2019-2020 PAFR1
For the Fiscal year ended September 30, 2020
Miami Shores Village – A Florida Municipality
VOL. 2 NO. 2
MIAMI SHORES VILLAGE
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TABLE OF CONTENTS
What is the Popular Annual Financial Report?…………………………………………………………………………………..3
Miami Shores Village…………………………………………………………………………………………………………………….……3
Financial Highlights………………………………………………………………………………………………………………………….…4
Net Position……………………………………………………………………………………………………………………..………4
Types of Funds…………………………………………………………………………………………………………………………..…….5-6
Major Governmental Funds……………………………………………………………………………………….……………5
Nonmajor Governmental Funds…………………………………………………………………………………..………….5
Proprietary Funds…………………………………………………………………………………………………………..……....5
Fiduciary Funds………………………………………………………………………………………………………….……………6
General Fund………………………………………………………………………………………………………………………..……….6-10
General Fund Revenues………………………………………………………………………………………………………..6-8
General Fund Expenditures…………………………………………………………………………………………………..8-9
General Fund Budgetary Highlights…………………………………………………………………………………….9-10
Fund Balance……………………………………………………………………………………………………………………….……...10-11
General Fund………………………………………………………………………………………………………….………..10-11
Business-Type Activities…………………………………………………………………………………………………….…..11
Capital Assets……………………………………………………………………………………………………………………………………12
Long-term Debt……………………………………………………………………………………………………………………………12-13
Miami Shores Village, Florida Refunding General Obligation Bond, Series 2013…………………….12
Miami Shores Village, Florida Refunding General Obligation Bond, Series 2015…………………….13
Florida Local Government Finance Commission…………………………………………………………………….13
Other………………………………………………………………………………………………………………………………..…..13
Economic Growth/Factors and Long-term Financial Planning………………………………………………..…..13-14
Awards…………………………………………………………………………………………………………………………………..……14-15
Certificate of Achievement for Excellence in Financial Reporting………………………………..………...14
Popular Annual Report………………………………………………………………………………………………….….14-15
Village Information…………………………………………………………………………………………………………………….…….16
MIAMI SHORES VILLAGE
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WHAT IS THE POPULAR ANNUAL FINANCIAL REPORT?
This report is designed to be a more compact and concise view and picture of the Village’s finances.
The information used in developing the Popular Annual Report was taken from the Comprehensive
Annual Financial Report for the fiscal year ended September 30, 2020. The financial statements
included in the Comprehensive Annual Report conform to generally accepted accounting principles
(GAAP), and are audited by the Village’s independent auditor, Caballero Fierman Llerena & Garcia, LLP.
The Annual Report contains a more detailed account of the Villages finances than what is included in
this report. The Popular Annual Report is non-GAAP and unaudited. Miami Shores Village is excited to
be presenting the Popular Annual Financial Report for the second continuous year, for the fiscal year
ended September 30, 2020.
MIAMI SHORES VILLAGE
Miami Shores Village, a predominately residential community in Northern Miami-Dade County, which
covers a 2.5 square mile area, was incorporated in 1932. The Village operates under a Council-Manager
form of government. The Council is formed of five members. The Village Manager, Village Clerk and
Village Attorney are appointed by the Village Council. Department Heads report to the Village Manager.
Miami Shores Village provides a full range of municipal services while employing just under 200
employees, between part-time and full-time staff.
MIAMI SHORES VILLAGE
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FINANCIAL HIGHLIGHTS
Net Position
At September 30, 2020, Miami Shores Village assets and deferred outflows exceeded its liabilities and
deferred inflows by $31.2 million (net position). The Village had an unrestricted net position of $5.6
million, an increase of $1.3 million or 33% increase as compared to FY 2019. This increase is attributed
to the re-assignment of budgeted personnel, due to the COVID-19 pandemic, for which the Village was
reimbursed and savings in the Capital Project Fund as projects were unable to be completed. Total net
position increased by $2.4 million in FY 2020 to $28.8 million. This increase is made up of a $2.5 million
increase in governmental activities and $146 thousand decrease in business-type activities. As of the
end of the current fiscal year, governmental funds for Miami Shores Village reported combined ending
fund balances totaling $11.8 million. Of this, $5.9 million was unassigned, which is available for
spending at the government's discretion. $1.4 million was committed for future capital projects and
encumbrances, and $4.4 million was restricted.
The nonspendable fund balance of approximately $9 thousand was related to prepaid items. The net
change in fund balance during FY2020 of $428 thousand is indicative of the financial stability of the
Village. The General Fund’s fund balance increased by $704 thousand for the fiscal year ended
September 30, 2020.
This increase was a result of unfilled vacant positions, other lower than budgeted cost savings and the
reassignment of budgeted personnel to expenses related to the COVID-19 pandemic which were
reimbursed. At the end of the current fiscal year, FY 2020, the unassigned fund balance for the General
Fund was $9.3 million as compared with $8.6 million in the prior year. Included in the $9.3 million of
the unassigned fund balance for the General Fund is a $3.3 million pending receivable awaiting FEMA
resolution, leaving $6 million.
Total
Percentage
Change
September 30,2019 2020 2019 2020 2019 2020 2020-2019
Assets 37,173,783 38,523,237$ 9,151,423$ 9,253,931 46,325,206 47,777,168$ 3.13%
Deferred Outflows of Resources 1,818,792 1,501,264 96,227 70,104 1,915,019 1,571,368 -17.95%
Liabilities 11,238,483 11,535,852 4,867,255 5,233,705 16,105,738 16,769,557 4.12%
Deferred Inflows of Resources 3,117,262 1,312,419 184,864 41,477 3,302,126 1,353,896 -59.00%
Net Position 24,636,830$ 27,176,230$ 4,195,531$ 4,048,853$ 28,832,361$ 31,225,083$ 8.30%
TotalBusiness-Type ActivitiesGovernmental Activities
Statement of Net Position (Condensed)
MIAMI SHORES VILLAGE
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TYPES OF FUNDS
Major Governmental Funds
Excise Tax Fund – The Excise Tax Fund was closed during FY19. This fund was established to meet the
requirements of a loan that has been paid in full. This Fund collected public service taxes, per loan
requirements, and transferred the taxes to the General Fund. In FY20, and moving forward, these
revenues are being collected in the General Fund.
General Fund - This is the primary operating fund of Miami Shores Village. It accounts for all financial
resources of the general government, except those required to be accounted for in another fund.
General Trust Fund - Accumulates donations and other proceeds that are restricted for specific
purposes, i.e. recreation, building department, library and charter school.
Grant Fund - Accounts for the proceeds received from Federal, State and other local sources in the
form of grants that are restricted to expenditures for specific purposes.
Police Forfeiture - Accumulates proceeds which are related to ongoing investigations. Expenditure of
these funds is restricted by strict governmental rules and approval of the Village Council.
Nonmajor Governmental Funds
Capital Improvement Fund - Accounts for major acquisitions and projects to maintain and
improve the Village.
Charter High School Construction - Accounts for all the costs associated with the construction of
Doctors Charter School of Miami Shores.
Debt Service Fund - Bank financing, as well as, the Miami Shores Aquatic Facility (1999) and the
Charter School Construction (2004) General Obligation Bonds, are accounted for in this fund.
Special Revenue Funds - Accounts for specific revenues that are legally restricted to expenditures for
particular purposes. The following make-up the Village’s Special Revenue Funds: Local Option Gas Tax,
Transportation Surtax, Law Enforcement Training and Brockway Memorial Library Fund.
Proprietary Funds
Enterprise Funds - The Enterprise Funds are the “businesses” of the Village. The Village has three
Enterprise Funds: Stormwater, Sanitation and Water & Sewer operations.
Internal Service Funds - The Village has two Internal Service Funds, the Risk Management Fund and the
Fleet Maintenance Fund. 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.
MIAMI SHORES VILLAGE
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Fiduciary Funds
Fiduciary Funds include Pension Funds for the general employees and police officers, as well as, a
Private Purpose Trust Fund.
The General Fund will be the focus of the PAFR.
GENERAL FUND
General Fund Revenues
General Fund revenues increased $2.2 million or 16% in FY 2020 from FY 2019, totaling over $16 million
in fiscal year 2020.
Property Taxes amounted to over $9.2 million, 57% of revenues. Actual taxes levied by the Village in
2020 reflected an increase of $619 thousand. The millage rate of 7.9 mils did not change from FY2019
to FY2020.
MIAMI SHORES VILLAGE
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Public service taxes, franchise fees, utility
fees and communication service taxes
previously recorded in the Excise Tax
Fund, are now included in the General
Fund. The General Fund received $2.1
million in FY20. Licenses and Permits
make up 6% of the General Fund
revenues. Revenues, such as the Village’s
local business tax and fees associated
with building permits, which amounted
to $913 thousand, are included here. The
State of Florida transmits to the Village
revenues, such as Sales Tax, which are
included in Intergovernmental Revenues.
Intergovernmental Revenues amounted
to $1 million. The majority of the
revenue, included in the $1.3 million
received in Charges for Services, comes
from Library and Recreation program
fees. Traffic fines, Code Compliance
Violations, and other fines, included in
Fines and Forfeitures, amounted to
$957,749 in fiscal year 2020.
The rents the Village receives from the Country Club and Charter School are included in Miscellaneous
Revenues. Included here as well, are charges for lien searches, sales of surplus scrap and other
miscellaneous transactions. $538,330 was received in this category. Looking into the future, in FY21,
the Village will no longer receive rent from the Country Club as the contract was renegotiated. Interest
income amounted to $71,392.
7.0000
7.5000
8.0000
8.5000
9.0000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Total Village Millage
For the Fiscal Years ended September 30, 2011-2020
MIAMI SHORES VILLAGE
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As shown in the chart below, the General Fund revenues as a whole have been increasing over the past
three fiscal years. In the current fiscal year, FY20, public service taxes have moved from the Excise Tax
Fund into the General Fund, hence the large increase in General Fund revenues. The impact of the
COVID-19 pandemic can also be seen in the below revenue trend; licenses and permits,
intergovernmental revenues, charges for services and interest income were all effected as the entire
world’s economy felt the effects.
Included in the decrease from FY18 to FY19 in charges for services is the aquatic admission revenue for
Shipwreck Cove, now Wild Waters Aquatic Park, which was under
construction and then with COVID-19 was closed. The Wild Waters
Aquatic Park is scheduled to open on May 1, 2021. Additionally,
accounts were reclassed to reflect the correct classification which
accounts for the main amount of decrease between FY18 and FY19.
The main contribution to the decrease in fines and forfeitures from
FY18 to FY19 is the code violation line item. In FY18 the revenue
amounted to $394 thousand and in FY19, it was $209 thousand.
General Fund Expenditures
In addition to the $14.1 million of expenditures in the General Fund, the General Fund had transfers
out in the amount of $1.6 million. Of that amount, just under $1.6 was transferred to the Capital
Projects Fund and $49,925 was transferred to the Water & Sewer Fund.
The following expenditures relate to personnel and operations:
The General Government Expenditures of $2.5 million include amounts for the following departments:
The Village Clerk, Council, Attorney, Manager, Planning & Zoning, Finance, and Non-Departmental.
Public Safety, which incurred $7.5 million in expenditures, includes the following departments: Code
Compliance, Building, Police, and School Crossing Guards. The $1.7 million spent in Public Works
includes the divisions of Parks, Streets & Facilities Maintenance, Administration, and Recreation
Maintenance. Culture and Recreation includes all of Recreation (Administration, Athletics, all Athletic
2018 2019 2020
Property Taxes 8,027,601 8,555,473 9,201,078
Public Service Taxes - - 2,107,335
Licenses and Permits 1,211,448 1,291,634 913,015
Intergovernmental Revenues 1,131,324 1,139,976 1,002,859
Charges for Services 2,034,859 1,898,020 1,278,240
Fines and Forfeitures 435,792 251,004 957,749
Miscellaneous 461,779 532,950 538,330
Interest Income 74,081 162,557 71,392
13,376,884$ 13,831,614$ 16,069,998$
General Fund Revenues by Source
MIAMI SHORES VILLAGE
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Programs, Community Center, Aquatic Center and Tennis), as well as, the Brockway Memorial Library,
which together total $2.4 million.
The General Fund Expenditures overall increased from FY18
to FY19 and then decreased from FY19 to FY20. The
decrease from FY19 to FY20 can again be attributed to the
effects of the COVID-19 pandemic and the re-assignment of
budgeted staff which was reimbursed to the Village; unfilled
positions and conservative spending were also factors in the
decrease.
Unfilled positions and conservative spending can be
reflected in the decrease seen in the general government
function from FY18 to FY19, additionally departments were
reclassified as to the function of government they were part
of in FY19.
General Fund Budgetary Highlights
The Village adopts annual budgets by fund, general fund department, and line item, in compliance with
Florida State Statute Section 200.65. 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.
Over the course of the year, the Village amended the General Fund budget eight times. With these
adjustments, disbursements were approximately $2.5 million below final budgeted amounts. Savings
were due to unfilled positions, conservative spending and the re-assignment of budgeted personnel
that were re-assigned and reimbursed due to the COVID-19 pandemic. The fiscal year 2020 final
amended budget was $18.4 million, an increase of 8.9% over the original General Fund budget of $16.9
2018 2019 2020
General Government 3,106,681 2,489,671 2,546,624
Public Safety 6,772,524 7,998,042 7,527,123
Public Works 1,693,516 1,788,402 1,720,926
Culture and Recreation 2,796,265 2,833,193 2,355,803
14,368,986$ 15,109,308$ 14,150,476$
General Fund Expenditures by Function
MIAMI SHORES VILLAGE
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million. Revenues of $17.3 million, operating transfers from the Sanitation and Stormwater Funds of
$400 thousand and appropriation of General Fund balance of $630 thousand, balanced the final
adopted budget for fiscal year 2020.
Fund Balance
General Fund
The two components that make the up the General Fund’s fund balance are nonspendable and
unassigned. Nonspendable amounts cannot be spent because of form or because of legal or contractual
requirements. The unspendable balance was $6,779 at the end of fiscal year 2020. Unassigned is the
residual classification for the General Fund and is an indicator of the government’s net resources
available for spending at the end of a fiscal year. At the end of the current fiscal year, the unassigned
fund balance for the General Fund was $9.3 million as compared with $8.6 million the prior year. This
$704 thousand increase can be attributed to unfilled positions, conservative spending and the
reimbursement from the re-assignment of budgeted personnel due to the COVID-19 pandemic. Of the
$9.3 million, $3.3 million is a pending receivable awaiting FEMA resolution, leaving $6 million. This $6
million is approximately equal to 4.4 months of General Fund operating expenditures.
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
Actual vs. Budget Expenditures by Department
in Millions
Final Budget Actual
MIAMI SHORES VILLAGE
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Business Type Activities
Net position of business-type activities (Stormwater, Sanitation and Water & Sewer Funds) decreased
by approximately $146 thousand during fiscal year 2020. This decrease is due to the use of surplus to
cover operating expenses in addition to lower than anticipated revenues.
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
General Fund Unrestricted and Unassigned Surplus
For the Fiscal Years ended September 30, 2011-2020
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
Sanitation Stormwater Water & Sewer
Expenses and Program Revenues -Business-type Activities
For the Fiscal Year eneded September 30, 2020
Revenue Expenses
MIAMI SHORES VILLAGE
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CAPITAL ASSETS
Miami Shores Village’s investment in capital assets for its governmental and business- type activities
as of September 30, 2020 amounts to $25.6 million (net of accumulated depreciation). The investment
in capital assets includes Village owned buildings, equipment and other infrastructure (streets,
sidewalks, easements, right-of-ways). The value of capital investments includes the cost of the Doctors’
Charter School of Miami Shores.
LONG TERM DEBT
Miami Shores Village, Florida Refunding General Obligation Bond, Series 2013
In February 2013, the Village issued the Miami Shores Village, Florida Refunding General Obligation
Bond, Series 2013 to refund the cost of the Florida Municipal Loan Council Revenue Bond, Series 1999
which was for the Aquatic Facility’s design, development and construction. Principal is due annually
(through 2029) at various amounts. The bonds bear interest at variable rates, payable semi-annually.
The bonds are secured by ad
valorem revenues. The
indenture contains a
provision that in the event of
default, outstanding amounts
including accrued interest are
due immediately.
Classification
Land 2,386,158$ $ -2,386,158$
Construction in progress 2,155,535 -2,155,535
Building 9,179,339 -9,179,339
Infrastructure 5,944,639 1,567,880 7,512,519
Machinery and equipment 2,733,864 947,856 3,681,720
Intangible 635,307 -635,307
Totals 23,034,842$ 2,515,736$ 25,550,578$
Capital Assets as of September 30, 2020
(net of accumulated depreciation)
Governmental Activities Business-Type Activities Total
September 30,Principal Interest Total
2021 138,000 39,887 177,887
2022 145,000 35,604 180,604
2023 146,000 31,201 177,201
2024 152,000 26,692 178,692
2025 153,000 22,077 175,077
2026-2029 653,000 40,053 693,053
1,387,000$ 195,514$ 1,582,514$
Florida Refunding General Obligation Bond, Series 2013
MIAMI SHORES VILLAGE
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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,
to refund the cost of the Miami
Shores Village, Florida General
Obligation Bonds, Series 2004
which was to build the Doctors
Charter School Facility.
Principal is due annually
(through 2033) at various
amounts. 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 the event of default,
outstanding amounts including accrued interest are due immediately.
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.
Annual principal payments of $60,000 are scheduled for the next five years.
Other
The Village does not currently have an unused line of credit or assets placed as collateral for debt.
ECONOMIC GROWTH/FACTORS AND LONG-TERM FINANCIAL PLANNING
As a predominately residential community with the “business community” restricted to a six-block
area on Second Avenue and isolated pockets on Biscayne Boulevard, property values and other
residentially related trends are monitored to determine the health and vitality of the community.
Miami Shores Village not only relies on property taxes for revenue, but also other taxes and fees such
as sales tax, gasoline tax, building permits and occupational licenses. Actual taxes levied by the Village
in 2020 reflected an increase of $619 thousand. Property values increased 7% as compared with 2019.
It is anticipated that assessed values will continue to increase as the Village is highly desirable, but the
increase in property values will be slightly lower than previous years. The Village is experiencing a
significant amount of residential renovation and teardown/rebuild activity, with a net new taxable
value of $8.9 million reflected in fiscal year 2020. Expenditures such as payroll and personnel benefits
will continue to increase. Fiscal year 2021 budgeted expenditures and transfers are expected to be
$16.4 million while fiscal year 2020 was $16.9 million. This 3% decrease is due to conservative
September 30,Principal Interest Total
2021 193,400 74,887 268,287
2022 200,300 69,974 270,274
2023 201,800 64,887 266,687
2024 208,200 59,762 267,962
2025 214,200 54,473 268,673
2026-2030 1,160,900 187,883 1,348,783
2031-2033 769,500 39,461 808,961
2,948,300$ 551,327$ 3,499,627$
Florida Refunding General Obligation Bond, Series 2015
MIAMI SHORES VILLAGE
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budgeting as the COVID-19 pandemic economic effects still remain uncertain and ever changing. The
Village is maintaining its unassigned fund balance so that a portion of it will be available to preclude or
moderate 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.
During FY2020, the biggest project completed was the continuation of a new aquatics playground, Wild
Waters Aquatic Park, at the Village’s municipal aquatic facility. A drainage project in Shores Estates
with FEMA grant funds as well as finalizing a septic to sewer project in Shores Estates using grant funds
from the Florida Department of Environmental Protection. Other long-term plans of the Village include
working on an age friendly initiative to make the community more livable for senior citizens and the
completion of the expansion of the library’s children’s section, which is to be completed in early
FY2022. With regard to the COVID-19 pandemic, the Village remains closely monitoring and taking a
conservative approach in order to continue to provide basic services to residents and to ensure the
high quality of life residents currently enjoy.
AWARDS
Certificate of Achievement for Excellence in Financial Reporting
Miami Shores Village comprehensive annual reports for the years ended 2018-2020, from which the
information on all pages has been drawn, were awarded the Certificate of Achievement for Excellence
in Financial Reporting by Government Finance Officers Association of the United States and Canada
(GFOA). The Certificate of Achievement is the highest form of recognition for excellence in state and
local government financial reporting.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable
and efficiently organized comprehensive annual financial report, whose contents conform to program
standards. Such a Comprehensive Annual Financial Report must satisfy both generally accepted
accounting principles and applicable legal requirements.
Certificate of Achievement is valid for a period of one year only. We believe that our current
Comprehensive Annual Report continues to conform to the Certificate of Achievement Program’s
requirement, and we are submitting it to the GFOA to determine its eligibility for another Certificate.
Popular Annual Report
The Government Finance Officers Association of the United States and Canada (GFOA) has given an
Award for Outstanding Achievement in Popular Annual Financial Reporting to Miami Shores Village for
its Popular Annual Financial Report for the fiscal year ended September 30, 2019. The Award for
Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award-
recognizing conformance with the highest standards for preparation of state and local government
popular reports.
MIAMI SHORES VILLAGE
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In order to receive an Award for Outstanding Achievement in
Popular Annual Financial Reporting, a government unit must publish
a Popular Annual Financial Report, whose contents conform to
program standards of creativity, presentation, understandability,
and reader appeal.
An Award for Outstanding Achievement in Popular Annual Financial
Reporting is valid for a period of one year only. We believe our
current report continues to conform to the Popular Annual Financial
Reporting requirements, and we are submitting it to GFOA to
determine its eligibility for another Award.
MIAMI SHORES VILLAGE
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MIAMI SHORES VILLAGE
Contact Us
Tel: 305-795-2207
Fax: 305-756-8972
www.msvfl.gov
Village Council
Crystal Wagar, Mayor
Alice Burch, Vice Mayor
Sean Brady, Councilman
Stephen Loffredo, Councilman
Jonathan Meltz, Councilman
ADMINISTRATION OFFICERS
Thomas J. Benton, Village Manager
Ysabely Rodriguez, Village Clerk
Richard Sarafan, Village Attorney
DIRECTORS
Michelle Brown, Library
Scott Davis, Public Works
Angela Dorney, Recreation
Holly Hugdahl, Finance
Travis Kendall, Planning & Zoning
Kevin Lystad, Chief of Police
Ismael Naranjo, Building
Lazaro Remond, Code Compliance
REQUESTS FOR INFORMATION
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 NE 2nd Avenue
Miami Shores, FL 33138-2382
The Comprehensive Annual Financial Report and PAFR are
available at the Village Hall of Miami Shores and at www.msvfl.gov.