2023MIAMI SHORES VILLAGE
A Florida Municipality
FY 2022 - 2023
Annual Comprehensive Financial Report
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
ANNUAL COMPREHENSIVE FINANCIAL REPORT
OF MIAMI SHORES VILLAGE, FLORIDA
FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
Prepared by the
Finance Department
MIAMI SHORES VILLAGE, FLORIDA
CONTENTS
Introductory Section
Letter of Transmittal ................................................................................................................. i-vi
Certificate of Achievement for Excellence in Financial Reporting ........................................... vii
List of Elected Officials ............................................................................................................ viii
List of Appointed Officials ......................................................................................................... ix
Organizational Chart .....................................................................................................................x
Financial Statements
Independent Auditors’ Report ................................................................................................... 1-3
Management’s Discussion and Analysis (Required Supplementary Information) ................. 4-15
Basic Financial Statements
Government-wide Financial Statements
Statement of Net Position .....................................................................................................16
Statement of Activities ..........................................................................................................17
Fund Financial Statements
Balance Sheet – Governmental Funds ..................................................................................18
Reconciliation of the Governmental Funds Balance Sheet to the
Statement of Net Position ..................................................................................................19
Statement of Revenues, Expenditures and Changes in Fund Balances –
Governmental Funds ..........................................................................................................20
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities .........................21
Statement of Net Position – Proprietary Funds .....................................................................22
Statement of Revenues, Expenses and Changes in Net Position – Propriety Funds ............23
Statement of Cash Flows – Proprietary Funds ......................................................................24
Statement of Fiduciary Net Position – Fiduciary Funds .......................................................25
Statement of Changes in Fiduciary Net Position – Fiduciary Funds ....................................26
Notes to Basic Financial Statements .................................................................................. 27-79
Required Supplementary Information
Budgetary Comparison Schedules:
Budgetary Comparison Schedule – General Fund ............................................................. 80-81
Note to Budgetary Comparison Schedule ................................................................................82
Schedule of Changes in Village’s Net Pension Liability and Related Ratios –
General Employees’ Retirement System (Village’s Reporting) ...........................................83
Schedule of Changes in Village’s Net Pension Liability and Related Ratios –
General Employees’ Retirement System (Plan’s Reporting) ................................................84
MIAMI SHORES VILLAGE, FLORIDA
CONTENTS
Required Supplementary Information (continued)
Schedule of Contributions – General Employee’s Retirement System ...................................85
Schedule of Investment Returns – General Employee’s Retirement System ..........................86
Schedule of Changes in Village’s Net Pension Liability and Related Ratios –
Police Officers’ Retirement System (Village’s Reporting) ..................................................87
Schedule of Changes in Village’s Net Pension Liability and Related Ratios –
Police Officers’ Retirement System (Plan’s Reporting) .......................................................88
Schedule of Contributions – Police Officers’ Retirement System ...........................................89
Schedule of Investment Returns – Police Officers’ Retirement System ................................90
Schedule of Changes in Total OPEB Liability and Related Ratios ........................................91
Supplementary Information
Combining and Individual Fund Financial Statements and Schedules:
Nonmajor Governmental Funds:
Combining Balance Sheet .....................................................................................................92
Combining Statement of Revenues, Expenditures and Changes in Fund Balances .............93
Schedule of Revenues, Expenditures, and Changes in Fund Balances –
Budget and Actual:
Debt Service Fund..............................................................................................................94
Capital Improvement Fund ................................................................................................95
Transportation Surtax Fund ...............................................................................................96
Local Option Gas Tax Fund ...............................................................................................97
Internal Service Funds:
Combining Statement of Net Position .................................................................................98
Combining Statement of Revenues, Expenses and Changes in Net Position .......................99
Combining Statement of Cash Flows .................................................................................100
Fiduciary Funds:
Combining Statement of Fiduciary Net Position – Pension Trust Funds ...........................101
Combining Statement of Changes in Fiduciary Net Position – Pension Trust Funds ........102
MIAMI SHORES VILLAGE, FLORIDA
CONTENTS
Statistical Section
Net Position by Component ...................................................................................................103
Changes in Net Position ................................................................................................ 104-105
Fund Balances of Governmental Funds .................................................................................106
Changes in Fund Balances of Governmental Funds ..............................................................107
General Governmental and Excise Tax Revenues by Source ................................................108
Assessed Value and Estimated Actual Value of Taxable Property .......................................109
Property Tax Rates Direct and Overlapping Governments ...................................................110
Principal Property Taxpayers – Current Year and Nine Years Ago ......................................111
Operating Property Tax Levies and Collections ....................................................................112
Ratios of Outstanding Debt by Type .....................................................................................113
Direct and Overlapping Governmental Activities Debt .........................................................114
Legal Debt Margin Information .............................................................................................115
Demographic and Economic Statistics ..................................................................................116
Principal Employers Located in Miami Dade County –
Current Year and Nine Years Ago ......................................................................................117
Village Employees by Function .............................................................................................118
Operating Indicators by Function ..........................................................................................119
Capital Asset Statistics by Function/Program........................................................................120
Reporting Section
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 ............................... 121-122
Schedule of Findings and Responses ............................................................................. 123-127
Summary Schedule of Prior Audit Findings ..........................................................................128
Management Letter in Accordance with the Rules of the Auditor General of the
State of Florida ............................................................................................................ 129-131
Independent Accountants’ Report on Compliance Pursuant to Section 218.415,
Florida Statutes ...................................................................................................................132
INTRODUCTORY SECTION
-i-
March 12, 2025
The Mayor, Members of the Village Council,
and Citizens of Miami Shores Village
10050 Northeast Second Avenue
Miami Shores, Florida 33138 Subject: FY 2022-23
Annual Comprehensive Financial Report
To the Mayor, Members of the Village Council and Citizens of Miami Shores Village:
In compliance with Florida State Statute Chapter §11.45, Chapter §10.550 of the Rules of the
Auditor General, Section 218.415 Florida Statutes, 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 Annual Comprehensive Financial Report for the fiscal year ended September 30,
2023. 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 CBIZ CPAs, P.C.. 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, 2023 are free of material
Miami Shores Village
10050 N.E. SECOND AVENUE
MIAMI SHORES, FLORIDA 33138-2382
TELEPHONE: (305) 795-2207
FAX: (305) 756-8972
Esmond K. Scott
Village Manager
FY2022-23 Financial Report March 12, 2025
-ii-
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, 2023, are fairly presented in conformity
with generally accepted accounting principles (GAAP).
The contents of the ACFR 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 11,548 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 115th
Street and 91st Street respectively. The Vil lage 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. Wealth levels in the Village
are above average, with per capita income of $57,003, and median household income at
$127,721, which is 177% more than the county, 178% more than the state and 158% more than the
nation.
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, 2023, 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 focuses 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
FY2022-23 Financial Report March 12, 2025
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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 / investments; and, of course, risk controls.
ECONOMIC CONDITION AND OUTLOOK
Property values in the Village are expected to continue to increase. 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 $10.3 million reflected in fiscal year 2023. 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 16.5% for fiscal year 2023 and
14% for fiscal year 2024. It is anticipated that this trend will continue in the near future.
Management continues to make capital improvements that will maintain and further enhance
the lifestyle of the residents and improve services. These capital projects will 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 2023 is $13 million.
Included in the $13 million of general fund unassigned fund balance is pending the collection of
$1.167 million awaiting FEMA resolution. This surplus will enable the Village to continue to provide
the same level of services to the residents in the upcoming fiscal years, address continuing capital
improvement requirements, and to fund any Hurricane IRMA expenses not recovered from FEMA.
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 Control
Management is responsible for establishing and maintaining an internal control structure designed
to ensure that the assets of the Village are protected from loss, theft or misuse, and to ensure that
adequate accounting data is compiled to allow for the preparation of financial statements in
conformity with generally accepted accounting principles in the United States of America. The
internal control structure is designed to provide reasonable, but not absolute, assurance that these
objectives are met. The concept of reasonable assurance recognizes that (1) the cost of a control
should not exceed the benefits likely to be derived and (2) the valuation of costs and benefits
requires estimates and judgments by management.
FY2022-23 Financial Report March 12, 2025
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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
that have regularly occurring expenses, receive annual budgets and corresponding
appropriations.
The annual budget serves as a foundation for the financial planning, guidance and control of the
Village. Funds which require legal appropriations cannot exceed their original and amended
budgets. All departments are required to annually submit requests for appropriations to the
Village Manager by mid-May 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.
FY2022-23 Financial Report March 12, 2025
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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. As the world, the country, the state, the
county and the Village recover from the COVID-19 pandemic, the Village continues to monitor
the situation along with other factors and events in the world that impact the finances of the
Village. The Village strives to serve our residents and ensure the quality of life style our residents
currently enjoy is maintained. 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. With the development of a strategic plan, the Village will have
a coherent and cohesive plan as to how the Village should progress in the coming years. The
library’s expansion of the children’s section was completed and a temporary Certificate of
Occupancy issued in May of FY23. A drainage project in Shores Estates, consisting of a pump
station and new piping, is underway using grant funding from FEMA. A septic to sewer project in
Shores Estates using Florida Department of Environmental Protection grant funds is to be ongoing
in FY24. The American Rescue Plan Act of 2021, ARPA funds that the Village has received have
been reasonably allocated to fun on-time Capital Improvement Projects. Once the studies for
stormwater improvements and septic to sewer conversions are complete, it will enable the Village
to determine which areas to focus on first for the upcoming projects and get them to a “shovel
ready” status.
AWARDS 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
Annual Comprehensive Financial Report for the fiscal year ended September 30, 2022. In order
to be awarded a Certificate of Achievement, a government must publish an easily readable and
efficiently organized Annual Comprehensive Financial Report. This report must satisfy both
generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual report continues to meet the Certificate of Achievement Program’s
requirements and we are submitting it to the GFOA to determine its eligibility for another
certificate.
FY2022-23 Financial Report March 12, 2025
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The preparation of this report would not have been possible without the efficient and dedicated
services of the entire staff of the Finance Department. Credit must also be given to the members
of the Village Council for their unfailing support for maintaining the highest standards of
professionalism in the financial and operational management of Miami Shores Village. And,
finally, we would like to express our sincere thanks and appreciation to the management and staff
of our auditing firm, CBIZ CPAs, P.C.. Their dedication to ensuring the accuracy of the data
presented to you in this report was greatly evident during the past several weeks.
Respectfully submitted,
MIAMI SHORES VILLAGE
Esmond K. Scott Holly Hugdahl, CPA, CGMA
Village Manager Finance Director
vii
viii
ix
MIAMI SHORES VILLAGE, FLORIDA
LIST OF APPOINTED OFFICIALS - SEPTEMBER 30, 2023
APPOINTED OFFICIALS
Village Manager ......................................................................................... Esmond K. Scott
Village Clerk ................................................................................ Ysabely Rodriguez, CMC
Village Attorney ..................................................... Weiss Serota Helfman Cole + Bierman
DEPARTMENT HEADS
Building Director ........................................................................................... Ismael Naranjo
Neighborhood Services Manager ..................................................................... Michael Orta
Finance Director .................................................................... Holly Hugdahl, CPA, CGMA
Library Director ........................................................................................... Michelle Brown
Planning, Zoning & Resiliency Director .......................................... Claudia Hasbun, AICP
Chief of Police ..................................................................................................... David Golt
Public Works Director .................................................................................... Chris Miranda
Recreation Director ........................................................................................ Angela Dorney
Information Technology Manager .................................................................. Gustavo Parra
VILLAGE AUDITORS
CBIZ CPAs, P.C.
x
FINANCIAL STATEMENTS
INDEPENDENT AUDITORS’ REPORT
1
Independent Auditors’ Report
To the Honorable Mayor, Village Council and Village Manager
Miami Shores Village, Florida
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of Miami Shores Village, Florida (the
“Village”), as of and for the fiscal year ended September 30, 2023, and the related notes to the financial
statements, which collectively comprise the Village’s basic financial statements as listed in the table of
contents.
In our opinion, the accompanying 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, 2023, and
the respective changes in financial position, and, where applicable, cash flows thereof for the year then
ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (“GAAS”) and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States (“Government Auditing Standards”).
Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the
Audit of the Financial Statements section of our report. We are required to be independent of the Village
and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating
to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for 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.
CBIZ CPAs P.C.
One Southeast Third Avenue
Suite 1100
Miami, FL 33131
P: 305.995.9600
CBIZ.COM
2
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Village’s ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing
Standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements.
Obtain an understanding of internal control relevant to the audit 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, no such opinion is
expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the Village’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control—related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s
Discussion and Analysis on pages 4 through 15, the Budgetary Comparison Schedules and related notes,
the Pension related Schedules, and the Schedule of Changes in the Total OPEB Liability and Related
Ratios on pages 80 through 91 be presented to supplement the basic financial statements. Such
information is the responsibility of management and, although not a part of the basic financial statements,
is required by the Governmental Accounting Standards Board who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the required supplementary information
in accordance with GAAS, which consisted of inquiries of management about the methods of preparing
3
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 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 combining and individual fund financial statements
and schedules, as listed in the table of contents, are presented for purposes of additional analysis and are
not a required part of the basic financial statements. Such information is the responsibility of management
and was derived from and relates directly to the underlying accounting and other records used to prepare
the basic financial statements. The information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and certain additional procedures, including comparing 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 GAAS. In our opinion, the combining and individual fund financial statements and
schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical sections but does not include the basic financial statements and
our auditors’ report thereon. Our opinions on the basic financial statements do not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If, based
on the work performed, we conclude that an uncorrected material misstatement of the other information
exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 12, 2025
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 solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the Village’s 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.
Miami, FL
March 12, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS
(MD&A)
4
Management’s Discussion and Analysis
As management of Miami Shores Village, Florida (“the Village”), we offer the Village’s financial statements
in this narrative overview and analysis of the financial activities of Miami Shores Village for the fiscal year
ended September 30, 2023. We encourage readers to consider the information presented here in
conjunction with additional information that is furnished in our letter of transmittal, which can be found on
pages i to vi 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 2023
At September 30, 2023, Miami Shores Village assets and deferred outflows exceeded its liabilities
and deferred inflows by $44.6 million (net position). Of this amount, $24.1 million was invested in
capital assets, an increase of $.8 million compared with the prior year. Additionally, $8.8 million
was restricted by law, agreements, and debt covenants or for capital projects. The Village had
an unrestricted net position of $11.6 million at September 30, 2023, an increase of $1 million or a
9.8% increase as compared with the prior year. The increase in unrestricted net position was
related to revenues surpassing pre-COVID levels, reduction of budgeted encumbrances and
the increased revenues in the proprietary funds with expenses remaining consistent with the prior
year.
During fiscal year 2023, total net position increased by $3.420 million, from $5.2 million in FY2022.
Of this increase, $3.4 million was an increase in governmental activities and an increase of $20
thousand in business-type activities.
At September 30, 2023, Miami Shores Village’s governmental funds had fund balances totaling
$19.5 million. Of the total fund balance, approximately $11.9 million or 60.8% was unassigned
and $2.2 million or 11.4% was committed for future capital projects and encumbrances. The
restricted fund balance of approximately $4.5 million, or 23%, is related to funds restricted by the
contributing agency. The non-spendable fund balance of approximately $2 thousand is related
to prepaid items. The assigned fund balance of $928 thousand or 4.7% is assigned for FY24
capital improvements. The net change in fund balances during the year was an increase of
approximately $3.6 million indicative of the financial stability of the Village. Much of this change
was due to revenues surpassing pre-COVID levels and the introduction of the American Rescue
Plan Act (ARPA) Fund.
The General Fund’s fund balance increased by $1.9 million for the fiscal year ended September
30, 2023. The increase in unrestricted net position was related to revenues surpassing pre-COVID
levels and conservative spending.
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 are comprised 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.
5
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 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 and zoning, including resiliency and
sustainability programs, neighborhood services, parks and recreation. The business-type activities of the
Village include Solid Waste, Stormwater, and Water and Wastewater operations.
The government-wide financial statements may be found on pages 16 to 17 of this report.
Fund financial statements: A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. Miami Shores Village, like other
local governments, uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements. All of Miami Shores Village’s funds 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 three major funds,
the police forfeiture fund, the grant fund and the American Rescue Plan Act fund. Data from the other
nine governmental funds are combined into a single, aggregated presentation. Individual fund data
for each of these non-major governmental funds is provided in the form of combining statements
elsewhere in this report.
6
The basic governmental fund financial statements may be found on pages 18 to 21 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 Solid Waste, Stormwater, and
Water & Wastewater 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 Solid Waste, Stormwater, and Water & Wastewater operations. The Solid Waste 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 22 to 24 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 25 to 26 of this report.
Notes to the Basic 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 27 to 79 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 80 to 91 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 91 to 102 of this
report.
7
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 on the following page.
Net position may be used to assess the financial position of the Village. The Village’s combined net
position as of September 30, 2023 was $44.6 million. Approximately 54.1%, or $24.1 million, of the Village’s
net position represents net investment in capital assets. These assets include land, buildings, machinery
and equipment, and infrastructure and are not available for future spending. Additionally, $8.6 million is
restricted net position and is subject to external restrictions on how it may be spent.
At September 30, 2023, Miami Shores Village had an unrestricted net position of $11.6 million. At the end
of the current fiscal year, Miami Shores Village is able to report positive balances in all three categories
of net position for the government as a whole, as well as, the governmental funds and business-type
activities.
Total
Percentage
Change
2023 2022 2023 2022 2023 2022 2023-2022
Assets
Current assets 28,442$ 24,658$ 7,405$ 7,543$ 35,847$ 32,201$ 11.32%
Net pension asset -- 1,509 -- 54 -- 1,563 -100.00%
Capital assets 23,876 23,524 2,621 2,367 26,497 25,891 2.34%
Total Assets 52,318 49,691 10,026 9,964 62,344 59,655 4.51%
Deferred outflows related to pension and OPEB 8,895 2,769 485 130 9,380 2,899 223.56%
Total Deferred Outflows of Resources 8,895 2,769 485 130 9,380 2,899 223.56%
Liabilities
Long-term liabilities outstanding 15,306 3,962 4,376 3,681 19,682 7,643 157.52%
Other liabilities 5,800 6,369 1,221 1,307 7,021 7,676 -8.53%
Total Liabilities 21,106 10,331 5,597 4,988 26,703 15,319 74.31%
Deferred inflows related to pension and OPEB 395 5,824 12 227 407 6,051 -93.27%
Total Deferred Inflows of Resources 395 5,824 12 227 407 6,051 -93.27%
Net Position
Net investment in capital assets 21,523 20,970 2,621 2,366 24,144 23,336 3.46%
Restricted 8,605 7,094 204 215 8,809 7,309 20.52%
Unrestricted 9,584 8,241 2,077 2,297 11,661 10,538 10.66%
Total Net Position 39,712$ 36,305$ 4,902$ 4,878$ 44,614$ 41,183$ 8.33%
Governmental Activities Business-type Activities Total Primary Government
Table 1
Miami Shores Village
Summary of Net Position
(In Thousands)
8
Governmental activities: Financial activities for the fiscal year are reported on the following page. Key
indicators, including revenues and expenditures by category are presented herein for review:
Ending net position in governmental activities increased $3.4 million during FY2023. The increase in
unrestricted net position was attributed to revenues surpassing pre-COVID levels, reduction of budgeted
encumbrances and the increased revenues in the proprietary funds with expenses remaining consistent
with the prior year, and conservative spending. Also contributing to this increase was the introduction of
the ARPA Fund.
Total
Percentage
Change
2023 2022 2023 2022 2023 2022 2023-2022
Revenues:
Program revenue:
Charges for services 8,058$ 6,302$ 4,277$ 4,075$ 12,335$ 10,377$ 18.87%
Operating grants and contributions 30 799 -- -- 30 799 -96.25%
Capital grants and contributions 994 -- -- -- 994 -- --
General revenues:
Property taxes 11,754 10,624 -- -- 11,754 10,624 10.64%
Other taxes 2,781 2,476 -- -- 2,781 2,476 12.32%
Intergovernmental revenues 2,734 1,633 -- -- 2,734 1,633 67.42%
Investment income 684 73 34 3 718 76 844.74%
Miscellaneous 1,062 598 -- 2 1,062 600 77.00%
Total Revenues 28,097 22,505 4,311 4,080 32,408 26,585 21.90%
Expens es :
General government 7,130 3,172 -- -- 7,130 3,172 124.78%
Public safety 9,097 6,782 -- -- 9,097 6,782 34.13%
Public works 4,608 4,474 -- -- 4,608 4,474 3.00%
Solid Waste/Stormwater/Water and Wastewater -- -- 3,953 3,244 3,953 3,244 21.86%
Culture and recreation 4,115 3,616 -- -- 4,115 3,616 13.80%
Interest on long-term debt 75 83 -- -- 75 83 -9.64%
Total Expenses 25,025 18,127 3,953 3,244 28,978 21,371 35.59%
Increase (decrease) in net position before transfers 3,072 4,378 358 836 3,430 5,214 -34.22%
Transfers 335 336 (335) (336) -- -- --
Change in Net Position 3,407 4,714 23 500 3,430 5,214 -34.22%
Net Position - Beginning 36,305 31,591 4,879 4,379 41,184 35,970 14.50%
Net Position - Ending 39,712$ 36,305$ 4,902$ 4,879$ 44,614$ 41,184$ 8.33%
(In Thousands)
Changes in Net Position
Miami Shores Village
Table 2
Governmental Activities Business-type Activities Total Primary Government
9
Figure A-1
Expenses and Program Revenues – Governmental Activities
For the Fiscal Year Ended September 30, 2023
Figure A-2
Revenues by Source – Governmental Activities
For the Fiscal Year Ended September 30, 2023
$-
$1,000,000.00
$2,000,000.00
$3,000,000.00
$4,000,000.00
$5,000,000.00
$6,000,000.00
$7,000,000.00
$8,000,000.00
$9,000,000.00
$10,000,000.00
Revenues Expenses
General government Public safety Public Works Culture/recreation Interest on long-term debt
Property Taxes
43%
Charges for
Services
30%
Investment Income
3%
Public Service
Taxes
10%
Intergovernmental
10%
Other
4%
10
Business-type activities: The Miami Shores Village major business-type activities include the following
enterprise funds:
Solid Waste Fund
Stormwater Fund
Water & Wastewater Fund
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, 2023
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 government’s 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 $19.5 million. Of this amount, $11.9 million reflects unassigned fund
balance, which is available for spending at the government’s discretion. The remainder of the fund
balance is nonspendable, assigned, committed or restricted to indicate that it is not available for new
spending as those dollars have already been 1) assigned to spend $928 thousand on capital
improvements in FY24 from the budget adopted in FY24, 2)committed to liquidate contracts or
encumbered fiscal obligations (outstanding purchase orders) valued at $2.2 million, 3) restricted for funds
limited by the contributing agency of $4.5 million and 4) non-spendable for funds used to account for
amounts which cannot currently be spent, such as prepaid expenses of $2 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 $13 million as compared with $11.1 million in the prior
year.
$-
$500,000.00
$1,000,000.00
$1,500,000.00
$2,000,000.00
$2,500,000.00
$3,000,000.00
$3,500,000.00
Solid Waste Stormwater Water &
Wastewater
Program Revenue Expenses
11
The Village's General Fund unassigned balance increased by $1.9 million during the 2023 fiscal year. The
increase in unrestricted net position was related to revenues surpassing pre-COVID levels and
conservative spending.
The Village has two other major funds, the Grant Fund and the American Rescue Plan Act (ARPA) Fund.
The Grant Fund accounts for the use of specific designated resources related to grant programs. The
negative unassigned fund balance of ($1,199,174) is due to the reimbursement amount that is pending
FEMA approval for Hurricane IRMA.
The American Rescue Plan Act Fund accounts for the Federal Funds received from the U.S. Department
of Treasury in response to the COVID-19 pandemic. The Village received a total of $5,228,370, classified
as revenue replacement funds. These funds have to be obligated by December 2024 and spent by
December 2026.
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 in the Solid Waste Fund at the end of the fiscal year totaled $372
thousand. Unrestricted net position will be used to fund future purchases of capital assets.
Unrestricted net position in the Stormwater Fund at the end of the fiscal year totaled $2 million.
Unrestricted net position is maintained to fund future projects.
Unrestricted net position in the Water & Wastewater Fund at the end of the fiscal year was a
negative $269 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 the council at any
time during the fiscal year.
Over the course of the year, the Village amended the General Fund budget five 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 $1.2 million below final budgeted amounts. Savings were realized in general government,
$805 thousand, public safety, $377 thousand, and culture and recreation, $26 thousand. These savings
in general government costs and various departmental costs were due to unfilled positions, conservative
spending. As a result of conservative spending, the Village did not utilize the entire contingency reserve.
12
The fiscal year 2023 final amended budget was $20.2 million, an increase of 0.72% over the original
General Fund budget of $20.1 million. Correspondingly, the Consumer Price Index (or inflation index)
from the U.S. Bureau of Labor Statistics – All Urban Consumers increased 3% for the year ended
September 2023. The final Adopted Budget is balanced with revenues of $18.1 million, $742 thousand in
operating transfers from the Building Fund, Solid Waste, and Stormwater.
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, 2023 amounts to $26.5 million (net of accumulated depreciation). The
investment in capital assets includes Village-owned buildings, equipment and other infrastructure
(streets, sidewalks, easements, rights-of-way). The value of capital investments includes the cost of the
Doctors’ Charter School of Miami Shores. The following table summarizes the components of the Village’s
investments in capital assets.
Governmental Activities Business-Type Activities
2023 2022 2023 2022 2023 2022
Land 2,386,158$ 2,386,158$ --$ --$ 2,386,158$ 2,386,158$
Construction in progress 2,592,489 2,060,993 270,355 112,234 2,862,844 2,173,227
Building 8,707,848 8,764,330 -- -- 8,707,848 8,764,330
Infrastructure 6,569,035 6,893,533 1,275,285 1,460,349 7,844,320 8,353,882
Machinery and equipment 3,237,663 2,946,828 1,075,416 794,371 4,313,079 3,741,199
Intangible 382,596 472,342 -- -- 382,596 472,342
Totals 23,875,789$ 23,524,184$ 2,621,056$ 2,366,954$ 26,496,845$ 25,891,138$
Total
(net of accumulated depreciation/amortization)
Capital Assets as of September 30, 2023 and 2022
Miami Shores Village
Additional information on Miami Shores Village’s capital assets may be found in Note 6 on Pages 50 to
51 of this report.
Long-Term Liabilities: At September 30, 2023, Miami Shores Village had $19.7 million in long-term liabilities,
which are summarized in the schedule below. The increase of $11.7 million is attributable to an increase
in the Net Pension liability of $11.6 million and compensated absences of $464 thousand.
2023 2022 2023 2022 2023 2022
General obligation bonds 2,352,800$ 2,554,600$ --$ --$ 2,352,800$ 2,554,600$
Note payable -- -- 3,580,000 3,640,000 3,580,000 3,640,000
2,352,800 2,554,600 3,580,000 3,640,000 5,932,800 6,194,600
Other liabilities
Total OPEB liability 538,149 603,654 23,832 25,689 561,981 629,343
Net pension liability 11,050,101 -- 556,801 -- 11,606,902 --
Compensated absences 1,364,604 1,014,199 214,706 101,218 1,579,310 1,115,417
Totals 15,305,654$ 4,172,453$ 4,375,339$ 3,766,907$ 19,680,993$ 7,939,360$
Governmental Activities Business-type Activities Total Primary Government
Miami Shores Village
Outstanding Long-term Liabilities as of September 30, 2023 and 2022
Additional information on the Village’s long-term debt may be found in Note 7 on Pages 51 to 53 of this
report.
13
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 several
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 $25,000 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 2023 reflected an increase of $1.3 million, precipitated by an
increase in property values of $218 million or 16.5 % in property values as compared with 2022. Based on
the current real estate market within the Village, it is anticipated that the Village will continue to
experience an increase in assessed values due to the Village’s desirability and the close location to
Greater Downtown Miami.
During the current fiscal year, the unassigned fund balance in the General Fund was $13 million, an
increase of $1.9 million compared to the unassigned fund balance in 2022 of $11.1 million. This fund
balance of $13 million is contingent upon the collection of $1.167 million attributable to Hurricane IRMA.
The balance of $12.8 million is approximately equal to 8.62 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, personnel benefits and operating will
continue to increase given the economic impact from the COVID-19 pandemic and other world events.
Fiscal year 2024 budgeted expenditures and transfers are expected to be $21.7 million, or 8 %, more than
14
the fiscal year 2023 budget of $20.1 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 reductions in revenues related to any unforeseen circumstances, world crisis,
to fund capital improvements, or be available to defray the outstanding costs associated with hurricanes
or other natural disasters.
General Fund Unrestricted and Unassigned Surplus
For the Fiscal Years ended September 30, 2014-2023
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. In FY2023, the Village adopted an operating millage of
7.8 mills. For many years, the Village, just like many cities across the country, has 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, 2013-2022
Budgeted expenditures and transfers for fiscal year 2024 are expected to increase $1.6 million
compared with fiscal year 2023. This increase in expenditure is due to CIP projects and funding a
contingency line item to fund COLAs, FOP negotiations, emergencies, and investments in future
projects.
7.2
7.4
7.6
7.8
8
8.2
8.4
8.6
8.8
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Operating Millage Debt Service Millage
$-
$2,000,000.00
$4,000,000.00
$6,000,000.00
$8,000,000.00
$10,000,000.00
$12,000,000.00
$14,000,000.00
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
15
Request for Information
This financial report is designed to provide a general overview of Miami Shores Village finances to our
citizens, taxpayers, customers, investors, creditors, and others with an interest in the Village finances.
Questions concerning this report or requests for additional financial information should be directed to
the Finance Director, Holly Hugdahl, CPA, CGMA.
MIAMI SHORES VILLAGE
Finance Department
10050 Northeast Second Avenue
Miami Shores, Florida 33138-2382
BASIC FINANCIAL STATEMENTS
Governmental Business-Type
Activities Activities Total
Assets
Current Assets
Cash and cash equivalents 25,542,837$ 3,773,905$ 29,316,742$
Investments 340,330 -- 340,330
Accounts receivables 2,006,530 167,907 2,174,437
Special assessment receivable -- 3,353,714 3,353,714
Inventories 54,692 104,145 158,837
Prepaid items 498,061 -- 498,061
Restricted assets:
Cash and cash equivalents -- 5,151 5,151
Total current assets 28,442,450 7,404,822 35,847,272
Non-current Assets
Capital assets:
Capital assets not being depreciated 4,978,647 270,355 5,249,002
Capital assets being depreciated/amortized, net 18,897,142 2,350,701 21,247,843
Total non-current assets 23,875,789 2,621,056 26,496,845
Total Assets 52,318,239 10,025,878 62,344,117
Deferred Outflows of Resources
Pension 8,780,838 473,779 9,254,617
Other post employment benefits (OPEB) 114,180 11,417 125,597
Total Deferred Outflows of Resources 8,895,018 485,196 9,380,214
Liabilities
Accounts payable and accrued liabilities 1,209,459 87,614 1,297,073
Unearned revenues 4,590,587 1,133,871 5,724,458
Noncurrent liabilities:
Due within one year 549,351 113,676 663,027
Due in more than one year 3,168,053 3,681,030 6,849,083
Net pension liability 11,050,101 556,801 11,606,902
Total OPEB Liability 538,149 23,832 561,981
Total Liabilities 21,105,700 5,596,824 26,702,524
Deferred Inflows of Resources
Pension 141,729 -- 141,729
Other post employment benefits (OPEB)253,505 12,263 265,768
Total Deferred Inflows of Resources 395,234 12,263 407,497
Net Position
Net investment in capital assets 21,522,989 2,621,056 24,144,045
Restricted for:
Public safety 1,111,460 -- 1,111,460
Transportation 2,053,635 -- 2,053,635
Building 674,630 -- 674,630
Library 222,936 -- 222,936
Debt service 155,923 -- 155,923
Charter school 1,649,236 -- 1,649,236
Parks and recreation 105,407 -- 105,407
Capital projects 2,235,969 -- 2,235,969
Encumbrances 396,565 203,578 600,143
Unrestricted 9,583,573 2,077,353 11,660,926
Total Net Position 39,712,323$ 4,901,987$ 44,614,310$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30, 2023
The accompanying notes are an integral part of these financial statements.
16
Charges Operating Capital Business-
for Grants and Grants and Governmental Type
Functions/Programs Expenses Services Contributions Contributions Activities Activities Total
Governmental Activities
General government 7,130,041$ 3,563,904$ 30,039$ --$ (3,536,098)$ --$ (3,536,098)$
Public safety 9,096,679 1,385,014 -- 4,420 (7,707,245) -- (7,707,245)
Public works 4,608,073 1,602,246 -- 989,238 (2,016,589) -- (2,016,589)
Culture and recreation 4,114,794 1,506,739 -- -- (2,608,055) -- (2,608,055)
Interest on long-term debt 74,848 -- -- -- (74,848) -- (74,848)
Total Governmental Activities 25,024,435 8,057,903 30,039 993,658 (15,942,835) -- (15,942,835)
Business-Type Activities
Solid waste 3,377,196 3,485,815 -- -- -- 108,619 108,619
Stormwater 341,648 600,502 -- -- -- 258,854 258,854
Water and wastewater 233,897 190,302 -- -- -- (43,595) (43,595)
Total Business-Type Activities 3,952,741 4,276,619 -- -- -- 323,878 323,878
Total 28,977,176$ 12,334,522$ 30,039$ 993,658$ (15,942,835)$ 323,878$ (15,618,957)$
General revenues:
Property taxes 11,754,296$ --$ 11,754,296$
Public service taxes 2,781,007 -- 2,781,007
Intergovernmental 2,734,377 -- 2,734,377
Investment income 683,810 34,671 718,481
Miscellaneous 1,061,646 -- 1,061,646
Transfers 335,475 (335,475) --
Total General Revenues and transfers 19,350,611 (300,804) 19,049,807
Change in Net Position 3,407,776 23,074 3,430,850
Net Position - Beginning 36,304,547 4,878,913 41,183,460
Net Position - Ending 39,712,323$ 4,901,987$ 44,614,310$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
Program Revenues
Net Revenue (Expense) and
Changes in Net Position
The accompanying notes are an integral part of these financial statements.
17
Other
Nonmajor Total
General Grant ARPA Governmental Governmental
Fund Fund Fund Funds Funds
Assets
Cash and cash equivalents 11,305,472$ --$ 4,591,673$ 7,186,106$ 23,083,251$
Investments 340,330 -- -- -- 340,330
Accounts receivable 924,155 875,950 -- 197,279 1,997,384
Due from other funds 2,003,674 -- -- -- 2,003,674
Prepaids items 2,062 -- -- -- 2,062
Total Assets 14,575,693$ 875,950$ 4,591,673$ 7,383,385$ 27,426,701$
Liabilities
Accounts payable and accrued liabilities 474,619$ 62,839$ 17,580$ 596,362$ 1,151,400$
Due to other funds -- 2,003,674 -- -- 2,003,674
Unearned revenue 32,412 8,611 4,480,059 69,505 4,590,587
Total Liabilities 507,031 2,075,124 4,497,639 665,867 7,745,661
Deferred Inflows of Resources:
Unavailable revenue 136,599 -- -- -- 136,599
Total Deferred Inflows of Resources 136,599 -- -- -- 136,599
Fund Balances
Nonspendable 2,062 -- -- -- 2,062
Restricted -- -- 94,034 4,416,293 4,510,327
Committed -- -- -- 2,235,969 2,235,969
Assigned 863,000 -- -- 65,256 928,256
Unassigned 13,067,001 (1,199,174) -- -- 11,867,827
Total Fund Balances 13,932,063 (1,199,174) 94,034 6,717,518 19,544,441
Total Liabilities, Deferred Inflows of
Resources and Fund Balances 14,575,693$ 875,950$ 4,591,673$ 7,383,385$ 27,426,701$
MIAMI SHORES VILLAGE, FLORIDA
BALANCE SHEET - GOVERNMENTAL FUNDS
SEPTEMBER 30, 2023
Major Funds
The accompanying notes are an integral part of these financial statements.
18
Total Governmental Fund Balances 19,544,441$
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 50,115,876$
Less accumulated depreciation/amortization (28,069,600) 22,046,276
Revenue is recognized when earned in the government-wide
statements regardless of when it is collected. Governmental
recognize revenue when both measurable and available. 136,599
Deferred inflows/outflows of resources in the statement of
net position will be recognized in future periods.
Deferred outflows related to OPEB 110,713
Deferred inflows related to OPEB (249,560)
Deferred outflows related to pension 8,600,897
Deferred inflows related to pension (141,729) 8,320,321
Long-term liabilities, including bonds and notes payable,
are not due and payable in the current period and,
therefore, are not reported in the governmental funds:
Interest payable (9,960)
Bonds and notes payable (2,352,800)
Net pension liability (10,838,628)
Total OPEB liability (530,972)
Compensated absences (1,310,020) (15,042,380)
Net position of internal services funds are not reported with
governmental funds 4,707,066
Net Position of Governmental Activities 39,712,323$
MIAMI SHORES VILLAGE, FLORIDA
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
SEPTEMBER 30, 2023
TO THE STATEMENT OF NET POSITION
The accompanying notes are an integral part of these financial statements.
19
Other
American Nonmajor Total
General Rescue Governmental Governmental
Fund Grant Plan Act Funds Funds
Revenues
Property taxes 11,479,799$ --$ --$ 274,497$ 11,754,296$
Public service taxes 2,644,408 -- -- -- 2,644,408
Fees and fines 201,063 -- -- 501,894 702,957
Licenses and permits 300,614 -- -- 1,506,469 1,807,083
Intergovernmental 1,678,271 435,985 528,907 1,084,872 3,728,035
Grants, contributions and donation -- -- -- 30,039 30,039
Charges for services 2,358,769 -- -- -- 2,358,769
Investment earnings 454,723 -- 94,034 86,396 635,153
Miscellaneous 1,057,641 -- -- -- 1,057,641
Total Revenues 20,175,288 435,985 622,941 3,484,167 24,718,381
Expenditures
Current:
General government 3,273,344 -- -- -- 3,273,344
Public safety 8,776,378 1,000 -- 888,683 9,666,061
Public works 1,990,071 625 -- 487,946 2,478,642
Culture and recreation 3,682,065 3,515 -- 53,083 3,738,663
Debt service:
Principal -- -- -- 201,800 201,800
Interest -- -- -- 64,888 64,888
Capital outlay -- 431,844 528,907 1,026,830 1,987,581
Total Expenditures 17,721,858 436,984 528,907 2,723,230 21,410,979
Excess (Deficiency) of Revenues
Over Expenditures 2,453,430 (999) 94,034 760,937 3,307,402
Other Financing Sources (Uses)
Transfers in 742,000 -- -- 1,215,950 1,957,950
Transfers out (1,280,475) -- -- (342,000) (1,622,475)
Total Other Financing Sources (Uses)(538,475) -- -- 873,950 335,475
Net Change in Fund Balances 1,914,955 (999) 94,034 1,634,887 3,642,877
Fund Balances (deficit) - Beginning 12,017,108 (1,198,175) -- 5,082,631 15,901,564
Fund Balances - Ending 13,932,063$ (1,199,174)$ 94,034$ 6,717,518$ 19,544,441$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
Major Funds
The accompanying notes are an integral part of these financial statements.
20
Net Change in Fund Balances - Total Governmental Funds 3,642,877$
Amounts reported for governmental activities in the statement
of activities are different as a result of:
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. This is the amount by which depreciation
exceeded capital outlay in the current period.
Capital outlay 1,930,972$
Depreciation (1,414,692) 516,280
Governmental funds report revenue when earned and available. However,
the government-wide statements recognize revenue when earned,
regardless of availability.
Unavailable revenue 136,599
The issuance of long term debt (e.g., bonds, leases) provides current
financial recourses to governmental funds, while the repayment of
the principal of long term debt consumes the current financial resources
of governmental funds. Neither transaction, however, has any effect on
net position.
Principal payments 201,800
The change in net position of the internal service fund activities are
reported with governmental activities. 219,679
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.
Interest payable (9,960)
Compensated absences (330,061)
Deferred outflows 5,982,780
Deferred inflows 5,314,003
Net pension liability (12,330,968)
Total OPEB liability 64,747 (1,309,459)
Change in Net Position of Governmental Activities 3,407,776$
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF ACTIVITIES
The accompanying notes are an integral part of these financial statements.
21
Governmental
Activities -
Water and Internal
Solid Waste Stormwater Wastewater Total Service Funds
Assets
Current assets:
Cash and cash equivalents 1,531,526$ 2,207,429$ 34,950$ 3,773,905$ 2,459,586$
Accounts receivables 156,712 10,084 1,111 167,907 9,146
Special assessment receivable 12,660 1,570 3,339,484 3,353,714 --
Inventories 104,145 -- -- 104,145 54,692
Prepaid items -- -- -- -- 495,999
Restricted assets:
Cash and cash equivalents -- -- 5,151 5,151 --
Total Current Assets 1,805,043 2,219,083 3,380,696 7,404,822 3,019,423
Noncurrent assets:
Capital assets:
Capital assets not being depreciated -- 142,599 127,756 270,355 7,127
Capital assets being depreciated, net 879,785 1,470,916 -- 2,350,701 1,822,386
Total Noncurrent Assets 879,785 1,613,515 127,756 2,621,056 1,829,513
Total Assets 2,684,828 3,832,598 3,508,452 10,025,878 4,848,936
Deferred Outflows of Resources
Pension 430,118 43,661 -- 473,779 179,941
Other post employment benefits 10,576 841 -- 11,417 3,467
Total Deferred Outflows of Resources 440,694 44,502 -- 485,196 183,408
Liabilities
Current liabilities:
Accounts payable and accrued liabilities 79,964 2,580 5,070 87,614 48,099
Unearned revenue 909,919 159,019 64,933 1,133,871 --
Compensated absences 51,459 2,217 -- 53,676 13,646
Bonds, notes and loans payable -- -- 60,000 60,000 --
Total Current Liabilities 1,041,342 163,816 130,003 1,335,161 61,745
Noncurrent liabilities:
Compensated absences 154,378 6,652 -- 161,030 40,938
Net Pension Liability 505,489 51,312 -- 556,801 211,473
OPEB Liability 21,471 2,361 -- 23,832 7,177
Bonds, notes and loans payable -- -- 3,520,000 3,520,000 --
Total Noncurrent Liabilities 681,338 60,325 3,520,000 4,261,663 259,588
Total Liabilities 1,722,680 224,141 3,650,003 5,596,824 321,333
Deferred Inflows of Resources
Other post employment benefits 11,134 1,129 -- 12,263 3,945
Total Deferred Inflows of Resources 11,134 1,129 -- 12,263 3,945
Net Position
Investment in capital assets 879,785 1,613,515 127,756 2,621,056 1,829,513
Restricted 140,000 63,578 -- 203,578 370,000
Unrestricted 371,923 1,974,737 (269,307) 2,077,353 2,507,553
Total Net Position (Deficit)1,391,708$ 3,651,830$ (141,551)$ 4,901,987$ 4,707,066$
MIAMI SHORES VILLAGE, FLORIDA
SEPTEMBER 30, 2023
STATEMENT OF NET POSITION -
PROPRIETARY FUNDS
Major Funds
The accompanying notes are an integral part of these financial statements.
22
Governmental
Activities -
Water and Internal
Solid Waste Stormwater Wastewater Total Service Funds
Operating Revenues
Charges for services 3,485,815$ 600,502$ 190,302$ 4,276,619 3,189,094$
Total Operating Revenues 3,485,815 600,502 190,302 4,276,619 3,189,094
Operating Expenses
Personal services 1,295,783 131,591 -- 1,427,374 473,334
Utilities 1,023,835 6,633 -- 1,030,468 22,007
Repairs and maintenance 627,290 53,515 67,675 748,480 263,955
Administrative expenses 200,552 58,138 -- 258,690 763,933
Insurance claims and expenses 48,739 9,622 -- 58,361 1,177,495
Depreciation 180,997 82,149 -- 263,146 321,353
Total Operating Expenses 3,377,196 341,648 67,675 3,786,519 3,022,077
Operating Income (Loss)108,619 258,854 122,627 490,100 167,017
Non-operating Revenues (Expenses)
Investment earnings 7,021 26,705 945 34,671 48,657
Miscellaneous revenue -- -- -- -- 4,005
Interest expense -- -- (166,222) (166,222) --
Total Non-operating Revenues (Expenses)7,021 26,705 (165,277) (131,551) 52,662
Income (loss) before transfers 115,640 285,559 (42,650) 358,549 219,679
Transfers in -- -- 64,525 64,525 --
Transfers out (350,000) (50,000) -- (400,000) --
Change in net position (234,360) 235,559 21,875 23,074 219,679
Total Net Position (Deficit) - Beginning 1,626,068 3,416,271 (163,426) 4,878,913 4,487,387
Total Net Position (Deficit) - Ending 1,391,708$ 3,651,830$ (141,551)$ 4,901,987$ 4,707,066$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION -
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
Major Funds
The accompanying notes are an integral part of these financial statements.
23
Governmental
Activities -
Water and Internal
Solid Waste Stormwater Wastewater Total Service Funds
Cash Flows from Operating Activities:
Cash received from customers, governments and other funds 3,504,756$ 608,706$ 248,203$ 4,361,665$ 3,204,191$
Cash paid to suppliers (1,927,054) (137,463) (63,373) (2,127,890) (2,572,931)
Cash paid to employees (1,152,678) (122,207) -- (1,274,885) (434,988)
Net Cash Provided by Operating Activities 425,024 349,036 184,830 958,890 196,272
Cash Flows from Noncapital Financing Activities:
Transfer in -- -- 64,525 64,525 --
Transfer out (350,000) (50,000) -- (400,000) --
Net Cash Provided by (Used in) Noncapital Financing Activities (350,000) (50,000) 64,525 (335,475) --
Cash Flows from Capital and Related Financing Activities:
Acquisition and construction of capital assets (266,411) (124,149) (126,688) (517,248) (156,678)
Principal paid on long-term debt -- -- (60,000) (60,000) --
Interest expense -- -- (166,222) (166,222) --
Net Cash Used in Capital and Related Financing Activities (266,411) (124,149) (352,910) (743,470) (156,678)
Cash Flows from Investing Activities:
Interest and other income 7,021 26,705 945 34,671 48,657
Net Cash Provided by Investing Activities 7,021 26,705 945 34,671 48,657
Net Increase (Decrease) in Cash and Cash Equivalents (184,366) 201,592 (102,610) (85,384) 88,251
Cash and Cash Equivalents - Beginning 1,715,892 2,005,837 142,711 3,864,440 2,371,335
Cash and Cash Equivalents - Ending 1,531,526$ 2,207,429$ 40,101$ 3,779,056$ 2,459,586$
Reported in statement of net position as follows:
Cash and cash equivalents 1,531,526$ 2,207,429$ 34,950$ 3,773,905$ 2,459,586$
Restricted -- -- 5,151 5,151 --
1,531,526$ 2,207,429$ 40,101$ 3,779,056$ 2,459,586$
Reconciliation of operating income to net cash
provided by operating activities:
Operating income 108,619$ 258,854$ 122,627$ 490,100$ 167,017$
Adjustments to Reconcile Operating Income to Net Cash
Provided by Operating Activities:
Depreciation 180,997 82,149 -- 263,146 321,353
Changes in assets, liabilities, and deferred outflows/inflows
(Increase) decrease in:
Accounts receivable 981 4,123 57,901 63,005 15,097
Inventories (9,969) -- -- (9,969) (44,133)
Prepaids -- -- -- -- (256,425)
Deferred outflows of resources for pension (320,389) (35,383) -- (355,772) (143,702)
Deferred outflows of resources for OPEB 397 48 -- 445 181
Increase (decrease) in:
Accounts payable and accrued liabilities (16,669) (9,555) 3,764 (22,460) (44,983)
Compensated absences 108,676 4,813 -- 113,489 20,344
Total OPEB liability (1,657) (200) -- (1,857) (758)
Unearned revenues 17,960 4,081 538 22,579 --
Net pension liability (asset) 555,863 55,111 -- 610,974 228,120
Deferred inflows of resources for pension (201,249) (15,181) -- (216,430) (66,509)
Deferred inflows of resources for OPEB 1,464 176 -- 1,640 670
Total adjustments 316,405 90,182 62,203 468,790 29,255
Net Cash Provided by Operating Activities 425,024$ 349,036$ 184,830$ 958,890$ 196,272$
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS -
MIAMI SHORES VILLAGE, FLORIDA
Major Funds
The accompanying notes are an integral part of these financial statements.
24
Pension Private
Trust Purpose
Funds Trust
Assets
Cash and cash equivalents 790,219$ 1,523,493$
Accrued interest and dividends 168,847 --
Investments
Mutual funds - equity 19,091,702 --
Common stock 10,727,324 --
Corporate bonds 6,251,835 --
U.S. Government securities 4,174,381 --
Mortgage backed securities 4,985,694 --
Foreign stock 2,165,619 --
Foreign bonds 321,567 --
Municipal bonds 388,876 --
Total investments 48,106,998 --
Total Assets 49,066,064$ 1,523,493$
Net Position
Net position restricted for pensions and charter school 49,066,064$ 1,523,493$
Total Net Position 49,066,064$ 1,523,493$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2023
FIDUCIARY FUNDS
The accompanying notes are an integral part of these financial statements.
25
Pension Private
Trust Purpose
Funds Trust
Additions
Contributions:
Employer 1,612,315$ --$
Plan members 516,054 --
Total Contributions 2,128,369 --
Investment earnings
Net appreciation in fair value of investments 4,198,996 --
Interest and dividend income 1,698,098 26,689
5,897,094
Less: investment expense (223,230) --
Total Net Investment Earnings 5,673,864 26,689
Miscellaneous 150 --
Total Additions 7,802,383 26,689
Deductions
Benefit payments 2,545,230 --
Administrative expenses 156,431 --
Total Deductions 2,701,661 --
Change in Net Position 5,100,722 26,689
Net Position Restricted for Pension and Charter School - beginning 43,965,342 1,496,804
Net Position Restricted for Pension and Charter School - ending 49,066,064$ 1,523,493$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
FIDUCIARY FUNDS
The accompanying notes are an integral part of these financial statements.
26
NOTES TO BASIC FINANCIAL STATEMENTS
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
27
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. FINANCIAL REPORTING ENTITY
Miami Shores Village, Florida, (the “Village”) was incorporated in 1932 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, solid waste, stormwater, culture and recreational activities, public improvements,
planning and zoning, and general administrative services.
As required by generally accepted accounting principles in the United States of America
(“GAAP”), 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 voting 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 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:
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
28
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND BASIS OF ACCOUNTING
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
29
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT
PRESENTATION (CONTINUED)
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:
The General 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.
American Rescue Plan Act (“ARPA”) Fund – This fund accounts for the use
of funds received by the State of Florida for expenses eligible under ARPA
Coronavirus State and Local Fiscal Recovery Funds.
The Village reports the following major proprietary funds:
Solid Waste Fund - This fund accounts for the operations and maintenance
of the Village’s solid waste system.
Stormwater Fund - This fund accounts for the operations and maintenance
of the Village’s stormwater system.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
30
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT
PRESENTATION (CONTINUED)
Water and Wastewater 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 & Wastewater Project. Future maintenance
costs for the grind pumps will be paid from this fund.
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
three internal service funds, the Risk Management Fund, the Information
Technology 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.
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
31
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT
PRESENTATION (CONTINUED)
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services, or privileges provided, 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 solid waste, and stormwater fund and internal
service funds are charges to customers or other funds for services. Operating expenses for
the enterprise funds and internal service funds include the cost of services, administrative
expenses, and depreciation on capital assets. All revenues and expenses not meeting this
definition are reported as non- operating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is Village policy to
use restricted resources first, and then unrestricted resources as needed.
D. DEPOSITS AND INVESTMENTS
The Village's cash and cash equivalents, for purpose of the statement of cash flows,
include cash on hand, time and demand deposits, and short-term investments with original
maturities of three months or less from the date of acquisition. The Village maintains a
cash pool that is available for use by all funds. Interest earned on pooled cash is allocated
to each of the funds, based on the fund’s average pooled cash balance on a monthly basis.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
32
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. DEPOSITS AND INVESTMENTS (CONTINUED)
The Village’s investment policy follows the requirement of Florida Statutes Chapter
218.415, Local Government Investment Policies, and attempts to promote, in order of
priority, safety of principal, adequate liquidity, and maximization of total return.
Investments in the Village’s local government surplus funds are governed by the
provisions of Florida Statutes Section 218.415. Investments in the Village’s pension trust
fund are governed by the Plan’s investment policy and Florida Statutes Section 112.661.
All investments of the Village and the pension trust fund, except Florida PRIME, are
reported at fair value using quoted market prices. The Florida PRIME is recorded at its
value of the pool shares, which are amortized at cost.
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.
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
33
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
G. PROPERTY TAXES
Property values are assessed as of January 1 of each year, at which time taxes become an
enforceable lien on the property. Tax bills are mailed for the Village by Miami Dade
County on or about October 1 of each year and are payable with discounts of up to 4%
offered for early payment. Taxes become delinquent on April 1 of the year following the
year of assessment and State law provides for enforcement of collection of property taxes
by seizure of the personal property or by the sale of interest-bearing tax certificates to
satisfy unpaid property taxes.
Assessed values are established by the Miami-Dade County Property Appraiser. In
November 1992, a Florida constitutional amendment was approved by the voters, which
provides for limiting the increases in homestead property valuations for ad valorem tax
purposes to a maximum of 3% annually and also provides for reassessment of market
values upon changes in ownership. The County bills and collects all property taxes and
remits them to the Village.
State statutes permit municipalities to levy property taxes at a rate of up to 10 mills ($10
per $1,000 of assessed taxable valuation). The tax levy of the Village is established by the
Village Council and the Miami-Dade County Property Appraiser incorporates the
Village’s millage into the total tax levy, which includes the County and the County School
Board tax requirements. The millage rate assessed by the Village for the year ended
September 30, 2023 was 7.8000 mills ($7.8000 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
34
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 years
Land improvements 40 years
Infrastructure 30 years
Solid waste equipment 10 years
Vehicles 5 years
Other equipments, machinery, furniture and fixtures 3-10 years
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 assets that applies to future periods
and so will not be recognized as an outflow of resources (expense/expenditure) until then.
The Village has pension amounts of $9,254,617 and OPEB amounts of $125,597 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 assets that applies to a future
periods and so will not be recognized as inflows of resources (revenue) until that time. The
Village has pension amounts of $141,729, and OPEB amount of $265,768. That quality for
reporting in this category on the government – wide statement of net position.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
35
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
J. DEFERRED OUTFLOWS/INFLOWS OF RESOURCES (CONTINUED)
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 the 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 of 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 23-24 fiscal year.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
36
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
M. EMPLOYEE BENEFIT PLAN
The Village provides a separate defined benefit pension plan for its police officers and
general employees. At September 30, 2023, 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 (asset) 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.
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 a Total OPEB liability in its
government-wide and proprietary financial statements related to the implicit subsidy. For
governmental funds, the Total 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
37
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
O. LONG-TERM OBLIGATIONS (CONTINUED)
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/FUND BALANCE
Total net position as of September 30, 2023, 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.
As of September 30, 2023, fund balances of the governmental funds are classified as
follows:
Nonspendable
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
38
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
P. NET POSITION/FUND BALANCE (CONTINUED)
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
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
39
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
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.
T. IMPLEMENTATION OF NEW GASB STATEMENTS
GASB Statement No. 91, Conduit Debt Obligations, establishes guidance regarding
reporting of conduit debt obligations. The adoption of GASB No. 91 did not have an
impact on the Village’s financial statements.
GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability
Payment Arrangements, establishes guidance regarding reporting of these type of
arrangements. The adoption of GASB No. 94 did not have an impact on the Village’s
financial statements.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
40
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
T. IMPLEMENTATION OF NEW GASB STATEMENTS (CONTINUED)
GASB Statement No. 96, Subscription-Based Information Technology Arrangements,
establishes guidance regarding the accounting and reporting for subscription-based
information technology arrangements. The adoption of GASB No. 96 did not have an
impact on the Village’s financial statements.
In April 2022, the GASB issued Statement No. 99, Omnibus 2022. The requirements
related to leases, PPPs, and SBITAs will take effect for financial statement starting with
the fiscal year that ends June 30, 2023. The requirements related to financial guarantees
and the classification and reporting of derivative instruments within the scope of
Statement 53 will take effect for financial statements starting with the fiscal year that ends
June 30, 2024. The objectives of this Statement are to enhance comparability in
accounting and financial reporting and to improve the consistency of authoritative
literature by addressing (1) practice issues that have been identified during the
implementation and application of certain GASB Statements and (2) accounting and
financial reporting for financial guarantees. The adoption of GASB No. 99 did not have an
impact on the Village’s financial statements.
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. A negative fund balance was recognized in the Grant Fund and
the Water & Wastewater Fund. The Village determined the negative fund balance in
the Grant Fund is due to the reimbursement amount that is pending FEMA approval
for Hurricane Irma and future assessments will offset the deficit in the Water &
Wastewater fund.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
41
NOTE 2 – STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (CONTINUED)
REVENUE RESTRICTIONS
The Village has various restrictions placed over certain revenue sources from federal,
state, or local requirements. The primary revenue sources include:
Revenue Source Legal Restrictions of Use
Gas tax Roads, sidewalks, streets
Transportation surtax Transportation and roads
Police forfeitures Law enforcement
Federal Emergency Management Agency Disaster mitigation
For the fiscal year ended September 30, 2023, 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
42
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
INVESTMENTS (CONTINUED)
Florida PRIME is governed by Chapter 19-7 of the Florida Administrative Code and
Chapters 215 and 218 of the Florida Statutes. These rules provide guidance and establish
the policies and general operating procedures for the administration of the Florida PRIME.
Florida PRIME invests in a pool of investments whereby the Village owns a share of the
respective pool, not the underlying securities. GASB Statement No. 79, Certain External
Investment Pools and Pool Participants, established criteria for an external investment pool
to qualify to report at amortized cost. Florida PRIME is exempt from the GASB 72 fair
value hierarchy disclosures and reports at amortized cost.
With regard to redemption dates, Chapter 218.409(8) (a), Florida Statutes, states, “The
principal, and any part thereof, of each account constituting the trust fund is subject to
payment at any time from the moneys in the trust fund However, the Executive Director
may, in good faith, on the occurrence of an event that has a material impact on liquidity or
operations of the trust fund, for 48 hours limit contributions to or withdrawals from the trust
fund to ensure that the Board can invest moneys entrusted to it in exercising its fiduciary
responsibility. Such action must be immediately disclosed to all participants, the Trustees,
the Joint Legislative Auditing Committee, the Investment Advisory Council, and the
Participant Local Government Advisory Council. The Trustees shall convene an emergency
measures and review the necessity of those measures. If the Trustees are unable to convene
an emergency meeting before the expiration of the 48-hour moratorium on contributions and
withdrawals, the Executive Director may extend the moratorium until the Trustees are able
to meet to review the necessity for the moratorium. If the Trustees agree with such
measures, the Trustees shall vote to continue the measures for up to an additional 15 days.
The Trustees must convene and vote to continue any such measures before the expiration of
the time limit set, but in no case may the time limit set by the Trustee exceed 15 days.”
With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to
impose penalties for early withdrawal, subject to disclosure in the enrollment materials of
the amount and purpose of such fees. At present, no such disclosure has been made.
As of September 30, 2023, there were no redemption fees or maximum transaction amounts,
or any other requirements that serve to limit a participant’s daily access to 100 percent of
their account value.
The investment in the Florida PRIME is not insured by FDIC or any other governmental
agency.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
43
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
INVESTMENTS - VILLAGE
As of September 30, 2023, the Village had the following investments:
Investment Type Fair Value
SBA-PRIME 340,330$
Total 340,330$
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,
2023 is 35 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, 2023, is 75 days.
Credit Risk
State law limits investments in bonds, U.S. Treasuries and agency obligations, or other
evidence 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
State law limits investments in bonds, U.S. Treasuries and agency obligations, or other
evidence of indebtedness to the top ratings issued by NSRO. The PRIME is rated AAAm
by Standard and Poor’s.
INVESTMENT 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
44
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
INVESTMENT PENSION PLANS (CONTINUED)
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.
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:
General
Asset Group 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, 2023, the annual money-weighted rate of return
on pension plan investments, net pension plan investment expense, was (12.53%) for the
General Employee Retirement Plan and (12.49%) 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
45
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
INVESTMENTS PENSION PLANS
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.
As of September 30, 2023, the Plans had the following investments and maturities:
General Employees’ Retirement Plan
More than
Investment Type Less than 1 1-5 6-10 10 years Fair Value
U.S. government obligations --$ 183,664$ 861,463$ 461,644$ 1,506,771$
Municipal bond obligations -- -- 132,317 -- 132,317
Corporate bonds -- 666,391 1,020,974 509,370 2,196,735
Foreign bonds notes and debentures -- 113,276 -- -- 113,276
Mortgage backed securities -- 1,143,155 606,377 -- 1,749,532
Total --$ 2,106,486$ 2,621,131$ 971,014$ 5,698,631$
Police Officers’ Retirement Plan
More than
Investment Type Less than 1 1-5 6-10 10 years Fair Value
U.S. government obligations --$ 381,335$ 1,522,226$ 764,049$ 2,667,610$
Municipal bond obligations -- -- 256,559 -- 256,559
Corporate bonds -- 1,255,935 1,847,539 951,626 4,055,100
Foreign bonds notes and debentures -- 208,291 -- -- 208,291
Mortgage backed securities -- 1,822,067 1,414,095 -- 3,236,162
Total --$ 3,667,628$ 5,040,419$ 1,715,675$ 10,423,722$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
46
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.
INVESTMENTS PENSION PLANS
General Employees’ Retirement Plan
The following tables disclose credit ratings by investment type, at September 30, 2023:
Percentage of
Fair Value Portfolio
Quality rating of credit risk debt securities
AAA 3,513,646$ 61.66%
AA 66,722 1.17%
AA-100,905 1.77%
A+213,955 3.75%
A 350,745 6.15%
A-476,108 8.35%
BBB+465,250 8.16%
BBB 511,300 8.97%
5,698,631$ 100.00%
Police Officers’ Retirement Plan
The following tables disclose credit ratings by investment type, at September 30, 2023:
Percentage of
Fair Value Portfolio
Quality rating of credit risk debt securities
AAA 6,331,100$ 60.74%
AA 166,009 1.59%
AA-187,219 1.80%
A+417,850 4.01%
A 637,219 6.11%
A-923,300 8.86%
BBB+880,037 8.44%
BBB 880,988 8.45%
10,423,722$ 100.00%
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
47
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
INVESTMENTS PENSION PLANS (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, 2023, no investment by any one issuer was above the 5% threshold required for
disclosure.
Custodial 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.
Foreign Currency Risk
The Plan may have exposure to foreign currencies by making direct investments in non-
U.S. currencies or in securities denominated in non-U.S. currencies, purchasing or selling
forward currency exchange contracts in non-U.S. currencies, non-U.S. currency futures
contracts and swaps for cross currency investments. Foreign currencies will fluctuate, and
may decline, in value relative to the U.S. dollar and other currencies and thereby affect the
Funds’ investments in foreign (non-U.S.) currencies or in securities that trade in, and
receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.)
currencies.
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
48
NOTE 4 – FAIR VALUE MEASUREMENTS
The Village does not participate in any securities lending transactions, nor has it used,
held or written derivative financial instruments.
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 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, municipal bonds, foreign bonds, 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
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
49
NOTE 4 – FAIR VALUE MEASUREMENTS (CONTINUED)
The Plans have the following recurring fair value measurements as of September 30, 2023:
General Employee's Retirement Plan
Quoted Prices in Significant Other
Active Markets Observable
Identical Assets Inputs
9/30/2023 (Level 1) (Level 2)
Investments at Fair Value
Debt securities:
U.S. government obligations 1,506,771$ --$ 1,506,771$
Municipal obligations 132,317 -- 132,317
Corporate bonds 2,196,735 -- 2,196,735
Foreign bond notes and debentures 113,276 -- 113,276
Mortgage backed securities 1,749,532 -- 1,749,532
Total debt securities 5,698,631 -- 5,698,631
Equity securities:
Common stock 3,919,556 3,919,556 --
Foreign stock 791,166 791,166 --
Mutual funds - equity 6,354,547 6,354,547 --
Total equity securities 11,065,269 11,065,269 --
Total Investments at Fair Value 16,763,900$ 11,065,269$ 5,698,631$
Police Officers' Retirement Plan
Quoted Prices in Significant Other
Active Markets Observable
Identical Assets Inputs
9/30/2023 (Level 1) (Level 2)
Investments at Fair Value
Debt securities:
U.S. government obligations 2,667,610$ --$ 2,667,610$
Municipal obligations 256,559 -- 256,559
Corporate bonds 4,055,100 -- 4,055,100
Foreign bond notes and debentures 208,291 -- 208,291
Mortgage backed securities 3,236,162 -- 3,236,162
Total debt securities 10,423,722 -- 10,423,722
Equity securities:
Common stock 6,807,768 6,807,768 --
Foreign stock 1,374,453 1,374,453 --
Mutual funds - equity 12,737,155 12,737,155 --
Total equity securities 20,919,376 20,919,376 --
Total Investments at Fair Value 31,343,098$ 20,919,376$ 10,423,722$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
50
NOTE 5 – RECEIVABLES
Receivables as of September 30, 2023 for the Village’s individual major funds and
non-major funds in the aggregate consist of the following:
Water and Non-Major Internal
Grant Solid Waste Stormwater Wastewater Governmental Enterprise
General Fund Fund Fund Funds Funds Funds Total
Receivables:
Accounts $ 76,908 $ -- $ 156,712 $ 10,084 $ 1,111 $ -- $ 9,146 $ 253,961
Taxes 618,690 -- -- -- -- 189,705 -- 808,395
Special assessment -- -- 12,660 1,570 3,339,484 -- -- 3,353,714
Grants and other 228,557 875,950 -- -- -- 7,574 -- 1,112,081
Total Receivables $ 924,155 $ 875,950 $ 169,372 $ 11,654 $ 3,340,595 $ 197,279 $ 9,146 $ 5,528,151
NOTE 6 - CAPITAL ASSETS
Capital asset activity for the fiscal year ended September 30, 2023 was as follows:
Beginning Ending
Balance Increase Decreases Balance
Governmental activities:
Capital assets not being depreciated:
Land $ 2,386,158 $ -- $ -- $ 2,386,158
Construction in progress 2,060,993 531,496 -- 2,592,489
Total Capital Assets Not Being Depreciated 4,447,151 531,496 -- 4,978,647
Capital assets being depreciated/amortized:
Buildings and improvements 14,638,908 266,094 -- 14,905,002
Infrastructure 24,719,465 201,562 -- 24,921,027
Machinery and equipment 8,550,881 1,058,962 -- 9,609,843
Intangible 1,154,484 29,536 -- 1,184,020
Total Capital Assets Being Depreciated/Amortized 49,063,738 1,556,154 -- 50,619,892
Less accumulated depreciation for:
Buildings and improvements (5,874,578) (322,576) -- (6,197,154)
Infrastructure (17,825,932) (526,060) -- (18,351,992)
Machinery and equipment (5,604,053) (768,127) -- (6,372,180)
Intangible (682,142) (119,282) -- (801,424)
Total Accumulated Depreciation/Amortization (29,986,705) (1,736,045) -- (31,722,750)
Total Capital Assets Being Depreciated/Amortized, Net 19,077,033 (179,891) -- 18,897,142
Governmental Activities Capital Assets, Net 23,524,184$ 351,605$ --$ 23,875,789$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
51
NOTE 6 - CAPITAL ASSETS (CONTINUED)
Business-type activities:
Capital assets not being depreciated:
Construction in progress 112,234$ 158,121$ --$ 270,355$
Total Capital Assets Not Being Depreciated 112,234 158,121 -- 270,355
Capital assets being depreciated:
Machinery and equipment 2,590,565 359,127 -- 2,949,692
Drainage improvements 2,695,076 -- -- 2,695,076
Total Capital Assets Being Depreciated 5,285,641 359,127 -- 5,644,768
Less Accumulated Depreciation for:
Machinery and equipment (1,796,194) (78,082) -- (1,874,276)
Drainage improvements (1,234,727) (185,064) -- (1,419,791)
Total Accumulated Depreciation (3,030,921) (263,146) -- (3,294,067)
Total Capital Assets Being Depreciated, Net 2,254,720 95,981 -- 2,350,701
Business-Type Activities Capital Assets, Net 2,366,954$ 254,102$ --$ 2,621,056$
Depreciation expense was charged to functions/programs of the Village as follows:
Governmental Activities:
General government $ 140,663
Public safety 369,165
Public works 764,646
Culture and recreation 461,571
Total Depreciation Expense - Governmental Activities 1,736,045$
Business-type activities:
Solid waste $ 180,997
Stormwater 82,149
Total Depreciation Expense - Business-Type Activities 263,146$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
52
NOTE 7 – LONG-TERM DEBT
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, 2023 were as follows:
Due
Beginning Ending Within
Balance Increases Decreases Balance One Year
Governmental activities:
Refunding general obligation
bond, series 2015 2,554,600$ $ -- (201,800)$ 2,352,800$ 208,200$
Other liabilities:
Compensated absences 1,014,199 1,344,952 (994,547) 1,364,604 341,151
Total Governmental Activity
Long-Term Liabilities 3,568,799$ 1,344,952$ (1,196,347)$ 3,717,404$ 549,351$
Business-type activities:
FLGFC Note payable 3,640,000$ $ -- $ (60,000) $ 3,580,000 $ 60,000
Other liabilities:
Compensated absences 101,218 175,086 (61,598) 214,706 53,676
Total Business-type Activities
Long-Term Liabilities 3,741,218$ 175,086$ (121,598)$ 3,794,706$ 113,676$
For governmental activities, compensated absences are generally liquidated by the general
fund. Accordingly, their long-term liabilities for compensated absences are included as
part of the totals for governmental activities.
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 $201,800 in 2023 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
53
NOTE 7 – LONG-TERM DEBT (CONTINUED)
Debt service requirements to maturity for the fiscal year ending September 30, 2023 are
summarized as follows:
For the Fiscal Year Ending
September 30,Principal Interest Total
2024 $ 208,200 $ 59,761 $ 267,961
2025 214,200 54,473 268,673
2026 219,400 49,032 268,432
2027 224,200 43,459 267,659
2028 233,600 37,765 271,365
2029-2033 1,253,200 97,089 1,350,289
Total 2,352,800$ 341,579$ 2,694,379$
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. As
of September 30, 2023, the outstanding balance with FLGFC was $3,580,000. Of this amount,
$60,000 was due on September 3, 2024 and $3,520,000 is due on September 2, 2025.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
54
NOTE 8 – INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS
The amount due to/from other funds at September 30, 2023 were as follows:
Receivables Payables
General Fund $ 2,003,674 $ --
Grants Fund -- 2,003,674
Total 2,003,674$ 2,003,674$
Amounts due from grants fund to the general fund are for advances made to the grants fund
to cover FEMA expenditures until the receivables on those funds are collected.
Interfund transfer activity for the year ended September 30, 2023 was as follows:
Transfers In Transfers Out
General fund $ 742,000 $ 1,280,475
Solid waste -- 350,000
Stormwater -- 50,000
Water and wastewater 64,525 --
Non-major governmental funds 1,215,950 342,000
Total 2,022,475$ 2,022,475$
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
55
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, 2021 (for the General Employees Plan) and
October 1, 2022 for the Police Plan (the dates of the latest actuarial valuations) consisted
of:
General
Employees Police
Inactive employees:
Retirees and beneficiaries currently receiving benefits 65 31
Retirees entitled to benefits but not yet receiving them 4 --
Active participants: 72 34
Total 141 65
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
56
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
GENERAL EMPLOYEES’ RETIREMENT PLAN
Plan Description
The General Employees' Retirement System (the “GE Plan”) is a single-employer defined
benefit pension plan that covers all Village employees, except for police, and certain
appointed employees. The GE Plan was established on January 1, 1957 by the Village
Council. On December 31, 1999, the GE Plan was split between the general employees and
the police officers. The GE Plan is governed by certain provisions of Chapter 112, Florida
Statutes. The Board of Trustees for the Plan administers the GE Plan. Plan amendments
must be authorized by the Village Council. The GE Plan provides retirement and death
benefits to Plan members and beneficiaries. The GE 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 GE 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 GE Plan shall not be accrued. No
payments are made directly to the employee from the GE 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
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
57
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ 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 GE
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, 2023, there were 9 members in the DROP and their fair value of DROP
investment was $328,970 which is included in the Plan’s net position. At the end of
September 30, 2023, 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 GE Plan’s actuary to select and maintain
contribution method (percentage of payroll or fixed dollar contributions) that best fits the
funding requirements of the GE Plan. The GE Plan determined to use the “percentage of
payroll contribution” method for the fiscal year ended September 30, 2023.
The actual contribution from the Village for active members were actuarially determined
using the actuarial valuation as of October 1, 2021 for the year ended September 30, 2023.
The contributions consisted of the following at September 30, 2023:
Actual Percentage of
Contribution Covered Payroll
Village 418,007 11.06%
Members 226,747 N/A
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
58
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
GENERAL EMPLOYEES’ RETIREMENT PLAN (CONTINUED)
Net Pension Liability
Total pension liability $ 19,957,893
Less: Plan fiduciary net position (17,131,449)
Net pension liability 2,826,444$
Plan fiduciary net position as a
percentage of total pension liability 85.84%
Significant Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 2021
and rolled forward to the measurement date of September 30, 2023 using the following
actuarial assumptions:
Actuarial cost method: Entry age normal
Inflation 2.25%
Salary increases 5.00%, including inflation
Investment rate of return 7.00%
Retirement age Experience-based table of rates that are specific to the type of eligibility cond
Mortality The same versions of Pub-2010 Headcount-Weighted Mortality Tables as
used by the Florida Retirement System (FRS) in their July 1, 2019 actuarial
valuation (with mortality improvements projected to all future years after
2010 using Scale MP-2018). Florida Statutes Chapter 112.63(1)(f)
mandates the use of mortality tables from one of the two most recently
published FRS actuarial valuation reports.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
59
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
GENERAL EMPLOYEES’ RETIREMENT PLAN (CONTINUED)
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
2.50%. 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, 2023 are summarized in the following table:
Long-term
Expected Real
Asset Group Rate of Return
Domestic equity 7.50%
International equity 8.50%
Domestic bonds 2.50%
International bonds 3.50%
Real estate 4.50%
Discount Rate
A single discount rate of 7.00% 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
7.00%. 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 (7.00%) 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 7.00%, 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
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
60
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
GENERAL EMPLOYEES’ RETIREMENT PLAN (CONTINUED)
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
Current
Single Discount
1% Decrease Rate Assumption 1% Increase
(6.00%) (7.00%) (8.00%)
$ 5,122,137 $ 2,826,444 $ 903,657
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, 2023.
ASSETS
Cash and cash equivalents 308,113$
Investments, at fair value 16,763,900
Accrued interest receivable 59,436
Total assets 17,131,449
Net Position Restricted for Pension Benefits 17,131,449$
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2023
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
61
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
GENERAL EMPLOYEES’ RETIREMENT PLAN (CONTINUED)
Financial Information (continued)
ADDITIONS
Contributions 644,754$
Net investment income 1,974,151
Miscellaneous 50
Total additions 2,618,955
DEDUCTIONS
Pension benefits 1,001,817
Administrative expenses 37,393
Total deductions 1,039,210
Change in net position 1,579,745
Net Position Restricted for Pension Benefits
Beginning of year 15,551,704
End of year 17,131,449$
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
62
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
POLICE OFFICERS’ RETIREMENT PLAN (CONTINUED)
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 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, 2023, there were 6 members
in the DROP and their fair value of DROP investment was $762,330 which is included in
the Plan’s net position.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
63
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
POLICE OFFICERS’ RETIREMENT PLAN (CONTINUED)
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 fiscal year ended September 30, 2023.
Pursuant to Chapter 185, Florida Statutes, a portion of all insurance premium tax monies
received in excess of the threshold of $60,386 are to be utilized to provide future
minimum extra benefits and may not be used to reduce or offset the contribution
requirements of the employer. The Village reports the contributions from the State of
Florida as revenues and expenditures/expenses in the appropriate fund before being
reported in the Plan.
The actual contribution from the Village for active members were actuarially determined
using the actuarial valuation as of October 1, 2021 for the year ended September 30, 2023.
The contributions consisted of the following at September 30, 2023:
Actual Percentage of
Contribution Covered Payroll
Village 1,194,308$ 37.15%
Members 289,307 N/A
Total Contributions 1,483,615$ 37.15%
Net Pension Liability
Total pension liability 37,430,391$
Less: plan fiduciary net position 31,934,615
Net pension liability 5,495,776$
Plan fiduciary net position as a percentage
of total pension liability 85.32%
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
64
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
POLICE OFFICERS’ RETIREMENT PLAN (CONTINUED)
Significant Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 2022
and rolled forward to the measurement date of September 30, 2023, using the following
actuarial assumptions:
Actuarial cost method: Entry age normal
Inflation 2.25%
Salary increases 6.00%, including inflation
Investment rate of return 7.00%
Retirement age The rate of retirement is 1% for each year of eligibility for Early
Retirement.
Mortality The same versions of Pub-2010 Headcount-Weighted Mortality Tables as
used by the Florida Retirement System (FRS) in their July 1, 2020 actuarial
valuation (with mortality improvements projected to all future years after
2010 using Scale MP-2018). Florida Statutes Chapter 112.63(1)(f)
mandates the use of mortality tables from one of the two most recently
published FRS actuarial valuation reports.
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, 2023 are summarized in the following table:
Long-term
Expected Real
Asset Group Rate of Return
Domestic equity 7.50%
International equity 8.50%
Domestic bonds 2.50%
International bonds 3.50%
Real estate 4.50%
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
65
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
POLICE OFFICERS’ RETIREMENT PLAN (CONTINUED)
Discount Rate
A single discount rate of 7.00% 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
7.00%. 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 (7.00%) 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 7.00%, 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 to the Single Discount Rate Assumption
Current
Single Discount
1% Decrease Rate Assumption 1% Increase
(6.00%) (7.00%) (8.00%)
$ 10,216,413 $ 5,495,776 $ 1,603,458
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
66
NOTE 9 – EMPLOYEE RETIREMENT PLANS – PLANS’ REPORTING (CONTINUED)
POLICE OFFICERS’ RETIREMENT PLAN (CONTINUED)
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, 2023.
ASSETS
Cash and cash equivalents 482,106$
Investments, at fair value 31,343,098
Accrued interest receivable 109,411
Total assets 31,934,615
Net Position Restricted for Pension Benefits 31,934,615$
ADDITIONS
Contributions 1,483,615$
Net investment income 3,699,713
Miscellaneous 100
Total additions 5,183,428
DEDUCTIONS
Pension benefits 1,543,413
Administrative expenses 119,038
Total deductions 1,662,451
Change in net position 3,520,977
Net Position Restricted for Pension Benefits
Beginning of year 28,413,638
End of year 31,934,615$
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2023
STATEMENT OF CHANGES IN FIDUCIARY NET
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
67
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.
Net Pension Liability:
The total pension liability was determined by an actuarial valuation as of October 1, 2021
and rolled forward to the September 30, 2022 measurement date, using the following
actuarial assumptions:
Actuarial cost method: Entry age normal
Inflation 2.25%
Salary increases 5.00%, including inflation
Investment rate of return 7.00%
Retirement age Experience-based table of rates that are specific to the type of eligibility cond
Mortality The same versions of Pub-2010 Headcount-Weighted Mortality Tables as
used by the Florida Retirement System (FRS) in their July 1, 2019 actuarial
valuation (with mortality improvements projected to all future years after
2010 using Scale MP-2018). Florida Statutes Chapter 112.63(1)(f)
mandates the use of mortality tables from one of the two most recently
published FRS actuarial valuation reports.
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, 2023 are summarized in the following table:
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
68
NOTE 10 – EMPLOYEE RETIREMENT PLANS – VILLAGE’S REPORTING (CONTINUED)
GENERAL EMPLOYEES’ RETIREMENT PLAN (CONTINUED)
Long-term
Expected Real
Asset Group Rate of Return
Domestic equity 7.50%
International equity 8.50%
Domestic bonds 2.50%
International bonds 3.50%
Real estate 4.50%
Discount Rate
A single discount rate of 7.00% 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
7.00%. 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 7.00% was applied to all periods
of projected benefit payments to determine the total pension liability.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
69
NOTE 10 – EMPLOYEE RETIREMENT PLANS – VILLAGE’S REPORTING (CONTINUED)
GENERAL EMPLOYEES’ RETIREMENT PLAN (CONTINUED)
Changes in Net Pension Liability
Total Pension Plan Fiduciary Net Pension
Liability Net Pension Liability (Asset)
(a) (b) (a) - (b)
Reporting period ending at September 30, 2022 $ 18,648,782 $ 19,811,108 $ (1,162,326)
Service cost 430,426 -- 430,426
Interest 1,293,429 -- 1,293,429
Contributions - employer -- 454,695 (454,695)
Contributions - member -- 206,640 (206,640)
Benefit payments (1,203,300) -- (1,203,300)
Net investment loss -- (3,655,082) 3,655,082
Benefit payments -- (1,203,300) 1,203,300
Administrative expense -- (62,357) 62,357
Reporting period ending at September 30, 2023 19,169,337$ 15,551,704$ 3,617,633$
Plan Fiduciary Net Position as a Percentage of Total Pension Liability 81.13%
Covered Payroll $ 3,444,000
Net Pension Liability as a Percentage of Covered Payroll 105.04%
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 7.00%, 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:
Current
Single Discount
1% Decrease Rate Assumption 1% Increase
(6.00%) (7.00%) (8.00%)
$ 5,868,309 $ 3,617,633 $ 1,734,482
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
70
NOTE 10 – EMPLOYEE RETIREMENT PLANS – VILLAGE’S REPORTING (CONTINUED)
GENERAL EMPLOYEES’ RETIREMENT PLAN (CONTINUED)
Pension Expense and Deferred Outflows/(Inflows) of Resources
For the year ended September 30, 2023, the Village recognized pension expense (income)
of ($1,831,645). At September 30, 2023, the Village reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Difference between expected and actual experience $ 48,469 $ --
Change in assumptions 93,172 --
Net difference between projected and actual
earnings on pension plan investments 2,518,577 --
Contribution subsequent to measurement date 418,007 --
Total 3,078,225$ --$
The Village contributions subsequent to the measurement date of $418,007 are reported as
deferred outflows of resources and will be recognized as a reduction of the net pension
liability in the subsequent fiscal year.
Other amounts reported as deferred outflows of resources and deferred inflows of
resources related to pensions will be recognized in pension expense as follows:
For the Fiscal Year Ending
September 30,Amount
2024 698,610$
2025 459,426
2026 498,042
2027 1,004,140
Total 2,660,218$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
71
NOTE 10 – EMPLOYEE RETIREMENT PLANS – VILLAGE’S REPORTING (CONTINUED)
POLICE OFFICERS’ RETIREMENT PLAN
Net Pension Liability
The total pension liability was determined by an actuarial valuation as of October 1, 2021
and rolled forward to the measurement date of September 30, 2022, using the following
actuarial assumptions:
Actuarial cost method: Entry age normal
Inflation 2.25%
Salary increases 5.00%, including inflation
Investment rate of return 7.00%
Retirement age Experience-based table of rates that are specific to the type of eligibility cond
Mortality The same versions of Pub-2010 Headcount-Weighted Mortality Tables as
used by the Florida Retirement System (FRS) in their July 1, 2019 actuarial
valuation (with mortality improvements projected to all future years after
2010 using Scale MP-2018). Florida Statutes Chapter 112.63(1)(f)
mandates the use of mortality tables from one of the two most recently
published FRS actuarial valuation reports.
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, 2023 are summarized in the following table:
Long-term
Expected Real
Asset Group Rate of Return
Domestic equity 7.50%
International equity 8.50%
Domestic bonds 2.50%
International bonds 3.50%
Real estate 4.50%
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
72
NOTE 10 – EMPLOYEE RETIREMENT PLANS – VILLAGE’S REPORTING (CONTINUED)
POLICE OFFICERS’ RETIREMENT PLAN (CONTINUED)
Discount Rate
A single discount rate of 7.00% 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
7.00%. 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 7.00% was applied to all periods
of projected benefit payments to determine the total pension liability.
Changes in Net Pension Liability
Total Pension Plan Fiduciary Net Pension
Liability Net Pension Liability (Asset)
(a) (b) (a) - (b)
Reporting period ending at September 30, 2022 $ 34,767,849 $ 35,168,683 $ (400,834)
Service cost 916,556 -- 916,556
Interest 2,430,533 -- 2,430,533
Difference between actual and expected experience 199,400 -- 199,400
Contributions - employer -- 1,150,000 (1,150,000)
Contributions - state -- 109,624 (109,624)
Contributions - employee (including buyback contributions) -- 260,052 (260,052)
Net investment loss -- (6,233,120) 6,233,120
Benefit payments (1,925,019) -- (1,925,019)
Benefit payments -- (1,925,019) 1,925,019
Administrative expense -- (116,582) 116,582
Other (changes in state contribution reserve) 13,588 -- 13,588
Reporting period ending at September 30, 2023 36,402,907$ 28,413,638$ 7,989,269$
Increase (Decrease)
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
73
NOTE 10 – EMPLOYEE RETIREMENT PLANS – VILLAGE’S REPORTING (CONTINUED)
POLICE OFFICERS’ RETIREMENT PLAN (CONTINUED)
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 7.00%, 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:
Current
Single Discount
1% Decrease Rate Assumption 1% Increase
(6.00%) (7.00%) (8.00%)
$ 12,716,564 $ 7,989,269 $ 4,094,344
Pension Expense and Deferred Outflows/(Inflows) of Resources
For the year ended September 30, 2023, the Village will recognize a reduction in pension
expense of ($870,212). At September 30, 2023 the Village reported deferred inflows of
resources related to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Difference between expected and actual experience $ 179,721 $ 141,729
Change in assumptions 390,848 --
Net difference between projected and actual
earnings on pension plan investments 4,411,515 --
Contribution subsequent to measurement date 1,194,308 --
Total 6,176,392$ 141,729$
The Village contributions subsequent to the measurement date of $1,194,308 are reported
as deferred outflows of resources and will be recognized as a reduction of the net pension
liability in the subsequent fiscal year.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
74
NOTE 10 – EMPLOYEE RETIREMENT PLANS – VILLAGE’S REPORTING (CONTINUED)
POLICE OFFICERS’ RETIREMENT PLAN (CONTINUED)
Other amounts reported as deferred inflows of resources related to pensions will be
recognized in pension expense as follows:
For the Fiscal Year Ending
September 30,Amount
2024 1,095,375$
2025 945,590
2026 1,025,112
2027 1,766,608
2028 7,670
Total 4,840,355$
Reconciliation of Pension Activity
General Employees Police Officers' Total
Net pension liability $ 3,617,633 $ 7,989,269 $ 11,606,902
Deferred outflows of resource 3,078,225 6,176,392 9,254,617
Deferred inflows of resources -- 141,729 141,729
Pension expense (income) 1,831,645 (870,212) 961,433
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
75
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. There are no assets accumulated in a GASB-
compliant trust. The Village provides all financial information and requires 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.
MEMBERSHIP
As of September 30, 2021 (the date of the latest actuarial valuation) health care and dental
plan participants consisted of:
Active participants 97
Retired participants 5
Total participants 102
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
76
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS (CONTINUED)
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 Village’s total OPEB liability of $561,981 was measured as of September 30, 2022.
Actuarial assumptions and other inputs
The total OPEB liability in the September 30, 2021 actuarial valuation was
determined using the following actuarial assumptions and other inputs, applied to all
periods included in the measurement unless otherwise specified.
Valuation date:September 30, 2021
Measurement date: September 30, 2022
Actuarial cost method: Entry age normal
Inflation 2.25%
Discount rate 4.40%
Salary increases 5.00%, including inflation for General Employees; and
6.00%, including inflation for Police Officers
Retirement age Experience-based table of rates that are specific to the type of eligibility
condition and employment class (Police or General).
Mortality Mortality tables used in the July 1, 2021 actuarial valuation of the Florida
Retirement System. These rates were taken from adjusted Pub-2010
mortality tables published by the SOA with generational mortality
improvements using Scale MP-2018. Adjustments to reference tables are
based on the results of a statewide experience study covering the period
Healthcare Cost Trend Rates Based on the Getzen Model, with trend starting at 9.00% to reflect actual
premiums for 2022, then 5.75% for 2023 and gradually decreasing to an
ultimate trend rate of 3.75% .
Aging factors Based on the 2013 SOA Study "Health Care Costs - From Birth to Death".
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
77
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS (CONTINUED)
Changes in the Total OPEB Liability
Balance at September 30, 2022 $ 629,343
Changes for the year:
Service cost 48,174
Interest 14,496
Changes in assumptions and other input (98,789)
Benefit payments (31,243)
Net change in OPEB liability (67,362)
Balance at September 30, 2023 561,981$
Sensitivity of the total OPEB liability to changes in the discount rate assumption
The following presents the Village’s total OPEB liability, calculated using a discount rate
of 4.40%, as well as what the Village’s total OPEB liability would be if it were calculated
using a discount rate that is one percent lower or one percent higher:
Current
Discount
1% Decrease Rate Assumption 1% Increase
(3.40%) (4.40%) (5.40%)
$ 604,819 $ 561,981 $ 522,168
Sensitivity of the total OPEB liability to the Healthcare Cost Trend Rate assumption
The following presents the Village’s total OPEB liability the assured trend rates,
calculated using the assumed trend rates as well as what the Village’s total OPEB liability
would be if it were calculated using a trend rate that is one percent lower or one percent
higher:
Healthcare Cost
1% Decrease Trend Rate 1% Increase
(4.75% Decreasing (5.75% Decreasing (6.75% Decreasing
to 2.75%) to 3.75%) to 4.75%)
$ 499,133 $ 561,981 $ 636,078
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
78
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS (CONTINUED)
OPEB Expenses and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to OPEB
For the year ended September 30, 2023, the Village Plan recognized OPEB expense
(income) of ($8,005). At September 30, 2023, the Plan reported deferred outflows of
resources and deferred inflows of resources related to OPEB from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Difference between expected and actual experience $ 11,302 $ 63,340
Changes in assumptions and other inputs 86,431 202,428
Benefits paid after measurement date 27,864 --
Total 125,597$ 265,768$
Benefits paid after the measurement date of $27,864 are reported as deferred outflows of
resources and will be recognized as a reduction of total OPEB liability in the subsequent
fiscal year.
Deferred Outflows and Inflows of Resources by Year to be recognized in future OPEB
expenses are as follows:
For the Fiscal Year Ending
September 30,Amount
2024 (26,478)$
2025 (26,478)
2026 (26,478)
2027 (24,970)
2028 (23,049)
Thereafter (40,582)
Total (168,035)$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
79
NOTE 14 – SHARE PLAN
The Miami Shores Village Police Pension Share Plan (the “Share Plan”) was created to
implement the provisions of Chapter 185, Florida Statutes, and to provide a means
whereby police officers of the Village may receive benefits from the funds provided for
that purpose by Chapter 185, Florida Statutes. The Share Plan is in addition to any other
benefits and shall not in any way affect any other benefits that now or hereafter exist.
The additional premium tax revenue, as defined by Chapter 185, Florida Statutes,
received each year beginning with the year 2000 will be allocated equally to all eligible
active and retired members no later than December 1 of each year. The amounts allocated
to retired members will be distributed annually. The amounts allocated to active members
will be maintained in their individual share account and earn interest at the same rate as
the Plan until retirement upon which time the share accounts will be distributed.
A summary of the changes in the Share Plan balance as of September 30, 2023 is as
follows:
Beginning balance $ 246,957
Additions --
Distributions (25,096)
Interest 26,943
Ending balance 248,804$
NOTE 15 – NEGATIVE FUND BALANCE/NET POSITION
The Grants fund reported a negative fund balance in the amount of $1,167,908. This
amount is expected to be funded by FEMA funds related to Hurricane Irma, to be received
at a later date. The Water and Wastewater fund reported a negative net position in the
amount of $141,551. This amount is expected to be funded by the normal operations of
the fund.
REQUIRED SUPPLEMENTARY INFORMATION
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Revenues:
Taxes:
Property taxes 11,413,720$ 11,413,720$ 11,479,799$ 66,079$
Utility service taxes 1,230,520 1,230,520 1,368,056 137,536
Communications service taxes 415,000 415,000 468,002 53,002
Franchise fees 781,185 781,185 808,350 27,165
Total taxes 13,840,425 13,840,425 14,124,207 283,782
Licenses and permits:
Permits 111,000 111,000 163,282 52,282
Other permits and special assessments 174,350 174,350 137,332 (37,018)
Total licenses and permits:285,350 285,350 300,614 15,264
Intergovernmental revenues:
State shared revenue 1,393,050 1,393,050 1,678,271 285,221
Total intergovernmental revenues 1,393,050 1,393,050 1,678,271 285,221
Charges for services:
Public safety 613,000 613,000 820,841 207,841
Public works 36,644 36,644 30,745 (5,899)
Culture and recreation 1,279,547 1,279,547 1,506,739 227,192
Other 800 800 444 (356)
Total charges for services 1,929,991 1,929,991 2,358,769 428,778
Fees and Fines:
Local ordinance violations 236,100 236,100 152,753 (83,347)
Other 29,000 29,000 48,310 19,310
Total fines and forfeitures 265,100 265,100 201,063 (64,037)
Miscellaneous:
Interest and other earnings 15,000 15,000 454,723 439,723
Rents and royalties 230,000 230,000 533,289 303,289
Other 147,654 147,654 524,352 376,698
Total miscellaneous 392,654 392,654 1,512,364 1,119,710
Total Revenues 18,106,570$ 18,106,570$ 20,175,288$ 2,068,718$
(continued)
Budgeted Amounts
MIAMI SHORES VILLAGE, FLORIDA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
80
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
Expenditures
Current:
General government:
Executive 1,330,578$ 1,346,378$ 1,143,400$ 202,978$
Financial administrative 592,770 592,770 478,127 114,643
Legal counsel 271,800 315,300 299,641 15,659
Comprehensive planning 413,533 480,481 342,000 138,481
Other 1,426,986 1,343,886 1,010,176 333,710
Total general government 4,035,667 4,078,815 3,273,344 805,471
Public safety:
Law enforcement 8,707,876 8,761,884 8,502,719 259,165
Other 383,081 391,656 273,659 117,997
Total public safety 9,090,957 9,153,540 8,776,378 377,162
Public works
Physical environment 1,989,837 1,989,837 1,990,071 (234)
Total public works 1,989,837 1,989,837 1,990,071 (234)
Culture and recreation:
Libraries 662,207 662,207 624,065 38,142
Parks and recreation 3,006,177 3,045,777 3,058,000 (12,223)
Total culture and recreation:3,668,384 3,707,984 3,682,065 25,919
Total Expenditures 18,784,845 18,930,176 17,721,858 1,208,318
Excess (Deficiency) of Revenues Over Expenditures (678,275) (823,606) 2,453,430 860,400
Other Financing Sources (Uses):
Transfers in 742,000 742,000 742,000 --
Transfers out (1,280,475) (1,280,475) (1,280,475) --
Total Other Financing Sources (Uses)(538,475) (538,475) (538,475) --
Appropriation of Fund Balance 1,216,750 1,362,081 -- --
Net Change in Fund Balances 1,914,955
Fund Balances - Beginning of Year 12,017,108
Fund Balances - End of Year 13,932,063$
MIAMI SHORES VILLAGE, FLORIDA
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND (CONTINUED)
FOR THE YEAR ENDED SEPTEMBER 30, 2023
Budgeted Amounts
81
MIAMI SHORES VILLAGE, FLORIDA
NOTE TO BUDGETARY COMPARISON SCHEDULE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
82
NOTE 1 – 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, Local Option Gas Tax Fund,
Transportation, the Capital Improvements Fund and Debt Service Fund. Budgets are also
adopted for the Stormwater fund, Solid Waste 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 $145,331, during the
fiscal year ended September 30, 2023 for funding outstanding obligations and
unanticipated expenses.
f) Unencumbered appropriations lapse at year end.
Reporting fiscal year ended September 30, 2023 2022 2021 2020 2019 2018 2017 2016 2015Measurement fiscal year ended September 30, 2022 2021 2020 2019 2018 2017 2016 2015 2014Total Pension LiabilityService cost 430,426$ 425,088$ 393,715$ 374,153$ 355,620$ 345,113$ 315,449$ 325,868$ 308,880$ Interest 1,293,429 1,256,791 1,266,525 1,197,271 1,129,866 1,134,060 1,079,053 1,018,010 960,279 Difference between actual and expectedexperience of the total pension liability -- 109,057 -- 35,435 -- (931,742) -- 106,918 (7,788) Changes of assumptions -- -- 442,573 -- 645 -- 317,996 -- -- Benefit payments (1,203,300) (1,342,454) (791,587) (614,486) (597,378) (630,350) (639,713) (655,520) (373,038) Refunds -- -- -- -- -- -- -- -- (28,655) Net Change in Total Pension Liability520,555 448,482 1,311,226 992,373 888,753 (82,919) 1,072,785 795,276 859,678 Total Pension Liability - Beginning18,648,782 18,200,300 16,889,074 15,896,701 15,007,948 15,090,867 14,018,082 13,222,806 12,363,128 Total Pension Liability - Ending (a)19,169,337$ 18,648,782$ 18,200,300$ 16,889,074$ 15,896,701$ 15,007,948$ 15,090,867$ 14,018,082$ 13,222,806$ Plan Fiduciary Net PositionContributions - employer 454,695$ 454,695$ 403,199$ 403,200$ 443,102$ 443,102$ 371,453$ 371,453$ 261,966$ Contributions - member 206,640 231,206 217,098 212,987 201,687 186,555 188,786 188,793 179,680 Net investment income (loss) (3,655,082) 3,683,932 1,373,773 472,706 1,452,542 1,531,913 1,074,730 (160,205) 715,959 Benefit payments (1,203,300) (1,342,454) (791,587) (614,486) (597,378) (630,350) (639,713) (655,520) (373,038) Refunds -- -- -- -- -- -- -- -- (28,655) Administrative expense(62,357) (44,194) (58,202) (37,520) (40,842) (42,936) (69,962) (15,448) (29,411) Net Change in Plan Fiduciary Net Position(4,259,404) 2,983,185 1,144,281 436,887 1,459,111 1,488,284 925,294 (270,927) 726,501 Plan Fiduciary Net Position- Beginning19,811,108 16,827,923 15,683,642 15,246,755 13,787,644 12,299,360 11,374,066 11,644,993 10,918,492 Plan Fiduciary Net Position- Ending (b)15,551,704$ 19,811,108$ 16,827,923$ 15,683,642$ 15,246,755$ 13,787,644$ 12,299,360$ 11,374,066$ 11,644,993$ Net Pension Liability - Ending (a) - (b)3,617,633$ (1,162,326)$ 1,372,377$ 1,205,432$ 649,946$ 1,220,304$ 2,791,507$ 2,644,016$ 1,577,813$ Plan fiduciary net position as a percentage oftotal pension liability 81.13% 106.23% 92.46% 92.86% 95.91% 91.87% 81.50% 81.14% 88.07%Covered payroll 13,444,000$ 3,853,433$ 3,618,300$ 3,549,783$ 3,361,450$ 3,109,250$ 3,146,433$ 3,146,550$ 2,994,687$ Net pension liability as a percentage of covered payroll 105.04% -30.16% 37.93% 33.96% 19.34% 39.25% 88.72% 84.03% 52.69%NOTE: This schedule is presented to show information for 10 years. However, until a full 10-year trend is compiled, information is presented for those years for which information is available.MIAMI SHORES VILLAGE, FLORIDAREQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOSGENERAL EMPLOYEES' RETIREMENT SYSTEM (VILLAGE'S REPORITING)(AS REQUIRED BY GASB STATEMENT NO. 68)1 Covered payroll was calculated by dividing the total member contributions for the fiscal year by the member contribution rate of 6%.83
Fiscal year ended September 30,2023 2022 2021 2020 2019 2018 2017 2016 2015 2014Total Pension LiabilityService cost451,947$ 430,426$ 425,088$ 393,715$ 374,153$ 355,620$ 345,113$ 315,449$ 325,868$ 308,880$ Interest1,338,426 1,285,795 1,256,791 1,263,867 1,197,271 1,199,747 1,134,060 1,070,820 1,018,010 960,279 Difference between actual and expectedexperience of the total pension liability-- -- -- 38,093 -- (1,001,623) -- 115,151 -- (7,788) Changes of assumptions-- 116,691 -- 442,573 -- 645 -- 317,996 -- -- Benefit payments(1,001,817) (1,203,300) (1,342,454) (791,587) (614,486) (597,378) (630,350) (639,713) (655,520) (373,038) Refunds-- -- -- -- -- -- -- -- -- (28,655) Net Change in Total Pension Liability788,556 629,612 339,425 1,346,661 956,938 (42,989) 848,823 1,179,703 688,358 859,678 Total Pension Liability - Beginning19,169,337 18,539,725 18,200,300 16,853,639 15,896,701 15,939,690 15,090,867 13,911,164 13,222,806 12,363,128 Total Pension Liability - Ending (a)19,957,893$ 19,169,337$ 18,539,725$ 18,200,300$ 16,853,639$ 15,896,701$ 15,939,690$ 15,090,867$ 13,911,164$ 13,222,806$ Plan Fiduciary Net PositionContributions - employer 418,007$ 454,695$ 454,695$ 403,199$ 403,200$ 44$ 443,102$ 371,453$ 371,453$ 261,966$ Contributions - member 226,747 206,640 231,206 217,098 212,987 201,687 186,555 188,786 188,793 179,680 Net investment income (loss) 1,974,151 (3,655,082) 3,683,932 1,373,773 472,706 1,452,542 1,531,913 1,074,730 (160,205) 715,959 Benefit payments (1,001,817) (1,203,300) (1,342,454) (791,587) (614,486) (597,378) (630,350) (639,713) (655,520) (373,038) Refunds -- -- -- -- -- -- -- -- -- (28,655) Administrative expense(37,393) (62,357) (44,194) (58,202) (37,520) (40,842) (42,936) (69,962) (15,448) (29,411) Other50 -- -- -- -- -- -- -- -- -- Net Change in Plan Fiduciary Net Position1,579,745 (4,259,404) 2,983,185 1,144,281 436,887 1,016,053 1,488,284 925,294 (270,927) 726,501 Plan Fiduciary Net Position- Beginning15,551,704 19,811,108 16,827,923 15,683,642 15,246,755 13,787,644 12,299,360 11,374,066 11,644,993 10,918,492 Plan Fiduciary Net Position- Ending (b)17,131,449$ 15,551,704$ 19,811,108$ 16,827,923$ 15,683,642$ 14,803,697$ 13,787,644$ 12,299,360$ 11,374,066$ 11,644,993$ Net Pension Liability (Asset) - Ending (a) - (b)2,826,444$ 3,617,633$ (1,271,383)$ 1,372,377$ 1,169,997$ 1,093,004$ 2,152,046$ 2,791,507$ 2,537,098$ 1,577,813$ Plan fiduciary net position as a percentage oftotal pension liability 85.84% 81.13% 106.86% 92.46% 93.06% 93.12% 86.50% 81.50% 81.76% 88.07%Covered payroll 13,779,117$ 3,444,000$ 3,853,433$ 3,549,783$ 3,361,450$ 3,109,250$ 3,146,433$ 3,146,550$ 2,994,687$ 2,994,687$ Net pension liability as a percentage of covered payroll 74.79% 105.04% -32.99% 38.66% 34.81% 35.15% 68.40% 88.72% 84.72% 52.69%MIAMI SHORES VILLAGE, FLORIDAREQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOSGENERAL EMPLOYEES' RETIREMENT SYSTEM (PLAN'S REPORITING)(AS REQUIRED BY GASB STATEMENT NO. 67)84
Actual
Actuarially Contribution Contribution
Fiscal Year Ended Determined Actual Deficiency Covered as a % of
September 30, Contribution Contribution (Excess) Payroll Covered Payroll
2023 418,007$ 418,007$ --$ 3,779,117$ 11.06%
2022 454,695 454,695 -- 3,444,000 13.20%
2021 454,695 454,695 -- 3,853,433 11.80%
2020 403,199 403,200 (1) 3,618,300 11.14%
2019 403,199 403,199 -- 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%
Note: Covered payroll was calculated by dividing the total member contributions for the fiscal year by the member
contribution rate of 6%.
Notes to the Schedule of Contributions
Valuation Date: October 1, 2021
Notes:
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry-Age Normal
Amortization Method
Remaining Amortization Period 20 years
Asset Valuation Method 5-year smoothed market
Inflation 2.25%
Salary Increases 5.00% including inflation
Discount Rate of Return 7.00%
Retirement Age
Mortality
Actuarially determined contribution rates are calculated as of October 1, which is two years
prior to the end of the fiscal year which contributions are reported.
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
GENERAL EMPLOYEES' RETIREMENT SYSTEM
Level Dollar, Closed
Experience-based table of rates that are specific to the type of eligibility
condition
The same versions of Pub-2010 Headcount-Weighted Mortality Tables
as used by the Florida Retirement System (FRS) in their July 1, 2019
actuarial valuation (with mortality improvements projected to all future
years after 2010 using Scale MP-2018). Florida Statutes Chapter
112.63(1)(f) mandates the use of mortality tables from one of the two
most recently published FRS actuarial valuation reports.
85
\
Annual Money-Weighted
Fiscal Year Ended Rate of Return, Net of
September 30, Investment Expenses
2023 12.53%
2022 -18.99%
2021 21.63%
2020 8.37%
2019 2.85%
2018 10.22%
2017 11.96%
2016 8.73%
2015 -1.20%
2014 6.23%
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
GENERAL EMPLOYEES' RETIREMENT SYSTEM
86
Reporting fiscal year ended September 30, 2023 2022 2021 2020 2019 2018 2017 2016 2015Measurement fiscal year ended September 30, 2022 2021 2020 2019 2018 2017 2016 2015 2014Total Pension LiabilityService cost 916,556$ 864,180$ 826,391$ 737,909$ 686,704$ 660,242$ 536,463$ 554,721$ 672,275$ Interest 2,430,533 2,327,492 2,306,113 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 and expectedexperience of the total pension liability 199,400 (95,445) (34,466) 71,995 (1,142,939) 101,437 (51,582) (582,646) 5,315 Change in Assumptions -- -- 795,173 -- -- (303,810) 326,835 307,647 -- Benefit Payments (1,925,019) (1,455,900) (1,425,391) (2,437,760) (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510) Other13,588 13,865 11,359 (235,974) 69,509 70,382 65,088 -- 113,175 Net Change in Total Pension Liability1,635,058 1,654,192 2,479,179 351,740 566,158 1,693,758 1,844,885 1,102,577 1,406,663 Total Pension Liability - Beginning34,767,849 33,113,657 30,634,478 30,282,738 29,716,580 28,022,822 26,177,937 25,075,360 23,668,697 Total Pension Liability - Ending (a)36,402,907$ 34,767,849$ 33,113,657$ 30,634,478$ 30,282,738$ 29,716,580$ 28,022,822$ 26,177,937$ 25,075,360$ Plan Fiduciary Net PositionContributions - employer (from Village) 1,150,000$ 1,336,493$ 808,455$ 1,116,211$ 1,165,400$ 1,105,854$ 1,122,197$ 1,249,668$ 11,207,161$ Contributions - employer (from State) 109,624 110,178 105,165 214,608 399,702 100,575 95,281 -- 2173,561 Contributions - member 260,052 271,555 264,605 249,510 231,040 210,630 191,425 180,728 205,660 Net investment income (loss) (6,233,120) 6,252,510 2,347,637 936,089 2,464,134 2,495,997 1,818,553 (201,097) 1,168,552 Benefit payments (1,925,019) (1,455,900) (1,425,391) (2,437,760) (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510) Administrative expense(116,582) (82,819) (86,101) (63,104) (55,307) (62,709) (78,167) (11,783) (39,391) Net Change in Plan Fiduciary Net Position(6,755,045) 6,432,017 2,014,370 15,554 2,625,584 2,900,253 2,125,962 276,423 1,535,033 Plan Fiduciary Net Position- Beginning35,168,683 28,736,666 26,722,296 26,706,742 24,081,158 21,180,905 19,054,943 18,778,520 17,243,487 Plan Fiduciary Net Position- Ending (b)28,413,638$ 35,168,683$ 28,736,666$ 26,722,296$ 26,706,742$ 24,081,158$ 21,180,905$ 19,054,943$ 18,778,520$ Net Pension Liability (Asset) - Ending (a) - (b)7,989,269$ (400,834)$ 4,376,991$ 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 oftotal pension liability 78.05% 101.15% 86.78% 87.23% 88.19% 81.04% 75.58% 72.79% 74.89%Covered payroll 2,889,467$ 3,017,278$ 2,940,056$ 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 276.50% -13.28% 148.87% 141.12% 139.30% 240.80% 321.68% 354.72% 275.56%1 Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015.2 State contributions for fiscal year ending September 30, 2015 were not received until after the end of the fiscal year (therefore not permitted to be used until next fiscal year)3 Two year's worth of state contributions were received in fiscal year ending September 30,2019.NOTE: This schedule is presented to show information for 10 years. However, until a full 10-year trend is compiled, information is presented for those years for which information is available.MIAMI SHORES VILLAGE, FLORIDASCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOSPOLICE OFFICERS' RETIREMENT SYSTEM (VILLAGES'S REPORTING)(AS REQUIRED BY GASB STATEMENT NO. 68)REQUIRED SUPPLEMENTARY INFORMATION87
Reporting fiscal year ended September 30, 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014Total Pension LiabilityService cost 878,406$ 916,556$ 864,180$ 826,391$ 737,909$ 686,704$ 660,242$ 536,463$ 554,721$ 672,275$ Interest 2,555,672 2,430,533 2,327,492 2,306,113 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 and expectedexperience of the total pension liability (863,181) 199,400 (95,445) (34,466) 71,995 (1,142,939) 101,437 (51,582) (582,646) 5,315 Changes of assumptions -- -- -- 795,173 -- -- (303,810) 326,835 307,647 -- Benefit payments (1,543,413) (1,925,019) (1,455,900) (1,425,391) (2,437,760) (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510) Other-- 13,588 13,865 11,359 (235,97469,509 70,382 65,088 -- 113,175 Net Change in Total Pension Liability1,027,484 1,635,058 1,654,192 2,479,179 587,714 566,158 1,693,758 1,844,885 1,102,577 1,406,663 Total Pension Liability - Beginning36,402,907 34,767,849 33,113,657 30,634,478 30,282,738 29,716,580 28,022,822 26,177,937 25,075,360 23,668,697 Total Pension Liability - Ending (a)37,430,391$ 36,402,907$ 34,767,849$ 33,113,657$ 30,870,452$ 30,282,738$ 29,716,580$ 28,022,822$ 26,177,937$ 25,075,360$ Plan Fiduciary Net PositionContributions - employer (from Village) 1,194,308$ 1,150,000$ 1,336,493$ 808,455$ 1,116,211$ 1,165,400$ 1,105,854$ 1,122,197$ 1,249,668$ 1,207,161$ Contributions - employer (from State) -- 109,624 110,178 105,165 214,608 99,702 100,575 95,281 -- 173,561 Contributions - member 289,307 260,052 271,555 264,605 249,510 231,040 210,630 191,425 180,728 205,660 Net investment income (loss) 3,684,155 (6,233,120) 6,252,510 2,347,637 936,089 2,464,134 2,495,997 1,818,553 (201,097) 1,168,552 Benefit payments (1,543,413) (1,925,019) (1,455,900) (1,425,391) (2,437,760) (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510) Administrative expense(103,380) (116,582) (82,819) (86,101) (63,104) (55,307) (62,709) (78,167) (11,783) (39,392) Net Change in Plan Fiduciary Net Position3,520,977 (6,755,045) 6,432,017 2,014,370 15,554 2,625,584 2,900,253 2,125,962 276,423 1,535,032 Plan Fiduciary Net Position- Beginning28,413,638 35,168,683 28,736,666 26,722,296 26,706,742 24,081,158 21,180,905 19,054,943 18,778,520 17,243,488 Plan Fiduciary Net Position- Ending (b)31,934,615$ 28,413,638$ 35,168,683$ 28,736,666$ 26,722,296$ 26,706,742$ 24,081,158$ 21,180,905$ 19,054,943$ 18,778,520$ Net Pension Liability (Asset) - Ending (a) - (b)5,495,776$ 7,989,269$ (400,834)$ 4,376,991$ 4,148,156$ 3,575,996$ 5,635,422$ 6,841,917$ 7,122,994$ 6,296,840$ Plan fiduciary net position as a percentage oftotal pension liability 85.32% 78.05% 101.15% 86.78% 86.56% 88.19% 81.04% 75.58% 72.79% 74.89%Covered payroll 3,214,522$ 2,889,467$ 3,017,278$ 2,940,056$ 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 170.97% 276.50% -13.28% 148.87% 149.63% 139.30% 240.80% 321.68% 354.72% 275.56%1 Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015.2 State contributions for fiscal year ending September 30, 2015 were not received until after the end of the fiscal year (therefore not permitted to be used until next fiscal year)MIAMI SHORES VILLAGE, FLORIDAREQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOSPOLICE OFFICERS' RETIREMENT SYSTEM (PLAN'S REPORTING)(AS REQUIRED BY GASB STATEMENT NO. 67)88
Actual
Actuarially Contribution Contribution
Fiscal Year Ended Determined Actual Deficiency Covered as a % of
September 30, Contribution Contribution (Excess) Payroll Covered Payroll
2023 1,290,621$ 1,194,308$ 96,313$ 6 3,214,522$ 37.15%
2022 1,334,228 1,246,036 88,192 5 2,889,467 43.12%
2021 1,336,493 1,432,806 (96,313) 3,017,278 47.49%
2020 1,160,361 902,261 258,100 4 2,940,056 30.69%
2019 1,146,404 1,305,962 3 (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 Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015
2
3
4
5
6
Notes to the Schedule of Contributions
Valuation Date: October 1, 2021
Notes:
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry-Age Normal
Amortization Method
Remaining Amortization Period 20 years
Asset Valuation Method 5-year smoothed market
Inflation 2.25%
Salary Increases 5.00% including inflation
Discount Rate of Return 7.00%
Retirement Age
Mortality
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).
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
POLICE OFFICERS' RETIREMENT SYSTEM
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.
The same versions of Pub-2010 Headcount-Weighted Mortality Tables as used by the Florida
Retirement System (FRS) in their July 1, 2020 actuarial valuation (with mortality
improvementsprojected to all future years after 2010 using Scale MP-2018). Florida Statutes
Chapter 112.63(1)(f) mandates the use of mortality tables from one of the two most recently
published FRS actuarial valuation reports.
State contributions for fiscal years ending September 30, 2018 and 2019 were received in fiscal year ending September 30, 2019.
As of October 1, 2019, the Village had a prepaid contribution of $420,389, of which $258,100 was used to satisfy the Village’s
contribution requirement for fiscal year ending September 30, 2020.
As of October 1, 2021, the Village had a prepaid contribution of $258,602, of which $88,192 was used to satisfy the Village's contribution
requirement for fiscal year ending September 30, 2022.
Note: Covered Payroll was calculated by dividing the total member contributions for the fiscal year by the member contribution rate of 9%.
Actuarially determinedcontribution rates are calculated as of October 1, which is two years prior to the end of the fiscal
year which contributions are reported.
Level Dollar, Closed
As of October 1, 2022, the Village had a prepaid contribution of $170,410, of which $96,313 was used to satisfy the Village's contribution
requirement for fiscal year ending September 30, 2023.
89
\
Annual Money-Weighted
Fiscal Year Ended Rate of Return, Net of
September 30, Investment Expenses
2023 12.49%
2022 -18.07%
2021 21.19%
2020 8.44%
2019 3.33%
2018 9.83%
2017 11.22%
2016 8.97%
2015 -0.90%
2014 6.30%
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
POLICE OFFICERS' RETIREMENT SYSTEM
90
September 30, 2023 2022 2021 2020 2019 2018Total OPEB LiabilityService cost 48,174$ 41,716$ 39,045$ 42,514$ 43,470$ 48,122$ Interest 14,496 14,477 15,522 25,990 23,391 22,769 Changes of benefit terms -- -- -- -- -- (48,084) Differences between expected and actual experienceof the total OPEB liability -- (79,174) -- 19,098 -- -- Changes in assumptions (98,789) 105,889 2,425 (167,258) (16,935) (20,041) Benefits payments (31,243) (25,126) (21,661) (40,376) (36,994) (91,579) Net Change in Total OPEB Liability(67,362) 57,782 35,331 (120,032) 12,932 (88,813) Total OPEB Liability (Beginning)629,343 571,561 536,230 656,262 643,330 732,143 Total OPEB Liability (Ending)561,981$ 629,343$ 571,561$ 536,230$ 656,262$ 643,330$ Covered-Employee Payroll 9,904,109$ 5,701,644$ 7,327,367$ 6,004,403$ 6,190,210$ 5,980,879$ Total OPEB Liability as a Percentage ofCovered-Employee Payroll 5.67% 11.04% 7.80% 8.93% 10.60% 10.76%MIAMI SHORES VILLAGE, FLORIDASCHEDULE OF CHANGES IN THE TOTAL OPEB LIABILITY AND RELATED RATIOSREQUIRED SUPPLEMENTARY INFORMATIONThis schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, information is presented for those years for which information is available. There are no plan assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75.91
COMBINING FINANCIAL STATEMENTS
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues that are legally restricted to
expenditure for particular purposes.
Transportation Surtax – This fund accounts for the Village’s portion of the Miami-Dade
County one-half percent transportation surtax approved by voters in November 2002.
Local Option Gas Tax – This fund accounts for the revenues from the six cents and additional
three cents sales tax levied on all petroleum products sold in Miami-Dade County.
Law Enforcement Training – This fund accounts for proceeds obtained through fines
designated specifically for training law enforcement officers.
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.
Police Forfeiture Fund – This fund accounts for proceeds obtained through the sale of
confiscated and unclaimed property turned over to the Village through court judgements.
Proceeds are to be used solely for law enforcement purposes.
Brockway Memorial 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.
Building Fund - This fund was created in FY2022 to comply with State Reporting requirements.
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 major capital acquisitions and projects to
improve the Village.
Local Law BrockwayTransportation Option Enforcement General Police Memorial BuildingSurtax Gas Tax TrainingTrust Forfeiture Expansion Fund TotalAssets:Cash and cash equivalents 1,395,090$ 580,175$ 33,298$ 1,086,281$ 1,035,869$ 77,745$ 438,124$ 4,646,582$ Accounts receivable161,117 28,588 142 -- 7,095 -- -- 196,942 Total Assets1,556,207$ 608,763$ 33,440$ 1,086,281$ 1,042,964$ 77,745$ 438,124$ 4,843,524$ Liabilities and Fund Balances:Liabilities:Accounts payable and accrued liabilities 7,313$ 2,701$ --$ 422,121$ 1,100$ --$ 15,158$ 448,393$ Unearned revenue 69,505 -- -- -- -- -- -- 69,505 Total liabilities76,818 2,701 -- 422,121 1,100 -- 15,158 517,898 Fund balances:Restricted 1,479,389 574,246 -- 664,160 1,041,864 77,745 422,966 4,260,370 Committed -- -- -- -- -- -- -- -- Assigned-- 31,816 33,440 -- -- -- -- 65,256 Total fund balances 1,479,389 606,062 33,440 664,160 1,041,864 77,745 422,966 4,325,626 Total Liabilities and Fund Balances1,556,207$ 608,763$ 33,440$ 1,086,281$ 1,042,964$ 77,745$ 438,124$ 4,843,524$ MIAMI SHORES VILLAGE, FLORIDACOMBINING BALANCE SHEETNONMAJOR GOVERNMENTAL FUNDSSEPTEMBER 30, 2023Special Revenue Funds92
Debt
Service Capital Projects
Total
Capital Nonmajor
Improvement Governmental
GO Bonds Fund Total Funds
Assets
Cash and cash equivalents 155,586$ 2,383,938$ 2,539,524$ 7,186,106$
Accounts receivable 337 -- 337 197,279
Total Assets 155,923$ 2,383,938$ 2,539,861$ 7,383,385$
Liabilities and Fund Balances
Liabilities:
Accounts payable and accrued liabilities --$ 147,969$ 147,969$ 596,362$
Unearned revenue -- -- -- 69,505
Total liabilities -- 147,969 147,969 665,867
Fund balances:
Restricted 155,923 -- 155,923 4,416,293
Committed -- 2,235,969 2,235,969 2,235,969
Assigned -- -- -- 65,256
Total fund balances: 155,923 2,235,969 2,391,892 6,717,518
Total Liabilities and Fund Balances 155,923$ 2,383,938$ 2,539,861$ 7,383,385$
COMBINING BALANCE SHEET
MIAMI SHORES VILLAGE, FLORIDA
SEPTEMBER 30, 2023
NONMAJOR GOVERNMENTAL FUNDS
93
Local Law BrockwayTransportation Option Enforcement General Police Memorial BuildingSurtax Gas Tax Training Trust Forfeiture Expansion Fund TotalRevenuesProperty taxes --$ --$ --$ --$ --$ --$ --$ --$ Fees and fines -- -- 1,797 -- 500,097 -- -- 501,894 Licenses and permits -- -- -- 145,358 -- -- 1,361,111 1,506,469 Intragovernmental 679,258 405,614 -- -- -- -- -- 1,084,872 Grants, contributions and donations -- -- -- 28,988 -- 1,051 -- 30,039 Investment earnings11,968 8,794 302 8,862 16,227 14,061 -- 60,214 Total revenues691,226 414,408 2,099 183,208 516,324 15,112 1,361,111 3,183,488 ExpendituresCurrent:Public safety -- -- 1,547 1,833 45,766 -- 839,537 888,683 Public works 193,337 294,609 -- -- -- -- -- 487,946 Culture and recreation -- -- -- 53,083 -- -- -- 53,083 Debt service- Principal -- -- -- -- -- -- -- -- Interest and other charges -- -- -- -- -- -- -- -- Capital outlay101,291 85,647 -- -- 147,957 48,744 -- 383,639 Total expenditures294,628 380,256 1,547 54,916 193,723 48,744 839,537 1,813,351 Excess (deficiency) of revenues over expenditures396,598 34,152 552 128,292 322,601 (33,632) 521,574 1,370,137 Other financing sources (uses)Transfers in -- -- -- -- -- -- -- -- Transfers out-- -- -- -- -- -- (342,000) (342,000) Total other financing sources (uses)-- -- -- -- -- -- (342,000) (342,000) Net changes in fund balances396,598 34,152 552 128,292 322,601 (33,632) 179,574 1,028,137 Fund balances - beginning 1,082,791 571,910 32,888 535,868 719,263 111,377 243,392 3,297,489 Fund balances - ending1,479,389$ 606,062$ 33,440$ 664,160$ 1,041,864$ 77,745$ 422,966$ 4,325,626$ MIAMI SHORES VILLAGE, FLORIDASTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCENONMAJOR GOVERNMENTAL FUNDSFOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023Special Revenue Funds94
Debt
Service Capital Projects
Total
Capital Nonmajor
Improvement Governmental
GO Bonds Fund Total Funds
Revenues
Property taxes 274,497$ --$ 274,497$ 274,497$
Fees and fines -- -- -- 501,894
Licenses and permits -- -- -- 1,506,469
Intragovernmental -- -- -- 1,084,872
Grants, contributions and donations -- -- -- 30,039
Investment earnings 3,619 22,563 26,182 86,396
Total revenues 278,116 22,563 300,679 3,484,167
Expenditures
Current:
Public safety -- -- -- 888,683
Public works -- -- -- 487,946
Culture and recreation -- -- -- 53,083
Debt service
Principal 201,800 -- 201,800 201,800
Interest and other charges 64,888 -- 64,888 64,888
Capital outlay -- 643,191 643,191 1,026,830
Total expenditures 266,688 643,191 909,879 2,723,230
Excess (deficiency) of revenues
over expenditures 11,428 (620,628) (609,200) 760,937
Other financing sources (uses)
Transfers in -- 1,215,950 1,215,950 1,215,950
Transfers out -- -- -- (342,000)
Total other financing sources (uses)-- 1,215,950 1,215,950 873,950
Net changes in fund balances 11,428 595,322 606,750 1,634,887
Fund balances - beginning 144,495 1,640,647 1,785,142 5,082,631
Fund balances - ending 155,923$ 2,235,969$ 2,391,892$ 6,717,518$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
95
Variance with Variance with Final Budget Final BudgetActual Positive Actual PositiveOriginal Final Amounts (Negative) Original Final Amounts (Negative)RevenuesIntergovernmental 506,250$ 506,250$ 679,258$ --$ 370,318$ 370,318$ 405,614 35,296$ Investment earnings215 215 11,968 -- 270 270 8,794 8,524 Total revenues506,465$ 506,465$ 691,226$ --$ 370,588$ 370,588$ 414,408$ 43,820$ ExpendituresCurrent:Public works 295,361$ 295,361$ 193,337$ --$ 354,497$ 354,497$ 294,609$ 59,888$ Capital outlay300,000 300,000 101,291 -- 165,000 251,000 85,647 165,353 Total expenditures595,361 595,361 294,628 -- 519,497 605,497 380,256 225,241 Excess (deficiency) of revenues over expenditures(88,896) (88,896) 396,598 -- (148,909) (234,909) 34,152 (181,421) Appropriate of fund balances88,896 88,896 -- -- 148,909 234,909 -- -- Net change in fund balances396,598 34,152 Fund balances - beginning of year1,082,791 571,910 Fund balances - ending1,479,389$ 606,062$ Budgeted Amounts Budgeted AmountsMIAMI SHORES VILLAGE, FLORIDASTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEFUND BALANCES - BUDGET AND ACTUAL NONMAJOR GOVERNMENTAL FUNDSFOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023Special Revenue FundsTransportation Surtax Local Option Gas Tax96
Variance with Variance with Final BudgetFinal BudgetActualPositiveActualPositiveOriginalFinalAmounts (Negative) OriginalFinalAmounts (Negative)RevenuesProperty taxes270,187$ 270,187$ 274,497$ 4,310$--$ --$ --$ --$ Investment earnings-- -- 3,619 3,619-- -- 22,563 22,563 Total revenues270,187$ 270,187$ 278,116$ 7,929$ --$ --$ 22,563$ 22,563$ ExpendituresCurrent:General government 3,500$3,500$--$ 3,500$--$ --$ --$ --$ Debt service:Principal201,800 201,800 201,800 -- -- -- -- -- Interest and other charges64,88764,88764,888(1) -- -- -- -- Capital outlay-- -- -- --1,215,950 1,333,106 643,191 689,915 Total expenditures270,187 270,187 266,688 3,499 1,215,950 1,333,106 643,191 689,915 Excess (deficiency) of revenues over expenditures-- --11,428 4,430 (1,215,950) (1,333,106) (620,628) (667,352) Other financing sources (uses)Transfers in-- -- -- --1,215,950 1,333,106 1,215,950 (117,156) Total other financing sources (uses)-- -- -- --1,215,950 1,333,106 1,215,950 (117,156) Net change in fund balances11,428 595,322 Fund balances - beginning of year144,495 1,640,647 Fund balances - ending155,923$ 2,235,969$ Budgeted Amounts Budgeted AmountsMIAMI SHORES VILLAGE, FLORIDASTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEFUND BALANCES - BUDGET AND ACTUAL NONMAJOR GOVERNMENTAL FUNDSFOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023Debt Service FundCapital Improvement Fund97
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.
Information Technology Fund – This fund is responsible for providing strategic technology
direction, as the central IT support for the Village and IT operational policies and standards. This
fund coordinates major Village-wide initiatives.
Risk Fleet Information
Management Maintenance Technology
Fund Fund Fund Total
ASSETS
Current Assets
Cash and cash equivalents 757,362$ 1,629,004$ 73,220$ 2,459,586$
Accounts receivable 9,146 -- -- 9,146
Inventories -- 54,692 -- 54,692
Prepaid expenses 495,999 -- -- 495,999
Total current assets 1,262,507 1,683,696 73,220 3,019,423
Non-current Assets
Capital assets:
Capital assets not being depreciated -- 7,127 -- 7,127
Capital assets being depreciated, net -- 1,822,386 -- 1,822,386
Total non-current assets -- 1,829,513 -- 1,829,513
Total Assets 1,262,507 3,513,209 73,220 4,848,936
Deferred Outflows of Resources
Pension -- 102,638 77,303 179,941
Other post employment benefits (OPEB)-- 3,467 -- 3,467
Total Deferred Outflows of Resources -- 106,105 77,303 183,408
Liabilities
Current liabilities:
Accounts payable and accrued liabilities 2,700 25,744 19,655 48,099
Compensated absences -- 11,064 2,582 13,646
Total current liabilities 2,700 36,808 22,237 61,745
Non-current liabilities:
Compensated absences -- 33,191 7,747 40,938
Net Pension Liability -- 120,624 90,849 211,473
Total OPEB liability -- 7,177 -- 7,177
Total non-current liabilities -- 160,992 98,596 259,588
Total Liabilities 2,700 197,800 120,833 321,333
Deferred Inflows of Resources
Other post employment benefits (OPEB)-- 3,945 -- 3,945
Total Deferred Inflows of Resources -- 3,945 -- 3,945
Net Position
Net investment in capital assets -- 1,829,513 -- 1,829,513
Restricted -- 370,000 -- 370,000
Unrestricted 1,259,807 1,218,056 29,690 2,507,553
Total Net Position 1,259,807$ 3,417,569$ 29,690$ 4,707,066$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF NET POSITION
SEPTEMBER 30, 2023
INTERNAL SERVICE FUNDS
98
Risk Fleet Information
Management Maintenance Technology
Fund Fund Fund Total
Operating Revenues
Charges for services 1,153,005$ 1,561,596$ 474,493$ 3,189,094$
Total operating revenues 1,153,005$ 1,561,596$ 474,493$ 3,189,094$
Operating expenses
Personal services --$ 281,090$ 192,244$ 473,334$
Utilities -- 22,007 -- 22,007
Repairs and maintenance 34,058 223,152 6,745 263,955
Administrative expenses 3,695 520,316 239,922 763,933
Insurance claims and expenses 1,033,195 138,408 5,892 1,177,495
Depreciation -- 321,353 -- 321,353
Total operating expenses 1,070,948 1,506,326 444,803 3,022,077
Operating income 82,057 55,270 29,690 167,017
Non-operating revenues (expenses)
Miscellaneous revenue -- 4,005 -- 4,005
Investment earnings 20,155 28,502 -- 48,657
Total non-operating revenues (expenses)20,155 32,507 -- 52,662
Change in net position 102,212 87,777 29,690 219,679
Total net position - beginning 1,157,595 3,329,792 -- 4,487,387
Total net position - ending 1,259,807$ 3,417,569$ 29,690$ 4,707,066$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF REVENUES AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
99
Risk Fleet Information
Management Maintenance Technology
Fund Fund Fund Total
Cash Flows from Operating Activities:
Cash received from customers, governments and other funds 1,168,102$ 1,561,596$ 474,493$ 3,204,191$
Cash paid to suppliers (1,352,585) (987,442) (232,904) (2,572,931)
Cash paid to employees -- (266,619) (168,369) (434,988)
Net Cash Provided by (Used in) Operating Activities (184,483) 307,535 73,220 196,272
Cash Flows from Capital Related Financing Activities:
Acquisition and construction of capital assets -- (156,678) -- (156,678)
Net Cash Used in Capital Related Financing Activities -- (156,678) -- (156,678)
Cash Flows from Investing Activities:
Interest and other income 20,155 28,502 -- 48,657
Net Cash Provided by Investing Activities 20,155 28,502 -- 48,657
Net Increase (Decrease) in Cash and Cash Equivalents (164,328) 179,359 73,220 88,251
Cash and Cash Equivalents - Beginning 921,690 1,449,645 -- 2,371,335
Cash and Cash Equivalents - Ending 757,362$ 1,629,004$ 73,220$ 2,459,586$
Reported in statement of net position as follows:
Cash and cash equivalents 757,362$ 1,629,004$ 73,220$ 2,459,586$
757,362$ 1,629,004$ 73,220$ 2,459,586$
Reconciliation of operating income to net cash
provided by operating activities:
Operating income 82,057$ 55,270$ 29,690$ 167,017$
Adjustments to Reconcile Operating Income to Net Cash
Provided by (Used in) Operating Activities:
Depreciation -- 321,353 -- 321,353
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable 15,097 -- -- 15,097
Inventories -- (44,133) -- (44,133)
Prepaids (256,425) -- -- (256,425)
Deferred outflows of resources for pension -- (66,399) (77,303) (143,702)
Deferred outflows of resources for OPEB -- 181 -- 181
Increase (decrease) in:
Accounts payable and accrued liabilities (25,212) (39,426) 19,655 (44,983)
Compensated absences -- 10,015 10,329 20,344
Total OPEB liability -- (758) -- (758)
Net pension liability (asset)-- 137,271 90,849 228,120
Deferred inflows of resources for pension -- (66,509) -- (66,509)
Deferred inflows of resources for OPEB -- 670 -- 670
Total adjustments (266,540) 252,265 43,530 29,255
Net Cash Provided by (Used in) Operating Activities (184,483)$ 307,535$ 73,220$ 196,272$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF CASH FLOWS -
INTERNAL SERVICE FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
100
FIDUCIARY FUNDS
These funds account for assets held by the Village in a trustee capacity or as an agent for
employees.
PENSION TRUST FUNDS
Police Officers Retirement System – To account for the accumulation of resources for pension
benefit payments to police officers who have retired from Miami Shores Village.
General Employees Retirement System – To account for the accumulation of resources for
pension benefit payments to employees, other than police, who have retired from Miami Shores
Village.
General
Employee's Police
Pension Pension
Trust Trust Total
ASSETS
Cash and cash equivalents 308,113$ 482,106$ 790,219$
Accrued interest and dividends 59,436 109,411 168,847
Investments
Mutual funds - equity 6,354,547 12,737,155 19,091,702
Common stock 3,919,556 6,807,768 10,727,324
Corporate bonds 2,196,735 4,055,100 6,251,835
U.S. Government securities 1,506,771 2,667,610 4,174,381
Mortgage backed securities 1,749,532 3,236,162 4,985,694
Foreign stock 791,166 1,374,453 2,165,619
Foreign bonds 113,276 208,291 321,567
Municipal bonds 132,317 256,559 388,876
Total investments 16,763,900 31,343,098 48,106,998
Total Assets 17,131,449$ 31,934,615$ 49,066,064$
NET POSITION
Net position restricted for pension benefits 17,131,449$ 31,934,615$ 49,066,064$
Total Net Position 17,131,449$ 31,934,615$ 49,066,064$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF FIDUCIARY NET POSITION
PENSION TRUST FUNDS
SEPTEMBER 30, 2023
101
General
Employee's Police
Pension Pension
Trust Trust Total
ADDITIONS
Contributions:
Employer 418,007$ 1,194,308$ 1,612,315$
Plan members 226,747 289,307 516,054
Total contributions 644,754 1,483,615 2,128,369
Investment earnings
Net appreciation in fair value of investments 1,455,484 2,743,512 4,198,996
Interest and dividend income 608,482 1,089,616 1,698,098
2,063,966 3,833,128 5,897,094
Less: investment expense (89,815) (133,415) (223,230)
Total net investment income 1,974,151 3,699,713 5,673,864
Other additions
Miscellaneous 50 100 150
Total other additions 50 100 150
Total Additions 2,618,955 5,183,428 7,802,383
DEDUCTIONS
Benefit payments 1,001,817 1,543,413 2,545,230
Administrative expenses 37,393 119,038 156,431
Total Deductions 1,039,210 1,662,451 2,701,661
Change in net position 1,579,745 3,520,977 5,100,722
Net Position Restricted for Pension Benefits - beginning 15,551,704 28,413,638 43,965,342
Net Position Restricted for Pension Benefits - ending 17,131,449$ 31,934,615$ 49,066,064$
MIAMI SHORES VILLAGE, FLORIDA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSIN TRUST FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
102
STATISTICAL SECTION
Contents Exhibits
Financial Trends
These tables contain trend information that may assist the reader in assessing the Village's current
financial performance by placing it in historical perspective.103
Revenue Capacity
These tables contain information that may assist the reader in assessing the viability of the Village's most
significant "own-source" revenue source, property taxes. 108
Debt Capacity
These tables present information that may assist the reader in analyzing the affordability of the Village's
current levels of outstanding debt and the Village's ability to issue additional debt in the future.
113
Demographic and Economic Information
These tables present demographic and economic information intended (1) to assist users in
understanding the socioeconomic environment within which the Village operates and (2) to provide
information that facilitates comparisons of financial statement information over time and among towns.116
Operating Information
These tables contain service and infrastructure indicators that can inform one's understanding how the
information in the Village's financial statements relates to the services the Village provides and the
activities it performs. 118
Miami Shores Village, Florida
Introduction to Statistical Section
(Unaudited)
This part of the Miami Shores Village, Florida's comprehensive annual financial report presents detailed
information as a context for understanding this year's financial statements, note disclosures, and
supplementary information. This information is unaudited.
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014Governmental activities:Invested in capital assets, net of related debt 21,522,989$ 20,969,584$ 19,026,768$ 18,699,542$ 17,559,445$ 17,975,743$ 15,914,887$ 15,398,737$ 14,140,442$ 14,460,317$ Restricted 8,721,673 7,093,713 6,687,642 4,432,660 4,506,407 5,736,464 6,051,262 5,710,324 5,953,557 5,521,292 Unrestricted 9,498,927 8,241,250 5,876,297 4,044,028 2,570,978 (513,721) 1,622,254 3,452,368 3,737,341 9,971,992 Total Governmental activities, Net Position39,743,589$ 36,304,547$ 31,590,707$ 27,176,230$ 24,636,830$ 23,198,486$ 23,588,403$ 24,561,429$ 23,831,340$ 29,953,601$ Business-type activities:Invested in capital assets, net pf related debt 2,621,056$ 2,366,954$ 2,586,804$ 2,515,736$ 2,578,727$ 3,117,914$ 3,257,609$ 3,123,374$ 2,785,010$ 2,195,243$ Restricted 203,578 214,634 269,100 -- -- 3,772,478 3,772,478 -- -- -- Unrestricted 2,077,353 2,297,325 1,522,573 1,533,117 1,616,804 2,058,190 1,998,469 1,933,358 2,832,838 2,677,461 Total Business-Type Activities,Net Position4,901,987$ 4,878,913$ 4,378,477$ 4,048,853$ 4,195,531$ 8,948,582$ 9,028,556$ 5,056,732$ 5,617,848$ 4,872,704$ Primary government:Invested in capital assets, net pf related debt 24,144,045$ 23,336,538$ 21,613,572$ 21,215,278$ 20,138,172$ 21,093,657$ 19,172,496$ 18,522,111$ 16,925,452$ 16,655,560$ Restricted 8,925,251 7,308,347 6,956,742 4,432,660 4,506,407 9,508,942 9,823,740 5,710,324 5,953,557 5,521,292 Unrestricted 11,576,280 10,538,575 7,398,870 5,577,145 4,187,782 1,544,469 3,620,723 5,385,726 6,570,179 12,649,453 Total Primary Government, Net Position44,645,576$ 41,183,460$ 35,969,184$ 31,225,083$ 28,832,361$ 32,147,068$ 32,616,959$ 29,618,161$ 29,449,188$ 34,826,305$ (ACCRUAL BASIS OF ACCOUNTING)MIAMI SHORES VILLAGE, FLORIDANET POSITION BY COMPONENT LAST TEN FISCAL YEARS103
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014Governmental Activities:General government 7,130,041$ 3,172,085$ 4,123,057$ 3,695,604$ 3,922,392$ 3,206,651$ 3,478,191$ 3,377,218$ 3,159,828$ 2,760,901$ Public safety 9,096,679 6,782,274 7,741,150 7,230,071 7,776,091 6,970,163 7,094,590 6,460,583 6,088,608 6,206,349 Public works 4,608,073 4,473,996 3,859,748 4,400,730 3,933,809 4,820,309 3,860,624 2,502,799 3,492,136 2,239,056 Culture and recreation 4,114,794 3,616,598 3,105,811 2,638,651 3,199,846 3,202,922 3,036,354 3,145,255 2,976,180 2,946,167 Interest on debt 74,848 82,588 115,349 124,515 133,191 126,553 151,794 168,811 272,374 283,840 Total governmental activities expenses 25,024,435 18,127,541 18,945,115 18,089,571 18,965,329 18,326,598 17,621,553 15,654,666 15,989,126 14,436,313 Business-Type Activities:Solid waste 3,377,196 2,820,292 2,875,443 2,829,293 2,612,667 2,461,906 2,464,762 2,528,666 2,223,695 2,294,399 Stormwater Management 341,648 226,609 206,141 282,149 279,259 201,904 224,695 237,712 193,174 165,537 Water & wastewater 233,897 196,925 103,416 63,301 4,383,725 148,717 105,707 62,204 -- -- Total business-type activities expenses 3,952,741 3,243,826 3,185,000 3,174,743 7,275,651 2,812,527 2,795,164 2,828,582 2,416,869 2,459,936 Total primary government expenses 28,977,176 21,371,367 22,130,115 21,264,314 26,240,980 21,139,125 20,416,717 18,483,248 18,405,995 16,896,249 Program Revenues:Governmental activities:Charges for services:General government 3,563,904$ 2,495,126$ 2,222,726$ 1,838,539$ 2,190,376$ 1,619,903$ 1,211,656$ 1,366,832$ 1,005,762$ 1,063,095$ Public Safety 1,385,014 2,418,250 2,290,601 2,873,248 2,203,635 896,857 1,116,160 790,598 1,027,550 1,087,055 Public works 1,602,246 33,880 40,266 34,629 46,912 24,175 62,144 194,349 200,977 117,815 Culture and recreation 1,506,739 1,355,295 978,267 650,093 1,442,519 1,577,949 1,356,565 1,388,906 1,568,844 1,436,999 Operating grants and contributions 30,039 799,272 739,700 717,036 815,658 816,300 801,908 798,312 816,380 784,430 Capital grants and contributions 993,658 -- -- -- -- -- -- -- 35,564 474,079 Total governmental activities program revenues9,081,600$ 7,101,823$ 6,271,560$ 6,113,545$ 6,699,100$ 4,935,184$ 4,548,433$ 4,538,997$ 4,655,077$ 4,963,473$ Business-type activities:Charges for services:Solid waste 3,485,815$ 3,420,822$ 3,255,247$ 2,912,517$ 2,621,861$ 2,623,039$ 2,623,010$ 2,633,013$ 2,639,106$ 2,641,284$ Stormwater 600,502 592,626 571,984 479,125 245,805 245,407 244,936 245,269 244,805 244,107 Water & wastewater 190,302 61,592 20,978 38,308 43,868 84,159 70,143 136,855 -- -- Capital grants and contributions -- -- -- -- -- -- 556,382 -- 672,381 -- Total business-type activities program revenues 4,276,619 4,075,040 3,848,209 3,429,950 2,911,534 2,952,605 3,494,471 3,015,137 3,556,292 2,885,391Total primary government program revenues13,358,219$ 11,176,863$ 10,119,769$ 9,543,495$ 9,610,634$ 7,887,789$ 8,042,904$ 7,554,134$ 8,211,369$ 7,848,864$ MIAMI SHORES VILLAGE, FLORIDACHANGES IN NET ASSETSLAST TEN FISCAL YEARS104
2023202220212020201920182017201620152014Net (expense)/revenueGovernmental activities(15,942,835)$ (11,025,718)$ (12,673,555)$ (11,976,026)$ (12,266,229)$ (13,391,414)$ (13,391,414)$ (13,073,120)$ (11,115,669)$ (11,334,049)$ Business-type activities323,878 831,214663,209255,207 (4,364,117) 140,078140,078699,307186,555 1,139,423Total primary government net expenses(15,618,957) (10,194,504) (12,010,346) (11,720,819) (16,630,346) (13,251,336) (13,251,336) (12,373,813) (10,929,114) (10,194,626) General Revenues and Other Changes in Net Assets Governmental activities:Property taxes 11,754,296 10,623,678 10,623,678 9,672,526 9,009,745 8,484,744 7,923,699 7,326,125 6,893,572 6,406,843 Public service tax 2,781,007 2,475,934 2,440,530 2,107,335 2,156,184 2,121,676 2,104,726 2,141,094 2,199,772 2,214,451 Intergovernmental 2,765,643 1,632,997 1,632,996 1,517,940 1,209,452 1,145,885 1,109,035 1,092,365 1,027,237 1,002,183 Miscellaneous 1,061,646 597,605 597,605 675,139 635,023 662,875 549,075 507,592 827,991 469,614 Investment income 683,810 73,387 27,133 128,434 277,431 115,869 60,740 26,210 29,568 20,670 Special item - gain (loss) on sale of asset-- -- (145,753) -- -- -- -- -- 523,164 -- Transfers335,475 335,957 336,425 414,052 416,737 350,076 352,819 400,000 400,000 395,000 Total governmental activities19,381,877 15,739,558 15,512,614 14,515,426 13,704,572 12,881,125 12,100,094 11,493,386 11,901,304 10,508,761 Business-type activities:Investment income 34,671 3,545 2,083 12,167 27,803 17,370 10,623 4,701 5,721 5,708 Other general revenues-- 1,634 757 -- -- -- -- -- -- -- Transfers(335,475) (335,957) (336,425) (414,052) (416,737) (350,076) (352,819) (400,000) (400,000) (395,000) Total business-type activities (300,804) (330,778) (333,585) (401,885) (388,934) (332,706) (342,196) (395,299) (394,279) (389,292) Total primary government 19,081,073 15,408,780 15,179,029 14,113,541 13,315,638 12,548,419 11,757,898 11,098,087 11,507,025 10,119,469 Change in Net PositionGovernmental activities 3,439,042 4,713,840 2,839,059 2,539,400 1,438,343 (510,289) (1,291,320) 377,717 785,635 (825,288) Business-type activities 23,074 500,436 329,624 (146,678) (4,753,051) (192,628) (202,118) (208,744) (207,724) 750,131 Total primary government3,462,116$ 5,214,276$ 3,168,683$ 2,392,722$ (3,314,708)$ (702,917)$ (1,493,438)$ 168,973$ 577,911$ (75,157)$ MIAMI SHORES VILLAGE, FLORIDACHANGES IN NET ASSETSLAST TEN FISCAL YEARS105
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014General FundNonspendable 2,062$ 2,552$ 19,092$ 6,779$ 12,656$ 17,851$ 4,506$ 7,786$ 3,741$ 11,698$ Restricted -- -- -- -- -- -- -- -- -- -- Committed -- -- -- -- -- -- -- -- 31,562 31,562 Assigned 863,000 863,000 863,000 -- -- -- -- -- -- -- Unassigned 13,067,001 11,151,556 9,732,952 9,279,090 8,569,656 8,070,645 7,450,908 7,957,802 8,553,593 7,923,177 Total General Fund 13,932,063$ 12,017,108$ 10,615,044$ 9,285,869$ 8,582,312$ 8,088,496$ 7,455,414$ 7,965,588$ 8,588,896$ 7,966,437$ All other governmental fundsNonspendable --$ --$ --$ 2,000$ 2,000$ --$ 5,174$ --$ --$ --$ Restricted 4,510,327 3,373,533 4,120,790 4,439,562 4,526,640 5,736,464 6,046,087 5,710,324 5,953,557 5,731,494 Committed 2,235,969 1,640,647 1,265,401 1,442,733 1,646,587 830,632 768,966 581,630 578,434 649,494 Assigned 65,256 68,451 68,451 -- -- -- -- -- -- Unassigned (1,199,174) (1,198,175) (1,198,175) (3,357,706) (3,373,275) (3,323,252) (1,079,522) -- -- -- Total All Other Governmental Funds5,612,378$ 3,884,456$ 4,256,467$ 2,526,589$ 2,801,952$ 3,243,844$ 5,740,705$ 6,291,954$ 6,531,991$ 6,380,988$ FUND BALANCES OF GOVERNMENTAL FUNDSMIAMI SHORES VILLAGE, FLORIDA(AMOUNTS EXPRESSED IN THOUSANDS)106
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014RevenuesTaxes 11,754,296$ 10,623,678$ 10,015,239$ 9,672,526$ 9,009,745$ 8,484,744$ 7,923,699$ 7,326,125$ 6,893,572$ 6,406,843$ Public services taxes 2,644,408 2,475,934 2,232,886 2,107,335 2,156,184 2,121,676 2,104,726 2,141,094 2,199,772 2,214,451 License and permits 1,807,083 1,532,895 1,279,733 913,015 1,291,634 1,211,448 1,212,029 1,257,228 1,237,435 1,018,301 Intergovernmental revenues 3,728,035 3,277,373 4,958,149 2,234,976 2,025,110 1,962,185 1,910,943 1,890,677 1,879,181 2,219,683 Grants, contributions and donations 30,039 29,419 25,658 -- -- -- -- -- -- -- Charges for services 2,358,769 2,115,710 1,619,550 1,278,240 1,898,020 2,034,859 1,829,756 1,732,617 2,059,389 1,980,381 Fees and fines 702,957 362,366 325,274 1,000,705 441,823 489,247 696,709 517,648 613,743 629,524 Miscellaneous 1,057,641 319,443 366,701 675,139 664,688 662,875 549,075 507,592 827,991 555,417 Investment earnings 635,153 68,207 24,165 108,026 231,498 103,199 55,420 24,149 27,058 18,166 Total revenues 24,718,381 20,805,025 20,847,355 17,989,962 17,718,702 17,070,233 16,282,357 15,397,130 15,738,141 15,042,766 ExpendituresGeneral government 3,273,344 2,849,172 3,130,958 2,568,784 2,518,487 3,156,532 3,293,951 3,045,728 3,073,851 2,627,454 Public safety 9,666,061 8,432,442 8,199,533 7,618,226 8,098,441 6,909,490 6,650,384 6,309,748 6,134,782 6,285,671 Public works 2,478,642 2,277,797 2,134,157 2,662,058 2,361,667 4,351,425 3,073,272 1,990,600 1,823,936 1,761,225 Culture and recreation 3,738,663 3,219,961 2,712,183 2,379,177 2,875,148 2,812,709 2,595,807 2,720,207 2,580,527 2,546,688 Capital outlay 1,987,581 1,799,669 1,586,472 2,339,234 1,669,824 1,378,124 1,215,777 1,927,324 1,526,136 1,613,488 Debt servicePrincipal 201,800 1,449,300 331,400 327,400 317,100 533,959 674,079 657,889 635,837 589,036 Interest and fiscal charges 64,888 82,588 115,349 124,515 133,191 141,846 151,794 168,811 272,374 283,840 Total expenditures 21,410,979 20,110,929 18,210,052 18,019,394 17,973,858 19,284,085 17,655,064 16,820,307 16,047,443 15,707,402 Excess (deficiency)of revenues over expenditures 3,307,402 694,096 2,637,303 (29,432) (255,156) (2,213,852) (1,372,707) (1,423,177) (309,302) (664,636) Other financing sources (uses)Proceeds from long-term debt -- -- -- -- -- -- -- -- 4,017,600 -- Payment to refunding agent -- -- -- -- -- -- -- -- (3,890,000) -- Sales of capital assets -- -- -- -- -- -- -- -- 523,164 -- Transfers in 1,957,950 1,563,000 759,971 2,073,591 5,222,774 2,981,015 4,487,608 4,474,312 3,269,070 3,264,673 Transfers out (1,622,475) (1,227,043) (338,221) (1,615,965) (4,915,694) (2,630,939) (4,176,324) (4,012,312) (2,837,070) (2,869,673) Total other financingsources (uses) 335,475 335,957 421,750 457,626 307,080 350,076 311,284 462,000 1,082,764 395,000 Net change in fund balance 3,642,877$ 1,030,053$ 3,059,053$ 428,194$ 51,924$ (1,863,776)$ (1,061,423)$ (961,177)$ 773,462$ (269,636)$ Debt service as a percentageof noncapital expenditures 1.4% 8.4% 2.7% 2.9% 2.8% 3.8% 5.0% 5.6% 6.3% 6.2%MIAMI SHORES VILLAGE, FLORIDACHANGES IN FUND BALANCES FOR GOVERNMENTAL FUNDSLAST TEN FISCAL YEARS107
Ad-ValoremPublic LicensesTaxes Service AndCharges forFees andInvestmentFiscal YearGeneral Purpose Taxes Permits IntergovernmentalServices Fines Miscellaneous Earnings Total2014 5,894,716$ 2,214,451$ 1,018,301$ 1,002,183$ 1,980,381$ 492,285$ 382,149$ 5,213$ 12,989,679$ 2015 6,383,317 2,199,772 1,237,435 1,062,801 2,059,389 499,777 449,445 14,281 13,906,217 2016 6,864,998 2,141,094 1,257,228 1,092,365 1,732,617 352,026 357,494 14,492 13,812,314 2017 7,446,686 2,104,726 1,212,029 1,102,765 1,829,756 554,068 371,309 42,023 14,663,362 2018 8,027,601 2,121,676 1,211,448 1,131,324 2,034,859 435,792 461,779 74,081 15,498,560 2019 8,555,473 2,156,184 1,291,634 1,139,976 1,898,020 251,004 532,950 162,557 15,987,798 2020 9,201,078 2,107,335 913,015 1,002,859 1,278,240 957,749 538,330 71,392 16,069,998 2021 9,558,415 2,232,886 1,240,591 1,209,673 1,619,550 271,110 342,191 16,025 16,490,441 2022 10,158,979 2,475,934 253,252 1,481,181 2,115,710 299,205 319,443 53,074 17,156,778 2023 11,479,799 2,644,408 300,614 1,678,271 2,358,769 201,063 1,057,641 454,723 20,175,288 MIAMI SHORES VILLAGE, FLORIDAGENERAL FUND REVENUES BY SOURCELAST TEN FISCAL YEARS(AMOUNTS EXPSRESSED IN THOUSANDS) 108
Assessed ValueFiscal YearTotal Total Total as a PercentageEnded Personal Centrally Assessed Direct Tax Market of MarketSeptember 30, Property Property Assessed Value Rate Value Value2014 744,161,594$ 18,898,889$ 1,071,836$ 764,132,319$ 8.6949 1,294,780,508$ 59.02%2015 808,067,935 20,443,472 1,281,291 829,792,898 8.6392 1,483,377,513 55.94%2016 880,336,926 19,782,931 1,509,219 901,629,076 8.4289 1,692,889,026 53.26%2017 953,506,766 19,610,810 1,678,470 974,796,046 8.4054 1,870,247,396 51.87%2018 1,030,605,970 19,731,712 1,785,659 1,051,123,341 8.3491 2,009,104,786 52.37%2019 1,095,746,087 20,339,258 1,887,615 1,118,032,960 8.3192 2,019,624,945 55.36%2020 1,173,922,297 20,064,707 2,400,225 1,196,387,229 8.3009 2,084,500,585 57.39%2021 1,233,170,132 21,921,504 2,215,825 1,257,307,461 8.2773 2,123,768,447 59.20%2022 1,290,977,319 24,223,997 2,252,482 1,317,453,798 8.2638 2,211,554,865 59.57%2023 1,508,571,438 24,481,398 2,411,462 1,535,464,298 7.9846 2,950,387,421 52.04%Source: Miami-Dade County Property Appraiser's Office and Florida Department of Revenue.MIAMI SHORES VILLAGE, FLORIDAASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTYFOR THE LAST TEN FISCAL YEARSNote: Property in the Village is reassessed each year. State law requires the Property Appraiser to appraise property at 100% of market value. The Florida Constitutionwas amended, effective January 1, 1995, to limit annual increases in assessed value of property with homestead exemption to 3 percent per year or the amount ofthe Consumer Price index, whichever is less. The increase is not automatic since no assessed value shall exceed market value. Tax rates are per $1,000 of assessedvalue.109
TotalTotalDirect and Fiscal City Debt Direct County- Debt OverlappingYear Wide Service Rate Wide Service Fire Library School State Rates2014 8.0000 0.6949 8.6949 4.7035 0.4220 2.4623 -- 7.9770 0.9455 25.2052 2015 8.0000 0.6392 8.6392 4.6669 0.4500 2.4321 -- 7.9740 0.9187 25.0809 2016 7.9000 0.5289 8.4289 4.6583 0.4500 2.4293 -- 7.6120 0.8871 24.4742 2017 7.9000 0.5054 8.4054 4.6669 0.4586 2.4282 -- 7.3220 0.8627 24.0852 2018 7.9000 0.4491 8.3491 4.6669 0.4000 2.4282 -- 6.9940 0.8093 23.6475 2019 7.9000 0.4192 8.3192 4.6669 0.4644 2.4207 -- 6.7330 0.7671 23.3713 2020 7.9000 0.4009 8.3009 4.6669 0.4780 2.4207 -- 7.1480 0.7795 23.7940 2021 7.9000 0.3773 8.2773 4.6669 0.4780 2.4207 -- 7.1290 0.7502 23.7221 2022 7.9000 0.3638 8.2638 4.6669 0.5075 2.4207 -- 7.0090 0.7892 23.6571 2023 7.8000 0.1846 7.9846 4.6202 0.4853 2.3965 -- 6.5890 0.7621 22.8377 (1) Overlapping rates are those of local and county governments that apply to property owners within the Village of Miami Shores.Additional Information:Property tax rates are assessed per $1,000 of Taxable Assessed ValuationTax rate limits:City 10.000 MilsCounty 10.000 MilsSchool 10.000 MilsState 10.000 MilsSource: Miami Dade County Finance Department, Tax Collector's DivisionMiami Shoes Village County Special DistrictsMIAMI SHORES VILLAGE, FLORIDAPROPERTY TAX RATESDIRECT AND OVERLAPPING GOVERNMENTS (1) FOR THE LAST TEN FISCAL YEARS 110
Percentage of Percentage of
Taxable Total Taxable Taxable Total Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Tropical Chevrolet, Inc. 14,061,429$ 1 1.1% 6,639,839$ 1 0.89%
Florida Power & Light Company 11,366,930 2 0.9% 7,265,910 2 0.97%
Shore Square Properties, LLC 9,621,852 3 0.7% 8,400,000 3 1.12%
Northern Trust Bank ETAL TRS (Publix) 9,619,200 4 0.7% 7,200,000 4 0.97%
Elizabeth Guanci Allen TRS 6,592,660 5 0.5% -- --
Cooper Florida Estates LLC 6,013,264 6 0.5% -- --
Alexander Reus 4,535,265 7 0.3% -- --
DVS LLC 4,312,327 8 0.3% 1,900,000 5 0.25%
88 Biscayne Management LLC 4,232,888 9 0.3% -- --
Luma Shores LLC 4,146,172 10 0.3% -- --
Wal Miami LLC -- -- 2,800,000 6 0.37%
Palazzo Leoni LLC (Everett) -- -- 2,400,000 7 0.32%
Omar Cassola -- -- 1,960,423 8 0.26%
Miami Shores Village -- -- 1,900,540 9 0.25%
Norton L Barchan -- -- 1,877,532 10 0.25%
Totals 74,501,987$ 5.7%42,344,244$ 4.7%
Source: Miami-Dade County, Tax Collector's Office.
2023 2014
PRINCIPAL PROPERTY TAXPAYERS
CURRENT YEAR AND NINE YEARS AGO
MIAMI SHORES VILLAGE, FLORIDA
111
Collections
Fiscal Total Tax Percentage in subsequent Percentage
Year Levy (1) Amount of Levy years Amount of Levy
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%
2020 9,451,459 9,170,453 97.0% 30,692 9,201,145 97.4%
2021 9,932,729 9,563,900 96.3% 25,207 9,589,107 96.5%
2022 10,407,885 10,027,208 96.3% 131,771 10,158,979 97.6%
2023 11,976,622 11,463,626 95.7% 16,173 11,479,799 95.9%
Source: Miami-Dade County, Tax Collector's Office and the City of Sunny Isles Beach.
(1) Tax levy, net of discount
LAST TEN FISCAL YEARS
OPERATING PROPERTY TAX LEVIES AND COLLECTIONS
MIAMI SHORES VILLAGE, FLORIDA
Fiscal Year of the Levy
Collected within the
Total collections to Date
112
Enterprise Percentage of
General Actual Taxable Percentage of
Fiscal Obligation Loan Revenue Value of Personal
Year Bonds Payable Bond Total Property Income
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%
2020 4,335,300 -- 3,760,000 8,095,300 0.68%1.49%
2021 4,003,900 -- 3,700,000 7,703,900 0.61%1.51%
2022 2,554,600 -- 3,640,000 6,194,600 0.47%1.06%
2023 2,352,800 -- 3,580,000 5,932,800 0.39%0.90%
RATIONS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Governmental
MIAMI SHORES VILLAGE, FLORIDA
113
Percentage Amount
Debt Applicable to Applicable
Outstanding (1) City to City
Overlapping Debt:
Miami-Dade County, Florida 2,336,015$ 0.43% 9,948$
Miami-Dade County Public Schools 1,166,317 0.36% 4,176
Total, overlapping debt 3,502,332 14,124
Miami Shores Village 2,353 2,353
Total Direct and Overlapping Debt 3,504,685$ 16,477$
1 Miami-Dade County, Finance Department (Includes General Obligation Bonds)
2 The School Board of Miami-Dade County (Includes General Obligation Bonds)
3 The percentage of overlapping debt applicable is estimated using the taxable
property value of the Village as compared to the taxable property value of the
County and the School Board.
MIAMI SHORES VILLAGE, FLORIDA
Sources:
Government Unit
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
AS OF SEPTEMBER 30, 2023
(AMOUNTS IN THOUSANDS)
114
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014Debt limit 151,193,630$ 129,190,780$ 127,741,480$ 115,303,423$ 107,140,596$ 100,232,534$ 92,188,005$ 84,566,008$ 77,083,990$ 70,360,232$ Total net debt applicable to limit 2,352,800 2,554,600 4,003,900 4,335,300 4,662,700 4,979,800 5,291,600 5,596,900 5,895,300 6,053,000 Legal Debt Margin153,546,430$ 126,636,180$ 123,737,580$ 110,968,123$ 102,477,896$ 95,252,734$ 86,896,405$ 78,969,108$ 71,188,690$ 64,307,232$ Total Net Debt Applicable to the Limit asa Percentage of Debt Limit1.56% 1.98% 3.13% 3.76% 4.35% 4.97% 5.74% 6.62% 7.65% 8.60%MIAMI SHORES VILLAGE, FLORIDALEGAL DEBT MARGIN INFORMATIONFOR THE LAST TEN FISCAL YEARS115
Personal
Income
Estimated (amounts Per Capita
Fiscal Population expressed Income Unemployment
Year (1) in thousands) (2) Rate (3)
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%
2020 10,817 544,506 50,338 7.4%
2021 10,817 510,952 47,236 6.0%
2022 10,817 586,162 54,189 2.6%
2023 11,548 658,271 57,003 1.8%
(1) State of Florida Department of Revenue
(2) U.S. Census Bureau
(3) U.S. Bureau of Labor Services
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
MIAMI SHORES VILLAGE, FLORIDA
116
Percentage Percentage
of Total City of Total County
Employer Employees Rank Employment Employees Rank Employment
Miami-Dade County Public Schools 35,601 1 2.57% 33,477 1 2.61%
Miami-Dade County, Florida 28,677 2 2.07% 25,502 2 1.99%
University of Miami 21,276 3 1.54% 12,818 5 1.00%
Jackson Health System 13,721 4 0.99% 9,797 8 0.76%
Publix Super Markets 13,606 5 0.98% 4,604 9 0.36%
American Airlines 10,961 6 0.79% 11,031 7 0.86%
Amazon Airlines 8,014 7 0.58%
Walmart 7,005 8 0.51%
Florida International University 6,613 9 0.48%
United States Postal Service 5,828 10 0.42%
Baptist Health South Florida 11,353 6 0.88%
Federal Government 19,200 3 1.50%
Florida State Government 17,100 4 1.33%
City of Miami 3,997 10 0.31%
Total Civilian Labor Force 1,385,768 1,282,854
Source:
The Beacon Council, Miami Florida
Florida Department of Economic Opportunity
Bureau of Workforce Statistics and Economic Research
U.S. Census Bureau
2023
CURRENT YEAR AND NINE YEARS AGO
2014
MIAMI SHORES VILLAGE, FLORIDA
PRINCIPLAL EMPLOYERS LOCATED IN MIAMI-DADE COUNTY
117
Function 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
General Government:
Administration:
Full time 8 10 10 12 11 12 5 5 5 9
Part time 5 6 6 7 6 7 - 1 1 2
Finance:
Full time 5 5 6 6 5 4 3 3 3 7
Part time - - - - - - - - - -
Public works:
Full time 43 39 43 44 43 42 42 42 44 48
Part time - 1 1 1 1 1 1 1 1 2
Culture and Recreation:
Parks and recreation:
Full time 12 13 15 13 13 14 15 13 15 10
Part time 72 63 67 63 63 58 28 35 46 79
Library:
Full time 2 4 4 4 4 4 4 4 4 4
Part time 8 6 6 6 7 6 5 4 5 5
Public Safety:
Building*:
Full time - - - - - - 4 5 5 6
Part time - - - - - - 7 9 9 8
Neighborhood Services:
Full time - - - - - - 3 3 3 4
Part time - - - - - - - - - -
Police:
Full time 43 40 42 46 48 48 47 44 48 49
Part time 4 4 4 3 3 3 3 1 3 -
Total 202 191 204 205 204 199 167 170 192 233
MIAMI SHORES VILLAGE, FLORIDA
VILLAGE EMPLOYEES BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
118
2014 2015 2016 2017 2018 2019 2020 2021* 2022 2023
General Government:
Finance:
Number of lien searches processed -- -- -- -- -- -- -- 562 437 627
Public Safety:
Building:
Number of building permits issued -- -- -- -- -- -- -- 2,788 2,671 2,415
Code Compliance:
Business licenses issued -- -- -- -- -- -- -- 412 442 462
Police:
Number of arrests -- -- -- -- -- -- -- 137 194 443
Number of calls for service -- -- -- -- -- -- -- 14,000 17,668 20,536
Number of sworn law enforcement personnel -- -- -- -- -- -- -- 38 41 42
Public Works:
Garbage collected (tons) -- -- -- -- -- -- -- 4,158 6,656 4,179
Recycling collected (tons) -- -- -- -- -- -- -- 795 739 669
Sidewalks repaired (linear feet) -- -- -- -- -- -- -- 1,275 3,000 3,365
Trash collected (tons) -- -- -- -- -- -- -- 10,200 8,903 8,772
Culture and Recreation:
Number of program participants -- -- -- -- -- -- -- 73,649 70,421 172,907
* Only data available at this time
MIAMI SHORES VILLAGE, FLORIDA
OPERATING INDICATORS BY FUNCTION
FOR THE LAST TEN YEARS
119
Function 2014 2015 2016 2017 2018 2019 2020 2021** 2022** 2023**
General Government
Village Hall -- -- -- -- -- -- -- -- -- --
Public safety:
Police:
Police Stations -- -- -- -- -- -- -- 1 1 1
Police vehicles -- -- -- -- -- -- -- 61 54 66
Public Works:
Number of recycling/refuse collection trucks -- -- -- -- -- -- -- 14 14 13
Culture and Recreation:
Aquatic playground -- -- -- -- -- -- -- 1 1 1
Art in public places -- -- -- -- -- -- -- 6 6 6
Baseball courts -- -- -- -- -- -- -- 2 2 2
Dog park -- -- -- -- -- -- -- 1 1 1
Golf courses -- -- -- -- -- -- -- 1 1 1
Libraries -- -- -- -- -- -- -- 1 1 1
Parks*-- -- -- -- -- -- -- 6 6 6
Parks and Recreation center(s)-- -- -- -- -- -- -- 6 6 6
Pickleball court(s)-- -- -- -- -- -- -- 4 4 4
Racquetball court(s)-- -- -- -- -- -- -- 1 1 1
Swimming pool(s)-- -- -- -- -- -- -- 1 1 1
Tennis court(s)-- -- -- -- -- -- -- 4 4 4
Sources:
Various Village Departments
* Dog Park also included in Parks total
** Only data available at this time
CAPITAL ASSET STATISTICS BY FUNCTION/PROGRAM
MIAMI SHORES VILLAGE, FLORIDA
LAST TEN FISCAL YEARS
120
REPORTING SECTION
121
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
To the Honorable Mayor, Village Council and Village Manager
Miami Shores Village, Florida
We have audited, in accordance with auditing standards generally accepted in the United States of America
(“GAAS”) and the standards applicable to financial audits contained in Government Auditing Standards issued by
the Comptroller General of the United States (“Government Auditing Standards”), 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,
2023, and the related notes to the financial statements, which collectively comprise the Village’s basic financial
statements, and have issued our report thereon dated March 12, 2025.
Report on 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) as a basis for designing 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.
Our consideration of internal control was for the limited purpose described in the preceding paragraph and was
not designed to identify all deficiencies in internal control that might be material weaknesses or significant
deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified.
However, as described in the accompanying schedule of findings and responses, we identified certain deficiencies
in internal control that we consider to be material weaknesses and significant deficiencies.
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. We consider the deficiencies described in the
accompanying schedule of findings and responses as items MW2023-001 and MW2023-002 to be material
weaknesses.
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. We consider the
deficiencies described in the accompanying schedule of findings and responses as items SD2023-001 and
SD2023-002 to be significant deficiencies.
CBIZ CPAs P.C.
One Southeast Third Avenue
Suite 1100
Miami, FL 33131
P: 305.995.9600
CBIZ.COM
122
Report on 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 financial statements.
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 an instance of noncompliance
or other matters that is required to be reported under Government Auditing Standards and which is described in
the accompanying schedule of findings and responses as item SD2023-001.
The Village’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the Village’s response to
the findings identified in our audit and described in the accompanying schedule of findings and responses. The
Village’s response was not subjected to the other auditing procedures applied in the audit of the financial
statements and, accordingly, we express no opinion on the response.
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
result 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.
Miami, FL
March 12, 2025
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS AND RESPONSES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
123
SUMMARY OF FINDINGS
Finding No. Title
MW2023-001 Reconciliation of Cash Accounts
MW2023-002 Financial Close and Reporting
SD2023-001 Non-Compliance with Florida Statutes (Repeat Finding previously
reported as 2022-01)
SD2023-002 General Information Technology
Note: “MW” identifies a Material Weakness and “SD” a Significant Deficiency.
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
124
MW2023-001 RECONCILIATION OF CASH ACCOUNTS
Criteria
Timely preparation of complete and accurate bank reconciliations is a key to
maintaining adequate control over both cash receipts and disbursements.
Condition
During the completion of our audit procedure, the auditor noted that the Village had
not prepared and reviewed all bank reconciliations for the fiscal year 2023 on a timely
basis. As such, CBIZ CPAs, P.C. noted the bank reconciliations were not being
prepared and reviewed in a timely manner in accordance with the Village’s policy.
Cause
Failure of the Village to perform timely reconciliation of cash accounts.
Effect
Potential effects of this condition could result in failure to timely detect loss or misuse
of funds.
Recommendation
We recommend that the bank reconciliations be reviewed for accuracy and
completeness on a timely basis within the Village’s policy time frame by someone with
the appropriate skill-set to identify significant discrepancies. The review should include
tests of mechanical accuracy and tracing of items on the reconciliation to the relevant
source documents. All bank reconciliations should document the date they are prepared
and reviewed to ensure compliance with the Village’s policy.
View of Responsible Official and Planned Corrective Action
The Village acknowledges the validity of this finding, given the significant turnover
with the finance department during the fiscal year. In response, the Village has engaged
external consultants to assist with the preparation of bank reconciliations, with the goal
of restoring the timely completion of these reconciliations to their usual standard.
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
125
MW2023-002 FINANCIAL CLOSE AND REPORTING
Criteria
Prudent accounting practices include policies, procedures and controls over the
recording, processing, and reporting of accounting events and transactions.
Condition
The Village is currently not performing its monthly and annual financial reporting
closing process in a timely manner. An initial working trial balance (“WTB”) was
produced by the Village’s Finance and Accounting department on November 25, 2024,
for the fiscal year ended September 30, 2023 and provided to the auditor. During
fieldwork for this audit engagement, sixteen (16) audit adjustments aggregating to
approximately $5,200,000, were required to correct the original WTB submission.
Ultimately this led to a delay in the completion of the audit procedures and multiple
changes to the amounts and disclosures presented in the draft financial statements
which further delayed the financial statements completion and issuance date.
Cause
The Village is not prioritizing the importance to adhere to the monthly and year-end
closing procedures that have been established to ensure all transactions are properly
captured and reported in the general ledger in a timely manner.
Effect
A lack of completing required closing procedures led to preliminary misstatements to
the financial statements and a significant number of adjusting journal entries and
reversal entries to be posted after the commencement of the audit. The lack of controls
may lead to current and future accounting errors.
Recommendation
We recommend that a designated member of management performs periodic analysis
of significant accounts to determine the completeness of account balances and
investigate and resolve any issues identified. This practice serves to enforce checks and
balances necessary for strong internal controls and accurate financial reporting.
View of Responsible Official and Planned Corrective Action
The Village acknowledges the validity of this finding, given the significant turnover
with the finance department during the fiscal year. To address this issue, the Village
has engaged external consultants to support the year-end closing process, ensuring the
filing is completed within the required timeframe.
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
126
SD2023-001 NON-COMPLIANCE WITH FLORIDA STATUTES (REPEAT FINDING) (2022-01)
Criteria
Section 218.39(1), Florida Statutes, requires that a local government shall have an
annual financial audit of its accounts and records completed within nine (9) months
after the end of its fiscal year.
Condition
The Village did not issue and file the September 30, 2023 audited financial statements
with the Auditor General by June 30, 2024 or the Annual Financial Report (“AFR”) to
the Florida Department of Financial Services by June 30, 2024, as required by Florida
Statutes.
Cause
The Village does not have an established financial statements review preparation policy
to ensure all year-end amounts and disclosures as required by the Governmental
Accounting Standards Board (“GASB”), are properly and accurately captured and
reported in the Financial Statements in a timely manner.
Effect
A lack of completing required closing procedures led to a delay in providing a working
trial balance. It also led to preliminary misstatements to the financial statements and a
significant number of required adjusting journal entries and reversal entries after the
commencement of the audit.
Recommendation
The Village should ensure that adequate procedures and internal controls are in place
to ensure that the financial statements are submitted in a timely manner. These controls
should include controls requiring the reconciliation of account balances to the
appropriate supporting documentation (e.g., general ledger, internal reports, note
disclosures, etc.), the use of a disclosure checklist, and adequate training of staff with
required accounting and financial reporting standards.
View of Responsible Official and Planned Corrective Action
The Village acknowledges the validity of this finding, given the significant turnover
with the finance department during the fiscal year. In response, the Village has engaged
external consultants to ensure compliance with Florida Statutes.
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED)
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
127
SD2023-002 GENERAL INFORMATION TECHNOLOGY
Criteria
The Village’s computerized information systems are vital to its daily operations. As
such, the Village should have a formal written Information Technology (IT) Policy that
documents and encompasses various areas such as: General IT procedural manual,
disaster recovery plan, user access reviews, software modifications, data back-up
schedules, cybersecurity incident response plan, etc.
Condition
While we observed that certain informal policies are in place and operational, we found
that the Village lacks formal documentation for its computer standards, policies, and
procedures, which are essential for maintaining control over the numerous computing
activities being carried out. Additionally, there is an absence of an official written
policy addressing user access reviews, the management of controls for internally
developed applications, and the Village’s disaster recovery plan.
Cause
The Village currently does not have a comprehensive formal written IT policy.
Effect
Without proper documentation, management is not assured that its desired policies and
procedures are being carried out. In addition, documentation is an effective tool for training
new personnel, providing operations instructions, and assisting in system revisions and
development of IT needs. Also, in the event of personnel turnover or emergency, the
Village does not have a formal written IT policy document to use for immediate reference.
Recommendation
We recommend the Village to produce a formal written IT policy to properly address the
condition above and to continuously update the policy on an annual basis as considered
necessary. As a component of the policy, the document should include an up-to-date
disaster recovery plan to provide continued operations and to ensure electronic files are
not lost because of a major computer hardware or software failure or other potential
external interruptions (e.g. natural disasters and cybersecurity attacks).
View of Responsible Official and Planned Corrective Action
The Village agrees with the appropriateness of this finding since the IT department
experienced a lack of personnel during the fiscal year. An IT policy was prepared and
approved on November 26, 2024.
MIAMI SHORES VILLAGE, FLORIDA
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
123
PRIOR YEAR FINANCIAL STATEMENT FINDINGS AND STATUS
SIGNIFICANT DEFICIENCIES
SD 2022-01 – was not addressed and the finding is repeated as SD2023-001
124
Management Letter in Accordance with the Rules of the
Auditor General of the State of Florida
To the Honorable Mayor, Village Council, and Village Manager
Miami Shores Village, Florida
Report on the Financial Statements
We have audited the financial statements of Miami Shores Village, Florida (the “Village”), as of
and for the fiscal year ended September 30, 2023, and have issued our report thereon dated
March 12, 2025.
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 Auditor General.
Other Reporting Requirements
We have issued our Independent Auditors’ Report on Internal Control over Financial Reporting and
Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance
with Government Auditing Standards; Schedule of Findings and Responses; Summary Schedule of Prior
Audit Findings, 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 and schedules, which are dated
March 12, 2025, 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. The status of recommendations made in the preceding annual financial audit report have been
addressed except as noted in the Summary Schedule of Prior Audit Findings.
CBIZ CPAs P.C.
One Southeast Third Avenue
Suite 1100
Miami, FL 33131
P: 305.995.9600
CBIZ.COM
125
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. The information regarding the
specific legal authority for the Village and its component units is discussed in Note 1 to the financial
statements.
Financial Condition and Management
Section 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 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.
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 review of financial information provided by same. Our assessment was performed as of
the fiscal year end. The results of our procedures did not disclose any matters that are required to be reported
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.
Special District Component Units
Section 10.554(1)(i)5.c., Rules of the Auditor General, requires, if appropriate, that we communicate the
failure of a special district that is a component unit of a county, municipality, or special district, to provide
the financial information necessary for proper reporting of the component unit within the audited financial
statements of the county, municipality, or special district in accordance with Section 218.39(3)(b), Florida
Statutes. In connection with our audit, we did not note any special district component units that failed to
provide the necessary information for proper reporting in accordance with Section 218.39(3)(b), Florida
Statutes.
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 note any such findings.
126
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, state and other granting agencies, the Mayor and the Village Council, and applicable
management, and is not intended to be and should not be used by anyone other than these specified parties.
Miami, FL
March 12, 2025
127
Independent Accountants’ Report on Compliance Pursuant to
Section 218.415 Florida Statutes
To the Honorable Mayor, Village Council, and Village Manager
Miami Shores Village, Florida
We have examined the Miami Shores Village, Florida’s (the “Village”) compliance with Section 218.415,
Florida Statutes, Local Government Investment Policies for the fiscal year ended
September 30, 2023. 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 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 judgement, 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.
We are required to be independent and to meet our other ethical responsibilities in accordance with relevant
ethical requirements relating to the examination engagement.
Our examination does not provide a legal determination on the Village’s compliance with the specified
requirements.
In our opinion, the Village complied, in all material respects, with Section 218.415, Florida Statutes, for
the fiscal year ended September 30, 2023.
This report is intended solely to describe our testing of compliance with Section 218.415, Florida Statutes,
and it is not suitable for any other purpose.
Miami, FL
March 12, 2025
CBIZ CPAs P.C.
One Southeast Third Avenue
Suite 1100
Miami, FL 33131
P: 305.995.9600
CBIZ.COM