CITY OF MIRAMAR, FL

Adopted Annual BudgetFiscal Year 2014

2300 CIVIC CENTER PLACE, MIRAMAR, FLORIDA 33025

                                              

                 

 

Statistical Information

Statistical In

form

ation

Statistical Information FY 2014 Budget

Financial Trends

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

Revenue Capacity

● 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

● Ratios of Outstanding Debt by Type● Direct and Overlapping Governmental Debt

Demographic and Economic Status

● Demographic and Economic Statistics● Major Employers in Miramar●

●

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

Tax Roll Comparison to other Local MunicipalitiesComparison of other Local Municipalities

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

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

The following schedules indicates demographic and economic indicators to help the reader understand the environmentwithin which the City's financial activities take place.

The information in this category is intended to assist users to understand and assess how the City's financial positionchanged over the years.

These schedules contain information to help the reader assess the City's most significant local revenue source, theirproperty tax.

City of Miramar 593

Changes in Fund Balances of Governmental Funds

Revenues 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Taxes (2) 38,660 46,396 53,209 63,010 72,822 70,255 72,718 71,585 63,465 62,889 Special Assessment 139 139 5,124 5,301 5,418 6,088 7,753 10,316 10,585 10,604 Licenses & Permits 7,965 9,210 5,649 6,702 7,149 6,081 4,914 3,907 4,118 3,994 Inter-Governmental 11,084 12,171 22,997 33,815 22,836 26,852 16,144 27,279 25,598 24,422 Charges for Services 3,455 5,114 5,106 5,206 5,427 9,451 7,458 8,714 8,855 8,489 Fines & Forfeitures 723 704 667 874 973 863 683 736 928 973 Impact Fees 4,969 4,531 3,784 5,244 3,487 2,486 160 249 1,754 1,390 Interest Earned 889 1,171 1,426 4,662 5,589 3,119 2,804 1,700 908 341 Miscellaneous 1,371 907 1,208 13,583 1,333 518 2,057 2,508 2,456 3,052 Total Revenues 69,255 80,343 99,170 138,397 125,034 125,713 114,691 126,994 118,667 116,154

ExpendituresGeneral Government 6,617 6,992 7,615 8,093 9,735 9,351 10,477 10,112 11,661 10,803

Public Safety 42,302 46,509 50,464 54,566 59,775 62,345 58,234 59,097 63,395 65,389

Physical Environment 3,400 3,738 4,379 5,490 5,876 5,558 7,556 7,566 7,653 7,982

Community Services 7,941 8,777 10,341 11,825 13,904 14,978 13,707 11,304 12,308 12,698

Social Services 1,067 1,360 1,591 1,801 2,078 2,257 2,386 1,343 1,519 1,757

Non Departmental 408 1,682 3,018 18,686 3,072 3,193 4,958 5,369 2,496 2,757

Grants and Aid 665 2,651 1,761 11,908 9,852 8,490

Capital Outlay 17,054 23,668 18,873 15,493 54,502 37,617 12,003 5,629 4,479 8,845

Debt Service 4,185 5,239 52,784 11,611 10,464 5,975 3,387 6,753 6,347 8,737

Total Expenditures 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 (1,043) (11,304)

Other Financing Sources:

Transfer In 34,661 6,095 67,939 9,358 12,311 19,252 16,532 8,156 14,010 26,247 Transfer Out (33,608) (4,876) 66,952 (8,199) (10,897) (19,452) (18,103) (10,290) (15,820) (24,476) Lease Issuance 35,348 11,026 719 308 1,792 - 1,272 - - - Issuance of Debt - - 93,135 - - - 10,000 - - 7,879 Premium on issuance of - - 1,417 - - - - - - Payment-Escrow Agent - (10,601) - - - - - - - - Total 36,401 1,644 230,162 1,467 3,206 (200) 9,701 (2,134) (1,810) 9,650 Net Change in Fund Balance 22,682$ (15,978)$ 180,267$ 12,299$ (31,831)$ (18,412)$ 9,923$ 5,779$ (2,853)$ (1,654)$

6.35% 7.05% 40.54% 10.36% 9.91% 5.62% 3.31% 5.95% 5.51% 7.37%

FY 2014 Budget

(Modified Accrual Basis of Accounting - Amounts Expressed in Thousands)

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

Debt Service as a % of Non Capital Expenditures

Last Ten Fiscal Years (1)

City of Miramar 594

Fund Balances of Governmental Funds

FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 (2) FY 2011 FY 2012General Fund:

Reserved 102 117 2,496 351 436 2,463 - - -

Unreserved 14,055 16,882 20,503 33,019 39,245 43,271 - - -

Non-spendable - - - - - - 2,982 1,149 970

Committed - - - - - - 12,675 - -

Assigned - - - - - - 17,286 34,991 20,045

Unassigned - - - - - - 18,012 6,788 5,937

Total 14,157 16,999 22,999 33,370 39,681 45,734 50,955 42,928 26,952 -

All other Governmental Funds:Reserved 14,756 19,458 29,958 17,941 10,662 11,404 - - -

Unreserved reported in:

Special Revenue Funds 1,592 1,961 2,441 1,817 2,199 9 - - -

Capital Projects Funds 18,165 56,619 51,939 22,380 4,554 9,873 - - -

Non-spendable - - - - - - 2,607 1,541 39

Restricted - - - - - - 21,438 25,878 31,318

Assigned - - - - - - - - 9,986

Unassigned, reported in:

Special Revenue Funds - - - - - - (358) (26) (2)

Capital Projects Funds - - - - - - (1,843) (375) -

Total 34,513 78,038 84,338 42,138 17,415 21,286 21,844 27,018 41,341

Total Governmental Funds 48,670$ 95,037$ 107,337$ 75,508$ 57,096$ 67,020$ 72,799$ 69,946$ 68,293$

Source: City of Miramar CAFR 2012, pg. 136-137

FY 2014 Budget

(Modified Accrual Basis of Accounting - Amounts Expressed in Thousands)

(2) Data implemented by GASB Statement No. 54 in FY 2010.(1) Data implemented by GASB Statement No. 34 in FY 2003.

Last Ten Fiscal Years (1)

City of Miramar 595

Assessed Values of Taxable Property

Fiscal Real Personal Total TotalYear Property Property Assessed Value Change

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

Source: Broward County Property Appraiser DR-420 Forms

Property Tax Levies and Collections

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

Last Ten Fiscal Years

Last Ten Fiscal Years

Note: Broward County properties are reassessed on an average once a year. The county assesses property at approximately 85-100% of actual value asrequired by Florida law.

FY 2014 Budget

% Change from Prior Year

0

1

2

3

4

5

6

7

8

9

10

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Bill

ion

s

Fiscal Year

Total Assessed Value

City of Miramar 596

Direct & Overlapping Property Tax Rates

Last Ten Fiscal Years

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 - 0.6240 1.1913 0.4099 20.4364

2010 6.4654 7.4310 4.8889 0.5000 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.

Principal Taxpayers

Taxpayer Rank

South Broward Hospital District 0.79% 1

11700 Southwest 26 St. Apartments 0.79% 2

Florida Power & Light 0.56% 3

Windsor at Miramar I LLC & (II) 0.48% 4

City National Bank of Florida 0.34% 5

Flamingo Cove LLC 0.33% 6

Keystone Operating Partnership L P 0.33% 7

Miramar Investors LLC 0.32% 8

Fairfield Pier Club LLC 0.31% 9

Inland Diversified Miramar 0.31% 10

Total 4.56%

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

Fiscal Year

City of Miramar Millage

Total Direct &

Overlapping Rates

Overlapping Rates

Broward County

OperatingBroward

County Debt

South Florida Water

Management District

Broward County Schools Other

South Broward Hospital Districts

Taxable Assessed Value

29,000,000

FY 2014 Budget

29,785,200

28,983,330

% of Total Assessed Tax Value

398,370,748$

69,353,750

48,532,848

69,191,950

26,972,780

41,530,210

28,020,680

27,000,000

5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

6.7700

6.7700

6.6500

5.2975

5.4797

6.4654

6.4654

6.4654

6.4654

6.4654

Millage Rate Amount

Fis

cal Y

ear

City of Miramar Millage Rate

City of Miramar 597

Special Assessment Billings & Collections

Fiscal Assessments Assessments FootYear Due Collected Note

2003 3,852,119 9,996,917 (2) 259.50% 17,059,9712004 1,953,105 6,408,167 (3) 328.10% 11,555,1082005 1,338,245 1,874,149 (4) 140.00% 8,011,1082006 951,208 1,932,867 (5) 203.20% 6,046,4122007 539,131 1,592,847 (6) 295.40% 5,395,6472008 538,560 893,768 (7) 166.00% 4,501,9642009 454,049 523,929 (8) 116.00% 4,069,7652010 19,423 19,423 (9) 100.00% 4,050,3422011 - - - 4,050,3422012 1,888 1,888 100.00% 4,048,454 (10)

The following Ratios are net of pre-payments:(1) Ratio is shown net of prepayments(2) Includes mandatory prepayments of $9,545,677 (3) Includes mandatory prepayments of $6,013,678 (4) Includes mandatory prepayments of $4,499,379(5) Includes mandatory prepayments of $536,149 (6) Includes mandatory prepayments of $981,659 (7) Includes mandatory prepayments of $953,008(8) Includes mandatory prepayments of $413,675(9) Includes mandatory prepayments of $70,146

(10) An allowance was set up for $3,643,365.

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

FY 2014 Budget

Last Ten Fiscal YearsRatio of

Collections to Amounts Due

Total Outstanding Assessments

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12

9,996,917

6,408,167

1,874,1491,932,8671,592,847 893,768 523,929 19,423 - 1,888

Amou

nt

Fiscal Year

Assessments Collected

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12

17,059,97111,555,108 8,011,108 6,046,412 5,395,647 4,501,964 4,069,765 4,050,342 4,050,343 4,048,454

Amou

nt

Fiscal Year

Outstanding Assessments

City of Miramar 598

Ratios of Outstanding Debt by Type

Revenue Bonds

Total Primary Government

2003 11,199 1,000 54,800 4,494 1,236 19,125 8,670 - 460,046 560,570 - 5,844

2004 6,450 920 58,901 3,024 - 12,975 9,341 709,236 325,473 1,126,320 55.39% 11,063

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

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

Debt repaid with property taxes:

Broward County, Florida (1) 356,215,000 5.17% 18,416,316

Broward School District Board (2) None - -

City of Miramar, Florida 114,003,910 100.00% 114,003,910

Total Direct and Overlapping Debt $132,420,226

Source: City of Miramar, CAFR 2012, pg 146

(1) Broward County, Florida

(2) School Board of Broward County, Florida

% Applicable to Amount Applicable toNet Debt Outstanding

City of Miramar

Capital Lease

Governmental Activities

Notes Payable

Revolving Loan

September 30, 2012

Fiscal Year

Special Assessment

Notes Payable

City of Miramar

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.

Jurisdiction

FY 2014 Budget

Business-Type Activities

% of Personal Income

Per Capita

(2)Capital Lease

Revenue Bonds

Special Assessment

City of Miramar 599

Demographic & Economic Statistics

Last Ten Fiscal Years

Fiscal

Year

2004 1,701,251 95,921 15,073 5.2% 20,279 33.02005 1,722,430 101,813 17,375 5.3% 54,963 19,974 32.42006 1,742,157 108,387 14,806 3.6% 57,583 20,956 32.32007 1,747,655 110,322 15,594 3.1% 57,991 21,424 32.72008 1,741,657 111,705 20,606 3.8% 57,583 19,194 31.82009 1,739,708 112,667 20,365 5.4% 65,179 23,400 32.22010 1,738,093 112,552 21,136 11.0% 67,412 24,611 32.72011 1,748,066 122,041 23,839 10.1% 64,547 24,062 32.02012 1,753,162 122,982 23,937 10.1% 45,324 23,836 32.02013 1,771,099 123,478 23,857 15.3% 60,851 25,179 36.1

Source: (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

FY 2014 Budget

Broward County Population (1)

Per Capita Personal Income (4)

Median Age (4)

Median Household Income (4)

Unemployment Rate (3)

School Enrollment (2)

Miramar Population (1)

5.2% 5.3%

3.6%3.1%

3.8%

5.4%

11.0%

10.1% 10.1%

15.3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Perc

enta

ge R

ate

Fiscal Year

Unemployment Rate

90,000

100,000

110,000

120,000

130,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

95,921

101,813

108,387 110,322 111,705 112,667 112,552

122,041 122,982 123,478

Popu

plat

ion

Fiscal Year

Miramar Population History

0

10,000

20,000

30,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

15,073

17,375

14,806 15,594

20,606 20,365 21,136

23,839 23,937 23,857

Num

ber o

f Stu

dent

s

Fiscal Year

School Enrollment

City of Miramar 600

Major Employers

Number of Employees Type of Service

Number of Employees Type of Service

Countyline Corporate Center Miramar Park of Commerce cont'dHamilton Industries 191 Appliance Bellsouth Advertising 50 PhoneKellstrom Industries 241 Aerospace Bunzl 20 Consum ProdEdward Don & Company 174 Culinary Supply Cummins Latin America 23 Design/Manuf

East Florida Supply Chain 130 DistributorFairway Business Center Eskimo Pie Frozen Distribution 50 Distributor

Clear Channel Communications 150 Media FedEx 85 CourierSouth Florida Blood Bank 56 Life Service Florida Home Medical Equipment 80 MedicalThe Document Bank 18 Archive Honeywell 90 Home Alarm

IRT 574 Call CenterHuntington Corporate Park J.C. White 85 Office Furniture

NBC 6/Telemundo 281 TV JL Audio 175 Audio Equip.Paychex 142 Payroll Kone Elevators 146 Elevator Svc.Southern Wine & Spirits 420 Spirits Le Cordon Bleu 80 School

Maritime Tele-communications 64 CommunicationHuntington Square Mattel 45 Toy

Advanced Fibre Communications 86 Communication Memorial Healthcare System 765 HospitalCarnival 463 Cruise Premier Beverage 585 SpritsSpace Coast Credit Union 12 Cr Union Quest Diagnostics 469 Lab/PharmacyEDS 240 Info Tech Severn Trent/KSA 60 Enviro LabGallagher Bassett Services 65 Insurance Siemans 120 Enviro TestCompuPay 153 Payroll Simplex Grinnell/Tyco 160 Fire Security

Spirit Airlines 308 AirlinesMiramar Center Business Park Stanley Latin America 38 Tools

Caremark 455 Pharmacy Telephonetics 37 CommunicationDynalectric 30 Contractor Trane 143 Air Condition

Tropical Financial Credit Union 270 Credit UnionMiramar Center Corporate Park Xpedx 36 Courier

Humana 538 Insurance Hampton Inn 23 HotelCbeyond 80 Communication Red Ventures 213 Direct Marketing

Miramar Commerce ParkMercury Marine 35 Marine

Employers out of Corporate ParksMonarch Lakes Industrial Center Coaster 42 Furniture Distr

Comcast 560 Cable Kohl's 112 RetailDevry University 129 School Office Depot 18 RetailLucent Technologies 110 Communication Staples 16 RetailRoyal Caribbean/Celebrity Cruises 316 Cruise Suntrust Bank 8 Bank

Target Store, T-1512 243 RetailMiramar Park of Commerce (4 phases) Walmart Stores East LP #1511 262 Retail

Advanced Marketing Plus 60 Marketing Wingate Inn 25 HotelAES 36 Electric Sam's Club 218 RetailAirbourne Express/DHL ** CourierAmerican Express 372 Credit CardAmeritech Services 55 Repair SvcAveva 205 Pharmaceutical

Source: Financial Services-Business Tax

FY 2014 Budget

Corporate Park/ Company Name

Corporate Park/ Company Name

City of Miramar 601

Comparison To Other Local Municipalities

Coral Springs 151,766,237 98,814,282 FT 767 | PT 1 |

Temp 226 122,681 $4.5697 / $0.2906 $141.36/$174.89 0.00 19.34 per sq ft 3.01 per sq ft 227.16$

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 84,687 5.6142 N/A N/A N/A N/A 87.00

Sunrise 72,687,219 110,151,765 FT 698 | PT 97 84,375 6.0543 169.50 N/A 293 | 49 ** 448** 249.36

Town of Davie 214,203,618 97,806,150 688.0 92,848 5.0829 | 0.8621 166.00 N/A 0.2999 | 0.0939 1.0473 | 0.1371 266.50Weston 34,845,500 118,479,700 9 65,448 2.000 386.32 | 396.81 N/A 957.58 | 425.99** N/A 226.94

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

ǂ Higher Rates for Multi Family

Source: The various Cities, BCPA website

Census Bureau American Community Survey

Amount Entity Change

Pembroke Pines 8,531,269,618 380,758,635 4.46%

Miramar 6,660,802,015 294,001,264 4.41%

Sunrise 4,888,128,947 195,071,722 3.99%

Hollywood 10,095,444,725 383,268,476 3.80%

Coral Springs 7,469,991,547 281,565,554 3.77%

Town of Davie 6,614,262,744 213,838,625 3.23%

Weston 6,509,074,727 211,683,636 3.25%

Plantation 6,775,548,601 198,673,184 2.93%

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

FY 2014 Budget

Solid Waste Rate per Year

Entity

7,751,557,101

General Fund Budget

(FY 13 Budget)

Comparison Of Other Cities Taxable Value

Number of Employees

(FY13 Budget FTE's)

Institution/ Education/Vacant

Lot

Total All Funds Operating Budget

(FY 13 Budget)

2013 GrossTaxable Value

Estimated Population

FY 2013Mobile Homes

% Change from Prior Year

Commercial/ Industrial/ Warehouse

Fire Protection Assessment FeeProposed Millage Rate Operating |

Debt Service FY 2014

Single / Multi Family Homes

8,912,028,253

2012 GrossTaxable Value

6,720,758,363

6,954,803,279

10,478,713,201

5,083,200,669

6,974,221,785

6,828,101,369

City of Miramar 602

                                                             

  

 

Glossary

Glo

ssary

FY 2014 Budget

Bond Anticipation A short-term interest-bearing note issuedby a government in anticipation of bond proceeds to bereceived at a later date. The note is retired from proceeds ofthe bonds to which it is related.

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

Capital Equipment Physical plant and equipment with anexpected 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 basisfor levying taxes.

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

Basis of Accounting The timing of recognition, that is, whenthe effects of transactions or events should be recognized forfinancial reporting purposes. It is an essential part ofmeasurement focus because a particular timing of recognitionis necessary to accomplish a particular measurement focus.

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

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

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

Budget Calendar A schedule of key dates which the Cityfollows for the preparation, adoption and administration of thebudget.

Accounting Period A period (month, year) where the Citydetermines its financial position and results of operations.

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

Budgetary Basis of Accounting The method used to determinewhen revenues and expenditures are recognized for budgetarypurposes.

Budgetary Control The control or management of agovernment or enterprise in accordance with an approvedbudget for the purpose of keeping expenditures within thelimitations of available resources.

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

Appropriation An authorization granted by a legislative bodyto purchase goods or services for specific purposes. Anappropriation is limited in amount and as to the time it may beexpended.

Amended Budget Adjustment to the adopted budget andapproved by the City Commission.

Business Plan A written document outlining how the Citysources will be applied to achieve the strategic plan.

Comprehensive Annual Financial Report (CAFR) Theofficial annual report that presents the City's financial status ina standardized format. It is organized by Governmental andBusiness Type Activities, and contains two basic types ofinformation-a balance sheet that compares assets with liabilitiesand fund balance, and an operating statement that comparesrevenues and expenditures.

Glossary of Terms

Account A financial reporting unit. It is used to identify anindividual asset, liability, expenditure control, revenue control,encumbrance control, or fund balance. All budgetarytransactions are recorded in accounts.

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

Ad Valorem Tax A tax levied on the assessed value of realestate and personal property. This tax is also known asproperty tax.

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

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

Capital Lease An agreement conveying the right to useproperty, plant or equipment usually for a stated period of timewhere the lessee assumes all the risks and rewards ofownership.

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FY 2014 BudgetGlossary of Terms

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

Expenditure The disbursement of appropriated funds topurchase goods and/or service. Note: Encumbrances are notconsidered expenditures.

Federal Emergency Management Administration (FEMA)An agency of the US government responsible for disastermitigation, preparedness, response and recovery planning.

Function A group related activities aimed at accomplishing amajor service or regulatory program for which a government isresponsible.

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

Designated Unreserved Fund Balance Management'sintended use of available expendable financial resources ingovernmental funds reflecting actual plans approved by thegovernment's senior management. Designations that reflect agovernment's self-imposed limitations on the use of otherwiseavailable expendable financial resources in governmentalfunds

Distinguished Budget Presentation Awards Program Avoluntary program administered by the Government FinanceOfficers Association (GFOA) to encourage governments topublish efficiently organized and easily readable budgetdocuments and to provide peer recognition and technicalassistance to the fiscal officers preparing them.

Division A unit of a department.

Debt Service Fund A governmental fund type which is usedto account for the accumulation of resources for, and thepayment of, general long-term debt principal and interest, andrelated costs.

Comprehensive Plan A plan adopted by the legislative bodywhich governs the growth and/or development of a community.It may include land use, transportation, environmental, or othercomponent plans.

Contingency A budgetary reserve to provide for emergency orunanticipated expenditures.

Debt Service The payment of principal and interest onborrowed funds such as bonds and loans.

Efficiency A term used in connection with the evaluation ofinternal controls and performance measurement. The degree towhich an entity, program, or procedure is successful atachieving its goals and objectives with the least use of scarceresources. Efficiency necessarily presupposes effectiveness.

Fixed Asset A term used for assets and property which cannoteasily be converted into cash such as land, buildings,machinery, vehicles, furniture, and other equipment.

Departmental Capital Outlay Expenditures for theacquisition of fixed assets costing more than $1,000 and lessthan $100,000.

Effectiveness Term used in connection with the evaluation ofinternal controls and performance measurement. The degree towhich an entity, program, or procedure is successful atachieving its goals and objectives.

Fiduciary Funds These funds are used to report assets held ina trustee or agency capacity for others and cannot be used tosupport government's own programs. This category includespension trust funds, investment trust funds and agency funds.

Five-year Capital Plan A plan for capital expenditures toincur each year over a five-year period to meet capital needsarising from the long-term work program and other capitalneeds. It sets forth each project or other contemplatedexpenditure in which the government is to have a part andspecifies the resources estimated to be available to finance theprojected expenditures.

Defeasance The netting of outstanding liabilities and relatedassets on the statement of position in financial reporting. Onlythe new debt, if any is reported as a liability. Most refundingresult in the defeasance of the refunded debt.

Depreciation The decrease in value of physical assets due touse or expiration of service. In governmental accounting,depreciation may be recorded in proprietary funds and trustfunds where expenses, net income, and/or capital maintenanceare measured.

Designated Funds that have been identified for a specificpurpose. This differs from reserved funds, in that there is nolegal requirement for funds that have been designated.

Franchise Fees Charges to utilities for exclusive/non-exclusive rights to operate within municipal boundaries. (e.g., electricity, communications, cable television, and solid waste).

Developer Fees Charged to developers to cover, in whole or inpart, the anticipated cost of improvements that will benecessary as a result of the development (e.g., parks,sidewalks)

Franchise Bonds These bonds are for the payment of which the City's franchise revenues are pledged.

City of Miramar 604

FY 2014 BudgetGlossary of Terms

Modified Accrual Basis of Accounting Basis of accountingaccording to which (a) revenues are recognized in theaccounting period in which they become available andmeasurable and (b) expenditures are recognized in theaccounting period in which the fund liability is incurred, ifmeasurable, except for unmatured interest on general long-termdebt and certain similar accrued obligations, which should berecognized when due.

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

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

Millage The total tax obligation per $1,000 of assessedvaluation of property. Miramar's millage rate for FY 2013 is6.4654.

Infrastructure A public domain fixed assets including roads,bridges, curbs, gutters, sidewalks, drainage systems, lightingsystems and other items that have value only to the city.

General Fund One of the five governmental fund types andtypically serves as the chief operating fund. It is used toaccount for all financial resources except those required to beaccounted for in another fund.

General Obligation Bonds Payments the full faith and creditof the issuing body are pledged. More commonly, but notnecessarily, general obligation bonds are considered to bethose payable from taxes and other general revenues.

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

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

Inter-Governmental Revenue received from or through theFederal, State, or County government. These include StateRevenue Sharing, Alcoholic Beverage Tax, Half-Cent SalesTax and Grants.

Fund Balance The difference between assets and liabilitiesreported in a governmental fund.

Interfund Transfers Flows of assets such as cash for goodsbetween funds and blended component units of the primarygovernment without equivalent flows of assets in return andwithout a requirement for repayment.

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

Fund Type One of 11 classifications into which all individualfunds can be categorized. Governmental fund types includethe general fund, special revenue, debt service and capitalprojects. Proprietary fund types include enterprises funds andinternal service funds. Fiduciary fund types include pension(and other employee benefit) trust funds, and investment trustf d

Governmental Funds These are the General Fund, SpecialRevenue Funds, Debt Service Funds and Capital Projects Fundin this document.

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

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

Homestead Exemption Pursuant to the Florida StateConstitution, the first $25,000 of assessed value of a homewhich the owner occupies as principal residence is exempt fromproperty tax.

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

Government Finance Officers Association (GFOA) Anassociation of public finance professionals founded in 1906 asthe Municipal Finance Officers Association. The GFOA hasplayed a major role in the development and promotion ofGAAP for state and local government since its inception andhas sponsored the Certificate of Achievement for Excellencein Financial Reporting since 1946 and the Certificate ofRecognition for Budget Preparation.

Governmental Accounting Standards Board (GASB) Theultimate authoritative accounting and financial reportingstandard-setting body for state and local governments. GASBwas established in June 1984.

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FY 2014 BudgetGlossary of Terms

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

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

Revenue Bonds This is for bonds whose principal and interestare payable exclusively from earnings of an enterprise fund.from all sources (with the exception of fund balances) whichwill be used to fund expenditures in a fiscal year. An additionto fund financial resources.

Special Assessment A compulsory levy imposed on certainproperties to defray all or part of the cost of a specific capitalimprovement or service deemed to benefit primarily thoseproperties.

Propriety Funds Focus on there determination of operatingincome, changes in net assets (or cost recovery), financialposition, and cash flows. There are two different types ofpropriety funds: Enterprise Fund and Internal Service Funds.Enterprise Funds comprised of Funds 410-415, 425, and 435while the Internal Service Funds are Funds 501-504. Special Revenue Fund A governmental fund type used to

account for revenues that are legally restricted to expenditurefor specific purposes. Currently, the City has 10 special revenuefunds which are referred to Funds 110, 145, 160-167

Ordinance A formal legislative enactment by the governingboard of a municipality.

Original Budget The first complete appropriated budget. Itmay be adjusted by reserves, transfers, allocations,supplemental appropriations, and other legally authorizedlegislative and executive changes before the beginning of thefiscal year.

Output Measures Term used in connection with serviceefforts and accomplishments reporting. Indicators thatmeasure the quantity of services provided. Output measuresinclude both measures of the quantity of service provided andmeasures of the quantity of a service provided that meets acertain quality requirement.

Rolled-Back Rate An operating millage rate required to raisethe same ad valorem tax revenues as were levied in the prioryear, exclusive of new construction, additions to structuresdeletions and property added.

Self Insurance Fund An internal service fund is used tocentrally manage the employee health and life insurance benefitpackages, the workers' compensation program, and the City'sinsurance coverage of real and personal property.

Overlapping Government All local governments locatedwholly or in part within the geographic boundaries of thereporting government.

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

Property Tax A tax levied on the assessed value of real andpersonal property. This tax is also known as ad valorem tax.

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

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

Revenue Monies received from all sources (with the exceptionof fund balances) which will be used to fund expenditures in afiscal year. An addition to fund financial resources.

Park Development Fund A fund used to account forrevenues specifically earmarked for capital improvement to theCity's park system. This is a capital project fund which isreferred to Fund 387.

Police Education Fund A fund used to account for revenuespursuant to Florida Statute 943.25 which allows municipalitiesto collect two (2) dollars from each traffic citation for thepurpose of criminal justice education and training policeofficers. This is a special revenue fund which is referred toFund 110.

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.

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.

Reserves A portion of fund balance legally segregated for aspecific purpose.

City of Miramar 606

FY 2014 BudgetGlossary of Terms

ADA Americans with Disabilities Act

APDP Administrative Policy Directives and Procedures

BEBR Bureau of Economic and Business Research

CADD Computer Assisted Design and Drafting

CAFR Comprehensive Annual Financial Report

CALEA

CDBG Community Development Block GrantCDBG-R Community Development Block Grant - RecoveryCERT Community Emergency Response TeamCIP Capital Improvement ProgramCO Certificate of OccupancyCOPS Community Oriented Policing ServicesCRA Community Redevelopment AgencyDEP Department of Environment ProtectionDOE US Department of EnergyDRC Design Review CommitteeEHEAP Emergency Home Energy Assistance ProgramEMS Emergency Medical ServicesERP Enterprise Resource PlanningFEMA Federal Emergency Management AdministrationFICA Federal Insurance Contribution ActFTE Full-time EquivalentFY Fiscal YearGAAP Generally Accepted Accounting PrinciplesGASB Governmental Accounting Standards BoardGFOA Government Finance Officers AssociationGIS Geographic Information SystemsHMO Health Maintenance OrganizationHOA Homeowners' AssociationHUD US Department of Housing & Urban DevelopmentICMA International City Management AssociationILA Interlocal AgreementISF Internal Service FundJAG Justice Assistance GrantKIO Key Intended OutcomeLAN Local Area NetworkMASH Miramar Assisting Seniors in their HomesOPEB Other Post Employment BenefitsOSHA Occupational Safety Health AdministrationPPO Preferred Provider OrganizationSFWMD South Florida Water Management DistrictSHIP State Housing Initiatives PartnershipSOH Save Our HomesSRO School Resource OfficerSWAT Special Weapons and TacticsSWOT Strengths-Weaknesses-Opportunities-ThreatsTRIM Truth in MillageUASI Urban Area Security InitiativeVOCA Victims of Crime Act

Sources:

Utility Service Tax Taxes levied on consumer consumptionbased on utility services provided by the City. The tax islevied as a percentage of gross receipts.

Working Capital A financial metric that represents operatingliquidity available to a business. It is calculated as currentassets less current liabilities.

Urban Area Security Initiative (UASI) Nonprofit SecurityGrant Program that provides funding by the FederalGovernment, Department of Homeland Security to supporttarget activities to nonprofit organizations. The programpromotes coordination and collaboration in emergencypreparedness 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 areprovided to an individual or groups and not the community atlarge (e.g.. building inspections).

Utility Fund This is an enterprise fund and as such receivesits revenues from charges levied for the provision of servicesto users. It was established to account for the resources anduses of the Utilities function of the City and is prepared on thefull accrual basis of accounting.

Abbreviations & Acronyms

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

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 thepurpose of financing services performed for the commonbenefit. This term does not include specific charges madeagainst particular persons or property for current or permanentbenefits such as special assessments.

Trust and Agency Funds These funds are used to account forassets held by the City in a trustee capacity or as an agent forindividuals, private organizations, other governments and/orother funds.

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.

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.

Taxable Value The assessed value less homestead and other exemptions, if applicable.

Commission on Accreditation for Law Enforcement

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