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Ord No 26-22-2447
ORDINANCE NO. 26-22-2447 An Ordinance amending the City of South Miami Code of Ordinances, Chapter 2, Article II, Section 2-9.1 -Reserved amending the title to "Investment Policy" and codifying the City's investment policy in conformity with Florida law. WHEREAS, the Investment activity by the City must be consistent with a written investment plan adopted by the governing body, WHEREAS, the City shall have an investment policy for any public funds in excess of the amounts needed to meet current expenses; and WHEREAS, such policies shall be structured to place the highest priority on the safety of principal and liquidity of funds and the optimization of investment returns shall be secondary to the requirements for safety and liquidity; and WHEREAS, an investment policy describes the parameters for investing government funds and identifies the investment objectives, preferences or tolerance for risk, constraints on the investment portfolio, and how the investment program will be managed and monitored. The policy itself serves as a communication tool for the staff, elected officials, the public, rating agencies, bondholders, and any other stakeholders on investment guidelines and priorities. An investment policy enhances the quality of decision making and demonstrates a commitment to the fiduciary care of public funds, making it the most important element in a public funds investment program; and WHEREAS, the City Commission desires to codify the statutorily required investment policy. NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA: Section 1. The foregoing recitals are hereby ratified and incorporated by reference as if fully set forth herein and as the legislative intent of this Ordinance. Section 2. Chapter 2, Article II, Section 2-9.1-Reserved" of the Code of Ordinances, City of South Miami, Florida, is hereby amended and shall read as follows: Section 2-9.1-Res@F\fefj City Investment Policies. (1) INTENT. The purpose of this Section is to codify the City's investment policy for any public funds in excess of the amounts needed to meet current expenses as provided in subsections (2)- (17), in order to place the highest priority on the safety of principal and liquidity of funds. The optimization of investment returns shall be secondary to the requirements for safety and liquidity Page 1 of 6 Ora. No. 26-22-2447 and the City's investment decisions must be commensurate with the nature and size of the public funds within its custody. (2) SCOPE. -In accordance with Section 218.415, Florida Statutes, the investment policy applies to funds under the control of the City in excess of those required to meet the current expenses. The investment policy does not apply to pension funds, including those funds established under the provision of in chapters 175 and 185, F.S., or funds related to the issuance of debt where there are other existing policies or indentures in effect for such funds. (3) INVESTMENT OBJECTIVES. -The City's investment objectives include safety of capital. liquidity of funds, and investment income, in that order. (4) PERFORMANCE MEASUREMENT. -The City's budget must specify performance measures as are appropriate for the nature and size of the funds within the custody of the City. (5) PRUDENCE AND ETHICAL STANDARDS.-The level of prudence and ethical standards to be followed include the Prudent Person Rule, which states that: "Investments should be made with judgment and care. under circumstances then prevailing, which persons of prudence. discretion. and intelligence exercise in the management of their own affairs. not for speculation. but for investment, considering the probable safety of their capital as well as the probable income to be derived from the investment." (6) DELEGATION OF AUTHORITY. -No person may engage in an investment transaction except as authorized under the terms of this investment policy. The day-to-day management responsibility for all City funds in the investment program and investment transactions is delegated to the authorized investment officers. The Chief Financial Officer ("CFO"). is authorized to make investments under this policy as required or appropriate. The City may employ an investment/financial manager by written contract to assist in managing City funds. Such investment manager must be registered under the Investment Advisors Act of 1940. (7) MATURITY AND LIQUIDITY REQUIREMENTS. -The investment portfolio must be structured in such manner as to provide sufficient liquidity to pay obligations as they come due. To that end, and to the extent possible. an attempt must be made to match investment maturities with known cash needs and anticipated cash-flow requirements. (8) PORTFOLIO COMPOSITION. -The CFO must establish guidelines for investments and limits on security issues. issuers, and maturities. Such guidelines shall be commensurate with the nature and size of the public funds within the custody of the unit of local government. (9) RISK AND DIVERSIFICATION. -The City's investment portfolio must be appropriately diversified to the extent practicable to control the risk of loss resulting from overconcentration of assets in a specific maturity, issuer, instrument. dealer, or bank through which financial instruments are bought and sold. Diversification strategies within the established guidelines must be reviewed and revised periodically, as deemed necessary by the City's CFO. Page 2 of 6 Ord. No. 26-22-2447 (10) AUTHORIZED INVESTMENT INSTITUTIONS AND DEALERS. -The City will only buy and sell income securities using broker/dealers registered with the Federal Reserve Bank of New York's list of "Primary Dealers" and from banks and savings and loan associations (including their wholly owned subsidiaries or their parent companies' wholly owned subsidiaries established to provide institutional brokerage services) that are included on the list of "qualified public depositories" issued by the State of Florida. The CFO will be responsible for operating within the guidelines of this policy and will be responsible for the selection of "Primary Government Securities Dealers. (11) THIRD-PARTY CUSTODIAL AGREEMENTS. -Securities must be held with a third party; and all securities purchased by. and all collateral obtained by. the City must be properly designated as an asset of the City. The City is prohibited from making withdrawal of securities. in whole or in part. from safekeeping, except by an authorized staff member. Securities transactions between a broker-dealer and the custodian involving purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable. to ensure that the custodian will have the security or money. as appropriate. in hand at the conclusion of the transaction. (12) MASTER REPURCHASE AGREEMENT. -All approved institutions and dealers transacting repurchase agreements must execute and perform as stated in the Master Repurchase Agreement. All repurchase agreement transactions must adhere to the requirements of the Master Repurchase Agreement. (13) BID REQUIREMENT. -The City's CFO must determine the approximate maturity date based on cash-flow needs and market conditions, analyze and select one or more optimal types of investment, and competitively bid the security in question when feasible and appropriate. Except as otherwise required by law, the bid deemed to best meet the investment objectives specified in Subsection (3) must be selected. (14) INTERNAL CONTROLS. -The City's CFO must establish a written system of internal controls as part of the City's operational procedures. The City's independent auditors must review such controls as part of their yearly financial audit. The internal controls should be designed to prevent losses of funds which might arise from fraud. employee error, misrepresentation by third parties. or imprudent actions by employees of the unit of local government. (15) CONTINUING EDUCATION. -The City's CFO must attend and annually complete 8 hours of continuing education classes devoted to investment decision making and investment practices and products. (16) LISTING OF AUTHORIZED INVESTMENTS. -The investments authorized must comply with the provisions of Subsection (17). Investments not listed are prohibited. The City's CFO is Page 3 of6 Ord. No. 26-22-2447 authorized to invest in reverse repurchase agreements. but such investments are limited to transactions in which the proceeds are intended to provide liquidity and for which the City has sufficient resources and expertise. (17) AUTHORIZED INVESTMENTS: WRITTEN INVESTMENT POLICIES. -In addition. and without limitation to the forgoing. the City may invest and reinvest any surplus public funds in their control or possession in: (a) The Local Government Surplus Funds Trust Fund or any intergovernmental investment pool authorized pursuant to the Florida lnterlocal Cooperation Act of 1969. as provided in s. 163.01. (b) Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency. (c) Interest-bearing time deposits or savings accounts in qualified public depositories as defined ins. 280.02. (d) Direct obligations of the United States Treasury. (e) Federal agencies and instrumentalities. (f) Rated or unrated bonds. notes. or instruments backed by the full faith and credit of the government of Israel. (g) Securities of. or other interests in. any open-end or closed-end management-type investment company or investment trust registered under the Investment Company Act of 1940. 15 U.S.C. ss. 80a-1 et seq .• as amended from time to time. provided that the portfolio of such investment company or investment trust is limited to obligations of the United States Government or any agency or instrumentality thereof and to repurchase agreements fully collateralized by such United States Government obligations. and provided that such investment company or investment trust takes delivery of such collateral either directly or through an authorized custodian. (h) Other investments authorized by law or by ordinance for a county or a municipality. (18) SECURITIES; DISPOSITION. - (a) Every security purchased under this Section on behalf of the City must be properly earmarked and: (i) If registered with the issuer or its agents. must be immediately placed for safekeeping in a location that protects the City's interest in the security: (ii) If in book entry form. the securities must: 1. be held for the credit of the City by a depository chartered by the Federal Government. the state. or any other state or territory of the United States which has a branch or principal place of business in this state as defined ins. 658.12. or Page 4 of6 Ord. No. 26-22-2447 2. by a national association organized and existing under the laws of the United States which is authorized to accept and execute trusts and which is doing business in this state. and 3. must be kept by the depository in an account separate and apart from the assets of the financial institution: or 4. If physically issued to the holder but not registered with the issuer or its agents. must be immediately placed for safekeeping in a secured vault. (b) The City may also receive bank trust receipts in return for investment of surplus funds in securities. Any trust receipts received must enumerate the various securities held. together with the specific number of each security held. The actual securities on which the trust receipts are issued may be held by any bank depository chartered by the Federal Government. this state. or any other state or territory of the United States which has a branch or principal place of business in this state as defined in s. 658.12. or by a national association organized and existing under the laws of the United States which is authorized to accept and execute trusts and which is doing business in this state. (19) SALE OF SECURITIES. -When the invested funds are needed in whole or in part for the purposes originally intended or for more optimal investments. the City may sell such investments at the then-prevailing market price and place the proceeds into the proper account or fund. (20) PREEXISTING CONTRACT. -Any public funds subject to a contract or agreement existing on October 1. 2000. may not be invested contrary to such contract or agreement. (21) AUDITS.-Certified public accountants conducting audits of the City pursuant to s. 218.39 shall report. as part of the audit. whether or not the unit of local government has complied with this Section. (22) AUTHORIZED DEPOSITS. -In addition to the investments authorized for local governments in subsections (17) and (18) and notwithstanding any other provisions of law, the City may deposit any portion of surplus public funds in its control or possession in accordance with the following conditions: (a) The funds are initially deposited in a qualified public depository. as defined in s. 280.02, selected by the City. (b) The selected depository arranges for depositing the funds in financial deposit instruments insured by the Federal Deposit Insurance Corporation in one or more federally insured banks or savings and loan associations. wherever located. for the account of the City. (c) The full amount of the principal and accrued interest of each financial deposit instrument is insured by the Federal Deposit Insurance Corporation. (d) The selected depository acts as custodian for the City with respect to each financial deposit instrument issued for its account. Page 5 of 6 Ord. No . 26-22-2447 (23) A NNU A L RE VIE W OF IN VESTMENT POLICY. -The City must review Sect ion 218.415, FS annually, and ma ke a ppropriate changes to t he Invest ment policy. (24) REPORTING. -The City's CFO mu st report in vest m ent activities to t h e City Manager and City Co mmi ssion quarterly and prepare a report that includes a list of the sec urit i es in the portfoli o by class or type, book value, income ea rned, and m arket va lu e as of the re port date. Such reports must be ava il able to the public. Section 3. Corrections. Conforming language o r technical scr ivener-type corrections may be made by the City Attorn ey for any co nforming amendments to be i ncorporated into the fi n al ordinance fo r sig na t u re . Section 4. Ordinances in Conflict. All ordi n ances o r parts of ord inances and all sections and parts of se ction s of ordinances in direct conflict herewith are he reby repealed. Section 5 . Codification. The provisions of this ordinance w i ll become and be made a part of the Code of Ord inances of the City of South Miami as amended. Section 6. Severability. If any section, clause, sentence, or phrase of this ordinance is for any reason held invalid or unconstitutio nal by a court of competent jurisdiction, this ho l ding w ill not affect the validity of the remaining portions of this ordinance . Section 7. Effective Date. This ordinance is effective upon enactment. PASSED AND ENACTED this p t day of November, 2022 . 1st Reading -10/18/22 2 nd Reading -11/1/22 RE AD AND APPROV ED AS TO FORM , LANGUAGE, LEGALITY, AND :~;;m Page 6 o f6 COMMISSION VOT E: Mayor Phi lips: Commissi oner Harris: Comm issioner Liebman: Comm iss i oner Gi l : Commissioner Corey: 5-0 Yea Yea Yea Yea Yea Agenda Item No:7. City Commission Agenda Item Report Meeting Date: November 1, 2022 Submitted by: Nkenga Payne Submitting Department: Finance Department Item Type: Ordinance Agenda Section: Subject: An Ordinance amending the City of South Miami Code of Ordinances, Chapter 2, Article II, Section 2-9.1 – Reserved amending the title to “Investment Policy” and codifying the City’s investment policy in conformity with Florida law. 3/5 (City Manager-Finance Dept.) Suggested Action: Attachments: FMemo_Investing_Policy (1).docx Ordinance_codifying_City_s_Investment_Policy_rv1.docx The 2022 Florida Statutes 218.415.pdf 4th Quarter 2022 Report.pdf MDBR Ad.pdf MH Ad.pdf 1 OFFICE OF THE CITY MANAGER INTER-OFFICE MEMORANDUM To:The Honorable Mayor & Members of the City Commission From:Shari Kamali, ICMA-CM, City Manager Date:October 18, 2022 An Ordinance amending the City of South Miami Code of Ordinances, Chapter 2, Article II, Section 2-9.1 – Reserved amending the title to “Investment Policy” and codifying the City’s investment policy in conformity with Florida law. As recommended by the City’s independent auditors and in an effort to comply with Florida Statute, the City is recommending codifying an Investment Policy. Furthermore, Finance expectsthe Federal Reserve (Fed) to continue hiking interest rates through the second half of the year and into 2023. The Fed is on a mission to combat inflation. It has deployed two of its main tools, raising the federal funds target rate and selling financial securities on its balance sheet, to achieve its stated goal of bringing inflation back to 2% or slightly above that level. All the remaining Fed meetings (November 1-2 and December 13-14) are crucial, as the Fed has signaled that it will continue to hike rates aggressively to bring inflation under control. Most of the top Federal Reserve officials expect the central bank's benchmark lending rate to top 4% by the end of 2022. From there, monetary policymakers expect further hikes in 2023. The City, before these new historic rate increases, was receiving favorable rates from the City’s custodial bank accounts and Certificate of Deposits (CD) with First National Bank of South Miami. However, Finance is recommending investing idle cash in income securities which will begin outperforming the current rates being earned at the custodial bank. In looking to invest Finance has prepared an investment policy which obligates the officers responsible for investing the local government funds to act with a duty of care, skill, prudence, and diligence that a prudent person would exercise when investing and managing their own funds. An investment policy describes the parameters for investing government funds and identifies the investment objectives, preferences or tolerance for risk, constraints on the investment portfolio, and how the investment program will be managed and monitored. The policy itself serves as a communication tool for the staff, elected officials, the public, rating agencies, bondholders, and any other stakeholders on investment guidelines and priorities. An investment policy enhances the quality of decision making and demonstrates a commitment to the fiduciary care of public funds, making it the most important element in a public funds investment program. 2 The 2022 Florida Statutes Title XIV TAXATION AND FINANCE Chapter 218 FINANCIAL MATTERS PERTAINING TO POLITICAL SUBDIVISIONS View Entire Chapter 218.415 Local government investment policies.—Investment activity by a unit of local government must be consistent with a written investment plan adopted by the governing body, or in the absence of the existence of a governing body, the respective principal officer of the unit of local government and maintained by the unit of local government or, in the alternative, such activity must be conducted in accordance with subsection (17). Any such unit of local government shall have an investment policy for any public funds in excess of the amounts needed to meet current expenses as provided in subsections (1)‐(16), or shall meet the alternative investment guidelines contained in subsection (17). Such policies shall be structured to place the highest priority on the safety of principal and liquidity of funds. The optimization of investment returns shall be secondary to the requirements for safety and liquidity. Each unit of local government shall adopt policies that are commensurate with the nature and size of the public funds within its custody. (1) SCOPE.—The investment policy shall apply to funds under the control of the unit of local government in excess of those required to meet current expenses. The investment policy shall not apply to pension funds, including those funds in chapters 175 and 185, or funds related to the issuance of debt where there are other existing policies or indentures in effect for such funds. (2) INVESTMENT OBJECTIVES.—The investment policy shall describe the investment objectives of the unit of local government. Investment objectives shall include safety of capital, liquidity of funds, and investment income, in that order. (3) PERFORMANCE MEASUREMENT.—The investment policy shall specify performance measures as are appropriate for the nature and size of the public funds within the custody of the unit of local government. (4) PRUDENCE AND ETHICAL STANDARDS.—The investment policy shall describe the level of prudence and ethical standards to be followed by the unit of local government in carrying out its investment activities with respect to funds described in this section. The unit of local government shall adopt the Prudent Person Rule, which states that: “Investments should be made with judgment and care, under circumstances then prevailing, which persons of 9 prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived from the investment.” (5) LISTING OF AUTHORIZED INVESTMENTS.—The investment policy shall list investments authorized by the governing body of the unit of local government, subject to the provisions of subsection (16). Investments not listed in the investment policy are prohibited. If the policy authorizes investments in derivative products, the policy must require that the unit of local government’s officials responsible for making investment decisions or chief financial officer have developed sufficient understanding of the derivative products and have the expertise to manage them. For purposes of this subsection, a “derivative” is defined as a financial instrument the value of which depends on, or is derived from, the value of one or more underlying assets or index or asset values. If the policy authorizes investments in reverse repurchase agreements or other forms of leverage, the policy must limit the investments to transactions in which the proceeds are intended to provide liquidity and for which the unit of local government has sufficient resources and expertise. (6) MATURITY AND LIQUIDITY REQUIREMENTS.—The investment policy shall require that the investment portfolio is structured in such manner as to provide sufficient liquidity to pay obligations as they come due. To that end, the investment policy should direct that, to the extent possible, an attempt will be made to match investment maturities with known cash needs and anticipated cash‐flow requirements. (7) PORTFOLIO COMPOSITION.—The investment policy shall establish guidelines for investments and limits on security issues, issuers, and maturities. Such guidelines shall be commensurate with the nature and size of the public funds within the custody of the unit of local government. (8) RISK AND DIVERSIFICATION.—The investment policy shall provide for appropriate diversification of the investment portfolio. Investments held should be diversified to the extent practicable to control the risk of loss resulting from overconcentration of assets in a specific maturity, issuer, instrument, dealer, or bank through which financial instruments are bought and sold. Diversification strategies within the established guidelines shall be reviewed and revised periodically, as deemed necessary by the appropriate management staff. (9) AUTHORIZED INVESTMENT INSTITUTIONS AND DEALERS.—The investment policy should specify the authorized securities dealers, issuers, and banks from whom the unit of local government may purchase securities. (10) THIRD‐PARTY CUSTODIAL AGREEMENTS.—The investment policy shall provide appropriate arrangements for the holding of assets of the unit of local government. Securities should be held with a third party; and all securities purchased by, and all collateral obtained by, the unit of local government should be properly designated as an asset of the unit of local government. No withdrawal of securities, in whole or in part, shall be made from safekeeping, 10 except by an authorized staff member of the unit of local government. Securities transactions between a broker‐dealer and the custodian involving purchase or sale of securities by transfer of money or securities must be made on a “delivery vs. payment” basis, if applicable, to ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion of the transaction. (11) MASTER REPURCHASE AGREEMENT.—The investment policy shall require all approved institutions and dealers transacting repurchase agreements to execute and perform as stated in the Master Repurchase Agreement. All repurchase agreement transactions shall adhere to the requirements of the Master Repurchase Agreement. (12) BID REQUIREMENT.—The investment policy shall require that the unit of local government’s staff determine the approximate maturity date based on cash‐flow needs and market conditions, analyze and select one or more optimal types of investment, and competitively bid the security in question when feasible and appropriate. Except as otherwise required by law, the bid deemed to best meet the investment objectives specified in subsection (2) must be selected. (13) INTERNAL CONTROLS.—The investment policy shall provide for a system of internal controls and operational procedures. The unit of local government’s officials responsible for making investment decisions or chief financial officer shall establish a system of internal controls which shall be in writing and made a part of the governmental entity’s operational procedures. The investment policy shall provide for review of such controls by independent auditors as part of any financial audit periodically required of the unit of local government. The internal controls should be designed to prevent losses of funds which might arise from fraud, employee error, misrepresentation by third parties, or imprudent actions by employees of the unit of local government. (14) CONTINUING EDUCATION.—The investment policy shall provide for the continuing education of the unit of local government’s officials responsible for making investment decisions or chief financial officer. Such officials must annually complete 8 hours of continuing education in subjects or courses of study related to investment practices and products. (15) REPORTING.—The investment policy shall provide for appropriate annual or more frequent reporting of investment activities. To that end, the governmental entity’s officials responsible for making investment decisions or chief financial officer shall prepare periodic reports for submission to the legislative and governing body of the unit of local government, which shall include securities in the portfolio by class or type, book value, income earned, and market value as of the report date. Such reports shall be available to the public. (16) AUTHORIZED INVESTMENTS; WRITTEN INVESTMENT POLICIES.—Those units of local government electing to adopt a written investment policy as provided in subsections (1)‐(15) may by resolution invest and reinvest any surplus public funds in their control or possession in: 11 (a) The Local Government Surplus Funds Trust Fund or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act of 1969, as provided in s. 163.01. (b) Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency. (c) Interest‐bearing time deposits or savings accounts in qualified public depositories as defined in s. 280.02. (d) Direct obligations of the United States Treasury. (e) Federal agencies and instrumentalities. (f) Rated or unrated bonds, notes, or instruments backed by the full faith and credit of the government of Israel. (g) Securities of, or other interests in, any open‐end or closed‐end management‐type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a‐1 et seq., as amended from time to time, provided that the portfolio of such investment company or investment trust is limited to obligations of the United States Government or any agency or instrumentality thereof and to repurchase agreements fully collateralized by such United States Government obligations, and provided that such investment company or investment trust takes delivery of such collateral either directly or through an authorized custodian. (h) Other investments authorized by law or by ordinance for a county or a municipality. (i) Other investments authorized by law or by resolution for a school district or a special district. (17) AUTHORIZED INVESTMENTS; NO WRITTEN INVESTMENT POLICY.—Those units of local government electing not to adopt a written investment policy in accordance with investment policies developed as provided in subsections (1)‐(15) may invest or reinvest any surplus public funds in their control or possession in: (a) The Local Government Surplus Funds Trust Fund, or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act of 1969, as provided in s. 163.01. (b) Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency. (c) Interest‐bearing time deposits or savings accounts in qualified public depositories, as defined in s. 280.02. (d) Direct obligations of the U.S. Treasury. 12 The securities listed in paragraphs (c) and (d) shall be invested to provide sufficient liquidity to pay obligations as they come due. (18) SECURITIES; DISPOSITION.— (a) Every security purchased under this section on behalf of the governing body of a unit of local government must be properly earmarked and: 1. If registered with the issuer or its agents, must be immediately placed for safekeeping in a location that protects the governing body’s interest in the security; 2. If in book entry form, must be held for the credit of the governing body by a depository chartered by the Federal Government, the state, or any other state or territory of the United States which has a branch or principal place of business in this state as defined in s. 658.12, or by a national association organized and existing under the laws of the United States which is authorized to accept and execute trusts and which is doing business in this state, and must be kept by the depository in an account separate and apart from the assets of the financial institution; or 3. If physically issued to the holder but not registered with the issuer or its agents, must be immediately placed for safekeeping in a secured vault. (b) The unit of local government’s governing body may also receive bank trust receipts in return for investment of surplus funds in securities. Any trust receipts received must enumerate the various securities held, together with the specific number of each security held. The actual securities on which the trust receipts are issued may be held by any bank depository chartered by the Federal Government, this state, or any other state or territory of the United States which has a branch or principal place of business in this state as defined in s. 658.12, or by a national association organized and existing under the laws of the United States which is authorized to accept and execute trusts and which is doing business in this state. (19) SALE OF SECURITIES.—When the invested funds are needed in whole or in part for the purposes originally intended or for more optimal investments, the unit of local government’s governing body may sell such investments at the then‐prevailing market price and place the proceeds into the proper account or fund of the unit of local government. (20) PREEXISTING CONTRACT.—Any public funds subject to a contract or agreement existing on October 1, 2000, may not be invested contrary to such contract or agreement. (21) PREEMPTION.—Any provision of any special act, municipal charter, or other law which prohibits or restricts a local governmental entity from complying with this section or any rules adopted under this section is void to the extent of the conflict. 13 (22) AUDITS.—Certified public accountants conducting audits of units of local government pursuant to s. 218.39 shall report, as part of the audit, whether or not the unit of local government has complied with this section. (23) AUTHORIZED DEPOSITS.—In addition to the investments authorized for local governments in subsections (16) and (17) and notwithstanding any other provisions of law, a unit of local government may deposit any portion of surplus public funds in its control or possession in accordance with the following conditions: (a) The funds are initially deposited in a qualified public depository, as defined in s. 280.02, selected by the unit of local government. (b) The selected depository arranges for depositing the funds in financial deposit instruments insured by the Federal Deposit Insurance Corporation in one or more federally insured banks or savings and loan associations, wherever located, for the account of the unit of local government. (c) The full amount of the principal and accrued interest of each financial deposit instrument is insured by the Federal Deposit Insurance Corporation. (d) The selected depository acts as custodian for the unit of local government with respect to each financial deposit instrument issued for its account. History.—s. 1, ch. 95‐194; s. 2, ch. 97‐9; s. 3, ch. 2000‐264; ss. 66, 141, ch. 2001‐266; s. 2, ch. 2005‐126; s. 1, ch. 2007‐89; s. 42, ch. 2008‐4; s. 2, ch. 2009‐140. 14 FINANCE DEPARTMENT MEMORANDUM To: The Honorable Mayor & Members of the City Commission City of South Miami Residents and General Public Via: Shari Kamali, ICMA-CM, City Manager From: Alfredo Riverol, CPA, CGFM, CGMA, CRFAC, Chief Financial Officer Date: October 26, 2022 Re: 4th Quarter of 2022 Investment Report Below, please find the ending balance and yield earnings for the quarter. Bank Name Account Name Type Beginning Balance as of 7/1/2022 Ending Balance as of 9/30/2022 Interest Rate as of 9/30/2022 Yield Earned for Qtr. 7/1-9/30 FNBSM Dial Account SM NOW Public Funds $432,366 $400,609 1.82% 1,528.71 FNBSM Payroll Account SM NOW Public Funds $6 $0 1.85%0.10 FNBSM Accounts Payable SM NOW Public Funds $48 $73 1.83%0.40 FNBSM Repo Account SM NOW Public Funds $14,935,663 $8,123,504 1.82% 32,967.05 FNBSM Parking Trust SM NOW Public Funds $30,188 $30,298 1.82% 110.80 FNBSM Reserve Account SM NOW Public Funds $6,283,054 $6,306,114 1.82% 23,059.93 FNBSM Stormwater Fund SM NOW Public Funds $492,821 $407,025 1.82% 1,601.95 FNBSM 2nd Local Option Gas Tax SM NOW Public Funds $356,751 $376,115 1.81% 1,347.31 FNBSM Parks Facilities Impact Fees SM NOW Public Funds $317,031 $331,510 1.82% 1,197.85 FNBSM American Rescue (ARPA)SM NOW Public Funds $2,702,490 $5,349,309 1.82% 15,390.24 FNBSM Peoples Transportation SM NOW Public Funds $1,235,601 $1,492,797 1.82% 5,099.24 FNBSM State Forfeiture SM NOW Public Funds $40,939 $41,089 1.82% 150.25 FNBSM Federal Forfeiture SM NOW Public Funds $969,582 $491,318 1.82% 2,524.59 FNBSM CD 12 Month CD $0 $7,024,222 3.00% 24,221.71 Truist Loan Reserve Account Interest Checking $250,265 $250,271 0.01%6.32 FNBSM Block Account SM NOW Public Funds $467,436 $0 1.21% 476.40 FNBSM Debt Service SM NOW Public Funds $424 $0 1.20%0.43 $28,514,666 $30,624,253 109,683.28 15 Below please find a portfolio detail of the City’s assets as of the quarter end. Portfolio Type Balance as 9-30-22 % Avg Return FNBSM SM NOW Public Funds $23,349,760 76% 1.82% FNBSM 12 Month CD $7,024,222 23% 3.00% Truist Interest Checking $250,271 1% 0.01% $30,624,253 100% 1.61% 16 To provide a 12-month performance measure, please find below the rates for the City different classes as of the last day of the quarter and the Federal Fund Reserve average rate, along with multiple Intergovernmental Investment Pools average yield rate. Month & Year City Bank Account Rate City CD Rate Federal Fund Reserve FL Prime FL Star FL SAFE Oct-21 1.00%None 0.06% 0.09% 0.04% 0.06% Nov-21 0.75%None 0.06% 0.10% 0.04% 0.06% Dec-21 0.75%None 0.06% 0.13% 0.04% 0.06% Jan-22 0.75%None 0.06% 0.14% 0.04% 0.08% Feb-22 0.75%None 0.06% 0.15% 0.04% 0.09% Mar-22 0.75%None 0.18% 0.29% 0.16% 0.16% Apr-22 0.75%None 0.31% 0.45% 0.33% 0.36% May-22 0.75%None 0.73% 0.85% 0.76% 0.70% Jun-22 0.79%None 1.13% 1.25% 1.17% 1.07% Jul-22 1.80% 1.50% 1.61% 1.80% 1.68% 1.51% Aug-22 1.80% 3.00% 2.29% 2.26% 2.20% 2.08% Sep-22 1.80% 3.00% 2.53% 2.61% 2.41% 2.37% Participant 30-Day Average Yield, net of fees 17 Date 1 MO 2 MO 3 MO 6 MO 1 YR 2 YR 10/18/2022 3.25 3.7 4.04 4.39 4.5 4.43 10/17/2022 3.3 3.66 3.97 4.38 4.5 4.45 10/14/2022 3.3 3.61 3.81 4.31 4.5 4.48 10/13/2022 3.35 3.6 3.79 4.3 4.46 4.47 10/12/2022 3.07 3.45 3.7 4.16 4.28 4.28 10/11/2022 3.07 3.43 3.67 4.17 4.28 4.3 10/7/2022 3.03 3.34 3.45 4.09 4.24 4.3 10/6/2022 3.05 3.34 3.46 4.04 4.19 4.23 10/5/2022 2.89 3.22 3.46 4 4.14 4.15 10/4/2022 2.91 3.23 3.45 3.98 4.15 4.1 10/3/2022 2.87 3.26 3.46 3.97 4.01 4.12 9/30/2022 2.79 3.2 3.33 3.92 4.05 4.22 9/29/2022 2.78 3.2 3.36 3.87 3.98 4.16 9/28/2022 2.63 3.14 3.4 3.87 3.99 4.07 9/27/2022 2.71 3.14 3.35 3.91 4.16 4.3 9/26/2022 2.73 3.14 3.39 3.95 4.17 4.27 9/23/2022 2.67 3.07 3.24 3.85 4.15 4.2 9/22/2022 2.73 3.09 3.29 3.87 4.08 4.11 9/21/2022 2.59 3.06 3.31 3.86 4.08 4.02 9/20/2022 2.57 3.05 3.35 3.86 4.03 3.96 9/19/2022 2.62 3.02 3.37 3.87 4.05 3.95 Attached: J.P. Morgan Economic and Markey Update Wells Fargo U.S. Economic Forecast 0 1 2 3 4 5 6 Treasury Yield Curve Rates 1 MO 2 MO 3 MO 6 MO 1 YR 2 YR 18 19 ) Market Insights Economic and Market update U.S. I 4Q 2022 As of September 30, 2022 J.P.Morgan ASSET MANAGEML... Real GDP Components of GDP Billions of chained (2012) dollars, seasonally adjusted at annual rates 2Q22 nominal GDP, USD trillions 68.4%Consumption 17.5%Gov't spending 13.6%Investment ex -housing 4.6%Housing -4.1%Net exports-$2 $2 $6 $10 $14 $18 $22 $26 $12,000 $13,000 $14,000 $15,000 $16,000 $17,000 $18,000 $19,000 $20,000 $21,000 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 Trend growth: 2.0% GDP (%)3Q21 4Q21 1Q22 2Q22 Q/Q saar 2.7 7.0 -1.6 -0.6 Y/Y 5.0 5.7 3.7 1.8 20 Ratio of job openings to job seekers JOLTS quits Job openings* lagged 1 month divided by unemployed persons, SA Total nonfarm quits, thousands, seasonally adjusted JOLTS layoffs Total nonfarm layoffs, thousands, seasonally adjusted Jul. 2022: 4,179 1,000 2,000 3,000 4,000 5,000 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 Jul. 2022: 1,398 1,000 1,500 2,000 2,500 3,000 3,500 4,000 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 13,500 Jul./Aug. 2022: 1.87 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 '73 '76 '79 '82 '85 '88 '91 '94 '97 '00 '03 '06 '09 '12 '15 '18 '21 Recession 21 Civilian unemployment rate and year-over-year wage growth Private production and non-supervisory workers, seasonally adjusted, percent May 1975: 9.0% Nov. 1982: 10.8% Jun. 1992: 7.8% Jun. 2003: 6.3% Oct. 2009: 10.0% Apr. 2020: 14.7% Aug. 2022: 3.7% Aug. 2022: 6.1% 0% 2% 4% 6% 8% 10% 12% 14% 16% '71 '73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 50-year avg. Unemployment rate 6.2% Wage growth 4.0% 22 Contributors to headline inflation Inflation expectations, next 5 years Contribution to y/y % change in CPI, not seasonally adjusted % change vs. prior year, non-seasonally adjusted 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 10yr Avg.Sep. 2022 Consumer expectations 2.7%2.7% Professional forecasters 2.3%2.8% 5yr inflation breakevens 1.8%2.1% 5.3%5.4% 6.2% 6.8% 7.0% 7.5% 7.9% 8.5% 8.3% 8.6% 9.1% 8.5% 8.3% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Aug '21 Oct '21 Dec '21 Feb '22 Apr '22 Jun '22 Aug '22 Energy New and used vehicles Food at homeOther Shelter Restaurants, hotels and transp. 23 Aug Sep* Global 49.3 49.5 Manufacturing 50.3 50.1 Services 49.2 49.9 DM 46.9 - EM 53.4 - U.S.44.6 49.3 Japan 49.4 50.9 UK 49.6 48.4 Euro Area 48.9 48.2 Germany 46.9 45.9 France 50.4 51.2 Italy 49.6 - Spain 50.5 - China 53.0 - India 58.2 - Brazil 53.2 - Russia 50.4 -Developed2020 2021 2022 Emerging202220092010201120122013201420152016201720182019 Global Composite (manufacturing & services combined) Purchasing Managers’ Index, quarterly 24 The U.S. dollar The U.S. trade balance U.S. Dollar Index Current account balance, % of GDP Developed markets interest rate differentials Difference between U.S. and international 10-year yields* 2Q22: -4.0% -7% -6% -5% -4% -3% -2% -1% 0% '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 Sep. 30, 2022: 112.1 60 70 80 90 100 110 120 130 '97 '00 '03 '06 '09 '12 '15 '18 '21 Sep. 30, 2022: 1.8% -1% 0% 1% 2% 3% '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 25 S&P 500 year-over-year operating EPS growth Annual growth broken into revenue, changes in profit margin & changes in share count -31% 19%19% 24% 13%15% -6% -40% 15% 47% 15% 0% 11% 5% -11% 6% 17%22% 4% -22% 70% 0% -60% -40% -20% 0% 20% 40% 60% 80% 100% '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 2022* Share of EPS growth 2022 Avg. '01-'21 Margin -9.5%5.1% Revenue 9.1%3.8% Share count 0.8%0.2% Total EPS 0.3%9.1% 26 Federal funds rate expectations FOMC and market expectations for the federal funds rate 4.21% 4.20% 4.00% 3.13% 4.40%4.60% 3.90% 0% 1% 2% 3% 4% 5% 6% 7% '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24 2.50% Federal funds rate Long run FOMC year-end estimates FOMC long-run projection* Market expectations FOMC September 2022 forecasts Percent 2022 2023 2024 2025 Long run* Change in real GDP, 4Q to 4Q 0.2 1.2 1.7 1.8 1.8 Unemployment rate, 4Q 3.8 4.4 4.4 4.3 4.0 Headline PCE inflation, 4Q to 4Q 5.4 2.8 2.3 2.0 2.0 Core PCE inflation, 4Q to 4Q 4.5 3.1 2.3 2.1 27 Return Impact of a 1% rise or fall in interest rates U.S. Treasuries 9/30/2022 12/31/2021 2022 YTD Avg. Maturity Correlation to 10-year Correlation to S&P 500 Total return, assumes a parallel shift in the yield curve 2-Year 4.22%0.73%-4.59%2 years 0.71 -0.25 5-Year 4.06%1.26%-10.79%5 0.93 -0.21 TIPS 1.68%-1.04%-13.61%10 0.61 0.30 10-Year 3.83%1.52%-16.85%10 1.00 -0.19 30-Year 3.79%1.90%-31.49%30 0.93 -0.20 Sector U.S. Aggregate 4.75%1.75%-14.61%8.5 0.85 0.18 IG Corps 5.69%2.33%-18.72%11.0 0.50 0.46 Convertibles 7.14%3.66%-19.85%--0.20 0.87 U.S. HY 9.68%4.21%-14.74%5.7 -0.14 0.75 Municipals 4.04%1.11%-12.13%12.8 0.47 0.20 MBS 4.83%1.98%-13.66%8.1 0.78 0.09 ABS 5.50%1.96%-3.66%2.3 0.11 -0.03 Leveraged Loans 10.52%4.60%-2.66%2.5 -0.04 0.24 Yield 8.0% 2.7% -1.1% -3.1% 5.6% 5.4% -1.4% -1.4% -12.2% -4.2% -1.3% -0.3% 2.4% 13.0% 7.0% 10.8% 11.2% 13.8% 9.7% 12.8% 11.0% 24.2% 12.6% 10.5% 8.6% 6.2% -20%-10%0%10%20%30% Leveraged Loans ABS MBS Municipals U.S. HY Convertibles IG Corps U.S. Aggregate 30Y UST 10Y UST TIPS 5Y UST 2Y UST 1% fall 1% rise 28 S&P 500 Index: Forward P/E ratio 8x 10x 12x 14x 16x 18x 20x 22x 24x 26x 28x '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 25-year average: 16.84x -1 Std. dev.: 13.49x +1 Std. dev.: 20.19x Valuation measure Description Latest 25-year avg.*Std. dev. Over- /under-Valued P/E Forward P/E 15.15x 16.84x -0.50 CAPE Shiller's P/E 27.15x 27.97x -0.13 Div. Yield Dividend yield 1.90%1.99%0.26 P/B Price to book 3.18x 3.10x 0.10 P/CF Price to cash flow 11.51x 11.18x 0.15 EY Spread EY minus Baa yield 0.57%0.24%-0.17 Sep. 30, 2022: 15.15x 29 Global earnings growth Global valuations Calendar year consensus estimates Current and 25-year next 12 months price-to-earnings ratio 15.1x 11.8x 10.5x 10.4x 9.6x 21.2x 14.7x 14.6x 11.8x 11.7x 5x 9x 13x 17x 21x 25x 29x 33x 37x U.S.Japan Europe EM China 25-year average 49x 25-year range 12/31/2021 Current 8% 4% 8% 7% 8%8% 16% 4% 2% 5% 9% 14% 12% 6%6% 34% 40% 50% 53% 57% 0% 15% 30% 45% 60% 0% 5% 10% 15% 20% U.S.China EM Europe Japan 2022 2023 2024 % cyclical sectors* (RHS) 30 Consumer Sentiment Index and subsequent 12-month S&P 500 returns Apr. 2020: +43.6% Feb. 2020: +29.0% Jan. 2015: -2.7% Aug. 2011: +15.4% Nov. 2008: +22.2% Jan. 2007: -4.2% Oct. 2005: +14.2% Jan. 2004: +4.4% Mar. 2003: +32.8% Jan. 2000: -2.0% Oct. 1990: +29.1% Mar. 1984: +13.5% May 1980: +20.0% May 1977: +1.2% Feb. 1975: +22.2% Aug. 1972: -6.2% Sep. 2022: 58.6 40 50 60 70 80 90 100 110 120 '71 '73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 Average: 85.6 Sentiment cycle turning point and subsequent 12-month S&P 500 Index return Avg. subsequent 12-mo. S&P 500 returns 8 sentiment peaks +4.1% 8 sentiment troughs +24.9% 31 Fixed income: The Bloomberg 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon US Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and non convertible. The Bloomberg Global High Yield Index is a multi-currency flagship measure of the global high yield debt market. The index represents the union of the US High Yield,the Pan-European High Yield,and Emerging Markets (EM)Hard Currency High Yield Indices.The high yield and emerging markets sub-components are mutually exclusive.Until January 1,2011,the index also included CMBS high yield securities. The Bloomberg Municipal Index: consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax -exempt bond market. The Bloomberg US Dollar Floating Rate Note (FRN) Index provides a measure of the U.S. dollar denominated floating rate note market. The Bloomberg US Corporate Investment Grade Index is an unmanaged index consisting of publicly issued US Corporate and specified foreign debentures and secured notes that are rated investment grade (Baa3/BBB or higher) by at least two ratings agencies, have at least one year to final maturity and have at least $250 million par amount outstanding. To qualify, bonds must be SEC-registered. The Bloomberg US High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (sovereign rating of Baa1/BBB+/BBB+ and below using the middle of Moody’s, S&P, and Fitch) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. The Bloomberg US Mortgage Backed Securities Index is an unmanaged index that measures the performance of investment grade fixed-rate mortgage backed pass-through securities of GNMA, FNMA and FHLMC. The Bloomberg US TIPS Index consists of Inflation-Protection securities issued by the U.S. Treasury. The J.P. Morgan Emerging Market Bond Global Index(EMBI)includes U.S. dollar denominated Brady bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities. The J.P. Morgan Domestic High Yield Index is designed to mirror the investable universe of the U.S. dollar domestic high yield corporate debt market. The J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (CEMBI Broad Diversified)is an expansion of the J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI). The CEMBI is a market capitalization weighted index consisting of U.S. dollar denominated emerging market corporate bonds. The J.P. Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified) tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The index limits the exposure of some of the larger countries. The J.P. Morgan GBI EM Global Diversified tracks the performance of local currency debt issued by emerging market governments, whose debt is accessible by most of the international investor base. The U.S. Treasury Index is a component of the U.S. Government index. All indexes are unmanaged and an individual cannot invest directly in an index.Index returns do not include fees or expenses. Equities: The Dow Jones Industrial Average is a price-weighted average of 30 actively traded blue-chip U.S.stocks. The MSCI ACWI (All Country World Index)is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI EAFE Index(Europe,Australasia,Far East)is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets,excluding the US &Canada. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. The MSCI Pacific Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the Pacific region. The Russell 1000 Index®measures the performance of the 1,000 largest companies in the Russell 3000. The Russell 1000 Growth Index®measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index®measures the performance of those Russell 1000 companies with lower price- to-book ratios and lower forecasted growth values. The Russell 2000 Index®measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 2000 Growth Index®measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Value Index®measures the performance of those Russell 2000 companies with lower price- to-book ratios and lower forecasted growth values. The Russell 3000 Index®measures the performance of the 3,000 largest U.S.companies based on total market capitalization. The Russell Midcap Index®measures the performance of the 800 smallest companies in the Russell 1000 Index. The Russell Midcap Growth Index ®measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.The stocks are also members of the Russell 1000 Growth index. The Russell Midcap Value Index ®measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.The stocks are also members of the Russell 1000 Value index. The S&P 500 Index is widely regarded as the best single gauge of the U.S.equities market.The index includes a representative sample of 500 leading companies in leading industries of the U.S.economy.The S&P 500 Index focuses on the large-cap segment of the market;however,since it includes a significant portion of the total value of the market,it also represents the market. 32 Other asset classes: The Alerian MLP Index is a composite of the 50 most prominent energy Master Limited Partnerships (MLPs) that provides investors with an unbiased, comprehensive benchmark for the asset class. The Bloomberg Commodity Index and related sub-indices are composed of futures contracts on physical commodities and represents twenty two separate commodities traded on U.S. exchanges, with the exception of aluminum, nickel, and zinc The Cambridge Associates U.S. Global Buyout and Growth Index® is based on data compiled from 1,768 global (U.S. & ex –U.S.) buyout and growth equity funds, including fully liquidated partnerships, formed between 1986 and 2013. The CS/Tremont Hedge Fund Index is compiled by Credit Suisse Tremont Index, LLC. It is an asset-weighted hedge fund index and includes only funds, as opposed to separate accounts. The Index uses the Credit Suisse/Tremont database, which tracks over 4500 funds, and consists only of funds with a minimum of US$50 million under management, a 12-month track record, and audited financial statements. It is calculated and rebalanced on a monthly basis, and shown net of all performance fees and expenses. It is the exclusive property of Credit Suisse Tremont Index, LLC. The HFRI Monthly Indices (HFRI) are equally weighted performance indexes, utilized by numerous hedge fund managers as a benchmark for their own hedge funds. The HFRI are broken down into 4 main strategies, each with multiple sub strategies. All single-manager HFRI Index constituents are included in the HFRI Fund Weighted Composite, which accounts for over 2200 funds listed on the internal HFR Database. The NAREIT EQUITY REIT Index is designed to provide the most comprehensive assessment of overall industry performance, and includes all tax-qualified real estate investment trusts (REITs) that are listed on the NYSE, the American Stock Exchange or the NASDAQ National Market List. The NFI-ODCE, short for NCREIF Fund Index -Open End Diversified Core Equity, is an index of investment returns reporting on both a historical and current basis the results of 33 open-end commingled funds pursuing a core investment strategy, some of which have performance histories dating back to the 1970s. The NFI-ODCE Index is capitalization-weighted and is reported gross of fees. Measurement is time-weighted. Definitions: Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. Alternative investments involve greater risks than traditional investments and should not be deemed a complete investment program. They are not tax efficient and an investor should consult with his/her tax advisor prior to investing. Alternative investments have higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain. The value of the investment may fall as well as rise and investors may get back less than they invested. Bonds are subject to interest rate risks. Bond prices generally fall when interest rates rise. Investments in commodities may have greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the original investment. The use of derivatives may not be successful, resulting in investment losses, and the cost of such strategies may reduce investment returns. Distressed Restructuring Strategies employ an investment process focused on corporate fixed income instruments, primarily on corporate credit instruments of companies trading at significant discounts to their value at issuance or obliged (par value) at maturity as a result of either formal bankruptcy proceeding or financial market perception of near term proceedings. Investments in emerging markets can be more volatile. The normal risks of investing in foreign countries are heightened when investing in emerging markets. In addition, the small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Also, emerging markets may not provide adequate legal protection for private or foreign investment or private property. The price of equity securities may rise, or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries, or the securities market as a whole, such as changes in economic or political conditions. Equity securities are subject to “stock market risk” meaning that stock prices in general may decline over short or extended periods of time. Equity market neutral strategies employ sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities, select securities for purchase and sale. Equity Market Neutral Strategies typically maintain characteristic net equity market exposure no greater than 10% long or short. Global macro strategies trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on equity, fixed income, hard currency and commodity markets. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Some overseas markets may not be as politically and economically stable as the United States and other nations. There is no guarantee that the use of long and short positions will succeed in limiting an investor's exposure to domestic stock market movements, capitalization, sector swings or other risk factors. Using long and short selling strategies may have higher portfolio turnover rates. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions. Merger arbitrage strategies which employ an investment process primarily focused on opportunities in equity and equity related instruments of companies which are currently engaged in a corporate transaction. Mid-capitalization investing typically carries more risk than investing in well-established "blue-chip" companies. Historically, mid-cap companies' stock has experienced a greater degree of market volatility than the average stock. Price to forward earnings is a measure of the price-to-earnings ratio (P/E) using forecasted earnings. 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All rights reserved Google assistant is a trademark of Google Inc. Amazon, Alexa and all related logos are trademarks of Amazon.com, Inc. or its affiliates. Prepared by:David P. Kelly, Jordan K. Jackson, David M. Lebovitz, John C. Manley, Meera Pandit, Gabriela D. Santos, Stephanie Aliaga, Sahil Gauba, Olivia C. Schubert and Nimish Vyas. Unless otherwise stated, all data are as of September 30, 2022 or most recently available. Guide to the Markets –U.S. JP-LITTLEBOOK | 0903c02a82565a44 34 Economics U.S. Economic Forecast Q4 2010q12021 Actual 2021 2022 2023 2024 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Real Gross Domestic Product (a)6.3 7.0 2.7 7.0 -1.6 -0.6 2.8 1.1 0.4 -2.1 -1.8 -0.9 2.3 2.5 2.4 2.3 5.9 1.9 -0.1 0.9 Personal Consumption 10.8 12.1 3.0 3.1 1.3 2.0 0.8 1.0 0.5 -1.3 -1.8 -0.7 1.2 1.9 2.1 2.1 8.3 2.5 0.0 0.6 Business Fixed Investment 8.9 9.9 0.6 1.1 7.9 0.1 4.4 2.6 1.4 -1.8 -3.3 -0.7 1.4 2.4 3.5 4.6 6.4 3.6 0.6 0.8 Equipment 6.1 14.0 -2.2 1.6 11.4 -2.0 4.0 2.4 0.2 -2.9 -6.1 -2.0 1.2 2.3 3.5 4.3 10.3 3.9 -0.6 0.1 Intellectual Property Products 15.6 12.6 7.4 8.1 10.8 8.9 8.2 4.5 2.6 -1.8 -2.2 -0.4 1.3 2.5 3.7 5.5 9.7 8.9 2.4 1.1 Structures 1.9 -2.5 -6.7 -12.7 -4.3 -12.7 -4.5 -2.3 1.2 1.5 1.8 2.1 2.3 2.4 2.6 2.8 -6.4 -7.6 -0.9 2.2 Residential Investment 11.6 -4.9 -5.8 -1.1 -3.1 -17.8 -25.5 -21.0 -17.0 -14.0 -6.0 6.0 8.0 9.5 10.4 11.3 10.7 -10.1 -16.0 5.1 Government Purchases 6.5 -3.0 -0.2 -1.0 -2.3 -1.6 -0.1 0.3 1.0 1.1 1.1 1.2 1.2 1.3 1.4 1.4 0.6 -1.3 0.6 1.2 Net Exports -1164.5 -1203.9 -1267.5 -1297.6 -1488.7 -1430.5 -1280.0 -1263.6 -1262.8 -1246.3 -1225.3 -1209.3 -1223.9 -1230.8 -1238.6 -1259.1 -1233.4 -1365.7 -1235.9 -1238.1 Pct. Point Contribution to GDP -1.0 -0.6 -1.1 -0.2 -3.1 1.2 3.1 0.3 0.0 0.3 0.4 0.3 -0.3 -0.1 -0.2 -0.4 -1.7 -0.7 0.6 0.0 Inventory Change -83.0 -143.6 -48.6 197.6 214.5 110.2 84.7 100.6 111.2 61.4 38.1 -10.6 42.3 63.5 63.5 63.5 -19.4 127.5 50.0 58.2 Pct. Point Contribution to GDP -2.5 -0.8 2.0 5.0 0.2 -1.9 -0.5 0.3 0.2 -1.0 -0.5 -1.0 1.1 0.4 0.0 0.0 0.2 0.7 -0.4 0.0 Nominal GDP (a)11.7 13.8 9.0 14.3 6.6 8.5 7.2 6.0 4.2 0.5 0.5 1.2 4.6 4.7 4.7 4.7 10.7 9.1 3.8 3.2 Real Final Sales 9.2 7.9 0.7 1.9 -1.8 1.3 3.3 0.8 0.2 -1.1 -1.3 0.1 1.2 2.1 2.4 2.3 5.7 1.3 0.4 0.9 Retail Sales (b)15.1 32.7 15.2 17.3 12.6 8.4 9.2 5.8 0.9 -3.1 -5.0 -4.8 -3.4 -1.3 0.6 1.7 19.7 9.0 -3.0 -0.6 Inflation Indicators (b) PCE Deflator 1.9 4.0 4.5 5.7 6.4 6.6 6.3 6.0 5.0 3.9 3.4 2.7 2.3 2.2 2.2 2.2 4.0 6.3 3.7 2.2 "Core" PCE Deflator 1.7 3.5 3.9 4.7 5.3 5.0 4.9 4.9 4.5 4.1 3.6 3.0 2.7 2.5 2.4 2.4 3.5 5.0 3.8 2.5 Consumer Price Index 1.9 4.8 5.3 6.7 8.0 8.6 8.3 7.8 6.5 4.5 3.7 2.9 2.4 2.3 2.3 2.4 4.7 8.2 4.4 2.4 "Core" Consumer Price Index 1.4 3.7 4.1 5.0 6.3 6.0 6.3 6.4 5.9 5.1 4.2 3.5 3.1 2.9 2.7 2.6 3.6 6.2 4.6 2.8 Producer Price Index (Final Demand)2.9 6.9 8.4 9.7 10.8 11.1 9.0 7.9 5.5 3.2 3.2 2.7 2.3 2.2 2.2 2.4 7.0 9.7 3.6 2.3 Employment Cost Index 2.6 2.9 3.7 4.0 4.5 5.1 5.0 5.1 4.7 4.3 4.0 3.8 3.6 3.4 3.3 3.2 3.3 4.9 4.2 3.3 Real Disposable Income (b)14.5 -4.4 -1.5 -0.4 -12.8 -5.5 -4.1 -3.1 -1.1 -0.9 -1.1 -0.6 0.5 1.1 1.7 2.1 1.9 -6.5 -0.9 1.3 Nominal Personal Income (b)16.1 2.1 4.9 6.9 -3.5 3.4 4.2 4.5 3.9 3.0 2.3 2.2 2.8 3.4 3.9 4.2 7.4 2.1 2.8 3.6 Industrial Production (a)3.1 6.5 3.5 4.8 4.7 5.2 2.9 0.7 -3.2 -6.3 -2.0 1.9 1.3 0.7 1.3 2.2 4.9 4.3 -1.4 0.4 Capacity Utilization 75.6 77.2 78.0 78.8 79.4 80.0 80.3 79.7 78.9 77.4 76.7 76.8 76.8 76.7 76.7 76.8 77.4 79.9 77.4 76.8 Corporate Profits Before Taxes (b)16.1 39.2 15.3 22.3 10.9 7.7 -0.5 -2.0 -2.0 -8.0 -6.0 0.0 2.0 5.0 12.0 8.0 22.6 3.8 -4.1 6.7 Corporate Profits After Taxes 13.8 37.5 14.0 20.7 6.1 5.0 -3.3 -3.6 -0.7 -8.3 -6.2 0.3 1.9 5.0 12.1 8.0 20.9 0.9 -3.8 6.7 Federal Budget Balance (c)-1133 -532 -538 -378 -291 153 -885 -363 -509 -120 -358 -384 -530 -46 -289 -423 -2776 -1400 -1350 -1250 Trade Weighted Dollar Index (d)104.2 102.8 105.3 108.2 109.7 114.9 121.6 122.3 121.3 120.0 118.3 116.5 115.5 114.5 114.0 114.0 104.6 117.1 119.0 114.5 Nonfarm Payroll Change (e)645 422 543 637 539 349 372 175 93 -7 -167 -283 -150 0 133 160 562 359 -91 36 Unemployment Rate 6.2 5.9 5.1 4.2 3.8 3.6 3.6 3.6 3.7 3.9 4.3 4.9 5.4 5.3 5.2 4.9 5.4 3.6 4.2 5.2 Housing Starts (f) 1.58 1.59 1.57 1.68 1.72 1.65 1.46 1.43 1.40 1.43 1.47 1.42 1.40 1.43 1.48 1.52 1.60 1.57 1.43 1.46 Light Vehicle Sales (g)16.7 16.7 13.3 13.0 14.1 13.3 13.3 15.1 15.9 16.2 16.4 16.4 16.7 16.9 17.2 17.4 14.9 13.9 16.2 17.1 Crude Oil - Brent - Front Contract (h)60.9 68.6 72.5 79.0 95.7 109.8 95.5 90.0 87.3 84.0 83.0 81.0 78.0 81.3 81.0 79.0 70.3 97.8 83.8 79.8 Quarter-End Interest Rates (i) Federal Funds Target Rate 0.25 0.25 0.25 0.25 0.50 1.75 3.25 4.50 5.00 5.00 5.00 4.50 3.50 3.00 2.75 2.75 0.25 2.50 4.88 3.00 Secured Overnight Financing Rate 0.01 0.05 0.05 0.05 0.29 1.50 2.98 4.30 4.85 4.85 4.85 4.35 3.35 2.85 2.60 2.60 0.04 2.27 4.73 2.85 3 Month LIBOR*0.19 0.15 0.13 0.21 0.96 2.29 3.75 4.85 5.25 5.25 ------0.16 2.96 5.25 - Prime Rate 3.25 3.25 3.25 3.25 3.50 4.75 6.25 7.50 8.00 8.00 8.00 7.50 6.50 6.00 5.75 5.75 3.25 5.50 7.88 6.00 Conventional Mortgage Rate 3.17 3.02 2.88 3.11 4.42 5.81 6.70 6.65 6.55 6.35 6.15 5.60 5.35 5.20 5.10 5.00 2.95 5.90 6.16 5.16 3 Month Bill 0.03 0.05 0.04 0.06 0.52 1.72 3.33 4.50 4.85 4.85 4.80 4.20 3.20 2.80 2.60 2.60 0.04 2.52 4.68 2.80 6 Month Bill 0.05 0.06 0.05 0.19 1.06 2.51 3.92 4.65 4.85 4.80 4.70 3.95 3.20 2.75 2.65 2.65 0.06 3.04 4.58 2.81 1 Year Bill 0.07 0.07 0.09 0.39 1.63 2.80 4.05 4.65 4.75 4.65 4.45 3.60 2.95 2.75 2.70 2.70 0.10 3.28 4.36 2.78 2 Year Note 0.16 0.25 0.28 0.73 2.28 2.92 4.22 4.55 4.60 4.45 4.15 3.30 2.95 2.85 2.75 2.75 0.27 3.49 4.13 2.83 5 Year Note 0.92 0.87 0.98 1.26 2.42 3.01 4.06 4.35 4.35 4.20 3.95 3.25 3.00 2.85 2.80 2.80 0.86 3.46 3.94 2.86 10 Year Note 1.74 1.45 1.52 1.52 2.32 2.98 3.83 4.05 4.05 3.90 3.75 3.25 3.05 2.95 2.90 2.90 1.45 3.30 3.74 2.95 30 Year Bond 2.41 2.06 2.08 1.90 2.44 3.14 3.79 3.85 3.85 3.75 3.60 3.40 3.25 3.20 3.15 3.15 2.06 3.31 3.65 3.19 Forecast as of: October 21, 2022Notes: (a) Compound Annual Growth Rate Quarter-over-Quarter (f) Millions of Units - Annual Data - Not Seasonally Adjusted (b) Year-over-Year Percentage Change (g) Quarterly Data - Average Monthly SAAR; Annual Data - Actual Total Vehicles Sold (c) Quarterly Sum - Billions USD; Annual Data Represents Fiscal Yr.(h) Quarterly Average of Daily Close (d) Federal Reserve Advanced Foreign Economies Index, 2006=100 - Quarter End (i) Annual Numbers Represent Averages (e) Average Monthly Change *3 Month LIBOR will no longer be published after June 30, 2023 2024 Forecast Forecast Wells Fargo U.S. Economic Forecast Actual 202320212022 Source: U.S. Department of Commerce, U.S. Department of Labor, IHS Markit, Federal Reserve Board and Wells Fargo Economics © 2022 Wells Fargo Bank N.A. All rights reserved 35 36 MIAMI-DADE STATE OF FLORIDA COUNTY OF MIAMI -DADE : Before the undersigned authority personally appeared GUIL LERMO GARCIA , who on oath says that he or she is the DI REC10R OF OPER ATI ONS, Lega l Notices of the Miami Dai ly Business Re view 1/k/a Mia mi Review, a daily (except Sat urday , Su nday and Lega l Ho lid ays) newspaper, pub lished at Miam i in Miami -Da de Cou nty , Flo rida ; that the attached co py of advertiseme nt , being a Lega l Ad vertisement of No tice in the ma tt er of CI TY OF SOUTH MIAMI· PUB LI C HEAR INGS -NOV. 1, 2022 in the XXX X Court , was publi shed in sa id news pape r by prin t in the issues of an d/or by pu blica tio n on th e news pa pe r s we bsite , if aut horized , on 10/2 1/2022 Affiant further says that the newspaper comp lies with all lega l requirements for publica tion in chapter 50 , Florida ~~~.,, 7 r '[ir:0D2022 ~ (S~L) •~~ GU ILLERMO GARCIA pe rsona ll y known to me •. •,~~,;~~·•. CHRISTINA LYNN RAVIX /~?-' 1;. ·:-s:·, .. Commission# GG 277771 \J1-il!};;a)! Expires Novembar 19, 2022 ··t~-~/~?~·· llondedThruTroyFnln lnauraoee 800-385-7019 CITY OF SOUTH MIAMI, FLORIDA CITY COMMISSION , NOTICE OF PUBLIC HEARINGS In order to balance the need for the City of South Miami to functi on and conduct vital business during the COVID 19 pandemic and, at the same time, to protect the hea lth, safety and welfare of its citizens , officers, officials and administrative staff, and pursuant City of South Miami Code , Chapter 286.011, Fla Stat, the City's Home Rule Powers, and City Manager's declaration of a state of emergency due to the Coronavin.is, the City will be holding its City Commission Meeting live in chambers and VIRTUALLY through communications media technology (CMl) until the state of emergency has ended or social distancing is no longer required by any relevant Executive Orders. All Commission members will participate in Chambers or by video conferencing through th e Zoom platform and members of the public may 1oin the meeting via Zoom at (htt s: zoom .us/i 3056 36338) and participate. At a minimum, at least three members of the City Commissi on will be physically present in the City Commission Chambers1 and they will be broadcast on the Zoom platform along with all other members of the Commission, City Staff and the public who may attend re motely from the Commission Chambers and from other locations. The meeting is scheduled to begin on Tues da Novem ber 1 2022 at 7:00 . . to consider the fo ll owing public hearing item(s): A Resolution authorizing the City Manager to enter into a sole so ce multi-year _agreement ~ h Granicus, Inc., tor web1,asting th e City's public meeti ngs an d software up gra des for Peak Agend a management and closed captioni ng services . The City Ma nager is authorized to enter into a piggyback agreement with The Corradino Group onto a City of Greenacres Professional Planning Consultant Services contract for the completion of a Hometown Planni ng Study for the Hometown District Overlay. An Ordinan ce amend ing the City of South Miami Code of Ordinances , Chapter 2, Article 11 , Section 2-9.1 -Reserved amending the title to 'Investment Policy ' and codifying the City's investment policy in confonnity with Florida law. 37 c,+y of ~uth M,ami If you des ire to present evidence or you are unable to use Zoom, there are procedures to follow and other options available including a dedicated phone line to listen and participate in the meeting and limited public attendance , all of which is sat forth in the meeting notice posted at City Hall and at htt ://www.southmlamlfl. ov/580/Public-Meetin s-Notices. Anyone who wishes lo reviaw --pending-spplication. supporting documentation or who desire to have documents made available for viewing by everyone during the meeting must contact the City Cle rk by calling 305-663-6340. Note that pursuant to Florida Statutes 286.0105, a person who decides to appeal any decision made by a Board, Agency or Commission with respect to any matter considered at its rneeling or hearing, a record of the proceedings will be required for said appeal and such person will be required to have a verbatim transcript of the proceedings Including the testimony and evidence upon which the appeal is to be based. ADA : To request a mo difica tio n to a policy, practice or procedure or to re- quest an auxiliary aide or service in order to participate in a City program , activity or event, you must on or before 4:00 p.m . 3 business days before the mee ting (not counting the day of the meeting) del iver your request to the City Clerk by telephone: 305-663-6340, by mail at 6130 Sunset Drive, South Miami, Florida or email at npayne@southmiamifl.gov. Nkenga A. Payne, CMG, FCRM City Clerk 1 The minimum standards for adopting a resolul ion or enacting an ordinance are set forth in 166.041(4) ... A majority of the members of the governing body shal l constitute a quorum. An affirmative vote of a majority of a quorum present Is necessary to enact any ordinance or adopt any resolution .... 10/21 22-112/000062 7052M 4SE ...................................................................................................NEIGHBORSSUNDAYOCTOBER232022 38 CITY OF SOUTH MIAMI, FLORIDA CITY COMMISSION NOTICE OF PUBLIC HEARINGS In order to balance the need for the City of South Miami to function and conduct vital business during the COVID 19 pandemic and, at the same time , to protect the health, safety and welfare of its citizens, officers, officials and administrative staff, and pursuant City of South Miami Code, Chapter 286 .011 , Fla . Stat, the City's Home Rule Powers , and City Manager's declaration of a state of emergency due to the Coronavirus , the City will be holding its City Commission Meeting live in chambers and VIRTUALLY through communications media technology (GMT) until the state of emergency has ended or social distancing is no longer required by any relevant Executive Orders . All Commission members will participate in Chambers or by video conferencing through the Zoom platform and members of the public may join the meeting via Zoom at (https://zoom .us/j/3056636338) and participate . At a minimum , at least three members of the City Commission will be physically present in the City Commission Chambers 1 and they will be broadcast on the Zoom platform along with all other members of the Commission, City Staff and the public who may attend remotely from the Commission Chambers and from other locations . The meeting is scheduled to begin on Tuesday. November 1, 2022, at 7:00 p.m, to consider the following public hearing item(s): A Resolution authorizing the City Manager to enter into a sole source multi-year agreement with Granicus, Inc., for webcasting the City's public meetings and software upgrades for Peak Agenda management and closed captioning services . An Ordinance amending the City of South Miami Code of Ordinances, Chapter 2, Article 11 , Section 2-9 .1 -Reserved amending the title to "Investment Policy" and codifying the City's investment policy in conformity with Florida law. If you desire to present evidence or you are unable to use Zoom , there are procedures to follow and other options available including a dedicated phone line to listen and participate in the meeting and limited public attendance, all of which is set forth in the meeting notice posted at City Hall and at http ://www.southmiamifl.gov/580/Public-Meetings-Notices. Anyone who wishes to review pending application, supporting documentation or who desire to have documents made available for viewing by everyone during the meeting must contact the City Clerk by calling 305-663-6340 . Note that pursuant to Florida Statutes 286.0105, a person who decides to appeal any decision made by a Board, Agency or Commission with respect to any matter considered at its meeting or hearing, a record of the proceedings will be requ ired for said appeal and such person will be requ ired to have a verbatim transcript of the proceedings including the testimony and evidence upon which the appeal is to be based. ADA: To request a modification to a policy, practice or procedure or to request an auxiliary aide or service in order to participate in a City program, activity or event, you must on or before 4:00 p.m . 3 business days before the meeting (not counting the day of the meeting) deliver your request to the City Clerk by telephone: 305-1563-15340, by mail at 6130 Sunset Drive, South Miami, Florida or email at npayne@southmiamifl.gov. Nkenga A. Payne, CMG , FCRM City Clerk 1The minimum standards for adopting a resolution or enacting an ordinance are set forth in 166.041(4) *** A majority of the members of the governing body shall constitute a quorum. An affinnative vote of a majority of a quorum present is necessary to enact any ordinance or adopt any resolution.*** Introducing our new Bonus CD 5.00~· Year 1 $500 Minimum 3.25~- Year2 3.25~- Year3 3.25~- Year4 3.25~· Year 5 With Third Federal's new Bonus CD, you get a great, competitive rate for all 5 years, plus a great, big bonus rate in the first year. Our rates are guaranteed no matter what's happening in the market, and your deposits are FDIC-insured. Plus, we have local, non-commissioned savings counselors ready to help. So what are you waiting for? ThirdFederaI SAVINGS & LOAN thirdfederal.com Call or visit one of our convenient locations. Boca Raton I 561-347-7433 • Delray Beach I 561-637-6469 Greenacres I 561-964-6660 • North Palm Beach I 561-630-6488 Member FDIC Coral Springs I 954-340-4032 Hallandale I 954-457-2488 Plantation I 954-472-6039 "Annual Percentage Yield (APY) is accurate as of 10/20/22. Average APY is 3.60%. Minimum deposit of $500 to open and earn stated APY. 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Funds insured according to FD[C insurance requirements. ©2022 Third Federal 'l_uLJ galin.cw;, J> LATIN ~ AMERICAN pjATIN AMkl&.N CAFETERIA-RESTAURANT ~ ~ Best Cuban Food in Town ENJOY OUR DAILY CHEF SPECIALS WEARE OPEN Seven Days a Week 7 am to Midnight WE CATER PARTIES Size Not a Problem 305.267.9995 898 SW 57 Avenue Major Credit Cards Accepted Including Primecard Sunday thru Thursday: 7am-llpm Friday & Saturday: 7 am-Midnight Various Types of Coffee • Smoothies Salads • Breakfast • Pastelitos • Pizza Various Paninis • Fine Sweets Cakes for every occasion BREADS: Cuban Bread • Wheat Cuban Bread Croissants • Crackers • PalHroques HOT BREAKFAST SERVED UNTIL NOON: $8.49 Scrambled Eggs or Fried with Potatoes, Ham, Bacon or Sausage, Toast and Cafe con Leche OUR SPECIALTY Creme Brulee 305.264.2800 890 SW 57 Avenue Monday thru Thursday: 6am-10pm • Friday: 6am-llpm Saturday: 7am-12m • Stmday: 8am-10pm CITY OF OPA-LOCKA REQUEST FOR PROPOSALS RFP NO: 22-1115200 DEMOLISH THE EXISTING LAYOUT AND OFFICES AND BUILD THE NEW POLICE DEPARTMENT COMMAND STAFF OFFICES AT 780 FISHERMAN STREET (FIRST FLOOR) Sealed Proposals for the Executive PD Suite 780 Fisherman Street, First Floor will be received by the City of Opa-locka at the Office of the City Clerk, 780 Fisherman St, 4"' Floor, Opa-locka, Florida 33054, Tuesday, November 15, 2022 by 2.:W1...JLm. Any RFP Package received after the designated closing time will be returned unopened. The City of Opa-locka will be accepting proposals by mail, however it is your responsibility to s ubmit your proposal by the due date. In addition, proposals may be submitted via wwwdemandstarcom (e-bid). The address to submit sealed proposals is li sted below: CITY OF OPA-LOCKA Office of the City Clerk 780 Fisherman Street, 4"' Floor Opa-locka, Florida 33054 An original and six (6) copies for a total of seven (7) plus 1 copy of the Proposal package on USB Flash Drive in PDF format shall be submitted in sealed envelopes/packages addressed to the City Clerk, City of Opa-locka, Florida, and marked RFP Demolish the Existing Layout and Offices and Build the New Police Department Command Staff Offices at 780 Fisherman Street (FIRST FLOOR). Proposers desiring informatio n for use in preparing proposals may obtain a set of such documents by visiting the City's website at wwwopalockafl gov orwwwdemandstarcom. The City reserves the right to accept or reject any and all proposals and to waive any technicalities or irregularities therein. The City further reserves the right to award a contract to that proposer whose proposal best complies with the RFP NO : 22-1115200 requirements. Proposers may not withdraw their proposal for a period of ninety (90) days from the date set for the opening thereof. A pre-bid meeting will be held on Tuesday, November 1, 2022 at 10:30 a.m. at 780 Fisherman Street, 4" Floor, Opa-locka, FL 33054 and via zoom. To participate via Zoom, please use the call-in information listed below: bt;tps· / b1s02weh zoom ,,s /j /850053973451 pwd;;;hflYJ JVVJWnNuZ31B1 JWNIZjNOJ Jmsydz09 Meeting ID: 850 0539 7345 Passcode: 172008 One tap mobile + 13017158592.,85005397345#.,.,*172008# US (Washington DC) + 13092053325,.85005397345#,..,*172008# us Dial by your location + 1 301 715 8592 US (Washington DC) + 1 309 205 3325 us +1312 626 6799 US (Chicago) + 1 646 558 8656 US (New York) +1253 215 8782 US (Tacoma) +1346 248 7799 US (Houston) +1669 900 9128 US (San Jose) Find your local number: bttps· /b1s02weh zoom 11sb1 /kd8gjl46pk Joanna Flores, CMC City Clerk