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03-02-2021 Regular Commission Meeting Agenda City Manager City Commission Ronald J.Wasson Enid Weisman,Mayor Robert Shelley,Vice Mayor City Clerk Jonathan Evans,Commissioner Ellisa L.LTorvarin MMC Rachel S.]Friedland,Commissioner j Denise Landman,Commissioner City Attorney Dr.Linda Marks,Commissioner � �� ` Weiss Scrota Helfinian Marc Narotsky,Commissioner e � Cole&Bierman CITY COMMISSION REGULAR MEETING AGENDA MARCH 2, 2021 6:00 p.m. Via Virtual Communications Media Technology This meeting shall be held via virtual communications media technology as made necessary by the continued state and local emergency. Because of the continued COVID-19 pandemic, and the need to ensure the public health, safety and welfare, this meeting will be conducted remotely via Zoom. Due to the on-going state of emergency and the recommendations from all public health authorities, the City of Aventura recommends that all persons view and participate in the meeting through electronic means. Members of the public wishing to access the meeting, please do so as follows: Join the Zoom Meeting from your computer, tablet, or smartphone at: Zoom.us/join Meeting ID: 814 9312 7142 You can also dial in using your phone to the any of the following numbers: +1 312 626 6799 US (Chicago) +1 929 205 6099 US (New York) +1 346 248 7799 US (Houston) +1 669 900 6833 US (San Jose) +1 253 215 8782 US +1 301 715 8592 US Meeting ID: 814 9312 7142 Members of the public will be able to provide comments via audio when directed by the Mayor to do so. Please tap the screen on your cellphone or tablet, or move your mouse on your computer, to view an option to raise your hand. Tap or click on the "raise hand" icon displayed to raise your hand to speak. Callers must press *9 to raise your hand to speak. The City Clerk will notify the Mayor there are public comments and will notify you when it is your turn to speak by turning your microphone on. Speakers will be provided three minutes to provide comments. Comments can also be provided via email to the City Clerk at cityclerk@cityofaventura.com by March 1, 2021 at 6:00 p.m. Comments received will be provided to the City Commission. Please list the item you are providing a comment for in your email. City Manager City ConHnission Ronald J.Wasson Enid Weisman,Mayor ��_;�__+ Robert Shelley,Vice Mayor �:!_ =�:;\ City Clerk Jonathan Evans,Commissioner Elllisa L.Horvath,MMC Rachel S.Friedland,Commissioner � Denise Landman,Commissioner City Attorney Dr.Linda Marks,Commissioner G_ Weiss Scrota Hellman Marc Narotsky,Commissioner e�✓ G ,.n Q,� Cole&Bierman CITY COMMISSION REGULAR MEETING AGENDA MARCH 2, 2021 6:00 p.m. Via Virtual Communications Media Technology 1. CALL TO ORDER/ROLL CALL 2. PLEDGE OF ALLEGIANCE 3. AGENDA: Request for Deletions/Emergency Additions 4. SPECIAL PRESENTATIONS: • Introduction of Melonie Burke, Intergovernmental Affairs Liaison Office of Miami-Dade County Mayor Daniella Levine Cava • Aventura City of Excellence School Update from Principal Tyrkala • Don Soffer Aventura High School Update from Principal McKnight 5. CO N S E N T AG E N DA: 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 2, 2021 City Commission Regular Meeting • February 18, 2021 City Commission Regular Workshop Meeting B. 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 TO THE MIAMI-DADE/BROWARD 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. Aventura City Commission Regular Meeting Agenda March 2, 2021 C. 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. D. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING THE APPOINTMENT OF MEMBERS TO THE CITY OF AVENTURA ART IN PUBLIC PLACES ADVISORY BOARD FOR A TWO-YEAR TERM; AND PROVIDING FOR AN EFFECTIVE DATE. E. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING THE APPOINTMENT OF A MEMBER TO THE DON SOFFER AVENTURA HIGH SCHOOL FOUNDATION, INC. BOARD OF DIRECTORS FOR THE REMAINDER OF A ONE-YEAR TERM; AND PROVIDING FOR AN EFFECTIVE DATE. F. MOTION AUTHORIZING THE APPROPRIATION OF UP TO$10,000 TO THE DON SOFFER AVENTURA HIGH SCHOOL FOUNDATION TO SUPPORT LAW ENFORCEMENT PROGRAMS AND INITIATIVES FROM THE POLICE FEDERAL FORFEITURE FUNDS IN ACCORDANCE WITH THE CITY MANAGER'S MEMORANDUM. G. MOTION TO RECEIVE THE CITY OF AVENTURA FLOOD INSURANCE ASSESSMENT REPORT DATED JANUARY 2021 AS ATTACHED AND IN ACCORDANCE WITH THE CITY MANAGER'S MEMORANDUM. H. A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, URGING THE FLORIDA LEGISLATURE TO APPROVE FLORIDA SENATE BILL 334 OR FLORIDA HOUSE BILL 239, BOTH OF WHICH AMEND THE FLORIDA CLEAN INDOOR AIR ACT TO ALLOW COUNTIES AND MUNICIPALITIES TO FURTHER RESTRICT SMOKING AT PUBLIC BEACHES AND PARKS; PROVIDING FOR TRANSMITTAL; AND PROVIDING FOR AN EFFECTIVE DATE. I. 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. J. MOTION TO ACCEPT FOR FILING OF THE COMPREHENSIVE ANNUAL FINANCIAL REPORT (CAFR) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 AND THE LETTER DATED FEBRUARY 24, 2021 ATTACHED HERETO AS ATTACHMENT A. 6. ZONING HEARINGS — QUASI-JUDICIAL PUBLIC HEARINGS: None. Page 2 of 3 Aventura City Commission Regular Meeting Agenda March 2, 2021 7. ORDINANCES — FIRST READING/PUBLIC HEARINGS: AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING ORDINANCE NO. 2020-10 WHICH ORDINANCE ADOPTED A BUDGET FOR THE 2020/2021 FISCAL YEAR BY REVISING THE 2020/2021 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. 8. ORDINANCES — SECOND READING/PUBLIC HEARINGS: AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING DIVISION 6, "ARTS IN PUBLIC PLACES ADVISORY BOARD" OF ARTICLE III, CHAPTER 2 OF THE CITY CODE TO REVISE THE COMPOSITION OF THE ART IN PUBLIC PLACES ADVISORY BOARD; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. 9. RESOLUTIONS/PUBLIC HEARINGS: None. 10. REPORTS 11. PUBLIC COMMENTS 12. OTHER BUSINESS: None. 13. ADJOURNMENT FUTURE MEETINGS Meeting dates, times, and location are subject to change. Please check the City's website for the most current schedule. Meetings will be held either at the City of Aventura Government Center(19200 West Country Club Drive,Aventura)or via virtual communications media technology as designated on the applicable agendas.Please monitor the City's website for procedural changes necessitated by the COVID-19 emergency. COMMISSION REGULAR WORKSHOP—MARCH 18,20219 AM COMMISSION REGULAR MEETING—APRIL 6,2021 6 PM COMMISSION REGULAR WORKSHOP—APRIL 15,2021 FOLLOWING 9 AM SCHOOL GOVERNING BOARD MTGS. 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 or cityclerk@cityofaventura.com, not later than two days prior to such proceedings. One or more members of the City of Aventura Advisory Boards may participate in 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 are available online at cityofaventura.com for viewing and printing,or may be requested through the Office of the City Clerk at(305)466-8901 or cityclerk@cityofaventura.com. Page 3 of 3 CITY OF "ENTURA OFFICE OF THE CITY CLERK MEMORANDUM TO: City Commission FROM: Ellisa L. Horvath, MMC, City Clerk DATE: February 26, 2021 SUBJECT: Approval of Minutes March 2, 2021 City Commission Meeting Agenda Item 5A 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 2021. BACKGROUND Meetings were held and minutes have been provided for Commission approval for the following: • February 2, 2021 City Commission Regular Meeting • February 18, 2021 City Commission Regular Workshop Meeting Should you have any questions, please contact me. /elh attachments • a AVENTURA CITY COMMISSION REGULAR MEETING MINUTES FEBRUARY 2, 2021 6:00 P.M. Virtual Meeting Via Video Conferencing 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 Robert Shelley, Commissioner Jonathan Evans, Commissioner Rachel S. Friedland, Commissioner Denise Landman, Commissioner Dr. Linda Marks, Commissioner Marc Narotsky, 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. The meeting was held via video conferencing through Zoom, as specified on the meeting agenda and as a result of the state of emergency due to COVID-19. Members of the public were given instructions for providing comments. 2. PLEDGE OF ALLEGIANCE: The Pledge was led by Mayor Weisman. 3. AGENDA: REQUESTS FOR DELETIONS/EMERGENCY ADDITIONS: None. 4. SPECIAL PRESENTATIONS: • Employee Service Awards: Mr. Wasson recognized the following employee for the completion of milestone years of service with the City: IT Director Karen Lanke (20 years). A moment of silence was observed for the fallen FBI Agents due to an incident in Sunrise, Florida earlier in the day. • Aventura City of Excellence School Update from Principal Tyrkala: Principal Anthony Tyrkala and Student Mariana Paramo both provided brief reports on ACES. • Don SofferAventura High School Update from Principal McKnight: Principal David McKnight provided a brief report on DSAHS. 5. CONSENT AGENDA: There were no requests from the public to address the Commission. A motion to approve the items on the Consent Agenda was offered by Vice Mayor Shelley, seconded by Commissioner Friedland, and passed unanimously by roll call vote. The following action was taken: Aventura City Commission Regular Meeting Minutes February 2, 2021 A. Minutes approved as follows: • January 5, 2021 City Commission Regular Meeting • January 21, 2021 City Commission Special Meeting • January 21, 2021 City Commission Regular Workshop Meeting B. Resolution No. 2021-09 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 $17,000 FOR MOTORIZED ALUMINIUM SECURITY GATES FROM THE POLICE FEDERAL FORFEITURE FUNDS IN ACCORDANCE WITH THE CITY MANAGER'S MEMORANDUM. D. Resolution No. 2021-10 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA AWARDING AND LETTING A BID/CONTRACT FOR RFP NO.20-07- 23-3, CITY OF AVENTURA ON-DEMAND TRANSPORTATION SERVICES TO BEEFREE LLC DB/A FREEBEE IN ACCORDANCE WITH THE RFP DOCUMENT; AUTHORIZING THE CITY MANAGER TO EXECUTE THE ATTACHED ASSOCIATED CONTRACT; AUTHORIZING THE CITY MANAGER TO TAKE NECESSARY AND EXPEDIENT ACTION TO CARRY OUT THE AIMS OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. E. Resolution No. 2021-11 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA DEDICATING A TWELVE(12)FOOT WIDE EASEMENT TO MIAMI- DADE WATER AND SEWER DEPARTMENT ON THE DON SOFFER AVENTURA HIGH SCHOOL SITE; PROVIDING FOR RECORDATION; AND PROVIDING FOR AN EFFECTIVE DATE. F. Resolution No. 2021-12 adopted as follows: A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, PROVIDING FOR THE SUBMISSION TO THE ELECTORS OF PROPOSED AMENDMENTS TO THE CITY CHARTER AS PROVIDED BY THE CHARTER REVISION COMMISSION,IN ACCORDANCE WITH SECTION 7.06 OF THE CITY CHARTER; CONSISTING OF PROPOSED CHARTER Page 2 of 4 Aventura City Commission Regular Meeting Minutes February 2, 2021 AMENDMENTS CONCERNING PARAGRAPH (C) "LIMITATIONS ON LENGTHS OF SERVICE" OF SECTION 2.03 "ELECTION AND TERM OF OFFICE", AND SECTION 7.03 "CONFLICTS OF INTEREST; ETHICAL STANDARDS", AND SECTION 7.06 " CHARTER REVISION" OF THE CITY CHARTER; PROVIDING REQUISITE BALLOT LANGUAGE FOR SUBMISSION TO THE ELECTORATE; CALLING A SPECIAL ELECTION ON THE PROPOSED AMENDMENTS TO THE CITY CHARTER TO BE HELD ON TUESDAY, THE 27n' DAY OF APRIL 2021; PROVIDING NOTICE OF ELECTION; PROVIDING FOR MAIL BALLOT ELECTION; PROVIDING FOR INCLUSION IN THE CHARTER; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. 6. ZONING HEARINGS: QUASI-JUDICIAL PUBLIC HEARINGS: None. 7. ORDINANCES - FIRST READING/PUBLIC HEARINGS: Mr. Wolpin read the following Ordinance title: AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING DIVISION 6, "ARTS IN PUBLIC PLACES ADVISORY BOARD" OF ARTICLE III, CHAPTER 2 OF THE CITY CODE TO REVISE THE COMPOSITION OF THE ART IN PUBLIC PLACES ADVISORY BOARD; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. A motion for approval of the Ordinance was offered by Commissioner Landman and seconded by Vice Mayor Shelley. Mr. Wasson and Mayor Weisman reviewed the composition changes and highlighted the scope of the Board's duties. The Commission discussed potential donations and the need for public artwork throughout the City. Mayor Weisman opened the item for public comment. There being no comments, Mayor Weisman closed the item for public input. The motion for approval of the Ordinance passed unanimously, by roll call vote. 8. ORDINANCES - SECOND READING/PUBLIC HEARINGS: None. 9. RESOLUTIONS/PUBLIC HEARINGS: None. 10. REPORTS: Following a request by Commissioner Narotsky, Mr. Wasson and Chief Pegues provided information on proactive policing and the safety of the City. The Commission expressed condolences to Sergeant Frieder on the loss of his father. Page 3 of 4 Aventura City Commission Regular Meeting Minutes February 2, 2021 Commissioner Dr. Marks reported on the success of the unused prescription drop-off box at Government Center and requested that additional information be sent out regarding it. Vice Mayor Shelley reported on the vaccine distribution efforts at the Aventura Turnberry Jewish Center, in conjunction with other religious institutions. Commissioner Friedland reported on the ability for those eligible to pre-register for the vaccine online and working with the Homeless Trust and Aventura Police Department to address the homeless in Aventura. Commissioner Evans reported on the news of pharmacists receiving vaccine doses in February. Mayor Weisman requested that the City Boards meet via Zoom and a town hall styled meeting be scheduled in the future. Mr. Wasson reported on additional information regarding the FreeBee program that was approved. 11. PUBLIC COMMENTS: Mr. Wolpin provided information on the process for public comments. The following members of the public provided comments: Howard Weinberg (3370 NE 190 Street, Aventura). 12. OTHER BUSINESS: None. 13. ADJOURNMENT: There being no further business to come before the Commission, a motion to adjourn was offered by Commissioner Narotsky, seconded by Commissioner Evans, and unanimously approved; thus, adjourning the meeting at 7.09 p.m. Ellisa L. Horvath, MMC, City Clerk Approved by the City Commission on March 2, 2021 . Page 4 of 4 Wy.. .pmv 14 gyp. L AVENTURA CITY COMMISSION REGULAR WORKSHOP MEETING MINUTES FEBRUARY 18, 2021 9:00 a.m. Virtual Meeting Via Video Conferencing The meeting was held via video conferencing through Zoom, as specified on the meeting public notice and agenda, as a result of the continued COVID-19 state of emergency. 1. Call to Order/Roll Call: The meeting was called to order by Mayor Enid Weisman at 9:00 a.m. The following were present: Mayor Enid Weisman, Vice Mayor Robert Shelley, Commissioner Jonathan Evans, Commissioner Rachel S. Friedland, Commissioner Denise Landman, Commissioner Dr. Linda Marks, Commissioner Marc Narotsky, 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. As requested by Mayor Weisman and consensus of the Commission items 3 and 4 were taken out of order. 3. Discussion: Appointment of Members for the Community Services Advisory Board, Art in Public Places Advisory Board and Don Soffer Aventura High School Foundation, Inc. Board of Directors (City Manager): Mr. Wasson presented the Commission with the names of proposed members for the Community Services Advisory Board, Art in Public Places Advisory Board, and Don Soffer Aventura High School Foundation Inc. Board of Directors, as outlined in the agenda. City Manager Summary: It was the consensus of the City Commission to proceed with the placement of resolutions on the March 2nd Commission Meeting Agenda for the appointment of members to the Boards as presented by Mr. Wasson. 4. Discussion: Support of Florida House and Senate Bills 239 and 334 Restricting Smoking in Public Places (City Manager): Mayor Weisman reviewed the bills as outlined in the agenda. City Manager Summary: It was the consensus of the City Commission to proceed with placing the proposed resolution as presented, on the March 2nd Commission Meeting Agenda. 2. Presentation: North Medical District Development Proposal (City Manager): Mr. Wasson explained the proposal received for development in the north medical office district. Aventura City Commission Regular Workshop Meeting Minutes—February 18, 2021 Vice Mayor Shelley previously disclosed his relationship with the Bilzin Sumberg law firm for his business. Joanne Carr, Community Development Director, briefly explained the master plan to be presented for development in the medical office district. Brian Adler, Esq. (Bilzin Sumberg Baena Price & Axelrod LLP), accompanied by Fidel Zabik(Vice President-Arquitectonica), Bernardo Rieber (Developer), and Bernardo Fort- Brescia (President — Arquitectonica) presented conceptual plans titled Aventura Distrikt Development (214 Street). The presentation displayed the following: location map, rendering, precedent images, ground floor, and massing. Items highlighted included the proper flow of 214t" Street with roadway dedication and improvements, 3 residential buildings, 1 assisted living facility, 1 hotel, retail and parking throughout, and a park area. Proposed amendments to the Comprehensive Plan and Code would include an increased floor area ratio from 2.0 to 2.49 and increased density from 45 to 57 dwelling units. Ms. Carr provided information on the process for the project and expressed the project as being a positive development for the area. The Commission discussed the need for the plans to stay in substantial compliance with the master plan that was presented, traffic studies to be presented to address concerns with increased traffic, increasing the green space, positive impact on the property values within the City, and the added value of the live/work/play dynamic. City Manager Summary: It was the consensus of the City Commission for the project to move forward through the process. The following additional items were discussed: The Commission discussed the upcoming movie night on March 20t", providing the Youth Advisory Board with a project to create a presentation to entice Trader Joe's to open a store in Aventura, disseminating the park hours to residents, providing residents access to the high school gym to play basketball when available, and looking into adding pickle ball courts. Mr. Wasson provided an update on the grant application for the park. 5. Adiournment: There being no further business to come before the Commission, the meeting was adjourned by consensus at 10:36 a.m. Ellisa L. Horvath, MMC, City Clerk Approved by the City Commission on March 2, 2021. Page 2 of 2 CITY OF "ENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager 6�L DATE: February 26, 2021 SUBJECT: Resolution Authorizing the City Manager to Execute the Attached Contract Renewal for Landscape Maintenance within the FDOT Right- of-Way on Biscayne Boulevard from the Oleta River Bridge North to the Miami-Dade/Broward County Line March 2, 2021 City Commission Meeting Agenda Item 5B RECOMMENDATION It is recommended that the City Commission adopt the attached Resolution authorizing the City Manager to execute the attached Contract Renewal with the Florida Department of Transportation (FDOT) to provide landscape maintenance on FDOT's right-of-way on Biscayne Boulevard from the Oleta River Bridge north to the Miami-Dade/Broward County line. If you have any questions, please feel free to contact me. RJW/act Attachment CCO1961-21 RESOLUTION NO. 2021- 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 TO THE MIAMI- DADE/BROWARD 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. 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 Contract Renewal by and between the City of Aventura and the Florida Department of Transportation to provide landscape maintenance services on the Florida Department of Transportation right-of-way on Biscayne Boulevard from the Oleta River Bridge north to the Miami-Dade/Broward County line. 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 Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Vice Mayor Robert Shelley Mayor Enid Weisman City of Aventura Resolution No. 2021- PASSED AND ADOPTED this 2nd day of March, 2021. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 2 of 2 375-020-23 STATE OF FLORIDA DEPARTMENT OF TRANSPORTATION CONTRACT RENEWAL CONTRACTS ADMINISTRATION ON OGC-04/06 Contract No.: ASG57 Renewal: (1st, 2nd,etc.) 1st Financial Project No(s).: 407334-5-78-01 County(ies): Miami-Dade This Agreement made and entered into this day of by and between the State of (This date to be entered by DOT only.) Florida Department of Transportation, hereinafter called "Department",and City of Aventura- 19200 West Country Club Drive, Aventura, Florida 33180 hereinafter called "Contractor". WITNESSETH: WHEREAS, the Department and the Contractor heretofore on this 18 day of February 2020 (This date to be entered by DOT only) entered into an Agreement whereby the Department retained the Contractor to perform maintenance of all turf and landscape within the right of way on the State Roads described in "Exhibit A" of the original contract; and WHEREAS, said Agreement has a renewal option which provides for a renewal if mutually agreed to by both parties and subject to the same terms and conditions of the original Agreement; NOW, THEREFORE, this Agreement witnesseth that for and in consideration of the mutual benefits to flow each to the other,the parties agree to a renewal of said original Agreement for a period beginning the 11 day of July, 2021 and ending the 10 day of July, 2022 at a cost of$12,676.00. All terms and conditions of said original Agreement shall remain in force and effect for this renewal. IN WITNESS WHEREOF, the parties have executed this Agreement by their duly authorized officers on the day, month, and year set forth above. STATE OF FLORIDA City of Aventura DEPARTMENT OF TRANSPORTATION Name of Contractor BY: Contractor Name and Title District Secretary or Designee (Signature) BY: Title: Authorized Signature (SEAL) Legal: Name of Surety Fiscal: City State Approval as to Availability of Funds By: Florida Licensed Insurance Agent or Date Attorney-In-Fact(Signature) Countersigned: Florida Licensed Insurance Agent Date CITY OF "ENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson City Manager er � DATE: February 26, 2021 SUBJECT: Resolution Appointing Members to the Community Services Advisory Board for a One-Year Term March 2, 2021 City Commission Meeting Agenda Item 5C 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 2021 through March 2022. Sandra Kaplan Daniel Naim David Pulver Jaclyn Riley Marjorie Rosenblatt Michael Stern Sherry Superfine If you have any questions, please feel free to contact me. RJW/act Attachment CCO1965-21 RESOLUTION NO. 2021- 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 2021 through March 2022: Sandra Kaplan Daniel Naim David Pulver Jaclyn Riley 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 Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Vice Mayor Robert Shelley Mayor Enid Weisman City of Aventura Resolution No. 2021- PASSED AND ADOPTED this 2nd day of March, 2021. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 2 of 2 CITY OF "ENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager DATE: February 26, 2021 SUBJECT: Resolution Appointing Members to the Art in Public Places Advisory Board for a Two-Year Term March 2, 2021 City Commission Meeting Agenda Item 51) RECOMMENDATION It is recommended that the City Commission adopt the attached Resolution appointing the following individuals to serve as members of the Art in Public Places Advisory Board for a two-year term: Adriana Lerner Adelson Helen Chaset Marina Kessler Dr. Miles Kuttler Marina Wecksler If you have any questions, please feel free to contact me. RJW/act Attachment CCO1966-21 RESOLUTION NO. 2021- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING THE APPOINTMENT OF MEMBERS TO THE CITY OF AVENTURA ART IN PUBLIC PLACES ADVISORY BOARD FOR A TWO-YEAR TERM; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Section 2-201 of the Aventura City Code provides for the creation of the Art in Public Places 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 Art in Public Places 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 Art in Public Places Advisory Board for a term of two years: Adriana Lerner Adelson Helen Chaset Marina Kessler Miles Kuttler Marina Wecksler 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 Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Vice Mayor Robert Shelley Mayor Enid Weisman City of Aventura Resolution No. 2021- PASSED AND ADOPTED this 2nd day of March, 2021. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 2 of 2 CITY OF "ENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager DATE: February 26, 2021 SUBJECT: Resolution Appointing a Member to the Don Soffer Aventura High School Foundation, Inc. Board of Directors for the Remainder of a One-Year Term March 2, 2021 City Commission Meeting Agenda Item 5E RECOMMENDATION It is recommended that the City Commission adopt the attached Resolution appointing the following individual to serve as a member of the Don Soffer Aventura High School Foundation, Inc. Board of Directors for the remainder of a one-year term: Whitney Walters-Sachs If you have any questions, please feel free to contact me. RJW/act Attachment CCO1967-21 RESOLUTION NO. 2021- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, APPROVING THE APPOINTMENT OF A MEMBER TO THE DON SOFFER AVENTURA HIGH SCHOOL FOUNDATION, INC. BOARD OF DIRECTORS FOR THE REMAINDER OF A ONE-YEAR TERM; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Resolution No. 2019-29 established the Articles of Incorporation for the creation of the Don Soffer Aventura High School Foundation, Inc. as a not for profit corporation to function as a 501(c)(3) entity; and WHEREAS, in accordance with the provisions of Article VI of the Articles of Incorporation, the City Commission appointed four members to the Don Soffer Aventura High School Foundation, Inc. Board of Directors through Resolution No. 2021-04; and WHEREAS, the City Commission wishes to appoint Whitney Walters-Sachs to serve as the fifth member for the remainder of the one-year term of the current members. 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 of Whitney Walters-Sachs to serve as a member of the Board of Directors of the Don Soffer Aventura High School Foundation, Inc. for the remainder of the one-year term of the current members. 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 Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Vice Mayor Robert Shelley Mayor Enid Weisman City of Aventura Resolution No. 2021- PASSED AND ADOPTED this 2nd day of March, 2021. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 2 of 2 CITY OF "ENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager C4-- DATE: February 26, 2021 SUBJECT: Disbursement of Police Federal Forfeiture Funds March 2, 2021 City Commission Meeting Agenda Item 5F RECOMMENDATION It is recommended that the City Commission adopt the following Motion to expend funds from the Police Federal Forfeiture Funds: "Motion authorizing the appropriation of up to $10,000 to the Don Soffer Aventura High School Foundation to support law enforcement programs and initiatives from the Police Federal Forfeiture Funds in accordance with the City Manager's Memorandum". If you have any questions, please feel free to contact me. RJW/act Attachment CCO1964-21 CITY OF AVENTURA POLICE DEPARTMENT INTER OFFICE MEMORANDUM TO: Ronald J. Wasson, City Manager FROM: Bryan Pegues, Chief of Police DATE: February 261h, 2021 SUBJECT: Use of Federal Forfeiture Funds The Federal Equitable Sharing Agreement (FESA), Section VIII allows for the use of federally forfeited funds for law enforcement. Section IX, A9 of the Federal Equitable Sharing agreement requires that the funds be expended only upon request of the Chief of Police to the governing body of the municipality and approval of the governing body. I am requesting City Commission approval for the expenditure of funds to the Don Soffer Aventura High School Foundation to support law enforcement programs and initiatives. Donation to the Don Soffer Aventura High School Foundation 501(c)(3): $10,000 Summary Funds are to be used to support programs with drug and crime prevention components and other efforts supportive of law enforcement initiatives. CITY OF "ENTURA COMMUNITY DEVELOPMENT DEPARTMENT MEMORANDUM TO: City Commission FROM: Ronald J. Wasson C)��L City Manager BY: Joanne Carr, AICP J-&W Community Development Director DATE: February 26, 2021 SUBJECT: Flood Insurance Assessment for the City of Aventura Community Rating System 2021 Cycle Verification March 2, 2021 City Commission Meeting Agenda Item 5G RECOMMENDATION It is recommended that the City Commission receive, by motion, the attached City of Aventura Flood Insurance Assessment dated January 2021. BACKGROUND Most of the City of Aventura is in a Special Flood Hazard Area. This means that most properties have a flood risk. For that reason, the City joined the National Flood Insurance Program (NFIP) shortly after incorporation. As part of the NFIP, the City participates in the Community Rating System (CRS), which is designed to reward cities that undertake certain activities defined by the CRS with flood insurance premium discounts. Currently, the premium discount for City property owners is 15%. City staff is now working with the Community Rating System (CRS) Specialist to verify the City's activities in order to continue to receive the 15% discount on flood insurance. This cycle verification is undertaken once every three years. Activity documents are provided by the City and reviewed by the CRS Specialist, then the premium discount is confirmed. One of the creditable activities is an assessment by City staff of the level of flood insurance coverage in the City. CRS provides data on existing policies and City staff analyzes that data to see where flood policies are concentrated and what can be done to increase awareness of the importance of protecting property with this insurance. In order to receive full credit on this activity, the assessment is to be provided to the City Commission, for information, at a regularly scheduled meeting. No action by City Commission is required. The attached Assessment shows that 82% of the properties in the Special Flood Hazard Area in the City have flood insurance coverage. This is very high; however, staff recommends that coverage can be increased through low or no-cost promotion projects such as direct mailings, social media and community boards. This assessment will be re- assessed in five (5) years or before the next CRS verification visit. 2 CITY OF AVENTURA FLOOD INSURANCE ASSESSMENT ACTIVITY 370 January 2021 CID: 120676 Step 1-Collect Flood Insurance Information In order to determine the level of flood insurance coverage in the City of Aventura,the most recent Insurance Zone and Insurance Occupancy flood insurance policy data provided by FEMA was used, along with the assistance of the City's GIS information. Step 2-Determine Level of Flood Insurance Coverage Our current number of buildings within the FEMA mapped Special Flood Hazard Area (SFHA) is 24,167. Based on this information, approximately 82%of buildings located in the SFHA are covered by insurance. Flood insurance coverage of properties in the SFHA by occupancy can be found in Table 1 and flood zone in Table 2. Table 1-Policies by Occupancy Table 1 Policies in Force Premium Insurance in Force Average Coverage Single Family 710 $373,125 $ 208,493,600 $ 293,653 2-4 Family 74 $64,291 $ 16,807,800 $ 227,132 All Other Residential 18,864 $ 2,738,667 $3,991,281,300 $ 211,582 Non-Residential 251 $442,405 $ 121,480,700 $483,987 Total 19,899 $3,618,488 $4,338,063,400 $218,004 Table 2-Insurance Zone Table 2 Policies in Force Premium Insurance in Force Average Coverage A01-30&AE Zones 19,609 $3,523,037 $4,264,257,600 $ 217,464 A Zones 3 $3,163 $492,000 $ 164,000 B, C&X Zones - Standard 252 $66,324 $62,688,800 $ 248,765 - Preferred 35 $ 25,964 $ 10,625,000 $303,571 Total 19,899 $3,618,488 $4,338,063,400 $218,004 Step 3-Prepare the Document City Staff began this process with the intent of learning where flood insurance policies were concentrated and what would need to be done to try to increase the awareness of the importance of protecting property with flood insurance. We began the process by asking our ISO/CRS Specialist to provide the Insurance Zone and Insurance Occupancy sheets needed to calculate the numbers 3 generated in Tables 1 and 2. City Staff then proceeded to analyze the information provided on these sheets. Staff summarized that most of our properties in the SFHA have adequate flood insurance coverage. According to our numbers, 82% of our SFHA properties have flood insurance coverage.This is very high. Staff also looked at paid claims to policy holders. Number of closed paid losses is 247 and there are 19,899 policy holders.This is only 1.2%. With only four(4) Repetitive Loss properties remaining in the City and only 0.17%of Closed Paid Losses per Total Insurance in Force, the City can state that it has a good program. However, improvements can be made. It is therefore recommended,that low cost or no-cost programs be expanded and/or implemented to support the outreach projects we have and to expand them as available.These projects will be geared toward increasing the awareness of flood hazard and promote the purchase of flood insurance for property protection in the few remaining structures of the City that do not have flood insurance.Those projects include but are not limited to: 1) Increased direct mailings to residents with letters and/or brochures 2) Direct contact through community and neighborhood events 3) Using social media, our web site and other digital media 4) Billboards and reader boards displayed in neighborhoods 5) Utilizing the mall and the City's Transportation Center to provide information through signs, community boards, etc. The City will continue to provide technical assistance by providing advice about flood insurance to its' citizens. Step 4—Submit to the Governing Body This assessment will be submitted to the City Commission at its regularly scheduled meeting on March 2, 2021. A staff report was included with an explanation of the assessment and possible future actions that might result based on this information. Step 5-Reassess This flood insurance assessment will be reassessed in five (5)years before the next CRS verification/cycle visit. Updated flood insurance data will be requested from the ISO/CRS Specialist prior to the 5-year visit and used to revise this document including the process followed, summary of data along with any conclusions and recommendations. 4 CITY OF "ENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager - .. DATE: February 26, 2021 SUBJECT: Resolution Approving Senate Bill 334 or Florida House Bill 239 Allowing Restriction of Smoking at Public Beaches and Parks by Counties and Municipalities March 2, 2021 City Commission Meeting Agenda Item 5H RECOMMENDATION It is recommended that the City Commission adopt the attached Resolution urging the Florida Legislature to approve Senate Bill 334 or Florida House Bill 239 amending the Florida Clean Indoor Air Act ("FCIAA"). BACKGROUND Currently, the FCIAA preempts counties and municipalities from restricting smoking at public beaches and parks. Florida Senators and House Representatives co-introduced Senate Bill 334 and House Bill 239 amending the FCIAA allowing counties and municipalities to further restrict smoking at public beaches and parks. During the current COVID-19 pandemic, the City is committed to exploring ways of protecting its residents and visitors visiting the City's parks from the harmful effects of second-hand smoke. If you have any questions, please feel free to contact me. RJW/act Attachment CCO1968-21 RESOLUTION NO. 2021- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, URGING THE FLORIDA LEGISLATURE TO APPROVE FLORIDA SENATE BILL 334 OR FLORIDA HOUSE BILL 239, BOTH OF WHICH AMEND THE FLORIDA CLEAN INDOOR AIR ACT TO ALLOW COUNTIES AND MUNICIPALITIES TO FURTHER RESTRICT SMOKING AT PUBLIC BEACHES AND PARKS; PROVIDING TRANSMITTAL; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the United States Center for Disease Control (CDC) reports that exposure to first-hand smoke from the consumption of tobacco products and second- hand smoke from smoke exhaled by tobacco users is known to cause cancer due to the dangerous toxins found in smoke; and WHEREAS, approximately 480,000 smokers die every year in the U.S., and nearly 2.5 million nonsmokers have died from health-related illnesses caused by second hand smoke exposure since 1964; and WHEREAS, during the current COVID-19 pandemic, both the World Health Organization and the Florida Department of Health's Bureau of Tobacco Free Florida especially advise against the use of and exposure to tobacco products because the damage tobacco products cause to the respiratory system can increase the severity and risk of death posed by COVID-19; and WHEREAS, according to the Ocean Conservancy, leftover tobacco product waste is among the most common waste item collected in beach cleanups; and WHEREAS, currently, the Florida Clean Indoor Air Act ("FCIAA") preempts counties and municipalities from restricting smoking at public beaches and parks; and City of Aventura Resolution No. 2021- WHEREAS, on December 18, 2020, Florida State Senators Joe Gruters, Travis Hutson, Keith Perry, and Gayle Harrell co-introduced Florida Senate Bill 334 ("SB 334"), which amends the FCIAA to allow counties and municipalities to further restrict smoking at public beaches and parks; and WHEREAS, on January 13, 2021, Florida House Representative Thad Altman and Joy Goff-Marcil co-introduced House Bill 239 ("HB 239"), providing for similar authorization to counties and municipalities to restrict smoking in public beaches and parks; and WHEREAS, the City of Aventura ("City") is committed to protecting and promoting the health of its citizens from the harmful effects posed by exposure to first-hand and second-hand smoke; and WHEREAS, the City is interested in exploring ways to protect the health of residents and visitors visiting the City's parks from the harmful effects of second-hand smoke; and WHEREAS, as such, the City desires to express its support for the passage of SB 334 or HB 239 and urges the Florida Legislature to adopt either SB 334 or HB 239. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, THAT: Section 1. Recitals. The foregoing "WHEREAS" clauses are ratified and confirmed as being true and correct and are made a specific part of this Resolution. Page 2 of 4 City of Aventura Resolution No. 2021- Section 2. Urging the Florida Legislature to Pass SIB 334 and HB 239. The City Commission respectfully urges the Florida Legislature to adopt SB 334 or HB 239 to amend the FCIAA to allow municipalities to restrict smoking in public beaches and parks. Section 3. Transmittal. The City Commission hereby directs the City Clerk to transmit a copy of this Resolution to Florida Governor Ron DeSantis, the Florida Senate President Wilton Simpson, the Speaker of the Florida House of Representatives Chris Sprowls, State Representative Joseph Geller, State Senator Jason Pizzo, the County Legislative Delegation, County Commissioner Sally Heyman, and all municipalities in the County. Section 4. Effective Date. 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 Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Vice Mayor Robert Shelley Mayor Enid Weisman Page 3 of 4 City of Aventura Resolution No. 2021- PASSED AND ADOPTED this 2nd day of March, 2021. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 4 of 4 CITY OF "ENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission (ti fi tL� j FROM: Ronald J. Wasson, City Manager \ --- --~ DATE: February 26, 2021 SUBJECT: Resolution Declaring Equipment as Surplus March 2, 2021 City Commission Meeting Agenda Item 51 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 CCO1969-21 RESOLUTION NO. 2021- 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 Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Vice Mayor Robert Shelley Mayor Enid Weisman City of Aventura Resolution No. 2021- PASSED AND ADOPTED this 2nd day of March, 2021. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 2 of 2 CITY OF "ENTURA INFORMATION TECHNOLOGY DEPARTMENT MEMORANDUM TO: Ronald J. Wasson, City Manager FROM: Karen J. Lanke, Information 'ch ology Director DATE: February 26, 2021 SUBJECT: Surplus Computer Equipment I am requesting that the computer related equipment listed on the attached be declared surplus property as the equipment no longer meets the needs of the City. Many of the applications used by the City have minimum hardware, operating system and/or software requirements that computing equipment must meet or exceed. If those requirements cannot be satisfied by existing equipment, the equipment is no longer suitable for City use. In addition, equipment that cannot be repaired and/or is no longer supported by the vendor should be surplused. Please let me know if you have any questions regarding this request. Attachment City of Aventura Computer Equipment Inventory Brand Model Qty Serial Number Type APC APC1500 1 7A16411-38637 UPS APC APCRBC115 2 NA UPS Batteries APC Back-UPS 800 1 NA UPS APC Back-UPS Pro 700 15 NA UPS APC Battery 1 7A1807132407 UPS Batteries APC Smart-UPS C1500 2 NA UPS Brother PJ-623 1 U62864-05Z933774 Printer Chloride Desk Power 650 3 NA UPS Dell 1707FPt 1 CN-OCC280-71618-67L-AANO Monitor Dell 1707FPt 1 CN-OCC280-71618-723-ABN5 Monitor Dell 1708FPt 1 CN-OC182J-74445-8BQ-CEFL Monitor Dell 2209WAf 3 NA Monitor Dell E2418HN 1 GNDTLM2 Monitor Dell Latitude 5470 1 FP751_72 Laptop Dell Latitude 5480 1 13Q28H2 Laptop Dell Latitude 5480 1 1 KJP8H2 Laptop Dell Latitude 5480 1 5V128H2 Laptop Dell Latitude 5480 1 CP3VFH2 Laptop Dell Latitude 5480 1 F2Q28H2 Laptop Dell Latitude 6440 1 BOQF1262 Laptop Dell Latitude E5470 1 4TW41_72 Laptop Dell Latitude E5470 1 63X41_72 Laptop Dell Latitude E5470 1 75251-72 Laptop Dell Latitude E5470 1 BOS51_72 Laptop Dell Latitude E5470 1 C3R4L72 Laptop Dell Latitude E5470 1 D2R4L72 Laptop Dell Latitude E5470 1 DWW41_72 Laptop Dell Latitude E6400 1 2G9FMJ1 Laptop Dell Latitude E6430 1 42K3CW1 Laptop Dell Latitude E6440 1 2C1 FK12 Laptop Dell Latitude E6440 1 5JWF162 Laptop Dell Latitude E6440 1 CW4LG12 Laptop Dell Latitude E6440 1 DCWF162 Laptop Dell Latitude E6440 1 HHWF162 Laptop Dell Optiplex 7010 1 1 RQ3BY1 Desktop Dell Optiplex 7010 1 1 RQ4BY1 Desktop Dell Optiplex 7010 1 1 RR2BY1 Desktop Dell Optiplex 7010 1 1 RR3BY1 Desktop Dell Optiplex 7010 1 FZ4Y6Y1 Desktop Dell Optiplex 7010 1 FZ507Y1 Desktop Dell Optiplex 7010 1 FZ607Y1 Desktop Dell Optiplex 7010 1 FZ6Y6Y1 Desktop Dell Optiplex 7010 1 FZ6Z6Y1 Desktop Dell Optiplex 7010 1 FZ707Y1 Desktop Dell Optiplex 7010 1 FZ7X6Y1 Desktop Dell Optiplex 7010 1 H82RQW1 Desktop Dell Optiplex 7010 1 H83TQW1 Desktop Dell Optiplex 7020 1 F43MX12 Desktop Dell Optiplex 7020 1 F54NX12 Desktop Dell Optiplex 7020 1 1 G080W52 Desktop Pagel of 2 2/22/2021 City of Aventura Computer Equipment Inventory Brand Model Qty Serial Number Type Dell Optiplex 7020 1 GV3ZV52 Desktop Dell Optiplex 7020 1 GV41 W52 Desktop Dell Optiplex 7020 1 GV46W52 Desktop Dell Optiplex 7020 1 GV86W52 Desktop Dell Optiplex 7020 1 H1 HMX12 Desktop Dell Optiplex 7040 1 5NKJRD2 Desktop Dell Optiplex 7040 1 5NKMRD2 Desktop Dell Optiplex 7040 1 5NKNRD2 Desktop Dell Optiplex 7040 1 5NLCRD2 Desktop Dell Optiplex 7040 1 5NLDRD2 Desktop Dell Optiplex 7040 1 5NLKRD2 Desktop Dell Optiplex 7040 1 5NLMRD2 Desktop Dell Optiplex 7040 1 5NLNRD2 Desktop Dell Optiplex 7040 1 COWNRD2 Desktop Dell Optiplex 7040 1 GT67RD2 Desktop Dell Optiplex 7040 1 GT68RD2 Desktop Dell Optiplex 7050 1 3YQPJK2 Desktop Dell Optiplex 7050 1 62SPWK2 Desktop Dell Optiplex 780 1 7QXHKN1 Desktop Dell Optiplex 9020 1 25TRJB2 Desktop Dell Optiplex 9020 1 G546W52 Desktop Dell P2011Ht 1 CN-OYR64P-74445-17U-G4RS Monitor Dell Precision T7500 1 59DONL1 Desktop Epson Stylus NX415 1 LD7P250828 Printer Fujitsu FI-5120C 1 115358 Scanner HP Color LaserJet Enterprise M553 1 JPCCLBDOWX Printer HP LaserJet P2055dn 1 CNBJ668870 Printer HP LaserJet P4014n 1 CNDX247339 Printer HP Officejet 6100 1 CN41 M7506K Printer Netgear AirCard 791 L 1 NA MiFi Novatel Wireless MiFi 6620L 6 NA MiFi Novatel Wireless PC770 1 NA AirCard Novatel Wireless USB620L 1 NA AirCard Pantech Verizon Jetpack 4 NA MiFi Powerware PW5115 2 NA UPS Qualcomm V740 1 NA AirCard Shoretel I P480G 1 105820FW 181257BFFO Phone ZTE EUF1890 2 NA MiFi Box of misc cables and keyboards 1 NA NA Page 2 of 2 2/22/2021 CITY OF "ENTURA FINANCE DEPARTMENT MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager BY: Brian K. Raducci, Assistant City Manager— Finance and Administration DATE: February 26, 2021 SUBJECT: Comprehensive Annual Financial Report (CAFR) Fiscal Year Ended September 30, 2020 March 2, 2021 City Commission Meeting Agenda Item 5J 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, 2020 and the letter dated February 24, 2021 attached hereto as Attachment A." Background The CAFR, a letter from our independent auditors — Keefe McCullough and a staff- prepared memorandum (both dated February 24, 2021), were distributed electronically to the City Commission on February 24, 2021. 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 February 24, 2021, 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 2nd City Commission meeting, however, since the CAFR is the City's responsibility, I respectfully request that any questions be discussed with the City Manager prior to the meeting. BKR/bkr ATTACHMENT A A Letter from our Independent Auditors— Keefe McCullough Dated February 24, 2021 i rustea AavisL. February 24, 2021 To the Honorable Mayor and Members of the City Commission City of Aventura, Florida We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Aventura, Florida (the "City") for the year ended September 30, 2020. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, Government Auditing Standards and the Uniform Guidance, 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 June 1, 2020. 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 the year.We noted no transactions entered into by the City during the 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 estimates affecting the City's financial statements were: • The fair value of investments held at year-end. In accordance with GASB Statement No. 40, Deposit and Investment Risk Disclosures and GASB Statement No. 72, Fair Value Measurement and Application, we have included information to aid the reader in understanding the City's general exposure and its policies to mitigate underlying risks. • Depreciation of capital assets — Depreciation is provided on a straight-line basis over the respective estimated useful lives. The City has informed us they used all relevant facts available to them at the time of acquisition to make the best judgments about the depreciation methods and estimated useful lives of capital assets. • Defined Benefit Pension Plan — For the net pension liability, the City contracted the services of pension consultants/actuaries and properly recorded the required activity to the City's accounting records in accordance with GASB Statement No. 68, Accounting and Financial Reporting for Pensions, and other applicable governmental accounting pronouncements. SOUTH FLORIDA BUSINESS JOURNAL KMCcpa.com 1 6550 N Federal Hwy,4th Floor, Fort Lauderdale, FL 33308 Phone:954.771.0896 Fax:954.938.9353 �v®© Top 25 Accounting Firms I South Florida Business Journal Top 400 Accounting Firms in the U.S.I INSIDE Public Accounting BEST PLACES TO WORK City of Aventura, Florida - 2 - February 24, 2021 • Net OPEB obligation — In Florida, state statutes require that the employer make health insurance coverage available to retirees at the employer's group rate. This creates an implicit cost arising as a result of the blended rate premium since retiree health care costs, on average, are higher than those of active employee healthcare costs. The City also provides certain benefits to department directors which creates an explicit subsidy. The City obtained an actuarial valuation to record its estimated cost and liability in accordance with the requirements of GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions(OPEB). 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 clearly trivial, and communicate them to the appropriate level of management. None of the misstatements identified during the audit were material, individually or in the aggregate. 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 auditor's report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated February 24, 2021. 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 City's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. City of Aventura, Florida - 3 - February 24, 2021 Other Matters We applied certain limited procedures to the management's discussion and analysis, certain budgetary comparison schedules and related notes, and the schedules related to pensions and 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 supplementary information (combining and individual nonmajor fund financial statements, certain budgetary comparison schedules, and the schedule of expenditures of federal awards) which accompany the financial statement 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 statement. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statement or to the financial statement 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 Members 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. V4+-W4 KEEFE McCULLOUGH U � t t Iyy' `J The City of AVENIL.IKA, FLC j - Comprehensive Annual Finonciol Report For The Fiscol Year Ended September 30, 2020 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE CITY OF AVENTURA, FLORIDA FOR THE YEAR ENDED SEPTEMBER 30, 2020 Q� 0!Nwft �! i U i! ■1 i! !1 1-3� ' INu4i e V) Prepared By The Finance Department Brian K. Raducci, Finance Director Brent Rogers, Controller City of Aventura, Florida Table of Contents Introductory Section (Unaudited): Letter of Transmittal i-viii List of Principal Officials ix Organizational Chart x GFOA Certificate of Achievement xi Financial Section: Independent Auditor's Report 1-3 Management's Discussion and Analysis (Unaudited) 4-13 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position 14 Statement of Activities 15 Fund Financial Statements: Balance Sheet - Governmental Funds 16 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position 17 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds 18 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 19 Statement of Net Position - Proprietary Fund 20 Statement of Revenues, Expenses and Changes in Net Position - Proprietary Fund 21 Statement of Cash Flows- Proprietary Fund 22 Statement of Net Position — Fiduciary Fund - Police Officers' Retirement Plan 23 Statement of Changes in Net Position— Fiduciary Fund Police Officers' Retirement Plan 24 Notes to Basic Financial Statements 25-57 City of Aventura, Florida Table of Contents (continued) Required Supplementary Information: Budgetary Comparison Schedules: General Fund 58 Aventura City of Excellence School Fund 59 Don Soffer Aventura High School Fund 60 Transportation and Street Maintenance Fund 61 Notes to Budgetary Comparison Schedules 62 Schedule of Changes in Net Pension Liability and Related Ratios 63 Schedule of Contributions 64-65 Schedule of Investment Returns 66 Schedule of Changes in Total OPEB Liability and Related Ratios —Other Post-Employment Benefits 67 Supplementary Information: Combining and Individual Fund Financial Statements: Combining Balance Sheet - Nonmajor Governmental Funds 68 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - Nonmajor Governmental Funds 69 Budgetary Comparison Schedules: Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -Special Revenue Funds 70-71 Schedules of Revenues, Expenditures and Changes in Fund Balance— Budget and Actual— Debt Service Funds 72-76 Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual —Capital Projects Funds 77-78 Statistical Section (Unaudited): Net Position by Component 79 Changes in Net Position 80-81 Governmental Activities Tax Revenues by Source 82 Fund Balances of Governmental Funds 83 City of Aventura, Florida Table of Contents (continued) Changes in Fund Balances of Governmental Funds 84 General Governmental Revenues by Source 85 Assessed Value and Estimated Actual Assessed Value of Taxable Property 86 Property Tax Rates - Direct and Overlapping Governments 87 Principal Property Taxpayers 88 Property Tax Levies and Collections 89 Ratios of Outstanding Debt by Type 90 Ratios of General Bonded Debt Outstanding 91 Direct and Overlapping Governmental Activity Debt 92 Legal Debt Margin Information 93 Demographic and Economic Statistics 94 Occupational Employment by Group - Miami-Dade County, Florida 95 Full-Time Equivalent City Government Employees by Function 96 Operating Indicators by Function 97 Capital Asset Statistics by Function 98 Compliance Section: Independent Auditor's 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 99-100 Independent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control over Compliance Required by the Uniform Guidance 101-102 Schedule of Expenditures of Federal Awards 103 Notes to Schedule of Expenditures of Federal Awards 104 Schedule of Findings and Questioned Costs 105 Management letter in Accordance with the Rules of the Auditor General of the State of Florida 106-107 Independent Accountant's Report on Compliance with Section 218.415 Florida Statutes 108 (This page intentionally left blank.) INTRODUCTORY SECTION City ®f Aventura Government Center 19200 West Country Club Drive Aventura, Florida 33180 ENID WEISMAN MAYOR February 24, 2021 COMMISSIONERS JONATHAN EVANS RACHEL S.FRIEDLAND DENISE LANDMAN To the Honorable Mayor, DR.LINDA MARKS Members of the City Commission MARC NAROTSKY and Citizens of the ROBERT SHELLEY 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, 2020. 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 Keefe, McCullough & Co., LLP has issued an unmodified ("clean") opinion on the City's financial statements for the fiscal year ended September 30, 2020. 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. Significant Factors Affecting the FY 2019/20 and FY 2020/21 Operations and Operating and Capital Budget At the time this Letter of Transmittal was prepared, we were in the middle of a global pandemic crisis commonly known as "COVID-19". This ever evolving situation is surrounded by economic uncertainty at every level and impacted the City's FY 2019/20 financial and logistical operations. Many of the additional expenditures that the City incurred during FY 2019/20 for PPE, additional contractual services including sanitization services, legal fees and facility upgrades have been or are anticipated to be reimbursed from various Federal funding sources including: i • Federal Emergency Management Agency ("FEMA") • Coronavirus Emergency Supplemental Funding ("CESF") • Coronavirus Aid, Relief and Economic Security Act ("CARES") In addition and in an abundance of caution, the FY 2020/21 budget had been conservatively prepared by reducing many of our State Revenue Sharing categories by 15% or more from the FY 2019/20 pre-COVID-19 levels. At this time, it is unknown to what extent the societal, economic and financial norms of our State, County and local economies (i.e., travel and entertainment, restaurants, retail stores and office buildings) will be affected by the pandemic in the short and long-term and what impacts those may have on our current and future budgets. We will continue to monitor this situation very closely and make adjustments to both our budgeted revenues and expenditures, if necessary. As a result of the pandemic, all capital items and projects were thoroughly reviewed and prioritized to avoid utilizing any General Fund reserves in balancing the FY 2020/21 operating and capital budget. However, it is important to note that we may only be in the early stages of this pandemic. It is quite possible that as more "actual" economic data becomes available and if the economic outlook appears worse than originally anticipated, General Fund reserve funds may need to be utilized to provide temporary stabilization funds until affected revenues have had time to recover to their pre-COVID-19 levels. 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 38,000 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 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 employed 176 full-time equivalent positions at September 30, 2020 and provides high- quality public services including General Government, Police, Community Services and Public Works/Transportation to its residents and business community. ii In FY 2019/20, 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, schools and businesses: • Continued community outreach initiatives to engage the community in joint problem solving and crime prevention techniques. • Continued to utilize innovative technology throughout the community and with our business partners to prevent, reduce and solve crime. • Expanded communications with the public by utilizing social media, community outreach and the Police Department's Community Advisory Panel. • Increased the police overtime and events budgets to meet the increased number of police department sponsored events. Provide and support quality educational choices for Aventura students to succeed academically and become productive citizens: • Continued to operate 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. Maintain efficient and responsive government which embraces the highest standards of service and financial stability: • Had no increase in the tax rate for the 24t" year in a row. • Continued to focus on maintaining the City's infrastructure by providing nearly $3.0 million in funding for park improvements and road resurfacing capital outlay projects. • Maintained healthy reserves to address economic challenges and unforeseen emergencies. • 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: • Continue 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 included 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 afterschool program at the Community Recreation Center for Aventura students that attend Aventura Waterways K-8. • Continued the youth travel soccer and basketball programs that were established to respond to the increased demand for these community services which are offset by user fees. • Continued the "Community Ride with the Police Department' Special Event which provide opportunities for the residents to interact with the Police. • Provided funding to maintain the Aventura Arts & Cultural Center as a state-of-the-art venue and to support a wide variety of programming for all age groups. • Continued to fund Family Movie Nights at Founders Park. • Provided adequate funding to maintain our parks and recreational facilities at a high level. • Continued to employ the use of the Youth Advisory Board. iii 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 throughout the City 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. • Provide 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 Police, the National Sheriffs 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. In addition, on June 16, 2020, the Aventura Police Department was certified as meeting all of the requirements set forth by the Presidential Executive Order on Safe Policing for Safe Communities. The CALEA 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 71" 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, the APD recently 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 iv 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 17 years. The School is budgeted to serve 1,020 students in the 2020/21 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 1,020 to 1,032 students beginning with the 2016/17 school year. Don SofferAventura High School The Don SofferAventura High School ("DSAHS") is a tuition-free public charter school that opened in August 2019. The DSAHS currently has 415 91" and 101" grade students enrolled in its second year and will add grades 11 and 12 in subsequent years for a total enrollment of 800 students. The 53,418 square-foot school and the 10,250 square-foot gymnasium are located on two (2) acres at 3151 NE 213t" 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 management companies. CSUSA currently manages nearly 100 schools in five (5) states serving more than 75,000 students in kindergarten through 12t" 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 located on the intracoastal. Its 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 is currently in its 10t" season of operation. The AACC has become the cultural heart of the City as thousands have enjoyed a wide range of shows and events in this beautiful waterfront facility. Budget Process The City's fiscal year begins on October 1st and ends on September 30t" 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 101" 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, Federal Forfeiture Fund, the Law Enforcement Trust Fund and the Don Soffer Aventura High School Foundation Fund. A separate budget document for the Aventura City of Excellence Fund and the Don Soffer Aventura High School Fund is adopted by the City in May of each year, based on an annual operational fiscal year ending as of June 30t". 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 Commission. The classification detail at which expenditures may not legally exceed appropriations is at the department level. v 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 2.956 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 2020, the Commission adopted the budget for the fiscal year beginning October 1, 2020 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 25t" 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 2020/21, 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 was increased by $25,000 due to an anticipated increase in workload demands covered by this category. • The actuarial determined percentage for City contributions related to the Police Officers' Retirement Plan remains consistent with the prior year at 21.31%. • Funding remains consistent with the prior year and is provided to maintain the number of part-time seasonal Park Attendant hours to ensure that adequate coverage is provided during the peak season and to accommodate increased attendance at our park facilities. • The City will incur an 8% ($207,000) increase in health insurance premiums over the prior year. • Non-Departmental Transfers has decreased by approximately $696,000 or 23.23% primarily due to the retirement of the Series 2000 Revenue Bond on September 30, 2020. • In the coming year, the City and the Dade County Police Benevolent Association will be entering into the 2nd year of their most recent Collective Bargaining Agreement which will expire on September 30, 2022. The financial considerations of that agreement have been incorporated into the FY 2020/21 operating budget. More information about the City's economy may be obtained in the MD&A. Major 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 2019/20: ✓ Founders Park Improvements (i.e., replaced SpashPad water feature, benches and trash cans) ✓ Waterways Dog Park Improvements (i.e., replaced all doggie waste stations, pole padding and benches) ✓ Porta Vita Pedestrian Crosswalk. ✓ Construction of the Don Soffer Aventura High School facility. ✓ Installation of School Zone Flashing Beacons at DSAHS. In addition, the following major capital improvements were in process at the end of FY 2019/20: • Tennis Court Enhancements at Founders Park. • Emergency Repairs to the Yacht Club Seawall. • Water Main Relocation Project at DSAHS. • Locker Room Improvement Project at DSAHS. vi 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, 2020, 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 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 2020/21, 10% of the General Fund revenue approximates $4 million, while at September 30, 2020 unassigned fund balance approximated $21.1 million. Pay-As-You-Go Financinq Although the City Charter makes no reference to limitations in establishing debt (i.e., debt limit), 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. vii AWARDS AND ACKNOWLEDGEMENTS The Government Finance Officers Association of the United States and Canada ("GFOK) 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, 2019. This was the 24t" 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, 2019. 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. on Brian K. Raducci City ManageU Assistant City Manager- Finance and Administration viii CITY OF AVENTURA, FLORIDA LIST OF PRINCIPAL OFFICIALS Title Name Mayor Enid Weisman Commissioner Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Commissioner Robert Shelley 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 Assistant City Manager- Finance and Administration 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 Keefe McCullough ix CITY OF AVENTURA ORGANIZATIONAL CHART Residents City Commission I City Attorney *Administraon I City Clerk Legal Services Minutes BudgeVCIF Preparation Records Retention Customer Service Clerical Support Organizational Oversight Elections EDe munity Finance Community Public Safety opment Services Department rtment Department Department I 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 f 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 X Govenunent Fuiance Officers Association C'ertiticate 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, 2019 P. Executive Director CEO Xi (This page intentionally left blank.) FINANCIAL SECTION Keefe 5(D McCullough CPA's+Trusted Advisors INDEPENDENT AUDITOR'S REPORT To the 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 the City of Aventura, Florida (the "City"), as of and for the year ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the City's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial statements of the City of Aventura Police Officers' Retirement Plan Pension Trust Fund, which represent 94%, 96%, and 93%, respectively, of the assets, fund balance/net position, and revenues/additions of the aggregate remaining fund information. We did not audit the financial statements of the Aventura City of Excellence School Fund and the Don Soffer Aventura High School Fund, both Major Special Revenue Funds. Those statements were audited by other auditor's whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for the City of Aventura Police Officers' Retirement Plan Pension Trust Fund, Aventura City of Excellence School Fund, and Don Soffer Aventura High School Fund, 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 auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. SOUTH FLORIDA BUSINESS JOURNAL KMCcpa.com 1 6550 N Federal Hwy,4th Floor, Fort Lauderdale, FL 33308 Phone:954.771.0896 Fax:954.938.9353 �v®© Top 25 Accounting Firms I South Florida Business Journal Top 400 Accounting Firms in the U.S.I INSIDE Public Accounting 1 BEST PLACES TO WORK City of Aventura, Florida 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 reports of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City as of September 30, 2020, and the respective changes in financial position and, where applicable,cash flows thereofforthe year then ended in accordance with accounting principles generally accepted in the United States of America. 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 4 through 13 and the budgetary comparison schedules, schedule of changes in net pension liability and related ratios, schedule of contributions, schedule of investment returns and schedule of changes in total OPEB liability and related ratios on pages 58 through 67, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We and other auditors have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management 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. 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 (Uniform Guidance), 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 by us and other auditors. In our opinion, based on our audit,the procedures performed as described above, and the reports of the other auditors, the combining and individual nonmajor fund financial statements, budgetary comparison schedules and schedule of expenditures of federal awards are fairly stated in all material respects in relation to the basic financial statements as a whole. 2 City of Aventura, Florida 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 February 24, 2021, 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 the effectiveness of the City's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City's internal control over financial reporting and compliance. V,x+-Mcc (ti KEEFE McCULLOUGH Fort Lauderdale, Florida February 24, 2021 3 (This page intentionally left blank.) City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 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, 2020. We encourage readers to consider the information presented herein in conjunction with the Letter of Transmittal, which can be found on pages i through viii 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 $132 million (net position). Of this amount, $ 31.5 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 decreased by $ 846K over the course of this year's operations. The net position of governmental activities decreased by$ 1.5 million while the net position of business type activities increased by approximately$ 0.6 million. • At the close of the current fiscal year, the City's governmental funds reported combined fund balances of $ 49.2 million, a decrease of $ 0.7 million in comparison with the prioryear.Approximately 38%of this amount($ 18.8 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 $ 41.6 million, or approximately 102% 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 supplementary 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 SUPPLEMENTARY INFORMATION Combining Fund Financial Statements&Budgetary Comparison Schedules 4 City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 Major Features of the Basic Financial Statements Government-Wide Financial Statements Fund Financial Statements Governmental Funds Proprietary Funds Fiduciary Funds Scope Entire City government Activities of the City that Activities of the City that Instances in which the City (except fiduciary activities) are not proprietary or are operated similar to is the trustee or agent for fiduciary private business 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 in net position changes in fund balances net position Statement of cash flows Accounting basis and Accrual accounting and Modified accrual Accrual accounting and Accrual accounting and measurement focus economic resources focus accounting and current economic resources focus economic resources focus financial resources focus Type of asset, All assets and liabilities, Only assets expected to be All assets and liabilities, All assets and liabilities, liability,and both financial and capital, used up and liabilities that both financial and capital, both short-term and long- deferred and short-term and long- come due during the year and short-term and long- term. It also includes the outflows/inflows term. It also includes the to soon thereafter,no term. It also includes the consumption and the information consumption and the capital assets and long- consumption and the acquisition of net position acquisition of net position term liabilities are acquisition of net position that applies to future that applies to future included. It also includes that applies to future period(s). period(s). the consumption and the period(s). acquisition of net 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). 5 City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 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 forall 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. 6 City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 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 statements 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 changes in net pension liability and related ratios, schedule of contributions, and schedule of investment returns, as well as a schedule of changes in total 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 (as applicable) 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. 7 City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 Government-Wide Financial Analysis The table below presents a summary of net position as of 2020 and 2019, derived from the government-wide Statement of Net Position: Net Position(in thousands) Governmental Business-Type Activities Activities Total 2020 2019 2020 2019 2020 2019 Assets: Current and other assets $ 60,266 $ 56,280 $ 917 $ 715 $ 61,183 $ 56,995 Capital assets 103,475 106,847 9,302 8,959 112,777 115,806 Total assets 163,741 163,127 10,219 9,674 173,960 172,801 Total deferred outflows of resources 6,756 4,739 - - 6,756 4,739 Liabilities: Long-term liabilities 33,458 31,469 - - 33,458 31,469 Other liabilities 13,847 10,168 106 198 13,953 10,366 Total liabilities 47,305 41,637 106 198 47,411 41,835 Total deferred inflows of resources 1,375 2,996 - - 1,375 2,996 Net position: Net investment in capital assets 83,259 83,299 9,302 8,960 92,561 92,259 Restricted 7,874 8,300 - - 7,874 8,300 Unrestricted 30,684 31,634 811 516 31,495 32,150 Total net position $ 121,817 $ 123,233 $ 10,113 $ 9,476 $ 131,930 $ 132,709 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$ 132 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. 8 City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 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$ 0.5 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, there was a $ 3.8 million decrease in charges for services which directly resulted from the economic impacts of COVID-19 which significantly affected our operations. This included a $ 1.9 million decrease in building-related activity, a $.5 million decrease in recreational fees and $ 1 million decrease in Intersection Safety Camera Program revenue. The table below presents a summary of changes in net position for the years ended September 30, 2020 and 2019, as derived from the government-wide Statement of Activities: Changes in Net Position (in thousands) Governmental Business-Type Activities Activities Total 2020 2019 2020 2019 2020 2019 Revenues: Program revenues: Charges for services $ 7,518 $ 11,429 $ 1,442 $ 1,347 $ 8,960 $ 12,776 Operating grants and contributions 11,059 9,495 - - 11,059 9,495 Capital grants and contributions 995 1,270 252 - 1,247 1,270 General revenues: Property taxes 17,557 17,052 - - 17,557 17,052 Utility and other locally levied taxes 9,435 9,158 - - 9,435 9,158 Franchise fees 2,202 2,399 - - 2,202 2,399 Intergovernmental revenues 5,336 6,414 - - 5,336 6,414 Other revenues 2,490 3,701 10 7 2,500 3,708 Total revenues 56,592 60,918 1,704 1,354 58,296 62,272 Expenses: General government 61623 6,499 - - 6,623 6,499 Public safety 25,293 28,048 - - 25,293 28,048 Community services 20,174 14,522 - - 20,174 14,522 Public works 5,078 6,595 - - 5,078 6,595 Interest and fiscal charges 839 916 - - 839 916 Net transfers out 68 - - - 68 - stormwater utility - - 1,067 1,135 1,067 1,135 Total expenses 58,075 56,580 1,067 1,135 59,142 57,715 Change in net position (1,483) 4,338 637 219 (846) 4,557 Net position, beginning of year 123,233 118,895 9,476 9,257 132,709 128,152 Restatement, Note 15 67 - - - 67 - Net position, end of year $ 121,817 $ 123,233 $ 10,113 $ 9,476 $ 131,930 $ 132,709 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. 9 City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 Financial Analysis of the City of Aventura's Funds (continued) Governmental funds The focus of the City's governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, unrestricted fund balance (committed, assigned and unassigned) may serve as a useful measure of a government's net resources available for spending at the end of the fiscal year. The General Fund is the City's chief operating fund and at end of the current fiscal year its total fund balance approximated $ 41.6 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 operating 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$ 21.1 million or 51%of the General Fund total fund balance. This amount represents approximately 52%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$ 0.5 million. During the current fiscal year revenues decreased by$4 million and expenditures decreased by$ 0.4 million, respectively. As mentioned previously,COVID-19 had a significant impact on all of our operations. Many state-shared revenue distributions including state revenue sharing and half cent sales tax were scaled back by the State around mid-year due to the economic uncertainty of COVID-19. In addition, due to State, County and City issued Emergency Orders and recommendations of the CDC and the Florida Department of Health, much of the City's normal operational activity was either significantly curbed or cancelled altogether. Although the City experienced a savings in certain line items like travel and training,the City incurred other unanticipated costs as a result of COVID-19 including PPE, food for our first responders, additional sanitization services, legal fees and various facility upgrades. The Aventura City of Excellence School Fund is used to record the operations of the Aventura City of Excellence School ("ACES"). The School's fund balance decreased by $ 0.1 million. Revenues did not change significantly from the prior year amount, at $ 9.7 million. Expenses decreased by approximately $ 0.5 million due to the restrictions placed on extracurricular activities and the cancellation of field trips and after school activities caused by COVID-19. The Don Soffer Aventura High School Fund is used to record the operations of the Don Soffer Aventura High School.This is the second year of operations for this Fund, but the first year to reflect a full year of operations. The student population is being phased in over four years. The Transportation and Street Maintenance Fund is used to record the operations of transportation enhancements, street maintenance and construction costs, which are designated by State Statute and/or County Transit System Surtax Ordinance. The activities in this fund vary from year to year based on the projects planned. This year, the fund balance reported little to no change. Revenues decreased by approximately$ 1 million and expenditures increased by approximately$ 0.5 million. The Aventura Charter High School Construction Fund is used to account for the costs to build the new Don Soffer Aventura High School. The costs were 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 $ 17.5 million. In the current year, construction costs were $ 1.1 million, and prior years construction costs, in the aggregate, were approximately $ 16 million. 10 City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 Financial Analysis of the City of Aventura's Funds (continued) Proprietary fund The proprietary fund is used to record the operations of the stormwater-related activities and experienced an increase in net position of $ 0.6 million over the prior year. Revenues increased by $ 0.4 million due to new sources of intergovernmental revenues; and expenses decreased by $ 0.1 million. General Fund Budgetary Highlights During the year, the original budget was amended to reflect an additional $ 1.3 million in new revenues and expenditures. Revenues and expenditures were increased by approximately as follows: • $ 0.3 million expenditures related to increase in legal services. • $ 0.5 million for COVID-19 disaster supplies. • $ 0.5 million for various operational needs. These increases were mostly offset by increases of $ 0.3 million in utility service and other locally levied taxes; and $ 0.9 million from carryover fund balances. During the year, revenues exceeded budgetary estimates and expenditures were less than budgetary estimates, resulting in the net increase to fund balance of approximately $ 0.5 million. As explained earlier, much of the unrestricted fund balance will continue to be utilized in future years to fund various capital needs. Investment income exceeded the revised budget by$0.5 million, due to higher rates of return and a diversified asset allocation. Non-departmental capital outlaywas approximately $ 14.8 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, 2020 and 2019, the City had $ 112.8 million and $ 115.8 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 2020 2019 2020 2019 2020 2019 Land $ 25,645 $ 24,169 $ $ $ 25,645 $ 24,169 Buildings 43,050 29,579 43,050 29,579 Improvements other than buildings 10,116 9,485 10,116 9,485 Furniture,machinery and equipment 4,732 4,059 4,732 4,059 Infrastructure 19,003 20,180 8,918 8,612 27,921 28,792 Construction in progress 929 19,375 384 347 1,313 19,722 Total $ 103,475 $ 106,847 $ 9,302 $ 8,959 $ 112,777 $ 115,806 Additional information can be found in Note 7 - Capital Assets. 11 City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 Debt Administration As of year-end, the City had $ 20.5 million in debt outstanding compared to the $ 23.2 million last year, a $ 2.7 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 2020 2019 2020 2019 2020 2019 Non-Ad Valorem bonds $ 20,510 $ 23,215 $ $ $ 20,510 $ 23,215 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 business 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. The Miami-Dade County Property Appraiser advised the City that we experienced a 1.77% decrease in property values in comparison to the prior year.This is the 3rd consecutive year in which we have seen a reduction in the City's existing property values. In the two(2) prior years,the overall reduction was completely offset by the addition of new construction. In the current year, the more than $ 92 million worth of new construction was unable to completely offset the reduction in the City's existing property values. In light of this and the economic uncertainty related to the COVID-19 pandemic,the growth of the FY 2020/21 operating expenditures were maintained in accordance with the FY 2019/20 adopted budget as much as possible to improve the City's financial position going forward. The budget does not include any significant expansion or additional areas of service except for the continued start-up costs associated with the 2nd year of operations of the Don Soffer Aventura High School. Once again, our strong fiscal policies and prudent budgeting have assisted in the maintenance of all existing service levels and avoiding raising the tax rate for the 25th year in a row. Due to the uncertainty of future property values and the overall economy, it is imperative that the City continue to follow the policy that unless it is included in the budget or it is self-supporting, new programs or projects should not be considered during the year. Going forward, developments currently under construction will increase the City's tax base and the implementation of the new FPL Franchise Agreement in June of 2020, should provide revenue to offset future service demands. We need to continue to remain prudent and conservative in our financial management of the City by only utilizing General Fund Reserves in the case of an emergency or to fund an unanticipated economic event. The FY 2020/2021 budget process produced a total All-Funds budget of$ 60.1 million or 11.30% less than the previous year. This is a result of the completion of major capital outlay projects in the prior year. Capital Outlay expenditures are budgeted at $ 3.2 million and decreased by $ 6.7 million compared to the prior year. Projects include beautification and park facility improvements, road resurfacing and the commitment to invest in state-of-the-art technology to serve and protect our residents. Maintaining our infrastructure from government buildings to our park facilities continues to be a major funding priority to ensure their sustainability well into the future. The net operating costs for the All-Funds budget increased by$ 0.2 million or 0.49% as compared to the previous year. The net General Fund operating costs increased by$ 0.2 million or 0.57%. The budget maintains our current level for all City services except the following areas: 12 City of Aventura, Florida Management's Discussion and Analysis September 30, 2020 Economic Factors and Next Year's Budgets and Rates (continued) • The overtime in the Police Department operational budget has increased by$ 25,000 due to an anticipated increase in workload demands covered by this category. • The actuarial determined percentage for City contributions related to the Police Officers' Retirement Plan remains consistent with the prior year at 21.31%. • Funding remains consistent with the prior year and is provided to maintain the number of part-time seasonal Park Attendant hours to ensure that adequate coverage is provided during the peak season and to accommodate increased attendance at our park facilities. • The City will incur an 8.00% ($ 207,000) increase in health insurance premiums over the prior year. • Non-Departmental Transfers has decreased by approximately $ 696,000 or 23.23% primarily due to the retirement of the Series 2000 Revenue Bond on September 30, 2020. • In the coming year, the City and the Dade County Police Benevolent Association will be entering into the 2nd year of their most recent Collective Bargaining Agreement which will expire on September 30, 2022. The financial considerations of that agreement have been incorporated into the 2020/21 budget document. 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. 13 BASIC FINANCIAL STATEMENTS City of Aventura Statement of Net Position September 30, 2020 Governmental Business-Type Activities Activities Total Assets: Cash,cash equivalents and investments $ 54,507,894 $ 531,787 $ 55,039,681 Receivables,net of allowance for uncollectibles 1,388,444 - 1,388,444 Due from other governments 2,260,353 385,101 2,645,454 Internal balances 1,623,458 - 1,623,458 Prepaids and other assets 467,558 467,558 Inventories 18,274 - 18,274 Capital assets: Nondeprecia ble 26,573,673 384,045 26,957,718 Depreciable,net of accumulated depreciation 76,901,721 8,918,020 85,819,741 Total assets 163,741,375 10,218,953 173,960,328 Deferred outflows of resources: Deferred outflows relating to pensions 5,031,518 - 5,031,518 Deferred outflows relating to other post employment benefits(OPEB) 1,429,743 1,429,743 Deferred charge on refunding 294,259 294,259 Total deferred outflows of resources 6,755,520 - 6,755,520 Liabilities: Accounts payable 2,506,676 106,138 2,612,814 Accrued liabilities 8,031,349 - 8,031,349 Due to other governments 13,968 13,968 Unearned revenues 159,245 159,245 Accrued interest payable 61,151 61,151 Due within one year: Compensated absences payable 1,289,307 1,289,307 Bonds payable 1,785,000 1,785,000 Due in more than one year: Compensated absences payable 2,394,428 2,394,428 Bonds payable 18,725,000 18,725,000 Net pension liability 9,968,585 9,968,585 Other post employment benefits(OPEB)liability 2,370,125 - 2,370,125 Total liabilities 47,304,834 106,138 47,410,972 Deferred inflows of resources: Deferred inflows relating to pensions 1,264,231 - 1,264,231 Deferred inflows relating to other post employment benefits(OPEB) 111,051 111,051 Total deferred inflows of resources 1,375,282 - 1,375,282 Net position: Net investment in capital assets 83,259,653 9,302,065 92,561,718 Restricted for: Public works/transportation 5,913,242 - 5,913,242 Public safety/law enforcement 830,635 830,635 Capital projects 870,907 870,907 Debt service 258,892 - 258,892 Unrestricted 30,683,450 810,750 31,494,200 Total net position $ 121,816,779 $ 10,112,815 $ 131,929,594 The accompanying notes to the financial statements are an integral part of these statements. 14 L O M 00 lD rz 00 LIl -1 N M M M r-I 1:3- M N LD :3- O LD 00 O r-I 1:3- r-I r-I Ql N M r-I O r-I LD M :3- Ln 1:3- Ql 1:3 00 O LD O LD LD 00 N c-I 1:3 LD M M 00 LIl N Lr c-I V Q) M Ql Ln Ql N � LD N N N Q Ln r-i LD 00 l r-I LD LD Ql Y N C O LD M LD O N N Ln M O M Q1 :3- Ln M 1:3- N N O Ln N N O 00 Ln LD 00 Ln 1:3' N M Ln 3, O 00 N Ql ~ LD 00 n L r V 00 n n 0 N L r r-I n V N r-I V V c-I c-I C G7 �, C 0 41 00 00 CY)M CY)M n 00 Ln r-I C L a 00r-I r-I00 M M 00 Ln 00 a s H d o0 00 0 0 0o rn o0 v0) :!+ LD LD O O LD Lr N Z y lND lND lM rl D r�-I C � •vf Q Ql O 0) > r m U — Z LIl O M 00 lD c-I M M r-I N M M M N1:3- Ql 00 Ql LL O LD 00 O r-I 1:3- r-I r-I N M r-I O r-I N M O O 00 N C in 1:3- 00 O LD O LD LD LD c-I LD M M 00 Ln N mT -i N E y:I a) M a Lr a n n Lr r-I lD 00 N 0 r-I M O lD N ' N C O LD M LD O O Ln M O M m M m N 00 O -1 +' L LI1 N N O 00 LI1 LI1 Lr N M Ln - O � M 00 � w U LD 00 N Ln V 00 00 N Q1 N Ln -i N c-I M c-I Ln Q V c-I M M c-I M V rq r1 Ln t/? t/? -I- 4- 4- a) 'a G n n O 00 + m a n 3 a) a) LNn � Q m C •i Ql Ql N N U m U C 00 O (n LD M M cD 0) pO-a c ri cn Ln n 1:3- 1:3- — N > C N M I LD n n 0) M C G L. ++ 06 m If � Q1 O -1 Ln Ln N G1 C 'i O Q1 O O X v +J C aM 0 G c-I Ql N 111 O U aJ O Ln v ago v co m >` a) 00 N M O 6 U N N O LD O NM -i U L 6 '~ 0) cy 00 N M c-I O ++ L 0) L LD O N N O L v 00 OJ D O i Ql Ln Ln Ql N C C a c`L c6 t LA Lr c-I N c-I 00 +�-' 7 N C c ON C U an E c L 'O O C OM N xM OJ OU E Q v _C OJ c + u v E .E a, �, a, O CA N -i N 00 -1 � -1 N M > E > `� i W C W N � O O C c +' N w w w w W C 00 Ln 07 lD N -iN O lD Ql lD Ln CA > M M 00 0 N V N M LE 0) N Ql n n M LD n LD � L c0 +� U L to � N O 00 O O O O CL lD N r-I O 00 O O -1 N > — C N L1 N vUi H C O- O- N C D + L U lD N O Ln 00 c-I 4 Ln Ln N Q L.L C E > L C OJ OJ C7 U Z Z > _ t/1 t/1 +�.• c6 O N L 0- 0 O N ,, O O M E U y v O 0 c6 N >_ > cc L E U 0 cc +� te a+ cD � 'y G7 G7 ao C E v / E > V Q �•+ C +-' U i U aJ u E > u0 > Z- = O n LF- 4j �F W tb L }6 0) >, VI L aO cc L ~ O O y N C O O1 G7 — _C cD NZ 4j > 0 4OO c - U > a O m n —Q } a E U E OJ E ~ E N a1 � L E O j 4 E o v o +°J v E o c � C7o Uo � Z � LV) y .L U CJ V1 B O O LA- m City of Aventura, Florida Balance Sheet -Governmental Funds September 30, 2020 Major Funds Aventura Transportation Aventura City of Don Soffer and Charter High Excellence 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 $ 42,210,148 $ 2,144,317 $ 33,805 $ 6,322,271 $ 369,740 $ 3,427,613 $ 54,507,894 Accounts receivable,net 1,369,168 - 19,276 - - - 1,388,444 Due from other funds 2,889,450 - - - - 2,889,450 Due from other governments 1,965,239 69,653 216,885 8,576 2,260,353 Inventories 18,274 - - - 18,274 Prepaid items 333,250 9,465 - - - - 342,715 Total assets $ 48,785,529 $ 2,223,435 $ 53,081 $ 6,539,156 $ 369,740 $ 3,436,189 $ 61,407,130 Liabilities: Accounts payable $ 1,458,194 $ 134,472 $ 346,084 $ 437,496 $ 99,767 $ 30,663 $ 2,506,676 Accrued liabilities 5,315,603 529,610 1,030,862 - - 1,155,274 8,031,349 Due to other funds - - 15,992 1,250,000 - 1,265,992 Due to other governments 13,968 - - 13,968 Unearned revenues 159,245 - - - - 159,245 Total liabilities 6,947,010 664,082 1,392,938 437,496 1,349,767 1,185,937 11,977,230 Deferred inflows of resources: Unavailable revenues 205,031 - - - - - 205,031 Total deferred inflows of resources 205,031 205,031 Fund balances: Nonspendable: Inventories 18,274 - 18,274 Prepaid expenditures 333,250 9,465 - 342,715 Restricted for: Public works/transportation - - 5,913,242 - 5,913,242 Public safety/law enforcement - 830,635 830,635 Capital projects 870,907 870,907 Debt service - 258,892 258,892 Committed for: Capital reserves 14,772,304 - 14,772,304 Hurricane/emergency and disaster recovery operating reserves 5,000,000 - - 5,000,000 Assigned for: Charter school operations - 910,077 - 262,599 1,172,676 Subsequent year's budget 361,257 639,811 188,418 27,219 1,216,705 Unassigned 21,148,403 - (1,339,857) - (980,027) - 18,828,519 Total fund balances(deficit) 41,633,488 1,559,353 (1,339,857) 6,101,660 (980,027) 2,250,252 49,224,869 Total liabilities,deferred inflows of resources,and fund balances(deficit) $ 48,785,529 $ 2,223,435 $ 53,081 $ 6,539,156 $ 369,740 $ 3,436,189 $ 61,407,130 ------------ * As of June 30,2020. The accompanying notes to financial statements are an integral part of these statements. 16 City of Aventura, Florida Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position September 30, 2020 Amounts reported for governmental activities in the statement of net position are different as a result of: Total fund balances -governmental funds $ 49,224,869 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds: Governmental capital assets $ 176,627,035 Less accumulated depreciation (73,151,641) 103,475,394 Certain revenues are considered deferred inflows of resources in the fund financial statements due to availability of funds; under full accrual accounting they are considered revenues. 205,031 Long-term liabilities are not due and payable in the current period, and therefore, are not reported in the governmental funds: Bonds payable $ (20,510,000) Other post employment benefits (OPEB) liability (2,370,125) Net pension liability (9,968,585) Compensated absences (3,683,735) Accrued interest payable (61,151) Deferred charge on refunding 294,259 (36,299,337) Certain funds related to pension and other post employment benefits (OPEB) liabilities; are not reported in the governmental funds: Prepaid pension contributions $ 124,843 Deferred outflows relating to pensions 5,031,518 Deferred inflows relating to pensions (1,264,231) Deferred outflows relating to other post employment benefits (OPEB) 1,429,743 Deferred inflows relating to other post employment benefits (OPEB) (111,051) 5,210,822 Net position of governmental activities $ 121,816,779 The accompanying notes to financial statements are an integral part of these statements. 17 City of Aventura, Florida Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Year Ended September 30, 2020 Major Funds Aventura Transportation Aventura City of Don Soffer and Charter High Excellence Aventura Street School Nonmajor Total General School High School Maintenance Construction Governmental Governmental Fund Fund* Fund* Fund Fund Funds Funds Revenues: Ad valorem taxes $ 17,557,171 $ $ $ $ $ $ 17,557,171 Utility service and other locally levied taxes 9,230,401 9,230,401 Franchise fees 2,201,619 2,201,619 Licenses and permits 2,220,554 - 2,220,554 Intergovernmental revenues 4,486,760 8,700,698 1,677,804 2,105,059 250,000 98,775 17,319,096 Charges for services 2,777,903 732,889 51,407 - - - 3,562,199 Fines and forfeitures 1,657,093 - - - 76,931 1,734,024 Impact fees - - 546,459 - 51,859 598,318 Investment income 986,413 51,093 - 124,641 203,027 67,648 1,432,822 Miscellaneous 56,792 206,388 115,079 50,000 - 262,505 690,764 Total revenues 41,174,706 9,691,068 1,844,290 2,826,159 453,027 557,718 56,546,968 Expenditures: Current: General government 5,835,984 - - - - - 5,835,984 Public safety 23,728,139 - - 103,302 23,831,441 Community services 3,213,397 8,990,853 2,633,274 - - 14,837,524 Public works 3,274,109 - - 1,603,555 - - 4,877,664 Capital outlay 1,275,169 446,492 156,290 1,223,489 1,130,581 107,882 4,339,903 Debt service: Principal - - - - - 2,705,000 2,705,000 Interest - - - - - 801,084 801,084 Total expenditures 37,326,798 9,437,345 2,789,564 2,827,044 1,130,581 3,717,268 57,228,600 Excess(deficiency)of revenues over expenditures 3,847,908 253,723 (945,274) (885) (677,554) (3,159,550) (681,632) Other financing sources(uses): Transfers in - 100,000 47,359 - 400,000 3,195,994 3,743,353 Transfers out (3,366,994) (444,000) - - - (3,810,994) Total other financing sources(uses) (3,366,994) (344,000) 47,359 - 400,000 3,195,994 (67,641) Net change in fund balances 480,914 (90,277) (897,915) (885) (277,554) 36,444 (749,273) Fund balances(deficit),beginning of year,as restated 41,152,574 1,649,630 (441,942) 6,102,545 (702,473) 2,213,808 49,974,142 Fund balances(deficit),end of year $ 41,633,488 $ 1,559,353 $ (1,339,857) $ 6,101,660 $ (980,027) $ 2,250,252 $ 49,224,869 * For the year ended June 30,2020. The accompanying notes to financial statements are an integral part of these statements. 18 City of Aventura, Florida Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended September 30, 2020 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances-total governmental funds $ (749,273) Governmental funds report capital outlays as expenditures; however, in the statement of activities, the cost of those assets is depreciated over their estimated useful lives and reported as depreciation expense. Expenditure for capital assets $ 2,495,380 Less: net book value of retirements and transfers (290,698) Less: current year depreciation (5,576,571) (3,371,889) Revenues that are earned but not received within the availability period are recognized in the statement of activities when earned and subsequently recognized in the governmental fund financial statements as they become available. The difference is recorded as a reconciling item. 45,535 Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. 2,705,000 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: Change in other post employment benefits (OPEB) liability $ (1,166,692) Change in net pension liability (2,418,894) Change in compensated absences (290,175) Amortization of deferred charges (39,161) Change in accrued interest payable 1,229 (3,913,693) Certain changes related to pension and other post employment benefits (OPEB) liabilities are not reported in the net change in the governmental funds: Change in deferred outflows related to pensions $ 753,464 Change in deferred inflows related to pensions 1,192,022 Change in prepaid pension contributions 124,843 Change in deferred outflows related to other post employment benefits (OPEB) 1,301,737 Change in deferred inflows related to other post employment benefits (OPEB) 428,845 3,800,911 Change in net position of governmental activities $ (1,483,409) The accompanying notes to financial statements are an integral part of these statements. 19 City of Aventura, Florida Statement of Net Position Proprietary Fund September 30, 2020 Stormwater Utility Fund Assets: Current assets: Cash, cash equivalents and investments $ 531,787 Due from other governments 385,101 Total current assets 916,888 Noncurrent assets: Capital assets not being depreciated 384,045 Capital assets being depreciated, net 8,918,020 Total noncurrent assets 9,302,065 Total assets 10,218,953 Liabilities: Current liabilities: Accounts payable 106,138 Total liabilities 106,138 Net position: Net investment in capital assets 9,302,065 Unrestricted 810,750 Total net position $ 10,112,815 The accompanying notes to financial statements are an integral part of these statements. 20 City of Aventura, Florida Statement of Revenues, Expenses and Changes in Net Position Proprietary Fund For the Year Ended September 30, 2020 Stormwater Utility Fund Operating revenues: Charges for services $ 1,442,333 Operating expenses: Cost of sales and services 639,224 Depreciation expense 428,397 Total operating expenses 1,067,621 Operating income (loss) 374,712 Nonoperating revenues (expenses): Intergovernmental revenues 252,106 Investment income 10,039 Total nonoperating revenues (expenses) 262,145 Change in net position 636,857 Net position, beginning of year 9,475,958 Net position, end of year $ 10,112,815 The accompanying notes to financial statements are an integral part of these statements. 21 City of Aventura, Florida Statement of Cash Flows Proprietary Fund For the Year Ended September 30, 2020 Cash flows from operating activities: Cash received from customers, users and others $ 1,362,219 Cash paid to suppliers (731,500) Net cash provided by (used in) operating activities 630,719 Cash flows from capital and related financing activities: Proceeds from intergovernmental revenues (state grants) 252,106 Acquisition and construction of capital assets (770,808) Net cash provided by (used in) capital and related financing activities (518,702) Cash flows from investing activities: Investment income received 10,039 Net cash provided by (used in) investing activities 10,039 Net increase (decrease) in cash, cash equivalents and investments 122,056 Cash, cash equivalents and investments, beginning of year 409,731 Cash, cash equivalents and investments, end of year $ 531,787 Reconciliation of operating income (loss) to net cash provided by (used in) operating activities: Operating income (loss) $ 374,712 Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities: Depreciation expense 428,397 Changes in assets and liabilities: (Increase) decrease in due from other governments (80,114) Increase (decrease) in accounts payable (92,276) Total adjustments 256,007 Net cash provided by (used in) operating activities $ 630,719 The accompanying notes to financial statements are an integral part of these statements. 22 City of Aventura, Florida Statement of Net Position Fiduciary Fund - Police Officers' Retirement Plan September 30, 2020 Assets: Investments, at fair value: Equity securities $ 36,302,496 Corporate bonds 4,437,677 Money market funds 4,312,556 Government securities 4,247,410 Hedge funds 2,641,085 Real estate fund 2,234,607 Self-directed DROP accounts 1,294,502 Total investments 55,470,333 Receivables: Accrued investment income 70,327 Miscellaneous receivables 301798 Total receivables 101,125 Other assets 69,743 Total assets 55,641,201 Liabilities: Accounts payable 15,320 Accounts payable - purchase of investments 62,538 Total liabilities 77,858 Deferred inflows: Advanced contributions 124,843 Net Position: Net position restricted for defined benefits 54,143,998 Net position restricted for drop benefits 1,294,502 Total net position $ 55,438,500 The accompanying notes to financial statements are an integral part of these statements. 23 City of Aventura, Florida Statement of Changes in Net Position Fiduciary Fund - Police Officer's Retirement Plan For the Year Ended September 30, 2020 Additions: Contributions: City $ 1,648,723 Employees 902,513 Buyback 10,039 Florida chapter 185 561,953 Total contributions 3,123,228 Investment income: Net appreciation (depreciation) in fair value of investments 3,334,594 Interest and dividend income 1,036,942 Total investment income 4,371,536 Less: investment expenses 367,569 Net investment income 4,003,967 Other income 899 Total additions 7,128,094 Deductions: Benefits paid directly to retirees 770,872 DROP distributions 127,832 Administrative expenses 85,927 Total deductions 984,631 Change in net position 6,143,463 Net Position, beginning of year 49,295,037 Net Position, end of year $ 55,438,500 The accompanying notes to financial statements are an integral part of these statements. 24 (This page intentionally left blank.) NOTES TO BASIC FINANCIAL STATEMENTS City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 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 financial 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. Discretely Presented Component Units Discretely presented component units are separate legal entities that meet the component unit criteria described above, but do not meet the criteria for blending, given that they do not function as an internal part of the primary government. Currently, the City has no discretely presented component units. Blended Component Units Blended component units are separate legal entities that meet the component unit criteria described above and whose governing body is the same as, substantially the same as, or appointed by the City Commission and the component unit provides services (financial benefit) entirely to the City. Currently, the City has one blended component unit: Don Soffer Aventura High School Foundation, Inc. In June 2019, the City Commission approved Resolution No. 2019-29, which approved the articles of incorporation for the creation of the Don Soffer Aventura High School Foundation, Inc. (the "Foundation"). The Foundation was created as a Florida not for profit 501(c)(3) corporation which may seek and find contributions for the improvement and operation of the Don Soffer Aventura High School Fund (a special revenue fund of the City).The Foundation is governed by a Board of Directors, that are approved by the City Commission. Separate financial statements of the blended component unit are not issued. 25 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 1- Summary of Significant Accounting Policies (continued) 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 expensesthat 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 funds 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. 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. 26 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 1- Summary of Significant Accounting Policies (continued) 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, 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 owns and operates two charter schools: Aventura City of Excellence School and Don Soffer Aventura High School. These schools are presented as major special revenue funds, as noted below, and have a fiscal year of July 1st through June 30th. The Charter Schools are required to legally adopt budgets and are also required to issue separately audited special purpose financial statements. 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. Aventura City of Excellence 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. Transportation and Street Maintenance Fund This fund is used to account for revenues and expenditures,which by State Statute and/or County Transit System Surtax Ordinance are designated for transportation enhancements, street maintenance and construction costs. 27 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 1—Summary of Significant Accounting Policies (continued) Aventura Charter High School Construction Fund This fund was established to account for the funding sources and uses related to the construction and equipping of the Don Soffer Aventura High School. The City reports the following proprietary fund: Storm water Utility Fund This fund accounts for the operation, construction, and maintenance of the City's stormwater drainage 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, 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. In general, 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 represent 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 at their estimated fair value except for the City's investment in the Florida PRIME which is recorded/valued at the amortized cost method. The pension plan's investments are reported at estimated fair value. 28 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 1- Summary of Significant Accounting Policies (continued) 2. Receivables and parables - 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"advancesto/from other funds" (the noncurrent portions of interfund loans). Any residual balances outstanding between the governmental activities and business activities, or differences created between governmental funds due to timing of year end reporting, are reported in the government- wide financial statements as "internal balances." The City recognizes receivables in its various funds based on the accounting basis required for the fund. Allowances are provided for possible uncollectible amounts. 3. Prepaid expenses/expenditures - Certain payments to vendors reflect costs applicable to a future accounting period and are recorded as prepaid items in both government-wide and fund financial statements. 4. Inventories - Inventories held for resale are reported at the lower of cost (first-in, first-out) or market. Inventories of supplies are reported at cost. These amounts are typically reported as nonspendable in governmental fund financial statements. Inventory (supplies) 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 are reported at acquisition 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 years Improvements other than buildings 20 - 30 years Infrastructure 20 -40 years Furniture, machinery and equipment 3-20 years 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 charge on refunding that qualify for reporting in this category on the government-wide statement of net position. 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. 29 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 1- Summary of Significant Accounting Policies (continued) 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 then. The City has pension and OPEB related amounts that qualify for reporting in this category on the government-wide statement of net position. Unavailable revenues, on the fund financial statements, consist of 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 type 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. Bond issue costs are expensed at issuance. Bonds payable are reported net of the applicable premiums and discounts, if applicable. In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as debt issuance costs, during the current period.The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, and principal payments, are reported as debt service expenditures. 9. Net position - Net position in the government-wide and proprietary funds is 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;and deferred inflows and outflows of resources related to debt; and excluding unexpended proceeds. 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. 30 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 1- Summary of Significant Accounting Policies (continued) Flow assumption: 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. 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. Unassigned fund balance may also include negative balances for any governmental fund if expenditures exceed amounts restricted, committed or assigned for those specific purposes. 31 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 1- Summary of Significant Accounting Policies (continued) Flow assumption: The City considers 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. Encumbrances- Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of funds are recorded in order to reserve that portion of the applicable appropriation, is employed as an extension of formal budgetary integration. Encumbrances are recorded at the time a purchase order or other commitment is entered into. Encumbrances outstanding at year-end represent the estimated amount of expenditures which would result if unperformed purchase orders and other commitments at year-end are completed. Encumbrances lapse at year-end; however, the City generally intends to honor purchase orders and other commitments in process. As a result, encumbrances outstanding at year-end are re-appropriated in the next fiscal year and are therefore generally presented as committed or assigned fund balance for the subsequent year. 13. 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. 14. Subsequent events—Subsequent events are evaluated by management through February 24, 2021, the date the financial statements were available for issuance. 32 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 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, 2020 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, 2020. 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 fair 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. 33 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 3- Deposits and Investments (continued) 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, 2020, the City's investment in the Florida PRIME was that of $ 19,068,281. 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, 2020,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 Policywas 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' Retirement Pension Plan and its debt issuance where there are other existing policies or indentures in effect for the investment of related funds. The City's policy for investments other than pension plan and debt issuance is summarized herein. The Finance Director is designated as investment officer of the City and is responsible for investment decisions and the day-to-day administration of the cash management program. The investment policy establishes permitted investments, asset allocation, issuer limits, credit rating requirements and maturity limitsto protectthe 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. 34 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 3- Deposits and Investments (continued) 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. At September 30, 2020,the City had$2,500,000 of cash in escrow held by an agent, related to certain traffic improvements and other construction projects. As of September 30, 2020, the City's cash, cash equivalents and investments consisted of the following: Cash, cash equivalents and investments: State Board of Administration - SBA, Florida PRIME $ 19,068,281 Government bonds 7,949,427 Corporate bonds 5,513,636 Deposits with financial institutions and others 5,453,208 Government agencies 5,246,309 Government mortgage backed securities 5,244,506 Deposits held in escrow 2,500,000 Asset backed securities 1,475,027 Government issued commercial mortgage backed securities 1,206,625 Municipal/provincial bonds 1,082,662 International bonds 300,000 Total cash, cash equivalents and investments $ 55,039,681 Fiduciary fund investments: Equity securities $ 36,302,496 Corporate bonds 4,437,677 Money market funds 4,312,556 Government securities 4,247,410 Hedge funds 2,641,085 Real estate fund 2,234,607 Self-directed DROP accounts 1,294,502 Total fiduciary investments $ 55,470,333 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. 35 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 3- Deposits and Investments (continued) 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. 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 Investment Type Value 1 Year Years Years 10 Years City Investments: State Board of Administration- SBA, Florida PRIME $ 19,068,281 $ 19,068,281 $ - $ $ Government bonds 7,949,427 497,390 7,452,037 Corporate bonds 5,513,636 1,153,889 4,359,747 Government agencies 5,246,309 645,030 4,346,603 254,676 - Government mortgage backed securities 5,244,506 - 413,366 3,737,789 1,093,351 Asset backed securities 1,475,027 38,695 1,436,332 - - Government issued commercial mortgage backed securities 1,206,625 - 961,921 244,704 Municipal/provincial bonds 1,082,662 1,082,662 - International bonds 300,000 - 300,000 - - Subtotal-City Investments 47,086,473 21,403,285 20,352,668 3,992,465 1,338,055 Fiduciary Fund Investments: Corporate bonds 4,437,677 888,599 1,723,312 1,606,657 219,109 U.S.treasuries 3,477,029 334,750 2,006,398 785,495 350,386 U.S.agencies 770,381 - 382,455 - 387,926 Subtotal-Fiduciary Fund 8,685,087 1,223,349 4,112,165 2,392,152 957,421 Total Investments $ 55,771,560 $ 22,626,634 $ 24,464,833 $ 6,384,617 $ 2,295,476 The dollar weighted average days to maturity (WAM) of Florida PRIME at September 30, 2020, is 48 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, 2020, is 63 days. 36 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 3- Deposits and Investments (continued) Credit Risk Generally, credit risk is the risk that an issuer of a debt-type investment will not fulfill its obligation to the holder of the investment.This is measured by assignment of a rating by a nationally-recognized rating organization. The City's investment policy provides strict guidelines and limits investments to highly rated securities with minimum ratings of A (long term securities), A-1/13-1 (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: Fair Rating Value City Investments: A $ 2,916,775 A- 774,670 A+ 1,363,434 AA 657,497 AA- 215,543 AA+ 19,646,867 Aaa 2,143,406 AAAm 19,068,281 Not Rated 300,000 $ 47,086,473 Fiduciary Fund Investments: Al $ 453,108 A2 532,814 A3 183,730 AA3 50,419 AAA 1,827,109 BAA1 56,317 Not rated 5,581,590 $ 8,685,087 37 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 3- Deposits and Investments (continued) Concentration Risk 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 investment pools, or other pooled investments are excluded from this requirement. At September 30, 2020, the City had investments in the Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) amounting to 11.69% and 7.04%, respectively, of the total investments held by the City. 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 6% 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 mayaffect 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 instruments 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 $ 7,699,765. The investment policy limits the foreign investments to no more than 15%of the Plan's investment balance.As of year-end, the foreign investments were in compliance with the investment policy limits at approximately 14%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; and Level 3 inputs are significant unobservable inputs. 38 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 4- Fair Value Measurements (continued) The City has the following recurring fair value measurements as of September 30, 2020: Fair Value Measurements at Reporting Date Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Fair Identical Assets Inputs Inputs Value (Level1) (Level2) (Level3) City Investments: Government bonds $ 7,949,427 $ - $ 7,949,427 $ Corporate bonds 5,513,636 5,513,636 Government agencies 5,246,309 5,246,309 Government mortgage backed securities 5,244,506 5,244,506 Asset backed securities 1,475,027 1,475,027 Government issued commercial mortgage backed securities 1,206,625 1,206,625 Municipal/provincial bonds 1,082,662 1,082,662 International bonds 300,000 300,000 Total investments measured at fair value 28,018,192 28,018,192 Investments measured at amortized cost: Florida PRIME 19,068,281 - Subtotal-City Investments 47,086,473 28,018,192 Fiduciary Fund Investments: Equity securities: Common stocks 32,554,600 32,554,600 Equity mutual funds 3,747,896 3,747,896 Total equity securities 36,302,496 36,302,496 - Debt securities: Corporate bonds 4,437,677 - 4,437,677 U.S.treasury securities 3,477,029 3,477,029 - U.S.agency securities 770,381 - 770,381 Total debt securities 8,685,087 3,477,029 5,208,058 Self-directed DROP accounts 1,294,502 - 1,294,502 Total investments measured at fair value 46,282,085 39,779,525 6,502,560 Investments measured at the Net Asset Value(NAV)(a) Hedge funds 2,641,085 Real estate fund 2,234,607 Total investments measured at the NAV 4,875,692 Money market funds(exempt) 4,312,556 Subtotal-Fiduciary Fund Investments 55,470,333 Total Investments $ 102,556,806 (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. 39 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 4- Fair Value Measurements (continued) City Investments The City's fixed income securities of$ 28,018,192 classified in Level 2 of the fair value hierarchy are valued using a market standard pricing technique. Pricing service providers synthesize multiple market inputs to value securities based on the securities' relationship to benchmark quoted prices. Fiduciary Fund Investments 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: Valued based on the net asset value per share, without further adjustment. Net asset value is based upon the fair value of the underlying investment. • Mutual funds:Valued at the daily closing price as reported by the Plan. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded. • Real estate fund: 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. • Money market funds: Valued at the floating net asset value of shares held by the Plan at year end. 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 Frequency(if Redemption Investments Measured at the Fair Unfunded Currently Notice NAV Value Commitments Eligible) Period Hedge Fund (1) $ 33,606 $ - Quarterly 90 Days Hedge Fund (1) 33,576 - Quarterly 90 Days Hedge Fund (2) 40,611 - Quarterly 95 Days Hedge Fund (3) 2,533,292 - Daily 1 Business Day Real estate fund (4) 2,234,607 - Quarterly 65 Days Total investments measured at the NAV $ 4,875,692 $ - 40 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 4- Fair Value Measurements (continued) (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) Hedge fund: the fund is a diversified portfolio of common stocks of infrastructure companies and other permitted investments. The fund seeks to achieve maximum total return by investing globally in publicly traded infrastructure companies. Infrastructure companies operate in sectors that include, but are not limited to, utilities, transportation, pipelines and telecommunications, and other applicable businesses as defined by those included in the FTSE Global Core Infrastructure 50/50 Index. The investment is valued at NAV and is redeemable on a daily basis pertaining that it is a business day. (4) 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. Note 5- Receivables Receivables as of September 30, 2020 for the City's individual major funds and non-major funds in the aggregate consist of the following: Aventura Transportation City of Don Soffer and Excellence Aventura Street Nonmajor General School High School Maintenance Stormwater Governmental Fund Fund* Fund* Fund Fund Funds Total Receivables: Intergovernmental $ 1,965,239 $ 69,653 $ $ 216,885 $ 385,101 $ 8,576 $ 2,645,454 Franchise and utility 1,244,085 - - - - 1,244,085 Police services 115,857 115,857 Vendors and miscellaneous 9,226 19,276 - - 28,502 Net total receivables $ 3,334,407 $ 69,653 $ 19,276 $ 216,885 $ 385,101 $ 8,576 $ 4,033,898 * As of June 30,2020. 41 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 6- Interfund Balances and Transfers Interfund receivables and payables at September 30, 2020 were as follows: Due From: General Internal Due To: Fund Balances* Total Don Soffer Aventura High School Fund $ 1,639,450 $ (1,623,458) $ 15,992 Aventura Charter High School Construction Fund 1,250,000 - 1,250,000 Total $ 2,889,450 $ (1,623,458) $ 1,265,992 *An internal balance of$1,623,458 remains due to the Don Soffer Aventura High School Fund being reported as of June 30,2020. Interfund transfers during the year ended September 30, 2020 were as follows: Transfers Transfers In Out General Fund $ - $ 3,366,994 Aventura City of Excellence School Fund 100,000 444,000 Don Soffer Aventura High School Fund 47,359 - Aventura Charter High School Construction Fund 400,000 - Nonmajor Governmental Funds 3,195,994 - $ 3,743,353 $ 3,810,994 Note:An amount of$67,641 was transferred to the Don Soffer Aventura High School Fund that is not reflected above as it occurred subsequently to June 30,2020,which is the year-end of the reporting period for this fund. 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 transfers to the Aventura City of Excellence School Fund and the Don SofferAventura High School Fund from the General Fund are being used to support the intersection safety camera program related to the operations of both Schools. The transfer to the Aventura Charter High School Construction Fund was made to assist with funding anticipated additional capital projects related to the construction of the Don SofferAventura High School.The remaining transfers represent transfers to meet debt service requirements of the Debt Service Funds. 42 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 7- Capital Assets Capital assets activity for the year ended September 30, 2020 was as follows: Balance Additions Retirements Balance September 30, and and September 30, 2019 Transfers Transfers 2020 Governmental activities: Capital assets,not being depreciated: Land $ 24,169,172 $ 1,475,414 $ - $ 25,644,586 Construction in progress 19,374,652 984,084 (19,429,649) 929,087 Total capital assets, not being depreciated 43,543,824 2,459,498 (19,429,649) 26,573,673 Capital assets,being depreciated: Buildings 49,688,340 15,477,683 65,166,023 Improvements other than buildings 16,390,450 1,547,224 (515,027) 17,422,647 Infrastructure 44,618,769 489,156 (3,907) 45,104,018 Furniture,machinery and equipment 20,794,385 1,951,468 (385,179) 22,360,674 Total capital assets, being depreciated 131,491,944 19,465,531 (904,113) 150,053,362 Less accumulated depreciation for: Buildings 20,108,701 2,005,360 22,114,061 Improvements other than buildings 6,905,335 636,531 (234,783) 7,307,083 Infrastructure 24,438,733 1,665,451 (3,109) 26,101,075 Furniture,machinery and equipment 16,735,716 1,269,229 (375,523) 17,629,422 Total accumulated depreciation 68,188,485 5,576,571 (613,415) 73,151,641 Total capital assets, being depreciated,net 63,303,459 13,888,960 (290,698) 76,901,721 Governmental activities capital assets,net $ 106,847,283 $ 16,348,458 $ (19,720,347) $ 103,475,394 Business-type activities: Capital assets,being depreciated: Construction in progress $ 347,081 $ 770,808 $ (733,844) $ 384,045 Total capital assets,not being depreciated 347,081 770,808 (733,844) 384,045 Capital assets, being depreciated: Infrastructure 13,365,796 733,844 14,099,640 Less accumulated depreciation 4,753,223 428,397 5,181,620 Total capital assets, being depreciated,net 8,612,573 305,447 8,918,020 Business-type activities capital assets,net $ 8,959,654 $ 1,076,255 $ (733,844) $ 9,302,065 43 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 7- Capital Assets (continued) Depreciation expense was charged to functions/programs of the primary government as follows: Governmental activities: General government $ 771,034 Public safety 854,041 Community services 3,918,207 Public works 33,289 $ 5,576,571 Business-type activities: Stormwater utility $ 428,397 Note 8- Long-Term Liabilities of Governmental Activities Changes in Governmental Activities long-term liabilities during the year ended September 30, 2020 were as follows: Balance Balance September 30, September 30, Due Within 2019 Additions Reductions 2020 One Year Governmental activities: Revenue bonds $ 23,215,000 $ - $ (2,705,000) $ 20,510,000 $ 1,785,000 Other long-term liabilities: Compensated absences payable 3,393,560 2,240,239 (1,950,064) 3,683,735 1,289,307 Net pension liability 7,549,691 2,418,894 9,968,585 - Other post-employment benefits 1,203,433 1,166,692 2,370,125 - $ 35,361,684 $ 5,825,825 $ (4,655,064) $ 36,532,445 $ 3,074,307 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, 2020 were comprised of the following: 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 by available Non-Ad Valorem revenues. $ 5,965,000 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 by available Non-Ad Valorem revenues. 3,225,000 44 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 8- Long-Term Liabilities of Governmental Activities (continued) 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 by available Non-Ad Valorem revenues. 4,820,000 Series 2018 Revenue Bonds, principal is due annually over 20 years in various amounts through August 2038. 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. 6,500,000 $ 20,510,000 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. 45 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 8- Long-Term Liabilities of Governmental Activities (continued) Series 2018 Revenue Bonds The City previously issued $ 7,100,000 in Series 2018 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. The annual debt service requirements to maturity for the revenue bonds are approximately as follows: Year Ending September 30, Principal Interest Total 2021 $ 1,785,000 $ 670,400 $ 2,455,400 2022 1,845,000 612,400 2,457,400 2023 1,900,000 552,300 2,452,300 2024 1,965,000 490,200 2,455,200 2025 2,025,000 426,100 2,451,100 2026 - 2030 7,570,000 1,179,200 8,749,200 2031 - 2035 2,020,000 467,400 2,487,400 2036 - 2038 1,400,000 91,400 1,491,400 $ 20,510,000 $ 4,489,400 $ 24,999,400 The City does not currently have unused lines of credit or assets placed as collateral for debt. 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, if any, will not have a material adverse effect on the financial statements of the City. Management also believes that any possible adverse effect of 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. 46 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 9- Commitments and Contingencies (continued) Charter School Agreements The City has two contracts 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; and for the Don Soffer Aventura High School to provide the residents of the City of Aventura a high school education choice.The contracts for the Aventura City of Excellence School and the Don Soffer Aventura High School expire on June 30, 2033 and June 30, 2034, respectively. Both contracts provide for a fifteen-year renewal option by mutual agreement of both parties. The City previously entered into an agreement with Charter School USA, Inc. ("CSUSA") to provide administrative and educational services for Aventura City of Excellence School. The agreement expires on June 30, 2023, with a five-year renewal option by mutual agreement of both parties and provided the Miami-Dade County School Board extends the charter granted to the City. The City also entered into a separate management agreement with CSUSA to provide those services necessary to organize, manage, staff, operate and maintain the Don Soffer Aventura High School. The agreement expires on June 30, 2024,with five-year renewal option by mutual agreement of both parties and provided the Miami-Dade County School Board extends the charter granted to the City. 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's streets and other infrastructure projects. At year-end, outstanding construction commitments amounted to approximately$ 470,000. 47 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 9- Commitments and Contingencies (continued) Encumbrances As discussed in Note 1(12.) 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 are as follows: General Fund $ 361,257 Aventura City of Excellence School Fund * 639,811 Transportation and Street Maintenance Fund 188,418 Aventura Charter High School Construction Fund 269,945 Nonmajor governmental funds 27,219 Stormwater Utility Fund 224,979 $ 1,711,629 *As of June 30,2020. 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. Note 11- Post-Employment Benefits other than Pensions (OPEB) Plan Description The City's defined benefit OPEB plan provides benefits to all eligible regular 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, except as discussed below. 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. 48 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 11- Post-Employment Benefits other than Pensions (OPEB) (continued) 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 payall applicable premiums bythespecified due date. Life insurance and long-term care benefits are portable and the retiree must pay premiums to the carrier directly. Generally, the City provides no funding for any portion of the premiums after retirement. Pursuant to City Resolution 2006-64, department directors who retire at age 55 or later with at least 10 years of full-time service are not required to pay a premium for medical or dental coverage for themselves prior to age 65. For these individuals, there is an explicit subsidy where the City provides for the retiree's coverage. As of October 1, 2018, the latest actuarial valuation, health care and dental plan participants consisted of: Active Plan participants 177 Retiree Plan participants 3 180 Total OPEB Liability The City's total OPEB liability of$ 2,370,125 was measured as of September 30, 2019 (measurement date) and was determined by an actuarial valuation as of October 1, 2018. 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, 2018 actuarial valuation, the following assumptions were made: Discount rate: 3.58% 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 increase: 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. 49 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 11- Post-Employment Benefits other than Pensions (OPEB) (continued) Healthcare cost trend rates: Increases in healthcare costs are assumed to be 0.00% for the 2018/19 fiscal year, 10.00%for the 2019/20 fiscal year, and 5.00%thereafter. Age-related morbidity: Insurance premiums are assumed to increase with each year of age in accordance with rates set forth in the Society of Actuaries report "Health Care Costs— From Birth to Death" prepared by Dale H. Yamamoto (June 2013). Rates set forth in Chart 2 (Group Costs by Age for 2009/2010) were used to develop the morbidity rates prior to age 65 and the rates set forth in Table 4(Development of Plan Specific Medicare Age Curve)were used to develop the morbidity rates after Age 65. Dental claims are not assumed to increase with age. Implied health subsidy: Because the insurance carrier charges the same monthly rate for health insurance regardless of age, an implied monthly subsidy has been assumed for the 2018/19 fiscal year 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: Sex-distinct rates set forth in the PUB-2010 Mortality Table (without income adjustments) for general and public safety employees with full generational improvements in mortality using Scale MP-2017. 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 decreased from 3.64% per annum to 3.58% per annum; the healthcare cost trend rates were changed from 7.00% for the 2018/19 fiscal year graded down to 5.00% for the 2022/23 and later fiscal years to 0.00% for the 2018/19 fiscal year, 10.00% for the 2019/20 fiscal year, and 5.00% for fiscal years thereafter; the morbidity assumption was changed from 3.50% at each age to the rates described above; and the mortality basis was changed from the RP-2000 Combined and Blue Collar Mortality Tables with generational improvements using Scale BB to the PUB-2010 Mortality Table with generational improvements using Scale MP-2017. 50 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 11- Post-Employment Benefits other than Pensions (OPEB) (continued) Changes in the Total OPEB Liability Total OPEB Liability Balance as of September 30, 2018 $ 1,203,433 Change due to: Service cost 109,038 Expected interest growth 45,557 Demographic experience 288,869 Benefit payments and refunds (80,592) Assumption changes 803,820 Net changes 1,166,692 Balance as of September 30, 2019 $ 2,370,125 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 1.00% lower or 1.00% higher than the current discount rate: 1% Decrease Discount Rate 1% Increase (2.58%) (3.58%) (4.58%) Net OPEB liability $ 2,662,204 $ 2,370,125 $ 2,118,438 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 0.00% (2018/19) Trend Rates 10.00% (2019/20) Trend Rates Minus 1.00% 5.00% (thereafter) Plus 1.00% Net OPEB liability $ 2,064,713 $ 2,370,125 $ 2,731,133 51 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 11- Post-Employment Benefits other than Pensions (OPEB) (continued) OPEB Expense, Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended September 30, 2020, the City recognized OPEB expense of $ 259,890. At September 30, 2020, the City reported deferred outflows of resources and deferred inflows of resources in the amounts of$ 1,429,743 and $ 111,051, respectively. Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year ended September 30, Amount 2021 $ 185,887 2022 185,887 2023 185,887 2024 185,887 2025 185,887 Thereafter 389,257 $ 1,318,692 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 18%depending on employee classifications.City contributions forthe 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 $ 808,000 during the year. Plan provisions and contribution requirements may be amended by the City Commission. In addition, the City provides to all full-time employees a deferred compensation plan under Section 457 of the Internal Revenue Code. Under this program, employees may voluntarily elect to defer a portion of their salary to future years; with no required contributions from the City. Both programs are administered by ICMA Retirement Corp. The City does not exercise any control or fiduciary responsibility over the Plans' assets. Therefore, the assets, liabilities and transactions are not included in the City's financial statements. Note 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. 52 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 13- Defined Benefit Pension Plan (continued) 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). Plan Membership as of September 30, 2020 Inactive Plan members or beneficiaries 19 currently receiving benefits Active Plan members 83 Tota 1 102 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 25 years of credited service, regardless of age. For the first 40 years of service, the monthly benefit received will be 3.00% of final monthly compensation multiplied by the number of years of service, to a maximum of 80.00%.Years credited beyond 40 will be taken into account at 2.00% of final compensation per year. An early retirement benefit may be received upon attainment of age 45 with 10 years of credited service. The benefit may be received either on a deferred basis or an immediate basis. On an immediate basis, the benefit amount will be the normal retirement benefit reduced by 3% 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 ne 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 of service 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%. Funding - Effective October 1, 2015, members were required to contribute 10.775% of the annual covered salary. During 2020, the City and State are required to contribute 21.310% and 5.083%, respectively, of covered payroll. Consistent with the requirements of Sections 112.66 and 185.07 of the Florida Statutes, the City is required to contribute an amount necessary to maintain the Plan on an actuarially sound basis. Contribution requirements of the Plan members and the City are established and may be changed by an amendment of the City ordinance. 53 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 13- Defined Benefit Pension Plan (continued) Deferred Retirement Option Plan Effective October 1, 2019, a deferred retirement option plan ("DROP") was created. A member is eligible to enter the DROP on the earlier of the first day that he/she is eligible for service retirement as defined by Ordinance 2019-12, section 36-26(b)(ii) or delayed retirement as defined in section 36- 26(b)(iii) 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 bythe earlierof 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$ 1,294,502 for the fiscal year ended September 30,2020. Net Pension Liability The City's net pension liabilitywas measured as of September 30,2019.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 updated to September 30, 2019) using the following actuarial assumptions: 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. 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 are summarized in the following table: 54 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 13- Defined Benefit Pension Plan (continued) Target Long Term Expected Asset Class 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% 100.00% 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. Changes in Net Pension Liability Increase (Decrease) Total Pension Plan Fiduciary Net Pension Liability Net Pension Liability (a) (b) (a)-(b) Reporting period ending, September 30, 2019 $ 53,881,274 $ 46,331,583 $ 7,549,691 Changes for the year: Service cost 2,107,436 - 2,107,436 Interest 4,033,828 - 4,033,828 Contributions - employer - 11551,880 (1,551,880) Contributions - state - 474,040 (474,040) Contributions - employee - 943,658 (943,658) Contributions - buy back 121,590 121,590 Net investment income - 837,503 (837,503) Benefit payments, including refunds of employee contributor (699,399) (699,399) - Administrative expenses - (84,711) 84,711 Net change 5,563,455 3,144,561 2,418,894 Reporting period ending, September 30, 2020 $ 59,444,729 $ 49,476,144 $ 9,968,585 55 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 13- Defined Benefit Pension Plan (continued) Sensitivity of the Net Pension Liability to Changes in the Discount Rate -The following presents the net pension liability of the City, calculated using the discount rate of 7.25%, as well as what the City's net pension liability would be if it were calculated using a discount rate that is 1.00% lower or 1.00% higher than the current discount rate: 1% Decrease Discount Rate 1% Increase (6.25%) (7.25%) (8.25%) Net pension liability $ 18,109,363 $ 9,968,585 $ 3,342,973 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources related to Pensions For the year ended September 30, 2020 the Sponsor will recognize a pension expense of$ 2,638,559. On September 30,2020 the Sponsor reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Differences between expected and actual experience $ - $ 1,264,231 Changes of assumptions 1,625,176 - Net difference between projected and actual earnings on pension plan investments 1,241,191 - Pension contributions subsequent to the measurement date 2,165,151 - Totals $ 5,031,518 $ 1,264,231 The deferred outflows of resources resulting from the employer contributions to the Plan subsequent to the measurement date and prior to the employer's reporting period, in the amount of$ 2,165,151, will be recognized as a reduction of the net pension liability in the subsequent fiscal year ending September 30, 2021. 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, Amount 2021 $ 229,214 2022 194,929 2023 656,959 2024 521,034 $ 1,602,136 56 City of Aventura, Florida Notes to Basic Financial Statements September 30, 2020 Note 14- Deficits in Fund Balance At June 30, 2020,the Don Soffer Aventura High School Fund had a deficit fund balance of$ 1,339,857 and, at September 30, 2020, the Aventura Charter High School Construction Fund had a deficit fund balance of $ 980,027. The City expects to fund these deficits with budgeted transfers and other advances from the General Fund in subsequent years. Note 15- Prior Period Adjustment- Restatement During the year ended September 30, 2020, the City chose to report the Aventura City of Excellence School Fund and the Don Soffer Aventura High School Fund balances as of their fiscal year end, June 30, 2020, to better align with the State's academic year and the School District's charter contracts. As a result, the City restated beginning net position and opening fund balance for the fiscal year ended September 30, 2020. Aventura City of Don Soffer Excellence Aventura Total School High School Governmental Fund Financial Statements: Fund Fund Funds Fund balances, September 30, 2019, as previously reported $ 1,789,084 $ (648,330) $ 49,907,208 Prior period adjustment - restatement (139,454) 206,388 66,934 Fund balances, September 30, 2019, as restated $ 1,649,630 $ (441,942) $ 49,974,142 Governmental Government-Wide Financial Statements: Activities Total Net position, September 30, 2019, as previously reported $ 123,233,254 $ 132,709,212 Prior period adjustment 66,934 66,934 Net position, September 30, 2019, as restated $ 123,300,188 $ 132,776,146 Note 16- Risks and Uncertainties The coronavirus (COVID-19) outbreak has caused disruption in international and U.S. economies and markets. The coronavirus and fear of further spread has caused quarantines, cancellation of events, and overall reduction in business and economic activity. On March 11, 2020, the World Health Organization designated the coronavirus outbreak a pandemic. Management and the City Commission continue to evaluate and monitor the potential adverse effect that this event may have on the City's financial position, operations and cash flows. The full impact of COVID-19 is unknown at this time and cannot be reasonably estimated as these events are still developing. 57 (This page intentionally left blank.) 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 Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Actual Positive Original Final Amounts (Negative) Revenues: Ad valorem taxes $ 17,686,707 $ 17,686,707 $ 17,557,171 $ (129,536) Utility service and other locally levied taxes 9,180,000 9,445,000 9,230,401 (214,599) Licenses and permits;including franchise fees 4,080,500 4,170,500 4,422,173 251,673 Intergovernmental revenues 3,927,670 3,927,670 4,486,760 559,090 Charges for services 3,104,481 3,154,481 2,777,903 (376,578) Fines and forfeitures 1,777,500 1,777,500 1,657,093 (120,407) Investment income 500,000 500,000 986,413 486,413 Miscellaneous 80,000 80,000 56,792 (23,208) Total revenues 40,336,858 40,741,858 41,174,706 432,848 Expenditures: General government: City commission 148,877 148,877 143,492 5,385 City manager 621,129 621,129 551,117 70,012 Legal 311,000 576,000 562,742 13,258 City clerk 349,813 349,813 310,767 39,046 Finance 1,085,278 1,085,278 1,072,786 12,492 Information technology 1,189,026 1,189,026 1,142,628 46,398 Nondepartmental 1,704,500 2,204,500 2,052,452 152,048 Total general government 5,409,623 6,174,623 5,835,984 338,639 Public safety: Police 21,432,752 21,482,752 21,146,728 336,024 Community development 2,676,218 2,676,218 2,581,411 94,807 Total public safety 24,108,970 24,158,970 23,728,139 430,831 Community services: Community services 2,542,293 2,542,293 2,412,402 129,891 Arts and cultural center 840,260 840,260 800,995 39,265 Total community services 3,382,553 3,382,553 3,213,397 169,156 Public works: Public works 3,230,973 3,320,973 3,274,109 46,864 Total public works 3,230,973 3,320,973 3,274,109 46,864 Capital outlay 16,118,579 16,117,666 1,275,169 14,842,497 Total expenditures 52,250,698 53,154,785 37,326,798 15,827,987 Excess(deficiency)of revenues over expenditures (11,913,840) (12,412,927) 3,847,908 16,260,835 Other financing sources(uses): Transfers out (2,997,135) (3,396,294) (3,366,994) 29,300 Appropriated fund balance 14,910,975 15,809,221 (15,809,221) Total other financing sources(uses) 11,913,840 12,412,927 (3,366,994) (15,779,921) Net change in fund balance $ - $ - $ 480,914 $ 480,914 See notes to required supplementary information. 58 City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual -Aventura City of Excellence School Fund - Special Revenue Fund For the Year Ended June 30, 2020 Variance with Final Budget Budgeted Amounts Actual Positive Original Final Amounts (Negative) Revenues: Intergovernmental revenues $ 8,407,500 $ 8,606,748 $ 8,700,698 $ 93,950 Charges for services 888,000 888,000 732,889 (155,111) Investment income 30,000 30,000 51,093 21,093 Miscellaneous 209,000 209,000 206,388 (2,612) Total revenues 9,534,500 9,733,748 9,691,068 (42,680) Expenditures: Community services 9,064,500 9,263,748 8,990,853 272,895 Capital outlay 441,000 441,000 446,492 (5,492) Total expenditures 9,505,500 9,704,748 9,437,345 267,403 Excess (deficiency) of revenues over expenditures 29,000 29,000 253,723 224,723 Other financing sources (uses): Transfers in 100,000 100,000 100,000 - Transfers out (444,000) (444,000) (444,000) - Appropriated fund balance 315,000 315,000 - (315,000) Total other financing sources (uses) (29,000) (29,000) (344,000) (315,000) Net change in fund balance $ - $ - $ (90,277) $ (90,277) See notes to required supplementary information. 59 City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual - Don Soffer Aventura High School Fund - Special Revenue Fund For the Year Ended June 30, 2020 Variance with Final Budget Budgeted Amounts Actual Positive Original Final Amounts (Negative) Revenues: Intergovernmental revenues $ 2,139,331 $ 1,826,186 $ 1,677,804 $ (148,382) Charges for services 38,590 51,333 51,407 74 Miscellaneous 135,000 115,000 115,079 79 Total revenues 2,312,921 1,992,519 1,844,290 (148,229) Expenditures: Community services 2,489,413 2,772,384 2,633,274 139,110 Capital outlay 707,399 153,475 156,290 (2,815) Total expenditures 3,196,812 2,925,859 2,789,564 136,295 Excess (deficiency) of revenues over expenditures (883,891) (933,340) (945,274) (11,934) Other financing sources (uses): Transfers in - - 47,359 47,359 Appropriated fund balance 883,891 933,340 - (933,340) Total other financing sources (uses) 883,891 933,340 47,359 (885,981) Net change in fund balance $ - $ - $ (897,915) $ (897,915) See notes to required supplementary information. 60 City of Aventura, Florida Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual -Transportation and Street Maintenance Fund - Special Revenue Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Intergovernmental revenue $ 2,225,000 $ 2,225,000 $ 2,105,059 $ (119,941) Impact fees 40,000 40,000 546,459 506,459 Investment income 20,000 20,000 124,641 104,641 Miscellaneous - - 50,000 50,000 Total revenues 2,285,000 2,285,000 2,826,159 541,159 Expenditures: Public works 1,784,274 1,784,274 1,603,555 180,719 Capital outlay 2,106,000 6,603,271 1,223,489 5,379,782 Total expenditures 3,890,274 8,387,545 2,827,044 5,560,501 Excess (deficiency) of revenues over expenditures (1,605,274) (6,102,545) (885) 6,101,660 Other financing sources (uses): Appropriated fund balance 1,605,274 6,102,545 - (6,102,545) Total other financing sources (uses) 1,605,274 6,102,545 - (6,102,545) Net change in fund balance $ - $ - $ (885) $ (885) See notes to required supplementary information. 61 City of Aventura, Florida Notes to Budgetary Comparison Schedules September 30, 2020 Note 1- Budgets and Budgetary Accounting An annual appropriated budget is adopted for all government funds with the exception of the Federal Forfeiture Fund, the Law Enforcement Trust Fund and the Don Soffer Aventura High School Foundation 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 $ 1.3 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. A separate budget document for the Aventura City of Excellence School Fund and the Don Soffer Aventura High School Fund is adopted by the City on May of each year, based on an annual operational fiscal year ending as of June 30th. 62 City of Aventura, Florida Required Supplementary Information Schedule of Changes in Net Pension Liability and Related Ratios (Unaudited) Police Officer's Retirement Plan Last Ten Fiscal Years (i) Reporting period ending: 9/30/2021 9/30/2020 9/30/2019 9/30/2018 9/30/2017 9/30/2016 9/30/2015 Measurement date: 913012020 913012019 913012018 913012017 913012016 913012015 913012014 Total pension liability: Service cost $ 1,993,808 $ 2,107,436 $ 1,960,406 $ 1,946,501 $ 1,810,699 $ 1,896,180 $ 1,732,252 Interest 4,421,716 4,033,828 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 1,097,921 (794,007) (1,226,574) (1,326,392) Changes of assumptions (1,596,026) - 1,856,302 1,534,188 Contributions-buy back 10,039 121,590 - - Benefits payments,including refunds of employee contributions (898,707) (699,399) (691,515) (514,739) (588,554) (394,472) (409,084) Net change in total pension liability 5,028,751 5,563,455 7,132,249 4,711,278 4,461,695 5,700,742 3,561,297 Total pension liability-beginning 59,444,729 53,881,274 46,749,025 42,037,747 37,576,052 31,875,310 28,314,013 Total pension liability-ending(a) $ 64,473,480 $ 59,444,729 $ 53,881,274 $ 46,749,025 $ 42,037,747 $ 37,576,052 $ 31,875,310 --------------- Plan fiduciary net position: Contributions-employer $ 1,603,198 $ 1,551,880 $ 1,589,440 $ 1,497,898 $ 1,302,614 $ 1,550,643 $ 1,548,543 Contributions-state 561,953 474,040 435,103 338,364 342,209 310,354 318,440 Contributions-employee 902,513 943,658 956,612 941,916 863,769 541,792 541,099 Contributions-buy back 10,039 121,590 - - - - - Net investment income(loss) 4,011,254 837,503 3,511,042 4,262,504 2,158,517 (614,811) 2,199,131 Benefit payments,including refunds of employee contributions (898,707) (699,399) (691,515) (514,739) (588,554) (394,472) (409,084) Administrative expense (87,902) (94,711) (71,805) (74,636) (66,033) (66,115) (55,898) Net change in plan fiduciary net position 6,102,348 3,144,561 5,728,877 6,451,307 4,012,522 1,327,391 4,142,231 Plan fiduciary net position-beginning 49,476,144 46,331,583 40,602,706 34,151,399 30,138,877 28,811,486 24,669,255 Plan fiduciary net position-ending(b) $ 55,578,492 $ 49,476,144 $ 46,331,583 $ 40,602,706 $ 34,151,399 $ 30,138,877 $ 28,811,486 Net pension liability-ending(a)-(b) $ 8,894,988 $ 9,968,585 $ 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 86.20% 83.23% 85.99% 86.85% 81.24% 80.21% 90.39% Covered payroll* $ 8,375,995 $ 8,668,447 $ 8,878,068 $ 8,741,677 $ 8,129,475 $ 8,047,155 $ 7,986,695 Net pension liability as a percentage of covered payroll 106.20% 115.00% 85.04% 70.31% 97.01% 92.42% 38.36% * The covered payroll numbers shown are in compliance with GA58 82. Note: (1)This schedule is intended to illustrate information for 10 years. However,until a full 10-year trend is compiled,the City of Ave ntura should present information for those years for which information is available. 63 City of Aventura, Florida Required Supplementary Information Schedule of Contributions (Unaudited) Police Officer's Retirement Plan Last Ten Fiscal Years Actual Fiscal Actuarially Contribution Contribution Year Ended Determined Actual Deficiency Covered as a%of September 30, Contribution Contribution (Excess) Payroll* Covered Payroll 2020 $ 2,210,676 $ 2,165,151 $ 45,525 $ 8,375,995 25.85% 2019 $ 1,924,394 $ 2,025,920 $ (101,526) $ 8,668,447 23.37% 2018 $ 1,951,222 $ 2,024,543 $ (73,321) $ 8,878,068 22.80% 2017 $ 1,826,049 $ 1,836,262 $ (10,213) $ 8,741,677 21.01% 2016 $ 1,698,166 $ 1,644,823 $ 53,343 $ 8,129,475 20.23% 2015 $ 1,830,896 $ 1,860,998 $ (30,102) $ 8,047,155 23.13% 2014 $ 1,828,554 $ 1,866,983 $ (38,429) $ 7,986,695 23.38% 2013 $ 1,959,557 $ 1,959,557 $ - $ 7,810,732 25.09% 2012 $ 1,923,697 $ 1,923,697 $ - $ 7,663,687 25.10% 2011 $ 1,895,968 $ 1,895,968 $ - $ Not Available Not Available * The covered payroll numbers shown are in compliance with GA58 82. Notes to Schedule: Valuation date 10/1/2018(AIS 11/14/2018) Actuarially contribution rates are calculated as of October 1,two years prior to the end of the fiscal year in which contributions are reported. Mortality rate: Healthy active lives: Female: RP2000 Generational, 100%Combined Healthy White Collar,Scale BB. Male: RP2000 Generational, 10%Combined Healthy White Collar/90%Combined Healthy Blue Collar, Scale BB. 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 set forward four years/40%Annuitant White Collar with no setback, no projection scale. All rates are projected generationally with Mortality Improvement Scale MP-2018. The previously described,and other, mortality 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). Interest rate: 7.5%per year compounded annually, net of investment related expenses. Salary Increases: 5.0%per year. Inflation: 3.0%per year. Payroll growth: 0.0%for purposes of amortizing the Unfunded Actuarial Accrued Liability. This assumption cannot exceed the ten-year average payroll growth, in compliance with Part VII of Chapter 12, Laws of Florida. 64 City of Aventura, Florida Required Supplementary Information Schedule of Contributions (Unaudited) Police Officer's Retirement Plan (continued) Last Ten Fiscal Years Amortization method: Experience: 10 Years;Assumption/Method Changes:20 Years; Benefit Changes: 30 Years. 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. Early retirement: Commencing with the earliest Early Retirement Age(45), members are assumed to retire with an immediate subsidized benefit at the rates below. Age Rate 45-49 10.00% 50+ 25.00% 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% Funding method: Entry Age Normal Actuarial Cost Method. Actuarial asset All assets are valued at fair value with an adjustment made to uniformly spread actuarial method: investment gains and losses over a five-year period. 65 City of Aventura, Florida Required Supplementary Information Schedule of Investment Returns (Unaudited) Police Officer's Retirement Plan Last Ten Fiscal Years Fiscal Annual money-weighted rate Year Ended of return, net of September 30, investment expenses 2020 8.02 % 2019 1.68 % 2018 8.60 % 2017 11.97 % 2016 7.00 % 2015 (1.83) % 2014 8.87 % 2013 11.44 % 2012 16.20 % 2011 (0.48) % 66 City of Aventura, Florida Required Supplementary Information Schedule of Changes in Total OPEB Liability and Related Ratios Other Post-Employment Benefits (Unaudited) Last Ten Fiscal Years (i) Reporting period ending: 9/30/2020 9/30/2019 9/30/2018 Measurement date: 913012019 913012018 913012017 Total OPEB Liability: Service cost $ 109,038 $ 65,680 $ 33,459 Expected interest growth 45,557 27,175 23,363 Demographic experience 288,869 611,405 - Benefit payments and refunds (80,592) (72,858) (7,496) Assumption changes 803,820 (144,961) - Net change in total OPEB liability 1,166,692 486,441 49,326 Total OPEB liability-beginning 1,203,433 716,992 667,666 Total OPEB liability-ending $ 2,370,125 $ 1,203,433 $ 716,992 Covered-employee payroll $ 16,008,236 $ 15,746,445 $ 12,595,559 Total OPEB liability as a percentage of covered-employee payroll 14.81% 7.64% 5.69% Note: (1)This schedule is intended to illustrate information for 10 years. However, until a full 10-year trend is compiled,the City of Aventura should present information for those years for which information is available. 67 SUPPLEMENTARY INFORMATION COMBINING AND INDIVIDUAL FUND FINANCIAL STATEMENTS m lD Ol m 7 n Ln r� N Ol Ol N Ol c-I I, CO lD I, m m O a1 a1 Ln 00 'Fa O N lD Ln c-I lD N Ol lD Ol CO V1 N N c-I cu fd £ £ -0 I, CO lD O Ln Ln OLn co m O a0 N I, O lD r- E LL 7 7 m c-I a0 a0 N N N N 7 0 o '= cu c '= Q"i c O m m a a m m m O.•^ O O.•^ O m m N N O O m O W W Io n n n n V d V d co a0 a0 a0 a0 cu u V H N LL QJ O j j j) m m m m m m m m m m cum Y V_ O D D D D D N C a0 1 a0 a0 a0 a0 N �.4 QJ E 7 Ln Ln Ln Ln Ln H N 0 N W N N N N N N j) j) j) r r m m m m m O W cu Q Y V -O V N cu .` 7 cu NON W Y Q! 0 ! Q1 ,4 V m m m Ln Ln N 'O Ln Ol ' Ol ' lD lD ' ' Ln ' Ln17 C� H O ' O O O O O Hcu LL N O to ) ) QJ O V_ n n n n aj O •� V1 V1 ' V1 V1 ' ' ' ' L^n QJ J cu Zt 1 t 7 7 7 O 7 Ol Ol Ol Ol Ol NOW G) G) G) G) N 00 to ) ) O 2 a1 a1 a1 a1 a1 QJ � O w s + v° v° v° v° v° 00 O Y V m N N N N N LO VI C VI "O 0 � Sb.O 3 N N N N N 0 Q 2 0 l/T j) j) Y n n Ln Ln N N I� O Ln Ln Ln Ln O O Ln N lD ' lD c-I ' c-I Lr ' ' ' Lr lD Y 3 N ` oo oo oo oo oo C �y Ln Ln Ln Ln Ln O Wj C 7 QJ C OLn Ln 0 0 Ln Ln O O O a0 O O m7 -6 Ln c-I c-I c-I ' ' ' N � Ln cu Ln Ln C' -0 cu7 a0 a0 a0 a0 O N �n W QJ r W � � to � to 6 W O •V W Q1 H o m m m m m � 17�m m m ' ' m m 01 �y N Oo m m m m 17� y O o ti ti ti ti ti V , 'O CO N O O ' O O •0 V CO a0 a0 a0 C 1 W41 W LL C aJ -6 }i Uf QJ U C •0 N aj aj U O U aj LL V NC ut Y f6 0 i N v j m a°i ar w m m OJ - _ 3 9o°n majaaj m m '^ o v m m s Y r T= r T N u H o L aJ a] V1 w p Q O V O i ut cij> E +N+ aj �-+ 'Oc CCJ N O U Q QQ U U Z U v�i of Ln ci Ol 00 Ln 00 N N O -ZT 00 O T -ZT -ZT 00 N C n M Ln -zT O ci O 00 O 00 l0 Ln Ol Ol -ZT O Ln _ y 'A I, O1 00 l0 Ln I, M 00 O O N Ln 0) O1 -ZT 00 N •� £ 00 l c-I I� N n M n Ln c-I I� cr Ln Ln l0 M O E Ol I, Ln l0 l0 Ln O O O O ci Ln 0) 0) M ci Ln C LL N i i I� n Ln c c 00 ci ci ci N N Z O N M M M M N N Q i/} -L} N N Ol l0 Ln O O Ln Ln N - u '6 u '6 Ln O1 Ln 00 00 Il n M O u 00 M N N N 0) 0) 0) 0) O-'� 7 O-'� 7 ci I� cr M M Ln Ln O ULL U LL Ln .-i l0 l0 l0 l0 Il a a 00 00 i� V), O O O o O O v 00 `�' '6 0 0 0 0 0 0 s '— c H N n LL Ln ZT Ol Ol Ol Ol N N 'ZT -ZT -ZT if? if? Ol Ol N N lfl O O Ln 00 M Co m u M M l0 M O1 Ln O O 00 M ' M ' M N Ln I� O O Ln O l0 V1 0 cu LL M r, O O � � r-i Ln 00 00 N V) M -ZT -ZT -ZT N N N if) if) 3 M M 00 00 ID ry) M M O M M " Q U n 00 l0 O I� r, M M u •" a-4 � N LL Ol l0 l0 l0 Ln Lr v Ln •� `^ N V1 N M v M M VI a-4 u l0 l0 O O1 O1 ry) ci -1 N 00 l0 N O '> Ln Ln O N N ^ N N Ln O Ln cu N i 'O ' N N Olzz IZT c-I ci ci M N N r_' co y N 3 M O to 1 OYj O1 O1 VI O LL 00 M ci ci ci N r_ u r, r, O Ln Ln op O O o0 00 'A m O1 O1 O Ln LnLn Ln N J N O c-p n n i ci ;rye O O l0 l0 l0 1 l0 Ln ZF cr ry ZF ZF n n Ln H 00 LL N N O1 r, O 0 l0 l0 M M UN CU CU fC i C Q0 m i O O O31 O 001 001 001 001 m O u m Ln Ln Ln cu QO Q l LL N N N N N C l0 O l0 O Ln ul Lr-in Lr-in Lr-in N N ' ON ' � M N ci ' zz O1 0) Ln L' u i 3 l0 M 0) 00 00 r, 00 J ~ Ln " 3 LU U in in 3 C i N 00 1 O r� n M M N Ln Gl i 3 -O N O M -ZT 00 00 N O Ln ' M ' 00 ' M M O V) 0C 'O N 7 l0 M 0) -ZT Ln Ln N n y 't LL 1p ci rl -ZT M M N Ln ULL LL lfl lfl In Ln ci l0 M M M M O M 00 00 ci Cl X N m LL 00 ri of ri ri 00 oo Ln rn LLB 0 m m m m N M Ln N V), V), w O c V) M I, m O1 00 00 l0 M O N N O O ci ci m ci a L U m ' N ' ci ' M m ' ' m � -4 Ln O 3 a 3 LL M 1 M 1 1 I� 00 LL E Lu p � Q .O N N 0D LL i1 7 U U O0 u =3 n 'Es N ° O j Ua� a� dCv°i cO v ai 0- O ai O_ � ai aJi U > b� o uo o u >Q CNvi - � u u i ca O U — w O W •� ^ i/l > CM: w E w O 7 'n N O aJ N mw O by to to ++ O_ J O n Ej v , � ca a, a, v F Op � — i � Eu v6- u >K c c s c c V U Z LL oc w U 0 w 0 z ii ii City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Police Education Fund - Special Revenue Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Fines and forfeitures $ 5,500 $ 5,500 $ 4,203 $ (1,297) Investment income - - 124 124 Total revenues 5,500 5,500 4,327 (1,173) Expenditures: Public safety 5,500 13,096 3,909 9,187 Total expenditures 5,500 13,096 3,909 9,187 Excess (deficiency) of revenues over expenditures - (7,596) 418 8,014 Other financing sources (uses): Appropriated fund balance - 7,596 - (7,596) Total other financing sources (uses) - 7,596 - (7,596) Net change in fund balance $ - $ - $ 418 $ 418 70 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual 911 Fund - Special Revenue Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Intergovernmental revenue $ 90,240 $ 90,240 $ 98,775 $ 8,535 Investment income - - 1,171 1,171 Total revenues 90,240 90,240 99,946 9,706 Expenditures: Public safety 95,210 95,210 91,133 4,077 Capital outlay - 20,150 - 20,150 Total expenditures 95,210 115,360 91,133 24,227 Excess (deficiency) of revenues over expenditures (4,970) (25,120) 8,813 33,933 Other financing sources (uses): Appropriated fund balance 4,970 25,120 - (25,120) Total other financing sources (uses) 4,970 25,120 - (25,120) Net change in fund balance $ - $ - $ 8,813 $ 8,813 71 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Series 2000 Loan - Debt Service Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Investment income $ - $ - $ 26,797 $ 26,797 Total revenues - - 26,797 26,797 Expenditures: Debt service: Principal 965,000 965,000 965,000 - Interest 74,155 74,155 74,155 - Total expenditures 1,039,155 1,039,155 1,039,155 - Excess (deficiency) of revenues over expenditures (1,039,155) (1,039,155) (1,012,358) 26,797 Other financing sources (uses): Transfers in 724,000 724,000 694,700 (29,300) Appropriated fund balance 315,155 315,155 - (315,155) Total other financing sources (uses) 1,039,155 1,039,155 694,700 (344,455) Net change in fund balance $ - $ - $ (317,658) $ (317,658) 72 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Series 2010 & 2011 - Debt Service Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Investment income $ - $ - $ 256 $ 256 Total revenues - - 256 256 Expenditures: Debt service: Principal 860,000 860,000 860,000 - Interest 336,429 336,429 336,429 - Total expenditures 1,196,429 1,196,429 1,196,429 - Excess (deficiency) of revenues over expenditures (1,196,429) (1,196,429) (1,196,173) 256 Other financing sources (uses): Transfers in 1,196,429 1,196,121 1,196,121 - Appropriated fund balance - 308 - (308) Total other financing sources (uses) 1,196,429 1,196,429 1,196,121 (308) Net change in fund balance $ - $ - $ (52) $ (52) 73 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Series 2012 (A) - Debt Service Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Investment income $ - $ - $ 3 $ 3 Total revenues - - 3 3 Expenditures: Debt service: Principal 297,738 297,738 297,738 - Interest 67,868 67,868 67,868 - Total expenditures 365,606 365,606 365,606 - Excess (deficiency) of revenues over expenditures (365,606) (365,606) (365,603) 3 Other financing sources (uses): Transfers in 365,606 365,073 365,073 - Appropriated fund balance - 533 - (533) Total other financing sources (uses) 365,606 365,606 365,073 (533) Net change in fund balance $ - $ - $ (530) $ (530) 74 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Series 2012 (B)- Debt Service Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Investment income $ - $ - $ 5,339 $ 5,339 Total revenues - - 5,339 5,339 Expenditures: Debt service: Principal 332,262 332,262 332,262 - Interest 76,532 76,532 76,532 - Total expenditures 408,794 408,794 408,794 - Excess (deficiency) of revenues over expenditures (408,794) (408,794) (403,455) 5,339 Other financing sources (uses): Transfers in 408,794 408,794 444,000 35,206 Total other financing sources (uses) 408,794 408,794 444,000 35,206 Net change in fund balance $ - $ - $ 40,545 $ 40,545 75 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Series 2018- Debt Service Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: $ - $ - $ - $ - Expenditures: Debt service: Principal $ 250,000 $ 250,000 $ 250,000 $ - Interest 246,100 246,100 246,100 - Total expenditures 496,100 496,100 496,100 - Excess (deficiency) of revenues over expenditures (496,100) (496,100) (496,100) - Other financing sources (uses): Transfers in 496,100 496,100 496,100 - Total other financing sources (uses) 496,100 496,100 496,100 - Net change in fund balance $ - $ - $ - $ - 76 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Capital Projects Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Impact fees $ - $ - $ 51,859 $ 51,859 Investment income - - 17,396 17,396 Total revenues - - 69,255 69,255 Expenditures: Capital outlay 700,913 864,932 63,280 801,652 Total expenditures 700,913 864,932 63,280 801,652 Excess (deficiency) of revenues over expenditures (700,913) (864,932) 5,975 870,907 Other financing sources (uses): Appropriated fund balance 700,913 864,932 - (864,932) Total other financing sources (uses) 700,913 864,932 - (864,932) Net change in fund balances $ - $ - $ 5,975 $ 5,975 77 City of Aventura, Florida Schedule of Revenues, Expenditures and Changes in Fund Balance- Budget and Actual Aventura Charter High School Construction Fund - Capital Projects Fund For the Year Ended September 30, 2020 Variance with Final Budget Budgeted Amounts Positive Original Final Actual (Negative) Revenues: Intergovernmental revenues $ - $ - $ 250,000 $ 250,000 Investment income - 203,000 203,027 27 Miscellaneous 606,224 797,527 - (797,527) Total revenues 606,224 1,000,527 453,027 (547,500) Expenditures: Capital outlay 606,224 1,400,527 1,130,581 269,946 Total expenditures 606,224 1,400,527 1,130,581 269,946 Excess (deficiency) of revenues over expenditures - (400,000) (677,554) (277,554) Other financing sources (uses): Transfers in - 400,000 400,000 - Total other financing sources (uses) - 400,000 400,000 - Net change in fund balances $ - $ - $ (277,554) $ (277,554) 78 (This page intentionally left blank.) 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, required supplementary information, and supplementary information says about the City's overall financial health. Contents Page Financial Trends 79-85 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 86-89 These schedules contain information to help the reader assess the City's most significant local revenue source, the property tax. Debt Capacity 90-93 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 94-95 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 96-98 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. m lD 0 rn Ln 0 In W lD 0 a In 1l In n to In c-I c-I 1l 0 D1 lD lD V n O 1l oc 1l lD N In O Ol m m lD N O N c m y Dl N In 1l oo c-I 0 c-I c-I �o n D1 N O N W lD W m oo c-I In W V Ol N m 1l O c-i m O N rl W m N c-I Ol m m c-I c-I L} L} L} L} L} L} m Ol N W I, Ol lD N lD lD N In In 0 In lD N c-I oc In oc N lD m 17 lf1 In c-I N m oo0m m rnlo In oo00 rn N Ol O m m In ti n In O In 0 O N m lD N (7 In N m c-I 1l N m oo c-I m W O) N W N N oo m N rn m m c-I c-I L} L} L} L} L} L} In 1l In n N lD oo 1l n cy In W 1l 0 lD W 0 W lD rl cy In In V O O In Ol c-I V 17 In o0 m m oo In N Z1, lD m N N rl lD n In D1 c-I In 0 1l n In O m O a W Ol m N m 0 1l c-I N lD 1l m oo oom m rl Ln W In c-I c-I lD c-I N c-I c-I L} L} L} L} L} L} O N 1l D1 oo 0 W W N 1l n ti 0 oo rn a In rn In 0 m rn oc17 N rn lDm rn vrnlD rn I, lD Z1, n oo Z1, N lD Z1, Ol In rl n oo V 0 lD 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O cn CJ d J City of Aventura, Florida Ratios of Outstanding Debt by Type Last Ten Fiscal Years Business-Type Governmental Activities Activities General Total Percentage Per Fiscal Obligation Revenue Line of Outstanding Primary of Personal Capita Year Bonds Bonds Credit Bonds Government Income(1) (1) 2011 $ - $ 30,045,000 $ - $ - $ 30,045,000 2.13% $ 841.05 2012 - 28,805,000 - - 28,805,000 1.91% 773.52 2013 - 27,215,000 - - 27,215,000 1.79% 721.40 2014 - 25,540,000 - - 25,540,000 1.64% 685.42 2015 - 23,805,000 - - 23,805,000 * 635.26 2016 - 22,015,000 - - 22,015,000 * 585.33 2017 - 20,165,000 - - 20,165,000 * 534.97 2018 - 25,335,000 - - 25,335,000 * 672.12 2019 - 23,215,000 - - 23,215,000 * 614.32 2020 - 20,510,000 - - 20,510,000 * 539.30 Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements. (1) See the Schedule of Demographic and Economic Statistics for personal income and population data. * Information not available. 90 City of Aventura, Florida Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Less: Ratio Amounts of Net Net Available Assessed Bonded Bonded Gross in Debt Net Value of Debt to Debt Fiscal Bonded Service Bonded Taxable Assessed Per Year Debt Funds Debt Property Value Capita(1) 2011 $ 30,045,000 $ 231,562 $ 29,813,438 $ 7,244,606,607 0.41% $ 834.57 2012 28,805,000 274,594 28,530,406 7,290,634,319 0.39% 766.14 2013 27,215,000 311,384 26,903,616 7,501,239,017 0.36% 713.15 2014 25,540,000 337,770 25,202,230 7,786,432,398 0.32% 676.35 2015 23,805,000 353,377 23,451,623 8,394,311,130 0.28% 625.83 2016 22,015,000 380,498 21,634,502 9,094,962,102 0.24% 575.22 2017 20,165,000 408,361 19,756,639 9,901,694,244 0.20% 524.13 2018 25,335,000 478,742 24,856,258 10,098,997,863 0.25% 659.42 2019 23,215,000 536,587 22,678,413 10,365,840,176 0.22% 600.12 2020 20,510,000 258,892 20,251,108 10,740,186,632 0.19% 532.49 Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements. (1) See the Schedule of Demographic and Economic Statistics for population data. 91 City of Aventura, Florida Direct and Overlapping Governmental Activity Debt September 30, 2020 Estimated Percentage Applicable Estimated to City of Share of Debt Aventura Overlapping Jurisdiction Outstanding (1) Debt Overlapping debt: Miami-Dade Board of County Commissioners (2) $ 4,927,254,249 3.538% $ 174,326,255 Miami-Dade County School Board (2) 3,330,170,000 3.538% 117,821,415 Subtotal overlapping debt 8,257,424,249 292,147,670 Direct debt: City of Aventura 20,510,000 100.000% 20,510,000 Subtotal direct debt 20,510,000 20,510,000 Total direct and overlapping debt $ 8,277,934,249 $ 312,657,670 Notes: (1) The percentage of the overlap is calculated as follows: Overlapping portion of the government's revenue base (City of Aventura) Total revenue base of the overlapping government (Miami-Dade County) Assessed value of taxable property is the base used in the above calculation. (2) Source: Miami-Dade County & Miami-Dade County Public Schools, Finance Department. 92 § § \ 00 \ \ § rl \ \ \ \ ƒ 14 \ \ k \ \ / Gj \ m § cij { y ) Gj Gj { | _ Gj / [ Gj 2 / - y = - m m # _ { _ z ) - k Gj 2 f ) \ j ~ \ \ \ } j } ) \ ) } \ \ Ln m m \ q § % \ _ _ - \14 / J & ) \ \ \ j en m 2 [ / { / $ o m m j \ } / \ ] \ \ \ \ \ � : E _ ~ \ \ \ \ \ cj \ 2 y \ j k ) \ cj § \ > o o \ { ) E ~ - Jm m \ y w _ o £ - _ \ / \ / \ ) \ \ \ \ \ \ 2 ■ % 3 k LL 2 § § \ { E \ \ \ \ \ Q = e - 5 e 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) (2) (3) 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 * * 5.6% 2016 37,611 * * 5.2% 2017 37,694 * * 4.5% 2018 37,694 * * 3.5% 2019 37,790 * * 2.6% 2020 38,031 * * 6.9% Data sources: (1) Years are as of April 1 of each year per the University of Florida Bureau of Economics & Business Research. (2) Represents income per capita for Miami-Dade County as provided by the U.S. Department of Commerce, Bureau of Economic Analysis. (3) Florida Department of Labor, Bureau of Labor Market Information. * Information not available. 94 City of Aventura, Florida Occupational Employment by Group- Miami-Dade County, Florida Current Year and Nine Years Ago 2020 2011 Percentage Percentage of Total of Total Occupational Groups SOC Code Employees Rank Employment Employees Rank Employment Office and administrative support 43-0000 405,380 1 15.34% 202,750 1 21.14% Sales and related 41-0000 325,800 2 12.33% 125,460 2 13.09% Food preparation and serving related 35-0000 258,500 3 9.78% 81,980 3 8.55% Transportation and material moving 53-0000 231,580 4 8.76% 64,160 4 6.69% Healthcare practitioners and technical 29-0000 160,200 5 6.06% 57,640 5 6.01% Business and financial operations 13-0000 154,600 6 5.85% 49,210 7 5.13% Management 11-0000 154,150 7 5.83% 30,870 12 3.22% Education,training and library 25-0000 127,030 8 4.81% 49,580 6 5.17% Installation,maintenance and repair 49-0000 106,960 9 4.05% 35,540 9 3.71% Construction and extraction 47-0000 105,110 10 3.98% 25,340 15 2.64% Building and grounds cleaning and maintenance 37-0000 92,370 11 3.50% 34,800 10 3.63% Protective service 33-0000 87,700 12 3.32% 38,610 8 4.03% Healthcare support 31-0000 82,430 13 3.12% 27,310 13 2.85% Production 51-0000 80,420 14 3.04% 32,900 11 3.43% Personal care and service 39-0000 61,900 15 2.34% 27,010 14 2.82% Computer and mathematical 15-0000 57,880 16 2.19% 17,250 16 1.80% Legal 23-0000 35,550 17 1.35% 14,330 17 1.50% Community and social service 21-0000 35,460 18 1.34% 12,750 19 1.33% Arts,design,entertainment,sports and media 27-0000 34,330 19 1.30% 13,910 18 1.45% Architecture and engineering 17-0000 26,900 20 1.02% 9,540 20 1.00% Life,physical and social science 19-0000 13,590 21 0.51% 4,170 21 0.44% Farming,fishing and forestry 45-0000 4,480 22 0.17% 3,220 22 0.34% Total 2,642,320 100.00% 958,330 100.00% 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. 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O 00 O 00 M a-I M ci O N ci N lO O N M M ci ci N4 0 c-I Q Ln 00 Z M O ^ M a-I M c I O N �p O LL ci N lO O N M M ci ci r 4 0 c-I Q LnLq aT+ Z C N O ^ M a-I M c-I O U N 0J � -0 E i 0A ci N lO O N M N ci ci N O ci Q Ln (0 Lq ci 00 z cc(a — 0 a-I O M ^ ci 1 �+ N m U _ p o > LL M U m 0 i Q C Ln v - o i O , cn N o u u c'_o 6L H cya `° v E ,n o aaii ru E i ce } O ° ° o a u N - O v O 3 ca O O ca = u •• CL w v E 0 0 41 41 Q+T+ QN H to ic.i La2O 'Yv Yvu �( +J ` T 1 CA N Q O w O O OO =O \F(O11 NLL C O OL OO —AO O u -(-- u O — E O O Na �+ u uN vYN 4- • O o a aj u O ++ u ai mOO a a n F J n NQ VU v N Qz O Z CJ U J ii COMPLIANCE SECTION INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Honorable Mayor 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 the City of Aventura, Florida (the "City"), as of and for the year ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the City's basic financial statements, and have issued our report thereon dated February 24, 2021. Our report includes a reference to other auditors who audited the financial statements of the City of Aventura Police Officers' Retirement Plan Pension Trust Fund, Aventura City of Excellence School Fund and the Don Soffer Aventura High School Fund, as described in our report on the City's financial statements. This report does not include the results of the other auditor's testing of internal control over financial reporting or compliance and other matters that are reported on separately by those 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) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. SOUTH FLORIDA BUSINESS JOURNAL KMCcpa.com 1 6550 N Federal Hwy,4th Floor, Fort Lauderdale, FL 33308 Phone:954.771.0896 Fax:954.938.9353 vv®© Top 25 Accounting Firms I South Florida Business Journal Top 400 Accounting Firms in the U.S.I INSIDE Public Accounting 99 BEST PLACES TO WORK City of Aventura, Florida 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 financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. L/*-Ww KEEFE McCULLOUGH Fort Lauderdale, Florida February 24, 2021 100 Keefe 5(D McCullough CPA's+Trusted Advisors INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE To the Honorable Mayor and Members of the City Commission City of Aventura, Florida Report on Compliance for Each Major Federal Program We have audited the City of Aventura, Florida's (the "City") compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the City's major federal programs for the year ended September 30, 2020. The City's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with 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 programs 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 each major federal program. However, our audit does not provide a legal determination of the City's compliance. Opinion on Each Major Federal Program In our opinion, the City complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended September 30, 2020. SOUTH FLORIDA BUSINESS JOURNAL KMCcpa.corn 1 6550 N Federal Hwy,4th Floor, Fort Lauderdale, FL 33308 Phone:954.771.0896 Fax:954.938.9353 vv®© Top 25 Accounting Firms I South Florida Business Journal Top 400 Accounting Firms in the U.S.I INSIDE Public Accounting 101 BEST PLACES TO WORK City of Aventura, Florida Report on Internal Control over Compliance Management of the City is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the City's internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with 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. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. � MU&N4 KEEFE McCULLOUGH Fort Lauderdale, Florida February 24, 2021 102 iH lD 00 O r- O 00 Ol lD M 00 N r- r-I Ol 3 M Ol 00 N N +' lD lD Il O O lD N 00 r-I Ol r- M 00 r-I Q � X uJ -(n L.. �n 0) O E a O U E Z a L a L llO M i i Q i Q i O I U NN c� Ln O LU i U L n O + L O N U ON m m L a a O i Ln Q m N M lZ � Ln M p E rn o 0 0 Un o D U 3 lD lD r-I r-I O I� Z rI rI N N rI Ol a M Q O X a 4- 0 a C -00 a ) G) a E � tw U a Ln O O 41 i O fC > N hA ++ O 0 O ~ uJ U c Ln U 3 3 0) - v H J L W dA'N fC Ln O `- a 41 `F 41 Q i O c i 0 > E a a > �. 3 +, +_ ui +� Qo c u 0) H m � moU ai i O coif ++ Q G7 O i ++ O O 41 O p O Q 0) U N O LL y E fa n 4- E w Q .N cn `0 41 i Ln Ln O m Q L O LL 0) t O 0) >, O fC O 41 d fC Q H p 3 O O O O r- M u cC 3 LnO 0) a 0) L 0) E +, _O a i tw CC a i 0 = O a O O +_ N H fC 'L LL fC 'L G •a m LL O C LL 0) L t � s ° 0 t X (a N i Lni Ln X LL cTi a O '> p a O '> E L O i aj O fC (6 fC (6 fa Saj ui i S O 0) o a,o LA w } Q u a W O u a G7 O G7 f6 0) w cn cn 3 , i w Ln , i w Ln ai Ln C CA + + + � a Na V in Li Li City of Aventura, Florida Notes to Schedule of Expenditures of Federal Awards September 30, 2020 Note 1- Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards(the "Schedule") includes the federal grant activity of the City of Aventura, Florida (the "City"). The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR)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, as well as other applicable provisions of contracts and grant agreements, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Note 3- Indirect Cost Rate The City elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Note 4- Contingency The grant and contract revenue received is subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor/contract agencies would become a liability of the City. In the opinion of management,all grant and contract expenditures are in compliance with the terms and conditions of the agreements and applicable federal/state laws and other applicable regulations. Note 5— Prior Year Expenditures The Schedule includes financial assistance from the U.S Department of Homeland Security in the amount of$44,218 that represents expenditures from the 2019 fiscal year. 104 City of Aventura, Florida Schedule of Findings and Questioned Costs For the Year Ended September 30, 2020 SECTION I - SUMMARY OF AUDITOR'S RESULTS Financial Statements Type of auditor's report issued: Unmodified Opinion Internal control over financial reporting: Material weakness(es) identified? yes X no Significant deficiency(ies) identified? yes X none reported Noncompliance material to financial statements noted? yes X no Federal Awards Internal control over major federal programs: Material weakness(es) identified? yes X no Significant deficiency(ies) identified? yes X none reported Type of auditor's report issued on compliance for major federal programs: Unmodified Opinion 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 21.019 Coronavirus Relief Fund Dollar threshold used to distinguish between Type A and Type B programs: $ 750,000 Auditee qualified as low-risk auditee? yes X no SECTION II - FINANCIAL STATEMENT FINDINGS None Reported. SECTION III - FEDERAL AWARDS FINDINGS AND QUESTIONED COSTS None Reported. SECTION IV- PRIOR YEAR AUDIT FINDINGS None Reported. 105 (This page intentionally left blank.) Keefe 5(D McCullough CPA's+Trusted Advisors MANAGEMENT LETTER IN ACCORDANCE WITH THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA To the 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, 2020, and have issued our report thereon dated February 24, 2021. 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; 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); and Chapter 10.550, Rules of the Auditor General. Other Reporting Requirements We have issued our Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards, Independent Auditor's Report on Compliance for Each Major Federal Program and on Internal Control over Compliance Required by the Uniform Guidance; 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 February 24, 2021, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General,requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings or recommendations made in the preceding annual financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. This information is disclosed in the notes to the financial statements, Note 1. SOUTH FLORIDA BUSINESS JOURNAL KM(.cpa...wIIII, I UJJU IN FCUJ I dL I Ivey,4LII FLUUI, FUI L LdUUCIUdLC, FL 33308 Pnone:954.771.0896 rax:954.938.9353 �v®© Top 25 Accounting Firms I South Florida Business Journal Top 400 Accounting Firms in the U.S.I INSIDE Public Accounting 106 BEST PLACES TO WORK City of Aventura, Florida 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 conditions) 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. 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. 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, Members of the City Commission, and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. �/-4-W4 KEEFE McCULLOUGH Fort Lauderdale, Florida February 24, 2021 107 INDEPENDENT ACCOUNTANT'S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES To the 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, Local Government Investment Policies, during the year ended September 30, 2020. Management 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 aforementioned requirements for the year ended September 30, 2020. This report is intended solely for the information and use of management, Members of the City Commission, and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties. V-�+-M4 KEEFE McCULLOUGH Fort Lauderdale, Florida February 24, 2021 SOUTH FLORIDA BUSINESS JOURNAL KMCcpa.com 1 6550 N Federal Hwy,4th Floor, Fort Lauderdale, FL 33308 Phone:954.771.0896 Fax:954.938.9353 vv®© Top 25 Accounting Firms I South Florida Business Journal Top 400 Accounting Firms in the U.S.I INSIDE Public Accounting 108 BEST PLACES TO WORK �OF we TG U > ��99s ' FLO�� ri� 4 55 19200 West Country Club Drive Aventura, Florida 33180 Phone: 305-466-8920 Fax: 305-466-8939 cityofaventura.com ORDINANCE NO. 2021- AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AMENDING ORDINANCE NO. 2020-10 WHICH ORDINANCE ADOPTED A BUDGET FOR THE 2020/2021 FISCAL YEAR BY REVISING THE 2020/2021 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 Assistant City Manager - Finance and Administration as to Accounting Principles), it is deemed necessary to adjust, amend and implement the 2020/2021 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. 2020-10, which Ordinance adopted a budget for the 2020/2021 fiscal year, by revising the 2020/2021 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. 2021- 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, 2020. 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 Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Vice Mayor Robert Shelley 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 Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Vice Mayor Robert Shelley Mayor Enid Weisman Page 2 of 3 City of Aventura Ordinance No. 2021- PASSED on first reading this 2nd day of March, 2021. PASSED AND ADOPTED on second reading this 6t" day of April, 2021. MAYOR ENID WEISMAN ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 3 of 3 CITY OF AVENTURA FINANCE DEPARTMENT MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager BY: Brian K. Raducci, Assistant City Manager— Finance and Administration DATE: February 26, 2021 SUBJECT: Mid-Year Ordinance Amending 2020/21 Budget 1st Reading March 2, 2021 City Commission Meeting Agenda Item 7 2nd Reading April 6, 2021 City Commission Meeting Agenda Item RECOMMENDATION It is recommended that the City Commission approve the attached Ordinance amending the 2020/21 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, 2020 to the 2020/21 budget was also addressed in my memorandum dated February 24, 2021 which accompanied the Commission's electronic package containing the Comprehensive Annual Financial Report. • In addition, there are "Other Items" that were not considered in the originally adopted FY 2020/21 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 FY 2020/21 Budget Amendments Schedule ("Exhibit A"). 1 GENERAL FUND (001) Revenues and Expenditures— net effect$0 respectively. 1. To re-appropriate $33,000 for Community Recreation Center Improvements (i.e. Restroom Renovations and Gym Lighting) that were not completed by the end of FY 2019/20. This additional cost will be offset by a corresponding reduction to the Capital Reserve. 2. To re-appropriate $25,000 for Peace Park Improvements (i.e., Security Enhancements) that were postponed at the end of FY 2019/20 so that it could be better coordinated with the new Restroom Facility project at Peace Park. This additional cost will be offset by a corresponding reduction to the Capital Reserve. SPECIAL REVENUE FUNDS POLICE EDUCATION FUND 110 Revenues and Expenditures— a net increase of$8,014 respectively. To recognize and re-appropriate additional Carryover in the amount of$8,014 based on the prior year's audit in order to provide additional Training. TRANSPORTATION AND STREET MAINTENANCE FUND 120 Revenues and Expenditures— a net decrease of$125,000 respectively. To adjust and rebalance Carryover, expenditures and Capital Reserve funds in lieu of the following: Although County Transit System Surtax ("Surtax") funding may be utilized to fund our new upcoming On-Demand Transportation Services, in an abundance of caution, Carryover from our Impact Fees will be utilized (for budgeting purposes) due to the following: • This service was not considered in the development of our original Transportation and Street Maintenance Fund budget and the City had previously designated to the Citizens' Independent Transportation Trust ("CITT") which expenditures in the current year's budget would be funded from the Surtax. • The current Surtax funding is down from our FY 2018/19 and our FY 2019/20 budget levels due to the continued financial impacts of COVID-19. • The City will submit all required documentation to Miami-Dade County in accordance with their recently updated guidelines in order to execute their new Interlocal Agreement. Budgeted Expenditures will be adjusted as follows: 1. To increase the Citywide Bicycle Sharing expenditure by $54,806 and to make a corresponding decrease to the Capital Reserve as that is where this budgeted expenditure was inadvertently included. 2 2. To appropriate $161,480 ($26,912.82/month) and to make a corresponding decrease to the Capital Reserve for the new On-Demand Transportation Services Agreement with Beefree, LLC that was approved at the February 2, 2021 Commission Meeting for six (6) months of service (April — September 2021). 3. To appropriate $38,600 for the NE 1901" Street Milling & Resurfacing project budgeted in FY 2019/20 that was in process at September 30, 2020. This funding will be provided from a corresponding decrease to the Capital Reserve. 4. To reduce Capital Reserve funds by $125,000 to allow for the Carryover adjustments described above. 911 FUND 180 Revenues and Expenditures— a net increase of$13,933 respectively. To recognize and re-appropriate additional Carryover in the amount of$13,933 based on the prior year's audit in order to provide additional Capital Reserve. CAPITAL PROJECTS FUND 392 Revenues and Expenditures— a net increase of$5,975 respectively. To adjust and rebalance Carryover and Capital Reserve funds in the net amount of $5,975 based on the prior year's audit. Carryover: Increase/(Decrease) • Police — ($7,514) • Community Services — $109 • Public Works/Transportation — $13,380 (traffic flow improvement project) Capital Reserve: Increase/(Decrease) • Police — ($7,514) • Community Services — $109 • Public Works/Transportation — $13,380 (traffic flow improvement project) PROPRIETARY FUND STORMWATER UTILITY FUND —410 Revenues and Expenditures— a net increase of$150,000 respectively. To recognize and appropriate additional Carryover to fund additional costs associated with the Yacht Club Drive Seawall ("Seawall") Repair Project. On December 23, 2019 the City experienced a 9" rain event in a very short period of time. After the rain event, the Seawall failed in two (2) separate locations totaling approximately 300 linear feet. On January 3, 2020, MUEngineers, Inc. — the City's structural engineering 3 consultant provided their opinion (as outlined below) as to what caused the deadmen (anchors) and ultimately the Seawall to move forward: • a combination of heavy rainfall, high ground water level and an outgoing tide caused the fill material behind the Seawall to erode. • the erosion of fill material decreased the deadmen's capacity as the soil that anchored them became like quicksand. • these factors in combination with compromised anchor rods as well as an increased load on the adjoining anchor rods created the condition to allow the Seawall to fail. On May 5, 2020 the Commission awarded Bid No. 20-03-27-3 to Shoreline Foundation, Inc. to repair the 40+ year old Seawall. Helical Piles were considered in the original design drawings to repair the Seawall, as they were considered to be a better structural option than the exiting tie backs that were in place. In addition, they were determined to be the most economical option at that time. Once installation of the Helical Piles began, the contractor determined that the underlying soils were not able to provide the required friction or tension to support the Seawall. As a result, the original design drawings were revised to utilize Batter Piles to provide better support. The additional cost of labor and materials to utilize Batter Piles in lieu of Helical Piles will result in a budget overrun of approximately $150,000 which will be offset by additional Carryover funds (3999000). If you should have any questions related to this memorandum, please feel free to contact the City Manager. BKR/bkr 4 Exhibit A FY 2020/21 Budget Amendments GENERAL FUND-001 2020/21 2020/21 2020/21 OBJECT ADOPTED AMENDED REVISED CODE CATEGORY BUDGET AMOUNT BUDGET Expenditures Capital Outlay Capital Outlay/Community Services(8050-572) 6205 Community Center Improvements $ 8,898 $ 33,000 $ 41,898 6327 Peace Park Improvements 125,000 25,000 150,000 SUBTOTAL $ 133,898 $ 58,000 $ 191,898 Non-Departmental-8090-590 6999 Capital Reserve 14,772,304 (58,000) 14,714,304 Subtotal $ 14,772,304 $ (58,000) $ 14,714,304 Total Amendments-Expenditures(Net) $ POLICE EDUCATION FUND-110 2020/21 2020/21 2020/21 OBJECT ADOPTED AMENDED REVISED CODE CATEGORY BUDGET AMOUNT BUDGET Revenues Fund Balance 3999000 Carryover $ $ 8,014 $ 8,014 Subtotal $ $ 8,014 $ 8,014 Total Amendments-Revenues $ 8,014 Expenditures Other Operating Expenses Public Safety-2001-521 5450 Training $ 5,500 $ 8,014 $ 13,514 Subtotal $ 5,500 $ 8,014 $ 13,514 Total Amendments-Expenditures $ 8,014 TRANSPORTATION AND STREET MAINTENANCE FUND-120 2020/21 2020/21 2020/21 OBJECT ADOPTED AMENDED REVISED CODE CATEGORY BUDGET AMOUNT BUDGET Revenues Fund Balance 3999000 Carryover-Other $ 867,419 $ (286,480) $ 580,939 3999000 Carryover-Impact Fees 181,000 161,480 342,480 Subtotal $ 1,048,419 $ (125,000) $ 923,419 Total Amendments-Revenues $ (125,000) Expenditures Contractual Services Public Works/Transportation-5401-541 3453 Citywide Bicycle Sharing $ 27,058 $ 54,806 $ 81,864 3456 On-Demand Transportation Services - 161,480 161,480 Subtotal $ 27,058 $ 216,286 $ 243,344 Capital Outlay Public Works/Transportation-5401-541 6305 Road Resurfacing $ 500,487 $ 38,600 $ 539,087 6999 Capital Reserve 430,442 (379,886) 50,556 Subtotal $ 930,929 $ (341,286) $ 589,643 Total Amendments-Expenditures $ (125,000) Page 1 of 2 Exhibit A 911 FUND-180 2020/21 2020/21 2020/21 OBJECT ADOPTED AMENDED REVISED CODE CATEGORY BUDGET AMOUNT BUDGET Revenues Fund Balance 3999000 Carryover $ 20,000 $ 13,933 $ 33,933 Subtotal $ 20,000 $ 13,933 $ 33,933 Total Amendments-Revenues $ 13,933 Expenditures Capital Outlay Public Safety(2001-521) 6999 Capital Reserve $ 8,640 $ 13,933 $ 22,573 Subtotal $ 8,640 $ 13,933 $ 22,573 Total Amendments-Expenditures $ 13,933 CAPITAL PROJECTS FUND-392 2020/21 2020/21 2020/21 OBJECT ADOPTED AMENDED REVISED CODE CATEGORY BUDGET AMOUNT BUDGET Revenues Fund Balance 3999000 Carryover-Police $ 198,673 $ (7,514) $ 191,159 3999000 Carryover-Community Services 5,364 109 5,473 3999000 Carryover-Public Works/Transportation 660,895 13,380 674,275 Subtotal $ 864,932 $ 5,975 $ 870,907 Total Amendments-Revenues $ 5,975 Expenditures Capital Outlay Police(2001-521) 6999 Capital Reserve-Police $ 115,693 $ (7,514) $ 108,179 Capital Outlay Community Services(5001-572) 6999 Capital Reserve-Community Services 5,364 109 5,473 Capital Outlay Public Works/Transportation(5401-541) 6999 Capital Reserve-Public Works/Transportation 660,895 13,380 674,275 Subtotal $ 781,952 $ 5,975 $ 787,927 Total Amendments-Expenditures $ 5,975 STORMWATER UTILITY FUND-410 2020/21 2020/21 2020/21 OBJECT ADOPTED AMENDED REVISED CODE CATEGORY BUDGET AMOUNT BUDGET Revenues Fund Balance 3999000 Carryover $ 263,229 $ 150,000 $ 413,229 Subtotal $ 263,229 $ 150,000 $ 413,229 Total Amendments-Revenues $ 150,000 Expenditures Capital Outlay Public Works/Transportation(5401-538) 6309 Seawall Improvements $ 224,979 $ 150,000 $ 374,979 Subtotal $ 224,979 $ 150,000 $ 374,979 Total Amendments-Expenditures $ 150,000 Page 2 of 2 CITY OF "ENTURA OFFICE OF THE CITY MANAGER MEMORANDUM TO: City Commission FROM: Ronald J. Wasson, City Manager DATE: January 29, 2021 SUBJECT: Ordinance Amending Division 6, "Arts in Public Places Advisory Board" of Article III, Chapter 2 of the City Code 11t Reading February 2, 2021 City Commission Meeting Agenda Item 7 2"1 Reading March 2, 2021 City Commission Meeting Agenda Item 8 RECOMMENDATION It is recommended that the City Commission approve the attached Ordinance amending Division 6 "Arts in Public Places Advisory Board" of Article III, Chapter 2 of the City Code to revise the composition of the Arts in Public Places Advisory Board to be composed of five residents of the City. If you have any questions, please feel free to contact me. RJW/act Attachment CCO1960-21 ORDINANCE NO. 2021- AN ORDINANCE OF THE CITY OF AVENTURA, FLORIDA, AMENDING DIVISION 6, "ARTS IN PUBLIC PLACES ADVISORY BOARD" OF ARTICLE III, CHAPTER 2 OF THE CITY CODE TO REVISE THE COMPOSITION OF THE ART IN PUBLIC PLACES ADVISORY BOARD; PROVIDING FOR SEVERABILITY; PROVIDING FOR INCLUSION IN THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, on October 2, 2012, the City Commission of the City of Aventura (the "City") adopted Ordinance No. 2012-16, creating Division 6, "Arts in Public Places Advisory Board," of Article III, Chapter 2 of the City Code of Ordinances establishing the Art in Public Places Advisory Board to identify and select art for display on City-owned and/or operated properties; and WHEREAS, on March 1, 2016, the City Commission adopted Ordinance No. 2016-02, amending the composition requirements and duties of the Art in Public Places Advisory Board; and WHEREAS, the City Commission desires to further amend the composition of the Art in Public Places Advisory Board to be composed of five residents of the City; and WHEREAS, the City Commission finds that this amendment is in the best interest of the City and the City's residents. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF AVENTURA, FLORIDA, AS FOLLOWS:' Section 1. Recitals Incorporated. That each of the above-stated recitals are hereby adopted and confirmed. Section 2. City Code Amended. That Division 6, "Arts in Public Places Advisory Board," of Article III, Chapter 2 of the City Code of the City of Aventura is hereby amended to read as follows: Chapter 2 —ADMINISTRATION ARTICLE III. —ADVISORY BOARDS DIVISION 6. —ARTS IN PUBLIC PLACES ADVISORY BOARD Sec. 2-201. - Creation, composition and qualifications. 1 Additions to existing City Code text are indicated by underline; deletions from existing City Code text are indicated by strikethrough. City of Aventura Ordinance No. 2021- (a) There is hereby created and established the City of Aventura Art in Public Places Advisory Board (the "Board") consisting of five members inGluding the Mayor, ,ono shy seNe by virtue of hisihere#+^e and four that are residents of the City who shall be and appointed by the Mayor, subject to the approval of the City Commission. The resfdent members of the Board shall be appointed in accordance with procedures established herein and shall hold office at the pleasure of the City Commission. Members of the Board shall serve on the Board without compensation and shall not be reimbursed for travel, mileage, or per diem expenses as to Board service. The resident members shall serve for a two-year term and may be reappointed in accordance with the process outlined herein. (b) In the event of the resignation or removal of any member of the Board, the Mayor shall appoint a person to fill the vacancy on such Board for the unexpired portion of the term of the member vacating such office, subject to approval of the City Commission in accordance with procedures established herein. (c) In the event that a member of the Board shall be absent and unexcused from a duly- called meeting of the Board for three consecutive meetings, then, in that event, such member shall automatically be removed as a member of the Board by the City Manager. An excused absence shall be requested in writing via email, fax or letter prior to the Board meeting. (d) The City Manager or his designee shall provide or designate necessary staff support for the Board. Sec. 2-204. - Rules of procedure; quorum. (a) The Board shall adopt rules of procedure not inconsistent with the ordinances of the City and the laws of the State of Florida and shall utilize Robert's Rules of Order recently revised 1990 Edition for the rules of procedure for the conduct of meetings of the Board. The Board may create additional rules for the conduct of its internal proceedings. (b) The Mayor shall seNe as the Board Chairperson The Board shall select a member to serve as the Chairperson and may elect a Vice-Chairperson. (c) Three members shall constitute a quorum for the transaction of business of the Board. Official action shall be taken by the Board only upon the concurring vote of a majority of the members present at an official meeting of the Board, except that at least three affirmative votes shall be required for official action. Section 3. Severability. That the provisions of this Ordinance are declared to be severable and if any section, sentence, clause or phrase of this Ordinance shall for any reason be held to be invalid or unconstitutional such decision shall not affect the validity of the remaining sections, sentences, clauses and phrases of this Ordinance, but they shall remain in effect it being the legislative intent that this Ordinance shall stand notwithstanding the invalidity of any part. Page 2 of 4 City of Aventura Ordinance No. 2021- Section 4. Inclusion in the Code. That it is the intention of the City Commission and it is hereby ordained that the provisions of this Ordinance shall become and be made a part of the Code of the City of Aventura, that the sections of this Ordinance may be renumbered or relettered to accomplish such intentions, and that the word Ordinance shall be changed to Section or other appropriate word. Section 5. Effective Date. That this Ordinance shall be effective immediately upon adoption on second reading. The foregoing Ordinance was offered by Commissioner Landman, who moved its adoption on first reading. This motion was seconded by Vice Mayor Shelley and upon being put to a vote, the vote was as follows: Commissioner Jonathan Evans Yes Commissioner Rachel S. Friedland Yes Commissioner Denise Landman Yes Commissioner Dr. Linda Marks Yes Commissioner Marc Narotsky Yes Vice Mayor Robert Shelley Yes Mayor Enid Weisman Yes 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 Jonathan Evans Commissioner Rachel S. Friedland Commissioner Denise Landman Commissioner Dr. Linda Marks Commissioner Marc Narotsky Vice Mayor Robert Shelley Mayor Enid Weisman Page 3 of 4 City of Aventura Ordinance No. 2021- PASSED on first reading on this 2nd day of February, 2021. PASSED AND ADOPTED on second reading on this 2nd day of March, 2021. ENID WEISMAN, MAYOR ATTEST: ELLISA L. HORVATH, MMC CITY CLERK APPROVED AS TO LEGAL SUFFICIENCY: CITY ATTORNEY Page 4 of 4