental activities. Financial activities for the fiscal year are reported below. Key indicators, including revenues and
expenditures by category are presented herein for review:
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
6
Miami Shores Village
Changes in Net Position
(in thousands)
Total
percentage
change Governmental activities Business-type activities Total primary government
2019 2018 2019 2018 2019 2018 2019-2018
Revenues:
Program revenues:
Charges for services
5,854
4,119
2,912
2,953
8,766
7,072 23.95%
Operating grants & Contributions
816
816
-
-
816
816 0.00%
Capital grants and Contributions
-
-
-
-
-
-
General Revenues:
Property taxes
9,010
8,485
-
-
9,010
8,485 6.19%
Other taxes
2,156
2,122
-
-
2,156
2,122 1.60%
Intergovernmental revenues
1,209
1,146
-
-
1,209
1,146 5.50%
Interest earnings - unrestricted
277
116
28
17
305
133 129.32%
Miscellaneous
664
663
-
-
664
663 0.15%
Total revenues
19,986
17,467
2,940
2,970
22,926
20,437 12.18%
Expenses:
General government
3,922
3,207
-
-
3,922
3,207 22.29%
Public safety
7,776
6,970
-
-
7,776
6,970 11.56%
Highways Streets
3,934
4,820
-
-
3,934
4,820 -18.38%
Sanitation / Stormwater / Water &
Sewer
-
-
7,276
2,813
7,276
2,813 158.66%
Culture & recreation
3,200
3,203
-
-
3,200
3,203 -0.09%
Interest on Long-term Debt
133
127
-
-
133
127 4.72%
Total expenses
18,965
18,327
7,276
2,813
26,241
21,140 24.13%
Increase(decrease) in net position
before Transfers
1,021
(860)
(4,336)
157
(3,315)
(703) 371.55%
Transfers
417
350
(417)
(350)
-
-
-
Increase(decrease) in net
position
1,438
(510)
(4,753)
(193)
(3,315)
(703) 371.55%
Beginning net position
23,198
23,588
8,949
9,029
32,147
32,617 -1.44%
Prior period adjustment
-
120
-
113
-
233 -100.00%
Ending net position
24,636
23,198
4,196
8,949
28,832
32,147 -10.31%
Ending net position in governmental activities increased $1.4 thousand or 6.2% during FY2019. The increase in ending net position
is attributable to departmental savings associated with unfilled positions and conservative spending.
Continued on next page
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
7
Figure A-1
Expenses and Program Revenues – Governmental Activities
For the Fiscal Year Ended September 30, 2019
Figure A-2
Revenues by Source – Governmental Activities
For the Fiscal Year Ended September 30, 2019
Other taxes
17%
Charges for services
30%
Property Taxes
46%
Investment earnings
1%
Other
6%
$-
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
Revenues Expenses
General government Public safety Public Works Culture/recreation Interest on long-term debt• • C C
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
8
Business-type activities. The Miami Shores Village major business-type activities include the following enterprise funds:
➢ Sanitation Fund
➢ Stormwater Fund
➢ Water & Sewer Fund
Net position of business-type activities decreased by approximately $4.7 million. This decrease is due to the transfer of the
completed water and sewer system to the County. 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, 2019
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 unassigned 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 $11.3 million. Of this amount, $5.2 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 $1.6 million, 2) restricted for funds which restrict how the funds may be spent of $4.5 million and 3) nonspendable for
funds used to account for amounts which cannot currently be spent, such as prepaid expenses of $15 thousand.
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 $8.6 million as compared with $8.1 million in the prior year.
The Village's General Fund balance increased by $500 thousand during the 2019 fiscal year. This can be attributed to unfilled
positions and conservative spending.
The Village has four other major funds, Excise Tax Fund, Police Forfeiture, General Trust Fund and Grant Fund. The Excise Tax
Fund collects public service taxes, per loan requirements, and transfers the taxes to the General Fund. During fiscal year 2019,
the Excise Tax Fund balance of $987 thousand was transferred to the General Fund to fund pool renovations.
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
Sanitation Stormwater Water & Sewer
Program Revenue Expenses■
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
9
The Police Forfeiture Fund accumulates proceeds, which are received from forfeitures related to ongoing investigations. The Village
has one officer assigned to the federal program. The expenditure of these funds is restricted by strict governmental rules and
approval of the Village Council. The fund balance of $1.4 million will be used for future projects for the Police Department.
The General Trust Fund accumulates funds that are restricted for specific purposes, i.e. recreation, building department, library,
and charter school repairs. During fiscal year 2019, the fund balance decreased $60 thousand dollars. These funds were used to
upgrade building permit software. The fund balance of $451 thousand will be used for future projects.
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 position of the Sanitation Fund at the end of the year totaled $665 thousand. Unrestricted net position will
be used to fund future purchases of capital assets.
• Unrestricted net position of the Stormwater Fund at the end of the year totaled $1 million. Unrestricted net position is
maintained to fund future projects for the existing stormwater system.
• Unrestricted net position of the Water & Sewer Fund at the end of the year had a negative $101 thousand. It is anticipated
that the unrestricted negative net position will be funded by future assessments.
General Fund Budgetary Highlights
The Village adopts annual budgets by fund, general 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 committed fund balance for encumbrances.
This amendment is usually 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 six 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 $769 thousand below final budgeted amounts. Savings were realized in general government,
$280 thousand, public safety, $382 thousand, public works, $14 thousand, and culture and recreation, $93 thousand. These
savings in general government costs and various departmental costs were due to unfilled positions and conservative spending.
The fiscal year 2019 final amended budget was $17.7 million, an increase of 8.6% over the original General Fund budget of $16.3
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 1.7%. The final Adopted Budget is balanced with revenues of $13.8 million, $3.5 million in
operating transfers from Excise Tax, Sanitation Fund and Stormwater Fund, and a $400 thousand appropriation of General Fund
Balance.
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, 2019 amounts to $24.8 million (net of accumulated depreciation). The 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 Village’s investments in capital assets.
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
10
Miami Shores Village
Capital Assets as of September 30, 2019 and 2018
(net of accumulated depreciation)
Governmental Activities Business-Type Activities Total
Classification 2019 2018 2019 2018 2019 2018
Land $ 2,386,158 $ 2,386,158 $ - $ - $ 2,386,158 $ 2,386,158
Construction in progress 405,343 76,954 -
4,314,801 405,343 4,391,755
Building 9,447,852 9,723,846 - - 9,447,852 9,723,846
Land Improvement - 987,382 - - - 987,382
Infrastructure 6,288,252 5,565,491 1,648,828 1,730,671 7,937,080 7,296,162
Machinery and equipment 2,950,887 2,309,521 929,899 924,629 3,880,786 3,234,150
Intangible 743,653 410,508 - - 743,653 410,508
Totals $ 22,222,145 $ 21,459,860
$ 2,578,727
$ 6,970,101 $ 24,800,872 $ 28,429,961
Additional information on Miami Shores Village’s capital assets may be found in Note 6 on Pages 39 to 40 of this report.
Long-term Liabilities. At September 30, 2019, Miami Shores Village had $14.2 million in long-term liabilities, which are
summarized in the schedule below. The decrease of $3.7 million is attributable to a reduction in net pension liability of $2.6 million,
and payments of bonds and notes payable of $1.1 million.
Miami Shores Village
Outstanding Long-term Liabilities as of September 30, 2019 and 2018
Governmental Activities Business-type activities Total Primary Government
2019 2018 2019 2018 2019 2018
General obligation bonds $ 4,662,700 $ 4,979,800 $ - $ - $ 4,662,700 $ 4,979,800
Other debt - - 3,760,000 4,520,000 3,760,000 4,520,000
Total bonds and notes payable 4,662,700 4,979,800 3,760,000 4,520,000 8,422,700 9,499,800
Other liabilities:
OPEB liability 629,893 612,919 26,369 30,411 656,262 643,330
Estimated insurance claims payable - - - - - -
Compensated absences 748,956 731,253 102,975 140,856 851,931 872,109
Net pension liability 4,115,451 6,611,665 110,491 244,061 4,225,942 6,855,726
Totals $10,157,000 $12,935,637 $3,999,835
$4,935,328 $14,156,835 $17,870,965
Additional information on the Village’s long-term debt may be found in Note 7 on Pages 40 to 42 of this report.
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
11
Economic Factors and Next Year’s Budgets and Rates
Miami Shores Village is a single-family, residential 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
six-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 $25,000 homestead exemption by another $25,0 00 for
the portion of assessed property value exceeding $50,000, except for school district taxes. 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, which could further limit the extent to which
municipalities can levy taxes, continue to be introduced by the state legislature.
Actual taxes levied by the Village in 2019 reflected an increase of $520 thousand, precipitated by an increase in property values of
$66 million or 6.3% in property values as compared with 2018. Based on the current real estate market within the Village, it is
anticipated that assessed values will continue to increase due to the desirability of the area and the close location to Greater
Downtown Miami.
During the current fiscal year, unassigned fund balance in the General Fund was $8.6 million, an increase of $500 thousand
compared to the unreserved fund balance in 2018 of $8.1 million. This $8.6 million is approximately equal to 6.1 months of General
Fund operating expenditures. Even though fair market property values are expected to increase; assessed property values are
limited by the “Save Our Homes” benefits. This limits the increase in property tax revenue even when property values are
increasing. Expenditures such as payroll and personnel benefits will continue to increase. Fiscal year 2020 budgeted expenditures
and transfers are expected to be $16.9 million, or 3.7%, more than the fiscal year 2019 budget of $16.3 million. 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 additional increases in operational expenditures, reductions in revenues related to the COVID-
19 pandemic, fund capital improvements, or be available to defray the outstanding costs associated with hurricanes or the costs of
other natural disasters.
MIAMI SHORES VILLAGE, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2019
12
General Fund Unrestricted and Unassigned Surplus
For the Fiscal Years ended September 30, 2010-2019
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, 2010-2019
Fiscal year 2020 budgeted expenditures and transfers are expected to increase $606 thousand compared with fiscal year 2019.
This increase in expenditures is due to additional staffing to better meet the needs of the community.
Requests for Information
This financial report is designed to provide a general overview of Miami Shores Villages’ finances to our citizens, taxpayers,
customers, investors, creditors, and others with an interest in the Villages’ finances. Questions concerning this report or requests
for additional financial information should be directed to the Finance Director, Holly Hugdahl, CPA, CGMA.
MIAMI SHORES VILLAGE
Finance Department
10050 Northeast Second Avenue
Miami Shores, Florida 33138-2382
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
9000000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
7.4
7.6
7.8
8
8.2
8.4
8.6
8.8
9
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Operating Millage Debt Service Millage■
BASIC FINANCIAL STATEMENTS
Business-
GovernmentalType
Activities Activities Total
ASSETS
Cash and cash equivalents 4,418,252$ 1,529,290$ 5,947,542$
Investments 9,350,138 1,011,524 10,361,662
Accounts receivable - net 853,022 236,728 1,089,750
Special assessment receivable - 3,785,701 3,785,701
Prepaid items 209,995 - 209,995
Inventories 36,955 87,316 124,271
Internal balances 83,276 (83,276) -
Restricted assets:
Cash and cash equivalents - 5,409 5,409
Capital assets not being depreciated 2,791,501 - 2,791,501
Capital assets being depreciated, net 19,430,644 2,578,731 22,009,375
Total assets 37,173,783 9,151,423 46,325,206
DEFERRED OUTLOWS OF RESOURCES
OPEB 33,512 14,262 47,774
Pension 1,785,280 81,965 1,867,245
Total deferred outflows of resources 1,818,792 96,227 1,915,019
LIABILITIES
Accounts payable and accrued liabilities 1,030,603 82,052 1,112,655
Unearned revenues 50,880 785,364 836,244
Noncurrent liabilities:
The amount due in one year 330,767 185,748 516,515
The amount due in more than one year 9,826,233 3,814,091 13,640,324
Total liabilities 11,238,483 4,867,255 16,105,738
DEFERRED INFLOWS OF RESOURCES
Business license tax 81,785 - 81,785
OPEB 25,601 8,820 34,421
Pension 3,009,876 176,044 3,185,920
Total deferred inflows of resources 3,117,262 184,864 3,302,126
NET POSITION
Net investment in capital assets 17,559,445 2,578,731 20,138,176
Restricted for:
Public safety 1,458,408 - 1,458,408
Transportation 674,183 - 674,183
Building department 108,026 - 108,026
Library 864,265 - 864,265
Debt service 1,184,109 - 1,184,109
Charter school 122,781 - 122,781
Recreation 94,635 - 94,635
Unrestricted 2,570,978 1,616,800 4,187,778
Total net position 24,636,830$ 4,195,531$ 28,832,361$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30, 2019
See notes to basic financial statements
13
Op
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14
Other Total
Police Governmental Governmental
General Excise Tax Forfeiture General Trust Grants Funds Funds
ASSETS
Cash and cash equivalents 237,051$ -$ 97,375$ 957,684$ -$ 3,126,142$ 4,418,252$
Investments 4,393,603 - 1,315,014 - - 1,112,676 6,821,293
Accounts receivable - net 221,959 374,127 22,434 - 38,492 139,280 796,292
Due from other funds 4,163,419 - - - - - 4,163,419
Prepaid items 12,656 - - 2,000 - - 14,656
Total assets 9,028,688$ 374,127$ 1,434,823$ 959,684$ 38,492$ 4,378,098$ 16,213,912$
LIABILITIES
Accounts payable and accrued liabilities 320,114$ -$ 3,726$ 508,551$ 21,246$ 85,101$ 938,738$
Due to other funds - 374,127 - - 3,384,118 - 3,758,245
Unearned revenues 44,477 - - - 6,403 - 50,880
Total liabilities 364,591 374,127 3,726 508,551 3,411,767 85,101 4,747,863
DEFERRED INFLOWS OF RESOURCES
Business license tax 81,785 - - - - - 81,785
FUND BALANCES
Nonspendable 12,656 - - 2,000 - - 14,656
Restricted - - 1,431,097 449,133 - 2,646,410 4,526,640
Committed - - - - - 1,646,587 1,646,587
Unassigned 8,569,656 - - - (3,373,275) - 5,196,381
Total fund balances 8,582,312 - 1,431,097 451,133 (3,373,275) 4,292,997 11,384,264
Total liabilities, deferred inflows of
resources, and fund balances 9,028,688$ 374,127$ 1,434,823$ 959,684$ 38,492$ 4,378,098$ 16,213,912$
MIAMI SHORES VILLAGE, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
Major Funds
SEPTEMBER 30, 2019
See notes to basic financial statements
15
Fund balances - total governmental funds (Page 15)11,384,264$
Amounts reported for governmental activities in the statement of net position 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 44,366,416$
Less accumulated depreciation (24,441,892)
19,924,524
Deferred inflows/outflows of resources in the statement of net position will be
recognized in future periods.
Deferred outflows related to OPEB 33,512
Deferred inflows related to OPEB (25,601)
Deferred outflows related to pension 1,761,172
Deferred inflows related to pension (2,958,098)
(1,189,015)
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 (4,662,700)
OPEB liability (629,893)
Net pension liability (4,082,954)
Compensated absences (735,488)
(10,111,035)
Net position of internal service funds are not reported with governmental funds4,628,092
Net position of governmental activities (Page 13)24,636,830$
SEPTEMBER 30, 2019
MIAMI SHORES VILLAGE, FLORIDA
RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION
GOVERNMENTAL FUNDS
See notes to basic financial statements
16
O
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16
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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)51,924$
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 outlay capitalized1,406,834$
Less current year depreciation (1,061,223)
Net adjustment 345,611
The net effect of various transactions involving capital assets (i.e., sales, trade-ins
and donations) is to increase (decrease) net position.(5,652)
The issuance of long term debt (e.g., bonds, leases) provides current financial debt
consumes the current financial resources of governmental funds. Neither transaction, however,
has any effect on net position.resources to governmental funds, while the repayment of the
principal of long term.
Principal payments 317,100
317,100
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.
Change in net pension liability and other deferral amounts654,803
Change in compensated absences (25,887)
Change in OPEB liability (16,974)
Allocation of internal service funds' net income117,419
729,361
Change in net position of governmental activities (Page 14)1,438,344$
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
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 -
Internal
Service
ASSETS Sanitation Stormwater Water & Sewer Total Funds
Current assets:
Cash and cash equivalents 1,426,668$ 102,622$ -$ 1,529,290$ -$
Investments - 1,011,524 - 1,011,524 2,528,845
Accounts receivable - net 217,091 19,637 - 236,728 56,730
Special assessment receivable - - 3,785,701 3,785,701 -
Inventories 87,316 - - 87,316 36,955
Prepaid items - - - - 195,339
Restricted assets:
Cash and cash equivalents - - 5,409 5,409 -
Total current assets 1,731,075 1,133,783 3,791,110 6,655,968 2,817,869
Capital assets:
Capital assets not being depreciated - - - - 7,127
Capital assets being depreciated, net 926,856 1,651,875 - 2,578,731 2,290,494
Total noncurrent assets 926,856 1,651,875 - 2,578,731 2,297,621
Total assets 2,657,931 2,785,658 3,791,110 9,234,699 5,115,490
DEFERRED OUTLOWS OF RESOURCES
Pension 77,144 4,821 - 81,965 24,108
OPEB 13,119 1,143 - 14,262 -
Total deferred outflows of resources 90,263 5,964 - 96,227 24,108
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities78,983 1,558 1,511 82,052 91,865
Due to other funds - - 83,276 83,276 321,898
Unearned revenues 674,146 64,042 47,176 785,364 -
Compensated absences 25,222 526 - 25,748 3,367
Notes payable - - 160,000 160,000 -
Total current liabilities778,351 66,126 291,963 1,136,440 417,130
Non-current liabilities:
Compensated absences 75,666 1,565 - 77,231 10,101
Notes payable - - 3,600,000 3,600,000 -
Net pension liability 103,992 6,499 - 110,491 32,497
OPEB liability 24,818 1,551 - 26,369 -
Total noncurrent liabilities204,476 9,615 3,600,000 3,814,091 42,598
Total liabilities 982,827 75,741 3,891,963 4,950,531 459,728
DEFERRED INFLOWS OF RESOURCES
Pension 165,688 10,356 - 176,044 51,778
OPEB 8,154 666 - 8,820 -
Total deferred inflows of resources 173,842 11,022 - 184,864 51,778
NET POSITION
Net investment in capital assets 926,856 1,651,875 - 2,578,731 2,297,621
Restricted for:
Capital activites - - - - -
Unrestricted 664,669 1,052,984 (100,853) 1,616,800 2,330,471
Total net position 1,591,525$ 2,704,859$ (100,853)$ 4,195,531$ 4,628,092$
Enterprise Funds
Business-type Activities -
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2019
See notes to basic financial statements
19
Governmental
Activities -
Internal
Service
Sanitation Stormwater Water & Sewer Total Funds
Operating revenues:
Charges for services 2,621,861$ 245,805$ 43,868$ 2,911,534$ 2,222,300$
Operating expenses:
Administrative and general 936,272 105,983 32,029 1,074,284 65,879
Public works - - - - 768,049
Personnel expenses 967,354 71,516 - 1,038,870 220,328
Depreciation 228,463 78,800 - 307,263 293,187
Contractual services 480,578 22,960 - 503,538 -
Insurance premiums and claims - - - - 803,371
Total operating expenses 2,612,667 279,259 32,029 2,923,955 2,150,814
Operating income (loss)9,194 (33,454) 11,839 (12,421) 71,486
Non-operating revenues (expenses):
Interest income 6,139 18,248 3,416 27,803 45,933
Interest expense - - (123,526) (123,526) -
Capital assets transferred - - (4,327,561) (4,327,561) -
Other expenses - - (10,266) (10,266) -
Net non-operating revenues (expenses)6,139 18,248 (4,457,937) (4,433,550) 45,933
Income before transfers and contributions 15,333 (15,206) (4,446,098) (4,445,971) 117,419
Transfers in - - 92,920 92,920 29,933
Transfers out (350,000) (50,000) - (400,000) (29,933)
Change in net position (334,667) (65,206) (4,353,178) (4,753,051) 117,419
Net position, beginning 1,926,192 2,770,065 4,252,325 8,948,582 4,510,673
Net position, ending 1,591,525$ 2,704,859$ (100,853)$ 4,195,531$ 4,628,092$
Enterprise Funds
Business-type Activities -
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
See notes to basic financial statements.
20
Governmental
Activities-
Internal
Service
Sanitation Stormwater Water & Sewer Total Funds
Cash flows from operating activities:
Cash received from customers, governments and other funds 2,649,212$ 243,977$ 43,868$ 2,937,057$ 1,726,555$
Cash paid to suppliers (1,600,304) (140,907) 39,501 (1,701,710) (1,048,569)
Cash paid for employees (1,078,514) (92,215) - (1,170,729) (239,521)
Net cash provided by (used in) operating activities (29,606) 10,855 83,369 64,618 438,465
Cash flows from non-capital financing activities:
Transfers in - - 92,920 92,920 29,933
Transfers out (350,000) (50,000) - (400,000) (29,933)
Net cash provided by (used in) non-capital financing activities (350,000) (50,000) 92,920 (307,080) -
Cash flows from capital related financing activities:
Acquisition and construction of capital assets (230,690) - 4,314,801 4,084,111 (709,861)
Investments - (1,011,524) - (1,011,524) -
Special assessments received - - 145,038 145,038 -
Principal paid on ling-term debt - - (760,000) (760,000) -
Issuance cost - - (10,266) (10,266) -
Interest paid on capital debt - - (113,260) (113,260) -
Net cash provided by (used in) capital and related financing activities (230,690) (1,011,528) 3,576,313 2,334,095 (709,861)
Cash flows from investing activities:
Interest and other income 6,139 18,248 (6,850) 17,537 45,933
Net cash provided by (used in) investing activities 6,139 18,248 (6,850) 17,537 45,933
Net increase (decrease) in cash and cash equivalents (604,157) (1,032,425) 3,745,752 2,109,170 (225,463)
Cash and cash equivalents, October 1 2,030,825 1,135,047 587,218 3,753,090 2,754,308
Cash and cash equivalents, September 30 1,426,668$ 102,622$ 4,332,970$ 5,862,260$ 2,528,845$
Reported in statement of net position as follows:
Unrestricted 1,426,668$ 102,622$ -$ 1,529,290$ -$
Restricted - - 5,409 5,409 -
1,426,668$ 102,622$ 5,409$ 1,534,699$ -$
Reconciliation of operating income to net cash
provided by operating activities:
Operating income (loss)9,194$ (33,454)$ 11,839$ (12,421)$ 71,486$
Adjustments to reconcile operating income to net
cash provided by operating activities:
Depreciation 228,463 78,800 - 307,263 293,187
Change in assets and liabilities:
(Increase) decrease in:
Accounts receivable 27,169 (1,988) - 25,181 (49,299)
Inventories (19,381) - - (19,381) 18,576
Prepaids - - 3,150 3,150 (193,514)
Other assets - - - - -
Deferred outflows of resources for pension 24,040 6,735 - 30,775 5,793
Other assets - - - - (295)
Increase (decrease) in:
Accounts payable and accrued liabilities (164,073) (11,964) (14,896) (190,933) (4,381)
Claims payable - - - - -
Compensated absences (36,019) (1,858) - (37,877) (6,138)
OPEB liability (2,552) (1,490) - (4,042) -
Due to other funds - - 83,276 83,276 321,898
Unearned revenues 182 160 - 342 -
Net pension liability (115,663) (17,907) - (133,570) (28,518)
Deferred inflows of resources for pension 19,034 (6,179) - 12,855 9,670
Total adjustments (38,800) 44,309 71,530 77,039 366,979
Net cash provided by (used in) operating activities (29,606)$ 10,855$ 83,369$ 64,618$ 438,465$
Noncash capital related financing activities:
Contributions -$ -$ 3,785,701$ 3,785,701$ -$
Total noncash capital related financing activities -$ -$ 3,785,701$ 3,785,701$ -$
Enterprise Funds
Business-type Activities -
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
See notes to basic financial statements
21
Pension Private
Trust Purpose
Funds Trust
ASSETS
Cash and cash equivalents 2,836,707$ 1,472,848$
Receivables:
Other receivables 108,695 -
Accrued interest and dividends 103,319 5,147
Total receivables 212,014 5,147
Investments, at fair value
Mutual funds - equity 19,327,972 -
Common stock 6,629,386 -
Corporate bonds 6,435,296 -
U.S. Government securities 2,936,851 -
Mortgage backed securities 4,027,712 -
Total investments 39,357,217 -
Total assets 42,405,938 1,477,995
NET POSITION
Net position resticted for pensions and charter school42,405,938$ 1,477,995$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
SEPTEMBER 30, 2019
See notes to basic financial statements
22
Pension Private
Trust Purpose
Funds Trust
ADDITIONS
Contributions:
Employer 1,519,411$ -$
Employees 462,497 -
State of Florida 214,608 -
Total contributions 2,196,516 -
Investment income:
Net depreciation in fair value of investments (689,000) -
Interest and dividend income 2,272,111 27,197
Total investment income 1,583,111 27,197
Less investment expenses (174,317) -
Net investment income 1,408,794 27,197
Total additions 3,605,310 27,197
DEDUCTIONS
Benefits paid 3,052,246 -
Administrative expenses 100,623 -
Total deductions 3,152,869 -
Net increase 452,441 27,197
Net position resticted for pensions and charter school
Beginning of year 41,953,497 1,450,798
End of year 42,405,938$ 1,477,995$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
See notes to basic financial statements
23
NOTES TO BASIC FINANCIAL STATEMENTS
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
24
NOTE 1 – 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.
As required by generally accepted accounting principles, these basic financial statements present the reporting
entity of the Village. Component units are legally separate entities for which the government is considered to be
financially accountable and for which the nature and significance of their relationship with the primary government
are such that exclusion would cause the Village’s combined financial statements to be misleading or incomplete.
The primary government is considered financially accountable if it appoints a vo ting majority of an organization’s
governing body and 1) it is able to impose its will on the organization or 2) there is a potential for the organization
to provide specific financial benefit to or impose specific financial burden on the Board. Additionally, the primary
government is required to consider other organizations for which the nature and significance of their relationship
with the primary government are such that exclusion would cause the reporting entity financial statements to be
misleading or incomplete. Based upon the application of these criteria, there were no organizations which met the
criteria described above.
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 position and the statement of activities) 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
25
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting and Basis of Presentation (Continued)
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.
Grant Fund - This fund accounts for the use of specific designated resources related to grant programs.
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.
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.
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.
Water & Sewer Fund - This fund accounts for the annual assessments to pay for the construction cost and
maintenance fees for the NE Second Avenue Business District Water & Sewer Project. Future maintenance
costs for the grind pumps will be paid from this fund.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
26
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting and Basis of Presentation (Continued)
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.
The financial statements of the Village have been prepared in accordance with generally accepted accounting
principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is
the standard setting body for governmental accounting and financial reporting. The financial statements of the
Village follow the guidance of GASB Statement No. 62, Codification of Accounting and Financial Reporting
Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements for both the government wide
and proprietary fund financial statements. Governments also have the option of following subsequent FASB
pronouncements for their business-type activities and enterprise funds subject to this same limitation. The Village
has elected not to follow subsequent FASB 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
27
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 pooled cash 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
investments consist of amounts placed with the State Board of Administration in the Local Government Surplus
Funds Trust Fund (Florida PRIME) investment pool. The Florida PRIME 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 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 position. Dividends and interest are recognized as earned.
Purchases and sales of investments are recorded on a trade-date basis.
The Village's investments in Florida PRIME 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.
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 – in both, the government-wide and fund financial statements – as prepaid items by
recording an asset for the prepaid amount and recognizing the expenditure in the year such item is consumed
(consumption method). 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
28
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
G. Property Taxes (Continued)
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, 2019 was 7.9000 mills ($7.9000 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.
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 acquisition 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 fixtures3-10
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
29
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
J. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows
of resources. This separate financial statement element, deferred outflows of resources, represents a consumption
of net position that applies to a future period(s) and so will not be recognized as an outflow of resources
(expense/expenditure) until then. The Village has pension amounts of $1,867,245 and OPEB amounts of $47,774
that qualify for reporting in this category on the government-wide statement of net position.
In additions to liabilities, the statement of net position will sometimes report a separate section for deferred inflows
of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition
of net position that applies to a future period(s) and so will not be recognized as inflows of resources (revenue)
until that time. The Village has local business licenses taxes of $81,785, pension amounts of $3,185,920, and
OPEB amount of $34,421. That quality for reporting in this category on the government – wide statement of net
position.
Net position is the residual of all other elements presented in a statement of financial position. It is the difference
between (a) assets plus deferred outflow of resources and (b) liabilities and deferred inflows of resources.
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 workday 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
18-19 fiscal year.
M. Employee Benefit Plan
The Village provides a separate defined benefit pension plan for its police officers and general employees. At
September 30, 2019, for purposes of measuring the net pension liability, deferred outflows of resources and
deferred inflows of resources related to pensions and pension expense, information about the General Employees’
Retirement Plan and the Police Officers’ Retirement Plan are presented in the government -wide statement of net
position. The net pension liability is a function of the annual required contributions, interest, adjustments to the
annual required contribution, annual pension costs and actual employer’s contributions made to the Plans. Please
refer to Note 10 for further information.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
30
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
N. Post-Employment Benefits Other Than Pensions (OPEB)
Pursuant to Section 112.0801, Florida Statutes, the Village is mandated to permit participation in the health
insurance program by retirees and their eligible dependents at a cost to the retiree that is no greater than the cost
at which coverage is available for active employees. Retirees are required to pay 100% of the premium rates where
premiums are determined based upon a blended rates used for active employees and retirees. These premium
rates were adjusted to reflect differing utilization rates by age and gender and the impact of the Medicare program
on claim costs. The blended rates provide an implicit subsidy for retirees because, on an actuarial basis, their
current and future claims are expected to result in higher costs to the plan on average than those of active
employees. The Village currently provides these benefits in accordance with the vesting and retirement
requirements of the Village.
The Village is financing the post employee benefits on a pay-as-you go basis. As determined by an actuarial
valuation, the Village records an OPEB liability in its government-wide and proprietary financial statements related
to the implicit subsidy. For governmental funds, the OPEB liability is generally liquidated by the General Fund. The
OPEB plan does not issue separate financial statements.
O. 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 position. Bond issuance costs are expensed as incurred
except for insurance cost which are amortized over the term of the related debt. For proprietary fund types, bonds
payable are reported net of the applicable bond premium or discount.
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 as
incurred.
P. Net Position
Total net position as of September 30, 2019, is classified into three components of net position:
Net investment in capital assets
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, excluding unexpended proceeds.
Restricted net position
This category consists of net position 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 position
This category includes all of the remaining net position that does not meet the definition of the other two
categories.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
31
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
P. Fund Balance (continued)
As of September 30, 2019, 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.
Both ordinances and resolutions are equally binding. 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
Assigned fund balances are amounts that are constrained by the Village's intent to be used for specific
purposes, but are neither restricted nor committed. Intent is established by the Village Council who has the
authority to assign, modify or rescind amounts to be used for specific purposes. This is delegated to the Village
Manager by the Council. This balance includes (a) all remaining amounts that are reported in governmental
funds (other than the General Fund) that are not classified as nonspendable, restricted, or committed, and (b)
amounts in the General Fund that are intended to be used for a specific purpose. Specific amounts that are
not restricted or committed in a special revenue or capital projects fund are assigned for the purposes in
accordance with the nature of their fund type, Assignment within the General Fund conveys that the intended
use of those amounts is for a specific purpose that is narrower than the general purposes of the Village itself.
Unassigned
This fund balance is the residual classification for the General Fund. The General Fund is the only fund that
reports a positive unassigned fund balance amount. This category is also used to report negative fund
balances in other governmental funds.
The Village considers restricted amounts to be spent first when both restricted and unrestricted fund balance is
available unless there are legal documents/contracts that prohibit this, such as grant agreements requiring dollar
for dollar spending. Additionally, the Village would first use committed, then assigned, and lastly unassigned
amounts of unrestricted fund balance when expenditures are made.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
32
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
OtherTotal
ExcisePoliceGeneral Governmental Governmental
General Tax Forfeiture Trust Grants Funds Funds
Fund balances:
Nonspendable:
Prepaids 12,656$ -$ -$ 2,000$ -$ -$ 14,656$
Restricted:
Transportation - - - - - 674,183 674,183
Library- - - 125,180 - 739,085 864,265
Recreation- - - 94,635 - - 94,635
Building - - - 108,026 - - 108,026
Charter School- - - 120,782 - 21,727 142,509
Public Safety - - 1,431,097 510 - 27,306 1,458,913
Debt service- - - - - 1,184,109 1,184,109
Committed:
Capital projects - - - - - 1,646,587 1,646,587
Unassigned 8,569,656 - - - (3,373,275) - 5,196,381
Total Fund Balances 8,582,312$ -$ 1,431,097$ 451,133$ (3,373,275)$ 4,292,997$ 11,384,264$
Fund Balances:
Nonspendable 12,656$ -$ -$ 2,000$ -$ -$ 14,656$
Restricted - - 1,431,097 449,133 - 2,646,410 4,526,640
Committed - - - - - 1,646,587 1,646,587
Unassigned 8,569,656 - - - (3,373,275) - 5,196,381
Total Fund Balances 8,582,312$ -$ 1,431,097$ 451,133$ (3,373,275)$ 4,292,997$ 11,384,264$
Q. Fund Balance Flow Assumption
Sometimes the Village will fund outlays for a particular purpose from both restricted and unrestricted resources
(the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as
restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements, a
flow assumption must be made about the order in which the resources are considered to be applied. It Is the
Village’s policy to consider restricted fund balance to have been depleted before using any of the components of
unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same
purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance,
if any, is applied last.
R. Capital Contributions
Capital contributions in proprietary fund financial statements arise from grants or outside contributions of resources
restricted to capital acquisition and construction.
S. 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 collectability of receivables, the
realization of pension obligations, OPEB and the useful lives of capital assets.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
33
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
S. Use of Estimates (continued)
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.
NOTE 2 – 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.
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.
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 AgencyDisaster mitigation
For the fiscal year ended September 30, 2019, the Village complied, in all material respects, with these revenue
restrictions.
NOTE 3 – 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 (SBA). 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.
The SBA administers Florida PRIME (“PRIME”), which is governed by Chapter 19-7 of the Florida Administrative
Code and Chapters 215 and 219 of the Florida Statutes. These rules provide guidance and establish the policies
and general operating procedures of the administration of PRIME. PRIME is not a registrant with the Securities
and Exchange Commission; however, the SBA has adopted operating procedures consistent with the requirements
for a 2a-7 fund, which permits money market funds to use amortized cost to maintain a constant net asset value
(“NAV”) of $1 per share. The fair value of the position in the Florida PRIME is equal to the value of the pool shares.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
34
NOTE 3 – DEPOSITS AND INVESTMENTS (continued)
Investments (continued)
Additionally, the Office of the Auditor General of the State of Florida performs the operational audit of the activities
and investment of the SBA. The SBA accounts are not subject to custodial credit risk as these investments are not
evidenced by securities that exist in physical or bank entry form.
In accordance with GASB Statement No. 79, Certain External Investment Pools and Pool Participants, the Village’s
investment in the Florida PRIME meets the definition of a qualifying investment pool that measures for financial
reporting purposes all of its investments at amortized cost and should disclose the presence of any limitations or
restrictions on withdrawals. As of September 30, 2019, there were no redemption fees or maximum transaction
amounts, or any other requirements that serve to limit a participant’s daily access to 1 00 percent of their account
value.
Investments - Village
As of September 30, 2019, the Village had the following investments:
Investment Type Fair Value
SBA - PRIME 9,350,138
Total 9,350,138
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 weighted average monthly maturity of its investment portfolio to less than 180 days.
The weighted average days to maturity (WAM) of the Florida PRIME as of September 30, 2019 is 37 days. Next
interest rate reset dates for floating rate securities are used in the calculation of the WAM. The weighted average
like (WAL) of Florida PRIME at September 30, 2019, is 85 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 PRIME is rated AAAm by Standard and Poor’s.
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, 2019, 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
The Pension Board of Trustees has developed certain investment guidelines and has retained investment
managers. The investment managers are expected to maximize the return on the investment portfolio and may
make transactions consistent with that expectation within the Board's guidelines. The investment managers are
compensated based on a percentage of their portfolio's market value.
The Plans’ investment policy is determined by the Board who is responsible for directing the investment of the
assets of the Plans to ensure that there will be adequate monies for future benefits. The policy has been identified
by the Board to conduct the operations of the Plans in a manner so that the assets will provide the pension and
other benefits provided under applicable laws, including Village ordinances, preserving principal while maximizing
the rate of return.
Investment in all equity securities shall be limited to those listed on a major U.S stock exchange and limited to no
more than 70% (at market) of the Plan’s total asset value. The equity position in any one company shall not exceed
5% of the Plan’s total asset value at the time of purchase. Investments in stocks of foreign companies shall be
limited to 25% of the Plan’s market value.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
35
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
Investments Pension Plans (continued)
Investments in fixed income securities shall meet or exceed a rating of investment grade as determined by at least
one major credit rating service. The market value of bonds issued by any single issuer shall not exceed 3% of the
manager’s portfolio.
Types of Investments
Florida statutes and Plan investment policy authorize the Board to invest funds in various investments. The current
target allocation of these investments at fair value is as follows:
Asset Group General Employees Police
Domestic Equity 50%50%
International Equity 15%15%
Domestic Bonds 35%35%
Target Allocation
Rate of Return
For the fiscal year ending September 30, 2019, the annual money-weighted rate of return on pension plan
investments, net pension plan investment expense, was 2.85% for the General Employee Retirement Plan and
3.33% for the Police Retirement Plan. The money weighted rate of return expresses investment performance, net
of investment manager and consultant expenses adjusted for the changing amounts actually invested. Inputs to
the internal rate of return calculation are determined on a monthly basis.
As of September 30, 2019, the Plans had the following investments and maturities:
General Employees' Retirement Plan
Investment Type Fair ValueLess than 1 1-5 6-10More Than 10
Year Years Years Years
Corporate/Foreign Bonds 2,232,337 - 1,011,857 973,952 246,528
U.S. government agencies 1,045,477 - 540,868 36,297 468,312
Municipal bonds 870,236 - - 45,363 824,873
Collateralized mortgage obligations 515,180 - - - 515,180
Total 4,663,230 - 1,552,7251,055,6122,054,892
Police Officers' Retirement Plan
Investment Type Fair ValueLess than 1 1-5 6-10More Than 10
Year Years Years Years
Corporate/Foreign Bonds 4,202,959 - 1,853,102 1,871,678 478,179
Municipal bonds 2,642,296 - - - 2,642,296
U.S. government agencies 1,891,374 - 987,216 57,040 847,118
Total 8,736,629 - 2,840,3181,928,7183,967,593
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
36
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
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.
General Employees' Retirement Plan
The following tables disclose credit ratings by investment type, at September 30, 2019:
U.S. government
guaranteed*1,870,350 40.11%
Quality rating of credit risk debt securities
A307,118 6.59%
A-77,123 1.65%
A+177,364 3.80%
AA 92,408 1.98%
AA-125,897 2.70%
AA+584,218 12.53%
AAA 224,399 4.81%
BB+31,192 0.67%
BBB 394,772 8.47%
BBB-178,035 3.82%
BBB+600,354 12.87%
2,792,880 59.89%
4,663,230$ 100.00%Total fixed income securities
*Obligations of the U.S. government or obligations explicitly or implicitly guaranteed by the
U.S. government are not considered to have credit risk and do not have purchase limitations.
Percentange of Portfolio Fair Value
Total credit risk debt securities
Police Officers' Retirement Plan
U.S. government
guaranteed*3,531,950 40.11%
Quality rating of credit risk debt securities
A515,905 6.59%
A-143,901 1.65%
A+336,694 3.80%
AA179,713 1.98%
AA-246,447 2.70%
AA+1,036,421 12.53%
AAA433,302 4.81%
BB+57,185 0.67%
BBB765,715 8.47%
BBB-361,353 3.82%
BBB+1,128,043 12.87%
5,204,679 59.89%
8,736,629$ 100.00%
*Obligations of the U.S. government or obligations explicitly or implicitly guaranteed by the
U.S. government are not considered to have credit risk and do not have purchase limitations.
Fair Value Percentange of Portfolio
Total credit risk debt securities
Total fixed income securities
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
37
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
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, 2019, 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 position and the statement of
changes in plan net position. 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.
NOTE 4 – FAIR VALUE MEASUREMENT
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The Village categorizes its fair value
measurements within the fair value hierarchy established by generally accepted accounting principles. The
hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted
prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs
are significant unobservable inputs.
The following is a description of the valuation methodologies used for the Plan’s investments measured at fair
value:
Debt income securities are valued using pricing inputs that reflect the assumptions market participants would
use to price an asset or liability and are developed based on market data obtained from sources independent
of the reporting entity. This includes government securities, corporate bonds, and mortgage backed securities.
Equity securities traded on national or international exchanges are valued at the last reported sales price or
current exchange rates. This includes equity mutual funds, common stock, and exchange-traded fund.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
38
NOTE 4 – FAIR VALUE MEASUREMENT (CONTINUED)
The Plans have the following recurring fair value measurements as of September 30, 2019:
General Employees' Retirement Plan
Quoted PricesSignificant
in ActiveOtherSignificant
Markets forObservableUnobservable
Identical AssetsInputsInputs
9/30/2019 (Level 1)(Level 2)(Level 3)
Investments by fair value level:
Debt securities:
U.S. government agencies 1,045,477$ 1,045,477$ -$ -$
Municipal bonds 870,236 - 870,236 -
Collateralized mortgage obligations 515,180 - 515,180 -
Corporate bonds 2,232,337 - 2,232,337 -
Total debt securities 4,663,230 1,045,477 3,617,753 -
Equity securities:
Common stock 2,430,772 2,430,772 - -
Mutual fund equities 7,473,544 7,473,544 - -
Total equity securities 9,904,316 9,904,316 - -
Total investments at fair value 14,567,546$ 10,949,793$ 3,617,753$ -$
Fair Value Measurements Using
Police Officers' Retirement Plan
Quoted PricesSignificant
in ActiveOtherSignificant
Markets forObservableUnobservable
Identical AssetsInputsInputs
9/30/2019 (Level 1)(Level 2)(Level 3)
Investments by fair value level:
Debt securities:
U.S. government agencies 1,891,374$ 1,891,374$ -$ -$
Foreign Bonds - - - -
Municipal bonds 1,640,576 - 1,640,576 -
Collateralized mortgage obligations 1,001,720 - 1,001,720 -
Corporate bonds 4,202,959 - 4,202,959 -
Total debt securities 8,736,629 1,891,374 6,845,255 -
Equity securities:
Common stock 4,198,614 4,198,614 - -
Mutual fund equity 11,854,428 11,854,428 - -
Total equity securities 16,053,042 16,053,042 - -
Total investments at fair value 24,789,671$ 17,944,416$ 6,845,255$ -$
Fair Value Measurements Using
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
39
NOTE 5 – RECEIVABLES
Receivables as of September 30, 2019 for the Village’s individual major funds and non-major funds in the
aggregate consist of the following:
Water & Non-majorInternal
Excise TaxPoliceSanitationStormwaterSewerGovernmental Enterprise
General Fund Forfeiture Fund Fund Fund Funds Funds Total
Receivables:
Accounts -$ -$ -$ 217,091 19,637$ -$ -$ 56,730$ 293,458$
Taxes 164,414374,127 - - - - 177,418 - 715,959
Special Assessment - - - - - 3,785,701 - - 3,785,701
Grants and other 57,545 - 22,434 - - - 354 - 80,333
Total receivables 221,959$ 374,127$ 22,434$ 217,091$ 19,637$ 3,785,701$ 177,772$ 56,730$ 4,875,451$
NOTE 6 – CAPITAL ASSETS
Capital assets activity for the fiscal year ended September 30, 2019 was as follows:
Governmental activities Beginning Increases Decreases Ending
Capital assets not being depreciated:
Land 2,386,158 - - 2,386,158
Construction in progress 76,954 405,342 (76,953) 405,343
Total capital assets not being depreciated 2,463,112 405,342 (76,953) 2,791,501
Capital assets being depreciated:
Building and improvements 14,392,498 27,101 - 14,419,599
Land improvements 4,816,280 - (4,816,280) -
Infrastructure 18,844,937 5,246,684 - 24,091,621
Machinery and equipment 6,583,764 1,507,437 (960,233) 7,130,968
Intangible 433,958 611,834 - 1,045,792
Total capital assets being depreciated 45,071,437 7,393,056 (5,776,513) 46,687,980
Less accumulated depreciation for:
Building and improvements (4,668,651) (303,096) - (4,971,747)
Land improvements (3,825,887) - 3,825,887 -
Infrastructure (13,282,458) (4,533,994) 13,083 (17,803,369)
Machinery and equipment (4,274,243) (585,398) 679,560 (4,180,081)
Intangible (23,450) (278,689) - (302,139)
Total accumulated depreciation (26,074,689) (5,701,177) 4,518,530 (27,257,336)
Total capital assets being depreciated, net 18,996,748 1,691,879 (1,257,983) 19,430,644
Governmental activities capital assets, net 21,459,860$ $ 2,097,221 $ (1,334,936)22,222,145$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
40
NOTE 6 – CAPITAL ASSETS (CONTINUED)
Business-type activities Beginning Increases Decreases Ending
Capital assets not being depreciated:
Construction in progress 4,314,801$ 12,760$ (4,327,561)$ -$
Total capital assets not being depreciated 4,314,801 12,760 (4,327,561) -
Capital assets being depreciated:
Machinery and equipment 2,269,660 230,690 (140,649) 2,359,701
Drainage improvements 2,652,170 - - 2,652,170
Total capital assets being depreciated 4,921,830 230,690 (140,649) 5,011,871
Less accumulated depreciation for:
Machinery and equipment (1,339,836) (228,463) 140,649 (1,427,650)
Drainage improvements (926,690) (78,800) - (1,005,490)
Total accumulated depreciation (2,266,526) (307,263) 140,649 (2,433,140)
Total capital assets being depreciated, net 2,655,304 (76,573) - 2,578,731
Business-type activities capital assets, net 6,970,105$ (63,813)$ (4,327,561)$ 2,578,731$
Depreciation expense was charged to functions/programs of the Village as follows:
Governmental activities
General Government 303,096$
Public Safety 278,689
Public Works 4,533,994
Culture and Recreation 585,398
Total depreciation expense – governmental activities 5,701,177$
Business- type activities
Sanitation 228,463$
Stormwater 78,800
Total depreciation expense – business-type activities 307,263$
NOTE 7 – LONG-TERM DEBT
Miami Shores Village, Florida Refunding General Obligation Bond, Series 2013
In February 2013, the Village issued the Miami Shores Village, Florida Refunding General Obligation Bond, Series
2013, in order to refund the cost of the Florida Municipal Loan Council Revenue Bonds, Series 1999. Principal is
due annually (through 2029) at various amounts ranging from $136,000 in 2019 to a final payment of $169,000 in
2029. The bonds bear interest at variable rates ranging from 2.49 to 3.03%, payable semi-annually. The bonds
are secured by ad-valorem revenues.
The indenture contains a provision that in an event of default, outstanding amounts including accrued interest are
due immediately.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
41
NOTE 7 – LONG-TERM DEBT (CONTINUED)
Miami Shores Village, Florida Refunding General Obligation Bond, Series 2013 (Continued)
Debt service requirements to maturity for the fiscal year ending September 30, 2019 are summarized as follows:
September 30,Principal Interest Total
2020 136,000 36,834 172,834
2021138,000 33,269 171,269
2022145,000 29,697 174,697
2023146,000 26,023 172,023
2024-2029958,000 100,176 1,058,176
1,523,000$ 225,999$ 1,748,999$
Miami Shores Village, Florida Refunding General Obligation Bond, Series 2015
In June 2015, the Village issued the Miami Shores Village, Florida Refunding General Obligation Bond Series
2015, in order to refund the cost of the Miami Shores Village, Florida General Obligation Bonds, Series 2004.
Principal is due annually (through 2033) at various amounts ranging from 191,400 in 2019 to a final payment of
$263,700 in 2033. The bonds bear interest at a rate of 2.54% per annum. The bonds are secured by ad-valorem
revenues. The refunding resulted in an economic gain of approximately $764,000 and a cash flow savings of
approximately $947,000.
The indenture contains a provision that in an event of default, outstanding amounts including accrued interest are
due immediately.
Debt service requirements to maturity for the fiscal year ending September 30, 2019 are summarized as follows:
2020 191,400 79,748 271,148
2021 193,400 74,887 268,287
2022200,300 69,974 270,274
2023-20281,301,400 279,497 1,580,897
2029-20331,253,200 115,971 1,369,171
3,139,700$ 620,077$ 3,759,777$
Florida Local Government Finance Commission
During fiscal year 2017, the Village entered into a pooled commercial paper loan agreement with the Florida Local
Government Finance Commission (FLGFC) for total available funds of $5,000,000 to finance various capital
improvements within the Village, including the water main and sewer system project construction in the downtown
area. The loan is collateralized by the Village’s non-ad valorem revenues. The variable interest rate is paid monthly
on the outstanding note balance. Other loan costs include various administrative fees and draw down costs of
$2,000 for each $1,000,000 of draw down.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
42
NOTE 7 – LONG-TERM DEBT (CONTINUED)
The Village implemented GASB 88 – Certain Disclosures Related to Debt, including Direct Borrowings and Direct
Placements during the fiscal year then ended September 30, 2019.
The Village does not currently have unused line of credit or assets placed as collateral for debt.
Changes in Governmental Activities Long-term liabilities during the fiscal year ended September 30, 2019 were as
follows:
Due
Beginning Ending within
Balance Increases Decreases Balance one year
Governmental activities
Bonds and notes payable:
Refunding General Obligation Bond,
Series 2013 1,656,000 - (133,000) 1,523,000 136,000
Refunding General Obligation Bond,
Series 2015 3,323,800 - (184,100) 3,139,700 191,400
Total bonds and notes payable 4,979,800 - (317,100) 4,662,700 327,400
Other liabilities:
OPEB liability 612,919 16,974 - 629,893 -
Compensated absences 731,253 827,759 (810,056) 748,956 3,367
Net pension liability 6,611,665 5,950,032 (8,446,246) 4,115,451 -
Total other liabilities 7,955,837 6,794,765 (9,256,302) 5,494,300 3,367
Governmental activity long-term liabilities12,935,637$ 6,794,765$ (9,573,402)$ 10,157,000$ 330,767$
Business-type activities
FLGFC Notes Payable 4,520,000$ -$ (760,000)$ 3,760,000$ 160,000$
Other liabilities:
OPEB liability 30,411 - (4,042) 26,369 -
Compensated absences 140,856 74,874 (112,755) 102,975 25,744
Net pension liability 244,061 497,493 (631,063) 110,491 -
Business-type activities long-term liabilities4,935,328$ 572,367$ (1,507,860)$ 3,999,835$ 185,744$
For government activities, compensated absences, pension liabilities and other post-employment (OPEB)
benefits are generally liquidated by the general fund. Claims and adjustments are liquidated by the Risk
Management internal service fund. Accordingly, their long-term liabilities for compensated absences,
pension liabilities, and the other post-employment benefit (OPEB) liability are included as part of the
totals for governmental activities.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
43
NOTE 8 – INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS
Interfund transfer activity for the year ended September 30, 2019 was as follows:
Transfers In Transfers Out
General Fund $ 3,543,601 $ 1,772,093
Excise Tax - 3,143,601
Water & Sewer 92,920 -
Sanitation Fund - 350,000
Stormwater Fund - 50,000
Non-Major Governmental Funds 1,679,173 -
Internal Service Funds 29,933 29,933
Total $ 5,345,627 $ 5,345,627
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.
x The Excise Tax Fund transferred $3,143,601 to the General Fund for operating purposes after all debt service
requirements have been made.
x The General Fund transferred $1,495,994 to the Capital Improvement Fund as funding for various ongoing
capital projects of the Village.
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING
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, 2017 (for the General Employees Plan) and October 1, 2018 for the
Police Plan (the dates of the latest actuarial valuations) consisted of:
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
44
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
General
Inactive employees:Employees Police
Retirees and beneficiaries currently receiving
benefits and terminated employees entitled to
benefits but not yet receiving them 6032
Active participants:66 28
Total members 126 60
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.
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. As of September 30, 2019, there were
9 members in the DROP and their fair value of DROP investment was $840,542 which is included in the Plan’s net
position. At the end of September 30, 2019, the Plan had no DROP Liability.
Funding Requirement
Plan members are required to contribute 6% of their annual covered salary. The Village contributes at actuarially
determined rates that are designed to accumulate sufficient assets to pay benefits when due. Effective May 30,
2012, the Division of Retirement mandated that local governments confer with the Plan’s actuary to select and
maintain contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding
requirements of the Plan. The Plan determined to use the “percentage of payroll contribution” method for the fiscal
year ended September 30, 2019.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
45
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
General Employees’ Retirement Plan (Continued)
Funding Requirement (Continued)
The actual contribution from the Village for active members were actuarially determined using the actuarial
valuation as of October 1, 2017 for the year ended September 30, 2019. The contributions consisted of the
following at September 30, 2019:
Actual
Contribution
Percentage of
Covered Payroll
Village $ 403,200 11.36%
Members $ 212,987 N/A Net Pension Liability
Total pension liability 16,853,639
Plan fiduciary net position 15,683,642
Net pension liability 1,169,997
Plan fiduciary net position as a percentage
of total pension liability 93.06%
Significant Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 2017 and rolled forward to the
measurement date of September 30, 2019 using the following actuarial assumptions:
Interest rates:
Single discount rate 7.50%
Long-term expected rate of return7.50%
Inflation 2.50%
Mortality table RP-2000 Combined Healthy Participant Mortality Table (for pre-
retirement mortality) and the RP-2000 Mortality Table for
Annuitants (for post-retirement mortality), with mortality
improvements projected to all future years after 2000 using
Scale BB. For males, the base mortality rates include a 50%
blue collar adjustment and a 50% white collar adjustment for
General employees and a 90% blue collar adjustment and a
10% white collar adjustment for Police transfers. For females,
the base mortality rates include a 100% white collar adjustment.
These are the same rates used for Regular Class members of
the Florida Retirement System (FRS) for the July 1, 2017
actuarial valuation, as required under Florida Statutes, Chapter
112.63.
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investment was determined using the long-term nominal
building block data less the long-term inflation assumption of 2.5%. The building block long-term real return
projections were develop considering the long-term historic capital market returns, 10-15 year expected capital
market return assumptions, as well as, historical, current, and expected inflation data. Best estimates of arithmetic
real return for each asset class included in the pension plan’s target allocation as of September 30, 2019 are
summarized in the following table:
Long-Term Expected
Asset Group Real Rate of Return
Domestic Equity 7.5%
International Equity 8.5%
Domestic Bonds 2.5%
International Bonds 3.5%
Real Estate 4.5%
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
46
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
General Employees’ Retirement Plan (Continued)
Discount Rate
A single discount rate of 7.50% was used to measure the total pension liability. This single discount rate was based
on the expected rate of return on pension plan investments of 7.50%. The projection of cash flows used to
determine this single discount rate assumed that plan member contributions will be made at the current contribution
rate and that employer contributions will be made at rates equal to the difference between the total actuarially
determined contribution rates and the member rate. Based on these assumptions, the pension plan’s fiduciary net
position was projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on pension plan investments (7.50%) was applied to all periods
of projected benefit payments to determine the total pension liability.
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following presents
the plan’s net pension liability, calculated using a single discount rate of 7.50%, as well as what the plan’s net
pension liability would be if it were calculated using a single discount rate that is 1-percentage-point lower or 1-
percentage-point higher:
Sensitivity of the Net Pension Liability (Asset) to the Single Discount Rate Assumption
1% Decrease Rate Assumption1% Increase
6.50%7.50%8.50%
3,002,046$ $ 1,169,997 (369,040)$
Current Single Discount
Financial Information
The Plan does not issue separate stand-alone financial statements, therefore, included below is the Statement of
Plan Net Position and the Statement of Changes in Plan Net Position as of and for the fiscal year ended September
30, 2019.
ASSETS
Cash and cash equivalents 1,080,005$
Investments, at fair value 14,567,546
Accrued interest receivable 36,091
Total assets 15,683,642
Net position restricted for pensions 15,683,642$
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2019
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
47
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
General Employees’ Retirement Plan (Continued)
ADDITIONS
Contributions 616,187$
Net investment income 472,706
Total additions 1,088,893
DEDUCTIONS
Pension benefits614,486
Administrative expenses37,520
Total deductions 652,006
Increase 436,887
Net position restricted for pensions:
Beginning of year 15,246,755
End of year 15,683,642$
STATEMENT OF CHANGES IN PLAN NET POSITION
FISCAL YEAR ENDED SEPTEMBER 30, 2019
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.
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
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
48
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
Police Officers' Retirement Plan (Continued)
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 70 1/4 years. As of September 30, 2019, there were 2 members in the DROP and their fair value of DROP
investment was $135,306 which is included in the Plan’s net position. At the end of September 30, 2019, the Plan
had no DROP liability.
Funding Requirement
Plan members are required to contribute 9% of their annual covered salary. The Village contributes at actuarially
determined rates that are designed to accumulate sufficient assets to pay benefits when due. Effective May 30,
2012, the Division of Retirement mandated that local governments confer with the Plan’s actuary to select and
maintain contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding
requirements of the Plan. The Plan determined to use the “percentage of payroll contribution” method for the fisc al
year ended September 30, 2019.
Pursuant to Chapter 185, Florida Statutes, a portion of all insurance premium tax monies received in excess of the
threshold of $60,386 are to be uitlized to provide future minimum extra benefits and may not be used to reduce or
offset the contribution requirements of the employer.
The actual contribution from the Village for active members were actuarially determined using the actuarial
valuation as of October 1, 2018 for the year ended September 30, 2019. The contributions consisted of the
following at September 30, 2019:
Actual Contribution Percentage of
Covered Payroll
Village 1,116,211 43.48%
State of Florida 214,608 8.36%
Total contributions from
Village and State of
Florida
1,330,819 51.84%
Members 249,510N/A
Net Pension Liability
Total pension liability 30,634,478$
Plan fiduciary net position 26,722,296
Net pension liability 3,912,182
Plan fiduciary net position as a percentage
of total pension liability 87.23%
Significant Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 2018 and rolled forward to the
measurement date of September 30, 2019, using the following actuarial assumptions:
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
49
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
Police Officers' Retirement Plan (Continued)
Interest rates:
Single discount rate 7.50%
Long term expected rate of return7.50%
Inflation 2.50%
Mortality table Fully generational RP-2000 Mortality Table for Annuitants with improvements
in mortality projected to all future years after 2000 using Scale BB. For
females, the base mortality rates include a 100% white collar adjustment.
For males, the base mortality rates include a 90% blue collar adjustment
and a 10% white collar adjustment. For disabled retirees, the mortality table
used was 60% of the RP-2000 Mortality Table for disabled annuitants with
ages set back 4 years for males and set forward 2 years for females, and
40% of the RP2000 Mortality Table for healthy annuitants with a 100% white
collar adjustment, with no provision being made for future mortality
improvements. These are the same rates used for Special Risk Class
members of the Florida Retirement System (FRS) in the July 1, 2017
actuarial valuation. Florida Statutes Chapter 112.63(1)(f) mandates the use
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investment was determined using the long-term nominal
building block data less the long-term inflation assumption of 2.5%. The building block long-term real return
projections were develop considering the long-term historic capital market returns, 10-15 year expected capital
market return assumptions, as well as, historical, current, and expected inflation data. Best estimates of arithmetic
real return for each asset class included in the pension plan’s target allocation as of September 30, 2019 are
summarized in the following table:
Long-Term Expected
Asset Group Real Rate of Return
Domestic Equity 7.5%
International Equity 8.5%
Domestic Bonds 2.5%
International Bonds 3.5%
Real Estate 4.5%
Discount Rate
A single discount rate of 7.50% was used to measure the total pension liability. This single discount rate was based
on the expected rate of return on pension plan investments of 7.50%. The projection of cash flows used to
determine this single discount rate assumed that plan member contributions will be made at the current contribution
rate and that employer contributions will be made at rates equal to the difference between the total actuarially
determined contribution rates and the member rate. Based on these assumptions, the pension plan’s fiduciary net
position was projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on pension plan investments (7.50%) was applied to all periods
of projected benefit payments to determine the total pension liability.
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following presents
the plan’s net pension liability, calculated using a single discount rate of 7.50%, as well as what the plan’s net
pension liability would be if it were calculated using a single discount rate that is 1-percentage-point lower or 1-
percentage-point higher:
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
50
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
Police Officers' Retirement Plan (Continued)
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
1% DecreaseRate Assumption1% Increase
6.50%7.50%8.50%
7,938,363$ 3,912,182$ 697,218$
Current Single Discount
Financial Information
The Plan does not issue separate stand-alone financial statements, therefore, included below is the Statement of
Plan Net Position and the Statement of Changes in Plan Net Position as of and for the fiscal year ended September
30, 2019.
ASSETS
Cash and cash equivalents 1,756,702$
Investments, at fair value 24,789,671
Receivables 175,923
Total assets 26,722,296
Net position restricted for pensions 26,722,296$
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2019
ADDITIONS
Contributions1,580,329$
Net investment income936,088
Total additions2,516,417
DEDUCTIONS
Pension benefits2,437,760
Administrative expenses63,103
Total deductions2,500,863
Increase15,554
Net position restricted for pensions:
Beginning of year26,706,742
End of year26,722,296$
STATEMENT OF CHANGES IN PLAN NET POSITION
FISCAL YEAR ENDED SEPTEMEBR 30, 2019
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING
As described in Note 9, 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 following details the disclosures as required by GASB Statement No. 68.
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
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
51
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (continued)
Basis of Accounting (continued)
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 General Employees' Retirement Plan (as of October 1, 201) and the Police Officers'
Retirement Plan (as of October 1, 2017) consisted of:
General
Employees Police
Inactive employees:
Retirees and beneficiaries
currently receiving benefits
and 49 28
Retirees entitled to benefits but
not yet receiving them 82
Active participants:65 30
Total members 122 60
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.
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
52
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
General Employees’ Retirement Plan (continued)
Deferred Retirement Option Plan (Continued)
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. As of September 30, 2019, there were
9 members in the DROP and their fair value of DROP investment was $840,542 which is included in the Plan’s net
position. At the end of September 30, 2019, the Village had no DROP liability.
General Employees’ Retirement Plan (Continued)
Funding Requirement
Plan members are required to contribute 6% of their annual covered salary. The Village contributes at actuarially
determined rates that are designed to accumulate sufficient assets to pay benefits when due. Effective May 30,
2012, the Division of Retirement mandated that local governments confer with the Plan’s actuary to select and
maintain contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding
requirements of the Plan. The Plan determined to use the “percentage of payroll contribution” method for the fiscal
year ended September 30, 2018.
The actual contribution from the Village for active members were actuarially determined using the actuarial
valuation as of October 1, 2017 for the year ended September 30, 2019. The contributions consisted of the
following at September 30, 2018:
Actual Contribution Percentage of
Covered Payroll
Village $ 443,102 13.18%
Members 201,687N/A
Net Pension Liability:
The Village's net pension liability was measured as of September 30, 2018. The total pension liability used to
calculate the net pension liability was determined as of that date.
Significant Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of September 30, 2018, using the following
actuarial assumptions:
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
53
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
General Employees’ Retirement Plan (continued)
Interest rates:
Single discount rate 7.50%
Long-term expected rate of return7.50%
Inflation 2.50%
Mortality table Combined Healthy Participant Mortality Table (for preretirement mortality)
and the RP-2000 Mortality Table for Annuitants (for post-retirement
mortality), with mortality improvements projected to all future years after
2000 using Scale BB. For males, the base mortality rates include a 50%
blue collar adjustment and a 50% white collar adjustment for General
employees and a 90% blue collar adjustment and a 10% white collar
adjustment for Police transfers. For females, the base mortality rates
include a 100% white collar adjustment. These are the same rates used
for Regular and Special Risk Class members of the Florida Retirement
System (FRS) for the July 1, 2017 actuarial valuation, as required under
Florida Statutes, Chapter 112.63.
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investment was determined using the long-term nominal
building block data less the long-term inflation assumption of 2.5%. The building block long-term real return
projections were develop considering the long-term historic capital market returns, 10-15 year expected capital
market return assumptions, as well as, historical, current, and expected inflation data. Best estimates of arithmetic
real return for each asset class included in the pension plan’s target allocation as of September 30, 2018 are
summarized in the following table:
Long-Term Expected
Asset Group Real Rate of Return
Domestic Equity 7.5%
International Equity 8.5%
Domestic Bonds 2.5%
International Bonds 3.5%
Real Estate 4.5%
Discount Rate
A single discount rate of 7.50% was used to measure the total pension liability. This single discount rate was based
on the expected rate of return on pension plan investments of 7.50%. The projection of cash flows used to
determine this single discount rate assumed that plan member contributions will be made at the current contribution
rate and that employer contributions will be made at rates equal to the difference between the total actuarially
determined contribution rates and the member rate. Based on these assumptions, the pension plan’s fiduciary net
position was projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on pension plan investments 7.50% was applied to all periods of
projected benefit payments to determine the total pension liability.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
54
NOTE 10 – EMPLOYEE RETIREMENT PLANS VILLAGE’S REPORTING (CONTINUED)
Changes in Net Pension Liability
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability
(a)-(b)
Reporting period ending at September 30, 2018 15,007,948$ 13,787,644$ 1,220,304$
Service Cost 355,620 - 355,620
Interest 1,129,866 - 1,129,866
Assumptions changes 645 - 645
Contributions - Employer - 443,102 (443,102)
Contributions - Member - 201,687 (201,687)
Benefit Payments (597,378) - (597,378)
Net Investment Income - 1,452,542 (1,452,542)
Benefit Payments - (597,378) 597,378
Administrative Expense - (40,842) 40,842
Reporting period ending at September 30, 201915,896,701$ 15,246,755$ 649,946$
Plan Fiduciary Net Position as a Percentage of Total Pension Liability95.91%
Covered Payroll3,361,450$
Net Pension Liability as a Percentage of Covered Payroll19.34%
Increase (Decrease)
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
The following presents the plan’s net pension liability, calculated using a single discount rate of 7.50%, as well as
what the plan’s net pension liability would be if it were calculated using a si ngle discount rate that is 1-percentage-
point lower or 1-percentage-point higher:
1% Decrease Rate Assumption1% Increase
6.50%7.50%8.50%
2,443,467$ $ 649,946 (855,902)$
Current Single Discount
Pension Expense and Deferred Outflows/(Inflows) of Resources
For the year ended September 30, 2019, the Village will recognize pension expense of $142,106. At September
30, 2019, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual
experience 5,090$ 453,926$
Changes in assumptions 73,860 -
Net difference between projected and actual
earnings on pension plan investments
- 581,625
Total 78,950$ 1,035,551$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
55
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
General Employees’ Retirement Plan (Continued)
The Village contributions subsequent to the measurement date of $443,102 are reported as deferred outflows of
resources and will be recognized as a reduction of the net pension liability in the fiscal year ending September 30,
2020 (which will include the net pension liability measured at September 30, 2019).
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions
will be recognized in pension expense as follows:
Fiscal year
ending
September
30,
Net Deferred
Outflows of
Resources
2020(201,059)
2021(466,166)
2022(205,730)
2023(83,646)
2024-
Thereafter-
Total (956,601)$
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.
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
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
56
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
Police Officers' Retirement Plan (continued)
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 70 & 1/4 years. As of September 30, 2019, there were 2 members in the DROP and their fair value of DROP
investment was $135,306 which is included in the Plan’s net position. At the end of September 30, 2019, the Plan
had no DROP liability.
Funding Requirement
Plan members are required to contribute 9% of their annual covered salary. The Village contributes at actuarially
determined rates that are designed to accumulate sufficient assets to pay benefits when due. Effective May 30,
2012, the Division of Retirement mandated that local governm ents confer with the Plan’s actuary to select and
maintain contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding
requirements of the Plan. The Plan determined to use the “percentage of payroll contribution” me thod for the fiscal
year ended September 30, 2018.
Pursuant to Chapter 185, Florida Statutes, a portion of all insurance premium tax monies received in excess of the
threshold of $60,386 are to be utlized to provide future minimum extra benefits and may not be used to reduce or
offset the contribution requirements of the employer.
The actual contribution from the Village for active members were actuarially determined using the actuarial
valuation as of October 1, 2017 for the year ended September 30, 2018. The contributions consisted of the
following at September 30, 2018:
Actual Contribution Percentage of
Covered Payroll
Village 1,165,40045.40%
State of Florida 99,702 3.88%
Total contributions from Village and
State of Florida 1,265,102 49.28%
Members 231,040N/A
Net Pension Liability:
The Village's net pension liability was measured as of September 30, 2018 and the total pension liability used to
calculate the net pension liability was determined by the October 1, 2017 actuarial valuation.
Significant Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 2017 and rolled forward to the
measurement date of September 30, 2018, using the following actuarial assumptions:
Significant Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 2017, using the following
actuarial assumptions:
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
57
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
Police Officers' Retirement Plan (continued)
Interest rates:
Single discount rate 7.50%
Long-term expected rate of return7.50%
Inflation 2.50%
Mortality table RP-2000 Combined Healthy Participant Mortality Table (for
preretirement mortality) and the RP-2000 Mortality Table for
Annuitants for post-retirement mortality), with mortality
improvements projected to all future years after 2000 using Scale
BB. For males, the base mortality rates include a 90% blue collar
adjustment and a 10% white collar adjustment. For females, the
base mortality rates include a 100% white collar adjustment. For
disabled retirees, the mortality table used was 60% of the RP-2000
Mortality Table for Disabled Annuitants and 40% of the RP-2000
Annuitant Mortality Table with a White Collar adjustment, set back 4
years for males and set forward 2 years for females, with no
provision being made for future mortality improvements.These are
the same rates currently used for Special Risk Class members of
the Florida Retirement System (FRS), as mandated by Chapter
112.63, Florida Statutes.
Long-Term Expected Rate of Return
The long-term expected rate of return on pension plan investment was determined using the long-term nominal
building block data less the long-term inflation assumption of 2.5%. The building block long-term real return
projections were develop considering the long-term historic capital market returns, 10-15 year expected capital
market return assumptions, as well as, historical, current, and expected inflation data. Best estimates of arithmetic
real return for each asset class included in the pension plan’s target allocation as of September 30, 2018 are
summarized in the following table:
Long-Term Expected
Asset Group Real Rate of Return
Domestic Equity 7.5%
International Equity 8.5%
Domestic Bonds 2.5%
International Bonds 3.5%
Real Estate 4.5% Discount Rate
A single discount rate of 7.50% was used to measure the total pension liability. This single discount rate was based
on the expected rate of return on pension plan investments of 7.50%. The projection of cash flows used to
determine this single discount rate assumed that plan member contributions will be made at the current contribution
rate and that employer contributions will be made at rates equal to the difference between the total actuarially
determined contribution rates and the member rate. Based on these assumptions, the pension plan’s fiduciary net
position was projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on pension plan investments 7.50% was applied to all periods of
projected benefit payments to determine the total pension liability.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
58
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
Police Officers' Retirement Plan (continued)
Changes in Net Pension Liability
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability
(a)-(b)
Reporting period ending at September 30, 2018 29,716,580$ 24,081,158$ 5,635,422$
Service Cost 686,704 - 686,704
Interest 2,232,269 - 2,232,269
Change of Benefit Terms - - -
Difference between actual & expected experience (1,142,939) - (1,142,939)
Contributions - Employer - 1,165,400 (1,165,400)
Contributions - State - 99,702 (99,702)
Contributions - Employee (Including Buyback Contributions)- 231,040 (231,040)
Change of Assumptions - - -
Net Investment Income - 2,464,134 (2,464,134)
Benefit Payments (1,279,385) (1,279,385) -
Administrative Expense - (55,307) 55,307
Other (Changes in State Contribution Reserve 69,509 - 69,509
Reporting period ending at September 30, 2019 30,282,738$ 26,706,742$ 3,575,996$
Plan Fiduciary Net Position as a Percentage of Total Pension Liability88.19%
Covered Payroll 2,567,111$
Net Pension Liability as a Percentage of Covered Payroll139.30%
Increase (Decrease)
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
The following presents the plan’s net pension liability, calculated using a single discount rate of 7.50%, as well as
what the plan’s net pension liability would be if it were calculated using a single discount rate that is 1-percentage-
point lower or 1-percentage-point higher:
1% Decrease Rate Assumption1% Increase
6.50%7.50%8.50%
7,372,017$ $ 3,575,996 458,440$
Current Single Discount
For the year ended September 30, 2019, the Village will recognize pension expense of $738,599. At September
30, 2019, the Village reported deferred inflows of resources related to pensions from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual
experience 62,392$ 1,098,349$
Changes in assumptions 206,491 184,668
Net difference between projected and actual
earnings on pension plan investments - 867,351
Total 268,883$ 2,150,368$
The Village contributions subsequent to the measurement date of $1,330,819 are reported as deferred outflows of
resources and will be recognized as a reduction of the net pension liability in the fiscal year ending September 30,
2019 (which will include the net pension liability measured at September 30, 2018).
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
59
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
Police Officers' Retirement Plan (Continued)
Other amounts reported as deferred inflows of resources related to pensions will be recognized in pension expense
as follows:
Fiscal year ending
September 30,
Net Deferred
Outflows of
Resources
2020 (296,854)
2021 (605,740)
2022 (564,183)
2023 (350,014)
2024 (64,694)
Thereafter -
Total (1,881,485)$
Reconciliation of pension activity to statement of Net Position
General EmployeesPolice Officers'Total
Net Pension Liability 649,946 3,575,996 4,225,942
Deffered Outflows of Resources 482,150 1,385,095 1,867,245
Deffered Inflows of Resources1,035,551 2,150,369 3,185,920
Pension Expense 142,106 738,599 880,705
NOTE 11 – 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.
The amount of settlements for each of the past three fiscal years did not exceed insurance coverage.
NOTE 12 – COMMITMENTS AND CONTINGENCIES
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.
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.
NOTE 13 – 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. The Village provides all financial information and
required disclosures of its single employer other post-employment benefit plan in this document; therefore, a
separate audited post-employment benefits plan report is not available.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
60
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS
Membership
As of September 30, 2018 (the date of the latest actuarial valuations) health care and dental plan participants
consisted of:
Active participants102
Retired participants9
Total participants111
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.
Retirees who are over age 65 are only eligible to enroll in Medicare Advantage Plan.
Funding Policy
Benefits are funded on a pay-as-you-go basis.
Total OPEB Liability
The Plan’s total OPEB liability of $656,262 was measured as of September 30, 2019 and was determined by
an actuarial valuation as of that date.
Actuarial assumptions and other inputs
The total OPEB liability in the September 30, 2019 actuarial valuation was determined using the
following actuarial assumptions and other inputs, applied to all periods included in the measurement
unless otherwise specified.
Actuarial valuation date 09/30/2017
Measurement date 09/30/2018
Actuarial Cost Method Entry Age Normal
Discount rate 3.50%
Retirement Age Experience based table of rates that are specific to the type
of eligibility condition.
Mortality Table Mortality tables used in the July 1, 2016 actuarial
valuation of the Florida retirement System. They are
based on the results of a statewide experience study
covering the period 2008 through 2013.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
61
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS (CONTINUED)
Actuarial assumptions and other inputs (Continued)
Inflation Rate 2.5%
Projected Salary Increases-General 5.5% based on service includes inflation
Projected Salary Increases-Police 6.5% based on service includes inflation
Heathcare Cost Trend Rate Based on the Getzen Model, with trend starting at -
2.00% to reflect actual premiums decreased for 2018,
then 6.75% for 2019 and gradually decreasing to an
ultimate trend rate of 4.24% plus 0.34% increase to
reflect the excise tax.
Aging Factors Based on the 2013 SOA Study “Health Care Costs-
From Birth to Death”
Expenses Administrative expenses are included in the per capita
health costs.
Other Information: The discount rate from 3.10% as of the beginning of the
measurement period to 3.50% as of September 30,
2017. This change is reflected in the Schedule of
Changes in Total OPEB liability.
Changes in the Total OPEB Liability
Balance at 9/30/18 643,330$
Changes for the year:
Service cost43,470
Interest 23,391
Changes is benefit terms -
Changes in assumptions and other input (16,935)
Benefit payments (36,994)
Net change in OPEB liab ility 12,932
Balance at 9/30/19 656,262$
Sensitivity of the total OPEB liability to changes in the discount rate assumption
The following presents the plan’s total OPEB liability, calculated using a discount rate of 3.83%, as well as
what the Plan’s total OPEB liability would be if it were calculated using a discount rate that is one percent
lower or one percent higher:
1% DecreaseRate Assumption 1% Increase
2.83%3.83%4.83%
709,125$ 656,262$ 607,732$
Current Discount
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2019
62
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS (CONTINUED)
Sensitivity of the total OPEB liability to the Healthcare Cost Trend Rate assumption
The following presents the plan’s total OPEB liability the assured trend rates, calculated using the assumed
trend rates as well as what the Plan’s total OPEB liability would be if it were calculated using a trend rate that
is one percent lower or one percent higher:
1% DecreaseTrend Rate Assumption 1% Increase
581,742$ 656,262$ 744,447$
Current Healthcare Cost
OPEB Expenses and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended September 30, 2019, the Village Plan recognized OPEB expenses of $62,885. At
September 30, 2018, the Plan reported deferred outflows of resources and deferred inflows of resources
related to OPEB from the following sources:
Deferred Outflows ofDeferred Inflows of
Resources Resources
Changes in assumptions and other inputs -$ 30,845$
Benefit paid after measurement date 40,376 -
Total 40,376$ 30,845$
At the beginning of the curent measurement period, the average of the expected remaining service lives for
the purposes of recognizing the applicable deferred outflows and inflows of resources established in the
current measurement peiod is 5.1 years.
Deferred Outflows and Inflows of Resources by Year to be recognized in future OPEB expenses are as
follows:
The Village contributions subsequent to the measurement date are reported as deferred outflows of resources
and will be recognized as a reduction of the net pension liability in the fiscal year ending September 30, 2020
(which will include the net pension liability measured at September 30,2019).
Fiscal year EndingNet Deffered Inflows
September 30 of Resources
2020 (3,976)
2021 (3,976)
2022 (3,976)
2023 (3,976)
2024 (3,976)
Thereafter (10,965)
Total (30,845)$
Estimated Deferred Outflows of Resources due to benefits paid after the Measurement date is $40,376.
NOTE 14 – NEGATIVE FUND BALANCE / NET POSITION
The Grants fund reported a negative fund balance in the amount of $3,373,275. This amount is expected to
be funded by FEMA funds related to Hurricane Irma, to be received at a later date.
The Water & Sewer fund reported a negative net position in the amount of $100,853. This amont is expected
to be funded by future operations of the fund.
REQUIRED SUPPLEMENTARY INFORMATION
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes:
Property taxes 8,417,335$ 8,417,335$ 8,555,473$ 138,138$
Licenses and permits:
Business licenses - County 25,000 25,000 21,582(3,418)
Building permits 870,000898,0001,006,685108,685
Certificate of reoccupancy 12,000 12,000 12,215 215
Other licenses and permits 387,500 387,500 251,152 (136,348)
Total licenses and permits 1,294,500 1,322,500 1,291,634 (30,866)
Intergovernmental revenues:
State shared revenues:
State revenue sharing249,595 249,595 284,319 34,724
Local government half cent sales tax 820,500 820,500 854,770 34,270
Other 745 745 887 142
Total intergovernmental revenues 1,070,840 1,070,840 1,139,976 69,136
Charges for services:
Physical environment20,250 20,250 23,292 3,042
Police extra duty 432,000432,000 332,600 (99,400)
Landscape maintenance23,000 23,000 24,304 1,304
Culture/recreation 1,641,132 1,641,132 1,517,824 (123,308)
Total charges for services 2,116,382 2,116,382 1,898,020 (218,362)
Fines and forfeitures:
Court fines and costs30,000 30,000 12,259 (17,741)
School crossing guards18,000 18,000 20,229 2,229
Other314,250 314,250 218,516 (95,734)
Total fines and forfeitures 362,250 362,250 251,004 (111,246)
Miscellaneous:
Rents356,500356,500411,64755,147
Other 88,790 88,790 121,303 32,513
Total miscellaneous 445,290 445,290 532,950 87,660
Interest65,000 65,000 162,557 97,557
Total revenues13,771,597$ 13,799,597$ 13,831,614$ 32,017$
Budgeted Amounts
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
See notes to budgetary comparison schedule
63
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Expenditures:
Current:
General government:
Village council 26,105$ 123,097$ 101,972$ 21,125$
Village attorney 255,700 300,700 297,116 3,584
Village manager 461,798 469,719 391,839 77,880
Village clerk 168,709 202,659 187,440 15,219
Planning and zoning 179,572 183,974 177,387 6,587
Finance 530,135 537,830 471,046 66,784
Other general government 1,063,385 907,789 818,627 89,162
Total general government 2,685,404 2,725,768 2,445,427 280,341
Public safety:
Law enforcement 7,334,856 7,343,539 6,973,741 369,798
School crossing guard 48,109 49,359 50,996 (1,637)
Building 594,786 631,262 619,101 12,161
Code 223,482 230,847 229,204 1,643
Total public safety 8,201,233 8,255,007 7,873,042 381,965
Public works:
Parks 374,161 382,148 387,878 (5,730)
Street maintenance 707,470 712,001 702,510 9,491
Public works administration 499,493 509,742 509,577 165
Recreation maintenance 195,814 198,628 188,437 10,191
Total public services 1,776,938 1,802,519 1,788,402 14,117
Culture and recreation:
Recreation 2,435,175 2,458,958 2,390,641 68,317
Library 458,602 467,480 442,552 24,928
Total culture and recreation 2,893,777 2,926,438 2,833,193 93,245
Total expenditures 15,557,352 15,709,732 14,940,064 769,668
(Deficiency) of revenues (under) expenditures(1,785,755) (1,910,135) (1,108,450) 801,685
Other financing sources (uses):
Transfers in 2,481,500 3,468,913 3,543,601 (74,688)
Transfers out (695,745) (1,941,337) (1,941,337) -
(Deficiency) of revenues (under) other
financing sources (uses)- (382,559) 493,814 876,373
Fund balance appropriated - 382,559 - 382,559$
Net change in fund balance - - 493,814
Fund balance, beginning - - 8,088,498
Fund balance, ending -$ -$ 8,582,312$
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
Budgeted Amounts
See notes to budgetary comparison schedule
64
Variance with
Final Budget
ActualPositive
Original Final Amounts (Negative)
Revenues:
Public service taxes 2,081,500$ 2,156,500$ 2,156,184$ (316)$
Total revenues 2,081,500 2,156,500 2,156,184 (316)
Other financing sources (uses):
Transfers out (2,081,500) (3,143,913) (3,143,601) 312
Excess (deficiency) of revenues over (under)
other financing sources (uses)- (987,413) (987,417) (4)
Fund balance appropriated - - - -$
Net change in fund balance - (987,413) (987,417)
Fund balances - beginning - - 987,417
Fund balances - ending -$ (987,413)$ -$
Budgeted Amounts
MIAMI SHORES VILLAGE, FLORIDA
BUDGETARY COMPARISON SCHEDULES
SPECIAL REVENUE FUND - EXCISE TAX
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
See notes to budgetary comparison schedules
65
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BUDGETARY COMPARISON SCHEDULE
SEPTEMBER 30, 2019
66
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, Local Option Gas Tax Fund, Transportation, the Capital Improvements Fund and Debt Service Fund.
Budgets are also adopted for the Stormwater fund, Sanitation fund, Risk Management and Fleet Maintenance Fund.
a) 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. Budgetary 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.
b) Two public hearings are conducted to obtain taxpayer comments as required by Truth in Millage (TRIM)
legislation.
c) 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.
d) 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.
e) Budgeted amounts are as originally adopted or as amended. There were supplemental appropriations in
the General Fund totaling $382,559, during the fiscal year ended September 30, 2019 for funding outstanding
obligations and unanticipated expenses
f) Unencumbered appropriations lapse at year end.
Excesses of Expenditures over Appropriations
For the year ended September 30, 2019, expenditures exceeded appropriations in the General Fund by $1,637 for
School Crossing Guards and $5,730 for Parks. These over-expenditures were funded by available fund balance.
Reporting fiscal year ending September 30,2019 2018 2017 2016 2015
Measurement fiscal year ending September 30,2018 2017 2016 2015 2014
Total Pension Liability
Service Cost 355,620$ 345,113$ 315,449$ 325,868$ 308,880$
Interest 1,129,866 1,134,060 1,079,053 1,018,010 960,279
Difference between actual & expected experience
of the Total Pension Liability - (931,742) - 106,918 (7,788)
Difference between actual & expected assupmtion 645 - 317,996 - -
Benefit Payments (597,378) (630,350) (639,713) (655,520) (373,038)
Refunds - - - - (28,655)
Net Change in Total Pension Liability 888,753 (82,919) 1,072,785 795,276 859,678
Total Pension Liability - Beginning 15,007,948 15,090,867 14,018,082 13,222,806 12,363,128
Total Pension Liability - Ending (a)15,896,701$ 15,007,948$ 15,090,867$ 14,018,082$ 13,222,806$
Plan Fiduciary Net Position
Contributions - Employer 443,102$ 443,102$ 371,453$ 371,453$ 261,966$
Contributions - Member 201,687 186,555 188,786 188,793 179,680
Net Investment Income 1,452,542 1,531,913 1,074,730 (160,205) 715,959
Benefit Payments (597,378) (630,350) (639,713) (655,520) (373,038)
Refunds - - - - (28,655)
Administrative Expense (40,842) (42,936) (69,962) (15,448) (29,411)
Net Change in Plan Fiduciary Net Position 1,459,111 1,488,284 925,294 (270,927) 726,501
Plan Fiduciary Net Position - Beginning 13,787,644 12,299,360 11,374,066 11,644,993 10,918,492
Plan Fiduciary Net Position - Ending (b) 15,246,755$ 13,787,644$ 12,299,360$ 11,374,066$ 11,644,993$
Net Pension Liability - Ending (a) - (b)649,946$ 1,220,304$ 2,791,507$ 2,644,016$ 1,577,813$
Plan Fiduciary Net Position as a Percentage of Total Pension Liability95.91%91.87%81.50%81.14%88.07%
Covered Payroll 1 3,361,450$ 3,109,250$ 3,146,433$ 3,146,550$ 2,994,667$
Net Pension Liability as a Percentage of Covered Payroll19.34%39.25%88.72%84.03%52.69%
1
Thisscheduleispresentedto illustratetherequirementtoshowinformationfor10years.However,untilafull10-yeartrendiscompiled,pensionplansshouldpresentinformationfor
those years for which information is available.
Covered Payroll was calculated by dividing the total member contributions for the fiscal year by the member contribution rate of 6%.
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
GENERAL EMPLOYEES' RETIREMENT SYSTEM (VILLAGE'S REPORTING)
(as required by GASB Statement No. 68)
67
Fiscal year ending September 30,2019 2018 2017 2016 2015 2014
Total Pension Liability
Service Cost 374,153$ 355,620$ 345,113$ 315,449$ 325,868$ 308,880$
Interest 1,197,271 1,199,747 1,134,060 1,070,820 1,018,010 960,279
Difference between actual & expected experience - (1,001,623) - 115,151 - (7,788)
Assumption Changes - 645 - 317,996 - -
Benefit Payments (614,486) (597,378) (630,350) (639,713) (655,520) (373,038)
Refunds - - - - - (28,655)
Net Change in Total Pension Liability 956,938 (42,989) 848,823 1,179,703 688,358 859,678
Total Pension Liability - Beginning 15,896,701 15,939,690 15,090,867 13,911,164 13,222,806 12,363,128
Total Pension Liability - Ending (a)16,853,639$ 15,896,701$ 15,939,690$ 15,090,867$ 13,911,164$ 13,222,806$
Plan Fiduciary Net Position
Contributions - Employer 403,200$ 443,102$ 443,102$ 371,453$ 371,453$ 261,966$
Contributions - Member 212,987 201,687 186,555 188,786 188,793 179,680
Net Investment Income 472,706 1,452,542 1,531,913 1,074,730 (160,205) 715,959
Benefit Payments (614,486) (597,378) (630,350) (639,713) (655,520) (373,038)
Refunds - - - - (28,655)
Administrative Expense (37,520) (40,842) (42,936) (69,962) (15,448) (29,411)
Net Change in Plan Fiduciary Net Position 436,887 1,459,111 1,488,284 925,294 (270,927) 726,501
Plan Fiduciary Net Position - Beginning 15,246,755 13,787,644 12,299,360 11,374,066 11,644,993 10,918,492
Plan Fiduciary Net Position - Ending (b) 15,683,642$ 15,246,755$ 13,787,644$ 12,299,360$ 11,374,066$ 11,644,993$
Net Pension Liability - Ending (a) - (b)1,169,997$ 649,946$ 2,152,046$ 2,791,507$ 2,537,098$ 1,577,813$
Plan Fiduciary Net Position as a Percentage of Total Pension Liability93.06%95.91%86.50%81.50%81.76%88.07%
Covered Payroll 1 3,549,783$ 3,361,450$ 3,109,250$ 3,146,433$ 3,146,550$ 2,994,667$
Net Pension Liability as a Percentage of Covered Payroll 32.96%19.34%69.21%88.72%80.63%52.69%
1
Thisscheduleispresentedto illustratetherequirementtoshowinformationfor10years.However,untilafull10-yeartrendiscompiled,pensionplansshouldpresentinformationforthoseyearsfor
which information is available.
(as required by GASB Statement No. 67)
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
GENERAL EMPLOYEES' RETIREMENT SYSTEM (PLAN'S REPORTING)
Covered Payroll was calculated by dividing the total member contributions for the fiscal year by the member contribution rate of 6%.
68
Fiscal
Year Actuarially Contribution Actual Contribution
EndingDeterminedActualDeficiencyCovered as a % of
September 30,Contribution Contribution (Excess) Payroll1 Covered Payroll
2019 403,199$ 403,200$ (1) 3,549,783$ 11.36%
2018 443,102 443,102 - 3,361,450 13.18%
2017 443,102 443,102 - 3,109,250 14.25%
2016 371,453 371,453 - 3,146,433 11.81%
2015 371,453 371,453 - 3,146,550 11.81%
2014 261,966 261,966 - 2,994,667 8.75%
1
Valuation Date 10/1/2017
Notes
Methods and Assumptions Used to Determine Contribution Rates:
Entry Age Normal
Amortization Method Level Dollar, Closed
Remaining Amortization Period20 years
Asset Valuation Method 5-year smoothed market
Inflation 2.5%
Salary Increases 5.50% , including inflation
Investment Rate of Return 7.50%
Retirement Age
Mortality
Notes to the Schedule of Contributions
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
GENERAL EMPLOYEES' RETIREMENT SYSTEM (VILLAGE'S REPORTING)
CoveredPayrollwascalculatedbydividingthetotalmembercontributionsforthefiscalyearbythemember
contribution rate of 6%.
(as required by GASB Statement No. 68)
Thisscheduleispresentedtoillustratethe requirementtoshowinformationfor10years.However,untilafull10-year
trend is compiled, pension plans should present information for those years for which information is available.
Experience-basedtableofratesthatarespecifictothetypeofeligibility
condition.
RP-2000CombinedHealthyParticipantMortalityTable(forpreretirement
mortality)andtheRP-2000MortalityTableforAnnuitants(forpost-retirement
mortality),withmortalityimprovementsprojectedtoallfutureyearsafter2000
usingScaleBB.Formales,thebasemortalityratesincludea50%bluecollar
adjustmentanda50%whitecollaradjustmentforGeneralemployeesanda
90%bluecollaradjustmentanda10%whitecollaradjustmentforPolice
transfers.Forfemales,thebasemortalityratesincludea100%whitecollar
adjustment.Thesearethesamerates usedforRegularandSpecialRiskClass
membersoftheFloridaRetirementSystem(FRS)fortheJuly1,2017actuarial
valuation, as required under Florida Statutes, Chapter 112.63.
Actuarial Cost Method
ActuariallydeterminedcontributionratesarecalculatedasofOctober1,which
istwoyearspriortotheendofthefiscalyearinwhichcontributionsare
reported.
69
Fiscal
YearActuarially Contribution Actual Contribution
EndingDeterminedActualDeficiencyCovered as a % of
September 30,Contribution Contribution (Excess) Payroll1 Covered Payroll
2019 403,199$ 403,200$ (1) 3,549,783$ 11.36%
2018 443,102 443,102 - 3,361,450 13.18%
2017 443,102 443,102 - 3,361,450 13.18%
2016 371,453 371,453 - 3,146,433 11.81%
2015 371,453 371,453 - 3,146,550 11.81%
2014 261,966 261,966 - 2,994,667 8.75%
1
Valuation Date 10/1/2017
Notes
Methods and Assumptions Used to Determine Contribution Rates:
Entry Age Normal
Amortization Method Level Dollar, Closed
Remaining Amortization Period20 years
Asset Valuation Method5-year smoothed market
Inflation 2.50%
Salary Increases 5.50%, including inflation
Investment Rate of Return7.50%
Retirement Age
Mortality
Thisscheduleispresentedtoillustratetherequirementtoshowinformationfor10years.However,untilafull
10-yeartrendiscompiled,pensionplansshouldpresentinformationforthoseyearsforwhichinformationis
available.
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
GENERAL EMPLOYEES' RETIREMENT SYSTEM (PLAN'S REPORTING)
(as required by GASB Statement No. 67)
CoveredPayrollwascalculatedbydividingthetotalmembercontributionsforthefiscalyearbythemember
contribution rate of 6%.
Notes to the Schedule of Contributions
ActuariallydeterminedcontributionratesarecalculatedasofOctober1,
whichistwoyearspriortotheendofthefiscalyearinwhichcontributions
are reported.
Actuarial Cost Method
Experience-basedtableofratesthatarespecifictothetypeofeligibility
condition
RP-2000CombinedHealthyParticipantMortalityTable(forpre-retirement
mortality)andtheRP-2000MortalityTableforAnnuitants(forpost-
retirementmortality),withmortalityimprovementsprojectedtoallfuture
yearsafter2000usingScaleBB.Formales,thebasemortalityratesinclude
a50%bluecollaradjustmentanda50%whitecollaradjustmentforGeneral
employeesanda90%bluecollaradjustmentanda10%whitecollar
adjustmentforPolicetransfers.Forfemales,thebasemortalityratesinclude
a100%whitecollaradjustment.ThesearethesameratesusedforRegular
ClassmembersoftheFloridaRetirementSystem(FRS)fortheJuly1,2017
actuarial valuation, as required under Florida Statutes, Chapter 112.63.
70
Fiscal year ending
September 30,
Annual Money-Weighted
Rate of Return, Net of
Investment Expense
2019 2.85%
2018 10.22%
2017 11.96%
2016 8.73%
2015 -1.20%
2014 6.23%
2013 10.44%
2012 12.95%
2011 9.06%
2010 8.51%
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
GENERAL EMPLOYEES' RETIREMENT SYSTEM
71
Reporting fiscal year ending September 30,2019 2018 2017 2016 2015
Measurement fiscal year ending September 30,2018 2017 2016 2015 2014
Total Pension Liability
Service Cost 686,704$ 660,242$ 536,463$ 554,721$ 672,275$
Interest 2,232,269 2,115,601 1,991,408 1,937,284 1,796,408
Benefit Changes - - - (173,336) -
Difference between actual & expected experience (1,142,939) 101,437 (51,582) (582,646) 5,315
Assumption Changes - (303,810) 326,835 307,647 -
Benefit Payments (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510)
Other 69,509 70,382 65,088 - 113,175
Net Change in Total Pension Liability 566,158 1,693,758 1,844,885 1,102,577 1,406,663
Total Pension Liability - Beginning 29,716,580 28,022,822 26,177,937 25,075,360 23,668,697
Total Pension Liability - Ending (a)30,282,738$ 29,716,580$ 28,022,822$ 26,177,937$ 25,075,360$
Plan Fiduciary Net Position
Contributions - Employer (from Village)1,165,400$ 1,105,854$ 1,122,197$ 1,249,668$ 1 1,207,161$
Contributions - Employer (from State)99,702 100,575 95,281 - 2 173,561
Contributions - Member 231,040 210,630 191,425 180,728 205,660
Net Investment Income 2,464,134 2,495,997 1,818,553 (201,097) 1,168,552
Benefit Payments (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510)
Administrative Expense (55,307) (62,709) (78,167) (11,783) (39,391)
Net Change in Plan Fiduciary Net Position 2,625,584 2,900,253 2,125,962 276,423 1,535,033
Plan Fiduciary Net Position - Beginning 24,081,158 21,180,905 19,054,943 18,778,520 17,243,487
Plan Fiduciary Net Position - Ending (b) 26,706,742$ 24,081,158$ 21,180,905$ 19,054,943$ 18,778,520$
Net Pension Liability - Ending (a) - (b)3,575,996$ 5,635,422$ 6,841,917$ 7,122,994$ 6,296,840$
Plan Fiduciary Net Position as a Percentage of Total Pension Liability88.19%81.04%75.58%72.79%74.89%
Covered Payroll 3 2,567,111$ 2,340,333$ 2,126,944$ 2,008,089$ 2,285,111$
Net Pension Liability as a Percentage of Covered Payroll139.30%240.80%321.68%354.72%275.56%
1
2
3
Thisscheduleispresentedto illustratetherequirementtoshowinformationfor10years.However,untilafull10-yeartrendiscompiled,pensionplansshouldpresentinformationforthose
years for which information is available.
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
POLICE OFFICERS' RETIREMENT SYSTEM (VILLAGE'S REPORTING)
Covered Payroll was calculated by dividing the total member contributions for the fiscal year by the member contribution rate of 9%.
Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015.
(as required by GASB Statement No. 68)
State contributions for fiscal year ending September 30, 2015 were not received until after the end of the fiscal year (therefore not permitted to be used until next fiscal year).
72
Fiscal year ending September 30,2019 2018 2017 2016 2015 2014
Total Pension Liability
Service Cost 737,909$ 686,704$ 660,242$ 536,463$ 554,721$ 672,275$
Interest 2,215,570 2,232,269 2,115,601 1,991,408 1,937,284 1,796,408
Benefit Changes - - - - (173,336) -
Difference between actual & expected experience 71,995 (1,142,939) 101,437 (51,582) (582,646) 5,315
Assumption Changes - - (303,810) 326,835 307,647 -
Benefit Payments (2,437,760) (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510)
Other (235,974) 69,509 70,382 65,088 - 113,175
Net Change in Total Pension Liability 351,740 566,158 1,693,758 1,844,885 1,102,577 1,406,663
Total Pension Liability - Beginning 30,282,738 29,716,580 28,022,822 26,177,937 25,075,360 23,668,697
Total Pension Liability - Ending (a)30,634,478$ 30,282,738$ 29,716,580$ 28,022,822$ 26,177,937$ 25,075,360$
Plan Fiduciary Net Position
Contributions - Employer 1,116,211$ 1,165,400$ 1,105,854$ 1,122,197$ 1,249,668$ 1 1,207,161$
Contributions - Employer (from State)214,608 4 99,702 100,575 95,281 - 2 173,561
Contributions - Member 249,510 231,040 210,630 191,425 180,728 205,660
Net Investment Income 936,089 2,464,134 2,495,997 1,818,553 (201,097) 1,168,552
Benefit Payments (2,437,760) (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510)
Administrative Expense (63,104) (55,307) (62,709) (78,167) (11,783) (39,392)
Net Change in Plan Fiduciary Net Position 15,554 2,625,584 2,900,253 2,125,962 276,423 1,535,032
Plan Fiduciary Net Position - Beginning 26,706,742 24,081,158 21,180,905 19,054,943 18,778,520 17,243,488
Plan Fiduciary Net Position - Ending (b) 26,722,296$ 26,706,742$ 24,081,158$ 21,180,905$ 19,054,943$ 18,778,520$
Net Pension Liability - Ending (a) - (b)3,912,182$ 3,575,996$ 5,635,422$ 6,841,917$ 7,122,994$ 6,296,840$
Plan Fiduciary Net Position as a Percentage of Total Pension Liability87.23%88.19%81.04%75.58%72.79%74.89%
Covered Payroll 3 2,772,333$ 2,567,111$ 2,340,333$ 2,126,944$ 2,008,089$ 2,285,111$
Net Pension Liability as a Percentage of Covered Payroll 141.12%139.30%240.80%321.68%354.72%275.56%
1
2
3
4
Thisscheduleispresentedtoillustratetherequirementtoshowinformationfor10years.However,untilafull10-yeartrendiscompiled,pensionplansshouldpresentinformationforthoseyearsfor
which information is available.
(as required by GASB Statement No. 67)
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOS
POLICE OFFICERS' RETIREMENT SYSTEM (PLAN'S REPORTING)
State contributions for fiscal year ending September 30, 2015 were not received until after the end of the fiscal year (therefore not permitted to be used until next fiscal year).
Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015.
Covered payroll was calculated by dividing the total member contributions for the fiscal year by the member contributon of 9%.
Two years' worth of State contributions were received in fiscal year ending September 30, 2019.
73
Fiscal
YearActuarially Contribution Actual Contribution
EndingDeterminedActualDeficiencyCoveredas a % of
September 30,Contribution Contribution (Excess) Payroll3 Covered Payroll
2019 1,146,404$ 1,305,962$ (159,558) 2,772,333$ 47.11%
2018 1,165,401 1,165,400 1 2,567,111 45.40%
2017 1,136,047 1,136,047 - 2,340,333 48.54%
2016 1,152,390 1,152,390 - 2,126,944 54.18%
2015 1,249,668 1 1,249,668 2 - 2,008,089 62.23%
2014 1,237,354 1,267,547 (30,193) 2,285,111 55.47%
1
2
3
Valuation Date
Notes
Methods and Assumptions Used to Determine Contribution Rates:
Amortization Method
Remaining Amortization Period
Asset Valuation Method
Inflation
Salary Increases6.50%, including inflation
Investment Rate of Return
Retirement Age
Mortality
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
POLICE OFFICERS' RETIREMENT SYSTEM (VILLAGE'S REPORTING)
CoveredPayrollwascalculatedbydividingthetotalmembercontributionsforthefiscalyearbythemember
contribution rate of 9%.
StatecontributionsforfiscalyearendingSeptember30,2015werenotreceiveduntilaftertheendofthefiscal
year (therefore not permitted to be used until next fiscal year).
Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015.
(as required by GASB Statement No. 68)
All actives are assumed to retire when first eligible for Normal Retirement. The
rate of retirement is 1% for each year of eligibility for Early Retirement.
Thisscheduleispresentedtoillustratetherequirementtoshowinformationfor10years.However,untilafull
10-yeartrendiscompiled,pensionplansshouldpresentinformationforthoseyearsforwhichinformationis
available.
Actuarial Cost Method
Notes to the Schedule of Contributions
10/1/2017
Actuarially determined contribution rates are calculated as of October 1,
which is two years prior to the end of the fiscal year in which contributions
are reported.
Entry Age Normal
20 years
2.50%
7.50%
Level Dollar, Closed
5-year smoothed market
RP-2000 Combined Healthy Participant Mortality Table (for preretirement mortality)
and the RP-2000 Mortality Table for Annuitants for post-retirement mortality), eith
mortality improvements projected to all future years after 2000 using Scale BB. For
males;the base mortality rates include a 90% blue collar adjustment and a 10%
white collar adjustment. For females, the base mortality rates include a 100%
white collar adjustment. For disabled retirees, the mortality table used was 60% of
the RP-2000 Mortality Table for Disabled Annuitants and 40% of the RP-2000
Annuitant Mortality Table with a White Collar adjustment, set back 4 years for
males and set forward 2 years for females, with no provision being made for future
mortality improvements. These are the same rates currently used for Special Risk
Class members of the Florida Retirement System (FRS) for the July 1, 2016
actuarial valuation, as mandated by Chapter 112.63, Florida Statutes.
74
Fiscal
YearActuarially Contribution Actual Contribution
EndingDetermined ActualDeficiencyCoveredas a % of
September 30,Contribution Contribution (Excess) Payroll Covered Payroll
2019 1,146,404$ 1,305,962$ 3 (159,558) 2,772,333$ 47.11%
2018 1,195,594 1,195,593 1 2,567,111 46.57%
2017 1,136,047 1,136,047 - 2,340,333 48.54%
2016 1,152,390 1,152,390 - 2,126,944 54.18%
2015 1,249,668 1 1,249,668 2 - 2,008,089 62.23%
2014 1,237,354 1,267,547 (30,193) 2,285,111 55.47%
1
2
3
Valuation Date
Notes
Methods and Assumptions Used to Determine Contribution Rates:
Amortization Method
Remaining Amortization Period
Asset Valuation Method
Inflation
Salary Increases
Investment Rate of Return
Retirement Age
Mortality Fully generational RP-2000 Mortality Table for Annuitants with
improvements in mortality projected to all future years after 2000 using
Scale BB. For females, the base mortality rates include a 100% white
collar adjustment. For males, the base mortality rates include a 90% blue
collar adjustment and a 10% white collar adjustment. For disabled
retirees, the mortality table used was 60% of the RP-2000 Mortality Table
for disabled annuitants with ages set back 4 years for males and set
forward 2 years for females, and 40% of the RP2000 Mortality Table for
healthy annuitants with a 100% white collar adjustment, with no provision
being made for future mortality improvements. These are the same rates
as used for Special Risk Class members of the Florida Retirement
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full
10-year trend is compiled, pension plans should present information for those years for which information is
available.
StatecontributionsforfiscalyearendingSeptember30,2015werenotreceiveduntilaftertheendofthefiscal
year (therefore not permitted to be used until next fiscal year).
6.5%, including inflation
All actives are assumed to retire when first eligible for Normal
Retirement. The rate of retirement is 1% for each year of eligibility for
Early Retirement.
Level Dollar, Closed
5-year smoothed market
20 years
2.5%
7.50%
State contributions for fiscal years ending September 30, 2018 & 2019 were received in fiscal year ending Sept
Note:CoveredPayrollwascalculatedbydividingthetotalmembercontributionsforthefiscalyearbythe
member contribution rate of 9%.
Notes to the Schedule of Contributions
10/1/2017
Actuarially determined contribution rates are calculated as of October 1,
which is two years prior to the end of the fiscal year in which contributions
are reported.
Actuarial Cost Method Entry Age Normal
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
POLICE OFFICERS' RETIREMENT SYSTEM (PLAN'S REPORTING)
IncludesreceivableEmployercontributionintheamountof$32,922forfiscalyearendingSeptember30,
2015.
(as required by GASB Statement No. 67)
75
Fiscal year ending
September 30,
Annual Money-Weighted
Rate of Return, Net of
Investment Expense
2019 3.33%
2018 9.83%
2017 11.22%
2016 8.97%
2015 -0.90%
2014 6.30%
2013 9.48%
2012 11.52%
2011 8.38%
2010 7.99%
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
POLICE OFFICERS' RETIREMENT SYSTEM
76
Total OPEB Liability:20192018
Service cost 43,470$ 48,122$
Interest 23,391 22,769
Changes of benefit terms - (48,084)
Differences between expected and actual experience
of the Total OPEB Liability*- -
Changes in assumptions (16,935) (20,041)
Benefit payments (36,994) (91,579)
Net Change in total OPEB liability 12,932 (88,813)
Total OPEB liability- beginning 643,330 732,143
Total OPEB liability- ending 656,262$ 643,330$
Covered payroll 6,190,210$ 5,980,879$
Total OPEB liability as a percentage of covered payroll 10.60%10.76%
Notes to Schedule:
Note: Covered-Employee Payroll presented above is an estimate based on data submitted for the
September 30, 2017 valuation. GASB Statement 75 defines Covered-employee payroll as the payroll of employees that are
provided with OPEB through the OPEB plan, including employees terminating during the measurement period (fiscal year
ending September 30, 2017).
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS
SEPTEMBER 30, 2019
77
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 forthe Village’s portion of the Miami-Dade County
one-half percent transportation surtaxapprovedby voters in November 2002.
Local Option Gas Tax – This fund accounts forthe revenues from thesix cents and additional
three centssales tax levied on all petroleum products sold in Miami-Dade County.
LawEnforcement Training – This fund accounts forproceeds obtained through fines
designatedspecifically for training law enforcement officers.
BrockwayMemorial Library Fund – This fund accounts for donations to be applied toward the
Library’s Children’s Wing Expansion Project. All funds in this account are available to be used in
the renovation and addition slated as part of the expansion project.
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
Capital Improvement Fund – This fund accounts for majorcapital acquisitionsandprojects to
improve theVillage.
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.
Local Law Brockway
Transportation Option Enforcement Memorial
Surtax Gas Tax Training Expansion Total
ASSETS
Cash and cash equivalents 185,541$ 362,342$ 26,952$ 739,085$ 1,313,920$
Accounts receivable - net 106,348 28,669 354 - 135,371
Total assets 291,889 391,011 27,306 739,085 1,449,291
LIABILITIES
Accounts payable and accrued liabilities 6,152 2,565 - - 8,717
Total liabilities 6,152 2,565 - - 8,717
FUND BALANCES
Restricted 285,737 388,446 27,306 739,085 1,440,574
Total fund balances 285,737 388,446 27,306 739,085 1,440,574
Total liabilities and fund balances 291,889$ 391,011$ 27,306$ 739,085$ 1,449,291$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2019
Special Revenue Funds
78 (Continued)
Debt
Service
Total
Capital Charter Nonmajor
Improvement High School Governmental
GO Bonds Fund Construction Total Funds
ASSETS
Cash and cash equivalents 67,524$ 1,722,971$ 21,727$ 1,744,698$ 3,126,142$
Investments 1,112,676 - - - 1,112,676$
Accounts receivable - net 3,909 - - - 139,280
Total assets 1,184,109 1,722,971 21,727 1,744,698 4,378,098
LIABILITIES
Accounts payable and accrued liabilities - 76,384 - 76,384 85,101
Total liabilities - 76,384 - 76,384 85,101
FUND BALANCES
Restricted 1,184,109 - 21,727 21,727 2,646,410
Committed - 1,646,587 - 1,646,587 1,646,587
Unassigned - - - - -
Total fund balances 1,184,109 1,646,587 21,727 1,668,314 4,292,997
Total liabilities and fund balances 1,184,109$ 1,722,971$ 21,727$ 1,744,698$ 4,378,098$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2019
Capital Projects
79
Lo
c
a
l
L
a
w
Br
o
c
k
w
a
y
Tr
a
n
s
p
o
r
t
a
t
i
o
n
O
p
t
i
o
n
E
n
f
o
r
c
e
m
e
n
t
M
e
m
o
r
i
a
l
Su
r
t
a
x
Ga
s
T
a
x
Tr
a
i
n
i
n
g
Ex
p
a
n
s
i
o
n
Total
Re
v
e
n
u
e
s
:
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
43
8
,
5
8
3
$
37
7
,
0
7
5
$
-
$
-
$
815,658$
F
i
n
e
s
a
n
d
f
o
r
f
e
i
t
u
r
e
s
-
-
2,
3
3
2
-
2,332
M
i
s
c
e
l
l
a
n
e
o
u
s
-
-
-
3,
8
4
0
3,840
I
n
t
e
r
e
s
t
i
n
c
o
m
e
3,
5
7
8
2,
1
2
5
2
8,
0
0
4
13,709
T
o
t
a
l
r
e
v
e
n
u
e
s
44
2
,
1
6
1
3
7
9
,
2
0
0
2
,
3
3
4
1
1
,
8
4
4
835,539
Ex
p
e
n
d
i
t
u
r
e
s
:
G
e
n
e
r
a
l
g
o
v
e
r
n
m
e
n
t
-
-
-
86
5
865
P
u
b
l
i
c
w
o
r
k
s
21
4
,
9
2
2
26
1
,
7
9
5
-
-
476,717
C
a
p
i
t
a
l
o
u
t
l
a
y
54
7
,
3
6
8
1
2
8
,
1
3
2
-
4
0
,
0
3
8
715,538
T
o
t
a
l
e
x
p
e
n
d
i
t
u
r
e
s
76
2
,
2
9
0
3
8
9
,
9
2
7
-
4
0
,
9
0
3
1,193,120
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
(3
2
0
,
1
2
9
)
(
1
0
,
7
2
7
)
2
,
3
3
4
(
2
9
,
0
5
9
)
(357,581)
Ot
h
e
r
f
i
n
a
n
c
i
n
g
s
o
u
r
c
e
s
(
u
s
e
s
)
:
T
r
a
n
s
f
e
r
s
i
n
-
-
-
1
8
3
,
1
7
9
183,179
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
)
-
-
-
1
8
3
,
1
7
9
183,179
Ne
t
c
h
a
n
g
e
i
n
f
u
n
d
b
a
l
a
n
c
e
(3
2
0
,
1
2
9
)
(
1
0
,
7
2
7
)
2
,
3
3
4
1
5
4
,
1
2
0
(174,402)
Fu
n
d
b
a
l
a
n
c
e
s
,
b
e
g
i
n
n
i
n
g
60
5
,
8
6
6
3
9
9
,
1
7
3
2
4
,
9
7
2
5
8
4
,
9
6
5
1,614,976
Fu
n
d
b
a
l
a
n
c
e
s
,
e
n
d
i
n
g
28
5
,
7
3
7
$
3
8
8
,
4
4
6
$
2
7
,
3
0
6
$
7
3
9
,
0
8
5
$
1,440,574$
FO
R
T
H
E
F
I
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
9
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
80
(Continued)
De
b
t
Se
r
v
i
c
e
Total
Ca
p
i
t
a
l
C
h
a
r
t
e
r
Nonmajor
Im
p
r
o
v
e
m
e
n
t
H
i
g
h
S
c
h
o
o
l
Governmental
GO
B
o
n
d
s
Fu
n
d
Co
n
s
t
r
u
c
t
i
o
n
To
t
a
l
Funds
Re
v
e
n
u
e
s
:
P
r
o
p
e
r
t
y
t
a
x
e
s
45
4
,
2
7
2
-
$
-
$
-
$
4
5
4
,
2
7
2
$
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
-
-
-
-
8
1
5
,
6
5
8
F
i
n
e
s
a
n
d
f
o
r
f
e
i
t
u
r
e
s
-
-
-
-
2,332
M
i
s
c
e
l
l
a
n
e
o
u
s
-
-
-
-
3,840
I
n
t
e
r
e
s
t
i
n
c
o
m
e
20
,
5
6
3
5,
0
2
4
-
5,
0
2
4
39,296
T
o
t
a
l
r
e
v
e
n
u
e
s
47
4
,
8
3
5
5
,
0
2
4
-
5
,
0
2
4
1,315,398
Ex
p
e
n
d
i
t
u
r
e
s
:
G
e
n
e
r
a
l
g
o
v
e
r
n
m
e
n
t
5,
0
0
0
-
-
-
5,865
P
u
b
l
i
c
w
o
r
k
s
-
-
-
-
4
7
6
,
7
1
7
C
a
p
i
t
a
l
o
u
t
l
a
y
-
6
8
5
,
0
6
3
-
6
8
5
,
0
6
3
1,400,601
D
e
b
t
s
e
r
v
i
c
e
:
P
r
i
n
c
i
p
a
l
31
7
,
1
0
0
-
-
-
3
1
7
,
1
0
0
I
n
t
e
r
e
s
t
13
3
,
1
9
1
-
-
-
133,191
T
o
t
a
l
e
x
p
e
n
d
i
t
u
r
e
s
45
5
,
2
9
1
6
8
5
,
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83
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
ManagementMaintenance
Fund Fund Total
ASSETS
Current assets:
Investments 1,112,676$ 1,416,169$ 2,528,845$
Accounts receivable - net 51,759 4,971 56,730
Inventories - 36,955 36,955
Prepaid items 195,044 295 195,339
Total current assets 1,359,479 1,458,390 2,817,869
Capital assets:
Capital assets not being depreciated - 7,127 7,127
Capital assets being depreciated, net - 2,290,494 2,290,494
Total noncurrent assets - 2,297,621 2,297,621
Total assets 1,359,479 3,756,011 5,115,490
DEFERRED OUTLOWS OF RESOURCES
Pension - 24,108 24,108
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 37,408 54,45791,865
Due to other funds 145,772 176,126 321,898
Compensated absences - 3,367 3,367
Total current liabilities 183,180 233,950 417,130
Noncurrent liabilities:
Compensated absences - 10,101 10,101
Net pension liability - 32,497 32,497
Total noncurrent liabilities - 42,598 42,598
Total liabilities 183,180 276,548 459,728
DEFERRED INFLOWS OF RESOURCES
Pension - 51,778 51,778
NET POSITION
Net investment in capital assets - 2,297,621 2,297,621
Unrestricted 1,176,299 1,154,172 2,330,471
Total net position 1,176,299$ 3,451,793$ 4,628,092$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30, 2019
84
Risk Fleet
ManagementMaintenance
Fund Fund Total
Revenues:
Charges for services 898,742$ 1,323,558$ 2,222,300$
Operating expenses:
Administrative and general 65,879 - 65,879
Public works - 768,049 768,049
Personnel expenses - 220,328 220,328
Depreciation - 293,187 293,187
Insurance premiums and claims 803,371 - 803,371
Total operating expenses 869,250 1,281,564 2,150,814
Operating income (loss)29,492 41,994 71,486
Non-operating revenues:
Interest income 19,782 26,151 45,933
Total non-operating revenues 19,782 26,151 45,933
Income before transfers and contributions 49,274 68,145 117,419
Transfers in - 29,933 29,933
Transfers out (29,933) - (29,933)
Contributions - - -
Change in net position 19,341 98,078 117,419
Net position, beginning 1,156,958 3,353,715 4,510,673
Net position, ending 1,176,299$ 3,451,793$ 4,628,092$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
85
Risk Fleet
ManagementMaintenance
Fund Fund Total
Cash flows from operating activities:
Cash received from customers, governments and other funds 1,000,186$ 726,369$ 1,726,555$
Cash paid to suppliers (1,069,575) 21,006 (1,048,569)
Cash paid to employees - (239,521) (239,521)
Net cash provided by (used in) operating activities (69,389) 507,854 438,465
Cash flows from non-capital financing activities:
Transfers in - 29,933 29,933
Transfers out (29,933) - (29,933)
Net cash (used in) non-capital financing activities (29,933) 29,933 -
Cash flows from capital related financing activities:
Acquisition and construction of capital assets- (709,861) (709,861)
Investments (1,112,676) (1,416,169) (2,528,845)
Net cash (used in) capital and related financing activities (1,112,676) (2,126,030) (3,238,706)
Cash flows from investing activities:
Interest and other income 19,782 26,151 45,933
Net cash provided by investing activities 19,782 26,151 45,933
Net decrease in cash and cash equivalents (1,192,216) (1,562,092) (2,754,308)
Cash and cash equivalents, October 1 1,192,216 1,562,092 2,754,308
Cash and cash equivalents, September 30 -$ -$ -$
Reconciliation of operating income to net cash provided by
operating activities:
Operating income (loss)29,492$ 41,994$ 71,486$
Adjustments to reconcile operating income (loss)
to net cash provided by operating activities:
Depreciation - 293,187 293,187
Change in assets and liabilities:
(Increase) decrease in:
Accounts receivable (44,328) (4,971) (49,299)
Inventories - 18,576 18,576
Prepaids (193,514) - (193,514)
Deferred outflows of resources for pension - 5,793 5,793
Other assets (295) (295)
Increase (decrease) in:
Accounts payable and accrued liabilities (6,811) 2,430 (4,381)
Claims payable - - -
Compensated absences - (6,138) (6,138)
Due to other funds 145,772 176,126 321,898
Net Pension Liability - (28,518) (28,518)
Deferred inflows of resources for pension - 9,670 9,670
Total adjustments (98,881) 465,860 366,979
Net cash provided by (used in) operating activities (69,389)$ 507,854$ 438,465$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
86
FIDUCIARY FUNDS
These funds account for assets held by theVillage in a trustee capacity or asan agent for
employees.
Pension Trust Funds:
Police Officers Retirement System –To account for the accumulation ofresources for
pension benefit payments to police officerswhohave retired from Miami Shores Village.
General Employees Retirement System – To account for the accumulation of resources
forpension benefit payments to employees, other than police, who have retired from Miami
ShoresVillage.
General
Employee'sPolice
PensionPension
Trust Trust Total
ASSETS
Cash and cash equivalents 1,080,005$ 1,756,702$ 2,836,707$
Receivables:
Accounts receivable - 108,695 108,695
Accrued interest and dividends 36,091 67,228 103,319
Total receivables 36,091 175,923 212,014
Investments, at fair value:
Mutual funds - equity 7,473,544 11,854,428 19,327,972
Common stock 2,430,772 4,198,614 6,629,386
Corporate bonds 2,232,337 4,202,959 6,435,296
U.S. Government securities 1,045,477 1,891,374 2,936,851
Mortgage backed securities 1,385,416 2,642,296 4,027,712
Total investments 14,567,546 24,789,671 39,357,217
Total assets 15,683,642 26,722,296 42,405,938
NET POSITION
Net position restricted for pensions 15,683,642$ 26,722,296$ 42,405,938$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF FIDUCIARY NET POSITION
PENSION TRUST FUNDS
SEPTEMBER 30, 2019
87
General
Employee's Police
Pension Pension
Trust Trust Total
ADDITIONS
Contributions:
Employer 403,200$ 1,116,211$ 1,519,411$
Employees 212,987 249,510 462,497
State of Florida - 214,608 214,608
Total contributions 616,187 1,580,329 2,196,516
Investment income:
Net depreciation in fair value of investments (279,422) (409,578) (689,000)
Interest and dividend income 828,468 1,443,643 2,272,111
Total investment 549,046 1,034,065 1,583,111
Less investment expenses (76,340) (97,977) (174,317)
Net investment income 472,706 936,088 1,408,794
Total additions 1,088,893 2,516,417 3,605,310
DEDUCTIONS
Benefits paid 614,486 2,437,760 3,052,246
Administrative expenses 37,520 63,103 100,623
Total deductions 652,006 2,500,863 3,152,869
Net increase 436,887 15,554 452,441
Net position restricted for pensions
Beginning of year 15,246,755 26,706,742 41,953,497
End of year 15,683,642$ 26,722,296$ 42,405,938$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION TRUST FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019
88
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
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
These schedules contain information to help the reader assess the Village’s most significant local
revenue source, the property tax.
Debt Capacity
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
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
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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89
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Governmental activities:
General government 3,922,391$ 3,206,651$ 3,478,191$ 3,377,218$ 3,159,828$ 2,760,901$ 2,418,939$ 2,336,763$ 2,396,446$ 2,390,719$
Public safety 7,776,091 6,970,163 7,094,590 6,460,583 6,088,608 6,206,349 6,425,432 5,509,508 5,596,692 5,216,724
Public works 3,933,809 4,820,309 3,860,624 2,502,799 3,492,136 2,239,056 2,385,338 2,346,575 1,949,960 2,201,667
Culture and recreation 3,199,846 3,202,922 3,036,354 3,145,255 2,976,180 2,946,167 2,816,882 2,583,688 2,498,408 2,341,310
Interest on debt 133,191 126,553 151,794 168,811 272,374 283,840 432,997 425,355 443,542 465,672
Total governmental activities expenses 18,965,328 18,326,598 17,621,553 15,654,666 15,989,126 14,436,313 14,479,588 13,201,889 12,885,048 12,616,092
Business-type activities:
Sanitation 2,612,667 2,461,906 2,464,762 2,528,666 2,223,695 2,294,399 2,119,723 2,208,585 2,257,285 2,382,893
Stormwater 279,259 201,904 224,695 237,712 193,174 165,537 180,702 175,761 190,992 206,300
Water & Sewer 4,383,725 148,717 105,707 62,204 - - - - - -
Total business-type activities expenses 7,275,651 2,812,527 2,795,164 2,828,582 2,416,869 2,459,936 2,300,425 2,384,346 2,448,277 2,589,193
Total primary government expenses 26,240,979 21,139,125 20,416,717 18,483,248 18,405,995 16,896,249 16,780,013 15,586,235 15,333,325 15,205,285
Program revenues:
Governmental activities:
Charges for services:
General government 2,190,376 1,619,903 1,211,656 1,366,832 1,005,762 1,063,095 841,572 1,069,135 1,177,047 747,353
Public safety 2,203,635 896,857 1,116,160 790,598 1,027,550 1,087,055 1,553,168 2,326,376 777,655 733,926
Public works 46,912 24,175 62,144 194,349 200,977 117,815 843,218 727,160 814,600 750,145
Culture and recreation 1,442,519 1,577,949 1,356,565 1,388,906 1,568,844 1,436,999 1,375,506 1,293,788 1,117,160 1,079,727
Operating grants and contributions 815,658 816,300 801,908 798,312 816,380 784,430 87,368 170,234 217,303 95,692
Capital grants and contributions - - - - 35,564 474,079 35,564 47,447 65,921 171,549
Total governmental activities program revenues 6,699,100 4,935,184 4,548,433 4,538,997 4,655,077 4,963,473 4,736,396 5,634,140 4,169,686 3,578,392
Business-type activities:
Charges for services:
Sanitation 2,621,861 2,623,039 2,623,010 2,633,013 2,639,106 2,641,284 2,667,843 2,765,775 2,665,041 2,886,107
Stormwater 245,805 245,407 244,936 245,269 244,805 244,107 248,132 252,420 248,668 247,349
Water & Sewer 43,868 84,159 70,143 136,855 - - - - -
Capital grants and contributions - - 556,382 - 672,381 - - - - -
Total business-type activities program revenues 2,911,534 2,952,605 3,494,471 3,015,137 3,556,292 2,885,391 2,915,975 3,018,195 2,913,709 3,133,456
Total primary government program revenue 9,610,634$ 7,887,789$ 8,042,904$ 7,554,134$ 8,211,369$ 7,848,864$ 7,652,371$ 8,652,335$ 7,083,395$ 6,711,848$
(Continued)
Fiscal Year
MIAMI SHORES VILLAGE, FLORIDA
CHANGES IN NET POSITION
FOR THE LAST TEN FISCAL YEARS
90
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Net (expenses) revenue:
Governmental activities(12,266,228)$ (13,391,414)$ (13,391,414)$ (13,073,120)$ (11,115,669)$ (11,334,049)$ (9,781,236)$ (7,567,750)$ (8,715,362)$ (9,037,699)$
Business-type activities(4,364,117) 140,078 140,078 699,307 186,555 1,139,423 425,455 633,849 465,432 544,263
(16,630,345) (13,251,336) (13,251,336) (12,373,813) (10,929,114) (10,194,626) (9,355,781) (6,933,901) (8,249,930) (8,493,436)
General revenues and other changes in net position:
Governmental activities:
Property taxes9,009,745 8,484,744 7,923,699 7,326,125 6,893,572 6,406,843 6,255,087 6,078,085 6,143,806 6,583,883
Public services tax2,156,184 2,121,676 2,104,726 2,141,094 2,199,772 2,214,451 2,045,767 2,098,267 2,137,473 2,222,743
Intergovernmental1,209,452 1,145,885 1,109,035 1,092,365 1,027,237 1,002,183 929,762 918,034 936,215 797,773
Miscellaneous635,023 662,875 549,075 507,592 827,991 469,614 415,330 493,243 1,019,320 950,040
Interest earning - unrestricted277,431 115,869 60,740 26,210 29,568 20,670 32,015 61,071 36,378 38,978
Gain on sale of capital assets- - - - 523,164 - - - - -
Transfers416,737 350,076 352,819 400,000 400,000 395,000 395,000 335,000 235,000 (1,392,164)
Total governmental activities13,704,572 12,881,125 12,100,094 11,493,386 11,901,304 10,508,761 10,072,961 9,983,700 10,508,192 9,201,253
Business-type activities:
Investment earnings27,803 17,370 10,623 4,701 5,721 5,708 5,994 1,756 2,313 2,900
Other general revenues- - - - - - - - - -
Transfers (416,737) (350,076) (352,819) (400,000) (400,000) (395,000) (395,000) (335,000) (235,000) 1,392,164
Total business-type activities (388,934) (332,706) (342,196) (395,299) (394,279) (389,292) (389,006) (333,244) (232,687) 1,395,064
Total primary government13,315,638 12,548,419 11,757,898 11,098,087 11,507,025 10,119,469 9,683,955 9,650,456 10,275,505 10,596,317
Change in net assets:
Governmental activities 1,438,344 (510,289) (1,291,320) 377,717 785,635 (825,288) 291,725 2,415,950 1,792,830 163,554
Business-type activities (4,753,051) (192,628) (202,118) (208,744) (207,724) 750,131 36,449 300,605 232,745 1,939,327
Total primary government(3,314,707)$ (702,917)$ (1,493,438)$ 168,973$ 577,911$ (75,157)$ 328,174$ 2,716,555$ 2,025,575$ 2,102,881$
Fiscal Year
MIAMI SHORES VILLAGE, FLORIDA
CHANGES IN NET POSITION
(Continued)
FOR THE LAST TEN FISCAL YEARS
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e
s
:
P
r
i
n
c
i
p
a
l
31
7
,
1
0
0
53
3
,
9
5
9
67
4
,
0
7
9
65
7
,
8
8
9
63
5
,
8
3
7
58
9
,
0
3
6
4,
3
6
2
,
5
8
0
48
7
,
6
9
0
465,351 448,297
I
n
t
e
r
e
s
t
13
3
,
1
9
1
1
4
1
,
8
4
6
1
5
1
,
7
9
4
1
6
8
,
8
1
1
2
7
2
,
3
7
4
2
8
3
,
8
4
0
4
3
2
,
9
9
7
4
2
1
,
5
9
9
436,736 455,810
To
t
a
l
e
x
p
e
n
d
i
t
u
r
e
s
17
,
9
7
3
,
8
5
8
1
9
,
2
8
4
,
0
8
5
1
7
,
6
5
5
,
0
6
4
1
6
,
8
2
0
,
3
0
7
1
6
,
0
4
7
,
4
4
3
1
5
,
7
0
7
,
4
0
2
1
8
,
6
1
4
,
3
0
2
1
4
,
0
8
0
,
6
0
7
13,568,623 13,262,170
(D
e
f
i
c
i
e
n
c
y
)
e
x
c
e
s
s
s
o
f
r
e
v
e
n
u
e
s
o
v
e
r
ex
p
e
n
d
i
t
u
r
e
s
(2
5
5
,
1
5
6
)
(
2
,
2
1
3
,
8
5
2
)
(
1
,
3
7
2
,
7
0
7
)
(
1
,
4
2
3
,
1
7
7
)
(
3
0
9
,
3
0
2
)
(
6
6
4
,
6
3
6
)
(
4
,
4
1
8
,
1
2
4
)
1
,
0
8
6
,
1
7
8
6
8
3
,
6
2
3
810,793
Ot
h
e
r
f
i
n
a
n
c
i
n
g
s
o
u
r
c
e
s
(
u
s
e
s
)
:
Pr
o
c
e
e
d
s
f
r
o
m
l
o
n
g
-
t
e
r
m
d
e
b
t
4,
0
1
7
,
6
0
0
3
,
9
2
3
,
0
0
0
Pa
y
m
e
n
t
t
o
r
e
f
u
n
d
i
n
g
a
g
e
n
t
(3
,
8
9
0
,
0
0
0
)
Sa
l
e
s
o
f
c
a
p
i
t
a
l
a
s
s
e
t
s
52
3
,
1
6
4
Tr
a
n
s
f
e
r
i
n
5,
2
2
2
,
7
7
4
2
,
9
8
1
,
0
1
5
4
,
4
8
7
,
6
0
8
4
,
4
7
4
,
3
1
2
3
,
2
6
9
,
0
7
0
3
,
2
6
4
,
6
7
3
3
,
0
2
8
,
4
8
0
2
,
9
8
3
,
3
7
4
3
,
3
3
1
,
1
8
0
3,283,369
Tr
a
n
s
f
e
r
o
u
t
(4
,
9
1
5
,
6
9
4
)
(
2
,
6
3
0
,
9
3
9
)
(
4
,
1
7
6
,
3
2
4
)
(
4
,
0
1
2
,
3
1
2
)
(
2
,
8
3
7
,
0
7
0
)
(
2
,
8
6
9
,
6
7
3
)
(
2
,
6
8
8
,
1
8
0
)
(
2
,
7
5
7
,
6
2
7
)
(3,096,180) (3,048,369)
To
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
)
30
7
,
0
8
0
3
5
0
,
0
7
6
3
1
1
,
2
8
4
4
6
2
,
0
0
0
1
,
0
8
2
,
7
6
4
3
9
5
,
0
0
0
4
,
2
6
3
,
3
0
0
2
2
5
,
7
4
7
235,000 235,000
Ne
t
c
h
a
n
g
e
i
n
f
u
n
d
b
a
l
a
n
c
e
s
51
,
9
2
4
$
(
1
,
8
6
3
,
7
7
6
)
$ (
1
,
0
6
1
,
4
2
3
)
$ (
9
6
1
,
1
7
7
)
$
7
7
3
,
4
6
2
$
(
2
6
9
,
6
3
6
)
$
(
1
5
4
,
8
2
4
)
$
1
,
3
1
1
,
9
2
5
$
918,623$ 1,045,793$
De
b
t
s
e
r
v
i
c
e
a
s
a
p
e
r
c
e
n
t
a
g
e
o
f
no
n
c
a
p
i
t
a
l
e
x
p
e
n
d
i
t
u
r
e
s
2
.
8
%
3
.
8
%
5
.
0
%
5
.
6
%
6
.
3
%
6
.
2
%
2
7
.
4
%
7
.
2
%
7
.
3
%
7
.
6
%
Fi
s
c
a
l
Y
e
a
r
MI
A
M
I
S
H
O
R
E
S
V
I
L
L
A
G
E
,
F
L
O
R
I
D
A
CH
A
N
G
E
S
I
N
F
U
N
D
B
A
L
A
N
C
E
S
F
O
R
G
O
V
E
R
N
M
E
N
T
A
L
F
U
N
D
S
FO
R
T
H
E
L
A
S
T
T
E
N
F
I
S
C
A
L
Y
E
A
R
S
93
Ad
-
V
a
l
o
r
e
m
T
a
x
e
s
P
u
b
l
i
c
Li
c
e
n
s
e
s
Ch
a
r
g
e
s
F
i
n
e
s
a
n
d
Interest
Fi
s
c
a
l
Y
e
a
r
G
e
n
e
r
a
l
P
u
r
p
o
s
e
S
e
r
v
i
c
e
T
a
x
e
s
a
n
d
P
e
r
m
i
t
s
I
n
t
e
r
g
o
ve
r
n
m
e
n
t
a
l
f
o
r
S
e
r
v
i
c
e
s
F
o
r
f
e
i
t
u
r
e
s
M
i
s
c
e
l
l
a
n
e
o
u
s
I
n
c
o
m
e
Total
20
1
0
6,
0
5
0
,
3
6
0
2,
2
2
2
,
7
4
3
65
8
,
8
3
3
79
7
,
7
7
3
1,
4
6
0
,
4
5
1
3
4
6
,
4
6
3
70
5
,
3
5
8
19,63312,261,614
20
1
1
5,
6
1
4
,
7
4
6
2,
1
3
7
,
4
7
3
1,
0
5
2
,
6
2
6
91
2
,
4
2
1
1,
5
4
2
,
4
3
2
3
2
9
,
9
0
6
63
3
,
3
1
8
12,85912,235,781
20
1
2
5,
5
2
4
,
3
9
5
2
,
0
9
8
,
2
6
7
91
4
,
8
3
3
89
2
,
4
7
4
1
,
7
3
4
,
0
9
5
3
2
0
,
9
2
6
36
1
,
3
1
8
42,55211,888,860
20
1
3
5,
7
1
9
,
0
1
6
2
,
0
4
5
,
7
6
7
84
1
,
5
7
2
96
4
,
7
5
5
1
,
9
4
1
,
0
9
0
6
0
9
,
0
2
9
27
6
,
8
1
1
18,74612,416,786
20
1
4
5,
8
9
4
,
7
1
6
2
,
2
1
4
,
4
5
1
1,
0
1
8
,
3
0
1
1
,
0
0
2
,
1
8
3
1,
9
8
0
,
3
8
1
4
9
2
,
2
8
5
38
2
,
1
4
9
5,21312,989,679
20
1
5
6,
3
8
3
,
3
1
7
2
,
1
9
9
,
7
7
2
1,
2
3
7
,
4
3
5
1
,
0
6
2
,
8
0
1
2
,
05
9
,
3
8
9
4
9
9
,
7
7
7
44
9
,
4
4
5
14,28113,906,217
20
1
6
6,
8
6
4
,
9
9
8
2
,
1
4
1
,
0
9
4
1,
2
5
7
,
2
2
8
1
,
0
9
2
,
3
6
5
1
,
73
2
,
6
1
7
3
5
2
,
0
2
6
35
7
,
4
9
4
14,49213,812,314
20
1
7
7,
4
4
6
,
6
8
6
2
,
1
0
4
,
7
2
6
1,
2
1
2
,
0
2
9
1
,
1
0
2
,
7
6
5
1
,
82
9
,
7
5
6
5
5
4
,
0
6
8
37
1
,
3
0
9
42,02314,663,362
20
1
8
8,
0
2
7
,
6
0
1
2
,
1
2
1
,
6
7
6
1,
2
1
1
,
4
4
8
1
,
1
3
1
,
3
2
4
2
,
03
4
,
8
5
9
4
3
5
,
7
9
2
46
1
,
7
7
9
74,08115,498,560
20
1
9
8,
5
5
5
,
4
7
3
2
,
1
5
6
,
1
8
4
1,
2
9
1
,
6
3
4
1
,
1
3
9
,
9
7
6
1
,
89
8
,
0
2
0
2
5
1
,
0
0
4
53
2
,
9
5
0
1
6
2
,
5
5
7
1
5
,
9
8
7
,
7
9
8
Re
v
e
n
u
e
s
i
n
c
l
u
d
e
d
i
n
t
h
e
G
e
n
e
r
a
l
a
n
d
E
x
c
i
s
e
T
a
x
F
u
n
d
s
GE
N
E
R
A
L
G
O
V
E
R
N
M
E
N
T
A
L
A
N
D
E
X
C
I
S
E
T
A
X
R
E
V
E
N
U
E
S
B
Y
S
O
U
R
C
E
LA
S
T
T
E
N
F
I
S
C
A
L
Y
E
A
R
S
(a
c
c
r
u
a
l
b
a
s
i
s
o
f
a
c
c
o
u
n
t
i
n
g
)
MI
A
M
I
S
H
O
R
E
S
V
I
L
L
A
G
E
,
F
L
O
R
I
D
A
94
Fi
s
c
a
l
Ye
a
r
To
t
a
l
To
t
a
l
T
o
t
a
l
Total
En
d
e
d
Pe
r
s
o
n
a
l
C
e
n
t
r
a
l
l
y
A
s
s
e
s
s
e
d
D
i
r
e
c
t
T
a
x
M
a
r
k
e
t
Assessed
Se
p
t
e
m
b
e
r
3
0
,
Pr
o
p
e
r
t
y
Pr
o
p
e
r
t
y
As
s
e
s
s
e
d
Va
l
u
e
Ra
t
e
Va
l
u
e
Value
20
1
0
77
8
,
8
1
3
,
7
3
4
17
,
2
0
1
,
6
3
6
2,
1
3
3
,
4
3
8
79
8
,
1
4
8
,
8
0
8
8.
7
0
5
9
1
,
5
2
4
,
5
5
4
,
7
2
7
798,148,808
20
1
1
70
3
,
8
9
9
,
3
4
5
15
,
7
7
5
,
6
2
1
1,
4
9
8
,
8
5
7
72
1
,
1
7
3
,
8
2
3
8.
7
7
6
2
1
,
2
8
3
,
9
5
3
,
7
6
9
721,173,823
20
1
2
69
8
,
7
3
8
,
4
4
2
16
,
9
5
3
,
5
2
5
1,
5
4
4
,
7
1
1
71
7
,
2
3
6
,
6
7
8
8.
7
8
5
5
1
,
2
4
3
,
6
6
7
,
0
1
2
717,236,678
20
1
3
72
7
,
9
5
5
,
2
0
1
17
,
9
1
0
,
6
5
8
1,
5
3
0
,
8
1
4
74
7
,
3
9
6
,
6
7
3
8.
7
5
0
0
1
,
2
8
4
,
2
7
7
,
7
3
6
747,396,673
20
1
4
74
4
,
1
6
1
,
5
9
4
18
,
8
9
8
,
8
8
9
1,
0
7
1
,
8
3
6
76
4
,
1
3
2
,
3
1
9
8.
6
9
4
9
1
,
2
9
4
,
7
8
0
,
5
0
8
764,132,319
20
1
5
80
8
,
0
6
7
,
9
3
5
20
,
4
4
3
,
4
7
2
1,
2
8
1
,
4
9
1
82
9
,
7
9
2
,
8
9
8
8.
6
3
9
2
1
,
4
8
3
,
3
7
7
,
5
1
3
829,792,898
20
1
6
88
0
,
3
3
6
,
9
2
6
19
,
7
8
2
,
9
3
1
1,
5
0
9
,
2
1
9
90
1
,
6
2
9
,
0
7
6
8.
4
2
8
9
1
,
6
9
2
,
8
8
9
,
0
2
6
901,629,076
20
1
7
95
3
,
5
0
6
,
7
6
6
19
,
6
1
0
,
8
1
0
1,
6
7
8
,
4
7
0
97
4
,
7
9
6
,
0
4
6
8.
4
0
5
4
1
,
8
7
9
,
2
4
7
,
3
9
6
974,796,046
20
1
8
1,
0
3
0
,
6
0
5
,
9
7
0
19
,
7
3
1
,
7
1
2
1,
7
8
5
,
6
5
9
1,
0
5
2
,
1
2
3
,
3
4
1
8.
3
4
9
1
2
,
0
0
9
,
1
0
4
,
7
8
6
1,052,123,341
20
1
9
1,
0
9
5
,
7
4
6
,
0
8
7
20
,
3
9
9
,
2
5
8
1,
8
8
7
,
6
1
5
1,
1
1
8
,
0
3
2
,
9
6
0
8.
3
1
9
2
2
,
0
1
9
,
6
2
4
,
9
4
5
1,118,032,960
So
u
r
c
e
:
M
i
a
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PRINCIPAL PROPERTY TAX PAYERS
CURRENT YEAR AND TEN YEARS AGO
PercentagePercentage
Taxableof Total CityTaxableof Total City
AssessedTaxableAssessedTaxable
Taxpayer Value Rank Value Value Rank Value
Tropical Chevrolet, Inc.9,783,238$ 10.88%6,998,282$ 20.88%
Northern Trust Bank (Publix)8,834,050 20.79%8,970,151 11.12%
Shore Square Properties, LLC 8,602,167 30.77%6,413,817 30.80%
Florida Power & Light Co.8,260,908 40.74%5,677,241 40.71%
Miami Shores Village 7,981,497 50.71%-
Carol Invest USA, Inc 7,183,343 60.64%-
Angelo Napolitano Tr 4,214,227 70.38%-
SMSB LLC 4,000,000 80.36%-
88 Biscayne Management LLC 3,985,300 90.36%-
Frederic Puren 3,537,882 100.32%-
Bank of America - 2,391,887 80.30%
Camp Biscayne at the Grove - 3,362,286 50.42%
Bellsouth Telecommunications, Inc - 2,642,752 70.33%
Bujolo, Inc - 2,688,645 60.34%
Omar Cassola - 2,202,547 100.28%
Bahman Ashraf - - 2,294,640 90.29%
Total 66,382,612$ 5.94%43,642,248$ 5.47%
MIAMI SHORES VILLAGE, FLORIDA
2019 2010
97
Fiscal
YearTotal LeviedCollections
Endedfor the Percentagein SubsequentPercentage
September 30,Fiscal Year Amount of Levy Years Amount of Levy
2010 6,385,190 5,903,212 92.5%147,128 6,050,340 94.8%
2011 5,769,391 5,474,167 94.9%140,579 5,614,746 97.3%
2012 5,756,124 5,833,835 101.4%60,881 5,894,716 102.4%
2013 5,998,630 5,672,080 94.6%46,936 5,719,016 95.3%
2014 6,113,059 5,894,716 96.4%98 5,894,814 96.4%
2015 6,638,343 6,383,223 96.2%94 6,383,317 96.2%
2016 7,122,870 6,803,657 95.5%61,341 6,864,998 96.4%
2017 7,700,889 7,446,395 96.7%291 7,446,686 96.7%
2018 8,311,774 8,027,509 96.6%92 8,027,601 96.6%
2019 8,832,460 8,555,406 96.9%67 8,555,473 96.9%
Source: Miami Shores Village Finance Department and Miami-Dade County Property Appraisers Office.
Collected within the
Fiscal Year of the Levy Total collections to Date
MIAMI SHORES VILLAGE, FLORIDA
OPERATING PROPERTY TAX LEVIES AND COLLECTIONS
FOR THE LAST TEN FISCAL YEARS
98
Enterprise Percentage
Fiscal of Actual
Year General TaxablePercentage
Ended Obligation LoanRevenue Value of of Personal
September 30,Bonds Payable Bonds Total Property Income
2010 6,860,000 2,737,674 - 9,597,674 1.20%3.92%
2011 6,665,000 2,358,637 - 9,023,637 1.25%3.29%
2012 6,460,000 1,922,581 - 8,382,581 1.17%2.38%
2013 6,298,000 1,645,000 - 7,943,000 1.06%2.22%
2014 6,053,000 1,300,964 - 7,353,964 0.96%1.85%
2015 5,895,300 950,427 - 6,845,727 0.82%1.69%
2016 5,596,900 590,938 4,840,000 11,027,838 1.22%2.62%
2017 5,291,600 222,159 4,680,000 10,193,759 1.05%2.26%
2018 4,979,800 - 4,520,000 9,499,800 0.90%1.89%
2019 4,662,700 - 3,760,000 8,422,700 0.75%1.63%
Governmental
MIAMI SHORES VILLAGE, FLORIDA
RATIOS OF OUTSTANDING DEBT BY TYPE
FOR THE LAST TEN FISCAL YEARS
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1
Personal Per
Income Capita
Estimated (Thousand of Personal Unemployment
Year Population (1)Dollars) Income (2)Rate (3)
2010 10,654 244,648 22,963 12.1%
2011 10,500 274,407 26,134 11.8%
2012 10,493 352,932 33,635 8.7%
2013 10,659 358,515 33,635 8.4%
2014 10,781 396,741 36,800 6.6%
2015 10,776 405,048 37,588 6.2%
2016 10,806 420,883 38,949 5.7%
2017 10,493 450,947 42,976 4.6%
2018 10,810 502,870 46,519 4.1%
2019 10,761 515,592 47,913 3.1%
Sources:
(1) State of Florida Department of Revenue
(2) U. S. Census Bureau
(3) U.S. Bureau of Labor Statistics
MIAMI SHORES VILLAGE, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
FOR THE LAST TEN CALENDAR YEARS
102
Percentage Percentage
of Total County of Total County
Employer Employees Rank Employment Employees Rank Employment
Miami-Dade County Public Schools 33,477 12.43%48,571 14.34%
Miami-Dade County, Florida 25,502 21.85%29,000 22.59%
Federal Government 19,200 31.39%19,500 31.74%
Florida State Government 17,100 41.24%17,100 41.53%
University of Miami 12,818 50.93%16,000 51.43%
Baptist Health Systems of South FL 11,353 60.82%13,376 61.20%
American Airlines 11,031 70.80%9,000 90.80%
Jackson Health System 9,797 80.71%12,871 71.15%
Publix Super Markets 4,604 90.33%10,800 80.97%
City of Miami 3,997 100.29%
Florida International University 8,000 1046.78%
Total Civilian Labor Force Employment1,379,023 1,118,568
Source: Miami Dade County
2019 2010
MIAMI SHORES VILLAGE, FLORIDA
PRINCIPAL EMPLOYERS LOCATED IN MIAMI-DADE COUNTY
CURRENT YEAR AND TEN YEARS AGO
103
Function/Program 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
General government:
Administration:
Full time1211 12 10 10 8 10 9 9 9
Part time 76 7 6 6 5 5 5 5 -
Finance:
Full time 45 6 6 5 5 5 5 5 5
Part time - - - - - - - - 1
Public works:
Full time 4243 44 43 39 43 41 40 40 47
Part time 11 1 1 1 - 1 - - 1
Culture and recreation:
Recreation:
Full time 1413 13 15 13 12 12 13 13 13
Part time 5863 63 67 63 72 51 30 30 51
Library:
Full time 44 4 4 4 2 3 3 3 3
Part time 67 6 6 6 8 7 6 6 7
Public safety
Police
Full time 4848 46 42 40 43 43 44 44 45
Part time 3 3 3 4 4 4 3 3 3 3
Total199 204 205 204 191 202 181 158 158 185
Source: Village Finance Office
MIAMI SHORES VILLAGE, FLORIDA
VILLAGE EMPLOYEES BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Fiscal Year
104
COMPLIANCE SECTION
105
8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 F: 305.662.4266 I CFLGCPA.COM
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, in accordance with the 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, 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, 2019, and the related notes to the financial statements, which collectively comprise
the Village’s basic financial statements, and have issued our report thereon dated April 30, 2020.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Village’s internal control over
financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the
purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the Village’s internal control. Accordingly, we do not express an opinion on the effectiveness of the
Village’s internal control.
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 a combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the Village’s financial statements will
not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination
of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention
by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was
not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies.
Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be
material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Village’s financial statements are free from 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.
106
8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 F: 305.662.4266 I CFLGCPA.COM
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the Village’s internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in
considering the Village’s internal control and compliance. Accordingly, this communication is not suitable for any other
purpose.
Caballero Fierman Llerena & Garcia, LLP
Caballero Fierman Llerena & Garcia, LLP
Miami, Florida
April 30, 2020
107
8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 F: 305.662.4266 I CFLGCPA.COM
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
Report on the Financial Statements
We have audited the basic financial statements of Miami Shores Village, Florida (the “Village”), as of and for the fiscal
year ended September 30, 2019, and have issued our report thereon dated April 30, 2020.
Auditors’ Responsibility
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, and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing
Standards; and Independent Accountants’ Report on an examination conducted in accordance with AICPA Professional
Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the
Auditor General. Disclosures in those reports which are dated April 30, 2020, should be considered in conjunction with
this management letter.
Prior Audit Findings
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 findings and recommendations made in the preceding annual financial audit report. There were
no findings or recommendations made in the preceding annual financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., 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 this management letter, unless
disclosed in the notes to the financial statements. This information has been disclosed in the notes to the financial
statements.
Financial Condition and Management
Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and
communicate the results of our determination as to whether or not the Village has met one or more of the conditions
described in Section 218.503(1), Florida Statutes, and to identify of the specific condition(s) met. In connection with our
audit, we determined that the Village did not meet any of the conditions described in Section 218.503(1), Florida
Statutes.
108
8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 F: 305.662.4266 I CFLGCPA.COM
Financial Condition and Management (Continued)
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition
assessment procedures for the Village. 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. Our assessment was performed as of the fiscal year end.
Section 10.554 (1)(i)(2), Rules of the Auditor General, requires that we communicate any recommendations to improve
financial management. In connection with our audit, we did not have any such recommendations.
Additional Matters
Section 10.554(1)(i)3, Rules of the Auditor General, requires us to communicate noncompliance with provisions of
contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the
financial statements that is less than material but which warrants the attention of those charged with governance. In
connection with our audit, we did not have any such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members
of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting
agencies, members of the Village Council and management of the Village, and is not intended to be and should not be
used by anyone other than these specified parties.
Caballero Fierman Llerena & Garcia, LLP
Caballero Fierman Llerena & Garcia, LLP
Miami, Florida
April 30, 2020
109
8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 F: 305.662.4266 I CFLGCPA.COM
INDEPENDENT ACCOUNTANTS’ REPORT ON COMPLIANCE PURSUANT TO
SECTION 218.415 FLORIDA STATUTES
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
We have examined the Miami Shores Village’s (the Village) compliance with the requirements of Section 218.415
Florida Statutes during the period of October 1, 2018 to September 30, 2019. Management of the Village is responsible
for the Village's compliance with the specified requirements. Our responsibility is to express an opinion on the Village's
compliance with the specified requirements based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of
Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable
assurance about whether the Village complied, in all material respects, with the specified requirements referenced
above. An examination involves performing procedures to obtain evidence about whether the Village complied with the
specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including
an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we
obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Village’s compliance with specified requirements. In our
opinion, the Village complied, in all material respects, with the requirements of Section 218.415 Florida Statutes during
the period of October 1, 2018 to September 30, 2019.
This report is intended solely for the information and use of management, the Mayor, the Village Council, others within
the Village and the Auditor General of the State of Florida and is not intended to be and should not be used by anyone
other than these specified parties.
Caballero Fierman Llerena & Garcia, LLP
Caballero Fierman Llerena & Garcia, LLP
Miami, Florida
April 30, 2020