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