04-03-2012City Commission
Ci , � Manager
Susan Gottlieb Mayor
y
The City of
]Eric M. Soroka ICMA -CM
Zev Auerbach
"
City
Bob Diamond
a M&
Teresa M. Soroka, MMC
Teri Holzberg
Billy Joel
=
City Attorney
Michael Stern
�.,, . ,, `
Weiss Serota Helfman
Luz Urbaez Weinberg
1Pastoriza Cole & 1Boniske
APRIL 3,2012 6 pm
Government Center
19200 West Country Club Drive
Aventura, Florida 33180
1. CALL TO ORDER\ROLL CALL
2. PLEDGE OF ALLEGIANCE
3. AGENDA: Request for Deletions/Emergency Additions
4. SPECIAL PRESENTATIONS: Employee Service Awards
5. CONSENT AGENDA: Matters included under the Consent Agenda are self - explanatory
and are not expected to require discussion or review. Items will be enacted by one motion.
If discussion is desired by any member of the Commission, that item must be removed
from the Consent Agenda and considered separately.
A. APPROVAL OF MINUTES:
March 6, 2012 Commission Meeting
March 22, 2012 Workshop Meeting
B. MOTION TO ACCEPT FOR FILING THE COMPREHENSIVE
ANNUAL FINANCIAL REPORT (CAFR) FOR THE FISCAL YEAR
ENDED SEPTEMBER 30, 2011 AND THE LETTER DATED MARCH 8,
2012 ATTACHED HERETO AS ATTACHMENT "A"
C. A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF AVENTURA, FLORIDA DECLARING CERTAIN
PROPERTY LISTED UNDER THE ASSETS OF THE CITY AS
SURPLUS TO THE NEEDS OF THE CITY; DESCRIBING THE
MANNER OF DISPOSAL; AUTHORIZING THE CITY
MANAGER TO DO ALL THINGS NECESSARY TO CARRY
OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING AN
EFFECTIVE DATE.
D. A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF AVENTURA, FLORIDA AUTHORIZING THE CITY
MANAGER TO EXECUTE THE ATTACHED TRAFFIC
CONTROL JURISDICTION AGREEMENT BETWEEN
COMMODORE PLAZA CONDOMINIUM ASSOCIATION, INC.
AND THE CITY OF AVENTURA; AUTHORIZING THE CITY
MANAGER TO DO ALL THINGS NECESSARY TO CARRY
April 3, 2012
OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING AN
EFFECTIVE DATE.
E. A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF AVENTURA, FLORIDA AWARDING AND LETTING A
BID /CONTRACT FOR BID NO. 12- 03 -16 -2, ELECTRICAL
MAINTENANCE SERVICES TO UNIVERSAL ELECTRIC OF
FLORIDA, INC. AND PRIME ELECTRICAL CONTRACTORS,
INC. AT THE INDIVIDUAL BID PRICES CONTAINED IN
EXHIBIT "A" ATTACHED; AUTHORIZING THE CITY
MANAGER TO EXECUTE ASSOCIATED CONTRACTS;
AUTHORIZING THE CITY MANAGER TO TAKE NECESSARY
AND EXPEDIENT ACTION TO CARRY OUT THE AIMS OF
THIS RESOLUTION; PROVIDING FOR THE APPROPRIATION
AND ALLOCATION OF FUNDS FOR SAID BID AWARD; AND
PROVIDING FOR AN EFFECTIVE DATE.
F. A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF AVENTURA, FLORIDA ESTABLISHING A RANKING OF
BANKS TO PROVIDE BANKING SERVICES; AUTHORIZING
THE CITY MANAGER TO NEGOTIATE FOR SAID SERVICES;
AUTHORIZING THE CITY MANAGER TO DO ALL THINGS
NECESSARY TO CARRY OUT THE AIMS OF THIS
RESOLUTION; AND PROVIDING AN EFFECTIVE DATE.
6. ZONING HEARINGS: QUASI - JUDICIAL PUBLIC HEARINGS — Please be advised that the following items
on the Commission's agenda are quasi-judicial in nature. If you wish to object or comment upon any of these items, please
inform the Mayor when she requests public comments. An opportunity for persons to speak on each item will be made
available after the applicant and staff have made their presentations on each item. All testimony, including public testimony
and evidence, will be made under oath or affirmation. Additionally, each person who gives testimony may be subject to
cross - examination. If you refuse either to be cross - examined or to be sworn, your testimony will be given its due weight. The
general public will not be permitted to cross - examine witnesses, but the public may request the Commission to ask questions
of staff or witnesses on their behalf. Persons representing organizations must present evidence of their authority to speak for
the organization. Further details of the quasi-judicial procedures may be obtained from the Clerk.
7. ORDINANCES: FIRST READING - PUBLIC INPUT:
A. AN ORDINANCE OF THE CITY COMMISSION OF THE CITY
OF AVENTURA, FLORIDA, AMENDING ORDINANCE NO.
2011 -08 WHICH ORDINANCE ADOPTED A BUDGET FOR THE
2011/2012 FISCAL YEAR BY REVISING THE 2011/2012 FISCAL
YEAR OPERATING AND CAPITAL BUDGET AS OUTLINED
IN EXHIBIT "A" ATTACHED HERETO; AUTHORIZING THE
CITY MANAGER TO DO ALL THINGS NECESSARY TO
CARRY OUT THE AIMS OF THIS ORDINANCE; PROVIDING
FOR AN EFFECTIVE DATE.
B. AN ORDINANCE OF THE CITY COMMISSION OF THE CITY
OF AVENTURA, FLORIDA, AMENDING ORDINANCE NO.
4
April 3, 2012
2011 -08 WHICH ORDINANCE ADOPTED A BUDGET FOR THE
2011/2012 FISCAL YEAR BY REVISING THE 2011/2012 FISCAL
YEAR OPERATING AND CAPITAL BUDGET AS OUTLINED
IN EXHIBIT "A" ATTACHED HERETO; AUTHORIZING THE
CITY MANAGER TO DO ALL THINGS NECESSARY TO
CARRY OUT THE AIMS OF THIS ORDINANCE; PROVIDING
FOR AN EFFECTIVE DATE.
8. ORDINANCE — SECOND READING — PUBLIC HEARING: None.
9. RESOLUTIONS — PUBLIC HEARING: None.
10. REPORTS
11. PUBLIC COMMENTS
12. OTHER BUSINESS: None.
13. ADJOURNMENT
SCHEDULE OF FUTURE MEETINGS/EVENTS
WORKSHOP MEETING April 19, 2012 9AM 5`h FL. EX. CONFERENCE ROOM
COMMISSION MEETING May 1, 2012 6PM COMMISSION CHAMBER
This meeting is open to the public. In accordance with the Americans with Disabilities Act of 1990, all persons who are disabled and
who need special accommodations to participate in this meeting because of that disability should contact the Office of the City Clerk,
305- 466 -8901, not later than two days prior to such proceeding. One or more members of the City of Aventura Advisory Boards may
be in attendance and may participate at the meeting. Anyone wishing to appeal any decision made by the Aventura City Commission
with respect to any matter considered at such meeting or hearing will need a record of the proceedings and, for such purpose, may
need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the
appeal is to be based. Agenda items may be viewed at the Office of the City Clerk, City of Aventura Government Center, 19200 W.
Country Club Drive, Aventura, Florida, 33180. Anyone wishing to obtain a copy of any agenda item should contact the City Clerk at
305466 -8901.
3
lj
MINUTES
CITY COMMISSION MEETING
MARCH 6, 2012 6 PM
Aventura Government Center
19200 W. Country Club Drive
Aventura, Florida 33180
1. CALL TO ORDERIROLL CALL: The meeting was called to order by Mayor Susan
Gottlieb at 6 p.m. Present were Commissioners Zev Auerbach, Bob Diamond, Teri
Holzberg, Michael Stern, Luz Urbaez Weinberg, Vice Mayor Billy Joel, Mayor Gottlieb,
City Manager Eric M. Soroka, City Clerk Teresa M. Soroka and City Attorney David
Wolpin. As a quorum was determined to be present, the meeting commenced.
2. PLEDGE OF ALLEGIANCE: Led by Rosa Naccarato.
3. AGENDA: REQUESTS FOR DELETIONS/EMERGENCY ADDITIONS: None.
4. SPECIAL PRESENTATIONS: Mr. Soroka presented 15 -year service awards to
Police Department employees Mark Huffman, Charles Travis, Troy Vezina, Thomas
Mundy, Michael Giordano and Jeff Burns. In addition, he presented 10 -year service
awards to Harvey Arango and Guilaine McCray.
5. CONSENT AGENDA: A motion to approve the Consent Agenda was offered by
Commissioner Auerbach, seconded by Commissioner Weinberg, passed unanimously
and the following action was taken:
A. The following minutes were approved:
February 7, 2012 Commission Meeting
February 23, 2012 Workshop Meeting
B. Resolution No. 2012 -11 was adopted as follows:
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
AVENTURA, FLORIDA DECLARING CERTAIN PROPERTY LISTED
UNDER THE ASSETS OF THE CITY AS SURPLUS TO THE NEEDS OF
THE CITY; DESCRIBING THE MANNER OF DISPOSAL; AUTHORIZING
THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY
OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING AN
EFFECTIVE DATE
C. The following motion was approved:
MOTION AUTHORIZING THE APPROPRIATION OF UP TO $5,198.30 IN
REGARDS TO FORFEITURE CASES FROM THE POLICE FORFEITURE
FUNDS IN ACCORDANCE WITH THE CITY MANAGER'S MEMORANDUM
D. Resolution No. 2012 -12 was adopted as follows:
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
AVENTURA, FLORIDA ADOPTING A POLICY TO ESTABLISH AN
ANNUAL COLLEGE SCHOLARSHIP IN THE AMOUNT OF $1,000 FOR
A STUDENT RESIDING IN AVENTURA GRADUATING FROM DR.
MICHAEL M. KROP HIGH SCHOOL; PROVIDING FOR THE
ALLOCATION OF FUNDS AND THE SELECTION PROCESS;
AUTHORIZING THE CITY MANAGER TO DO ALL THINGS
NECESSARY TO CARRY OUT THE AIMS OF THIS RESOLUTION;
AND PROVIDING AN EFFECTIVE DATE.
E. The following motion was approved:
MOTION AUTHORIZING THE APPROPRIATION OF UP TO $43,000 FOR
TASER REPLACEMENTS FROM THE POLICE FEDERAL FORFEITURE
FUNDS IN ACCORDANCE WITH THE CITY MANAGER'S MEMORANDUM.
6. ZONING HEARINGS: QUASI - JUDICIAL PUBLIC HEARINGS — Please be advised that
the following items on the Commission's agenda are quasi - judicial in nature. If you wish to object or comment upon any of
these items, please inform the Mayor when she requests public comments. An opportunity for persons to speak on each
item will be made available after the applicant and staff have made their presentations on each item. All testimony,
including public testimony and evidence, will be made under oath or affirmation. Additionally, each person who gives
testimony may be subject to cross - examination. If you refuse either to be cross - examined or to be sworn, your testimony
will be given its due weight. The general public will not be permitted to cross - examine witnesses, but the public may
request the Commission to ask questions of staff or witnesses on their behalf. Persons representing organizations must
present evidence of their authority to speak for the organization. Further details of the quasi-judicial procedures may be
obtained from the Clerk.
Mr. Wolpin stated the quasi-judicial procedures and read the following resolution
by title:
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA,
FLORIDA GRANTING CONDITIONAL USE APPROVAL TO PERMIT A DRIVE -
THROUGH FACILITY AT THE PROPOSED CHASE BANK BUILDING ON
PROPERTY LOCATED AT 20880 BISCAYNE BOULEVARD, CITY OF
AVENTURA; PROVIDING FOR AN EFFECTIVE DATE
City Clerk Teresa M. Soroka administered the oath to all parties wishing to offer
testimony in this hearing. A motion for approval was offered by Vice Mayor Joel
and seconded by Commissioner Stern. Community Development Director
Joanne Carr addressed the Commission and entered the staff report into the
record. Mayor Gottlieb opened the public hearing. There being no speakers, the
public hearing was closed. The motion for approval passed unanimously and
Resolution No. 2012 -13 was adopted.
7. ORDINANCES: FIRST READINGIPUBLIC HEARING: None.
8. ORDINANCES: SECOND READING/PUBLIC HEARING: None.
2
9. RESOLUTIONS — PUBLIC HEARING: None.
10. REPORTS: As presented.
11. PUBLIC COMMENTS: Rosa Naccarato, Admirals Port; Krop High School Senior
and Aventura resident Raya Elias Pushett; Howard Weinberg, Parc Central; Bob
Burroughs.
12. OTHER BUSINESS: None.
13. ADJOURNMENT: There being no further business to come before the
Commission at this time, after motion made, seconded and unanimously passed,
the meeting adjourned at 6:40 p.m.
Teresa M. Soroka, MMC, City Clerk
Approved by the Commission on
Anyone wishing to appeal any decision made by the City Commission with respect to any matter considered at a meeting or hearing
will need a record of the proceedings and, for such purpose, may need to ensure that a verbatim record of the proceedings is made,
which record includes the testimony and evidence upon which the appeal is to be based.
9
.v:
MINUTES
CITY COMMISSION
WORKSHOP MEETING
MARCH 22, 2012 9 A.M.
Aventura Government Center
19200 W. Country Club Drive
Aventura, Florida 33180
CALL TO ORDER/ROLL CALL: The meeting was called to order at 9:03 a.m. by
Mayor Susan Gottlieb. Present were Commissioners Zev Auerbach, Teri Holzberg,
Michael Stern, Luz Urbaez Weinberg, Mayor Gottlieb, City Manager Eric M. Soroka,
City Clerk M. Teresa Soroka and City Attorney David M. Wolpin. Commissioner Bob
Diamond and Vice Mayor Billy Joel were absent. As a quorum was determined to be
present, the meeting commenced.
1. POLICE INFORMATION SYSTEM UPGRADES REPORT (City Manager): Lt.
Tom Labombarda, through a powerpoint presentation, explained the proposed
upgrades to the Police Department information systems.
CITY MANAGER SUMMARY: Consensus to approve and proceed with budget
amendment to provide for this system.
2. ACES PLAYGROUND EQUIPMENT REPLACEMENT (City Manager): Mr.
Soroka advised the Commission that the current equipment is in need of
replacement and provided pix of the proposed new equipment.
CITY MANAGER SUMMARY: Consensus to approve and proceed with budget
amendment.
Commissioner Weinberg provided a powerpoint presentation regarding the Port
of Miami Tunnel project, as she serves as Director of Communications for the
company in charge of the project.
Mayor Gottlieb distributed correspondence from Save Dade regarding same sex
marriages that she requested discussion be tabled to a future Workshop Meeting
when all Commissioners are in attendance.
3. ADJOURNMENT: There being no further business to come before the
Commission at this time, the meeting adjourned at 10:00 a.m.
Teresa M. Soroka, MMC, City Clerk
Approved by the Commission on
Anyone wishing to appeal any decision made by the City Commission with respect to any matter considered at a meeting or hearing
will need a record of the proceedings and, for such purpose, may need to ensure that a verbatim record of the proceedings is made,
which record includes the testimony and evidence upon which the appeal is to be based.
CITY OF AVENTURA
FINANCE DEPARTMENT
MEMORANDUM
TO: City Commission
FROM: Eric M. Soroka, ICMA -CM, City Manager
BY: Brian K. Raducci, Finance Director
DATE: March 9, 2012
SUBJECT: Comprehensive Annual Financial Report (CAFR)
Fiscal Year Ended September 30, 2011
April 3, 2012 City Commission Meeting Agenda Item 6-6
Recommendation
It is recommended that the City Commission approve the following motion:
"Motion to accept for filing of the Comprehensive Annual Financial
Report (CAFR) for the fiscal year ended September 30, 2011 and
the letter dated March 8, 2012 attached hereto as Attachment A."
Background
The CAFR, a letter from our independent auditors — Keefe, McCullough & Co.,
LLP dated March 8, 2012 and a staff - prepared memorandum were distributed to
the City Commission on March 9, 2012.
The Rules of the Auditor General, Chapter 10.550, require that the CAFR be
filed as an official record at a public meeting. This motion satisfies that
requirement. In addition, the auditors have requested that their letter dated
March 8, 2012, identified as "Attachment A" on the staff - prepared memorandum,
be accepted for filing with the City Commission.
A representative from the auditing firm will be present at the April 3rd City
Commission meeting. However, since the CAFR is the City's responsibility, I
respectfully request that any questions be discussed with the City Manager prior
to the meeting.
BKR /bkr
ATTACHMENT A
A LETTER FROM OUR INDEPENDENT AUDITORS - KEEFE, MCCULLOUGH & CO., LLP
DATED MARCH 8, 2012
Keefe, McCullough & Co., LLP
Certified Public Accountants
March 8, 2012
To the Honorable Mayor,
Member of the City Commission and City Manager
City of Aventura, Florida
We have audited the financial statements of the governmental activities, the business -type activities,
each major fund and the aggregate remaining fund information of the City of Aventura, Florida (the
"City "), for the year ended September 30, 2011. However, we did not audit the financial statements of
the City of Aventura Police Officers' Retirement Plan Pension Trust Fund, which represent 100 % of the
total assets and the total revenues of the fiduciary funds. Those financial statements were audited by other
auditors whose reports have been furnished to us. Professional standards require that we provide you with
information about our responsibilities under generally accepted auditing standards and Government
Auditing Standards, as well as certain information related to the planned scope and timing of our audit.
We have communicated such information in our engagement letter to you dated May 5, 2010.
Professional standards also require that we communicate to you the following information related to our
audit.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The
significant accounting policies used by the City are described in Note 1 to the financial statements. No
new accounting policies were adopted and the application of existing policies was not changed during the
current year, except for the implementation of:
• GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type
Definitions.
The adoption of the above GASB Statement did not have a significant impact on the City's financials
statements.
We noted no transactions entered into by the City during the year for which there is a lack of
authoritative guidance or consensus. There are no significant transactions that have been recognized in the
financial statements in a different period than when the transaction occurred.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management's knowledge and experience about past and current events and assumptions about
future events. Certain accounting estimates are particularly sensitive because of their significance to the
financial statements and because of the possibility that future events affecting them may differ significantly
from those expected. The most sensitive estimates affecting the City's financial statements were as
follows:
• Defined Benefit Pension Plan - The net pension asset is calculated as the difference
between the annual required contribution and the actual contributions made by the City.
The City with input from its pension actuary developed the actuarial assumptions based
on relevant criteria. Management reviewed and approved the financial statements
estimates derived from the pension actuarial report.
6550 N. Federal Highway 3 Suite 410 �t Fort Lauderdale, FL 33308 4 954.771.0896 r'1 954.938.9353 (F) Gi www.kmccpa.com
City of Aventura, Florida - 2 - March 8, 2012
• Depreciation of capital assets - Depreciation is provided on a straight -line basis over
the respective estimated useful lives ranging from 3 to 40 years. The City has
informed us they used all relevant facts available to them at the time of acquisition to
make the best judgments about the depreciation methods and estimated useful lives of
capital assets.
Net OPEB Obligation - In Florida, state statutes require that the employer make health
insurance coverage available to retirees at the employer's group rate. This creates an
implicit cost arising as a result of the blended rate premium since retiree health care
costs, on average, are higher than those of active employee healthcare costs. In
addition, the City's policy is to pay those premiums for certain department directors at
retirement. The City obtained an actuarial valuation to record its estimated cost and
liability in accordance with the requirements of GASB Statement No. 45, Accounting
for Financial Reporting by Employers for Post - Employment Benefits Other than
Pensions (OPEB).
We evaluated the key factors and assumptions used by management to develop and report the
above significant estimates in determining that they are reasonable in relation to the financial
statements taken as a whole.
Difficulties Encountered in Per the Audit
We encountered no difficulties in dealing with management in performing and completing our audit.
Corrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during
the audit, other than those that are trivial, and communicate them to the appropriate level of management.
Management has corrected all misstatements detected as a result of our audit procedures. Most of these
journal entries were provided directly to us by the City's Finance Department and did not identify material
weaknesses in the reporting/ internal control structure of the City of Aventura, Florida.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a
financial accounting, reporting or auditing matter, whether or not resolved to our satisfaction, that could
be significant to the financial statements or the auditors' report. We are pleased to report that no such
disagreements arose during the course of our audit.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated February 23, 2012.
Management Consultations with Other Independent Auditors
In some cases, management may decide to consult with other accountants about auditing and
accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation
involves application of an accounting principle to the City's financial statements or a determination of the
type of auditors' opinion that may be expressed on those statements, our professional standards require the
consulting accountant to check with us to determine that the consultant has all the relevant facts. To our
knowledge, there were no such consultations with other accountants.
City of Aventura, Florida -3 - March 8, 2012
Other Audit Findings or Issues
We are to discuss with the City Commission any major issues discussed with management in
connection with our retention as auditors, including the application of accounting principles or auditing
standards. There were no issues discussed with management in connection with our retention as auditors.
This information is intended solely for the use of the City Commission and management of the City
and is not intended to be and should not be used by anyone other than these specified parties.
We would be pleased to discuss any questions that you may have.
Kee�e, VIC cute Y, Co., /-/--P
KEEFE, McCULLOUGH & CO., LLP
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
CITY OF AVENTURA, FLORIDA
FOR THE YEAR ENDED
SEPTEMBER 30, 2011
Prepared By
The Finance Department
Brian K. Raducci, Finance Director
Brent Rogers, Controller
CITY OF AVENTURA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
September 30, 2011
PAGES
INTRODUCTORY SECTION:
Letter of Transmittal
i -iv
List of Principal Officials
v
Organizational Chart
vi
Certificate of Achievement for Excellence in Financial Reporting
vii
FINANCIAL SECTION:
Independent Auditor's Report
1-2
Management's Discussion and Analysis (Unaudited)
3 -12
Basic Financial Statements:
Government -Wide Financial Statements:
Statement of Net Assets
13
Statement of Activities
14 -15
Fund Financial Statements:
Balance Sheet - Governmental Funds
16
Reconciliation of the Balance Sheet of Governmental
Funds to the Statement of Net Assets
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 Net Assets - Proprietary Fund
20
Statement of Revenues, Expenses and Changes in
Net Assets - Proprietary Fund
21
Statement of Cash Flows - Proprietary Fund
22
Statement of Fiduciary Net Assets - Police
Officers' Retirement Plan Fund
23
CITY OF AVENTURA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
(continued)
September 30, 2011
PAGES
Statement of Changes in Fiduciary Net Assets -
Police Officers' Retirement Plan Fund 24
Notes to Basic Financial Statements 25-51
REQUIRED SUPPLEMENTARY INFORMATION:
Budgetary Comparison Schedules:
Schedule of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual - General Fund
52 -54
Schedule of Revenue, Expenditures and Changes
in Fund Balance - Budget and Actual - Street Maintenance Fund
55
Schedules of Funding Progress - Police Officers'
Retirement Plan Fund and Other Post - Employment Benefits
56
Schedule of Contributions From the Employer
and the State of Florida - Police Officers'
Retirement Plan Fund
57
Notes to Required Supplementary Information
58
OTHER FINANCIAL INFORMATION:
Combining Fund Financial Statements:
Combining Balance Sheet - Other Nonmajor Governmental Funds 59 -60
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances - Other Nonmajor Governmental Funds 61 -62
Budgetary Comparison Schedules:
Schedules of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual - Special Revenue Funds 63 -66
Schedules of Revenues, Expenditures and Changes
in Fund Balance - Budget and Actual - Debt Service Funds 67 -70
STATISTICAL SECTION (NOT COVERED BY INDEPENDENT AUDITORS' REPORT):
Table 1 - Net Assets by Component 71
Table 2 - Changes in Net Assets 72 -73
Table 3 - Governmental Activities Tax Revenues by Source 74
CITY OF AVENTURA, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
TABLE OF CONTENTS
(continued)
September 30, 2011
PAGES
Table 4 - Fund Balances of Governmental Funds 75
Table 5 - Changes in Fund Balances of Governmental Funds 76 -77
Table 6 - General Governmental Tax Revenues by Source 78
Table 7 - Assessed Value and Estimated Actual Assessed
Value of Taxable Property 79
Table 8 - Property Tax Rates - Direct and Overlapping Governments 80 -81
Table 9 - Principal Property Taxpayers 82
Table 10 - Property Tax Levies and Collections 83
Table 11 - Ratios of Outstanding Debt by Type 84
Table 12 - Ratios of General Bonded Debt Outstanding 85
Table 13 - Direct and Overlapping Governmental Activity Debt 86
Table 14 - Legal Debt Margin Information 87
Table 15 - Demographic and Economic Statistics 88
Table 16 - Occupational Employment by Group - Miami -Dade County, Florida 89
Table 17 - Full -Time Equivalent City Government Employees by Function 90
Table 18 - Operating Indicators by Function 91
Table 19 - Capital Asset Statistics by Function 92
COMPLIANCE SECTION:
Independent Auditors' Report on Internal Control Over Financial Reporting and
On Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards 93 -94
Independent Auditors' Report to City Management 95 -96
INTRODUCTORY SECTION
March 1, 2012
To the Honorable Mayor,
Members of the City Commission
and Citizens of the
City of Aventura, Florida
City of
Aventura
Government Center
19200 West Country Club Drive
Aventura, Florida 33180
SUSAN GOTTLIEB
MAYOR
COMMISSIONERS
ZEV AUERBACH
BOB DIAMOND
TERRIHOLZBERG
BILLY JOEL
MICHAEL STERN
LUZ URBAEZ WEINBERG
ERIC M. SOROKA, ICMA -CM
CITY MANAGER
In accordance with Section 11.45, Florida Statutes and Section 4.11 of the City of Aventura (the "City ") Charter, submitted
herewith is the City's Comprehensive Annual Financial Report (the "CAFR ") for the fiscal year ended September 30, 2011.
The financial statements included in this report conform to the generally accepted accounting principles in the United States
( "GAAP ") as prescribed by the Governmental Accounting Standards Board ( "GASB "). The City is responsible for the
accuracy of the data and the completeness and fairness of the presentation, including all disclosures. The financial
statements have been audited by Keefe, McCullough & Co., LLP., C.P.A.'s. The independent auditors have issued an
unqualified opinion that this report fairly presents the financial position of the City and complies with all reporting standards
noted above.
The contents of this report are aimed at compliance with GASB pronouncements, including Statement No. 34, requiring the
preparation of government -wide financial statements on a full accrual basis of accounting for all funds and including
Management's Discussion and Analysis. Also included are additional and enhanced Statistical Tables required by GASB
Statement No. 44.
THE REPORTING ENTITY AND ITS SERVICES
The City was incorporated on November 7, 1995 and is a political subdivision of the State of Florida. The City operates
under a commission - manager form of government and provides General Government, Public Safety and Community
Services to its residents and business community. The Mayor and six (6) Commissioners are responsible for establishing
the City's policies. The Mayor and Commission appoint the City Manager who is the Chief Administrative Officer of the City
and is responsible for implementing policies adopted by the Commission.
This report includes all of the funds for which the City is financially accountable. Although the Miami -Dade Board of County
Commissioners, Miami -Dade District School Board, South Florida Water Management District and Florida Inland Navigation
District levy and collect taxes on property located within the City's corporate limits, financial information on these taxing
authorities is not included in this report since each has a separate elected governing body, are legally separate and are
fiscally independent of the City. Annual financial reports of these units of government are available upon request from each
authority.
PHONE: 305 - 466 -8900 • FAX: 305- 466 -8939
www.cityofaventura.com
ECONOMIC CONDITIONS AND OUTLOOK
The City serves an area of approximately 4 square miles with a population of nearly 36,000 residents. Prior to
incorporation, the City received services from Miami -Dade County (the "County ") as a part of their unincorporated
municipal services taxing unit. The City received no real property, facilities or equipment from the County upon
incorporation.
Fiscal Year 2011
The City's combination of upscale residential and commercial developments resulted in a taxable value of approximately
$7.2 billion within a land area of less than 4 square miles. During fiscal year 2011, the Country, as well as the South
Florida area had continued to experience a slow economic recovery that has resulted in lower home values, a high
unemployment rate and revenue shortfalls at all levels of government. The financial impact of all of these challenges is
more fully described in the Management's Discussion and Analysis section of this report.
MAJOR INITIATIVES
During the first ten (10) years of the City's existence, the City has focused on the infrastructure needs of the community.
In recent years, the City has also directed its efforts to address the change in demographics toward a younger community
and provide cultural arts opportunities for its residents.
In the continued effort in making the maintenance of its infrastructure a priority, the City completed the following major
capital improvements during fiscal year 2011:
• Founders Park Improvements
• Government Center Security Improvements
• NE 191st Street Drainage Improvements
• Road Resurfacing
• Aventura Entrance Monument Signs
In addition, the City began the following major capital improvements during fiscal year 2011:
• Biscayne Boulevard Decorative Lighting Improvements Phase I
• Country Club Drive Bus Shelters
• Mall Informational Sign
On September 26, 2011, the City held the "Curtains Up" open house for the Arts and Cultural Center. The event, was
very successful, showcased the facility and gave an opportunity for the community to view various performing arts acts.
The facility was completed in June 2010 in order to provide a variety of performing arts and cultural programming to the
community. Our second season kicks off in October with seven (7) events.
Since its opening on August 25, 2003, the Aventura Charter Elementary School ( "School ") has achieved several
milestones in the City's short history. The School was the first within the City's boundaries and the first municipal
sponsored charter school in Miami -Dade County. The 2010/11 school year represented the eighth year of operations of
the School.
The School has been well received and has been at full capacity since its inception. The School has obtained academic
success receiving an "A" grade issued by the State of Florida for the past seven (7) years. In order to address the Florida
Class Size Mandate Legislation, ten (10) new classrooms were added prior to the 2010 school year. This addition insured
that the School met the class size requirements. The school serves 972 students.
FINANCIAL INFORMATION
lntemal Accounting Control
Management of the City is responsible for establishing and maintaining internal controls designed to ensure that adequate
accounting data are compiled to allow for the preparation of financial statements in conformity with GAAP. Internal control
is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable
assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the
valuation of costs and benefits requires estimates and judgments by management.
All internal control evaluations occur within the above framework. We believe that the City's internal accounting controls
adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions.
Budgetary Control
An annual appropriated budget is adopted for all governmental funds with the exception of the Charter School Fund,
Federal Forfeiture Fund and Law Enforcement Trust Fund (Special Revenue Funds). In accordance with City Ordinance,
appropriations are legally controlled at the Department level. Encumbrance accounting, under which purchase orders and
other commitments for the expenditure of funds are recorded in the accounting records and is utilized throughout the fiscal
year.
Overview of Financial Activity
The accompanying financial statements reflect that the City has continued to expand its services to meet the demands of
its residential and business communities. A summary of the major financial activities is included in the Management
Discussion & Analysis Section of this report.
Fund Balances
The City implemented Governmental Accounting Standards Board (GASB) Statement No. 54 "Fund Balance Reporting
and Governmental Fund Type Definitions" for its governmental activities. GASB Statement No. 54 establishes various
classifications of fund balance based on a hierarchy which details constraints placed on the use of resources by creditors,
grantors, contributors, laws or regulations of other governments and those internally imposed. Fund balances classified
as restricted are those with externally enforceable limitations on use. Fund balances classified as committed can only be
used for specific purposes determined by formal action of the City Commission through an ordinance or a resolution.
Commitments can only be changed or lifted only by the City Commission through formal action. Assigned fund balances
are amounts that the City intends to use for a specific purpose but are neither restricted nor committed. The intent to
utilize these funds is delegated to the City Manager. Unassigned fund balance can be viewed as the net resources
available at the end of the year.
Retirement Programs
The City contributed to four (4) defined contribution pension plans based on employee classifications created in
accordance with Internal Revenue Code Section 401(a). The plans currently cover all full -time employees of the City.
Under these plans, the City contributes between 7% and an amount equal to the annual IRS maximum, depending on the
employee classification. There are no employee contributions. Employer contributions for the fiscal year ended
September 30, 2011 were approximately $857,000.
A defined contribution pension plan provides pension benefits in return for services rendered, provides an individual
account for each participant and specifies how contributions to the individual's account are to be determined instead of
specifying the amount of benefits the individual is to receive. Under a defined contribution pension plan, the benefits a
participant will receive depend solely on the amount contributed to the participant's account, the returns earned on
investments on those contributions, and forfeitures of other participant's benefits that may be reallocated to such
participant's account.
In order to encourage employees to supplement the defined contribution plan, a deferred compensation program is also
available to all full -time employees. Under this program, employees may voluntarily elect to defer a portion of their salary
to future years. Both programs are administered by the ICMA Retirement Corporation under a trust agreement. The plan
assets are separate and the City does not exercise any control or fiduciary responsibility over the assets. Therefore, the
assets, liabilities and transactions are not included in the City's financial statements.
As discussed in the Notes to the Financial Statements, the City, through collective bargaining with the City's police officers
agreed to establish a defined benefit retirement program covering all sworn officers. This program is funded by a
combination of City and employee contributions and state insurance premium taxes. Please see Note 12 in the Notes to
the Financial Statements for a detailed discussion of the retirement program.
Financing Programs and Debt Administration
The City currently has four (4) outstanding long -term debt issues. At September 30, 2011, the principal balance
outstanding totaled $30,045,000.
The Series 2000 Revenue Bonds are bank qualified debt, secured solely by a covenant to budget and appropriate the
required debt service payments each year. This loan is structured the same as a serial bond issue with principal
iii
payments due on October 1s' and semi - annual interest payments due on April 1St and October 1st of each year with the
final maturity on October 1, 2020. Debt service requirements average approximately $535,000 per year over the 20 -year
life of the obligation. The interest rate is locked at 5.04 %.
The Series 2002 Revenue Bonds were financed through the Florida Intergovernmental Finance Commission. The loan is
secured solely by a covenant to budget and appropriate the required debt service payments each year. This loan is
structured the same as a serial bond issue with principal payments due August 1St and interest payments due on February
1St and August 1St of each year with the final maturity on August 1, 2032. Debt service requirements average
approximately $850,000 per year over the 30 -year life of the obligation. The interest rate varies from 2.1% to 5.0%
depending on the maturity date.
Due to a very favorable interest rate environment, in September of 2010, the City issued a partial advance refunding of
the original Series 1999 Revenue Bonds with a Bank Loan (described below) that resulted in a more than $1.1M NPV
savings over the life of the loan. The remaining portion of the original Series 1999 Revenue Bonds was refunded in
February of 2011 and resulted in a nearly $530,000 NPV savings over the life of its loan.
The Series 2010 Revenue Bonds are bank qualified debt, secured solely by a covenant to budget and appropriate the
required debt service pa Y ments each year. This loan is structured the same as a serial bond issue with principal
payments due on April 1s and semi - annual interest payments due on April 1St and October 1St of each year with the final
maturity on April 1, 2029. Debt service requirements average approximately $775,000 per year over the 19 -year life of
the obligation. The interest rate is locked at 3.42 %.
The Series 2011 Revenue Bonds are bank qualified debt, secured solely by a covenant to budget and appropriate the
required debt service payments each year. This loan is structured the same as a serial bond issue with principal
payments due on April 1St and semi - annual interest payments due on April 1st and October 1St of each year with the final
maturity on April 1, 2029. Debt service requirements average approximately $427,000 per year over the 19 -year life of
the obligation. The interest rate is locked at 3.64 %.
OTHER INFORMATION
Independent Audit
In accordance with Section 11.45(3)(a) (4), Florida Statutes, and Article I, Section 4.11 of the City Charter, the City
engaged the firm of Keefe, McCullough & Co., LLP, to perform the independent audit of the City's accounts and records.
The independent auditors' reports are included in the Financial section.
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada ( "GFOA ") awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City of Aventura for its CAFR for the fiscal year ended
September 30, 2011. This was the fifteenth consecutive year that the City has achieved this prestigious award. In order
to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized
CAFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual
financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the
GFOA to determine its eligibility for another certificate.
Acknowledgements
The preparation of this report on a timely basis could not have been accomplished without the efficient and dedicated
services of the entire Finance Department. We express our appreciation to all members of the Department who assisted
and contributed to its preparation. We also wish to thank the City Commission for their interest and support in planning
and conducting the City's financial operations in a responsible and progressive manner.
Respectfully itted,
Eric M. Soroka, 1 -CM
City Manager
iv
Brian K. Raducci
Finance Director
CITY OF AVENTURA, FLORIDA
LIST OF PRINCIPAL OFFICIALS
As of September 30, 2011
Title
Name
Mayor
Susan Gottlieb
Commissioner
Zev Auerbach
Commissioner
Bob Diamond
Commissioner
Teri Holzberg
Commissioner
Billy Joel
Commissioner
Michael Stern
Commissioner
Luz Urbaez Weinberg
City Manager
Eric M. Soroka
Finance Director
Brian K. Raducci
Community Services Director
Robert M. Sherman
City Clerk
Teresa M. Soroka
Community Development Director
Joanne Carr
Police Chief
Steven Steinberg
Information Technology Director
Karen J. Lanke
Charter School Principal
Julie Alm
Arts & Cultural Center General Manager
Steven Clark
City Attorney
Weiss Serota Helfman
Pastoriza Cole & Boniske,
P.L.
City Auditor
Keefe, McCullough & Co., LLP
v
ewwomwv P
-�
V1
�� 3
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Aventura
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 2010
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting.
President
Executive Director
vii
FINANCIAL SECTION
Keefe, McCullough & Co., LLP
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Honorable Mayor
Members of the City Commission and City Manager
City of Aventura, Florida
We have audited the accompanying financial statements of the governmental activities, the
business -type activities, each major fund and the aggregate remaining fund information of the City of
Aventura, Florida (the "City "), as of and for the fiscal year ended September 30, 2011, which
collectively comprise the City's basic financial statements as listed in the table of contents. These
financial statements are the responsibility of the City's management. Our responsibility is to express
opinions on these financial statements based on our audit. We did not audit the financial statements of
the City of Aventura Police Officers' Retirement Plan Pension Trust Fund, which represent 100% of
the total assets and the total revenues of the fiduciary funds. Those financial statements were audited
by other auditors whose reports thereon have been furnished to us, and our opinion, insofar as it
relates to the amounts included for the City of Aventura Police Officers' Retirement Plan Pension
Trust Fund, is based on the report of the other auditors.
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 includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the report of other auditors' provides a
reasonable basis for our opinions.
In our opinion, based on our audit and the report of other auditors, the financial statements
referred to above present fairly, in all material respects, the respective financial position of the
governmental activities, the business -type activities, each major fund and the aggregate remaining
fund information of the City as of September 30, 2011, and the respective changes in financial
position and, where applicable, cash flows, thereof for the year then ended in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated March
1, 2012, on our consideration of the City's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, and 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 and should be considered in assessing
the results of our audit.
6550 N. Federal Highway V Suite 410 A Fort Louderdaie, FL 33308 X 954.771 ♦0896 8 954.938.9353 (F) 0 www,kmccpa.com
City of Aventura, Florida
Accounting principles generally accepted in the United States of America require that the
management's discussion and analysis and the schedules of funding progress for pension and other
post - employment benefits, and contributions from the employer and the State of Florida on pages 3
through 12 and 56 through 57, respectively, 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 auditors 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.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City's financial statements as a whole. The introductory section, other
financial information, budgetary comparison schedules, and statistical section are presented for
purposes of additional analysis and are not a required part of the basic financial statements. The other
financial information and budgetary comparison schedules are the responsibility of management and
were derived from and relate directly to the underlying accounting and other records used to prepare
the financial statements. The information has been subjected to the auditing procedures applied in the
audit of the financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare
the financial statements or to the financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our
opinion, the information is fairly stated in all material respects in relation to the financial statements as
a whole. The introductory section and statistical section 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 it.
Fort Lauderdale, Florida
March 1, 2012
2
lkee�e,, ?Ihc & Co., LL-'
KEEFE, McCULLOUGH & CO., LLP
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
As management of the City of Aventura (the "City "), we offer readers of the City's
financial statements this narrative overview and analysis of the City's financial activities for the
fiscal year ended September 30, 2011. We encourage readers to consider the information
presented herein in conjunction with the Letter of Transmittal, which can be found on pages i
through iv of this report. All amounts, unless otherwise indicated, are expressed in thousands of
dollars.
Financial Highlights
The City's total net assets increased by $ 1.3 million over the course of this year's
operations. Net assets of our business -type activities increased by $ 0.1 million, and the
net assets of our governmental activities increased by $ 1.2 million.
The assets of the City exceeded its liabilities at the close of the most recent fiscal year by
$ 107.9 million (net assets). Of this amount, $ 39.6 million (unrestricted net assets) may
be used to meet the government's ongoing obligations to citizens and creditors.
At the end of the current fiscal year, unrestricted fund balance for the General Fund was
$ 3 8. 1 million or 135 % of total General Fund expenditures.
Overview of the Financial Statements
The financial section of this annual report consists of four (4) parts— management's
discussion and analysis (this section), the basic financial statements, required supplementary
information, and a supplementary information section that presents combining and individual fund
statements and schedules.
Financial Section
I MANAGEMENT'S DISCUSSION AND ANALYSIS I
BASIC FINANCIAL STATEMENTS
Government -Wide (Full Accrual) Fund
Governmental Activities Governmental (Modified Accrual)
Business -Type Activities Proprietary (Full Accrual)
(No Fiduciary Activities) Fiduciary (Full Accrual)
Notes to the Financial Statements
REQUIRED SUPPLEMENTARY INFORMATION
OTHER FINANCIAL INFORMATION
Supplementary Information - Combining Fund Financial
Statements and Budgetary Comparison Schedules
3
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
Major Features of the Basic Financial Statements
Government -Wide
Financial Statements
Fund Financial Statements
Governmental Funds
Proprietary Funds
Fiduciary Funds
Scope
Entire City government
Activities of the City that
Activities of the City that
Instances in which the
(except fiduciary activities)
are not proprietary or
are operated similar to
City is the trustee or
fiduciary
private business
agent for someone
else's resources
Required financial
* Statement of net assets
* Balance sheet
* Statement of net assets
* Statement of fiduciary
statements
* Statement of activities
* Statement of revenues,
* Statement of revenues,
net assets
expenditures, and
expenses, and changes
* Statement of changes
changes in fund balances
in net assets
in fiduciary net assets
*Statement of cash flows
Accounting basis
Accrual accounting and
Modified accrual
Accrual accounting and
Accrual accounting and
and measurement
economic resources focus
accounting and current
economic resources focus
economic resources focus
focus
financial resources focus
Type of asset/ All assets and liabilities, both Only assets expected to All assets and liabilities, All assets and liabilities,
liability information financial and capital, and be used up and liabilities both financial and capital, both short-term and
short-term and long -term that come due during the and short -term and long -term
year or soon thereafter, long -term
no capital assets and long-
term liabilities included
Basic Financial Statements
Government -wide financial statements. The focus of the government -wide financial
statements is on the City's overall financial position and its activities. Reporting is similar to that
of a private- sector business. The government -wide financial statements report information about
the City as a whole and about its activities in a way that helps answer questions about the City's
financial health and whether the current year activities contributed positively or negatively to that
health.
The City's government -wide financial statements include the statement of net assets and
statement of activities. As described below, these statements do not include the City's fiduciary
activities because resources of these funds cannot be used to finance the City's activities.
However, the financial statements of fiduciary activities are included in the City's fund financial
statements because the City is financially accountable for those resources, even though they belong
to other parties.
The Statement of Net Assets presents information on the assets held and liabilities owed by
the City, both long and short-term. Assets are reported when acquired by the City and
liabilities are reported when they are incurred, regardless of the timing of the related cash
flows to acquire these assets or liquidate such liabilities. For example, the City reports
buildings and infrastructure as assets even though they are not available to pay the
obligations incurred by the City. On the other hand, the City reports liabilities, such as
other post - employment benefits even though these liabilities might not be paid until several
years into the future.
4
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
The difference between the City's total assets and total liabilities is net assets. Over time,
increases or decreases in net assets may serve as a useful indicator of whether the City's financial
position is improving or deteriorating. Although the City's purpose is not to accumulate net
assets, in general, as this amount increases it indicates that the City's financial position is
improving over time.
The Statement of Activities presents the revenues and expenses of the City. The items
presented on the statement of activities are measured in a manner similar to the approach
used in the private- sector, in that revenues are recognized when earned and expenses are
reported when incurred. Accordingly, revenues are reported even when they may not be
collected for several months after the end of the accounting period and expenses are
recorded even though they may not have used cash during the current period.
Both of the government -wide financial statements distinguish City functions that are
principally supported by taxes and intergovernmental revenue (governmental activities) 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 City's governmental activities include general
government, public safety and community services. The City's business -type activities include
stormwater utility.
Fund financial statements. Unlike government -wide financial statements, the focus of
fund financial statements is directed to specific activities of the City rather than the City as a
whole. Except for the General Fund, separate funds are established to maintain control over
resources that have been 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 can be divided into three (3) categories:
governmental funds, proprietary funds and fiduciary funds.
Governmental funds. Financial statements consist of a balance sheet and a statement of
revenues, expenditures, and changes in fund balances. These statements are prepared on an
accounting basis that is significantly different from that used to prepare the government -wide
financial statements.
In general, these financial statements have a short -term emphasis and, for the most part,
measure and account for cash and other assets that can easily be converted to cash. For example,
amounts reported on the balance sheet include items such as cash and receivables but do not
include capital assets such as land and buildings. The difference between a fund's total assets and
total liabilities is the fund balance, and generally indicates the amount that can be used to finance
the next fiscal year's activities. The operating statement for governmental funds reports only those
revenues that were collected during the current period or very shortly after the end of the year.
Expenditures are recorded when incurred.
For the most part, the balances and activities accounted for in governmental funds are also
reported in the governmental activities columns of the government -wide financial statements.
However, because different accounting basis are used to prepare governmental fund financial
statements and government -wide financial statements, there are often significant differences
between the totals presented. For this reason, there is an analysis after the governmental funds
balance sheet that reconciles the total fund balances for all governmental funds to the amount of
net assets presented in the governmental activities column on the statement of net assets. Also,
there is an analysis after the statement of revenues, expenditures and changes in fund balances that
reconciles the total change in fund balances for all governmental funds to the change in net assets
as reported in the governmental activities column in the statement of activities.
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
Proprietary funds. Financial statements consist of a statement of net assets, statement of
revenues, expenses, and changes in fund net assets and statement of cash flows. These statements
are prepared on an accounting basis that is similar to the basis used to prepare the government -
wide financial statements. For financial reporting purposes, proprietary funds are grouped into
Enterprise Funds and Internal Service Funds.
The City uses Enterprise Funds to account for business -type activities that charge fees to
customers for the use of specific goods or services. These funds are used to report the same
functions presented as business -type activities in the government -wide financial statements.
Internal Service funds are used to account for services provided and billed on an internal basis.
The City does not have any Internal Service Funds.
Proprietary funds provide the same type of information as the government -wide financial
statements, only in more detail. The City has one major enterprise fund, the Stormwater Utility
fund. A statement of cash flows is presented at the fund financial statement level for proprietary
funds, but no equivalent statement is presented in the government -wide financial statements for
either governmental activities or business -type activities.
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. Fiduciary financial statements consist of a statement of fiduciary net assets and a
statement of changes in fiduciary net assets. The City reports one fiduciary fund to account for the
Police Officers' Retirement Plan.
Notes to the financial statements. The notes provide additional information that is
essential to a full understanding of the data provided in the govermnent -wide and fund financial
statements.
Required Supplementary Information
In addition to the basic financial statements and accompanying notes, this report also
presents certain required supplementary information concerning various issues such as a
comparison between the City's adopted and final budget and actual financial results for its General
Fund and major special revenue funds (if applicable). The City adopts an annual appropriated
budget for its governmental funds. A budgetary comparison schedule has been provided for the
General Fund and major special revenue funds (if applicable) to demonstrate compliance with this
budget. Required supplementary information is also presented for the City's pension plan
including a schedule of funding progress and schedule of employer and State of Florida
contributions as well as a schedule of funding progress for other post- employment benefits.
Combining and Individual Fund Statements and Schedules
Combining statements referred to earlier in connection with nonmajor governmental,
internal service and fiduciary funds are presented immediately following the required
supplementary information. Additional budgetary schedules are presented in this section
including, as applicable, nonmajor special revenue funds, debt services funds, and capital projects
funds.
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
Government -Wide Financial Analysis
The table below presents a summary of net assets as of September 30, 2011
and 2010,
derived from the government -wide Statement of Net Assets:
Net Assets (in thousands)
Governmental Business-Type,
Activities Activities
Total
2011 2010 2011 2010
2011
2010
Current and other assets $ 46,190 $ 44,300 $ 1,037 $ 679
$ 47,227 $
44,979
Capital assets 89,013 90,874 7,424 7,616
96,437
98,490
Total assets 135,203 135,174 8,461 8,295
143,664
143,469
Long -term liabilities 32,460 33,153 - -
32,460
33,153
Other liabilities 3,211 3,635 44 7
3,255
3,642
Total liabilities 35,671 36,788 44 7
35,715
36,795
Net assets:
Invested in capital assets,
net of related debt 59,216 60,321 7,424 7,616
66,640
67,937
Restricted 1,694 895 - -
1,694
895
Unrestricted 38,622 37,170 993 672
39,615
37,842
Total net assets $ 49,532 $ 98,386 $ 8,417 $ 8,288
$ 107,949 $
106,674
As noted earlier, net assets may serve over time as a useful indication of a government's
financial position. At the close of the most recent fiscal year, the
City's assets exceeded its
liabilities by $ 108 million.
The largest portion of the City's net assets is net assets invested in capital assets net of
related debt and is 62% of total net assets. This category reflects its investment In capital assets
net of any outstanding related debt used to acquire these assets. The City uses these capital assets
to provide services to the citizens of the City; consequently these net assets are not available for
future spending. Although the capital assets are shown net of debt, it should be noted that the
resources needed to repay this debt must be provided from other sources. The next largest portion
of the City's net assets is unrestricted and is 37% of total net assets. Unrestricted net assets
represent resources that are available for spending. Restricted net assets represent 1 % of total net
assets. Restricted net assets represent resources that are subject to external restrictions on how
they can be used.
Capital assets and invested in capital assets, net of related debt, decreased $ 1.9 million and
$ 1.1 million, respectively in the governmental activities primarily due to the increase in
accumulated depreciation and disposal of equipment. Current and other assets and unrestricted net
assets in the governmental activities increased by $ 1.9 million and $ 1.4 million, respectively, due
to the increase in cash which primarily resulted from higher than anticipated revenues from utility
service taxes, licenses and permits and fines and forfeitures and lower than anticipated 401(a)
retirement contributions due to the use of related forfeitures. There were no significant changes in
business -type activities.
7
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
Over time, increases and decreases in net assets measure whether the City's financial
position is improving or deteriorating. Property taxes decreased $ 1.5 million due to the reduction
in the City's taxable value caused by the continued decline in the housing market. Franchise fees
- electric decreased by $ 0.9 million due to a one -time fuel rebate adjustment provided by Florida
Power & Light Co. on individual bills in January of 2010 which resulted in a one -time downward
adjustment to the Franchise Fees. In addition, Florida Power & Light Co. adjusted the fuel rate
charged on individual accounts prospectively, resulting in the Florida Power & Light Co. gross
billing for the year being significantly less than the previous year. Capital grants and contributions
decreased by $ 2.0 million due to County funding received in 2010 for the construction and
development of the Arts and Cultural Center.
The table below presents a summary of changes in net assets for the years ended September
30, 2011 and 2010, as derived from the government -wide Statement of Activities:
Changes in Net Assets (in thousands)
Governmental Business -Type
Activities Activities Total
2011 2010 2011 2010 2011 2010
Revenues:
4,917
4,574
-
4,917
Program revenues:
Public safety
18,928
18,461
-
-
Charges for services $
6,513 $
6,781 $
844 $ 843 $
7,357 $
7,624
Operating grants and
14,948
15,060
Interest on long -term debt
1,396
1,574
contributions
7,560
7,663
- -
7,560
7,663
Capital grants and
827
843
827
843
Total expenses
contributions
500
2,466
109 175
609
2,641
General revenues:
Property taxes
11,734
13,254
- -
11,734
13,254
Other taxes
7,380
7,363
- -
7,380
7,363
Franchise fees
2,684
3,687
- -
2,684
3,687
Intergovernmental revenues
4,182
3,839
- -
4,182
3,839
Other revenues
782
731
3 3
785
734
Total revenues
41,335
45,784
956 1,021
42,291
46,805
Expenses:
General government
4,917
4,574
-
4,917
4,574
Public safety
18,928
18,461
-
-
18,928
18,461
Community services
14,948
15,060
-
-
14,948
15,060
Interest on long -term debt
1,396
1,574
-
-
1,396
1,574
Stormwater utility
-
-
827
843
827
843
Total expenses
40,189
39,669
827
843
41,016
40,512
Increase in net assets
before transfers
1,146
6,115
129
178
1,275
6,293
Transfers
-
-
_
_
_
_
Change in net assets
1,146
6,115
129
178
1,275
6,293
Net assets, beginning
98,386
92,271
8,288
8,110
106,674
100,381
Net assets, ending
$ 99,532 $
98,386 $
8,417 $
8,288
$ 107,949
$ 106,674
Financial Analysis of the City of Aventura's Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with
finance- related legal requirements.
8
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
Governmental Funds
The focus of the City's governmental funds is to provide information on near -term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the City's
financing requirements. In particular, unrestricted fund balance (committed, assigned, and
unassigned) may serve as a useful measure of a government's net resources available for spending
at the end of the fiscal year.
The General Fund is the City's chief operating fund. At end of the current fiscal year,
unrestricted fund balance of the General Fund was $ 38.1 million while the total fund balance
reached $ 38.2 million. Much of the unrestricted fund balance will be utilized in future years to
fund various capital needs and to maintain a hurricane /emergency and disaster recovery reserve.
As a measure of the General Fund's liquidity, it may be useful to compare both unrestricted fund
balance and total fund balance to total general fund expenditures. Unrestricted fund balance and
total fund balance represent 135% of total general fund expenditures. Approximately 42% of the
General Fund total fund balance - $ 15.9 million constitutes unassigned fund balance, which is
available for spending at the government's discretion.
The fund balance of the City's General Fund increased by $ 1.7 million during the current
fiscal year. Key factors of this increase are as follows:
• An increase in intergovernmental revenues of $ 0.4 million primarily due to receipt of
Federal funding to assist with capital projects such as: repair work along Country Club
Drive and rehabilitation of structural defects on the Yacht Club Way bridge. Also,
additional revenues were collected from state revenue sharing and half -cent sales tax
sources.
• An increase in licenses and permits revenue of $ 0.3 million primarily due to higher than
anticipated building activity.
• An increase in charges for services revenue of $ 0.4 million primarily due to an increase in
the revenue generated from the police services agreements and new revenues generated
from the Arts and Cultural Center which had its grand opening in October 2010.
• A decrease in capital outlay expenditures of $ 0.8 million primarily due to less purchases of
equipment and machinery
The Charter School Fund is used to record the operations of the Aventura City of
Excellence School. The School's intergovernmental revenues increased by $ 0.3 million primarily
due to the addition of 40 students to increase the total number of students to 972. Additionally,
expenditures increased $ 0.3 million due to an increase in teachers' salaries.
The Street Maintenance Fund is used to record the operations of the street maintenance and
construction costs, which are designated by State Statute. Debt Service Fund 2000 Series is used
to record principal retirement and did not have any significant changes from the prior year.
Proprietary Fund
The proprietary fund showed a $ 0.1 million increase in net assets from the prior year.
Total revenues decreased by approximately $ 65,000 and expenses decreased by approximately
$ 16,000; due to a decrease in cost of sales and services of approximately $ 44,000 while
depreciation expense increased by approximately $ 28,000.
E
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
General Fund Budgetary Highlights
During the year, the original budget was amended and revenues and expenditures were
increased by approximately $ 2.5 million as follows:
0 $ 0.9 million related to the reappropriation (in 2010/2011) of remaining capital funds
budgeted in fiscal year 2009/2010 for capital projects which were incomplete at the end of
that fiscal year.
• $ 0.3 million related to the State of Florida contribution to the Police Officers' Retirement
Plan.
• $ 0.7 million related to the increase in building permit activity.
• $ 0.6 million related to operational overages in various departments which were offset by
additional revenue.
During the year, revenues exceeded budgetary estimates and expenditures were less than
budgetary estimates, resulting in a positive variance in the net change in fund balance of
approximately $ 1.7 million. As explained earlier, much of the unrestricted fund balance will be
utilized in future years to fund various capital needs. Utility service taxes, licenses and permits,
charges for services, and fines and forfeitures revenue exceeded the revised budget by $ 0.3
million, $ 0.2 million, $ 0.3 million and $ 0.5 million, respectively. Nondepartmental capital
outlay was $ 14.8 million less than budgeted because the City budgets a reserve for future capital
expenditures which accounts for the majority of the appropriated beginning fund balance.
Capital Assets and Debt Administration
Capital Assets
As of September 30, 2011 and 2010, the City had $ 96.4 and $ 98.5, respectively, invested
in a variety of capital assets, as reflected in the following schedule:
Capital assets (in thousands, net of depreciation)
Governmental Business -Type
Activities Activities
Total
2011 2010 2011 2010
2011
2010
Land $ 17,102 $ 17,102 $ $ $
17,102 $
17,102
Buildings 35,063 36,302
35,063
36,302
Improvements other than buildings 8,195 8,554
8,195
8,554
Furniture, machinery and equipment 4,149 4,098
4,149
4,098
Infrastructure 23,991 24,306 7,424 7,326
31,415
31,632
Construction in progress 513 512 - 290
513
802
Total $ 89,013 $ 90,874 $ 7,424 $ 7,616 $
96,437 $
98,490
Additional information can be found in Note 6 - Capital Assets.
Debt Administration
As of year -end, the City had $ 30.045 million in debt outstanding compared to the
$ 30.815 million last year, a 2.5 % decrease. All debt is secured only by a covenant to budget and
appropriate.
10
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
Defeasance of bonds - In fiscal year 2010, the City issued Series 2010 Refunding Revenue
Bonds to partially advance refund $ 10,580,000 of the then outstanding Series 1999 Revenue
Bonds. The City partially advance refunded the Series 1999 Revenue bonds to reduce its total debt
service payments over the next nineteen years by approximately $ 2,081,000 and to obtain an
economic gain (difference between the present values of the debt service payments on the old and
new debt, net of City's contribution) of approximately $ 1,110,200. The call date of this
refunding transaction was April 1, 2011.
On January 25, 2011, the City issued $ 5,565,000 in Series 2011 Refunding Revenue
Bonds with a rate of 3.64% to advance refund the remaining $ 5,700,000 (including a City
contribution of $ 336,928) of the then outstanding Series 1999 Revenue Bonds. The gross
proceeds of $ 5,901,928 were deposited in an irrevocable trust with an escrow agent to provide for
the costs of issuance ($ 60,994) and debt service payments ($ 5,700,000 of principal and
$ 140,934 of interest) on the call date of April 1, 2011. The reacquisition price amounted to the
net carrying amount of the old debt. The City advanced refunded the remaining Series 1999
Revenue bonds to reduce its total debt service payments over the next eighteen years by
approximately $ 1,085,000 and to obtain an economic gain (difference between the present values
of the debt service payments on the old and new debt, net of City's contribution) of approximately
$ 530,000.
The debt position of the City is summarized below and is more fully explained in Note 7:
Bonded Debt and Notes Payable (in thousands)
Governmental
Activities
2011 2010
Business -Type
Activities Total
2011 2010 2011 2010
Non -Ad Valorem bonds $ 30,045 $ 30,815 $ - $ - $ 30,045 $ 30,815
Economic Factors and Next Year's Budgets and Rates
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, school boards) primarily rely on property and a limited array of
permitted other taxes (utility taxes, franchise fees and occupational licenses) as well as
intergovernmental revenues for their governmental activities. For business -type activities and
certain governmental activities (construction services and recreational programs), the user pays a
related fee or charge associated with the service.
The adopted operating and capital budget for fiscal year 2012 totals approximately $ 49.9
million, 12.00% lower (after eliminating capital) than the final operating and capital budget for
fiscal year 2011.
Over the past four (4) years, the City has experienced huge losses in property tax revenue.
Between the economic recession that resulted in lower property values and voter - approved
constitutional amendments that took effect three (3) years ago, the City's taxable value has
decreased from $ 9.609 billion to $ 7.291 billion. This represents a loss of 24.6% or $ 4.2 million
in tax revenue compared to the 2007 tax roll year.
It is important to note that for next year's budget cycle the taxable values are expected to
decrease again due to the continuing decline in the housing market. The economic recession has
negatively affected many of the City's other revenue sources as well.
11
CITY OF AVENTURA, FLORIDA
MANAGEMENT'S DISCUSSION AND ANALYSIS
September 30, 2011
As far as expenditures are concerned, due to privatizing and outsourcing many City
services over the years, completing $ 126 million in capital projects since 1996 and maintaining
prudent reserve funds, the City has stabilized costs and is in a better position than most to weather
the current economic slowdown. Prior year's comprehensive reevaluation of service levels and
budget line items which resulted in operating cost reductions also played a key role in creating the
foundation and financial stability for the City to respond to lower revenues as we prepared this
year's budget.
Requests for Information
This financial report is designed to provide our citizens, taxpayers, customers and investors
and creditors with a general overview of the City's finances and to demonstrate the City's
accountability. If you should have any questions pertaining to the information presented in this
report or would like additional information, please contact the City's Finance Director at 19200
W. Country Club Drive, Aventura, Florida 33180.
12
CITY OF AVENTURA, FLORIDA
STATEMENT OF NET ASSETS
September 30, 2011
NET ASSETS:
Invested in capital assets, net of related debt
Restricted for:
Public safety
Capital improvements
Debt service
Unrestricted
Total net assets
59,215,769
978,458
484,268
231,562
38,621,886
7,424,095
993,386
66,639,864
978,458
484,268
231,562
39,615,272
$ 99,531,943 $ 8,417,481 $ 107,949,424
The accompanying notes to the financial statements are an integral part of these statements.
13
Governmental
Business -Type
Activities
Activities
Total
ASSETS:
Cash, cash equivalents and investments
$ 43,303,183
$ 962,058
$ 44,265,241
Receivables, net of allowance for uncollectibles
597,359
-
597,359
Due from other governments
1,072,481
75,685
1,148,166
Prepaid expenses
45,108
-
45,108
Inventories
22,671
-
22,671
Bond issuance costs, net
429,489
-
429,489
Net pension asset
219,038
-
219,038
Restricted cash, cash equivalents and investments
500,657
-
500,657
Capital assets:
Nondepreciable
17,615,681
-
17,615,681
Depreciable, net of accumulated depreciation
71,397,294
7,424,095
78,821,389
Total assets
135,202,961
8,461,838
143,664,799
LIABILITIES:
Accounts payable
1,149,609
44,357
1,193,966
Accrued liabilities
1,302,672
-
1,302,672
Due to other governments
1,571
-
1,571
Unearned revenues
675,821
-
675,821
Accrued interest payable
80,952
-
80,952
Due within one year:
Compensated absences payable
618,297
-
618,297
Bonds payable
1,315,000
-
1,315,000
Due in more than one year:
Compensated absences payable
1,854,890
-
1,854,890
Bonds payable
28,482,206
-
28,482,206
OPEB obligation
190,000
-
190,000
Total liabilities
35,671,018
44,357
35,715,375
NET ASSETS:
Invested in capital assets, net of related debt
Restricted for:
Public safety
Capital improvements
Debt service
Unrestricted
Total net assets
59,215,769
978,458
484,268
231,562
38,621,886
7,424,095
993,386
66,639,864
978,458
484,268
231,562
39,615,272
$ 99,531,943 $ 8,417,481 $ 107,949,424
The accompanying notes to the financial statements are an integral part of these statements.
13
FUNCTIONS /PROGRAMS;
Governmental activities:
General government
Public safety
Community services
Interest and fiscal charges
CITY OF AVENTURA, FLORIDA
STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2011
Expenses
$ 4,917,160
18,928,521
14,947,707
1,396,059
Program Revenues
Operating Capital
Charges for Grants and Grants and
Services Contributions Contributions
4,917,288
1,596,122
Total governmental activities 40,189,447 6,513,410
Business -type activities:
Stormwater utility 827,090 843,930
$ 8,677
180,154
7,370,827
7,559,658
Total $ 41,016,537 $ 7,357,340 $ 7,559,658
General revenue:
Taxes:
Ad valorem taxes
Utility service taxes
Franchise fees
Intergovernmental, not restricted for specific purposes
Interest income
Impact fees
Miscellaneous
Total general revenues
Change in net assets
Net assets at beginning of year
Net assets at end of year
500,068
500,068
..
$ 608,930
The accompanying notes to the financial statements are an integral part of these statements.
14
Net Revenue (Expense) and
Chance in Net Assets
Governmental Business -Type
Activities Activities Total
$ (4,908,483) $ - $ (4,908,483)
(13,831,079) - (13,831,079)
(5,480,690) - (5,480,690)
(1,396,059) - (1,396,059)
(25,616,311) - (25,616,311)
-
125,702
125,702
(25,616,311)
125,702
(25,490,609)
11,734,232
-
11,734,232
7,379,830
-
7,379,830
2,684,216
-
2,684,216
4,182,305
-
4,182,305
195,382
3,562
198,944
189,440
-
189,440
397,287
-
397,287
26,762,692
3,562
26,766,254
1,146,381
129,264
1,275,645
98,385,562
8,288,217
106,673,779
$ 99,531,943
$ 8,417,481
$ 107,949,424
15
CITY OF AVENTURA, FLORIDA
BALANCE SHEET - GOVERNMENTAL FUNDS
September 30, 2011
Debt
Service
Charter
Street
Fund
Nonmajor
Total
General
School
Maintenance
Series
Governmental
Governmental
Fund
Fund
Fund
2000
Funds
Funds
ASSETS:
Cash and cash equivalents
and investments $
38,626,760
$ 2,800,724
$ 466,739 $
13,617
$ 1,395,343
$
43,303,183
Restricted cash, cash equivalents
and investments
-
-
-
500,533
124
500,657
Accounts receivable, net
567,427
5,014
-
24,918
597,359
Due from other governments
789,343
8,978
273,470
690
1,072,481
Inventories
22,671
-
-
-
22,671
Prepaid expenditures
14,533
30,575
-
-
-
45,108
Total assets $
40,020,734
$ 2,845,291
$ 740,209 $
514,150
$ 1,421,075
$
45,541,459
LIABILITIES AND
FUND BALANCES:
Liabilities:
Accounts payable $
754,683
$ 186,326
$ 202,300 $
-
$ 6,300
$
1,149,609
Accrued liabilities
347,631
274,705
-
401,470
278,866
1,302,672
Due to other governments
-
1,571
-
-
1,571
Deferred revenue
699,222
-
91,100
-
1,110
791,432
Total liabilities
1,801,536
462,602
293,400
401,470
286,276
3,245,284
Fund balances:
Nonspendable:
Inventories
22,671
-
-
-
-
22,671
Prepaid expenditures
14,533
30,575
-
-
45,108
Restricted for:
Capital improvements
-
-
446,809
37,459
484,268
Public safety
-
-
978,458
978,458
Debt service
-
112,680
118,882
231,562
Committed to:
Capital reserves
15,193,488
-
-
15,193,488
Hurricane /emergency and disaster
recovery operating reserves
5,000,000
-
5,000 000
Assigned to:
Charter school operations
-
2,352,114
2,352,114
Public safety /police communication
radio system upgrades
1,560,000
-
1,560,000
Subsequent year's budget
559,548
559,548
Unassigned:
General Fund
15,868,958
-
-
-
-
15,868,958
Total fund balances
38,219,198
2,382,689
446,809
112,680
1,134,799
42,296,175
Total liabilities
and fund balances $
40,020,734
$ 2,845,291
$ 740,209 $
514,150
$ 1,421,075
$
45,541,459
The accompanying notes to financial statements are an integral
part of these statements.
16
CITY OF AVENTURA, FLORIDA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET ASSETS
September 30, 2011
Total Fund balances - governmental funds $ 42,296,175
Capital assets used in governmental activities are not
financial resources and therefore, are not reported in the funds:
The cost of capital assets is $ 123,129,748
Accumulated depreciation is (34,116,773) 89,012,975
Intergovernmental revenue is not available to pay for current
period expenditures and, therefore, is deferred in the funds. 115,611
Net pension asset resulting from excess contributions to
pension plans is not reported in the fund financial statements. 219,038
OPEB obligation resulting from deficiency of contributions
to OPEB plans is not reported in the fund financial
statements as it is not due and payable in the current period. (190,000)
Other assets used in governmental activities are not
financial resources and therefore are not reported in
governmental funds:
Deferred charge on bond issuance costs 429,489
Deferred loss on bond refunding 247,794 677,283
Long -term liabilities are not due and payable in the current
period and, therefore, are not reported in the funds:
Compensated absences (2,473,187)
Bonds payable (30,045,000)
Accrued interest payable (80,952) (32,599,139)
Net assets of governmental activities $ 99,531,943
The accompanying notes to financial statements are an integral part of these statements.
17
CITY OF AVENTURA, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended September 30, 2011
EXPENDITURES:
Current:
General government
4,274,015
Debt
-
4,274,015
Public safety
17,486,207
-
-
Service
150,171
17,636,378
Community services
4,485,802
Charter
Street
Fund
Nonmajor
Total
Capital outlay
General
School
Maintenance
Series
Governmental
Governmental
Debt service:
Fund
Fund
Fund
2000
Funds
Funds
REVENUES:
-
-
-
295,000
340,000
635,000
Ad valorem taxes
$ 11,734,232
$
$
$
$
$ 11,734,232
Utility service taxes
7,465,029
212,940
999,942
7,465,029
Franchise fees
2,684,216
-
-
-
49,496
2,684,216
Intergovernmental
2,925,320
7,052,509
1,579,286
507,940
207,527
11,764,642
Licenses and permits
2,374,902
-
-
-
2,374,902
Charges for services
2,294,410
520,242
443,841
(482,723)
-
2,814,652
Fines and forfeitures
1,874,214
-
-
222,463
2,096,677
Impact fees
-
-
170,929
-
18,511
189,440
Interest income
150,516
12,078
2,181
25,217
5,390
195,382
Miscellaneous
113,679
300,999
-
-
-
414,678
Total revenues
31,616,518
7,885,828
1,752,396
25,217
453,891
41,733,850
EXPENDITURES:
Current:
General government
4,274,015
-
4,274,015
Public safety
17,486,207
-
-
150,171
17,636,378
Community services
4,485,802
6,658,517
939,630
-
12,083,949
Capital outlay
2,000,116
163,750
368,925
-
63,808
2,596,599
Debt service:
Principal
-
-
-
295,000
340,000
635,000
Advance refunding escrow
-
336,928
336,928
Interest
212,940
999,942
1,212,882
Trustee fees and other
-
-
-
-
49,496
49,496
Total expenditures
28,246,140
6,822,267
1,308,555
507,940
1,940,345
38,825,247
Excess (deficiency) of
revenues over expenditures
3,370,378
1,063,561
443,841
(482,723)
(1,486,454)
2,908,603
OTHER FINANCING SOURCES (USES):
Issuance of debt
-
-
-
-
5,565,000
5,565,000
Transfers in
118,340
100,000
447,809
1,650,361
2,316,510
Transfers out
(1,753,899)
(444,271)
-
(118,340)
(2,316,510)
Payment to refunded bond
escrow agent
-
(5,504,006)
(5,504,006)
Total other financing
sources (uses)
(1,635,559)
(344,271)
-
447,809
1,593,015
60,994
Net change in fund
balances
1,734,819
719,290
443,841
(34,914)
106,561
2,969,597
FUND BALANCES, beginning
36,484,379
1,663,399
2,968
147,594
1,028,238
39,326,578
FUND BALANCES, ending
$ 38,219,198
$ 2,382,689 $
446,809
$ 112,680
$ 1,134,799
$ 42,296,175
The accompanying notes to financial statements are an integral part of these statements.
18
CITY OF AVENTURA, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Year Ended September 30, 2011
Net change in fund balances - total governmental funds $ 2,969,597
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 and reported as depreciation expense. This is the
amount by which capitalized capital outlays exceeded
depreciation in the current period:
Expenditures for capital assets
$ 2,390,219
Less current year's depreciation
(4,230,208)
(1,839,989)
In the statement of activities, the loss on the disposal
of assets is reported, whereas in the governmental
funds, the proceeds from the sale increase financial
resources. The change in net assets differs from the
change in fund balance by:
Cost of the assets disposed
(320,253)
Related accumulated depreciation
299,123
(21,130)
The issuance of long -term debt provides current
financial resources to governmental funds: however,
has no effect on net assets:
Bond issue costs
40,113
Issuance of debt
(5,565,000)
(5,524,887)
Repayment of bond principal is an expenditure in the
governmental funds, but the repayment reduces
long -term liabilities in the statement of net assets.
6,335,000
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:
Net pension obligation (asset)
(298,491)
OPEB obligation
(16,000)
Interest
2,125
Amortization of deferred loss on refunding
(13,766)
Amortization of bond issuance costs
(21,219)
Compensated absences
(47,967)
(395,318)
Receivables in governmental fund are susceptible to
full accrual on the government -wide statements (376,892)
Change in net assets of governmental activities $ 1,146,381
The accompanying notes to financial statements are an integral part of these statements.
19
CITY OF AVENTURA, FLORIDA
STATEMENT OF NET ASSETS
PROPRIETARY FUND
September 30, 2011
Stormwater
Utility
Fund
ASSETS:
Current assets:
Cash, cash equivalents and investments $ 962,058
Due from other governments 75,685
Total current assets 1,037,743
Noncurrent assets:
Capital assets, net of accumulated depreciation 7,424,095
Total noncurrent assets 7,424,095
Total assets 8,461,838
LIABILITIES:
Current liabilities:
Accounts payable 44,357
Total liabilities 44,357
NET ASSETS:
Invested in capital assets 7,424,095
Unrestricted 993,386
Total net assets $ 8,417,481
The accompanying notes to financial statements are an integral part of these statements.
20
CITY OF AVENTURA, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
PROPRIETARY FUND
For the Year Ended September 30, 2011
Stormwater
Utility
Fund
OPERATING REVENUES:
Charges for services $ 843,930
OPERATING EXPENSES:
Cost of sales and services 527,574
Depreciation expense 299,516
Total operating expenses 827,090
Operating income 16,840
NONOPERATING REVENUES:
Interest income 3,562
Income before contributions 20,402
CAPITAL CONTRIBUTIONS - GRANTS 108,862
Change in net assets 129,264
NET ASSETS, beginning 8,288,217
NET ASSETS, ending $ 8,417,481
The accompanying notes to financial statements are an integral part of these statements.
21
CITY OF AVENTURA, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUND
For the Year Ended September 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers, users and other $ 842,942
Cash paid to suppliers (490,741)
Net cash provided by operating activities 352,201
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets (107,251)
Net cash used in capital
and related financing activities (107,251)
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES:
Proceeds from capital grants * 284,165
Interest received 3,562
Net cash provided by investing activities 287,727
Net increase in cash, cash equivalents and investments
532,677
CASH, CASH EQUIVALENTS AND INVESTMENTS, beginning
429,381
CASH, CASH EQUIVALENTS AND INVESTMENTS, ending
$ 962,058
RECONCILIATION OF OPERATING INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
Operating income
16,840
Adjustments to reconcile operating income to
net cash provided by operating activities:
Depreciation expense
299,516
Changes in assets and liabilities:
Increase in due from other governments
(988)
Increase in accounts payable
36,833
Total adjustments
335,361
Net cash provided by operating activities
$ 352,201
* Capital contributions for the year ended September 30, 2011 are all associated
with cash transactions.
The accompanying notes to financial statements are an integral part of these statements.
22
CITY OF AVENTURA, FLORIDA
STATEMENT OF FIDUCIARY NET ASSETS
POLICE OFFICERS' RETIREMENT PLAN FUND
September 30, 2011
ASSETS:
Investments, at fair value:
Common stocks
$ 8,786,433
U.S. Government securities
2,936,342
Corporate bonds
2,494,702
Money market funds
990,078
Receivables:
Employer contributions
62,217
Accrued interest
52,729
Total assets 15,322,501
LIABILITIES:
Accounts payable 3,125
Total liabilities 3,125
Net assets held in trust for pension benefits $ 15,319,376
The accompanying notes to financial statements are an integral part of these statements.
23
CITY OF AVENTURA, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
POLICE OFFICERS' RETIREMENT PLAN FUND
For the Year Ended September 30, 2011
ADDITIONS:
Contributions:
Employer $ 1,645,843
Employees 512,005
State of Florida, premium tax 250,125
Total contributions 2,407,973
Investment earnings:
Net depreciation in fair value of investments (419,228)
Interest and dividend income 329,667
Total investment income (89,561)
Less investment expense 144,868
Net investment income (234,429)
Total additions 2,173,544
I�J� 11I�yL�]►1�`)F
Administrative expenses 45,614
Benefits paid 155,845
Total deductions 201,459
Change in net assets 1,972,085
NET ASSETS HELD IN TRUST FOR PENSION BENEFITS, beginning 13,347,291
NET ASSETS HELD IN TRUST FOR PENSION BENEFITS, ending $ 15,319,376
The accompanying notes to financial statements are an integral part of these statements.
24
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Aventura, Florida (the "City ") was incorporated on November 7, 1995, under
the provisions of Chapter 63 -1675 Laws of Florida. The City operates under a commission -
manager form of government and provides the following full range of municipal services as
authorized by its charter: public safety, highways and streets, building, licensing and code
compliance, culture and recreation, public works and stormwater management, public records and
general administrative services.
The Comprehensive Annual Financial Report (the "CAFR ") of the City includes all funds.
The financial statements of the City have been prepared to conform with accounting principles
generally accepted in the United States of America ( "GAAP ") as applicable to state and local
governments. The Governmental Accounting Standards Board ( "GASB ") is the accepted standard -
setting body for establishing governmental accounting and financial reporting principles.
Significant accounting and reporting policies and practices used by the City are described
below:
A. Financial Reporting Entity
Accounting principles generally accepted in the United States of America require that the
reporting entity include: (1) the primary government, (2) organizations for which the primary
government is financially accountable and (3) 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. The criteria provided in
Section 2100 of the Codification of Government Accounting and Financial Reporting Standards
have been considered and there are no agencies or entities which should be presented with the
City.
B. Government Wide and Fund Financial Statements
The basic financial statements include both government -wide (based on the City as a whole)
and fund financial statements.
The government -wide financial statements (i.e., the statement of net assets and the
statement of activities) report information on all activities of the City. For the most part, the effect
of interfund services provided and used has been eliminated 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
services.
The government -wide statement of activities demonstrates the degree to which the direct
expenses of a given function or segment is offset by program revenues. Direct expenses are those
expenses 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 operation 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.
The net cost (by function) is normally covered by general revenue (i.e., property taxes,
sales taxes, franchise taxes, unrestricted intergovernmental revenues, interest income, etc.).
25
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Separate fund financial statements are provided for governmental funds, proprietary funds
and fiduciary funds, even though the latter are excluded from the government -wide financial
statements. The focus of fund financial statements is on major funds. Major individual
governmental funds and the major individual enterprise fund are reported as separate columns in
the fund financial statements. GASB Statement No. 34 sets forth minimum criteria (percentage of
assets, liabilities, revenues or expenditures /expenses of either fund category for the governmental
and enterprise combined or funds that management deems of public importance) for the
determination of major funds. The nonmajor funds are combined and presented in a single column
in the fund financial statements.
The government- wide -focus is more on the - sustainability of the City as an entity and the -
change in aggregate financial position resulting from the activities of the fiscal period. The focus
of the fund financial statements is on the major individual funds of the governmental and business-
type categories, (by category). Each presentation provides valuable information that can be
analyzed and compared to enhance the usefulness of the information.
C. 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 proprietary and 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 when an enforceable lien exists and when levied for. Grants and similar
items are recognized as revenues as soon as all eligibility requirements imposed by the provider
have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon
as they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the government considers revenues to be available if they are collected
within 60 days of the end of the current fiscal period. 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 postemployment benefits and claims
and judgments, are recorded only when due.
Property taxes when levied for, franchise fees, utility taxes, charges for services, impact
fees, intergovernmental revenues when eligibility requirements are met and interest associated with
the current fiscal period are all considered to be measurable and have been recognized as revenues
of the current fiscal period, if available. All other revenue items such as fines and forfeitures and
licenses and permits are considered to be measurable and available when cash is received by the
City.
26
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Proprietary fund -type operating statements present increases (e.g., revenues) and decreases
(e.g., expenses) in net total assets. Proprietary funds distinguish operating revenues and expenses
from nonoperating items. Operating revenues and expenses generally result from providing
services and producing and delivering goods in connection with a proprietary fund's principal.
ongoing operations. The principal operating revenues of the proprietary fund are charges to
customers for sales and services. Operating expenses for proprietary funds include the costs of
sales and services, administrative expenses and depreciation on capital assets. All revenues and
expenses that do not meet this definition are reported as nonoperating revenues or expenses.
The City reports the following major governmental funds:
General Fund - This fund is the principal operating fund of the City. All general tax
revenues and other receipts that are not allocated by law or contractual agreement to
another fund are accounted for in this fund.
Charter School Fund - This fund is used to account for revenues and expenditures
from the operations of the Aventura City of Excellence School, a special revenue
fund of the City.
Street Maintenance Fund - This fund is used to account for revenues and
expenditures, which by State Statue are designated for street maintenance and
construction costs.
Debt Service Fund Series 2000 - is used to account for the payment of principal,
interest and other expenditures associated with the Series 2000 Revenue Bonds.
The City reports the following major proprietary fund:
Stormwater Utility Fund - This fund accounts for the operation of the City's
stormwater system.
Additionally, the government reports the following fiduciary fund type:
Police Officers' Retirement Plan Fund - This fund accounts for the activities of the
Police Officers' Retirement Plan that accumulates resources for pension benefits to
qualifying police officers.
The private- sector standards of accounting and financial reporting issued prior to December
1, 1989, generally are followed in both the government -wide and proprietary fund financial
statements to the extent that those standards do not conflict with or contradict guidance of the
GASB. Governments also have the option of following subsequent private - sector guidance for their
business -type and enterprise funds, subject to the same limitation. The government has elected not
to follow subsequent private- sector guidance.
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 and fines and forfeitures, 2) operating
grants and contributions and 3) capital grants and contributions. Internally dedicated resources are
reported as general revenues rather than as program revenues. Likewise, general revenues include
all taxes.
27
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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 - Cash and cash equivalents are defined as demand
deposits, money market accounts and other short -term investments with original maturities
of three months or less from the date of acquisition.
The City maintains a pooled cash account for all funds. This enables the City to invest
large amounts of idle cash for short periods of time and to optimize earnings potential.
Cash and cash equivalents represents the amount owned by each City fund. Resources of
all funds, with the exception of the pension fund, are also combined into investment pools
for the purpose of maximizing investment yields. Interest earned on pooled cash and
investments is allocated monthly based on cash balances of the respective funds.
The City's investments are reported at their fair value based on quoted market prices as
reported by recognized security exchanges except for the Guaranteed Investment Contract
which is recorded at cost.
The pension plan's investments in common stocks, corporate bonds and U.S. government
securities are reported at fair value based on quoted market price. Investments in money
market funds are valued at amortized cost.
2. Receivables and payables - Transactions between funds that are representative of an
outstanding lending /borrowing arrangement at the end of the year are referred to as either
"interfund receivables / payables." Any residual outstanding balances between the
governmental activities and business -type activities at year -end are reported in the
government -wide financial statements as internal balances.
3. Prepaid expenses /expenditures - Certain payments to vendors reflect costs applicable to a
future accounting period and are recorded as prepaid items in both government -wide and
fund financial statements.
4. Inventories - Inventories are valued at the lower of cost (first -in, first -out) or market. These
amounts are reported as nonspendable in governmental fund financial statements. Inventory
is accounted for using the consumption method whereby inventories are recorded as
expenditures when they are used.
5. Capital assets - Capital assets purchased or acquired with an original cost of $ 5,000 or
more are reported at historical cost or estimated historical cost. Contributed assets are
reported at fair value as of the date received. Additions, improvements and other capital
outlays that significantly extend the useful life of an asset are capitalized. Other costs
incurred for repairs and maintenance are expensed as incurred. Depreciation on all assets is
provided on the straight -line basis over the following estimated useful lives:
Buildings 25
Improvements other than buildings 20-30
Infrastructure 20-40
Furniture, machinery and equipment 3 -20
0
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Within governmental funds (government -wide level), amounts incurred for the acquisition
of capital assets are reported as fund expenditures. Depreciation expense is not reported
within the governmental fund financial statements.
6. Unearned /deferred revenues - Unearned revenues at the government -wide level,
governmental and business -type activities, are reported when the City receives resources
before it has earned the revenues. Furthermore, governmental funds report deferred
revenue in connection with receivables for revenues that are not considered to be available
to liquidate liabilities of the current period.
7. Compensated absences payable - The City's sick leave policy permits employees to
accumulate earned but unused sick pay benefits. Upon termination, sick pay is paid out,
between 0-100% based on length of service.
The City's vacation policy is that earned vacation is cumulative although limited to certain
maximums based on length of service.
Accumulated compensated absences are recorded in the government -wide and proprietary
fund financial statements when earned. Expenditures for accumulated compensated
absences have been recorded in the governmental funds only if they have matured, (e.g.,
resulting from employee resignations and retirements). Payments are generally paid out of
the General Fund.
Long-term obligations - In the government -wide financial statements and proprietary fund
types in the fund financial statements, long -term debt and other long -term obligations are
reported as liabilities in the applicable governmental activities, business -type activities or
proprietary fund type statement of net assets. Bond premiums, discounts and issuance costs
are deferred and amortized over the life of the bonds using the straight line method, which
approximates the effective interest method. Bonds payable are reported net of the
applicable premiums and discounts. For bond refundings resulting in the defeasance of debt
reported in the government -wide financial statements and proprietary fund types in the fund
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 an addition to or reduction of the face
amount of the new debt.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issue costs in the year of issuance. Bond proceeds at face value
and premiums are reported as other financing source. Bond discounts are reported as other
financing use. Issuance costs, even if withheld from the actual net proceeds received, and
bond principal payments are reported as debt service expenditures.
9. Equity classifications
Government -Wide and Proprietary Fund Statements:
Equity is classified as net assets and displayed in three components:
Invested in ca ital assets, net of related debt - consists of capital assets, net
of accumulated depreciation and reduced by the outstanding balances of any
bonds, notes or other borrowings that are attributable to the acquisition,
construction or improvements of those assets.
29
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
b. Restricted net assets - consists of net assets with constraints placed on the
use either y: external groups such as creditors, grantors, contributors or
laws or regulations of other governments, or 2) law through constitutional
provisions or enabling legislation.
C. Unrestricted net assets - all other net assets that do not meet the definition of
"restricted" or invested in capital assets, net of related debt."
Fund Equity:
During the year, the City adopted 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 to 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 2011, this represents $ 67,779.
Restricted: This classification includes amounts for which constraints have been
p acac -lithe 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 2011, this represents $ 1,694,288.
Committed: This classification includes amounts that can be used only for specific
purposes pursuant to constraints imposed by formal action of the City Commission.
These amounts cannot be used for any other purpose unless the Commission
removes or changes the specified use by taking the same type of action (ordinance
or resolution) that was employed when the funds were initially committed.
Resources accumulated pursuant to stabilization arrangements are reported in this
category. In fiscal year 2011, this represents $ 20,193,488.
Ass, i�ned: 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.
This intent can be expressed by the Commission through the Commission delegating
this responsibility to the City Manager. In fiscal year 2011, this represents
$ 4,471,662. In the general fund, assigned fund balance for subsequent year's
budget is comprised of $ 504,120 and $ 55,428 representing the appropriation of a
portion of existing fund balance in the 2012 budget and outstanding encumbrances,
respectively.
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 2011,
this represents $ 15,868,958.
30
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
10. Minimum Fund Balance Policy and Hurricane /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 has adopted a financial
standard to maintain a Hurricane /Emergency and Disaster Recovery's Operating Reserve
at a minimum level of $ 5,000,000 and a Fiscal Stability Reserve of 10% of the annual
General Fund revenue.
11. Encumbrances - Encumbrance accounting, under which purchase orders, contracts and
other commitments for the expenditure of funds are recorded in order to reserve that
portion of the applicable appropriation, is employed as an extension of formal budgetary
integration.
Encumbrances are recorded at the time a purchase order or other commitment is entered
into. Encumbrances outstanding at year -end represent the estimated amount of expenditures
which would result if unperformed purchase orders and other commitments at year -end are
completed. Encumbrances lapse at year -end; however, the City generally intends to honor
purchase orders and other commitments in process. As a result, encumbrances outstanding
at year -end are re- appropriated in the next fiscal year and are therefore presented as
committed or assigned fund balance for the subsequent year.
12. 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 certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
13. Date of management review - Subsequent events were evaluated by management through
March 1, 2012, which is the date the financial statements were available to be issued.
NOTE 2 - PROPERTY TAXES
Property taxes are assessed as of January 1 each year and are first billed (levied) and due
the following November 1.
Under Florida law, the assessment of all properties and the collection of all county,
municipal, school board and special district property taxes are consolidated in the Offices of the
County Property Appraiser and County Tax Collector. The laws for the State regulating tax
assessments are also designed to assure a consistent property valuation method statewide. 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 millage rate assessed by the City for the year ended September
30, 2011 was 1.7261 mills.
The City's tax levy is established by the City Commission prior to October 1 of each year,
and the County Property Appraiser incorporates the millage into the total tax levy, which includes
Miami -Dade County, Miami -Dade County School Board and certain other special taxing districts.
All property is reassessed according to its fair market value as of January 1 each year.
Each assessment roll is submitted to the Executive Director of the Florida Department of Revenue
for review to determine if the assessment rolls meet all of the appropriate requirements of State
Statutes.
31
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 2 - PROPERTY TAXES (continued)
All real and tangible personal property taxes are due and payable on November 1 each year
or as soon as practicable thereafter as the assessment roll is certified by the County Property
Appraiser. Miami -Dade County mails each property owner on the assessment roll a notice of the
taxes due and collects the taxes for the City. Taxes may be paid upon receipt of the notice from
Miami -Dade County, with discounts at the rate of 4 % if paid in the month of November, 3 % if
paid in the month of December, 2 % if paid in the month of January and 1 % if paid in the month of
February. Taxes paid during the month of March are without discount, and all unpaid taxes on real
and tangible personal property become delinquent and liens are placed on April 1 of the year
following the year in which the taxes were assessed. 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 as of September 30, 2011
NOTE 3 - DEPOSITS AND INVESTMENTS
Deposits:
The City's custodial credit risk policy is in accordance with Florida Statutes. 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.
The Florida SBA Pool is not a registrant with the Securities and Exchange Commission
( "SEC "); however, its board has adopted operating procedures consistent with the requirements
for a 2a -7 fund. The SBA investments are allocated among two funds, Fund A and Fund B
(hereinafter referred to as "Florida PRIME" and "LGIP -B "). For the Florida PRIME, a 2a7 -like
pool, the value of the City's position is the same as the value of the pool shares and is recorded at
amortized cost. At September 30, 2011, the City's investment in the Florida PRIME was that of
$ 17,159,721. In accordance with these requirements, the method used to determine the
participants' shares sold and redeemed is the amortized cost method. The amortized cost method is
the same method used to report investments. Amortized cost includes accrued income and is a
method of calculating an investment's value by adjusting its acquisition cost for the amortization of
discount or premium over the period from purchase to maturity. Thus, the City's account balance
in the SBA is its amortized cost. The LGIP -B pool is accounted for as a fluctuating net asset value
"NAV." The balance of the City's investment in LGIP -B at year end amounted to $ 106,216,
with a net asset value factor of 0.7568386. The SBA is governed by Chapter 19 -7 of the Florida
Administrative Code. These rules provide guidance and establish the general operating procedures
for the administration of the SBA. Additionally, the Office of the Auditor General of the State of
Florida performs the operational audit of the activities and investment of the SBA. The SBA
accounts are not subject to custodial credit risk as these investments are not evidenced by securities
that exist in physical or bank entry form.
32
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 3 - DEPOSITS AND INVESTMENTS (continued)
Investments:
On June 2, 2009 and on November 1, 2011, the City adopted and re- adopted, respectively,
Chapter 6.6 of the Administrative Policy and Directives and Procedures Manual, entitled
"Investments Objective and Parameters," as the City's Investment Policy for the management of
Public Funds ( "the policy "). The policy was created in accordance with Section 218.415, Florida
Statutes. The policy applies to all investments held and controlled by the City, with the exception
of the Police Officers' Pension Plan and its debt issuance where there are other existing policies or
indentures in effect for the investment of related funds.
The City's policy for investments other than pension plan and debt issuance is summarized
below. The Finance Director has responsibility for the type of investments the City makes. The
investment policy establishes permitted investments, asset allocation, issuer limits, credit rating
requirements and maturity limits to protect the City's assets. All investment securities are held by
a Trust custodian, and are managed by financial advisors. The City's policy allows them to invest,
but is not limited to the following: (1) obligations of the United States and its agencies; (2) highly
rated obligations of any state of the United States or of any political subdivision; authority or
agency thereof, (3) shares or other interests in custodial arrangements or pools maintaining
constant net asset values and in highly rated no -load open -end money market mutual funds (with
constant or fluctuating net asset values) whose portfolios are limited to obligations of the United
States and its agencies, and repurchase agreements fully collateralized by such obligations; and (4)
the Florida Local Government Surplus Funds Trust Fund "SBA".
The City policy for pension investments is under the oversight of the Plan's Board of
Trustees (the "Board "). The Board contracts with an investment advisory firm and approves any
new investment vehicles presented by the consultant. The Board follows all applicable state
statutes.
The City has a Guaranteed Investment Contract ( "GIC ") that is not subject to interest rate
risk classification because it is a direct contractual investment and is not a security. The GIC also
is not rated for credit risk classification purposes. The GIC provides for a guaranteed return on
investments over a specific period of time at a rate of 5.04% per annum. The value of the GIC as
of September 30, 2011 is $ 523,868 and the value of the GIC is expected to be sufficient to meet
the reserve fund requirement for the Series 2000A Revenue Note of a minimum of $ 500,000. The
GIC is recorded at the contract amount which is $ 500,657.
Interest rate risk - The City's policy is to limit its exposure to fair value losses arising from
changes in interest rates by structuring the investment portfolio so that securities mature to meet
cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open
market prior to maturity, and investing operating funds primarily in shorter -term securities, money
market mutual funds or similar investment pools.
The City does not have a formal investment policy for its pension funds that limits
investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates.
A segmented time distribution table at September 30, 2011 is presented later in this report.
W
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 3 - DEPOSITS AND INVESTMENTS (continued)
Concentration - The City's policy is to maintain a diversified portfolio to minimize the risk
of loss resulting from concentration of assets in a specific issuer. Specific limits have been
established which limit the percentage of portfolio assets that can be invested with a specific
issuer. GASB Statement No. 40 requires disclosure when the percentage is 5 % or more in any one
issuer. Investments issued or explicitly guaranteed by the U.S. government and investments in
mutual funds external investments pools, or other pooled investments are excluded from this
requirement. The City had no total investments in any one issuer requiring disclosure in
accordance with GASB Statement No. 40. The pension fund limits investments that may be
invested in any one issuer to no more than 5 % of plan net assets, other than those issued by the
U.S. Government or its Agencies. More than 5 % of the Fund's plan net assets are invested in debt
securities issued by the U. S. Treasury. The U. S. Treasury investments represented 13.90% of
Plan Net Assets. Given the restriction to the highest rating, this concentration is not viewed to be
an additional risk to the City.
Custodial credit risk - For an investment, custodial credit risk is the risk that, in the event
of the failure of the counterparty (e.g., broker - dealer) to a transaction, a government will not be
able to recover the value of its investment or collateral securities that are in the possession of
another party. The City's investment policy requires securities, with the exception of certificates of
deposit, to be registered in the City's name and held with a third party custodian.
As of September 30, 2011, the City's cash, cash equivalents and investments consisted of
the following:
Cash and cash equivalents and investments:
State Board of Administration -
SBA, Florida PRIME
$ 17,159,721
Deposits with financial institutions
11,517,374
U.S. Government obligations
6,417,935
U.S. treasury bills
5,666,410
Corporate bonds
1,661,097
Municipal obligations
643,968
Collateralized mortgage obligations
631,239
Guaranteed investment contract
500,657
Money market funds
381,885
State Board of Administration -
SBA, Fund B
106,216
Mortgage- backed securities
77,241
Petty cash
2,155
44, 765, 898
Fiduciary fund investments:
Common stocks
8,786,433
U.S. Government securities
2,936,342
Corporate bonds
2,494,702
Money market funds
990,078
15,207,555
$ 59,973,453
34
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 3 - DEPOSITS AND INVESTMENTS (continued)
Cash, cash equivalents and investments are classified in the accompanying financial
statements as follows:
Statement of Net Assets:
Cash, cash equivalents and investments
$ 44,265,241
Restricted cash, cash equivalents and investments
500,657
44,765,898
Statement of Fiduciary Net Assets:
Greater
Common stocks
8,786,433
U.S. Government securities
2,936,342
Corporate bonds
2,494,702
Money market funds
990,078
City Investments:
15,207,555
$ 59,973,453
Interest rate risk:
This is the risk that changes in market interest rates will adversely affect the fair value of
an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of
its fair value to changes in market interest rates. The City's policy is that unless matched with
specific cash flow, the City will not directly invest in securities maturing more than seven (7)
years from the date of purchase. Because of inherent difficulties in accurately forecasting cash
flow requirements, a portion of the portfolio should be continuously invested in readily available
funds to ensure that proper liquidity is maintained to meet ongoing obligations. Information about
the exposure of the City's debt -type investments to this risk using the segmented time distribution
model is as follows:
35
Investment Maturities (in Years)
Greater
Summary of Investments
Fair
Less Than
1 -5 6 -10 Than
and Interest Rate Risk
Value
1 Year
Years Years 10 Years
City Investments:
State Board of Administration -
SBA, Florida PRIME $
17,159,721
$ 17,159,721
$ - $ - $ -
U.S. Government obligations
6,417,935
1,007,116
5,410,819 - -
U.S. treasury bills
5,666,410
1,455,360
4,211,050 - -
Corporate bonds
1,661,097
198,227
1,462,870 - -
Municipal obligations
643,968
110,731
533,237 - -
Collateralized mortgage obligations
631,239
543,159
88,080 - -
Money market funds
381,885
381,885
- - -
State Board of Administration -
SBA, Fund B
106,216
-
106,216 - -
Mortgage - backed securities
77,241
77,241 - -
Subtotal - City Investments
32,745,712
20,856,199
11,889,513 - -
35
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 3 - DEPOSITS AND INVESTMENTS (continued)
Credit risk:
Generally, credit risk is the risk that an issuer of a debt -type investment will not fulfill its
obligation to the holder of the investment. This is measured by assignment of a rating by a
nationally- recognized rating organization. The City's investment policy provides strict guidelines
and limits investments to highly rated securities with minimum ratings of AAA /Aaa and
AAAm /AAAm -G (money market mutual funds). The Finance Director shall determine the
appropriate action for any investment held that is downgraded below the minimum rating by one or
more rating agencies. The pension fund limits its credit risk by limiting its fixed income
investments to securities with the top four (4) ratings issued by nationally recognized statistical
rating organizations.
U.S. government securities or obligations explicitly guaranteed by the U.S. government are
not considered to have credit risk exposure. Investments in the LGIP -B, certain money market
funds, and certain U.S. government obligations are not rated. The City's and fiduciary fund
portfolio is rated by Moody's Investors Services as follows:
Fair
Rating Value
City Investments:
Aaa
$ 13,714,969
Aa 1
Investment Maturities (in Years)
Aa2
1,148,305
Aa3
416,200
Greater
Summary of Investments
Fair
Less Than
1 -5
6 -10 Than
and Interest Rate Risk
Value
1 Year
Years
Years 10 Years
Fiduciary Fund:
A2
558,970
A3
281,557
U.S. Government securities
2,936,342
585,331
1,961,401
389,610
Corporate bonds
2,494,702
178,557
1,801,161
514,984 -
Money market funds
990,078
990,078
-
-
Subtotal - Fiduciary Fund
6,421,122
1,753,966
3,762,562
904,594
Total investments
$ 39,166,834
$ 22,610,165
$ 15,652,075 $
904,594 $
Credit risk:
Generally, credit risk is the risk that an issuer of a debt -type investment will not fulfill its
obligation to the holder of the investment. This is measured by assignment of a rating by a
nationally- recognized rating organization. The City's investment policy provides strict guidelines
and limits investments to highly rated securities with minimum ratings of AAA /Aaa and
AAAm /AAAm -G (money market mutual funds). The Finance Director shall determine the
appropriate action for any investment held that is downgraded below the minimum rating by one or
more rating agencies. The pension fund limits its credit risk by limiting its fixed income
investments to securities with the top four (4) ratings issued by nationally recognized statistical
rating organizations.
U.S. government securities or obligations explicitly guaranteed by the U.S. government are
not considered to have credit risk exposure. Investments in the LGIP -B, certain money market
funds, and certain U.S. government obligations are not rated. The City's and fiduciary fund
portfolio is rated by Moody's Investors Services as follows:
Fair
Rating Value
City Investments:
Aaa
$ 13,714,969
Aa 1
150,302
Aa2
1,148,305
Aa3
416,200
AAAm
17,159,721
P -1
49,999
Not rated
106,216
32,745,712
Fiduciary Fund:
Al
682,198
A2
558,970
A3
281,557
AA2
367,536
AA3
604,441
Not rated
3,926,420
6,421,122
$ 39,166,834
36
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 3 - DEPOSITS AND INVESTMENTS (continued)
Foreign credit risk:
For an investment, foreign credit risk is the risk that fluctuates in currency exchange rates
may affect transactions conducted in currencies other than U.S. dollars and the carrying value of
foreign investments. The City is not exposed to foreign credit risk. The pension fund's exposure
to foreign credit risk derives mainly from its investments in international equity securities which
amounted to $ 2,083,435 in U.S. dollars. The pension fund's investment policy limits the foreign
investments to no more than 25% of the pension fund's investment balance. As of the year end,
the foreign investments were 13.7% of total investments. The investments by currency type are as
follows:
Currencv Fair Value
Canada
$ 334,566
France
212,906
Ireland
91,246
Israel
106,453
Japan
243,320
Netherlands
167,283
South Africa
136,868
United Kingdom
212,906
Other
577,887
Total
$ 2,083,435
NOTE 4 - RECEIVABLES
Receivables as of September 30, 2011 consist of the following:
Charter
Nonmajor
General
School
Govermental
Fund
Fund
Funds
Total
Governmental funds:
Utility service taxes
$ 397,146
$ - $
- $
397,146
Police services
91,566
-
24,918
116,484
Vendors
43,616
5,014
-
48,630
Franchise fees
35,099
-
-
35,099
Total governmental
funds
$ 567,427
$ 5,014 $
24,918 $
597,359
37
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 5 - INTERFUND TRANSFERS
Interfund transfers during the year ended September 30, 2011 were as follows:
Transfers Transfers
In Out
General Fund $ 118,340 $ 1,753,899
Charter School Fund 100,000 444,271
Debt Service Fund Series 2000 447,809 -
Other nonmajor governmental funds 1,650,361 118,340
$ 2,316,510 $ 2,316,510
Transfers are used to: (1) move revenues from the fund that statute or budget requires to
collect them, to the fund that statute or budget requires to expend them from or (2) use of
unrestricted revenues collected in the General Fund to finance various programs accounted for in
other funds in accordance with budgetary authorizations. Transfers to the General Fund represent
reimbursement of cost from the 911 Fund of $ 118,340. The transfer to the Charter School Fund
consists of $ 100,000 from the General Fund which is being used to support future capital projects
occurring in the Charter School Special Revenue Fund. The remaining transfers represent transfers
to meet debt service requirements in the Debt Service Funds.
NOTE 6 - CAPITAL ASSETS
Capital assets activity for the year ended September 30, 2011 was as follows:
Balance Retirements Balance
October 1, and September 30,
2010 Additions Transfers 2011
Governmental activities:
Capital assets, not
being depreciated:
Land
Construction in progress
Total capital assets,
not being depreciated
Capital assets, being depreciated:
Buildings
Improvements other
than buildings
Infrastructure
Furniture, machinery
and equipment
Total capital assets,
being depreciated
$ 17,102,344 $ - $ - $ 17,102,344
511,880 513,337 (511,880) 513,337
17,614,224 513,337 (511,880) 17,615,681
43,779,593 42,772 - 43,822,365
10,923,306 53,327 - 10,976,633
35,634,762 1,069,100 - 36,703,862
13,107,897 1,223,563 (320,253) 14,011,207
$ 103,445,558 $ 2,388,762 $ (320,253) $ 105,514,067
38
CITY OF AVENTURA, FLORIDA
$ 554,959
NOTES TO BASIC FINANCIAL STATEMENTS
828,647
Community services
September 30, 2011
$ 4,230,208
NOTE 6 - CAPITAL ASSETS (continued)
Stormwater utility
$ 299,516
Balance
Retirements
Balance
October 1,
and
September 30,
2010
Additions
Transfers
2011
Less accumulated depreciation for:
Buildings $
7,477,977
$ 1,281,338 $
- $
8,759,315
Improvements other
than buildings
2,369,152
412,552
-
2,781,704
Infrastructure
11,328,897
1,384,527
-
12,713,424
Furniture, machinery
and equipment
9,009,662
1,151,791
(299,123)
9,862,330
Total accumulated
depreciation
30,185,688
4,230,208
(299,123)
34,116,773
Total capital assets,
being depreciated, net
73,259,870
(1,841,446)
(21,130)
71,397,294
Governmental activities
capital assets, net $
90,874,094
$ (1,328,109) $
(533,010) $
89,012,975
Business -type activities:
Capital assets, not
being depreciated:
Construction in progress $
290,709
$ 68,796 $
(359,505) $
-
Capital assets, being depreciated:
Infrastructure
9,260,616
397,960
-
9,658,576
Less accumulated depreciation
1,934,965
299,516
-
2,234,481
Total capital assets,
being depreciated, net
7,325,651
98,444
-
7,424,095
Business -type activities
capital assets, net $
7,616,360
$ 167,240 $
. (359,505) $
7,424,095
Depreciation expense was
charged to
function/programs
of the primary
government as
follows:
Governmental activities:
General government
$ 554,959
Public safety
828,647
Community services
2,846,602
$ 4,230,208
Business -type activities:
Stormwater utility
$ 299,516
T
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 7 - LONG -TERM LIABILITIES OF GOVERNMENTAL ACTIVITIES
Changes in Governmental Activities long -term liabilities during the year ended September
30, 2011 were as follows:
Deferred loss on early
retirement of Revenue Bonds
payable of Series 1999 (261,560) - (13,766) (247,794) -
$ 33,152,660 $ 6,795,138 $ 7,487,405 $ 32,460,393 $ 1,933,297
Revenue bonds as of September 30, 2011 were comprised of the following:
Series 2000 Revenue Bonds, principal is due annually over
20 years in various amounts through October 2020. The
bonds bear interest at 5.04% and are payable semi - annually
on October 1 and April 1 of each year. The bonds are
collateralized by available Non -Ad Valorem revenues. $ 3,930,000
Series 2002 Revenue Bonds issued from the Florida
Intergovernmental Finance Commission. Principal is due
annually over 30 years in various amounts through August
2032. The bonds bear interest at various rates (2.10% -
5.00 %) and are payable semi - annually on February 1 and
August 1 of each year. The bonds are collateralized by
available Non -Ad Valorem revenues.
Series 2010 Refunding Revenue Bonds, principal is due
annually over 19 years in various amounts through April
2029. The bonds bear interest at 3.42% and are payable
semi - annually on October 1 and April 1 of each year. The
bonds are collateralized by available Non -Ad Valorem
revenues.
40
10,165,000
10,385,000
Balance
Balance
October 1,
September 30,
Due Within
2010
Additions
Retirements
2011
One Year
Series 1999 Revenue
Bonds payable
$ 5,700,000
$ -
$ 5,700,000
$ -
$ -
Series 2000 Revenue
Bonds payable
4,225,000
-
295,000
3,930,000
310,000
Series 2002 Revenue
Bonds payable
10,505,000
-
340,000
10,165,000
355,000
Series 2010 Refunding
Revenue Bonds payable
10,385,000
-
-
10,385,000
430,000
Series 2011 Refunding
Revenue Bonds payable
-
5,565,000
-
5,565,000
220,000
Compensated absences
payable
2,425,220
1,214,138
1,166,171
2,473,187
618,297
Other post - employment
benefits
174,000
16,000
-
190,000
-
Deferred loss on early
retirement of Revenue Bonds
payable of Series 1999 (261,560) - (13,766) (247,794) -
$ 33,152,660 $ 6,795,138 $ 7,487,405 $ 32,460,393 $ 1,933,297
Revenue bonds as of September 30, 2011 were comprised of the following:
Series 2000 Revenue Bonds, principal is due annually over
20 years in various amounts through October 2020. The
bonds bear interest at 5.04% and are payable semi - annually
on October 1 and April 1 of each year. The bonds are
collateralized by available Non -Ad Valorem revenues. $ 3,930,000
Series 2002 Revenue Bonds issued from the Florida
Intergovernmental Finance Commission. Principal is due
annually over 30 years in various amounts through August
2032. The bonds bear interest at various rates (2.10% -
5.00 %) and are payable semi - annually on February 1 and
August 1 of each year. The bonds are collateralized by
available Non -Ad Valorem revenues.
Series 2010 Refunding Revenue Bonds, principal is due
annually over 19 years in various amounts through April
2029. The bonds bear interest at 3.42% and are payable
semi - annually on October 1 and April 1 of each year. The
bonds are collateralized by available Non -Ad Valorem
revenues.
40
10,165,000
10,385,000
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 7 - LONG -TERM LIABILITIES OF GOVERNMENTAL ACTIVITIES (continued)
Series 2011 Refunding Revenue Bonds, principal is due
annually over 18 years in various amounts through April
2029. The bonds bear interest at 3.64% and are payable
semi - annually on October 1 and April 1 of each year. The
bonds are collateralized by available Non -Ad Valorem
revenues. 5,565,000
$ 30,045,000
Compensated absences attributable to governmental activities are generally liquidated by
the General Fund.
Series 1999, Series 2010 (refunding), and Series 2011 (refunding) Revenue Bonds
The City previously issued $ 21,000,000 in Series 1999 Revenue Bonds to finance the
acquisition of land, buildings and other improvements related to municipal parks and the City's
administrative complex and police station. At September 30, 2011, this bond series was fully
defeased.
Defeasance of bonds - In fiscal year 2010, the City issued Series 2010 Refunding Revenue
Bonds to partially advance refund $ 10,580,000 of the then outstanding Series 1999 Revenue
Bonds. The City partially advance refunded the Series 1999 Revenue bonds to reduce its total debt
service payments over the next nineteen years by approximately $ 2,081,000 and to obtain an
economic gain (difference between the present values of the debt service payments on the old and
new debt, net of City's contribution) of approximately $ 1,110,200. The call date of this
refunding transaction was on April 1, 2011.
On January 25, 2011, the City issued $ 5,565,000 in Series 2011 Refunding Revenue
Bonds with a rate of 3.64% to advance refund the remaining $ 5,700,000 (including a City
contribution of $ 336,928) of the then outstanding Series 1999 Revenue Bonds. The gross
proceeds of $ 5,901,928 were deposited in an irrevocable trust with an escrow agent to provide for
the costs of issuance ($ 60,994) and debt service payments ($ 5,700,000 of principal and
$ 140,934 of interest) on the call date of April 1, 2011. The reacquisition price amounted to the
net carrying amount of the old debt. The City advance refunded the remaining Series 1999
Revenue Bonds to reduce its total debt service payments over the next eighteen years by
approximately $ 1,085,000 and to obtain an economic gain (difference between the present values
of the debt service payments on the old and new debt, net of City's contribution) of approximately
$ 530,000.
Series 2000 Revenue Bonds
The City previously issued $ 6,555,000 in Series 2000 Revenue Bonds to finance the
acquisition of land for parks and recreational purposes and for the construction of a community
recreation center. The bond indenture relating to this issue requires that a reserve fund of
$ 500,000 be established, the balance of which as of September 30, 2011 was sufficient to meet
this requirement. The indenture also requires the maintenance of a minimum debt service
coverage ratio of 2.50:1.00.
41
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 7 - LONG -TERM LIABILITIES OF GOVERNMENTAL ACTIVITIES (continued)
Series 2002 Revenue Bonds
The City previously entered into a bond indenture agreement with the Florida
Intergovernmental Finance Commission through an interlocal governmental agreement. As a
result, the City issued $ 12,610,000 in Series 2002 Revenue Bonds to finance the acquisition of
land and construction of a charter school as well as the construction of the community recreation
center. The bond indenture relating to this issue requires a reserve fund in the amount of
$ 842,000. The City purchased a surety bond to meet this requirement.
The annual debt service requirements to maturity for the revenue bonds are approximately
as follows:
Year Ending
September 30,
Principal
Interest
Total
2012
$ 1,315,000
$ 1,230,600
$ 2,545,600
2013
1,365,000
1,178,300
2,543,300
2014
1,420,000
1,123,300
2,543,300
2015
1,485,000
1,065,500
2,550,500
2016
1,540,000
1,004,800
2,544,800
2017 -2021
8,355,000
3,999,000
12,354,000
2022 -2026
7,350,000
2,367,400
9,717,400
2027 -2031
6,495,000
842,800
7,337,800
2032 -2035
720,000
36,000
756,000
$ 30,045,000
$ 12,847,700
$ 42,892,700
NOTE 8 - COMMITMENTS AND CONTINGENCIES
Litigation:
Various claims and lawsuits, which arise in the normal course of operations, are pending
against the City. It is management's opinion, based on the advice of the City Attorney, that the
outcome of these actions will not have a material adverse effect on the financial statements of the
City. Management also believes that the litigation against the City will be covered by insurance.
Government grants:
Revenue recognized from grants may be subject to audit by the grantor agencies. In the
opinion of City management, as a result of such audits, disallowances of grant revenues, if any,
would not have a material adverse effect on the City's financial condition.
Employment agreement:
The City has an employment contract with its City Manager that provides for an annual
salary, adjusted for cost -of- living increases and certain benefits. This agreement is effective for an
indefinite term subject to termination of the City Manager by the City Commission in accordance
with Article III, Section 3.08 of the City Charter. The City Manager must provide two (2) months
advance written notice to resign voluntarily.
42
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 8 - COMMITMENTS AND CONTINGENCIES (continued)
Charter school agreements:
The City has a contract with the School Board of Miami -Dade County, Florida that
provides for Aventura City of Excellence School to provide the residents of the City of Aventura
an education choice: for up to 972 elementary and middle school students. The contract ends on
June 30, 2018 but provides for a renewal of up to 15 years by mutual agreement of both parties.
The City has entered into an agreement with Charter School USA, Inc. ( "CSUSA ") to provide
administrative and educational services for the City's charter school. The agreement terminates on
June 30, 2013.
Other agreements:
The City has entered into nonexclusive agreement with an engineering consulting firm (the
"Consultant ") to provide building inspections and plan review services. Pursuant to the
agreements, the Consultant receives 70% of the gross building permit fee revenues for the first
$ 100,000 in fees in a month and 65 % of the amount in excess of $ 100,000 per month. However,
the Consultant receives 35% of the permit fee for all projects owned, paid for and to be operated
by the City.
Pension funding:
There have been significant negative economic developments surrounding the overall
market - liquidity, credit availability and market collateral levels which have resulted in declines in
the value of the investment securities held by the Police Officers' Retirement Plan. Consequently,
the City's required contribution amount to the Plan, which is necessary to maintain the actuarial
soundness and to provide the level of assets sufficient to meet participant benefits, could
significantly increase in future periods. It is management's opinion that future contributions to the
Plan will not have a material adverse effect on the City's financial position.
Construction agreements:
The City has entered into various agreements in reference to the construction and
maintenance of the City streets. At year -end, remaining outstanding construction commitments
amounted to approximately $ 270,000.
NOTE 9 - RISK MANAGEMENT
The City is exposed to various risks of loss related to torts, thefts of, damage to and
destruction of assets, errors and omissions, employee health, workers' compensation and natural
disasters for which the City carries commercial insurance. Settlement amounts have not exceeded
insurance coverage for any of the past three (3) fiscal years. In addition, there were no reductions
in insurance coverage from those in the prior year.
NOTE 10 - OTHER POST - EMPLOYMENT BENEFITS
The City had previously implemented the Governmental Accounting Standards Board
Statement No. 45, Accounting and Reporting by Employers for Postemployment Benefits Other
Than Pension (OPEB), for certain postemployment health care benefits provided by the City.
43
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 10 - OTHER POST - EMPLOYMENT BENEFITS (continued)
As of October 1, 2011, the latest actuarial valuation, health care and dental plan
participants consisted of:
Active Plan participants 178
Retiree Plan participants and spouses 6
184
Plan Description:
Pursuant to Section 112.0801, Florida Statutes, the City is required to permit participation
in the health insurance program to retirees and their eligible dependents at a cost to the retiree that
is no greater than the cost at which coverage is available for active employees. Other than certain
department directors, retirees must pay a monthly premium as determined by the insurance carrier.
Pursuant to Resolution 2006 -64; department directors who retire at age 55 or later with at least 10
years of service are not required to pay a premium for medical or dental coverage for themselves
prior to age 65. Retirees pay 100% of the blended equivalent premium rates. The blended rates
provide an implicit subsidy for retirees because, on an actuarial basis, their current and future
claims are expected to result in higher costs to the plan on average than those of active employees.
The plan described above is currently offered by the City under a "single employer plan"
structure. The City provides all financial information and required disclosures of its other post -
employment benefit plan in this document; therefore, a separate audited post - employment benefits
plan report is not available.
Funding Policy:
The City is funding the post employment benefits on a pay -as- you -go basis. For the fiscal
year ended September 30, 2011, the annual required contribution was $ 124,000. The City made
an implied contribution of $ 95,000 towards this amount. Retirees contributed $ 38,966 towards
the cost of these benefits, for the fiscal year ended September 30, 2011. At September 30, 2011
the City recorded a net OPEB obligation of $ 190,000 for governmental activities, in its
government -wide statement of net assets.
Annual OPEB Cost and Net OPEB Obligation:
The annual other postemployment benefit (OPEB) cost (expense) is calculated based on the
annual required contribution (ARC), an amount actuarially determined in accordance with the
parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an
ongoing basis, is projected to cover the normal cost each year and amortize any unfunded actuarial
liability over a period not to exceed 30 years. The following table shows the components of the
City's annual OPEB cost for the year, the amount actually contributed, and the changes in the net
OPEB obligation.
44
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 10 - OTHER POST - EMPLOYMENT BENEFITS (continued)
Annual Required Contribution (ARC)
Interest on net pension obligation
Adjustment to annual required contribution
Total annual OPEB cost
Employer contributions made
Interest on employer obligation
Increase in net OPEB obligation
Net OPEB obligation, beginning of year
Net OPEB obligation, end of year
*estimated, reflects both the explicit and implicit subsidy.
$ 124,000
7,000
(18,000)
113,000
* (95,000)
(2,000)
16,000
174,000
$ 190,000
The City's annual OPEB cost, the percentage of annual OPEB costs contributed to the plan,
and the net OPEB obligation for 2011 and two preceding years were as follows:
Funded Status and Funding Progress:
The schedule of funding progress, presented as RSI 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. An
analysis of funding progress (the last plan year valuation date) is as follows:
Actuarial
Percentage
Annual
of Annual
Year Ending
OPEB
OPEB Cost
Net OPEB
September 30,
Cost
Contributed
Obligation
2011
$ 113,000
84.07%
$ 190,000
2010
$ 142,000
44.37%
$ 174,000
2009
$ 143,000
32.16%
$ 96,000
Funded Status and Funding Progress:
The schedule of funding progress, presented as RSI 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. An
analysis of funding progress (the last plan year valuation date) is as follows:
Methods and Assumptions:
Projections of benefits for financial reporting purposes are based on the substantive plan
(the plan as understood by the employer and the plan members) and include the types of benefits
provided at the time of each valuation and the historical pattern of sharing of benefit costs between
the employer and plan members to that point. The actuarial methods and assumptions used include
techniques that are designed to reduce the effects of short -term volatility in actuarial accrued
liabilities and the actuarial value of assets, consistent with the long -term perspective of the
calculations.
W
Actuarial
Accrued
Unfunded
Liability
Actuarial
UAAL
Actuarial Actuarial
at Entry
Accrued
as % of
Valuation Value of
Age
Liability
Funded Covered Covered
Date Assets
(AAL)
(UAAL)
Ratio Payroll Payroll
10 /01 /11 $ -
$ 710,000
$ 710,000
0.0% $ 12,781,000 5.6%
Methods and Assumptions:
Projections of benefits for financial reporting purposes are based on the substantive plan
(the plan as understood by the employer and the plan members) and include the types of benefits
provided at the time of each valuation and the historical pattern of sharing of benefit costs between
the employer and plan members to that point. The actuarial methods and assumptions used include
techniques that are designed to reduce the effects of short -term volatility in actuarial accrued
liabilities and the actuarial value of assets, consistent with the long -term perspective of the
calculations.
W
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 10 - OTHER POST - EMPLOYMENT BENEFITS (continued)
In the October 1, 2011 actuarial valuation, the projected unit credit cost method was used.
The annual required contribution (ARC) reflects a 12 -year open period, level dollar payment
amortization of the unfunded actuarial accrued liability (UAAL). The actuarial assumptions
included a 4.0 % investment rate of return.
The following assumptions were made:
Eligibility:
For police officers, retirement was assumed to occur at the earlier of any age with at least
25 years of service or at age 55 with at least six (6) years of service; for all other employees
eligibility was assumed to occur at the earlier of any age with at least 30 years of service or at age
62 with at least six (6) years of service.
Mortality:
Sex - distinct mortality rates set forth in the RP -2000 mortality table for annuitants and non-
annuitants, projected to 2013 by Scale AA, as published by the IRS for purposes of IRC section
430.
Disability:
Sex - distinct disability rates set forth in the Wyatt 1985 Disability Study; class 4 rates were
used for police officers and class 1 rates were used for all other employees.
Permanent Withdrawal from Active Status:
Sex - distinct withdrawal rates set forth in Scale 155 table.
Investment Rate of Return:
A discount rate of 4.00% per annum (includes inflation at 2.50% per annum).
Healthcare Cost Trend Rate:
The cost of covered medical services has been assumed to increase in accordance with the
following rates, compounded annually:
2011/2012
8.00%
2012/2013
7.50%
2013/2014
7.00%
2014/2015
6.50%
2015/2016
6.00%
2016/2017
5.50%
2017/2018 and later
5.00%
Implied Subsidy (Medical Insurance):
The implied subsidy for a 62 -year old retiree is assumed to be $ 5,400 per year for the
retiree and $ 5,400 per year for the retiree's spouse.
46
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 10 - OTHER POST - EMPLOYMENT BENEFITS (continued)
Implied Subsidy (Dental Insurance):
There is no implied subsidy for the dental insurance since we have assumed that the
premium charged for the covered individuals does not increase with age.
Age - Related Morbidity:
The cost of the medical services has been assumed to increase with age at the rate of
3.50% per annum.
Retiree Contribution:
Other than eligible department directors, retirees electing post - employment healthcare
coverage have been assumed to make monthly contributions equal to the premium charged to
active employees. Eligible department directors have been assumed to make the required
contribution for healthcare coverage for their spouses.
Cost -of- Living Increase:
Retiree contributions have been assumed to increase in accordance with the healthcare cost
trend assumption.
Future Participation Rates:
Other than eligible department directors, 5% of eligible employees were assumed to elect
coverage until age 65 upon retirement or disability; 100% of department directors who are eligible
for the explicit subsidy from the City were assumed to elect coverage until age 65.
Marriage and Dependent Assumption:
80% of males and 50% of females are assumed to elect coverage at retirement for
themselves and their spouses, with husbands assumed to be three (3) years older than their wives;
active employees were not assumed to have any dependent children upon retirement or disability.
COBRA Assumption:
Future healthcare coverage provided solely pursuant to COBRA was not included in the
OPEB valuation; because the COBRA premium is determined periodically based on plan
experience, it is assumed that the COBRA premium to be paid by the participant fully covers the
cost of providing healthcare coverage during the relevant period.
47
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 11 - DEFINED CONTRIBUTION PENSION PLANS
The City is a single - employer that contributes to four (4) defined contribution pension plans
based on employee classification created in accordance with Internal Revenue Code Section
401(a). The plans currently cover all full -time employees of the City. Under these plans, the City
contributes between 7% and an amount equal to the annual IRS maximum depending on employee
classifications. City contributions for the City Manager, department directors and assistant
department directors vest in the year they are contributed. City contributions to general employees
vest beginning after one year of service through year five in 20% increments. Participants are not
permitted to make contributions during the year. The City made plan contributions of
approximately $ 857,000 during the year. Plan provisions and contribution requirements may be
amended by the City Commission. In addition, the City provides to all full -time employees a
deferred compensation plan under Section 457 of the Internal Revenue Code. Under this program,
employees may voluntarily elect to defer a portion of their salary to future years; with no required
contributions from the City. Both programs are administered by ICMA Retirement Corp. The
City does not exercise any control or fiduciary responsibility over the Plans' assets. Therefore,
the assets, liabilities and transactions are not included in the City's financial statements.
NOTE 12 - DEFINED BENEFIT PENSION PLAN
The City agreed to provide a defined benefit retirement plan effective October 1, 2003
through a collective bargaining contract between the City and the Miami -Dade County Police
Benevolent Association City of Aventura Police Officers' Retirement Plan (the "Plan"). The Plan
is a single - employer defined benefit retirement plan. The Plan was established by the City in
accordance with a City ordinance and state statutes. The Plan covers, only sworn police officers
and is funded by a combination of City contributions, employee contributions, rollover of 401(a)
plan assets for certain employees and the proceeds of the state insurance premium tax on casualty
insurance policies. The current funding levels of covered payroll are 20.955 % for the City's
contribution, 6.775 % for the employee's contribution and 4.133 % for the state premiums tax. The
State is required to contribute pursuant to Chapter 185 of the Florida Statutes, a premium on
certain casualty insurance contracts written on the City's property. The premium tax is collected
by the State and remitted to the City. During the current fiscal year the City received $ 250,125
from the State. The Plan and employee contributions are mandatory for all sworn police officers.
Contribution requirements of the Plan members and the participating employer are established and
may be changed by an amendment to the City ordinance.
The City utilizes the entry age normal cost method. The asset valuation method is a 5 year
smooth.
Information as of the latest actuarial valuation, dated October 1, 2009, included no cost of
living adjustments and a 3.00% annual inflation rate; an annual investment rate of return of
7.50 %; projected annual salary increases of 5.00 %; the amortization method is level dollar,
closed; and a remaining amortization period of 24 years.
On October 1, 2009, (the last plan year valuation date), Plan membership consisted of:
Retirees and beneficiaries receiving benefits 4
Active Plan members 78
48
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 12 - DEFINED BENEFIT PENSION PLAN (continued)
The financial statements of the Plan are prepared using the accrual basis of accounting.
Plan member contributions are recognized in the period in which the contributions are due. The
City's contributions are recognized when due and a formal commitment to provide the
contributions has been made. Benefits and refunds are recognized when due and payable in
accordance with the terms of the Plan.
The general administration, management and investment decisions of the Plan and the
responsibility for carrying out its provisions is vested in the five (5) members Board of Trustees.
Administrative costs of the Plan are financed through current or prior investment earnings.
The City has issued stand -alone financial statements for the Plan, which may be obtained
from the City's Finance Department.
Benefits:
Normal retirement may be received upon attainment the earlier of age 55 with ten (10)
years of credited service or upon completion of 25 years of credited service, regardless of age. For
the first 40 years of service, the monthly benefit received will be 3.00% of final monthly
compensation multiplied by the number of years of service, to a maximum of 80.00 %. Years
credited beyond 40 will be taken into account at 2.00% of final compensation per year. Early
retirement may be received upon the attainment of age 45 with ten (10) years of credited service.
The benefit may be received either on a deferred basis or on an immediate basis. On an immediate
basis, the benefit amount will be the normal retirement benefit reduced by 3.00% per year for each
year by which the retirement date precedes the normal retirement date. On a deferred basis, the
benefit amount will be the same as the normal retirement benefit except that the final compensation
and credited service will be based upon the early retirement date.
Disability retirement:
Members who become disabled due to service - incurred injuries, which arise out of
performance of service with the City, will receive a monthly benefit amount equal to the member's
accrued benefit but not less than 42.00% of the member's final monthly compensation as of the
date of disability, offset by any other payments, such as worker's compensation. Members who
become disabled due to non - service - incurred injuries, which do not arise out of performance with
the City, and who have completed at least ten (10) years of service, will receive a monthly benefit
amount equal to 3.00% of final monthly compensation for each year of credited service, but not
less than 30.00 %.
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, 2011 is as
follows:
49
Annual
Percentage
Net Pension
Year Ending
Pension
of APC
Obligation/
September 30,
Cost
Contributed
(Asset)
2011
$ 1,659,953
99%
$ (219,038)
2010
$ 1,246,909
106%
$ (233,148)
2009
$ 885,891
130%
$ (159,390)
49
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 12 - DEFINED BENEFIT PENSION PLAN (continued)
Funding progress:
The schedule of funding progress, presented as RSI 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. An
analysis of funding progress for the year ended September 30, 2009 is as follows:
Actuarial
Accrued Unfunded
Liability Actuarial UAAL
Actuarial Actuarial at Entry Accrued as % of
Valuation Value of Age Liability Funded Covered Covered
Date Assets (AAL) (UAAL) Ratio Payroll Payroll
10/01/09 $ 10,375,587 $ 16,273,418 $ 5,897,831 63.76% $ 6,418,797 91.88%
The annual pension cost and net pension obligation (asset) for the Plan for year ended
September 30, 2011 is as follows:
Annual Required Contribution (ARC) $ 1,645, 843
Interest on net pension obligation (17,486)
Adjustment to annual required contribution 31,596
Annual Pension Cost 1,659,953
Contributions made 1,645,843
Decrease in net pension (asset) obligation 14,110
Net pension (asset) obligation, beginning of year (233,148)
Net pension (asset) obligation, end of year $ (219,038)
NOTE 13 - PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE
The GASB has issued several statements not yet implemented by the City. The statements
which might impact the City are as follows:
GASB Statement No. 60, Accounting and Financial Reporting for Service Concession
Arrangements, was issued November 2010. The objective of this Statement is to improve financial
reporting by addressing issues related to service concession arrangements (SCAs), which are a
type of public - private or public - public partnership. As used in this Statement, an SCA is an
arrangement between a transferor (a government) and an operator (governmental or
nongovernmental entity) in which (1) the transferor conveys to an operator the right and related
obligation to provide services through the use of infrastructure or another public asset (a
"facility ") in exchange for significant consideration and (2) the operator collects and is
compensated by fees from third parties. The provisions of this Statement will be effective for the
City beginning with its year ending September 30, 2013.
CITY OF AVENTURA, FLORIDA
NOTES TO BASIC FINANCIAL STATEMENTS
September 30, 2011
NOTE 13 - PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE (continued)
GASB Statement No. 61, The Financial Reporting Entity: Omnibus an Amendment of
GASB Statements No. 14 and No. 34, was issued November 2010. The objective of this Statement
is to improve financial reporting for a governmental financial reporting entity. This Statement
modifies certain requirements for inclusion of component units in the financial reporting entity.
This Statement also clarifies the reporting of equity interests in legally separate organizations. The
provisions of this Statement will be effective for the City beginning with its year ending September
30, 2013.
GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance
Contained in Pre - November 30, 1989 FASB and AICPA Pronouncements, was issued December
2010. The objective of this Statement is to incorporate into the GASB's authoritative literature
certain accounting and financial reporting guidance that is included in the following
pronouncements issued on or before November 30, 1989, which does not conflict with or
contradict GASB pronouncements: 1) Financial Accounting Standards Board (FASB) Statements
and Interpretations; 2) Accounting Principles Board Opinions; and 3) Accounting Research
Bulletins of the American Institute of Certified Public Accountants' (AICPA) Committee on
Accounting Procedure. The provisions of this Statement will be effective for the fiscal year
ending September 30, 2013.
GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred
Inflows of Resources, and Net Position, was issued June 2011. The objective of this Statement is
to provide financial reporting guidance for deferred outflows of resources and deferred inflows of
resources as defined by GASB's Concepts Statement No. 4. It also amends the net asset reporting
requirements in Statement No. 34, Basic Financial Statements —and Management's Discussion and
Analysis for State and Local Governments, and other pronouncements by incorporating deferred
outflows of resources and deferred inflows of resources into the definitions of net assets and by
renaming it as net position, rather than net assets. The requirements of this Statement will improve
financial reporting by standardizing the presentation and the effects on a government's net
position. The provisions of this Statement will be effective for the fiscal year ending September
30, 2013.
GASB Statement No. 64, Derivative Instruments: Application of Hedge Accounting
Termination Provisions —an amendment of GASB Statement No. 53, was issued on June 2011.
This Statement amends GASB Statement No. 53 and provides clarification on whether an effective
hedging relationship continues after the replacement of a swap counterparty or a swap
counterparty's credit support provider. This Statement sets forth criteria that establish when the
effective hedging relationship continues and hedge accounting should continue to be applied. The
requirements of this Statement enhance comparability and improve financial reporting. The
provisions of this Statement will be effective for the fiscal year ending September 30, 2012.
The City's management has not yet determined the effect that these unadopted standards
may have on the City's financial statements.
51
CITY OF AVENTURA, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL - GENERAL FUND
For the Year Ended September 30, 2011
Revenues:
Ad valorem taxes:
Current
Delinquent
Utility service taxes:
Electric
Telecommunication
Water
Gas
Franchise fees:
Electric
Gas
Sanitation
Towing
Total taxes
Intergovernmental revenues:
Federal grants
State and local grants
State pension contribution
Alcoholic beverage licenses
State revenue sharing
Half cent sales tax
County occupational licenses
Total intergovernmental
revenues
Budgeted Amounts
Original Final
$ 11,879,670
60,484
3,700,000
2,600,000
800,000
51,000
$ 11, 879, 670
60,484
3,700,000
2,600,000
800,000
51,000
Actual
Amounts
$ 11,460,434
273,798
3,923,703
2,613,552
895,043
32,731
Variance
with Final
Budget
Positive
(Negative)
$ (419,236)
213,314
223,703
13,552
95,043
(18,269)
3,150,000
3,150,000
2,212,081
(937,919)
65,000
65,000
29,880
(35,120)
420,000
420,000
412,162
(7,838)
30,000
30,000
30,093
93
22,756,154
8,677
15,000
350,000
1,750,000
44,000
2,167,677
22,756,154
18,000
8,677
284,000
15,000
350,000
1,750,000
44,000
2,469,677
21,883,477
293,299
8,677
250,125
19,772
370,572
1,937,310
45,565
2,925,320
(872,677)
275,299
(33,875)
4,772
20,572
187,310
1,565
455,643
Licenses and permits:
City business tax receipts
768,000
768,000
772,821
4,821
Building permits
700,000
1,400,000
1,556,473
156,473
Certificates of occupancy
15,000
15,000
25,873
10,873
Engineering
5,000
5,000
19,735
14,735
Total licenses and permits
1,488,000
2,188,000
2,374,902
186,902
Charges for services:
Certificate of use fees
5,200
5,200
4,760
(440)
Lien search fees
25,000
25,000
90,950
65,950
Development review fees
25,000
25,000
97,958
72,958
Recreation/cultural events
845,000
965,000
1,075,880
110,880
Police services
1,000,000
1,000,000
1,024,862
24,862
Total charges for services
1,900,200
2,020,200
2,294,410
274,210
52
CITY OF AVENTURA, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL - GENERAL FUND
(continued)
For the Year Ended September 30, 2011
Other:
Interest income
350,000
350,000
150,516
Variance
Miscellaneous
78,250
78,250
113,679
with Final
Total other
428,250
428,250
264,195
Budget
Total revenues
Budgeted Amounts
Actual
Positive
382,237
Original
Final
Amounts
(Negative)
Fines and forfeitures:
Current
County court fees
390,000
390,000
445,092
55,092
Code violation fines
507,000
982,000
1,429,122
447,122
Total fines and forfeitures
897,000
1,372,000
1,874,214
502,214
Other:
Interest income
350,000
350,000
150,516
(199,484)
Miscellaneous
78,250
78,250
113,679
35,429
Total other
428,250
428,250
264,195
(164,055)
Total revenues
29,637,281
31,234,281
31,616,518
382,237
Expenditures:
Current
General government:
City Commission:
Personnel services
62,063
62,063
63,816
(1,753)
Operating
57,864
57,864
49,234
8,630
City Manager:
Personnel services
661,116
705,116
698,859
6,257
Operating
163,300
163,300
144,614
18,686
Capital outlay
2,000
2,000
-
2,000
Finance:
Personnel services
749,090
749,090
712,721
36,369
Operating
100,500
100,500
76,281
24,219
Capital outlay
6,000
6,000
4,670
1,330
Information technology:
Personnel services
694,501
694,501
648,759
45,742
Operating
221,400
221,400
179,517
41,883
Capital outlay
96,000
334,000
73,457
260,543
Legal:
Operating
280,000
280,000
206,789
73,211
City Clerk:
Personnel services
214,668
214,668
207,503
7,165
Operating
71,400
71,400
54,363
17,037
Total general government -
departmental
3,379,902
3,661,902
3,120,583
541,319
53
CITY OF AVENTURA, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL - GENERAL FUND
(continued)
For the Year Ended September 30, 2011
Bud eted Amounts
Original m
Nondepartmental:
Operating 1,614,000
Capital outlay 15,433,488
Total general government -
nondepartmental 17,047,488
Total general government 20,427,390
Public safety:
Police:
Personnel services
13,479,877
Operating
1,324,500
Capital outlay
889,900
Community development:
Personnel services
708,208
Operating
769,100
Capital outlay
3,000
Total public safety
17,174,585
Community services:
Personnel services
Operating
Capital outlay
Arts and cultural center:
Operating
Capital outlay
Total community services
Total expenditures
Excess (deficiency) of
revenues over expenditures
Other financing sources (uses):
Transfers in
Transfers out
Appropriated fund balance
Total other financing
sources (uses)
Net change in
fund balance
1,389,712
3,075,200
672,450
684,875
100,000
5,922,237
43,524,212
(13,886,931)
164,000
(2,277,069)
16,000,000
13,886,931
1,635,000
14,816,488
16,451,488
20,113,390
14,012,877
1,425,500
1,211,912
708,208
1,794,100
47,000
19,199,597
1,389,712
3,195,200
1,267,864
684,875
110,965
6,648,616
45,961,603
(14,727,322)
164,000
(2,361,534)
16,924,856
14,727,322
Actual
Amounts
1,231,559
38.702
1,270,261
4,390,844
13,914,754
1,315,131
647,088
668,350
1,587,972
2,854
18,136,149
1,201,969
2,625,068
1,127,413
658,765
105,932
5,719,147
28,246,140
3,370,378
118,340
(1,753,899)
(1,635,559)
Variance
with Final
Budget
Positive
(Negative)
403,441
14,777,786
15,181,227
15,722,546
98,123
110,369
564,824
39,858
206,128
44,146
1,063,448
187,743
570,132
140,451
26,110
5,033
929,469
17,715,463
18,097,700
(45, 660)
607,635
(16,924,856)
(16,362,881)
$ 1,734,819 $ 1,734,819
See Notes to Required Supplementary Information.
54
CITY OF AVENTURA, FLORIDA
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
SPECIAL REVENUE FUND
STREET MAINTENANCE FUND
For the Year Ended September 30, 2011
REVENUES:
Intergovernmental revenues
Impact fees
Interest income
Total revenues
EXPENDITURES:
Operating
Capital outlay
Total expenditures
Excess (deficiency) of
revenues over expenditures
OTHER FINANCING
SOURCES (USES):
Appropriated fund balance
Total other financing
sources (uses)
Net change in
fund balance
Variance
with Final
Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
$ 1,480,000 $
1,480,000
975,000
505,000
1,480,000
1,480,000 $
1,480,000
975,000
507,968
1,482,968
(2,968)
1,579,286 $
170,929
2,181
1,752,396
939,630
368,925
1,308,555
443,841
99,286
170,929
2,181
272,396
35,370
139,043
174,413
446,809
- 2,968 - (2,968)
- 2,968 - (2,968)
$ - $ - $ 443,841 $ 443,841
See Notes to Required Supplementary Information.
55
CITY OF AVENTURA, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULES OF FUNDING PROGRESS
POLICE OFFICERS' RETIREMENT PLAN FUND
AND OTHER POST - EMPLOYMENT BENEFITS (UNAUDITED)
OTHER POST - EMPLOYMENT BENEFITS (UNAUDITED)
UAAL
as a
Percentage
(c) of Covered
Covered Payroll
Payroll (b- a) /(c)
6,418,797 91.88%
5,576,592 69.76%
4,085,348 66.71%
10/01/11 $ - $ 710,000 $ 710,000 0.0% $ 12,781,000
10/01/08 $ - $ 735,000 $ 735,000 0.0% $ 9,175,000
See Notes to Required Supplementary Information.
56
5.54%
8.01%
(b)
Actuarial
Accrued
Liability
(a)
(AAL)-
Unfunded
Actuarial
Actuarial
Frozen
AAL
Funded
Valuation
Value
Initial
(UAAL)
Ratio
Date
of Assets
Liability
(b) -(a)
(a) /(b)
POLICE OFFICERS' RETIREMENT
PLAN FUND (UNAUDITED)
10/01/09
$ 10,375,587
$ 16,273,418
$ 5,897,831
63.76% $
10/01 /07
$ 6,935,097
$ 10,825,108
$ 3,890,011
64.06% $
10 /01 /04
$ 2,393,593
$ 5,118,997
$ 2,725,404
46.76% $
OTHER POST - EMPLOYMENT BENEFITS (UNAUDITED)
UAAL
as a
Percentage
(c) of Covered
Covered Payroll
Payroll (b- a) /(c)
6,418,797 91.88%
5,576,592 69.76%
4,085,348 66.71%
10/01/11 $ - $ 710,000 $ 710,000 0.0% $ 12,781,000
10/01/08 $ - $ 735,000 $ 735,000 0.0% $ 9,175,000
See Notes to Required Supplementary Information.
56
5.54%
8.01%
CITY OF AVENTURA, FLORIDA
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CONTRIBUTIONS FROM THE EMPLOYER AND THE STATE
OF FLORIDA - POLICE OFFICERS' RETIREMENT PLAN FUND (UNAUDITED)
2011
2010
2009
2008
2007
2006
Annual
Required
Contribution
$ 1,645,843
$ 1,245,754
$ 886,124
$ 1,006,054
$ 994,187
$ 976,702
CITY STATE OF FLORIDA
City
Percentage
Annual
Percentage
Contribution
Contributed
Contribution
Contributed
$ 1,645,843
100.00%
$
250,125
100.00%
$ 1,320,667
106.01%
$
284,381
100.00%
$ 1,149,156
129.68%
$
265,314
100.00%
$ 1,024,908
101.87%
$
163,088
100.00%
$ 1,000,802
100.67%
$
160,063
100.00%
$ 976,702
100.00%
$
149,567
100.00%
See Notes to Required Supplementary Information.
57
CITY OF AVENTURA, FLORIDA
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
September 30, 2011
NOTE 1 - BUDGETS AND BUDGETARY ACCOUNTING
An annual appropriated budget is adopted for all governmental funds with the exception of
the Charter School Fund, Federal Forfeiture Fund and Law Enforcement Trust Fund (Special
Revenue Funds).
The City follows these procedures in establishing the budgetary data reflected in the basic
financial statements:
The City Manager submits to the City Commission a proposed operating and capital
budget for the ensuing fiscal year. The budget includes proposed expenditures and
the means of financing them.
b. Public hearings are conducted to obtain taxpayer comments.
Prior to October 1, the budget is legally enacted through passage of an ordinance.
d. Formal budgetary integration is employed as a management control device during
the year for the governmental funds described above.
e. The City Commission, by ordinance, may make supplemental appropriations for the
year up to the amount of revenues in excess of those estimated. The City
Commission made several supplementary budgetary appropriations throughout the
year including approximately $ 2,521,000 in the General Fund.
f. Budgets for the governmental funds are adopted on a basis consistent with generally
accepted accounting principles ( "GAAP ").
g. The City Manager is authorized to transfer part or all of an unencumbered
appropriation balance within departments within a fund; however, any revisions that
alter the total appropriations of any department or fund must be approved by the
City Commission. The classification detail at which expenditures may not legally
exceed appropriations is at the department level.
h. Unencumbered appropriations lapse at fiscal year -end. Unencumbered amounts are
reappropriated in the following year's budget for capital accounts only.
Expenditures did not exceed appropriations in any of the governmental funds.
NOTE 2 - ACTUARIAL ASSUMPTIONS
Police Officers' Retirement Plan Fund - Information as of the latest actuarial valuation date
of October 1, 2009 (revised March 12, 2010) included no cost of living adjustments and a 3.00%
annual inflation rate; an annual investment rate of return of 7.50 %; projected annual salary
increases of 5.00%; the amortization method is level dollar, closed; and an amortization period of
24 years.
Other Post - Employment Benefits - Information as of the latest actuarial valuation date of
October 1, 2011 included an annual investment rate of return of 4.0 %; the amortization method is
level dollar; an amortization period of 12 year -open and an actuarial cost method of projected unit
credit.
58
NON -MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS
Special revenue funds are used to account for specific revenues that are legally restricted to expenditure
for particular purposes.
Police Education Fund - This fund is used to account for revenues and expenditures associated with the
two dollars (2) the City receives from each paid traffic citation, by State Statute, must be used to further
the education of the City's police officers.
Police Capital Outlay Impact Fee Fund - This fund is used to account for impact fees derived from new
developments and restricted by ordinance for police capital improvements. This fund provides a funding
source to assist the City in providing police services required by the growth in the City.
Park Development Fund - This fund is used to account for revenues and expenditures specifically
earmarked for capital improvements to the City's park system. This fund accounts for impact fees derived
from new developments and restricted by ordinance for park capital improvement projects.
911 Fund - This fund is used to account for revenues and expenditures specifically earmarked for the
City's emergency 911 system in accordance with Florida Statutes 365.172. The funds may be used to
provide emergency dispatch systems, training, communication, maintenance and repairs and related capital
outlay purchases. The fund offsets a portion of the emergency 911 operations.
Federal Forfeiture Fund - This fund is used to account for proceeds obtained from 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.
Law Enforcement Trust Fund - This fund is used to account for resources resulting from police
department confiscations and their expenditure for law enforcement purposes.
DEBT SERVICE FUNDS
Debt service funds are used to account for the accumulation of resources for and the payment of principal
and interest on all general long -term debt.
Debt Service Fund Series 2010 & 2011 - This fund is used to accumulate monies for the payment of the
2010 and 2011 Revenue Bonds. Non -ad valorem tax revenues in the governmental funds are pledged for
the payment of principal and interest.
Debt Service Fund Series 2002 - Charter School Land Acquisition - This fund is used to accumulate
monies for the payment of the 2002 Revenue Bonds. Non -ad valorem tax revenues in the governmental
funds are pledged for the payment of principal and interest.
Debt Service Fund Series 2002 - Charter School Building Construction - This fund is used to accumulate
monies for the payment of the 2002 Revenue Bonds. Non -ad valorem tax revenues in the governmental
funds are pledged for the payment of principal and interest.
CITY OF AVENTURA, FLORIDA
COMBINING BALANCE SHEET
OTHER NONMAJOR GOVERNMENTAL FUNDS
September 30, 2011
ASSETS:
Cash, cash equivalents
and investments $
Restricted cash, cash equivalents
and investments
Special Revenue Funds
Police
Capital
Lai,
Police Outlay Park
Federal Enforcement
Education Impact Development 911
Forfeiture Trust
Fund Fee Fund Fund Fund
Fund Fund
11,739 $ 35,203 $ 2,256 $ 1,000 $ 717,042 $ 230,479
Accounts receivable, net - - 24,918 -
Due from other governments 690 - - - - _
Total assets $ 12,429 $ 35,203 $ 2,256 $ 25,918 $ 717,042 $ 230,479
LIABILITIES AND
FUND BALANCES:
Liabilities:
Accounts payable
Accrued liabilities
Deferred revenue
Total liabilities
FUND BALANCES:
Restricted for:
Public safety
Debt service
Capital improvements
Total fund balances
Total liabilities and
fund balances
306 $ 5,873 $ 121
1,110 - -
- 1,416 5,873 121
12,429 - 24,502 711,169 230,358
- 35,203 2,256 - - -
12,429 35,203 2,256 24,502 711,169 230,358
$ 12,429 $ 35,203 $ 2,256 $ 25,918 $ 717,042 $ 230,479
59
$ - $ _ $ $ 6,300
278,866 - - 278,866
_ _ 1,110
278,866 - - 286,276
- 978,458
1,357 1,000 116,525 118,882
- 37,459
1,357 1,000 116,525 1,134,799
$ 280,223 $ 1,000 $ 116,525 $ 1,421,075
•1
Debt Service Funds
Debt
Debt
Service Fund
Service Fund
Debt
Series 2002
Series 2002
Service
Charter
Charter
Total
Fund
School
School
Nonmajor
Series 2010
Land
Building
Governmental
& 2011
Acquisition
Construction
Funds
$ 280,223
$ 937 $
116,464
$ 1,395,343
-
63
61
124
_
_
-
24,918
_
_
-
690
$ 280,223
$ 1,000 $
116,525
$ 1,421,075
$ - $ _ $ $ 6,300
278,866 - - 278,866
_ _ 1,110
278,866 - - 286,276
- 978,458
1,357 1,000 116,525 118,882
- 37,459
1,357 1,000 116,525 1,134,799
$ 280,223 $ 1,000 $ 116,525 $ 1,421,075
•1
CITY OF AVENTURA, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
OTHER NONMAJOR GOVERNMENTAL FUNDS
For the Year Ended September 30, 2011
Special Revenue Funds
Police
Capital
Police Outlay Park
Education Impact Development
Fund Fee Fund Fund
Law
Federal Enforcement
911 Forfeiture Trust
Fund Fund Fund
REVENUES:
Intergovernmental revenues $ $ $ - $ 207,527 $ - $ -
Fines and forfeitures 7,962 - - 130,187 84,314
Impact fees - 18,511 - - _ -
Interest income 43 135 10 257 2,957 822
Total revenues 8,005 18,646 10 207,784 133,144 85,136
EXPENDITURES:
Current:
Public safety 6,886 -
Capital outlay _ _
Debt service:
Principal
Advance refunding escrow - -
Interest
Trustee fees and other -
Total expenditures 6,886 -
Excess (deficiency) of
revenues over expenditures 1,119 18,646
OTHER FINANCING
SOURCES (USES):
Proceeds from refunding bonds - -
Transfers in _ _
Transfers out - -
Payment to refunded bond
escrow agent - -
Total other financing
sources (uses) - -
Net change in
119,946 - 23,339
- 63,178 630
- 119,946 63,178 23,969
10 87,838 69,966 61,167
- (118,340) - -
(118,340) -
fund balances (deficit)
1,119
18,646
10
(30,502)
69,966
61,167
FUND BALANCES, beginning
11,310
16,557
2,246
55,004
641,203
169,191
FUND BALANCES, ending $
12,429 $
35,203 $
2,256 $
24,502 $
711,169 $
230,358
61
62
Debt Service Funds
Debt
Debt
Service Fund
Service Fund
Debt
Series 2002
Series 2002
Service
Charter
Charter
Total
Fund
School
School
Nonmajor
Series 2010
Land
Building
Governmental
& 2011
Acquisition
Construction
Funds
$ _
$ $
_
$ 207,527
222,463
18,511
367
1
798
5,390
367
1
798
453,891
-
_
-
150,171
_
63,808
-
160,668
179,332
340,000
336,928
-
-
336,928
501,480
235,412
263,050
999,942
40,113
6,029
3,354
49,496
878,521
402,109
445,736
1,940,345
(878,154)
(402,108)
(444,938)
(1,486,454)
5,565,000
-
-
5,565,000
802,991
403,099
444,271
1,650,361
_
_
-
(118,340)
(5,504,006)
-
-
(5,504,006)
863,985
403,099
444,271
1,593,015
(14,169)
991
(667)
106,561
15,526
9
117,192
1,028,238
$ 1,357
$ 1,000 $
116,525
$ 1,134,799
62
CITY OF AVENTURA, FLORIDA
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
SPECIAL REVENUE FUND
POLICE EDUCATION FUND
For the Year Ended September 30, 2011
REVENUES:
Fines and forfeitures
Interest income
Total revenues
EXPENDITURES:
Operating
Total expenditures
Excess (deficiency) of
revenues over expenditures
OTHER FINANCING
SOURCES (USES):
Appropriated fund balance
Total other financing
sources (uses)
Net change in
fund balance
- (11,310)
- 11,310 - (11,310)
$ - $ - $ 1,119 $ 1,119
63
Variance
with Final
Budget
Budgeted Amounts
Positive
Original
Final
Actual
(Negative)
$ 7,000 $
7,000 $
7,962
$ 962
-
-
43
43
7,000
7,000
8,005
1,005
7,000
18,310
6,886
11,424
7,000
18,310
6,886
11,424
-
(11,310)
1,119
12,429
- (11,310)
- 11,310 - (11,310)
$ - $ - $ 1,119 $ 1,119
63
CITY OF AVENTURA, FLORIDA
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
SPECIAL REVENUE FUND
POLICE CAPITAL OUTLAY IMPACT FEE FUND
For the Year Ended September 30, 2011
Variance
with Final
Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
REVENUES:
Impact fees $ - $ - $ 18,511 $ 18,511
Interest income - - 135 135
Total revenues - - 18,646 18,646
EXPENDITURES:
Capital outlay 16,337 16,557 - 16,557
Total expenditures 16,337 16,557 - 16,557
Excess (deficiency) of
revenues over expenditures (16,337) (16,557) 18,646 35,203
OTHER FINANCING
SOURCES (USES):
Appropriated fund balance 16,337 16,557 - (16,557)
Total other financing
sources (uses) 16,337 16,557 - (16,557)
Net change in
fund balance $ - $ - $ 18,646 $ 18,646
64
CITY OF AVENTURA, FLORIDA
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
SPECIAL REVENUE FUND
PARK DEVELOPMENT FUND
For the Year Ended September 30, 2011
REVENUES:
Interest income
Total revenues
EXPENDITURES:
Capital outlay
Total expenditures
Excess (deficiency) of
revenues over expenditures
OTHER FINANCING
SOURCES (USES):
Appropriated fund balance
Total other financing
sources (uses)
Net change in
fund balance
Budgeted Amounts
Original Final
Variance
with Final
Budget
Positive
Actual (Negative)
10 10
- 2,246
- 2,246
- 2,246
- 2,246
- (2,246)
10 2,256
2,246 - (2,246)
2,246 - (2,246)
$ - $ - $ 10 $ 10
3h,
CITY OF AVENTURA, FLORIDA
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
SPECIAL REVENUE FUND
911 FUND
For the Year Ended September 30, 2011
REVENUES:
Intergovernmental revenues
Interest income
Total revenues
EXPENDITURES:
Operating
Capital outlay
Total expenditures
Excess (deficiency) of
revenues over expenditures
OTHER FINANCING
SOURCES (USES):
Transfers out
Appropriated fund balance
Total other financing
sources (uses)
Net change in
fund balance
Variance
with Final
Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
$ 223,000 $ 223,000 $ 207,527 $ (15,473)
- 257 257
223,000 223,000 207,784 (15,216)
119,000 114,004 119,946 (5,942)
40,000 - - -
159,000 114,004 119,946 (5,942)
64,000 108,996 87,838 (21,158)
(164,000) (164,000) (118,340) 45,660
100,000 55,004 - (55,004)
(64,000) (108,996) (118,340) (9,344)
$ - $ - $ (30,502) $ (30,502)
..
CITY OF AVENTURA, FLORIDA
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
DEBT SERVICE FUND SERIES 2010 & 2011
For the Year Ended September 30, 2011
REVENUES:
Interest income $
Total revenues
EXPENDITURES:
Debt Service:
Advance refunding escrow
Interest
Trustee fees and other
Total expenditures
Excess (deficiency) of
revenues over expenditures
OTHER FINANCING
SOURCES (USES):
Proceeds from refunding bonds
Transfers in
Appropriated fund balance
Payment to refunded bond
escrow agent
Total other financing
sources (uses)
Net change in
fund balance $
Budgeted Amounts
Original Final
Variance
with Final
Budget
Positive
Actual (Negative)
367 $ 367
367 367
540,000
540,000
336,928
203,072
804,988
804,988
501,480
303,508
20,000
80,000
40,113
39,887
1,364,988
1,424,988
878,521
546,467
(1,364,988)
(1,424,988)
(878,154)
546,834
- 5,565,000 5,565,000 -
1,364,988 1,349,462 802,991 (546,471)
- 15,526 - (15,526)
(5,505,000) (5,504,006) 994
1,364,988 1,424,988 863,985 (561,003)
- $ - $ (14,169) $ (14,169)
M
CITY OF AVENTURA, FLORIDA
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
DEBT SERVICE FUND SERIES 2000
For the Year Ended September 30, 2011
REVENUES:
Interest income
Total revenues
EXPENDITURES:
Debt Service:
Principal
Interest
Total expenditures
Excess (deficiency) of
revenues over expenditures
OTHER FINANCING
SOURCES (USES):
Transfers in
Total other financing
sources (uses)
Net change in
fund balance
Variance
with Final
Budget
Budgeted Amounts Positive
Original Final Actual (Negative)
$ - $ - $ 25,217 $ 25,217
25,217 25,217
295,000
295,000
295,000 -
213,363
213,363
212,940 423
508,363
508,363
507,940 423
(508,363)
(508,363)
(482,723) 25,640
508,363 508,363 447,809 (60,554)
508,363 508,363 447,809 (60,554)
68
$ - $ (34,914) $ (34,914)
CITY OF AVENTURA, FLORIDA
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
DEBT SERVICE FUND SERIES 2002 -
CHARTER SCHOOL LAND ACQUISITION
For the Year Ended September 30, 2011
REVENUES:
Interest income
Total revenues
EXPENDITURES:
Debt Service:
Principal
Interest
Trustee fees and other
Total expenditures
Excess (deficiency) of
revenues over expenditures
OTHER FINANCING
SOURCES (USES):
Transfers in
Appropriated fund balance
Total other financing
sources (uses)
Net change in
fund balance
Budgeted Amounts
Original Final
Variance
with Final
Budget
Positive
Actual (Negative)
160,668
160,668
160,668
-
235,550
235,550
235,412
138
7,500
7,500
6,029
1,471
403,718
403,718
402,109
1,609
(403,718)
(403,718)
(402,108)
1,610
403,718
403,709
403,099
(610)
-
9
-
(9)
403,718
403,718
403,099
(619)
$ - $
- $
991 $
991
.•
CITY OF AVENTURA, FLORIDA
SCHEDULES OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -
BUDGET AND ACTUAL
DEBT SERVICE FUND SERIES 2002 -
CHARTER SCHOOL BUILDING CONSTRUCTION
For the Year Ended September 30, 2011
REVENUES:
Interest income $
Total revenues
EXPENDITURES:
Debt Service:
Principal
Interest
Trustee fees and other
Total expenditures
Excess (deficiency) of
revenues over expenditures
OTHER FINANCING
SOURCES (USES):
Transfers in
Total other financing
sources (uses)
Net change in
fund balance $
Budgeted Amounts
Original Final
Variance
with Final
Budget
Positive
Actual (Negative)
798 $ 798
798 798
179,332
179,332
179,332 -
262,912
262,912
263,050 (138)
3,500
3,500
3,354 146
445,744
445,744
445,736 8
(445,744)
(445,744)
(444,938) 806
445,744 445,744 444,271 (1,473)
445,744 445,744 444,271 (1,473)
- $ - $ (667) $ (667)
70
STATISTICAL SECTION
STATISTICAL SECTION
This part of City of Aventura's comprehensive annual financial report presents detailed information as a
context for understanding what information in the financial statements, note disclosures and required
supplementary information says about the City's overall financial health.
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.
Net assets by component 71
Changes in net assets 72 -73
Governmental activities tax revenues by source 74
Fund balances of governmental funds 75
Changes in fund balances of governmental funds 76 -77
General governmental tax revenues by source 78
Revenue Capacity
These schedules contain information to help the reader assess the City's most significant
local revenue source, the property tax.
Assessed value and estimated actual assessed value of taxable property 79
Property tax rates - direct and overlapping governments 80 -81
Principal property taxpayers 82
Property tax levies and collections 83
Debt Capacity:
These schedules present information to help the reader assess the affordability of the
City's current levels of outstanding debt and the City's ability to issue additional debt in
the future.
Ratios of outstanding debt by type 84
Ratios of general bonded debt outstanding 85
Direct and overlapping governmental activity debt 86
Legal debt margin information 87
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.
Demographic and economic statistics 88
Occupational employment by group - Miami -Dade County, Florida 89
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.
Full -time equivalent city government employees by function
Operating indicators by function
Capital asset statistics by function
90
91
92
Sources: Unless otherwise indicated, information in these schedules is derived from the comprehensive
annual financial reports for the respective years. The City implemented GASB 34 in 2003. Schedules
presenting government -wide information include information beginning with that year.
Qi
.-w
CCi
r/1
V
oz¢�
W
w �a�
�Uw
E-a as w v,
w Con
z¢
HU
U �
w
� 00
C,
tom.
� O
0000
r- N 00
V
T
0000
O M
00
V
'D 00 r
OO N N
N
V
~
NC7,
N
m V V1
O\
•--� a, N
N lD
M
F
UQ•cd�
ti
cr, V .--i
�
r
In Cl)
D1
�~ M
O
64
64
69
64
69
69
N
Vii W
b V :
�o
n
Vim,
M W
.[�-
N
O V N
r
O h C,
h
AO
00
r- h
M c,
00
M
r
b
00
N
C 0000 00
�
V
�
r
a
V M
- M
O
69
6R
69
64
64
69
W G O
ID N
00
O N
M
O Ol
.�-r
V 1�
Ori
h V
M
n N N
Cl D`
D\
10 N N
•--�
T C, n
N
00 h
V C, N
MM
69
64
6/i
69
69
69
OC, �
NV
OO
SOmiM
M
rnlD�
m
��
°
r DID
o
0 00 o
o
c�
pp 10 00
.D
Obi N-+
OM
N fq
O -+
M
r—
n
00
h M
00
64
64
69
b4
64
69
h O
b
M N
V1
W
O �O M
r-
C,
V
00 Wl
00 V
M
M
00 l0 ONO
V1 NC�
M
W
> O
7
OCi
O
In J N
r
r
N
N
�
VN1 N
00
64
69
69
69
6R
64
00 l- kr)
Cl
00 o
00
r vl
00
V r
N 00
�
cN�V°
U V N
m
j -�-� O •--�
M
V N
vii O V
O
N M O
�
ID
10
V)
rq
p
M
10
69
64
6R
69
69
64
egg
g
g
g 00
10
p O in
10
NNv,
NN
10
V]
CD r4
00
64
6A
bo9l
69
6�
M O
f0
00 M
l-
0°0 ��
M
hN
00
V ra
V
O
r r- �
fR
69
69
69
69
64
O
M
Irl
�O V,V
n
pMO
Or-
N
, O W N
[-
C>
00
OHO
v,
D 00 00 0 00 N 00
r-
M N
.N-�
N N
OD
69
69
69
69
64
69
N
T
w
M
W
tom.
� O
N
c
F
UQ•cd�
ti
a•�p
�
°
>
z v '3
is ..>.
>• c> °'
E
.�
C
C7
m
a
N
O h
r
M
00 00 W) �
M
C-4 OM
N
N
fro
O
o
n
N �o
a oo
r
rn
c� oo r" 10
rn
r
r"
r o o g
h
r
r
m oo
00 O
c i
'n
n
N
N V U
00
N
00
00
00
0
o v h
v
00
6's
69
W) O M V']
�D O V N
M
M
ul
Vl
00
M o\ V
V 'n r
00
M
r M
`o O
O
00
O
M o1 r
00
.r-i
Q\ V
o
�o
M
tM7
.N-
O r
O�O
N
'! V O V
0000
00
h
v'i N �O V
U
oo
O
O+
V 00 W') .•
O
'n ri r N
�O
r
M
69
69
64
6
mrrD
g
h
vi
ONMO
r o\
h
N
�o
of
[�
0o m v�
r V oo D
o\
U
.r.
.r-i
nn I D
O
oo
Q
o\ O �D
O
'n
'n
lO
r O N Vl
'f1 M
to
vl
O O
oo
O
O�
�c
`o
0o
O� r
^-'M rN
V1
(A
69
69
v4
wl
000
N
O
N
O
D`
V� oo
N
N
r-
lO N v) N
lc
�o
l0
N
m
0p0
r M r
0o
D1
O
r
O
r
a,
�o
'n m oN
to Cl r
oo
M
N
o0
N
0o
N
O
o`. T M
M
o0
0o
N
r
N — oo
M
V'
M
M
69
64
64
6R
m m r
N
o,
o
'n
M
v)
M
v
V
o v) o o
oo N 'n V
'n
of
oo a
�:; 'n
r
M
N
m
/�
r
o
G1 'n oo O
N
ON O
Ol
N
N �o �o N
N M O r
to
M
r
'n
V1
v'i
V�
N
CT
oo O o, V
o
V o N
M
�o
o0 00
oo wl
�o
O
Fil CI]
N
to
m oo
M
oo
N
M
N�N loOMi
oo
V O
In
V
M
V
N
•N-'
•Ni
cl
v'� oo r V V
O
V O
V
�/'1
. -� oo vri
w)i
pr
�O
pr
�O
O� 000 O ON
V Do
n .�-.
O
N
oo
ao V
L F� Vr)
L� z
Z
^�
va
sR
sR
64
oo
N
cl
7
V
M
\./ zI�^
M N N
M M c
o�
r
V
r
V
M
M CD O N oo
O
'/1
'n
V1
�O
F-+
'n
O
hrr
It N oo r
O
M
o^
T
O,
of
O
M
lO
MO OOO O^
o+ h -+ N oo
M oo
N
O
N
h
O
N
r
r
M
rT
M 7 V'1 r
N O a l�
O
d-
N
V
N
N
r
'n 'n �D N
O
o0
00
00
Vn oo
N
m h
O
O
,m-'
N
69
64
69
69
N
'V
r
oo
to c14 V ID
r 0 0o r
h
�./
N Cl U m
M M lO M
V
N
N
o0
r 'n O O
h
r
00 0o 'n O
N
r
r
U
r N r G,
r
Io
M_
r'IT O,M
M tr m oo
V
V
U
N
hO NO,O
O N O
oD
N
o0
N
0o
O
69
69
69
6R
N
N
N
OO DN
'o N N
'n
�
(�
N
ON
rC,
m
N N V'1
O
'n
Vn
o� N r
oo
O O
O
Cl
'o N oo
N 00 r
r
r
N
N
o f
00
N r 0 0
�O r
o
r
N h
oo �o
r
V
M
N
+
N
N
69
69
69
69
Y
^
Y
>�
a)
op
.�
N
CA
«� y
G
G�
T.d
> d
0
G
a
.. o�
o
.. o'-
.. 0
0
>
>p a�i
C
o
o
o
y
o
F
:;
0
0 o
P( ,Q oo N :°.
o o
>, w is oo '�-
on
o
w
aa'
N
N
Cd
Q z
oF�z
w Quo
H Z 14
z zw�
> wz¢�
U W U
U
U �
V
W
-�-'N
U
N O,D'n ON r
N
N
N
V
V
V)
M O
pp
,D
m M O 4 00 m
N 00 N MM N
C,
�o
1
V'1
try
W)
N
00 10
M N
~ 1
r
M r W
Cl)
m
N
00,
0V0 ONO Obi
10
7 N
r
10 .r
V
r M lc -- + .-+ M
r
r
N
N
r N V
10
,D
.--.
V
N
N
64
69
69
69
69
69
C,
r
7T 0
O
ro,
,o
00x0000 W)
N
M
rr Oi
y O\ V
00
V
00 00 OO O1 00 M
M N ,D 00 O O
C,
M
M
M
M
N
r
N
00
M
N
Vl r
00
Vl 10 00 m N
r
r
j r--�
0
N m ,D 00 M V
00
DD
N
r4
(11
M m
N
n
N
69
69
69
f/i
69
b4
N
O r
10
1
n
N
r
O
N
oO o0O N
O o0 r 'n --. V
OV1
Cl
0
Vl
'n
000
O N
M
m r
,o
C, " r N OO
00
N
M
V n N
lc
N
N
r [+1 M
O
O
oO
D`
VN
69
69
69
64
69
69
N r
Vl
O M 10 r
00
00
00
V N
r 00
N O r 0 'n M
O QQ D 00
W
N
V1
r 7
O1 0 00
V V r D• M V
00
M
r
,0
00 M
00 ON
N
00
J 'R N
O, r N r O r
N
0
'n
r N
00 N
O
M
O�
O
M
69
69
65
69
69
69
N
M_ V r oo r
oo
0
0
M
O
�o M
M
O rV x00
01 ol Ucl
O
N
m
M
M
M
V
0
I 'D
N
D
r
M
oo
M
M
0
0O
c0�1 .Nr
D
N
V 000
V
� CT
.N-i
INn
Vy
69
M N
V
i-.
U
oo to lo 00 O N
oo ,O
�o
N N
O
c
M cV
Vl
r
M
V r 0 V
MON V ' rrr
m
V
Cl V
Nr
V
V
O,
o0
O O
MN
O
Vl
oo O+
oo
cl Vl T M cl h O
0 0
m O
r
V
v')
v'1 N
r
j oo
w
OOMO m
pm�tt
O
Oli
c oo
V
� m M `""
Ic
r
VO
N
N
v9
vj
6-9
69
vi
69
c� r
oo 0
v,
o, v O, r v„n o
'n
m
oo o
cv
-.
v,
,D
00 ,D
r
N
co O VV M r
,D 'n 00 ,D N OO N
02
I
N N
'n
D\
m
N
0M ,0o
T
D Vi O
O,r
Vl
N
N U O r 00 01 M M
V 'n
'n
N M
p
S
V
Dl Oi
0o
D O` 0
V
MN'n D,O
oorMVO, VINE -+
M
N
O
.M-i
M�
N V
O
r
oo
oo
bR
toq
64
69
�r
V
10 cl ON V (+1MN
V
v)
0
m oo
ON 1n
OO`
.M-�
0 oo O\ oo
N --'tea O, cl N
V
00
0 p
'n O,
V
01
In
S 0 oo
�o
M O VI m V V r N
N ,D
M
V
V
r
r,D
Io V
M
r
,o r
,D
oo
0o O 'n O O
M
cl
O,
M
oo
'n
O^
N
.r-.
V
V
N
69
6R
Vq
6R
6'4
69
o,
10 -+ O\ Op, 'D r
N r
h
O V
IS --�
V
OCD ,DN V O
N
NO
r
V
0 V
U
D N 'n
D
r'
'n r In " ,o ,o V r"
M
m r
M
O,
O
C7 V
'/t
�D
r O, r �D vn V 2,D
0_O
,O
lO
oO oo
�o
O M
O M o0 00 N 'n
kn
v
v
O,
r
H1
O+ vl N
O
O
M
M
v
N
!A
64
69
6R
V3
6R
b
Psi
Cam,
O
7
aCi
a�i
tutl
yyy�
>
0�.6
Q
aCi
..
oon
F
obo
W � .
� ❑❑a aye
W � .�
� /aj�
cd
P.
K
W a, "�
2 ab '-
D D
00
�,
�
L
0.
CEc
o
z
o y N
'�
O
O
D
4,
pp d
V wv�
al N VA
W
Q >
>
WC7C4
WUO
�a�SFC7W
z
C7
U
z
M
CITY OF AVENTURA, FLORIDA Table 3
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
LAST NINE FISCAL YEARS
(ACCRUAL BASIS OF ACCOUNTING)
Note: The City began to report accrual information when it implemented GASB Statement 34 in fiscal year 2003.
74
Tax
Fiscal
Roll
Ad Valorem
Utility
Franchise
Year
Year
Taxes
Taxes
Fees
Total
2003
2002
$ 9,075,096
$ 5,397,011
$ 1,875,199
$ 16,347,306
2004
2003
10,143,246
5,460,119
2,185,155
17,788,520
2005
2004
11,842,689
5,719,554
2,330,809
19,893,052
2006
2005
14,089,388
6,015,016
3,359,261
23,463,665
2007
2006
17,127,913
6,269,809
4,234,574
27,632,296
2008
2007
15,942,020
6,741,903
4,270,671
26,954,594
2009
2008
15,189,005
7,451,872
3,644,177
26,285,054
2010
2009
13,253,848
7,362,899
3,686,885
24,303,632
2011
2010
11,734,232
7,379,830
2,684,216
21,798,278
Note: The City began to report accrual information when it implemented GASB Statement 34 in fiscal year 2003.
74
CC
1—
A �
Z
dw z
Qa �D
Q
O W Q
W
�z�o
W
ozQ�
o
w �
O I
N
8
N
� I
w
8
rn
�I
V
00 00 00
00
N V00 h n
� 00
h N
M � c �
OM
'"' oo
N
� M
C
N
N V'1
oo
�--i nj
6s
d9
69
bj
m O
O oo
cl
oN0 h i
M
M
00 M
y
M
oC
M
V
N oo
m
M
M
N
N
6e
69
{
69
N N N
O oo
m i
kr 4
h wl
O 7 00
It
M
N
7
GS
69
69
yj
0w0 O
oo
°O
Ol 0\
N
m to I
c
N W rl
'n
y
c
O
l
ol
O N
M
'm7
VNi
`D m
oo
O
N
N
M
�{
bq
69
fy
69
oo
r-
l M
8
h
m
M Vl
oo
lo C m
Cc)
vi N
N
U W cl
M
to
69
6q
69
00
8
O
p
M
N
�
0 i � i
,^• V'1
0\ h
rn
r
V
O
69
kn 7
0,
N R co
In
D\
h oo
m
oo M
o0
oo tf)
I1) t-
M
h O
V
lo
0�
M c
m
N m
n
a,
M
r
69
69
69
yg
oo
O
r-° i
cl�
00 r i
M
C,
oo
O
r- cl
M b W
N O
M
V oo
r4
N V
10
69
Is
69
o�
oo
oo
V M [
kn
V
�oo
7
V'
O
N
fR
y9
boj
oo
oo
N M
�D O� V1
.N•�
N O
N
o0
N
m
omo
M
M D O
oo
h
69
fA
69
y�
C
U
w
c b b
au
a
$ `
u l
7 u
000 N � . C(
61 U
C
v
N
^per,
za¢
O
y,, U
,0
Y p
z
� C
U
.0
.O t�
>�
O
b
ON O
o�
7
� O
w U
C ¢
qO
G �
O
.Ci U
CITY OF AVENTURA, FLORIDA
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
LAST TEN FISCAL YEARS
(MODIFIED ACCRUAL BASIS OF ACCOUNTING)
REVENUES:
Ad valorem taxes
Utility service taxes
Franchise fees
Intergovernmental
Licenses and permits
Charges for services
Fines and forfeitures
Impact fees
Interest income
Developer contributions
Miscellaneous
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Community services
Nondepartmental
Capital outlay
Debt service:
Principal
Advance refunding escrow
Interest
Trustee fees and other
Total expenditures
Excess (deficiency of revenues
over expenditures)
OTHER FINANCING SOURCES (USES):
Issuance of debt
Transfers in
Transfers out
Discount on bonds
Payment to refunded bond escrow agent
Total other financing sources (uses)
Net change in
fund balances
Debt service as a percentage of
noncapital expenditures
Fiscal Year
2002 2003 2004 2005
$ 8,428,698
$ 9,075,096
$ 10,143,246
$ 11,842,689
3,316,474
5,397,011
5,460,119
5,719,554
3,849,676
1,875,199
2,185,155
2,330,809
3,091,728
2,965,158
7,663,308
7,263,468
3,360,172
2,185,654
2,146,913
3,335,034
722,125
965,067
1,099,321
1,598,230
386,758
399,899
351,698
472,465
599,244
56,609
754,954
959,264
310,096
246,216
174,983
553,135
152,385
30,000
85,842
-
119,347
74,436
134,768
298,875
24,336,703
23,270,345
30,200,307
34,373,523
2,015,866
2,163,885
2,371,236
2,580,989
9,333,199
9,438,156
10,594,453
12,256,346
3,600,234
4,226,979
7,495,145
7,997,769
1,163,975
1,040,052
1,292,580
1,623,794
12,409,178
12,153,846
3,905,875
7,416,346
570,000
595,000
900,000
930,000
1,276,224
1,746,446
1,786,797
1,753,446
20,214
73,760
28,932
28,363
30,388,890
31,438,124
28,375,018
34,587,053
(6,052,187)
(8,167,779)
1,825,289
(213,530)
12,610,623
-
-
-
2,709,879
2,379,299
3,687,963
2,821,795
(2,524,839)
(1,812,262)
(3,285,681)
(2,718,585)
(427,343)
-
-
-
12,368,320
567,037
402,282
103,210
$ 6,316,133 $ (7,600,742) $ 2,227,571 $ (110,320)
10.27%
W
12.14%
10.98%
9.88%
Table 5
2006 2007 2008 2009 2010 2011
$ 14,089,388
$ 17,127,913
$ 15,942,020
$ 15,189,005
$ 13,253,848 $
11,734,232
6,015,016
6,269,809
6,741,903
7,451,872
7,448,097
7,465,029
3,359,261
4,234,574
4,270,671
3,644,177
3,686,885
2,684,216
10,905,885
11,586,872
11,762,763
13,273,593
12,970,784
11,764,642
3,277,960
3,229,778
2,808,112
1,892,862
2,025,310
2,374,902
1,904,741
2,194,596
2,313,107
2,078,224
2,322,794
2,814,652
601,339
577,148
652,747
2,275,882
3,107,179
2,096,677
398,436
40,340
-
15,581
101
189,440
1,159,778
1,580,978
1,035,457
292,180
310,885
195,382
610,584
234,544
748,831
438,421
428,907
414,678
42,322,388
47,076,552
46,275,611
46,551,797
45,554,790
41,733,850
2,668,284
4,884,708
4,561,020
4,639,737
4,360,999
4,274,015
13,781,535
14,360,873
14,727,849
15,625,029
16,965,808
17,636,378
9,019,229
10,817,310
10,798,272
11,057,179
11,950,071
12,083,949
2,978,900
-
-
-
-
-
5,800,374
9,265,681
9,256,902
7,278,743
8,576,499
2,596,599
965,000
1,005,000
1,035,000
1,080,000
1,130,000
635,000
-
-
-
-
520,000
336,928
1,719,392
1,682,298
1,642,606
1,607,984
1,553,980
1,212,882
25,817
24,691
25,306
18,194
89,766
49,496
36,958,531
42,040,561
42,046,955
41,306,866
45,147,123
38,825,247
5,363,857
5,035,991
4,228,656
5,244,931
407,667
2,908,603
-
-
-
-
10,385,000
5,565,000
2,740,850
2,898,498
2,907,111
5,254,251
4,526,447
2,316,510
(2,690,108)
(2,898,498)
(2,907,111)
(5,254,251)
(4,526,447)
(2,316,510)
-
-
-
-
(10,321,560)
(5,504,006)
50,742
-
-
-
63,440
60,994
$ 5,414,599
$ 5,035,991
$ 4,228,656
$ 5,244,931
$ 471,107 $
2,969,597
8.62%
8.20%
8.17%
7.90%
8.54%
6.00%
77
69
IMNO�oMNoo ao
M V1 l- M w N [- O O
OItON00tr) ONO\v)
(-- MMtoM W) [- [- w
MDOOMNtO
IS -
O -+ W)^ M,
M l- N t--' Vln if)
M O N � l�
[- �c r- p l� rt �/'� N pp
N 6 6 V1
N N M M It � Itt �y-
69
69
ail 00�00000C)
w O ON 0 0 0 0 0 0 0 0
00
r-
IMNO�oMNoo ao
kn --� O 00 00
O -+ W)^ M,
[- �c r- p l� rt �/'� N pp
69
MknMMr-0 VAN
00 M r- r- W) 00 W 00
y
ON(7) - r- C0 It mm
O� O� m p� t rn C4 k n
i"' O
MO� — ON
W
M N W) -- W') O N M
U
P4
z
>1 0-4
E-
oo�oovl�oo[�NO�[�
v� p\ C1
�a z
m�o�m�����
^ �
N T1
G '
�O O� ,--�
m ON to [- O l- Wn l- O O\
F-I W
cd cN
M M M It �p V') I'0 N �-+ O
O
LZ. $..,
N M N
0 W
,ww
69
N�N0NtcpC)N�N
U~
V]
N N
~
--i C r N� n� N��
U
N V') 01 w M OO N
IC O\ O\
O) O kn M O M 00
U
N N N N N
LZ H rte, Q
w� Q
N�M�OOONNONO
\00�
O
00 M O�
M N N
- Cdd
U
N 000 00 O M
ppi
C, N N C, C, C, N — N N
Q
�
�
64
mw w 00 to N MMAN
W
N�nO�D00[��DO�oO
•--� M �Y 00 00
U"
p
it ❑y
--� V'>MM Cn N MOB}
\O �O
p
00
O 00 l- [- �O
OQ��DNU VI[�NO�Il
>
M N --�
69
000DON�n�D�knOI-
NONNn 0'mmn
oO M NT
�nO�DN�nO wOO
DG
0001 1pM Vl00
cl
kn V7 M M (- 00 O\ N N M M 00
69
ail 00�00000C)
w O ON 0 0 0 0 0 0 0 0
00
r-
w
O
a
w
O
�^ w
¢
O^>
Q
v� w
¢
Wow
Z
oQ
¢
w
Q
z
w
Q
w
w
¢
bR bR Z§R Z��
to Ct M cY 01 M 00
y
W) p r- 0
CIS u Q_QQQ_MO•�,-�
ON o uQ � zzzz000 000 0000 000 00Crn
cd a O
M CN r- Cl)
lzt � M 00 C\ 00
,b o0 O o0 n O lD
QQ_QQM�OI�W)•- -�,- -�
N — — O\ N M 00 O\ 01
• < M1 zzzz"Dr- C1NNo�
W F' r- (ON r�tM
V1 kn CN 0 O
r- O� O C 00
59
0 0 0 0 0 0 ••-+ �--� .--i --�
[�
EO zcts N N N N N N - - - -
Q
--�MW) O
d of O CO In � oo r- n C�
It - -� cri r �
vi 00 00 kn �O N N M O M O
cad N o0 O\ O ' O\ 00 o0 00 \O
F co ti> d r Ot-�D00,ONcp
Q O N r�� O � It O N
M 44t�6o6 o�cp o0r
69
to (- 00 00 �D N
r M �c O �c
" C) O l) rD 00 N
cC N QQ
vi cxd y
Q Q 00 V7 v1 l� M
3� xx o zzzz—
w k [� O\ N ON r-
M cn M �D v) v)
(7\ W) I- — to 't kn 0 [-
�D�no0o0N�ONM�ON
�n�t o6 6
VnoON�'rY Nom. --iN�
O M (- M M l- N to 00
o io 00r"-)rq0 -4�
- �� � N N N N N
00 O� V1 �n O\ O M N
M O\O\M ON tl-m
N M ,--� l� �n �D O� •-+ l� o0
�o w000NM%D110l-
NON- OO"d-O�\D�00
N V1 N r- 00 [" ":t 00 O
l� 01 00 0 Q K1 [D
r-O�Dl�oOMl� MO
l� 0 V� M I� M (� 00 t} \O
M to 110 00 Q\ CS 00 r--
69
-->NM 000ooD1O
H� y 0000 0000 -D
�..� O ON ON 0 0 0 0 0 0 0
w
�co oo�00000 °-
00000OOOOo
w N N N N N N N N N N
ci
0
z
o,
CITY OF AVENTURA, FLORIDA
PROPERTY TAX RATES
DIRECT AND OVERLAPPING GOVERNMENTS
(PER $ 1,000 OF TAXABLE VALUE)
LAST TEN FISCAL YEARS
Source: Miami -Dade County Appraiser's Office.
80
Overlapping Rates
City
School District
State
South
Florida
Florida
Tax
Operating
Debt
Total
Water
Inland
Total
Fiscal
Roll
and Total
Operating
Service
School
Everglades
Management
Navigational
State
Year
Year
Millage
Millage
Millage
Millage
Project
District
District
Millage
2002
2001
2.2270
8.5280
0.8480
9.3760
0.1000
0.5970
0.0385
0.7355
2003
2002
2.2270
8.4820
0.7700
9.2520
0.1000
0.5970
0.0385
0.7355
2004
2003
2.2270
8.4180
0.6820
9.1000
0.1000
0.5970
0.0385
0.7355
2005
2004
2.2270
8.0900
0.5970
8.6870
0.1000
0.5970
0.0385
0.7355
2006
2005
2.2270
7.9470
0.4910
8.4380
0.1000
0.5970
0.0385
0.7355
2007
2006
2.2270
7.6910
0.4140
8.1050
0.1000
0.5970
0.0385
0.7355
2008
2007
1.7261
7.5700
0.3780
7.9480
0.0894
0.5346
0.0345
0.6585
2009
2008
1.7261
7.5330
0.2640
7.7970
0.0894
0.5346
0.0345
0.6585
2010
2009
1.7261
7.6980
0.2970
7.9950
0.0894
0.5346
0.0345
0.6585
2011
2010
1.7261
7.8640
0.3850
8.2490
0.0894
0.5346
0.0345
0.6585
Source: Miami -Dade County Appraiser's Office.
80
Table 8
81
Overlapping Rates
Miami -Dade County
Special Districts
Total
Direct
Debt
Total
Fire
Total
and
Operating
Service
County
Children's
and
Fire
District's
Overlapping
Millage
Millage
Millage
Trust
Rescue
Debt
Library
Millage
Rates
5.7130
0.5520
6.2650
2.6830
0.0690
0.4510
3.2030
21.8065
5.8890
0.3900
6.2790
-
2.5820
0.0790
0.4860
3.1470
21.6405
5.9690
0.2850
6.2540
0.5000
2.5820
0.0790
0.4860
3.6470
21.9635
5.9350
0.2850
6.2200
0.4442
2.5920
0.0690
0.4860
3.5912
21.4607
5.8350
0.2850
6.1200
0.4288
2.6090
0.0520
0.4860
3.5758
21.0963
5.6150
0.2850
5.9000
0.4223
2.6090
0.0420
0.4860
3.5593
20.5268
4.5796
0.2850
4.8646
0.4223
2.2067
0.0420
0.3842
3.0552
18.2524
4.8379
0.2850
5.1229
0.4212
2.1851
0.0420
0.3822
3.0305
18.3350
4.8379
0.2850
5.1229
0.5000
2.1851
0.0420
0.3822
3.1093
18.6118
5.4275
0.4450
5.8725
0.5000
2.5753
0.0200
0.2840
3.3793
19.8854
81
rn
co
c�
N
cd
U
y
O
QW�
� a W
wQ�
HW
z
zaz
QaQ
w¢�
Ua�
U
a�
0
69
el el e
�_
69
bq
y ,~-i i 0 �� i i
u
N N ONO
r�
O
cu
y'-+ O O
--� -� •-+ O
O O
l�
N
N cd
>
N
a
•-•
¢
op E o ow
U
a
VU Up
Q°
a
.
R
0
O
0
� •--� i i N � �� i i i
MIt V•1 00
O, C)
p
a °
a
>
�x AC7Uu
S S S O
S S S S
S S
S
U b C:) 0 ' ' '
0 0 0 0
O O
O
U N O O� �_
OM
O [l- [- OO
OO
"7 O
m
1) ai O� N M
� > DD N V1 i-
E"' [� M M
M Oo OO N
M
OO M
N N
i-
�c
Q' N
6R
69
O O) O [- V1 M M
00 l- [- 'D " n n
l�
v7 N 0 0 0 0 0 0 0
M
U O
k cd
~
a
r,
ON O
N
p pp
00 00 tn
N b O a\ d' O� M O O O lD
N U -.1- 00 N r- ,I- � O O \O
.O
O
k cd N a, _
M
>0 tn wr- 0000ww
< 00 kn V'1 W-� d' M
M
M
ON
a�
0
69
69
av23
N
a
aw a a
° ao
op E o ow
U
4) 0UU
VU Up
Q°
a
.
R
a W aU a
0
ooh o
p
a °
a
>
�x AC7Uu
Ot4 wav�ia;x
a04
Q1A U b d'd
C7 U °
v CZ
w o
CV U
cu y > A. C as p b p
E-
0
w
0
0
0
U
b
A
O
U
0
N
00
M 00
u O O h O� It � N N� r-
O �D 0�0 M �M N N110 r-
O U
el e611� el 6R bR e 6R el el
N
y
O
[�
Q
0� 0� C) C� C�) C� 0� OIN C� OMi
E
N O
O
Ov
py
U O F
00 .� T ON U h 00 d' Vl
0� O Cr) O\ Oh ON O\ ON O� O\
G
C\ C\'t N O R M
SC
F
O
0000 000 0 --+
�D �D O� 0 0 00 N
A Ey
U
o
u
O N M
OHS
00 Ln M N O\ h N O, M rY
Nh 't 't 00Nd•00v)M
F..
"T O '-+ 00 O r-+ O� '-+ N h
o0 Q1 O --+ 4 h kr tr M --�
ss
M 00
u O O h O� It � N N� r-
O �D 0�0 M �M N N110 r-
O U
M
00
el e611� el 6R bR e 6R el el
N
y
O
N N" (as O� h
M It M 11
.•+
U Z O-1
'fir
--i �rN
�D
Ov
b
cad
E-+
00 .� T ON U h 00 d' Vl
0� O Cr) O\ Oh ON O\ ON O� O\
_
SC
F
A Ey
U
o
V
�10 rO
l O
F••i
O
N x r- 0-+MND\N��
N o0 00 N N M
�O M h h 00 �
LL U W
lu x U
hM� MrQ N V7O
D
w 6�
N00NO�-+00
N C COOOO�[- 0 V7�
Z
U O
00 O\ O kr tr N -•�
�v)Uo
[-� W o
G
W > Z
6R
N h N M O N N O h 00
N O O v1 00 O '-+ O� N r-+
��� v nllzf Cl! rl
y
00 O 000 W) h N
d' N
1'r
z
o0 D1 M O
K
w � �
o000Or-+�thv�v�MN
a�.
lu
H �
w
U a
00hMNO�hO DV701
v
p•,
F
T
a A
�
o
w
8
CD N rD -- h h N v'1
0
w
O 00 M h [- h �"+ V1 00
m
.-- i00o0Iq hMll000\01
U
b
r . , to kn It It t-
00 M h M h 00 O� .�
cad
y
N n M h �--I Vl N O1 M
F
Cd y
p,
00 C 00�.D�cMN
o p
vs
w
o o
O
O
F•+
S S S S S S S S O
•�
p(
O
U
h s.
�
z O
71
Q Q S Qp
O
NN N N NNNNN
M
00
Fiscal
Year
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
CITY OF AVENTURA, FLORIDA
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Business -Type
Governmental Activities Activities
General
Obligation
Bonds
Revenue Line of Outstanding
Bonds Credit Bonds
$ 38,650,000 $ - $ -
38,055,000 - -
37,155,000 - -
36,225,000 - -
35,260,000 - -
34,255,000 - -
33,220,000 - -
32,140,000 - -
30,815,000 - -
30,045,000 - -
Table 11
Total
Percentage
Per
Primary
of Personal
Capita
Government
Income (1)
(1)
$ 38,650,000
5.45% $
1,478.46
38,055,000
5.01%
1,396.98
37,155,000
4.42%
1,317.23
36,225,000
3.97%
1,271.05
35,260,000
3.55%
1,197.24
34,255,000
*
1,127.44
33,220,000
*
1,070.09
32,140,000
*
1,032.58
30,815,000
*
988.26
30,045,000
*
841.05
Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
(1) See the Schedule of Demographic and Economic Statistics for personal income and population data.
* Information not available.
84
CITY OF AVENTURA, FLORIDA
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
LAST TEN FISCAL YEARS
Table 12
Less:
Gross
Fiscal
Bonded
Year
Debt
2002
$ 38,650,000 $
2003
38,055,000
2004
37,155,000
2005
36,225,000
2006
35,260,000
2007
34,255,000
2008
33,220,000
2009
32,140,000
2010
30,815,000
2011
30,045,000
Table 12
Less:
Ratio
Net
Amounts
of Net
Bonded
Available
Assessed
Bonded
Debt
in Debt
Net
Value of
Debt to
Per
Service
Bonded
Taxable
Assessed
Capita
Funds
Debt
Property
Value
(1)
1,668,000
$ 36,982,000
$ 3,914,281,877
0.94% $
1,414.66
529,000
37,526,000
4,167,885,994
0.90%
1,377.56
31,000
37,124,000
4,730,954,049
0.78%
1,316.13
42,000
36,183,000
5,557,061,536
0.65%
1,269.58
24,278
35,235,722
6,616,421,499
0.53%
1,196.42
133,053
34,121,947
8,160,923,804
0.42%
1,123.06
136,790
33,083,210
9,609,881,719
0.34%
1,065.69
137,175
32,002,825
9,439,807,532
0.34%
1,028.17
280,321
30,534,679
8,063,834,953
0.38%
979.27
231,562
29,813,438
7,244,606,607
0.41%
834.57
Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
(1) See the Schedule of Demographic and Economic Statistics for population data.
85
Jurisdiction
CITY OF AVENTURA, FLORIDA
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITY DEBT
September 30, 2011
Estimated
Percentage
Applicable
to City of
Debt Aventura
Outstanding (1)
Overlapping debt:
Miami -Dade Board of County Commissioners (2) $ 3,534,421,982
Miami -Dade County School Board (2) 3,408,867,000
Subtotal overlapping debt 6,943,288,982
Direct debt:
City of Aventura 30,045,000
Subtotal direct debt 30,045,000
Total direct and overlapping debt $ 6,973,333,982
Table 13
Estimated
Share of
Overlapping
3.773% $ 133,353,741
3.773% 128,616,552
261,970,293
100.000% 30,045,000
30,045,000
$ 292,015,293
Notes: (1) Based on ratio of assessed taxable values obtained from the Miami -Dade County,
Florida Tax Collector.
(2) Source: Miami -Dade County, Florida, Finance Department.
Mm
Nt
se
C
N
LL
d9
EA
69
69
69
cl
V
S
O O
0
�
M oo
oo
oo
p
069
Ic
O O
69
cn
&e
N
O
S
oc
Do
8
7
�4
b4
b4
in
b
C
W
yUy ,ro
8
0o
cl
06
�
pqy
O
U
p �
cd b
° c
v
7
a
u c
c
z
M
oo
M
g
wb °�
b
o
oo
U
A
F
w O W
w
o
o
tn
g
�w
h
Q
8
A �
'^
v i
' ^
vi
O
W
b
V
V
4H
64
m
g
oo
r
oo
oo
S
v
v
g
g
�
N
oo
oo
8
S
:
B
MC�1
69
69
.p
a
a
as o
b
b v
p u
A
00
M,
C
0
� b �
O
Oa OR
h � �
,° paq a v
0 u
o o 1>
v C � 8 ° a >
> o
r ° h
cC � O y
U >
ou o
�
o o
lu
z
r-
00
CITY OF AVENTURA, FLORIDA Table 15
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
Personal
Data sources:
(1) Years are as of April 1 of each year per the University of Florida
Bureau of Economics & Business Research.
(2) Represents income per capita for Miami -Dade County as provided
by the U.S. Department of Commerce, Bureau of Economic Analysis.
(3) Florida Department of Labor, Bureau of Labor Market Information.
* Information not available.
88
Income
Per Capita
(Amounts
Personal
Unemployment
Fiscal
Population
Expressed in
Income
Rate
Year
(1)
Thousands)
(2)
(3)
2002
26,142
$ 709,677
$ 27,147
4.1%
2003
27,241
759,779
27,891
3.6%
2004
28,207
841,048
29,817
3.3%
2005
28,500
912,713
32,025
3.7%
2006
29,451
992,852
33,712
3.4%
2007
30,383
*
*
3.7%
2008
31,044
*
*
4.6%
2009
31,126
*
*
8.0%
2010
31,181
*
*
9.8%
2011
35,723
*
*
10.4%
Data sources:
(1) Years are as of April 1 of each year per the University of Florida
Bureau of Economics & Business Research.
(2) Represents income per capita for Miami -Dade County as provided
by the U.S. Department of Commerce, Bureau of Economic Analysis.
(3) Florida Department of Labor, Bureau of Labor Market Information.
* Information not available.
88
CITY OF AVENTURA, FLORIDA Table 16
OCCUPATIONAL EMPLOYMENT BY GROUP - MIAMI -DADE COUNTY, FLORIDA
CURRENT YEAR AND NINE YEARS AGO
Source: Represents Metropolitan Area Occupational Employment for the entire Miami -Miami
Beach - Kendall, Florida geographic region as provided by the U.S. Department of
Labor, Bureau of Labor Statistics as of May 2009. Estimates do not include self -
employed workers.
N /A: Information not available
89
Fiscal Year
2011
2002
Percentage
Percentage
of Total
of Total
Occupational Groups
Employees
Rank
Employment
Employees
Rank
Employment
Office and administrative support
202,750
1
21.16%
N/A
N/A
N/A
Sales and related
125,460
2
13.09%
N/A
N/A
N/A
Food preparation and service related
81,980
3
8.55%
N/A
N/A
N/A
Transportation and material moving
64,160
4
6.69%
N/A
N/A
N/A
Healthcare practitioner and technical
57,640
5
6.01%
N/A
N/A
N/A
Education, training and library
49,580
6
5.17%
N/A
N/A
N/A
Business and financial operations
49,210
7
5.13%
N/A
N/A
N/A
Protective service
38,610
8
4.03%
N/A
N/A
N/A
Installation, maintenance and repair
35,540
9
3.71%
N/A
N/A
N/A
Building and grounds cleaning and
maintenance
34,800
10
3.63%
N/A
N/A
N/A
Production
32,900
11
3.43%
N/A
N/A
N/A
Management
30,870
12
3.22%
N/A
N/A
N/A
Healthcare support
27,310
13
2.85%
N/A
N/A
N/A
Personal care and service
27,010
14
2.82%
N/A
N/A
N/A
Construction and extraction
25,340
15
2.64%
N/A
N/A
N/A
Computer and mathematical science
17,250
16
1.80%
N/A
N/A
N/A
Legal
14,330
17
1.50%
NIA
N/A
N/A
Arts, design, entertainment,
sports and media
13,910
18
1.45%
N/A
N/A
N/A
Community and social services
12,750
19
1.33%
N/A
N/A
N/A
Architecture and engineering
9,540
20
1.00%
N/A
N/A
N/A
Life, physical and social sciences
4,170
21
0.44%
N/A
N/A
N/A
Farming, fishing and forestry
3,220
22
0.34%
N/A
N/A
N/A
Total
958,330
100.00%
N/A
N/A
Source: Represents Metropolitan Area Occupational Employment for the entire Miami -Miami
Beach - Kendall, Florida geographic region as provided by the U.S. Department of
Labor, Bureau of Labor Statistics as of May 2009. Estimates do not include self -
employed workers.
N /A: Information not available
89
v�
a-�
co
b
U
v,
0
t-.
O
v�
a
a�
a\
m [- kr) 00
N
U 0
00 M
U
i�r
aa
b4 cz
U � �
3
U
O
E C7 r�
U U
Lt.
O
00
00 M
O
N
O�
O [- �c O\
�--�
00 M ^�
D
O
O
'z
N
r�
F�
N
0°0 M
00
w
N
W
N
000 m °
g
~
A
d
N
F�•i/i
C/]
W
�
W
O
O
r
N
zWEn
W>
��w
o
N
N
Q
W
N
i
N
C)
w
v�
a-�
co
b
U
v,
0
t-.
O
v�
a
a�
U 0
U
i�r
aa
b4 cz
U � �
3
U
E C7 r�
U U
Lt.
v�
a-�
co
b
U
v,
0
t-.
O
v�
00
O t-
O
V MpO M 10
N Q, V) N
oho rNi C,
"r
N N C N O--�
ON
N
CC3
E.y
M M V) O, 00
O
O M 7 7
10 00
00 M N
M t- M
N W M 00
M
C� 00
N O N U
r-I
N N
N
N t, �O OI
V) N
O o0 O lD lc 0�
r-
M 00
.0p0 V) cQ
Q�
N N O M M —
O
z
N
N
ON
V b
WO
O
M
�
--� M --� 00
Oi
N O� O,
00
N N O 7 N
oo
O, N
N ol
N
V1 IO 00 O t- N
O
O, 00
7 �D 7
r- N 00
N
00
'D N
Q oM0
U
'~
Oz
�:)�
u
A M M O
°
V° �O
'D � S
V 00
t w t` v 00 O 00
m ,—i
M
00
N N O\
V1 O N
M
FN+1
N
�OU
z w
N
�O O N
O
00 � N
N 00 N
N N
W
N m
O, 00 O� M
O O M W�
N
M
m
N M
V1 ' O
t- ID t-
U
... t.j nj N ,-,
00
M O� M
z M W
Z
N
Fes/
Ci
h h
g Q
L~_+
0000 000 IO
UN
W
QI
O
�D M It N NIt
O
N M
O O O
'Ir
oMop
N
00
z
00 N 7
ON
1 "
000
kn O 01 r-
M
M M M r
M
8
N N V
00
M t- N
Q
z z
N
E
y
°
ca
❑
�. m '�
o
R .4 o .�
a`ni .c
A -3
'�
��.
& o
b
C S O
w .�
yPy
bD O
p
Z h U
ej
o1"cnviU
�adF`aU¢x
raa°iu0
w
�o
C�
'C
cl
tai
U
cz.D
O
i.�
W
W
O
DC
a�
C�
cl �+
C's o
t-.
>a
� * Q
U �
o z
F,
N
a,
--�
N
W) ON M N •--� --�Nr
h
O
00
—
tf)
O
M
.r
N
M
N
Vl O N M N
h
N_ O
00
v)
O
O
M
O
N
N
tf) O N M N
C14 C
tj)
O
8
M
N
.-�
N
h O N M N •--�
V1
N_ O
00
Ln
00
r
8
N
N
M
Fy
�
Ui
w
U
fO
wl
V �
N
�-7 E"� ►�j
F-�
•--�
N
"t O •--� M N •--�
Q O
--�
7
w
kn
O
z�
y�z
8
N
N
w�H
Ln
O
OM
it
U
--� N
N
M O •--� M N -� --�
Q O
_
•--�
�t
�
U
pQ
N
�y�•+
U
i N
cd
Cd
•--� N
N
N C) M N •--�
O
M
8
N
C
O as
•C a O
+
cz
� i•+
O
cz
viN
w
aaa�v�iE
U
H
o
z
w
N
a,
COMPLIANCE SECTION
Keefe, McCullough & Co., LLP
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor
Members of the City Commission and City Manager
City of Aventura, Florida
We have audited the financial statements of the governmental activities, the business -type
activities, each major fund, and the aggregate remaining fund information of the City of Aventura,
Florida (the "City "), as of and for the year ended September 30, 2011, which collectively comprise
the City's basic financial statements and have issued our report thereon dated March 1, 2012. Our
report includes a reference to other auditors. 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. Other auditors audited the financial statements of the City of Aventura Police Officers'
Retirement Plan Pension Trust Fund, as described in our report on the City's financial statements.
This report does not include the results of the other auditors' testing of internal control over financial
reporting or compliance and other matters that are reported on separately by those auditors.
Internal Control over Financial Reporting
In planning and performing our audit, we considered the City's internal control over financial
reporting as a basis for designing our auditing procedures 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 over financial reporting. Accordingly, we do not express an opinion on the
effectiveness of the City's internal control over financial reporting.
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.
Our consideration of internal control over financial reporting 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 financial reporting that might be deficiencies, significant deficiencies, or material weaknesses.
We did not identify any deficiencies in internal control over financial reporting that we consider to be
material weaknesses, as defined above.
6550 N. Federal Highway M Suite 410 V Fort Lauderdale, FL 33308 A 954.771.0896 0 954.939.9353 (F) #A www.krnccpo.corn
93
City of Aventura, Florida
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.
This report is intended solely for the information and use of the City Commission, management,
Federal and state awarding agencies, pass - through entities, and the Auditor General of the State of
Florida and is not intended to be and should not be used by anyone other than these specified parties.
Fort Lauderdale, Florida
March 1, 2012
94
KEEFE, McCULLOUGH & CO., LLP
Keefe, McCullough & co., LLP
Certified Public Accountants
M I
INDEPENDENT AUDITORS' REPORT TO CITY MANAGEMENT
To the Honorable Mayor
Members of the City Commission and City Manager
City of Aventura, Florida
We have audited the basic financial statements of City of Aventura, Florida (the "City "), as of and
for the year ended September 30, 2011, and have issued our report thereon dated March 1, 2012.
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. We have issued our Independent
Auditors' Report on Internal Control over Financial Reporting and Compliance and Other Matters.
Disclosures in that report, which is dated March 1, 2012, should be considered in conjunction with
this management letter.
Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules
of the Auditor General, which govern the conduct of local governmental entity audits performed in the
State of Florida. This letter includes the following information, which is not included in the
aforementioned auditors' reports.
Section 10.554(1)(i)l., 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. There were no finding and recommendations made in the preceding
annual financial audit report.
Section 10.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of the
provisions of Section 218.415, Florida Statutes, regarding the investment of public funds. In
connection with our audit, we determined that the City complied with Section 218.415, Florida
Statutes.
Section 10.554(1)(i)3., 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)4., Rules of the Auditor General, requires that we address violations of
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 more than
inconsequential. In connection with our audit, we did not have any such findings.
Section 10.554(1)(i)5., Rules of the Auditor General, provides that the auditor may, based on
professional judgment, report the following matters that have an inconsequential effect on financial
statements, considering both quantitative and qualitative factors: (1) violations of provisions of
contracts or grant agreements, fraud, illegal acts, or abuse and (2) deficiencies in internal control that
are not significant deficiencies. In connection with our audit, we did not have any such findings.
6550 N. Federal Highway A Suite 410 & Fort Lauderdale, FL 33308 954J71.0896 954338:9353 (F) & www.irmccpa,com
95
City of Aventura, Florida
Section 10.554(1)(i)6., Rules of the Auditor General, requires that the name or official title and
legal authority for the primary government and each component unit of the reporting entity be
disclosed in this management letter, unless disclosed in the notes to the financial statements. The
information is disclosed in Note 1 to the financial statements.
Section 10.554(1)(i)7.a., Rules of the Auditor General, requires a statement be included as to
whether or not the local governmental entity 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, we determined that the City did not meet any of the conditions described in Section
218.503(1), Florida Statutes.
Section 10.554(1)(i)7.b., Rules of the Auditor General, requires that we determine whether the
annual financial report for the City for the fiscal year ended September 30, 2011, 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, 2011. In
connection with our audit, we determined that these two reports were in agreement.
Pursuant to Sections 10.554(1)(i)7.c. and 10.556(7), 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 same.
Pursuant to Chapter 119, Florida Statutes, this management letter is a public record and its
distribution is not limited. Auditing standards generally accepted in the United States of America
require us to indicate that this letter is intended solely for the information and use of management, the
City Commission, and the Florida Auditor General, and is not intended to be and should not be used
by anyone other than these specified parties.
Fort Lauderdale, Florida
March 1, 2012
•e
kee�e, Mc Cit6jA & 0�., I-4P
KEEFE, McCULLOUGH & CO., LLP
CITY OF AVENTURA
OFFICE OF THE CITY MANAGER
MEMORANDUM
TO: City Commission
FROM: Eric M. Soroka, ICMA -CM, ana er
DATE: March 20, 2012
SUBJECT: Resolution Declaring Equipmen Surplus
April 2, 2012 Commission Meeting Agenda Item 5 (L
RECOMMENDATION
It is recommended that the City Commission adopt the attached Resolution declaring
certain equipment as surplus to the needs of the City.
BACKGROUND
Section 2 -258 of the City Code of Ordinances provides that any property owned by the
City which has become obsolete or which has outlived its usefulness may be disposed
of in accordance with procedures established by the City Manager, so long as the
property has been declared surplus by a resolution of the City Commission.
If you have any questions, please feel free to contact me.
EMS /act
Attachment
CCO 1770 -12
RESOLUTION NO. 2012-
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA DECLARING CERTAIN
PROPERTY LISTED UNDER THE ASSETS OF THE CITY
AS SURPLUS TO THE NEEDS OF THE CITY;
DESCRIBING THE MANNER OF DISPOSAL;
AUTHORIZING THE CITY MANAGER TO DO ALL THINGS
NECESSARY TO CARRY OUT THE AIMS OF THIS
RESOLUTION; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Manager desires to declare certain property as surplus to
the needs of the City; and
WHEREAS, Ordinance No. 2000 -09 provides that all City -owned property that
has been declared surplus cannot be disposed of prior to the preparation and formal
approval of a resolution by the City Commission.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA, THAT:
Section 1. Recitals Adopted. The above recitals are hereby confirmed and
adopted herein.
Section 2. The property listed on Exhibit "A" has been declared surplus and is
hereby approved for disposal.
Section 3. The City Manager is authorized to dispose of the property listed on
Exhibit "A" through a public auction, sale, trade -in, transfer to other governmental
agency or, if of no value, discarded.
Section 4. The City Manager is hereby authorized to do all things necessary to
carry out the aims of this Resolution.
Section 5. This Resolution shall become effective immediately upon its
adoption.
The foregoing Resolution was offered by Commissioner , who moved
its adoption. The motion was seconded by Commissioner , and upon being put to
a vote, the vote was as follows:
Commissioner Zev Auerbach
Commissioner Bob Diamond
Commissioner Teri Holzberg
Commissioner Michael Stern
Commissioner Luz Urbaez Weinberg
Vice Mayor Billy Joel
Mayor Susan Gottlieb
Resolution No. 2012 -
Page 2
PASSED AND ADOPTED this 3rd day of April, 2012.
SUSAN GOTTLIEB, MAYOR
ATTEST:
TERESA M. SOROKA, MMC
CITY CLERK
APPROVED AS TO LEGAL SUFFICIENCY:
CITY ATTORNEY
CITY OF AVENTURA
POLICE PEPARTMENT
INTER OPME MEMORANDUM
TO: Eric M.-§oroka, City
Of
DATE: 16 March 2012
SUBJECT: Surplus Property
I would tike to have the below listed items, owned by the City of Aventura,
declared Surplus Property as per City of Aventura APDP, Chapter 6, Subsection
5, Page 1, as these items have become inadequate for public purposes:
1. X00 - 031414
2. X00 - 129715
3. X00 - 160611
4. XOO- 050046
5. XOO- 049958
6. X00 - 115613
7. XOO -006899
8. X00 - 114638
9. XOO- 088914
10. X00 - 021693
11. XOO- 006925
12. X04 -095525
13. X00- 089544
14. X00 - 105513
15.XOO- 102538
16. XOO- 006801
17 XOO- 161387
MEMORANDUM
TO: Chief Steinberg
FROM: U. Mauer
SUBJECT: Tasers to be returned to Taser
DATE: February 15, 2012
Attached are the Taser to be returned to Taser reference buyback program. 17 units
are to be returned.
1. X00 - 031414
2. X00 - 129715
3. X00 - 160611
4. X00 - 050046
5. X00- 049958
6. X00 - 115613
7. X00 - 006899
8. X00 - 114638
9. X00 - 088914
10. X00- 021693
11. X00 - 006925
12. X00- 095525
13. X00 - 089544
14. X00 - 105513
`15.X00-102538
16. X00 - 006801
17.X00 - 161387 Taser needs to down load this taser and send a copy back to us.
CITY OF "ENTURA
COMMUNITY SERVICES DEPARTMENT
MEMORANDUM
TO: Eric M. Soroka, iCMA -CM, C' ger
FROM: Robert M. Sherman, Director o Com unity Services
DATE: March 21, 2012
SUBJECT: Surplus Property
Please have the City property listed below declared as Surplus Property as these items
have become inadequate for department purposes and are not cost effective to
maintain.
Cybex Recumbent Bike — COA — Tag Number 1321
Cybex Exercise Bike — COA — Tag Number 1302
TRUE 750 Recumbent Bike — COA — Tag Number 1646
2004 Ford Explorer Vehicle Identification Number 1 FMZU63WX4UA84577
RMS /gf
VIVIR K114x3
CITY OF AVENTURA
OFFICE OF THE CITY MANAGER
MEMORANDUA
TO: City Commission
FROM: Eric M. Soroka, ICMA -CM, City
I
DATE: March 8, 2012
SUBJECT: Traffic Control Jurisdiction Agreerftsdt — Commodore Plaza
Condominium Association, Inc.
April 3, 2012 City Commission Meeting Agenda Item
RECOMMENDATION
It is recommended that the City Commission authorize the execution of the attached
Traffic Control Jurisdiction Agreement with Commodore Plaza Condominium
Association, Inc. to provide traffic control jurisdiction by our Police Department over the
private roads adjacent to the subject property. The Agreement will increase the visibility
of the police force and enhance traffic enforcement.
BACKGROUND
The previous Traffic Control Jurisdiction Agreement has been updated to reflect
changes in State law and police procedures. Therefore, we have requested all
condominiums or homeowners associations to enter into the new agreement attached
hereto.
In our continued efforts to provide improved police services to the community, we have
initiated a program in the past that allows a condominium or homeowners associations
to enter into an Agreement with the City to provide traffic control jurisdiction over a
private roadway within the development. This permits the Police Department to
conduct traffic enforcement activities on private property at the request of the owner.
Florida State Statute 316.006 allows municipalities to enter into such agreements
provided they are reimbursed for the actual costs of traffic control and enforcement, the
owner agrees to indemnify the City and provide liability insurance.
The City will bill the owner $25.00 per hour for each officer required to perform the
traffic enforcement detail when requested by the owner. Whenever possible, traffic
Memo to City Commission
Page 2
complaints made by the occupants of the property will be responded to and handled as
a call for service, without charge to the owner.
The program has been received well by the community.
If you have any questions, please feel free to contact me.
EMS /act
Attachment
CCO1769 -12
RESOLUTION NO. 2012-
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA AUTHORIZING THE CITY
MANAGER TO EXECUTE THE ATTACHED TRAFFIC
CONTROL JURISDICTION AGREEMENT BETWEEN
COMMODORE PLAZA CONDOMINIUM ASSOCIATION,
INC. AND THE CITY OF AVENTURA; AUTHORIZING THE
CITY MANAGER TO DO ALL THINGS NECESSARY TO
CARRY OUT THE AIMS OF THIS RESOLUTION; AND
PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA, THAT:
Section 1. The City Manager is hereby authorized to execute the attached
Traffic Control Jurisdiction Agreement between Commodore Plaza Condominium
Association, Inc. and the City of Aventura.
Section 2. The City Manager is hereby authorized to do all things necessary to
carry out the aims of this Resolution.
Section 3. This Resolution shall become effective immediately upon its
adoption.
The foregoing Resolution was offered by Commissioner , who moved
its adoption. The motion was seconded by Commissioner , and upon being put to
a vote, the vote was as follows:
Commissioner Zev Auerbach
Commissioner Bob Diamond
Commissioner Teri Holzberg
Commissioner Michael Stern
Commissioner Luz Urbaez Weinberg
Vice Mayor Billy Joel
Mayor Susan Gottlieb
Resolution No. 2001 -
Page 2
PASSED AND ADOPTED this 3rd day of April, 2012.
SUSAN GOTTLIEB , MAYOR
ATTEST:
TERESA M. SOROKA, CMC
CITY CLERK
APPROVED AS TO LEGAL SUFFICIENCY:
CITY ATTORNEY
s
TRAFFIC CONTROL JURISDICTION AGREEMENT
J
THIS AGREEMENT is made and entered into this I day of 4&"_)&-20 j �
by and between C�%ll�lIl
(the "Owner ") and the City of Aventura, Florida, a Florida municipal corporation (the
"City ").
RECITALS
A. Owner owns fee simple title to all the private roadways within the area
described as follows:
of Dade County, Florida, and commonly known as �_ 47.
(the "Private Roads ")
B. Owner desires the City to exercise traffic control jurisdiction over the Private
Roads, and City desires to exercise such traffic control jurisdiction, pursuant to Florida
State Statutes 316.006.
NOW, THEREFORE, for Ten and No /100 Dollars ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Owner and City agree as follows:
1. Recitals. The foregoing Recitals are true and correct and are incorporated
herein by this reference.
2. Traffic Control Jurisdiction Services. The City agrees to exercise traffic
control jurisdiction over the Private Roads in accordance with the following terms and
conditions.
(a) City shall provide for Police Officers of its Police Department to patrol, by
motor vehicle, the Private Roads, in accordance with the schedule and manpower
indicated on Exhibit "A" attached hereto, subject to availability.
(b) In exercising such traffic control jurisdiction, the City shall enforce the
traffic laws generally applicable to streets and highways under the City's original
jurisdiction which are similar in nature to the Private Roads.
(c) The City's exercise of traffic control jurisdiction pursuant to this Agreement
shall be in addition to the jurisdictional authority presently exercised by the City over the
Private Roads under law, and nothing herein shall be construed to limit or remove any
such jurisdictional authority, the City agreeing to continue to provide such other police
services as are otherwise provided under law.
(d) In addition to exercising traffic control jurisdiction over the Private Roads
as indicated on Exhibit "A ", the City shall be entitled to exercise traffic control
jurisdiction, even when not requested by Owner, provided, however, the City shall not
be entitled to any compensation from Owner pursuant to Paragraph 3 below for
exercising such discretionary additional traffic control jurisdiction, although the City shall
be entitled to retain all revenues from traffic citations issued by the City for violations of
traffic laws along the Private Roads, in accordance with law.
PAI
(e) Nothing in this Agreement shall require, authorize or permit the City to
exercise any control or responsibility concerning the installation or maintenance of traffic
control devices.
3. Compensation.
(a) Routine Patrol Activity - Except as provided in subsection (b), Owner
shall not be responsible to pay the City any compensation for
performing routine patrol activity pursuant to this Agreement. Routine
Patrol Activity shall mean a level of patrol activity equivalent to that
which is randomly provided on public roads. The City shall be
entitled to retain all revenues from traffic citations issued by the City
for violation of traffic laws along the Private Roads as provided by law.
This shall not preclude the assessment of impact fees or other fees
provided by law.
(b) Extended Patrol Activity - Owner shall compensate City for extended
patrol activities conducted by the City on the Private Roads at
Owner's request in accordance with the rate schedule enumerated in
Exhibit "B ". Extended Patrol Activity shall mean any patrol outside of
the scope of the City's routine patrol of the Private Roads requested
by the Owner that requires more than one (1) hour additional patrol
time within any twenty -four hour period.
4. Liability Not Increased. Neither the existence of this Agreement nor
anything contained herein shall give rise to any greater liability on the part of the City
91
than the City would ordinarily be subjected to when providing its normal police services
as routinely provided throughout the City.
5. Term. The term of this Agreement shall be one (1) year commencing on
the date hereof and ending one (1) year following the date hereof, and shall thereafter
automatically continue for successive one (1) year terms, unless terminated by either
party upon written notice to the other party given at least thirty (30) days prior to the
expiration of the then - applicable one (1) year term.
6. Entire Agreement. This Agreement constitutes the entire understanding
and agreement of the parties with respect to the subject matter hereof and may not be
changed, altered or modified except by an instrument in writing signed by the party
against whom enforcement of such change would be sought.
7. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida. Venue for any litigation between the
parties for any controversy arising from or related to this Agreement shall be in the 11th
Judicial Circuit in and for Miami -Dade County, Florida. The parties hereby voluntarily
waive any right to trial by jury for any litigation between the parties which arises out of
this Agreement or the provision of law enforcement services to Owner hereunder.
8. Indemnification and Insurance. Owner agrees to defend, indemnify and
hold the City harmless from any claim, demand, suit, loss, cost, expense or damage
which may be asserted, claimed or recovered against or from the City by reason of any
property damage or bodily injury, including death, sustained by any person
whomsoever, which said claim, demand, suit, loss, cost, expense or damage arises out
of or is incidental to or in any way connected with this Agreement, and regardless of
Ell
whether such claim, demand, suit, loss, damage, cost or expense is caused in whole or
in part by City's negligence, or by the negligence of City's agents, servants or
employees. In support, but not in limitation of this indemnification provision; Owner
hereby agrees to maintain and pay all premiums for a policy of comprehensive general
liability insurance in an amount of not less then $300,000 combined single limit
insurance covering any occurrence on or adjacent to the Private Roads described
above, resulting in property damage or bodily injury or death to person or persons.
Such insurance policy shall name the City and City's officers, agents and employees as
additional insured with respect to traffic control or enforcement of the Private Roads and
shall provide for 30 days prior written notice of any cancellation or change in scope or
amount of coverage of such policy. Owner shall furnish City with a Certificate of
Insurance evidencing compliance with the provisions of this section.
EXECUTED as of the date first above written in several counterparts, each of
which shall be deemed an original, but all constituting one Agreement.
Signed, sealed ?and delivered
In the presenq of: �
ATTEST:
municipal corporation
By
Teresa M. Soroka, MMC, City Clerk Eric M. Soroka, ICMA -CM, City Manager
Approved as to Legal Sufficiency:
City Attorney
5
EXHIBIT "A"
Patrol
Aventura Police Officers in marked police vehicles or motorcycles may patrol the Private Roads
on a random basis each day. Whenever possible, Traffic complaints made by occupants of the
property, will be responded to and handled as a call for service, without charge to the Owner.
Traffic complaints that require Extended Patrol Activity, where the cost of service will be billed
to the Owner, will only be conducted with prior approval of the Owner. When requested by the
Owner to perform specific traffic enforcement duties, the Owner will be billed in accordance
with Exhibit "B ".
C:
EXHIBIT "B"
Compensation
The City will bill the Owner $25.00 per hour for each officer requested to perform the Extended
Patrol Activity.
7
CITY OF "ENTURA
COMMUNITY SERVICES DEPARTMENT
TO: City Commission
FROM: Eric M. Soroka, ICM
A
BY: Robert M. Sherman,
DATE: March 26, 2012
MEMORANDUM
-CM, Ci ana r
Directo f Com nity Servic
SUBJECT: Bid No. 12 -03 -16 -2 Electrical Maintenance Services
April 3, 2012 City Commission Meeting Agenda Item 57 f5
Recommendation
It is recommended that the City Commission adopt the attached Resolution awarding
Bid No. 12- 03 -16 -2 Electrical Maintenance Services to the lowest responsible and
responsive bidders, Universal Electric, Inc. and Prime Electrical Contractors, Inc. at the
unit prices as contained in Exhibit "A" and in accordance with the City Engineer's
attached recommendation.
Background
In accordance with the City's Purchasing Ordinance, bids for this maintenance contract
were solicited, advertised and opened on March 16, 2012. The bid was advertised in
local newspapers and via the internet on DEMANDSTAR.
Five qualified bids were received from the following firms:
Universal Electric, Inc.
Prime Electrical Contractors, Inc.
G & R Electric, Inc.
AGC Electric, Inc.
Horsepower Electric, Inc.
The bid document requested hourly rates for licensed electricians, electrician's helpers,
and equipment, and for "Project Rates" that were defined as hourly rates (including
labor and equipment) for the routine repair of street lights, bollards and ground lighting.
Universal Electric, Inc. and Prime Electrical, Inc. have provided the lowest combined
unit pricing for labor and equipment rates and have provided the lowest unit pricing for
the project services request by the City.
City Commission
March 26, 2012
Page Two
The following table outlines the major differences between the existing contract pricing
and the new contract pricing.
Our consulting engineers spoke with representatives from several municipal clients
regarding the qualifications and past performance under similar contracts and both
companies received positive comments.
Both recommended bidders will be required to post the appropriate insurance, and all
work will be subject to the review and inspection of the City Electrical Inspector. This
contract is for a one year period, with a one year extension, at the City's sole discretion.
Please feel free to contact me if you have any questions.
RMS /gf
Attachments
RMS12004
New Pricing
Existing Pricing
Labor Rates
Electrician
$
34.00
$
34.75
Electrician's
Helper
$
28.30
$
22.75
Project Repair Rates
Street lighting
$
96.50
$
87.50
Ground lighting
$
57.00
$
57.50
Our consulting engineers spoke with representatives from several municipal clients
regarding the qualifications and past performance under similar contracts and both
companies received positive comments.
Both recommended bidders will be required to post the appropriate insurance, and all
work will be subject to the review and inspection of the City Electrical Inspector. This
contract is for a one year period, with a one year extension, at the City's sole discretion.
Please feel free to contact me if you have any questions.
RMS /gf
Attachments
RMS12004
RESOLUTION NO. 2012-
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
AVENTURA, FLORIDA AWARDING AND LETTING A BID /CONTRACT
FOR BID NO. 12- 03 -16 -2, ELECTRICAL MAINTENANCE SERVICES TO
UNIVERSAL ELECTRIC OF FLORIDA, INC. AND PRIME ELECTRICAL
CONTRACTORS, INC. AT THE INDIVIDUAL BID PRICES CONTAINED
IN EXHIBIT "A" ATTACHED; AUTHORIZING THE CITY MANAGER TO
EXECUTE ASSOCIATED CONTRACTS; AUTHORIZING THE CITY
MANAGER TO TAKE NECESSARY AND EXPEDIENT ACTION TO
CARRY OUT THE AIMS OF THIS RESOLUTION; PROVIDING FOR THE
APPROPRIATION AND ALLOCATION OF FUNDS FOR SAID BID
AWARD; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City Manager of the City of Aventura, Florida, has, pursuant to
the various laws of the State of Florida and the Code of the City of Aventura, properly
solicited and accordingly accepted bids for BID NO. 12- 03 -16 -2, ELECTRICAL
MAINTENANCE SERVICES; and
WHEREAS, sealed bids have been submitted to and received by the City
pursuant to the City's Invitation to Bid /Notice to Bidders, specifications, proposals, and
requirements for the project/work as cited above; and
WHEREAS, staff has determined that Universal Electric of Florida, Inc. and
Prime Electrical Contractors, Inc. have submitted the lowest responsible and responsive
bids for said project/work; and
WHEREAS, the City Commission, upon the recommendation of the City
Manager, is therefore desirous of awarding said bid /contract to said lowest responsible
and responsive bidders.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA:
Section 1: That bid /contract for BID NO. 12- 03 -16 -2, ELECTRICAL
Resolution No. 2012-.
Page 2
MAINTENANCE SERVICES is hereby awarded to Universal Electric of Florida, Inc. and
Prime Electrical Contractors, Inc. at the individual bid prices contained in Exhibit "A"
attached.
Section 2: The City Manager is hereby authorized to execute, on behalf of the
City, a contract by and between the parties embodying the terms, conditions,
specifications as set forth in the subject Invitation to Bid /Notice to Bidders, bid
specifications, bid proposal and bid requirements and said parties shall execute said
prepared contracts on behalf of the City.
Section 3: That the City Manager is hereby authorized and requested to take
all necessary and expedient action to carry out the aims of this Resolution in awarding
this bid /contract.
Section 4: That the funds to be allocated and appropriated pursuant hereto
and for the purpose of carrying out the tenets of this Resolution shall be from the
General Fund Line Item Nos. 001 - 5001 - 539 -4301, 001 - 5001 - 539 -4311, and 001 -5001-
539 -4640.
Section 5: This Resolution shall be effective immediately upon its adoption.
The foregoing resolution was offered by Commissioner who
moved its adoption. The motion was seconded by Commissioner ,
and upon being put to a vote, the vote was as follows:
Commissioner Zev Auerbach
Commissioner Bob Diamond
Commissioner Teri Holzberg
Commissioner Michael Stern
Commissioner Luz Urbaez- Weinberg
Vice Mayor Billy Joel
Mayor Susan Gottlieb
Resolution No. 2012 -
Page 3
PASSED AND ADOPTED this 3�d day of April, 2012.
SUSAN GOTTLIEB, MAYOR
ATTEST:
TERESA M. SOROKA, MMC
CITY CLERK
APPROVED AS TO LEGAL SUFFICIENCY:
CITY ATTORNEY
m
C. a
d N
CD N
O W
f G
CD O
n
m O
m �
3 �
y O
(fl CD
O
3
3
C.
(D
0
m
(D
n
(D
7
N
7
COD
n
O
.3i
n
v
m
(o
3
fD
(D
CS
(D
CD
0
d
Ll
M -r xmm5- xv
U)C)mm
mE0,
oni
m a 3 n m m m a CD o
�• m
6
w CL
0 CD
to
O :3 G) N N CD CQ .-.
CD
D1 n D)
O y Q o 3 0 cr N
C .�-.
m (D
n 9 Q C 90 .C+ C'D CD
n O
= 7 0 y
CD m C_ 7 n m a f-
7c N
= n
CD
.D CD a CO r CD CD
CD 3 CT CD
CD �m 0 3.m
vi -
O
v r
o n
oW
y '
90 —
p O
O.
N
G)
CC
QD
fn
? J
d9 fn 69
O CO J
EA tN
CD
C
N
w OD
Cn C7 p
O
=
m
CD
o00
O O O
-4 CA
CSC O
C
(D
n
N
^�
n
cn 40
en vi
vi vA
<O
CD
O
a
9) w
o
cncnc°n
o
3
°
Cl
0CD
m
CD
O 00
O O
N
C
(D
3
;l
CD
(O
69'
to fi
N w
ao W
A
O O
N A
Q
°O
C
O p O
O O
rn
y
m
O
r.
<
<i
fn va
t_H t» fn
fy
OD
m
a
5
J O
(n O
O N
0 Cn O
W
3
n
CD O CD
O O O
O O
O O
CD
CD
X
CD
CO
fP
a) co
N W
A
N w
C
p O
OOO
ODp
=
Q 7
O O O
O O
co
M
y
O y
m M-
0
<
-�
w
<n to En
:n to
N
M n.
w
Cn
0 O 0
O O
CD
m
CD
X
z z z
CD
O
Cn ffl
O O O
40 40
C
=
(n
O 0 (�
c cmn
�'
o
O
�m my
00
O
° °
o0
O=
�
CD
a
CD CD
y
O
z z z
o
<
m
En tj
O O O
to (fl
N
t9
C)nn
rn m
n
(Oii U
mmm
CG
N
O O
0 o
3 0 0 0
0 CD
n.
CD CD CD
v
CD
CD
I C
y)
v OD
OOCD
?A
=
0'0
° d
0
o 0 o
o
O O
O
O
O
M
y
3
1 (D
n rn
o (D
y n
0
fA
EA N
SA fn 69
169 <fl
CD
n
°
CT O O
CT CT
n
0 8
0o0
3
°o
00 °o 0
'�.0 0
(D
O
�
n�
m
W
E
z
C
3
Q
N
O
w
M
N
rn
m
n
n
ty
ic
01
3
O
m
3
n
N
cn
CD
n
CD
CA
0
O
3
C1
n
r♦
n
C7
EQ
(D
CD
MEMORANDUM
CRAVEN THOMPSON AND ASSOCIATES, INC.
Date: March 23, 2012
To: Robert Sherman, CPRP, City of Aventura - Director, Community Services Department
Copy: Alan Levine, City of Aventura - Public Works Operations Manager
From: Adolfo A. Gonzalez, PE, LEED AP, Consulting Engineer
Reference: Electrical Maintenance Services Contract
Bid Package Review - Bid Number 12-03 -16-2
At your request, we have reviewed the bid results for the above referenced project. A total, of
five bids were received. Based on our review of the bids, we are recommending that electrical
maintenance contracts be awarded to the following Bidders/ Contractors:
• Universal Electric of Florida, Inc. (Universal Electric)
• Prime Electrical Contractors, Inc. (Prime Electrical)
A copy of the bid tabulation is attached for your information showing all of the individual unit
prices. Universal Electric and Prime Electrical have provided the lowest combined unit
pricing for labor and equipment rates and have provided the lowest unit pricing for the project
services requested by the City.
We spoke with representatives from the School Board of Broward County, Florida Department
of Transportation, and the Town of Lauderdale -By- The -Sea regarding the qualifications and
past performance of Universal Electric under similar electrical maintenance contracts. All
agencies described Universal Electric as a qualified firm and capable of providing the type of
quality service required under this contract. They provided a quick response time to regular
and emergency work and there were no problems or issues with invoices. The City has also
had a positive working relationship with Universal Electric under the previous electrical
maintenance contract.
We spoke with representatives from Miami -Dade Public Works Department (MDPWD) and
the Town of Miami Lakes regarding the qualifications and past performance of Prime
Electrical under similar electrical maintenance contracts. Both agencies described Prime
Electrical as a qualified firm and capable of providing the type of quality service required
under this contract. They provided a quick response time to regular and emergency work and
there were no problems or issues with invoices. MDPWD described them as very efficient and
specializing in streetlight maintenance.
If you have any questions or require any additional information, please call.
CITY OF AVENTURA
FINANCE DEPARTMENT
MEMORANDUM
TO: City Commission
FROM: Eric M. Soroka, ICMA -CM, City Manager
BY: Brian K. Raducci, Finance Director
DATE: March 27, 2012
SUBJECT: Resolution Setting Forth the Ranking of Banks to Provide
Banking Services.
April 3, 2012 Commission Meeting Agenda Item 5_F
Recommendation
It is recommended that the City Commission adopt the attached Resolution which sets
forth the ranking of Banks to provide the City's banking services.
Background
As you are aware, the City has maintained a banking relationship with Bank of America,
N.A. (formerly Barnett Bank, N.A.) since March 4, 1997. Currently, the City's operating
funds are maintained in a Full Analysis Business Checking Account which earns credit
against our monthly analysis charges and is 100% FDIC insured.
Over the years, the City's banking services have been greatly enhanced by advances in
technology. Since it had been a number of years since this service was formally
reviewed, we felt it was time to ensure that the City was obtaining the latest and
greatest in terms of technology and service that was currently being offered by the
banking industry, for a reasonable price. When we prepared the RFP, our goal was to
obtain sufficient information from all Proposers so that we could evaluate the proposals
from both a quantitative and qualitative perspective. We believe that we were able to
meet this goal.
On February 19, 2012, the City issued RFP # 12- 03 -05 -2 Banking Services for the City
of Aventura. The RFP was advertised in the Miami Herald and in addition, a solicitation
package was made available from www.demandstar.com. On March 5, 2012 sealed
proposals were opened from the following banks:
• TD Bank
• Branch Banking and Trust Company ( "BB &T ")
• Bank of America Merrill Lynch ( "Bank of America, N.A. ")
Page (2)
City Commission
In addition, JP Morgan Chase Bank submitted a "No Bid ".
Pursuant to the RFP, the proposals were reviewed by an Evaluation Committee
consisting of the City Manager, Finance Director and Controller in accordance with the
following criteria:
Criteria Point Range
1. Cost of services as well as transaction time, investment earnings rate and compensating
balance requirements will be evaluated based on the proposal summary 0 -50
2. Ability to provide the type and quality of services requested 0 -30
3. Prior experience in providing banking services to governments, including organizational
structure available to service the City 0 -15
4. Other financial services available from the bank above and beyond those
Enumerated 0 -05
Maximum Points 100
All three (3) of the responsive bidders made presentations to the Evaluation Committee
on March 21, 2012.
Quantitative Perspective
As requested, each bank proposed specific charges for various services and a
compensating balance that would be required to eliminate these monthly costs. In
addition, each bank provided an interest rate so that we could project what amount of
interest income might be achieved if we were to invest any idle funds that would not be
immediately needed to cover operational needs.
Qualitative Perspective
We obtained sufficient information to evaluate each bank's location(s) in proximity to the
Government Center; the bank's organization, financial strength, quality of personnel,
experience with local governments and ability to perform all of the requested services.
After the three (3) presentations were made, the Evaluation Committee felt confident
that any one of those banks was capable of providing and meeting the City with its
banking services need. To assist us with our quantitative analysis, a "Comparative
Summary Schedule" ( "ATTACHMENT A ") was prepared. This schedule compares the
various banks' proposals for cost of services, on a monthly and annual basis, the
compensating balance that would be required, on a monthly basis, as well as the
interest rate and the interest income that we might achieve under each bank's proposal.
Once the compensating balance requirements were met, it appeared that the City could
earn $9,250.00 and $13,500.00 (annually) more in interest than with Bank of America,
N.A. and BB &T, respectively.
Page (3)
City Commission
Although the Evaluation Committee believes that all three (3) banks are well qualified
and capable of providing the City's banking services, we have ranked the Banks in the
following order (with 1 being the best) in connection with the criteria listed above and as
more —fully described below:
1. Bank of America, N.A.
2. TD Bank
3. BB &T
Ranking Justification
There are several factors (within the spirit of the RFP criteria) that the Evaluation Committee
considered before making their final selection as to the ranking of the Banks.
✓ Although it appears that TD Bank would currently provide the best interest rate
and rate of return on our idle funds — this criteria is significantly minimized in light
of the following:
• This potential additional interest is a "best case scenario" and in our
opinion is unlikely to be fully realized as the City has traditionally
maintained a larger cushion over the compensating balance in order to
completely eliminate or at least mitigate banking charges.
• This interest rate would only be guaranteed by TD Bank through April 30,
2013 and would then be subject to market conditions as would the other
banks.
• In addition, even with TD Bank and BB &T proposing to absorb the first
three (3) months of bank service charges, we believe that much of the
additional interest earned would be absorbed by the cost of converting (i.e.,
in terms of staff time that would be needed for any potential training /conversion).
✓ Neither offer provided by TD Bank or BB &T, appears to provide the City with any
services that Bank of America, N.A., does not already or has not previously
offered to provide. Bank of America, N.A. is very familiar with the City's banking
needs and processes as it has essentially provided them since our inception.
✓ We are not currently aware of or are experiencing any significant service issues
with Bank of America, N.A.
✓ The City has and continues to experience a very positive and beneficial
relationship with Bank of America, N.A. Throughout the economic downturn, we
have continued to work closely with them to strengthen and improve internal
controls (i.e., positive pay — which verifies disbursement priors to being paid).
Page (4)
City Commission
Other Financial Services
In addition to the banking services that Bank of America, N.A. currently provides, the
City recently refinanced the Series 1999 Revenue Bonds with the 2010 & 2011
Refunding Revenue Bonds issued through Bank of America, N.A. At that time, Bank of
America, N.A. offered the City with the best interest rate of five (5) different banks and
at the same time was the only bank able to meet the City's requirement for duration
when other banks would not. We believe that our long standing relationship with Bank
of America, N.A. assisted us with securing these attractive terms and conditions.
In light of the above analysis, at this time, we do not believe that it is in the City's best
interest to switch banks. Although TD Bank offered to waive bank charges for the first
three (3) months, we do not believe that any potential savings offered here are
significant enough to warrant the demand and stress that would be placed on our staff
to effectuate the change.
Based on the foregoing, the Evaluation Committee requests that the City Commission
approve the attached resolution establishing a ranking of banks to provide banking
services. If needed, a copy of the RFP, submittals by all banks and other supporting
documents are available for review.
Assuming adoption of the attached resolution by the Commission, the Administration
shall negotiate a contract with the bank ranked first. If the Administration is unable to
negotiate a satisfactory contract with that bank, negotiations with that bank shall be
formally terminated, and the Administration shall then undertake negotiations with the
second - ranked bank. Failing accord with the second - ranked bank, negotiations shall
then be terminated with that bank and undertaken with the third - ranked bank.
Negotiations with the other ranked banks shall be undertaken in the same manner. The
Administration, in negotiating with banks, may reopen formal negotiations with any one
of the three (3) top- ranked banks, but it may not negotiate with more than one bank at a
time.
It is the Administration's intent to have a contract for banking services, (including any
credits or charges brought about as a result of negotiations) ready for the Commission's approval
at the April 19, 2012 Commission Meeting. If for any reason the Contract is not ready
for approval at that time, then the Contract will be brought before you for your approval
at the May 1, 2012 Commission Meeting.
Upon your review, if you have any questions, please feel free to contact the City
Manager.
D
D
D
D
D
0
CL
N
3
a
o
<
a
o
3
m
w
c
0
0
o
3
—
n
ti
::
0
C
a
7
<
ai
O
?
p
a�
(a ^'
3
O
m
>
>
m
in
3
CL
K
0
m
o
m °f
O
n
N
N
d
S O
n
N
O
ID
7
y A
S
7
Co
O
<
N
N N
N
N
c
0
3
C
m
3
a
c
3
D
3
O
m
o
o
m
e
c
m
3
o
m
a
p
O
O
7
S
C
�
7
Oa
A
W
N
N
OI
O
t0
O
t0
N
tN7�
O
O
O
f0/1
O
O
,f071
CD
O
41
C
O
O
A
O
A
O
O
O
O
N
O
N
O
CD
0
Vi
b
M
to
fA
N
N
W
A
A
W
N
O
tlN
N
C
(T
81
N
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
e
O
O
O
O
O
fA
fN
N
fA
N
M
fR
Oa
Of
W
Z,
N
N
Mo
O
O
<7t
m
O
0
O
0
O
0
O
0
O
0
O
0
o
N
O
O
O
O
O
O
O
C
O
O
e
O
0
O
O
Cl
O
O
O
G
0
C
0
A A W M
c zA
M�7c
D N Z N
i b m 0
CC N
yn7<�
C n
v
XD
< �_ r
co
0
= m
n
O 1
c <
r p
m m
m
z
c
C
RESOLUTION NO. 2012-
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA ESTABLISHING A
RANKING OF BANKS TO PROVIDE BANKING
SERVICES; AUTHORIZING THE CITY MANAGER TO
NEGOTIATE FOR SAID SERVICES; AUTHORIZING THE
CITY MANAGER TO DO ALL THINGS NECESSARY TO
CARRY OUT THE AIMS OF THIS RESOLUTION; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Aventura, in accordance with applicable State law, has
requested proposals from banks to provide banking services to the City; and
WHEREAS, said proposals were evaluated by an Evaluation Committee
consisting of the City Manager, Finance Director and Controller; and
WHEREAS, said Evaluation Committee recommends that the top three ranked
banks, based on the banks' cost of services, transaction time, investment earnings rate and
compensating balance requirements; ability to provide the type and quality of services
requested; prior experience in providing banking services to governments, including
organizational structure available to service the City; and other financial services available from
the bank above and beyond those enumerated, be: 1). Bank of America, N.A. 2). TD Bank
and 3). BB &T; and
WHEREAS, the City Commission desires to authorize the City Manager or his
designee to negotiate fees with the top ranked bank and with the alternate bank(s),
should negotiations with the top ranked bank be unsuccessful.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA, THAT:
Section 1. The ranking of banks to provide banking services for the City are:
1) Bank of America, N.A.
Resolution No. 2012 -
Page 2
2) TD Bank
3) BB &T
Section 2. The banks have been rated on their cost of services, transaction time,
investment earnings rate and compensating balance requirements; ability to provide the type
and quality of services requested; prior experience in providing banking services to
governments, including organizational structure available to service the City; and other financial
services available from the bank above and beyond those enumerated. The final cost shall
be negotiated by the City Manager or his designee and approved by the City
Commission prior to said bank beginning any work for which the City may later be
Section 3. In the event the City is unable to come to favorable terms and fees
with the top ranked bank, the City Manager or his designee is hereby authorized to
negotiate fees with the alternate banks.
Section 4. The City Manager is hereby authorized and requested to take all
necessary and expedient action to carry out the aims of this resolution.
Section 5. This Resolution shall become effective immediately upon its
adoption.
The foregoing Resolution was offered by Commissioner , who moved its
adoption. The motion was seconded by Commissioner , and upon being put to a
vote, the vote was as follows:
Commissioner Zev Auerbach
Commissioner Bob Diamond
Commissioner Teri Holzberg
Commissioner Michael Stern
Commissioner Luz Urbaez Weinberg
Vice Mayor Billy Joel
Mayor Susan Gottlieb
Resolution No. 2012 -
Page 3
PASSED AND ADOPTED this 3rd day of April, 2012.
SUSAN GOTTLIEB, MAYOR
ATTEST:
TERESA M. SOROKA, MMC
CITY CLERK
APPROVED AS TO LEGAL SUFFICIENCY:
CITY ATTORNEY
CITY OF AVENTURA
FINANCE DEPARTMENT
MEMORANDUM
TO: City Commission
FROM: Eric M. Soroka, ICMA -CM, City Manager
BY: Z an K. Raducci, Finance Director
DATE: March 9, 2012
SUBJECT: Mid -Year Ordinance Amending 2011112 Budget
1St Reading April 3, 2012 City Commission Meeting Agenda Item 14
2 "d Reading May 1, 2012 City Commission Meeting Agenda Item
RECOMMENDATION
It is recommended that the City Commission approve the attached Ordinance amending
the 2011/12 budget. The total amount of each fund's budget amendment is outlined
below.
BACKGROUND
As you are aware, the City normally amends the budget to recognize actual fund
balance amounts carried over based on the prior year's audit. In addition, budget
amounts are amended to re- appropriate the balances in capital outlay projects which
were not 100% complete by the end of the prior fiscal year.
The need to re- appropriate unspent capital accounts and to recognize the actual fund
balances at September 30, 2011 to the 2011/12 budget was also discussed in my
memorandum dated March 9t" which was distributed electronically to the Commission
along with the Comprehensive Annual Financial Report.
GENERAL FUND (001) REVENUES /EXPENDITURES — $601,943
To recognize additional Carryover to fund the two (2) items described below.
1. To re- appropriate $604,300 worth of capital outlay projects which were not 100%
complete by the end of the prior fiscal year (e.g., computer equipment —
$417,520, E911 equipment — $40,000, other equipment — $61,780,
improvements — $85,000).
2. To decrease Non Departmental/Transfers by $2,357 in order to recognize actual
fund balances as explained under the two- related debt service funds, (found at
the end of this memorandum), based on the prior year's audit.
POLICE EDUCATION FUND (110) REVENUES /EXPENDITURES — $8,429
To recognize and re- appropriate the actual fund balance amount carried over based on
the prior year's audit.
STREET MAINTENANCE FUND (120) REVENUES /EXPENDITURES — $316,809
To recognize additional Carryover to fund the two (2) items described below.
1. To re- appropriate $60,000 worth of Road Resurfacing projects (e.g., NE 29th
Avenue, NE 187th Street and NE 34th Avenue) which were not 100% complete by the
end of the prior fiscal year.
2. To increase the Capital Reserve by $256,809 in order to recognize and re-
appropriate the remaining funds of the fund balance amount carried over based
on the prior year's audit.
POLICE CAPITAL OUTLAY IMPACT FEE FUND (140) REVENUES /EXPENDITURES
—$18,646
To recognize and re- appropriate the actual fund balance amount carried over based on
the prior year's audit.
PARK DEVELOPMENT FUND (170) REVENUES /EXPENDITURES — $10
To recognize and re- appropriate the actual fund balance amount carried over based on
the prior year's audit.
911 FUND (180) REVENUES /EXPENDITURES — ($24,502)
To recognize and re- appropriate the actual fund balance amount carried over based on
the prior year's audit.
2
DEBT SERVICE FUND SERIES 2010 & 2011 (230) REVENUES — $0
(Revenue Reclassification of $1,357 — Net effect is $0)
To recognize and re- appropriate the actual fund balance amount carried over based on
the prior year's audit and to reduce the transfer from the General Fund, respectively by
$1,357 for a net effect of $0.
DEBT SERVICE FUND SERIES 2002 (250) REVENUES — $0
(Revenue Reclassification of $1,000 — Net effect is $0)
To recognize and re- appropriate the actual fund balance amount carried over based on
the prior year's audit and to reduce the transfer from the General Fund, respectively by
$1,000 for a net effect of $0.
If you should have any questions related to this memorandum, please feel free to
contact the City Manager.
BKR /bkr
3
ORDINANCE NO. 2012-
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA, AMENDING ORDINANCE
NO. 2011 -08 WHICH ORDINANCE ADOPTED A BUDGET
FOR THE 2011/2012 FISCAL YEAR BY REVISING THE
2011/2012 FISCAL YEAR OPERATING AND CAPITAL
BUDGET AS OUTLINED IN EXHIBIT "A" ATTACHED
HERETO; AUTHORIZING THE CITY MANAGER TO DO
ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF
THIS ORDINANCE; PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, upon the periodic review and analysis of current budgetary
commitments and obligations, and based upon the projected needs and requirements
of the City and upon the recommendations of the City Manager (and the concurrence of
the Finance Director as to Accounting Principles), it is deemed necessary to adjust,
amend and implement the 2011/2012 Operating and Capital Budget as set forth in
Exhibit "A" attached hereto and made a part hereof.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA, AS FOLLOWS:
Section 1. The recitals contained in the preamble to this Ordinance are
incorporated by reference herein.
Section 2. The City Commission hereby authorizes the amendment of
Ordinance No. 2011 -08, which Ordinance adopted a budget for the 2011/2012 fiscal
year, by revising the 2011/2012 budget as set forth on the attached Exhibit "A" which
exhibits are deemed incorporated by reference as though set forth in full herein.
Section 3. The City Manager is hereby authorized to do all things necessary to
carry out the aims of this Ordinance.
Ordinance No. 2012-,
Page 2
Section 4. Effective Date. This Ordinance shall be effective immediately
upon adoption on second reading and shall be applicable retroactively from and after
October 1, 2011.
The foregoing Ordinance was offered by Commissioner , who
moved its adoption on first reading. This motion was seconded by Commissioner
and upon being put to a vote, the vote was as follows:
Commissioner Zev Auerbach
Commissioner Bob Diamond
Commissioner Teri Holzberg
Commissioner Michael Stern
Commissioner Luz Urbaez Weinberg
Vice Mayor Billy Joel
Mayor Susan Gottlieb
The foregoing Ordinance was offered by Commissioner , who moved its
adoption on second reading. This motion was seconded by Commissioner , and
upon being put to a vote, the vote was as follows:
Commissioner Zev Auerbach
Commissioner Bob Diamond
Commissioner Teri Holzberg
Commissioner Billy Joel
Commissioner Michael Stern
Commissioner Luz Urbaez Weinberg
Mayor Susan Gottlieb
PASSED AND ADOPTED on first reading this 3`d day of April, 2012.
2
Ordinance No. 2012 -
Page 3
PASSED AND ADOPTED on second reading this 1st day of May, 2012.
TERESA M. SOROKA, MMC
CITY CLERK
APPROVED AS TO LEGAL SUFFICIENCY:
CITY ATTORNEY
3
SUSAN GOTTLIEB, MAYOR
FY 2011/12 Budget Amendments
GENERAL FUND (001)
2011112
OBJECT ADOPTED
CODE CATEGORY BUDGET
Revenues
Non - Revenue
3999000 Carryover
SUBTOTAL
Total Amendments - Revenues
2011/12
AMENDED
AMOUNT
Exhibit A
2011112
REVISED
BUDGET
$ 15, 753, 036 $ 601,943 $ 16, 354, 979
$ 15,753,036 $ 601,943 $ 16,354,979
$ 601,943
Expenditures
Capital Outlay /Information Technology (8012 -513)
6401 Computer Equipment >$5,000 $ 158,590 $ 206,320 $ 364,910
SUBTOTAL $ 158,590 $ 206,320 $ 364,910
Capital Outlay /Public Safety (8020 -521)
6401 Computer Equipment >$5,000 $
- $
10,000 $
10,000
6402 Computer Equipment <$5,000
110,000
146,800
256,800
6405 E911 Equipment
15,000
40,000
55,000
6410 Equipment >$5,000
120,000
39,000
159,000
SUBTOTAL $
245,000 $
235,800 $
480,800
Capital Outlay /Community Development (8040 -524)
6401 Computer Equipment >$5,000 $ - $ 44,000 $ 44,000
SUBTOTAL $ - $ 44,000 $ 44,000
Capital Outlay /Community Services (8050- 539/541)
6402 Computer Equipment <$5,000 $
6410 Equipment >$5,000
SUBTOTAL $
22,400 $ 10,400 $ 32,800
14,000 22,780 36,780
400
180
580
Capital Outlay /Arts & Cultural Center - 70 -575
6301 Improve. Other Than Bldg /Marquee $ - $ 85,000 $ 85,000
$ $ 85,000 $ 85,000
Non Departmental /Transfers (9001 -581)
9123 Transfer to 1999 Debt Service Fund (230) $ 1,207,734 $ (1,357) $ 1,206,377
9125 Transfer to 2002 Debt Service Fund (250) 404,780 (1,000) 403,780
SUBTOTAL $ 1,612,514 $ (2,357) $ 1,610,157
Total Amendments - Expenditures $ 601,943
Page 1 of 4
Exhibit A
POLICE EDUCATION FUND (110)
Expenditures
Public Safety (2001 -521)
5450 Training $ 11,000 $ 8,429 $ 19,429
SUBTOTAL $ 11,000 $ 8,429 $ 19,429
Total Amendments - Expenditures $ 8,429
TRANSPORTATION AND STREET MAINTENANCE FUND (120)
2011/12
2011/12
2011112
OBJECT
ADOPTED
AMENDED
REVISED
CODE CATEGORY
BUDGET
AMOUNT
BUDGET
Revenues
Non - Revenue
3999000 Carryover
$ 4,000
$ 8,429
$ 12,429
SUBTOTAL
$ 4,000
$ 8,429
$ 12,429
Total Amendments - Revenues
$ 8,429
Expenditures
Public Safety (2001 -521)
5450 Training $ 11,000 $ 8,429 $ 19,429
SUBTOTAL $ 11,000 $ 8,429 $ 19,429
Total Amendments - Expenditures $ 8,429
TRANSPORTATION AND STREET MAINTENANCE FUND (120)
Expenditures
Community Services (5001 -541)
6305 Road Resurfacing $ 608,000 $ 60,000 $ 668,000
6999 Capital Reserve 59,150 256,809 315,959
SUBTOTAL $ 667,150 $ 316,809 $ 983,959
Total Amendments - Expenditures $ 316,809
POLICE CAPITAL OUTLAY IMPACT FEE FUND (140)
2011/12
2011/12
2011/12
OBJECT
ADOPTED
AMENDED
REVISED
CODE CATEGORY
BUDGET
AMOUNT
BUDGET
Revenues
Non - Revenue
3999000 Carryover
$ 130,000
$ 316,809
$ 446,809
SUBTOTAL
$ 130,000
$ 316,809
$ 446,809
Total Amendments - Revenues
$ 316,809
Expenditures
Community Services (5001 -541)
6305 Road Resurfacing $ 608,000 $ 60,000 $ 668,000
6999 Capital Reserve 59,150 256,809 315,959
SUBTOTAL $ 667,150 $ 316,809 $ 983,959
Total Amendments - Expenditures $ 316,809
POLICE CAPITAL OUTLAY IMPACT FEE FUND (140)
Expenditures
Non Departmental (2001 -521)
6999 Capital Reserve $ 16,557 $ 18,646 $ 35,203
SUBTOTAL $ 16,557 $ 18,646 $ 35,203
Total Amendments - Expenditures $ 18,646
Page 2 of 4
2011/12
2011/12
2011/12
OBJECT
ADOPTED
AMENDED
REVISED
CODE CATEGORY
BUDGET
AMOUNT
BUDGET
Revenues
Non - Revenue
3999000 Carryover
$ 16,557
$ 18,646
$ 35,203
SUBTOTAL
$ 16,557
$ 18,646
$ 35,203
Total Amendments - Revenues
$ 18,646
Expenditures
Non Departmental (2001 -521)
6999 Capital Reserve $ 16,557 $ 18,646 $ 35,203
SUBTOTAL $ 16,557 $ 18,646 $ 35,203
Total Amendments - Expenditures $ 18,646
Page 2 of 4
Exhibit A
PARK DEVELOPMENT FUND (170)
2011/12 2011/12 2011/12
OBJECT ADOPTED AMENDED REVISED
CODE CATEGORY BUDGET AMOUNT BUDGET
Revenues
Non - Revenue
3999000 Carryover $ 2,246 $ 10 $ 2,256
SUBTOTAL $ 2,246 $ 10 $ 2,256
Total Amendments - Revenues $ 10
Expenditures
Non Departmental /Transfers (5001 -572)
6999 Capital Reserve $ 2,246 $ 10 $ 2,256
SUBTOTAL $ 2,246 $ 10 $ 2,256
Total Amendments - Expenditures $ 10
OBJECT
CODE CATEGORY
Revenues
911 FUND (180)
2011/12
ADOPTED
BUDGET
Non - Revenue
3999000 Carryover
SUBTOTAL
Total Amendments - Revenues
Expenditures
2011/12 2011/12
AMENDED REVISED
AMOUNT BUDGET
$ - $ 24,502 $ 24,502
$ - $ 24,502 $ 24,502
$ 24,502
Public Safety (2001 -521)
6999 Capital Reserve $ - $ 24,502 $ 24,502
SUBTOTAL $ - $ 24,502 $ 24,502
Total Amendments - Expenditures $ 24,502
Page 3 of 4
OBJECT
CODE CATEGORY
Revenues
DEBT SERVICE FUND
SERIES 2010 & 2011 (230)
2011/12
ADOPTED
BUDGET
2011/12
AMENDED
AMOUNT
Exhibit A
2011/12
REVISED
BUDGET
Non - Revenue
3811001 Transfer from General Fund $ 1,207,734 $ (1,357) $ 1,206,377
3999000 Carryover - 1,357 1,357
SUBTOTAL $ 1,207,734 $ - $ 1,207,734
Total Amendments - Revenues $ -
DEBT SERVICE FUND
SERIES 2002 CHARTER SCHOOL LAND ACQUISITION (250)
2011/12 2011/12 2011/12
OBJECT ADOPTED AMENDED REVISED
CODE CATEGORY BUDGET AMOUNT BUDGET
Revenues
Non - Revenue
3811001 Transfer from General Fund $ 404,780 $ (1,000) $ 403,780
3999000 Carryover - 1,000 1,000
SUBTOTAL $ 404,780 $ - $ 404,780
Total Amendments - Revenues $
Page 4 of 4
CITY OF AVENTURA
OFFICE OF THE CITY MANAGER
MEMORANDUM
TO: City Commission
FROM: Eric M. Soroka, ICMA -CM, Cit yn:ae
DATE: March 22, 2012
SUBJECT: Ordinance Amending 2011112 Budget
1St Reading April 3, 2012 City Commission Meeting Agenda Item
2 "d Reading April 19, 2012 City Commission Meeting Agenda Item _
RECOMMENDATION
It is recommended that the City Commission adopt the attached Ordinance amending
the 2011/12 Budget in the amount of $420,000 as outlined below.
BACKROUND
As reviewed at the March Workshop Meeting, it is recommended that the current year's
budget be amended to include the following projects due to their importance and the
need to expedite their completion.
1. Police Department Information System Upgrade — requires $330,000 to procure
a new "state of the art" information system which will upgrade records
management, dispatch, mobile computing and improve data sharing with
neighboring jurisdictions. This project will take 18 months for full implementation.
2. ACES Playground Equipment Replacement — This project involves the
replacement of ten year old equipment at the Charter School that is in need of
repair at a cost of $90,000. This project will be completed this summer in order
not to impact the school year.
The budget amount to fund the amendment will be provided by the Capital Reserve line
item. As these items are capital in nature and are non - recurring, their impact on all the
reserve is minimal.
Memo to City Commission
Page 2
If you have any questions, please feel free to contact me.
EMS /act
Attachment
CCO1771 -12
ORDINANCE NO. 2012-
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA, AMENDING ORDINANCE
NO. 2011 -08 WHICH ORDINANCE ADOPTED A BUDGET
FOR THE 2011/2012 FISCAL YEAR BY REVISING THE
2011/2012 FISCAL YEAR OPERATING AND CAPITAL
BUDGET AS OUTLINED IN EXHIBIT "A" ATTACHED
HERETO; AUTHORIZING THE CITY MANAGER TO DO
ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF
THIS ORDINANCE; PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, upon the periodic review and analysis of current budgetary
commitments and obligations, and based upon the projected needs and requirements
of the City and upon the recommendations of the City Manager (and the concurrence of
the Finance Director as to Accounting Principles), it is deemed necessary to adjust,
amend and implement the 2011/2012 Operating and Capital Budget as set forth in
Exhibit "A" attached hereto and made a part hereof.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF AVENTURA, FLORIDA, AS FOLLOWS:
Section 1. The recitals contained in the preamble to this Ordinance are
incorporated by reference herein.
Section 2. The City Commission hereby authorizes the amendment of
Ordinance No. 2011 -08, which Ordinance adopted a budget for the 2011/2012 fiscal
year, by revising the 2011/2012 budget as set forth on the attached Exhibit "A" which
exhibits are deemed incorporated by reference as though set forth in full herein.
Section 3. The City Manager is hereby authorized to do all things necessary to
carry out the aims of this Ordinance.
Ordinance No. 2012 -
Page 2
Section 4. Effective Date. This Ordinance shall be effective immediately
upon adoption on second reading and shall be applicable retroactively from and after
October 1, 2011.
The foregoing Ordinance was offered by Commissioner , who
moved its adoption on first reading. This motion was seconded by Commissioner
and upon being put to a vote, the vote was as follows:
Commissioner Zev Auerbach
Commissioner Bob Diamond
Commissioner Teri Holzberg
Commissioner Michael Stern
Commissioner Luz Urbaez Weinberg
Vice Mayor Billy Joel
Mayor Susan Gottlieb
The foregoing Ordinance was offered by Commissioner , who moved its
adoption on second reading. This motion was seconded by Commissioner , and
upon being put to a vote, the vote was as follows:
Commissioner Zev Auerbach
Commissioner Bob Diamond
Commissioner Teri Holzberg
Commissioner Michael Stern
Commissioner Luz Urbaez Weinberg
Vice Mayor Billy Joel
Mayor Susan Gottlieb
PASSED AND ADOPTED on first reading this 3rd day of April, 2012.
2
Ordinance No. 2012 -
Page 3
PASSED AND ADOPTED on second reading this 19th day of April, 2012.
TERESA M. SOROKA, MMC
CITY CLERK
APPROVED AS TO LEGAL SUFFICIENCY:
CITY ATTORNEY
w
SUSAN GOTTLIEB, MAYOR
Exhibit A
FY 2011/12 Budget Amendments
GENERAL FUND (001)
2011112 2011112 2011/12
OBJECT ADOPTED AMENDED REVISED
CODE CATEGORY BUDGET AMOUNT BUDGET
Expenditures
Capital Outlay /Public Safety (8020 -521)
6401 Computer Equipment >$5,000 $ 10,000 $ 330,000 $ 340,000
SUBTOTAL $ 10,000 $ 330,000 $ 340,000
Capital Outlay /Charter School (8069 -569)
6401 Playground Equipment $ - $ 90,000 $ 90,000
SUBTOTAL $ - $ 90,000 $ 90,000
Non Departmental /Capital Reserve (8090 -590)
6999 Capital Reserve $ 15,193,488 $ (420,000) $ 14,773,488
SUBTOTAL $ 15,193,488 $ (420,000) $ 14,773,488
Total Amendments - Expenditures $ -
Page 1 of 1