_GaFINANCE DEPARTMENT
2001
March 3 I, 2015
Mayor & Commission
Re: City of South Miami
Policies, Procedures and Internal Controls Concerning Securities Disclosures
Comprehensive Annual Financial Report (CAFR)
CAFR Compliance Certificate
Fiscal Year 20 14
Dear Mayor & Commission :
Please find enclosed the City's Comprehensive Annual Financial Report (CAFR) for
Fiscal Year 2014. Pursuant to the City's Policies , Procedures and Internal Controls
Concerning Securities Disclosures, we hereby certify that we have reviewed the CAFR
and do not believe the CAFR contains any untrue statement of a material fact or omits
to state a fact necessary to make the statements contained in the CAFR not misleading.
If you should have any questions or need any additional information, please do not
hesitate to contact Alfredo Riverol at 305-663-6343 or via email at
ariverol@southmiamifl.gov.
Name:"-=ATI~I6i~i~v~er~o~I,~C~PA"i!~-
Title: Chief Financial Officer
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CITY OF SOUTH MIAMI
CITY OF SOUTH MIAMI, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 2014
TABLE OF CONTENTS
PAGE
INTRODUCTORY SECTION
Letter of Transmittal i-x
Organizational Chart xi
List of Principal Officials xii-xiii
Certificate of Achievement in Financial Reporting xiv
FINANCIAL SECTION
Report of Independent Auditor 1-2
Management’s Discussion and Analysis (Required Supplementary Information) 3-13
Basic Financial Statements:
Government-Wide Financial Statements:
Statement of Net Position 14
Statement of Activities 15
Fund Financial Statements:
Balance Sheet - Governmental Funds 16
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Position 17
Statement of Revenues, Expenditures, and Changes in Fund Balances -
Governmental Funds 18
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund
Balances of Governmental Funds to the Statement of Activities 19
Statement of Fiduciary Net Position - Fiduciary Funds 20
Statement of Changes in Fiduciary Net Position - Fiduciary Funds 21
Notes to Financial Statements 22-49
REQUIRED SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedules:
General Fund 50-51
Emergency Reserve Fund 52
Grants Fund 53
Notes to Budgetary Comparison Schedules 54
Retirement System:
Schedule of Funding Progress - General Employees Pension Trust Fund 55
Schedule of Funding Progress - Police Officers Pension Trust Fund 56
Schedule of Funding Progress - Pay-As-You-Go Approach -
Other Post-Employment Health Care Benefits 57
CITY OF SOUTH MIAMI, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
September 30, 2014
TABLE OF CONTENTS
(continued)
PAGE
OTHER FINANCIAL INFORMATION
Combining Individual Fund Statements and Schedules:
Combining Balance Sheet - Nonmajor Governmental Funds 58
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances -
Nonmajor Governmental Funds 59
Schedules of Revenues, Expenditures, and Changes in Fund Balance -
Budget and Actual - Nonmajor Governmental Funds 60-69
Combining Statement of Net Position - Fiduciary Funds 70
Combining Statement of Changes in Net Position - Fiduciary Funds 71
STATISTICAL SECTION
Table 1 - Net Position by Component 72
Table 2 - Changes in Net Position 73
Table 3 - Fund Balances of Governmental Funds 74
Table 4 - Changes in Fund Balances of Governmental Funds 75
Table 5 - Assessed Value and Estimated Actual Value of Taxable Property 76
Table 6 - Property Tax Rates Direct and Overlapping Governments 77
Table 7 - Principal Property Taxpayers 78
Table 8 - Property Tax Levies and Collections 79
Table 9 - Ratios of Outstanding Debt by Type 80
Table 10 - Ratios of General Bonded Debt Outstanding 81
Table 11 - Direct and Overlapping Governmental Activities Debt 82
Table 12 - Legal Debt Margin Information 83
Table 13 - Demographic and Economic Statistics 84
Table 14 - Principal Employers- Miami-Dade County, Florida 85
Table 15 – Full-Time Equivalent City Government Employees by Function 86
Table 16 - Operating Indicators by Function 87
Table 17 - Capital Asset Statistics by Function/Program 88
COMPLIANCE SECTION
Report of Independent Auditor 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 89-90
Report of Independent Auditor on Compliance for Each Major Federal Program and
On Internal Control Over Compliance Required by OMB Circular A-133 91-92
Schedule of Expenditures of Federal Awards 93
Notes to the Schedule of Expenditures of Federal Awards 94
Schedule of Findings and Questioned Costs 95
Management Letter in Accordance with the Rules of the Auditor General of the State of Florida 96-97
Report of Independent Accountant on Compliance with Local Government Investment Policies 98
INTRODUCTORY SECTION
i
March 25, 2015
Honorable Mayor and Members of the City Commission
City of South Miami, Florida
Ladies and Gentlemen:
The Comprehensive Annual Financial Report of the City of South Miami, for the fiscal year ended September 30,
2014, is hereby submitted for your review. Responsibility for the accuracy of the data, the completeness, and
fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and
belief, the enclosed data is accurate in all material respects and reported in a manner designed to present fairly
the financial position and results of operations for all funds under the direct operating control of the City.
All necessary disclosures were included to enable the reader to gain maximum understanding of the City's
financial activities for the year. Accordingly, this report consists of three sections; Introductory, Financial, and
Statistical.
The contents of the report is in compliance with Government Accounting Standards Board (GASB)
pronouncements, including Statement 34, et al., 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 is found immediately following the report of the independent certified public accountants.
CITY OF SOUTH MIAMI
6130 Sunset Drive
South Miami, FL 33143
Tel. (305) 663-6343 Fax (305) 663-6348
ii
THE REPORTING ENTITY AND ITS SERVICES
The City of South Miami was incorporated in 1927 and is a political subdivision of the State of Florida. The City
is a full service city providing its citizens with a full complement of municipal services, specifically, Public Safety,
General Government, Parks, Culture and Recreation, Solid Waste and Public Works.
The accompanying financial statements present the government and its component units, entities for which the
government is considered financially accountable. Blended component units, although legally separate entities
are, in substance, part of the government's operations. The South Miami Community Redevelopment Agency is
included as a blended component unit. There are no discretely presented component units.
ECONOMIC OUTLOOK
The City of South Miami is primarily a residential community composed of approximately 13,778 residents, as
per the Bureau of Economic & Business Research at the University of Florida. The majority of persons
employed within the City are in professional/specialty, administrative support and
executive/administrative/management positions. City residents are primarily employed in jobs throughout Miami-
Dade County.
The City's downtown business district is composed of approximately 45 acres located on the west side of Red
Road both north and south of Sunset Drive featuring specialty shops, restaurants and a shopping mall with movie
theaters and a bowling alley.
Also located within the City are two major medical institutions, South Miami Hospital and Larkin Hospital, which
are considered two of the finest medical facilities in the metropolitan area.
In addition to the Miami-Dade County bus System serving the City, County’s Metro-Rail system also provides
mass transit for the City with a station located off Sunset Drive and U.S. 1. The Miami International Airport is
within 30 minutes from downtown South Miami.
The City is located in the center of Metropolitan Miami-Dade County and abutting several other municipalities
in the area. Numerous major attractions are situated in close proximity to the City. As with many businesses
in the County, local businesses benefit from a significant tourist trade. The City of South Miami owns a multi-
use public parking garage facility, which was completed in November 2007. A major mixed-use development,
Red Road Commons, which is adjacent to the South Miami Metro-Rail Station, consists of over 400 residential
units and affordable housing units.
iii
MAJOR INITIATIVES
The Community Redevelopment Agency (CRA), a blended component unit of the City, was created in 1998 to
bring economic revitalization to the depressed area of the City through tax increment financing. The agency
obtains its funds through annual contributions from Miami-Dade County and the City from the tax revenue
generated from increase in property assessment of the designated area. The agency ended its fifth fiscal year of
operations in September 2005. On May 3, 2005, the Miami-Dade County Commission approved Resolution R-
466-05, extending the life of the CRA for fifteen (15) years beyond the June 1, 2005 sunset provision of the
CRA's Interlocal Agreement with the County. However, the renewal included a sunset review within two (2)
years of this extension. As part of the fifteen-year extension, the Miami-Dade County Commission mandated
that the CRA must obtain long-term financing that is supported by tax increment revenues to fund the second
phase of the Plan within the two (2) year period ended June 1, 2007. In November 2006, the City, through its
Community Redevelopment Agency, issued $2,730,000 of Taxable Redevelopment Revenue Bonds, Series 2006
to acquire various properties located within the boundaries of the South Miami Community Redevelopment
Area.
The City remains committed to the current level of services with a high quality level of delivery. There are
many priorities that need to be addressed, including a revision of our very outdated land development code, the
proper maintenance of our parks system, and the further consolidation and maximizing of efficiencies from the
organization of our government structure that need to be addressed in the near future. Should revenues grow,
we will be able to evaluate new priorities for the City and with the authorization of the Commission we will
begin to increase the effectiveness and offered services of the City.
The South Miami Intermodal Transportation Plan is part of a continuing effort to enhance the transportation
system and mobility choices for the residents and visitors to the City of South Miami and aims to establish a
network of bicycle lanes, sidewalks, trails, roadway improvements, neighborhood and greenways, throughout the
City, connecting residential areas with downtown shopping and dining, transit facilities (Metrorail and BRT) and
M-Path. A main priority of this plan is to provide a safer, more efficient environment for pedestrians, cyclists,
and all modal users by promoting neighborhood greenways on residential streets with low volumes of auto
traffic and reduce speed, the use of traffic calming devices such as trees, speed tables, pavement markings and
signage. With the recently commissioned approved plan, the City shall commence with the design and
construction of recommended improvements.
The FY 2015 Budget, Capital Improvement Program 5-Year Plan, includes a line item for a citywide directional
street signs & posts replacement program. The project is funded by the Peoples Transportation Plan (PTP) and
is funded this year at $150,000. The scope includes the manufacturing of new signs, and the removal and
replacement of existing traffic signs. It is recommended the traffic sign replacement program be implemented in
phases and funds be allocated in subsequent budget years. In FY 2014, the City funded a branding plan which
established a new logo and new color scheme for the City. The street signs and many other features of the City
will incorporate the new look for the City as we prepare for the next great chapters in the life of South Miami.
The City is committed to completing multiple traffic calming projects throughout the City. The specific
communities on which the City is focusing in FY 2015 are West Pinecrest Villas, Bird Estates, Mango Terrace,
and Manor Lane. The City will continue working with Miami-Dade County in the continued improvement to our
roads, drainage, and traffic calming.
The City is committed to completing multiple traffic calming projects throughout the City originally funded in
last year’s budget which were not actually initiated until FY 2014 and include, West Pinecrest Villas, Bird Estates,
Mango Terrace, and Manor Lane. The City will continue working with Miami-Dade County in the continued
improvement to our road, drainage, and traffic calming.
iv
To continue maintaining a safe and efficient fleet, in fiscal year 2015, the City is budgeted to purchase seven new
police vehicles. The upgrades of the City’s fleet are required to continue providing expected levels of service to
the residents of the City. The older police vehicles that are being replaced will take the place of those vehicles
in the City fleet that are determined to have exceeded their useful life and may have safety or operational
problems; the vehicles will be auctioned for sale. Currently and in the future, the City will purchase extended
warrantees for our vehicles and surplus the vehicles at the end of the warranty program in order to reduce
maintenance costs to the City.
MAJOR INDUSTRIES AND/OR SERVICE CENTERS
The City’s economy is greatly influenced by the economic condition of the entire Miami-Dade County. The
major businesses in the City are service-oriented with the health care industry professional services, and retail
shop operators being the main employers. Below is the breakdown of businesses within the City by category.
INDUSTRY SECTOR
ESTIMATE
Agriculture, forestry, fishing and hunting, and mining 0
Construction 294
Manufacturing 308
Wholesale trade 256
Retail trade 310
Transportation and warehousing, and utilities 357
Information 186
Finance and insurance, and real estate and rental and leasing 363
Prof, scientific, management and admin., and waste management services 896
Educational services, and health care and social assistance 1,418
Arts, entertainment, and recreation, and accommodation and food services 602
Other services, except public administration 285
Public administration 335
TOTAL 5,610
Source: U.S. Census Bureau 2010 Industry Code Summary
v
ACCOUNTING SYSTEM, INTERNAL AND BUDGETARY CONTROL
In the design and direction of the City's accounting system, the City follows U.S. generally accepted accounting
principles (GAAP) for state and local governments as set forth in the aforementioned statements on
governmental accounting and financial reporting. The City’s accounting records follow the modified accrual
basis of reporting revenues and expenditures for all governmental funds, i.e., General Fund and Special Revenue
Funds. The Pension Trust Funds are accounted for on the accrual basis. Further explanation of the City's
accounting policies is contained in the notes to the financial statements.
The City's Finance Department is responsible for maintaining a comprehensive internal framework of accounting
controls. The objectives of this system are to protect the City’s assets from loss, theft and/or misuse, and to
compile sufficient reliable information for the preparation of the City’s financial statements in accordance with
GAAP. Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive
framework of internal controls was 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 firm of Cherry Bekaert LLP, licensed certified public accountants, audited the City’s financial statements.
The goal of the independent audit was to provide reasonable assurance that the basic financial statements of the
City of South Miami, for the fiscal year ended September 30, 2014, are free of material misstatement. The
independent audit involved examining, on a test basis, evidence supporting the amount and disclosures in the
financial statements; assessing the accounting principles used and significant estimates made by management; and
evaluating the overall financial statement presentation. The independent auditor concluded, based upon the
audit, that there was a reasonable basis for rendering an unmodified opinion that the City’s financial statements
for the fiscal year ended September 30, 2014, are fairly presented in conformity with GAAP. The independent
auditor’s report is presented as the first component of the financial section of this report. As part of their audit,
Cherry Bekaert LLP gained an understanding and performed tests of controls on the City's comprehensive
framework of controls as required by U.S. generally accepted auditing standards. Comments and
recommendations resulting from the assessment of the controls, if any, will be evaluated by management. Such
recommendations will be implemented to the extent that the additional control objectives are cost beneficial to
the City.
Budgetary control is maintained in a manner to ensure compliance with the requirements and restraints of the
State of Florida, Miami-Dade County, and the City of South Miami Charter, through a system of monthly
financial reports reflecting expenditures and encumbrances against appropriations. The annual budget provides
details of the approved appropriation by specific purpose within each object of expense. Encumbrances
remaining open at the close of the fiscal year are reported as designated non-reserved of fund balance.
CASH MANAGEMENT
The City aggressively pursues a program of monitored cash management to achieve maximum return on all
available funds. Non-Pension idle cash balances are held overnight in interest bearing accounts and funds
available for longer-term investment are placed in money markets and certificates of deposit at competitive
interest rates. Pension fund investments are maintained by an investment manager under the guidance of the
pension board. All investment decisions are within the legal bounds established by Florida Statutes, Ordinances,
and Resolutions of the City Commission.
vi
DEBT ADMINISTRATION
On May 4, 2010, the City purchased nine police vehicles, of which eight were financed through the issuance of a
note payable to a local bank totaling $228,060. The note calls for annual payments of principal and interest of
$31,461 at an annual interest rate of 3.08%. The note matures on July 7, 2015.
On March 1, 2011, the City Commission passed Ordinance 12-11-2085 which authorized the purchase of six
police vehicles financed through the issuance of a note payable to SunTrust totaling $158,257. The note calls for
annual payments of principal and interest of $33,741.48 at an annual interest rate of 2.44%. The note matures
on March 10, 2016.
SUNGARD ONESOLUTION - CITY’S FINANCE & COMMUNITY SOFTWARE
The City commission approved Resolution 228-10-13262 for the upgrade of the City’s financial and community
software, in an effort to continue improving and keeping in line with the most up-to-date Enterprise Resource
Planning software. The City’s new version of the finance and community software is financed, interest free, by
the City’s vendor for a five-year period for a total amount of $175,000. The annual principle payments are
calculated at $35,000 and will be paid in full by FY 2015.
MULTI-SPACE DIGITAL PARKING METERS
The City of South Miami removed the dated traditional single head parking meters within certain areas in favor
of the modern technology multi-space parking stations which are being upgraded to Wi-Fi connectivity. The
new multi-space parking meters were approved for financing in January of 2011, for a five-year period by
SunTrust at an interest rate of 2.06%. The total amount of the loan was $417,896 and the annual principal and
interest payment equals $88,678.32, which terminates on January 7, 2016.
STORMWATER TRUST FUND
The City of South Miami entered into an agreement with the Federal Emergency Management Agency (FEMA) to
fund a Ludlam Glades canal dredging project pursuant to Ordinance number 10-02-1778 for a total cost of
$3,271,177. Additionally pursuant to Ordinance 17-06-1885 the City entered into an interlocal agreement with
Miami-Dade County for the City’s share of $270,363 over a ten-year period. The total annual principal amount
is $27,036 plus interest. The debt is scheduled to be retired in FY 2016.
COMMUNITY REDEVELOPMENT AGENCY
In November 2006, the City through its Community Redevelopment Agency (“CRA”) issued $2,730,000 of
Taxable Redevelopment Revenue Bonds, Series 2006 for acquiring various properties located within the
boundaries of the South Miami redevelopment area. The revenue bonds are secured by CRA Tax Increment
Financing revenues from the County and the City. The CRA contributed in FY 2011 an additional principal
payment of $851,648.24 in an effort to reduce the amount of interest paid through the duration of the loan and
pay-off the debt in advance of its maturity. The bonds carry an interest rate of 5.99%. Principal and interest
payments are due quarterly until approximately November 1, 2015, the revised maturity date of the bonds.
vii
FLORIDA MUNICIPAL LOAN COUNCIL (FMLC)
The City has several loans outstanding with the Florida Municipal Loan Council (FMLC). The FMLC, as a
subsidiary of Florida League of Cities, administers the Florida Municipal Loan Program. Small and medium-sized
cities in the state obtain loans from the FMLC through bonds, which are insured by MBIA Insurance
Corporation.
SOUTH MIAMI COMMUNITY CENTER
One of the FMLC loans is for $2.2 million, which was obtained in 2001, with $1.5 million used as matching funds
for the safe neighborhood grant used to construct the new South Miami Community Center, $400,000 was
provided by the City to the CRA as a loan for acquisition of the Mobley Warehouse building located within the
CRA district. The remaining $300,000 was utilized for various traffic calming projects around the City. The
loan bears interest at variable rates ranging from 3.25% to 5.25%. The City pledged the South Miami Hospital’s
Payments in Lieu of Taxes (PILOT) annual payment of $150,000 to repay the loan.
SOUTH MIAMI PARKING GARAGE
Another loan was obtained in 2002 for $6.5 million used for joint venture construction of a mixed-use parking
garage-retail facility. The loan interest ranges from 3.25% to 5.50% as provided in the amortization schedule. At
the time the loan was obtained, the City pledged to use the revenues from the parking garage operation and
funds from the partner in the joint venture to repay the loan. On August 16, 2011, the City contributed
$1,725,000 to reduce a portion of the outstanding debt, hence reducing the required annual principal and
interest contribution amount.
On December 2006, the City borrowed $5.6 million to finance the construction and improvements of a city-
owned parking garage for public parking. The loan interest varies from 4.2% to 4.5% as provided in the
amortization schedule. The investment income from the note receivable and loan proceeds not expended, future
garage revenues, and non-ad valorem revenues are used to repay the loan. On August 16, 2011, the City
contributed $3,775,000 to reduce a portion of the outstanding debt, hence reducing the required annual
principal and interest contribution amount.
SUNTRUST
On August 16, 2011, the City of South Miami agreed to a loan with SunTrust Bank which in furtherance of the
Settlement Agreement with the IRS, the City issued as a Taxable Revenue Note, Series 2011. This note was
made to provide funds to finance, on a taxable basis, (i) the prepayment of the FMLC 2002A and 2006 loans, (ii)
the payment of the settlement amount owed to the IRS pursuant to the Settlement Agreement and costs related
thereto, and (iii) the payment of costs of issuance of the Series 2011 Note for a total $7.57 million. The
new2011 SunTrust Loan was issued at a fixed interest rate of 4.55% and matures on October 1, 2026.
viii
RETIREMENT BENEFITS
The City of South Miami sponsors two defined benefit pension plans, the General Employees' Pension Fund and
the Police Officers Retirement Trust Fund. These two pension plans are administered through one independent
Pension Board. The Pension Board hires an outside pension plan administrator to administer the plans. Each
year, an independent actuary, engaged by the Board calculates the amount of annual contribution that the City
of South Miami must make to each pension plan to ensure that the plans are actuarially sound. As a matter of
policy, the City of South Miami fully funds each year's annual required contribution to the pension plans as
determined by the actuary.
Regular full-time employees of the City hired on or after October 1, 1995 but before, October 1, 2011 must
become participants upon completion of six months of service. Police officers become eligible to enter the plan
as of the date of employment.
All regular full-time employees hired after October 1, 2011 are no longer eligible to enter the General
Employees' Pension Fund. These employees must elect a retirement contribution percentage of their salary,
which is matched by the City up-to 7%, to the 401a / 457 combination deferred compensation plan. As part of
the FY 11 pension reform, the City provided members of the previous pension system an opt-out window,
providing the employees with an opportunity to enter the newly defined 401a / 457-retirement pan.
The City also provides a defined contribution Section 457 deferred compensation plan for all its employees.
The financial activities of the Plans are reported annually as part of the overall City Comprehensive Annual
Financial Report.
ix
AWARDS
The Governmental Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial
Reporting to the City for its Comprehensive Annual Financial Report for the fiscal year
ended September 30, 2013. In order to be awarded a Certificate of Achievement, a
government must publish an easily readable and efficiently organized Comprehensive
Annual 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 report continues to conform to the Certificate of Achievement Program
requirements and we are submitting it to the GFOA to determine its eligibility for
another certificate.
The Government Finance Officers Association of the United States and Canada
(GFOA) presented a Distinguished Budget Presentation Award to City of
South Miami, Florida for its annual budget for the fiscal year beginning October 1,
2013. In order to receive this award, a governmental unit must publish a budget
document that meets program criteria as a policy document, as an operations
guide, as a financial plan, and as a communications device.
This award is valid for a period of one year only. We believe our current budget
continues to conform to program requirements, and we are submitting it to
GFOA to determine its eligibility for another award.
The Government Finance Officers Association of the United States and Canada
(GFOA) has given an Award for Outstanding Achievement in Popular Annual
Financial Reporting to City of South Miami, Florida for its Popular Annual Financial
Report for the fiscal year ended September 30, 2013. The Award for Outstanding
Achievement in Popular Annual financial Reporting is a prestigious national award
recognizing conformance with the highest standards for preparation of state and local
government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual financial
reporting, a government unit must publish a Popular Annual Financial Report, whose
contents conform to program standards of creativity, presentation, understandability,
and reader appeal.
The Award for Outstanding Achievement in Popular Annual Reporting is valid for a period of one year only. We
believe our current report continues to conform to the Popular Annual financial Reporting requirements, and
we are submitting it to GFOA.
xi
CITY OF SOUTH MIAMI ORGANIZATIONAL CHART
xii
CITY OF SOUTH MIAMI
COMMISSION – MANAGER FORM OF GOVERNMENT
LIST OF PRINCIPAL OFFICIALS
ELECTED OFFICIALS
CHARTERED OFFICIALS
City Manager
Steven
Alexander
City Clerk
Maria Menendez
City Attorney
Thomas Pepe, Esq.
Philip K. Stoddard, Ph.D.
Mayor
Walter A. Harris
Vice Mayor
Group IV
Gabriel Edmond
Commissioner
Group I
Bob Welsh
Commissioner
Group III
Josh Liebman
Commissioner
Group II
xiii
MANAGEMENT TEAM
SHARI KAMALI
Assistant City Manager
ALFREDO RIVEROL, CPA Cr.FA CGFM CGMA
Chief Financial Officer
RENE LANDA
Police Chief
CORRADINO GROUP
Interim Planning and Zoning Director
KELLY BARKET, JR.
Public Works Director
LATASHA NICKLE, ESQ.
Human Resources Director
QUENTIN POUGH
Parks and Recreation Director
VICTOR CITARELLA
Building Director
CERTIFIED PUBLIC ACCOUNTANTS
Cherry Bekaert LLP
xiv
FINANCIAL SECTION
1
Report of Independent Auditor
To the Honorable Mayor,
Members of the City Commission, and City Manager
City of South Miami, Florida
Report on Financial Statements
We have audited the accompanying financial statements of the governmental activities, each major fund and the
aggregate remaining fund information of the City of South Miami, Florida (the “City”), as of and for the year
ended September 30, 2014, and the related notes to the financial statements, which collectively comprise the
City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the
financial statements of the Police Officers Retirement Trust Fund - Section 185 Plan, which represent 3%, 2%,
and 3%, respectively, of the assets, net position and total additions of the Fiduciary Funds. Those statements
were audited by another auditor whose report has been furnished to us, and our opinion, insofar as it relates to
the amounts included for the Police Officers Retirement Trust Fund - Section 185 Plan, is based solely on the
report of the other auditor. We conducted our audit in accordance with auditing standards generally accepted in
the United States of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of
the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we
express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
financial statement presentation of the financial statements.
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Opinions
In our opinion, based on our audit and the report of the other auditor, the financial statements referred to above
present fairly, in all material respects, the respective financial position of the governmental activities, each major
fund and the aggregate remaining fund information of the City as of September 30, 2014, and the respective
changes in financial position for the year then ended in conformity with accounting principles generally accepted
in the United States of America.
Emphasis of Matter
Change in Accounting Principle
As discussed in Note 2 to the financial statements, effective October 1, 2013, the Police Officers Retirement
Trust Fund – Section 185 Plan adopted new accounting guidance, GASB Statement No. 67 Financial Reporting
for Pension Plans. As described in Note 2 to the financial statements, effective October 1, 2013, the City has
restated the beginning balance of net position due to the implementation of GASB 67. Our opinions are not
modified with respect to this matter
2
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, budgetary comparison information and the pension and other post-employment health
care benefits schedules, as listed in the table of contents, be presented to supplement the basic financial
statements. Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic, or historical context. We and the
other auditor 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 regarding the methods of preparing the information and comparing the information for consistency
with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained
during our audit of the basic financial statements. We do not express an opinion or provide any assurance on
the information because the limited procedures do not provide us with sufficient evidence to express an opinion
or provide any assurance.
Supplementary and Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The introductory section, combining and individual nonmajor fund
financial statements and schedules, and statistical section, as listed in the table of contents, are presented for
purposes of additional analysis and are not a required part of the basic financial statements. The accompanying
schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S.
Office of Management and Budget Circular A-133, Audit of States, Local Governments, and Non-Profit
Organizations, and is also not a required part of the financial statements.
The combining and individual nonmajor fund financial statements and schedules and the schedule of
expenditures of federal awards are the responsibility of management and were derived from and relate directly
to the underlying accounting and other records used to prepare the basic financial statements. Such information
has been subjected to the auditing procedures 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 by us and the other auditor. In our opinion, based on our audit, the procedures
performed as described above, and the report of the other auditor, the combining and individual nonmajor fund
financial statements and schedules and the schedule of expenditures of federal awards are fairly stated in all
material respects in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of
the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 25, 2015, on
our consideration of the City’s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing Standards in
considering the City’s internal control over financial reporting and compliance.
Orlando, Florida
March 25, 2015
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
3
The management of the City of South Miami (the “City”) included this section in the Comprehensive Annual
Financial Report (CAFR) in accordance with the Governmental Accounting Standards Board (GASB) Statement
Number 34, et al. It is intended to provide readers of this report the narrative overview and analysis of the
financial activities of the City for fiscal year ended September 30, 2014. Readers are encouraged to consider
the information presented here in conjunction with additional information that is furnished in the letter of
transmittal, the City's financial statements, and the other required supplemental information.
This discussion and analysis is designed to (a) assist the reader in focusing on significant financial issues, (b)
provide an overview of the City's financial activity, (c) identify changes in the City'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 as a part of a greater whole.
FINANCIAL HIGHLIGHTS
The following are the highlights of financial activity for the fiscal year ending September 30, 2014:
The assets of the City exceeded its liabilities at the close of the most recent fiscal year by $41,976,774
(net position). Of this amount, $9,707,714 is unrestricted.
The City's $21,640,045 in revenue exceeded the $18,693,589 in expenses for governmental activities,
providing a $2,946,456 increase in net position.
At the end of the current year, fund balance for the General Fund was $10,782,848, or 64% of total
general fund operating revenues. Of this amount $5,915,919 is reserved for prepaid costs,
encumbrances, public safety, note receivable and contingencies.
The current year's unassigned fund balance for the General Fund is $4,866,929, or 29% of total general
fund operating revenues.
The General Fund's fund balance increased by $1,446,183 for the year ended September 30, 2014.
The City's total debt excluding compensated absences, and before current year payment reductions,
decreased by $1,077,903.
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
4
OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of four parts: management's discussion and analysis (this section), the basic
financial statements, required supplementary information and an additional section that presents combining
statements for non-major governmental funds, and fiduciary funds. The basic financial statements include two
kinds of statements that present different views of the City:
The first two statements are government-wide financial statements that provide both long-term
and short-term information about the City's overall financial status
The remaining statements are fund financial statements that focus on individual parts of the City
government, reporting the City's operations in more detail than the government-wide
statements.
The governmental funds statements show how general government services such as public
safety were financed in the short term as well as what remains for future spending.
Fiduciary funds statements provide information about the financial relationships in which the
City acts solely as a trustee or agent for the benefit of those parties outside of the government.
The financial statements also include notes that explain some of the information in the financial statements and
provide more detailed data. The statements are followed by a section of required supplementary information
which further explains and supports this information. In addition to these required elements, we include a
section with combining statements that provides details about our non-major governmental funds, each of which
is added together and presented in single columns in the basic financial statements.
Government-wide financial statements:
The government-wide financial statements are designed to provide readers with a broad overview of the City of
South Miami's finances, in a manner similar to a private-sector business. The statement of net position presents
information on all of the City's assets and liabilities, with the difference between the two 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 City is improving or deteriorating.
The statement of activities presents information showing how the City'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 the City that are principally supported
by taxes and intergovernmental revenues (governmental activities), and from other functions that are intended
to recover all or a significant portion of their costs through user fees and charges (business-type activities). The
government activities of the City of South Miami include police services, public works, culture and recreation,
code compliance, planning and zoning, economic development and general administration services. There are
no business-type activities.
Additionally, the City has four separate single-employer defined benefit pension plans, 401A plans for the City
Manager, Chief of Police, senior level staff, and all new general employees and a voluntary Section 457 defined
contribution plan for all interested employees. The pension plans are reported as Fiduciary Funds in the fund
financial statements of this report, but are not included in the government-wide statements.
The government-wide financial statements can be found on pages 14 and 15 of this report.
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
5
Fund financial statements:
A fund is a grouping of related accounts that is used to maintain control over resources that were segregated for
specific activities or objectives. The City, like other state and local governments, uses fund accounting to
ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the City are
divided into two categories: governmental 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 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. Both the governmental
fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund
balances provide a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
The City maintains several individual governmental funds. Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and
changes in fund balances for the General Fund. Data from the other 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.
Budgetary comparison statement was provided for the General Fund to demonstrate compliance with the
budget. The basic governmental funds financial statements can be found on pages 16 to 19 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 statement because the resources of those
funds are not available to support the City's own programs. The accounting used for fiduciary funds is much like
that used for proprietary funds. The basic fiduciary fund financial statements can be found on pages 20 to 21 of
this report. Individual fund data for the Fiduciary Funds is provided in the form of combining statements
elsewhere in this report.
Notes to the financial statements:
The notes provide additional information that is essential to a full understanding of the data provided in the
government-wide and fund financial statements. The notes to the financial statements can be found on pages 22
to 49 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 City's progress in funding its obligation to provide pension benefits to
its employees, and budgetary comparison schedules for the General Fund.
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
6
The combining statements referred to earlier in connection with non-major governmental funds is presented
immediately following the required supplementary information. Combining and individual fund statements can
be found beginning on page 58 of this report.
Our analysis of the financial statements of the City begins below. The Statement of Net Position and the
Statement of Activities report information about the City's activities will help answer questions about the position
of the City.
GOVERNMENT‐WIDE FINANCIAL ANALYSIS
Statement of Net Position:
As noted earlier, net position may serve over time as a useful indicator of a government's financial position.
There are six basic transactions that will affect the comparability of the Statement of Net Position summary
presentation as reflected below:
1) Net results of activities will impact (increase/decrease) current assets and unrestricted net
position.
2) Borrowing for capital will increase current assets and long-term debt.
3) Spending borrowed proceeds on new capital will reduce current assets and increase capital
assets. There is a second impact, an increase in invested in capital assets and an increase in
related net debt which will not change the net investment in capital assets.
4) Spending of non-borrowed current assets on new capital will reduce current assets and
increase capital assets and increase net investment in capital assets.
5) Principal payment on debt will reduce current assets and reduce long-term debt and reduce
unrestricted net position and increase net investment in capital assets.
6) Reduction of capital assets through depreciation will reduce capital assets and net
investment in capital asset.
The City's net position was $41,976,774 in fiscal year 2014 (see Table 1). This amount came solely from
governmental activities because the City has no business-type activities. Restricted net position and net
investment in capital assets amounted to 77% of total net position. The largest portion of the net position (63%)
is net investment in capital assets (land, buildings, streets, sidewalks, and equipment).
The City uses these capital assets to provide services to citizens; consequently, these assets are not available
for future spending. Although the City's investment in its capital assets is reported net of related debt, it should
be noted that the resources needed to repay this debt must be provided from other sources, since the capital
assets themselves cannot be used to liquidate these liabilities. The respective fraction of net position (14%) is
restricted for debt service, public safety or capital projects. The remaining balance of unrestricted net position
($9,707,714) may be used to meet government's ongoing obligations to citizens and creditors.
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
7
Table 1
City of South Miami
Net Position
20142013
Current and other assets31,349,584$ 30,763,485$
Capital assets (net)39,726,588 38,802,029
Total Assets 71,076,172 69,565,514
Deferred outflow of resources639,528 688,723
Current and other liabilities4,562,188 4,419,104
Long-term liabilities13,546,414 14,797,488
Total Liabilities 18,108,602 19,216,592
Deferred inflow of resources11,630,324 12,007,327
Net position:
Net investment in capital assets26,306,008 24,352,741
Restricted5,963,052 5,812,228
Unrestricted9,707,714 8,865,349
Total Net Position 41,976,774$ 39,030,318$
Governmental Activities
At the end of the current fiscal year, the City is able to report positive balances in all three categories of net
position. The restricted net position decreased in 2014 by $150,824, and the unrestricted governmental
activities net position increased by $842,365. Capital assets increased during the current year due to the
construction of the new City Community Pool. The decrease in liabilities is mainly due to the retirement of
certain notes payable.
The following information presented is to assist the reader in understanding the different types of normal
impacts that can affect revenues:
1) Economic condition can reflect a declining, stable or growing environment and has a substantial
impact on property, non-ad valorem assessments, sales, gas, or other tax revenues as well as
consumer spending habits for building permits, user fees and consumption.
2) The City Commission has significant authority to set increases or decreases in City's rates
(stormwater, permitting, user fees, etc.)
3) Changing patterns in intergovernmental and grant revenues (both recurring and non-recurring)
can significantly change and impact the annual comparisons.
4) Market impacts on investment income may cause investment revenues to fluctuate from the
prior year.
Some other basic impacts on expenses are reflected below:
1) Introduction of new programs can have a substantial impact on property, non-ad valorem
assessments, sales, gas, or other tax revenues as well as consumer spending habits for
building permits, user fees and consumption.
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
8
2) Changes in service demand levels can cause the City to increase or decrease authorized
staffing.
3) Salary increases such as cost of living, performance increases, and market adjustments can
impact personal service costs.
4) While inflation appears to be reasonably modest, the City is a major consumer of certain
commodities such as chemicals, supplies, fuels, and parts. Some functional expenses may
experience unusual commodity specific increases.
Statement of Activities:
As noted earlier, the statement of activities presents information showing how the City's net position changed
during the most recent fiscal year. The following table reflects the City's revenues and expenses for fiscal year
2014 compared to 2013 with the resulting change in net position:
Table 2
City of South Miami
Changes in Net Position
20142013
Revenues:
Program revenues:
Charges for services5,453,348$ 5,715,558$
Operating grants and contributions137,859 338,091
Capital grants and contributions2,080,229 176,659
General revenues:
Property taxes6,405,571 6,122,439
Franchise taxes1,641,415 1,573,714
Utility taxes2,166,980 2,073,519
Business taxes612,865 619,815
Service concession arrangement377,003 247,616
Interest income (unrestricted)154,231 330,586
Intergovernmental (unrestricted)2,183,058 2,278,685
Miscellaneous427,486 305,259
Total revenues21,640,045 19,781,941
Expenses:
General government4,533,671 4,031,775
Public safety6,905,773 7,852,746
Public works3,707,916 3,960,223
Community services999,532 1,248,526
Culture and recreation1,771,944 1,668,264
Interest on long-term debt774,753 830,093
Total expenses18,693,589 19,591,627
Increase in net position2,946,456 190,314
Net position, beginning39,030,318 38,840,004
Net position, ending41,976,774$ 39,030,318$
Governmental Activities
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
9
The City's total revenues increased by 9.4%, to $21,640,045 (see Table 2), mainly due to increases in
capital grants and contributions and in property and franchise taxes. Nearly 30% of the City's revenues
come from property taxes, another 20% comes from intergovernmental and grants, and 25% from charges
for services (see chart that follows). The City's management took major actions in 2014 to improve City
revenues and to control expenses. The actual numbers for most of the City's revenue sources were above
the final budget estimates.
City of South Miami Program and General Revenues
Charges for services,
25%
Operating grants and
contributions, 1%
Capital grants and
contributions, 10%
Property taxes, 30%
Franchise taxes, 8%
Utility taxes, 10%
Business taxes, 2%
Service concession
arrangement, 1%
Interest income
(unrestricted), 1%Intergovernmental
(unrestricted), 10%Miscellaneous, 2%
The total cost of all programs and services increased by $920,031 or 4.7% (see Table 2). The City's expenses
cover a range of services. As shown in Table 2, governmental expenses are largely weighted in three functions,
namely the public safety, general government, and public works. At $6,905,773, public safety expense
represents 37% of the statement of activities' total expenses for the City in 2014. General Government category
expense total for 2014 was $4,533,671, or 24% of total expenses. The General Government category includes
all other City departments except public safety, culture and recreation, public works, and non-departmental.
Lastly, public works expended $3,707,916, or 20% of expenses. The City does not have any business-type
activities.
The chart below presents the cost of each of the City's governmental services. Net cost is the total cost of each
service less the program revenue generated, fees by each activity and intergovernmental aid.
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
10
The net cost shows the financial cost that is placed on the City's taxpayers by each of these services:
City of South Miami
Functional Expenses
Governmental Activities
0%
5%
10%
15%
20%
25%
30%
35%
40%
General
government
Public
safety
Public
works
Community
services
Culture and
recreation
Interest on
long‐term
debt
Governmental Activity 24%37%20%5%9%5%
Governmental Activity
Functions/Programs
The cost of all governmental activities this year, including $774,753 in interest expense on long-term debt, was
$18,693,589. Some of that cost was financed by those who directly benefited from the programs through
charges for services ($5,453,348).
The City financed the remaining $13,240,241 "public benefit" portion of governmental activities from property
taxes, utility taxes and with other revenues, such as interest and unrestricted intergovernmental revenue.
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
11
GOVERNMENTAL FUNDS' FINANCIAL ANALYSIS
As the City completed the year, its governmental funds reported combined fund balances of $17,194,003, with
the general fund representing $10,782,848. Of the total fund balances; $312,694 is nonspendable, $5,963,051
is restricted, $1,739,066 is committed, $4,312,266 is assigned, and $4,866,929 is unassigned fund balance.
The General Fund's fund balance increased by $1,446,183 after transfers of a net -$391,827. General fund
revenues were fairly consistent for the years ended 2014 and 2013. Please refer to the General Fund Budget
Highlights section below for further information.
During the current year the Grant Fund's fund balance increased by $16,266. There was $1,738,443 in capital
outlay expenditures, which were funded through grants.
GENERAL FUND BUDGETARY HIGHLIGHTS
Over the course of the year, the City amended the General Fund budget. The budget was amended during the
fiscal year, in accordance with the City Charter, to account for rollovers related to capital improvement projects,
to account for additional funding for unforeseen expenditures, personnel changes and for prior year
encumbrances.
The base revenue budget for fiscal year 2014 was $16,498,050. The difference between the estimated
revenues and the actual revenues in the General Fund was $307,240 for fiscal year 2014.
Actual revenues, at $16,805,290 came in higher than the final budget of $16,498,050.
Comparing the original budget to the final budget, the fiscal year 2014; the original expenditure budget was
$16,652,053. Actual expenditures were $14,980,959 and were below the final budget by $16,677,972. All other
expenditures were in line with the projected expectations. Please refer to page 50 through 51 for further details.
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
12
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets:
The City of South Miami's investment in capital assets for its governmental activities as of September 30, 2014,
is detailed below:
20142013
Land 14,603,765$ 14,603,765$
Construction in progress93,643 93,643
Building and improvements16,238,519 14,951,827
Machinery and equipment2,001,452 2,119,149
Land improvements349,779 302,067
Infrastructure6,280,033 6,482,530
Intangible assets159,397 249,048
39,726,588$ 38,802,029$
Governmental activities
For fiscal year 2014 the City spent $2,483,646 on capital programs primarily in the construction of the City’s new
Community Pool, acquisition of vehicles and equipment, and park improvements. Additional information on the
City's capital assets can be found in Note 6 on page 34 of this report.
Debt Administration:
At year-end, the City had $14 million in outstanding debt, as noted below:
20142013
Florida Municipal Loan Council Bonds6,420,000$ 6,620,000$
Taxable Revenue Note, Series 20116,845,000 7,210,000
CRA Bond Series 2006359,745 625,930
Notes payable386,816 586,502
Capital leases48,547 95,579
14,060,108$ 15,138,011$
Governmental activities
CITY OF SOUTH MIAMI, FLORIDA
MANAGEMENT’S DISCUSSION AND ANALYSIS
SEPTEMBER 30, 2014
13
ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATIOS
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 on property and a limited array of permitted other taxes (sales, telecommunication,
gasoline, utilities services, etc.) and fees (franchise, building permits, occupational license, etc.) for their
governmental activities. There are a limited number of state-shared revenues and recurring and non-recurring
(one-time) grants from both the state and federal governments. For certain governmental activities (building
inspections, recreational programs, etc.) the user pays a related fee or charge associated with the service.
Estimated revenues and other financing sources in fiscal year 2015 General Fund budget are $17,281,743, an
increase of $168,280 from actual revenues and transfers of $17,113,463 for fiscal year 2014. With these
revenues the City will be able to fund current services and any expected impact of inflation on fuel, salaries and
benefits. Fiscal year 2015 budgeted expenditures is expected to be $ 17,659,802, or $2,678,843 more than
fiscal year 2014 total actual expenditures of $14,980,959 if estimates are realized. The City's budgetary
General Fund balance is expected to decrease minimally by the close of 2015.
REQUESTS FOR INFORMATION
The City's financial statements are designed to present users (citizens, taxpayers, customers, investors and
creditors) with a general overview of the City's finances and to demonstrate the City's accountability. If you
have questions about the report or need additional financial information, please contact Alfredo Riverol, CPA,
CGFM, CGMA, Cr.FA, Chief Financial Officer, City of South Miami, 6130 Sunset Drive, Miami, Florida 33143.
CITY OF SOUTH MIAMI, FLORIDA
STATEMENT OF NET POSITION
SEPTEMBER 30, 2014
The notes to the basic financial statements are an integral part of these financial statements.
14
Governmental
Activities
Assets
Cash and cash equivalents17,918,335$
Receivables 1,215,156
Prepaid expenses 312,692
Accrued interest receivable237,370
Notes receivable 8,581,790
Guaranteed rent receivable3,048,534
Net pension asset 35,707
Capital assets:
Capital assets not being depreciated14,697,408
Capital assets, net of accumulated depreciation25,029,180
Total Assets 71,076,172
Deferred outflow of resources
Deferred loss on bond refunding639,528
Liabilities
Accounts payable 855,773
Accrued liabilities 266,567
Unearned revenue 446,723
Other liabilities 683,115
Accrued interest payable 383,022
Due within one year:
Compensated absences payable379,181
Debt, including bonds, notes payable and capital leases1,547,807
Due in more than one year:
Compensated absences payable884,755
Debt, including bonds, notes payable and capital leases12,512,301
Net OPEB obligation 149,358
Total Liabilities 18,108,602
Deferred inflow of resources
Service concession arrangement11,630,324
Net Position
Net investment in capital assets26,306,008
Restricted for:
Debt service reserve 450,838
Community services 263,554
Grant project 610,948
Stormwater management314,706
Transportation projects2,246,274
Law enforcement 2,076,732
Unrestricted 9,707,714
Total Net Position 41,976,774$
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CITY OF SOUTH MIAMI, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30, 2014
The notes to the basic financial statements are an integral part of these financial statements.
16
General Fund
Assets
Cash and cash equivalents12,237,694$ 545,519$ 5,135,122$ 17,918,335$
Receivables527,695 531,912155,549 1,215,156
Due from other funds1,411,525 958,320860,211 3,230,056
Prepaid expenditures241,679 - 71,013 312,692
Total Assets 14,418,593$ 2,035,751$ 6,221,895$ 22,676,239$
Liabilities and Fund Balances
Liabilities
Accounts payable468,018$ 96,467$ 291,288$ 855,773$
Accrued liabilities261,182 - 5,385 266,567
Due to other funds1,818,531 1,287,928123,597 3,230,056
Unearned revenue406,315 40,408- 446,723
Other liabilities681,699- 1,416 683,115
Total Liabilities 3,635,745 1,424,803 421,686 5,482,234
Fund Balances
Nonspendable:
Prepaid expenditures241,679 - 71,013 312,692
Restricted for:
Debt service reserve- - 450,838 450,838
Community services- - 263,554 263,554
Grant projects- 610,948 - 610,948
Stormwater management- - 314,706 314,706
Transportation projects- - 2,246,274 2,246,274
Law enforcement- - 2,076,732 2,076,732
Committed to:
Emergency and disaster -
recovery operating reserve 1,717,288- - 1,717,288
Tree projects- - 4,528 4,528
Parking management - - 17,250 17,250
Assigned to:
Capital projects - - 355,314 355,314
Subsequent year's budget3,956,952 - - 3,956,952
Unassigned4,866,929- - 4,866,929
Total Fund Balances 10,782,848 610,948 5,800,209 17,194,005
Total Liabilities and
Fund Balances 14,418,593$ 2,035,751$ 6,221,895$ 22,676,239$
Grant Fund
Total
Governmental
Funds
Nonmajor
Governmental
Funds
Major Funds
CITY OF SOUTH MIAMI, FLORIDA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
SEPTEMBER 30, 2014
The notes to the basic financial statements are an integral part of these financial statements.
17
FUND BALANCES - TOTAL GOVERNMENTAL FUNDS17,194,005$
Amounts reported for governmental activities in the statement
of net position are different because:
Certain assets used in governmental activities are not financial
resources and, therefore, are not reported in the governmental funds:
The details of the difference are as follows:
Notes receivable 8,581,790
Guaranteed rent receivable3,048,534
Accrued interest receivable237,370
Net pension asset 35,707
Capital assets used in governmental activities are not financial
resources and, therefore, are not reported in the governmental funds.39,726,588
Receivables and related liabilities in governmental funds are
susceptible to full accrual on the government-wide statements:
Deferred inflows from service concession arrangement(11,630,324)
Long-term liabilities are not due and payable in the current period
and, therefore, are not reported in the governmental funds:
The details of the difference are as follows:
Bonds payable (6,420,000)
Notes payable (7,591,561)
Capital leases payable(48,547)
Deferred loss on bond refunding639,528
Accrued interest payable(383,022)
OPEB liability (149,358)
Compensated absences payable(1,263,936)
Net Position of Governmental Activities 41,976,774$
CITY OF SOUTH MIAMI, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OF GOVERNMENTAL FUNDS
SEPTEMBER 30, 2014
The notes to the basic financial statements are an integral part of these financial statements.
18
Total
Governmental
General Fund Funds
Revenues
Taxes:
Ad valorem5,380,487$ -$ 1,025,084$ 6,405,571$
Utility taxes2,159,537 - 7,443 2,166,980
Business taxes612,865 - - 612,865
Franchise fees1,641,415 - - 1,641,415
Intergovernmental1,578,176 1,776,393954,698 4,309,267
Licenses and permits1,095,232 - 2,500 1,097,732
Fines and forfeitures846,219 - 2,914 849,133
Charges for services2,821,013 - 36,000 2,857,013
Rents and royalties265,401 - 761,072 1,026,473
Interest100,188 4,41940,433 145,040
Miscellaneous318,436 - 200,929 519,365
Total Revenues 16,818,969 1,780,812 3,031,073 21,630,854
Expenditures
Current:
General government3,683,783- - 3,683,783
Public safety6,460,8908,85894,319 6,564,067
Public works3,023,02717,245211,800 3,252,072
Parks and recreation1,590,736 - 82,950 1,673,686
Community services- - 970,583 970,583
Capital outlay- 1,738,443745,203 2,483,646
Debt service:
Principal payments219,682 - 858,221 1,077,903
Interest and fiscal charges2,841 - 692,007 694,848
Total Expenditures 14,980,959 1,764,546 3,655,083 20,400,588
Excess (Deficiency) of Revenues
Over Expenditures 1,838,010 16,266 (624,010) 1,230,266
Other Financing Sources (Uses)
Transfers in308,173 - 700,000 1,008,173
Transfers out(700,000) - (308,173) (1,008,173)
Total Other Financing
Sources (Uses)(391,827) - 391,827 -
Net change in fund balances1,446,183 16,266 (232,183) 1,230,266
Fund Balances - Beginning 9,336,665 594,682 6,032,392 15,963,739
Fund Balances - Ending 10,782,848$ 610,948$ 5,800,209$ 17,194,005$
Grant Fund
Nonmajor
Governmental
Funds
Major Funds
CITY OF SOUTH MIAMI, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
YEAR ENDED SEPTEMBER 30, 2014
The notes to the basic financial statements are an integral part of these financial statements.
19
NET CHANGE IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS1,230,266$
Amounts reported for governmental activities in the statement
of activities are different because:
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:
Details of the difference are as follows:
Expenditures for capital assets2,246,160$
Related accumulated depreciation(1,318,934)
927,226
In the statement of activities, only the loss on the disposal of capital
assets is reported, whereas in the governmental funds, only the
proceeds from the disposal are reported:
Cost of assets disposed(120,000)
Related accumulated depreciation117,333
(2,667)
Principal payments received on notes receivable and payments on
guaranteed rent receivable are reported as revenue in the
governmental funds because they provide current financial resources,
but are reported as a reduction of assets in the statement of net assets.(377,003)
Certain revenues do not provide current financial resources and,
therefore, are not reported in the governmental funds:
Net revenues from service concession arrangement377,003
Change in accrued interest on notes receivable9,191
Principal payments on long-term debt are reported as an expenditure
in governmental funds, but as a reduction of long-term liabilities/debt
in the statement of net position.1,077,903
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:
Amortization of deferred loss on refunding(49,195)
Change in net OPEB obligation(32,865)
Change in net pension obligation (asset)(22,670)
Change in compensated absences payable(160,023)
Change in accrued interest payable(30,710)
Change in Net Assets of Governmental Activities 2,946,456$
CITY OF SOUTH MIAMI, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
SEPTEMBER 30, 2014
The notes to the basic financial statements are an integral part of these financial statements.
20
Employee
Retirement
Funds
Assets
Cash and cash equivalents 504,377$
Investments, at fair value:
U.S. Government securities1,956,506
Corporate obligations 2,727,390
Common stocks 4,931,789
International equity 18,967,525
Mutual funds 3,668,204
Total cash, cash equivalents and investments 32,755,791
Receivables:
Employer contribution 196,190
Employee contribution 45,527
Dividends and interest 39,156
Section 185 contribution 129,659
Total receivables 410,532
Other assets:
Prepaid expenses 2,021
Total Assets 33,168,344
Liabilities
Accounts payable 71,315
Minimum funding liability 37,780
Total Liabilities 109,095
Net Position
Restricted for pension benefits33,059,249$
CITY OF SOUTH MIAMI, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED SEPTEMBER 30, 2014
The notes to the basic financial statements are an integral part of these financial statements.
21
Employee
Retirement
Funds
Additions
Contributions:
Employer 840,437$
Employees 577,369
Section 185 contributions 129,659
Total contributions 1,547,465
Investment income:
Net appreciation in fair value of investments2,650,332
Interest and dividends 582,348
Total investment income3,232,680
Less investment expenses 100,391
Net investment income3,132,289
Total additions 4,679,754
Deductions
Benefits paid 1,139,037
Refunds of contributions 176,076
Administrative expenses 117,147
Minimum benefit funding payment37,780
Total deductions 1,470,040
Change in net position3,209,714
Net position restricted for pension benefit - beginning - as restated29,849,535
Net position restricted for pension benefit - ending33,059,249$
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
22
Note 1—General description of the city
The City of South Miami, Florida (the "City") is a political subdivision of the State of Florida, located in Miami-
Dade County. The City was incorporated in 1927 and has operated since 1978 under the same charter. It is
located approximately 3 miles south of the City of Miami and borders the University of Miami’s main campus and
the City of Coral Gables and The Village of Pinecrest. The City is approximately 2.5 square miles in area and
has a population of approximately 13,000 residents. The City is a full service city providing its citizens with a full
complement of municipal services, specifically public safety, general government, parks, culture and recreation,
sanitation, public works, and community services. It also maintains various trust funds in a fiduciary capacity,
but does not provide any educational facilities, water, wastewater or fire services. Those services are provided
by the Miami-Dade County Public School System and Miami-Dade County, Florida.
Note 2—Summary of significant accounting policies
Financial Reporting Entity:
The financial statements of the City 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 principles. As defined by GASB, the financial reporting entity is required to
include (a) the primary government, (b) organizations for which the primary government is financially
accountable, and (c) other organizations for which the nature and significance of their relationship with the
primary government are such that exclusion would cause the reporting entity’s financial statements to be
misleading or incomplete. Blended component units, although legally separate entities are, in substance, part of
the government’s operations and so data from these units are combined with data of the primary government.
Discretely presented component units, on the other hand, are reported in a separate column in the statement of
net position to emphasize they are legally separate from the government.
Blended Component Unit:
The South Miami Community Redevelopment Agency (the "CRA") is deemed to be a separate, distinct and
independent legal entity controlled by a board of seven members, which include five members of the City's
elected Commission. Since the governing body is substantially the same as the governing body of the primary
government and there is a financially beneficial relationship between the City’s general government and the
CRA, the CRA is determined to be a component unit of the City. The CRA falls under the requirements of
Chapter 163 Part III of the Florida Statutes. Consequently, this component unit is reported in the primary
government using the blended method.
Individual financial statements for the CRA are available through the Finance Department of the City at 6130
Sunset Drive, South Miami, Florida 33143.
Discretely Presented Component Units:
There are no discretely presented component units for the City.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
23
Note 2—Summary of significant accounting policies (continued)
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 non-fiduciary activities of the primary government and its component units. The
effect of the 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 City has no business-type activities.
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 and fiduciary funds, even though the latter
are excluded from the government-wide financial statements. Major individual governmental funds are reported
as separate columns in the fund financial statements.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation:
The government-wide financial statements are reported using the economic resources measurement focus and
the accrual basis of accounting, as are the fiduciary fund financial statements. Revenues are recorded when
earned and expenses are recorded when a liability is incurred, regardless of the timing of 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. Property taxes and charges for services are
considered available when collected in the current year or within sixty days subsequent to year end; provided
that amounts received pertain to billings through the fiscal year just ended. Intergovernmental revenues,
franchise fees and utility service taxes are recorded in accordance with their legal or contractual requirements if
collected in the current period or within sixty days after year end. Revenues derived from rents and royalties
and investment income are recorded when earned. Permits, fines and forfeitures, and other revenue are
recorded as revenue when received in cash because they are generally not measurable until actually received.
Business license revenue collected in advance of periods to which they relate is recorded as unearned revenue.
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, pension, other post-
employment benefits and claims and judgments, are recorded when due.
The City reports the following major governmental funds:
The General Fund is the City's primary operating fund. It accounts for all financial resources of the general
government, except those required to be accounted for in another fund.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
24
Note 2—Summary of significant accounting policies (continued)
The Grants Fund is one of the City’s special revenue funds. It accounts for grant funding received that is
restricted for specific projects as defined by the grantor agencies.
Additionally, the government reports the following fiduciary fund type:
The fiduciary funds account for the activities of the General Employees and Police Officers Pension Plan and
the Police Officers Retirement Trust Fund – Section 185 Plan that accumulates resources for pension benefit
payments to qualified general and public safety employees.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or
privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including
special assessments. Internally dedicated resources are reported as general revenues rather than as program
revenues. Likewise, general revenues include all taxes whose purpose has not been restricted to a specific
program.
The City uses restricted amounts to be spent first when both restricted and unrestricted fund balance is
available unless there are legal documents/contracts that prohibit doing this, such as in grant agreements
requiring dollar for dollar spending. Additionally, the City would first use committed fund balance, followed by
assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for
which amounts in any of the unrestricted fund balance classifications could be used.
Cash, Cash Equivalents and Investments:
The City's cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term
investments with original maturities of three months or less from the date of purchase.
Investments for the government, as well as its component unit and fiduciary funds, are carried at fair value.
Unrealized gains and losses in fair value are recognized.
Receivables:
Receivables consist of amounts due for charges for services, fees, property taxes, intergovernmental revenues
and grants. If the ultimate collectability of receivables became uncertain, the City would provide an allowance for
that amount. As of September 30, 2014, there were no receivables deemed uncollectible by management.
Prepaid Expenses/Expenditures:
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid
items in both government-wide and fund financial statements.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
25
Note 2—Summary of significant accounting policies (continued)
Ad Valorem Taxes:
Property values are assessed as of January 1 of each year, at which time taxes become an enforceable lien on
property. Tax bills are mailed for the City by Miami-Dade County on or about October 1 of each year and are
payable with discounts of up to 4% offered for early payment. Taxes become delinquent on April 1 of the year
following the year of assessment and State law provides for enforcement of collection of property taxes by
seizure of the personal property or by the sale of interest-bearing tax certificates to satisfy unpaid property
taxes.
Assessed values are established by the Miami-Dade County Property Appraiser. In November 1992, a Florida
constitutional amendment was approved by the voters which provides for limiting the increases in homestead
property valuations for ad valorem tax purposes to a maximum of 3% annually and also provides for
reassessment of market values upon changes in ownership. The County bills and collects all property taxes
and remits them to the City. Procedures for the collection of delinquent taxes by Miami-Dade County are
provided for in the Laws of Florida. There were no material delinquent property taxes in the fiscal year ended
September 30, 2014.
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 City is established by the City Commission and the Miami-
Dade County Property Appraiser, who incorporates the City's millage into the total tax levy, which includes the
County and the County School Board tax requirements. The millage rate assessed by the City for the year
ended September 30, 2014 was 4.3639 mills ($ 4.3639 mils per $ 1,000 of the taxable value).
Capital Assets:
Capital assets, which include land, construction in progress, buildings and improvements, machinery and
equipment, land improvements, infrastructure assets (e.g., roads, sidewalks, culverts, pump stations,
stormwater lines, catch basins, and similar items), and intangibles, are reported in the governmental activities
columns in the government-wide financial statements. Capital assets are defined by the City as assets with an
initial, individual cost of more than $ 5,000 and an estimated useful life in excess of one year. Such assets are
recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are
recorded at estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend
assets' lives are not capitalized.
Capital assets are depreciated/amortized using the straight-line method over the following estimated useful
lives:
Buildings and improvements 50 years
Machinery and equipment 5-15 years
Land improvements 20 years
Infrastructure 40-50 years
Intangibles 5 years
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
26
Note 2—Summary of significant accounting policies (continued)
Unearned Revenue:
Governmental funds defer revenue recognition in connection with resources that have been received, but not
yet earned. This is classified as unearned revenue. Unearned revenues at the government-wide level arise only
when the City receives resources before it has a legal claim to them.
Compensated Absences:
City employees are granted annual leave (vacation) and sick leave in varying amounts based on length of
service and the department in which the employee serves.
Annual leave:
Effective October 1995, the City’s annual leave policy requires that earned vacation must be taken within one
year of the employee’s anniversary date, as there is no carryover from one period to another. Unused accrued
vacation pay, if any, is paid at employee’s termination or retirement.
Sick leave:
Effective October 1995, employees may accumulate sick leave without a maximum cap, but will not be paid
upon termination or retirement. Employees hired on or before October 1995, may accumulate unused sick
leave to a maximum of 600 hours. Upon termination or retirement sick leave is paid to those employees, hired
on or before October 1995, on a pro rata formula based upon years of service.
The City reports the liability for compensated absences in the governmental activities of the government-wide
financial statements when earned. The current portion is the amount estimated to be due in the following fiscal
year. Expenditures for compensated absences are recorded in the governmental funds only for employees who
had terminated their employment as of the end of the fiscal year. The General Fund has typically been used to
liquidate such amounts.
Long-Term Obligations:
In the government-wide financial statements, long-term obligations are reported as liabilities in the statement of
net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the
straight-line method. Long-term debt is reported net of the applicable premium or discount.
For bond refundings resulting in the defeasance of debt reported in the government-wide financial statements,
the difference between the reacquisition price and the net carrying amount of the old debt is deferred and
amortized as a component of interest expense. The accounting gain or loss is amortized over the remaining life
of the old debt or the life of the new debt, whichever is shorter, and is presented as deferred outflow or inflow in
the statement of net position.
In the fund financial statements, governmental fund types recognize debt premiums and discounts, as well as
debt issuance costs, during the current period. The face amount of debt issued is reported as other financing
sources. Premiums received on debt issuance are reported as other financing sources while discounts on debt
issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt
proceeds received, are reported as debt service expenditures.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
27
Note 2—Summary of significant accounting policies (continued)
Equity Classifications:
Government-wide financial statements:
Net position in the government-wide financial statements is displayed in three categories: 1) net investment in
capital assets, 2) restricted, or 3) unrestricted. Net investment in capital assets consists of capital assets
reduced by accumulated depreciation and by any outstanding debt incurred to acquire, construct, or improve
those assets, excluding unexpended proceeds. Net position is reported as restricted when constraints are
placed on their use either by external groups such as creditors, grantors, contributors, or laws and regulations of
other governments; or law through constitutional provisions or enabling legislation. Remaining net position that
does not meet the definition of “restricted” or “net investment in capital assets,” is reported as unrestricted.
Fund financial statements:
The City presents fund balance in accordance with GASB Statement No. 54, Fund Balance Reporting and
Governmental Fund Type Definitions. This statement requires that governmental fund financial statements
present fund balances based on classifications that comprise a hierarchy that is based primarily on the extent to
which the City is bound to honor constraints on the specific purposes for which amounts in the respective
governmental funds can be spent.
The classifications used in the governmental fund financial statements are as follows:
Nonspendable: This classification includes amounts that cannot be spent because they are either (a) not in
spendable form or (b) are legally or contractually required to be maintained intact. “Not in spendable form”
includes items that are not expected to be converted into cash (such as inventories and prepaid amounts) and
items such as long-term amount of loans and notes receivable, as well as property acquired for resale. The
corpus (or principal) of a permanent fund is an example of an amount that is legally or contractually required to
be maintained intact. In fiscal year 2014, this represents $312,691.
Restricted: This classification includes amounts for which constraints have been placed on the use of the
resources either (a) externally imposed by creditors (such as through a debt covenant), grantors, contributors, or
laws or regulations of other governments, or (b) imposed by law through constitutional provisions or enabling
legislation. In fiscal year 2014, this represents $5,963,051.
Committed: This classification includes amounts that can be used only for the specific purposes determined by a
formal action of the government’s highest level of decision making. The City Commission is the highest level of
decision-making authority for the government that can, by adoption of an ordinance prior to the end of the fiscal
year, commit fund balance. Once adopted, the limitation imposed by the ordinance remains in place until a
similar action is taken (the adoption of another ordinance) to remove or revise the limitation. Resources
accumulated pursuant to stabilization arrangements are reported in this category. In fiscal year 2014, this
represents $1,739,066.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
28
Note 2—Summary of significant accounting policies (continued)
Assigned: This classification includes amounts that are constrained by the City’s intent to be used for a specific
purpose but are neither restricted nor committed. The City Commission has by resolution authorized the City
Finance Director to assign fund balance. The City Commission may also assign fund balance as it does when
appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent
year’s budget. Unlike commitments, assignments generally can only exist temporarily. In other words, an
additional action does not normally have to be taken for the removal of an assignment. Conversely, as
discussed above, an additional action is essential to either remove or revise a commitment. In fiscal year 2014,
this represents $4,312,266. In the General Fund, assigned fund balance for subsequent year’s budget
amounted to $3,956,952.
Unassigned: This classification includes the residual fund balance for the General Fund. This classification
represents fund balance that has not been assigned to other funds and that has not been restricted, committed,
or assigned to specific purposes within the General Fund. Unassigned fund balance may also include negative
balances for any governmental fund if expenditures exceed amounts restricted, committed or assigned for those
specific purposes. In fiscal year 2014, this represents $4,866,929.
Minimum Fund Balance Policy and Emergency and Disaster Recovery Reserve:
The City’s policy is to maintain an adequate General Fund balance to meet seasonal shortfalls in cash flow and
reduce susceptibility to emergency and unanticipated expenditures and/or revenue shortfalls. The City’s
Commission had previously adopted an ordinance (No. 23-08-1958) to maintain an Emergency and Disaster
Recovery Operating Reserve at a minimum level of approximately $1,717,288 (10% of budgeted expenditures)
and a Minimum Fund Balance, ranging from 20% to 50%, of the annual General Fund expenditures.
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 reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenditures/expenses during the reporting period. Some of these
estimates include assessing the collectability of receivables, the realization of pension and other-post-
employment obligations/assets and the useful lives of capital assets. Although those estimates are based on
management's knowledge of current events and actions it may undertake in the future, they could ultimately
differ from actual results.
Internal Balances:
Activity between funds that is representative of lending/borrowing arrangements outstanding at the end of the
fiscal year is referred to as "due to/from other funds" (i.e., the current portion of inter-fund loans). These
amounts reported in the fund financial statements as due/to other funds are eliminated in the government-wide
governmental columns of the statement of net assets.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
29
Note 2—Summary of significant accounting policies (continued)
Deferred Outflows and Inflows of Resources:
In addition to assets, the statement of financial position will sometimes report a separate section for deferred
outflows of resources. This separate financial statement element represents a consumption of net position that
applies to a future period and so will not be recognized as an expense or expenditure until then. The City has
one item that meets this criterion, an unamortized loss on a bond refunding. In addition to liabilities, the
statement of financial position will sometimes report a separate section for deferred inflow of resources. This
separate financial statement element represents an acquisition of net position that applies to a future period and
so will not be recognized as revenue until then. The City has only one item that meets this criterion, service
concession arrangements which is discussed further in Note 7.
Date of Management’s Review:
Subsequent events were evaluated by management through March 25, 2015, which is the date the financial
statements were available to be issued.
Restatement due to New GASB Implementation:
The City pension plans adopted GASB 67 Financial Reporting for Pension Plans for the year ended September
30, 2014. GASB 67 requires additional disclosures and supplemental information for the City’s pension plans
and also requires all benefits be included in net position. As such, implementation of GASB 67 required the
reclassification of a reserve for future pension benefits from a liability to net position in the amount of $52,579.
Net position of the fiduciary funds as of October 1, 2013 has been restated accordingly.
Note 3—Deposits and investments
The City, for accounting and investment purposes, maintains various accounts for use by all City funds.
Deposits - City:
Florida Statutes authorize the deposit of City funds in demand deposits or time deposits of financial institutions
approved by the State Treasurer. These are defined as public deposits. All City public deposits are held in
qualified public depositories pursuant to Chapter 280, Florida Statutes, "Florida Security for Public Deposits
Act." Under the act, all qualified public depositories are required to pledge eligible collateral having a market
value equal to or greater than the average daily or monthly balance of all public deposits times the depository's
collateral pledging level. The collateral pledging level may range from 50% to 125% depending upon the
depository's financial condition and the length of time that the depository has been established. All collateral
must be deposited with the State Treasurer. Any losses to public depositors resulting from insolvency are
covered by applicable deposit insurance, sale of securities pledged as collateral and, if necessary, assessment
against other qualified public depositories of the same type as the depository in default. The City's bank
balances were insured either by the Federal Depository Insurance Corporation or collateralized in the bank's
participation in the Florida Security for Public Deposits Act.
As of September 30, 2014, the carrying amount of the City’s book balance for deposits held with financial
institutions totaled $7,378,905 and the bank balance was $7,423,782.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
30
Note 3—Deposits and investments (continued)
Investments - City:
The City previously adopted a comprehensive investment policy established in accordance with Section
218.415, Florida Statutes. The investment policy applies to all investments held or controlled by the City with the
exception of the City-sponsored employee pension plans and its debt issuances where there are other existing
policies or indentures in effect for the investment of related funds.
Allowable investments include United States government securities, United States government agencies and
sponsored agencies repurchase agreements, commercial paper, state and local government taxable and/or tax-
exempt debt, money market mutual funds, intergovernmental investment pools, corporate obligations,
certificates of deposit, and other investments authorized by City Commission from time to time. The City
manages its risk by establishing strict guidelines related to interest rates, credit worthiness, concentration and
custodial credit. In addition, the City is not directly exposed to foreign credit risk.
As of September 30, 2014, the City had the following cash equivalents:
Maturity
Investment TypeFair ValueLess than 1 Year
Repurchase agreement10,354,613$ 10,354,613$
Total fair value10,354,613$
A reconciliation of deposits and cash equivalents as shown by category is as follows:
Category:
Deposits7,562,220$
Petty cash1,502
Cash equivalents10,354,613
17,918,335$
Investments - Pension Plan:
The General Employees and Police Officers Pension Plan (the “Plan”) and the Police Officers Retirement Trust
Fund-Section 185 Plan (the “Fund”) investments are held separately from those of other City funds and are
shown in a separate fiduciary fund. As prescribed by the Plan and Fund investment policies, they are
authorized to invest among several institutionally acceptable asset classes including bonds, debentures and
other corporate obligations, equity securities and domestic real estate. The City’s Plan and Fund investment
policies are determined by their respective Board of Trustees.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
31
Note 3—Deposits and investments (continued)
The Plan and Fund have investments in a combination of stocks, bonds, government securities and other
investment securities. Investment securities are exposed to various risk, 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 fiduciary net assets and the
statement of changes in fiduciary net assets. The Plan and Fund, through its investment advisors, monitors the
Plan and Fund’s investments and the risks associated with them on a regular basis, which is believed to
minimize these risks.
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. The Plan and Fund have an investment policy that targets
investments of the safest types of securities. This policy requires a diversified portfolio to minimize the potential
loss on individual securities. The Plan and Fund’s investment policy utilizes portfolio diversification in order to
control the risk. The Plan and Fund fixed income investments had the following ratings at September 30, 2014
from a nationally recognized rating agency:
General
Employees andPolice Officers
Police OfficersRetirement Trust
Moody's Credit RatingPension PlanFund Section 185Total
A1 - A3-$ 34,023$ 34,023$
Aa2 - Aaa- 4,532 4,532
Aa3- 150,182 150,182
AAAm496,348 - 496,348
AAA-Bb+2,572,384 - 2,572,384
Ba1 - Baa3- 108,692 108,692
3,068,732$ 297,429$ 3,366,161$
Interest Rate Risk:
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Duration is a measure of the price sensitivity of a fixed income portfolio to changes in interest rates.
The longer the duration of a portfolio, the greater its price sensitivity to changes in interest rates.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
32
Note 3—Deposits and investments (continued)
The Plan and Fund’s investments in fixed income securities had maturities as follows:
Less Than1 to 56 to 10More Than
Investment TypeFair Value1 YearYearsYears10 Years
Money market funds496,348$ 496,348$ -$ -$ -$
U.S. Government and
Agency Securities1,956,506 - 377,172 28,723 1,550,611
Corporate Obligations2,727,390 40,868 1,517,530 652,556 516,436
Totals5,180,244$ 537,216$ 1,894,702$ 681,279$ 2,067,047$
Concentration of Credit Risk:
The investment policy of the Plan and Fund limits investments in the stock of any one issuing company to 5% of
the Fund’s or Plan’s assets at cost and to 5% of the outstanding capital stock of that company. Furthermore,
investments in equities shall not exceed 70% of the Fund’s assets at market value, and foreign equity
investments shall not exceed 20% of the Fund’s assets at market value. For fixed income securities, not more
than 5% of the Fund’s fixed income portfolio at cost shall be invested in the securities of any single corporate
issuer.
Custodial Credit Risk:
For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty the Plan and
Fund will not be able to recover their investments or collateral securities that are in possession of an outside
party. At September 30, 2014 and consistent with their investment policies, the Plan and Fund’s securities were
registered in their name, nominee registration.
Foreign Credit Risk:
Foreign credit risk is the risk that fluctuations in currency exchange rates may affect transactions conducted in
currencies other than U.S. dollars as well as the carrying value of foreign investments. The Plan and Fund’s
exposure to foreign credit risk derives mainly from equity securities. As of the year end, investment balances in
foreign investments are within policy limits. The Plan and Fund do not have exposure to foreign credit risk and
the City has no formal policy relating to foreign currency risk.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
33
Note 4—Receivables
Receivables at September 30, 2014 were as follows:
Nonmajor
GrantGovernmental
General FundFundFundsTotal
Receivable type:
Intergovernmental288,346$ 531,912$ 155,549$ 975,807$
Franchise fees88,126 - - 88,126
Utility taxes136,626 - - 136,626
Accounts14,597 - - 14,597
Total receivables527,695$ 531,912$ 155,549$ 1,215,156$
Major Funds
Note 5—Interfund balances and transfers
Interfund balances at September 30, 2014 and the amount of interfund transfers for the fiscal year ended are
summarized as follows:
Nonmajor
GrantGovernmental
Receivable Fund General FundFundFundsTotal
General Fund-$ 1,287,928$ 123,597$ 1,411,525$
Grant fund958,320 958,320
Nonmajor Governmental Funds860,211 - - 860,211
1,818,531$ 1,287,928$ 123,597$ 3,230,056$
Payable Fund
Major Funds
The interfund balances resulted from the time lag between the dates that (1) interfund goods and services are
provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system, and (3)
payments between funds are made. All of the above amounts are expected to be repaid shortly after year end
from available current assets and next year funding.
During the year, $600,000 was transferred from General Fund to the Capital Improvements Program Fund,
respectively, to assist with capital improvement project requirements. Also during the year, $100,000 was
transferred to the Community Redevelopment Agency Fund to assist in funding operations. The remaining
transfers were to the General Fund from the Community Redevelopment Agency Fund and other non-major
funds to reimburse the General Fund for expenditures incurred.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
34
Note 6—Capital assets
Capital asset activity for the year ended September 30, 2014 was as follows:
BalanceBalance
September 30,Decreases/September 30,
Governmental Activities 2013IncreasesTransfers2014
Capital assets not being depreciated:
Land14,603,765$ -$ -$ 14,603,765$
Construction in progress93,643 - - 93,643
Total capital assets
not being depreciated14,697,408 - - 14,697,408
Capital assets being depreciated:
Buildings and improvements18,009,663 1,680,495 - 19,690,158
Machinery and equipment6,622,960 482,665 120,000 6,985,625
Land improvements929,250 83,000 - 1,012,250
Infrastructure9,226,358 - - 9,226,358
Intangible assets448,257 - - 448,257
Total capital assets
being depreciated35,236,488 2,246,160 120,000 37,362,648
Less accumulated depreciation for:
Buildings and improvements3,057,836 393,803 - 3,451,639
Machinery and equipment4,503,811 597,695 117,333 4,984,173
Land improvements627,183 35,288 - 662,471
Infrastructure2,743,828 202,497 - 2,946,325
Intangible assets199,209 89,651 - 288,860
Total accumulated depreciation11,131,867 1,318,934 117,333 12,333,468
Total capital assets,
being depreciated net24,104,621 927,226 2,667 25,029,180
Governmental activities capital assets, net38,802,029$ 927,226$ 2,667$ 39,726,588$
Provision for depreciation/amortization was charged to functions/programs of the City as follows:
General government 631,663$
Public safety 341,706
Public works 218,358
Culture and recreation 98,258
Community services 28,949
Total depreciation expense - governmental activities1,318,934$
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
35
Note 7—Service concession arrangement and note receivable
The City previously entered into an agreement with Mark Richman Properties, Inc. (“MRP”) for the construction
and operation of a municipal parking garage (the “Garage”). Under the agreement, the City was responsible to
finance the construction while retaining all rights and ownership of the Garage. The City borrowed funds from
the Series 2002A and Series 2006A Bonds and a $1 million promissory note to finance the construction of the
Garage. MRP was responsible for the completion of the Garage with the use of the funds provided by the City.
The Garage started operations in January 2008.
The City also executed a lease agreement (the “Lease”) with MRP to operate and maintain the Garage for a
term of 50 years. In accordance with the Lease, the City approves all services and fees charged to customers.
In addition, the City retains no contractual obligations for the garage until the end of the Lease, at which time the
operation and management of the Garage reverts to the City. Installment payments due the City under the
Lease are as follows:
(i) Repayment of principal on certain amounts used in the construction of the Garage. These amounts
owed to the City by MRP are shown as notes receivable in the statement of net position in the amount
of $8,581,790.
(ii) Guaranteed rent payments equal to $76,000 per year. The present value of these payments is reflected
in the statement of net position using a discount rate of 7.25% in the amount of $3,048,534.
The City has determined that the agreement meets the requirements of GASB Statement No. 60; Accounting
and Financial Reporting for Service Concession Arrangements, effective for financial statements for periods
beginning after December 15, 2011.
In accordance with GASB Statement No. 60, the City previously adjusted capital assets to include the Garage at
fair value of approximately $13 million. Additionally, $11,630,324 was recorded in the government-wide
financial statements (statement of net position) as a deferred inflow of resources to be received over the term of
the agreement, at net present value. The deferred inflow of resources is recognized annually over the term of
the agreement.
The notes receivable mainly require semi-annual payments including interest at rates ranging from 3.25% to
5.50% through October 1, 2036. The notes receivable are collateralized by the Garage, a mortgage on certain
land owned by MRP and by a personal guarantee from Mark Richman. A portion of the notes receivable
(original amount of $700,000) requires quarterly payments, including interest at 4.23%, through April 2019.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
36
Note 7—Service concession arrangement and note receivable (continued)
Future principal and interest payments due the City under the notes receivable, as of September 30, 2014, are
as follows:
Fiscal Year
Ending September 30, PrincipalInterestTotal
2015322,026$ 406,225$ 728,251$
2016333,466 389,783 723,249
2017349,272 372,706 721,978
2018369,359 354,745 724,104
2019367,979 335,802 703,781
2020-20241,763,064 1,437,484 3,200,548
2025-20292,209,040 983,698 3,192,738
2030-20342,071,496 408,369 2,479,865
2035-2037796,088 60,863 856,951
Total8,581,790$ 4,749,675$ 13,331,465$
Note 8—Long‐term liabilities of governmental activities
The following is a summary of changes in long-term liabilities of the City for governmental activities for the year
ended September 30, 2014:
BalanceBalance
September 30,September 30,Due Within
2013AdditionsReductions2014One Year
Governmental Activities:
Florida Municipal Loan
Council Bonds6,620,000$ -$ (200,000)$ 6,420,000$ 615,000$
Taxable Revenue Note,
Series 20117,210,000 - (365,000) 6,845,000 400,000
CRA Bond 2006625,930 - (266,185) 359,745 282,491
Notes payable586,502 - (199,686) 386,816 201,769
Capital leases95,579 - (47,032) 48,547 48,547
Compensated absences1,103,913 794,054 (634,031) 1,263,936 379,181
Totals16,241,924$ 794,054$ (1,711,934)$ 15,324,044$ 1,926,988$
Compensated absences attributable to the governmental activities are generally liquidated by the general fund.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
37
Note 8—Long‐term liabilities of governmental activities (continued)
Florida Municipal Loan Council (FLMC Bonds):
The City previously borrowed $2,200,000 from the Florida Municipal Loan Council’s (FMLC) debt issue of
$90,210,000 Revenue Bonds, Series 2001A to repay existing borrowings and finance the construction of a
multi-purpose activities center. The bonds bear varying interest rates ranging from 3.25% to 5.25% and are
secured by non-ad valorem revenues from the City.
The City previously borrowed $6,500,000 from the FMLC’s debt issue of $49,775,000 Revenue Bonds, Series
2002A to finance the construction and improvements of a municipal parking garage used for public parking. The
bonds bear varying interest rates ranging from 3.25% to 5.50% and are secured by non-ad valorem revenues
from the City. Payments received from MRP in conjunction with the notes receivable (Note 6), future Garage
revenues, and non-ad valorem revenues of the City are used to repay the bonds as the payments become due.
As discussed later, this debt issuance was partially refunded during 2011 with proceeds from the issuance of the
Taxable Revenue Note, Series 2011.
The City previously borrowed $5,625,000 from the FMLC’s debt issue of $22,365,000 Revenue Bonds, Series
2006 to finance the construction and improvements of a municipal parking garage used for public parking. The
bonds bear varying interest rates ranging from 4.00% to 5.00% and are secured by non-ad valorem revenues
from the City. Payments received from MRP in conjunction with the notes receivable (Note 6), future Garage
revenues, and non-ad valorem revenues are used to repay the bonds as the payments become due. As
discussed later, this debt issuance was partially refunded during 2011 with proceeds from the issuance of the
Taxable Revenue Notes, Series 2011.
Annual debt service requirements to maturity for the FMLC revenue bonds are as follows:
Fiscal Year
Ending September 30, PrincipalInterestPrincipalInterestPrincipalInterestTotal
201560,000$ 83,725$ 120,000$ 173,344$ 35,000$ 60,544$ 532,613$
201660,000 80,575 125,000 166,744 35,000 58,794 526,113
201765,000 77,425 130,000 159,869 40,000 56,919 529,213
201870,000 74,013 135,000 152,719 40,000 54,919 526,651
201975,000 70,338 145,000 145,294 40,000 52,919 528,551
2020-2024420,000 293,775 845,000 605,844 245,000 235,613 2,645,232
2025-2029530,000 180,000 1,085,000 372,306 300,000 178,772 2,646,078
2030-2034390,000 39,500 785,000 81,744 375,000 104,288 1,775,532
2035-2038- - - - 270,000 18,675 288,675
1,670,000$ 899,351$ 3,370,000$ 1,857,864$ 1,380,000$ 821,443$ 9,998,658$
Series 2001ASeries 2002ASeries 2006
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
38
Note 8—Long‐term liabilities of governmental activities (continued)
Taxable Revenue Note, Series 2011:
In August 2011, the City issued a $7,575,000 Taxable Revenue Note, Series 2011, to partially advance refund
$1,725,000 and $3,775,000 of the FMLC 2002A and 2006 revenue bonds, respectively, and also to currently
refund the then remaining obligation of the Capital Improvement Promissory Note, Series 2009 in the amount of
$ 814,488. Funds were deposited into an irrevocable trust with an escrow agent to provide for the scheduled
principal and interest installments of the partially advance refunded bonds, including the remaining obligations
on the call date of May 1, 2012 and October 1, 2016 for the FMLC 2002A and 2006, respectively. Effective May
2012, the FMLC Series 2002A partially advanced refunded portion was considered deceased. As of
September 30, 2014, the outstanding balance of the partially advanced refunded FMLC Series 2006 bonds was
$3,816,603.
Annual principal and semi-annual interest payments are due through October 2026 at a fixed rate of 4.550%;
secured by a pledge of all non-ad valorem revenues of the City.
The City executed this refunding transaction to comply with the Securities and Exchange Commission and the
Internal Revenue Service; where it was determined that a portion of the FMLC bonds constituted impermissible
financing and private activity which affected the governmental status of the Council Bonds.
Annual debt service requirements to maturity are as follows:
Fiscal Year
Ending September 30, PrincipalInterestTotal
2015420,000$ 305,649$ 725,649$
2016410,000 287,727 697,727
2017435,000 267,477 702,477
2018450,000 247,065 697,065
2019480,000 225,616 705,616
2020-20242,710,000 771,806 3,481,806
2025-20271,940,000 136,904 2,076,904
Total6,845,000$ 2,242,244$ 9,087,244$
Community Redevelopment Agency (CRA) Bond, Series 2006:
The City, through its Community Redevelopment Agency (CRA), previously issued $2,730,000 of Taxable
Redevelopment Revenue Bonds, Series 2006 (the CRA Bond), for the purpose of acquiring various properties
located within the boundaries of the South Miami redevelopment area. The revenue bonds are secured by CRA
tax increment financing revenues from the County and the City. The bonds bear interest at 5.99%. Principal and
interest payments are due quarterly through February 2016.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
39
Note 8—Long‐term liabilities of governmental activities (continued)
Annual debt service requirements to maturity for the CRA Bond are as follows:
Fiscal Year
Ending September 30, PrincipalInterestTotal
2015282,491$ 15,282$ 297,773$
201677,254 1,216 78,470
Total359,745$ 16,498$ 376,243$
Notes Payable:
The City previously entered into promissory note agreements with a financial institution to finance the purchase
of law enforcement vehicles and multi-space parking meter stations totaling approximately $576,000. The notes
require aggregate monthly payments of $10,202, including interest at 2.355% and 2.5451% per annum. Both
notes expire during fiscal year 2016. As of September 30, 2014, the balance outstanding was $170,377.
The City previously entered into an agreement with a third party to finance an upgrade to its City Hall
management computer software for approximately $172,000. The agreement requires annual payments of
$34,414 and bears no interest. As of September 30, 2014, the outstanding balance of this agreement is
$34,414.
The City previously entered into Inter-Local agreements with Miami Dade County for the purchase of police
radios and for a stormwater drainage project. The cost for the radios and project was approximately $247,000
and $270,000, respectively, and are payable in ten years. As of September 30, 2014, the total balance
outstanding was $182,025.
Annual debt service requirements to maturity for notes payable are as follows:
Fiscal Year
Ending September 30, PrincipalInterestTotal
2015201,769$ 4,186$ 205,955$
201693,200 1,768 94,968
201720,000 - 20,000
201820,000 - 20,000
201920,000 20,000
2020-202131,847 - 31,847
Total386,816$ 5,954$ 392,770$
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
40
Note 8—Long‐term liabilities of governmental activities (continued)
Capital Leases:
The City previously entered into a capital lease arrangement for law enforcement vehicles totaling approximately
$228,000. The lease expires on July 2015. Interest rate is at 3.18%.
The future minimum lease obligation and the net present value of the minimum lease payments as of
September 30, 2014 is as follows:
Year Ending September 30,
2015 49,515$
Less amounts representing interest(968)
Present value of the net minimum lease payments48,547$
Conduit Debt Obligation:
The City of South Miami Health Facilities was created to issue Healthcare Facilities Revenue Bonds to provide
financial assistance to the City’s private-sector hospitals for the acquisition and construction of facilities deemed
to be in the public interest. The bonds are secured by the property financed and are payable solely from
revenues derived from the private-sector hospitals.
In 2007, the Baptist Health South Florida (BHSF) issued through the City of South Miami Health Facilities
Authority, $800,000,000 of its Hospital Revenue Bonds, Series 2007 (2007 Bonds). The proceeds from the
bonds were used to refund then outstanding bonds and to acquire, construct, equip and rehabilitate certain
health care facilities of BHSF. The 2007 Bonds bear interest at rates ranging from 4.62% to 5.00%, payable
semiannually each February 15 and August 15, and mature annually through 2042. As of September 30, 2014,
the outstanding principal amount payable was $727,460,000.
The City acts solely as a lawful conduit in the issuance of the bonds and is not obligated in any manner for their
repayment. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.
Note 9—Commitments and contingencies
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 City. The amount, if
any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the City
expects such amounts, if any, to be immaterial.
Litigation - General Matters:
The City is currently a defendant in several pending claims and other legal proceedings incidental to the
operations of the City. The City attorneys are vigorously defending each action. The ultimate liability and
likelihood related to these claims is not presently determinable.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
41
Note 10—Other post‐employment benefits
The City previously implemented GASB Statement No. 45, Accounting and Financial Reporting by Employers
for Postemployment Benefits Other Than Pensions (OPEB). This Statement established accounting standards
for post-retirement benefits other than pensions. The Statement does not require funding of OPEB expense, but
any difference between the annual required contribution (ARC) and the amount funded during the year is
required to be recorded in the City’s statement of net position as an increase (or decrease) in the OPEB
obligation.
Plan Description and Funding Policy:
Employees who retire from the City and their dependents are eligible to continue to participate (single employer
plan) in the City’s health insurance, dental and vision plans currently offered through the City at the “blended”
employee group rate, which is determined annually by the City. The retiree must continue to meet all
participation requirements and pay all applicable premiums by the specified due date. As of October 1, 2011,
the date of the most recent actuarial evaluation, there are six participating retirees in the group health program.
The City provides no funding for any portion of the premiums after retirement. However, the City recognizes
that there is an “implicit subsidy” arising as a result of the blended rate premium since retiree health care costs,
on average, are higher than active employee healthcare costs. The plan is not accounted for as a trust fund and
an irrevocable trust has not been established to fund this plan. The plan does not issue a separate financial
report. It is the City’s current policy to fund the plan on a “pay-as-you-go” basis.
The General Fund is typically used to liquidate the annual net other post-employment obligations of the City.
Annual OPEB Cost and Net OPEB Obligation:
The following table shows the components of the City’s annual OPEB cost for the year, the amount contributed,
and the change in the net OPEB obligation.
Employer Normal Cost 28,002$
Amortization of Unfunded Actuarial Accrued Liability22,560
Interest on Normal Cost and Amortization2,022
Annual Required Contribution52,584
Interest on Net OPEB Obligation 4,660
Adjustment to the ARC (6,737)
Annual OPEB Cost 50,507
Estimated Annual Employer Contribution (pay-as-you-go)*(17,642)
Change in Net OPEB Obligation32,865
Net OPEB Obligation - Beginning of Year116,493
Net OPEB Obligation - End of Year149,358$
*Reflects a contribution credit for the implied subsidy.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
42
Note 10—Other post‐employment benefits (continued)
The annual OPEB cost, the percentage of annual OPEB cost contributed to the Plan and the net OPEB
obligation for 2014 and the two preceding years were are as follows:
Percentage
Fiscal YearAnnualof OPEB CostNet OPEB
EndedOPEB CostContributedObligation
9/30/201450,507$ 34.9%149,358$
9/30/2013 47,087 30.2%116,493
9/30/2012 45,218 34.5%83,604
Funding Status and Funding Progress:
The schedule of funding progress, presented as required supplementary information following the notes to the
financial statements, presents multiyear trend information about whether the actuarial value of plan assets are
increasing or decreasing over time relative to the actuarial accrued liability for benefits. The funded status and
an analysis of funding progress as of October 1, 2011, the date of the most recent actuarial valuation, is as
follows:
Unfunded
ActuarialActuarialUAAL as
ActuarialAccruedAccruedPercentage
Value ofLiability atLiabilityFundedCoveredof Covered
ValuationAssetsEntry Age(UAAL)RatioPayrollPayroll
Date(a)(b)(b-a)(a/b)(c)((b-a)/c)
10/1/2011-$ 354,421$ 354,421$ 0.0%5,365,146$ 6.6%
Actuarial valuations involve estimates of the value of reported amounts and assumptions about the probability of
events in the future. Amounts determined regarding the status of the plan and the annual required contributions
of the City are subject to continual revision as actual results are compared to past expectations and new
estimates are made about the future. The required schedule of funding progress, presented as Required
Supplementary Information, is designed to provide multi-year trend information that shows whether the actuarial
value of the plan assets is increasing or decreasing over time relative to the actuarial liabilities for benefits.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
43
Note 10—Other post‐employment benefits (continued)
Actuarial Methods and Assumptions:
Projections of benefits are based on the substantive plan and include the types of benefits in force at the time of
valuation date and the pattern of sharing benefits between the City and the plan members at that point.
Actuarial calculations reflect a long-term perspective and employ methods and assumptions that are designed to
reduce the short-term volatility in actuarial accrued liabilities and the actuarial value of assets. Significant
methods and assumptions used for the valuation are as follows:
Measurement dateOctober 1, 2011
Actuarial cost methodEntry age method
Amortization methodLevel dollar amount, open basis
Remaining amortization period30-years
Actuarial assumptions:
Investment rate of return4.00% (includes inflation at 2.75% per annum)
Healthcare cost trend rates:
Select rates
Ultimate rate5.00% per annum
9.00% for 2011/12 graded to 8.00% for
2012/13, and 5.00% for 2013/14 through
2015/16
Note 11—Defined benefit pension plan
Plan Description:
The City sponsors and maintains the General Employees and Police Officers Pension Plan (the Plan), a single-
employer defined benefit pension plan established by Ordinance No. 528 dated December 7, 1965, effective
October 1, 1965. The Plan covers police officers and other full-time general employees of the City who are
eligible to participate in the Plan and who fulfill the prescribed eligibility requirements. The most recent
amendment to the Plan occurred on November 1, 2011, which became effective on October 1, 2011.
City Ordinance No. 33-11-2106 amended the Plan to reflect changes in eligibility requirements, definition of final
average compensation, normal retirement eligibility, benefit accrual percentages and supplemental benefit for
General Employees. The definition of final average compensation has also been updated for most Police
Officers. A more detailed description of the Plan and its provisions appears in the Ordinances constituting the
Plan and in the summary plan description.
The City has issued stand-alone financial statements for the Plan, which may be obtained from the City’s
Finance Department.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
44
Note 11—Defined benefit pension plan (continued)
Summary of Significant Accounting Policies:
The Plan for both general and police employees, utilizes the accrual basis of accounting. Plan member
contributions are recognized in the period in which the contributions are due. Employer contributions to the 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 the Plan.
Funding Policy:
The City’s annual required contribution is determined annually by an independent third party actuary and is,
together with earnings and employee contributions, sufficient to fund the benefits described below. For the year
ended September 30, 2014, the aggregate contribution requirement for the City and Plan participants was
determined at 24.7% (including 10.5% for participants) and 33.3% (including 15% for participants) for general
employees and police officers, respectively. In accordance with a City ordinance, should the aggregate
participants and City’s annual contribution be actuarially determined to exceed 14% and 15%, for general
employees and police officers, respectively, both participants and the City shall share equally in such excess
percentage.
The Police Officers Pension Plan also receives contributions from the State of Florida. During the fiscal year
ended September 30, 2014, the City received $91,879 from the State, which was generated from the insurance
premium tax as part of the required funding for the Police Pension Plan, and recorded revenues and
expenditures in the General Fund, as appropriate.
The General Fund is typically used to liquidate the annual net pension obligations of the City.
Method Used to Value Investments:
Investments in common stocks and international equity, mutual funds, corporate obligations and U.S.
government securities are valued at quoted fair market prices determined by last reported sales price. Net
appreciation or depreciation in fair value of investments, realized and unrealized gains and losses are
determined on the basis of specific cost. Purchases and sales of securities are recorded on a trade-date basis.
Eligibility:
General Employees:
Eligibility requirements: The Plan is only available to regular full-time employees who were employed prior to
October 1, 2011 and had completed six months of credited service and attainment of age 20.
All general employees who were participating in the Plan as of September 30, 2011 had the option to elect to
remain in the Plan or participate in a newly created defined contribution plan under the provisions of Section
457(b) (the “457(b) Plan”). For those participants who elected to discontinue their participation, the Plan
refunded their portion of contributions or amounts were rolled over to the 457(b) Plan as additional employee
contributions.
Police Officers:
Full-time police officers are eligible to participate in the plan as of date of employment.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
45
Note 11—Defined benefit pension plan (continued)
As of September 30, 2014, the Plan membership consisted of:
GeneralPolice
EmployeesOfficers
Active Plan members4244
Terminated vested45
Receiving benefits2217
6866
Benefits:
Normal retirement:
General Employees: Attainment of age 55 and completion of 10 years of credited services for benefits accrued
at September 30, 2011. Attainment of age 60 and completion of 10 years of credited services for benefits
accrued after September 30, 2011, including increases in the accrued benefit as of September 30, 2011 due to
increases in the final average compensation. These general employees are entitled to retirement benefits
ranging from 2.50% to 2.75% of their final monthly compensation (FMC) based on years of credited service.
Police Officers: Attainment of age 60 and completion of 10 years of credited services or completion of 25 years
of credited services regardless of age. These police officers are entitled to retirement benefits ranging from
2.00% to 3.00% of the FMC based on years of credited service.
A cost-of-living supplemental benefit based upon the consumer price index is provided upon retirement. The
annual increase is limited to 3.00%. For general employees, accrued benefits from October 1, 2011 and
thereafter are not subject to the cost-of-living supplemental benefit adjustment.
Final average compensation is 1/36th of the final 36 consecutive months of compensation. For police officers,
not less than 1/5th of the highest 5 years out of the last 10 years of compensation. Compensation shall mean
regular wages and salaries, excluding bonuses, vacation, sick leave and other additional compensation.
Effective October 1, 2011, final average compensation for general employees is 1/60th of the final 60
consecutive months of basic compensation, provided is not less than the final average compensation at
September 30, 2011, based on the definition above. Basic compensation shall mean base wages and salaries,
excluding commissions, overtime pay, bonuses and any other forms of additional compensation earned outside
of base wages. Effective October 1, 2011, final average compensation for members covered under the police
officers and sergeants collective bargaining agreements is the best of 5 years of basic compensation, provided
is not less than the final average compensation as of September 30, 2011 based on the definition above. Basic
compensation shall mean base wages and salaries, including up to 300 hours of overtime in a fiscal year and
excluding payments for accrued unused sick or annual leave, extra duty or special detail work, shift differential,
assignment pay, bonuses and other forms of additional compensation earned outside of base wages.
Early retirement:
Police officers may elect early retirement at age 50 after 15 years of credited service. Benefits shall be based
upon FMC and credited service as of early retirement date, reduced by 3% for each year that the benefit
commencement date precedes normal retirement.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
46
Note 11—Defined benefit pension plan (continued)
Disability retirement:
Members who become totally and permanently disabled for a six month period while actively employed are
eligible. Benefits for disability retirement will be based upon the FMC and credited service as of the date of
disability, actuarially reduced for early retirement.
Pre-retirement death:
Death benefits are payable on behalf of members who die prior to retirement. A surviving beneficiary will receive
the member's accumulated employee contributions.
Vesting:
Benefits are fully vested after 10 years of continuous service.
Actuarial Assumptions:
The actuarial assumptions, as of the valuation dated October 1, 2012, and effective for the current fiscal year
are as follows:
GeneralPolice
EmployeesOfficers
Actuarial valuation date10/1/201210/1/2012
Actuarial cost methodEntry age normalEntry age normal
Amortization methodLevel dollar Level percent
closedof pay, closed
Remaining amortization period21 years23 years
Asset valuation method5-year smoothed5-year smoothed
marketmarket
Actuarial assumptions:
Investment rate of return7.375%7.375%
Projected salary increase3.75% - 5.25%3.75% - 5.25%
Includes inflation at4.0%4.0%
Cost-of-living adjustment3.0%3.0%
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
47
Note 11—Defined benefit pension plan (continued)
The City’s annual pension cost and net pension obligation (asset) for the current year were as follows:
GeneralPolice
EmployeesOfficersTotal
Annual required contribution (ARC)283,532$ 578,990$ 862,522$
Interest on net pension obligation (asset)(2,809) (1,496) (4,305)
Adjustment to ARC3,138 1,733 4,871
Annual pension cost283,861 579,227 863,088
Contributions made(257,857) (582,561) (840,418)
Increase (decrease) in net pension obligation (asset)26,004 (3,334) 22,670
Net pension asset, beginning of year(38,088) (20,289) (58,377)
Net pension asset, end of year(12,084)$ (23,623)$ (35,707)$
Trend Information:
Trend information indicates the progress made in accumulating sufficient assets to pay benefits when due. An
analysis of funding progress for the year ended September 30, 2014 and the two previous years is as follows:
Annual PensionPercentage ofNet Pension
Years ending September 30,Cost (APC)APC ContributedAsset
General Employees:
2014283,861$ 91%(12,084)$
2013293,761 100%(38,088)
2012415,245 100%(38,529)
Police Officers:
2014579,227$ 101%(23,623)$
2013567,104 100%(20,289)
2012607,361 100%(20,523)
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
48
Note 11—Defined benefit pension plan (continued)
Schedule of Funding Progress:
The schedule of funding progress, presented as required supplementary information (RSI) immediately following
the notes to the financial statements, presents multi-year trend information about whether the actuarial value of
plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. The
funded status of the Plan as of October 1, 2013, the most recent valuation date, is as follows:
Unfunded
ActuarialActuarialUAAL as
ActuarialAccruedAccruedPercentage
Value ofLiability atLiabilityFundedCoveredof Covered
AssetsEntry Age(UAAL)RatioPayrollPayroll
(a)(b)(b-a)(a/b)(c)((b-a)/c)
General Employees11,837,447$ 12,708,645$ 871,198$ 93.1%1,968,974$ 44.2%
Police Officers15,134,992$ 18,457,217$ 3,322,225$ 82.0%2,789,742$ 119.1%
Note 12—Defined contribution plans
Police Officers Retirement Trust Fund - Section 185 Plan:
The City sponsors and maintains the Police Officers Retirement Trust Fund - Section 185 Plan (the “Fund”),
which accounts for the financial activity of the separate plan for police officers established under the provisions
of Chapter 185 of the Florida Statutes. The City and participating members do not contribute to the Fund.
A Board of Trustees administers this account, which is made up of representatives of the police officers and the
City. Statutory authority vests with the Board of Trustees with autonomy in the administration and control over
the Fund. The City has issued stand-alone financial statements for the Fund, which may be obtained from the
City’s Finance Department.
401(a) Money Purchase Plans:
The City is a single employer that contributes to three (3) defined contribution pension plans based upon
employee classification created in accordance with the Internal Revenue Code Section 401(a) (the “401(a)
Plans”). The 401(a) Plans cover certain upper level members of management who have elected to participate.
The City Commission executed a resolution for the City to make contributions of up to 7% of participating
members’ earnings into the plan and 14% for one individual in accordance with their employment contract.
During the year ended September 30, 2014, City contributions on behalf of members of management were
approximately $66,100.
In addition to the previously existing 401(a) Plans, the City also makes matching contributions on behalf of
employees who are participating in the newly established 457(b) Plan under the provisions of Section 401(a).
Those contributions during the year ended September 30, 2014 were approximately $41,000.
The 401(a) Plan assets are administered by ICMA Retirement Corporation. The City does not exercise any
control nor have fiduciary responsibility over the 401(a) Plan assets. Therefore, the assets, liabilities and
transactions are not included in the City’s financial statements.
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
49
Note 12—Defined contribution plans (continued)
Employees 457(b) Deferred Compensation Plans:
The City previously established a deferred compensation plan under the provisions of the Internal Revenue
Code Section 457(b) to provide additional benefits at retirement to those employees who elected not to
participate in the City’s pension plan. Under this plan, no contributions are required by the City on behalf of
employees. The City provided additional compensation to several employees totaling approximately $14,400.
This additional compensation was credited into this plan.
During the current year and in accordance with Ordinance No. 33-11-2106, a new defined contribution plan
under the provisions of the Internal Revenue Code Section 457(b) was created. The 457(b) Plan was
established to provide benefits at retirement to general employees and police officers who were hired on or after
October 1, 2011 and other employees who are eligible but have elected not to participate in the City’s defined
benefit plan. Employee contributions to this plan are matched dollar-for-dollar by the City in amounts ranging
from 3% to 7%, based upon employee classification. Required City matching contributions in the 457(b) Plan
are credited into the newly created defined contribution plan under the provisions of the Internal Revenue Code
Section 401(a).
Under the provisions of GASB Statement No. 32, Accounting and Financial Reporting for IRS Code Section 457
Deferred Compensation Plans, all assets and liabilities of the 457(b) plans are held in trust for the exclusive
benefit of the participants. Accordingly, the assets and liabilities of the 457(b) plans are not included in the
City’s financial statements. The plan assets are administered by ICMA Retirement Corporation. The City does
not exercise any control nor have fiduciary responsibility over the plan assets.
Note 13—Risk management
The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of assets, errors
and omissions and natural disasters for which the City carries commercial insurance. The City has not had a
significant reduction in insurance coverage from coverage in the prior year by major categories of risk, and
settled claims have not exceeded the City's retention and excess coverage in force for each of the past three
years.
The City currently has pending litigation with Orlando Martinez De Castro, the City’s former Chief of Police, for
which a liability has not been recorded. A trial judge has entered a partial summary judgment finding that the
City breached the contract. However, the City still has its defenses to be tried and the City disagrees with the
judge’s findings of fact and conclusions of law. The City will be conducting an executive meeting within 30 days
to discuss the matter. It will be the City Attorney’s recommendation that the City appeal any final judgment
when it is entered based on the judge's erroneous findings of fact and erroneous conclusions of law. While the
City does not believe that the plaintiff is entitled to any money or any attorney fees, if the appellate court
disagrees with the City's legal assessment of liability and damages there is a potential liability of approximately
five hundred thousand dollars ($500,000) including attorney fees and prejudgment interest.
REQUIRED SUPPLEMENTARY
INFORMATION
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (BUDGETARY BASIS)
YEAR ENDED SEPTEMBER 30, 2014
50
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues:
Taxes:
Ad valorem5,972,221$ 5,972,221$ 5,380,487$ (591,734)$
Utility taxes1,925,975 1,925,975 2,159,537 233,562
Business taxes645,000 645,000 612,865 (32,135)
Franchise fees1,580,500 1,580,500 1,641,415 60,915
Licenses and permits550,250 550,250 1,095,232 544,982
Intergovernmental1,454,918 1,454,918 1,578,176 123,258
Charges for services2,950,500 2,950,500 2,821,013 (129,487)
Fines and forfeitures809,000 809,000 846,219 37,219
Rents and royalties254,496 254,496 265,401 10,905
Interest Income88,604 88,604 86,505 (2,099)
Miscellaneous266,586 266,586 318,436 51,850
Total Revenues16,498,050 16,498,050 16,805,286 307,236
Expenditures:
General government:
City commission92,82992,82985,5917,238
City manager1,883,8501,823,3501,589,310234,040
City clerk386,012401,012416,940(15,928)
Legal436,000436,000314,139121,861
Finance1,340,2791,369,2791,277,80391,476
Total general government4,138,970 4,122,470 3,683,783 438,687
Public safety:
Police5,948,3285,964,8285,436,727528,101
Building zoning and
community development1,194,4381,194,4381,024,163170,275
Total public safety7,142,766 7,159,266 6,460,890 698,376
Public works3,354,0603,354,0603,023,027 331,033
Parks and recreation1,812,390 1,838,309 1,590,736 247,573
Debt Service:
Principal199,685 199,685 219,682 (19,997)
Interest and fiscal charges4,182 4,182 2,841 1,341
Total Expenditures16,652,053 16,677,972 14,980,959 1,697,013
Excess of Revenues Over Expenditures (154,003) (179,922) 1,824,327 2,004,249
Other Financing Uses
Transfers in358,173 358,173 308,173 (50,000)
Transfers out- - (700,000) (700,000)
Total other financing uses358,173 358,173 (391,827) (750,000)
Net Change in Fund Balance204,170 178,251 1,432,500 1,254,249
Fund Balances - Beginning 9,336,665 9,336,665 9,336,665 -
Fund Balances - Ending 9,540,835$ 9,514,916$ 10,769,165$ 1,254,249$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – GENERAL FUND (BUDGETARY BASIS)
(CONTINUED)
YEAR ENDED SEPTEMBER 30, 2014
51
EXPLANATION OF DIFFERENCES BETWEEN CHANGE IN FUND BALANCE - BUDGET
ACTUAL AND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - GENERAL FUND
Net change in fund balance - budget to actual - General Fund1,432,500$
Amounts reported for budget to actual are different because:
Revenues and expenditures in certain funds are reported in those funds
for budgetary purposes; but in the General Fund for the purpose of the
Statement of Revenues, Expenditures and Changes in Fund Balance -
Governmental Funds:
Net change in fund balance - Emergency Reserve Fund (1)13,683
General fund net change in fund balance per the Statement of Revenues,
Expenditures, and Changes in Fund Balances - Governmental Funds1,446,183$
(1) See budget to actual comparison schedule on page 52
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – EMERGENCY RESERVE FUND
YEAR ENDED SEPTEMBER 30, 2014
52
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Interest Income18,000$ 18,000$ 13,683$ (4,317)$
Total Revenues18,000 18,000 13,683 (4,317)
Expenditures- - - -
Net Change in Fund Balance18,000$ 18,000$ 13,683$ (4,317)$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – GRANTS FUND
SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2014
53
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues:
Intergovernmental2,665,453$ 2,665,453$ 1,776,393$ (889,060)$
Interest Income- - 4,419 4,419
Total Revenues2,665,453 2,665,453 1,780,812 (884,641)
Expenditures:
Current:
Public safety7,9737,9738,858 (885)
Public works80,84580,84517,245 63,600
Capital outlay2,570,1932,570,1931,738,443 831,750
Total Expenditures2,659,011 2,659,011 1,764,546 894,465
Deficiency of Revenues
Over Expenditures 6,442 6,442 16,266 9,824
Net Change in Fund Balance(26,731)$ (26,731)$ 16,266$ 42,997$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO BUDGETARY COMPARISON SCHEDULE
SEPTEMBER 30, 2014
54
Note 1—Budgets and budgetary accounting
Annual appropriated budgets are adopted on a basis of accounting other than GAAP. Encumbrance
accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are
recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal
budgetary integration in the governmental funds. All governmental funds adopted a budget, with the exception
of the Grants Fund. The Emergency Reserve Fund is budgeted as part of the General Fund.
The following procedures are used by the City in establishing the budgetary data reflected in the financial
statements.
a) Prior to August 1, the City Manager submits to the City Commission a proposed operating budget
for the fiscal year commencing the following October 1. The operating budget includes proposed
expenditures and the means of financing them.
b) Public hearings are conducted to obtain taxpayer comments.
c) Prior to October 1, the budget is legally enacted through the passage of an ordinance.
d) At the request of the City Manager and within the last three months of the budget year, the City
Commission may transfer any unencumbered balance or portion thereof from one department to
another. All budget fund transfers require a resolution from the City Commission. Pursuant to the
City's Charter, expenditures may not legally exceed appropriations at the departmental level.
e) Formal budgetary integration is employed as a management control device during the year.
f) In instances where budget appropriations and estimated revenues have been revised during the
year, budget data presented in the financial statements and schedules represent final authorized
amounts. Therefore, the department level is the legal level of budgetary control. Budgeted
amounts are as originally adopted or as amended.
Revisions that alter the total expenditures of any department within a fund must be approved by the City
Commission. Actual expenditures and transfers out may not exceed budget appropriations at the departmental
level. Appropriations that are neither expended, encumbered, nor specifically designated to be carried over,
lapse at the end of the fiscal year.
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.
OTHER FINANCIAL
INFORMATION
NONMAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Stormwater Drain Trust Fund - This fund accounts mainly for the revenues associated with an inter-local
agreement with the Miami-Dade County, Water and Sewer Department related to stormwater charges. The
revenues are used for the management and maintenance of existing catch basins, stormwater drains and canal
system, and future construction of the City’s system.
Local Option Gas Tax - This fund is used to account for the revenues and expenditures associated with the
State of Florida's Local Option Gas Tax.
Peoples Transportation Tax Fund - This fund is used to account for the revenues and expenditures associated
with the Miami-Dade County Peoples Transportation Tax.
State Forfeiture Fund - To account for proceeds obtained through the sale of confiscated and unclaimed
property turned over to the City through court judgments. Proceeds are to be used solely for crime fighting
purposes.
Tree Trust Fund - This fund was created under the City’s Land Development Code Section 20-4.5 with the
purpose to acquire, protect, and to plant trees on public property.
Hometown District Improvement Trust Fund - This fund accounts for monies received that are to be used for
improvements to parking facilities, infrastructure to increase parking capacity, and the installation of metering
devices.
Federal Forfeiture Fund – To account for proceeds obtained through the sale of confiscated and unclaimed
property turned over to the City through court judgments. Proceeds are to be used solely for crime fighting
purposes.
Community Redevelopment Agency Fund – This fund is used to account for the revenues and expenditures
associated with the South Miami Community Redevelopment Agency.
CAPITAL PROJECTS FUND
Capital Improvements Program Fund - is used to account for multi-year expenditures of major capital projects
and expenditures for all general government programs. Revenue within this fund is primarily received as a
transfer of funds from the general fund based upon the long-term capital budget needs of the various City
departments and the recreation programs. Revenues may also include transfers from other financial sources
and investment interest.
DEBT SERVICE FUND
Debt Service Fund - This fund is used to account for the accumulation of resources to pay for the payment of
the principal and interest of the City’s bonds and certain notes payable.
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r
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e
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i
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r
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o
m
m
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N
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Dr
a
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O
p
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a
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A
g
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y
Fu
n
d
P
r
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g
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a
m
FundFundFunds
As
s
e
t
s
Ca
s
h
a
n
d
c
a
s
h
e
q
u
i
v
a
l
e
n
t
s
9
1
,
5
1
4
$
3
2
5
,
1
2
9
$
1
,
8
2
1
,
2
9
6
$
7
6
,
5
0
9
$
-
$
-
$
2
,
0
0
0
,
7
0
0
$
3
6
9
,
1
3
6
$
-
$
4
5
0
,
8
3
8
$ 5,135,122$
Re
c
e
i
v
a
b
l
e
s
8
1
,
9
2
1
-
7
3
,
6
2
8
-
-
-
-
-
-
-
155,549
Du
e
f
r
o
m
o
t
h
e
r
f
u
n
d
s
1
4
6
,
3
2
0
-
9
6
,
9
5
2
-
4
,
5
2
8
1
7
,
2
5
0
-
3
6
5
9
5
,
1
2
5
-
860,211
Pr
e
p
a
i
d
e
x
p
e
n
d
i
t
u
r
e
s
-
-
-
-
-
-
-
4
,
1
8
8
-
6
6
,
8
2
5
71,013
To
t
a
l
A
s
s
e
t
s
31
9
,
7
5
5
$
3
2
5
,
1
2
9
$
1
,
9
9
1
,
8
7
6
$
7
6
,
5
0
9
$
4
,
5
2
8
$
1
7
,
2
5
0
$
2
,
0
0
0
,
7
0
0
$
3
7
3
,
3
6
0
$
5
9
5
,
1
2
5
$
5
1
7
,
6
6
3
$ 6,221,895$
Li
a
b
i
l
i
t
i
e
s
a
n
d
F
u
n
d
B
a
l
a
n
c
e
s
Li
a
b
i
l
i
t
i
e
s
Ac
c
o
u
n
t
s
p
a
y
a
b
l
e
2
,
9
7
3
$
-
$
2
2
,
6
0
1
$
-
$
-
$
-
$
4
7
7
$
2
5
,
4
2
6
$
2
3
9
,
8
1
1
$
-
$ 291,288$
Ac
c
r
u
e
d
l
i
a
b
i
l
i
t
i
e
s
2
,
0
7
6
-
-
-
-
-
-
3
,
3
0
9
-
-
5,385
Du
e
t
o
o
t
h
e
r
f
u
n
d
s
-
4
8
,
1
3
0
-
-
-
-
-
7
5
,
4
6
7
-
-
123,597
Un
e
a
r
n
e
d
R
e
v
e
n
u
e
-
-
-
-
-
-
-
-
-
-
-
Ot
h
e
r
l
i
a
b
i
l
i
t
i
e
s
-
-
-
-
-
-
-
1
,
4
1
6
-
-
1,416
To
t
a
l
L
i
a
b
i
l
i
t
i
e
s
5,
0
4
9
4
8
,
1
3
0
2
2
,
6
0
1
-
-
-
4
7
7
1
0
5
,
6
1
8
2
3
9
,
8
1
1
-
421,686
Fu
n
d
B
a
l
a
n
c
e
s
No
n
s
p
e
n
d
a
b
l
e
:
Pr
e
p
a
i
d
e
x
p
e
n
d
i
t
u
r
e
s
-
-
-
-
-
-
-
4
,
1
8
8
-
6
6
,
8
2
5
71,013
Re
s
t
r
i
c
t
e
d
f
o
r
:
De
b
t
s
e
r
v
i
c
e
-
-
-
-
-
-
-
-
-
4
5
0
,
8
3
8
450,838
Co
m
m
u
n
i
t
y
s
e
r
v
i
c
e
s
-
-
-
-
-
-
-
2
6
3
,
5
5
4
-
-
263,554
Gr
a
n
t
p
r
o
j
e
c
t
s
-
-
-
-
-
-
-
-
-
-
-
St
o
r
m
w
a
t
e
r
m
a
n
a
g
e
m
e
n
t
3
1
4
,
7
0
6
-
-
-
-
-
-
-
-
-
314,706
Tr
a
n
s
p
o
r
t
a
t
i
o
n
p
r
o
j
e
c
t
s
-
2
7
6
,
9
9
9
1
,
9
6
9
,
2
7
5
-
-
-
-
-
-
-
2,246,274
La
w
e
n
f
o
r
c
e
m
e
n
t
-
-
-
7
6
,
5
0
9
-
-
2
,
0
0
0
,
2
2
3
-
-
2,076,732
Co
m
m
i
t
t
e
d
t
o
:
Tr
e
e
p
r
o
j
e
c
t
s
-
-
-
-
4
,
5
2
8
-
-
-
-
-
4,528
Pa
r
k
i
n
g
m
a
n
a
g
e
m
e
n
t
-
-
-
-
-
1
7
,
2
5
0
-
-
-
-
17,250
As
s
i
g
n
e
d
t
o
:
Ca
p
i
t
a
l
p
r
o
j
e
c
t
s
-
-
-
-
-
-
-
-
3
5
5
,
3
1
4
-
355,314
To
t
a
l
F
u
n
d
B
a
l
a
n
c
e
s
31
4
,
7
0
6
2
7
6
,
9
9
9
1
,
9
6
9
,
2
7
5
7
6
,
5
0
9
4
,
5
2
8
1
7
,
2
5
0
2
,
0
0
0
,
2
2
3
2
6
7
,
7
4
2
3
5
5
,
3
1
4
5
1
7
,
6
6
3
5,800,209
Total Li
abi
l
i
t
i
es
a
n
d Fun
d
Ba
l
a
n
c
e
s
31
9
,
7
5
5
$
3
2
5
,
1
2
9
$
1
,
9
9
1
,
8
7
6
$
7
6
,
5
0
9
$
4
,
5
2
8
$
1
7
,
2
5
0
$
2
,
0
0
0
,
7
0
0
$
3
7
3
,
3
6
0
$
5
9
5
,
1
2
5
$
5
1
7
,
6
6
3
$ 6,221,895$
Sp
e
c
i
a
l
Re
v
e
n
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Fu
n
d
s
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Y
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RE
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N
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A
R
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D
E
D
SE
P
T
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M
B
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R
30
,
20
1
4
59
Ho
m
e
t
o
w
n
T
o
t
a
l
St
o
r
m
w
a
t
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p
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e
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r
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e
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i
s
t
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t
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o
m
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Ca
p
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l
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e
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t
N
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n
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a
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Dr
a
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t
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r
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s
t
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m
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e
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e
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t
F
o
r
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ei
t
u
r
e
R
e
d
e
v
e
l
o
p
m
e
n
t
I
m
p
r
o
v
e
m
e
n
t
s
S
e
r
v
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c
e
G
o
v
e
r
n
m
e
n
t
a
l
Tr
u
s
t
G
a
s
Ta
x
T
a
x
F
o
r
f
e
i
t
u
r
e
F
u
n
d
T
r
u
s
t
F
u
n
d
A
g
e
n
c
y
Fu
n
d
P
r
o
g
r
a
m
FundFundFunds
Re
v
e
n
u
e
s
Ta
x
e
s
:
Ad
v
a
l
o
r
e
m
-
$
-
$
-
$
-
$
-
$
-
$
-
$
1
,
0
2
5
,
0
8
4
$
-
$
-
$ 1,025,084$
Ut
i
l
i
t
y
t
a
x
e
s
7
,
4
4
3
-
-
-
-
-
-
-
-
-
7,443
In
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
4
1
0
,
2
2
7
7
6
,
8
7
3
4
6
7
,
5
9
8
-
-
-
-
-
-
-
954,698
Li
c
e
n
s
e
s
a
n
d
P
e
r
m
i
t
s
-
-
-
-
2
,
5
0
0
-
-
-
-
-
2,500
Fi
n
e
s
a
n
d
f
o
r
f
e
i
t
u
r
e
s
-
-
-
-
-
-
2
,
9
1
4
-
-
-
2,914
Ch
a
r
g
e
s
f
o
r
s
e
r
v
i
c
e
s
-
-
-
-
-
3
6
,
0
0
0
-
-
-
-
36,000
Re
n
t
s
a
n
d
r
o
y
a
l
t
i
e
s
-
-
-
-
-
-
-
3
3
,
2
2
7
-
7
2
7
,
8
4
5
761,072
In
t
e
r
e
s
t
1
,
3
2
4
2
,
5
0
3
1
3
,
3
6
8
6
1
0
-
-
1
6
,
0
9
7
4
,
8
8
1
-
1
,
6
5
0
40,433
Mi
s
c
e
l
l
a
n
e
o
u
s
-
-
-
-
-
-
5
8
,
4
9
5
6
8
-
1
4
2
,
3
6
6
200,929
To
t
a
l
R
e
v
e
n
u
e
s
41
8
,
9
9
4
7
9
,
3
7
6
4
8
0
,
9
6
6
6
1
0
2
,
5
0
0
3
6
,
0
0
0
7
7
,
5
0
6
1
,
0
6
3
,
2
6
0
-
8
7
1
,
8
6
1
3,031,073
Ex
p
e
n
d
i
t
u
r
e
s
Cu
r
r
e
n
t
:
Pu
b
l
i
c
s
a
f
e
t
y
-
-
-
-
-
-
4
9
,
3
4
8
-
4
4
,
9
7
1
-
94,319
Pu
b
l
i
c
w
o
r
k
s
1
3
4
,
2
3
9
-
-
-
1
3
,
6
2
6
-
-
-
6
3
,
9
3
5
-
211,800
Pa
r
k
s
a
n
d
r
e
c
r
e
a
t
i
o
n
-
-
-
-
-
-
-
-
8
2
,
9
5
0
-
82,950
Co
m
m
u
n
i
t
y
s
e
r
v
i
c
e
s
-
-
-
-
-
-
-
9
7
0
,
5
8
3
-
-
970,583
Ca
p
i
t
a
l
o
u
t
l
a
y
9
6
,
3
1
4
1
2
6
,
8
9
9
1
6
3
,
5
1
3
-
-
-
4
0
,
3
7
4
8
5
,
1
6
1
2
3
2
,
9
4
2
-
745,203
De
b
t
s
e
r
v
i
c
e
:
Pr
i
n
c
i
p
a
l
2
7
,
0
3
6
-
-
-
-
-
-
2
6
6
,
1
8
5
-
5
6
5
,
0
0
0
858,221
In
t
e
r
e
s
t
a
n
d
f
i
s
c
a
l
c
h
a
r
g
e
s
3
9
7
-
-
-
-
-
-
3
1
,
5
8
8
-
6
6
0
,
0
2
2
692,007
To
t
a
l
E
x
p
e
n
d
i
t
u
r
e
s
25
7
,
9
8
6
1
2
6
,
8
9
9
1
6
3
,
5
1
3
-
1
3
,
6
2
6
-
8
9
,
7
2
2
1
,
3
5
3
,
5
1
7
4
2
4
,
7
9
8
1
,
2
2
5
,
0
2
2
3,655,083
Ex
c
e
s
s
(
D
e
f
i
c
i
e
n
c
y
)
o
f
Re
v
e
n
u
e
s
O
v
e
r
E
x
p
e
n
d
i
t
u
r
e
s
16
1
,
0
0
8
(
4
7
,
5
2
3
)
3
1
7
,
4
5
3
6
1
0
(
1
1
,
1
2
6
)
3
6
,
0
0
0
(
1
2
,
2
1
6
)
(
2
9
0
,
2
5
7
)
(
4
2
4
,
7
9
8
)
(
3
5
3
,
1
6
1
)
(624,010)
Ot
h
e
r
F
i
n
a
n
c
i
n
g
S
o
u
r
c
e
s
(
U
s
e
s
)
Tr
a
n
s
f
e
r
s
i
n
-
-
-
-
-
-
-
1
0
0
,
0
0
0
6
0
0
,
0
0
0
-
700,000
Tr
a
n
s
f
e
r
s
o
u
t
(
2
5
0
,
0
0
0
)
-
-
-
-
(
2
5
,
0
0
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CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – STORMWATER DRAIN TRUST FUND
SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2014
60
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Utility tax18,900$ 18,900$ 7,443$ (11,457)$
Intergovernmental400,000 400,000 410,227 10,227
Interest Income7,500 7,500 1,324 (6,176)
Total Revenues 426,400 426,400 418,994 (7,406)
Expenditures
Current:
Public works123,782 145,237 134,239 10,998
Capital outlay415,000 393,545 96,314 297,231
Debt Service:
Principal27,036 27,036 27,036 -
Interest and fiscal charges2,000 2,000 397 1,603
Total Expenditures 567,818 567,818 257,986 309,832
Excess of Revenues Over
Expenditures (141,418) (141,418) 161,008 302,426
Other Financing Uses
Transfers out(250,000) (250,000) (250,000) -
Total other financing uses(250,000) (250,000) (250,000) -
Net Change in Fund Balance (391,418)$ (391,418)$ (88,992)$ 302,426$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – LOCAL OPTION GAS TAX FUND
SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2014
61
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Intergovernmental67,207$ 67,207$ 76,873$ 9,666$
Interest Income2,000 2,000 2,503 503
Total Revenues 69,207 69,207 79,376 10,169
Expenditures
Capital outlay225,000 263,643 126,899 136,744
Total Expenditures 225,000 263,643 126,899 136,744
Excess (Deficiency) of Revenues Over
Expenditures (155,793) (194,436) (47,523) 146,913
Net Change in Fund Balance (155,793)$ (194,436)$ (47,523)$ 146,913$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – PEOPLES TRANSPORTATION TAX FUND
SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2014
62
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Discretionary sales tax389,756$ 389,756$ 467,598$ 77,842$
Interest Income11,000 11,000 13,368 2,368
Total Revenues 400,756 400,756 480,966 80,210
Expenditures
Capital outlay1,100,001 1,164,769 163,513 1,001,256
Total Expenditures 1,100,001 1,164,769 163,513 1,001,256
Excess of Revenues Over Expenditures (699,245) (764,013) 317,453 1,081,466
Net Change in Fund Balance (699,245)$ (764,013)$ 317,453$ 1,081,466$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – STATE FORFEITURE FUND
SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2014
63
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Interest Income500$ 500$ 610$ 110$
Total Revenues 500 500 610 110
Expenditures
Current:
Public safety60,00045,000- 45,000
Total Expenditures 60,000 45,000 - 45,000
Excess of Revenues Over Expenditures (59,500) (44,500) 610 45,110
Net Change in Fund Balance (59,500)$ (44,500)$ 610$ 45,110$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – TREE TRUST FUND
SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2014
64
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Licenses and permits-$ -$ 2,500$ 2,500$
Total Revenues - - 2,500 2,500
Expenditures
Current:
Public works15,000 15,000 13,626 1,374
Total Expenditures 15,000 15,000 13,626 1,374
Excess (Deficiency) of Revenues Over
Expenditures (15,000) (15,000) (11,126) 3,874
Net Change in Fund Balance (15,000)$ (15,000)$ (11,126)$ 3,874$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – HOMETOWN DISTRICT IMPROVEMENT TRUST
SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2014
65
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Charges for services28,000$ 28,000$ 36,000$ 8,000$
Total Revenues 28,000 28,000 36,000 8,000
Other Financing Uses
Transfers out(25,000) (25,000) (25,000) -
Total other financing uses(25,000) (25,000) (25,000) -
Net Change in Fund Balance 3,000$ 3,000$ 11,000$ 8,000$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – FEDERAL FORFEITURE FUND
SPECIAL REVENUE FUND
YEAR ENDED SEPTEMBER 30, 2014
66
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Fines and forfeitures-$ -$ 2,914$ 2,914$
Interest income9,000 9,000 16,097 7,097
Miscellaneous80,000 80,000 58,495 (21,505)
Total Revenues 89,000 89,000 77,506 (11,494)
Expenditures
Current:
Public safety314,950 314,950 49,348 265,602
Capital outlay503,333 503,333 40,374 462,959
Total Expenditures 818,283 818,283 89,722 728,561
Excess of Revenues Over Expenditures (729,283) (729,283) (12,216) 717,067
Net Change in Fund Balance (729,283)$ (729,283)$ (12,216)$ 717,067$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – COMMUNITY REDEVELOPMENT
AGENCY FUND
YEAR ENDED SEPTEMBER 30, 2014
67
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Ad valorem1,025,084$ 1,025,084$ 1,025,084$ -$
Rents and royalties25,00025,00033,2278,227
Interest13,00013,0004,881(8,119)
Miscellaneous- - 6868
Total Revenues 1,063,084 1,063,084 1,063,260 176
Expenditures
Current:
Community services1,171,665 1,176,269 970,583 205,686
Capital outlay53,000 118,377 85,161 33,216
Debt Service:
Principal266,186 266,186 266,185 1
Interest and fiscal charges31,589 31,589 31,588 1
Total Expenditures 1,522,440 1,592,421 1,353,517 238,902
Excess (Deficiency) of Revenues Over
Expenditures (459,356) (529,337) (290,257) 239,078
Other Financing Uses
Transfers in100,000 100,000 100,000 -
Transfers out(33,173) (33,173) (33,173) -
Total other financing uses66,827 66,827 66,827
Net Change in Fund Balance (392,529)$ (462,510)$ (223,430)$ 239,078$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – CAPITAL IMPROVEMENTS PROGRAM FUND
YEAR ENDED SEPTEMBER 30, 2014
68
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues -$ -$ -$ -$
Expenditures
Current:
Public safety45,000 45,000 44,971 29
Public works60,000 65,000 63,935 1,065
Park and recreation250,000 255,250 82,950 172,300
Capital outlay245,000 245,000 232,942 12,058
Total Expenditures 600,000 610,250 424,798 185,452
Excess (Deficiency) of Revenues Over
Expenditures (600,000) (610,250) (424,798) (185,452)
Other Financing Sources
Transfers in600,000 600,000 600,000 -
Total other financing sources600,000 600,000 600,000 -
Net Change in Fund Balance -$ (10,250)$ 175,202$ (185,452)$
Budgeted Amounts
CITY OF SOUTH MIAMI, FLORIDA
BUDGETARY COMPARISON SCHEDULE – DEBT SERVICE FUND
YEAR ENDED SEPTEMBER 30, 2014
69
Variance with
Final Budget ‐
Positive
OriginalFinalActual(Negative)
Revenues
Rents and royalties727,917$ 727,917$ 727,845$ (72)$
Interest Income2,400 2,400 1,650 (750)
Miscellaneous142,366 142,366 142,366 -
Total Revenues 872,683 872,683 871,861 (822)
Expenditures
Debt Service:
Principal585,000 581,500 565,000 16,500
Interest and fiscal charges656,635 660,135 660,022 113
Total Expenditures 1,241,635 1,241,635 1,225,022 16,613
Net Change in Fund Balance (368,952)$ (368,952)$ (353,161)$ 15,791$
Budgeted Amounts
TRUST AND AGENCY FUNDS
These funds account for assets held by the City in a trustee capacity or as an agent for employees,
other governments and/or other funds.
PENSION TRUST FUNDS
General Employees’ Pension Plan - This fund is used to account for the accumulation of
resources for pension benefit payments to qualified City employees.
Police Officers’ Pension Plan - This fund is used to account for the accumulation of resources
for pension benefit payments to qualified public safety employees.
Section 185 Police Officers Pension Trust Fund - This fund is used to account for the
accumulation of resources, under Chapter 185 of the Florida Statutes, for pension benefit
payments to qualified public safety employees.
CITY OF SOUTH MIAMI, FLORIDA
COMBINING STATEMENT OF NET POSITION
FIDUCIARY FUNDS
YEAR ENDED SEPTEMBER 30, 2014
70
Section 185
GeneralPolicePolice
EmployeesOfficersOfficers
PensionPensionPension
PlanPlanTrust FundTotal
ASSETS
Cash and cash equivalents214,170$ 282,178$ 8,029$ 504,377$
Investments, at fair value:
U.S. Government and
agency securities782,760 1,031,323 142,423 1,956,506
Corporate obligations1,109,960 1,462,424 155,006 2,727,390
Common stocks1,924,049 2,535,022 472,718 4,931,789
Build America bonds8,184,313 10,783,212 - 18,967,525
Mutual funds1,582,797 2,085,407 - 3,668,204
Total cash, cash equivalents,
and investments13,798,049 18,179,566 778,176 32,755,791
Receivables:
Employer contribution58,258 137,932 - 196,190
Employee contribution10,501 35,026 - 45,527
Dividends and interest6,835 32,321 - 39,156
Section 185 contribution- 37,780 91,879 129,659
Total receivables75,594 243,059 91,879 410,532
Other assets:
Prepaid expenses872 1,149 - 2,021
Total assets13,874,515 18,423,774 870,055 33,168,344
LIABILITIES
Accounts payable13,051 48,085 10,179 71,315
Minimum funding liability- - 37,780 37,780
Total liabilities13,051 48,085 47,959 109,095
NET POSITION RESTRICTED FOR
PENSION BENEFITS 13,861,464$ 18,375,689$ 822,096$ 33,059,249$
CITY OF SOUTH MIAMI, FLORIDA
COMBINING STATEMENT OF CHANGES IN NET POSITION
FIDUCIARY FUNDS
YEAR ENDED SEPTEMBER 30, 2014
71
Section 185
GeneralPolicePolice
EmployeesOfficersOfficers
PensionPensionPension
PlanPlanTrust FundTotal
Additions:
Contributions:
Employer257,857$ 582,580$ -$ 840,437$
Employees151,841 425,528 - 577,369
Section 185 contributions- 37,780 91,879 129,659
Total contributions409,698 1,045,888 91,879 1,547,465
Investments income:
Net appreciation in fair value
of investments1,126,010 1,467,746 56,576 2,650,332
Interest and dividends248,087 323,377 10,884 582,348
Total investment income1,374,097 1,791,123 67,460 3,232,680
Less investment expenses35,021 53,224 12,146 100,391
Net investment income1,339,076 1,737,899 55,314 3,132,289
Total additions1,748,774 2,783,787 147,193 4,679,754
Deductions:
Benefits paid574,029 565,008 - 1,139,037
Refunds of contributions48,124 127,952 - 176,076
Administrative expenses43,751 57,029 16,367 117,147
Minimum benefit funding payment- - 37,780 37,780
Total deductions665,904 749,989 54,147 1,470,040
Changes in net position1,082,870 2,033,798 93,046 3,209,714
Net position restricted for pension
benefits, October 1, 2013, as restated12,778,594 16,341,891 729,050 29,849,535
Net position restricted for pension
benefits, September 30, 201413,861,464$ 18,375,689$ 822,096$ 33,059,249$
STATISTICAL SECTION
STATISTICAL SECTION
This part of the City of South Miami, Florida’s comprehensive annual financial report presents detailed
information as a context for understanding what the information in the financial statements, note disclosures,
and required supplementary information says about the City’s overall financial health.
CONTENTS PAGE
Financial Trends
These schedules contain trend information to help the reader understand how the City’s
financial performance and well-being have changed over time.
72-75
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local
revenue source, the property tax.
76-79
Debt Capacity
These schedules present information to help the reader asses the affordability of the City’s
current levels of outstanding debt and the City’s ability to issue additional debt in the future.
80-83
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the City’s financial activities take place.
84-85
Operating Information
These schedules contain service and infrastructure data to help the reader understand how
the information in the City’s financial report relates to the services the City provides and the
activities it performs.
886-88
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual
financial reports for the relevant year.
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Table 1
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73
Table 2
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t
e
r
e
s
t
o
n
l
o
n
g
-
t
e
r
m
d
e
b
t
5
3
1
6
1
3
4
8
7
6
7
6
9
6
0
1
,
0
5
5
9
2
9
9
4
6
8
3
0
7
7
5
To
t
a
l
g
o
v
e
r
n
m
e
n
t
a
l
a
c
t
i
v
i
t
i
e
s
e
x
p
e
n
s
e
s
1
7
,
2
3
4
1
8
,
0
3
6
1
7
,
8
8
6
1
8
,
7
9
7
1
9
,
2
7
5
1
9
,
3
1
2
1
8
,
9
5
8
1
9
,
1
4
2
1
9
,
5
9
2
1
8
,
6
2
4
PR
O
G
R
A
M
R
E
V
E
N
U
E
S
:
Go
v
e
r
n
m
e
n
t
a
l
a
c
t
i
v
i
t
i
e
s
:
C
h
a
r
g
e
s
f
o
r
s
e
r
v
i
c
e
s
:
G
e
n
e
r
a
l
g
o
v
e
r
n
m
e
n
t
3
,
3
3
6
3
,
0
3
6
2
,
2
0
0
3
,
9
5
2
3
,
5
8
4
3
,
4
5
3
3
7
1
2
8
7
1
,
0
4
7
1
,
0
9
8
P
u
b
l
i
c
s
a
f
e
t
y
3
0
4
7
4
8
4
5
7
4
5
9
4
0
7
4
7
6
4
,
6
0
8
5
,
9
1
7
1
,
7
5
0
3
,
9
1
3
P
u
b
l
i
c
w
o
r
k
s
3
2
6
3
1
6
3
4
3
3
9
9
4
6
6
4
0
8
5
7
4
5
2
5
2
2
3
6
C
o
m
m
u
n
i
t
y
s
e
r
v
i
c
e
s
-
-
-
-
-
-
3
4
3
1
2
,
8
9
6
-
C
u
l
t
u
r
e
a
n
d
r
e
c
r
e
a
t
i
o
n
2
7
9
1
6
1
1
8
2
1
,
2
2
9
2
9
6
2
4
2
1
9
9
2
3
4
-
-
I
n
t
e
r
e
s
t
o
n
l
o
n
g
-
t
e
r
m
d
e
b
t
-
-
-
-
-
4
9
3
2
4
4
4
4
6
-
4
0
6
O
p
e
r
a
t
i
n
g
a
n
d
c
a
p
i
t
a
l
g
r
a
n
t
s
a
n
d
c
o
n
t
r
i
b
u
t
i
o
n
s
3
,
9
3
1
4
,
5
2
6
4
,
4
5
8
3
,
2
8
8
2
,
2
6
6
7
1
8
1
,
1
5
9
5
4
1
5
1
5
2
,
2
1
8
To
t
a
l
g
o
v
e
r
n
m
e
n
t
a
l
a
c
t
i
v
i
t
i
e
s
p
r
o
g
r
a
m
r
e
v
e
n
u
e
s
8
,
1
7
6
8
,
7
8
7
7
,
6
4
0
9
,
3
2
7
7
,
0
1
9
5
,
7
9
0
7
,
1
8
9
7
,
9
8
1
6
,
2
3
0
7
,
6
7
1
Ne
t
(
e
x
p
e
n
s
e
)
/
r
e
v
e
n
u
e
:
G
o
v
e
r
n
m
e
n
t
a
l
a
c
t
i
v
i
t
i
e
s
(
9
,
0
5
8
)
(
9
,
2
4
9
)
(
1
0
,
2
4
6
)
(
9
,
4
7
0
)
(
1
2
,
2
5
6
)
(
1
3
,
5
2
2
)
(
1
1
,
7
6
9
)
(
1
1
,
1
6
1
)
(
1
3
,
3
6
2
)
(
1
0
,
9
5
3
)
GE
N
E
R
A
L
R
E
V
E
N
U
E
S
A
N
D
O
T
H
E
R
C
H
A
N
G
E
S
I
N
N
E
T
P
O
S
I
T
I
O
N
:
Go
v
e
r
n
m
e
n
t
a
l
a
c
t
i
v
i
t
i
e
s
:
T
a
x
e
s
:
P
r
o
p
e
r
t
y
t
a
x
e
s
7
,
2
3
8
8
,
1
7
0
8
,
8
7
6
8
,
1
0
4
9
,
0
5
1
7
,
6
8
5
7
,
1
1
4
6
,
7
0
8
6
,
1
2
2
6
,
4
0
6
U
t
i
l
i
t
y
t
a
x
e
s
1
,
6
3
3
1
,
7
7
6
1
,
8
2
9
1
,
9
6
5
2
,
0
9
2
2
,
0
8
7
2
,
0
7
0
2
,
0
5
2
2
,
0
7
3
2
,
1
6
7
B
u
s
i
n
e
s
s
t
a
x
e
s
-
-
5
5
3
5
5
2
5
8
1
6
3
0
6
0
6
6
4
1
6
2
0
6
1
3
F
r
a
n
c
h
i
s
e
t
a
x
e
s
8
1
3
1
,
0
0
8
1
,
1
1
6
1
,
1
1
6
1
,
1
9
7
1
,
1
0
1
1
,
0
6
6
1
,
0
4
8
1
,
5
7
4
1
,
6
4
1
S
e
r
v
i
c
e
c
o
n
c
e
s
s
i
o
n
a
r
r
a
n
g
e
m
e
n
t
-
-
-
-
-
3
3
5
3
5
9
3
7
0
2
4
8
3
7
7
I
n
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
(
u
n
r
e
s
t
r
i
c
t
e
d
)
1
,
2
4
5
1
,
3
1
0
1
,
2
9
7
1
,
2
8
2
1
,
2
0
0
2
,
0
5
1
1
,
9
8
0
2
,
1
9
8
2
,
2
7
9
1
5
4
I
n
t
e
r
e
s
t
i
n
c
o
m
e
(
u
n
r
e
s
t
r
i
c
t
e
d
)
3
7
5
5
9
4
8
0
9
3
9
6
2
2
6
2
1
8
1
4
0
1
8
1
3
3
1
2
,
1
8
3
O
t
h
e
r
-
1
6
8
5
2
4
3
4
1
1
3
9
1
1
0
1
0
8
1
8
5
3
0
5
4
2
8
To
t
a
l
g
o
v
e
r
n
m
e
n
t
a
l
a
c
t
i
v
i
t
i
e
s
1
1
,
3
0
4
1
3
,
0
2
6
1
5
,
0
0
4
1
3
,
7
5
6
1
4
,
4
8
6
1
4
,
2
1
7
1
3
,
4
4
3
1
3
,
3
8
3
1
3
,
5
5
2
1
3
,
9
6
9
CH
A
N
G
E
S
I
N
N
E
T
P
O
S
I
T
I
O
N
:
Gov
e
r
n
m
e
n
tal a
c
ti
vit
i
es
2,24
6
$
3,77
7
$
4,75
8
$
4,28
6
$
2,23
0
$
69
5
$
1,67
4
$
2,22
2
$
19
0
$
3,016$
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
FU
N
D
BA
L
A
N
C
E
S
OF
GO
V
E
R
N
M
E
N
T
A
L
FU
N
D
S
(M
O
D
I
F
I
E
D
AC
C
R
U
A
L
BA
S
I
S
OF
AC
C
O
U
N
T
I
N
G
)
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
*
(A
M
O
U
N
T
S
EX
P
R
E
S
S
E
D
IN
TH
O
U
S
A
N
D
S
)
74
Table 3
20
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
Ge
n
e
r
a
l
F
u
n
d
:
Re
s
e
r
v
e
d
6
,
2
8
8
$
5
,
1
3
0
$
5
,
7
2
0
$
6
,
4
7
6
$
4
,
4
6
2
$
2
,
1
6
0
$
-
$
-
$
-
$ -$
Un
r
e
s
e
r
v
e
d
4
,
3
1
9
4
,
7
9
6
5
,
2
6
8
3
,
5
2
3
6
,
2
5
1
6
,
3
2
5
-
-
-
-
No
n
s
p
e
n
d
a
b
l
e
-
-
-
-
-
-
1
8
6
2
0
4
2
0
9
242
Co
m
m
i
t
t
e
d
-
-
-
-
-
-
1
,
7
8
5
1
,
6
8
9
1
,
7
0
4
1,717
As
s
i
g
n
e
d
-
-
-
-
-
-
1
,
9
8
2
6
2
2
1
,
0
6
4
3,957
Un
a
s
s
i
g
n
e
d
-
-
-
-
-
-
5
,
5
4
6
6
,
1
4
4
6
,
3
5
9
4,867
To
t
a
l
G
e
n
e
r
a
l
F
u
n
d
1
0
,
6
0
7
$
9
,
9
2
6
$
1
0
,
9
8
8
$
9
,
9
9
9
$
1
0
,
7
1
3
$
8
,
4
8
5
$
9
,
4
9
9
$
8
,
6
5
9
$
9
,
3
3
6
$ 10,783$
Al
l
o
t
h
e
r
g
o
v
e
r
n
m
e
n
t
a
l
f
u
n
d
s
:
Re
s
e
r
v
e
d
1
,
7
0
5
$
1
,
8
5
4
$
1
,
9
8
6
$
2
,
3
1
3
$
1
,
9
2
1
$
2
1
5
$
-
$
-
$
-
$ -$
Un
r
e
s
e
r
v
e
d
,
r
e
p
o
r
t
e
d
i
n
:
S
p
e
c
i
a
l
R
e
v
e
n
u
e
F
u
n
d
s
5
7
9
7
5
0
2
,
6
1
2
2
,
4
6
0
2
,
4
7
2
4
,
0
7
5
-
-
-
-
No
n
s
p
e
n
d
a
b
l
e
-
-
-
-
-
-
4
-
7
2
71
Re
s
t
r
i
c
t
e
d
-
-
-
-
-
-
4
,
6
7
6
6
,
7
2
0
6
,
3
5
3
5,963
Co
m
m
i
t
t
e
d
10
9
2
2
22
As
s
i
g
n
e
d
-
-
-
-
-
-
-
5
1
0
1
8
0
355
To
t
a
l
a
l
l
o
t
h
e
r
g
o
v
e
r
n
m
e
n
t
a
l
f
u
n
d
s
2
,
2
8
4
$
2
,
6
0
4
$
4
,
5
9
8
$
4
,
7
7
3
$
4
,
3
9
3
$
4
,
2
9
0
$
4
,
6
9
0
$
7
,
2
3
9
$
6
,
6
2
7
$ 6,411$
No
t
e
:
I
n
f
o
r
m
a
t
i
o
n
f
o
r
f
i
s
c
a
l
y
e
a
r
s
2
0
0
5
t
h
r
o
u
g
h
2
0
1
0
h
a
v
e
n
o
t
b
e
e
n
r
e
s
t
a
t
e
d
f
o
r
Go
v
e
r
n
m
e
n
t
a
l
A
c
c
o
u
n
t
i
n
g
S
t
a
n
d
a
r
d
s
B
o
a
r
d
(
G
AS
B
)
S
t
a
t
e
m
e
n
t
N
o
.
5
4
c
l
a
s
s
i
f
i
c
a
t
i
o
n
s
.
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
CH
A
N
G
E
S
IN
FU
N
D
BA
L
A
N
C
E
S
OF
GO
V
E
R
N
M
E
N
T
A
L
FU
N
D
S
(M
O
D
I
F
I
E
D
AC
C
R
U
A
L
BA
S
I
S
OF
AC
C
O
U
N
T
I
N
G
)
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
*
(A
M
O
U
N
T
S
EX
P
R
E
S
S
E
D
IN
TH
O
U
S
A
N
D
S
)
75
Table 4
20
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
RE
V
E
N
U
E
S
:
Ta
x
e
s
a
n
d
f
r
a
n
c
h
i
s
e
f
e
e
s
8
,
0
5
0
$
9
,
1
7
8
$
9
,
9
9
2
$
9
,
7
7
2
$
1
0
,
8
2
9
$
9
,
4
1
6
$
8
,
7
8
7
$
8
,
3
9
7
$
8
,
3
1
6
$ 8,660$
Ch
a
r
g
e
s
f
o
r
s
e
r
v
i
c
e
s
2,
3
5
2
2
,
5
3
2
2
,
1
9
7
2
,
8
1
8
3
,
0
6
3
3
,
1
7
5
3
,
9
6
8
4
,
0
8
9
2
,
9
1
8
2,857
Ut
i
l
i
t
y
t
a
x
e
s
1,
6
3
4
1
,
7
7
6
1
,
8
2
9
1
,
9
6
5
2
,
0
9
2
2
,
0
8
7
2
,
0
7
0
2
,
0
5
2
2
,
0
7
4
2,167
In
t
e
r
g
o
v
e
r
n
m
e
n
t
a
l
5,
1
7
6
5
,
6
8
6
5
,
5
9
3
4
,
4
1
9
3
,
3
1
5
2
,
4
7
1
3
,
0
9
1
2
,
6
1
4
2
,
7
0
2
4,309
Li
c
e
n
s
e
s
a
n
d
p
e
r
m
i
t
s
1,
1
0
1
1
,
2
0
2
1
,
1
0
2
1
,
1
3
7
4
9
5
4
7
0
9
6
4
6
6
7
1
,
0
4
7
1,098
Fi
n
e
s
a
n
d
f
o
r
f
e
i
t
u
r
e
s
30
4
4
4
2
3
4
9
3
3
0
3
2
6
4
1
5
4
8
3
1
,
9
4
4
9
2
6
849
In
t
e
r
e
s
t
i
n
c
o
m
e
37
5
5
9
4
8
0
9
3
9
6
2
2
6
2
1
9
1
4
0
1
8
1
1
5
3
145
Re
n
t
s
a
n
d
r
o
y
a
l
t
i
e
s
-
-
-
-
-
1
,
1
2
9
1
,
0
0
7
1
,
0
2
6
1
,
0
7
2
1,026
Ot
h
e
r
48
8
4
0
3
7
7
4
2
,
2
4
6
1
,
1
5
9
2
6
8
4
9
5
4
3
9
3
9
7
519
To
t
a
l
r
e
v
e
n
u
e
s
19
,
4
8
0
2
1
,
8
1
3
2
2
,
6
4
5
2
3
,
0
8
3
2
1
,
5
0
5
1
9
,
6
5
0
2
1
,
0
0
5
2
1
,
4
0
9
1
9
,
6
0
5
21,630
EX
P
E
N
D
I
T
U
R
E
S
:
Ge
n
e
r
a
l
g
o
v
e
r
n
m
e
n
t
5,
6
4
8
5
,
7
4
5
6
,
6
6
0
7
,
2
3
8
6
,
7
5
9
6
,
7
0
9
3
,
2
1
7
2
,
8
3
8
3
,
2
5
0
3,684
Pu
b
l
i
c
s
a
f
e
t
y
4,
2
7
0
4
,
1
9
4
4
,
2
5
3
4
,
3
3
3
4
,
3
5
8
4
,
5
7
2
7
,
2
4
2
7
,
0
7
1
7
,
5
3
2
6,564
Pu
b
l
i
c
w
o
r
k
s
4,
6
6
0
5
,
4
0
9
5
,
1
0
9
5
,
2
8
4
5
,
1
0
0
4
,
3
2
9
4
,
1
4
8
3
,
8
2
2
3
,
3
3
8
3,252
Co
m
m
u
n
i
t
y
s
e
r
v
i
c
e
s
-
-
-
-
-
4
8
4
1
,
0
6
5
1
,
2
3
2
1
,
2
2
0
970
Cu
l
t
u
r
e
a
n
d
r
e
c
r
e
a
t
i
o
n
1,
1
9
9
1
,
3
3
9
8
3
7
9
7
7
9
7
9
1
,
0
3
5
1
,
0
8
9
1
,
0
3
4
1
,
6
0
7
1,674
De
b
t
s
e
r
v
i
c
e
:
P
r
i
n
c
i
p
a
l
39
1
6
1
2
2
,
1
8
3
2
,
4
4
4
1
,
2
8
4
1
,
0
3
8
2
,
5
9
9
8
0
2
1
,
1
0
5
1,077
I
n
t
e
r
e
s
t
a
n
d
f
i
s
c
a
l
c
h
a
r
g
e
s
53
8
6
1
4
6
1
4
9
2
0
9
0
9
8
8
7
1
,
1
6
7
6
6
0
7
5
0
695
Ca
p
i
t
a
l
o
u
t
l
a
y
3,
0
3
2
7
,
5
3
8
8
,
8
2
7
4
,
6
5
4
2
,
3
2
0
1
,
4
1
2
1
,
1
0
0
2
,
2
4
1
7
3
7
2,484
To
t
a
l
e
x
p
e
n
d
i
t
u
r
e
s
19
,
7
3
8
2
5
,
4
5
1
2
8
,
4
8
3
2
5
,
8
5
0
2
1
,
7
0
9
2
0
,
4
6
6
2
1
,
6
2
7
1
9
,
7
0
0
1
9
,
5
3
9
20,400
Ex
c
e
s
s
(
d
e
f
i
c
i
e
n
c
y
)
o
f
r
e
v
e
n
u
e
s
o
v
e
r
e
x
p
e
n
d
i
t
u
r
e
s
(25
8
)
(3,
6
3
8
)
(5,
8
3
8
)
(2,
7
6
7
)
(20
4
)
(81
6
)
(62
2
)
1
,
7
0
9
6
6
1,230
OT
H
E
R
F
I
N
A
N
C
I
N
G
S
O
U
R
C
E
S
(
U
S
E
S
)
:
Tr
a
n
s
f
e
r
s
i
n
-
-
-
-
6
4
1
4
8
5
8
2
0
2
,
3
5
9
5
4
3
1,008
Tr
a
n
s
f
e
r
s
o
u
t
-
-
-
-
(64
1
)
(48
5
)
(82
0
)
(2,359)
(543) (1,008)
Is
s
u
a
n
c
e
o
f
d
e
b
t
96
1
3
,
2
7
7
8
,
6
7
9
1
,
9
5
3
5
3
8
2
2
8
7
4
8
-
-
-
Pr
o
c
e
e
d
s
f
r
o
m
r
e
f
u
n
d
i
n
g
d
e
b
t
-
-
-
-
-
-
7
,
5
7
5
-
-
-
Pa
y
m
e
n
t
t
o
b
o
n
d
e
s
c
r
o
w
a
g
e
n
t
-
-
-
-
-
-
(6,
2
8
7
)
-
-
-
T
o
t
a
l
o
t
h
e
r
f
i
n
a
n
c
i
n
g
s
o
u
r
c
e
s
(
u
s
e
s
)
96
1
3
,
2
7
7
8
,
6
7
9
1
,
9
5
3
5
3
8
2
2
8
2
,
0
3
6
-
-
-
Ne
t
c
h
a
n
g
e
i
n
f
u
n
d
b
a
l
a
n
c
e
s
70
3
$
(36
1
)
$
2
,
8
4
1
$
(81
4
)
$
3
3
4
$
(58
8
)
$
1
,
4
1
4
$
1
,
7
0
9
$
6
6
$ 1,230$
De
b
t
s
e
r
v
i
c
e
a
s
a
per
c
e
n
t
a
ge
o
f
n
o
n
c
a
p
it
al e
x
p
e
n
di
t
ur
e
s
5.
6
%
6
.
8
%
1
4
.
2
%
1
5
.
9
%
1
1
.
8
%
1
0
.
0
%
1
8
.
3
%
7
.
8
%
9
.
5
%
8
.
7
%
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
AS
S
E
S
S
E
D
VA
L
U
E
AN
D
ES
T
I
M
A
T
E
D
AC
T
U
A
L
VA
L
U
E
OF
TA
X
A
B
L
E
PR
O
P
E
R
T
Y
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
*
(A
M
O
U
N
T
S
EX
P
R
E
S
S
E
D
IN
TH
O
U
S
A
N
D
S
)
76
Table 5 Net Assessed Value as a Percentage of Estimated
Ne
t
T
o
t
a
l
E
s
t
i
m
a
t
e
d
A
c
t
u
a
l
Fi
s
c
a
l
R
e
a
l
P
e
r
s
o
n
a
l
A
s
s
e
s
s
e
d
D
i
r
e
c
t
A
c
t
u
a
l
V
a
l
u
e
Ye
a
r
(2
)
P
r
o
p
e
r
t
y
P
r
o
p
e
r
t
y
V
a
l
u
e
T
a
x
Ra
t
e
V
a
l
u
e
(
1
)
20
0
5
1
,
1
2
5
,
3
9
1
$
8
6
,
7
0
8
$
1
,
2
1
2
,
0
9
9
$
6
.
6
8
1
0
1
,
2
1
2
,
0
9
9
$
1
0
0
.
0
0
%
20
0
6
1
,
3
6
3
,
3
7
1
$
8
2
,
6
5
8
$
1,
4
4
6
,
0
2
9
$
5
.
8
8
1
0
1
,
4
4
6
,
0
2
9
$
1
0
0
.
0
0
%
20
0
7
1
,
5
7
8
,
9
4
8
$
8
6
,
1
5
0
$
1
,
6
6
5
,
0
9
8
$
4
.
8
1
8
0
1
,
6
6
5
,
0
9
8
$
1
0
0
.
0
0
%
20
0
8
1
,
6
2
1
,
8
1
5
$
6
9
,
1
3
7
$
1
,
6
9
0
,
9
5
2
$
5
.
2
7
9
0
1
,
6
9
0
,
9
5
2
$
1
0
0
.
0
0
%
20
0
9
1
,
4
5
5
,
8
6
7
$
7
8
,
4
1
1
$
1
,
5
3
4
,
2
7
8
$
4
.
9
5
2
6
1
,
5
3
4
,
2
7
8
$
1
0
0
.
0
0
%
20
1
0
1
,
3
5
0
,
9
1
7
$
7
1
,
7
1
2
$
1
,
4
2
2
,
6
2
9
$
4
.
9
5
2
6
1
,
4
2
2
,
6
2
9
$
1
0
0
.
0
0
%
20
1
1
1
,
3
4
7
,
0
2
4
$
6
6
,
7
5
1
$
1
,
4
1
3
,
7
7
5
$
4
.
6
6
6
2
1
,
4
1
3
,
7
7
5
$
1
0
0
.
0
0
%
20
1
2
1
,
3
6
2
,
0
1
4
$
6
4
,
8
2
3
$
1
,
4
2
6
,
8
3
7
$
4
.
3
6
3
9
1
,
4
2
6
,
8
3
7
$
1
0
0
.
0
0
%
20
1
3
1
,
3
7
2
,
6
0
0
$
6
0
,
7
4
3
$
1
,
4
3
3
,
3
4
3
$
4
.
3
6
3
9
1
,
4
3
3
,
3
4
3
$
1
0
0
.
0
0
%
20
1
4
1
,
4
1
1
,
4
4
3
$
6
9
,
1
5
8
$
1
,
4
8
0
,
6
0
1
$
4
.
3
6
3
9
1
,
4
8
0
,
6
0
1
$
1
0
0
.
0
0
%
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
PR
O
P
E
R
T
Y
TA
X
RA
T
E
S
DI
R
E
C
T
AN
D
OV
E
R
L
A
P
P
I
N
G
GO
V
E
R
N
M
E
N
T
S
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
77
Table 6
Other
Fi
s
c
a
l
Ye
a
r
(2
)
Ba
s
i
c
Di
r
e
c
t
Ra
t
e
De
b
t
Se
r
v
i
c
e
Ra
t
e
MD
C
Sc
h
o
o
l
Bo
a
r
d
‐
Op
e
r
a
t
i
n
g
MD
C
Sc
h
o
o
l
Bo
a
r
d
‐
De
b
t
Se
r
v
i
c
e
Ev
e
r
g
l
a
d
e
s
Pr
o
j
e
c
t
So
u
t
h
Fl
o
r
i
d
a
Wa
t
e
r
Ma
n
a
g
e
m
e
n
t
Di
s
t
r
i
c
t
Fl
o
r
i
d
a
In
l
a
n
d
Na
v
i
g
a
t
i
o
n
Di
s
t
r
i
c
t
Co
u
n
t
y
Wi
d
e
‐
Op
e
r
a
t
i
n
g
Co
u
n
t
y
Wi
d
e
‐
De
b
t
Se
r
v
i
c
e
Fi
r
e
&
Re
s
c
u
e
‐
Op
e
r
a
t
i
n
g
Fi
r
e
&
Re
s
c
u
e
‐
De
b
t
Se
r
v
i
c
e
MD
C
Li
b
r
a
r
y
Di
s
t
r
i
c
t
Childrens Trust AuthorityTotal City‐Wide
20
0
5
6
.
6
8
1
0
-
7
.
9
4
7
0
0
.
4
9
1
0
0
.
1
0
0
0
0
.
5
9
7
0
0
.
0
3
8
5
5
.
8
3
5
0
0
.
2
8
5
0
2
.
6
0
9
0
0
.
0
5
2
0
0
.
4
8
6
0
0
.
4
2
8
8
2
5
.
5
5
0
3
20
0
6
5.
8
8
1
0
-
7.
6
9
1
0
0
.
4
1
4
0
0
.
1
0
0
0
0.
5
9
7
0
0
.
0
3
8
5
5.
6
1
5
0
0
.
2
8
5
0
2
.
6
0
9
0
0
.
0
4
2
0
0
.
4
8
6
0
0
.
4
2
2
3
24.1808
20
0
7
4
.
8
1
8
0
-
7
.
5
7
0
0
0
.
3
7
8
0
0
.
0
8
9
4
0
.
5
3
4
6
0
.
0
3
4
5
4
.
5
7
9
6
0
.
2
8
5
0
2
.
2
0
6
7
0
.
0
4
2
0
0
.
3
8
4
2
0
.
4
2
2
3
2
1
.
3
4
4
3
20
0
8
5
.
2
7
9
0
-
7
.
5
3
3
0
0
.
2
6
4
0
0
.
0
8
9
4
0
.
5
3
4
6
0
.
0
3
4
5
4
.
8
3
7
9
0
.
2
8
5
0
2
.
1
8
5
1
0
.
0
4
2
0
0
.
3
8
2
2
0
.
4
2
1
2
2
1
.
8
8
7
9
20
0
9
4
.
9
5
2
6
-
7
.
6
9
8
0
0
.
2
9
7
0
0
.
0
8
9
4
0
.
5
3
4
6
0
.
0
3
4
5
4
.
8
3
7
9
0
.
2
8
5
0
2
.
1
8
5
1
0
.
0
4
2
0
0
.
3
8
2
2
0
.
5
0
0
0
2
1
.
8
3
8
3
20
1
0
4
.
9
5
2
6
-
7
.
8
6
4
0
0
.
3
8
5
0
0
.
0
8
9
4
0
.
5
3
4
6
0
.
0
3
4
5
5
.
4
2
7
5
0
.
4
4
5
0
2
.
5
7
5
3
0
.
0
2
0
0
0
.
2
8
4
0
0
.
5
0
0
0
2
3
.
1
1
1
9
20
1
1
4
.
6
6
6
2
-
7
.
7
6
5
0
0
.
2
4
0
0
0
.
0
6
2
4
0
.
3
7
3
9
0
.
0
3
4
5
4
.
8
0
5
0
0
.
2
8
5
0
2
.
4
4
9
6
0
.
0
1
3
1
0
.
1
7
9
5
0
.
5
0
0
0
2
1
.
3
7
4
2
20
1
2
4
.
3
6
3
9
-
7
.
7
6
5
0
0
.
2
3
3
0
0
.
0
6
1
3
0
.
3
6
7
6
0
.
0
3
4
5
4
.
7
0
3
5
0
.
2
8
5
0
2
.
4
4
9
6
0
.
0
1
3
1
0
.
1
7
2
5
0
.
5
0
0
0
2
0
.
9
4
9
0
20
1
3
4
.
3
6
3
9
-
7
.
6
4
4
0
0
.
3
3
3
0
0
.
0
5
8
7
0
.
3
5
2
3
0
.
0
3
4
5
4
.
7
0
3
5
0
.
4
2
2
0
2
.
4
4
9
6
0
.
0
1
2
7
0
.
1
7
2
5
0
.
5
0
0
0
2
1
.
0
4
6
7
20
1
4
4
.
3
6
3
9
-
7
.
7
7
5
0
0
.
1
9
9
0
0
.
0
5
4
8
0
.
3
2
9
4
0
.
0
3
4
5
4
.
6
6
6
9
0
.
4
5
0
0
2
.
4
2
0
7
0
.
0
1
1
4
0
.
2
8
4
0
0
.
5
0
0
0
2
1
.
0
8
9
6
(
2
)
Y
e
a
r
o
f
l
e
v
y
.
-
M
D
C
-
M
i
a
m
i
D
a
d
e
C
o
u
n
t
y
Ci
t
y
1
0
.
0
0
0
m
i
l
l
10
.
0
0
0
m
i
l
l
s
Co
u
n
t
y
1
0
.
0
0
0
m
i
l
l
10
.
0
0
0
m
i
l
l
s
SF
W
M
D
10
.
0
0
0
m
i
l
l
10
.
0
0
0
m
i
l
l
s
S
o
u
r
c
e
:
M
i
a
m
i
-
D
a
d
e
C
o
u
n
t
y
D
e
p
a
r
t
m
e
n
t
o
f
P
r
o
p
e
r
t
y
A
p
p
r
a
i
s
a
l
*
S
o
u
t
h
F
l
o
r
i
d
a
W
a
t
e
r
M
a
n
a
g
e
m
e
n
t
D
i
s
t
r
i
c
t
Ov
e
r
l
a
p
p
i
n
g
Ra
t
e
s
(1
)
(
1
)
O
v
e
r
l
a
p
p
i
n
g
r
a
t
e
s
a
r
e
t
h
o
s
e
o
f
l
o
c
a
l
a
n
d
c
o
u
n
t
y
g
o
v
e
r
n
m
e
n
t
s
t
h
a
t
a
p
p
l
y
t
o
p
r
o
p
e
r
t
y
o
w
n
e
r
s
w
i
t
h
i
n
t
h
e
C
i
t
y
o
f
S
o
u
t
h
M
i
a
m
i
.
Ad
d
i
t
i
o
n
a
l
i
n
f
o
r
m
a
t
i
o
n
:
-
P
r
o
p
e
r
t
y
t
a
x
r
a
t
e
s
a
r
e
a
s
s
e
s
s
e
d
p
e
r
$
1
,
0
0
0
o
f
t
a
x
a
b
l
e
a
s
s
e
s
s
e
d
v
a
l
u
a
t
i
o
n
.
-
C
i
t
y
p
r
o
p
e
r
t
y
t
a
x
r
a
t
e
s
a
b
o
v
e
(
a
l
l
i
n
c
l
u
s
i
v
e
)
d
o
n
o
t
h
a
v
e
a
d
e
b
t
s
e
r
v
i
c
e
m
i
l
l
a
g
e
c
o
m
p
o
n
e
n
t
.
Ta
x
r
a
t
e
l
i
m
i
t
s
:
Ci
t
y
of
So
u
t
h
Mi
a
m
i
Sc
h
o
o
l
Mi
l
l
a
g
e
s
R
e
g
i
o
n
a
l
Mi
l
l
a
g
e
s
C
o
u
n
t
y
Wi
d
e
Mi
l
l
a
g
e
s
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
PR
I
N
C
I
P
A
L
PR
O
P
E
R
T
Y
TA
X
P
A
Y
E
R
S
CU
R
R
E
N
T
YE
A
R
AN
D
TE
N
YE
A
R
S
AG
O
(A
M
O
U
N
T
S
EX
P
R
E
S
S
E
D
IN
TH
O
U
S
A
N
D
S
)
78
Table 7
Pe
r
c
e
n
t
a
g
e
Percentage
To
t
a
l
Total
As
s
e
s
s
e
d
A
s
s
e
s
s
e
d
A
s
s
e
s
s
e
d
A
s
s
e
s
s
e
d
Ta
x
p
a
y
e
r
V
a
l
u
a
t
i
o
n
R
a
n
k
V
a
l
u
a
t
i
o
n
T
a
x
p
a
y
e
r
V
a
l
u
a
t
i
o
n
R
a
n
k
V
a
l
u
a
t
i
o
n
Ba
k
e
r
y
A
s
s
o
c
i
a
t
e
s
,
L
t
d
.
8
8
,
5
5
0
$
1
5
.
9
8
%
B
a
k
e
r
y
A
s
s
o
c
i
a
t
e
s
,
L
t
d
.
1
1
0
,
0
0
0
$
1
9
.
1
%
RR
C
5
7
t
h
A
v
e
n
u
e
L
L
C
4
3
,
5
9
0
2
2
.
9
4
%
S
o
u
t
h
M
i
a
m
i
C
o
r
p
.
1
1
,
3
4
8
2
0
.
9
%
La
r
k
i
n
C
o
m
m
u
n
i
t
y
H
o
s
p
i
t
a
l
,
I
n
c
.
2
1
,
8
7
6
3
1
.
4
8
%
J
.
W
.
A
d
v
a
n
c
e
D
e
v
e
l
o
p
m
e
n
t
C
o
r
p
.
1
0
,
8
3
7
3
0
.
9
%
JW
A
d
v
a
n
c
e
L
L
C
2
0
,
0
0
0
4
1
.
3
5
%
H
e
a
l
t
h
S
o
u
t
h
D
o
c
t
o
r
'
s
H
o
s
p
i
t
a
l
7
,
3
2
5
4
0
.
6
%
S
M
i
a
m
i
H
o
s
p
i
t
a
l
D
e
v
F
u
n
d
I
n
c
.
1
9
,
8
0
0
5
1
.
3
4
%
A
m
e
r
i
c
a
'
s
C
a
p
i
t
a
l
P
a
r
t
n
e
r
s
7
,
0
0
0
5
0
.
6
%
Fl
o
r
i
d
a
P
o
w
e
r
&
L
i
g
h
t
C
o
m
p
a
n
y
1
5
,
1
5
6
6
1
.
0
2
%
A
.
G
r
o
v
e
r
M
a
t
h
e
n
e
y
6
,
4
4
0
6
0
.
5
%
So
u
t
h
M
i
a
m
i
C
o
r
p
.
1
5
,
0
1
2
7
1
.
0
1
%
J
o
h
n
H
a
n
c
o
c
k
-
G
a
n
n
o
n
J
o
i
n
t
V
e
n
t
u
r
e
5
,
8
8
7
7
0
.
5
%
KI
M
C
O
S
o
u
t
h
M
i
a
m
i
1
3
,
3
1
5
8
0
.
9
0
%
S
u
n
s
e
t
A
s
s
o
c
i
a
t
e
s
,
L
t
d
.
5
,
8
8
0
8
0
.
5
%
Ca
p
s
t
o
n
e
C
a
p
i
t
a
l
T
r
u
s
t
,
I
n
c
.
1
3
,
2
0
0
9
0
.
8
9
%
L
a
r
k
i
n
C
o
m
m
u
n
i
t
y
H
o
s
p
i
t
a
l
5
,
3
0
4
9
0
.
4
%
HT
A
S
u
n
s
e
t
L
L
C
1
1
,
2
9
3
1
0
0
.
7
6
%
K
I
M
C
O
S
o
u
t
h
M
i
a
m
i
5
,
3
0
0
1
0
0
.
4
%
26
1
,
7
9
2
$
1
7
.
6
8
%
1
7
5
,
3
2
1
$
1
9
.
9
%
So
u
r
c
e
:
M
i
a
m
i
-
D
a
d
e
C
o
u
n
t
y
T
a
x
A
s
s
e
s
s
o
r
s
'
O
f
f
i
c
e
2
0
1
4
&
2
0
0
5
T
a
x
R
o
l
l
s
20
1
4
20
0
5
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
PR
O
P
E
R
T
Y
TA
X
LE
V
I
E
S
AN
D
CO
L
L
E
C
T
I
O
N
S
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
*
(A
M
O
U
N
T
S
EX
P
R
E
S
S
E
D
IN
TH
O
U
S
A
N
D
S
)
79
Table 8
To
t
a
l
Fi
s
c
a
l
T
a
x
e
s
Ye
a
r
L
e
v
i
e
d
C
o
l
l
e
c
t
i
o
n
s
in
En
d
e
d
F
o
r
Fi
s
c
a
l
P
e
r
c
e
n
t
S
u
b
s
e
q
u
e
n
t
P
e
r
c
e
n
t
Se
p
t
e
m
b
e
r
30
,
Y
e
a
r
(1
)
A
m
o
u
n
t
(2
)
o
f
Le
v
y
Y
e
a
r
s
A
m
o
u
n
t
(2
)
o
f
Levy
20
0
5
7
,
0
3
3
$
6
,
4
0
2
$
9
1
.
0
%
4
9
$
6
,
4
5
1
$
9
1
.
7
%
20
0
6
7
,
9
3
6
$
6
,
8
8
6
$
86
.
8
%
64
$
6,
9
5
0
$
8
7
.
6
%
20
0
7
8
,
3
6
7
$
7
,
1
8
5
$
8
5
.
9
%
9
2
$
7
,
2
7
7
$
8
7
.
0
%
20
0
8
7
,
7
6
4
$
6
,
5
8
2
$
8
4
.
8
%
4
2
$
6
,
6
2
4
$
8
5
.
3
%
20
0
9
8
,
6
1
6
$
7
,
5
3
5
$
8
7
.
5
%
5
4
$
7
,
5
8
9
$
8
8
.
1
%
20
1
0
7
,
1
1
9
$
6
,
7
6
3
$
9
5
.
0
%
4
5
$
6
,
8
0
8
$
9
5
.
6
%
20
1
1
6
,
6
2
8
$
6
,
4
0
2
$
9
6
.
6
%
5
3
$
6
,
4
5
5
$
9
7
.
4
%
20
1
2
6
,
5
9
6
$
6
,
0
4
9
$
9
1
.
7
%
1
4
8
$
6
,
1
9
7
$
9
4
.
0
%
20
1
3
6
,
2
2
6
$
5
,
3
7
3
$
8
6
.
3
%
2
2
8
$
5
,
6
0
1
$
9
0
.
0
%
20
1
4
6
,
2
5
4
$
5
,
8
4
2
$
9
3
.
4
%
2
6
$
5
,
8
6
8
$
9
3
.
8
%
(1
)
D
a
t
a
f
r
o
m
F
o
r
m
D
R
-
4
2
0
p
r
o
v
i
d
e
d
t
o
F
l
o
r
i
d
a
D
e
p
a
r
t
m
e
n
t
o
f
R
e
v
e
n
u
e
(2
)
P
r
o
v
i
d
e
d
b
y
C
i
t
y
o
f
S
o
u
t
h
M
i
a
m
i
F
i
n
a
n
c
e
D
e
p
t
.
of
Le
v
y
T
o
t
a
l
Collections
Co
l
l
e
c
t
e
d
wi
t
h
i
n
th
e
Fi
s
c
a
l
Ye
a
r
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
RA
T
I
O
S
OF
OU
T
S
T
A
N
D
I
N
G
DE
B
T
BY
TY
P
E
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
*
(A
M
O
U
N
T
S
EX
P
R
E
S
S
E
D
IN
TH
O
U
S
A
N
D
S
)
80
Table 9
Pe
r
c
e
n
t
a
g
e
To
t
a
l
o
f
Pe
r
s
o
n
a
l
P
e
r
Fi
s
c
a
l
R
e
v
e
n
u
e
N
o
t
e
s
C
a
p
i
t
a
l
P
r
i
m
a
r
y
I
n
c
o
m
e
C
a
p
i
t
a
Ye
a
r
B
o
n
d
s
P
a
y
a
b
l
e
L
e
a
s
e
s
G
o
v
e
r
n
m
e
n
t
(
1
)
(
1
)
20
0
5
8
,
2
7
0
$
8
6
3
$
5
1
1
$
9
,
6
4
4
$
1
3
.
6
8
%
0
.
8
9
5
6
$
20
0
6
8
,
1
1
5
$
3
,
4
3
2
$
6
0
8
$
1
2
,
1
5
5
$
1
6
.
3
1
%
1
.
1
1
6
1
$
20
0
7
1
6
,
1
3
3
$
1
,
8
5
0
$
6
4
5
$
1
8
,
6
2
8
$
2
3
.
2
5
%
1
.
7
6
9
4
$
20
0
8
1
5
,
7
2
7
$
2
,
0
3
9
$
5
2
6
$
1
8
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2
9
2
$
2
1
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2
7
%
1
.
6
3
5
7
$
20
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9
1
5
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3
0
3
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2
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1
1
6
$
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2
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7
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6
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1
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2
0
.
5
1
%
1
.
6
5
1
2
$
20
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0
1
4
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8
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7
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1
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6
5
8
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3
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6
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6
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8
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1
$
1
8
.
9
1
%
1
.
5
7
5
3
$
20
1
1
1
4
,
8
9
6
$
1
,
1
3
5
$
2
2
7
$
1
6
,
2
5
8
$
1
7
.
8
8
%
1
.
3
9
4
7
$
20
1
2
1
4
,
5
2
4
$
8
4
0
$
1
4
1
$
1
5
,
5
0
5
$
1
6
.
0
4
%
1
.
1
4
2
1
$
20
1
3
1
3
,
7
6
7
$
5
8
7
$
9
6
$
1
4
,
4
5
0
$
1
4
.
3
5
%
1
.
0
4
8
8
$
20
1
4
1
2
,
6
2
5
$
3
8
7
$
4
9
$
1
3
,
0
6
1
$
1
2
.
5
1
%
0
.
9
5
8
7
$
Go
v
e
r
n
m
e
n
t
a
l
Ac
t
i
v
i
t
i
e
s
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
RA
T
I
O
S
OF
GE
N
E
R
A
L
BO
N
D
E
D
DE
B
T
OU
T
S
T
A
N
D
I
N
G
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
*
(A
M
O
U
N
T
S
EX
P
R
E
S
S
E
D
IN
TH
O
U
S
A
N
D
S
)
81
Table 10
Pe
r
c
e
n
t
a
g
e
Le
s
s
:
o
f
Es
t
i
m
a
t
e
d
Am
o
u
n
t
s
A
c
t
u
a
l
Av
a
i
l
a
b
l
e
T
a
x
a
b
l
e
in
De
b
t
V
a
l
u
e
of
P
e
r
Fi
s
c
a
l
R
e
v
e
n
u
e
S
e
r
v
i
c
e
P
r
o
p
e
r
t
y
C
a
p
i
t
a
Ye
a
r
B
o
n
d
s
R
e
s
e
r
v
e
s
T
o
t
a
l
(
1
)
(
2
)
20
0
5
8
,
2
7
0
$
1
5
5
$
8
,
1
1
5
$
0
.
6
7
%
0
.
7
5
3
6
$
20
0
6
8,
1
1
5
$
16
0
$
7,
9
5
5
$
0
.
5
5
%
0
.
7
3
0
4
$
20
0
7
1
6
,
1
3
3
$
1
6
5
$
1
5
,
9
6
8
$
0
.
9
6
%
1
.
5
1
6
7
$
20
0
8
1
5
,
7
2
7
$
2
7
5
$
1
5
,
4
5
2
$
0
.
9
1
%
1
.
3
8
1
7
$
20
0
9
1
5
,
3
0
3
$
2
2
9
$
1
5
,
0
7
4
$
0
.
9
8
%
1
.
4
1
1
7
$
20
1
0
1
4
,
8
4
7
$
2
5
0
$
1
4
,
5
9
7
$
1
.
0
3
%
1
.
3
6
7
0
$
20
1
1
1
4
,
8
9
6
$
2
7
9
$
1
4
,
6
1
7
$
1
.
0
3
%
1
.
2
5
3
9
$
20
1
2
1
4
,
5
2
4
$
1
,
0
8
6
$
1
3
,
4
3
8
$
0
.
9
4
%
0
.
9
8
9
8
$
20
1
3
1
3
,
7
6
7
$
8
0
3
$
1
2
,
9
6
4
$
0
.
9
0
%
0
.
9
4
0
9
$
20
1
4
1
2
,
6
2
5
$
4
5
1
$
1
2
,
1
7
4
$
0
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8
2
%
0
.
8
9
3
6
$
No
t
e
:
D
e
t
a
i
l
s
r
e
g
a
r
d
i
n
g
t
h
e
C
i
t
y
'
s
o
u
t
s
t
a
n
d
i
n
g
d
e
b
t
c
a
n
b
e
f
o
u
n
d
i
n
t
h
e
n
o
t
e
s
t
o
t
h
e
fi
n
a
n
c
i
a
l
s
t
a
t
e
m
e
n
t
s
.
No
t
e
:
T
o
t
a
l
a
d
j
u
s
t
e
d
t
a
x
l
e
v
y
i
s
b
a
s
e
d
o
n
f
i
n
a
l
a
s
s
e
s
s
e
d
p
r
o
p
e
r
t
y
v
a
l
u
e
s
b
y
M
i
a
m
i
-
D
a
d
e
Co
u
n
t
y
D
e
p
a
r
t
m
e
n
t
o
f
P
r
o
p
e
r
t
y
A
p
p
r
a
i
s
a
l
O
f
f
i
c
e
a
f
t
e
r
t
h
e
P
r
o
p
e
r
t
y
A
p
p
r
a
i
s
a
l
Ad
j
u
s
t
m
e
n
t
B
o
a
r
d
h
a
s
c
o
m
p
l
e
t
e
d
h
e
a
r
i
n
g
s
o
n
t
h
e
t
a
x
r
o
l
l
;
a
n
d
b
e
f
o
r
e
d
i
s
c
o
u
n
t
s
.
(1
)
S
e
e
T
a
b
l
e
5
-
A
s
s
e
s
s
e
d
V
a
l
u
e
a
n
d
E
s
t
i
m
a
t
e
d
A
c
t
u
a
l
V
a
l
u
e
o
f
T
a
x
a
b
l
e
P
r
o
p
e
r
t
y
.
(2
)
S
e
e
T
a
b
l
e
1
3
-
D
e
m
o
g
r
a
p
h
i
c
a
n
d
E
c
o
n
o
m
i
c
S
t
a
t
i
s
t
i
c
s
.
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
DI
R
E
C
T
AN
D
OV
E
R
L
A
P
P
I
N
G
GO
V
E
R
N
M
E
N
T
A
L
AC
T
I
V
I
T
I
E
S
DE
B
T
SE
P
T
E
M
B
E
R
30
,
20
1
4
(A
M
O
U
N
T
S
EX
P
R
E
S
S
E
D
IN
TH
O
U
S
A
N
D
S
)
82
Table 11
Es
t
i
m
a
t
e
d
A
m
o
u
n
t
Ne
t
P
e
r
c
e
n
t
a
g
e
A
p
p
l
i
c
a
b
l
e
De
b
t
A
p
p
l
i
c
a
b
l
e
t
o
South
Go
v
e
r
n
m
e
n
t
Un
i
t
Ou
t
s
t
a
n
d
i
n
g
(
1
)
M
i
a
m
i
Mi
a
m
i
-
D
a
d
e
C
o
u
n
t
y
S
c
h
o
o
l
s
(
2
)
4
0
7
,
6
9
3
$
0
.
7
0
%
2
,
8
6
7
$
Mi
a
m
i
-
D
a
d
e
C
o
u
n
t
y
(
3
)
1
,
2
9
3
,
3
6
5
0
.
7
0
%
9
,
0
9
5
Su
b
t
o
t
a
l
o
v
e
r
l
a
p
p
i
n
g
d
e
b
t
1
,
7
0
1
,
0
5
8
1
1
,
9
6
2
Ci
t
y
o
f
S
o
u
t
h
M
i
a
m
i
d
i
r
e
c
t
d
e
b
t
1
3
,
0
6
1
1
0
0
.
0
0
%
1
3
,
0
6
1
To
t
a
l
d
i
r
e
c
t
a
n
d
o
v
e
r
l
a
p
p
i
n
g
d
e
b
t
1
,
7
1
4
,
1
1
9
$
2
5
,
0
2
3
$
So
u
r
c
e
s
:
(
1
)
T
h
e
p
e
r
c
e
n
t
a
g
e
o
f
o
v
e
r
l
a
p
p
i
n
g
d
e
b
t
a
p
p
l
i
c
a
b
l
e
i
s
e
s
t
i
m
a
t
e
d
u
s
i
n
g
t
a
x
a
b
l
e
a
s
s
e
s
s
e
d
pr
o
p
e
r
t
y
v
a
l
u
e
s
.
A
p
p
l
i
c
a
b
l
e
p
e
r
c
e
n
t
a
g
e
s
w
e
r
e
e
s
t
i
m
a
t
e
d
b
y
d
e
t
e
r
m
i
n
i
n
g
t
h
e
p
o
r
t
i
o
n
o
f
th
e
C
o
u
n
t
y
'
s
t
a
x
a
b
l
e
a
s
s
e
s
s
e
d
v
a
l
u
e
t
h
a
t
i
s
wi
t
h
i
n
t
h
e
C
i
t
y
'
s
b
o
u
n
d
a
r
i
e
s
a
n
d
d
i
v
i
d
i
n
g
i
t
by
t
h
e
C
o
u
n
t
y
'
s
t
o
t
a
l
t
a
x
a
b
l
e
a
s
s
e
s
s
e
d
v
a
l
u
e
.
(2
)
M
i
a
m
i
-
D
a
d
e
C
o
u
n
t
y
S
c
h
o
o
l
s
,
G
e
n
e
r
a
l
F
i
n
a
n
c
e
D
e
p
a
r
t
m
e
n
t
.
(3
)
M
i
a
m
i
-
D
a
d
e
C
o
u
n
t
y
,
F
i
n
a
n
c
e
D
e
p
a
r
t
m
e
n
t
;
i
n
c
l
u
d
e
s
G
e
n
e
r
a
l
O
b
l
i
g
a
t
i
o
n
a
n
d
S
p
e
c
i
a
l
Ob
l
i
g
a
t
i
o
n
B
o
n
d
s
.
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
LE
G
A
L
DE
B
T
MA
R
G
I
N
IN
F
O
R
M
A
T
I
O
N
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
*
(A
M
O
U
N
T
S
EX
P
R
E
S
S
E
D
IN
TH
O
U
S
A
N
D
S
)
83
Table 12
20
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
De
b
t
l
i
m
i
t
1
8
1
,
8
1
4
$
2
1
6
,
9
0
4
$
2
4
9
,
7
6
5
$
2
5
3
,
6
4
3
$
2
2
9
,
1
1
6
$
2
1
3
,
3
9
4
$
2
1
2
,
0
6
6
$
2
1
4
,
0
2
6
$
2
1
5
,
0
0
1
$ 222,090$
To
t
a
l
n
e
t
d
e
b
t
a
p
p
l
i
c
a
b
l
e
t
o
l
i
m
i
t
(
1
)
8
,
2
7
0
8
,
1
1
5
1
6
,
1
3
3
1
5
,
7
2
7
1
5
,
3
0
3
1
4
,
8
4
7
1
4
,
8
9
6
1
4
,
5
2
4
1
3
,
7
6
7
1
2
,
6
2
5
Le
g
a
l
d
e
b
t
m
a
r
g
i
n
1
7
3
,
5
4
4
$
2
0
8
,
7
8
9
$
2
3
3
,
6
3
2
$
2
3
7
,
9
1
6
$
2
1
3
,
8
1
3
$
1
9
8
,
5
4
7
$
1
9
7
,
1
7
0
$
1
9
9
,
5
0
2
$
2
0
1
,
2
3
4
$ 209,465$
To
t
a
l
n
e
t
d
e
b
t
a
p
p
l
i
c
a
b
l
e
t
o
t
h
e
l
i
m
i
t
a
s
a
p
e
r
c
e
n
t
a
g
e
o
f
d
e
b
t
l
i
m
i
t
4
.
5
5
%
3
.
7
4
%
6
.
4
6
%
6
.
2
0
%
6
.
6
8
%
6
.
9
6
%
7
.
0
2
%
6
.
7
9
%
6
.
4
0
%
5
.
6
8
%
(1
)
R
e
v
e
n
u
e
B
o
n
d
s
w
e
r
e
i
s
s
u
e
d
i
n
f
i
s
c
a
l
y
e
a
r
2
0
0
2
a
n
d
2
0
0
7
.
I
n
N
o
v
e
m
b
e
r
2
0
0
6
,
t
h
e
C
i
t
y
t
h
r
o
u
g
h
i
t
s
C
o
m
m
u
n
i
t
y
D
e
v
e
l
o
p
m
e
n
t
A
g
e
n
c
y
i
s
s
u
e
d
$
2
,
7
3
0
,
0
0
0
o
f
T
a
x
a
b
l
e
R
e
d
e
v
e
l
o
p
m
e
n
t
R
e
v
e
n
u
e
B
o
n
d
s
.
Le
g
a
l
D
e
b
t
M
a
r
g
i
n
C
a
l
c
u
l
a
t
i
o
n
f
o
r
F
i
s
c
a
l
Y
e
a
r
2
0
1
4
As
s
e
s
s
e
d
v
a
l
u
a
t
i
o
n
o
f
t
a
x
a
b
l
e
r
e
a
l
a
n
d
p
e
r
s
o
n
a
l
p
r
o
p
e
r
t
y
1
,
4
8
0
,
6
0
1
$
Bo
n
d
e
d
d
e
b
t
l
i
m
i
t
-
1
5
%
o
f
a
s
s
e
s
s
e
d
v
a
l
u
e
2
2
2
,
0
9
0
$
To
t
a
l
a
d
v
a
l
o
r
e
m
d
e
b
t
-
R
e
v
e
n
u
e
B
o
n
d
s
1
2
,
6
2
5
$
Am
o
u
n
t
o
f
d
e
b
t
a
p
p
l
i
c
a
b
l
e
1
2
,
6
2
5
Le
g
a
l
d
e
b
t
m
a
r
g
i
n
2
0
9
,
4
6
5
$
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
DE
M
O
G
R
A
P
H
I
C
AN
D
EC
O
N
O
M
I
C
ST
A
T
I
S
T
I
C
S
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
84
Table 13
Pe
r
s
o
n
a
l
In
c
o
m
e
(A
m
o
u
n
t
s
P
e
r
Ca
p
i
t
a
Ex
p
r
e
s
s
e
d
in
P
e
r
s
o
n
a
l
M
e
d
i
a
n
S
c
h
o
o
l
U
n
e
m
p
l
o
y
m
e
n
t
Fi
s
c
a
l
P
o
p
u
l
a
t
i
o
n
T
h
o
u
s
a
n
d
s
)
I
n
c
o
m
e
A
g
e
E
n
r
o
l
l
m
e
n
t
R
a
t
e
Ye
a
r
(
1
)
(
2
)
(
2
)
(
2
)
(
3
)
(
4
)
20
0
5
1
0
,
7
6
8
7
0
,
5
1
4
$
2
9
,
9
5
5
$
3
7
.
4
1
,
7
0
8
4
.
5
20
0
6
1
0
,
8
9
1
7
4
,
5
3
4
$
3
1
,
3
4
7
$
3
7
.
4
1,
7
0
8
3
.
8
20
0
7
1
0
,
5
2
8
8
0
,
1
1
2
$
3
3
,
7
1
2
$
3
7
.
8
6
,
1
2
3
3
.
8
20
0
8
1
1
,
1
8
3
8
5
,
9
7
9
$
3
6
,
0
8
1
$
3
8
.
2
5
,
9
5
7
5
.
8
20
0
9
1
0
,
6
7
8
8
5
,
9
7
9
$
2
9
,
6
8
9
$
4
0
.
7
5
,
7
0
1
1
1
.
8
20
1
0
1
0
,
6
7
8
8
8
,
9
5
5
$
2
9
,
6
8
9
$
4
0
.
7
3
,
5
0
0
1
2
.
1
20
1
1
1
1
,
6
5
7
9
0
,
9
1
5
$
3
6
,
3
5
7
$
4
0
.
7
3
,
4
5
0
1
2
.
3
20
1
2
1
3
,
5
7
6
9
6
,
6
5
8
$
3
7
,
8
3
4
$
3
6
.
7
3
,
3
9
7
8
.
8
20
1
3
1
3
,
7
7
8
1
0
0
,
6
8
9
$
3
8
,
8
6
0
$
3
6
.
7
3
,
4
2
0
6
.
7
20
1
4
1
3
,
6
2
3
1
0
4
,
3
7
3
$
3
9
,
8
8
0
$
3
7
.
1
3
,
3
7
2
6
.
5
So
u
r
c
e
:
(
1
)
B
u
r
e
a
u
o
f
E
c
o
n
o
m
i
c
a
n
d
B
u
s
i
n
e
s
s
R
e
s
e
a
r
c
h
-
U
n
i
v
e
r
s
i
t
y
o
f
F
l
o
r
i
d
a
(2
)
U
.
S
.
D
e
p
a
r
t
m
e
n
t
o
f
C
o
m
m
e
r
c
e
,
B
u
r
e
a
u
o
f
E
c
o
n
o
m
i
c
A
n
a
l
y
s
i
s
a
n
d
B
e
s
t
p
l
a
c
e
s
.
n
e
t
/
c
i
t
y
/
S
o
u
t
h
_
M
i
a
m
i
.
(3
)
M
i
a
m
i
-
D
a
d
e
C
o
u
n
t
y
P
u
b
l
i
c
S
c
h
o
o
l
s
R
e
g
i
s
t
r
a
r
'
s
O
f
f
i
c
e
(
d
o
e
s
n
o
t
i
n
c
l
u
d
e
p
r
i
v
a
t
e
s
c
h
o
o
l
s
)
.
(4
)
M
i
a
m
i
D
a
d
e
C
o
u
n
t
y
L
a
b
o
r
M
a
r
k
e
t
R
e
p
o
r
t
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
PR
I
N
C
I
P
A
L
EM
P
L
O
Y
E
R
S
– MI
A
M
I
‐DA
D
E
CO
U
N
T
Y
,
FL
O
R
I
D
A
CU
R
R
E
N
T
YE
A
R
AN
D
SI
X
YE
A
R
S
AG
O
85
Table 14
Pe
r
c
e
n
t
a
g
e
Percentage
of
To
t
a
l
o
f
Total
Co
u
n
t
y
C
o
u
n
t
y
Em
p
l
o
y
e
r
E
m
p
l
o
y
e
e
s
R
a
n
k
E
m
p
l
o
y
m
e
n
t
E
m
p
l
o
y
e
e
s
R
a
n
k
E
m
p
l
o
y
m
e
n
t
Mi
a
m
i
-
D
a
d
e
C
o
u
n
t
y
P
u
b
l
i
c
S
c
h
o
o
l
s
3
3
,
4
7
7
1
2
.
8
3
%
5
0
,
0
0
0
1
4
.
2
7
%
Mi
a
m
i
-
D
a
d
e
C
o
u
n
t
y
,
F
l
o
r
i
d
a
2
5
,
5
0
2
2
2
.
1
6
%
3
2
,
0
0
0
2
2
.
7
3
%
Fe
d
e
r
a
l
G
o
v
e
r
n
m
e
n
t
1
9
,
2
0
0
3
1
.
6
2
%
2
0
,
4
0
0
3
1
.
7
4
%
Fl
o
r
i
d
a
S
t
a
t
e
g
o
v
e
r
n
m
e
n
t
1
7
,
1
0
0
4
1
.
4
5
%
1
7
,
0
0
0
4
1
.
4
5
%
Un
i
v
e
r
s
i
t
y
o
f
M
i
a
m
i
1
2
,
8
1
8
5
1
.
0
8
%
9
,
8
7
4
8
0
.
8
4
%
Ba
p
t
i
s
t
H
e
a
l
t
h
S
o
u
t
h
F
l
o
r
i
d
a
1
1
,
3
5
3
6
0
.
9
6
%
1
0
,
8
2
6
6
0
.
9
2
%
Am
e
r
i
c
a
n
A
i
r
l
i
n
e
s
1
1
,
0
3
1
7
0
.
9
3
%
9
,
0
0
0
9
0
.
9
0
%
Ja
c
k
s
o
n
H
e
a
l
t
h
S
y
s
t
e
m
9
,
7
9
7
8
0
.
8
3
%
1
0
,
5
0
0
7
0
.
9
4
%
Pu
b
l
i
x
S
u
p
e
r
M
a
r
k
e
t
s
4
,
6
0
4
9
0
.
3
9
%
1
1
,
0
0
0
5
0
.
7
7
%
Ci
t
y
o
f
M
i
a
m
i
3
,
9
9
7
1
0
0
.
3
4
%
-
-
0.00%
Mi
a
m
i
D
a
d
e
C
o
l
l
e
g
e
-
-
-
6
,
5
0
0
1
0
0
.
5
5
%
14
8
,
8
7
9
1
2
.
6
0
%
1
7
7
,
1
0
0
1
5
.
1
1
%
So
u
r
c
e
:
T
h
e
B
e
a
c
o
n
C
o
u
n
c
i
l
.
Mi
a
m
i
D
a
d
e
C
o
u
n
t
y
L
a
b
o
r
M
a
r
k
e
t
R
e
p
o
r
t
20
1
4
2
0
0
8
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
FU
L
L
‐TI
M
E
EQ
U
I
V
A
L
E
N
T
CI
T
Y
GO
V
E
R
N
M
E
N
T
EM
P
L
O
Y
E
E
S
BY
FU
N
C
T
I
O
N
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
86
Table 15
20
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
FU
N
C
T
I
O
N
:
Ge
n
e
r
a
l
g
o
v
e
r
n
m
e
n
t
1
7
2
0
2
7
2
9
3
0
2
8
2
5
1
8
2
1
2
1
Pu
b
l
i
c
s
a
f
e
t
y
:
P
o
l
i
c
e
:
O
f
f
i
c
e
r
s
4
9
4
9
5
1
4
5
4
9
4
9
5
1
5
1
4
8
5
0
C
i
v
i
l
i
a
n
s
9
6
7
8
8
7
9
9
8
9
Bu
i
l
d
i
n
g
a
n
d
z
o
n
i
n
g
1
3
1
8
1
7
1
6
1
8
1
6
1
7
1
4
1
2
4
Public w
o
r
k
s
1
9
2
4
2
6
2
5
2
4
2
6
2
3
2
5
2
4
1
7
Re
c
r
e
a
t
i
o
n
a
n
d
s
o
c
i
a
l
s
e
r
v
i
c
e
s
3
2
2
5
9
1
5
1
4
1
3
1
0
1
0
1
0
1
0
Sanitation
1
2
1
0
1
0
1
0
1
0
9
9
9
9
1
1
To
t
a
l
1
5
1
1
5
2
1
4
7
1
4
8
1
5
3
1
4
8
1
4
4
1
3
6
1
3
2
1
2
2
So
u
r
c
e
:
C
i
t
y
o
f
S
o
u
t
h
M
i
a
m
i
F
i
n
a
n
c
e
D
e
p
a
r
t
m
e
n
t
CI
T
Y
OF
SO
U
T
H
MI
A
M
I
,
FL
O
R
I
D
A
OP
E
R
A
T
I
N
G
IN
D
I
C
A
T
O
R
S
BY
FU
N
C
T
I
O
N
LA
S
T
TE
N
FI
S
C
A
L
YE
A
R
S
87
Table 16
20
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
2
0
1
3
2
0
1
4
FU
N
C
T
I
O
N
/
P
R
O
G
R
A
M
:
Pu
b
l
i
c
s
a
f
e
t
y
:
P
o
l
i
c
e
:
N
u
m
b
e
r
o
f
c
a
l
l
s
a
n
s
w
e
r
e
d
1
1
,
0
0
5
1
1
,
52
6
1
1
,
1
3
6
1
0
,
6
5
5
1
1
,
2
7
4
1
0
,
8
9
3
1
1
,
6
0
9
1
1
,
7
4
4
1
0
,
4
0
9
10,409
N
u
m
b
e
r
o
f
a
r
r
e
s
t
s
1
,
4
8
4
2
,
5
3
0
6
5
0
5
5
1
7
6
5
6
1
6
5
9
1
3
8
3
4
5
9
463
N
u
m
b
e
r
o
f
u
n
i
f
o
r
m
e
d
o
f
f
i
c
e
r
s
4
9
4
9
5
1
4
5
4
9
4
9
5
1
5
0
4
8
50
Bu
i
l
d
i
n
g
a
n
d
z
o
n
i
n
g
:
N
u
m
b
e
r
o
f
b
u
i
l
d
i
n
g
p
e
r
m
i
t
s
i
s
s
u
e
d
1
,
7
5
4
1,
9
2
7
1
,
6
2
9
1
,
3
5
0
1
,
1
5
8
1
,
1
4
1
1
,
2
6
1
1
,
2
9
3
1
,
4
0
3
1,447
L
i
c
e
n
s
e
/
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.
COMPLIANCE SECTION
89
Report of Independent Auditor on Internal Control Over
Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
To the Honorable Mayor,
Members of the City Commission and City Manager
City of South Miami, 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, each major
fund, and the aggregate remaining fund information of the City of South Miami, Florida (the "City"), as of and for
the year ended September 30, 2014, and the related notes to the financial statements, which collectively
comprise the City's basic financial statements, and have issued our report thereon dated March 25, 2015. Our
report includes a reference to other auditors who audited the financial statements of the Police Officers
Retirement Trust Fund – Section 185 Plan, as described in our report on the City’s financial statements. This
report does not include the results of the other auditor’s testing of internal control over financial reporting or
compliance and other matters that are reported on separately by those auditor.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal control over
financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances
for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an
opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the
effectiveness of the City’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 entity’s financial
statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a
deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet
important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
90
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free of material
misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and
grant agreements, noncompliance with which could have a direct and material effect on the determination of
financial statement amounts. However, providing an opinion on compliance with those provisions was not an
objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no
instances of noncompliance or other matters that are required to be reported under Government Auditing
Standards.
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 entity’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 entity’s internal control and compliance. Accordingly, this communication is not
suitable for any other purpose.
Orlando, Florida
March 25, 2015
91
Report of Independent Auditor on Compliance
for Each Major Federal Program and on Internal Control Over
Compliance Required by OMB Circular A‐133
To the Honorable Mayor,
Members of the City Commission and City Manager
City of South Miami, Florida
Report on Compliance for Each Major Federal Program
We have audited the City of South Miami, Florida’s (the “City”) compliance with the types of compliance
requirements described in the OMB Circular A-133 Compliance Supplement that could have a direct and
material effect on the City’s major federal program for the year ended September 30, 2014. The City’s major
federal program is identified in the summary of auditor’s results section of the accompanying schedule of
findings and questioned costs.
Management’s Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants
applicable to its federal programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for the City’s major federal program based on our
audit of the types of compliance requirements referred to above. We conducted our audit of compliance 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 OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.
Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable
assurance about whether noncompliance with the types of compliance requirements referred to above that
could have a direct and material effect on a major federal program occurred. An audit includes examining, on a
test basis, evidence about the City’s compliance with those requirements and performing such other procedures
as we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal
program. However, our audit does not provide a legal determination of the City’s compliance.
Opinion on Each Major Federal Program
In our opinion, the City complied, in all material respects, with the types of compliance requirements referred to
above that could have a direct and material effect on its major federal program for the year ended September
30, 2014.
92
Report on Internal Control Over Compliance
Management of the City is responsible for establishing and maintaining effective internal control over
compliance with the types of compliance requirements referred to above. In planning and performing our audit of
compliance, we considered the City’s internal control over compliance with the types of requirements that could
have a direct and material effect on each major federal program to determine the auditing procedures that are
appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal
program and to test and report on internal control over compliance in accordance with OMB Circular A-133, but
not for the purpose of expressing an opinion on the effectiveness of internal control over compliance.
Accordingly, we do not express an opinion on the effectiveness of the City’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a
timely basis. A material weakness in internal control over compliance is a deficiency, or combination of
deficiencies, in internal control over compliance, such that there is a reasonable possibility that material
noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected
and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control over compliance with a type of compliance requirement of a
federal program that is less severe than a material weakness in internal control over compliance, yet important
enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control over compliance
that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal
control over compliance that we consider to be material weaknesses. However, material weaknesses may exist
that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of OMB Circular A-
133. Accordingly, this report is not suitable for any other purpose.
Orlando, Florida
March 25, 2015
CITY OF SOUTH MIAMI, FLORIDA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED SEPTEMBER 30, 2014
93
Federal Grantor/ Pass‐ThroughFederalPass‐ThroughFederal (Direct
Grantor/ProgramCFDAGrantor'sand Pass‐Through)
Program TitleNumberNumberExpenditures
U.S. Department of Housing and Urban Development
Passed through Miami-Dade County
Community Development Block Grant 14.218IDIS# 32451,201,361$
Community Development Block Grant 14.218IDIS# 5217102,772
Total 1,304,133
U.S. Department of Justice
Bureau of Justice Assistance
Bulletproof Vest Partnership Program 16.607N/A885
Edward Byne Memorial Justice Assistance
Grant Program (Byrne-JAG)16.738N/A2,452
Passed through Florida Department of
Law Enforcement
Edward Byne Memorial Justice Assistance
Grant Program (Byrne-JAG)16.7385,521
Total 8,858
Total expenditures of federal awards1,312,991$
2014-JAGD-
DADE-5-E6-I30
CITY OF SOUTH MIAMI, FLORIDA
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED SEPTEMBER 30, 2014
94
Note 1 – BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes federal grant activity of the City and is
presented on the modified accrual basis of accounting. The information in this schedule is presented in
accordance with accounting principles generally accepted in the United States of America as applicable to
governmental units and the requirements of OMB Circular A-133, Audits of States, Local Governments, and
Non-Profit Organizations.
Note 2 – CONTINGENCIES
Expenditures incurred by the City associated with the execution of various grants are subject to audit and
possible disallowance by the grantor agencies. The City would be held responsible for recovery (reimbursement
to the grantor agency) of disallowed amounts. Management believes that, if audited, any adjustment for
disallowed expenditures would be immaterial.
CITY OF SOUTH MIAMI, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED SEPTEMBER 30, 2014
95
Section I – Summary of Auditor’s Results
Financial Statements
Type of auditor’s report issued: Unmodified
Internal control over financial reporting:
Material Weaknesses identified? yes X no
Significant deficiency(s) identified that are
not considered to be material weaknesses? yes X none reported
Noncompliance material to financial
statements noted? yes X no
Federal Awards
Internal control over major federal programs:
Material weaknesses identified? yes X no
Significant deficiency(s) identified that are
not considered to be material weaknesses? yes X none reported
Noncompliance material to federal awards
noted? yes X no
Type of auditor’s report issued on compliance for major federal program: Unmodified
Any audit findings disclosed that are required to be
reported in accordance with Section 510(a) of
Circular A-133 yes X no
Identification of major federal programs:
CFDA# Program Name
14.218 Community Development Block Grant
II. – Findings Related to the Audit of the Basic Financial Statements of the City
None reported.
III. – Findings and Questioned Costs Related to the Audit of Federal Awards
None reported.
96
Management Letter in Accordance with the Rules of the
Auditor General of the State of Florida
To the Honorable Mayor,
Members of the City Commission and City Manager
City of South Miami, Florida
Report on the Financial Statements
We have audited the financial statements of the governmental activities, each major fund, and the aggregate
remaining fund information of the City of South Miami, Florida (the “City”), as of and for the fiscal year ended
September 30, 2014, and have issued our report thereon dated March 25, 2015. Our report includes a reference
to another auditor who audited the financial statements of the Police Officers Retirement Trust Fund – Section
185 Plan, as described in our report on the City’s financial statements. This report does not include the results of
the other auditor’s testing of internal control over financial reporting or compliance and other matters that are
reported on separately by that auditor.
Auditor’s 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; OMB Circular A-133, Audits of States, Local Governments, and
Non-Profit Organizations; and Chapter 10.550, Rules of the Florida Auditor General.
Other Reports and Schedule
We have issued our Report of Independent Auditor 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; Report of Independent Auditor on Compliance for Each Major Federal
Program and on Internal Control Over Compliance Required by OMB Circular A-133; Schedule of Findings and
Questioned Costs; and Report of Independent Accountant on Compliance with Local Government Investment
Policies. Disclosures in those reports, which are dated March 25, 2015, should be considered in conjunction
with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective
actions have been taken to address findings and recommendations made in the preceding annual financial audit
report. All recommendations made in the preceding report have been addressed.
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. Refer to Note I in the notes to the financial statements
regarding the creation of the City of South Miami, Florida. The City of South Miami, Florida included the
following component unit: The South Miami Community Redevelopment Agency was established under the
authority granted by the Florida Statute 163, Section III. It was created by the City of South Miami Ordinance
Number 12-97-1633 on April 15, 1997.
97
Financial Condition
Section 10.554(1)(i)5.a., Rules of the Auditor General, requires that we report the results of our determination as
to whether or not the City has met one or more of the conditions described in Section 218.503(1), Florida
Statutes, and identification of the specific condition(s) met. In connection with our audit of the financial
statements of the City, the results of our tests did not indicate the City met any of the specified conditions of a
financial emergency contained in Section 218.503(1), Florida Statutes.
Pursuant to Sections 10.554(1)(i)5.c. and 10.556(8), Rules of the Auditor General, we applied financial condition
assessment procedures. It is management’s responsibility to monitor the City’s financial condition, and our
financial condition assessment was based in part on representations made by management and the review of
financial information provided by management.
Annual Financial Report
Section 10.554(1)(i)5.b., Rules of the Auditor General, requires that we report the results of our determination as
to whether the annual financial report for the City for the fiscal year ended September 30, 2014, filed with the
Florida Department of Financial Services pursuant to Section 218.32(1)(a), Florida Statutes, is in agreement
with the annual financial audit report for the fiscal year ended September 30, 2014. Our comparison of these two
reports resulted in no material differences.
Special District Component Units
Section 10.554(1)(i)5.d, Rules of the Auditor General, requires that we determine whether or not a special
district that is a component unit of a county, municipality, or special district, provided the financial information
necessary for proper reporting of the component unit, within the audited financial statements of the county,
municipality, or special district in accordance with Section 218.39(3)(b), Florida Statutes. In connection with our
audit, we determined that all special district component units provided the necessary information for proper
reporting in accordance with Section 218.39(3)(b), Florida Statutes.
Other Matters
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the management letter any
recommendations to improve financial management. In connection with our audit, we did not have any such
recommendations.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of
contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect
on the financial statements that is less than material but which warrants the attention of those charged with
governance. In connection with our audit, we did not have any such findings.
Purpose of this Letter
The purpose of this management letter is to communicate certain matters prescribed by Chapter 10.550, Rules
of the Auditor General. Accordingly, this management letter is not suitable for any other purpose.
Orlando, Florida
March 25, 2015
98
Report of Independent Accountant on Compliance
With Local Government Investment Policies
To the Honorable Mayor,
Members of the City Commission and City Manager
City of South Miami, Florida
Report on Compliance
We have examined the City of South Miami, Florida’s (the “City”) compliance with the local government
investment policy requirements of 218.415, Florida Statutes, during the year ended September 30, 2014.
Management is responsible for the City’s compliance with those requirements. Our responsibility is to express
an opinion on the City’s compliance based on our examination.
Scope
Our examination was conducted in accordance with attestation standards established by the American Institute
of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the City’s
compliance with those requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the City’s compliance with specified requirements.
Opinion
In our opinion, the City complied, in all material respects, with the aforementioned requirements for the year
ended September 30, 2014.
Orlando, Florida
March 25, 2015