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03-10-2020 Regular Commission Meeting Agenda
City Manager City Commission Ronald J.Wasson Enid Weisman,Mayor ' Marc Narotsky,Vice Mayor �•�� City Clerk Denise Landman,Commissioner I Ellisa L.Horvath,MMC Dr.Linda Marks,Commissioner Gladys Mezrahi,Commissioner City Attorney Robert Shelley,Commissioner � � V Weiss Scrota Hellman toward Weinberg,Comnnissioner e p�Q�0' Cole&Bierman CITY COMMISSION MEETING AGENDA March 10, 2020 6:00 p.m. Aventura 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: • Certificates of Recognition —"Florida Keys" International Music Competition • Proclamation —William "Skip" Washa Jr. • Certificates of Appointment — Community Services Advisory Board • Employee Service Awards — None. • Aventura City of Excellence School Update • Don Soffer Aventura High School Update • Michael M. Krop Senior High School Update 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. If the public wishes to speak on a matter on the consent agenda they must inform the City Clerk prior to the start of the meeting. They will be recognized to speak prior to the approval of the consent agenda. A. APPROVAL OF MINUTES: • February 4, 2020 Regular Commission Meeting • February 20, 2020 Regular Commission Workshop Meeting • February 20, 2020 Special Commission Meeting B. 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 FOR AN EFFECTIVE DATE. Aventura City Commission Meeting Agenda March 10, 2020 C. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA AWARDING AND LETTING A BID/CONTRACT FOR BID NO. 20-02-05- 3, CITY OF AVENTURA FURNISH AND INSTALL ILLUMINATED RAISED PAVEMENT MARKERS FOR ROADWAY ILLUMINATION TO LUX SOLAR,INC. FOR THE INDIVIDUAL BID PRICE AS CONTAINED IN EXHIBIT "A" ATTACHED;AUTHORIZING THE CITY MANAGER TO EXECUTE ASSOCIATED CONTRACT;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. 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 DELVISTA TOWERS CONDOMINIUM ASSOCIATION AND THE CITY OF AVENTURA; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. E. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING THE APPOINTMENT OF MEMBERS TO THE CITY OF AVENTURA COMMUNITY SERVICES ADVISORY BOARD FOR A ONE-YEAR TERM; AND PROVIDING FOR AN EFFECTIVE DATE. F. MOTION TO ACCEPT FOR FILING OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 AND THE LETTER DATED MARCH 5, 2020 ATTACHED HERETO AS ATTACHMENT A. 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. RESOLUTION/PUBLIC HEARING: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING A SIGN VARIANCE FOR THE AVENTURA SHOPS COMMERCIAL PLAZA AT 3001 AVENTURA BOULEVARD, CITY OF AVENTURA; AND PROVIDING FOR AN EFFECTIVE DATE. 7. ORDINANCES—FIRST READING/PUBLIC HEARINGS: AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING ORDINANCE NO. 2019-14 WHICH ORDINANCE ADOPTED A BUDGET FOR THE 2019/2020 FISCAL YEAR BY REVISING THE 2019/2020 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; AND PROVIDING FOR AN EFFECTIVE DATE. Page 2 of 3 Aventura City Commission Meeting Agenda March 10, 2020 8. ORDINANCES—SECOND READING/PUBLIC HEARINGS: None. 9. RESOLUTIONS/PUBLIC HEARINGS: None. 10. REPORTS 11. PUBLIC COMMENTS 12. OTHER BUSINESS: None. 13. ADJOURNMENT FUTURE MEETINGS* *Meeting dates and times are subject to change.Please check the City's website for the most current schedule. COMMISSION REGULAR WORKSHOP—MARCH 19,2020 AT 9 AM EXECUTIVE CONFERENCE ROOM(5-FLOOR) COMMISSION REGULAR MEETING—APRIL 6,2020 AT 6:00 P.M. COMMISSION CHAMBER COMMISSION REGULAR WORKSHOP—APRIL 23,2020 AT 9 AM EXECUTIVE CONFERENCE ROOM(5-FLOOR) 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 305-466-8901. Page 3 of 3 CITY OF AVENTURA OFFICE OF THE CITY CLERK MEMORANDUM TO: City Commission FROM: Ellisa L. Horvath, MMC, City Clerk DATE: March 6, 2020 SUBJECT: Approval of Minutes March 10, 2020 City Commission Meeting Agenda Item Sr RECOMMENDATION It is recommended that the City Commission approve the attached minutes, as provided by the City Clerk, for the Commission meetings held in February 2020. BACKGROUND Meetings were held and minutes have been provided for Commission approval for the following: • February 4, 2020 Regular Commission Meeting • February 20, 2020 Regular Commission Workshop Meeting • February 20, 2020 Special Commission Meeting Should you have any questions, please contact me. /elh attachments The C,,ty of CITY COMMISSION Aventura Government Center REGULAR MEETING MINUTES 19200 W.Country Club Drive FEBRUARY 4, 2020 Aventura, Florida 33180 6:00 p.m. �brr4 1. CALL TO ORDER/ROLL CALL: The meeting was called to order by Mayor Enid Weisman at 6:00 p.m. The roll was called and the following were present: Mayor Enid Weisman, Vice Mayor Marc Narotsky, Commissioner Denise Landman, Commissioner Dr. Linda Marks, Commissioner Gladys Mezrahi, Commissioner Robert Shelley, Commissioner Howard Weinberg, City Manager Ronald J. Wasson, City Clerk Ellisa L. Horvath, and City Attorney David M. Wolpin. As a quorum was determined to be present, the meeting commenced. 2. PLEDGE OF ALLEGIANCE: The Pledge was led by Mayor Weisman. 3. AGENDA: REQUESTS FOR DELETIONS/EMERGENCY ADDITIONS: None. 4. SPECIAL PRESENTATIONS: • 2020 Census - Miami-Dade County Commissioner Esteban L. Bovo, Jr.: This item was presented following the employee service awards. • Certificate of Appointment — CSAB Member: Mayor Weisman provided information on the newly appointed Community Services Advisory Board Member Marjorie Rosenblatt, while Commissioner Dr. Marks presented the Certificate of Appointment. • Employee Service Awards: Mr. Wasson, accompanied by Chief Pegues, presented recognition certificates and tokens of appreciation for the completion of milestone years of service with the City to the following employees: Detective Carlos Rivas (10 years), Sonia Harrison (20 years), and Rita Noa (20 years). • 2020 Census - Miami-Dade County Commissioner Esteban L. Bovo, Jr.: Commissioner Bovo, Jr. provided remarks on the importance of the 2020 Census. Mayor Weisman reported on the City's community outreach efforts encouraging residents to participate in the Census. • Aventura City of Excellence School Update — Principal Tyrkala: ACES Teacher Sara Zachar introduced Daniela Serralde, who provided a brief report on ACES. • Don Soffer Aventura High School Update - Principal: Principal David McKnight provided a brief report on Don Soffer Aventura High School. Mayor Weisman reported on the positive comments received regarding the Police Department, following the City's hosting of the Kansas City Chiefs for the Super Bowl, and thanked Chief Pegues, Major Bentolila, and the entire police force for their efforts. 5. CONSENT AGENDA: There were no requests from the public to address the Commission. Aventura City Commission Regular Meeting Minutes February 4, 2020 A motion to approve the items on the Consent Agenda was offered by Commissioner Dr. Marks, seconded by Commissioner Landman, and passed unanimously by roll call vote. The following action was taken: A. Minutes approved as follows: • January 7, 2020 Regular Commission Meeting • January 24, 2020 Regular Commission Workshop Meeting • January 24, 2020 Special Commission Meeting B. Resolution No. 2020-11 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 FOR AN EFFECTIVE DATE. C. Motion approved as follows: MOTION AUTHORIZING THE APPROPRIATION OF UP TO $8,775.00 FOR HAND HELD BALLISTIC SHIELDS FROM THE POLICE FEDERAL FORFEITURE FUND IN ACCORDANCE WITH THE CITY MANAGER'S MEMORANDUM. D. Motion approved as follows: MOTION AUTHORIZING THE APPROPRIATION OF UP TO $7,500 FOR CRIME PREVENTION PROGRAMS, TRAINING AND EQUIPMENT FROM THE POLICE STATE FORFEITURE FUND IN ACCORDANCE WITH THE CITY MANAGER'S MEMORANDUM. E. Resolution No. 2020-12 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AUTHORIZING THE CITY MANAGER ON BEHALF OF THE CITY TO EXECUTE AND OTHERWISE ENTER INTO THE ATTACHED MUTUAL AID AGREEMENT BETWEEN THE CITY OF AVENTURA AND THE CITY OF PLANTATION FOR LAW ENFORCEMENT ACTIVITIES; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. F. Resolution No. 2020-13 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA AUTHORIZING THE CITY MANAGER TO EXECUTE THE ATTACHED CONTRACT RENEWAL FOR LANDSCAPE MAINTENANCE WITHIN THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT-OF- WAY ON BISCAYNE BOULEVARD FROM THE OLETA RIVER BRIDGE NORTH Page 2 of 4 Aventura City Commission Regular Meeting Minutes February 4, 2020 TO THE MIAMI-DADEBROWARD COUNTY LINE BY AND BETWEEN THE CITY OF AVENTURA AND THE FLORIDA DEPARTMENT OF TRANSPORTATION; AUTHORIZING THE CITY MANAGER TO TAKE NECESSARY AND EXPEDIENT ACTION TO CARRY OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. G. Resolution No. 2020-14 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AUTHORIZING THE CITY MANAGER TO EXECUTE ATTACHED WORK AUTHORIZATION NO. 2020-043508109-001 FOR PROFESSIONAL DESIGN SERVICES FOR THE YACHT CLUB DRIVE DRAINAGE IMPROVEMENTS PROJECT BY AND BETWEEN THE CITY OF AVENTURA AND KIMLEY HORN; AND PROVIDING FOR AN EFFECTIVE DATE. H. Resolution No. 2020-15 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING THE APPOINTMENT OF A MEMBER TO THE CITY OF AVENTURA COMMUNITY SERVICES ADVISORY BOARD FOR THE REMAINDER OF THE TERM FOR A RECENTLY RESIGNED MEMBER; AND PROVIDING FOR AN EFFECTIVE DATE. I. Resolution No. 2020-16 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA AUTHORIZING THE CITY MANAGER TO EXECUTE AND OTHERWISE ENTER INTO THAT CERTAIN COLLECTIVELY BARGAINED CONTRACT ATTACHED HERETO BY AND BETWEEN THE CITY OF AVENTURA AND THE DADE COUNTY POLICE BENEVOLENT ASSOCIATION, WHICH CONTRACT SHALL BE EFFECTIVE UPON SIGNATURE BY THE CITY MANAGER AND THE DADE COUNTY POLICE BENEVOLENT ASSOCIATION; 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: None. 7. ORDINANCES - FIRST READING — PUBLIC HEARINGS: None. 8. ORDINANCES - SECOND READING/PUBLIC HEARINGS: None. 9. RESOLUTIONS/PUBLIC HEARINGS: None. 10. REPORTS: Mayor Weisman reported on the Commission's (Mayor Weisman, Commissioner Landman, Commissioner Dr. Marks, and Commissioner Weinberg) recent trip to Tallahassee, along with the City Manager, to address issues important to the City and thanked members of the Florida legislature for their time. Page 3 of 4 Aventura City Commission Regular Meeting Minutes February 4, 2020 Commissioner Landman reported on the upcoming City events. Commissioner Dr. Marks wished a happy birthday to Mr. Wasson, as well as Ms. Rosenblatt. She commended the participants of the recent Wounded Warriors event and the Ellie's Army Foundation Dirty Socks Run. 11. PUBLIC COMMENTS: Following information provided by Mr. Wolpin on the process for public comments, the following members of the public provided comments: Marjorie Rosenblatt (19101 Mystic Pointe Drive, Aventura). Danielle Pinto, Vanessa Murat, and David Brothers collectively provided a brief report on Dr. Michael M. Krop Senior High School. 12. OTHER BUSINESS: None. 13. ADJOURNMENT: There being no further business to come before the Commission, a motion to adjourn was offered by Vice Mayor Narotsky, seconded by Commissioner Mezrahi, and unanimously approved; thus, adjourning the meeting at 6:42 p.m. Ellisa L. Horvath, MMC, City Clerk Approved by the City Commission on March 10, 2020. Page 4 of 4 The City CITY COMMISSION Av entura WORKSHOP MEETING MINUTES Aventura Government Center 19200 W.Country Club Drive FEBRUARY 20, 2020 Aventura, Florida 33180 1111111111111111.111111111111111.111.1111110 9:00 A.M. 1. Call to Order/Roll Call: The meeting was called to order by Mayor Enid Weisman at 9:02 a.m. The following were present: Mayor Enid Weisman, Vice Mayor Marc Narotsky, Commissioner Denise Landman, Commissioner Dr. Linda Marks, Commissioner Gladys Mezrahi, Commissioner Howard Weinberg, City Manager Ronald J. Wasson, City Clerk Ellisa L. Horvath, and City Attorney David M. Wolpin. Commissioner Robert Shelley was absent. As a quorum was determined to be present, the meeting commenced. 2. Modification of Clear Channel Outdoor Agreement Concerning Commercial Advertising Signs on Biscayne Boulevard and Ives Dairy Road (City Manager): Mr. Wasson provided background information, location of the sign, and the request to modify and extend the agreement another 10 years to allow an LED video display on the eastern facing sign. He reviewed highlights of the contract as outlined in the agenda memorandum, discussed the requirement for Code changes to allow the LED video display and recommended approval. Jeff Andres, Clear Channel Outdoor, provided a presentation titled "Building Together— Digital Network a New Technology" and responded to questions. The Commission requested a list of the items that the current revenue was used for, the revenue received by other municipalities, a clearer explanation on the revenue the City would be receiving, and a definition of 50% net share. City Manager Summary: It was the consensus of the City Commission for Mr. Wasson to meet again with Clear Channel Outdoor for further negotiations as directed and to place the item on the March Commission Workshop agenda for further discussion. Additionally, Commissioner Dr. Marks was authorized by the Commission to work with Mr. Wasson on the item. 3. Land Development Regulations Update (City Manager): Community Development Director Joanne Carr provided a PowerPoint presentation titled "Recommended Additions & Updates 2020" as a follow-up to the presentation and input received at the Commission Workshop last fall. City Manager Summary: It was the consensus of the City Commission to proceed with the recommended additions and updates as presented, for placement on a future Commission Meeting Agenda for approval. 4. Update: Professional Design Services for Don Soffer Aventura High School Locker Room Construction (City Manager): Mr. Wasson explained the need for locker rooms at the high school, reviewed the design concept, and recommended proceeding with the work authorization for Kimley-Horn to provide technical services as outlined in the agenda. Aventura City Commission Regular Workshop Meeting Minutes—February 20, 2020 City Manager Summary: It was the consensus of the City Commission for Mr. Wasson to proceed with the work authorization for Kimley-Horn, as outlined in the agenda. 5. Selection of Community Services Advisory Board Members (City Manager): Mr. Wasson reviewed the list of current Board members requesting to be reappointed to serve another year. City Manager Summary: It was the consensus of the Commission to proceed with placing a resolution on the March Commission Meeting Agenda appointing the following members to the Board: Jonathan Evans, Sandra Kaplan, Daniel Naim, David Pulver, Marjorie Rosenblatt, Michael Stern, Sherry Superfine. 6. Discussion of Awarding City Key to Dr. Amir Baron (Mayor Weisman): Mayor Weisman requested that the Commission award a key to the City to Dr. Amir Baron, in recognition of his retirement from the Aventura Turnberry Jewish Center and his contributions to the City of Aventura, to be presented at the ATJC Gala on February 22, 2020. City Manager Summary: It was the consensus of the City Commission to proceed with placing a motion on the Special Commission Meeting, following the current Workshop Meeting, to award the key to the City. 7. Don Soffer Aventura High School Public Relations Update (Commissioner Landman): Commissioner Landman reviewed a PowerPoint outlining the information to be provided as part of the high school public relations community informational campaign. She will also provide a proactive generic informational statement regarding the school as it relates to the rating of the school, for placement on the City's website. City Manager Summary: It was the consensus of the City Commission to proceed with the information, as provided by Commissioner Landman, with the input discussed by the Commission. 8. Tallahassee Trip Lobbying Recap (Commissioner Landman): Commissioner Landman provided a report on the recent Commission trip to Tallahassee. The Commission discussed the need for Mr. Book to be better prepared for the Commission's attendance with improved scheduling for appointments and meals, with an agenda provided ahead of time. City Manager Summary: It was the consensus of the City Commission for Mr. Wasson to notify Mr. Book of the Commission's request for future trips. 9. Update: Tot Lot (Commissioner Dr. Marks): Mr. Wasson reviewed the relocation cost analysis, as provided in the agenda memorandum, and recommended proceeding with the third option. City Manager Summary: It was the consensus of the City Commission to authorize Mr. Wasson to proceed with negotiating a lease for the third option and report back to the Commission for further discussion. Page 2 of 3 Aventura City Commission Regular Workshop Meeting Minutes—February 20, 2020 10. Update: Commission Liaison Meeting (Commissioner Dr. Marks): Commissioner Dr. Marks provided an update on the Commission Liaison Meeting including applications received, teacher recruitment, the 9th grade curriculum, the request for the 10th grade curriculum, and performance requirements in the CSUSA agreement. Mayor Weisman reported on her and Mr. Wasson's meeting with John Hage, CSUSA regarding improvements needed in the management of the high school. City Manager Summary: It was the consensus of the City Commission for Mr. Wasson to send a letter to John Hage, CSUSA, outlining the importance of addressing the items discussed and to request his attendance at the next Commission Workshop meeting. 11. Adjournment: There being no further business to come before the Commission, the meeting was adjourned by consensus at 11:36 a.m. Ellisa L. Horvath, MMC, City Clerk Approved by the City Commission on March 10, 2020. Page 3 of 3 The Co of CITY COMMISSION Aventura Government Center SPECIAL MEETING MINUTES 19200 W.Country Club Drive FEBRUARY 20, 2020 Aventura, Florida 33180 -; Following 9:00 A.M. Commission Workshop Meeting 1. CALL TO ORDER/ROLL CALL: The meeting was called to order by Mayor Weisman at 11:36 a.m. The roll was called and the following were present: Mayor Enid Weisman, Vice Mayor Marc Narotsky, Commissioner Denise Landman, Commissioner Dr. Linda Marks, Commissioner Gladys Mezrahi, Commissioner Howard Weinberg, City Manager Ronald J. Wasson, City Clerk Ellisa L. Horvath, and City Attorney David M. Wolpin. Commissioner Robert Shelley was absent. As a quorum was determined to be present, the meeting commenced. 2. The following motion title was read by Mr. Wolpin: CITY COMMISSION, ACTING IN ITS CAPACITY AS THE GOVERNING BOARD FOR THE DON SOFFER AVENTURA HIGH SCHOOL: MOTION TO ACCEPT DON SOFFER AVENTURA HIGH SCHOOL OUT-OF- FIELD WAIVER AS OUTLINED IN THE CITY MANAGER'S MEMORANDUM DATED FEBRUARY 14,2020. A motion for approval was offered by Commissioner Mezrahi and seconded by Commissioner Landman. Mr. Wasson explained the item and recommended approval. The Commission discussed the importance of hiring certified teachers and requested that Mr. Wasson have Jonathan Hage, President - Charter Schools USA, attend the next workshop or a special meeting for discussion on the hiring process for teachers. Additionally, a letter will be sent to Mr. Hage from Mr. Wasson on behalf of the City Commission, conveying concerns regarding this issue as well as the other items discussed at the workshop meeting regarding the management of the Don Soffer Aventura High School. No comments were provided by the public. The motion for approval, subject to Mayor Weisman being satisfied with the additional information provided on the teacher listed for the out-of-field waiver, passed unanimously, by roll call vote. A motion to add the following item to the agenda as discussed at the February 20, 2020 Commission Workshop was offered by Commissioner Dr. Marks, seconded by Commissioner Landman, and passed unanimously: MOTION TO APPROVE THE PRESENTATION OF A KEY TO THE CITY TO DR. AMIR BARON. The motion was read by Mr. Wolpin. Aventura City Commission Special Meeting Minutes February 20, 2020 No comments were provided by the public. A motion for approval was offered by Commissioner Dr. Marks, seconded by Commissioner Landman and passed unanimously, by roll call vote. 3. ADJOURNMENT: There being no further business to come before the Commission, a motion to adjourn was offered by Commissioner Weinberg, seconded by Commissioner Dr. Marks, and unanimously approved; thus, adjourning the meeting at 11:51 a.m. Ellisa L. Horvath, MMC, City Clerk Approved by the City Commission on March 10, 2020. Page 2 of 2 CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manag r DATE: March 6, 2020 SUBJECT: Resolution Declaring Equipment as Surplus March 10, 2020 City Commission Meeting Agenda Item 5T 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. RJW/act Attachment CCO1873-20 RESOLUTION NO. 2020- 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 FOR 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 Denise Landman Commissioner Dr. Linda Marks Commissioner Gladys Mezrahi Commissioner Robert Shelley Commissioner Howard Weinberg Vice Mayor Marc Narotsky Mayor Enid Weisman City of Aventura Resolution No. 2020- PASSED AND ADOPTED this 10th day of March, 2020. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 2 of 2 CITY OF AVENTURA POLICE DEPARTMENT MEMORANDUM TO: Ronald J. Wasson, City Manager FROM: Bryan Pegues, Chief of Police SUBJECT: Surplus Property DATE: March 6, 2020 I would like to have the below vehicles, 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: 2016 - Black Chevy Tahoe-Totaled 2013 - Ford F-150 -Totaled CITY OF AVENTURA PUBLIC WORKS/TRANSPORTATION DEPARTMENT MEMORANDUM TO: City Commission 14.-:FROM: Ronald J Wasson, City Manager BY: Joseph S Kroll, Public Works/Transportation Direct. DATE: March 9, 2020 Updated SUBJECT: Bid No. 20-02-05-3 - City of Aventura Furnish & Install Illuminated Raised Pavement Markers March 10, 2020 City Commission Meeting Agenda Item Sc- RECOMMENDATION It is recommended that the City Commission adopt the attached Resolution awarding Bid No. 20-02-05-3 City of Aventura Furnish & Install Illuminated Raised Pavement Markers to the lowest responsible and responsive bidder; Lux Solar, Inc. (Itemized pricing sheet attached.) BACKGROUND The bidding process was in accordance with the City's Purchasing Ordinance. Bids for Illuminated Raised Pavement Markers contract were solicited, advertised and opened on Friday, February 5, 2020 at 3 PM. One qualified bid was received as follows: Lux Solar, Inc. Line item pricing used as needed The proposals were based on qualifications for work to be performed in areas of Public Works/Transportation within the City Rights-of-Way for installation of roadway illumination markers at crosswalks at various locations. These markers help to illuminate pedestrian crosswalks for a safer crossing of City roadways for all residents and visitors. These locations of markers will be determined by the Public Works/Transportation Department and/or City Manager. Aventura is a walking community and these markers will enhance the crosswalk locations. JSK/gf Attachments: Exhibit "A" Bid Tabulation Sheet J S K20004 RESOLUTION NO. 2020- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA AWARDING AND LETTING A BID/CONTRACT FOR BID NO. 20-02-05-3, CITY OF AVENTURA FURNISH AND INSTALL ILLUMINATED RAISED PAVEMENT MARKERS FOR ROADWAY ILLUMINATION TO LUX SOLAR, INC. FOR THE INDIVIDUAL BID PRICE AS CONTAINED IN EXHIBIT "A" ATTACHED; AUTHORIZING THE CITY MANAGER TO EXECUTE ASSOCIATED CONTRACT; 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. 20-02-05-3 CITY OF AVENTURA ILLUMINTED PAVEMENT MARKERS FOR ROADWAY CROSSWALK ILLUMINATION; 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 Lux Solar, Inc., has submitted the lowest responsible and responsive bid 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. 20-02-05-3, CITY OF AVENTURA ILLUMINATED RAISED PAVEMENT MARKERS FOR ROADWAY CROSSWWALK City of Aventura Resolution No. 2020- ILLUMINATION is hereby awarded to Lux Solar, Inc., at the bid price as contained in the attached bid documents. Section 2. That the City Manager is hereby authorized to execute, on behalf of the City, a contract by and between the party embodying the terms, conditions, and specifications as set forth in the subject Invitation to Bid/Notice to Bidders, bid specifications, bid proposal and bid requirements, or if a City prepared contract was part of said bid proposal, said parties shall execute said prepared contract 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 Budget Line Item Number 120-5401-541.63-41. 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 Denise Landman Commissioner Dr. Linda Marks Commissioner Gladys Mezrahi Commissioner Robert Shelley Commissioner Howard Weinberg Vice Mayor Marc Narotsky Mayor Enid Weisman Page 2 of 3 City of Aventura Resolution No. 2020- PASSED AND ADOPTED this 10th day of March, 2020. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 3 of 3 CITY OF AVENTURA BID TABULATION BID#20-02-05-3 FURNISH& INSTALL-INTERNALLY ILLUMINATED RAISED PAVEMENT MARKERS & IN-ROAD LIGHTS ASSEMBLIES Bids open after 3:00 PM on Friday,February 5,2020 LUX SOLAR, INC. Price Extension for *Price Extension Model Warranty Period Installation Quantity Measure Unit Price One for End Quantity Single Direction w/Furnish &Installation 2 Years Initial 1 to 10 Each $ 180.00 $ 180.00 $ 1,800.00_ 2 Years Initial 11 to 25 Each $ 175.00 $ 175.00 $ 4,375.00 2 Years Initial 26 to 50 Each $ 170.00 $ 170.00 $ 8,500.00 Bi-Directional w/Furnish& Installation 2 Years Initial 1 to 10 Each $ 195.00 $ 195.00 $ 1,950.00 2 Years Initial 11 to 25 Each $ 190.00 $ 190.00 $ 4,750.00 2 Years Initial 26 to 50 Each $ 185.00 $ 185.00 $ 9,250.00 Cup Only w/Installation 2 Years Replacement 1 to 10 Each $ 75.00 $ 75.00 $ 750.00 2 Years Replacement 11 to 25 Each $ 70.00 $ 70.00 $ 1,750.00 2 Years Replacement 26 to 50 Each $ 65.00 $ 65.00 $ 3,250.00 Module Only w/lnstallation 2 Years Replacement 1 to 10 Each $ 155.00 $ 155.00 $ 1,550.00 2 Years Replacement 11 to 25 _Each $ 150.00 $ 155.00 $ 3,750.00 2 Years Replacement 26 to 50 Each $ 145.00 $ 145.00 $ 7,250.00 Single Direction w/Installation 5 Years Initial 1 to 10 Each $ 240.00 $ 240.00 $ 2,400.00 5 Years Initial 11 to 25 _Each $ 235.00 $ 235.00 $ 5,875.00 5 Years Initial 26 to 50 Each $ 230.00 $ 230.00 $ 11,500.00 Bi-Directional w/Installation 5 Years Initial 1 to 10 Each $ 255.00 $ 255.00 $ 2,550.00 5 Years Initial 11 to 25 _Each $ 250.00 $ 250.00 $ 6,250.00 5 Years Initial 26 to 50 Each $ 245.00 _$ 245.00 $ 12,250.00 Cup Only w/Installation 5 Years Replacement 1 to 10 Each $ 75.00 $ 75.00 $ 750.00 5 Years Replacement [11 to 25 Each $ 70.00 $ 70.00 $ 1,750.00 5 Years Replacement 26 to 50 Each $ 65.00 $ 65.00_ $ 3,250.00 I Module Only w/lnstallation 5 Years Replacement 1 to 10 Each _$ 215.00 $ 215.00 $ 2,150.00 5 Years Replacement 11 to 25 Each $ 210.00 $ 210.00 $ 5,250.00 5 Years Replacement 26 to 50 Each $ 205.00 $ 205.00 $ 10,250.00 4.."'". .x..4,-2, :.-..-�,ruj' ".„+.NL.t P { k.�a'�'-a,*''4 it ✓p.-.a iM`,k .€.%.,",:.0 •,-.7`. 4x r Sub-Total , '•;•; -,1,.44.. e. 44:., ' 44'1 s 21 "° a"d4` r , f,: :'.>t ,,J�: � $�-'.^,wSt.:3,n-;,::-..2".,,;, d,,,,,,,^sxda� $ 50,300.00 $ 113,150.00 •'i.._�a '4..._,;',:4;4:.-;'''_... ��Y��.,..»°«. iu.._:��.. .::?."ss .,. _r...,......._. rte. _:...u.ti.�� mss?',..�.... c ..s.,:'� x Model Warranty Period Installation Quantity Measure ** Unit Price Price Extended � r Two Lanes w/lnstallation 2 Years Initial 12 Each $ 44,490.00 $ 44,490.00 Four Lanes w/Installation 2 Years Initial 24 Each $ 65,490.00 $ 65,490.00 Module Only w/lnstallation 2 Years Replacement 1 Each $ 1,500.00 $ 1,500.00 Sub-Total $ 111,480.00 TOTAL $ 224,630.00 *Price extension is the accumulation of a quantity of 10, 25 or 50 **Unit Price presents 12 or 24 as one Unit Measure Offers listed from the vendors herein are the only offers received timely as of the above opening date and time. All other offers submitted in response to this solicitation, if any, are hereby rejected as late. Purchasing Agent: / Dated b� , Pc... / , CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager DATE: March 6, 2020 SUBJECT: Traffic Control Jurisdiction Agreement— Delvista Towers Condominium Association March 10, 2020 City Commission Meeting Agenda Item 'V RECOMMENDATION It is recommended that the City Commission authorize the execution of the attached Traffic Control Jurisdiction Agreement with Delvista Towers Condominium Association 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 the current off duty rates as set forth in the existing PBA Contract for requested off duty traffic enforcement detail when requested by the owner. Memo to City Commission Page 2 Whenever possible, traffic 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. RJW/act Attachment CCO1871-20 CITY OF AVENTURA POLICE DEPARTMENT INTER OFFICE MEMORANDUM TO: Ronald J. Wasson, City Manager FROM: Bryan Pegues, Chief of Police DATE: March 6th, 2020 SUBJECT: Traffic Control Jurisdiction Agreement I am requesting that the attached Traffic Control Jurisdiction Agreement between Delvista Towers Condominium Association and the City of Aventura be placed on an upcoming Commission agenda for approval. The agreement provides jurisdiction to the Aventura Police Department over the private roads of the community and allows us to conduct traffic enforcement when needed. RESOLUTION NO. 2020- 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 DELVISTA TOWERS CONDOMINIUM ASSOCIATION AND THE CITY OF AVENTURA; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING FOR 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 Delvista Towers Condominium Association 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 Denise Landman Commissioner Dr. Linda Marks Commissioner Gladys Mezrahi Commissioner Robert Shelley Commissioner Howard Weinberg Vice Mayor March Narotsky Mayor Enid Weisman City of Aventura Resolution No. 2020- PASSED AND ADOPTED this 10th day of March, 2020. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 2 of 2 J' � •1 TRAFFIC CONTROL JURISDICTION AGREEMENT THIS AGREEMENT is made and entered into this =21 day of rehrit.Li2020 by and between \oisA,k, Cov46 AAA IttkcSCLindley‘ (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: ? CvVxd ad3-35 A)-e 3 33/36 of Dade County, Florida, and commonlyknown ask4e.' y leVic-i-ct ��.�� C.cx�dQ (the "Private Roads"). B. Owner desires the City to exercise traffic control jurisdiction over the Private Roads, and the City desires to exercise such traffic control jurisdiction, pursuant to Florida State Statutes 316.006. NOW, THEREFORE, for Ten and No/I00 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) The 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. 2 (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. Owner shall compensate the City only for the services performed by the City under this Agreement at the rate indicated on Exhibit "B" attached hereto. So as to assure full reimbursement for costs incurred by the City, as determined by the City, on the 15th day of each month, the City shall invoice Owner for services provided in the prior month. In addition, 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. 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 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. This Agreement shall thereafter automatically renew 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 3 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 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 4 shall provide for thirty (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 2WR:(/ f 2--,�---- cdkLm , 64,--ki-25 - &Ls/de:4- 4017 J r / ..4 By MA(\A LW\ A'eptY.,L44.6' V CITY OF AVENTURA, a Florida Municipal corporation ATTEST: By Ronald J. Wasson City Clerk City Manager Approved as to Legal Sufficiency: City Attorney 5 Exhibit A Patrol When possible, Aventura Police Officers will patrol the private roads of a S ? av33 3(1,11,- �� - on a random basis 24 hours per ?Oa, 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, 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. 6 Exhibit B Compensation The City will bill the Owner the current off duty rates as set forth in the existing PBA contract for requested off duty traffic enforcement details. A minimum employment period of three hours will be guaranteed per requested assignment. 7 CITY OF AVENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manage DATE: March 6, 2020 SUBJECT: Resolution Appointing Members to the Community Services Advisory Board March 10, 2020 City Commission Meeting Agenda Item "" RECOMMENDATION It is recommended that the City Commission adopt the attached Resolution appointing the following individuals to serve as members of the Community Services Advisory Board for a one-year term, from March 2020 through March 2021. Jonathan Evans Sandra Kaplan Daniel Naim David Pulver Marjorie Rosenblatt Michael Stern Sherry Superfine If you have any questions, please feel free to contact me. RJW/act Attachment CCO1870-20 RESOLUTION NO. 2020- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING THE APPOINTMENT OF MEMBERS TO THE CITY OF AVENTURA COMMUNITY SERVICES ADVISORY BOARD FOR A ONE-YEAR TERM; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Section 2-121 of the Aventura City Code provides for the creation of the Community Services Advisory Board; and WHEREAS, in accordance with the provisions of Section 3.11 of the Aventura City Charter, the City Commission wishes to provide for approval of the Mayor's appointment of members to the Community Services Advisory Board. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, THAT: Section 1. The City Commission hereby approves the appointment by the Mayor of the following individuals to serve as members of the Community Services Advisory Board for a term of one year, from March 2020 through March 2021: Jonathan Evans Sandra Kaplan Daniel Naim David Pulver Marjorie Rosenblatt Michael Stern Sherry Superfine Section 2. 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 Denise Landman Commissioner Dr. Linda Marks Commissioner Gladys Mezrahi Commissioner Robert Shelley Commissioner Howard Weinberg Vice Mayor Marc Narotsky Mayor Enid Weisman City of Aventura Resolution No. 2020- PASSED AND ADOPTED this 10th day of March, 2020. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 2 of 2 CITY OF AVENTURA FINANCE DEPARTMENT MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager g____ BY: Brian K. Raducci, Finance Director DATE: March 5, 2020 SUBJECT: Comprehensive Annual Financial Report (CAFR) Fiscal Year Ended September 30, 2019 March 10, 2020 City Commission Meeting Agenda Item -P 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, 2019 and the letter dated March 5, 2020 attached hereto as Attachment A." Background The CAFR, a letter from our independent auditors — Caballero Fierman Llerena & Garcia LLP and a staff-prepared memorandum (both dated March 5, 2020), were distributed electronically to the City Commission on March 6, 2020. 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 5, 2020, 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 March 10th 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— Caballero Fierman Llerena& Garcia, LLP Dated March 5, 2020 CABALLERO ERA F LLERENA . OG AFR I MLLNP LGaccountants I advisors March 5,2020 Honorable Mayor, Members of the City Commission and Management 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 fiscal year ended September 30, 2019. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated September 30, 2019. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Matters 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 2019 except for the implementation of Governmental Accounting Standards Board (GASB) Statement No. 88, Certain Disclosures Related to Debt, including Borrowings and Direct Placements. We noted no transactions entered into by the City during the fiscal year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. 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 estimate affecting the financial statements was: Management's estimate of collectability of accounts receivable and postretirement obligations. We evaluated the key factors and assumptions used to develop the estimate of collectability of accounts receivable and postretirement obligations in determining that it is reasonable in relation to the financial statements taken as a whole. Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users.The most sensitive disclosures affecting the financial statements were: The disclosure of the deposits and investments in Note 3 to the financial statements. The disclosure of fair value measurements in Note 4 to the financial statements. The disclosure of commitments and contingencies in Note 9 to the financial statements. The disclosure of risk management in Note 10 to the financial statements. The financial statement disclosures are neutral, consistent, and clear. Difficulties Encountered in Performing the Audit We encountered no difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected 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 such misstatements. There were no uncorrected misstatements. 1 8950 SW 74th Court I Suite 1210 I Miami,FL 33156 T:305.662.7272 F:305.662.4266 I CFLGCPA.COM Disagreements with Management For purposes of this letter, a disagreement with management is 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 March 5,2020. Management Consultations with Other Independent Accountants 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 auditor's 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. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the governmental unit's auditors.However,these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Other Matters We applied certain limited procedures to Management's Discussion and Analysis, the Budgetary Comparison Schedules, the Schedule of Changes in City's Net Pension Liability and Related Ratios, the Schedule of City's Contributions, and the Schedule of Changes in Total Liability and Related Ratios—Other Post-Employment Benefits, which are required supplementary information(RSI)that supplements the basic financial statements. Our procedures 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 did not audit the RSI and do not express an opinion or provide any assurance on the RSI. We were engaged to report on the Combining Non Major Fund Financial Statements, which accompany the financial statements but are not RSI. With respect to this supplementary information,we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements.We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We were not engaged to report on the introductory and statistical sections,which accompany the financial statements but are not RSI. Such information has 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. Restriction on Use This information is intended solely for the information and use of the City Commission and management of the City of Aventura, Florida, and is not intended to be, and should not be, used by anyone other than these specified parties. Very truly yours, Cada//e,0 fe,,ra r de e,a & 7oici , ZIP 2 8950 SW 74th Court I Suite 1210 I Miami,FL 33156 T:305.662.7272 F:305.662.4266 I CFLGCPA.COM '�9s - F 0 The City of -FURA AVEN FLOfz..,..-IDA r Comprehensive Annual Financial Report For The Fiscal Year Ended September 30, 2019 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE CITY OF AVENTURA, FLORIDA FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 11 i� i 11 t 11�� X11 11 I Ii 1■ 1/ Prepared By The Finance Department Brian K. Raducci, Finance Director Brent Rogers, Controller CITY OF AVENTURA, FLORIDA TABLE OF CONTENTS PAGES I. INTRODUCTORY SECTION (UNAUDITED) Letter of Transmittal i-vii List of Principal Officials viii Organizational Chart ix GFOA Certificate of Achievement x II. FINANCIAL SECTION Independent Auditors' Report 1-2 Management's Discussion and Analysis (Unaudited) 3-11 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position 12 Statement of Activities 13 Fund Financial Statements: Balance Sheet—Governmental Funds 14 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 15 Statement of Revenues, Expenditures and Changes in Fund Balances — Governmental Funds 16 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 17 Statement of Net Position—Proprietary Fund 18 Statement of Revenues, Expenses and Changes in Net Position—Proprietary Fund 19 Statement of Cash Flows—Proprietary Fund 20 Statement of Net Position—Fiduciary Fund-Police Officers' Retirement Plan 21 Statement of Changes in Net Position—Fiduciary Fund -Police Officers' Retirement Plan 22 Notes to Basic Financial Statements 23-52 REQUIRED SUPPLEMENTARY INFORMATION: Budgetary Comparison Schedules: General Fund 53 Street Maintenance Fund 54 Notes to Required Supplementary Information 55 Schedule of Changes in City's Net Pension Liability and Related Ratios 56-57 Schedule of City's Contributions 58-59 Schedule of Changes in Total Liability and Related Ratios—Other Post-Employment Benefits 60 SUPPLEMENTARY INFORMATION: Combining Fund Financial Statements: Combining Balance Sheet—Nonmajor Governmental Funds 61 Combining Statement of Revenues, Expenditures and Changes in Fund Balances — Nonmajor Governmental Funds 62 Budgetary Comparison Schedules: Schedules of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual- Special Revenue Funds 63-64 Schedules of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual- Debt Service Funds 65-69 Schedules of Revenues, Expenditures and Changes in Fund Balance—Budget and Actual- Capital Projects Funds 70-71 CITY OF AVENTURA, FLORIDA TABLE OF CONTENTS PAGES III. STATISTICAL SECTION (UNAUDITED) Net Position by Component 72 Changes in Net Position 73-74 Governmental Activities Tax Revenues by Source 75 Fund Balances of Governmental Funds 76 Changes in Fund Balances of Governmental Funds 77 General Governmental Revenues by Source 78 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 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 Statistics 88 Occupational Employment by Group—Miami-Dade County, Florida 89 Full-Time Equivalent City Government Employees by Function 90 Operating Indicators by Function 91 Capital Asset Statistics by Function 92 IV. 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 on Compliance for it's Major Program and on Internal Control over Compliance Required by the Uniform Guidance 95-96 Schedule of Expenditures of Federal Awards 97 Notes to Schedule of Expenditures of Federal Awards 98 Schedule of Findings and Questioned Costs 99-100 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida 101-102 Independent Accountants' Report on Compliance with the Requirements of Section 218.415 Florida Statutes 103 INTRODUCTORY SECTION 4 _ :: City ®f Aventura Government Center 19200 West Country Club Drive Aventura, Florida 33180 ENID WEISMAN MAYOR March 5, 2020 COMMISSIONERS DENISE LANDMAN DR.LINDA MARKS GLADYS MEZRAHI To the Honorable Mayor, MARC NAROTSKY Members of the City Commission ROBERT SHELLEY and Citizens of the HOWARD WEINBERG City of Aventura, Florida RONALD J.WASSON CITY MANAGER In accordance with Section 11.45(3)(a) (4), Florida Statutes, and Article I, Section 4.11 of the City of Aventura (the "City") Charter, we hereby submit the City's Comprehensive Annual Financial Report (the "CAFR") for the fiscal year ended September 30, 2019. The CAFR includes an Introductory, Financial, Statistical and Compliance section. The financial statements included in the CAFR conform to accounting principles generally accepted in the United States ("GAAP") as set forth by the Governmental Accounting Standards Board ("GASB"). Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that has been established for this purpose. Because the cost of internal controls should not exceed their anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. We believe this data fairly reflects the financial position of the City and the results of its operation. The Certified Public Accounting firm of Caballero Fierman Llerena & Garcia, LLP has issued an unmodified ("clean") opinion on the City's financial statements for the fiscal year ended September 30, 2019. The independent auditor's report is located at the front of the Financial Section of this report. Management's Discussion and Analysis ("MD&A") immediately follows the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. The MD&A complements this letter of transmittal and should be read in conjunction with it. PROFILE OF THE GOVERNMENT The City was incorporated on November 7, 1995 and is a political subdivision of the State of Florida. It is located on the Intracoastal Waterway in northeast Miami-Dade County (the "County") between Miami and Fort Lauderdale. The City is 3.2 square miles and serves a population of more than 37,000 residents and 2,700 businesses. Pursuant to its Charter, the City operates under a commission-manager form of government. Under this form of government the City Commission (the "Commission") and the City Manager are the legislative and executive branches of the government, respectively. The Commission enacts i PHONE: 305-466-8900 ■ FAX: 305-466-8939 www.cityofaventura.com Ordinances, the laws of the City, adopts Resolutions authorizing actions on behalf of the City, reviews plans for development and establishes the policies by which the City is governed. The City Manager is the City's Chief Executive Officer who oversees the day-to-day operations, administers the City's service providers, prepares long-range plans and implements the policies established by the Commission. The Commission is comprised of seven (7) members, including the Mayor and six (6) Commissioners. The Mayor is the ceremonial leader of the City and is considered to be "part-time." The Mayor is elected at large to a four-year term. Each Commissioner has the same authority and ability to bring matters to and to discuss and vote on matters before the Commission. A Commissioner is considered to be "part-time" and is elected to serve a four-year term. For election purposes, the William Lehman Causeway divides the City into two (2) areas. The City Charter requires that two (2) Commissioners reside in the northern area and two (2) Commissioners reside in the southern area and two (2) Commissioners and the Mayor shall be elected without regard to residence in any particular area. Mission Statement Our mission is to join with our community to make Aventura a city of the highest quality and a city of excellence. We do this by providing RESPONSIVE, COST EFFECTIVE AND INNOVATIVE local government services. The City employs 175 full-time positions and provides high-quality public services including General Government, Police, Community Services and Public Works/Transportation to its residents and business community. In FY 2018/19, the Commission addressed the following priorities/goals either through formal adoption or supporting them through policy and/or initiatives: Enhance the safety and security of our residents and businesses: • Continued community outreach initiatives to engage the community in joint problem solving and crime prevention techniques. • Added one (1) new School Resource Officer for the new Don Soffer Aventura High School which opened in August 2019. • Improved communications with the community by expanding social media and the Police Department's community policing efforts. • Increased police service overtime costs to meet increased demands and to keep our community safe. Provide and support quality educational choices for Aventura students to succeed academically and become productive citizens: • Continued to operate the Aventura City of Excellence School K-8 as an "A" rated high performing school and provide support services thorough various City departments. • Opened the Don Soffer Aventura High School in August 2019 to 200 91" grade students. Maintain efficient and responsive government which embraces the highest standards of service and financial stability: • Had no increase in the tax rate for the 23rd year in a row. • Continued to focus on maintaining the City's infrastructure by providing more than $2.9 million in funding for park improvements and road resurfacing capital outlay projects. • Maintained healthy reserves to address economic challenges and unforeseen emergencies. ii • Continued the model of privatizing many City service areas while maintaining a small workforce which has allowed for a more cost effective service delivery system, as compared to the traditional government structure. • Continued to utilize technology to improve productivity and expand E-government applications. Continue to explore alternate transportation modes to alleviate traffic and support bicycle friendly initiatives: • Continued to fund the free Aventura Express Shuttle Bus system that serves nearly 26,000 riders a month and extend service to new developments. • Continued to implement recommendations made in the Unfiled Master Plan for Pedestrian/Bicycle Connectivity. • Maintained the Aventura BCycle bike share program. • Continued to collaborate with state, county and local officials to address traffic issues. Community Engagement, Parks, Programs and Special Events: • Expanded part-time seasonal Park Attendant hours in order to provide adequate coverage in the peak season and accommodate increased attendance at our park facilities. • Continued the new afterschool program at the Community Recreation Center for Aventura students that attend Aventura Waterways K-8. • Continued the youth travel soccer and basketball leagues to respond to increased demand for these community services which are offset by user fees. • Continued the "Community Ride with the Police Department" Special Event which provides opportunities for the residents to interact with the Police. • Increased funding to support a wide Varity of programming for all age groups at the Aventura Arts& Cultural Center. • Continued to fund Family Movie Nights at Founders Park. • Provided funding to maintain our parks and recreation facilities at a high level. • Continue to employ the use of the Youth Advisory Board. Environmental Sustainability and Go Green Initiatives • Maintained Tree City USA status. • Continued to improve the energy efficiency of all City facilities including the replacement of worn air conditioning systems. • Ensured that redevelopment projects that require land use/zoning revisions do not have a negative impact on the community. • Included funding to continue to retrofit street lighting with more energy efficient LED fixtures. • Monitored and participated in regional efforts to address the impact of rising sea level as well as implemented recommendations found in the City's Comprehensive Stormwater Management Plan that address drainage improvements and the long-range impacts of climate change. • Continued the "Go Green Award Program" sponsored by the Community Services Board to recognize condominiums and businesses that have made efforts to reduce energy consumption and implement recycling programs. • Provided adequate funding to maintain our signature landscape, streets, rights-of-way and facilities and maintained the silver level certification recognition by the Florida Green Local Government Program. Police Department On March 25, 2000, the Aventura Police Department ("APD") became the youngest agency to ever receive accreditation status through the Commission on Accreditation for Law Enforcement Agencies, Inc. ("CALEA"). The accreditation means the APD has been recognized by an independent organization composed of representatives of the International Association of Chiefs of iii Police, the National Sheriff's Association, the National Organization of Black Law Enforcement Executives and the Police Executive Research Forum and has complied with over 400 standards that have been established as benchmarks of excellence. The APD has met or exceeded international accreditation standards set by CALEA. The accreditation process increases the agency's ability to prevent and control crime through more effective and efficient delivery of law enforcement services to the community. The process enhances community understanding of the APD and its role in the community, its goals and objectives. For the 7th time, CALEA has awarded reaccreditation to the APD. This prestigious organization has awarded our agency with their Gold Standard and has recognized us as one of their flagship organizations. These coveted awards from a nationally recognized and independent organization, symbolizes the agency's professionalism and distinction. The APD is a leader in the field of technology. The agency completed full integration of our E911 system as well as our Computer Aided Dispatch ("CAD") and Records Management System ("RMS") for reports and computer dispatched calls for service. The merge has allowed our 911 dispatchers to instantly share knowledge of changing events with field units and simultaneously provide existing data on suspects and previous incidents. In addition, during the past year the APD upgraded its E911 center to be fully Next Generation compliant. This technological upgrade will allow the public to send text and video into our 911 center. Furthermore, the APD was the first municipality in the nation to implement shot detection technology in both of its charter schools. This cutting edge technology that ties into our 911 center provides real time video and mapping location to our officers and dispatchers, in the event a gunshot is detected on either school campus. Aventura City of Excellence School The City owns and operates the Aventura City of Excellence School ("ACES"). ACES is a K-8 Municipal Charter School that is part of the City's government and not a separate legal entity or otherwise organized apart from the City. The School operates under a charter granted by the sponsor — the Miami-Dade County Public School District. The School has been well received and has been at full capacity since its inception and has obtained academic success by receiving an "A" grade from the State of Florida for the past 16 years. The School will serve 1,020 students in the 2019/20 school year. Since its opening on August 25, 2003, the Aventura Charter Elementary School has achieved several milestones in the City's short history including: • Being the first School within the City's boundaries and the first municipal sponsored charter school in the County. • In 2005, the School amended the charter to include grades six through eight. • In 2012, the School amended the charter to increase its capacity from 972 to 1,020 students over the next five (5)years commencing with the 2012/13 school year. Don Soffer Aventura High School The Don Soffer Aventura High School ("DSAHS") is a tuition-free public charter school that opened in August 2019. The DSAHS currently has 200 9th grade students enrolled in its first year and will add grades 10 through 12 in subsequent years for a total enrollment of 800 students. The 53,418- square-foot school and 10,250-square-foot gymnasium is located on two (2) acres at 3151 NE 2131h St., Aventura, FL 33180. DSAHS is a municipal charter school managed by Charter Schools USA Inc. ("CSUSA") and is governed by the City. CSUSA, the first education management company to receive corporation system-wide accreditation through AdvancED is one of the nation's leading charter school iv management companies. CSUSA currently manages 83 schools in six (6) states serving more than 70,000 students in kindergarten through 12th grade. CSUSA's innovative educational advantages include advanced technology, meaningful parental involvement, student uniforms, consistent and fairly-enforced discipline policies, highly qualified and motivated staff, community focus, integrated character education and high academic growth and performance. Learners at DSAHS will discover their passion and build a bridge between their rigorous high school experience and future to become impactful global citizens. Aventura Arts & Cultural Center The Aventura Arts & Cultural Center ("AACC") is a beautiful 14,864 square-foot waterfront performing arts facility situated on the intracoastal whose mission is to enhance the quality of life for Aventura by providing a variety of performing arts and relevant cultural programming for audiences of all ages. The AACC has been managed by the Broward Center for the Performing Arts since its opening and has just completed its 9th season. The AACC has become the cultural heart of the City as thousands have enjoyed a wide range of shows in this beautiful waterfront facility. Budget Process The City's fiscal year begins on October 1 sl and ends on September 30th of each year as mandated by Florida statutes. The City Manager submits to the Commission the Proposed Operating and Capital Budget for the coming year no later than July 10th of each fiscal year. The preliminary millage rate is based on the certified taxable value that is received on July 1St. The appropriations contained in the proposed budget shall not exceed the funds derived from taxation and other revenue sources. The budget is approved via Commission adoption of an Ordinance at two (2) public meetings scheduled for September and becomes effective October 1St. An annual appropriated budget is adopted for all governmental funds with the exception of the Charter School Fund, the Charter High School Fund, Federal Forfeiture Fund and Law Enforcement Trust Fund. 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. ECONOMIC CONDITION AND OUTLOOK Local Economy The City is an affluent suburb in a metropolitan area and serves as a major retail and medical economic driver and attraction for South Florida. It is home to the 2.8 million square foot Aventura Mall, one of the biggest indoor shopping destinations in the greater Miami area, with 300+ luxury retail stores. The City is home to many other beautiful shopping centers, fine dining establishments, parks and the Aventura Hospital and Medical Center. In September 2019, the Commission adopted the budget for the fiscal year beginning October 1, 2019 with the same tax rate as the prior year of 1.726. This is the lowest rate in the County, making it the City's 241h year without a property tax increase. The City's property tax component is responsible for approximately 10% of the total tax bill, with the largest portions being incurred from the County and School Board. In FY 2019/20, the City will maintain the same service levels and programs that our residents and businesses enjoyed in the prior year with the following exceptions: • The overtime in the Police Department operational budget has increased by $30,000 due to an anticipated increase in workload demands covered by this category. • The actuarial determined City contribution related to the Police Officer's Pension Plan has increased from 17.903% to 21.310% resulting in an increase of approximately $300,000 in the Police Department operational budget. v • Part-time seasonal Park Attendant hours were increased by approximately $15,000 over the prior year to ensure adequate coverage is provided during the peak season. • Non-Departmental Transfers increased by approximately $227,000 primarily due to the final balloon payment that is due on the Series 2000 Revenue Bond on September 30, 2020. • On February 4, 2020, the City Commission approved a new three-year agreement between the City and the Dade County Police Benevolent Association for the period October 1, 2019— September 30, 2022. More information about the City's economy may be obtained in the MD&A. Maior Capital Improvements One of the City's main priorities is to maintain its infrastructure to a high standard. As a result, the City completed the following major capital improvements during FY 2018/19: ✓ Improvements at Founders Park that included new Sunpad furniture, splashpad pumps and bathroom renovations ✓ Security enhancements at Waterways Parks, Community Recreation Center and ACES ✓ ACES Play Area Turf Replacement Project ✓ Mystic Point Drive Road Resurfacing Project ✓ Country Club Drive Irrigation Relocation Project ✓ Country Club Drive and Lehman Causeway Curb and Fill Project ✓ Storm grates NE Section In addition, the construction of the Don Soffer Aventura High School was substantially complete, while the Retrofit Street Lighting with LED fixtures project and the tennis court enhancements at Founders Park were both in process at the end of FY 2018/19. LONG-TERM FINANCIAL PLANNING AND RELEVANT FINANCIAL POLICIES Maintaining Adequate Fund Balances The City follows GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions which 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 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. Some of our more significant fund balance classifications include: Committed: This classification includes amounts that can be used only for the specific purposes as determined by adoption of an ordinance by the Commission. Once adopted, the limitation imposed by the ordinance remains in effect until another ordinance either removes or revises the limitation. Effective September 30, 2019, the Commission provided a General Fund Capital Reserve of approximately $ 14.8 million and continued to maintain a Hurricane/Emergency and Disaster Recovery Reserve in the amount of$ 5 million. Unassigned: This classification includes the residual fund balance for the General Fund and 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. Minimum Level of Unassigned Fund Balance of the General Fund At the beginning of each fiscal year, the total unassigned fund balance shall not be less than 10% of the annual General Fund revenue. If in any fiscal year the City's unassigned fund balance falls below the required threshold, the City shall not utilize any unassigned fund balance to balance the vi budget. In addition, the City Manager will make every effort to reestablish the minimum unassigned fund balance in a 24 — 36 month period beginning with the year from which the reserve funds fell below the threshold. In FY 2019/20, 10% of the General Fund revenue approximates $ 4 million, while at September 30, 2019 unassigned fund balance approximated $ 20.4 million. Pay-As-You-Go Financing Although the City Charter makes no reference to limitations in establishing debt, the City has limited its borrowing to prudent levels that are able to be satisfied with existing revenue and cash flow projections. In order to minimize our debt issuance (and the related costs) to when it is absolutely necessary, the City has adopted a pay-as-you-go financing policy for CIP projects which include: • A large number of projects having a relatively small dollar value. • Projects which can be broken into phases with a portion completed each year without impairing the overall effectiveness of the project. • Projects which are of a recurring nature. • Projects where the assets acquired will have relatively short useful lives. Privatization of City Services The City utilizes a model of privatizing many of its service areas in order to provide a more cost effective service delivery system as compared to a traditional government structure. By utilizing outside contractors to provide Building Inspection, Engineering and other services, the City is able to quickly adjust the costs of such services in direct correlation to the demand for the related service. AWARDS AND ACKNOWLEDGEMENTS The Government Finance Officers Association of the United States and Canada ("GFOA") awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Aventura for its comprehensive annual financial report for the fiscal year ended September 30, 2018. This was the 23rd 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 comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current 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. The City also received the GFOA's Distinguished Budget Presentation Award for its annual budget document for the fiscal year beginning October 1, 2018. To qualify for the Distinguished Budget Presentation Award, the City's budget document had to be judged proficient as a policy document, a financial plan, an operations guide, and a communications device. The preparation of this report would not have been possible without the efficient and dedicated service of the Finance Department and as such we would like to express our appreciation to all members of the Department who assisted in this effort. In addition, we give credit to City Commission for their continued interest and support in planning and conducting the City's financial operations in a responsible and progressive manner. Respectfully submitted, Ronald J. Wasson Brian K. Raducci City Manager Finance Director vii CITY OF AVENTURA, FLORIDA LIST OF PRINCIPAL OFFICIALS Title Name Mayor Enid Weisman Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Gladys Mezrahi Commissioner Marc Narotsky Commissioner Robert Shelley Commissioner Howard Weinberg City Manager Ronald J. Wasson City Attorney Weiss Serota Helfman Cole & Bierman, P.L. Community Development Director Joanne Carr Information Technology Director Karen J. Lanke Finance Director Brian K. Raducci City Clerk Ellisa L. Horvath Arts & Cultural Center General Manager Jeff Kiltie Community Services Director Kimberly Merchant Public Works/Transportation Director Joseph S. Kroll Chief of Police Bryan Pegues Don Soffer Aventura High School Principal David McKnight Aventura City of Excellence School Principal Anthony Tyrkala City Auditor Caballero Fierman Llerena & Garcia, LLP Viii CITY OF AVENTURA ORGANIZATIONAL CHART Residents City Commission City Attorney City Manager City Clerk Legal Services Administrat on Minutes Budget/CIF Preparation Records Retention Customer Service Clerical Support Organizational Oversight Elections Public Safety Community Finance Community Development Services Department Department Department Department Police Planning Finance/Accounting Parks Patrol Zoning Purchasing Special Events Community Relations Building Inspections Risk Management Recreation Programming Criminal Investigations Code Enforcement Personnel Athletic Leagues Traffic Enforcement Economic Development Community Recreation Center Emergency Preparedness Occupational Licenses Community Garden Charter School Arts &Cultural Information Public Works/ Department Center Technology Transportation Department Department Department w K 8 School Facility Management Information Management ROW/Median Maintenance Don Soffer Aventura Performing Arts Programming Communications Mass Transit High School* Community Facilities Maintenance Capital Projects *Management Provided by CSUSA Stormwater Drainage Maintenance IX Government Finance Officers Association 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, 2018 aLtr:j� P, ;k� Executive Director/CEO x FINANCIAL SECTION INDEPENDENT AUDITORS' REPORT CABALLERO HERMAN LLERENA GARCIA LLP HIM accountants I advisors INDEPENDENT AUDITORS' REPORT Honorable Mayor and Members of the City Commission City of Aventura, Florida Report on the Financial Statements 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 City of Aventura, Florida (the "City") as of and for the fiscal year ended September 30,2019,and the related notes to the financial statements,which collectively comprise the City's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America;this includes the design, implementation,and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement,whether due to fraud or error. Auditors' Responsibility 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,which represents 95%, 96%and 86%respectively, of the assets, net position, and revenues of the aggregate remaining fund information.Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the City of Aventura Police Officers' Retirement Plan, is based solely 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 from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements,whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the City's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, based on our audit and the report of the other 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, 2019, and the respective changes in financial position and, where applicable, cash flows for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America. 1 8950 SW 74th Court I Suite 12101 Miami,FL 33156 T:305.662.7272 F:305.662.4266 1 CFLGCPA.COM Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis on pages 3 through 11 and the budgetary comparison schedules, schedule of changes in City's net pension liability and related ratios, schedule of City's contributions, schedule of changes in total liability and related ratios other post-employment benefits on pages 53 through 60, 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 have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements.We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary and Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements. The introductory section, combining and individual nonmajor fund financial statements, 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 schedule of expenditures of federal awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements, budgetary comparison schedules, and the schedule of expenditures of federal awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements, budgetary comparison schedules, and the schedule of expenditures of federal awards are fairly stated in all material respects in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly,we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 5, 2020, on our consideration of the City's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, 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 in considering the City's internal control over financial reporting and compliance. G'a6a��ewo few�ra�r L�ewe�a �- �'awc�a, LLQ' Caballero Fierman Llerena&Garcia, LLP Miami, Florida March 5, 2020 2 8950 SW 74th Court I Suite 1210 1 Miami,FL 33156 T:305.662.7272 F:305.662.4266 1 CFLGCPA.COM MANAGEMENT'S DISCUSSION AND ANALYSIS (M D&A) CITY OF AVENTURA, FLORIDA MANAGEMENT DISCUSSION AND ANALYSIS SEPTEMBER 30, 2019 As the City of Aventura's (the "City") management, we offer the City's financial statement readers this narrative overview and analysis of the City's financial activities for the fiscal year ended September 30, 2019. We encourage readers to consider the information presented herein in conjunction with the Letter of Transmittal,which can be found on pages i through vii of this report.All amounts, unless otherwise indicated, are expressed in thousands of dollars. Financial Highlights • The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $133 million (net position). Of this amount, $32.1 million represents unrestricted net position, which may be used to meet the City's ongoing obligations to citizens and creditors. • The City's total net position increased by $4.5 million over the course of this year's operations. The net position of our governmental activities increased by approximately $4.3 while the net position of our business type activities increased by approximately$.2 million. • At the close of the current fiscal year, the City's governmental funds reported combined fund balances of $49.9 million, a decrease of $6.9 million in comparison with the prior year. Approximately 38% of this amount($19.0 million) is available for spending at the government's discretion (unassigned fund balance). • At the end of the current fiscal year, unrestricted fund balance (the total of nonspendable, committed, assigned and unassigned components of fund balance) for the General Fund was $41.1 million, or approximately 98%of total General Fund expenditures (inclusive of transfers out). 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 other financial information that presents combining and individual fund financial statements and budgetary comparison schedules. MANAGEMENT'S DISCUSSION AND ANALYSIS 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&Budgetary Comparison Schedules 3 CITY OF AVENTURA, FLORIDA MANAGEMENT DISCUSSION AND ANALYSIS SEPTEMBER 30, 2019 Major Features of the Basic Financial Statements Government-Wide Fund Financial Statements 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 (except fiduciary activities) are not proprietary or are operated similar to the City is the trustee fiduciary private business or agent for someone else's resources Required financial Statement of net position Balance sheet Statement of net position Statement of net position statements Statement of activities Statement of revenues, Statement of revenues, Statement of changes in expenditures,and net expenses,and changes net position changes in fund balances in net position Statement of cash flows Accounting basis and Accrual accounting and Modified accrual accounting Accrual accounting and Accrual accounting and measurement focus economic resources and current financial economic resources focus economic resources focus focus resources focus Type of asset,liability, All assets and liabilities, Only assets expected to be All assets and liabilities, All assets and liabilities, and deferred outflows/ both financial and capital, used up and liabilities that both financial and capital, both short-term and long- inflows information and short-term and long- come due during the year and short-term and long- term.It also includes the term.It also includes the to soon thereafter,no capital term.It also includes the consumption and the consumption and the assets and long-term consumption and the acquisition of net position acquisition of net position liabilities are included.It also acquisition of net position that applies to future that applies to future includes the consumption that applies to future period(s). period(s). and the acquisition of net period(s). position that applies to future period(s). 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 position and statement of activities. As described below, these statements do not include the City's fiduciary activities because resources from 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 Position presents the City's long and short term financial information on the assets held and liabilities owed, as well its deferred outflows/inflows of resources. The City's assets are reported when acquired and its 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 it incurs. 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. Deferred outflows/inflows of resources represent the consumption/acquisition, respectively, of net position that applies to a future period(s). 4 CITY OF AVENTURA, FLORIDA MANAGEMENT DISCUSSION AND ANALYSIS SEPTEMBER 30, 2019 Basic Financial Statements(Continued) Government-wide financial statements (Continued) The difference between the City's total assets, deferred outflows of resources, total liabilities and deferred inflows of resources is net position. Over time, increases or decreases in net position 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 position, 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, community services and public works. 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 the City's specific activities 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 City's funds 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 the fund's total assets, deferred outflows of resources, total liabilities and deferred inflows of resources is 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 position presented in the governmental activities column on the statement of net position. 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 position as reported in the governmental activities column in the statement of activities 5 CITY OF AVENTURA, FLORIDA MANAGEMENT DISCUSSION AND ANALYSIS SEPTEMBER 30, 2019 Basic Financial Statements(Continued) Proprietary funds Financial statements consist of a statement of net position, statement of revenues, expenses, and changes in net position 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 customers a fee for their 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.Although the City does not have any Internal Service Funds, such funds are used to account for services provided and billed on an internal basis. 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 another party's benefit outside the government. Fiduciary funds are not reflected in the government-wide financial statement because resources of those funds are not available to support the City's own programs. Fiduciary financial statements consist of a statement of net position and a statement of changes in net position. 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 government-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 defined benefit pension plan including a schedule of components of net pension liability and related ratios and schedule of employer and State of Florida contributions as well as a schedule of components of the net OPEB liability and related ratios. Combining and Individual Fund Financial Statements and Budgetary 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. 6 CITY OF AVENTURA, FLORIDA MANAGEMENT DISCUSSION AND ANALYSIS SEPTEMBER 30, 2019 Government-Wide Financial Analysis The table below presents a summary of net position as of 2019 and 2018, derived from the government-wide Statement of Net Position: Net Position(in thousands) Governmental Business-Type Activities Activities Total 2019 2018 2019 2018 2019 2018 Assets: Current and other assets $ 56,279 $ 63,796 $ 715 $ 448 $ 56,994 $ 64,244 Capital assets 106,847 95,528 8,959 8,942 115,806 104,470 Total assets 163,126 159,324 9,674 9,390 172,800 168,714 Total deferred outflows of resources 4,739 3,420 - - 4,739 3,420 Liabilities: Long-term liabilities 31,469 32,099 - - 31,469 32,099 Other liabilities 10,168 10,066 198 133 10,366 10,199 Total liabilities 41,637 42,165 198 133 41,835 42,298 Total deferred inflows of resources 2,996 1,684 - - 2,996 1,684 Net position: Net investment in capital assets 83,299 69,820 8,960 8,942 92,259 78,762 Restricted 8,300 16,785 - - 8,300 16,785 Unrestricted 31,634 32,290 516 315 32,150 32,605 Total net position $ 123,233 $ 118,895 $ 9,476 $ 9,257 $ 132,709 $ 128,152 As noted earlier, net position 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 and deferred outflows of resources exceeded its liabilities and deferred inflows of resources by approximately$133 million. The largest component of the City's net position is net investment in capital assets and is 70% of total net position. 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 its citizens with quality services. Consequently, this component of net position is 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 position is unrestricted (resources available for spending)and is 24%of total net position. Restricted net position represents 6% of total net position and contains resources that are subject to external restrictions on how they can be used. Capital assets increased approximately$11.3 million and net investment in capital assets increased by$13.5 million, respectively, in the governmental activities primarily due to the net effect of new capital/infrastructure projects, increase in accumulated depreciation, disposal of equipment and decrease in related debt. Current and other assets decreased by approximately $7.5 million and unrestricted net position in the governmental activities decreased by approximately $.7 million. The increase in net investment in capital assets is due to the City's ability to self-finance acquisition and construction of new capital/infrastructure projects. 7 CITY OF AVENTURA, FLORIDA MANAGEMENT DISCUSSION AND ANALYSIS SEPTEMBER 30, 2019 Government-Wide Financial Analysis(Continued) Over time, increases and decreases in net position measure whether the City's financial position is improving or deteriorating. In the current fiscal year, property taxes increased by approximately $.3 million as the assessed value of our taxable property increased over the prior year coupled with no change in our ad valorem millage rate. In addition, we experienced a $1.9 million decrease in building permit fees due to the completion of several large projects. Investment earnings increased by $1.0 million due to higher interest rates and more aggressive asset allocation. Community Services expenses increased by $.6 million as a result of opening the Don Soffer Aventura High School, and increase salary costs related to the Aventura City of Excellence School. The table below presents a summary of changes in net position for the years ended September 30, 2019 and 2018, as derived from the government-wide Statement of Activities: Changes in Net Position(in thousands) Governmental Business-Type Activities Activities Total 2019 2018 2019 2018 2019 2018 Revenues: Program revenues: Charges for services $ 11,429 $ 12,871 $ 1,347 $ 1,254 $ 12,776 $ 14,125 Operating grants and contributions 10,763 9,859 - - 10,763 9,859 Capital grants and contributions 1,270 288 100 1,270 388 General revenues: Property taxes 17,052 16,747 - 17,052 16,747 Utility service taxes 7,890 8,053 7,890 8,053 Franchise fees 2,399 2,545 2,399 2,545 Intergovernmental revenues 6,414 6,633 - - 6,414 6,633 Other revenues 3,701 1,819 7 6 3,708 1,825 Total revenues 60,918 58,815 1,354 1,360 62,272 60,175 Expenses: General government 6,499 6,852 - - 6,499 6,852 Public safety 28,048 26,271 28,048 26,271 Community services 14,522 13,884 14,522 13,884 Public works 6,595 6,808 6,595 6,808 Interest and fiscal charges 916 823 916 823 Stormwater utility - - 1,135 1,480 1,135 1,480 Total expenses 56,580 54,638 1,135 1,480 57,715 56,118 Change in net position 4,338 4,177 219 (120) 4,557 4,057 Net position, beginning of year(as restated) 118,895 114,718 9,257 9,377 128,152 124,095 Net position,end of year $ 123,233 $ 118,895 $ 9,476 $ 9,257 $ 132,709 $ 128,152 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. 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. 8 CITY OF AVENTURA, FLORIDA MANAGEMENT DISCUSSION AND ANALYSIS SEPTEMBER 30, 2019 Financial Analysis of the City of Aventura's Funds(Continued) Governmental funds (Continued) The General Fund is the City's chief operating fund and at end of the current fiscal year its total fund balance approximated $41.1 million. Much of the unrestricted fund balance portion will be utilized in future years to continue 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. Unassigned fund balance equals approximately $20.3 million or 49% of the General Fund total fund balance. This amount represents approximately 50% of total general fund expenditures (inclusive of transfers out)and is available for spending at the government's discretion. The total fund balance of the City's General Fund increased by $4.7 million. During the current fiscal year revenues decreased by $.3 million and expenditures decreased by $13.1 million, respectively. There was less development activity in the City, resulting in a $1.9 million decrease in permit fee revenue. Expenditures decreased by 13.1 million as a result of completion of the Don Soffer Aventura High School. The Charter School Fund is used to record the operations of the Aventura City of Excellence School. The Charter School's fund balance decreased by$.5 million. Revenues did not change significantly from the prior year, increasing only $.1 million. The primary increase in costs were related to salaries and benefits. During the year, the School increased its investment in computers and other capital equipment in the amount of$.1 million. The Don Soffer Aventura High School Fund is used to record the operations of the Don Soffer Aventura High School. This is the first year of operations for this Fund, and reflects startup costs and three months of operations. The student population is being phased in over four years. The Street Maintenance Fund is used to record the operations of the street maintenance and construction costs, which are designated by State Statute. The activities in this fund vary from year to year based on the projects planned. This year the fund balance increased by $1.5 million. Revenues increase by approximately $.3 million and expenditures increased by approximately$2 million. The Charter School Construction Fund is used to account for the costs to build the City's new high school. The costs are financed partially with $7.1 million of debt and the remaining costs are covered with the City's funds and donations. The total cost is estimated to be approximately $15 million. In the current year, construction costs were $13.7 million, and prior year construction costs were$2.3 million. The Debt Service Fund Series 2000 is used to record principal and related interest payments and did not have any significant changes from the prior year. Proprietary fund The proprietary fund is used to record the operations of the stormwater-related activities and experienced an increase in net position of$.2 million over the prior year. Revenues increased by $.1 million and expenses decreased by .3 million. General Fund Budgetary Highlights During the year, the original budget was amended to reflect an additional $2.2 million in new revenues and expenditures. Revenues and expenditures were increased by approximately as follows: • $.5 million expenditures related to the automatic reappropriation of capital-related encumbrances for capital projects that were in process at the end of fiscal year 2018. • $1.2 million related to the increase in building permit and planning review activity which was offset by additional revenue in their respective categories. • $.5 million for various operational needs. 9 CITY OF AVENTURA, FLORIDA MANAGEMENT DISCUSSION AND ANALYSIS SEPTEMBER 30, 2019 General Fund Budgetary Highlights (Continued) During the year, revenues exceeded budgetary estimates and expenditures were less than budgetary estimates, resulting in the net increase to fund balance of approximately $4.7 million. As explained earlier, much of the unrestricted fund balance will continue to be utilized in future years to fund various capital needs. Licenses and permits and fines and forfeitures revenue exceeded the revised budget by $ .8 million and $ 1.2 million, respectively due to higher than anticipated revenues in both categories. Non-departmental capital outlay was approximately$15.2 million less than budgeted because the City budgets a reserve for future capital expenditures which accounts for a significant portion of the appropriated beginning fund balance. Capital Assets As of September 30, 2019 and 2018, the City had $ 115.8 million and $ 104.5 million, 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 2019 2018 2019 2018 2019 2018 Land $ 24,169 $ 24,169 $ $ $ 24,169 $ 24,169 Buildings 29,579 30,684 29,579 30,684 Improvements other than buildings 9,485 9,708 9,485 9,708 Furniture, machinery and equipment 20,180 4,554 20,180 4,554 Infrastructure 4,059 19,882 8,481 8,481 12,540 28,363 Construction in progress 19,375 6,531 461 461 19,836 6,992 Total $ 106,847 $ 95,528 $ 8,942 $ 8,942 $ 115,789 $ 104,470 Additional information can be found in Note 7-Capital Assets. Debt Administration As of year-end, the City had $ 23.125 million in debt outstanding compared to the $ 25.335 million last year, a $2.2 million decrease .All debt is secured only by a covenant to budget and appropriate. Bonded Debt and Notes Payable(in thousands) Governmental Business-Type Activities Activities Total 2019 2018 2019 2018 2019 2018 Non-Ad Valorem bonds $ 23,125 $ 25,335 $ - $ - $ 23,125 $ 25,335 Additional information can be found in Note 8-Long-Term Liabilities of Governmental Activities. 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 including cities, counties and school boards primarily rely on property and a limited array of permitted other taxes (e.g., utility taxes, franchise fees and occupational licenses) and intergovernmental revenues to provide funding for their governmental activities. For business-type activities and certain governmental activities (e.g., construction services and recreational programs), a fee or charge is paid by those that utilize the service. 10 CITY OF AVENTURA, FLORIDA MANAGEMENT DISCUSSION AND ANALYSIS SEPTEMBER 30, 2019 Economic Factors and Next Year's Budgets and Rates(Continued) Strong fiscal policies and prudent budgeting have enabled the City to maintain the lowest tax rate within the County while at the same time provide high-quality services to our residents. The City experienced a 3.61% increase in property values over the prior year while the new construction assessed values rose by $411 million over the same time. Recent developments such as the Park Square Aventura mixed use project, Publix Shopping Center redevelopment, 3 new office buildings and the expansion of the Aventura Mall will insure that this trend continues in the near future. For the 24th year in a row the FY 2019/20 budget did not include a tax rate increase. In addition, General Fund reserve funds were not utilized to balance the budget and no additional debt was proposed to be issued. The FY 2019/20 budget totals$61.8 million or 4.8% less than the previous year mainly due to the completion of major capital outlay projects in the prior year. Capital Outlay expenditures are budgeted at $2.6 million a decrease of$2.5 million as compared to the prior year. In the coming year, funding has been planned and provided for park improvements, road resurfacing projects as well as the continued investment in state-of-the-art technology to better serve and protect our residents. In addition, the City has made it a priority to maintain its infrastructure (e.g., government buildings and its park facilities)to a very high standard in order to ensure our service levels will be long into the future. Operating costs increased by $1,270,275 or 3.4% as compared to the previous year. The budget maintains our current level for all City services except the following areas: • The overtime in the Police Department operational budget has increased by $30,000 due to an anticipated increase in workload demands covered by this category. • The actuarial determined City contribution related to the City of Aventura Police Officer's Retirement Plan has increased from 17.903% to 21.310% resulting in an increase of approximately $300,000 in the Police Department operational budget. • The number of part-time seasonal Park Attendant hours was increased by approximately $15,000 over the prior year to ensure that adequate coverage is provided during the peak season and to accommodate increased attendance at our park facilities. • Non-Departmental Transfers has increased by approximately $227,000 or 8.2% primarily due to the final balloon payment that is due on the Series 2000 Revenue Bond that will be paid on September 30, 2020. 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. 11 BASIC FINANCIAL STATEMENTS CITY OF AVENTURA, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2019 Governmental Business-Type Activities Activities Total ASSETS Cash, cash equivalents and investments $ 52,346,722 $ 409,731 $ 52,756,453 Receivables, net of allowance for uncollectibles 1,694,976 - 1,694,976 Due from other governments 1,097,034 304,987 1,402,021 Prepaid expenses 623,743 - 623,743 Inventories 16,418 - 16,418 Restricted cash, cash equivalents and investments 500,533 - 500,533 Capital assets: Nondepreciable 43,543,824 347,081 43,890,905 Depreciable, net of accumulated depreciation 63,303,459 8,612,573 71,916,032 Total assets 163,126,709 9,674,372 172,801,081 DEFERRED OUTFLOWS OF RESOURCES Pension 4,278,054 - 4,278,054 OPEB 128,006 - 128,006 Deferred charge on refunding 333,420 - 333,420 Total deferred outflows of resources 4,739,480 - 4,739,480 LIABILITIES Accounts payable 2,869,412 198,414 3,067,826 Accrued liabilities 2,874,036 - 2,874,036 Due to other governments 35,635 - 35,635 Unearned revenues 433,639 - 433,639 Accrued interest payable 62,380 - 62,380 Due within one year: Compensated absences payable 1,187,746 - 1,187,746 Bonds payable 2,705,000 - 2,705,000 Due in more than one year: Compensated absences payable 2,205,814 - 2,205,814 Bonds payable 20,510,000 - 20,510,000 Net pension liability 7,549,691 - 7,549,691 Total OPEB liability 1,203,433 - 1,203,433 Total liabilities 41,636,786 198,414 41,835,200 DEFERRED INFLOWS OF RESOURCES Pension 2,456,253 - 2,456,253 OPEB 539,896 - 539,896 Total deferred inflows of resources 2,996,149 - 2,996,149 NET POSITION Net investment in capital assets 83,298,863 8,959,654 92,258,517 Restricted for: Community services 6,100,145 - 6,100,145 Capital projects 852,512 - 852,512 Public safety 811,325 - 811,325 Debt service 536,587 - 536,587 Unrestricted 31,633,822 516,304 32,150,126 Total net position $ 123,233,254 $ 9,475,958 $ 132,709,212 See notes to basic financial statements 12 CO V;:,;:,Ln r M V M N CO V M N I- LO N 00 00 0 I- 00 r V 0 0 0 0 O N V O LO LO — N 00 0 Ln I- V Ln 00 00 0 O CO Ln N I� CO CO Ln 00 CO 0 0 M N M � M CO N 0 0 CO LO 00 O Ln 00 O O M 00 Lfl LO LO O I� CO M M 0 N 0 O 00 CO-V N CO I- V LO — I- O r- I- CO m V ONO_ M H � ER ER (6 � O ' O Q CO Lfl V V: 0 N a >, CO CO 00 LO Ln CL I- L N N N V W Z N '> rn rn N C U C 0) tl) Q > C m U OCO V Ln r r M N CO V Cl) LO V I- r V z 00 00 0 I- 00 _ 0 0 LO 0 O N V O 00 CO LO N � 00 0 I� Ln I- V Ln 00 0 M — O N I- CO CO Ln 00 00 0 O M N P- (fl 00 Lo M U) CO LO 00 LO 00 0) 0) N 00 LO M 0 M E r CO M M 0 O 00 M V N CO I- V M 00 N C > L�r N CO M M I�N CO m V 00 N O Q 0 Ef3 ER r O N p O O O co N O O O C w 0 7 O O O 0m Q -0 LJJ U m E 0 UU 0 0- LL W _ 0 0 W m � 0 j C C .O O (D 000 (D (D co H O Z Cl) V N I- r N Z w Df N Q 00 O O U > LJJ m O o m < 2 W o C) O Q J U O _ LOU 000 N O N 0) V O M Ln NV O V V M r 0 Cl) LU 0 O N N O t M U N UU) N N O LL 7 N C C O Co LO V 000 (D M O N C O C C M N CO N V N X N �j O N C fA 0 00 N V Lo O LO LO 3 0) C O O- Q 0) fOA V O LN L 0 L M r 0) E 'an) i N C N N CO OO V CO NLO LON N > w 0) N 0 O O O -J -r- O E X N N >, U U N 0) N 0) 'N 'N LLJ 0) N 0) 46 Q > N H C Q Q 69 Li c E c U Z Z N 0) u) .> E E U E 0) (6 (6 f/) f/l > N a)N O 0) U -- 0 a .. > E U U U) U N U = N C ') Y C: 0 T Q U O (6 O (6 (6 C p) L > (6 N N N LL rn c n E n o a) E H E 0 0-C) a 2= ~ m U) d CITY OF AVENTURA, FLORIDA BALANCE SHEET-GOVERNMENTAL FUNDS SEPTEMBER 30,2019 Major Funds Don Soffer Charter High Charter Aventura Street School Nonmajor Total General School High School Maintenance Construction Governmental Governmental Fund Fund Fund Fund Fund Funds Funds ASSETS Cash and cash equivalents and investments $ 40,618,340 $ 1,979,390 $ $ 5,882,970 $ 1,524,501 $ 2,341,521 $ 52,346,722 Restricted cash,cash equivalents and investments - - - - 500,533 500,533 Accounts receivable 1,371,916 34,796 250,000 38,264 1,694,976 Due from other funds 2,401,983 - - - - 2,401,983 Due from other governments 630,824 465,778 432 1,097,034 Inventories 16,418 - - - 16,418 Prepaid expenditures 614,277 9,466 623,743 Total assets $ 45,653,758 $ 2,023,652 $ - $ 6,348,748 $ 1,774,501 $ 2,880,750 $ 58,681,409 LIABILITIES Accounts payable $ 1,816,409 $ 229,676 2,505 $ 93,693 726,974 $ 155 $ 2,869,412 Accrued liabilities 2,220,393 - - - - 653,643 2,874,036 Due to other funds - - 645,825 1,750,000 6,158 2,401,983 Due to other governments 30,743 4,892 - - - 35,635 Unearned revenues 433,639 433,639 Total liabilities 4,501,184 234,568 648,330 93,693 2,476,974 659,956 8,614,705 DEFERRED INFLOWS OF RESOURCES Unavailable revenue-intergovernmental - - - 152,510 6,986 159,496 Total deferred inflows of resources 152,510 6,986 159,496 FUND BALANCES Nonspendable: Inventories 16,418 - 16,418 Prepaid expenditures 614,277 9,466 - 623,743 Restricted for: Public works/transportation - - 6,100,145 - 6,100,145 Public safety/law enforcement - 811,325 811,325 Capital Projects 852,512 852,512 Debt service - - 536,587 536,587 Committed for: Capital reserves 14,772,304 1,779,618 - 16,551,922 Hurricane/emergency and disaster recovery operating reserves 5,000,000 - - - 5,000,000 Assigned for: Subsequent year's budget 399,087 - 2,400 13,384 414,871 Unassigned: 20,350,488 (648,330) (702,473) 18,999,685 Total fund balances 41,152,574 1,789,084 (648,330) 6,102,545 (702,473) 2,213,808 49,907,208 Total liabilities,deferred inflows of resources and fund balances $ 45,653,758 $ 2,023,652 $ - $ 6,348,748 $ 1,774,501 $ 2,880,750 $ 58,681,409 See notes to basic financial statements 14 CITY OF AVENTURA, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2019 Amounts reported for governmental activities in the statement of net position are different as a result of: Total fund balances-governmental funds(Page 14) $ 49,907,208 Capital assets used in governmental activities are not financial resources and therefore are not reported in the governmental funds. Governmental capital assets 175,035,768 Less accumulated depreciation (68,188,485) 106,847,283 Deferred outflows and deferred inflows of resources related to pensions and OPEB 1,409,911 Deferred charge on refunding 333,420 Other long-term assets are not available to pay for current period expenditures and therefore are reported as unavailable revenues in the governmental funds. 159,496 Long-term liabilities, including bonds payable,are not due and payable in the current period and therefore are not reported in the governmental funds. Bonds payable (23,215,000) Total OPEB liability (1,203,433) Net pension liability (7,549,691) Accrued interest (62,380) Compensated absences (3,393,560) (35,424,064) Net position of governmental activities(Page 12) $ 123,233,254 See notes to basic financial statements 15 CITY OF AVENTURA,FLORIDA STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTALFUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2019 Major Funds Don Soffer Charter High Charter Aventura Street School Nonmajor Total General School High School Maintenance Construction Governmental Governmental Fund Fund Fund Fund Fund Funds Funds Revenues: Ad valorem taxes $ 17,051,593 $ - $ - $ - $ - $ 17,051,593 Utility taxes 7,889,792 - - - - - 7,889,792 Franchise fees 2,399,456 - - - - - 2,399,456 Licenses and permits 5,038,979 - - - - - 5,038,979 Intergovernmental 4,563,158 8,536,359 1,200 2,514,007 - 93,954 15,708,678 Charges for services 3,473,529 913,336 - - - 325,000 4,711,865 Fines and forfeitures 2,675,837 - - - - 30,991 2,706,828 Impactfees - - - 1,193,686 - 99,117 1,292,803 Grants 702,020 34,796 - - 1,270,000 - 2,006,816 Investmentincome 1,185,107 64,529 - 114,191 191,303 71,995 1,627,125 Miscellaneous 241,439 196,113 437,552 Total revenues 45,220,910 9,745,133 1,200 3,821,884 1,461,303 621,057 60,871,487 Expenditures: Current: General government 4,970,616 - 558,984 - - - 5,529,600 Public safety 24,426,307 - - - - 101,906 24,528,213 Community services 3,500,528 9,266,473 - - - - 12,767,001 Public works 3,113,732 - - 1,670,240 - - 4,783,972 Capital outlay 1,719,895 701,549 3,837 673,948 13,756,177 391,708 17,247,114 Debt service: Principal - - - - - 2,120,000 2,120,000 Interest 867,530 867,530 Total expenditures 37,731,078 9,968,022 562,821 2,344,188 13,756,177 3,481,144 67,843,430 Excess(deficiency)of revenues over expenditures 7,489,832 (222,889) (561,621) 1,477,696 (12,294,874) (2,860,087) (6,971,943) Other financing sources(uses): Sale of general capital assets 22,459 - - - - - 22,459 Transfers in - 100,000 100,000 - 265,000 3,013,942 3,478,942 Transfers out (2,769,942) (444,000) (265,000) (3,478,942) Total other financing sources(uses) (2,747,483) (344,000) 100,000 - 265,000 2,748,942 22,459 Net change in fund balances 4,742,349 (566,889) (461,621) 1,477,696 (12,029,874) (111,145) (6,949,484) Fund balances-beginning 36,410,225 2,355,973 (186,709) 4,624,849 11,327,401 2,324,953 56,856,692 Fund balances-ending $ 41,152,574 $ 1,789,084 $ (648,330) $ 6,102,545 $ (702,473) $ 2,213,808 $ 49,907,208 See notes to basic financial statements 16 CITY OF AVENTURA, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FISCAL YEAR ENDED SEPTEMBER 30, 2019 Amounts reported for governmental activities in the statement of activities(Page 13)are different because: Net change in fund balances-total governmental funds(Page 16) $ (6,949,484) Governmental funds report capital outlays as expenditures. However,in the statement of activities,the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period. The details of the difference are as follows: Capital outlay 17,247,114 Depreciation expense (5,357,106) Net adjustment 11,890,008 The net effect of various transactions involving capital assets(i.e.,sales,trade-ins,and donations)is to increase(decrease)net position. Capital outlay which did not meet the threshold for capitalization (537,433) Loss on disposal of capital assets (32,918) Net adjustment (570,351) Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. The details of the difference are as follows: Changes in Unavailable Revenue 24,410 Repayment of bond principal is an expenditure in the governmental funds,but the repayment reduces long-term liabilities in the statement of Net Position. 2,120,000 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. The details of the difference are as follows: Change in OPEB liability (486,441) Change in net pension liability and related expenses (1,403,372) Change in compensated absences (284,773) Change in accrued interest (9,094) Change in deferred inflows (1,312,280) Change in deferred outflows 1,358,725 Amortization of deferred charges (39,161) Net adjustment (2,176,396) Change in net position of governmental activities(Page 13) $ 4,338,187 See notes to basic financial statements 17 CITY OF AVENTURA, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUND SEPTEMBER 30, 2019 Stormwater Utility Fund ASSETS Current assets: Cash, cash equivalents and investments $ 409,731 Due from other governments 304,987 Total current assets 714,718 Capital assets: Capital assets not being depreciated 347,081 Capital assets being depreciated, net 8,612,573 Total noncurrent assets 8,959,654 Total assets 9,674,372 LIABILITIES Current liabilities: Accounts payable 198,414 Total liabilities 198,414 NET POSITION Investment in capital assets 8,959,654 Restricted Subsequent years' budget 73,739 Unrestricted 442,565 Total net position $ 9,475,958 See notes to basic financial statements 18 CITY OF AVENTURA, FLORIDA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION PROPRIETARY FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Stormwater Utility Fund Operating revenues: Charges for services $ 1,347,009 Operating expenses: Cost of services 723,770 Depreciation expense 411,466 Total operating expenses 1,135,236 Operating income 211,773 Non-operating revenues: Investment income 6,697 Change in net position 218,470 Net position, beginning of year 9,257,488 Net position, end of year $ 9,475,958 See notes to basic financial statements 19 CITY OF AVENTURA, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Cash flows from operating activities: Cash received from customers, users and others $ 1,307,719 Cash paid to suppliers (658,325) Net cash provided by operating activities 649,394 Cash flows from capital and related financing activities: Acquisition and construction of capital assets (428,538) Net cash used in capital and related financing activities (428,538) Cash flows provided by investing activities: Investment income received 6,697 Net cash provided by investing activities 6,697 Net increase in cash, cash equivalents and investments 227,553 Cash, cash equivalents and investments, beginning of year 182,178 Cash, cash equivalents and investments, end of year $ 409,731 Reconciliation of operating loss to net cash used in operating activities: Operating income $ 211,773 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense 411,466 Changes in assets and liabilities: Increase in due from other governments (39,290) Increase in accounts payable 65,445 Total adjustments 437,621 Net cash provided by operating activities $ 649,394 See notes to basic financial statements 20 CITY OF AVENTURA, FLORIDA STATEMENT OF NET POSITION FIDUCIARY FUND - CITY OF AVENTURA POLICE OFFICERS' RETIREMENT PLAN SEPTEMBER 30, 2019 ASSETS Investments, at fair value: Equity securities $ 33,566,842 Government securities 5,793,563 Corporate bonds 3,769,051 Real estate fund 2,302,490 Money market funds 2,450,912 Hedge funds 978,829 Self-directed DROP account 517,353 Total investments 49,379,040 Receivables: Accounts receivable-sale of investments 43,113 Accrued investment income 108,972 Total receivables 152,085 Other assets 60,787 Total assets 49,591,912 LIABILITIES Accounts payable 16,588 Accounts payable-purchase of investments 109,918 City excess contribution 170,369 Total liabilities 296,875 Net position restricted for defined benefits 48,777,684 Net position restricted for drop benefits 517,353 Total net position restricted for pensions $ 49,295,037 See notes to basic financial statements 21 CITY OF AVENTURA, FLORIDA STATEMENT OF CHANGES IN NET POSITION FIDUCIARY FUND - CITY OF AVENTURA POLICE OFFICERS' RETIREMENT PLAN FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Additions: Contributions: City $ 1,450,355 Employee 934,005 Buyback 131,242 Florida chapter 185 474,040 Total contributions 2,989,642 Investment income: Net(depreciation)appreciation in fair value of investments (13,133) Interest and dividend income 1,131,818 Total investment income 1,118,685 Less: investment expenses 372,901 Net investment income 745,784 Other income 85,096 Total additions 3,820,522 Deductions: Benefits paid directly to retirees 703,759 Administrative expenses 89,123 Total deductions 792,882 Change in net position 3,027,640 Net position restricted for pensions: Beginning of year 46,267,397 End of year $ 49,295,037 See notes to basic financial statements 22 NOTES TO BASIC FINANCIAL STATEMENTS CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The City of Aventura, Florida (the "City") was incorporated on November 7, 1995. 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 The financial statements were prepared in accordance with Government Accounting Standards,which establishes standards for defining and reporting on the financial reporting entity. The definition of the financial reporting entity is based upon the concept that elected officials are accountable to their constituents for their actions. One of the objectives of financial reporting is to provide users of financial statements with a basis for assessing the accountability of the elected officials. The financial reporting entity consists of the City, organizations for which the City is financially accountable and other organizations for which the nature and significance of their relationship with the City are such that exclusion would cause the reporting entity's financials statements to be misleading or incomplete. The City is financially accountable for a component unit if it appoints a voting majority of the organization's governing board and it is able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on the City of Aventura. Based upon the application of these criteria, there were no organizations that met the criteria described above. 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 position and the statement of activities)report information on all activities of the City. As a general rule, 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.). 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/deferred outflows, liabilities/deferred inflows, 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. 23 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) B. Government Wide and Fund Financial Statements(Continued) 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 investment income 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. Proprietary fund-type operating statements present increases (e.g., revenues) and decreases (e.g., expenses) in total net position. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the 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 non-operating 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. Don SofferAventura High School Fund This fund is used to account for revenues and expenditures from the operations of the Don Soffer Aventura High 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. 24 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) Charter High School Construction Fund This fund was established to account for the funding sources and uses relate to the construction and equipping of the Don Soffer Aventura High School. The City reports the following 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: City of Aventura Police Officers'Retirement Plan This fund accounts for the activities of the Police Officers' Retirement Plan that accumulates resources for pension benefits to qualifying police officers. The financial statements of the City have been prepared in accordance with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the standard setting body for governmental accounting and financial reporting. The financial statements of the City follow the guidance of GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements for both the government wide and proprietary fund financial statements. Governments also have the option of following subsequent FASB pronouncements for their business type activities and enterprise funds subject to this same limitation. The City has elected not to follow subsequent FASB 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. 1. 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, cash equivalents and investments 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. Earnings on pooled cash and investments are allocated monthly based on balances of the respective funds. The City's investments are reported attheirfairvalue based on quoted market prices as reported by recognized security exchanges except for the Guaranteed Investment Contract which is recorded at cost and the City's investment in the Florida PRIME which is recorded at the amortized cost method. The pension plan's investments in common stocks, U.S.government securities, hedge funds,corporate bonds, and real estate are reported at fair value based on quoted market prices. Investments in money market funds are generally valued at amortized cost. 2. Receivables and payables - Activities between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either"due to/from other funds" (the current portion of interfund loans)or"advances to/from other funds"(the noncurrent portions of interfund loans). Any residual balances outstanding between the governmental activities and business activities 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. 25 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) 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. Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement should be reported at acquisition value rather than fair value.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 Within governmental funds, 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. Deferred outflows/inflows of resources-In addition to assets,the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s)and so will not be recognized as an outflow of resources (expense/expenditure) until then. The City has pension related amounts, post-employment benefits other than pension (OPEB), and deferred charges on refunding that qualify for reporting in this category on the government-wide statement of net position in the amounts of $4,278,054, $128,006 and $333,420, respectively. Deferred charge on refunding reported results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s)and so will not be recognized as inflows of resources (revenue) until that time. The City has pension and OPEB related amounts that qualify for reporting in this category in the amount of$2,456,253 and $539,896 respectively. Unavailable revenues consist of intergovernmental revenue and utility service taxes. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. 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. 8. Long-term obligations - In the government-wide financial statements and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or proprietary fund type statement of net position. Bond premiums and discounts 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, if applicable. 26 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) In the fund financial statements,governmental fund types recognize bond premiums and discounts during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. 9. Net position-Net position in the government-wide and proprietary funds are categorized as net investment in capital assets; restricted or unrestricted. Net investment in capital assets, is the difference between the cost of capital assets, less accumulated depreciation reduced by the outstanding balances of any borrowings used for the acquisition, construction or improvement of those assets. Restricted consists of net position with constraints placed on their use by external parties (creditors, grantors, contributors, or laws or regulations of other governments)or imposed by law through constitutional provisions or enabling legislation. Unrestricted indicates that portion of net position that is available to fund future operations. Sometimes the government will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted— net position and unrestricted — net position in the government-wide and proprietary fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the government's policy to consider restricted — net position to have been depleted before unrestricted — net position is applied. 10. Fund balance -The City follows GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions which 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. Restricted This classification includes amounts for which constraints have been placed on the use of the resources either (a) externally imposed by creditors (such as through a debt covenant), grantors, contributors, or laws or regulations of other governments, or (b) imposed by law through constitutional provisions or enabling legislation. Committed This classification includes amounts that can be used only for the specific purposes determined by a formal action of the government's highest level of decision making. The City Commission is the highest level of decision-making authority for the government that can, by adoption of an ordinance prior to the end of the fiscal year, commit fund balance. Once adopted, the limitation imposed by the ordinance remains in place until a similar action is taken (the adoption of another ordinance)to remove or revise the limitation. 27 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) 10. Fund balance (Continued) Assigned This classification includes amounts that are constrained by the City's intent to be used for a specific purpose but are neither restricted nor committed. The City Commission has by resolution authorized the City Manager to assign fund balance.The City Commission may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year's budget. Unlike commitments,assignments generally can only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment. Conversely, as discussed previously, an additional action is essential to either remove or revise a commitment. 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. 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. 11. Fund balance policies-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. Minimum Level of Unassigned Fund Balance of the General Fund At the beginning of each fiscal year, the total unassigned fund balance shall not be less than 10%of the annual General Fund revenue. In any fiscal year where the City's unassigned fund balance falls below the required 10%threshold,the City shall not budget any amounts of unassigned fund balance for the purpose of balancing the budget. In addition, the City Manager will make every effort to reestablish the minimum unassigned fund balance in a 24—36 month period beginning with the year from which the reserve funds fell below the 10%threshold. Hurricane/Emergency and Disaster Recovery Reserve The City's Commission has adopted a fund balance reserve policy to maintain a Hurricane/Emergency and Disaster Recovery's Operating Reserve at a minimum level of$5,000,000. 12. Net position flow of assumption - Sometimes the City will fund outlays for a particular purpose from both restricted and unrestricted resources. In order to calculate the amounts to report as restricted-net position and unrestricted-net position in the government-wide financial statements, a flow assumption must be made about the order in which resources are considered to be applied. It is the City's policy to consider restricted net position to have been depleted before unrestricted-net position is applied. 13. 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. 28 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) 13. Encumbrances (Continued) 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. 14. 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. 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, 2019 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. 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, 2019. 29 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 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, hereinafter referred to as "Florida PRIME", 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. For the Florida PRIME, a 2a-7 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, 2019, the City's investment in the Florida PRIME was that of$22,250,882. In accordance with these requirements,the method used to determine the participants'shares sold and redeemed is the amortized cost method.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 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. In accordance with GASB Statement No. 79, Certain External Investment Pools and Pool Participants, the City's investment in the Florida PRIME meets the definition of a qualifying investment pool that measures for financial reporting purposes all of its investments at amortized cost and should disclose the presence of any limitations or restrictions on withdrawals. As of September 30, 2019, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant's daily access to 100 percent of their account value. Investments On February 7, 2019, the City re-adopted 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. 30 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 3 - DEPOSITS AND INVESTMENTS (CONTINUED) Investments(Continued) The City's policy for investments other than pension plan and debt issuance is summarized herein. 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. In general, the City's policy allows to invest, in the following: (1)securities and obligations of the United States and its agencies; (2) nonnegotiable interest bearing time deposits or savings accounts provided that such deposits are secured by collateral as prescribed by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes; (3) repurchase agreements collateralized by full or general faith and credit obligations of the U. S. Government or Agency securities; (4) the Florida Local Government Surplus Funds Trust Fund "SBA"; (5) intergovernmental investment pools authorized pursuant to the Florida Interlocal Cooperation Act, provided by Section 163.01, Florida Statutes, and provided that such funds contain no derivatives; (6) money market mutual funds - registered investment companies with the highest credit quality rating; (7) commercial paper of any U.S. company; (8) corporate notes; (9) asset backed securities issued by corporations organized and operating within the United States or by depository institutions licensed by the United States; (10)taxable/tax-exempt municipal bonds; and (11) Israel bonds. The City policy for pension investments is under the oversight of the Plan's Board of Trustees (the "Board"). The Board contracts with investment advisory firms and approves any new investment vehicles presented by the consultants. 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 collateral value of the GIC as of September 30, 2019 is $500,533 and is expected to continue to be sufficient to meet the reserve fund requirement for the Series 2000 Revenue Bond of a minimum of$500,000. The GIC is recorded at the contract amount which is$500,533. 31 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 3 - DEPOSITS AND INVESTMENTS (CONTINUED) Investments(Continued) As of September 30, 2019, 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 $ 22,250,882 Deposits with financial institutions 3,586,375 Government bonds 9,023,119 Government agencies 4,618,446 Corporate bonds 6,442,510 Government mortgage backed securities 3,970,835 Asset backed securities 1,836,742 Guaranteed investment contract 500,533 International Bonds 300,000 Government issued commercial mortgage backed se 645,462 Cash 82,082 Total cash and cash equivalents and investments 53,256,986 Fiduciary fund investments: Equity securities 33,566,842 Government securities 5,793,563 Corporate bonds 3,769,051 Real estate fund 2,302,490 Money marketfunds 2,450,912 Hedge funds 978,829 Self-directed DROP account 517,353 Total fiduciary investments 49,379,040 Cash, cash equivalents and investments are classified in the accompanying financial statements as follows: Statement of Net Position: Cash,cash equivalents and investments $ 52,756,453 Restricted cash,cash equivalents and investments 500,533 53,256,986 Statement of Net Position-Fiduciary Fund: Equity securities 33,566,842 Government securities 5,793,563 Corporate bonds 3,769,051 Real estate fund 2,302,490 Money market funds 2,450,912 Hedge funds 978,829 Self-directed DROP account 517,353 49,379,040 32 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 3 - DEPOSITS AND INVESTMENTS (CONTINUED) 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. 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. 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. The dollar weighted average days to maturity (WAM)of Florida PRIME at September 30, 2019, is 37 days. Next interest rate reset dates for floating rate securities are used in the calculation of the WAM. The weighted average like (WAL)of Florida PRIME at September 30, 2019, is 85 days. Information about the exposure of the City's debt-type investments to this risk using the segmented time distribution model is as follows: Time to Maturity(in Years) Greater Fair Less Than 1-5 6-10 Than Summary of Investments and Interest Rate Risk Value 1 Year Years Years 10 Years City Investments: State Board of Administration-SBA,Florida PRIME $22,250,882 $22,250,882 $ - $ $ Government Bonds 9,023,119 1,374,681 7,648,438 Government Agencies 4,618,446 1,842,704 2,775,742 Corporate bonds 6,442,510 964,530 5,477,980 Asset backed securities 1,836,742 - 1,836,742 Government issued commercial mortgage backed securities 645,462 645,462 - Government mortgage backed securities 3,970,835 149,626 3,668,610 152,599 Guaranteed investment contract 500,533 500,533 - - International Bonds 300,000 300,000 - Subtotal-City Investments 49,588,529 26,432,797 19,334,523 3,668,610 152,599 Fiduciary Fund: U.S.treasuries 4,982,941 - 3,043,108 1,939,833 - Corporate bonds 3,769,051 3,275,360 493,691 U.S.agencies 810,622 248,583 562,039 Subtotal-Fiduciary Fund 9,562,614 6,567,051 2,995,563 - Totallnvestments $59,151,143 $26,432,797 $25,901,574 $ 6,664,173 $ 152,599 33 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 3 - DEPOSITS AND INVESTMENTS (CONTINUED) Credit Risk(Continued) 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 A (long term securities), A-1/P-1 (short term securities), and AAAm (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. U.S.government securities or obligations explicitly guaranteed by the U.S. government are not considered to have credit risk exposure. The pension fund limits its credit risk by limiting its fixed income investments to securities with the top (4) ratings issued by nationally recognized statistical rating organizations. The City's and fiduciary fund's portfolio is rated by Standard &Poor's and Moody's Investor Services, respectively, as follows: Rating Fair Value City Investments: AAAm $ 22,250,882 A 3,264,160 A- 750,160 A+ 2,148,973 AA 149,006 AA+ 18,257,863 AAA 1,074,848 BBB+ 1 30,21 1 Not Rated 1,562,426 49,588,529 Fiduciary Fund: Al 766,775 A2 611,487 A3 130,029 Aa2 126,404 Aa3 125,697 AAA 3,850,214 Not Rated 3,952,008 9,562,614 $ 59,151,143 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, Deposit and Investment Risk Disclosures, 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.At September 30,2019,the City had investments in the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corporation (Freddie Mac)and the Federal Home Loan Banks (FHLB)amounting to 6.8%, 4.5%and 2.0%, respectively, of the total investments held by the City. 34 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 3 - DEPOSITS AND INVESTMENTS (CONTINUED) Concentration (Continued) The pension fund limits investments that may be invested in any one issuer to no more than 5% of plan's net position, other than those issued by the U.S. Government or its Agencies. More than 5%of the plan's net position is invested in debt securities issued by the Unites States Treasury. The United States Treasury investments represented 10%of Plan's Net Position. 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. Foreign Credit Risk For an investment,foreign credit risk is the risk that fluctuations 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 investments include American Depository Receipts ("ADRs"), which are non-U.S. equity issued in U.S. dollars and have no foreign credit risk. The total of the investments in foreign securities, which consist of ADR's and foreign bonds, was $8,030,482. The investment policy limits the foreign investments to no more than 12.5% of the plan's investments balance. As of September 30, 2019, the foreign investments were over the investment policy limits at approximately 16%of total investments. NOTE 4 - FAIR VALUE MEASUREMENTS The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. 35 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 4 - FAIR VALUE MEASUREMENTS (CONTINUED) The City has the following recurring fair value measurements as of September 30, 2019: Fair Value Measurements at Reporting Date Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs September 30,2019 Fair Value (Level 1) (Level 2) (Level 3) City investments: Asset backed securities $ 1,836,742 $ $ 1,836,742 $ Corporate bonds 6,442,510 6,403,508 39,002 Government agencies 4,618,445 4,542,773 75,672 Government bonds 9,023,119 9,023,119 - Government mortgage backed securities 3,970,835 3,970,835 Government issued commercial mortgage backed securities 645,463 645,463 Foreign 300,000 300,000 - Subtotal-City investments 26,837,114 26,722,440 114,674 Fiduciary fund: Equity securities: Common stocks 29,872,566 29,872,566 Equitymutual funds 3,694,276 3,694,276 Subtotal-investmentsbyfairvaluelevel 33,566,842 33,566,842 Debt services: U.S.treasury securities 4,982,941 4,982,941 - Corporate bonds 3,769,051 - 3,769,051 U.S.agency securities 810,622 810,622 Total debt securities 9,562,614 4,982,941 4,579,673 Self directed DROP accounts 517,353 - 517,353 Subtotal-investmentsbyfairvaluelevel 43,646,809 38,549,783 5,097,026 Investments measured at the Net Asset Value(NAV)(a) Hedge funds 978,829 Real estate fund 2,302,490 Total investments measured atthe NAV 3,281,319 Money market funds(exempt) 2,450,912 Subtotal-fiduciary fund 49,379,040 Total investments $ 76,216,154 (a) As required by GAAP, certain investments that are measured at net asset value have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total investment line item in the Statement of Fiduciary Net Position. City Investments The City's Debt Securities of approximately$26,722,440 classified in Level 2 of the fair value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities' relationship to benchmark quoted prices. 36 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 4 - FAIR VALUE MEASUREMENTS (CONTINUED) Fiduciary Fund The following is a description of the valuation methodologies used for asset measured at fair value. • Common stock:Valued at the closing price reported on the New York Stock Exchange. • Government securities: Valued using pricing models maximizing the use of observable inputs for similar securities. • Corporate bonds: Valued using pricing models maximizing the use of observable inputs for similar securities.This includes basing the value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar bonds, the bond is valued under a discounted cash flows approach that maximizes observable inputs,such as current yield of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote, if available. • Hedge funds:Value based on the net asset value per share,without further adjustment. Net asset value is based upon the fair value of the underlying investment. • Real estate:Valued at the net asset value of shares held by the Plan at year end.The Plan has investments in private market real estate investments for which no liquid public market exists. • The Plan has investment in a private market real estate investment for which no liquid public market exists. The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient, including their related unfunded commitments and redemption restrictions: Redemption Unfunded Frequency(if Redemption Invesments Measured at the NAV Fair Value Commitments Currently Eligible) Notice Period Hedge fund (1) $ 35,639 $ Quarterly 90 Days Hedge fund (1) 35,612 Quarterly 95 Days Hedge fund (2) 907,578 Quarterly 95 Days Real estate fund(3) 2,302,490 Quarterly 65 Days Total investments measured at the NAV $ 3,281,319 $ (1) Hedge fund:The fund is a multi-strategy fund of hedge funds that aims to pursue varying strategies in order to diversify risk and reduce volatility.The fund is a diversified portfolio offering investment solutions through activist long/short equity, credit/special situations, event driven and arbitrage, global long/short equity and other opportunistic situations.The investment is valued at NAV and is redeemable on a quarterly basis. (2) Hedge fund: The fund is a diversified portfolio of relative value and event driven hedge funds with a focus on credit strategies.The fund seeks to invest with managers that demonstrate limited exposure to eight key sources of risk, including market risks (equities, interest rates, currencies, commodities, and unsecured credit) and trading risks (excessive leverage, asset/liability mismatch, and high concentration). The investment is valued at NAV and is redeemable on a quarterly basis. (3) Real estate fund: The fund is an open-end core real estate fund with a diversified portfolio of income producing properties located throughout the United States. The investment is valued at NAV and is redeemable on a quarterly basis. 37 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 5 - RECEIVABLES Receivables as of September 30, 2019 for the City's individual major funds and non-major funds in the aggregate consist of the following: Charter Charter High School Street Nonmajor General School Construction Maintenance Stormwater Governmental Fund Fund Fund Fund Fund Funds Total Receivables: Franchise and utility $ 576,433 $ $ $ - $ - $ - $ 576,433 Intergovernmental 630,824 465,778 304,987 432 1,402,021 Police services 113,158 - - - 113,158 Grants 436,509 - 436,509 Vendors and miscellaneous 245,816 34,796 250,000 - - 38,264 568,876 Net total receivables $ 2,002,740 $ 34,796 $ 250,000 $ 465,778 $ 304,987 $ 38,696 $ 3,096,997 NOTE 6 - INTERFUND TRANSFERS Interfund transfers during the year ended September 30,2019 were as follows: Transfers In Transfers Out General Fund $ - $ 2,769,942 Charter School Fund 100,000 444,000 Charter High School Fund 100,000 - Charter School Construction Fund 265,000 - Nonmajorgovernmental funds 3,013,942 265,000 $ 3,478,942 $ 3,478,942 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. The transfer to the Charter School Funds consists of$100,000 transfers from the General Fund which are being used to support future capital projects occurring in the Charter School and Don SofferAventura High School Special Revenue Funds.The transfer to the Charter School Construction Fund was made to assist with funding anticipated additional costs related to the construction of the Don Soffer Aventura High School. The remaining transfers represent transfers to meet debt service requirements in the Debt Service Funds. 38 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 7 - CAPITAL ASSETS Capital assets activity for the year ended September 30, 2019 was as follows: Balance Retirements Balance September 30, and September 30, 2018 Additions Transfers 2019 Governmental activities: Capital assets,not being depreciated: Land $ 24,169,172 $ $ $ 24,169,172 Construction in progress 6,530,620 14,696,750 (1,852,718) 19,374,652 Total capital assets,not being depreciated 30,699,792 14,696,750 (1,852,718) 43,543,824 Capital assets,being depreciated: Buildings 49,293,013 395,327 49,688,340 Improvements otherthan buildings 15,974,074 416,376 16,390,450 Infrastructure 42,675,064 1,943,705 44,618,769 Furniture,machineryand equipment 20,166,836 1,110,241 (482,692) 20,794,385 Total capital assets,being depreciated 128,108,987 3,865,649 (482,692) 131,491,944 Less accumulated depreciation for: Buildings 18,609,146 1,499,555 20,108,701 Improvements otherthan buildings 6,265,637 639,698 6,905,335 Infrastructure 22,793,198 1,645,535 24,438,733 Furniture,machineryand equipment 15,613,172 1,572,318 (449,774) 16,735,716 Total accumulated depreciation 63,281,153 5,357,106 (449,774) 68,188,485 Total capital assets,being depreciated,net 64,827,834 (1,491,457) (32,918) 63,303,459 Governmental activities capital assets,net $ 95,527,626 $ 13,205,293 $ (1,885,636) $ 106,847,283 Business-type activities: Capital assets,not being depreciated: Construction in progress $ 461,321 $ 391,504 $ (505,744) $ 347,081 Total capital assets,not being depreciated 461,321 391,504 (505,744) 347,081 Capital assets,being depreciated: Infrastructure 12,823,018 542,778 13,365,796 Less accumulated depreciation 4,341,757 411,466 4,753,223 Total capital assets,being depreciated,net 8,481,261 131,312 8,612,573 Business-type activities capital assets,net $ 8,942,582 $ 522,816 $ (505,744) $ 8,959,654 Depreciation expense was charged to functions/programs of the primary government as follows: Governmental activities: General government $ 766,753 Public safety 1,218,460 Comm unity services 1,726,358 Public works 1,645,535 $5,357,106 Business-type activities: Stormwater utility $ 411,466 39 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 8 - LONG-TERM LIABILITIES OF GOVERNMENTAL ACTIVITIES The City implemented GASB 88 — Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements during the fiscal year then ended September 30, 2019. The City does not currently have unused lines of credit or assets placed a collateral for debt. Changes in Governmental Activities long-term liabilities during the year ended September 30,2019 were as follows: Balance Balance Due Within September 30,2018 Additions Reductions September 30,2019 One Year Governmental activities: Revenue bonds $ 25,335,000 $ - $ (2,120,000) $ 23,215,000 $ 2,705,000 Other long-term liabilities Compensated absences payable 3,108,787 1,934,925 (1,650,152) 3,393,560 1,187,746 Net Pension Liability 6,146,319 1,403,372 7,549,691 - Otherpost-employmentbenefits 716,992 486,441 1,203,433 - $ 35,307,098 $ 3,824,738 $ (3,770,152) $ 35,361,684 $ 3,892,746 Compensated absences, net pension liability and other post-employment benefits attributable to governmental activities are generally liquidated by the General Fund. Revenue bonds as of September 30, 2019 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 6.13% and are payable semi-annually on October 1 and April 1 ofeach year. The bonds are collateralized by available Non-Ad Valorem revenues. $ 965,000 Series 2010 Refunding Revenue Bonds, principal is due annually over 18 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 byavailable Non-Ad Valorem revenues. 6,525,000 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 byavailable Non-Ad Valorem revenues. 3,525,000 Series 2012 Refunding Revenue Bonds, principal is due annually over 15 years in various amounts through August 2027. The bonds bear interest at 2.65% and are payable semi-annually on February 1 and August 1 of each year. The bonds are collateralized byavailable Non-Ad Valorem revenues. 5,450,000 Series 2018 Revenue Bonds, principal is due annually over 15 years in various amounts through August 2027. The bonds bear interest at 3.68% and are payable semi-annually on February 1 and August 1 of each year. The bonds are collateralized by available Non-Ad Valorem revenues. 6,750,000 $23,21 5,000 40 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 8 - LONG-TERM LIABILITIES OF GOVERNMENTAL ACTIVITIES (CONTINUED) 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, 2019 was sufficient to meet this requirement. The indenture also requires the maintenance of a minimum debt service coverage ratio of 2.50:1.00. The indenture contains a provision that in an event of default, outstanding amounts including accrued interest are due immediately. Series 2010 and 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, 2014, this bond series was fully defeased. 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. In fiscal year 2011, the City issued Series 2011 Refunding Revenue Bonds to advance refund the remaining$5,700,000 of the then outstanding Series 1999 Revenue Bonds. The City refunded the Series 1999 Revenue Bonds to reduce its aggregate debt service payments by approximately $3,166,000. The indentures contain (1)a provision that in an event of default, the timing of repayment of outstanding amounts become immediately due if pledged revenues during the year are less than 300 percent of debt service coverage due in the following year and (2) a provision that if the City is unable to make payment, outstanding amounts including accrued interest are due immediately. Series 2012 Refunding 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.At September 30, 2014,this bond series was fully defeased. In fiscal year 2012, the City issued $9,885,000 in Series 2012 Refunding Revenue Bonds to advance refund $10,165,000(including a City contribution of approximately$598,000)of the then outstanding Series 2002 Revenue Bonds. The City advance refunded the Series 2002 Revenue Bonds to reduce its total debt service payments by approximately$3,810,000. The indenture contains (1) a provision that in an event of default, the timing of repayment of outstanding amounts become immediately due if pledged revenues during the year are less than 300 percent of debt service coverage due in the following year and (2) a provision that if the City is unable to make payment, outstanding amounts including accrued interest are due immediately. Series 2018 Refunding Revenue Bonds In fiscal year 2018, the City issued $7,100,000 in Series 2018 Refunding Revenue Bonds for the construction and equipping the Don Soffer High School within the City. The indenture contains a provision that in an event of default, outstanding amounts including accrued interest are due immediately. 41 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 8 - LONG-TERM LIABILITIES OF GOVERNMENTAL ACTIVITIES (CONTINUED) The annual debt service requirements to maturity for the revenue bonds are approximately as follows: Year Ending September 30, Principal Interest Total 2020 $ 2,705,000 $ 749,975 $ 3,454,975 2021 1,785,000 647,803 2,432,803 2022 1,845,000 592,810 2,437,810 2023 1,900,000 535,782 2,435,782 2024 1,965,000 476,851 2,441,851 2025-2029 9,235,000 1,449,133 10,684,133 2030-2034 1,945,000 539,672 2,484,672 2035-2038 1,835,000 154,928 1,989,928 $23,215,000 $5,146,953 $28,361,953 NOTE 9 - 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 any possible adverse effect on 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 four(4) months advance written notice to resign voluntarily. Charter School Agreements The City has a contract with the School Board of Miami-Dade County, Florida, that allows for Aventura City of Excellence School to provide the residents of the City of Aventura an elementary and middle school education choice. The contract was renewed on July 1, 2018 and expires June 30, 2033. The City previously entered into an agreement with Charter School USA, Inc. ("CSUSA")to provide administrative and educational services for the City's charter school. The agreement expired on June 30, 2018 and both parties agreed to a five-year renewal term through June 30, 2023. The renewed agreement provides for an additional renewal term of up to five years upon agreement of both parties and provided the Miami-Dade County School Board extends the charter granted to the City. In addition,on July 1 2019, the City entered into a separate management agreement with CSUSA to provide those services necessary to organize, manage, staff, operate and maintain the City's charter high school. The term of this Agreement shall be consistent with the then existing Charter and commence as of the effective date of this agreement. The agreement shall automatically be extended through the term consistent with the then current Charter provided performance standards are satisfied. 42 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 9 - COMMITMENTS AND CONTINGENCIES (CONTINUED) Other Agreements The City has a three-year nonexclusive agreement with an engineering consulting firm(the"Consultant")to provide building inspections and plan review services.Pursuant to the agreement,the Consultant receives 70%of the gross building permit fee revenues for the first$50,000 in fees in a month and 65% of the amount in excess of$50,000 per month. However, the Consultant receives 35% of the permit fee for all projects owned, paid for and to be operated by the City.The agreement may be renewed for one additional three-year term. Pension Funding Economic developments surrounding the overall market-liquidity,credit availability and market collateral levels may result in declines in the value of the investment securities held by the City of Aventura 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 and other infrastructure projects. At year-end, outstanding construction commitments amounted to approximately $655,587. Encumbrances As discussed in Note 1(13.)Summary of Significant Accounting Policies,encumbrance accounting is utilized to the extent necessary to assure effective budgetary control and accountability and to facilitate effective cash planning and control.At year end the amount of encumbrances expected to be honored upon performance by the vendor in the next year were as follows: General Fund $ 399,087 Street Maintenance Fund 2,400 Capital Projects Fund 12,420 Federal Treasury Forfeiture Fund 964 Stormwater Utility Fund 73,739 $ 488,610 NOTE 10 - 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. 43 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 11 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) Plan Description The City's defined benefit OPEB plan, provides OPEB for all permanent full-time employees, and is a single employer benefit plan administered by the City. Chapter 627 of the Florida Statutes requires that the City make health coverage available to retirees at the employer's group rate. The City provides no funding for any portion of the premiums after retirement. However, the City recognizes that there is an "implicit subsidy" arising because of the blended rate premium since retiree health care costs, on average, are higher than active employee healthcare costs. The plan is not accounted for as a trust fund and an irrevocable trust has not been established to fund this plan. The plan does not issue a separate financial report. It is the City's current policy to fund the plan on a "pay- as-you-go" basis. There are no assets accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. Benefits Provided Employees who retire from the City and their dependents are eligible to continue to participate in the City's health insurance, life insurance, and long-term care benefits currently offered through the City at the"blended"employee group rate, which the City determines on an annual basis. The retiree must continue to meet all participation requirements and pay all applicable premiums by the specified due date. Life insurance and long-term care benefits are portable and the retiree must pay premiums to the carrier directly. The City provides no funding for any portion of the premiums after retirement. As of October 1, 2017, the latest actuarial valuation, health care and dental plan participants consisted of: Active Plan participants 175 Retiree Plan participants 4 179 Total OPEB Liability The City's total OPEB liability of$1,203,433 was measured as of September 30, 2018 and was determined by an actuarial valuation as of that date. Methods and Assumptions Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. Projections of benefits for financial reporting purposes are based on numerous assumptions concerning the cost of benefits to be provided in the future, long-term investment returns, and the future demographic experience of the current participants. As of the October 1,2017 actuarial valuation, the following assumptions were made: Discount rate 3.64%per annum;this rate was used to discount all future benefit payments and is based on the return on the S&P Municipal Bond 20-year High Grade Index as of the measurement date. Salary increases 3.00% per annum Cost-of-living increases Retiree contributions, health insurance premiums, and the implied subsidy have been assumed to increase in accordance with the healthcare cost trend rates; dental premiums have been assumed to increase at the rate of 3.00% per year. 44 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 11 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS(OPEB)(CONTINUED) Methods and Assumptions(Continued) Healthcare cost trend rates Increases in healthcare costs are assumed to be 7.50%for the 2017/18 fiscal year graded down by 0.50%per year to 5.00%for the 2022/23 and later fiscal years. Age-related morbidity Healthcare costs are assumed to increase at the rate of 3.50%for each year of age. Implied health subsidy Because the insurance carrier charges the same monthly rate for health insurance regardless of age, an implied monthly subsidy of$650.00 for each of the retiree and the retiree's spouse has been assumed at age 62 for the 2017/18 fiscal year; at other ages, the implied subsidy was developed based on the age related morbidity assumption and, for other fiscal years, the implied subsidy was increased in accordance with the healthcare cost trend rates. Dental/vision subsidy No implied subsidy is assumed with respect to dental benefits. Mortality basis Mortality rates were based on sex-distinct rates set forth in the RP-2000 Combined Mortality Table (general employees)or RP-2000 Blue Collar Mortality Table (police officers), both with full generational improvements in mortality using Scale BB. Retirement For public safety employees, retirement is assumed to occur at the earlier of age 52 with 25 years of service or at age 55 with 10 years of service; for general employees, retirement is assumed to occur at the earlier of any age with 30 years of service or age 62 with six years of service. Other decrements Assumed employment termination is based on the Scale 155 table; assumed disability is based on the Wyatt 1985 Disability Study (Class 4 rates were used for police officers and Class 1 rates were used for all other employees). Health coverage election Other than eligible department directors, 5% of eligible employees are assumed to elect medical coverage upon retirement or disability, 100% of eligible department directors are assumed to elect medical coverage upon retirement or disability; coverage is assumed to end upon the attainment of age 65. Spouses and dependents Husbands are assumed to be three years older than wives, spousal coverage has been assumed in accordance with each individual's current election; retirees are not assumed to have any dependent children. COBRA 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, the COBRA premium to be paid by the participant is assumed to fully cover the cost of providing healthcare coverage during the relevant period. Changes Since the prior measurement date, the discount rate was increased from 3.35% per annum to 3.64% per annum, the implied monthly subsidy at age 62 for the 2017/18 fiscal year was increased from$567.00 for the retiree and $594.00 for the retiree's spouse to$650.00, and the percentage of retirees who elect coverage for their spouse was changed from 80%for male retirees and 50%for female retirees to each individual's current spousal coverage election. 45 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 11 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS(OPEB)(CONTINUED) Changes in the Total OPEB Liability Total OPEB Liability Balance as of 9/30/2017 $ 716,992 Change due to: Service cost 65,680 Interest 27,175 Changes ofbenefitterms 611,405 Benefit payments (72,858) Assumption changes (144,961) Net changes 486,441 Balance as of 9/30/2018 $ 1,203,433 Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower(2.64 percent)or 1-percentage-point higher (4.64 percent)than the current discount rate: 1% Decrease Discount Rate 1%Increase (2.64%) (3.64%) (4.64%) Net OPEB liability $ 1,338,481 $ 1,203,433 $ 1,086,746 Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: Healthcare Cost Trend Rates (8.00% Trend Rates graded down Trend Rates Minus 1.00% to 5.00%) Plus 1.00% Net OPEB liability $ 1,059,102 $ 1,203,433 $1,374,300 46 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 11 - POST-EMPLOYMENT BENEFITS OTHER THAN PENSIONS(OPEB)(CONTINUED) OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended September 30, 2019, the City recognized OPEB expense of$74,551. At September 30, 2019, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB in the amounts of$539,896 and $128,006 respectively. Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Net Deferred Outflows of Yearended September 30 Resources 2020 54,554 2021 54,554 2022 54,554 2023 54,554 2024 54,554 Thereafter 139,120 NOTE 12 - 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 $815,939 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 13 - DEFINED BENEFIT PENSION PLAN General Information about the Pension Plan Plan Description -The Plan is open solely to active police officers of the City of Aventura. A police officer is any person employed full time in the Police Department of the City,who is certified as a police officer as a condition of employment in accordance with the provisions of Florida Statutes and whose duty is to protect life and property and exercise lawful arrest powers of the State of Florida. The definition includes all supervisory and command personnel whose duties include, in whole or in part, the supervision, training, guidance, and management responsibilities of full-time police officers. All full-time police officers of the City of Aventura, except the Chief of Police, must participate in the pension plan. Board of Trustees: Two City Commission appointees who are City residents, two elected Members of the System, and a fifth member elected by the other four and appointed by Commission (as a ministerial duty). 47 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 13 - DEFINED BENEFIT PENSION PLAN (CONTINUED) General Information about the Pension Plan (Continued) Plan Membership as of October 1, 2018 Inactive Plan members or beneficiaries currently receiving benefits 24 Inactive Plan members entitled to but notyet receiving benefits 2 Active Plan Members 78 Total 104 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 audited 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 10 years of credited service or upon completion of 22.5 years of credited service, regardless of age. For the first 29.091 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 29.091 will be taken into account at 2.75%of final compensation per year. Early retirement may be received upon the attainment of age 45 with 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 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%. 48 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 13 - DEFINED BENEFIT PENSION PLAN (CONTINUED) Deferred Retirement Option Plan Effective October 1, 2018, a deferred retirement option plan ("DROP")will be created.A member will be eligible to enter the DROP on the earlier of the first day that he/she is eligible for service retirement as defined by section 36- 26(b)(2)or delayed retirement as defined in section 36-26(b)(3) but with at least 11 years of credited service and attainment of age 57. Upon entering the DROP, a member will no longer accrue credited service or additional pension benefits and will no longer make employee contributions to the Retirement Plan. Instead, the amount of the monthly pension benefit for the benefit option selected by the member will be credited to the member's DROP account.The maximum period that a member may participate in the DROP is five years.After the maximum period of DROP participation, the member must terminate from employment as a City police officer. DROP participation must begin by the earlier of the date on which a member reaches 25 years of service or the date on which a member reaches age 57 with 11 years of service.A member may elect to enter DROP after the foregoing dates, but his/her maximum participation in the DROP will be reduced by the period of time in which the member delayed entry in the DROP after reaching either of the foregoing Maximum DROP Entry Deadlines. The member's DROP account will be self-directed by the member to mutual funds selected by the Retirement Plan's Board of Trustees from among those offered by a vendor selected by the Board of Trustees. The available mutual funds and the vendor may be changed from time to time by the Board of Trustees. Members will be solely responsible for the gains and losses of their individual self-directed DROP accounts. Members who elect to participate in the DROP shall be required to separate from City service at the conclusion of the DROP period. A member's DROP shall be distributed to the member in a lump sum, rollover, or a combination of both, as soon as administratively practicable and not more than 90 days following the conclusion of the DROP period or approval of the distribution by the Retirement Plan Board of Trustees, whichever occurs last. Neither the City, the Retirement Plan, nor its Board of Trustees shall have any liability or responsibility to guarantee the principal and/or rate of return for a member's DROP assets.The DROP accounts, although self-directed separate accounts, will remain part of the pension trust, and distributions from a member's account shall not be permitted until termination of employment. The balance of the amounts held by the Plan pursuant to the DROP was$513,881 for the fiscal year ended September 30, 2019. Net Pension Liability The City's net pension liability was measured as of September 30,2018.The total pension liability used to calculate the net pension liability was determined as of that date. Actuarial Assumptions-The total pension liability was determined by an actuarial valuation as of October 1, 2018 (and rolled forward to September 30, 2019) using the following actuarial assumptions: applied to all measurement periods. Inflation 2.30% Salary Increases 5.00% Discount Rate 7.25% Investment Rate of Return 7.25% Mortality Rate: RP-2000 Combined Healthy (current). Disabled female set forward 2 years and disabled male set back 4 years. 49 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 13 - DEFINED BENEFIT PENSION PLAN (CONTINUED) Net Pension Liability (Continued) The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expenses and inflation) are developed for each major asset class. These ranges are combined to produce the long term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan's target asset allocation as of September 30, 2019 are summarized in the following table: Long Term Expected Asset Class Target Allocation Real Rate of Return Large Cap US Equity 45.00% 5.70% Small/Mid Cap US Equity 10.00% 5.93% Non-US Equity-Developed 10.00% 5.20% US Corps Bonds-Core 20.00% 1.80% Real Estate 5.00% 6.00% Hedge Funds 10.00% 3.90% Discount Rate - The projection of cash flows used to determine the Discount Rate assumed that Plan Member contributions will be made at the current contribution rate and that Sponsor contributions will be made at rates equal to the difference between actuarially determined contribution rates and the Member rate. Based on those assumptions, the Pension Plan's Fiduciary Net Position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the Long-Term Expected Rate of Return on Pension Plan investments was applied to all periods of projected benefit payments to determine the Total Pension Liability. 50 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 13 - DEFINED BENEFIT PENSION PLAN (CONTINUED) Net Pension Liability (Continued) CHANGES IN NET PENSION LIABILITY Increase(Decrease) Plan Fiduciary Total Pension Net Position Net Pension Liability a (b) Liability(a)-(b Reporting period ending September 30,2018 $ 46,749,025 $ 40,602,706 $ 6,146,319 Changes for the year: Service cost 1,960,406 - 1,960,406 Interest 3,627,275 - 3,627,275 Differences between expected and actual experience (794,007) - (794,007) Changes of assum ptions 1,856,302 - 1,856,302 Changes of benefit terms 1,173,788 - 1,173,788 Contributions-employer - 1,589,440 (1,589,440) Contributions-state - 435,103 (435,103) Contributions-employee - 956,612 (956,612) Net investment income - 3,511,042 (3,511,042) Benefit payments,including refunds of employee contributor (691,515) (691,515) - Administrative expenses - (71,805) 71,805 Netchange 7,132,249 5,728,877 1,403,372 Reporting period ending September 30,2019 $ 53,881,274 $ 46,331,583 $ 7,549,691 Sensitivity of the net pension liabilty to changes in the discount rate. Current Discount 1%Decrease Rate 1%Increase 6.25% 7.25% 8.25% City's Net Pension Liability $ 15,193,464 $ 7,549,691 $ 1,327,338 Pension plan fiduciary net position. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions For the year ended September 30, 2019 the Sponsor will recognize a pension expense of $2,970,957. On September 30,2018 the Sponsor reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: 51 CITY OF AVENTURA, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2019 NOTE 13 - DEFINED BENEFIT PENSION PLAN (CONTINUED) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions(Continue) Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual experience $ - $ 1,816,946 Changes of assumptions 2,252,134 - Net difference between projected and actual earnings on pension plan investments - 639,307 Employer and State contributions subsequentto the measurement date 2,025,920 - Actual earnings on pension plan investments $ 4,278,054 $ 2,456,253 The deferred outflow of resources, resulting from the City and State contributions to the Plan subsequent to the measurement date of September 30, 2018 in the amount of$2,025,920 will be recognized as a reduction of the City's net pension liability in the fiscal year ended September 30, 2019. Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Yearended September 30: 2020 $ 277,881 2021 (291,820) 2022 (326,105) 2023 135,925 2024 - Thereafter - NOTE 14- DEFICITS IN FUND BALANCE At September 30, 2019 the Don Soffer Aventura High School Fund and Charter High School Construction Fund had a deficit fund balance of$648,330 and $702,473 respectively. The City expects to fund this deficit with transfers from the General Fund in subsequent years. 52 REQUIRED SUPPLEMENTARY INFORMATION CITY OF AVENTURA, FLORIDA REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE- BUDGET AND ACTUAL-GENERAL FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Actual Positive Original Final Amounts Ne ative Revenues: Locally levied taxes $ 26,982,856 $ 27,082,856 $ 27,340,841 $ 257,985 Licenses and permits 3,376,000 4,576,000 5,038,979 462,979 Intergovernmental revenues 4,122,670 4,122,670 4,563,158 440,488 Charges for services 3,008,106 3,332,106 3,473,529 141,423 Fines and forfeitures 1,427,500 1,447,500 2,675,837 1,228,337 Grants - - 702,020 702,020 Investments 200,000 200,000 1,185,107 985,107 Miscellaneous 75,000 75,000 241,439 166,439 Total revenues 39,192,132 40,836,132 45,220,910 4,384,778 Expenditures: Current: City commission 147,644 147,644 146,406 1,238 City manager 661,547 661,547 584,141 77,406 Legal 305,000 425,000 417,607 7,393 City clerk 344,183 344,183 300,514 43,669 Finance 1,076,976 1,076,976 1,049,136 27,840 Information technology 1,164,220 1,164,220 1,102,231 61,989 Nondepartmental 1,503,500 1,503,500 1,370,581 132,919 Total general government 5,203,070 5,323,070 4,970,616 352,454 Public safety: Police 20,633,170 20,698,170 20,643,026 55,144 Community development 2,591,696 3,791,696 3,783,281 8,415 Total public safety 23,224,866 24,489,866 24,426,307 63,559 Community services: Community services 2,480,960 2,739,960 2,695,795 44,165 Arts and cultural center 825,440 825,440 804,733 20,707 Total community services 3,306,400 3,565,400 3,500,528 64,872 Public works: Public works 3,162,634 3,162,634 3,113,732 48,902 Total public works 3,162,634 3,162,634 3,113,732 48,902 Capital outlay 16,393,529 16,952,792 1,719,895 15,232,897 Total expenditures 51,290,499 53,493,762 37,731,078 15,762,684 Excess(deficiency)of revenues over expenditures (12,098,367) (12,657,630) 7,489,832 20,147,462 Other financing sources(uses): Sale of general capital assets 20,000 20,000 22,459 (2,459) Transfers out (2,757,169) (2,769,942) (2,769,942) - Appropriated fund balance 14,835,536 15,407,572 - 15,407,572 Total other financing sources(uses) 12,098,367 12,657,630 (2,747,483) 15,405,113 Net change in fund balance $ - $ - $ 4,742,349 $ 4,742,349 See notes to required supplementary information 53 CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL REVENUE FUND STREET MAINTENANCE FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Intergovernmental revenues $ 2,234,000 $ 2,234,000 $ 2,514,007 $ 280,007 Impact fees 40,000 40,000 1,193,686 1,153,686 Investment income 7,500 7,500 114,191 106,691 Total revenues 2,281,500 2,281,500 3,821,884 1,540,384 Expenditures: Operating 1,741,965 1,741,965 1,670,240 71,725 Capital outlay 2,086,660 5,164,384 673,948 4,490,436 Total expenditures 3,828,625 6,906,349 2,344,188 4,562,161 Excess(deficiency)of revenues over expenditures (1,547,125) (4,624,849) 1,477,696 6,102,545 Other financing sources(uses): Appropriated fund balance 1,547,125 4,624,849 - (4,624,849) Total other financing sources(uses) 1,547,125 4,624,849 - (4,624,849) Net change in fund balance $ - $ - $ 1,477,696 $ 1,477,696 See notes to required supplementary information 54 CITY OF AVENTURA, FLORIDA NOTES TO REQUIRED SUPPLEMENTARY INFORMATION NOTE 1 - BUDGETS AND BUDGETARY ACCOUNTING An annual appropriated budget is adopted for all governmental funds with the exception of the Charter School Fund, Charter High School Fund, Federal Forfeiture Fund, and Law Enforcement Trust Fund. All of the funds mentioned in this paragraph are Special Revenue Funds. The City follows these procedures in establishing the budgetary data reflected in the basic financial statements: a. 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. c. 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 supplemental budgetary appropriations throughout the year including approximately$2.2 million 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. Encumbrances lapse at fiscal year-end. Encumbrances are re-appropriated in the following year's budget. 55 CITY OF AVENTURA, FLORIDA SCHEDULE OF CHANGES IN CITY'S NET PENSION LIABILITY AND RELATED RATIOS LAST 10 FISCAL YEARS Reporting period ending 9/30/2019 9/30/2018 9/30/2017 9/30/2016 9/30/2015 Measurement date 9/30/2018 9/30/2017 9/30/2016 9/30/2015 9/30/2014 Total pension liability Service cost $ 1,960,406 $ 1,946,501 $ 1,810,699 $ 1,896,180 $ 1,732,252 Interest 3,627,275 3,279,516 2,931,936 2,727,885 2,238,129 Changes of benefit terms 1,173,788 - - 2,797,541 - Differences between expected and actual experience (794,007) (1,226,574) (1,326,392) Changes of assumptions 1,856,302 1,534,188 - - Benefit payments,including refunds of employee contributions (691,515) (514,739) (588,554) (394,472) (409,084) Net change in total pension liability 7,132,249 4,711,278 4,461,695 5,700,742 3,561,297 Total pension liability-beginning 46,749,025 42,037,747 37,576,052 31,875,310 28,314,013 Total pension liability-ending(a) $ 53,881,274 $ 46,749,025 $ 42,037,747 $ 37,576,052 $ 31,875,310 Plan fiduciary net position Contributions-employer $ 1,589,440 $ 1,497,898 $ 1,302,614 $ 1,550,643 $ 1,548,543 Contributions-state 435,103 338,364 342,209 310,354 318,440 Contributions-employee 956,612 941,916 863,769 541,792 541,099 3,511,042 4,262,504 2,158,517 (614,811) 2,199,131 Benefit payments,including refunds of employee contributions (691,515) (514,739) (588,554) (394,472) (409,085) Administrative expense (71,805) (74,636) (66,033) (66,115) (55,897) Net change in plan fiduciary net position 5,728,877 6,451,307 4,012,522 1,327,391 4,142,231 Plan fiduciary net position-beginning 40,602,706 34,151,399 30,138,877 28,811,486 24,669,255 Plan fiduciary net position-ending(b) $ 46,331,583 $ 40,602,706 $ 34,151,399 $ 30,138,877 $ 28,811,486 Net pension liability-ending(a)-(b) $ 7,549,691 $ 6,146,319 $ 7,886,348 $ 7,437,175 $ 3,063,824 Plan fiduciary net position as a percentage of the total pension liability 85.99% 86.85% 8124% 8021% 90.39% Covered payroll' $ 8,878,068 $ 8,741,677 $ 8,129,475 $ 8,047,155 $ 7,986,695 Net pension liability as a percentage of covered payroll 85.04% 70.31% 97.01% 92.42% 38.36% The covered employee payroll numbers shown are in compliance with GASB 82 This schedule is presented to illustrate the requirement to show information for 10 years.However,until a full 10-year trend is compiled,pension plans should present information for those years for which information is available. See notes to required supplementary information 56 CITY OF AVENTURA, FLORIDA SCHEDULE OF CHANGES IN CITY'S NET PENSION LIABILITY AND RELATED RATIOS LAST 10 FISCAL YEARS (CONTINUED) Notes to Schedule of Changes in Net Pension Liability and Related Ratios Changes of benefit terms: For measurement date 09/30/2018, amounts reported as changes of benefit terms resulted from the following changes: 1.) Amend the retirement benefit structure. The prior structure was a 3.0% benefit accrual rate with a Normal Retirement Date of the earlier of 1.) age 55 with 10 years of service or 2.) 25 years of Credited Service, regardless of age. The new structure will have an age 55 with 10 years of service Normal Retirement Date, but the benefit accrual rate will be 2.75% for all years of Credited Service if that provision is utilized. There will also be a Delayed Retirement option that says that if a Member retires later than the 55 & 10 Normal Retirement Date, the benefit accrual rate will be increased for all years of service by 0.01% for each month worked beyond the 55 & 10 Normal Retirement Date until the 24th month, which will increase by 0.02%. Any retirement beyond 2 years past 55 & 10 will receive a 3.0% benefit accrual rate for all years of service, with a maximum benefit of 80% of Average Final Compensation. There will also be a Service Retirement Date of 22.5 years of service, regardless of age, that will receive a 3.0% benefit accrual rate for all years of service, with a maximum benefit of 80% of Average Final Compensation. Please note that the benefit accrual rate for Disability Benefits and Line Of Duty Pre-retirement Death Benefits will remain at 3.0%. 2.) If a Member terminates vested without 22.5 years of service, prior to attaining age 57, they will have the option to receive a 2.75% benefit accrual rate, unreduced benefit at age 55 or a 3.0% benefit accrual rate, unreduced benefit at age 57. Alternatively, they may elect to receive a benefit at age 45 or later that is reduced for Early Retirement (from age 55 if the 2.75% accrual rate is selected or from age 57 if the 3.0% benefit accrual rate is selected). 3.)A Deferred Retirement Option Plan will be enacted that allows entry at either 22.5 years of Credited Service or age 57 with 11 years of service. A Member must leave the DROP by the date which is 5 years beyond first eligibility (22.5 or 57 & 11). If a Member is already beyond this first eligibility and enters DROP when it is first adopted, then they will be allowed to stay in the DROP for maximum of 5 years. For measurement date 09/30/2015, amounts reported as changes of benefit terms were resulted from Ordinance 2014-11 that was adopted on 09/17/2014 made the following changes: 1.) Provide for an automatic annual cost-of-living increase (COLA)to all future retirees of any type (Normal, Early, Disability, Vested Deferred, Beneficiary, etc.). In order to be eligible for the COLA, the Officer must have been in active employment on or after October 1, 2015 (Officers who terminated prior to that date are not eligible for the COLA). The COLA adjustment will be 2.0% each year, but the first adjustment will not be until 5 years after retirement. 2.) Increase the Member Contribution Rate, effective October 1, 2015, from 6.775%to 10.775%of Salary. 3.) Provide that the maximum amount of overtime that will be included in pensionable compensation will be 300 hours per year. Changes of assumptions: For measuement date 09/30/2018, amounts reported as changes of assumptions resulted from the following changes: -The interest rate was decreased to 7.25%. - Pursuant to the provisions of Chapter 2015-157, Laws of Florida, the mortality assumption reflects a change from the rates utilized by the Florida Retirement System in the July 1, 2015 valuation to those utilized in the July 1, 2018 valuation. For measurement date 09/30/2016, as a result of Chapter 2015-157, Laws of Florida, the assumed rates of mortality were changed to the assumptions used by the Florida Retirement System for special risk employees. The inflation assumption rate was lowered from 3.00% to 2.30%, matching the long-term inflation assumption utilized by the Plan's investment consultant. See notes to required supplementary information 57 CITY OF AVENTURA, FLORIDA SCHEDULE OF CITY'S CONTRIBUTIONS LAST 10 FISCAL YEARS Fiscal Actual Year Actuarially Contribution Contribution Ending Determined Actual Deficiency Covered as a% of September 30, Contribution Contribution Excess Payroll* Covered Payroll 09/30/2019 $ 1,924,394 $ 2,025,920 $ (101,526) $ 8,668,447 23.37% 09/30/2018 $ 1,951,222 $ 2,024,543 $ (73,321) $ 8,878,068 22.80% 09/30/2017 $ 1,826,049 $ 1,836,262 $ (10,213) $ 8,741,677 21.01% 09/30/2016 $ 1,698,166 $ 1,644,823 $ 53,343 $ 8,129,475 20.23% 09/30/2015 $ 1,830,896 $ 1,860,998 $ (30,102) $ 8,047,155 23.13% 09/30/2014 $ 1,828,554 $ 1,866,983 $ (38,429) $ 7,986,695 23.38% The covered employee payroll numbers shown are in compliance with GASB 82 Notes to Schedule Valuation date 10/1/2016(AIS 11/14/2018) Actuarially determined contribution rates are calculated as of October 1,three years prior to the end of the fiscal year in which contributions are reported. Mortality: Healthy Lives: Female: RP2000 Generational, 100%Annuitant White Collar, Scale BB. Male: RP2000 Generational, 10%Annuitant White Collar/90%Annuitant Blue Disabled Lives: Female:60%RP2000 Disabled Female set forward two years/40%Annuitant White Collar with no setback, no projection scale. Male:60% RP2000 Disabled Male setback four years/40%Annuitant White Collar with no setback,no projection scale. It is assumed that 44%of deaths are duty related. The above assumption rates were mandated by Chapter 2015-157, Laws of Florida. This law mandates the use of the assumptions used in either of the two most recent valuations of the Florida Retirement System(FRS).The above rates are those outlined in Milliman's July 1,2015 FRS valuation report for special risk employees.We feel this assumption sufficiently accommodates future mortality improvements. RP-2000 Combined Healthy(current). Disabled set forward 5 years. Based on a study of over 650 public safety funds,this table reflects a 10% margin for future mortality improvements.44%are assumed to be in-the line-of-duty. Interest rate: 7.5%per year compounded annually, net of investment related expenses Retirement Age: Earlier of age 57 and 10 years of Credited Service, or upon completion of 25 years of Credited Service, regardless of age.Additionally, any Member who has reached Normal Retirement is assumed to continue employment for one additional year. Commencing with the earliest Early Retirement Age(45), members are assumed to Early Retirement: retire with an immediate subsidized benefit at the rates below: Age Rate 45-49 10.0% 50+ 25.0% See notes to required supplementary information 58 CITY OF AVENTURA, FLORIDA SCHEDULE OF CITY'S CONTRIBUTIONS LAST 10 FISCAL YEARS (CONTINUED) Disability rates: See table below for sample rates.44%are assumed to be in-the-line-of-duty. Termination rates: See table below for sample rates. Salary Increases: 5%per year. Wage Increases(for purpose of projecting Sponsor Normal 3%per year. Cost in between vals) Payroll Increase(for purpose of amortizing UAAL) 0%per year. Funding Method: Entry Age Normal Actuarial Cost Method. Actuarial Asset Method: All assets are valued at market value with an adjustment made to uniformly spread actuarial investment gains and losses(as measured by actual market value investment return against expected market value investment return)over a five-year period. Termination and Disability Rate Table: %Becoming Disabled %Terminating Age During the Year During the Year 20 0.14% 10.30% 30 0.18% 4.15% 40 0.30% 0.99% 50 1.00% 0.48% This schedule is presented to illustrate the requirement to show information for 10 years. However,until a full 10-year trend is compiled, pension plans should present information for those years for which information is available. See notes to required supplementary information 59 CITY OF AVENTURA, FLORIDA SCHEDULE OF CHANGES IN TOTAL LIABILITY AND RELATED RATIOS OTHER POST-EMPLOYMENT BENEFITS 2019 2018 Total OPEB liability Service cost $ 65,680 $ 33,459 Expected interest growth 27,175 23,363 Demographic experience 611,405 - Benefit payments and refunds (72,858) (7,496) Assumption changes (144.961) - Net change in total OPEB liability 486,441 49,326 Total OPEB liability-beginning 716.992 667.666 Total OPEB liability-ending $ 1,203,433 $ 716,992 Covered payroll 15,746,445 12,592,559 Total OPEB liability as a percentage of covered payroll 7.64% 5.69% Notes to Schedule: This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled,governments should present information for those years for which information is available. See notes to required supplementary information 60 SUPPLEMENTARY INFORMATION COMBINING AND INDIVIDUAL FUND STATEMENTS �p M(O V N O N M N (O (O N N N M O N N N N V I� O C�Lm C�Lo M N N M N f� t0 (O (V(O O N O o o (O M M O V O M O N N N MO O O M N N O O O O N c N N ~ O > LL (V N N N Z p M M N M M Y LL Y N O) O) N V O) O) o a J N �I N� LL � fA fA fA .O N O� o O O O O O NNU(%7mU t» t» t» O o N N N N N a LL N r 0� Ul d d U1 N s ❑ Z.d U N J ul U ¢ » » » o $ v O (Mi M o o � r M M C O c NLL N V3 fA c fA a F-- Z W LU- U N M ' Q = Q O N O N N O) O) (cO (NO N LL W ZIce N p(n I N N V V M M U W p a LL Z 2 a WmW Q > m O 0 c N N N O O Q Z U w� 0 2 J LL LL Z W O O U) Lu V3 A A O 2N N O V N N U U O O N O O N N O O N N Z LL d LLI (NO (NO (NO (NO (NO LL LL � fA fA fA N N W N N N N N � � 6> � � N N NO) LLI M M N N M fp fA fA mt M O) O) O) O) U V N N N N o w w Lu U d O d Y w w d n LL > U (n > w O OZ oN N Q d J_ (nN d C C 0] O m —o-- d d Q r Q J N N N N J LL N d N Fa :5m o w a ? 3 m > °' a wLL m >,a U _ ' O U O O s N m:mg d O O N o m ams m LL, m d v ;g umi ami ',g an d d d U a n L)of m Q Q Q f� 7 of Q N O r N r to 00 0 0 7 FZ N O N N M 00 C N O) O -o (O O O O co 7 00 7 O 7 7 (O O `p O) O) O O) O O) I- O N O O) O O) O) a0 (Q E "NO M O (o � O I'- O M N a0 7 M O) M N O) I� N O O) N (o a0 (o (0 7 N E M O M a0 7 a0 O N I� M N O a) LL N co N co N N N Z O "O O r� to co (n () 7 O O 7 a0 N C O It (o O O (o O O (O r- co y O N 7 7 a0 O O a0 O O) W LL U N O) a0 N () O) N (O (o r- r 7 O_ .N. Od.O M O) r � a0 a0 M N N � � aO0 a` (s (s o v v v v v c U O N N N N N O O O O O O o 6 Lo ui Lo Lo Lo a0 (7 N N V V 7 7 LL N N 0 fA fR C N M M (O o (moo O) a0 O O r r oo o O)�- N N M N N O O r M O DLL N � O C u) u N W o O 7 7 M aro a0 Z o V N m c M 7 7 7 7 N o N N U (s3 603 NM M O) (o N N (O u) I� O co C c N c (O (O 7 7 O) co O 7 co O (o (O O (O () COo ID U o L V N 'j N r M M M M o LU N U) U) a N O o o o o r- r c(oo (o CO o o o Z (7 N M M O O) O) (o O) O) r O co LU Lo c ,U C N o M O 6N) 6�) Q w Z LL w cq U) LL E a2S aD M r r r fR 0 w EE C6 Q J F- -1 J 5 Q ¢ � a) O O O O O V O O (o N 00 LL Z m Z w m `-' aMo oc o allo ro (3 R 000 ro allo CO O "O (n (n (O (n o V o O (n r LU Q Jp N lL N N 7M 00 L 7 N (No N N CO Z LL Z w N Q fR fR (D O �; Q Zw C7 Q C I� M o O o O N w 0 LLJ a) a0 N (O (O (O (O O (O O cG Z Q 3 a) N c - M O) 7 7 7 7 N H ~ U Q ¢ J ° H w Q U c U F- p Z cn w 603, (s CO z p LL oo (O (O (Y) 01M (D (D N Z ¢ Z = N M M N N N u; O Z ~ C N c N O O r- r O N m LL N ,t Cl) co N Na0 (o LL Q II C fR H3 U of N I O N M M O o C. O O) I� O 't 7 N N O "O M 7 00 a0 (o (o V (o O. lc O) O) oo a0 N (n 60) K3 (o o) (O (o (o _ _ 1� o C I� a0 O) O) O O (o (O N ,O U "O N N a0 a0 co v O r o - N c a° - w 60) bq cm Loo o U c o) N O N m "O p p p C p C U U d N C 'y o o .+__' U X N O C N N N t T -o c m N w w w E c c c `O N ; d .0 ; c O Z Z p OC rp w 0 N O .V N N O C O O O J J N N E o N N a) O U N .. U Z d N N a) w N a) _ m m m ID a) Ccu L d > � c N 'C a) � N N N N N H N U 0 0 a) C LL V C = a V a) a c x a) L H H a) w U w 2 0 Z LL w CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL REVENUE FUND POLICE EDUCATION FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Fines and forfeitures $ - $ - $ 5,736 $ 5,736 Investment income 6,000 6,000 159 (5,841) Total revenues 6,000 6,000 5,895 (105) Expenditures: Public safety 11,116 16,607 8,906 7,701 Total expenditures 11,116 16,607 8,906 7,701 Excess(deficiency)of revenues over expenditures (5,116) (10,607) (3,011) 7,596 Other financing sources (uses): Appropriated fund balance 5,116 10,607 - (10,607) Total other financing sources (uses) 5,116 10,607 - (10,607) Net change in fund balance $ - $ - $ (3,011) $ (3,011) 63 CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL SPECIAL REVENUE FUND 911 FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Intergovernmental $ 90,800 $ 90,800 $ 93,954 $ 3,154 Investment income - - 701 701 Total revenues 90,800 90,800 94,655 3,855 Expenditures: Public safety 90,800 109,704 88,439 21,265 Total expenditures 90,800 109,704 88,439 21,265 Excess (deficiency)of revenues over expenditures _ (18,904) 6,216 25,120 Other financing sources (uses): Appropriated fund balance - 18,904 - (18,904) Total other financing - 18,904 - (18,904) sources (uses) Net change in fund balance $ - $ - $ 6,216 $ 6,216 64 CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND SERIES 2000 FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Investment income $ - $ - $ 25,836 $ 25,836 Total revenues - - 25,836 25,836 Expenditures: Debt Service: Principal 435,000 435,000 435,000 - Interest 85,820 85,820 85,820 - Total expenditures 520,820 520,820 520,820 - Excess (deficiency)of revenues over expenditures (520,820) (520,820) (494,984) 25,836 Other financing sources (uses): Transfers in 520,820 520,820 520,820 - Total other financing sources (uses) 520,820 520,820 520,820 - Net change in fund balance $ - $ - $ 25,836 $ 25,836 65 CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL DEBT SERVICE FUND SERIES 2010 & 2011 FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Investment income $ - $ - $ 308 $ 308 Total revenues - - 308 308 Expenditures: Debt Service: Principal 830,000 830,000 830,000 - Interest 365,972 365,972 365,972 - Total expenditures 1,195,972 1,195,972 1,195,972 - Excess (deficiency)of revenues over expenditures (1,195,972) (1,195,972) (1,195,664) 308 Other financing sources (uses): Transfers in 1,195,704 1,194,963 1,194,963 - Appropriated fund balance 268 1,009 - (1,009) Total other financing sources (uses) 1,195,972 1,195,972 1,194,963 (1,009) Net change in fund balance $ - $ - $ (701) $ (701) 66 CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 2012A LOAN DEBT SERVICE FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Investment income $ - $ - $ 53 $ 53 Total revenues - - 53 53 Expenditures: Debt Service Principal 290,649 290,649 290,649 - Interest 62,486 76,026 75,546 480 Total expenditures 353,135 366,675 366,195 480 Excess (deficiency)of revenues over expenditures (353,135) (366,675) (366,142) 533 Other financing sources (uses): Transfers in 345,621 359,135 359,135 - Appropriated fund balance 7,514 7,540 - (7,540) Total other financing sources (uses) 353,135 366,675 359,135 (7,540) Net change in fund balance $ - $ - $ (7,007) $ (7,007) 67 CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 2012B LOAN DEBT SERVICE FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Investment income $ - $ - $ 5,236 $ 5,236 Total revenues - - 5,236 5,236 Expenditures: Debt Service Principal 324,351 324,351 324,351 - Interest 69,732 85,668 85,168 500 Total expenditures 394,083 410,019 409,519 500 Excess (deficiency)of revenues over expenditures (394,083) (410,019) (404,283) 5,736 Other financing sources (uses): Transfers in 394,083 410,019 444,000 33,981 Total other financing sources (uses) 394,083 410,019 444,000 33,981 Net change in fund balance $ - $ - $ 39,717 $ 39,717 68 CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL 2018 LOAN DEBT SERVICE FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Expenditures: Debt Service Principal $ 240,000 $ 240,000 $ 240,000 $ - Interest 255,024 255,024 255,024 - Total expenditures 495,024 495,024 495,024 - Excess (deficiency)of revenues over expenditures (495,024) (495,024) (495,024) - Other financing sources (uses): Transfers in 495,024 495,024 495,024 - Total other financing sources (uses) 495,024 495,024 495,024 - Net change in fund balance $ - $ - $ - $ - 69 CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CAPITAL PROJECTS FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Charges for Services $ - $ - $ 325,000 $ 325,000 Impact Fees - - 99,117 99,117 Investment income - - 18,146 18,146 Total revenues - - 442,263 442,263 Expenditures: Capital outlay 134,700 187,078 89,409 97,669 Total expenditures 134,700 187,078 89,409 97,669 Excess (deficiency)of revenues over expenditures (134,700) (187,078) 352,854 539,932 Other financing sources(uses): Transfers out - (265,000) (265,000) - Appropriated fund balance 134,700 452,078 - (452,078) Total other financing sources (uses) 134,700 187,078 (265,000) (452,078) Net change in fund balance $ - $ - $ 87,854 $ 87,854 70 CITY OF AVENTURA, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - BUDGET AND ACTUAL CAPITAL PROJECTS FUND CHARTER HIGH SCHOOL CONSTRUCTION FUND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Investment income $ - $ - $ 191,303 $ 191,303 Other revenues - 2,000,000 - 2,000,000 Total revenues - 2,000,000 191,303 191,303 Expenditures: Capital outlay - 14,362,401 13,756,177 606,224 Total expenditures - 14,362,401 13,756,177 606,224 Excess(deficiency)of revenues over expenditures - (12,362,401) (13,564,874) 797,527 Other financing sources (uses): Transfers in - 265,000 265,000 - Appropriated fund balance - 12,097,401 - (12,097,401) Total other financing sources (uses) - 12,362,401 265,000 (12,097,401) Net change in fund balance $ - $ - $ (13,299,874) $ (11,299,874) See notes to required supplementary information 71 STATISTICAL SECTION STATISTICAL SECTION This part of the City of Aventura's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health. Contents Paqe Financial Trends 72-78 These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time. Revenue Capacity 79-83 These schedules contain information to help the reader assess the City's most significant local revenue source, the property tax. Debt Capacity 84-87 These schedules contain 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. Demographic and Economic Information 88-89 These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place. Operating Information 90-92 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. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant years. (MO (Oo N N N O N r (DID N N ocN W N O M to N N N O N O M M N O r- N O N O 0 N M UO N O N 7 N M S r N M oo r M oo O) N oo N N oo M N O) M M U) V3 W (A (A (A oo Ire 0 O W O oo Uoo ro r N (f) 7 0 O N 6) 7 " O) N O r N c V N O r r N 0 M 0 7 oc6) M N M O r V N N 7 W W O) ((O 7 N K3 H3 EA EA (A (A O_ N r O oo O oo W N r r- oc ocN N Gi oo (c M G 7 N O 00) r,- r- oo 7 O ((O N r 7 0000 N oo 0 O O O ' O) M 0 0 N N O N O 7 oo 6) oo N 7 O 7 r 7 N VA H3 EA EA (A EA a00 r W � N M oo M r O O O 7 C 7 UO O N O r N N 7 O ((O r- oo 04 N r O O) W N M ocN O r W r N A cy) M M O N O) (D M M N u:l EA (F) U) V7 EA r r oo r (D oo oo r O N 7 N ao M - r 7 7 r UO � r O) aro r 7 N 6�i r 7 N 0 r N W W r N co 7 N 7 N N oo M oo O co N 6) N M O (O M r 7 N EA EA (A EA EA EA (� N O (O N O O O r r Q ~ Z 7 04 N 7 N co-O r N N Ln O LU O) oo O V N O W oo M M Z � N r N co M N W O r oo N CO Z N r r r N O 4) r r r M Q Q O N ( M M 00 O N W I M M W LL] Q O J Q EA EA EA Efi7 H3 EA O Q O) N O) O O M N oo N N N H m 0 7 ((O N 7 r V. (f) 7 M M 04 r O O oo O) M M O O_ 7 r Z LL CO N O N N O M N o) O Z r O O M W r N N O) M W O W Q O (MO N M O (D oo O N M Q [-- CO LLCOO O C/) Q U) H3 EA EA EA EA } ¢ Z r M N O r- 7 7 m Ln M (MO N L J C) oo O O O? r O W (O O O r V Z N o O O O O O) 4) M O O N N 00) co 7 N c,4 Lo �N M W N o) N O) r oo O N r O) N M O O 7 O K3 V3 K3 EA EA EA O oo O M N (D 7 oo N 7 O oo oo V o) oo W O oo r N r N W O O M 7 o N N 7 r N O N M N a) M t G � N O O u') 7 6) 7 O O O) N N M N r( oo 00 M O EA EA EA EA (A EA 7 r N O r r 7 7 O) N W N O O N W oo r O 7 7 N M W N 0 7 N r coo N Oi N o oo r N (Y) M oc) M O (r0 N 6M) 0000 a�0 (r0 N O r oo r oo r r (D O M O) O M O EA EA (A EA EA EA Locu cu cu E N N C N O_ O_ C f/1 d C p �j d Y p 'O_ > N a) d N d (6 o y U E y U Lo U .0 Lo E N � .0 N _ C _ a) C fU '_ N O N C > N N C .N NE C E t. m E m;: U E ':) a ° `o o U N E N T in U N .> > N U N N N N C C (U C N (o 6o C 0 m a` O (D N h N o) (O (O N r O N O N W ' W O h Lo -,t oo O M M O W N O O N O O O M r N O h r N N 7 W N loO O O O O p� W oo N N O N N N M V N O N f— h W W N W r ooM M O r O V O p O N N W N r 0 7 h N M W N O oo O O h W N O r M r r N r N N r N N ER b4 fR b4 O r oo O co M N M W 7 h V 7 7 N N oo h h O M r N h h 01 O O O M r M 7 7 oc O r 7 N N W 0o N O co ooM oo O W h M oo W oo W co co N h oo O N co h lh O O N oo N N r p o0 N o0 W oo O 7 7 h r W N O N N N N O O co O V O O N W M r r N r N N r N N eR Q, v, ER hO M W 0 co W 0 0 M Lo c 7 N O M N N N r h oD r lm h N I— G W O N h O NM O O O) oo oo h �n M M m N h O h W W O O oo co O Lo M M oo oo p r cl O W O O W W O 7 0 loN (O N N W N O N M N W O oo N oo O r r O N r N N eR fR eR fR r M O N O (O N N M (O ' (O co M O O N W N N M O o07 O W Oli (p N O r O W N N N N r N co V 7 N M h M oo N O O W N N r h O O0 r p 7 7 N Ih N M r to N V I� W W O N N N W � r r fR fR eR ER oo 0o N ' co V 7 7 oo h (O h w w oo ' oo 7 N O h h h (O (O M N co N f— h M 7 N 0 G O W W cl O O N M O N N O) N N O oo � co M M O W oo M co (O h h OO N W W 7 M N O N W N N O p 7 N r W O O O M oD W N N W W N N oo N O O oo W W fR ER eR eR O N7 W (O O N M O M oo 7 0o ' oo N N M oo O M M co M O Woo Lo N 7 (� 7 M M W W (O O loN r 0 7 Lo N O z O W h 7 O N N O W M oo N I� h O z Z � h N O N O O N O M 7 N h LO N M r W W M o0 0o r M O co 7 N oo W OO z N N V Lo 7 (O r rh 7 o N J U) w O fR fR eR cq Q 0- J U W M o O O O N OOi N 7 (O N N oo a, F- Q Q o0ov (c L o o IQ o � oorn O rn rn cl LU () Ll M (O r- O h h h h 7 r O N N N V 7 h z U) 0 p h o Q) oo oo oo h N h Cl) rh O oo oo oo Z z LL U N N a O 7 N r h Lo (n Lu Q V> b4 fR r fR L L CU F— CO O N O N v W W N (p0 M 7 O V rn cobv Q z (n Q M 7 W O h r r Oi W M O (O W co M N Q Q ::) N hr h h M oo 0o M r N(D co N N O r = J cy r r W W N N N W N M h V m co M r p O N r r cl h h (O 7 w O (O h co co (O Q V3 fR ER ER W h O O h oo N oo oo O O N N oo O N O N V co co M o0 N N (O M_ co (O m N r N h O V O O N N r (p O O o0 h O) h oo h (O W h h O h co O O co co oo N N r " 9 W W N N W N O h O N N p O O O M O W N N N N W r O N N oo 7 r O W W r r h N ER fR fR eR N O co ' N co 7 N M co 7 0o h M O oo O O H N co N N oo 7 N O r co O O r O M W h N N N N h N Ih r N I— W M W p S O W 7 W co co N_ N N M N O N Lo oo h h O N h O 7 7 O h O O O 7 h N p N 't O N O oo oo N N N O 7 O W r O W N oo N r cn O N r h N (O r h r r M 7 ER ER fR ER (D V C V C N N m O N N O N c 4 Opp N c O � V1 O O V1 V1 O- V C m U O- m > N X N N U C U m C N U y C U C - " E r w o r Z m a E m r U r N m m o m T w w `r o m .� E c m N r m o f m `m m E E m O m r Y C O) Q 4 Q 7 N O N C O) O) N Q O f6 m S m Q N aci °' w � 3m o ym dao � � w9E °c_' rn �° o .5 u) -6 cl)O � O .� E .� a�'i N E H H °' m E rn s E ma a rn o a a a m E m o m m w > aci o °� c `o E m _c d U a m c !n U c Ua0aS Nv) m > Uo OU wU X U m o 0 m w a I�M Cl) N (D 7 M V) 7 ' r- 1- 1- O 1- 0) @ @ (p @ O N 7O @ @ O a0 I� N � 7 (p a0 (A M (p (p O 7 (p CA a0 (p (A (A M N I- (D O O co a0 a0 (p O (p a0 (A (A N a0 (p (p co (p N O O a0 M 7 N (C� 7 7 M N (p N co N r- N (p 1- r- 7 M M co co fR K3 fR H3 (R H3 V3 N CA (p 7 N I- 7 co 0 (p O (A (A 7 7 0 7 (p I� N m I- m a0 (p 7 O 7 7 p1 M N (A an a0O (p r- CA 7 (n (p O 7 7 O r1 N N CA (p (n I- N 7 N O O ao (O O to to co (p O) I- N 7 7 (p 7 co , Ln N (A O O O I� N 0 O N a0 I� O N O O r 13 - O N (p a0 N (p (p (p 7 7 M M co co EA K3 fR K3 K) V7 K) a0 m O) m co I- N a0 I- O (A O O (A (A O d) a0 O co a0 m co m co 7 N O M N O a0 7 7 7 (p a0 ll M M O M N a0 r M M O (A (p m (p r- O m m O I- N pn (p O) I� co 7 (p O (p 0 O N � M O @ M (p (p (p co a0 N O p) (p I- - 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E �, �`C a1 E- m p c j cu .. a1 a7 .> '> E c o rn E w E c o o .� .E c .0 E o '� E A N N d ID w d W N m y > .` N C N > m p E �_ cu °- E 'N N N °- > a) a1 > N N C O H L O / w N C N V p c OU a1 d > 0 a7 p > N d p m C c p j .+_T' c m N E �° O N T N .0 O y O p C T O O) E i/i a1 p C U y N H > H H m N N H cE > o E X ° o_ > p m o E E `� N cu a > N C E N 00_ a7 c m O E C g C N N a7 a7 c x > 'y w (� '(� c c m > a) O a L - c O j Z (7 U CITY OF AVENTURA GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) Tax Fiscal Roll Ad Valorem Utility Franchise Year Year Taxes Taxes Fees Total 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 2012 2011 11,724,189 7,772,000 3,070,065 22,566,254 2013 2012 12,080,224 7,551,899 2,823,490 22,455,613 2014 2013 12,791,444 7,933,535 2,289,721 23,014,700 2015 2014 13,977,630 7,872,483 2,294,667 24,144,780 2016 2015 15,008,844 7,720,496 2,364,853 25,094,193 2017 2016 16,349,089 7,655,803 1,979,437 25,984,329 2018 2017 16,747,025 8,052,694 2,544,772 27,344,491 2019 2018 17,051,593 7,889,792 2,399,456 27,340,841 75 7 I�c0 7 (om M O 7 7 0)0 M co I- (0 10 M O N M (o M 0 7 (!) 7(o w 7 7 (o coc, N m M c, D)m m Lo Ac0 N M c0 N 7 fA fA M w (o O(o o) N (0 7 Lo (o LQ M N O N D) (c) o) 7 NI m (O (O M O M N fA w M w N(o N M M N co N Ln O M (o O O I� M r_ 7 (o o) o) 7 N NI 7 W N N O( (o r_ Ln N r— N N 7 fA M fA M (o in co O M (O O Loo)N o) (o M Ln (� o)o) M (o o) V � (o (o Lo m N Ln OI 7 l(')N N M c0 N � � M w M w (o(o N I� N (o r— N O f�LN 7 o) 7 7 7 M l(') c0 Ln M N o) M (O r— (n OI �7MD O N M O ZZ N O M M 7 D F V3 M fA w LL Z J M 7(0 7 I� (o O 7 O Q Q 0 �M�� 7 7 .0 O O F (n U N N o)N D) 01 aD o1 I� Z U OI M M OD r-o) 0 W LL N N M M M N (o LL Z 0 J Q¢ LU U) 7 U (n ovum o(0) Lo o z O m M Ln M(!)o) c6i M M r- LU L O Z Q OI N 6�7 M N N Lo a (n F EA M u, V3 LL LU 0 U (n () Lo co(o N o) M co -loll Z Q Q 0 7 7 N Ln O 7 N Q J Q N MI�o 7 M O 7 LU M (D (moo III U (L OI Lo 7 m N N 7 M 0 M fA fA V3 N 7(C)o) L N o) OI M O(V l!) c0 O (R n CL N 7 N � M M V) M fA M(o ' ' D) O co o) N Lo I� 7 M ND) cc LQ M O cc M OI 04 7 M c0 O N O �2 M 7 N OM N 4W N (O (O N N M M w M fA 9 N c (0 C N O C C c w C N 7 Ll N l w N (0 C o Ll N N C E N j V N O Ll N N,m O & (` w c E'w m ~ r voi (n p c E in '� m ~ N �d'7ZUQ7 xZ) zC)x Q 7 (7 Q M N w m w m a0 n m a0 I- O M N V O ' O O M ' O) ' N N O V o m m m I- r O N O N O o0 O O f— O Cl) Cl) V (n V V N 00 V (n I� V G O o0 00 00 M V (O N O O) O (n V O7 V cl G V V o0 a1 O7 01 o0 o0 r co N V � O7 o0 I� M I� O r M N o0 00 N m N (n o0 m n O O m N V I� N N co o0 V N w V Iz N r r N V O O o0 M O f� r r N ( V o0 (n (n r N o0 00 O V V cr N N N V N — — N O m V N I� N r O co M (O r r (O N r r (O (R (R m V N a0 a0 a0 (n V M O I� N O r O O ' N O M O O (n (n O I- o N O I- O r m m 00 N o0 (n O O o0 O O O co co O o0 I� O (O I� r r (Q V O) M M (n N o0 N O O N M M N r O o0 N V O O M M O O V o0 O) N co co O O O m O O o0 M M o0 I-- V V m V O m V N N co (n o) co (n co (O (OfV O_ o0 O I� O N O N o M (O (O (n 0 00 I� 00 � O r O N N N o0 N (O o0 N r N V N o0 m V V N N M I� O O I- co r r (n N r r (O (R ER O1 co a0 o0 V N O1 co N O ' O) O1 N ' O N N O m o w O n N m N O n V (O (n II- r O V O II- 00 O O O O7 O O O o0 V I� 00 f� O V (n cr N r N O V O O O O o0 (n (n o0 O V I� a1 N 00 (O M I� N r V a1 M N N co O co V (n V V I- N V m I-- I-- m O o0 V V w w O co V N (n (n O O O M (O O O V M I� co N M M o0 V V (O o0 w N_ (O (O N O r V V V N co m N r N N N N r r (n N r n ER (R V w nO O M co N o0 ' (n O ' (n o0 ' co o0 00 M o I- m N d) O O N I� w N (n O II- O O O co o0 (O O O (O (n co 00 V cl 00 -- (O M O O o0 N O o0 (O N O O I� V O O O O (n (O (p oV O) N � O M a1 O M co m N N V N O0 O N I� N N O O00 N(n O 00(O a100 (n N a1 N r M V V (n O O I� M V O7 O O N N n t f� O o0 f- r M O O O O N N r N N M m M co V N I (n — a1 V N N V (R ua O M I� r V N N m V m M r O co ' N O ' MN ' O V V O N o M o0 w V w N I� O N m V O (O O O P a1 O N co co N N O V o0 U) (O (n M f� V (n V o0 M o0 (O O cl N cr 00 M M o0 I- I" d1 O 0 N r N V OM fO'- N Mo0 O N O M f�o0 VO NM r M O O w (O O O (O I� N 00 M M (n O V (O (O V V p cl 00 N cl r r r co o0 (O 00 00 I� 00 O I� O O o0 M M M N oo V N O M V co N N co J U ca 614 Z V O N m N O V M co 00 ' N O ' O) O N N r o V M N a1 I� 00 O V M V o0 co O N O O o0 o0 O N I� Z Z O O O d1 N O cl a 00 O a O N c (q O cl V W V V O7 N I- N O O) V co (O N V V (n I' N O o0 co M o0 a1 O Q O O r 00 N N (O M V (MO (n (cl) MO (IO O (O W V O N r r N M Z U N N f� N M M M N V a1 M (n r N N O ; 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II 11, II 11 e THIS PAGE HAS INTENTIONALLY BEEN LEFT BLANK CITY OF AVENTURA, FLORIDA PROPERTY TAX RATES DIRECT AND OVERLAPPING GOVERNMENTS (PER$ 1,000 OF TAXABLE VALUE) LAST TEN FISCAL YEARS Overlapping Rates City of Aventura School District Regional South Florida Tax Debt Total Debt Total Water Fiscal Roll Operating Service City Operating Service School Management Everglades Okeechobee Year Year Millaae Millaae Millaae Millaae Millaae Millaae District Project Basin 2010 2009 1.7261 0.0000 1.7261 7.6980 0.2970 7.9950 0.5346 0.0894 0.0000 2011 2010 1.7261 0.0000 1.7261 7.8640 0.3850 8.2490 0.5346 0.0894 0.0000 2012 2011 1.7261 0.0000 1.7261 7.7650 0.2400 8.0050 0.3739 0.0624 0.0000 2013 2012 1.7261 0.0000 1.7261 7.7650 0.2330 7.9980 0.3676 0.0613 0.0000 2014 2013 1.7261 0.0000 1.7261 7.6440 0.3330 7.9770 0.3523 0.0587 0.0000 2015 2014 1.7261 0.0000 1.7261 7.7750 0.1990 7.9740 0.1577 0.0548 0.1717 2016 2015 1.7261 0.0000 1.7261 7.4130 0.1990 7.6120 0.1459 0.0506 0.1586 2017 2016 1.7261 0.0000 1.7261 7.1380 0.1840 7.3220 0.1359 0.0471 0.1477 2018 2017 1.7261 0.0000 1.7261 6.7740 0.2200 6.9940 0.1275 0.0441 0.1384 2019 2018 1.7261 0.0000 1.7261 6.5040 0.2290 6.7330 0.1209 0.0417 0.1310 Source:Miami-Dade County Appraiser's Office. 80 Overlapping Rates Regional Miami-Dade County Other Total Florida Direct Inland Total Debt Fire Total and Navigational Regional Operating Service and Fire County Children's Overlapping District Millaae Millaae Millaae Rescue Debt Library Millaae Trust Rates 0.0345 0.6585 4.8379 0.2850 2.1851 0.0420 0.3822 7.7322 0.5000 18.6118 0.0345 0.6585 5.4275 0.4450 2.5753 0.0200 0.2840 8.7518 0.5000 19.8854 0.0345 0.4708 4.8050 0.2850 2.4496 0.0131 0.1795 7.7322 0.5000 18.4341 0.0345 0.4634 4.7035 0.2850 2.4496 0.0131 0.1725 7.6237 0.5000 18.3112 0.0345 0.4455 4.7035 0.4220 2.4496 0.0127 0.1725 7.7603 0.5000 18.4089 0.0345 0.4187 4.6669 0.4500 2.4207 0.0114 0.2840 7.8330 0.5000 18.4518 0.0320 0.3871 4.6669 0.4500 2.4207 0.0086 0.2840 7.8302 0.5000 18.0554 0.0320 0.3627 4.6669 0.4000 2.4207 0.0075 0.2840 7.7791 0.5000 17.6899 0.0320 0.3420 4.6669 0.4000 2.4207 0.0075 0.2840 7.7791 0.4673 17.3085 0.0320 0.3256 4.6669 0.4644 2.4207 0.0000 0.2840 7.8360 0.4415 17.0622 81 /_ 22 m = mox2 R R22 CN q (D 16 = !! <!! w « & � a w S / % mj= o2o2wwr229rw (0 2 ¥ $ > aw < 666 � aao al / / m , � , = ro . . m / w = m ,I- N CDgG " RECD § 8 = R % RRR Ry RR m o $ wm = o - w rro = w Imorc c CD 00 = = or r mm2RR * RR - ceom R xom � = a 6 Cl) »¥ r 2n CO= EES / err / _ e /_ 22 -F, -Z $ Q � mm2Gr = = W) W) o = = « < / S / CU(on > @rrr & & , 2222 ƒ ¥ $ > a < aoaaaooa 0 « w < \ /- am � r = w = o o » < @ \ G $ 2 ? 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E R R r r o d d In > d _O m f O m �_ Z O O O) d ) O N "00 O C W a0 N -o cu d R C Q ~ R N "O =O N i/i a) NR Q co El) K3 d N O E O N O Q O al J Q [D H J U H J OO w N N Co LL LL>- Z M M Co Q J � � Q o '- j Z � o aro aro 'N I L 0 aro Z E m 2 o > Z » v3 E > r o0 LU N N o U Q ~ LL CO O o o ID O w (n M O C) Q M m L O Xa a Q J ON fit) u) VU r r o > ro � W a 2 — in J bq 6,3 N O_ O •^ y o R E ac o Y O N M O C D V 7 O R a) C p C C d N M M O a E N N O NO O N r r O C O D ,O , R O N .N N N N Efl ER al E 0 0 C o E N d m m O O O r- d p (O f0 C `� fA 2 't7 O C N C al r r v ° E o p N Ra N 'p d fp H3 U3 O "' O .L.. E N R d N N N C o al O p m N V O O v v o M M o U j M M T N O C al _T N o oo oo al m a) > U Y O C -o O2 L _ d s• EA fR N m O_ O al O O � Z a al m dd R R R C U U � Q C Q ` R m R O_ d E d R al _ o In d R — al C E -F C E N R — "O O O al D H — J : O CITY OF AVENTURA, FLORIDA DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS Personal Income Per Capita (Amounts Personal Unemployment Fiscal Population Expressed in Income Rate Year (1) Thousands) 2010 31,181 $ 1,211,881 $ 38,866 9.2% 2011 35,723 1,410,523 39,485 8.1% 2012 37,239 1,508,701 40,514 6.6% 2013 37,725 1,516,696 40,204 6.1% 2014 37,262 1,560,644 41,883 5.4% 2015 37,473 5.5% 2016 37,611 5.1% 2017 37,694 4.5% 2018 37,694 3.8% 2019 37,790 3.3% Data sources: (1) Years are as of April 1 of each year per the University of Florida Bureau of Economic and 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 OCCUPATIONAL EMPLOYMENT BY GROUP- MIAMI-DADE COUNTY, FLORIDA CURRENT YEAR AND NINE YEARS AGO Fiscal Year 2019 2010 Percentage Percentage of Total of Total Occupational Groups SOC Code Employees Rank Employment Employees Rank Employment Office and administrative support 43-0000 457,040 1 17.64% 211,440 1 21.54% Sales and related 41-0000 336,400 2 12.99% 124,590 2 12.69% Food preparation and serving related 35-0000 257,310 3 9.93% 78,800 3 8.03% Transportation and material moving 53-0000 180,710 4 6.98% 67,960 4 6.92% Healthcare practitioners and technical 29-0000 157,290 5 6.07% 55,940 7 5.70% Business and financial operations 13-0000 141,540 6 5.46% 51,320 5 5.23% Management 11-0000 127,260 7 4.91% 30,010 13 3.06% Education,training and library 25-0000 121,540 8 4.69% 51,830 6 5.28% Installation,maintenance and repair 49-0000 106,080 9 4.10% 36,100 9 3.68% Construction and extraction 47-0000 99,610 10 3.85% 32,320 10 3.29% Building and grounds cleaning and maintenance 37-0000 94,990 11 3.67% 36,390 11 3.71% Protective service 33-0000 84,070 12 3.25% 38,580 12 3.93% Production 51-0000 81,370 13 3.14% 35,920 8 3.66% Healthcare support 31-0000 73,940 14 2.85% 27,380 15 2.79% Personal care and service 39-0000 70,270 15 2.71% 28,320 14 2.89% Computer and mathematical 15-0000 55,680 16 2.15% 16,510 16 1.68% Legal 23-0000 36,690 17 1.42% 12,950 18 1.32% Arts,design,entertainment,sports and media 27-0000 33,930 18 1.31% 14,430 17 1.47% Community and social service 21-0000 32,690 19 1.26% 12,240 19 1.25% Architecture and engineering 17-0000 26,230 20 1.01% 10,520 20 1.07% Life,physical and social science 19-0000 11,620 21 0.45% 5,220 21 0.53% Farming,fishing and forestry 45-0000 4,000 22 0.15% 2,800 22 0.29% Total 2,590,260 100.00% 981,570 100.00% Source: Represents Metropolitan and Nonmetropolitan Area Occupational Employment for the entire Miami-Miami Beach-Kendall, Florida Metropolitan Division as provided by the U.S. Department of Labor, Bureau of Labor Statistics as of May 2018. Estimates do not include self-employed workers. 89 OI r O r— O r— O 04 N OD M I� N col N co M M co N � ZN N O O CO M � OCD N CO M O � N U U L Z N M O S ' M O N D (0I N OO M O LL O } N E m E CD �I Nm co S ' M Lo E w N CO M — CO O } N — Q O N M M O 0 N M M (D a) N 0 LU E LU OD MD -,tO ' 0D U LL Z } I OD M CO >, Q LU J NM U) Q O_ Z a) UO M M S ' M N O N OD M CO Q O W ; C) U) Z C4l cu Q U LU O M f� Ln ' M N O LL > �l OD M CO U O U Q N J O M f� CO ' M � (� Z OA N OD M CO CE Op LU N a) Q E N >_ (B Q L O _ O LU U O LL U) O _ O L 0 C O � � L J N > d J 'C N D Q Q E � 0 L � L a) VJ 70 O N v� L O m v � E ,v E — U Z U E Z E U N O O � C7d U dU LL N O (o T LO co co co (o O T LO co O O 00 O I- I- N co O 1— 00 N O OI O N O O O 00 00 O N O N �p N — 00 (o LO LO LO O N co O co 'TO I- LO 'T N O co O ' co 00 O Q co N I-- O co 'T co co ; O N I- LO N z OI M M N I- O O CO N I- O co 00 O �p N = O � N (O N = (O O N () O N M O 00 N O I- O 00 M I- N O Q O C-) 'T 00 'T co co LO LO co O 00 co N z �I O N M 00 N = LO N It O LO LO O �p N = CO L N N = O N (o O (o 00 00 O LO O LO N LO co O Q (o O00 LO LO O N co O N N z (OI � � O O O 0 C = (O = 00 N O 0 N O LO N N N M � N N CO L LO (o ',I- N 00 co T O 00 N O Q �I O 00 O M � � OLO co O O 00 N z = O O �p N L (o N LO N N N O O Z N N N O Q ~ O r— O 00 N It -'T00 O M LO LO M 00 Q D U M O O 00 � A co co 00 N v O Z z Q N O (O (O N � = M I� O O SOI N = CO CO N LO O N O C O W N N M r— < 7 Q p _ N 6L m W m } M LO O r— M (O I- N 00 00 O (D Q m Q 0 Q (n J MI LO N l LO 00 00 00 I- 0) z O M 0 00 = O O O = 00 O O U N N (O = N N L 00 N = N O N U N Z Q > CO W Z 00 00 I- O (O N LO co LO O I- LO Q fn WO LO O N I- O (O M 00 C:) Lr) -'T 00 z _ NI N N r- = N (O O = V = O O O N Z ~ �LL p N N 00 N N I` N N = �' 7 O (7 Cf) N N N Z J O I- ItO O r— LO co co (O N O LO N Q OL Q V Q O CO CO CO (o O LO [— It It N z (q N _ 00 O = r- N 00 M O N W O N N O N O I- N O O N M N (O (n a N O O O D M M It LO O 00 O M It It 00 I- M N Q OI O O I- O r— co O M 00 CO I- M z N 00 M 00 O 00 N O N O Qj N �p N N O M (O N "° w N N N M N N U N 0 �O U N (6 N � � O C 7 (n t U (n i n U (n (n (n 7 fn _ c N c U g c N .0 N E X =3=3o E in °) (n E -c Q w E o o in Ec -r- in w c c N .0 O m N N > o > p > d c . .� N N cin V) .� N vOi c > m 0 z .m N N O v c c C) N w Y N N N Q CO p = O '— (0 (0 (0 U 77 O N Q L V d Q H d U Q 0 m m U U 0 Q' (n (n U U U LL CN w / N n n \ / _ , / § CN CN w / a n n \ / _ / / § , e / C14 C14 w / C14 Cl) Cl) \ g / _, \ § e / C14 C14 = / i CO CO 3 y o / 00 / / / C14 C14 = g a m e / g o /, z LO 00 \LD \ Q \ « k D =) C14 = / C14Cl) Cl)LL co /y o / . 0 m < \ � 00 \ LL m >- U -i F- < C14 _ / N e n 2 g / o , y wQ9 / ~ \ w / z \ > m � « w w LL LU C14 = ann � � ay < o , Omm /a p / 2 k k \ \ U ) C14 = g a n g �_ g 7 r ' Q 2 U / \ ^ \ / c 2f C14 = o a n a 2 0 < o , 3 § & r = 2 » 5 6 \ 2 2 # f 8 3 \k / ) § k # 2 \ § / o z a 5 a # j § \ } } m 2 \ � (n Q) 3 m 0 k \ / _ ± g ; P » o a ° } = o o e 6 0 2 = _ o 2 Sa ; _ 5 t m = _ = z » / 2 \ \ 2 \ .� / / = : § § J = \ n 5 5 $ S E e ! / } / 6 \ / _ / g E @ A g = _ M o = o p t > o E E I m e 0 2 \ 7 3 2 < c § ƒ ƒ z E E E E O e LL COMPLIANCE SECTION MoCABALLERO HERMAN LLERENA GARCIA LLP HIM accountants I advisors INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Honorable Mayor and Members of the City Commission City of Aventura, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of City of Aventura, Florida (the "City"), as of and for the fiscal year ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the City's basic financial statements, and have issued our report thereon dated March 5, 2020. Our report includes a reference to other auditors who audited the City of Aventura Police Officers' Retirement Plan, 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 other auditors. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the City's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the City's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the City's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the 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. 93 8950 SW 74th Court I Suite 1210 1 Miami,FL 33156 T.305.662.7272 F:305.662.4266 1 CFLGCPA.COM Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. G'a6a��ewo few�ra�r L�ewe�a �- �'awc�a, LLQ' Caballero Fierman Llerena&Garcia, LLP Miami, Florida March 5, 2020 94 8950 SW 74th Court I Suite 1210 1 Miami,FL 33156 T.305.662.7272 F:305.662.4266 1 CFLGCPA.COM NoCABALLERO HERMAN LLERENA GARCIA LLP MIN accountants I advisors INDEPENDENT AUDITORS' REPORT ON COMPLIANCE FOR IT'S MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORMGUIDANCE Honorable Mayor and Members of the City Council City of Miami Springs, Florida Report on Compliance for It's Major Federal Program We have audited the City of Aventura (the"City")compliance with the types of compliance requirements described in the OMB Compliance Supplementthat could have a direct and material effect on the City's major federal program for the fiscal year ended September 30, 2019. The City's major federal program is identified in the summary of auditors' results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. Auditors'Responsibility Our responsibility is to express an opinion on compliance for the City's major federal program based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred.An audit includes examining, on a test basis, evidence about the City's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for the City's major federal program. However, our audit does not provide a legal determination of the City's compliance. Opinion on Each Major Federal Program In our opinion,the City complied,in all material respects,with the types of compliance requirements referred to above that could have a direct and material effect on its major federal program for the fiscal year ended September 30, 2019. Report on Internal Control over Compliance Management of the City is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the City's internal control over compliance with the types of requirements that could have a direct and material effect on the major federal program to determine the auditing procedures that are appropriate in the circumstances forthe purpose of expressing an opinion on compliance for the major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance.Accordingly, we do not express an opinion on the effectiveness of the City's internal control over compliance. 95 8950 SW 74th Court I Suite 1210 1 Miami,FL 33156 T.305.662.7272 F:305.662.4266 1 CFLGCPA.COM CABALLERO HERMAN LLERENA GARCIA LLP HIM accountants I advisors A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees,in the normal course of performing their assigned functions,to prevent,or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis.A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiencyin internal control overcompliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance,yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. caxalle-o fiemmy «e-ewa & l�'awc�a, LLQ' Caballero Fierman Llerena&Garcia, LLP Miami, Florida March 5, 2020 96 8950 SW 74th Court I Suite 1210 1 Miami,FL 33156 T.305.662.7272 F:305.662.4266 1 CFLGCPA.COM CITY OF AVENTURA,FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FISCAL YEAR ENDED SEPTEMBER 30,2019 Federal Grantor/Program or Cluster Title CFDA Number Grant ID Number Expenditures Child Nutrition Cluster-Cluster United States Department of Agriculture Pass-Through Florida Department of Education National School Lunch Program 10.555 72,001 Total United States Department of Agriculture 72,001 Total Child Nutrition Cluster-Cluster 72,001 Other Programs United States Department of Homeland Security Pass-Through Florida Division of Emergency Management Disaster Grants-Public Assistance(Presidentially Declared Disasters) 97.036 FEMA-4337-DR-FL 659,660 Total Department of Homeland Security 659,660 United States Department of Justice Equitable Sharing Program 16.922 78,754 Total United States Department of Justice 78,754 Department of the Treasury Equitable Sharing Program 21.016 224,689 Total Department of the Treasury 224,689 Total Other Programs 997,953 Total Expenditures of Federal Awards $1,035,104 97 CITY OF AVENTURA, FLORIDA NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FISCAL YEAR ENDED SEPTEMBER 30, 2019 NOTE 1 - BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards(the"Schedule")includes the federal award activity of the City under programs of the federal government for the fiscal year ended September 30, 2019. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position or cash flows of the City. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement, except for the Equitable Sharing programs for Justice which follow, Guide to Equitable Sharing for Foreign Countries and Federal, State,and local Law Enforcement Agencies. Pass-through entity identifying numbers are presented where available. NOTE 3 - INDIRECT COST RATE The City has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. 98 CITY OF AVENTURA, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 SECTION I -SUMMARY OF AUDITORS' RESULTS Financial Statements Type of auditors' report issued: Unmodified Opinion Internal control over financial reporting: Material weakness(es) identified? Yes X No Significant deficiencies identified? Yes X None reported Noncompliance material to financial statements noted? Yes X No Federal Awards Internal control over major federal awards: Material weakness(es) identified? Yes X No Significant deficiencies identified? Yes X None Reported Type of auditors' report issued on compliance for major federal programs: Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes X No Identification of major federal program: CFDA No. Federal Program or Cluster 97.036 Department of Homeland Security Federal Emergency Management Agency Public Assistance Grants Dollar threshold used to distinguish between Type A and Type B programs: $750,000 Auditee qualified as low risk auditee? Yes X No 99 CITY OF AVENTURA, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FISCAL YEAR ENDED SEPTEMBER 30, 2019 SECTION II -FINANCIAL STATEMENT FINDINGS None. SECTION III - FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS None. 100 CABALLERO HERMAN LLERENA GARCIA LLP HIM accountants I advisors MANAGEMENT LETTER IN ACCORDANCE WITH THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA Honorable Mayor and Members of the City Commission City of Aventura, Florida Report on the Financial Statements We have audited the basic financial statements of City of Aventura, Florida (the "City"), as of and for the fiscal year ended September 30, 2019, and have issued our report thereon dated March 5, 2020. Auditors' Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and Chapter 10.550, Rules of the Florida Auditor General. Other Reporting Requirements We have issued our Independent Auditors' Report on Internal Control over Financial Reporting and Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards, Independent Auditors' Report on Compliance for Each Major Federal Program and Report on Internal Control over Compliance, Schedule of Findings and Questioned Costs, and Independent Accountant's Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports and schedule,which are dated March 5,2020, should be considered in conjunction with this management letter. Prior Audit Findings 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 financial audit report. There were no findings or recommendations made in the preceding financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements.This information is disclosed in the notes to the financial statements, Note 1. Financial Condition and Management Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the City has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit,we determined that the City did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the City. 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. This assessment has been performed as of the fiscal year end. Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit,we did not have any such recommendations. 101 8950 SW 74th Court I Suite 1210 1 Miami,FL 33156 T.305.662.7272 F:305.662.4266 1 CFLGCPA.COM Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit,we did not note any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives,the Florida Auditor General, Federal and other granting agencies, City Commission and applicable management, and is not intended to be and should not be and should not be used by anyone other than these specified parties. G'a6a��ewo few�ra�r L�ewe�a �'awc�a, LLQ' Caballero Fierman Llerena&Garcia, LLP Miami, Florida March 5, 2020 102 8950 SW 74th Court I Suite 1210 1 Miami,FL 33156 T.305.662.7272 F:305.662.4266 1 CFLGCPA.COM CABALLERO HERMAN LLERENA GARCIA LLP HIM accountants I advisors INDEPENDENT ACCOUNTANTS' REPORT ON COMPLIANCE PURSUANT TO SECTION 218.415 FLORIDA STATUTES Honorable Mayor and Members of the City Commission City of Aventura, Florida We have examined the City of Aventura, Florida, (the "City") compliance with the requirements of Section 218.415 Florida Statutes during the period of October 1, 2018 to September 30, 2019. Management of the City is responsible for the City's compliance with the specified requirements. Our responsibility is to express an opinion on the City's compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the City complied, in all material respects,with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the City complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the City's compliance with specified requirements. In our opinion, the City complied, in all material respects, with the requirements of Section 218.415 Florida Statutes during the period of October 1, 2018 to September 30, 2019. This report is intended solely for the information and use of management, members of the City Commission, others within the City 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. G'a6a��ewo few�ra�r L�ewe�a �- �'awc�a, LLQ' Caballero Fierman Llerena&Garcia, LLP Miami, Florida March 5, 2020 103 8950 SW 74th Court I Suite 1210 1 Miami FL 33156 T.305.662.7272 F:305.662.4266 1 CFLGCPA.COM �-c AVt�. e FLO 19200 West Country Club Drive Aventura, Florida 33180 Phone: 305-466-8920 Fax: 305-466-8939 cityofaventu ra.com CITY OF AVENTURA COMMUNITY DEVELOPMENT DEPARTMENT MEMORANDUM TO: City Commission FROM: Ronald J. Wasso '4 City Manager BY: Joanne Carr, AIC Community Development Director DATE: March 6, 2020 SUBJECT: Request of RK Aventura Shops LLC for Sign Variance 3001 Aventura Boulevard, City of Aventura Case File: SV2002-0001 March 10, 2020 City Commission Meeting Agenda Item LO RECOMMENDATION It is recommended that the City Commission approve the request for variance to permit two ownership identification logo wall signs measuring 6.645 square feet each; one on the west elevation and one on the southwest elevation of the commercial plaza located at the corner of Aventura Boulevard and NE 29 Avenue, where signs only for a tenant with its own frontage and entrance facing a public street are permitted by Code, with the following conditions: 1. That the sign submitted for permitting comply with the drawings submitted with this application, those being: • "RK", Aventura, Page 01, prepared by DAW Electric Inc, dated 02.04.20. • Photographs of the proposed logo placement on the west and southwest walls of the plaza. 2. That plans submitted for permitting shall indicate the roofline of the building. Placement of the logos shall comply with the City's sign code provision that no wall sign may be erected more than 50% above a parapet. 3. No other ownership identification logo wall signs shall be permitted on any other elevations of the building. 4. The maximum illumination level of the logos shall not exceed 4000 lumens. THE REQUEST The applicant, RK Aventura Shops LLC, is requesting a variance from Section 31-191(j)(2)a. of the City Code to permit two ownership identification logo wall signs measuring 6.645 square feet each; one on the west elevation and one on the southwest elevation of the commercial plaza located at the corner of Aventura Boulevard and NE 29 Aventura, where only signs for a tenant with its own frontage and entrance facing a public street are permitted by Code. The applicant's letter of intent is attached as Exhibit#1. BACKGROUND OWNER OF PROPERTY RK Aventura Shops LLC APPLICANT RK Aventura Shops LLC LOCATION OF PROPERTY 3001 Aventura Boulevard Location Map is attached as Exhibit#2 LEGAL DESCRIPTION Legal description is attached as Exhibit #3 ZONING Subject property: B2, Community Business District Property to the North: B2, Community Business District and RMF4, Multifamily High Density Residential District Property to the South: B2, Community Business District Property to the East: RMF4, Multifamily High Density Residential District Property to the West: B2,Community Business District and RMF3, Multifamily Medium Density Residential District EXISTING LAND USE Subject property: Commercial Plaza Property to the North: Office Building and Mid Rise Condominiums Property to the South: Commercial Plaza Property to the East: High Rise Condominium Property to the West: Bank and Mid Rise Condominiums 2 FUTURE LAND USE — According to the City of Aventura Comprehensive Plan, the following properties are currently designated as follows: Subject property: Business and Office Property to the North: Business and Office and Medium High Density Residential Property to the South: Business and Office Property to the East: Medium High Density Residential Property to the West: Business and Office and Medium High Density Residential The Site -The subject site is a 2.2 acre property with frontages on both Aventura Boulevard and NE 29 Avenue, with municipal address 3001 Aventura Boulevard, City of Aventura. The site contains a one-story commercial plaza with a grocery, spa, drug store and bank. The two corner tenants have two wall signs as permitted by Code. The interior tenants have one wall sign as permitted by Code. There are two monument signs; one on NE 29 Avenue and one on Aventura Boulevard, that comply with the sign code. Photographs of the existing wall signs are attached as Exhibit#4 to this staff report. The Project — The owner wishes to erect two ownership identification logo wall signs; one on the west elevation and one on the southwest elevation. Each logo measures 6.645 square feet as shown on Exhibit #5 to this staff report. The logos were previously erected by the applicant without benefit of a sign permit. The owner was advised that application and approval of this sign variance is needed to permit placement of these logo signs. City staff has recently recommended a sign code amendment to place the maximum sign illumination level at 4000 lumens. The existing logos are 6400 lumens. The applicant has proffered to dim the brightness to 4000 lumens to comply with the pending code revision. Citizen Comments —The Community Development Department has received no written citizen comments as of the date of writing of this report. ANALYSIS Section 31-191(j)(2)a. of the City's sign regulations allows business identification wall signs for tenants of the building. Each tenant that has its own frontage and entrance facing a public street may have a wall sign measuring 1 square foot for each 1 lineal foot of tenant frontage. Corner or through locations may have one additional sign measuring 50% of the primary sign. The applicant does not have a tenant space in this building; therefore, no business identification wall sign is allowed. The applicant is proposing two ownership identification logo wall signs, 3 each measuring 6.645 square feet; one on the west elevation and one on the southwest elevation of the building. CRITERIA FOR SIGN VARIANCE APPROVAL The criteria for approval of sign variances are set out in Section 31-191(m)(8) of the City of Aventura Land Development Regulations, as follows: "The Sign Variance maintains the basic intent and purpose of these regulations; particularly as it affects the stability and appearance of the City and provided that the variance will be otherwise compatible with the surrounding land uses and would not be detrimental to the community. No showing of unnecessary hardship to the land is required." The basic intent and purpose of the sign regulations is to allow signage that is effective in indexing the environment, serves as an index to needed goods and services, enhances the physical appearance of the City, promotes traffic safety while preventing visual distraction and is compatible with its surroundings. It is staffs opinion that approval of the two ownership identification logo wall signs at this location is not in conflict with the basic intent and purpose of the sign code. The logos index ownership of the plaza. The small size of the logos will not cause a visual distraction. The applicant has proffered to dim the logos to a maximum illumination of 4000 lumens to comply with a pending sign code amendment. 4 RKCenters February 17,2020 VIA HAND DELIVERY Exhibit 1 Joanne Carr, AICP SV2002-0001 Community Development Director City of Aventura 19200 West Country Club Drive Aventura, Florida 33180 RE: Revised Letter of Intent Requesting Approval of Sign Variance for Trademark Logos for the Property Located at 3001 Aventura Blvd, Aventura, Florida Dear Ms. Carr: This Letter of Intent supports the attached Sign Variance Appliance to install two (2) trademark logo signs on the west and south side of the building located at 3001 Aventura Boulevard. The applicant is RK Aventura Shops, LLC ("RK Centers"), which is the owner of the small retail shopping center located at the aforementioned address. RK Centers is a privately held family owned real estate development company, which owns over 10 Million square feet of commercial retail space in South Florida and New England area of the United States. The RK Centers' trademark logos are prominently displayed in all its retail shopping centers in the United States. Throughout South Florida and the northeast area of the United States, the RK Centers' logo symbolizes a world class and well-maintained shopping center to its tenants and visitors. The two logos for the shopping center in Aventura are needed to maintain the symbol of excellence in the "City of Excellence" and to enhance the shopping experience for residents and visitors. It is important to note that the logos will be aesthetically pleasing and will not cause any sign pollution. The shopping center in Aventura is currently occupied by the following long-time tenants: Kosher Kingdom, Walgreens, Amerant Bank, and U Style Day Spa Salon. Numerous residents visit the shopping center on a daily basis to shop for basic goods and services. Since acquiring the retail shopping center, RK Centers has invested significant funds to improve the look of the shopping center. More specifically, RK Centers painted the building and installed new landscaping to upgrade the look of the shopping center Approval of the sign variance request is appropriate in this case. Pursuant to Section 31- 191(m)(8)of the City Code, the City Commission has the authority to approve the Sign Variance Application under the following circumstances: "A Variance may be granted upon a showing by the applicant that the sign variance maintains the basic intent and purpose of these regulations, particularly as it affects the stability and appearance of the City and provided that the variance will be otherwise compatible with the surrounding land uses and would not be de 17100 Collins Avenue,Suite 225,Sunny Isles Beach,FL 33160 I Phone:305.949.4110 I Fax:305.948.3410 50 Cabot Street,Suite 200,Needham,MA 02494 I Phone:781.320.0001 I Fax:781.320.3610 www.rkcenters.com e er S detrimental to the community. No showing of unnecessary hardship to the land is required." In this instance, the sign variance request "maintains the basic intent and purpose of [the sign] regulations, particularly as it affects the stability and appearance of the City." Moreover, the variance will be compatible to the surrounding land uses and would not be detrimental to the community because it would not cause any sign pollution. As such, RK Centers respectfully requests a favorable recommendation from Staff and approval from the City Commission. Please feel free to call me at (305) 949-4110 if you have any questions regarding the Letter of Intent and Sign Variance Application. Thank you for your prompt consideration of this matter. Si. e -ly, 'K -n 1 ,oloorfraTit, '/ � , .ns ,► ot, sq. Attachments cc: Dan Katz Florida Property Management Florida Legal 17100 Collins Avenue,Suite 225,Sunny Isles Beach,FL 33160 I Phone:305.949.4110 I Fax:305.948.3410 50 Cabot Street,Suite 200,Needham,MA 02494 I Phone:781.320.0001 I Fax:781.320.3610 www.rkcenters.com BROWARD COUNTY 4 I .1�1 M.I MM 1..1.�+i�■�y '�7 Y7r 1 eV rip r LTa ir.'i ::: .IIIA .N M. DADE COUNTY ' ■+V7'�'J'VyTti' .....r)v. �7I '1 V 'i ■ Gulfstream YACHT LUB DR. ■ ■ Park ■ r' /01 AP_MARINA s • Avenorru HARBOR COVE • ✓ Hospital �O WAY CIRCLE • ■ • &Medical cy \NP, ■ ▪ Center , Q LMP 4NE" _ ■ • cri - _ • v 7- [ ■ c� ■ ��\�_� 1 Waterways ■ ■ �-���T WATERWAYS ��LD_1 Shopper 207 ST. all ■ • W — ■ W QQ COUNTRY CLUB DR. ii • The gl 205 ST. ■ ■ Promenade `✓ ■ ▪ Shops o p ii IVES DAIRY RD. •▪ 203 ST. O C s 4? ■ N .•.....__iki . n_ o :a 201 TER. rn ■ -J ; ■N 0 Turnberry Isle ■ :a O. co Resort&Club ■ Q ■ w :• AVENTURA 0� ■ v • J :• Fire \_Sublect Site3 ,,,.j rO°P ; O :•:II Rescue Aventura /' �- • ;• Station Library Z C.) .s I iz ■ Aventura Mall 2 Q] • * 4 . ,. ;■ Ilifys.:::0c4.. O YAC,,, Q2 • ;■ ��City of Aventura '� • :• Government Center12 • WY. •;■ 192 ST. W�LLIAM�EHMA • 192 ST ;� 191 ST. �� •= w ;; 190ST. • x • • Loehmann's } • ■ Fashion Ili -S I 0 :• Island Q __ • _1 ■ U 188 ST. • to ;• N I Z MIAMI :± 187 ST. . / 331 80 •• w GARDENS DR. ��77 V O t _._..—. ..._..._. ._.._._._._..._.._ ' •—i 165 ST, 33 60; :• • 11111D '• 183 • : ST. Dun foundling r+ll Bay I Atlantic fc' I Ocean R Williams • %• Biscayne Little ill �5. Sound • it : arbour 180 ST. e `..i N :• Point n c.5) • East • :• 4.hopp g J �i • • • :• P• 7 AST OP'- C3 • I. O I, ._ r . • • x \ a ♦. ... . o � • . . . . • .0 •1 LEGEND a i Lake ♦♦ 4..„,....„„,,„„, �r Roadways rut • / • City Boundary ■ ♦•• 1 —---•— ZIP Code Boundary ram ♦• t I 1 Railroad ♦ j li Exhibit 2 SV2002-0001 Legal Description of Property That portion of Tract S of Aventura Seventh Addition according to the plat thereof as recorded in Plat Book 120, Page 99 of the Public Records of Miami- Dade County, Florida, more particularly described as follows: BEGIN at the Southeasterly corner of said Tract S, then N 03°17'07"W along the east line of said Tract S for 344.29 feet; thence S87°51'41'W for 267.21 feet to the west line of said Tract S; thence S03°1'07"E for 362.32 feet to a point of curvature of a circular curve concave to the northeast; thence along the arc of said curve having a radius of 25 feet and a central angle of 100°49'53" for 43.93 feet to a point of reverse curve of a circular curve concave to the south; thence along the arc of said curve having a radius of 3892.72 feet and a central angle of 3°32'21" for 240.46 feet to the point of beginning. Exhibit 3 SV2002-0001 RM �® wm Ah s I � i I � a` Imo" ,y w O 2! { i 1 i I ! / i a 1,. \� t C� V �I 1. ,III _ a s rn t' 4. Y � �01,. d i � l'. 4-------/F4fit �T i I I C� I Z I � W II ` n_, Exhibit 5 SV2002-0001 PERMIT DRAWING face lit channel letters-illuminated 6.6 SQUARE FEET) Contractor: 4'-5 1/4" DAW Electric Inc. 20200 NW 2'Ave.#301 4"-5° GENERAL NOTES Miami,FL 33169 ;� 13005443 A -,--- This sign is to be installed in accordance with the requirements of Article 600 of the IK National .alml, Job Name: Electrical Code 2014 1st Edition ED IP R 1.Grounded and bonded per NEC 600.7/NEC 250 Tri):1144 B m H 2.Existing branch circuit in compliance with E- frNEC 600.5,not to exceed 20 amps o: Address: 3.Sign is to be UL or MET per NEC 600.3 ►�` iV4; 4.UL disconnect switch per 600.6 required per q• ••♦.; Aventura C 0. sign component leaving manufacturer' �1�i�'/ — ---- •�.•'-' *For multiple signs,a disconnect is permitted but Date:02.04.20 not required for each section.As per NEC 600. Rev: — D ll' Exception:Remote metal parts of a sign or outline SIGN LAYOUT _—_ lighting system only supplied by a remote Class 2 Drawn by: I'' power supply shall not be required to be bonded to E —► an equipotent grounding conductor II, C1.1 ELECTRICAL DETAIL i LED'S 3500K Utz. K (1)60W Power Supply @ 1.2 amps each f T‘..A. 4 -.-----r--- 4otal Amps 1.2 , � L )III IIP (1)20 AMP 120V Circuit Required F _ y ENERGY CODE REQUIRES COMBINATION OF PHOTOCELL �M AND/OR TIMER.ASTRONOMICAL TIMER AS PER C405.2.4 FASTENER LOCATION Gi' PERMIT NUMBER AFFIX TO THE SIGN AS PER FBC 3108.1 4 T�' Note:All wall penetrations will be sealed w/ 0 14 N ALL ELECTRICAL COMPONENTS ARE UL LISTED RTV silicone sealant. MASTER POWER SUPPLY SPECIFICATIONS 1,1tt111E110fif,„�/ SECTION THRU LETTER Table 4-Master Power Supply(AAPS)MalnCharacteristics Sign Company DOES NOT provide primary electric to sign. `�Ne \,NNpp G',,f (TYPICAL)nts 'ro."�"+. UAW•10•�RHe ``� • ,- �/��� ua.�nant...Ou.Rr+L•d „AW.) •Primary,Photo Cell or Timer by others .4��•..' ti` 17%� ,:, C"-°""""". - '"'r"*^""°"i°'s •Lockingor addinga lock to the disconnecting means ' A. .B40 ALUMINUM SIDES(riveted a welded)TO BACK ALUM PANEL g 1 • '.oa•.s+y Tw••Ow dtro�I[D2.-tefF No. I.JEWEUTE TRIM CAP WITH f/R 314'TEC SELF-TAPPING SCREW I -.- - - -.....-- shall be installed on or at the switch or circuit breaker used as : N 18937 B- I OoYt^rYrnw• Moa MM..�a.•w1•�pad .� (w«aa every 6'°'°""°primmer) _- the disconnecting means and shall remain in place with or without -1- C. 12 V LED'S(GE TETRA) ���� '����:�~. _— * = O ' the lock installed.NEC 600.6 • r D D. LOW VOLTAGE LED WIRING ""d"'"widpMpi"` """""9' ! ' y �'. STATE OF ..„..i.: ® 4r- .--E. 1/8'PLASTIC TRANSLUCENT FACE(soldered w/methylene(blonde to jewelite) .....=4;1—. �C _ ANCHOR SCHEDULE an fasteners to be spaced evenly .4-- — ''k, F. 1/4'DIA.DRAIN HOLE(one per earl,low spot in letter)W/LIGHT BAFFLE PANEL SCHEDULE may. s"•• '•���'`�` ALL 111(1 ICAM COMPONENTS ARE UL LISTED AND APPROVED WALL MATERIAL ANCHOR TYPE OTY of N �//////i° ` G. SECONDARY CLASS II WIRING JUNCTION BOX disconnect switch w/(over 8 lock) ALL SIGNS GOUNDED ACCORDING TO ARTICLE 2500E THE N.E.C. SPACING t \v \ S ( type) CONCRETE(3mla 1/4'THREADED RODS WITH MIN EMBED Is ADHESIVE /�f����1i11��11 �� neC H. SEE ANCHOR SCHEDULE ondla MN IMM 1010 LOAD IHASI IMO um MANS ••r 1/4'TAPCONS(OR EQUIVI WITH 1.75'EMBED LISTED XII'HOLE WITH PAREEIPSTIDPGROUND P/N 01418141CCNiDUITNOT 1EMUIRED. __ AOA M• N. '°�"_°N1 `�LLC'A' ` 1/G'EXPANSIONANCHORSWITH 2.5'EMBED I E191S4J-01(LEI(1114 AWG I(+11 AWG 0(105L SON RES lsemndory) I' "'- 'MIN(3) 1/2'PLYWOOD 1/4'-OGGLEBOLTSsa,70EUILISTEDN:DSHALL MEET NECSTANDARDS J LED POWER SUPPLY(inside metal axing) — (NO ACESS BEI4NO 114'WOOD SCREWS OR TAPCONS,FULL EMBED PER K. (2)3/I6'DR.X 1"L.TAPCON !"'Oma"" " °f1O"' METAL STUDS/PANES R14METAL SCREW TOAAIN.18ga STEEL CR.090ALUM. LETTER STRUCTURAL INFORMATION Juan 0.Gonzalez Florida P.E.#18937 IMMO L. FLEXIBLE CONDUIT(MC 12/2) aw,rc« 1°."..".$---- I st+cr..� c41 .- HOLLOW WALL•BLOCKING I/4'?FRU BOLTS CR LAGS TO SOLID BLONGBEHIND 7516 N.W.55th St Miami,Fl.33166 M. PRIMARY BRANCH CIRCUIT JUNCTION BOO W/DISCONNECT SWITH DADA OTR OOM,• I + STRUCTURAL MEMBERS,CLADDING.FASTENERS,ATTACHMENTS OF SIGN CABINET r-i REF.ELEVATION DETAIL FOR APPROX L,—_--."" 1 ANCHOR LOCATIONS(TYP.ALL ANCHORS) N. INCOMING PRIMARY WIRING POWER(by others) COMPONENTS WITH WIND LOAD REQUIREMENTS PER FBC 6th EDITION,2017, CH.1605,1607,1611 AND HVHZ 1616-1626 WIND LOADS PER ASCE 7-10 0. SEE ANCHOR SCHEDULE(wall material) UL LABEL LOCATIONS:ONE VISIBLE FROM GROUND,OTHERS ON TOP,ONE ON POWER SUPPLY. 175MPHFOR DADECOUNTY 3SECOND GUST CAT.D62.1 PSF Zi!1/4_ - --- - • /. Y� �r f ^,r is r ' r I •/ r [t..! ,, ,..-; .. j.,,, -,,, : ..,'..„4: .._,.. . ..,..: . , ,,, if: /04iLL/41-'''' '','may t f' f • F f 1 f O' er 1 '_ ,,�/,/ ; Zf ., alb' /0 :, ,, ,t.444. ' /Or "I i. u,f5.40,.. -w F 1 ,r1. 1I- of • dr '- •Itie Apo, / , ♦4 ‘ , a� t .f / S , . '. t - likore *tad APPLICANT REPRESENTATIVE AFFIDAVIT Pursuant to Section 31-71(b)(2)(i)of the City of Aventura Land Development Code,this Applicant Representative Affidavit is hereby made and submitted. The undersigned authorized representative of the individual or entity applying for the Development Permit,which is identified in the accompanying application,and the owner of the property subject to the application(if different)hereby lists and identifies all persons representing the individual or entity applying for the Development Permit in connection with the application,as follows: Name Relationship (i.e.Attorneys,Architects,Landscape Architects,Engineers,Lobbyists,Etc.) 4ANN4-140 fI (Attach Additional Sheets If Necessary) NOTICE: ANY STATEMENT OR REPRESENTATION MADE BY ANY PERSON LISTED ON THE APPLICANT REPRESENTATIVE AFFIDAVIT SHALL BE BINDING UPON THE INDIVIDUAL OR ENTITY APPLYING FOR THE DEVELOPMENT PERMIT AND THE OWNER OF THE SUBJECT PROPERTY. APPLICANTS AND AFFIANTS ARE ADVISED TO TIMELY SUPPLEMENT THIS AFFIDAVIT PURSUANT TO SEC.31-11(B)(2)(IV)OF THE CITY'S LAND DEVELOPMENT REGULATIONS IN THE CITY CODE,IN THE EVENT THAT PRIOR TO CONSIDERATION OF THE APPLICATION BY THE CITY BOARD OR COMMISSION, THE INFORMATION PROVIDED IN THE AFFIDAVIT BECOMES INCORRECT OR INCOMPLETE. afrv- WETNESS MY HAND THIS DAY OF cd1('Va' AUTHORIZ R=P` T•TIVE OF APPLICANT: OWNER Ale 011111Scier By: / 7/ By: ignat (S'# Name: ��S 4 vv0 A Name: f • 1.t !S C (Print) Print) Title: �'c( )/ Title: 4, 41 e Y' Address: WO Aen Address:Pi rW Ca til\S A-,/e1) 4��5 ry • vita STATE OF FLORI'A ) COUNTY OF MIAMI-DADE) Before me the undersigned authoritypersonallyappeared �1 S 04110±- the authorized representative of the 9 pp Applicant and/or the owner of the property subject to the application, who being first by m: • , 4ar , •i• swear or affirm that he/she executed this Affidavit for the purposes stated therein and that it is true and correct. , ,447' AFFI•NT Iday SWORN TO AND SUBSCRIBED BEFORE ME this of r,e.,b(u g.1j , ,4,11''AV'i'' SNEZANA KNEZEVICH Notary Pu I is Stat-••f ••- •t Large -,� Notary Public-State of Florida Printed Name of Notary ,1 ' �.! 1 kr,,,i. 1-2(hc,L •; d4' Commission#GG 007101 yr .�:.".a`/ MyComm.Expires Jun 29,2020 My commission expires: -2- - �., p� 't"`"�' Bonded through National Notary Assn. 41111W' `'44100 BUSINESS RELATIONSHIP AFFIDAVIT* This Affidavit is made pursuant to Section 31-71(b)(2)(ii)of the City of Aventura Land Development Code. The undersigned Affiant hereby discloses that: (mark with"x"applicable portions only) E1. Affiant does not have a Business Relationship with any member of the City Commission or any City Advisory Board to which the application will be presented. [ 12. Affiant hereby discloses that it does have a Business Relationship with a member of the City Commission or a City Advisory Board to which the application will be presented,as follows: (List name of Commissioner or Advisory Board Member) who serves on the (List City Commission or City Advisory Board upon which member serves). The nature of the Business Relationship is as follows: Member of City Commission or Board holds an ownership interest in excess of 1%of total assets or capital stock of Applicant or Representative; Member of City Commission or Board is a partner,co-shareholder(as to shares of a corporation which are not listed on any national or regional stock exchange)or joint venturer with the Applicant or Representative in any business venture; []iii. The Applicant or Representative is a Client of a member of the City Commission or Board or a Client of another professional working from the same office or for the same employer as the member of the City Commission or Board; []iv. A City Commissioner or Board member is a Client of the Applicant or Representative; []v. The Applicant or Representative is a Customer of the member of the City Commission or Board(or of his or her employer)and transacts more than$10,000.00 of the business of the member of the City Commission or Board(or his or her employer)in a given calendar year; [I vi. The member of the City Commission or Board is a Customer of the Applicant or Representative and transacts more than$25,000.00 of the business of the Applicant or Representative in a given calendar year. 44' WITNESS MY - • D THI !_-4 DAY OF ,2020 APPLICANT: By: (Signature) Name: ►fir . S LC--(Print) Title: (Print) WI SS MY HA"IS D OF ,200_. PROP -TY Oi .ijel --',1•••0101, By: (Signature) Name: +1G ;IIMIP , • IC-(Print) Title: 191'N4,tr\of it" (Print) 'The terms 'Business Relationship," "Client,' "Customer" "Applicant," 'Representative"and "Interested Person"are defined in Section 2-395 of the Aventura City Code. NOTARIZATION PROVISION STATE OF FLORIDA ) COUNTY OF MIAMI-DADE) Before me,the undersigned authority,personally appeared ISM it I 144 rk the Affiant, : .: t,- rst• • ly s . • .id swear or affirm that he/she executed this Affidavit for the purposes stated therein and that it is true and correct. 111.40#9.: AFFIAN SWORN TO AND SUBSCRIBED before me this day of /100 00?V PL ,, NEZANA KNEZEVICH Ai ;PP. ;`,. NotaryPublic-State of Florida Public to of FI. Large `�^ • im, • Commission#GG 007101 — ,- VI (.V1 4 '"� Iii` ` My Comm.Expires Jun 29,2020 Printed Name of Notary �7 .ria o� •�,F of F�oMy commission expires:_ ...)-0=A-41.7...)-0=A...)-0=A-41.7i �________'�,• •,•`?•� _Bact /bough National NotarYAssn_�_ r STATE OF FLCIPTI — — - - COUNTY OF MIAMI-DADE) Before me,the undersigned authority,personally appeared the Affiant,who being first by me duly sworn,did swear or affirm that he/she executed this Affidavit for the purposes stated therein and that it is true and correct. AFFIANT SWORN TO AND SUBSCRIBED before me this day of ,200_. Notary Public State of Florida At Large Printed Name of Notary My commission expires:__ STATE OF FLORIDA ) COUNTY OF MIAMI-DADE) Before me,the undersigned authority,personally appeared the Affiant,who being first by me duly sworn,did swear or affirm that he/she executed this Affidavit for the purposes stated therein and that it is true and correct. AFFIANT SWORN TO AND SUBSCRIBED before me this __day of_ —,200_. Notary Public State of Florida At Large Printed Name of Notary My commission expires: __ STATE OF FLORIDA ) COUNTY OF MIAMI-DADE) Before me,the undersigned authority,personally appeared the Affiant,who being first by me duly sworn,did swear or affirm that he/she executed this Affidavit for the purposes stated therein and that itis true and correct. AFFIANT SWORN TO AND SUBSCRIBED before me this __day of 200_. Notary Public State of Florida At Large Printed Name of Notary My commission expires:_ .. %100 Ned Lk BUSINESS RELATIONSHIP AFFIDAVIT'"` This Affidavit is made pursuant to Section 31-71(b)(2)(ii)of the City of Aventura Land Development Code. The undersigned Affiant hereby discloses that: (mark with'x'applicable portions only) 1. Affiant does not have a Business Relationship with any member of the City Commission or any City Advisory Board to which the application will be presented. [ ]2. Affiant hereby discloses that it does have a Business Relationship with a member of the City Commission or a City Advisory Board to which the application will be presented,as follows: (List name of Commissioner or Advisory Board Member) who serves on the (List City Commission or City Advisory Board upon which member serves). The nature of the Business Relationship is as follows: []i. Member of City Commission or Board holds an ownership interest in excess of 1%of total assets or capital stock of Applicant or Representative; []ii. Member of City Commission or Board is a partner,co-shareholder(as to shares of a corporation which are not listed on any national or regional stock exchange)or joint venturer with the Applicant or Representative in any business venture; []iii. The Applicant or Representative is a Client of a member of the City Commission or Board or a Client of another professional working from the same office or for the same employer as the member of the City Commission or Board; []iv. A City Commissioner or Board member is a Client of the Applicant or Representative; []v, The Applicant or Representative is a Customer of the member of the City Commission or Board(or of his or her employer)and transacts more than$10,000.00 of the business of the member of the City Commission or Board(or his or her employer)in a given calendar year; []vi. The member of the City Commission or Board is a Customer of the Applicant or Representative and transacts more than$25,000.00, of c619TUAil— thebusiness of the Applicant or Representative in a given calendar year. WITNESS HAND THIS (9 bAY OF ,2OLP APPLICAI ���' � , By: _' (Signature) Name: .1ix.. w _1� L`^V (Print) Title: .! A • (Print) WITNESS MY HAND THIS I 0 DAY OF rtb(yf ,2%6440 PROPERTY OWNER: By: (Signature) Name: (Print) Title: (Print) 'The terms "Business Relationship," "Client," "Customer," "Applicant," Representative"and "Interested Person"are defined in Section 2-395 of the Aventura City Code. NOTARIZATION PROVISION STATE OF FLORIDA ) COUNTY OF MIAMI-DADE) Before me,the undersigned authority,personally appeared_I4(LAS. FA t. O. , 1.nt, ho.:ing first by me duly sworn,did swear or affirm that he/she executed this Affidavit for the purposes stated therein and that it is true and"correct. i a/ ff_ _ _ -1-A .FFI T SWORN TO AND SUBSCRIBED before me this f'9 ,day of SU2•� ,,40%*,,,� - ' / SNEZANA KNEZEVECH N �- o�1,61e4tivi -- .-`�. Notary Public-State of Florida ( L 4, `• : •= Commission#GG 001101 Printed Name of Notary ,,,. It . 9.-�+�- �° My Comm.Expires Jun 29,2020 My commission expires:_ _ 'l:;of c Ana••` - ceded-throng#-Nationt4atatyAs r _____._______�__ STATE OF FLORIDA-"7"44"' COUNTY OF MIAMI-DADE) Before me,the undersigned authority,personally appeared ___ the Affiant,who being first by me duly sworn,did swear or affirm that he/she executed this Affidavit for the purposes stated therein and that it is true and correct. AFFIANT SWORN TO AND SUBSCRIBED before me this day of _� ,200_. Notary Public State of Florida At Large Printed Name of Notary My commission expires: STATE OF FLORIDA ) COUNTY OF MIAMI-DADE) Before me,the undersigned authority,personally appeared _the Affiant,who being first by me duly sworn,did swear or affirm that he/she executed this Affidavit for the purposes stated therein and that it is true and correct. AFFIANT SWORN TO AND SUBSCRIBED before me this ,_day of_ _,200_. Notary Public State of Florida At Large Printed Name of Notary My commission expires: STATE OF FLORIDA ) COUNTY OF MIAMI-DADE) Before me,the undersigned authority,personally appeared the Affiant,who being first by me duly sworn,did swear or affirm that he/she executed this Affidavit for the purposes stated therein and that it is true and correct. AFFIANT - SWORN TO AND SUBSCRIBED before me this_ day of _,200_ Notary Public State of Florida At Large _ Printed Name of Notary My commission expires:_ _ RESOLUTION NO. 2020- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING A SIGN VARIANCE FOR THE AVENTURA SHOPS COMMERCIAL PLAZA AT 3001 AVENTURA BOULEVARD, CITY OF AVENTURA; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Applicant, RK Aventura Shops LLC, through Application No. SV2002-0001, has requested a sign variance to permit two ownership identification logo wall signs measuring 6.645 square feet each; one on the west elevation and one on the southwest elevation of the one-story commercial plaza at 3001 Aventura Boulevard, City of Aventura, where wall signs only for a tenant with its own frontage and entrance facing a public street are permitted by Code; and WHEREAS, the property described herein is zoned B2, Community Business District; and WHEREAS, following proper notice, the City Commission has held a public hearing as provided by law; and WHEREAS, the City Commission finds that the application for a sign variance for two 6.645 square foot ownership identification logo wall signs meets the criteria of the applicable codes and ordinances to the extent the application is granted herein. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, THAT: Section 1. Application No. SV2002-0001 for Sign Variance to permit two ownership identification logo wall signs measuring 6.645 square feet each; one on the west elevation and one on the southwest elevation of the commercial plaza at 3001 Aventura Boulevard, legally described in Exhibit "A" to this resolution, is hereby granted exclusively to the applicant, with the following conditions: 1. That the sign submitted for permitting comply with the drawings submitted with this application, those being: • "RK", Aventura, Page 01, prepared by DAW Electric Inc, dated 02.04.20. • Photographs of the proposed logo placement on the west and southwest walls of the plaza. 2. That plans submitted for permitting shall indicate the roofline of the building. Placement of the logos shall comply with the City's sign code provision that no wall sign may be erected more than 50% above a parapet. City of Aventura Resolution No. 2020- 3. No other ownership identification logos shall be permitted on any other elevations of the building. 4. The maximum illumination level of the logos shall not exceed 4,000 lumens. Section 2. The City Manager is authorized to cause the issuance of permits in accordance with the approvals and conditions herein provided and to indicate such approvals and conditions upon the records of the City. Section 3. Issuance of this development order by the City of Aventura does not in any way create any right on the part of an applicant to obtain a permit from a state or federal agency and does not create any liability on the part of the City of Aventura for issuance of the development order if the applicant fails to obtain requisite approvals or fulfill the obligations imposed by a state or federal agency or undertakes actions that result in a violation of state or federal law. All applicable state and federal permits must be obtained before commencement of the development. This condition is included pursuant to Section 166.033, Florida Statutes, as amended. Section 4. 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 Denise Landman Commissioner Dr. Linda Marks Commissioner Gladys Mezrahi Commissioner Robert Shelley Commissioner Howard Weinberg Vice Mayor Marc Narotsky Mayor Enid Weisman PASSED AND ADOPTED this 10th day of March, 2020. Page 2 of 4 City of Aventura Resolution No. 2020- ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY This Resolution was filed in the Office of the City Clerk this day of , 2020. CITY CLERK Page 3 of 4 City of Aventura Resolution No. 2020-_ EXHIBIT "A" Legal Description of Property That portion of Tract S of Aventura Seventh Addition according to the plat thereof as recorded in Plat Book 120, Page 99 of the Public Records of Miami-Dade County, Florida, more particularly described as follows: BEGIN at the Southeasterly corner of said Tract S, then N 03°17'07"W along the east line of said Tract S for 344.29 feet; thence S87°51'41"W for 267.21 feet to the west line of said Tract S; thence S03°1'07"E for 362.32 feet to a point of curvature of a circular curve concave to the northeast; thence along the arc of said curve having a radius of 25 feet and a central angle of 100°49'53" for 43.93 feet to a point of reverse curve of a circular curve concave to the south; thence along the arc of said curve having a radius of 3892.72 feet and a central angle of 3°32'21" for 240.46 feet to the point of beginning. Page 4 of 4 CITY OF AVENTURA FINANCE DEPARTMENT MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager BY: Brian K. Raducci, Finance Director DATE: March 6, 2020 SUBJECT: Mid-Year Ordinance Amending 2019/20 Budget 1st Reading March 10, 2020 City Commission Meeting Agenda Item 7 2"d Reading April 6, 2020 City Commission Meeting Agenda Item RECOMMENDATION It is recommended that the City Commission approve the attached Ordinance amending the 2019/20 budget. The total amount of each fund's budget amendment is outlined below. BACKGROUND As you may be aware, the City normally amends the budget at mid-year to: • recognize actual fund balance amounts carried over based on the prior year's audit and 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, 2019 to the 2019/20 budget was also addressed in my memorandum dated March 5, 2020 which will accompany the Commission's electronic package containing the Comprehensive Annual Financial Report. • In addition, there are a couple of "Other Items" that were not considered in the originally adopted FY 2019/20 Budget that need to be addressed through a corresponding budget amendment that will provide the necessary funding. Some of these items may have been previously discussed with the Commission but now require formal action. For simplicity, the following narrative addresses all of the items discussed above in "Fund/Account Number sequence" in terms of how they appear on the adjacent Budget Amendment Schedule. 1 GENERAL FUND (001) Revenues and Expenditures— a net decrease of$841 respectively. 1. To re-appropriate the Aventura Founders Park remaining balance of $109,052 (at September 30, 2019) for tennis court enhancements that were not completed by the end of FY 2018/19. This additional cost will be offset by a corresponding reduction to the Capital Reserve in the amount of$109,052. 2. To appropriate $267,261 worth of additional funding to replace the Government Center Roof which was originally scheduled to be replaced in FY 2020/21. This additional cost will be offset by a corresponding reduction to the Capital Reserve in the amount of$267,261. Background As you may recall, the Government Center Roof has been experiencing small leaks over the past few years, resulting in our Public Works/Transportation Department doing emergency repairs on an as-needed basis. On October 29, 2019 the City received an Engineering Report from Garland/DBS, Inc. ("Garland") that essentially recommended that a new skin ("skin process") be placed on the roof sooner than later as the existing roof's condition was quickly deteriorating. The skin process comes with a 10-year warranty and prevents the City from incurring a cost of more than $400,000 for a complete re-roof. The skin process is a viable option at this time, as the roof's base is still dry and undamaged. On January 16, 2020, due to the circumstances outlined above and in order to ensure that the Government Center facility would be ready for the upcoming rainy season, the City Manager declared this condition an emergency and authorized staff to issue a Purchase Order to Garland for the new skin process. The City was able to piggyback this purchase from Garland as they participate in the Master Intergovernmental Cooperative ("MICPA") with Cobb County, GA and Omnia Partners/U.S. Communities—Contract#MICPA#14-5903. 3. To (decrease) the net Non Departmental/Transfers from the General Fund to the debt service funds by ($841) as follows: a. Fund 230— ($308) b. Fund 250— ($533) This amendment allows the City to recognize and utilize actual fund balances from the two-related debt service funds based on the prior year's audit as described below. This reduction in expenditures will be offset by a corresponding decrease in Carryover (3999000). 2 SPECIAL REVENUE FUNDS POLICE EDUCATION FUND (110) Revenues and Expenditures— a net increase of$7,596 respectively To recognize and re-appropriate additional Carryover in the amount of$7,596 based on the prior year's audit and in order to provide for additional Training. TRANSPORTATION AND STREET MAINTENANCE FUND (120) Revenues and Expenditures— a net increase of$4,494,871, respectively To recognize and re-appropriate additional Carryover in the amount of $4,494,871 to fund the two (2) projects below that were not completed by the end of FY 2018/19 and to adjust the Capital Reserve budgeted line item. 1. To re-appropriate $266,019 for Road Resurfacing projects budgeted in FY 2018/19 (i.e., NE 187th Street and NE 185th Street Milling & Resurfacing) that were in process at September 30, 2019. 2. To re-appropriate $178,286 for Transportation System Improvement projects budgeted in FY 2018/19 (i.e., Crosswalk Solar Lighting and Flashing Pedestrian Signs at Porta Vita and other locations) that were in process at September 30, 2019. 3. To increase the Capital Reserve budgeted line item by a net amount of $4,050,566 in order to adjust it as a result of the post-audit budget amendments described above. 911 FUND (180) Revenues and Expenditures— a net increase of$20,150 respectively To recognize and re-appropriate additional Carryover in the amount of $20,150 based on the prior year's audit in order to provide for additional capital reserve. DEBT SERVICES FUNDS DEBT SERVICE FUND SERIES 2010 & 2011 (230) (Revenue Reclassification of$308—net effect is $0) To recognize and re-appropriate a Carryover in the amount of $308 based on the prior year's audit and to simultaneously reduce the transfer from the General Fund by $308 for a net effect of$0. DEBT SERVICE FUND SERIES 2012 (A) CHARTER SCHOOL LAND ACQUISITION (250) (Revenue Reclassification of$533—net effect is $0) To recognize and re-appropriate a Carryover in the amount of $533 based on the prior year's audit and to simultaneously reduce the transfer from the General Fund by $533 for a net effect of$0. 3 CAPITAL PROJECTS FUND (392) Revenues and Expenditures— a net increase of$151,599 respectively To recognize and re-appropriate additional carryover funds to fund the items below. Additional Carryover: • Police—$137,722 • Community Services—$2,982 • Public Works/Transportation —$10,895 (traffic flow improvement project) Additional Capital Reserve: • Police—$137,722 • Community Services—$2,982 • Public Works/Transportation —$10,895 (traffic flow improvement project) AVENTURA CHARTER SCHOOL CONSTRUCTION FUND (393) Revenues and Expenditures— a net increase of$191,303 respectively To recognize and re-appropriate additional investment income to fund future construction- related expenditures. Additional Funding: • Investment Income— $191,303 (interest earned in FY 2018/19). Facility/Building Construction: • To allocate new funding to cover additional costs that are currently required (i.e., Professional Design Services for DSAHS Locker Room Construction as discussed at the February 20, 2020 Commission Workshop — $49,050). • The probable cost provided by the consultant for the construction of the locker rooms is $338,000. Only a portion of this cost would be covered by this additional revenue.* *The City will soon be in the process of preparing the final close-out of the Construction Contract to Kaufmann Lynn for the DSAHS. Any additional monies that may be required to fund any remaining items (i.e., supplemental construction cost of locker rooms) will be addressed in the End of Year Budget Amendment. If you should have any questions related to this memorandum, please feel free to contact the City Manager. BKR/bkr 4 Exhibit A FY 2019/20 Budget Amendments GENERAL FUND(001) 2019/20 2019/20 2019/20 OBJECT ADOPTED AMENDED REVISED CODE CATEGORY BUDGET AMOUNT BUDGET Revenues Non-Revenue 3999000 Carryover $ 15,310,062 $ (841) $ 15,309,221 SUBTOTAL $ 15,310,062 $ (841) $ 15,309,221 Total Amendments-Revenues $ (841) Expenditures Capital Outlay/Community Services(8050-572) 6310 Aventura Founders Park $ 103,000 $ 109,052 $ 212,052 SUBTOTAL $ 103,000 $ 109,052 $ 212,052 Capital Outlay/Public Works/Transportation(8054-539) 6421 Government Center Improvements $ 13,500 $ 267,261 $ 280,761 SUBTOTAL $ 13,500 $ 267,261 $ 280,761 Non Departmental/Transfers(9001-581) 9123 Transfer to Debt Service Fund-2010/11 1,196,429 (308) 1,196,121 9125 Transfer to Debt Service Fund-2012(A) 365,606 (533) 365,073 SUBTOTAL $ 1,562,035 $ (841) $ 1,561,194 Non Departmental/Capital Outlay(8090-590) 6999 Capital Reserve 14,772,304 (376,313) 14,395,991 SUBTOTAL $ 14,772,304 $ (376,313) $ 14,395,991 Total Amendments-Expenditures $ (841) Page 1 of 4 Exhibit A POLICE EDUCATION FUND(110) IF 2019/20 2019/20 2019/20 OBJECT ADOPTED AMENDED REVISED _, ,,,misiiiiiiimw BUDGET AMOUNT BUDGET Revenues Non-Revenue 3999000 Carryover $ - $ 7,596 $ 7,596 SUBTOTAL $ - $ 7,596 $ 7,596 Total Amendments-Revenues $ 7,596 Expenditures Public Safety(2001-521) 5450 Training $ 5,500 $ 7,596 $ 13,096 SUBTOTAL $ 5,500 $ 7,596 $ 13,096 Total Amendments-Expenditures $ 7,596 TRANSPORTATION AND STREET MAINTENANCE FUND(120) 2019/20 2019/20 2019/20 OBJECT ADOPTED AMENDED REVISED CODE CATEGORY v BUDGET AMOUNT BUDGET Revenues Non-Revenue 3999000 Carryover $ 1,607,674 $ 4,494,871 $ 6,102,545 SUBTOTAL $ 1,607,674 $ 4,494,871 $ 6,102,545 Total Amendments-Revenues $ 4,494,871 Expenditures Public Works/Transportation-54-541 6305 Road Resurfacing $ 328,400 $ 266,019 $ 594,419 6341 Transportation System Improv. 375,000 178,286 553,286 6999 Capital Reserve 1,195,000 4,050,566 5,245,566 SUBTOTAL $ 1,898,400 $ 4,494,871 $ 6,393,271 Total Amendments-Expenditures $ 4,494,871 911 FUND(180) --- 2019/20 2019/20 2019/20 OBJECTADOPTED AMENDED REVISED CODE CATEGOR BUDGET AMOUNT BUDGET Revenues Non-Revenue 3999000 Carryover $ 4,970 $ 20,150 $ 25,120 SUBTOTAL $ 4,970 $ 20,150 $ 25,120 Total Amendments-Revenues $ 20,150 Expenditures Public Safety(2001-521) 6999 Capital Reserve $ - $ 20,150 $ 20,150 SUBTOTAL $ - $ 20,150 $ 20,150 Total Amendments-Expenditures $ 20,150 Page 2 of 4 Exhibit A DEBT SERVICE FUND SERIES 2010&2011 (230) 2019/20 2019/20 2019/20 OBJECT.;, .._. ADOPTED AMENDED REVISED ..� ..a„ .. . .., ,:111111i .. �� .... _._. BUDGET AMOUNT BUDGET Revenues Non-Revenue 3811001 Transfer from General Fund $ 1,196,429 $ (308) $ 1,196,121 3999000 Carryover - 308 308 SUBTOTAL $ 1,196,429 $ - $ 1,196,429 Total Amendments-Revenues $ - DEBT SERVICE FUND SERIES 2012(A)CHARTER SCHOOL LAND ACQUISITION (250) r °2019/20 2019/20 2019/20 OBJECT ., _,_, ADOPTED AMENDED REVISED CODE CATEGORY BUDGET AMOUNT BUDGET Revenues Non-Revenue 3811001 Transfer from General Fund $ 365,606 $ (533) $ 365,073 3999000 Carryover - 533 533 SUBTOTAL $ 365,606 $ - $ 365,606 Total Amendments-Revenues $ - Page 3 of 4 I Exhibit A CAPITAL PROJECTS FUND(392) 2019/20 2019/20 2019/20 OBJECT ADOPTED AMENDED REVISED alliMiliWATEGORY BUDGET AMOUNT BUDGET Revenues Non-Revenue 3999000 Carryover-Police $ 62,420 $ 137,722 $ 200,142 3999000 Carryover-Community Services 913 2,982 3,895 3999000 Carryover-Public Works/Transportation 650,000 10,895 660,895 SUBTOTAL $ 713,333 $ 151,599 $ 864,932 Total Amendments-Revenues $ 151,599 Expenditures Police(2001-521) 6999 Capital Reserve-Police $ - $ 137,722 $ 137,722 Community Services(5001-572) 6999 Capital Reserve-Community Services 913 2,982 3,895 Public Works/Transportation(5401-541) 6999 Capital Reserve-Public Works/Transportation 650,000 10,895 660,895 SUBTOTAL $ 650,913 $ 151,599 $ 802,512 Total Amendments-Expenditures $ 151,599 AVENTURA CHARTER SCHOOL CONSTRUCTION FUND(393) 2019/20 '2019/20 2019/20 OBJECT ADOPTED MENDED REVISED CODE CATEGORY _, BUDGET AMOUNT BUDGET Revenues Non-Revenue 3661501 Miscellaneous Contibutions $ 606,224 $ 191,303 $ 797,527 SUBTOTAL $ 606,224 $ 191,303 $ 797,527 Total Amendments-Revenues $ 191,303 Expenditures Charter School Capital Outlay(6010-561) 6208 Facility/Building Construction $ 606,224 $ 191,303 $ 797,527 SUBTOTAL $ 606,224 $ 191,303 $ 797,527 Total Amendments-Expenditures $ 191,303 Page 4 of 4 ORDINANCE NO. 2020- AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING ORDINANCE NO. 2019-14 WHICH ORDINANCE ADOPTED A BUDGET FOR THE 2019/2020 FISCAL YEAR BY REVISING THE 2019/2020 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; AND 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 2019/2020 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. 2019-14, which Ordinance adopted a budget for the 2019/2020 fiscal year, by revising the 2019/2020 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. City of Aventura Ordinance No. 2020- 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, 2019. 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 Denise Landman Commissioner Dr. Linda Marks Commissioner Gladys Mezrahi Commissioner Robert Shelley Commissioner Howard Weinberg Vice Mayor Marc Narotsky Mayor Enid Weisman 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 Denise Landman Commissioner Dr. Linda Marks Commissioner Gladys Mezrahi Commissioner Robert Shelley Commissioner Howard Weinberg Vice Mayor Marc Narotsky Mayor Enid Weisman Page 2 of 3 City of Aventura Ordinance No. 2020- PASSED on first reading this 10th day of March, 2020. PASSED AND ADOPTED on second reading this 6th day of April, 2020. MAYOR ENID WEISMAN ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 3 of 3