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CITY OF MIRAMAR, FL

Adopted Annual Budget Fiscal Year 2014 2300 CIVIC CENTER PLACE, MIRAMAR, FLORIDA 33025


Statistical Information

                                                                                              Statistical Information

                                 


Statistical Information

FY 2014 Budget

This section of the annual budget presents detailed statistical information as a context to understand the City's overall financial starus. It is broken down by the following four (4) categories: Financial Trends, Revenue Capacity, Debt Capacity, Demographics and Economic Status.

Financial Trends The information in this category is intended to assist users to understand and assess how the City's financial position changed over the years. ● ●

Changes in Fund Balances of Governmental Funds Fund Balances of Governmental Funds

Revenue Capacity These schedules contain information to help the reader assess the City's most significant local revenue source, their property tax. ● ● ● ● ●

Assessed Values of Taxable Property Property Tax Levies and Collections Special Assessments Billings and Collections Direct and Overlapping Property Tax Rates Principal Taxpayers

Debt Capacity The following schedules contain information to help the reader assess the affordability of the City's current levels of outstanding debt and the ability to issue additional debt in the future. ● ●

Ratios of Outstanding Debt by Type Direct and Overlapping Governmental Debt

Demographic and Economic Status The following schedules indicates demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place. ● ● ● ●

Demographic and Economic Statistics Major Employers in Miramar Comparison of other Local Municipalities Tax Roll Comparison to other Local Municipalities

Source: Comprehensive Annual Financial Report (CAFR), City of Miramar

City of Miramar

593


Changes in Fund Balances of Governmental Funds

FY 2014 Budget

Last Ten Fiscal Years (1) (Modified Accrual Basis of Accounting - Amounts Expressed in Thousands) Revenues Taxes (2) Special Assessment Licenses & Permits Inter-Governmental Charges for Services Fines & Forfeitures Impact Fees Interest Earned Miscellaneous Total Revenues

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

38,660

46,396

53,209

63,010

72,822

70,255

72,718

71,585

63,465

139

139

5,124

5,301

5,418

6,088

7,753

10,316

10,585

7,965

9,210

5,649

6,702

7,149

6,081

4,914

3,907

4,118

11,084

12,171

22,997

33,815

22,836

26,852

16,144

27,279

25,598

3,455

5,114

5,106

5,206

5,427

9,451

7,458

8,714

8,855

723

704

667

874

973

863

683

736

928

4,969

4,531

3,784

5,244

3,487

2,486

160

249

1,754

889

1,171

1,426

4,662

5,589

3,119

2,804

1,700

908

1,371

907

1,208

13,583

1,333

518

2,057

2,508

2,456

69,255

80,343

99,170

138,397

125,034

125,713

114,691

126,994

118,667

62,889 10,604 3,994 24,422 8,489 973 1,390 341 3,052 116,154

Expenditures General Government Public Safety Physical Environment Community Services Social Services Non Departmental Grants and Aid Capital Outlay Debt Service Total Expenditures

6,617

6,992

7,615

8,093

9,735

9,351

10,477

10,112

11,661

10,803

42,302

46,509

50,464

54,566

59,775

62,345

58,234

59,097

63,395

65,389

3,400

3,738

4,379

5,490

5,876

5,558

7,556

7,566

7,653

7,982

7,941

8,777

10,341

11,825

13,904

14,978

13,707

11,304

12,308

12,698

1,067

1,360

1,591

1,801

2,078

2,257

2,386

1,343

1,519

1,757

408

1,682

3,018

18,686

3,072

3,193

4,958

5,369

2,496

2,757

665

2,651

1,761

11,908

9,852

8,490

54,502

37,617

12,003

5,629

4,479

8,845

17,054

23,668

18,873

15,493

4,185

5,239

52,784

11,611

10,464

5,975

3,387

6,753

6,347

8,737

82,974

97,965

149,065

127,565

160,071

143,925

114,469

119,081

119,710

127,458

Excess/Deficiency

(13,719)

(17,622)

(49,895)

10,832

(35,037)

(18,212)

222

7,913

Other Financing Sources: Transfer In Transfer Out Lease Issuance Issuance of Debt Premium on issuance of Payment-Escrow Agent Total Net Change in Fund Balance $

34,661 (33,608) 35,348 36,401 22,682 $

6,095 (4,876) 11,026 (10,601) 1,644 (15,978) $

67,939 66,952 719 93,135 1,417 230,162 180,267

9,358 (8,199) 308 1,467 12,299 $

12,311 (10,897) 1,792 3,206 (31,831) $

19,252 (19,452) (200) (18,412) $

6.35%

7.05%

9.91%

5.62%

Debt Service as a % of Non Capital Expenditures

40.54%

$

10.36%

(1) Data implemented by GASB Statement No. 34 in FY 2003

City of Miramar

594

16,532 (18,103) 1,272 10,000 9,701 9,923 3.31%

$

(1,043)

8,156 (10,290) (2,134) 5,779 $

14,010 (15,820) (1,810) (2,853) $

5.95%

5.51%

(11,304)

26,247 (24,476) 7,879 9,650 (1,654) 7.37%


Fund Balances of Governmental Funds

FY 2014 Budget

Last Ten Fiscal Years (1) (Modified Accrual Basis of Accounting - Amounts Expressed in Thousands) FY 2004 General Fund: Reserved Unreserved Non-spendable Committed Assigned Unassigned Total All other Governmental Funds: Reserved Unreserved reported in: Special Revenue Funds Capital Projects Funds Non-spendable Restricted Assigned Unassigned, reported in: Special Revenue Funds Capital Projects Funds Total Total Governmental Funds

$

FY 2005

FY 2006

FY 2007

FY 2008

FY 2010 (2)

FY 2011

FY 2012

102 14,055 14,157

117 16,882 16,999

2,496 20,503 22,999

351 33,019 33,370

436 39,245 39,681

2,463 43,271 45,734

2,982 12,675 17,286 18,012 50,955

1,149 34,991 6,788 42,928

970 20,045 5,937 26,952

14,756

19,458

29,958

17,941

10,662

11,404

-

-

-

1,592 18,165 -

1,961 56,619 -

2,441 51,939 -

1,817 22,380 -

2,199 4,554 -

9 9,873 -

2,607 21,438 -

1,541 25,878 -

39 31,318 9,986

34,513

78,038

84,338

42,138

17,415

21,286

(358) (1,843) 21,844

(26) (375) 27,018

(2) 41,341

48,670

$

95,037

$

107,337

$

75,508

(1) Data implemented by GASB Statement No. 34 in FY 2003. (2) Data implemented by GASB Statement No. 54 in FY 2010. Source: City of Miramar CAFR 2012, pg. 136-137

City of Miramar

FY 2009

595

$

57,096

$

67,020

$

72,799

$

69,946

$

68,293

-


Assessed Values of Taxable Property

FY 2014 Budget

Last Ten Fiscal Years Fiscal Year

Real Property

Personal Property

Total Assessed Value

Total Change

% Change from Prior Year

2005

5,256,959,790

247,865,900

5,504,825,690

5,504,825,690

18.6%

2006

6,452,738,910

288,669,417

6,741,408,327

1,236,582,637

22.5%

2007

8,014,958,880

345,438,783

8,360,397,663

1,618,989,336

24.0%

2008

9,257,872,180

353,828,370

9,611,700,550

1,251,302,887

15.0%

2009

9,014,206,898

339,667,631

9,353,874,529

-257,826,021

-2.7%

2010

7,738,751,520

331,830,062

8,070,581,582

-1,283,292,947

-13.7%

2011

6,412,482,860

352,130,774

6,764,613,634

-1,305,967,948

-16.2%

2012

6,259,674,220

333,628,878

6,593,303,098

-171,310,536

-2.5%

2013

6,308,487,020

352,314,995

6,660,802,015

67,498,917

1.0%

2014

6,578,377,660

376,425,619

6,954,803,279

294,001,264

4.4%

Note: Property tax rates are based on each $1,000 of net assessed value Note: Broward County properties are reassessed on an average once a year. The county assesses property at approximately 85-100% of actual value as required by Florida law. Source: Broward County Property Appraiser DR-420 Forms

Total Assessed Value 10 9 8 7

Billions

6 5 4 3 2 1 0 2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Fiscal Year

Property Tax Levies and Collections Last Ten Fiscal Years Fiscal Year

Total Tax Levy

Current Tax Collections (1)

Current Tax Collections as % of Current Levy

Delinquent Tax Collections (2)

Total Tax Collections

Total Tax Collections as % of Current Levy

2002

20,467,939

19,874,445

97.10%

102,132

19,907,321

97.26%

2003

25,531,720

24,840,759

97.29%

123,856

24,942,891

97.69%

2004

31,893,682

30,666,513

96.15%

102,248

30,790,369

96.54%

2005

37,141,194

35,826,760

96.46%

69,126

35,929,008

96.74%

2006

44,650,815

43,232,774

96.82%

50,627

43,301,901

96.98%

2007

52,507,512

52,693,110

100.35%

112,911

52,743,737

100.45%

2008

49,323,242

49,052,805

99.45%

338,987

49,165,796

99.68%

2009

51,256,426

49,382,828

96.34%

308,746

49,721,815

97.01%

2010

51,655,608

49,599,612

96.02%

-

49,908,358

96.62%

2011

43,148,123

41,293,039

95.70%

473,622

41,766,661

96.80%

2012

42,401,340

40,775,422

96.17%

34,733

40,810,155

96.25%

2013

42,819,364

41,184,496

96.18%

32,889

41,217,385

96.26%

(1) FY2013 is year-to-date (2) Including interest and penalties Source: Broward County Property Appraiser

City of Miramar

596


Direct & Overlapping Property Tax Rates

FY 2014 Budget

Last Ten Fiscal Years Overlapping Rates

Fiscal Year

City of Miramar Millage

Broward County Schools

Broward County Operating

Broward County Debt

South Florida Water Management District

South Broward Hospital Districts

Other

Total Direct & Overlapping Rates

2005

6.7700

8.2695

7.0230

-

0.6970

1.5761

0.4616

24.7972

2006

6.7700

8.0623

6.7830

-

0.6970

1.4500

0.4616

24.2239

2007

6.6500

7.8687

6.0661

-

0.6970

1.3300

0.4458

23.0576

2008

5.2975

7.6484

5.2868

-

0.6240

1.1643

0.3917

20.4127

2009

5.4797

7.4170

5.3145

2010

6.4654

7.4310

4.8889

0.5000

0.6240

1.1913

0.4099

20.4364

0.6240

1.2732

0.4588

21.6413

2011

6.4654

7.6310

5.1021

0.4509

0.6240

1.2732

0.5041

22.0507

2012

6.4654

7.4180

5.1860

0.3670

0.4363

0.7500

0.5134

21.1361

2013

6.4654

7.4560

5.2576

0.2954

0.4289

0.6000

0.5247

21.0280

2014

6.4654

7.4800

5.4400

0.2830

0.4110

0.4000

0.5227

21.0021

Note: Millage is the property tax rate based on each $1,000 of net assessed value.

City of Miramar Millage Rate 2014

6.4654

2013

6.4654 6.4654

Fiscal Year

2012 2011

6.4654

2010

6.4654 5.4797

2009 5.2975

2008

6.6500

2007

6.7700

2006

6.7700

2005 5.00

5.25

5.50

5.75

6.00

6.25

6.50

6.75

Millage Rate Amount

Principal Taxpayers Taxpayer South Broward Hospital District 11700 Southwest 26 St. Apartments Florida Power & Light Windsor at Miramar I LLC & (II) City National Bank of Florida Flamingo Cove LLC Keystone Operating Partnership L P Miramar Investors LLC Fairfield Pier Club LLC Inland Diversified Miramar Total

Taxable Assessed Value

Rank

69,353,750

0.79%

1

69,191,950

0.79%

2

48,532,848

0.56%

3

41,530,210

0.48%

4

29,785,200

0.34%

5

29,000,000

0.33%

6

28,983,330

0.33%

7

28,020,680

0.32%

8

27,000,000

0.31%

9

26,972,780 $ 398,370,748

0.31% 4.56%

10

Source: City of Miramar, Florida, CAFR 2012, pg 140-141

City of Miramar

% of Total Assessed Tax Value

597

7.00

7.25


Special Assessment Billings & Collections

FY 2014 Budget

Last Ten Fiscal Years Fiscal Year

Assessments Due

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Assessments Collected

3,852,119 1,953,105 1,338,245 951,208 539,131 538,560 454,049 19,423 1,888

9,996,917 6,408,167 1,874,149 1,932,867 1,592,847 893,768 523,929 19,423 1,888

Foot Note

Ratio of Collections to Amounts Due

Total Outstanding Assessments

259.50% 328.10% 140.00% 203.20% 295.40% 166.00% 116.00% 100.00% 100.00%

(2) (3) (4) (5) (6) (7) (8) (9)

17,059,971 11,555,108 8,011,108 6,046,412 5,395,647 4,501,964 4,069,765 4,050,342 4,050,342 4,048,454

The following Ratios are net of pre-payments: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Ratio is shown net of prepayments Includes mandatory prepayments of $9,545,677 Includes mandatory prepayments of $6,013,678 Includes mandatory prepayments of $4,499,379 Includes mandatory prepayments of $536,149 Includes mandatory prepayments of $981,659 Includes mandatory prepayments of $953,008 Includes mandatory prepayments of $413,675 Includes mandatory prepayments of $70,146 An allowance was set up for $3,643,365.

Assessments Collected 25,000,000

Amount

20,000,000 15,000,000

9,996,917

10,000,000

6,408,167 1,874,149

5,000,000

1,932,867 1,592,847

893,768 523,929

19,423

-

1,888

0 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 Fiscal Year

Outstanding Assessments 100,000,000

Amount

80,000,000 60,000,000 40,000,000 20,000,000

17,059,971 11,555,108 8,011,108

6,046,412 5,395,647 4,501,964

4,069,765 4,050,342 4,050,343

4,048,454

0 FY 03

FY 04

FY 05

FY 06

FY 07

Fiscal Year Source: City of Miramar, Florida, CAFR 2012, pg 143

City of Miramar

598

FY 08

FY 09

FY 10

FY 11

FY 12

(10)


Ratios of Outstanding Debt by Type Business-Type Activities

Governmental Activities Fiscal Revenue Special Bonds Assessment Year

Notes Payable

FY 2014 Budget

Capital Lease

Special Revenue Bonds Assessment

Notes Revolvin Payable g Loan

% of Per Total Primary Personal Capita Government Income (2)

Capital Lease

-

5,844

2003

11,199

1,000

54,800

4,494

1,236

19,125

8,670

-

460,046

560,570

2004

6,450

920

58,901

3,024

-

12,975

9,341

709,236

325,473

1,126,320

2005

99,330

836

10,604

2,546

-

9,425

14,706

1,087

176,651

315,185

13.88%

2,908

2006

99,100

748

5,993

1,570

-

5,445

14,542

7,482

64,025

198,905

8.42%

1,803

55.39% 11,063

2007

98,865

655

2,512

1,902

-

4,245

14,458

17,693

-

140,330

6.53%

1,254

2008

98,625

559

1,824

1,410

46,040

2,250

13,986

17,410

-

182,104

6.77%

1,585

2009

98,380

457

11,112

1,509

59,570

-

278

16,515

115

187,936

6.61%

1,625

2010

98,130

351

10,376

1,527

58,940

-

94

15,680

92

185,190

6.84%

1,645

2011

97,875

239

10,000

777

58,615

-

-

14,826

121

182,453

6.22%

1,484

2012

95,420

122

16,195

1,180

57,345

-

-

13,954

78

184,294

5.89%

1,483

Source: City of Miramar, CAFR 2012, pg 144

Direct and Overlapping Governmental Debt Jurisdiction

Net Debt Outstanding

% Applicable to

Amount Applicable to

September 30, 2012

City of Miramar

City of Miramar

Debt repaid with property taxes: Broward County, Florida (1) Broward School District Board (2) City of Miramar, Florida

356,215,000 None 114,003,910

Total Direct and Overlapping Debt

5.17%

18,416,316

-

-

100.00%

114,003,910 $132,420,226

Note: The percentage of overlapping debt is estimated using taxale assessed property values. Value that is within the City Boundaries are divided by the County's and School Board's total taxable assessed value.

Source: City of Miramar, CAFR 2012, pg 146 (1) Broward County, Florida (2) School Board of Broward County, Florida

City of Miramar

599


Demographic & Economic Statistics

FY 2014 Budget

Last Ten Fiscal Years Fiscal

Miramar Population (1)

Broward County Population (1)

Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

1,701,251 1,722,430 1,742,157 1,747,655 1,741,657 1,739,708 1,738,093 1,748,066 1,753,162 1,771,099

School Enrollment (2)

95,921 101,813 108,387 110,322 111,705 112,667 112,552 122,041 122,982 123,478

Unemployment Rate (3)

15,073 17,375 14,806 15,594 20,606 20,365 21,136 23,839 23,937 23,857

Median Household Per Capita Personal Income (4) Income (4)

5.2% 5.3% 3.6% 3.1% 3.8% 5.4% 11.0% 10.1% 10.1% 15.3%

20,279 19,974 20,956 21,424 19,194 23,400 24,611 24,062 23,836 25,179

54,963 57,583 57,991 57,583 65,179 67,412 64,547 45,324 60,851

Median Age (4) 33.0 32.4 32.3 32.7 31.8 32.2 32.7 32.0 32.0 36.1

Miramar Population History 130,000 122,041

122,982

123,478

Popuplation

120,000 110,322

111,705

112,667

112,552

108,387

110,000 101,813

100,000

95,921

90,000 2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Fiscal Year

School Enrollment

Unemployment Rate 18.0%

30,000

15.3%

16.0% 14.0%

23,857

21,136 20,365

Percentage Rate

Number of Students

23,839 23,937 20,606

20,000 17,375 15,073

14,806

15,594

10,000

11.0%

12.0%

10.1% 10.1%

10.0% 8.0% 6.0% 4.0%

5.2%

5.3%

5.4% 3.6%

3.8% 3.1%

2.0% 0.0%

0

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Fiscal Year

Source:

Fiscal Year

(1) Univ of FL, Bureau of Economic & Business Research (2) School Board of Broward County (3) State of Florida Agency of Workforce Innovation (4) US Bureu of Census, American Community Survey

City of Miramar

600


Major Employers Corporate Park/ Company Name

FY 2014 Budget

Number of Employees

Type of Service

Countyline Corporate Center Hamilton Industries Kellstrom Industries Edward Don & Company

191 241 174

Appliance Aerospace Culinary Supply

Fairway Business Center Clear Channel Communications South Florida Blood Bank The Document Bank

150 56 18

Media Life Service Archive

Huntington Corporate Park NBC 6/Telemundo Paychex Southern Wine & Spirits

281 142 420

TV Payroll Spirits

Huntington Square Advanced Fibre Communications Carnival Space Coast Credit Union EDS Gallagher Bassett Services CompuPay

86 463 12 240 65 153

Communication Cruise Cr Union Info Tech Insurance Payroll

Miramar Center Business Park Caremark Dynalectric

455 30

Pharmacy Contractor

Miramar Center Corporate Park Humana Cbeyond

538 80

Insurance Communication

Miramar Commerce Park Mercury Marine

35

Company

Number of Employees

Type of Service

Miramar Park of Commerce cont'd Bellsouth Advertising Bunzl Cummins Latin America East Florida Supply Chain Eskimo Pie Frozen Distribution FedEx Florida Home Medical Equipment Honeywell IRT J.C. White JL Audio Kone Elevators Le Cordon Bleu Maritime Tele-communications Mattel Memorial Healthcare System Premier Beverage Quest Diagnostics Severn Trent/KSA Siemans Simplex Grinnell/Tyco Spirit Airlines Stanley Latin America Telephonetics Trane Tropical Financial Credit Union Xpedx Hampton Inn Red Ventures

50 20 23 130 50 85 80 90 574 85 175 146 80 64 45 765 585 469 60 120 160 308 38 37 143 270 36 23 213

Phone Consum Prod Design/Manuf Distributor Distributor Courier Medical Home Alarm Call Center Office Furniture Audio Equip. Elevator Svc. School Communication Toy Hospital Sprits Lab/Pharmacy Enviro Lab Enviro Test Fire Security Airlines Tools Communication Air Condition Credit Union Courier Hotel Direct Marketing

Employers out of Corporate Parks Coaster Kohl's Office Depot Staples Suntrust Bank Target Store, T-1512 Walmart Stores East LP #1511 Wingate Inn Sam's Club

42 112 18 16 8 243 262 25 218

Furniture Distr Retail Retail Retail Bank Retail Retail Hotel

Marine

Monarch Lakes Industrial Center Comcast Devry University Lucent Technologies Royal Caribbean/Celebrity Cruises

560 129 110 316

Cable School Communication Cruise

Miramar Park of Commerce (4 phases) Advanced Marketing Plus AES Airbourne Express/DHL American Express Ameritech Services Aveva

60 36 ** 372 55 205

Marketing Electric Courier Credit Card Repair Svc Pharmaceutical

Source: Financial Services-Business Tax

City of Miramar

Corporate Park/ Name

601

Retail


Comparison To Other Local Municipalities

Entity

Total All Funds Operating Budget (FY 13 Budget)

General Fund Budget (FY 13 Budget)

Number of Employees (FY13 Budget FTE's) FT 767 | PT 1 | Temp 226

Estimated Population FY 2013

Proposed Millage Rate Operating | Debt Service FY 2014

FY 2014 Budget

Fire Protection Assessment Fee Single / Multi Family Homes

Mobile Homes

Institution/ Commercial/ Industrial/ Education/Vacant Warehouse Lot

Solid Waste Rate per Year

Coral Springs

151,766,237

98,814,282

0.00

19.34 per sq ft

Hollywood

359,947,445

176,405,797

1,296.0

140,930

7.4479|0.3040

189.00

189.00

459.00 | 328.00**

1,024.00**

372.00

Miramar

197,224,100

108,874,100

950.5

123,478

6.4654

304.90

224.76

0.5896 | 0.1075

1.0077

225.00

Pembroke Pines

306,667,772

153,385,934

919.5

154,889

5.6368 | 0.6408

252.71

N/A

0.5548 | 0.1168

0.5722

218.64

Plantation

177,927,134

85,103,357

FT 744 | PT 239

5.6142

N/A

N/A

N/A

N/A

87.00

72,687,219

110,151,765

FT 698 | PT 97

84,375

6.0543

169.50

N/A

293 | 49 **

448**

249.36

214,203,618 34,845,500

97,806,150 118,479,700

688.0 9

92,848 65,448

5.0829 | 0.8621 2.000

166.00 386.32 | 396.81

N/A N/A

0.2999 | 0.0939 957.58 | 425.99**

1.0473 | 0.1371 N/A

266.50 226.94

2012 Gross Taxable Value

2013 Gross Taxable Value

Amount Change

% Change from Prior Year

8,531,269,618

8,912,028,253

380,758,635

4.46%

6,660,802,015

6,954,803,279

294,001,264

4.41%

Sunrise Town of Davie Weston

122,681 $4.5697 / $0.2906

84,687

$141.36/$174.89

3.01 per sq ft

Millage rate is the tax rate for every $1,000 of assessed property value * Includes debt service millage rate ** <= 1,999 sq ft. Rate increase every 1,000 sq ft *** Rate table based on building size Ç&#x201A; Higher Rates for Multi Family Source: The various Cities, BCPA website Census Bureau American Community Survey

Comparison Of Other Cities Taxable Value Entity Pembroke Pines Miramar Sunrise Hollywood Coral Springs Town of Davie Weston Plantation

4,888,128,947

5,083,200,669

195,071,722

3.99%

10,095,444,725

10,478,713,201

383,268,476

3.80%

7,469,991,547

7,751,557,101

281,565,554

3.77%

6,614,262,744

6,828,101,369

213,838,625

3.23%

6,509,074,727

6,720,758,363

211,683,636

3.25%

6,775,548,601

6,974,221,785

198,673,184

2.93%

Source: BCPA, Form DR-420, Certification of Taxable Value

City of Miramar

602

$

227.16


Glossary

                                                                                                                           

Glossary

   


Glossary of Terms

FY 2014 Budget

Budget Calendar A schedule of key dates which the City follows for the preparation, adoption and administration of the budget.

Account A financial reporting unit. It is used to identify an individual asset, liability, expenditure control, revenue control, encumbrance control, or fund balance. All budgetary transactions are recorded in accounts. Accounting Period A period (month, year) where the City determines its financial position and results of operations.

Budget Message A general discussion of the proposed budget as presented in writing by the budget-making authority to the legislative body.

Accrual Basis of Accounting A method of accounting that recognizes revenues and expenditures when service occurs, regardless of the timing of related cash flows.

Budgetary Basis of Accounting The method used to determine when revenues and expenditures are recognized for budgetary purposes.

Ad Valorem Tax A tax levied on the assessed value of real estate and personal property. This tax is also known as property tax.

Budgetary Control The control or management of a government or enterprise in accordance with an approved budget for the purpose of keeping expenditures within the limitations of available resources.

Adopted Budget The formal process through which the City Commission approves the proposed budget.

Business-type Activities is one of two classes of activities reported in the government-wide financial statements. It is financed in whole or in part by fees charged to external parties for goods or services. These activities are usually reported in enterprise funds.

Amended Budget Adjustment to the adopted budget and approved by the City Commission. Appropriation An authorization granted by a legislative body to purchase goods or services for specific purposes. An appropriation is limited in amount and as to the time it may be expended.

Business Plan A written document outlining how the City sources will be applied to achieve the strategic plan. Capital Equipment Physical plant and equipment with an expected life of five years or more.

Assessed Property Value The value set upon real estate or other property by the County Assessor and the State as a basis for levying taxes.

Capital Expenditure Is for the acquisition of infrastructure, park development, building, construction or expansion, and addition to fixed assets with an estimated cost of $100,000 or more.

Balanced Budget A budget in which the revenues equals the expenditure over the fiscal year.

Capital Lease An agreement conveying the right to use property, plant or equipment usually for a stated period of time where the lessee assumes all the risks and rewards of ownership.

Basis of Accounting The timing of recognition, that is, when the effects of transactions or events should be recognized for financial reporting purposes. It is an essential part of measurement focus because a particular timing of recognition is necessary to accomplish a particular measurement focus.

Capital Improvement Program (CIP) An official statement of public policy regarding long-range capital development for expenditure of $100,000 or more. It is the City's Five Year Plan and supports the City's Comprehensive Plan.

Bond A written promise, generally under seal, to pay a specified sum of money, called the face value, at a fixed time in the future, called the date of maturity, and carrying interest at a pre-determined rate, usually payable periodically.

Chart of Accounts The classification system used by a city to organize the accounting for various funds, based on the State of Florida Uniform Accounting System Manual.

Bond Anticipation A short-term interest-bearing note issued by a government in anticipation of bond proceeds to be received at a later date. The note is retired from proceeds of the bonds to which it is related.

Comprehensive Annual Financial Report (CAFR) The official annual report that presents the City's financial status in a standardized format. It is organized by Governmental and Business Type Activities, and contains two basic types of information-a balance sheet that compares assets with liabilities and fund balance, and an operating statement that compares revenues and expenditures.

Budget A plan of financial operation embodying an estimate of proposed expenditures for a given period and the proposed means of financing them. The term usually indicates a financial plan for a single fiscal year.

City of Miramar

603


Glossary of Terms

FY 2014 Budget

Effectiveness Term used in connection with the evaluation of internal controls and performance measurement. The degree to which an entity, program, or procedure is successful at achieving its goals and objectives.

Comprehensive Plan A plan adopted by the legislative body which governs the growth and/or development of a community. It may include land use, transportation, environmental, or other component plans. Contingency A budgetary reserve to provide for emergency or unanticipated expenditures.

Efficiency A term used in connection with the evaluation of internal controls and performance measurement. The degree to which an entity, program, or procedure is successful at achieving its goals and objectives with the least use of scarce resources. Efficiency necessarily presupposes effectiveness.

Debt Service The payment of principal and interest on borrowed funds such as bonds and loans. Debt Service Fund A governmental fund type which is used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest, and related costs.

Enterprise Fund A self supporting fund designed to account for activities supported by a user fee for goods or services such as water and solid waste services.

Defeasance The netting of outstanding liabilities and related assets on the statement of position in financial reporting. Only the new debt, if any is reported as a liability. Most refunding result in the defeasance of the refunded debt.

Expenditure The disbursement of appropriated funds to purchase goods and/or service. Note: Encumbrances are not considered expenditures. Federal Emergency Management Administration (FEMA) An agency of the US government responsible for disaster mitigation, preparedness, response and recovery planning.

Departmental Capital Outlay Expenditures for the acquisition of fixed assets costing more than $1,000 and less than $100,000.

Fiduciary Funds These funds are used to report assets held in a trustee or agency capacity for others and cannot be used to support government's own programs. This category includes pension trust funds, investment trust funds and agency funds.

Depreciation The decrease in value of physical assets due to use or expiration of service. In governmental accounting, depreciation may be recorded in proprietary funds and trust funds where expenses, net income, and/or capital maintenance are measured.

Fiscal Period A period in which a governmental unit determines its financial condition and the results of its operations and closes its books. Normally, it is usually a year, but not a calendar year.

Designated Funds that have been identified for a specific purpose. This differs from reserved funds, in that there is no legal requirement for funds that have been designated.

Five-year Capital Plan A plan for capital expenditures to incur each year over a five-year period to meet capital needs arising from the long-term work program and other capital needs. It sets forth each project or other contemplated expenditure in which the government is to have a part and specifies the resources estimated to be available to finance the projected expenditures.

Designated Unreserved Fund Balance Management's intended use of available expendable financial resources in governmental funds reflecting actual plans approved by the government's senior management. Designations that reflect a government's self-imposed limitations on the use of otherwise available expendable financial resources in governmental funds Developer Fees Charged to developers to cover, in whole or in part, the anticipated cost of improvements that will be necessary as a result of the development (e.g., parks, sidewalks)

Fixed Asset A term used for assets and property which cannot easily be converted into cash such as land, buildings, machinery, vehicles, furniture, and other equipment. Franchise Bonds These bonds are for the payment of which the City's franchise revenues are pledged.

Distinguished Budget Presentation Awards Program A voluntary program administered by the Government Finance Officers Association (GFOA) to encourage governments to publish efficiently organized and easily readable budget documents and to provide peer recognition and technical assistance to the fiscal officers preparing them.

Franchise Fees Charges to utilities for exclusive/non-exclusive rights to operate within municipal boundaries. (e.g., electricity, communications, cable television, and solid waste). Function A group related activities aimed at accomplishing a major service or regulatory program for which a government is responsible.

Division A unit of a department.

City of Miramar

604


Glossary of Terms

FY 2014 Budget

Fund A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, that are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.

Governmental Funds These are the General Fund, Special Revenue Funds, Debt Service Funds and Capital Projects Fund in this document. Homestead Exemption Pursuant to the Florida State Constitution, the first $25,000 of assessed value of a home which the owner occupies as principal residence is exempt from property tax.

Fund Accounts All accounts necessary to set forth the financial operations and financial condition of a fund.

Impact Fee A fee charged to developers by governmental entities to cover, in whole or in part, the anticipated cost of improvements that will be necessary as a result of the development (e.g., parks, sidewalks). These fees are often tied to a standard measure, such as square footage.

Fund Balance The difference between assets and liabilities reported in a governmental fund. Fund Type One of 11 classifications into which all individual funds can be categorized. Governmental fund types include the general fund, special revenue, debt service and capital projects. Proprietary fund types include enterprises funds and internal service funds. Fiduciary fund types include pension (and other employee benefit) trust funds, and investment trust f d

Infrastructure A public domain fixed assets including roads, bridges, curbs, gutters, sidewalks, drainage systems, lighting systems and other items that have value only to the city. Inter-Governmental Revenue received from or through the Federal, State, or County government. These include State Revenue Sharing, Alcoholic Beverage Tax, Half-Cent Sales Tax and Grants.

General Fund One of the five governmental fund types and typically serves as the chief operating fund. It is used to account for all financial resources except those required to be accounted for in another fund.

Interfund Transfers Flows of assets such as cash for goods between funds and blended component units of the primary government without equivalent flows of assets in return and without a requirement for repayment.

General Obligation Bonds Payments the full faith and credit of the issuing body are pledged. More commonly, but not necessarily, general obligation bonds are considered to be those payable from taxes and other general revenues.

Internal Service Fund This is a proprietary fund type that may be used to report any activity that provides goods or services to other funds, departments, or agencies of the primary government and its component units, or to other governments, on a cost-reimbursement basis. The City has 4 Internal Service Funds which are referred to Funds 501-504.

General Revenues All revenues that are not required to be reported as program revenues. All taxes, even those that are levied for a specific purposed, are general revenues and should be reported by type of tax (e.g.: sales tax, property tax, franchise tax, income tax).

Liability A debt or other legal obligations arising out of transactions in the past which must be liquidated, renewed, or refunded at some future date.

Generally Accepted Accounting Principles (GAAP) The conventions rules, and procedures that serve as the norm for the fair presentation of financial statements.

Mill A taxation unit equal to one dollar of tax obligation for every $1,000 of assessed valuation of property.

Government Finance Officers Association (GFOA) An association of public finance professionals founded in 1906 as the Municipal Finance Officers Association. The GFOA has played a major role in the development and promotion of GAAP for state and local government since its inception and has sponsored the Certificate of Achievement for Excellence in Financial Reporting since 1946 and the Certificate of Recognition for Budget Preparation.

Millage The total tax obligation per $1,000 of assessed valuation of property. Miramar's millage rate for FY 2013 is 6.4654. Modified Accrual Basis of Accounting Basis of accounting according to which (a) revenues are recognized in the accounting period in which they become available and measurable and (b) expenditures are recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on general long-term debt and certain similar accrued obligations, which should be recognized when due.

Governmental Accounting Standards Board (GASB) The ultimate authoritative accounting and financial reporting standard-setting body for state and local governments. GASB was established in June 1984.

City of Miramar

605


Glossary of Terms

FY 2014 Budget

Governmental Activities generally financed through taxes, intergovernmental revenues, and other non-exchange revenues. These activities are usually reported in governmental funds and internal service funds.

Public Safety Capital Improvement Fund A fund used to account for revenues specifically earmarked for capital improvements used for public safety (police and fire). This is referred to Fund 386.

Grant A contribution by one governmental unit to another. The contribution is usually made to aid in the support of a specified function (for example, education), but it is sometimes for general purposes.

Object A term used in connection with the classification of expenditures. The article purchased or the service obtained, rather than the purpose for which the article or service was purchase or obtained.

Ordinance A formal legislative enactment by the governing board of a municipality.

Operating Budget A budget for general revenues and expenditures such as salaries, utilities, and supplies.

Original Budget The first complete appropriated budget. It may be adjusted by reserves, transfers, allocations, supplemental appropriations, and other legally authorized legislative and executive changes before the beginning of the fiscal year.

Reserves A portion of fund balance legally segregated for a specific purpose. Revenue Bonds This is for bonds whose principal and interest are payable exclusively from earnings of an enterprise fund. from all sources (with the exception of fund balances) which will be used to fund expenditures in a fiscal year. An addition to fund financial resources.

Output Measures Term used in connection with service efforts and accomplishments reporting. Indicators that measure the quantity of services provided. Output measures include both measures of the quantity of service provided and measures of the quantity of a service provided that meets a certain quality requirement.

Rolled-Back Rate An operating millage rate required to raise the same ad valorem tax revenues as were levied in the prior year, exclusive of new construction, additions to structures deletions and property added.

Overlapping Government All local governments located wholly or in part within the geographic boundaries of the reporting government.

Refunding The issuance of new debt whose proceeds are used to repay previously issued debt. The proceeds may be used immediate for this purpose (a current refunding), or they may be placed with an escrow agent and invested until they are used to pay principal and interest on the old debt at a future time.

Park Development Fund A fund used to account for revenues specifically earmarked for capital improvement to the City's park system. This is a capital project fund which is referred to Fund 387.

Resolution A legislative act by the city with less legal formality than an ordinance.

Police Education Fund A fund used to account for revenues pursuant to Florida Statute 943.25 which allows municipalities to collect two (2) dollars from each traffic citation for the purpose of criminal justice education and training police officers. This is a special revenue fund which is referred to Fund 110.

Revenue Monies received from all sources (with the exception of fund balances) which will be used to fund expenditures in a fiscal year. An addition to fund financial resources. Self Insurance Fund An internal service fund is used to centrally manage the employee health and life insurance benefit packages, the workers' compensation program, and the City's insurance coverage of real and personal property.

Property Tax A tax levied on the assessed value of real and personal property. This tax is also known as ad valorem tax. Propriety Funds Focus on there determination of operating income, changes in net assets (or cost recovery), financial position, and cash flows. There are two different types of propriety funds: Enterprise Fund and Internal Service Funds. Enterprise Funds comprised of Funds 410-415, 425, and 435 while the Internal Service Funds are Funds 501-504.

City of Miramar

Special Assessment A compulsory levy imposed on certain properties to defray all or part of the cost of a specific capital improvement or service deemed to benefit primarily those properties. Special Revenue Fund A governmental fund type used to account for revenues that are legally restricted to expenditure for specific purposes. Currently, the City has 10 special revenue funds which are referred to Funds 110, 145, 160-167

606


Glossary of Terms

FY 2014 Budget

Abbreviations & Acronyms

State Revolving Fund A low interest loan program from the Florida Department of Environmental Protection (DEP) for planning, designing and constructing drinking water and wastewater projects. Taxes Compulsory charges levied by a government for the purpose of financing services performed for the common benefit. This term does not include specific charges made against particular persons or property for current or permanent benefits such as special assessments. Tax Rate Limit The maximum legal rate at which a locality may levy a tax. The limit may apply to taxes raised for a particular purpose or for general purposes. Taxable Value The assessed value less homestead and other exemptions, if applicable. Trust and Agency Funds These funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals, private organizations, other governments and/or other funds. Truth in Millage (TRIM) The Florida Truth in Millage Act (TRIM) serves to formalize the property tax levying process by requiring a specific method of tax rate calculation, form of notice, public hearing requirements and advertisement specifications prior to the adoption of a budget tax rate. Urban Area Security Initiative (UASI) Nonprofit Security Grant Program that provides funding by the Federal Government, Department of Homeland Security to support target activities to nonprofit organizations. The program promotes coordination and collaboration in emergency preparedness activities, state an local government agencies. Miramar serves as the administrative agent for the Ft. Lauderdale Urban Area Security Initiative. User Fees Charges for expenses incurred when services are provided to an individual or groups and not the community at large (e.g.. building inspections). Utility Fund This is an enterprise fund and as such receives its revenues from charges levied for the provision of services to users. It was established to account for the resources and uses of the Utilities function of the City and is prepared on the full accrual basis of accounting. Utility Service Tax Taxes levied on consumer consumption based on utility services provided by the City. The tax is levied as a percentage of gross receipts. Working Capital A financial metric that represents operating liquidity available to a business. It is calculated as current assets less current liabilities. City of Miramar

ADA APDP BEBR CADD CAFR CALEA

Americans with Disabilities Act Administrative Policy Directives and Procedures Bureau of Economic and Business Research Computer Assisted Design and Drafting Comprehensive Annual Financial Report Commission on Accreditation for Law Enforcement

CDBG CDBG-R CERT CIP CO COPS CRA DEP DOE DRC EHEAP EMS ERP FEMA FICA FTE FY GAAP GASB GFOA GIS HMO HOA HUD ICMA ILA ISF JAG KIO LAN MASH OPEB OSHA PPO SFWMD SHIP SOH SRO SWAT SWOT TRIM UASI VOCA

Community Development Block Grant Community Development Block Grant - Recovery Community Emergency Response Team Capital Improvement Program Certificate of Occupancy Community Oriented Policing Services Community Redevelopment Agency Department of Environment Protection US Department of Energy Design Review Committee Emergency Home Energy Assistance Program Emergency Medical Services Enterprise Resource Planning Federal Emergency Management Administration Federal Insurance Contribution Act Full-time Equivalent Fiscal Year Generally Accepted Accounting Principles Governmental Accounting Standards Board Government Finance Officers Association Geographic Information Systems Health Maintenance Organization Homeowners' Association US Department of Housing & Urban Development International City Management Association Interlocal Agreement Internal Service Fund Justice Assistance Grant Key Intended Outcome Local Area Network Miramar Assisting Seniors in their Homes Other Post Employment Benefits Occupational Safety Health Administration Preferred Provider Organization South Florida Water Management District State Housing Initiatives Partnership Save Our Homes School Resource Officer Special Weapons and Tactics Strengths-Weaknesses-Opportunities-Threats Truth in Millage Urban Area Security Initiative Victims of Crime Act

Sources: Governmental Accounting, Auditing, and Financial Reporting; Government Finance officers Association, 2001

607


Miramar2014 Statistical and Glossary  
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