2022A FLORIDA MUNICIPALITY
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
MIAMI SHORES VILLAGE, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
PREPARED BY THE FINANCE DEPARTMENT
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
PAGE
I. INTRODUCTORY SECTION (Unaudited)
Letter of Transmittal i-vi
GFOA Certificate of Achievement vii
List of Elected Officials viii
List of Appointed Officials ix
Organizational Chart x
II. FINANCIAL SECTION
Independent Auditors’ Report 1-3
Managements’ 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 Balance Sheet to the Statement of Net Position – Governmental Funds 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 Fund Net Position –
Proprietary Funds 23
Statement of Cash Flows – Proprietary Funds 24
Statement of Fiduciary Net Position – Fiduciary Funds 25
Statement of Changes in Fiduciary Net Position 26
Notes to the Basic Financial Statements 27-64
Required Supplementary Information:
Budgetary Comparison Schedule:
General Fund 65-66
Notes to Budgetary Comparison Schedule 67
Schedule of Changes in Village’s Net Pension Liability and Related Ratios – General Employees’
Retirement System (Village’s Reporting)
68
Schedule of Changes in Village’s Net Pension Liability and Related Ratios – General Employees’
Retirement System (Plan’s Reporting)
69
Schedule of Contributions – General Employee’s Retirement System (Village’s Reporting) 70
Schedule of Contributions – General Employee’s Retirement System (Plan’s Reporting) 71
Schedule of Investment Returns – General Employee’s Retirement System 72
Schedule of Changes in Village’s Net Pension Liability and Related Ratios – Police Officers’
Retirement System (Village’s Reporting) 73
Schedule of Changes in Village’s Net Pension Liability and Related Ratios – Police Officers’
Retirement System (Plans’ Reporting) 74
Schedule of Contributions – Police Officer’s Retirement System (Village’s Reporting) 75
Schedule of Contributions – Police Officer’s Retirement System (Plan’s Reporting) 76
Schedule of Investment Returns – Police Officer’s Retirement System 77
MIAMI SHORES VILLAGE, FLORIDA
TABLE OF CONTENTS
PAGE
II. FINANCIAL SECTION (Continued)
Required Supplementary Information (Continued):
Schedule of Changes in Total OPEB Liability and Related Ratios 78
Supplementary Information:
Combining and Individual Financial Statements and Schedules:
Combining Balance Sheet – Nonmajor Governmental Funds 79-80
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances –
Nonmajor Governmental Funds 81-82
Schedules of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual
Nonmajor Governmental Funds 83-84
Internal Service Funds:
Combining Statement of Net Position 85
Combining Statement of Revenues, Expenses and Changes in Fund Net Position 86
Combining Statement of Cash Flows 87
Fiduciary Funds:
Combining Statement of Fiduciary Net Position – Pension Trust Funds 88
Combining Statement of Changes in Fiduciary Net Position – Pension Trust Funds 89
III. STATISTICAL SECTION (Unaudited)
Net Position by Component 90
Changes in Net Position 91-92
Fund Balances for Governmental Funds 93
Changes in Fund Balances of Governmental Funds 94
General Governmental and Excise Tax Revenues by Source 95
Assessed Value and Actual Value of Taxable Property 96
Property Tax Rates Direct and Overlapping Governments 97
Principal Property Taxpayers – Current Year and Nine Years Ago 98
Operating Property Tax Levies and Collections 99
Ratios of Outstanding Debt By Type 100
Direct and Overlapping Governmental Activities Debt 101
Legal Debt Margin Information 102
Demographic and Economic Statistics 103
Principal Employers Located in Miami Dade County – Current Year and Nine Years Ago 104
Village Employees by Function/Program 105
Operating Indicators by Function 106
Capital Asset Statistics by Function/Program 107
IV. COMPLIANCE SECTION
Independent Auditors’ Report on Internal Controls over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards 108-109
Schedule of Findings and Responses 110
Management Letter Required by Section 10.550 of the Rules of the Auditor General of the
State of Florida
111-113
Independent Accountants’ Report on Compliance Pursuant to Section 218.415
Florida Statutes 114
INTRODUCTORY SECTION
‐i‐
October 31, 2023
The Mayor and Members of the Village Council
10050 Northeast Second Avenue
Miami Shores, Florida 33138 Subject: FY 2021-22
Annual Comprehensive Financial Report
To the Mayor and Members of the Village Council:
In compliance with Florida State Statute Chapter §11.45, Chapter §10.550 of the Rules of the
Auditor General, and Chapter 34(3) of the Miami Shores Village Code of Ordinances, we are
pleased to submit for your review and consideration the Miami Shores Village Annual
Comprehensive Financial Report for the fiscal year ended September 30, 2022. 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 information presented in this report.
To provide a reasonable basis for making these representations, the Village’s management has
established a comprehensive internal control framework that is designed both to protect the
government’s assets from loss, theft or misuse and to compile sufficient reliable information for
the preparation of the Village’s financial statements in conformance with accounting principles
generally accepted in the United States. Because the cost of internal controls should not
outweigh their benefits, the Village’s comprehensive framework of internal controls have been
designed to provide reasonable rather than absolute assurance that the financial statements
will be free from material misstatement. As management, we assert that, to the best of our
knowledge and belief, this financial report is complete and reliable in all material respects.
The financial statements have been audited by Caballero Fierman Llerena & Garcia, LLP,
Certified Public Accountants. The independent auditor has issued an unmodified opinion that
this report fairly represents the financial position of the Village in conformity with GAAP. Their
audit was conducted in accordance with auditing standards generally accepted in the United
States, Government Auditing Standards issued by the Comptroller General of the United States
and the Rules of the Auditor General, State of Florida. The goal of the independent auditor is to
provide reasonable assurance that the financial statements of the Village for the fiscal year
ended September 30, 2022 are free of material misstatements. The independent audit involved
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements; assessing the accounting principles used and significant estimates made by
FY2021-22 Financial Report October 31, 2023
-ii-
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, 2022, 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 10,817
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 Village is a residential-based
community with two (2) commercial districts located on Second Avenue and Biscayne
Boulevard. Despite its close proximity to Downtown Miami, the Village maintains a suburban feel.
With limited commercial presence, the need for new growth through redevelopment will be
essential to the Village’s future. Wealth levels in the Village are above average, with per capita
income of $54,189, and median household income at $135,055, which is 114% more than the
county, 100% more than the state and 79% 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, 2022, no legally separate authorities or
agencies operated under the auspices of the Village; therefore, no additional financial
information will be incorporated into these statements.
FY2021-22 Financial Report October 31, 2023
-iii-
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 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 $6.1 million reflected in fiscal year 2022. 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 4.8% for
fiscal year 2022 and 16.5% for fiscal year 2023. 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 2022 is $11.1
million. Included in the $11.1 million of general fund unassigned fund balance is a pending
receivable of $1.2 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,
FY2021-22 Financial Report October 31, 2023
-iv-
assurance that these objectives are met. The concept of reasonable assurance recognizes that
(1) the cost of a control should not exceed the benefits likely to be derived and (2) the valuation
of costs and benefits requires estimates and judgments by management.
As a recipient of federal, state and local financial assistance, the government is also responsible
for ensuring that an adequate internal control structure is in place to ensure and document
compliance with applicable laws and regulations related to these programs. This internal
control structure is subject to periodic evaluation by management. In addition, the Village
maintains extensive budgetary controls. The objective of these controls is to ensure compliance
with policy and implementation procedures embodied in the annual appropriated budget
approved by Village Council. The level of budgetary control (i.e. the level at which
expenditures cannot legally exceed the appropriated amount) is the department level within
each fund. The Village also maintains an encumbrance accounting system.
The Village’s accounting system is organized on a fund basis. A fund is defined as an
independent fiscal and accounting entity with a self-balancing set of accounts. The types of
funds used are generally determined by the Village Council, upon the recommendations of the
Village Manager and the Finance Director, which are based upon established and accepted
accounting policies and procedures as well as the number of funds required.
Budgetary Control
Florida State Statute §200.065 requires that all municipal governments prepare, approve, adopt
and execute an annual budget for such funds as may be required by law or by sound fiscal
practices. In compliance with this Statute as well as other state regulatory items, the Village
adopts an annual operating budget into which funds are either formally appropriated by
resolution or non-appropriated in nature, depending upon the fund (i.e. – general, special
revenue, debt service, enterprise, internal service or trust funds). However, in practice, all funds
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.
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;
FY2021-22 Financial Report October 31, 2023
-v-
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 has a coherent and cohesive plan as to how the Village should progress in the coming years.
The strategic plan was completed in FY22 and is the result of the work of the Village and the
community at large. The library’s expansion of the children’s section is to be completed in 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 has begun. The American Rescue Plan Act
of 2021, ARPA funds that the Village has received are in the planning stages. Sidewalks
throughout the Village as well as studies for stormwater improvements and septic to sewer
conversions are the main thoughts of use of the ARPA funds at this point. 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,
2021. 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.
vii
Mayor 6DQGUD+DUULV
Vice Mayor 'DQLHO0DULQEHUJ
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MIAMI SHORES V ILLAGE, FLORIDA
LIST OF ELECTED OFFICIALS SEPTEMBER 30, 202
viii
MIAMISHORES VILLAGE, FLORIDA
LIST OF APPOINTED OFFICIALSSEPTEMBER 30, 202
APPOINTED OFFICIALS
Village Manager......................................................................................................(VPRQG.6FRWW
Village Clerk............................................................................................Ysabely Rodriguez, CMC
Village Attorney..............................................................................................Sarah Johnston, ESQ.
DEPARTMENT HEADS
Building Director......................................................................................................Ismael Naranjo
Neighborhood Services Director .............................................................................Lazaro Remond
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..............................................................................................&KULV0LUDQGD
Recreation Director...................................................................................................Angela Dorney
VILLAGE AUDITORS
Caballero Fierman/OHUHQD *DUFLD,LLP
Accountants and Advisors
ix
MIAMISHORES VILLAGE, FLORIDA
ORGANIZATION CHART
SEPTEMBER 30, 202
MAYOR & COUNCIL
MAYOR - 6$1'5$+$55,6
VICE MAYOR - '$1,(/0$5,1%(5*
COUNCILM(0%(5 - $/,&(%85&+
COUNCILM(0%(5 - &5<67$/:$*$5
COUNCILM(0%(5 - .$7,$6$,17)/(85
VILLAGE CLERK
YSABELY RODRIGUEZ,CMC
VILLAGE ATTORNEY
SARAH JOHNSTON, ESQ.
VILLAGE MANAGER
(6021'.6&277
BUILDING
DIRECTOR
ISMAEL NARANJO
FINANCE
DIRECTOR
HOLLY HUGDAHL, CPA,
CGMA
PLANNING, ZONING &
RESILIENCY
DIRECTOR
CLAUDIA HASBUN,AICP
PUBLIC WORKS
DIRECTOR
&+5,60,5$1'$
CHIEF OF
POLICE
DAVID GOLT
RECREATION
DIRECTOR
ANGELA DORNEY
NEIGHBORHOOD SERVICES DIRECTOR
LAZARO REMOND
DIRECTOR OF
LIBRARY SERVICES
MICHELLE BROWN
x
FINANCIAL SECTION
INDEPENDENT AUDITORS’ REPORT
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INDEPENDENT AUDITORS’ REPORT
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of Miami Shores Village, Florida (the “Village”) as of
and for the fiscal year ended September 30, 2022, 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 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, 2022, and the respective changes in financial position, and, where
applicable, cash flows thereof for the fiscal 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 and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States. 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.
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 generally accepted auditing standards 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.
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In performing an audit in accordance with generally accepted auditing standards 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 and budgetary comparison, Pension, and Other Post-Employment Benefits Schedules on pages 4–15
and 65–78 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 auditing standards generally accepted in the United States of
America, which consisted of inquiries of management about the methods of preparing the information and comparing
the information for consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to express an
opinion or provide any assurance.
Supplementary 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 accompanying combining and individual nonmajor fund financial statements
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 auditing standards generally accepted in the United States of America. In our opinion, the combining and individual
nonmajor fund financial statements 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 auditor’s 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.
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Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 31, 2023, 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 Village’s internal control over financial reporting and compliance.
Caballero Fierman Llerena & Garcia, LLP
Caballero Fierman Llerena & Garcia, LLP
Miami, Florida
October 31, 2023
MANAGEMENT’S DISCUSSION AND ANALYSIS
(Required Supplementary Information)
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, 2022. 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 2022
At September 30, 2022, Miami Shores Village assets and deferred outflows exceeded its
liabilities and deferred inflows by $41.1 million (net position). Of this amount, $23.3 million
was invested in capital assets, an increase of $1.7 million compared with the prior year.
Additionally, $7.3 million was restricted by law, agreements, and debt covenants or for
capital projects. The Village had an unrestricted net position of $10.5 million at September
30, 2022, an increase of $3.1 million or a 42.4% increase as compared with the prior year. The
increase in unrestricted net position was related to the $1,249,000 pay-off of the Aquatic
Center Loan, reduction of budgeted encumbrances and the increased revenues in the
proprietary funds with expenses remaining consistent with the prior year.
During fiscal year 2022, total net position increased by $5.2 million, from $35.9 million in
FY2021 to $41.2 million in FY2022. Of this increase, $4.7 million was an increase in
governmental activities and an increase of $500 thousand in business-type activities.
At September 30, 2022, Miami Shores Village’s governmental funds had fund balances
totaling $15.9 million. Of the total fund balance, approximately $9.9 million or 62.6% was
unassigned and $1.6 million or 10.3% was committed for future capital projects and
encumbrances. The restricted fund balance of approximately $3.4 million, or 21.2%, is
related to funds restricted by the contributing agency. The non-spendable fund balance of
approximately $3 thousand is related to prepaid items. The assigned fund balance of $931
thousand or 5.9% is assigned for FY23 capital improvements. The net change in fund
balances during the year was an increase of approximately $1.0 million indicative of the
financial stability of the Village. Much of this change was due to revenues returning to pre-
COVID levels and the introduction of the American Rescue Plan Act (ARPA) Fund.
The General Fund’s fund balance increased by $1.4 million for the fiscal year ended
September 30, 2022. The increase in unrestricted net position was related to revenues
returning to pre-COVID levels, reduced spending in the Police Department and the
introduction of the Building Fund.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to th e 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 of the government-wide financial statements distinguish functions of Miami Shores Village that are
principally supported by taxes and intergovernmental revenues (governmental activities) as well as other
functions that are intended to recover all or a significant portion of their costs through user fees and charges
(business-type activities). The governmental activities of Miami Shores Village include general government,
public safety, public works, building, planning 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 the funds of Miami Shores Village can be divided into three categories: governmental
funds, proprietary funds and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions reported
as governmental activities in the government-wide financial statements. However, unlike the government-
wide financial statements, governmental fund financial statements focus on near-term inflows and outflows
of spendable resources, as well as on balances of spendable resources available at the end of the fiscal
year. Such information may be useful in evaluating a government’s near-term cash flow and financing
requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar information
presented for governmental activities in the government-wide financial statements. By doing so, readers
may better understand the long-term impact of the government’s near-term financing decisions and the
impact on short term cash flow requirements to meet basic on-going operations. Both the governmental
fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund
balance provide a reconciliation to facilitate this comparison between governmental funds and
governmental activities.
Miami Shores Village maintains twelve (12) individual governmental funds. Information is presented
separately in the governmental funds balance sheet and in the governmental funds statement of revenues,
expenditures and changes in fund balance for the general fund and the 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 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 26 to 63 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 65 to 78 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 79 to 89 of this report.
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, 2022 was $41.2 million. Approximately 56.7%, or $23.3 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, $7.3 million is restricted net position
and is subject to external restrictions on how it may be spent.
At September 30, 2022, Miami Shores Village had an unrest ricted net position of $10.5 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.
7
Table 1
Miami Shores Village
Summary of Net Position
(in thousands) Total
percentage
change Governmental
activities Business-type activities Total primary
governmental
2022 2021 2022 2021 2022 2021 2022-2021
Current and other
assets
24,658
18,567
7,543
6,851
32,201
25,418 26.69%
Net pension asset
1,509
-
54
-
1,563
- -
Capital assets
23,524
23,031
2,367
2,587
25,891
25,618 1.07%
Total assets
49,691
41,598
9,964
9,438
59,655
51,036 16.89%
Deferred outflows
related to pension &
OPEB
2,769
2,890
130
124
2,899
3,014 -3.82%
Total deferred
outflows of resources
2,769
2,890
130
124
2,899
3,014 -3.82%
Long-term liabilities
outstanding
3,962
10,604
3,681
3,986
7,643
14,590 -47.61%
Other liabilities
6,369
1,171
1,307
1,174
7,676
2,345 227.33%
Total liabilities
10,331
11,775
4,988
5,160
15,319
16,935 -9.54%
Deferred inflows related
to BTR, pension & OPEB
5,824
1,122
227
23
6,051
1,145 428.47%
Total deferred
inflows of resources
5,824
1,122
227
23
6,051
1,145 428.47%
Net investment in
capital assets,
20,970
19,027
2,366
2,587
23,337
21,614 15.20%
Restricted
7,094
6,688
215
269
7,309
6,957 5.06%
Unrestricted
8,241
5,876
2,297
1,523
10,539
7,399 21.30%
Total net position
36,305
31,591
4,879
4,379
41,184
35,970 14.50%
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 $4.7 million or 14.9% during FY2022. The increase in
ending net position is attributable to the $1,249,000 pay-off of the Aquatic Center Loan, reduction of
budgeted encumbrances, increases in revenues as they return to pre-COVID levels and conservative
spending. Also contributing to this increase was the introduction of the ARPA Fund and Building Fund.
8
Table 2
Miami Shores Village
Changes in Net Position
(in thousands)
Total
percentage
change Governmental activities Business-type activities Total primary
government
2022 2021 2022 2021 2022 2021 2022-2021
Revenues:
Program revenues:
Charges for services
6,302
5,532
4,075
3,848
10,377
9,380 10.63%
Operating grants & Contributions
799
740
-
-
799
740 7.97%
Capital grants and Contributions
-
-
-
-
-
- -
General Revenues:
Property taxes
10,624
10,015
-
-
10,624
10,015 6.08%
Other taxes
2,476
2,233
-
-
2,476
2,233 10.88%
Intergovernmental revenues
1,633
4,201
-
-
1,633
4,201 -61.13%
Investment income - unrestricted
73
27
3
2
76
29 162.07%
Miscellaneous
598
421
2
1
600
422 42.18%
Special item - gain (loss) on sale of
asset
-
(145)
-
-
-
(145) -
Total revenues
22,505
23,024
4,080
3,851
26,585
26,875 -1.08%
Expenses:
General government
3,172
4,123
-
-
3,172
4,123 -23.07%
Public safety
6,782
7,741
-
-
6,782
7,741 -12.39%
Public works
4,474
3,860
-
-
4,474
3,860 15.91%
Solid Waste / Stormwater / Water &
Wastewater
-
-
3,244
3,185
3,244
3,185 1.85%
Culture & Recreation
3,616
3,106
-
-
3,616
3,106 16.42%
Interest on Long-term Debt
83
115
-
-
83
115 -27.83%
Total expenses
18,127
18,945
3,244
3,185
21,371
22,130 -3.43%
Increase(decrease) in net position
before Transfers
4,378
4,079
836
666
5,214
4,745 9.88%
Transfers
336
336
(336)
(336)
-
-
-
Increase(decrease) in net
position
4,714
4,415
500
330
5,214
4,745 9.88%
Beginning net position
31,591
27,176
4,379
4,049
35,970
31,225 15.20%
Prior period adjustment
-
-
-
-
-
-
-
Ending net position
36,305
31,591
4,879
4,379
41,184
35,970 14.50%
9
Figure A-1
Expenses and Program Revenues – Governmental Activities
For the Fiscal Year Ended September 30, 2022
Figure A-2
Revenues by Source – Governmental Activities
For the Fiscal Year Ended September 30, 2022
Business-type activities. The Miami Shores Village major business-type activities include the following
enterprise funds:
Solid Waste Fund
Stormwater Fund
$-
$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
Revenues Expenses
General government Public safety Public Works Culture/recreation Interest on long-term debt
Property Taxes
48%
Charges for
Services
29%
Investment Income
0%
Public Service
Taxes
11%
Intergovernmental
8%
Other
4%
10
Water & Wastewater Fund
Net position of business-type activities increased by approximately $500 thousand. This increase is due to
the increase in revenues while spending remained consistent with the prior year. 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, 2022
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 $15.9 million. Of this amount, $9.9 million reflects unassigned fund balance, which
is available for spending at the government’s discretion. The remainder of the fund balance is non-
spendable, assigned, committed or restricted to indicate that it is not available for new spending as those
dollars have already been 1) assigned to spend $931 thousand on capital improvements in FY23 from the
budget adopted in FY23, 2)committed to liquidate contracts or encumbered fiscal obligations (outstanding
purchase orders) valued at $1.6 million, 3) restricted for funds limited by the contributing agency of $3.4
million and 4) non-spendable for funds used to account for amounts which cannot currently be spent, such
as prepaid expenses of $3 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 $11.1 million as compared with $9.7 million in the prior
year.
The Village's General Fund unassigned balance increased by $1.4 million during the 2022 fiscal year. The
increase in unrestricted net position was related to revenues returning to pre-COVID levels, conservative
spending and the introduction of the Building Fund.
The Village has three other major funds, Police Forfeiture Fund, the Grant Fund and the American Rescue
Plan Act (ARPA) Fund.
$-
$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 Police Forfeiture Fund accumulates proceeds received from forfeitures related to ongoing
investigations. The Village has one officer assigned to the federal program. The expenditure of these funds
is restricted by strict governmental rules and approval of the Village Council. The fund balance of $719
thousand will be used for future projects for the Police Department.
The Grant Fund accounts for the use of specific designated resources related to grant programs. The
negative unassigned fund balance of ($1,198,175) 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 $692 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 $1.8 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
$164 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 re-
appropriation of committed fund balance for encumbrances. This amendment is usually adopted as the
first budget amendment of each fiscal year and is normally presented at the first meeting in November of
each fiscal year. Additional budget amendments may be presented to council at any time during the fiscal
year.
Over the course of the year, the Village amended the General Fund budget 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 $1.5 million below final budgeted amounts. Savings were realized in general government,
$616 thousand, public safety, $364 thousand, public works, $153 thousand, and culture and recreation, $353
thousand. These savings in general government costs and various departmental costs were due to unfilled
positions and conservative spending.
12
The fiscal year 2022 final amended budget was $17.9 million, an increase of 3.9% over the original General
Fund budget of $17.2 million. Correspondingly, the Consumer Price Index (or inflation index) from the U.S.
Bureau of Labor Statistics – All Urban Consumers increased 8.2% for the year ended September 2022. The
final Adopted Budget is balanced with revenues of $16 million, $700 thousand in operating transfers from
the Building Fund, Solid Waste Fund and the Stormwater Fund, and a $1.1 million appropriation from the
General Fund Balance.
Capital Asset and Debt Administration
Capital Assets. Miami Shores Village’s investment in capital assets for its governmental and business-type
activities as of September 30, 2022 amounts to $25.9 million (net of accumulated depreciation). The
investment in capital assets includes Village-owned buildings, equipment and other infrastructure (streets,
sidewalks, easements, right-of-ways). The value of capital investments includes the cost of the Doctors’
Charter School of Miami Shores. The following table summarizes the components of the Village’s
investments in capital assets.
Miami Shores Village
Capital Assets as of September 30, 2022 and 2021
(net of accumulated depreciation)
Governmental Activities Business-Type Activities Total
Classification 2022 2021 2022 2021 2022 2021
Land $ 2,386,158 $ 2,386,158 $ - $ - $ 2,386,158 $ 2,386,158
Construction in progress 2,060,993 803,951 112,234 108,149 2,173,227 912,100
Building 8,764,330 8,948,248 - - 8,764,330 8,948,248
Infrastructure 6,893,533 7,216,195 1,460,349 1,495,525 8,353,882 8,711,720
Machinery and
equipment 2,946,828 3,112,145 794,371 983,130 3,741,199 4,095,275
Intangible 472,342 563,971 - - 472,342 563,971
Totals $23,524,184 $23,030,668
$2,366,954
$2,586,804 $25,891,138 $25,617,472
Additional information on Miami Shores Village’s capital assets may be found in Note 6 on Pages 41 to 42
of this report.
Long-term Liabilities. At September 30, 2022, Miami Shores Village had $6.4 million in long-term liabilities,
which are summarized in the schedule below. The decrease of $8.6 million is attributable to a decrease in
annual bond payments of $1.4 million due to the closing of the Miami Shores Village, Florida Refunding
General Obligation Bond, Series 2013 for the aquatic center, an increase in OPEB liability of $58 thousand,
and compensated absences of $179 thousand.
13
Miami Shores Village
Outstanding Long-term Liabilities as of September 30, 2022 and 2021
Governmental Activities Business-type activities Total Primary Government
2022 2021 2022 2021 2022 2021
General obligation bonds $2,554,600 $4,003,900 $ - $ - $2,554,600 $4,003,900
Other debt - - 3,640,000 3,700,000 3,640,000 3,700,000
Total bonds and notes payable
2,554,600
4,003,900 3,640,000 3,700,000 6,194,600 7,703,900
Other liabilities:
OPEB liability 603,654 551,929 25,689 19,632 629,343 571,561
Estimated insurance claims
payable - - - - - -
Compensated absences 1,014,199 863,251 101,218 73,467 1,115,417 936,718
Totals $4,172,453 $10,956,928 $3,766,907 $4,004,619 $7,939,360 $9,212,179
Additional information on the Village’s long-term debt may be found in Note 7 on Pages 42 to 43 of this
report.
Economic Factors and Next Year’s Budgets and Rates
Miami Shores Village is a single-family, residential community. As such, standard economic indicators used
to determine the overall health of a community are slightly different for Miami Shores. Since the Village’s
“business community” is restricted to a six-block area on Second Avenue and isolated pockets of business
entities on Biscayne Boulevard, the Village must monitor property values and other residentially-related
trends to determine the health and vitality of the community. Quality recreational activities, including the
Village’s first-class aquatics facility, support the residents’ requirement for high standards and outstanding
recreation and leisure activities. This, along with its own public safety department, provides a higher
standard of living than that which is found in surrounding municipalities.
The State of Florida, by constitution, does not have a state personal income tax and therefore, the State
operates primarily using sales, gasoline and corporate income taxes. Local governments (cities, counties,
and school boards) primarily rely upon property taxes and a limited array of permitted other taxes (sales,
telecommunication, gasoline, utilities services, etc.) and fees (franchise, building permits, occupational
licenses, etc.) for funding of their governmental activities. In addition, there are a number of state-shared
revenues and recurring and non-recurring (one-time) grants from both the state and federal governments.
On January 29, 2008, the Florida electorate approved an amendment to the Florida Constitution relative to
property taxation. This amendment (referred to as Amendment 1) was placed on the ballot by the Florida
legislature at a special session held in October 2007. With respect to homestead property, Amendment 1
increases the $25,000 homestead exemption by another $25,000 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.
14
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 2022 reflected an increase of $459 thousand, precipitated by an
increase in property values of $60 million or 4.8% in property values as compared with 2021. 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, unassigned fund balance in the General Fund was $11.1 million, an increase
of $1.4 million compared to the unassigned fund balance in 2021 of $9.7 million. This fund balance of $11.1
million is contingent upon the $1.2 million accounts receivable attributable to Hurricane IRMA. The balance
of $9.9 million is approximately equal to 6.3 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 2023 budgeted expenditures and
transfers are expected to be $20.1 million, or 16.8%, more than the fiscal year 2022 budget of $17.2 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, 2013-2022
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. Since FY16, the Village has maintained the operating
millage consistently at 7.9 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.
$-
$2,000,000.00
$4,000,000.00
$6,000,000.00
$8,000,000.00
$10,000,000.00
$12,000,000.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
15
Miami Shores Village
Total Village Millage
For the Fiscal Years ended September 30, 2013-2022
Fiscal year 2023 budgeted expenditures and transfers are expected to increase $3.0 million compared with
fiscal year 2022. This increase in expenditures is the result of the COVID-19 pandemic restrictions subsiding,
as well as the direct economic impact, resulting from the pandemic, with price increases as the supply
chain issues and shortages occur. Additional contributory factors include the increase in Village staff
budgeted positions and the increase in capital improvements delayed due to the pandemic.
Requests for Information
This financial report is designed to provide a general overview of Miami Shores Village finances to our
citizens, taxpayers, customers, investors, creditors, and others with an interest in the Village finances.
Questions concerning this report or requests for additional financial information should be directed to the
Finance Director, Holly Hugdahl, CPA, CGMA.
MIAMI SHORES VILLAGE
Finance Department
10050 Northeast Second Avenue
Miami Shores, Florida 33138-2382
7.4
7.6
7.8
8
8.2
8.4
8.6
8.8
9
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Operating Millage Debt Service Millage
BASIC FINANCIAL STATEMENTS
Governmental Business-Type
Activities Activities Total
ASSETS
Current assets:
Cash and cash equivalents 22,155,489$ 3,859,203$ 26,014,692$
Investments 324,383 - 324,383
Accounts receivables - net 1,924,871 133,771 2,058,642
Special assessment receivable - 3,450,855 3,450,855
Inventories 10,559 94,176 104,735
Prepaid items 242,126 - 242,126
Restricted assets:
Cash and cash equivalents - 5,237 5,237
Total current assets 24,657,428 7,543,242 32,200,670
Non-current assets:
Net pension asset 1,508,987 54,173 1,563,160
Capital assets:
Capital assets not being depreciated 4,447,151 112,234 4,559,385
Capital assets being depreciated, net 19,077,033 2,254,720 21,331,753
Total non-current assets 25,033,171 2,421,127 27,454,298
Total assets 49,690,599 9,964,369 59,654,968
DEFERRED OUTFLOWS OF RESOURCES
Pension 2,638,831 118,007 2,756,838
Other post employment benefits (OPEB)129,886 11,862 141,748
Total deferred outflows of resources 2,768,717 129,869 2,898,586
LIABILITIES
Accounts payable and accrued liabilities 1,049,148 110,074 1,159,222
Unearned revenues 5,109,132 1,111,292 6,220,424
Noncurrent liabilities:
Due within one year 210,360 85,304 295,664
Due in more than one year 3,962,093 3,681,602 7,643,695
Total liabilities 10,330,733 4,988,272 15,319,005
DEFERRED INFLOWS OF RESOURCES
Busines license tax 48,960 - 48,960
Pension 5,579,468 216,430 5,795,898
Other post employment benefits (OPEB) 195,608 10,623 206,231
Total deferred inflows of resources 5,824,036 227,053 6,051,089
NET POSITION
Net investment in capital assets 20,969,584 2,366,954 23,336,538
Restricted for:
Public safety 752,666 - 752,666
Transportation 1,654,701 - 1,654,701
Building 449,242 - 449,242
Library 252,340 - 252,340
Debt service 144,495 - 144,495
Charter school 1,620,087 - 1,620,087
Parks and recreation 65,252 - 65,252
Capital projects 1,640,647 - 1,640,647
Subsequent years budget 514,283 214,634 728,917
Unrestricted 8,241,250 2,297,325 10,538,575
Total net position 36,304,547$ 4,878,913$ 41,183,460$
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30, 2022
See notes to basic financial statements.
16
MIAMI SHORES VILLAGE, FLORIDA
STATEMENT OF ACTIVITIES
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Net Revenue (Expense) and
Changes in Net Position
Operating Business-
Charges for Grants and Governmental Type
Functions/Programs Expenses Services Contributions Activities Activities Total
Primary government
Governmental activities:
General government 3,172,085$ 2,495,126$ -$ (676,959)$ -$ (676,959)$
Public safety 6,782,274 2,418,250 - (4,364,024) - (4,364,024)
Public works 4,473,996 33,880 799,272 (3,640,844) - (3,640,844)
Culture and recreation 3,616,598 1,355,295 - (2,261,303) - (2,261,303)
Interest on long-term debt 82,588 - - (82,588) - (82,588)
Total governmental activities 18,127,541 6,302,551 799,272 (11,025,718) - (11,025,718)
Business-type activities:
Solid waste 2,820,292 3,420,822 - - 600,530 600,530
Stormwater 226,609 592,626 - - 366,017 366,017
Water & wastewater 196,925 61,592 - - (135,333) (135,333)
Total business-type activities 3,243,826 4,075,040 - - 831,214 831,214
Total primary government 21,371,367 10,377,591 799,272 (11,025,718) 831,214 (10,194,504)
General revenues:
Property taxes, levied for general purposes 10,623,678$ -$ 10,623,678$
Public service taxes 2,475,934 - 2,475,934
Intergovernmental (unrestricted)1,632,997 - 1,632,997
Investment income (unrestricted)73,387 3,545 76,932
Miscellaneous 597,605 1,634 599,239
Transfers 335,957 (335,957) -
Total general revenues and transfers 15,739,558 (330,778) 15,408,780
Change in net position 4,713,840 500,436 5,214,276
Net position - beginning 31,590,707 4,378,477 35,969,184
Net position - ending 36,304,547$ 4,878,913$ 41,183,460$
Program Revenue
See notes to basic financial statements.
17
MIAMI SHORES VILLAGE
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30, 2022
Major Funds
Other
Nonmajor Total
General Police American Rescue Governmental Governmental
Fund Forfeiture Grant Plan Act Funds Funds
ASSETS
Cash and cash equivalents 9,006,971$ 699,797$ -$ 5,233,748$ 4,843,638$ 19,784,154$
Investments 324,383 - - - - 324,383
Accounts receivable, net 842,216 19,466 908,695 - 130,251 1,900,628
Due from other funds 2,256,485 - - - - 2,256,485
Prepaid items 2,552 - - - - 2,552
Total assets 12,432,607 719,263 908,695 5,233,748 4,973,889 24,268,202
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities 335,370 - 17,307 49,249 550,135 952,061
Due to other funds - - 2,080,952 175,533 - 2,256,485
Unearned revenue 31,169 - 8,611 5,008,966 60,386 5,109,132
Total liabilities 366,539 - 2,106,870 5,233,748 610,521 8,317,678
Deferred inflows of resources:
Business license tax 48,960 - - - - 48,960
Total deferred inflows of resources 48,960 - - - - 48,960
Fund balances:
Nonspendable 2,552 - - - - 2,552
Restricted - 719,263 - - 2,654,270 3,373,533
Committed - - - - 1,640,647 1,640,647
Assigned 863,000 - - - 68,451 931,451
Unassigned 11,151,556 - (1,198,175) - - 9,953,381
Total fund balances 12,017,108 719,263 (1,198,175) - 4,363,368 15,901,564
Total liabilities, deferred inflows of
resources, and fund balances 12,432,607$ 719,263$ 908,695$ 5,233,748$ 4,973,889$ 24,268,202$
See notes to basic financial statements.
18
Fund balances - total governmental funds (Page 18)15,901,564$
Amounts reported for governmental activities in the statement of net position are
different as a result of:
Certain assets used in governmental activities are not financial resources, and, therefore,
are not reported in the governmental funds:
Net pension assets 1,492,340
1,492,340
Capital assets used in governmental activities are not financial resources and
therefore are not reported in the governmental funds.
Governmental capital assets 48,184,904
Less accumulated depreciation (26,654,908)
21,529,996
Deferred inflows/outflows of resources in the statement of net position will be
recognized in future periods.
Deferred outflows related to OPEB 126,238
Deferred inflows related to OPEB (192,333)
Deferred outflows related to pension 2,602,592
Deferred inflows related to pension (5,512,959)
(2,976,462)
Long-term liabilities, including bonds payable, are not due and payable in the current period
and therefore are not reported in the governmental funds.
Bonds and notes payable (2,554,600)
OPEB liability (595,719)
Compensated absences (979,959)
(4,130,278)
Net position of internal service funds are not reported with governmental funds 4,487,387
Net position of governmental activities (Page 16)36,304,547$
SEPTEMBER 30, 2022
MIAMI SHORES VILLAGE, FLORIDA
RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION
GOVERNMENTAL FUNDS
See notes to basic financial statements.
19
MIAMI SHORES VILLAGE
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Major Funds
Other
Nonmajor Total
General Police American Rescue Governmental Governmental
Fund Forfeiture Grant Plan Act Funds Funds
REVENUES
Property taxes 10,158,979$ -$ -$ -$ 464,699$ 10,623,678$
Public services taxes 2,475,934 - - - - 2,475,934
Fees and fines 299,205 60,554 - - 2,607 362,366
Licenses and permits 253,252 - - - 1,279,643 1,532,895
Intergovernmental 1,481,181 - 698,652 182,383 915,157 3,277,373
Grants, contributions and donations - - - - 29,419 29,419
Charges for services 2,115,710 - - - - 2,115,710
Investment earnings 53,074 1,439 - 5,376 8,318 68,207
Miscellaneous 319,443 - - - - 319,443
Total revenues 17,156,778 61,993 698,652 187,759 2,699,843 20,805,025
EXPENDITURES
Current:
General government 2,844,381 - (209) - 5,000 2,849,172
Public safety 7,638,168 48,496 8,059 - 737,719 8,432,442
Public works 1,836,178 - 47,880 - 393,739 2,277,797
Culture and recreation 3,153,802 - 10,205 - 55,954 3,219,961
Debt Service:
Principal - - - - 1,449,300 1,449,300
Interest - - - - 82,588 82,588
Capital outlay - 33,358 632,717 187,759 945,835 1,799,669
Total expenditures 15,472,529 81,854 698,652 187,759 3,670,135 20,110,929
Excess (deficiency) of revenues over
expenditures 1,684,249 (19,861) - - (970,292) 694,096
OTHER FINANCING SOURCES (USES)
Transfers in 700,000 - - - 863,000 1,563,000
Transfers out (927,043) - - - (300,000) (1,227,043)
Total other financing sources and uses (227,043) - - - 563,000 335,957
Net change in fund balances 1,457,206 (19,861) - - (407,292) 1,030,053
Fund balances (deficit) - beginning of year, previously reported 10,615,044 739,124 (1,198,175) - 4,715,518 14,871,511
Prior period adjustment - See Note 15 (55,142) - - - 55,142 -
Fund balances, beginning of year, as restated 10,559,902 739,124 (1,198,175) - 4,770,660 14,871,511
Fund balances - ending 12,017,108$ 719,263$ (1,198,175)$ -$ 4,363,368$ 15,901,564$
See notes to basic financial statements.
20
Amounts reported for governmental activities in the statement of activities are different
as a result of:
Net change in fund balances - total government funds (Page 20)1,030,053$
Governmental funds report capital outlays as expenditures. However, in the statement of activities, the
cost of those assets is depreciated over their estimated useful lives.
Expenditures for capital outlay capitalized 1,811,589$
Less current year depreciation (1,384,391)
Net adjustment 427,198
The issuance of long term debt (e.g., bonds, leases) provides current financial debt
consumes the current financial resources of governmental funds. Neither transaction, however, has
any effect on net position.resources to governmental funds, while the repayment of the principal of
long term.
Principal payments 1,449,300
1,449,300
Some expenses reported in the statement of activities do not require the use of
current financial resources and, therefore, are not reported as expenditures in
governmental funds.
Change in net pension liability (asset) and other deferral amounts 2,136,303
Change in compensated absences (148,459)
Change in OPEB liability and other deferral amounts (7,562)
Allocation of internal service funds' change in net position (172,993)
1,807,289
Change in net position of governmental activities (Page 17)4,713,840$
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
MIAMI SHORES VILLAGE, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCE OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
See notes to basic financial statements.
21
MIAMI SHORES VILLAGE
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2022
Governmental
Enterprise Funds Activities-
Solid Waste Stormwater
Water &
Wastewater Total
Internal
Service Funds
ASSETS
Current assets:
Cash and cash equivalents 1,715,892$ 2,005,837$ 137,474$ 3,859,203$ 2,371,335$
Accounts receivable, net 122,934 9,726 1,111 133,771 24,243
Special assessment receivables 47,419 6,051 3,397,385 3,450,855 -
Inventories 94,176 - - 94,176 10,559
Prepaid Expenses - - - - 239,574
Restricted assets:
Cash and cash equivalents - - 5,237 5,237 -
Total current assets 1,980,421 2,021,614 3,541,207 7,543,242 2,645,711
Non-current assets:
Net pension asset 50,374 3,799 - 54,173 16,647
Capital assets:
Capital assets not being depreciated - 111,166 1,068 112,234 7,127
Capital assets being depreciated, net 794,371 1,460,349 - 2,254,720 1,987,061
Total non-current assets 844,745 1,575,314 1,068 2,421,127 2,010,835
Total assets 2,825,166$ 3,596,928$ 3,542,275$ 9,964,369$ 4,656,546$
DEFERRED OUTLOWS OF RESOURCES
Pension 109,729 8,278 - 118,007 36,239
Other post employment benefits 10,973 889 - 11,862 3,648
Total deferred outflows of resources 120,702 9,167 - 129,869 39,887
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 96,633 12,135 1,306 110,074 97,087
Unearned revenue 891,959 154,938 64,395 1,111,292 -
Compensated absences 24,290 1,014 - 25,304 8,560
Bonds, notes and loans payable - - 60,000 60,000 -
Total current liabilities 1,012,882 168,087 125,701 1,306,670 105,647
Non-current liabilities:
Compensated absences 72,871 3,042 - 75,913 25,680
OPEB liability 23,128 2,561 - 25,689 7,935
Bonds, notes and loans payable - - 3,580,000 3,580,000 -
Total non-current liabilities 95,999 5,603 3,580,000 3,681,602 33,615
Total liabilities 1,108,881 173,690 3,705,701 4,988,272 139,262
DEFERRED INFLOWS OF RESOURCES
Pension 201,249 15,181 - 216,430 66,509
Other post employment benefits 9,670 953 - 10,623 3,275
Total deferred inflows of resources 210,919 16,134 - 227,053 69,784
NET POSITION
Net investment in capital assets 844,745 1,575,314 1,068 2,421,127 2,010,835
Restricted 140,000 74,634 - 214,634 370,000
Unrestricted 641,323 1,766,323 (164,494) 2,243,152 2,106,552
Total net position 1,626,068$ 3,416,271$ (163,426)$ 4,878,913$ 4,487,387$
Business-type Activities -
See notes to basic financial statements.
22
MIAMI SHORES VILLAGE
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITON
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Governmental
Enterprise Funds Activities-
Solid Waste Stormwater
Water &
Wastewater Total
Internal
Service Funds
REVENUES
Charges for services 3,420,822$ 592,626$ 61,592$ 4,075,040$ 2,367,646$
Total operating revenues 3,420,822 592,626 61,592 4,075,040 2,367,646
Operating expenses
Personal services 1,035,821 88,428 - 1,124,249 247,477
Utilities 864,442 6,359 - 870,801 18,616
Repairs and maintenance 499,159 24,366 57,146 580,671 263,026
Administrative expenses 187,957 20,950 63,500 272,407 632,896
Insurance claims and expenses 44,154 8,424 - 52,578 1,048,974
Depreciation 188,759 78,082 - 266,841 334,830
Total Operating expenses 2,820,292 226,609 120,646 3,167,547 2,545,819
Operating income (loss)600,530 366,017 (59,054) 907,493 (178,173)
NON-OPERATING REVENUES (EXPENSES)
Interest and investment revenue 716 2,780 49 3,545 5,180
Miscellaneous revenue - - 1,634 1,634 -
Interest expense - - (76,279) (76,279) -
Total non-operating revenue (expenses)716 2,780 (74,596) (71,100) 5,180
Income (loss) before contributions and transfers 601,246 368,797 (133,650) 836,393 (172,993)
Transfers in - - 64,043 64,043 -
Transfers out (350,000) (50,000) - (400,000) -
Change in net position 251,246 318,797 (69,607) 500,436 (172,993)
Total net position (deficit)- beginning 1,374,822 3,097,474 (93,819) 4,378,477 4,660,380
Total net position (deficit) - ending 1,626,068$ 3,416,271$ (163,426)$ 4,878,913$ 4,487,387$
Business-type Activities -
See notes to basic financial statements.
23
Governmental
Activities-
Solid Waste Stormwater
Water &
Wastewater Total
Internal Service
Funds
Cash flows from operating activities:
Cash received from customers, governments and other funds 3,471,769$ 596,159$ 208,998$ 4,276,926$ 2,350,023$
Cash paid to suppliers (1,588,897) (49,926) (119,340) (1,758,163) (1,879,999)
Cash paid for employees (1,014,840) (88,613) - (1,103,453) (247,125)
Net cash provided by operating activities 868,032 457,620 89,658 1,415,310 222,899
Cash flows from non-capital financing activities:
Transfers in - - 64,043 64,043 -
Transfers out (350,000) (50,000) - (400,000) -
Net cash provided by (used in) non-capital financing activities (350,000) (50,000) 64,043 (335,957) -
Cash flows from capital related financing activities:
Acquisition and construction of capital assets (50,374) (50,790) - (101,164) (417,795)
Principal paid on long-term debt - - (60,000) (60,000) -
Interest paid on capital debt - - (76,279) (76,279) -
Net cash (used in) capital and related financing activities (50,374) (50,790) (136,279) (237,443) (417,795)
Cash flows from investing activities:
Interest and other income 716 2,780 1,683 5,179 5,180
Net cash provided by investing activities 716 2,780 1,683 5,179 5,180
Net increase (decrease) in cash and cash equivalents 468,374 359,610 19,105 847,089 (189,716)
Cash and cash equivalents, October 1 1,247,518 1,646,227 123,606 3,017,351 2,561,051
Cash and cash equivalents, September 30 1,715,892$ 2,005,837$ 142,711$ 3,864,440$ 2,371,335$
Reported in statement of net position as follows:
Cash and cash equivalents 1,715,892$ 2,005,837$ 137,474$ 3,859,203$ 2,371,335$
Restricted - - 5,237 5,237 -
1,715,892$ 2,005,837$ 142,711$ 3,864,440$ 2,371,335$
Reconciliation of operating income to net cash
provided by operating activities:
Operating income (loss)600,530$ 366,017$ (59,054)$ 907,493$ (178,173)$
Adjustments to reconcile operating income to net
cash provided by operating activities:
Depreciation 188,759 78,082 - 266,841 334,830
Change in assets and liabilities:
(Increase) decrease in:
Accounts receivable 14,951 (853) 146,880 160,978 (17,623)
Inventories (6,291) - - (6,291) 24,960
Prepaids - - - - (19,026)
Deferred outflows of resources for pension (5,075) (384) - (5,459) (1,677)
Increase (decrease) in:
Accounts payable and accrued liabilities 13,106 10,173 1,306 24,585 78,201
Compensated absences 27,446 304 - 27,750 1,867
OPEB liability 5,632 425 - 6,057 1,861
Unearned revenues 35,996 4,386 526 40,908 -
Net pension liability (asset)(196,684) (14,836) - (211,520) (65,000)
Deferred inflows of resources for pension 189,662 14,306 - 203,968 62,679
Total adjustments 267,502 91,603 148,712 507,817 401,072
Net cash provided by operating activities 868,032$ 457,620$ 89,658$ 1,415,310$ 222,899$
Enterprise Funds
MIAMI SHORES VILLAGE
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Business-type Activities -
See notes to basic financial statements.
24
MIAMI SHORES VILLAGE
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
SEPTEMBER 30, 2022
Pension Private
Trust Purpose
Funds Trust
ASSETS
Cash and cash equivalents $ 830,434 $ 1,496,804
Receivables:
Accounts receivables 109,624 -
Interest and dividends 184,924 -
Total receivables 294,548 -
Investments:
Mutual funds - equity 16,114,957 -
Common stock 9,558,827 -
Corporate bonds 7,663,605 -
U.S. Government securities 3,648,282 -
Mortgage backed securities 4,538,708 -
Foreign stock 1,102,337 -
Foreign bonds 96,329 -
Municipal bonds 117,315 -
Total Investments 42,840,360 -
Total assets 43,965,342 1,496,804
NET POSITION
Net position restricted for pensions $ 43,965,342 $ 1,496,804
See notes to basic financial statements.
25
MIAMI SHORES VILLAGE
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Pension Private
Trust Purpose
Funds Trust
ADDITIONS
Contributions:
Employer 1,604,695$ -$
Plan Members 466,692 -
State of Florida 109,624 -
Total contributions 2,181,011 -
Investment earnings:
Net increase in fair value of investments (12,680,080) -
Interest 3,000,793 2,877
Investment activity expense (208,992) -
Total net investment earnings (9,888,279) 2,877
Total additions (7,707,190) 2,877
DEDUCTIONS
Benefits 3,128,319 -
Administrative 178,940 -
Total deductions 3,307,259 -
Change in net position (11,014,449) 2,877
Net position - beginning 54,979,791 1,493,927
Net position - ending 43,965,342$ 1,496,804$
See notes to basic financial statements.
26
NOTES TO BASIC FINANCIAL STATEMENTS
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
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, 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 accounting principles generally
accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting
Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and
financial reporting. The more significant of the Village's accounting policies are described below:
B. Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of activities) report
information on all of the nonfiduciary activities of the Village. For the most part, the effect of interfund activity has
been removed from these statements. Governmental activities, which normally are supported by taxes and
intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent
on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segment
are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or
segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit
from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that
are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and
other items not properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even
though the latter are excluded from the government-wide financial statements. Major individual governmental funds
and major individual enterprise funds are reported as separate columns in the fund financial statements. All
remaining non-major governmental funds are aggregated and reported as other governmental or other proprietary
funds.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
28
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting and Basis of Presentation (Continued)
The government-wide financial statements are reported using the economic resources measurement focus and
the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are
recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the
related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and
similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been
met.
Governmental fund financial statements are reported using the current financial resources measurement focus
and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and
available. Revenues are considered to be available when they are collectible within the current period or soon
enough thereafter to pay liabilities of the current period. For this purpose, the Village considers receivables
collected within 60 days after year-end to be available and recognizes them as revenues of the current year.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt
service expenditures, as well as expenditures related to compensated absences and claims and judgments, are
recorded only when payment is due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all considered
to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Revenues for
expenditure driven grants are recognized when the qualifying expenditures are incurred. All other revenue items
are considered to be measurable and available only when cash is received by the Village.
The Village reports the following major governmental funds:
General Fund - This fund is the Village’s primary operating fund. It accounts for all financial resources of the
general government, except those required to be accounted for in another fund.
Police Forfeiture - This fund accounts for proceeds obtained through the sale of confiscated and unclaimed
property turned over to the Village through court judgments. Proceeds are to be used solely for law
enforcement purposes.
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 fund:
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.
Water & 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
29
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Measurement Focus, Basis of Accounting and Basis of Presentation (Continued)
Additionally, the Village reports the following fund types:
Internal Service Funds - The internal service funds are used to account for the financing of goods or services
provided by one department to other departments of the Village, on a cost reimbursement basis. The Village
has two internal service funds, the Risk Management Fund and the Fleet Maintenance Fund.
Pension Trust Funds - The pension trust funds account for the activities of the Police Pension and General
Employees’ Retirement Plans, which accumulate resources for pension benefits to qualified employees.
Private Purpose Trust Fund - This fund accounts for a donation from a foundation to be held by the Village on
behalf of the Doctors Charter School to assist with meeting the operating needs of the school.
The financial statements of the Village have been prepared in accordance with generally accepted accounting
principles (GAAP) as applied to governmental units in accordance with The Governmental Accounting Standards
Board (GASB) pronouncements. The financial statements of the Village follow the guidance of GASB Statement
No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB
and AICPA Pronouncements for both the government wide and proprietary fund financial statements.
As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements.
Exceptions to this general rule are charges between the Village’s enterprise fund functions and various other
functions of the Village. Elimination of these charges would distort the direct costs and program revenues reported
for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or
privileges provided, and 2) operating grants and contributions, and 3) capital grants and contributions. Internally
dedicated resources are reported as general revenues rather than as program revenues. Likewise, general
revenues include all taxes. Proceeds from local option gas tax and Transportation Surtax are used to fund
transportation related expenditures and therefore are reported as program revenues under the function “Public
Works”.
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and
expenses generally result from providing services and producing and delivering goods in connection with a
proprietary fund’s principal ongoing operations. The principal operating revenues of the 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
30
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Deposits and Investments
The Village's cash and cash equivalents, for purpose of the statement of cash flows, include cash on hand, time
and demand deposits, and short-term investments with original maturities of three months or less from the date of
acquisition. The Village maintains a cash pool that is available for use by all funds. Interest earned on pooled cash
is allocated to each of the funds, based on the fund’s average pooled cash balance on a monthly basis.
All of the Village’s investments are reported at fair value, which is based on quoted market prices. The Village’s
investments consist of amounts placed with the State Board of Administration in the Local Government Surplus
Funds Trust Fund (Florida PRIME) investment pool. The Florida PRIME is considered a SEC 2a-7-like fund, thus
reported at its fair value of its position in the pool, which is the same as its value of the pool shares.
The Plan’s investments are carried at fair value using quoted market prices to value investments. Differences
between cost and market value are recorded as net unrealized gains or losses. Net realized gains or losses for
securities which are sold are combined with the unrealized gains and losses and shown as “net appreciation
(depreciation) in fair value of investments” in plan net position. Dividends and interest are recognized as earned.
Purchases and sales of investments are recorded on a trade-date basis.
The Village's investments in Florida PRIME are governed by the provisions of Florida Statutes Section 218.415.
Investments in the Village's retirement plans are governed by the Plan's investment policies.
E. Receivables and Payables
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the
fiscal year are referred to as either “due to/from other funds” (i.e. the current portion of interfund loans) or “advances
to/from other funds” (i.e. the non-current portion of interfund loans). All other outstanding balances between funds
are reported as “due to/from other funds”. Any residual balances outstanding between the governmental activities
and business-type activities are reported in the government-wide financial statements as “internal balances.”
F. Inventories and Prepaid Items
Inventories are valued at cost using the first-in, first-out (FIFO) method. The costs of governmental fund-type
inventories are recorded as expenditures when consumed rather than when purchased (consumption method). In
the governmental funds, reported inventories are offset by fund balance reserve which indicates that they do not
constitute available spendable resources. Certain payments to vendors reflect costs applicable to future accounting
periods and are recorded – in both, the government-wide and fund financial statements – as prepaid items by
recording an asset for the prepaid amount and recognizing the expenditure in the year such item is consumed
(consumption method). Amounts reported in the governmental funds are offset by an equal reservation of fund
balance in the fund financial statements. This is an indication that these components of current assets do not
constitute available spending resources.
G. Property Taxes
Property values are assessed as of January 1 of each year, at which time taxes become an enforceable lien on
the property. Tax bills are mailed for the Village by Miami Dade County on or about October 1 of each year and
are payable with discounts of up to 4% offered for early payment. Taxes become delinquent on April 1 of the year
following the year of assessment and State law provides for enforcement of collection of property taxes by seizure
of the personal property or by the sale of interest-bearing tax certificates to satisfy unpaid property taxes.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
31
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
G. Property Taxes (Continued)
Assessed values are established by the Miami-Dade County Property Appraiser. In November 1992, a Florida
constitutional amendment was approved by the voters, which provides for limiting the increases in homestead
property valuations for ad valorem tax purposes to a maximum of 3% annually and also provides for reassessment
of market values upon changes in ownership. The County bills and collects all property taxes and remits them to
the Village.
State statutes permit municipalities to levy property taxes at a rate of up to 10 mills ($10 per $1,000 of assessed
taxable valuation). The tax levy of the Village is established by the Village Council and the Miami-Dade County
Property Appraiser incorporates the Village’s millage into the total tax levy, which includes the County and the
County School Board tax requirements. The millage rate assessed by the Village for the year ended September
30, 2022 was 7.9000 mills ($7.9000 per $1,000 of taxable assessed valuation).
H. Restricted Assets
Assets of the debt service fund have been classified as restricted because their use is restricted by a bond
indenture agreement for the Village’s debt service requirements. Proceeds from forfeiture funds are classified as
restricted in the Law Enforcement Training and Police Forfeiture Special Revenue Funds since these resources
are specifically earmarked for law enforcement purposes only. Additionally, proceeds from the People’s
Transportation Tax and Local Option Gas Tax are classified as restricted since these resources may only be used
for road and transportation related expenditures.
Assets held in the General Trust Fund are restricted primarily for recreation, library and police departments, as
well as the charter school.
I. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, sidewalks,
and similar items), are reported in the applicable governmental or business-type activities columns in the
government-wide financial statements. The Village defines capital assets as assets with an initial, individual cost
of more than $1,000 and an estimated useful life in excess of three years. Purchased or constructed assets are
recorded at historical cost or estimated historical cost. Donated capital assets are recorded at acquisition value at
the date of donation.
Major outlays for capital assets and improvements are capitalized as projects are constructed. The costs of normal
maintenance and repairs that do not add value to the asset or materially extend its useful life are not capitalized.
Capital assets of the Village are depreciated using the straight-line method over the following estimated useful
lives:
Assets Years
Building and improvements 10-40
Land improvements 40
Infrastructure 30
Solid waste equipment 10
Vehicles 5
Other equipments, machinery, furniture
and fixtures 3-10
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
32
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
J. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows
of resources. This separate financial statement element, deferred outflows of resources, represents a consumption
of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources
(expense/expenditure) until then. The Village has pension amounts of $2,756,838 and OPEB amounts of $141,748
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 period(s) and so will not be recognized as inflows of resources (revenue) until
that time. The Village has local business licenses taxes of $48,960, pension amounts of $5,795,898, and OPEB
amount of $206,231. That quality for reporting in this category on the government – wide statement of net position.
Net position is the residual of all other elements presented in a statement of financial position. It is the difference
between (a) assets plus deferred outflow of resources and (b) liabilities and deferred inflows of resources.
K. Compensated Absences
Village employees are granted vacation and sick leave in varying amounts based on length of service and the
department which the employee serves. The Village’s vacation policy allows all regular non-temporary employees
to accrue vacation leave on a monthly basis. Vacation leave accrued in 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
22-23 fiscal year.
M. Employee Benefit Plan
The Village provides a separate defined benefit pension plan for its police officers and general employees. At
September 30, 2022, for purposes of measuring the net pension liability (asset), 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
33
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
N. Post-Employment Benefits Other Than Pensions (OPEB)
Pursuant to Section 112.0801, Florida Statutes, the Village is mandated to permit participation in the health
insurance program by retirees and their eligible dependents at a cost to the retiree that is no greater than the cost
at which coverage is available for active employees. Retirees are required to pay 100% of the premium rates where
premiums are determined based upon a blended rates used for active employees and retirees. These premium
rates were adjusted to reflect differing utilization rates by age and gender and the impact of the Medicare program
on claim costs. The blended rates provide an implicit subsidy for retirees because, on an actuarial basis, their
current and future claims are expected to result in higher costs to the plan on average than those of active
employees. The Village currently provides these benefits in accordance with the vesting and retirement
requirements of the Village.
The Village is financing the post employee benefits on a pay-as-you go basis. As determined by an actuarial
valuation, the Village records an OPEB liability in its government-wide and proprietary financial statements related
to the implicit subsidy. For governmental funds, the OPEB liability is generally liquidated by the General Fund. The
OPEB plan does not issue separate financial statements.
O. Long-Term Obligations
In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term
debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-
type activities, or proprietary fund type statement of net position. Bond issuance costs are expensed as incurred
except for insurance cost which are amortized over the term of the related debt. For proprietary fund types, bonds
payable are reported net of the applicable bond premium or discount.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as
bond issuance costs, during the current period. The face amount of debt issued is reported as other financing
sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs are reported as debt service expenditures as
incurred.
P. Net Position / Fund Balance
Total net position as of September 30, 2022, is classified into three components of net position:
Net investment in capital assets
This category consists of capital assets (including restricted capital assets), net of accumulated depreciation
and reduced by any outstanding balances of bonds, mortgages, notes or other borrowings that are attributable
to the acquisition, construction, and improvements of those assets, excluding unexpended proceeds.
Restricted net position
This category consists of net position restricted in their use by (1) external groups such as grantors, creditors
or laws and regulations of other governments; or (2) law, through constitutional provisions or enabling
legislation.
Unrestricted net position
This category includes all of the remaining net position that does not meet the definition of the other two
categories.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
34
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
P. Net Position / Fund Balance (continued)
As of September 30, 2022, fund balances of the governmental funds are classified as follows:
Non-spendable
Amounts that cannot be spent either because they are in non-spendable form or because they are legally or
contractually required to be maintained intact.
Restricted
Amounts that can be spent only for specific purposes because of constitutional provisions or enabling
legislation or because of constraints that are externally imposed by creditors, grantors, contributors, or the
laws or regulations of other governments.
Committed
Amounts that can be used only for specific purposes determined by a formal action of the Village Council. The
Village Council is the highest level of decision-making authority for the Village. Commitments may be
established, modified, or rescinded only through ordinances or resolutions approved by the Village Council.
Both ordinances and resolutions are equally binding. Committed fund balance also should incorporate
contractual obligations to the extent that existing resources in the fund have been specifically committed for
use in satisfying those contractual requirements.
Assigned
Assigned fund balances are amounts that are constrained by the Village's intent to be used for specific
purposes, but are neither restricted nor committed. Intent is established by the Village Council who has the
authority to assign, modify or rescind amounts to be used for specific purposes. This is delegated to the Village
Manager by the Council. This balance includes (a) all remaining amounts that are reported in governmental
funds (other than the General Fund) that are not classified as nonspendable, restricted, or committed, and (b)
amounts in the General Fund that are intended to be used for a specific purpose. Specific amounts that are
not restricted or committed in a special revenue or capital projects fund are assigned for the purposes in
accordance with the nature of their fund type, Assignment within the General Fund conveys that the intended
use of those amounts is for a specific purpose that is narrower than the general purposes of the Village itself.
Unassigned
This fund balance is the residual classification for the General Fund. The General Fund is the only fund that
reports a positive unassigned fund balance amount. This category is also used to report negative fund
balances in other governmental funds.
The Village considers restricted amounts to be spent first when both restricted and unrestricted fund balance is
available unless there are legal documents/contracts that prohibit this, such as grant agreements requiring dollar
for dollar spending. Additionally, the Village would first use committed, then assigned, and lastly unassigned
amounts of unrestricted fund balance when expenditures are made.
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
35
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
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.
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, 2022, 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
36
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
Investments
The Village is authorized to invest in obligations of the U.S. Treasury, its agencies, instrumentalities and the Local
Government Surplus Funds Trust Fund administered by the State Board of Administration (SBA). The investment
policy defined in the statutes attempts to promote, through state assistance, the maximization of net interest
earnings on invested surplus funds of local units of governments while limiting the risk to which the funds are
exposed.
The SBA administers Florida PRIME (“PRIME”), which is governed by Chapter 19-7 of the Florida Administrative
Code and Chapters 215 and 219 of the Florida Statutes. These rules provide guidance and establish the policies
and general operating procedures of the administration of PRIME. PRIME is not a registrant with the Securities
and Exchange Commission; however, the SBA has adopted operating procedures consistent with the requirements
for a 2a-7 fund, which permits money market funds to use amortized cost to maintain a constant net asset value
(“NAV”) of $1 per share. The fair value of the position in the Florida PRIME is equal to the value of the pool shares.
Additionally, the Office of the Auditor General of the State of Florida performs the operational audit of the activities
and investment of the SBA. The SBA accounts are not subject to custodial credit risk as these investments are not
evidenced by securities that exist in physical or bank entry form.
In accordance with GASB Statement No. 79, Certain External Investment Pools and Pool Participants, the Village’s
investment in the Florida PRIME meets the definition of a qualifying investment pool that measures for financial
reporting purposes all of its investments at amortized cost and should disclose the presence of any limitations or
restrictions on withdrawals. As of September 30, 2022, 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.
Investments - Village
As of September 30, 2022, the Village had the following investments:
Investment Type Fair Value
SBA-PRIME 324,383
Total 324,383
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, 2022 is 21 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, 2022, is 72 days.
Credit Risk
State law limits investments in bonds, U.S. Treasuries and agency obligations, or other evidences of indebtedness
to the top ratings issued by nationally recognized statistical rating organizations (NRSRO) of the United States.
The PRIME is rated AAAm by Standard and Poor’s.
Concentration of Credit Risk
The Village’s investment policy does not stipulate any limit on the percentage that can be invested in any one
issuer. GASB Statement No. 40 requires disclosure when the percent is 5% or more in any one issuer. As of
September 30, 2022, the value of each position held in the Village’s portfolio comprised of less than 5% of the
Village’s investment assets.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
37
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
Investments Pension Plans
The Pension Board of Trustees has developed certain investment guidelines and has retained investment
managers. The investment managers are expected to maximize the return on the investment portfolio and may
make transactions consistent with that expectation within the Board's guidelines. The investment managers are
compensated based on a percentage of their portfolio's market value.
The Plans’ investment policy is determined by the Board who is responsible for directing the investment of the
assets of the Plans to ensure that there will be adequate monies for future benefits. The policy has been identified
by the Board to conduct the operations of the Plans in a manner so that the assets will provide the pension and
other benefits provided under applicable laws, including Village ordinances, preserving principal while maximizing
the rate of return.
Investment in all equity securities shall be limited to those listed on a major U.S stock exchange and limited to no
more than 70% (at market) of the Plan’s total asset value. The equity position in any one company shall not exceed
5% of the Plan’s total asset value at the time of purchase. Investments in stocks of foreign companies shall be
limited to 25% of the Plan’s market value.
Investments in fixed income securities shall meet or exceed a rating of investment grade as determined by at least
one major credit rating service. The market value of bonds issued by any single issuer shall not exceed 3% of the
manager’s portfolio.
Types of Investments
Florida statutes and Plan investment policy authorize the Board to invest funds in various investments. The current
target allocation of these investments at fair value is as follows:
Asset Group General Employees Police
Domestic Equity 50% 50%
International Equity 15% 15%
Domestic Bonds 35% 35%
Target Allocation
Rate of Return
For the fiscal year ending September 30, 2022, the annual money-weighted rate of return on pension plan
investments, net pension plan investment expense, was (18.99%) for the General Employee Retirement Plan and
(18.07%) for the Police Retirement Plan. The money weighted rate of return expresses investment performance,
net of investment manager and consultant expenses adjusted for the changing amounts actually invested. Inputs
to the internal rate of return calculation are determined on a monthly basis.
As of September 30, 2022, the Plans had the following investments and maturities:
General Employees' Retirement Plan
Investment Type Less Than 1 1-5 6-10
More than 10
years Fair Value
US Government Obligations 578,226 - 376,198 608,903 1,563,327
Municipal Bond Obligations - - 39,105 - 39,105
Corporate Bonds 286,658 772,489 744,057 880,124 2,683,328
Foreign Bonds Notes & Debentures - 35,490 - - 35,490
Mortgage Backed Securities - 15,032 134,060 1,307,273 1,456,365
Total 864,884 823,011 1,293,420 2,796,300 5,777,615
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
38
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
Investments Pension Plans (Continued)
Police Officers' Retirement Plan
Investment Type Less Than 1 1-5 6-10
More than 10
years Fair Value
US Government Obligations 761,083 - 413,425 910,447 2,084,955
Municipal Bond Obligations - 78,210 - - 78,210
Corporate Bonds 781,214 1,264,966 1,277,884 1,656,213 4,980,277
Foreign Bonds Notes & Debentures - 60,839 - - 60,839
Mortgage Backed Securities - - 268,119 2,814,224 3,082,343
Total 1,542,297 1,404,015 1,959,428 5,380,884 10,286,624
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment.
Generally, the longer the maturity of an investment the greater the sensitivity of its fair value to changes in market
interest rates. As a means of limiting its exposure to interest rate risk, the Plan diversifies its investments by security
type and institution, and limits holdings in any one type of investment with any one issuer with various durations of
maturities.
Credit Risk
Credit risk is the risk that a security or a portfolio will lose some or all of its value due to a real or perceived change
in the ability of the issuer to repay its debt. This risk is generally measured by the assignment of a rating by a
nationally recognized statistical rating organization. The Plan’s investment policy utilizes portfolio diversification in
order to control this risk. The Plan’s investment policies limit investments in fixed income securities to a rating of
investment grade or higher.
General Employees' Retirement Plan
The following tables disclose credit ratings by investment type, at September 30, 2022:
Fair Value Percentage of Portfolio
US government guaranteed*1,563,327 27.06%
Quality rating of credit risk debt securities
AA 23,385 0.40%
AA-157,986 2.73%
A+262,807 4.55%
A 156,431 2.71%
A-608,035 10.52%
BBB+513,821 8.89%
BBB 511,050 8.85%
BBB-56,264 0.97%
NR**1,924,509 33.31%
Total fixed income securities 5,777,615$ 100%
* Obligations of the U.S government or obligations explicitly guaranteed by the U.S
government are not considered to have credit risk and do not have purchase limitations .
** Not rated as the investments do not have an S&P rating.
2022
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
39
NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)
Investments Pension Plans (Continued)
Police Officers' Retirement Plan
The following tables disclose credit ratings by investment type, at September 30, 2022:
Fair Value Percentage of Portfolio
US government guaranteed*2,084,955 20.27%
Quality rating of credit risk debt securities
AA+1,952,397 18.98%
AA 46,768 0.45%
AA-287,643 2.80%
A+519,683 5.05%
A 349,060 3.39%
A-1,162,934 11.31%
BBB+879,346 8.55%
BBB 922,735 8.97%
BBB-97,183 0.94%
NR**1,983,920 19.29%
Total fixed income securities 10,286,624$ 100%
* Obligations of the U.S government or obligations explicitly guaranteed by the U.S
government are not considered to have credit risk and do not have purchase limitations .
** Not rated as the investments do not have an S&P rating.
2022
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, 2022, 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.
The Village does not participate in any securities lending transactions, nor has it used, held or written derivative
financial instruments.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
40
NOTE 4 – FAIR VALUE MEASUREMENT
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The Village categorizes its fair value
measurements within the fair value hierarchy established by generally accepted accounting principles. The
hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted
prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs
are significant unobservable inputs.
The following is a description of the valuation methodologies used for the Plan’s investments measured at fair
value:
Debt income securities are valued using pricing inputs that reflect the assumptions market participants would
use to price an asset or liability and are developed based on market data obtained from sources independent
of the reporting entity. This includes government securities, corporate bonds, and mortgage-backed securities.
Equity securities traded on national or international exchanges are valued at the last reported sales price or
current exchange rates. This includes equity mutual funds, common stock, and exchange-traded fund.
The Plans have the following recurring fair value measurements as of September 30, 2022:
General Employees' Retirement Plan
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
9/30/2022 (Level 1)(Level 2)
Investments by fair value level:
Debt securities:
US Government Obligations 1,563,327$ -$ 1,563,327$
Municipal Obligations 39,105 - 39,105
Corporate Bonds 2,683,328 - 2,683,328
Foreign Bonds Notes & Debentures 35,490 - 35,490
Mortgage Backed Securitites 1,456,365 - 1,456,365
Total debt securities 5,777,615 - 5,777,615
Equity Securities:
Common Stock 3,495,183 3,495,183 -
Foreign Stock 403,022 403,022 -
Mutual Funds - Equity 5,589,335 5,589,335 -
Total equity securities 9,487,540 3,898,205 -
Total investments at fair value 15,265,155$ 3,898,205$ 5,777,615$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
41
NOTE 4 – FAIR VALUE MEASUREMENT (CONTINUED)
Police Officers' Retirement Plan
Quoted Prices in
Active Markets for
Identical Assets
Significant Other
Observable Inputs
9/30/2022 (Level 1)(Level 2)
Investments by fair value level:
Debt securities:
US Government Obligations 2,084,955$ -$ 2,084,955$
Municipal Obligations 78,210 - 78,210
Corporate Bonds 4,980,277 - 4,980,277
Foreign Bonds Notes & Debentures 60,839 - 60,839
Mortgage Backed Securitites 3,082,343 - 3,082,343
Total debt securities 10,286,624 - 10,286,624
Equity Securities:
Common Stock 6,063,644 6,063,644 -
Foreign Stock 699,315 699,315 -
Mutual Funds - Equity 10,525,622 10,525,622 -
Total equity securities 17,288,581 17,288,581 -
Total investments at fair value 27,575,205$ 22,404,822$ 12,615,028$
NOTE 5 – RECEIVABLES
Receivables as of September 30, 2022 for the Village’s individual major funds and non-major funds in the
aggregate consist of the following:
Water & Non-major Internal
Grant Police Solid Waste Stormwater Wastewater Governmental Enterprise
General Fund Forfeiture Fund Fund Fund Funds Funds Total
Receivables:
Accounts 69,031$ -$ -$ 122,934$ 9,726$ -$ -$ -$ 201,691$
Taxes 670,363 - - - - - 130,251 - 800,614
Special assessment - - - 47,419 6,051 3,397,385 - - 3,450,855
Grants and other 102,822 908,695 19,466 - - - - 24,243 1,055,226
Total receivables 842,216$ 908,695$ 19,466$ 170,353$ 15,777$ 3,397,385$ 130,251$ 24,243$ 5,508,386$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
42
NOTE 6 – CAPITAL ASSETS
Capital assets activity for the fiscal year ended September 30, 2022 was as follows:
Governmental activities Beginning Increases Decreases Ending
Capital assets not being depreciated:
Land 2,386,158$ -$ -$ 2,386,158$
Construction in progress 803,951 1,277,321 (20,279) 2,060,993
Total capital assets not being depreciated 3,190,109 1,277,321 (20,279) 4,447,151
Capital assets being depreciated:
Building and improvements 14,517,960 120,948 - 14,638,908
Infrastructure 24,523,535 195,930 - 24,719,465
Machinery and equipment 8,035,739 599,954 (84,812) 8,550,881
Intangible 1,115,621 38,863 - 1,154,484
Total capital assets being depreciated 48,192,855 955,695 (84,812) 49,063,738
Less accumulated depreciation for:
Building and improvements (5,569,712) (304,866) - (5,874,578)
Infrastructure (17,307,340) (518,592) - (17,825,932)
Machinery and equipment (4,923,594) (765,271) 84,812 (5,604,053)
Intangible (551,650) (130,492) - (682,142)
Total accumulated depreciation (28,352,296) (1,719,221) 84,812 (29,986,705)
Total capital assets being depreciated, net 19,840,559 (763,526) - 19,077,033
Governmental activities capital assets, net 23,030,668$ $ 513,795 $ (20,279)23,524,184$
Business-type activities Beginning Increases Decreases Ending
Capital assets not being depreciated:
Construction in progress 108,149$ 46,991$ (42,906)$ 112,234$
Total capital assets not being depreciated 108,149 46,991 (42,906) 112,234
Capital assets being depreciated:
Machinery and equipment 2,590,565 - - 2,590,565
Drainage improvements 2,652,170 42,906 - 2,695,076
Total capital assets being depreciated 5,242,735 42,906 - 5,285,641
Less accumulated depreciation for:
Machinery and equipment (1,607,435) (188,759) - (1,796,194)
Drainage improvements (1,156,645) (78,082) - (1,234,727)
Total accumulated depreciation (2,764,080) (266,841) - (3,030,921)
Total capital assets being depreciated, net 2,478,655 (223,935) - 2,254,720
Business-type activities capital assets, net 2,586,804$ (176,944)$ (42,906)$ 2,366,954$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
43
NOTE 6 – CAPITAL ASSETS (CONTINUED)
Depreciation expense was charged to functions/programs of the Village as follows:
Governmental activities
General Government 167,124$
Public Safety 358,608
Public Works 762,033
Culture and Recreation 431,456
Total depreciation expense – governmental activities 1,719,221$
Business- type activities
Solid Waste 188,759$
Stormwater 78,082
Total depreciation expense – business-type activities 266,841$
NOTE 7 – LONG-TERM DEBT
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 $200,300 in 2022 to a final payment of
$263,700 in 2033. The bonds bear interest at a rate of 2.54% per annum. The bonds are secured by ad-valorem
revenues. The refunding resulted in an economic gain of approximately $764,000 and a cash flow savings of
approximately $947,000.
The indenture contains a provision that in an event of default, outstanding amounts including accrued interest are
due immediately.
Debt service requirements to maturity for the fiscal year ending September 30, 2022 are summarized as follows:
September 30,Principal Interes t Total
2023 201,800 62,324 264,124
2024 208,200 57,117 265,317
2025 214,200 51,752 265,952
2026 219,400 46,246 265,646
2027 224,200 40,612 264,812
2028-2032 1,223,100 112,623 1,335,723
2033 263,700 3,349 267,049
2,554,600$ 374,023$ 2,928,623$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
44
NOTE 7 – LONG-TERM DEBT(CONTINUED)
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.
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, 2022 were as follows:
Beginning Ending Due within
Balance Increases Decreases Balance one year
Governmental activities
Bonds and notes payable:
FL Refunding General Obligation Bond,
Series 2013 $ 1,249,000 $ - $ (1,249,000) $ - $ -
Refunding General Obligation Bond,
Series 2015 2,754,900 - (200,300) 2,554,600 201,800
Total bonds and notes payable 4,003,900 - (1,449,300) 2,554,600 201,800
Other liabilities:
OPEB liability 551,929 51,725 - 603,654 -
Compensated absences 863,251 1,019,328 (868,380) 1,014,199 8,560
Total other liabilities 1,415,180 1,071,053 (868,380) 1,617,853 8,560
Governmental activity long-term liabilities 5,419,080$ 1,071,053$ (2,317,680)$ 4,172,453$ 210,360$
Business-type activities
FLGFC Notes Payable 3,700,000$ -$ (60,000)$ 3,640,000$ 60,000$
Other liabilities:
OPEB liability 19,632 6,057 - 25,689 -
Compensated absences 73,467 103,756 (76,005) 101,218 25,304
Business-type activities long-term liabilities 3,793,099$ 109,813$ (136,005)$ 3,766,907$ 85,304$
For governmental activities, compensated absences, pension liabilities and other post-employment (OPEB)
benefits are generally liquidated by the general fund. Claims and adjustments are liquidated by the Risk
Management internal service fund. Accordingly, their long-term liabilities for compensated absences, pension
liabilities, and the other post-employment benefit (OPEB) liability are included as part of the totals for governmental
activities.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
45
NOTE 8 – INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS
The amount due to/from other funds at September 30, 2022 were as follows:
Receivables Payables
General Fund $ 2,256,485 $ -
Grants - 2,080,952
ARPA - 175,533
Total $ 2,256,485 $ 2,256,485
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.
Amounts due from the American Rescue Plan fund to the general fund are for advances made to the fund to
cover expenditures incurred until the receivables on those funds are collected.
Interfund transfer activity for the year ended September 30, 2022 was as follows:
Transfers In Transfers Out
General Fund $ 700,000 $ 927,043
Solid Waste - 350,000
Stormwater - 50,000
Water & Wastewater 64,043 -
Non-Major Governmental Funds 863,000 300,000
Internal Service Funds - -
Total $ 1,627,043 $ 1,627,043
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.
The General Fund transferred $863,000 to the Capital Improvement Fund as funding for various ongoing
capital projects of the Village.
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING
The Village maintains two separate defined benefit single-employer pension plans, the General Employees'
Retirement Plan and the Police Officers' Retirement Plan which cover substantially all of its full-time employees.
The Village accounts for these pension plans as pension trust funds.
Basis of Accounting
The Village's pension plans are accounted for using the accrual basis of accounting. Plan member contributions
are recognized in the period in which the contributions are due. Employer contributions to each Plan are recognized
when due and the employer has made a formal commitment to provide the contributions. Benefits and refunds are
recognized when due and payable in accordance with the terms of each Plan.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
46
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
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, 2021 for the
Police Plan (the dates of the latest actuarial valuations) consisted of:
General
Employees Police
Inactive employees:
Retirees and beneficiaries
currently receiveing benefits 59 29
Reitrees entitled to benefits but not
yet receiving them 7 -
Active participants:68 34
Total members 134 63
General Employees’ Retirement Plan
Plan Description
The General Employees' Retirement System (the Plan) is a single-employer defined benefit pension plan that
covers all Village employees, except for police, and certain appointed employees. The Plan was established on
January 1, 1957 by the Village Council. On December 31, 1999, the Plan was split between the general employees
and the police officers. The Plan is governed by certain provisions of Chapter 112, Florida Statutes. The Board of
Trustees for the Plan administers the Plan. Plan amendments must be authorized by the Village Council. The Plan
provides retirement and death benefits to Plan members and beneficiaries. The Plan does not issue a separate
financial report.
Deferred Retirement Option Plan
Effective December 5, 2006, current employees may elect to participate in the deferred retirement option plan
(DROP) the first day of the month coincident with or next following the date of normal retirement. Election into the
DROP is voluntary. The employee may elect to participate in the plan for a maximum of 60 months. Once
participation in the DROP commences, such participation constitutes an irrevocable election.
A member's continuous service and accrued benefit under the Plan shall be determined and frozen on the effective
date of the employee's election to participate in the DROP. Additional continuous service or benefits under the
Plan shall not be accrued. No payments are made directly to the employee from the Plan while the member
participates in the drop plan.
During the period of the member's participation in the DROP, the employee's normal retirement benefit shall be
credited to the employee's DROP account. No further contributions to the General Employees' Pension Plan will
be required by the Village nor the employee on behalf of any employee who has elected participation in the DROP.
The member's account is invested as part of the corpus of the system by the Board and is credited with interest
equal to the overall net rate of return on the fund assets during the reporting period during which the member
participates in the DROP.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
47
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
General Employees’ Retirement Plan (Continued)
Upon termination of employment with the Village or 60 months of DROP participation, the balance of the DROP
account will become payable in addition to the monthly normal retirement benefit (which is based on credited
service and average monthly salary on the DROP election date). The DROP account is distributed to the member
in a single lump sum payment or a direct rollover to another qualified retirement plan. If a member dies before the
member's DROP account balance has been paid in full, distribution of the DROP account balance will be made
according to the member's designation. DROP payments to a beneficiary will be in addition to any retirement
benefits payable by the Plan. Under any option and in no event may the total benefit payments to the member or
the beneficiary be less than the member's own accumulated contributions. As of September 30, 2022, there were
8 members in the DROP and their fair value of DROP investment was $304,086 which is included in the Plan’s net
position. At the end of September 30, 2022, the Plan had no DROP Liability.
Funding Requirement
Plan members are required to contribute 6% of their annual covered salary. The Village contributes at actuarially
determined rates that are designed to accumulate sufficient assets to pay benefits when due. Effective May 30,
2012, the Division of Retirement mandated that local governments confer with the Plan’s actuary to select and
maintain contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding
requirements of the Plan. The Plan determined to use the “percentage of payroll contribution” method for the fiscal
year ended September 30, 2022.
Funding Requirement (Continued)
The actual contribution from the Village for active members were actuarially determined using the actuarial
valuation as of October 1, 2021 for the year ended September 30, 2022. The contributions consisted of the
following at September 30, 2022:
Actual Contribution
Percentage of Covered
Payroll
Village 454,695 11.80%
Members 206,640 N/A
Net Pension Liability
Total pension liability 19,169,337$
Plan fiduciary net position 15,551,704
Net pension liability 3,617,633$
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, 2022 using the following actuarial assumptions:
Interest rates:
Actuarial Cost Method Entry Age Normal
Inflation 2.25%
Salary Increases 5.00%, including inflation
Investment Rate of Return 7.00%
Retirement Age
Mortality
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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
48
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 2.25%. 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, 2022 are
summarized in the following table:
Asset Group
Long-term Expected Real
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 (asset) 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
1% Decrease Rate Assumption 1% Increase
6.00% 7.00% 8.00%
5,868,309$ $ 3,617,633 1,734,482$
Current Single Discount
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
49
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
General Employees’ 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, 2022.
ASSETS
Cash and cash equivalents $ 221,160
Investments, at fair value 15,265,155
Accrued interest receivable 65,389
Total assets 15,551,704
Net position restricted for pension 15,551,704$
ADDITIONS
Contributions 661,335$
Net investment income (3,655,114)
Miscellaneous 32
Total additions (2,993,747)
DEDUCTIONS
Pension benefits 1,203,300
Administrative expenses 62,357
Total deductions 1,265,657
Decrease (4,259,404)
Net position restricted for pension
Beginning of year 19,811,108
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2022
STATEMENT OF CHANGES IN PLAN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Police Officers' Retirement Plan
Plan Description
The Police Officers' Retirement System (the Plan) is a single-employer defined benefit pension plan that covers
substantially all of the Village's certified police officers. The Plan was established as of the effective date of January
1, 1957 by the Village Council. It was amended on December 31, 1999, to split the Plan between General
Employees and Police Officers. The Plan is also governed by certain provisions of Chapter 185, Florida Statutes.
The Board of Trustees for the Plan administers the Plan. Plan amendments must be authorized by the Village
Council. The Plan provides retirement, disability, and death benefits to Plan members and beneficiaries. The Plan
does not issue a separate financial report.
Deferred Retirement Option Plan
Effective May 5, 1998, subsequent to the approval from the State of Florida, Division of Retirement, current
employees with at least 25 but not more than 30 years of continuous service as a member of the plan may elect
to participate in the deferred retirement option plan (DROP) for sworn police personnel. The employee may elect
to participate in the plan for a maximum of 60 months before the employee attains 30 years of continuous service.
A member's continuous service and accrued benefit under the plan shall be determined and frozen on the effective
date of the employee's election to participate in the DROP. Additional continuous service or benefits under the
plan shall not be accrued, except for cost-of-living adjustments provided to retirees under the plan. No payments
are made directly to the employee from the pension plan while the member participates in the drop plan.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
50
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
Police Officers' Retirement Plan (Continued)
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, 2021, there were 3 members in the DROP and their fair value of DROP
investment was $393,463 which is included in the Plan’s net position. At the end of September 30, 2021, the Plan
had no DROP liability.
Funding Requirement
Plan members are required to contribute 9% of their annual covered salary. The Village contributes at actuarially
determined rates that are designed to accumulate sufficient assets to pay benefits when due. Effective May 30,
2012, the Division of Retirement mandated that local governments confer with the Plan’s actuary to select and
maintain contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding
requirements of the Plan. The Plan determined to use the “percentage of payroll contribution” method for the fiscal
year ended September 30, 2022.
Pursuant to Chapter 185, Florida Statutes, a portion of all insurance premium tax monies received in excess of the
threshold of $60,386 are to be uitlized to provide future minimum extra benefits and may not be used to reduce or
offset the contribution requirements of the employer. The Village reports the contributions from the State of Florida
as revenues and expenditures/expenses in the appropriate fund before being reported in the Plan.
The actual contribution from the Village for active members were actuarially determined using the actuarial
valuation as of October 1, 2021 for the year ended September 30, 2022. The contributions consisted of the
following at September 30, 2022:
Actual Contribution
Percentage of Covered
Payroll
Village 1,150,000$ 39.80%
State of Florida 109,624 3.79%
Members 260,052 N/A
Total contributions 1,519,676$ 43.59%
Net Pension Liability
Total pension liability 36,402,907$
Plan fiduciary net position 28,413,638
Net pension liability 7,989,269$
Plan fiduciary net position as a percentage of total pension liability 78.05%
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
51
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, 2021 and rolled forward to the
measurement date of September 30, 2022, using the following actuarial assumptions:
Interest rates:
Actuarial Cost Method Entry Age Normal
Inflation 2.25%
Salary Increases 6.00%, including inflation
Investment Rate of Return 7.00%
Retirement Age
Mortality
All actives are assumed to reitre when first eligible for Noraml 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 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 2.25%. 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, 2022 are
summarized in the following table:
Asset Group
Long-term
Expected Real
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
SEPTEMBER 30, 2022
52
NOTE 9 – EMPLOYEE RETIREMENT PLANS - PLANS’ REPORTING (CONTINUED)
Police Officers' Retirement Plan (Continued)
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
1% Decrease Rate Assumption 1% Increase
6.00% 7.00% 8.00%
12,716,564$ 7,989,269$ 4,094,344$
Current Single Discount
Financial Information
The Plan does not issue separate stand-alone financial statements, therefore, included below is the Statement of
Plan Net Position and the Statement of Changes in Plan Net Position as of and for the fiscal year ended September
30, 2022.
ASSETS
Cash and cash equivalents $ 609,274
Investments, at fair value 27,575,205
Receivables 229,159
Total assets 28,413,638
Net position restricted for pension 28,413,638$
ADDITIONS
Contributions 1,519,676$
Net investment income (6,233,165)
Miscellaneous 46
Total additions (4,713,443)
DEDUCTIONS
Pension benefits 1,925,019
Administrative expenses 116,583
Total deductions 2,041,602
Decrease (6,755,045)
Net position restricted for pension
Beginning of year 35,168,683
End of year 28,413,638$
STATEMENT OF FIDUCIARY NET POSITION
SEPTEMBER 30, 2022
STATEMENT OF CHANGES IN PLAN NET POSITION
FOR THE FISCAL YEAR ENDED SEPTEMEBR 30, 2022
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
53
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING
As described in Note 9, the Village maintains two separate defined benefit single-employer pension plans, the
General Employees' Retirement Plan and the Police Officers' Retirement Plan which cover substantially all of its
full-time employees. The following details the disclosures as required by GASB Statement No. 68.
Basis of Accounting
The Village's pension plans are accounted for using the accrual basis of accounting. Plan member contributions
are recognized in the period in which the contributions are due. Employer contributions to each Plan are recognized
when due and the employer has made a formal commitment to provide the contributions. Benefits and refunds are
recognized when due and payable in accordance with the terms of each Plan.
Method Used to Value Investments
Investments are reported at fair value. Securities traded on national or international exchanges are valued at the
last reported sales price or exchange rate. Net appreciation (depreciation) in fair value of investments includes the
difference between cost and fair value of investments held as well as the net realized gains or losses from securities
sold. Interest and dividend income is recognized on the accrual basis when earned. Purchases and sales of
investments are recorded on a trade date basis.
Membership
The membership in the General Employees' Retirement Plan (as of October 1, 2019) and the Police Officers'
Retirement Plan (as of October 1, 2020) consisted of:
General
Employees Police
Inactive employees:
Retirees and beneficiaries currently
receiveing benefits 65 30
Reitrees entitled to benefits but not yet
receiving them 4 -
Active participants: 72 34
Total members 141 64
General Employees’ Retirement Plan
Plan Description
The General Employees' Retirement System (the Plan) is a single-employer defined benefit pension plan that
covers all Village employees, except for police, and certain appointed employees. The Plan was established on
January 1, 1957 by the Village Council. On December 31, 1999, the Plan was split between the general employees
and the police officers. The Plan is governed by certain provisions of Chapter 112, Florida Statutes. The Board of
Trustees for the Plan administers the Plan. Plan amendments must be authorized by the Village Council. The Plan
provides retirement and death benefits to Plan members and beneficiaries. The Plan does not issue a separate
financial report.
Deferred Retirement Option Plan
Effective December 5, 2006, current employees may elect to participate in the deferred retirement option plan
(DROP) the first day of the month coincident with or next following the date of normal retirement. Election into the
DROP is voluntary. The employee may elect to participate in the plan for a maximum of 60 months. Once
participation in the DROP commences, such participation constitutes an irrevocable election.
A member's continuous service and accrued benefit under the Plan shall be determined and frozen on the effective
date of the employee's election to participate in the DROP. Additional continuous service or benefits under the
Plan shall not be accrued. No payments are made directly to the employee from the Plan while the member
participates in the drop plan.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
54
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
General Employees’ Retirement Plan (Continued)
Deferred Retirement Option Plan (continued)
During the period of the member's participation in the DROP, the employee's normal retirement benefit shall be
credited to the employee's DROP account. No further contributions to the General Employees' Pension Plan will
be required by the Village nor the employee on behalf of any employee who has elected participation in the DROP.
The member's account is invested as part of the corpus of the system by the Board and is credited with interest
equal to the overall net rate of return on the fund assets during the reporting period during which the member
participates in the DROP.
Upon termination of employment with the Village or 60 months of DROP participation, the balance of the DROP
account will become payable in addition to the monthly normal retirement benefit (which is based on credited
service and average monthly salary on the DROP election date). The DROP account is distributed to the member
in a single lump sum payment or a direct rollover to another qualified retirement plan. If a member dies before the
member's DROP account balance has been paid in full, distribution of the DROP account balance will be made
according to the member's designation. DROP payments to a beneficiary will be in addition to any retirement
benefits payable by the Plan. Under any option and in no event may the total benefit payments to the member or
the beneficiary be less than the member's own accumulated contributions. As of September 30, 2021, there were
7 members in the DROP and their fair value of DROP investment was $450,927 which is included in the Plan’s net
position. At the end of September 30, 2021, the Village had no DROP liability.
Funding Requirement
Plan members are required to contribute 6% of their annual covered salary. The Village contributes at actuarially
determined rates that are designed to accumulate sufficient assets to pay benefits when due. Effective May 30,
2012, the Division of Retirement mandated that local governments confer with the Plan’s actuary to select and
maintain contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding
requirements of the Plan. The Plan determined to use the “percentage of payroll contribution” method for the fiscal
year ended September 30, 2022.
The actual contribution from the Village for active members were actuarially determined using the actuarial
valuation as of October 1, 2019 for the year ended September 30, 2022. The contributions consisted of the
following at September 30, 2021:
Actual Contribution
Percentage of Covered
Payroll
Village 454,695 11.80%
Members 231,206 N/A
Net Pension Liability (Asset):
The Village's net pension liability (asset) was measured as of September 30, 2021. The total pension liability used
to calculate the net pension liability (asset) was determined as of that date.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
55
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
General Employees’ Retirement Plan (Continued)
Significant Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 2019 and rolled forward to
the September 30, 2021 measurement date, using the following actuarial assumptions:
Interest rates:
Actuarial Cost Method Entry Age Normal
Inflation 2.25%
Salary Increases 5.00%, including inflation
Investment Rate of Return 7.00%
Retirement Age
Mortality
Experience-based table of rates that are specific to the type
of eligiblity 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.
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, 2021 are
summarized in the following table:
Asset Group
Long-term
Expected Real
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
SEPTEMBER 30, 2022
56
NOTE 10 – EMPLOYEE RETIREMENT PLANS VILLAGE’S REPORTING (CONTINUED)
General Employees’ Retirement Plan (Continued)
Changes in Net Pension Liability (Asset)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability (Asset)
(a)-(b)
Reporting period ending at September 30, 2021 18,200,300$ 16,827,923$ 1,372,377$
Service Cost 425,088 - 425,088
Interest 1,256,791 - 1,256,791
Changes of assumptions - -
Difference between actual & expected experience 109,057 - 109,057
Contributions - Employer - 454,695 (454,695)
Contributions - Member - 231,206 (231,206)
Benefit Payments (1,342,454) - (1,342,454)
Net Investment Income - 3,683,932 (3,683,932)
Benefit Payments - (1,342,454) 1,342,454
Administrative Expense - (44,194) 44,194
Reporting period ending at September 30, 2022 18,648,782$ 19,811,108$ (1,162,326)$
Plan Fiduciary Net Position as a Percentage of Total Pension Liability 106.23%
Covered Payroll 3,853,433$
Net Pension Liability (Asset) as a Percentage of Covered Payroll -30.16%
Increase (Decrease)
Sensitivity of the Net Pension Liability (Asset) to the Single Discount Rate Assumption
The following presents the plan’s net pension liability (asset), 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:
1% Decrease Rate Assumption 1% Increase
6.00%7.00%8.00%
1,044,363$ $ (1,162,326) (3,006,360)$
Current Single Discount
Pension Expense and Deferred Outflows/(Inflows) of Resources
For the year ended September 30, 2021, the Village will recognize pension expense of ($591,900). At September
30, 2022, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions
from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual
experience 86,223$ -$
Changes in assumptions 209,639 -
Net difference between projected and actual
earnings on pension plan investments
- 2,010,635
Total 295,862$ 2,010,635$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
57
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
General Employees’ Retirement Plan (Continued)
The Village contributions subsequent to the measurement date of $454,695 are reported as deferred outflows of
resources and will be recognized as a reduction of the net pension liability in the fiscal year ending September 30,
2022 (which will include the net pension liability measured at September 30, 2021).
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions
will be recognized in pension expense as follows:
Fiscal year
ending
September
30,
Net Deferred
Outflows of
Resources
2023 (358,425)$
2024 (305,532)
2025 (544,716)
2026 (506,100)
2027 -
Thereafter -
Police Officers' Retirement Plan
Plan Description
The Police Officers' Retirement System (the Plan) is a single-employer defined benefit pension plan that covers
substantially all of the Village's certified police officers. The Plan was established as of the effective date of January
1, 1957 by the Village Council. It was amended on December 31, 1999, to split the Plan between General
Employees and Police Officers. The Plan is also governed by certain provisions of Chapter 185, Florida Statutes.
The Board of Trustees for the Plan administers the Plan.
Plan amendments must be authorized by the Village Council. The Plan provides retirement, disability, and death
benefits to Plan members and beneficiaries. The Plan does not issue a separate financial report.
Deferred Retirement Option Plan
Effective May 5, 1998, subsequent to the approval from the State of Florida, Division of Retirement, current
employees with at least 25 but not more than 30 years of continuous service as a member of the plan may elect
to participate in the deferred retirement option plan (DROP) for sworn police personnel. The employee may elect
to participate in the plan for a maximum of 60 months before the employee attains 30 years of continuous service.
A member's continuous service and accrued benefit under the plan shall be determined and frozen on the effective
date of the employee's election to participate in the DROP. Additional continuous service or benefits under the
plan shall not be accrued, except for cost-of-living adjustments provided to retirees under the plan. No payments
are made directly to the employee from the pension plan while the member participates in the drop plan.
During the period of the member's participation in the DROP, the employee's normal retirement benefit shall be
credited to the employee's DROP account. No further contributions to the police officers' retirement system will be
required by the Village nor the employee on behalf of any employee who has elected participation in the DROP.
The member's account is invested as part of the corpus of the system by the Board and is credited with interest
equal to the overall net rate of return on the fund assets during the reporting period during which the member
participates in the DROP.
At the conclusion of the member's participation in the DROP, the member will receive a normal benefit calculated
in accordance with the plan using an average monthly earnings and continuous service as of the effective date of
the member's election to participate in the DROP. The DROP account is distributed to the member in a cash lump
sum, unless the member alternatively elects to receive payments in approximately equal quarterly or annual
installments over a period designated by the member. If a member dies before distribution of the member's DROP
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
58
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
Police Officers' Retirement Plan (Continued)
plan commences, the account balance is paid to the member's designated beneficiary in an immediate cash lump
sum. Provisions of the plan do not allow for the distribution of a member's DROP account to begin later than April
1 following the later of the calendar year in which the member separates from service with the Village or attains
age 70 & 1/4 years. As of September 30, 2021, there were 3 members in the DROP and their fair value of DROP
investment was $393,463 which is included in the Plan’s net position. At the end of September 30, 2021, the Plan
had no DROP liability.
Funding Requirement
Plan members are required to contribute 9% of their annual covered salary. The Village contributes at actuarially
determined rates that are designed to accumulate sufficient assets to pay benefits when due. Effective May 30,
2012, the Division of Retirement mandated that local governments confer with the Plan’s actuary to select and
maintain contribution method (percentage of payroll or fixed dollar contributions) that best fits the funding
requirements of the Plan. The Plan determined to use the “percentage of payroll contribution” method for the fiscal
year ended September 30, 2021.
Pursuant to Chapter 185, Florida Statutes, a portion of all insurance premium tax monies received in excess of the
threshold of $60,386 are to be utlized to provide future minimum extra benefits and may not be used to reduce or
offset the contribution requirements of the employer.
The actual contribution from the Village for active members were actuarially determined using the actuarial
valuation as of October 1, 2020 for the year ended September 30, 2022. The contributions consisted of the
following at September 30, 2021:
Actual Contribution
Percentage of Covered
Payroll
Village 1,336,493 44.29%
State of Florida 110,178 3.65%
Members 271,555 N/A
Total contributions 1,718,226$ 47.95%
Net Pension Liability (Asset):
The Village's net pension liability (asset) was measured as of September 30, 2021 and the total pension liability
used to calculate the net pension liability (asset) was determined by the October 1, 2020 actuarial valuation.
Significant Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of October 1, 2020 and rolled forward to the
measurement date of September 30, 2021, using the following actuarial assumptions:
Interest rates:
Actuarial Cost Method Entry Age Normal
Inflation 2.25%
Salary Increases 6.00%, including inflation
Investment Rate of Return 7.00%
Retirement Age
Mortality
All actives are assumed to retire when first eligible for
Normal Retiement.The rate ofretirementis 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
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
SEPTEMBER 30, 2022
59
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
Police Officers' 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 2.5%. 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, 2021 are
summarized in the following table:
Asset Group
Long-term
Expected Real
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.
Changes in Net Pension Liability (Asset)
Total Pension
Liability
(a)
Plan Fiduciary
Net Position
(b)
Net Pension
Liability (Asset)
(a)-(b)
Reporting period ending at September 30, 2021 33,113,657$ 28,736,666$ 4,376,991$
Service Cost 864,180 - 864,180
Interest 2,327,492 - 2,327,492
Change of Benefit Terms - - -
Difference between actual & expected experience (95,445) - (95,445)
Contributions - Employer - 1,336,493 (1,336,493)
Contributions - State - 110,178 (110,178)
Contributions - Employee (Including Buyback Contributions) - 271,555 (271,555)
Change of Assumptions - - -
Net Investment Income - 6,252,510 (6,252,510)
Benefit Payments (1,455,900) (1,455,900) -
Administrative Expense - (82,819) 82,819
Other (Changes in State Contribution Reserve 13,865 - 13,865
Reporting period ending at September 30, 2022 34,767,849$ 35,168,683$ (400,834)$
Plan Fiduciary Net Position as a Percentage of Total Pension Liability 101.15%
Covered Payroll 3,017,278$
Net Pension Liability (Asset) as a Percentage of Covered Payroll -13.28%
Increase (Decrease)
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
60
NOTE 10 – EMPLOYEE RETIREMENT PLANS - VILLAGE’S REPORTING (CONTINUED)
Police Officers' Retirement Plan (Continued)
Sensitivity of the Net Pension Liability (Asset) to the Single Discount Rate Assumption
The following presents the plan’s net pension liability (asset), calculated using a single discount rate of 7.00%, as
well as what the plan’s net pension liability (asset) would be if it were calculated using a single discount rate that
is 1-percentage-point lower or 1-percentage-point higher:
1% Decrease Rate Assumption 1% Increase
6.00% 7.00% 8.00%
4,141,822$ $ (400,834) (4,137,383)$
Current Single Discount
For the year ended September 30, 2020, the Village will recognize pension expense of ($1,625,513). At September
30, 2020 the Village reported deferred inflows of resources related to pensions from the following sources:
Deferred
Outflows of
Resources
Deferred
Inflows of
Resources
Difference between expected and actual
experience 33,986$ 380,895$
Changes in assumptions 525,623 5,955
Net difference between projected and actual
earnings on pension plan investments - 3,398,411
Total 559,609$ 3,785,261$
The Village contributions subsequent to the measurement date of $1,256,624 are reported as deferred outflows of
resources and will be recognized as a reduction of the net pension liability in the fiscal year ending September 30,
2022 (which will include the net pension liability measured at September 30, 2021).
Other amounts reported as deferred inflows of resources related to pensions will be recognized in pension expense
as follows:
Fiscal year ending
September 30,
Net Deferred
Outflows of
Resources
2023 (963,625)
2024 (678,303)
2025 (828,088)
2026 (748,566)
2027 (7,070)
Thereafter -
Reconciliation of pension activity to statement of Net Position
General Employees Police Officers' Total
Net pension liability (asset) (1,162,326) (400,834) (1,563,160)
Deferred outflows of resources 295,862 559,609 855,471
Deferred inflows of resources 2,010,635 3,785,261 5,795,896
Pension expense (591,900) (1,625,513) (2,217,413)
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
61
NOTE 11 – RISK MANAGEMENT
The Village is exposed to various risks of loss related to torts, theft, damage to and destruction of assets, errors
and omissions and natural disasters for which it has purchased commercial insurance. Prior to October 1, 2005,
the Village was self-insured for these claims up to certain limits.
The amount of settlements for each of the past three fiscal years did not exceed insurance coverage.
NOTE 12 – COMMITMENTS AND CONTINGENCIES
Litigation
Various suits and claims arising in the ordinary course of operations are pending against the Village. While the
ultimate effect of such litigation cannot be ascertained at this time, in the opinion of legal counsel, the Village has
sufficient insurance coverage to cover any claims and/or liabilities, which may arise from such action. The effect
of such losses would not materially affect the financial position of the Village or the results of its operations.
Grants
Amounts received or receivable from grant agencies are subject to audit and adjustment by grantor agencies. Any
disallowed claims, including amounts already collected may constitute a liability of the applicable funds. In the
opinion of management, future disallowances of grant expenditures, if any, would not have a material adverse
effect on the Village's financial condition.
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS
Plan Description and Provisions
Other Post-Employment Benefits (OPEB) are available to all employees eligible for Disability, Early or Normal
Retirement, as above, after terminating employment with the Village. The OPEB benefits include access to
coverage for the retiree and dependents under the Medical and Prescription Plans as well as participation in the
Dental group plans sponsored by the Village for employees. 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 valuations) health care and dental plan participants
consisted of:
Active participants 97
Retired participants 5
Total participants 102 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.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
62
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS (CONTINUED)
Funding Policy
Benefits are funded on a pay-as-you-go basis.
Total OPEB Liability
The Plan’s total OPEB liability of $629,343 was determined as of September 30, 2021.
Actuarial assumptions and other inputs
The total OPEB liability in the September 30, 2021 actuarial valuation was determined using the
following actuarial assumptions and other inputs, applied to all periods included in the measurement
unless otherwise specified.
Valuation Date: September 30, 2021
Measurement Date: September 30, 2021
Actuarial Cost Method Entry Age Normal
Inflation 2.25%
Discount Rate 2.41%
Salary Increases
Retirement Age
Mortality
Healthcare Cost Trend Rates
Aging factors Based on the 2013 SOA Study "Health Care Costs - From Birth to
Death".
Based on the Getzen Model, with trend starting at 9.00% to reflect
actual premiums for 2022, then 5.76% for 2023 and gradually
decreasing to an ultimate trend rate of 3.75% .
5.00%, including inflation for General Employees; and 6.00%,
including inflation for Police Officers
Experience-based table of rates that are specific to the type of eligiblity
condition and employment class (Police or General).
Mortality tables used in the July 1, 2021 actuarial valuation of the
Florida Retirement System. These rates were taken from adjusted
Pub-2010 mortality tables published by the SOA with generational
mortality improvements using Scale MP-2018. Adjustments to
reference tables are based on the results of a statewide experience
study covering the period 2013 through 2018.
Changes in the Total OPEB Liability
Balance at 9/30/21 571,561$
Changes for the year:
Service cost 41,716
Interest 14,477
Difference between expected and actual
experience of the Total OPEB Liability (79,174)
Changes in assumptions and other input 105,889
Benefit payments (25,126)
Net change in OPEB liability 57,782
Balance at 9/30/22 629,343$
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
63
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS (CONTINUED)
Sensitivity of the total OPEB liability to changes in the discount rate assumption
The following presents the plan’s total OPEB liability, calculated using a discount rate of 2.19%, as well as
what the Plan’s total OPEB liability would be if it were calculated using a discount rate that is one percent
lower or one percent higher:
Sensitivity of the total OPEB liability to changes in the discount rate assumption (Continued)
1% Decrease Rate Assumption 1% Increase
1.19%2.19%3.19%
675,491$ 629,343$ 585,535$
Current Discount
Sensitivity of the total OPEB liability to the Healthcare Cost Trend Rate assumption
The following presents the plan’s total OPEB liability the assured trend rates, calculated using the assumed
trend rates as well as what the Plan’s total OPEB liability would be if it were calculated using a trend rate that
is one percent lower or one percent higher:
1% Decrease Trend Rate Assumption 1% Increase
558,489$ 629,343$ 713,614$
Current Healthcare Cos t
OPEB Expenses and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended September 30, 2022, the Village Plan recognized OPEB expenses of ($57,782). At
September 30, 2021, the Plan reported deferred outflows of resources and deferred inflows of resources
related to OPEB from the following sources:
Deferred Outflows of Deferred Inflows of
Resources Resources
Difference between expected and actual experience 13,251$ 71,257$
Changes in assumptions and other inputs 97,255 134,974
Total 110,506$ 206,231$
Benefits paid after the measuerment date of $31,243 are reported as deferred outflows of resources and will
be recognized as a reduction of total OPEB liability in FYE September 30, 2023. At the beginning of the curent
measurement period, the average of the expected remaining service lives for the purposes of recognizing the
applicable deferred outflows and inflows of resources established in the current measurement period is 10
years.
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
SEPTEMBER 30, 2022
64
NOTE 13 – OTHER POST EMPLOYMENT BENEFITS (CONTINUED)
OPEB Expenses and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
(Continued)
Deferred Outflows and Inflows of Resources by Year to be recognized in future OPEB expenses are as follows:
Fiscal year Ending Net Deffered Inflows
September 30 of Resources
2023 (16,187)
2024 (16,187)
2025 (16,187)
2026 (16,187)
2027 (14,679)
Thereafter (16,298)
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 1st
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, 2022 is as follows:
Beginning balance 267,683$
Additions 13,588
Distributions -
Interest (34,314)
Ending balance 246,957$
NOTE 15 – NEGATIVE FUND BALANCE / NET POSITION
The Grants fund reported a negative fund balance in the amount of $1,198,175. 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
fund reported a negative net position in the amount of $163,426. This amount is expected to be funded by the
normal operations of the fund.
NOTE 16 – PRIOR PERIOD ADJUSTMENTS
During the fiscal year ended September 30, 2022, the fund balances for the General Fund and the Building Fund
have been adjusted to comply with State Reporting Requirements.
General Building
Fund Fund
Fund balances - beginning, as previously reported 10,615,044$ -$
Correction for compliance with State Reporting Requirements (55,142) 55,142
Fund balances - beginning, as restated 10,559,902$ 55,142$
Fund Financial Statements
REQUIRED SUPPLEMENTARY INFORMATION
MIAMI SHORES VILLAGE
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
REVENUES
Taxes:
Property taxes 9,900,240$ 9,900,240$ 10,158,979$ 258,739$
Utility service taxes 1,101,000 1,163,865 1,204,048 40,183
Communications service taxes 345,000 345,000 437,757 92,757
Local business taxes 71,500 71,500 90,007 18,507
Total taxes 11,417,740 11,480,605 11,890,791 410,186
Permits, fees and special assessments:
Permits - 35,800 24,916 (10,884)
Franchise fees 637,000 769,680 834,129 64,449
Other permits and special assessments 147,800 112,000 139,113 27,113
Total permits, fees and special assessments 784,800 917,480 998,158 80,678
Intergovernmental revenues:
State shared revenues 985,795 1,215,795 1,459,511 243,716
Other 61,735 61,735 72,982 11,247
Total intergovernmental revenues 1,047,530 1,277,530 1,532,493 254,963
Charges for services:
General government 39,300 39,300 43,483 4,183
Public safety 580,000 580,000 735,751 155,751
Public works 43,000 43,000 33,880 (9,120)
Culture and recreation 1,295,117 1,299,117 1,345,295 46,178
Other 750 750 176 (574)
Total charges for services 1,958,167 1,962,167 2,158,585 196,418
Fines and forfeitures:
Local ordinance violations 152,800 152,800 257,395 104,595
Other 13,500 13,500 20,233 6,733
Total fines and forfeitures 166,300 166,300 277,628 111,328
Miscellaneous:
Interest and other earnings 19,960 19,960 53,074 33,114
Rents and royalties 230,000 230,000 230,000 -
Other 20,800 20,800 16,049 (4,751)
Total miscellaneous 270,760 270,760 299,123 28,363
Total revenues 15,645,297$ 16,074,842$ 17,156,778$ 1,081,936$
Budgeted Amounts
See notes to basic financial statements.
65
MIAMI SHORES VILLAGE
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Variance with
Final Budget -
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES
Current:
General government:
Legislative 138,760$ 307,944$ 156,182$ 151,762
Executive 850,424 999,019 958,296 40,723
Financial administrative 503,832 461,267 399,177 62,090
Legal counsel 246,800 228,300 140,570 87,730
Comprehensive planning 221,496 293,125 250,947 42,178
Other 1,185,770 1,170,566 939,209 231,357
Total general government 3,147,082 3,460,221 2,844,381 615,840
Public Safety:
Law enforcement 7,590,516 7,738,452 7,383,721 354,731
Other 251,006 263,506 254,447 9,059
Total public safety 7,841,522 8,001,958 7,638,168 363,790
Public works:
Physical environment 1,934,231 1,989,171 1,836,178 152,993
Total public works 1,934,231 1,989,171 1,836,178 152,993
Culture and recreation:
Libraries 504,147 504,947 476,100 28,847
Parks and recreation 2,854,272 3,002,270 2,677,702 324,568
Total culture and recreation 3,358,419 3,507,217 3,153,802 353,415
Total expenditures 16,281,254 16,958,567 15,472,529 1,486,038
Excess (deficiency) of revenues over expenditures (635,957) (883,725) 1,684,249 2,567,974
OTHER FINANCING SOURCES (USES)
Transfers in 700,000 700,000 700,000 -
Transfers out (927,043) (927,043) (927,043) -
Total other financing sources and uses (227,043) (227,043) (227,043) -
Appropriation of fund balance 863,000.00 1,110,768 - 1,110,768
Net change in fund balances 1,457,206
Fund balances - beginning 10,615,044
Prior period adjustment - See Note 15 (55,142)
Fund balances, beginning of year, as restated 10,559,902
Fund balances - ending 12,017,108$
Budgeted Amounts
See notes to basic financial statements.
66
MIAMI SHORES VILLAGE, FLORIDA
NOTES TO BUDGETARY COMPARISON SCHEDULE
SEPTEMBER 30, 2022
67
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 $677,313, during the fiscal year ended September 30, 2022 for funding
outstanding obligations and unanticipated expenses
f)Unencumbered appropriations lapse at year end.
Reporting fiscal year ending September 30,20222021202020192018201720162015Measurement fiscal year ending September 30,20212020201920182017201620152014Total Pension LiabilityService Cost425,088$ 393,715$ 374,153$ 355,620$ 345,113$ 315,449$ 325,868$ 308,880$ Interest1,256,791 1,266,525 1,197,271 1,129,866 1,134,060 1,079,053 1,018,010 960,279 Difference between actual & expected experienceof the Total Pension Liability109,057 - 35,435 - (931,742) - 106,918 (7,788) Changes of Assumptions- 442,573 - 645 - 317,996 - - Benefit Payments(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 Liability448,482 1,311,226 992,373 888,753 (82,919) 1,072,785 795,276 859,678 Total Pension Liability - Beginning18,200,300 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)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$ 403,199$ 403,200$ 443,102$ 443,102$ 371,453$ 371,453$ 261,966$ Contributions - Member 231,206 217,098 212,987 201,687 186,555 188,786 188,793 179,680 Net Investment Income 3,683,932 1,373,773 472,706 1,452,542 1,531,913 1,074,730 (160,205) 715,959 Benefit Payments (1,342,454) (791,587) (614,486) (597,378) (630,350) (639,713) (655,520) (373,038) Refunds- - - - - - - (28,655) Administrative Expense(44,194) (58,202) (37,520) (40,842) (42,936) (69,962) (15,448) (29,411) Net Change in Plan Fiduciary Net Position2,983,185 1,144,281 436,887 1,459,111 1,488,284 925,294 (270,927) 726,501 Plan Fiduciary Net Position - Beginning 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) 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)(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 of Total Pension Liability 106.23% 92.46% 92.86% 95.91% 91.87% 81.50% 81.14% 88.07%Covered Payroll 13,853,433$ 3,618,300$ 3,549,783$ 3,361,450$ 3,109,250$ 3,146,433$ 3,146,550$ 2,994,667$ Net Pension Liability as a Percentage of Covered Payroll-30.16%37.93%33.96%19.34%39.25%88.72%84.03%52.69%1This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, pension plans should present information for those years for which information is available.Covered Payroll was calculated by dividing the total member contributions for the fiscal year by the member contribution rate of 6%.MIAMI SHORES VILLAGE, FLORIDAREQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOSGENERAL EMPLOYEES' RETIREMENT SYSTEM (VILLAGE'S REPORTING)(as required by GASB Statement No. 68)See notes to basic financial statements.68
Fiscal year ending September 30,202220212020201920182017201620152014Total Pension LiabilityService Cost430,426$ 425,088$ 393,715$ 374,153$ 355,620$ 345,113$ 315,449$ 325,868$ 308,880$ Interest1,285,795 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 & expected experience- - 38,093 - (1,001,623) - 115,151 - (7,788) Assumption Changes 116,691 - 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 Liability629,612 339,425 1,346,661 956,938 (42,989) 848,823 1,179,703 688,358 859,678 Total Pension Liability - Beginning18,539,725 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)19,169,337$ 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 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 (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 - Beginning 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) 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$ (1,271,383)$ 1,372,377$ 1,169,997$ 649,946$ 2,152,046$ 2,791,507$ 2,537,098$ 1,577,813$ Plan Fiduciary Net Position as a Percentage of Total Pension Liability 81.13% 106.86% 92.46% 93.06% 95.91% 86.50% 81.50% 81.76% 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$ 2,994,667$ Net Pension Liability as a Percentage of Covered Payroll 105.04% -32.99% 37.93% 32.96% 19.34% 69.21% 88.72% 80.63% 52.69%1This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, pension plans should present information for those years for which information is available.(as required by GASB Statement No. 67)MIAMI SHORES VILLAGE, FLORIDAREQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOSGENERAL EMPLOYEES' RETIREMENT SYSTEM (PLAN'S REPORTING)Covered Payroll was calculated by dividing the total member contributions for the fiscal year by the member contribution rate of 6%.See notes to basic financial statements.69
Fiscal
Year Actuarially Contribution Actual Contribution
Ending Determined Actual Deficiency Covered as a % of
September 30,Contribution Contribution (Excess) Payroll Covered Payroll
2022 454,695$ 454,695$ -$ 3,444,000$ 13.20%
2021 454,695 454,695$ -$ 3,853,433 11.80%
2020 403,199 403,199 - 3,618,300 11.14%
2019 403,199 403,200 (1) 3,549,783 11.36%
2018 443,102 443,102 - 3,361,450 13.18%
2017 443,102 443,102 - 3,109,250 14.25%
2016 371,453 371,453 - 3,146,433 11.81%
2015 371,453 371,453 - 3,146,550 11.81%
2014 261,966 261,966 - 2,994,667 8.75%
Valuation Date October 1, 2019
Notes
Methods and Assumptions Used to Determine Contribution Rates:
Entry Age Normal
Amortization Method Level Dollar, Closed
Remaining Amortization Period 20 years
Asset Valuation Method 5-year smoothed market
Inflation 2.25%
Salary Increases 5.00% , including inflation
Investment Rate of Return 7.00%
Retirement Age
Mortality
Notes to the Schedule of Contributions
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
GENERAL EMPLOYEES' RETIREMENT SYSTEM (VILLAGE'S REPORTING)
Note: Covered Payroll was calculated by dividing the total member contributions for the fiscal year by the member contribution
rate of 6%.
(as required by GASB Statement No. 68)
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend
is compiled, pension plans should present information for those years for which information is available.
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-
20218). 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.
Actuarial Cost Method
Actuarially determined contribution rates are calculated as of October 1, which is
three years prior to the end of the fiscal year in which contributions are reported.
See notes to basic financial statements.
70
Fiscal
Year Actuarially Contribution Actual Contribution
Ending Determined Actual Deficiency Covered as a % of
September 30,Contribution Contribution (Excess) Payroll1 Covered Payroll
2021 454,695$ 454,695$ - 3,444,000$ 13.20%
2021 454,695 454,695 - 3,853,433 11.80%
2020 403,199 403,199 - 3,618,300 11.14%
2019 403,199 403,200 (1) 3,549,783 11.36%
2018 443,102 443,102 - 3,361,450 13.18%
2017 443,102 443,102 - 3,361,450 13.18%
2016 371,453 371,453 - 3,146,433 11.81%
2015 371,453 371,453 - 3,146,550 11.81%
2014 261,966 261,966 - 2,994,667 8.75%
1
Valuation Date October 1, 2020
Notes
Methods and Assumptions Used to Determine Contribution Rates:
Entry Age Normal
Amortization Method Level Dollar, Closed
Remaining Amortization Period 20 years
Asset Valuation Method 5-year smoothed market
Inflation 2.25%
Salary Increases 5.00%, including inflation
Investment Rate of Return 7.00%
Retirement Age
Mortality
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 Reitrement 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.
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-
year trend is compiled, pension plans should present information for those years for which information is available.
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
GENERAL EMPLOYEES' RETIREMENT SYSTEM (PLAN'S REPORTING)
(as required by GASB Statement No. 67)
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
Actuarially determined contribution rates are calculated as of October 1, which is
two years prior to the end of the fiscal year in which contributions are reported.
Actuarial Cost Method
See notes to basic financial statements.
71
Fiscal year ending
September 30,
Annual Money-Weighted
Rate of Return, Net of
Investment Expense
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%
2013 10.44%
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
GENERAL EMPLOYEES' RETIREMENT SYSTEM
See notes to basic financial statements.
72
Reporting fiscal year ending September 30,20222021202020192018201720162015Measurement fiscal year ending September 30,20212020201920182017201620152014Total Pension LiabilityService Cost864,180$ 826,391$ 737,909$ 686,704$ 660,242$ 536,463$ 554,721$ 672,275$ Interest2,327,492 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 & expected experience(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(1,455,900) (1,425,391) (2,437,760) (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510) Other13,865 11,359 (235,974) 69,509 70,382 65,088 - 113,175 Net Change in Total Pension Liability1,654,192 2,479,179 351,740 566,158 1,693,758 1,844,885 1,102,577 1,406,663 Total Pension Liability - Beginning33,113,657 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)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)1,336,493$ 808,455$ 1,116,211$ 1,165,400$ 1,105,854$ 1,122,197$ 1,249,668$ 11,207,161$ Contributions - Employer (from State)110,178 105,165 214,608 3 99,702 100,575 95,281 - 2173,561 Contributions - Member 271,555 264,605 249,510 231,040 210,630 191,425 180,728 205,660 Net Investment Income 6,252,510 2,347,637 936,089 2,464,134 2,495,997 1,818,553 (201,097) 1,168,552 Benefit Payments(1,455,900) (1,425,391) (2,437,760) (1,279,385) (950,094) (1,023,327) (941,093) (1,180,510) Administrative Expense(82,819) (86,101) (63,104) (55,307) (62,709) (78,167) (11,783) (39,391) Net Change in Plan Fiduciary Net Position6,432,017 2,014,370 15,554 2,625,584 2,900,253 2,125,962 276,423 1,535,033 Plan Fiduciary Net Position - Beginning 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) 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 - Ending (a) - (b)(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 of Total Pension Liability 101.15% 86.78% 87.23% 88.19% 81.04% 75.58% 72.79% 74.89%Covered Payroll 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 -13.28% 148.87% 141.12% 139.30% 240.80% 321.68% 354.72% 275.56%123This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, pension plans should present information for those years for which information is available.MIAMI SHORES VILLAGE, FLORIDAREQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOSPOLICE OFFICERS' RETIREMENT SYSTEM (VILLAGE'S REPORTING)Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015.(as required by GASB Statement No. 68)State contributions for fiscal year ending September 30, 2015 were not received until after the end of the fiscal year (therefore not permitted to be used until next fiscal year).Two year's worth of state contributions were received in fiscal year ending September 30,2019See notes to basic financial statements.73
Fiscal year ending September 30,202220212020201920182017201620152014Total Pension LiabilityService Cost916,556$ 864,180$ 826,391$ 737,909$ 686,704$ 660,242$ 536,463$ 554,721$ 672,275$ Interest2,430,533 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 & expected experience199,400 (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(1,925,019) (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 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 260,052 271,555 264,605 249,510 231,040 210,630 191,425 180,728 205,660 Net Investment Income (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) (39,392) 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 1,535,032 Plan Fiduciary Net Position - Beginning 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) 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 - 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 of Total 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%123This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, pension plans should present information for those years for which information is available.(as required by GASB Statement No. 67)MIAMI SHORES VILLAGE, FLORIDAREQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF CHANGES IN VILLAGE'S NET PENSION LIABILITY AND RELATED RATIOSPOLICE OFFICERS' RETIREMENT SYSTEM (PLAN'S REPORTING)State contributions for fiscal year ending September 30, 2015 were not received until after the end of the fiscal year (therefore not permitted to be used until next fiscal year).Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015.Two years' worth of State contributions were received in fiscal year ending September 30, 2019.See notes to basic financial statements.74
Fiscal
Year Actuarially Contribution Actual Contribution
Ending Determined Actual Deficiency Covered as a % of
September 30,Contribution Contribution (Excess) Payroll3 Covered Payroll
2022 1,334,228$ 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
2
3
4
5
Valuation Date
Notes
Methods and Assumptions Used to Determine Contribution Rates:
Amortization Method
Remaining Amortization Period
Asset Valuation Method
Inflation
Salary Increases 6.00%, including inflation
Investment Rate of Return
Retirement Age
Mortality
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
POLICE OFFICERS' RETIREMENT SYSTEM (VILLAGE'S REPORTING)
Note: Covered Payroll was calculated by dividing the total member contributions for the fiscal year by the member
contribution rate of 9%.
State contributions for fiscal year ending September 30, 2015 were not received until after the end of the fiscal year
(therefore not permitted to be used until next fiscal year).
Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015.
(as required by GASB Statement No. 68)
State contributions for fiscal years ending September 30, 2018 & 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 $88,192 was used to satisfy the
Village's contribution requirement for fiscal year ending September 30, 2022.
Actuarial Cost Method
Notes to the Schedule of Contributions
October 1, 2020
Actuarially determined contribution rates are calculated as of October 1, which is two
years prior to the end of the fiscal year in which contributions are reported.
Entry Age Normal
Level Dollar, Closed
5-year smoothed market
All actives are assumed to retire when first eligible for Normal Retirement. The rate of
retirement is 1% for each year of eligibility for Early Retirement.
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year
trend is compiled, pension plans should present information for those years for which information is available.
20 years
2.25%
7.00%
The same versions of Pub-2010 Headcount-Weighted Mortality Tables as used by the Florida
Reitrement System (FRS) in their July 1, 2020 actuarial valuation (with mortality
improvements projected to all future years after 2010 using Scale MP-2018). Florida Statutes
Chapter 112.63(1)(f) mandates the use of mortality tables from one of the two most recently
published FRS actuarial valuation reports.
See notes to basic financial statements.
75
Fiscal
Year Actuarially Contribution Actual Contribution
Ending Determined Actual Deficiency Covered as a % of
September 30,Contribution Contribution (Excess) Payroll Covered Payroll
2022 1,334,228$ 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 1,195,594 1,195,593 1 2,567,111 46.57%
2017 1,136,047 1,136,047 - 2,340,333 48.54%
2016 1,152,390 1,152,390 - 2,126,944 54.18%
2015 1,249,668 1 1,249,668 2 - 2,008,089 62.23%
2014 1,237,354 1,267,547 (30,193) 2,285,111 55.47%
1
2
3
4
5
Valuation Date
Notes
Methods and Assumptions Used to Determine Contribution Rates:
Amortization Method
Remaining Amortization Period
Asset Valuation Method
Inflation
Salary Increases
Investment Rate of Return
Retirement Age
Mortality
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).
6.00%, including inflation
All actives are assumed to retire when first eligible for Normal Retirement.
The rate of retirement is 1% for each year of eligibility for Early Retirement.
Level Dollar, Closed
5-year smoothed market
20 years
2.25%
7.00%
Actuarial Cost Method Entry Age Normal
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.
The same versions of PUB-2010 Headcount-Weighted Mortality Tables as
used by the Flordia Retirement System (FRS) in their July 1, 2020 actuarial
valuation for Special Risk class members (with mortality improvements
projected for healthy lives 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.
This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-
year trend is compiled, pension plans should present information for those years for which information is available.
State contributions for fiscal years ending September 30, 2018 & 2019 were received in fiscal year ending September
30, 2019.
Note: Covered Payroll was calculated by dividing the total member contributions for the fiscal year by the member
contribution rate of 9%.
Notes to the Schedule of Contributions
October 1, 2020
Actuarially determined contribution rates are calculated as of October 1, which
is two years prior to the end of the fiscal year in which contributions are
reported.
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS
POLICE OFFICERS' RETIREMENT SYSTEM (PLAN'S REPORTING)
Includes receivable Employer contribution in the amount of $32,922 for fiscal year ending September 30, 2015.
(as required by GASB Statement No. 67)
See notes to basic financial statements.
76
Fiscal year ending
September 30,
Annual Money-Weighted
Rate of Return, Net of
Investment Expense
2022 -18.07%
2021 21.19%
2020 8.44%
2019 3.33%
2018 9.83%
2017 11.22%
2016 8.97%
2015 -0.90%
2014 6.30%
2013 9.48%
MIAMI SHORES VILLAGE, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF INVESTMENT RETURNS
POLICE OFFICERS' RETIREMENT SYSTEM
See notes to basic financial statements.
77
Total OPEB Liability:2022 2021 2020 2019 2018Service cost41,716$ 39,045$ 42,514$ 43,470$ 48,122$ Interest14,477 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 assumptions105,889 2,425 (167,258) (16,935) (20,041) Benefit payments(25,126) (21,661) (40,376) (36,994) (91,579) Net Change in total OPEB liability57,782 35,331 (120,032) 12,932 (88,813) Total OPEB liability- beginning571,561536,230656,262643,330732,143Total OPEB liability- ending629,343$ 571,561$ 536,230$ 656,262$ 643,330$ Covered-employee payroll5,701,644$ 7,327,367$ 6,004,403$ 6,190,210$ 5,980,879$ Total OPEB liability as a percentage of covered payroll11.04%7.80%8.93%10.60%10.76%This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, pension plans should present information for those yearsfor which information is available. There are no plan assets accumulated in a trust that meets the critereia in paragraph 4 of GASB Statement No. 75.MIAMI SHORES VILLAGE, FLORIDAREQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOSSEPTEMBER 30, 2022See notes to basic financial statements.78
COMBINING FINANCIAL STATEMENTS
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
Special revenue funds are used to account for specific revenue that is legally restricted to
expenditure for particular purposes.
Transportation Surtax – This fund accounts for the Village’s portion of the Miami-Dade County
one-half percent transportation surtax approved by voters in November 2002.
Local Option Gas Tax – This fund accounts for the revenues from the six cents and additional
three cents sales tax levied on all petroleum products sold in Miami-Dade County.
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.
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.
MIAMI SHORES VILLAGE
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2022
Special Revenue Funds
Local Law Brockway
Transportation Option Enforcement General Memorial Building
Surtax Gas Tax Training Trust Expansion Fund Total
ASSETS
Cash and cash equivalents 1,049,352$ 572,925$ 32,725$ 966,912$ 111,782$ 266,997$ 3,000,693
Accounts receivable, net 99,762 27,628 163 - - 711 128,264
Total assets 1,149,114$ 600,553$ 32,888$ 966,912$ 111,782$ 267,708$ 3,128,957$
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable and accrued liabilities 5,937 28,643 - 431,044 405 24,316 490,345
Unearned revenue 60,386 - - - - - 60,386
Total liabilities 66,323 28,643 - 431,044 405 24,316 550,731
Fund balances:
Restricted 1,082,791 503,459 32,888 535,868 111,377 243,392 2,509,775
Assigned - 68,451 - - - - 68,451
Total fund balances 1,082,791 571,910 32,888 535,868 111,377 243,392 2,578,226
Total liabilities and fund balances 1,149,114$ 600,553$ 32,888$ 966,912$ 111,782$ 267,708$ 3,128,957$
79
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30, 2022
Debt
Service Capital Projects
Total
Capital Nonmajor
Improvement Governmental
GO Bonds Fund Total Funds
ASSETS
Cash and cash equivalents 142,508$ 1,700,437$ 1,700,437$ 4,843,638$
Accounts receivable, net 1,987 - - 130,251
Total assets 144,495$ 1,700,437$ 1,700,437$ 4,973,889$
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable - 59,790 59,790 550,135
Total liabilities - 59,790 59,790 610,521
Fund balances:
Restricted 144,495 - - 2,654,270
Committed - 1,640,647 1,640,647 1,640,647
Assigned - - - 68,451
Total fund balances 144,495 1,640,647 1,640,647 4,363,368
Total liabilities and fund balances 144,495$ 1,700,437$ 1,700,437$ 4,973,889$
MIAMI SHORES VILLAGE
80
MIAMI SHORES VILLAGE
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Special Revenue Funds
Local Law Brockway
Transportation Option Enforcement General Memorial Building
Surtax Gas Tax Training Trust Expansion Fund Total
REVENUES
Fees and fines -$ -$ 2,607$ -$ -$ -$ 2,607$
Licenses and permits - - - 61,089 - 1,218,554 1,279,643
Intergovernmental 541,290 373,867 - - - - 915,157
Grants contributions and donations - - - 26,704 2,715 - 29,419
Investment earnings 1,143 892 - 906 2,277 - 5,218
Total revenues 542,433 374,759 2,607 88,699 4,992 1,218,554 2,232,044
EXPENDITURES
Current:
Public safety - - 7 7,408 - 730,304 737,719
Public works 135,882 257,857 - - - - 393,739
Culture and recreation - - - 37,510 18,444 - 55,954
Capital outlay 2,580 47,960 - 14,612 390,444 - 455,596
Total expenditures 138,462 305,817 7 59,530 408,888 730,304 1,643,008
Excess (deficiency) of revenues over
expenditures 403,971 68,942 2,600 29,169 (403,896) 488,250 589,036
OTHER FINANCING SOURCES (USES)
Transfers out - - - - - (300,000) (300,000)
Total other financing sources and uses - - - - - (300,000) (300,000)
Net change in fund balances 403,971 68,942 2,600 29,169 (403,896) 188,250 289,036
Fund balances (deficit) - beginning of year 678,820 502,968 30,288 506,699 515,273 - 2,234,048
Prior period adjustment - See Note 15 - - - - - 55,142 55,142
Fund balances, beginning of year, as restated 678,820 502,968 30,288 506,699 515,273 55,142 2,289,190
Fund balances - ending 1,082,791$ 571,910$ 32,888$ 535,868$ 111,377$ 243,392$ 2,578,226$
81
Debt Service Capital Project
Total
Capital Nonmajor
Improvement Governmental
GO Bonds Fund Total Funds
REVENUES
Property taxes 464,699$ -$ -$ 464,699$
Fees and fines - - - 2,607
Licenses and permits - - - 1,279,643
Intergovernmental - - - 915,157
Grants contributions and donations - - - 29,419
Investment earnings 615 2,485 2,485 8,318
Total revenues 465,314 2,485 2,485 2,699,843
EXPENDITURES
Current:
General government 5,000 - - 5,000
Public safety - - - 737,719
Public works - - - 393,739
Culture and recreation - - - 55,954
Debt Service
Principal 1,449,300 - - 1,449,300
Interest and other charges 82,588 - - 82,588
Capital outlay - 490,239 490,239 945,835
Total expenditures 1,536,888 490,239 490,239 3,670,135
Excess (deficiency) of revenues over
expenditures (1,071,574) (487,754) (487,754) (970,292)
OTHER FINANCING SOURCES (USES)
Transfers in - 863,000 863,000 863,000
Transfers out - - - (300,000)
Total other financing sources and uses - 863,000 863,000 563,000
Net change in fund balances (1,071,574) 375,246 375,246 (407,292)
Fund balances (deficit) - beginning of year 1,216,069 1,265,401 1,265,401 4,715,518
Prior period adjustment - See Note 15 - - - 55,142
Fund balances, beginning of year, as restated 1,216,069 1,265,401 1,265,401 4,770,660
Fund balances - ending 144,495$ 1,640,647$ 1,640,647$ 4,363,368$
MIAMI SHORES VILLAGE
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
82
MIAMI SHORES VILLAGE
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
FUND BALANCES - BUDGET AND ACTUAL NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Special Revenue Funds
Transportation Surtax Local Option Gas Tax
Variance with Variance with
Final Budget Final Budget
Actual Positive Actual Positive
Original Final Amounts (Negative)Original Final Amounts (Negative)
REVENUES
Intergovernmental 381,250$ 381,250$ 541,290$ 160,040$ 320,177$ 345,177$ 373,867$ 28,690$
Investment earnings 420 420 1,143 723 600 600 892 292
Total revenues 381,670 381,670 542,433 160,763 320,777 345,777 374,759 28,982
EXPENDITURES
Current:
Public works 229,490 229,490 135,882 93,608 289,228 289,228 257,857 31,371
Capital outlay 152,180 215,636 2,580 213,056 100,000 125,000 47,960 77,040
Total expenditures 381,670 445,126 138,462 306,664 389,228 414,228 305,817 108,411
Excess (deficiency) of revenues over expenditures - (63,456) 403,971 467,427 (68,451) (68,451) 68,942 137,393
Appropriation of fund balance - - - - 68,451 68,451 - 68,451
Net change in fund balances 403,971 68,942
Fund balances - beginning 678,820 502,968
Fund balances - ending 1,082,791$ 571,910$
Budgeted Amounts Budgeted Amounts
83
MIAMI SHORES VILLAGE
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
FUND BALANCES - BUDGET AND ACTUAL NONMAJOR GOVERNMENTAL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Debt Service Fund Capital Improvement Fund
Variance with Variance with
Final Budget Final Budget
Actual Positive Actual Positive
Original Final Amounts (Negative)Original Final Amounts (Negative)
REVENUES
Property taxes 455,880$ 455,880$ 464,699$ 8,819$ -$ -$ -$ -$
Investment earnings 2,000 2,000 615 (1,385) - - 2,485 2,485
Total revenues 457,880 457,880 465,314 7,434 - - 2,485 2,485
EXPENDITURES
Current:
General government 7,000 7,000 5,000 2,000 - - - -
Debt service:
Principal 345,300 1,449,300 1,449,300 - - - - -
Interest and other charges 105,580 82,575 82,588 (13) - - - -
Capital outlay - - - - 863,000 1,720,394 490,239 1,230,155
Total expenditures 457,880 1,538,875 1,536,888 1,987 863,000 1,720,394 490,239 1,230,155
Excess (deficiency) of revenues over expenditures - (1,080,995) (1,071,574) 9,421 (863,000) (1,720,394) (487,754) 1,232,640
OTHER FINANCING SOURCES (USES)
Transfers in - - - - 863,000 863,000 863,000 -
Total other financing sources and uses - - - - 863,000 863,000 863,000 -
Appropriate of fund balance - - - - - 857,394 - 857,394
Net change in fund balances (1,071,574) 375,246
Fund balances - beginning 1,216,069 1,265,401
Fund balances - ending 144,495$ 1,640,647$
Budgeted Amounts Budgeted Amounts
84
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.
MIAMI SHORES VILLAGE
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30, 2022
Risk Fleet
Management Maintenance
Fund Fund Total
ASSETS
Current assets:
Cash and cash equivalents 921,690$ 1,449,645$ 2,371,335$
Accounts receivable, net 24,243 - 24,243
Inventories - 10,559 10,559
Prepaid Expenses 239,574 - 239,574
Total current assets 1,185,507 1,460,204 2,645,711
Non-current assets:
Net pension asset - 16,647 16,647
Capital assets:
Capital assets not being depreciated - 7,127 7,127
Capital assets being depreciated, net - 1,987,061 1,987,061
Total non-current assets - 2,010,835 2,010,835
Total assets 1,185,507$ 3,471,039$ 4,656,546$
DEFERRED OUTLOWS OF RESOURCES
Pension - 36,239 36,239
Other post employment benefits (OPEB)- 3,648 3,648
Total deferred outflows of resources - 39,887 39,887
LIABILITIES
Current Liabilities:
Accounts payable and accrued liabilities 27,912 69,175 97,087
Compensated absences - 8,560 8,560
Total current liabilities 27,912 77,735 105,647
Non-current liabilities:
Compensated absences - 25,680 25,680
OPEB liability - 7,935 7,935
Total non-current liabilities - 33,615 33,615
Total liabilities 27,912 111,350 139,262
DEFERRED INFLOWS OF RESOURCES
Pension - 66,509 66,509
Other post employment benefits (OPEB)- 3,275 3,275
Total deferred inflows of resources - 69,784 69,784
NET POSITION
Invested in capital assets, net of related debt - 2,010,835 2,010,835
Assigned - 370,000 370,000
Unassigned 1,157,595 948,957 2,106,552
Total net position 1,157,595$ 3,329,792$ 4,487,387$
85
MIAMI SHORES VILLAGE
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
Risk Fleet
Management Maintenance
Fund Fund Total
REVENUES
Charges for services 1,000,866$ 1,366,780$ 2,367,646$
Total operating revenues 1,000,866 1,366,780 2,367,646
OPERATING EXPENSES
Personal services - 247,477 247,477
Utilities - 18,616 18,616
Repairs and maintenance 40,877 222,149 263,026
Administrative expenses 4,262 628,634 632,896
Insurance claims and expenses 932,285 116,689 1,048,974
Depreciation - 334,830 334,830
Total Operating expenses 977,424 1,568,395 2,545,819
Operating income (loss)23,442 (201,615) (178,173)
NON-OPERATING REVENUES (EXPENSES)
Interest and investment revenue 2,179 3,001 5,180
Total non-operating revenue (expenses)2,179 3,001 5,180
Income (loss) before contributions and transfers 25,621 (198,614) (172,993)
Change in net position 25,621 (198,614) (172,993)
Total net position - beginning 1,131,974 3,528,406 4,660,380
Total net position - ending 1,157,595$ 3,329,792$ 4,487,387$
86
Risk Fleet
Management Maintenance
Fund Fund Total
Cash flows from operating activities:
Cash received from customers, governments and other funds 983,243$ 1,366,780$ 2,350,023$
Cash paid to suppliers (975,038) (904,961) (1,879,999)
Cash paid for employees - (247,125) (247,125)
Net cash provided by (used in) operating activities 8,205 214,694 222,899
Cash flows from capital related financing activities:
Acquisition and construction of capital assets - (417,795) (417,795)
Net cash provided by (used in) capital and related financing activities - (417,795) (417,795)
Cash flows from investing activities:
Interest and other income 2,179 3,001 5,180
Net cash provided by (used in) investing activities 2,179 3,001 5,180
Net increase (decrease) in cash and cash equivalents 10,384 (200,100) (189,716)
Cash and cash equivalents, October 1 984,170 1,458,037 2,442,207
Cash and cash equivalents, September 30 994,554$ 1,257,937$ 2,252,491$
Reported in statement of net position as follows:
Cash and cash equivalents 921,690$ 1,449,645$ 2,371,335$
921,690$ 1,449,645$ 2,371,335$
Reconciliation of operating income to net cash
provided by operating activities:
Operating income (loss)23,442$ (201,615)$ (178,173)$
Adjustments to reconcile operating income to net
cash provided by operating activities:
Depreciation - 334,830 334,830
Change in assets and liabilities:
(Increase) decrease in:
Accounts receivable (17,623) - (17,623)
Inventories - 24,960 24,960
Prepaids (19,026) - (19,026)
Deferred outflows of resources for pension - (1,677) (1,677)
Increase (decrease) in:
Accounts payable and accrued liabilities 21,412 56,789 78,201
Compensated absences - 1,867 1,867
OPEB liability - 1,861 1,861
Net pension liability (asset)- (65,000) (65,000)
Deferred inflows of resources for pension - 62,679 62,679
Total adjustments (15,237) 416,309 401,072
Net cash provided by (used in) operating activities 8,205$ 214,694$ 222,899$
MIAMI SHORES VILLAGE
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
87
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.
MIAMI SHORES VILLAGE
COMBINING STATEMENT OF FIDUCIARY NET POSITION
PENSION TRUST FUNDS
SEPTEMBER 30, 2022
General
Employee's Police
Pension Pension
Trust Trust Total
ASSETS
Cash and cash equivalents $ 221,160 $ 609,274 $ 830,434
Receivables:
Accounts receivables - 109,624 109,624
Interest and dividends 65,389 119,535 184,924
Total receivables 65,389 229,159 294,548
Investments:
Mutual funds – equity 5,589,335 10,525,622 16,114,957
Common stock 3,495,183 6,063,644 9,558,827
Corporate bonds 2,683,328 4,980,277 7,663,605
U.S. government securities 1,563,327 2,084,955 3,648,282
Mortgage backed securities 1,456,365 3,082,343 4,538,708
Foreign stock 403,022 699,315 1,102,337
Foreign bonds 35,490 60,839 96,329
Municipal bonds 39,105 78,210 117,315
Total Investments 15,265,155 27,575,205 42,840,360
Total assets $ 15,551,704 $ 28,413,638 $ 43,965,342
NET POSITION
Net position for pension benefits $ 15,551,704 $ 28,413,638 $ 43,965,342
88
MIAMI SHORES VILLAGE
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION TRUST FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022
General
Employee's Police
Pension Pension
Trust Trust Total
ADDITIONS
Contributions:
Employer 454,695$ 1,150,000$ 1,604,695$
Plan members 206,640 260,052 466,692
State of Florida - 109,624 109,624
Total contributions 661,335 1,519,676 2,181,011
Investment earnings:
Net appreciation in fair value of investments (4,677,854) (8,002,226) (12,680,080)
Interest and dividiend income 1,112,825 1,887,968 3,000,793
Investment activity expense (90,085) (118,907) (208,992)
Total net investment earnings (3,655,114) (6,233,165) (9,888,279)
Other Additions:
Miscellaneous 32 46 78
Total other additions 32 46 78
Total additions (2,993,747) (4,713,443) (7,707,190)
DEDUCTIONS
Pension benefits 1,203,300 1,925,019 3,128,319
Administrative expenses 62,357 116,583 178,940
Total deductions 1,265,657 2,041,602 3,307,259
Net decrease (4,259,404) (6,755,045) (11,014,449)
Beginning of year 19,811,108 35,168,683 54,979,791
End of year 15,551,704$ 28,413,638$ 43,965,342$
89
STATISTICAL SECTION
2022202120202019201820172016201520142013Governmental activities: Invested in capital assets, net of related debt 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$ 13,445,077$ Restricted 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 6,042,082 Unrestricted 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 9,916,183 Total governmental activities net assets36,304,547 31,590,707 27,176,230 24,636,830 23,198,486 23,588,403 24,561,429 23,831,340 29,953,601 29,403,342 Business-type activities: Invested in capital assets, net of related debt 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 2,252,711 Restricted 214,634 269,100 - - 3,772,478 3,772,478 Unrestricted 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 2,598,838 Total business-type activities net assets4,878,913 4,378,477 4,048,853 4,195,531 8,948,582 9,028,556 5,056,732 5,617,848 4,872,704 4,851,549 Primary government: Invested in capital assets, net of related debt 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 15,697,788 Restricted 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 6,042,082 Unrestricted 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 12,515,021 Total primary government net assets41,183,460$ 35,969,184$ 31,225,083$ 28,832,361$ 32,147,068$ 32,616,959$ 29,618,161$ 29,449,188$ 34,826,305$ 34,254,891$ Fiscal YearMIAMI SHORES VILLAGE, FLORIDANET ASSETS BY COMPONENTFOR THE LAST TEN FISCAL YEARS(accrual basis of accounting)90
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Governmental activities:
General Government 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$ 2,418,939$
Public Safety 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 6,425,432
Public Works 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 2,385,338
Culture and Recreation 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 2,816,882
Interest on debt 82,588 115,349 124,515 133,191 126,553 151,794 168,811 272,374 283,840 432,997
Total governmental activities expenses 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 14,479,588
Business-type activities:
Solid Waste 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 2,119,723
Stormwater 226,609 206,141 282,149 279,259 201,904 224,695 237,712 193,174 165,537 180,702
Water & Wastewater 196,925 103,416 63,301 4,383,725 148,717 105,707 62,204 - - -
Total business-type activities expenses 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 2,300,425
Total primary government expenses 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 16,780,013
Program revenues:
Governmental activities:
Charges for services:
General Government 2,495,126 2,222,726 1,838,539 2,190,376 1,619,903 1,211,656 1,366,832 1,005,762 1,063,095 841,572
Public Safety 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 1,553,168
Public Works 33,880 40,266 34,629 46,912 24,175 62,144 194,349 200,977 117,815 843,218
Culture and Recreation 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 1,375,506
Operating grants and contributions 799,272 739,700 717,036 815,658 816,300 801,908 798,312 816,380 784,430 87,368
Capital grants and contributions - - - - - - - 35,564 474,079 35,564
Total governmental activities program revenues 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 4,736,396
Business-type activities:
Charges for services:
Solid Waste 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 2,667,843
Stormwater 592,626 571,984 479,125 245,805 245,407 244,936 245,269 244,805 244,107 248,132
Water & Wastewater 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 4,075,040 3,848,209 3,429,950 2,911,534 2,952,605 3,494,471 3,015,137 3,556,292 2,885,391 2,915,975
Total primary government program revenue 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$ 7,652,371$
MIAMI SHORES VILLAGE, FLORIDA
CHANGES IN NET ASSETS
FOR THE LAST TEN FISCAL YEARS
(Continued)
Fiscal Year
91
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Net (expenses) revenue:
Governmental activities (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)$ (9,781,236)$
Business-type activities 831,214 663,209 255,207 (4,364,117) 140,078 140,078 699,307 186,555 1,139,423 425,455
(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) (9,355,781)
General revenues and other changes in net assets:
Governmental activities:
Property taxes 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 6,255,087
Public services tax 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 2,045,767
Intergovernmental 1,632,997 1,632,996 1,517,940 1,209,452 1,145,885 1,109,035 1,092,365 1,027,237 1,002,183 929,762
Miscellaneous 597,605 597,605 675,139 635,023 662,875 549,075 507,592 827,991 469,614 415,330
Investment income - unrestricted 73,387 27,133 128,434 277,431 115,869 60,740 26,210 29,568 20,670 32,015
Special item - gain (loss) on sale of asset - (145,753) - - - - - 523,164 - -
Transfers 335,957 336,425 414,052 416,737 350,076 352,819 400,000 400,000 395,000 395,000
Total governmental activities 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 10,072,961
Business-type activities:
Investment income 3,545 2,083 12,167 27,803 17,370 10,623 4,701 5,721 5,708 5,994
Other general revenues 1,634 757 - - - - - - - -
Transfers (335,957) (336,425) (414,052) (416,737) (350,076) (352,819) (400,000) (400,000) (395,000) (395,000)
Total business-type activities (330,778) (333,585) (401,885) (388,934) (332,706) (342,196) (395,299) (394,279) (389,292) (389,006)
Total primary government 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 9,683,955
Change in net assets:
Governmental activities 4,713,840 2,839,059 2,539,400 1,438,343 (510,289) (1,291,320) 377,717 785,635 (825,288) 291,725
Business-type activities 500,436 329,624 (146,678) (4,753,051) (192,628) (202,118) (208,744) (207,724) 750,131 36,449
Total primary government 5,214,276$ 3,168,683$ 2,392,722$ (3,314,708)$ (702,917)$ (1,493,438)$ 168,973$ 577,911$ (75,157)$ 328,174$
MIAMI SHORES VILLAGE, FLORIDA
CHANGES IN NET ASSETS
(Continued)
FOR THE LAST TEN FISCAL YEARS
Fiscal Year
92
2022202120202019201820172016201520142013General fund: Reserved -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Unreserved - - - - - - - - - - Nonspendable * 2,552 19,092 6,779 12,656 17,851 4,506 7,786 3,741 11,698 32,305 Restricted * - - - - - - - - - Committed * - - - - - - 31,562 31,562 45,947 Assigned * 863,000 863,000 - - - - - - - - Unassigned * 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 7,884,961 Total general fund 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$ 7,963,213$ All other governmental funds: Reserved -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Unreserved reported in: Special revenue funds - - - - - - - - - - Capital project funds - - - - - - - - - - Nonspendable * - - 2,000 2,000 - 5,174 - Restricted * 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 6,042,082 Committed * 1,640,647 1,265,401 1,442,733 1,646,587 830,632 768,966 581,630 578,434 649,494 611,766 Assigned * 68,451 68,451 - - - - - - - - Unassigned * (1,198,175) (1,198,175) (3,357,706) (3,373,275) (3,323,252) (1,079,522) - - - - Total all other governmental funds 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$ 6,653,848$ Fiscal YearMIAMI SHORES VILLAGE, FLORIDAFUND BALANCES FOR GOVERNMENTAL FUNDSFOR THE LAST TEN FISCAL YEARS93
2022202120202019201820172016201520142013Revenues:Taxes 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$ 6,255,087$ Public services taxes 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 2,799,637 Licenses and permits 1,532,895 1,279,733 913,015 1,291,634 1,211,448 1,212,029 1,257,228 1,237,435 1,018,301 841,572 Intergovernmental 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 1,052,694 Grants, contributions and donations 29,419 25,658 - - - - - - - - Charges for services 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 1,941,090 Fees and fines 362,366 325,274 1,000,705 441,823 489,247 696,709 517,648 613,743 629,524 858,753 Miscellaneous 319,443 366,701 675,139 664,688 662,875 549,075 507,592 827,991 555,417 415,330 Investment earnings 68,207 24,165 108,026 231,498 103,199 55,420 24,149 27,058 18,166 32,015 Total revenues 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 14,196,178 Expenditures:General Government 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 2,500,274 Public Safety 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 6,111,942 Public Works 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 1,662,089 Culture and Recreation 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 2,428,789 Capital outlay 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 1,115,631 Debt services: Principal 1,449,300 331,400 327,400 317,100 533,959 674,079 657,889 635,837 589,036 4,362,580 Interest and other charges 82,588 115,349 124,515 133,191 141,846 151,794 168,811 272,374 283,840 432,997 Total expenditures 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 18,614,302 (Deficiency) excesss of revenues overexpenditures 694,096 2,637,303 (29,432) (255,156) (2,213,852) (1,372,707) (1,423,177) (309,302) (664,636) (4,418,124) Other financing sources (uses):Proceeds from long-term debt - 4,017,600 3,923,000 Payment to refunding agent - (3,890,000) Sales of capital assets- 523,164 Transfer in 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 3,028,480 Transfer out (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) (2,688,180) Total other financing sources (uses) 335,957 421,750 457,626 307,080 350,076 311,284 462,000 1,082,764 395,000 4,263,300 Net change in fund balances 1,030,053$ 3,059,053$ 428,194$ 51,924$ (1,863,776)$ (1,061,423)$ (961,177)$ 773,462$ (269,636)$ (154,824)$ Debt service as a percentage of noncapital expenditures 8.4% 2.7% 2.9% 2.8% 3.8% 5.0% 5.6% 6.3% 6.2% 27.4%Fiscal YearMIAMI SHORES VILLAGE, FLORIDACHANGES IN FUND BALANCES FOR GOVERNMENTAL FUNDSFOR THE LAST TEN FISCAL YEARS94
Ad-Valorem Taxes Public Licenses Charges Fees and Investment Fiscal Year General Purpose Service Taxes and Permits Intergovernmental for Services Fines Miscellaneous EarningsTotal20135,719,016 2,045,767841,572964,755 1,941,090 609,029276,81118,746 12,416,786 20145,894,716 2,214,4511,018,301 1,002,183 1,980,381 492,285382,1495,213 12,989,679 20156,383,317 2,199,7721,237,435 1,062,801 2,059,389 499,777449,44514,281 13,906,217 20166,864,998 2,141,0941,257,228 1,092,365 1,732,617 352,026357,49414,492 13,812,314 20177,446,686 2,104,7261,212,029 1,102,765 1,829,756 554,068371,30942,023 14,663,362 20188,027,601 2,121,6761,211,448 1,131,324 2,034,859 435,792461,77974,081 15,498,560 20198,555,473 2,156,1841,291,634 1,139,976 1,898,020 251,004532,950 162,557 15,987,798 20209,201,078 2,107,335913,015 1,002,859 1,278,240 957,749538,33071,392 16,069,998 20219,558,415 2,232,8861,240,591 1,209,673 1,619,550 271,110342,19116,035 16,490,451 202210,158,979 2,475,934253,252 1,481,181 2,115,710 299,205319,44353,074 17,156,778 Revenues included in the General and Excise Tax FundsThe Excise Tax Fund was closed in FY2019A Building Fund was established in FY2022GENERAL GOVERNMENTAL REVENUES BY SOURCELAST TEN FISCAL YEARS(accrual basis of accounting)MIAMI SHORES VILLAGE, FLORIDA95
FiscalYear Total Total TotalEnded Personal Centrally Assessed Direct Tax MarketSeptember 30,PropertyPropertyAssessedValueRateValue2013727,955,201 17,910,658 1,530,814 747,396,673 8.7500 1,284,277,736 58.20%2014744,161,594 18,898,889 1,071,836 764,132,319 8.6949 1,294,780,508 59.02%2015808,067,935 20,443,472 1,281,491 829,792,898 8.6392 1,483,377,513 55.94%2016880,336,926 19,782,931 1,509,219 901,629,076 8.4289 1,692,889,026 53.26%2017953,506,766 19,610,810 1,678,470 974,796,046 8.4054 1,879,247,396 51.87%20181,030,605,970 19,731,712 1,785,659 1,052,123,341 8.3491 2,009,104,786 52.37%20191,095,746,087 20,399,258 1,887,615 1,118,032,960 8.3192 2,019,624,945 55.36%20201,173,922,297 20,064,707 2,400,225 1,196,387,229 8.3009 2,084,500,585 57.39%20211,233,170,132 21,921,504 2,215,825 1,257,307,461 8.2773 2,123,768,447 59.20%20221,290,977,319 24,223,997 2,252,482 1,317,453,798 8.2638 2,211,554,865 59.57%Source: Miami-Dade County Property Appraisal Office & Florida Department of Revenue.Note: Property in the Village is reassessed each year. State law requires the Property Appraiser to appraise property at 100% of market value. The Florida Constitution was 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 of the 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 assessed value. as a percentage of Market ValueMIAMI SHORES VILLAGE, FLORIDAASSESSED VALUE AND ACTUAL VALUE OF TAXABLE PROPERTYFOR THE LAST TEN FISCAL YEARSAssessed Value96
FiscalTotalYear TotalDirect &Ended City Debt Direct County- Debt OverlappingSeptember 30,WideServiceRateWideServiceFireLibrarySchoolStateRates20138.0000 0.7500 8.7500 4.7035 0.2850 2.4627 - 7.9980 0.9634 25.1626 20148.0000 0.6949 8.6949 4.7035 0.4220 2.4623 - 7.9770 0.9455 25.2052 20158.0000 0.6392 8.6392 4.6669 0.4500 2.4321 - 7.9740 0.9187 25.0809 20167.9000 0.5289 8.4289 4.6583 0.4586 2.4293 - 7.6120 0.8871 24.4742 20177.9000 0.5054 8.4054 4.6669 0.4000 2.4282 - 7.3220 0.8627 24.0852 20187.9000 0.4491 8.3491 4.6669 0.4000 2.4282 - 6.9940 0.8093 23.6475 20197.9000 0.4192 8.3192 4.6669 0.4644 2.4207 - 6.7330 0.7671 23.3713 20207.9000 0.4009 8.3009 4.6669 0.4780 2.4207 - 7.1480 0.7795 23.7940 20217.9000 0.3773 8.2773 4.6669 0.4780 2.4207 - 7.1290 0.7502 23.7221 20227.9000 0.3638 8.2638 4.6669 0.5075 2.4207 - 7.0090 0.7892 23.6571 (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 $1,000 of Taxable Assessed ValuationTax rate limits: City 10.000 Mils County 10.000 Mils School 10.000 Mils State 10.000 MilsSource: Miami Dade County Finance Department, Tax Collector's DivisionMiami Shores VillageCountySpecial DistrictsMIAMI SHORES VILLAGE, FLORIDAPROPERTY TAX RATESDIRECT AND OVERLAPPING GOVERNMENTS (1)FOR THE LAST TEN FISCAL YEARS97
Percentage Percentage
Taxable of Total City Taxable of Total City
Assessed Taxable Assessed Taxable
Taxpayer Value Rank Value Value Rank Value
Tropical Chevrolet, Inc.13,128,679$ 1 1.00%6,835,155$ 2 0.91%
Florida Power & Light Company 12,399,824 2 0.94%6,803,399 3 0.91%
Shore Square Properties, LLC 9,332,202 3 0.71%11,271,148 1 1.51%
Northern Trust Bank ETAL TRS (Publix) 8,880,000 4 0.67%
Cooper Florida Estates LLC 4,302,226 5 0.33%
88 Biscayne Management LLC 4,069,312 6 0.31%
DVS LLC 3,920,298 7 0.30%2,820,821 4 0.38%
SMSB LLC 3,830,000 8 0.29%
Luma Shores LLC 3,769,248 9 0.29%
AHE Realty Assoc LLC 3,741,125 10 0.28%
Frances B Everett 2,400,000 6 0.32%
Wal Miami LLC 2,456,175 5 0.33%
Bank of America, N.A.2,119,319 7 0.28%
Omar Cassola 1,926,818 8 0.26%
Norton L Barchan 1,900,395 9 0.25%
Robert Ader & W - 1,822,823 10 0.24%
Total 67,372,914$ 5.11%40,356,053$ 5.39%
MIAMI SHORES VILLAGE, FLORIDA
PRINCIPAL PROPERTY TAX PAYERS
CURRENT YEAR AND TEN YEARS AGO
2022 2013
98
Fiscal
Year Total Levied Collections
Ended for the Percentage in Subsequent Percentage
September 30,Fiscal Year Amount of Levy Years Amount of Levy
2013 5,998,630 5,672,080 94.6%46,936 5,719,016 95.3%
2014 6,113,059 5,894,716 96.4%98 5,894,814 96.4%
2015 6,638,343 6,383,223 96.2%94 6,383,317 96.2%
2016 7,122,870 6,803,657 95.5%61,341 6,864,998 96.4%
2017 7,700,889 7,446,395 96.7%291 7,446,686 96.7%
2018 8,311,774 8,027,509 96.6%92 8,027,601 96.6%
2019 8,832,460 8,555,406 96.9%67 8,555,473 96.9%
2020 9,451,459 9,170,453 97.0%30,692 9,201,078 97.4%
2021 9,932,729 9,563,900 96.3%25,207 9,558,415 96.2%
2022 10,407,885 10,027,208 96.3%131,771 10,158,979 97.6%
Source: Miami Shores Village Finance Department and Miami-Dade County Property Appraisers Office.
Collected within the
Fiscal Year of the Levy Total collections to Date
MIAMI SHORES VILLAGE, FLORIDA
OPERATING PROPERTY TAX LEVIES AND COLLECTIONS
FOR THE LAST TEN FISCAL YEARS
99
Enterprise Percentage
Fiscal of Actual
Year General Taxable Percentage
Ended Obligation Loan Revenue Value of of Personal
September 30,Bonds Payable Bonds Total Property Income
2013 6,298,000 1,645,000 - 7,943,000 1.06%2.22%
2014 6,053,000 1,300,964 - 7,353,964 0.96%1.85%
2015 5,895,300 950,427 - 6,845,727 0.82%1.69%
2016 5,596,900 590,938 4,840,000 11,027,838 1.22%2.62%
2017 5,291,600 222,159 4,680,000 10,193,759 1.05%2.26%
2018 4,979,800 - 4,520,000 9,499,800 0.90%1.89%
2019 4,662,700 - 3,760,000 8,422,700 0.75%1.63%
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%
Governmental
MIAMI SHORES VILLAGE, FLORIDA
RATIOS OF OUTSTANDING DEBT BY TYPE
FOR THE LAST TEN FISCAL YEARS
100
Percentage AmountDebt Applicable ApplicableGovernmental UnitOutstandingTo CityTo City701,809,370 Overlapping debt: Miami-Dade County, Florida (1) 2,754,741$ 0.41% 11,288$ Miami-Dade County Public Schools (2) 836,862 0.36%3,011 Total overlapping debt3,591,603$ 14,300 Miami Shores Village2,555 100.00%2,555 Total direct and overlapping debt3,594,158$ 16,854$ Sources:(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, FLORIDADIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBTAS OF SEPTEMBER 30, 2022(in thousands)101
2022202120202019201820172016201520142013Debt limit129,190,780$ 127,741,480$ 115,303,423$ 107,140,596$ 100,232,534$ 92,188,005$ 84,566,008$ 77,083,990$ 70,360,232$ 68,441,667$ Total net debt applicable to limit2,554,600 4,003,900 4,335,300 4,662,700 4,979,800 5,291,600 5,596,900 5,895,300 6,053,000 6,298,000 Legal debt margin 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$ 62,143,667$ Total net debt applicable to thelimit as a percentage of debt limit 1.98% 3.13% 3.76% 4.35% 4.97% 5.74% 6.62% 7.65% 8.60% 9.20%Fiscal YearMIAMI SHORES VILLAGE, FLORIDALEGAL DEBT MARGIN INFORMATIONFOR THE LAST TEN FISCAL YEARS102
Personal Per
Income Capita
Estimated (Thousand of Personal Unemployment
Year Population (1)Dollars) Income (2)Rate (3)
2013 10,659 358,515 33,635 8.4%
2014 10,781 396,741 36,800 6.6%
2015 10,776 405,048 37,588 6.2%
2016 10,806 420,883 38,949 5.7%
2017 10,493 450,947 42,976 4.6%
2018 10,810 502,870 46,519 4.1%
2019 10,761 515,592 47,913 3.1%
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%
Sources:
(1) State of Florida Department of Revenue
(2) U. S. Census Bureau
(3) U.S. Bureau of Labor Statistics
MIAMI SHORES VILLAGE, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
FOR THE LAST TEN CALENDAR YEARS
103
Percentage Percentage
of Total County of Total County
Employer Employees Rank Employment Employees Rank Employment
Miami-Dade County Public Schools 39,959 1 2.91%48,571 1 3.80%
Miami-Dade County, Florida 25,502 2 1.86%29,000 2 2.27%
University of Miami 19,996 3 1.46%16,000 5 1.25%
Publix Super Markets 12,524 4 0.91%10,800 8 0.84%
Jackson Health System 12,173 5 0.89%12,571 7 0.98%
American Airlines 11,102 6 0.81%9,000 9 0.70%
Miami-Dade College 7,111 7 0.52%
Florida International University 6,608 8 0.48%8,000 10 0.63%
United States Postal Service 5,134 9 0.37%
Baptist Health South Florida 5,133 10 0.37%13,376 6 1.05%
Federal Government 19,500 3 1.52%
Florida State Government 17,100 4 1.34%
Total Civilian Labor Force Employment 1,371,121 1,279,047
Source: The Beacon Council, Miami Florida
Florida Department of Economic Opportunity,
Burea of Workforce Statistics and Economic Research
U.S. Census Bureau
2022 2013
MIAMI SHORES VILLAGE, FLORIDA
PRINCIPAL EMPLOYERS LOCATED IN MIAMI-DADE COUNTY
CURRENT YEAR AND TEN YEARS AGO
104
Function/Program 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
General Government:
Administration:
Full time 6 5 5 12 11 12 10 10 8 10
Part time 0.5 0.5 0 7 6 7 6 6 5 5
Finance:
Full time 33345 6 6 5 5 5
Part time - - - - - - - - -
Public Works:
Full time 44 42 42 42 43 44 43 39 43 41
Part time 1.5 1.5 1 1 1 1 1 1 - 1
Culture and Recreation:
Parks & Recreation:
Full time 15 13 15 14 13 13 15 13 12 12
Part time 46 35 28 58 63 63 67 63 72 51
Library:
Full time 44444 4 4 4 2 3
Part time 54567 6 6 6 8 7
Public Safety
Building*
Full time 5 5 4
Part time 9 9 7
Neighborhood Services
Full time 3 3 3
Part time - - -
Police
Full time 48 44 47 48 48 46 42 40 43 43
Part time 3 1 3 3 3 3 4 4 4 3
Total 193 170 167 199 204 205 204 191 202 181
* Building & Code Compliance reclassified to Public Safety from General Government in FY2020
Source: Village Finance Office
MIAMI SHORES VILLAGE, FLORIDA
VILLAGE EMPLOYEES BY FUNCTION/PROGRAM
LAST TEN FISCAL YEARS
Fiscal Year
105
Function/Program2022*2021*20202019201820172016201520142013General Government:Finance:Number of lien searches processed 437 562 - - - - - - - - Public Safety:Building:Number of building permits issued 2,671 2,788 - - - - - - - - Code Compliance:Business Licenses issued 442 412 - - - - - - - - Police:Number of arrests 194 137 - - - - - - - - Number of calls for service 17,668 14,000 - - - - - - - - Number of sworn law enforcement personnel 41 38 - - - - - - - - Public Works:Garbage collected (tons) 6,656 4,158 Recycling collected (tons) 739 795 - - - - - - - - Sidewalks repaired (linear feet) 3,000 1,275 - - - - - - - - Trash collected (tons) 8,903 10,200 - - - - - - - - Culture and Recreation:Number of program participants70,421 73,649 - - - - - - - - Sources:Various Village Departments*Only data available at this timeFiscal YearMIAMI SHORES VILLAGE, FLORIDAOPERATING INDICATORS BY FUNCTIONFOR THE LAST TEN FISCAL YEARS106
Function/Program2022**2021**20202019201820172016201520142013General Government:Village Hall 1 1 - - - - - - - - Public Safety:Police:Police stations1 1 - - - - - - - - Police vehicles54 61 - - - - - - - - Public Works:Number of recycling/refuse collection trucks14 14 - - - - - - - - Culture and Recreation:Aquatic Playground1 1 - - - - - - - - Art in Public Places6 6 - - - - - - - - Basketball Courts2 2 - - - - - - - - Dog Park1 1 - - - - - - - - Golf Courses1 1 - - - - - - - - Libraries1 1 - - - - - - - - Parks*6 6 - - - - - - - - Parks & Recreation Center(s)6 6 - - - - - - - - Pickleball Court(s)4 4 - - - - - - - - Racketball Court(s)1 1 - - - - - - - - Swimming Pool(s)1 1 - - - - - - - - Tennis Court(s)4 4 - - - - - - - - Sources:Various Village Departments* Dog Park also included in Parks total**Only data available at this timeFiscal YearMIAMI SHORES VILLAGE, FLORIDACAPITAL ASSET STATISTICS BY FUNCTION/PROGRAMFOR THE LAST TEN FISCAL YEARS107
COMPLIANCE SECTION
108
8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States, the financial statements of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of Miami Shores Village, Florida (the “Village”), as of and for
the fiscal year ended September 30, 2022, and the related notes to the financial statements, which collectively comprise
the Village’s basic financial statements, and have issued our report thereon dated October 31, 2023.
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.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the Village’s financial statements will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination
of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention
by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was
not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies.
Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be
material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.
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 one instance of noncompliance that is required to be
reported under Government Auditing Standards and which is described in the accompanying schedule of findings and
responses as item 2022-01.
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 subject to the other auditing procedures applied in the audit of the financial statements and,
accordingly, we express no opinion on the response.
109
8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the Village’s internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in
considering the Village’s internal control and compliance. Accordingly, this communication is not suitable for any other
purpose.
Caballero Fierman Llerena & Garcia, LLP
Caballero Fierman Llerena & Garcia, LLP
Miami, Florida
October 31, 2023
MIAMI SHORES VILLAGE, FLORIDA
SCHEDULE OF FINDINGS AND RESPONSES
FISCAL YEAR ENDED SEPTEMBER 30, 2022
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8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM
CURRENT YEAR FINANCIAL STATEMENT FINDINGS AND RECOMMENDATIONS
NONCOMPLIANCE
2022-01 Annual Financial Audit Report
Criteria
Florida Statutes section 218.39 states that local government entity shall have an annual financial audit of its accounts
and records completed within 9 months after the end of its fiscal year by an independent certified public accountant
retained by it and paid from its public funds.
Condition
The Village did not complete its annual financial audit for the fiscal year ended 2022 within 9 months after year end.
Cause
There was a delay in the financial close and reporting procedures of the Village due to turnover.
Effect
The Village is not in compliance with Florida Statute section 218.39.
Recommendation
We recommend that, in the future, the Village completes its annual financial audits within 9 months after its fiscal year
end.
View of responsible officials and planned corrective actions
The Village has consistently completed the financial audit within the nine-month timeframe evidenced by being awarded
the Triple Crown award from the GFOA. This financial statement was an anomaly due to unprecedented staff turnover
during 2023 when the audit should have been completed. Both the Village Council and the State were kept apprised
of the difficult situation in which the Village found itself. The Village has taken all steps necessary to still submit to the
GFOA within the additional time allowed. It is anticipated that this will not occur again in the near future.
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8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM
MANAGEMENT LETTER REQUIRED BY SECTION 10.550 OF THE RULES OF
THE AUDITOR GENERAL OF THE STATE OF FLORIDA
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
Report on the Financial Statements
We have audited the financial statements of the Miami Shores Village, Florida (the “Village”), as of and for the fiscal
year ended September 30, 2022, and have issued our report thereon dated October 31, 2023.
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 on Compliance
and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing
Standards; Schedule of Findings and Responses; and Independent Accountant’s Report on compliance pursuant to
Section 218.415 Florida Statutes, regarding compliance requirements in accordance with Chapter 10.550, Rules of
the Auditor General. Disclosures in those reports and schedule, which are dated October 31, 2023, 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 financial audit report. There were
no findings or recommendations made in the preceding annual financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the
primary government and each component unit of the reporting entity be disclosed in this management letter, unless
disclosed in the notes to the financial statements. This information has been disclosed in the notes to the financial
statements.
Financial Condition and Management
Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and
communicate the results of our determination as to whether or not the Village 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.
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8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM
Financial Condition and Management (Continued)
Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition
assessment procedures for the Village. It is management’s responsibility to monitor the Village’s financial
condition, and our financial condition assessment was based in part on representations made by management and
review of financial information provided by same. Our assessment was performed as of the fiscal year end.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve
financial management. In connection with our audit, we did have one recommendation identified in Appendix A.
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 warrants the attention of those charged with governance. In
connection with our audit, we did have one finding of non-compliance identified in the schedule of findings and
responses.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members
of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting
agencies, members of the Village Council and management of the Village, and applicable management, and is not
intended to be and should not be used by anyone other than these specified parties.
Caballero Fierman Llerena & Garcia, LLP
Caballero Fierman Llerena & Garcia, LLP
Miami, Florida
October 31, 2023
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8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM
Appendix A
2022-02 Information Technology Policy
Observation:
It is best practice for the Village to have a formal written Information Technology (IT) policy that documents
and encompasses various areas such as: General IT procedural manual, disaster recovery plan, IT Risk
Assessment, data back-up schedules, cybersecurity incident response plan, etc. The Village’s
computerized information systems are vital to its daily operations.
During the performance of our planning phase of the audit for the fiscal year ended September 30, 2022,
we identified the Village does not have a formal written IT policy. 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.
Recommendation:
We recommend the Village to produce a formal written IT policy and to continuously update the policy on
an annual basis as considered necessary.
Management Response:
The Village is in the process of adopting a formal IT policy.
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8950 SW 74th Court I Suite 1210 I Miami, FL 33156
T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM
INDEPENDENT ACCOUNTANTS’ REPORT ON COMPLIANCE PURSUANT TO
SECTION 218.415 FLORIDA STATUTES
Honorable Mayor and Members of the Village Council
Miami Shores Village, Florida
We have examined the Miami Shores Village’s (the Village) compliance with the requirements of Section 218.415
Florida Statutes during the period of October 1, 2021 to September 30, 2022. Management of the Village is responsible
for the Village's compliance with the specified requirements. Our responsibility is to express an opinion on the Village's
compliance with the specified requirements based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute of
Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable
assurance about whether the Village complied, in all material respects, with the specified requirements referenced
above. An examination involves performing procedures to obtain evidence about whether the Village complied with the
specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including
an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we
obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Village’s compliance with specified requirements. In our
opinion, the Village complied, in all material respects, with the requirements of Section 218.415 Florida Statutes during
the period of October 1, 2021 to September 30, 2022.
This report is intended solely for the information and use of management, the Mayor, the Village Council, others within
the Village and the Auditor General of the State of Florida and is not intended to be and should not be used by anyone
other than these specified parties.
Caballero Fierman Llerena & Garcia, LLP
Caballero Fierman Llerena & Garcia, LLP
Miami, Florida
October 31, 2023