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VILLAGE OF KEY BISCAYNE, FLORIDA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE
FISCAL YEAR ENDED SEPTEMBER 30 1994
Prepared by
THE FINANCE DEPARTMENT
VILLAGE OF KEY BISCAYNE, FLORIDA
COUNCIL - MANAGER FORM OF GOVERNMENT
VILLAGE COUNCIL
John F Festa, Mayor
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Mortimer Fried, Councilman
Raul Llorente, Councilman
Joe I Rasco, Vice Mayor
Betty Q Sime, Councilman
Raymond P Sullivan, Councilman
John Waid, Councilman
VILLAGE MANAGER
C Samuel Kissinger
VILLAGE CLERK
Guido H Inguanzo, Jr
VILLAGE ATTORNEY
Weiss, Serota & Helfman, P A
FINANCE DIRECTOR
Jack Neustadt
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
RACEILIN COREN & HOLTZ
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VILLAGE OF KEY BISCAYNE FLORIDA
Comprehensive Annual Financial Report
Fiscal Year Ended September 30 1994
Table of Contents
Page
I INTRODUCTORY SECTION
Letter of Transmittal i
Certificate of Achievement ix
Village of Key Biscayne Organization Chart x
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II FINANCIAL SECTION
INDEPENDENT AUDITOR S REPORT
GENERAL PURPOSE FINANCIAL STATEMENTS
(COMBINED STATEMENTS OVERVIEW)
1
Combined Balance Sheet All Fund Types and
Account Groups 3
Statement of Revenues Expenditures and Changes in
Fund Balance General Fund 4
Statement of Revenues and Expenditures Budget and
Actual General Fund 5
Statement of Revenues Expenses and Changes in
Retained Earnings Stormwater Utility System 6
Statement of Cash Flows Stormwater Utility System 7
Notes to Financial Statements 9
COMBINING AND INDIVIDUAL FUND AND ACCOUNT GROUPS
STATEMENTS AND SCHEDULES
GENERAL FUND
Comparative Balance Sheets 19
Schedule of Revenues and Expenditures
- Budget and Actual 20
F"
1 FIDUCIARY FUND TYPES
Combining Balance Sheet Agency Funds 23
Statement of Changes in Assets and Liabilities
Deferred Compensation Plan 24
Statement of Changes m Assets and Liabilities
Defined Contribution Plan 25
ACCOUNT GROUPS
GENERAL FIXED ASSETS ACCOUNT GROUP
Schedule of General Fixed Assets By Source 27
Schedule of General Fixed Assets By Function
and Activity 28
Schedule of Changes in General Fixed Assets By
Function and Activity 29
VILLAGE OF KEY BISCAYNE, FLORIDA
Comprehensive Annual Financial Report
Fiscal Year Ended September 30 1994
Table of Contents (Continued)
Page
II FINANCIAL SECTION (Continued)
GENERAL LONG TERM DEBT ACCOUNT GROUP
Schedule of General Long Term Debt 31
III STATISTICAL SECTION
General Government Expenditures by Function 33
General Revenues By Source 34
Property Tax Levies and Collection 35
Assessed Actual Value of Taxable Property 36
Property Value Construction and Bank Deposits 37
Utilities Service Tax Revenue By Source 38
Franchise Revenue By Source 39
Interest Revenue By Source 40
Principal Taxpayers 41
Demographic Statistics 42
Miscellaneous Statistical Data 43
IV SUPPLEMENTARY AUDITOR S REPORTS SECTION
Independent Auditor s Report on Internal Control Structure
in Accordance With Government Auditing Standards 45
Independent Auditor s Report on Compliance in Accordance
With Government Auditing Standards 47
Management Letter 48
Schedule of State Financial Assistance 50
Recommendations to Improve the Village s Administrative
and Accounting Controls 51
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INTRODUCTORY SECTION
Village Council
John F Pests, Mayor
BettySime Vice Mayor
Raul Llorente
Michele Padovan
Hugh T 0 Reilly
Raymond P Sullivan
John Wald
V Uage Manager
C Samuel Kiss nger
Office of the Village Manager
February 7 1995
The Honorable Mayor and Members of the Village Council
Village of Key Biscayne Florida
The Comprehensive Annual Financial Report of the Village of Key Biscayne for the fiscal
year ended September 30 1994 is hereby submitted Responsibility for both the accuracy
of the data and the completeness and fairness of the presentation including all disclosures
rests with the Village To the best of our knowledge and belief the enclosed data is
accurate in all material respects and is reported in a manner designed to fairly present the
financial position and results of operations of the various funds and account groups of the
Village All disclosures necessary to enable the reader to gam an understanding of the
Village's financial activities have been included
The Comprehensive Annual Financial Report is presented in four sections The
introductory section includes this transmittal letter the Village's organizational chart and
a list of principal officials The financial section includes the auditor's report on the
financial statements and the individual fund and account group financial statements and
schedules The statistical section includes selected financial and demographic information
The fourth section contains the Report on Internal Control Structure, the Report on
Compliance with Laws and Regulations and the Single Audit Reports submitted by our
auditors
Government Structure
The Village of Key Biscayne was incorporated on June 18 1991 and operates under a
Council Manager form of government The Village Council is comprised of the Mayor
and six members and is responsible for enacting ordinances resolutions and regulations
governing the Village as well as appointing the members of various advisory boards the
Village Manager Village Attorney and Village Clerk As Chief Administrative Officer
the Village Manager is responsible for enforcing laws and ordinances and appointing and
supervising the department heads of the Village
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85 West McIntyre Street Key Biscayne Florida 33149 (305) 365 5514 Fax (305) 365 8936
MISSION STATEMENT `TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT
ECONOMIC CONDITIONS AND OUTLOOK
Location
Key Biscayne is a barrier island situated between the Atlantic Ocean to the east and
Biscayne Bay to the west The island is located just south of Virginia Key a separate
island connected to the mainland south of downtown Miami by the Rickenbacker
Causeway The 1990 U S Census population was 8 854 and another 4 000 reside on the
island seasonally
The Village is an incorporated municipality of approximately 1 25 square miles It is
located on Key Biscayne and is bordered to the north by Crandon Park a 960 acre park
administered by Dade County and to the south by Bill Baggs Cape Florida State
Recreation Area, a park of approximately 600 acres
Dislocation event and its impact
On Monday August 24 1992 Hurricane Andrew hit Key Biscayne making an impact that
will be felt for decades A 7 foot storm surge caused flooding of homes schools
businesses hotels streets and landscaping Wind did additional damage to structures and
vegetation As of September 30 1994 the close of the fiscal year which is the subject
of this report virtually all of the work authorized by FEMA has been completed
However while most of the applicable funding has been received none of the claims have
been finalized After the claims have been finalized and outstanding balances received
a three year period commences during which all records must be maintained and available
for audit For this reason an appropriate reserve for grant audits has been established to
be maintained until the audit period is concluded
Mayor Activities
During the initial year of incorporation most services were provided by Dade County
Property taxes for the year were assessed collected and retained by Dade County
The Village advised Dade County as provided in the inter local agreement with the
county that the Village Police Department would be activated on March 1 1993 and the
Village Fire Rescue Department would be activated on October 1 1993
The Village Council adopted the 1993 94 General Fund Budget on September 27 1993
The Budget provided for an initial debt service payment of principal and interest for a
loan to be made in connection with the acquisition of the Village Green park property
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VILLAGE OF KEY BISCAYNE
It turned out that the debt service provision was substantially more than needed
Subsequently a budget amendment was enacted providing approximately $1 164 000 to
7 fund the purchase of fire rescue equipment and apparatus consisting of a pumper a quint
two rescue vehicles and two command vehicles for the Fire Rescue Department
FINANCIAL INFORMATION
Accountinz System, Internal and Budgetary Control
The Village's accounting records for governmental funds operations are maintained on a
modified accrual basis with revenues being recorded when available and measurable and
expenditures being recorded when the services or goods are received and the liabilities
are incurred
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Budgetary control is maintained at the fund level Expenditures that could result in an
overextended balance are not released until additional appropriations are made available
Internal accounting controls have been designed to provide reasonable but not absolute
assurance regarding safeguarding of assets against loss from unauthorized use or
disposition and the reliability of financial records for preparing financial statements and
7 maintaining accountability The concept of reasonable assurance recognizes that the cost
of control should not exceed the benefits likely to be derived and the evaluation of costs
and benefits requires estimates and judgement by management
sow
All internal control evaluations occur within the above framework We believe the
Village's internal accounting controls adequately safeguard assets and provide reasonable
assurance of proper recording of financial transactions
Renortinz Entity and its Services
The Village includes for financial reporting purposes in conformance with National
I" Council on Governmental Accounting Statement 3 all funds and account groups that are
controlled by or dependent upon the Village Council
The Village currently provides services associated with the following departments
Building, Zoning and Planning Department, Emergency Services Department,
Recreation Department, Finance and Administrative Services Department Office
of the Village Clerk and Office of the Village Manager
MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT
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ReportinE Standards
The form and content of the Comprehensive Annual Financial Report and the
accompanying financial statements and statistical tables were prepared in conformance
with standards set forth by
1 Governmental Accounting Standards Board (GASB)
2 Financial Accounting Standards Board (FASB)
3 National Council on Governmental Accounting (NCGA)
4 The Additor General State of Florida
5 The Charter of the Village of Key Biscayne
6 The Government Finance Officers Association of the United States and Canada
General Government Functions
The General Fund is the general operating fund of the Village General tax revenues and
other receipts that are not allocated by law or contractual agreement to some other fund
are accounted for in this fund General operating expenditures fixed charges and capital
improvement costs not paid through other funds are paid from this fund
The amount of revenues from various sources are shown in the following schedule
REVENUES
Sources FY 1994 FY 1993
Utility Taxes $1,268,428 $1,212,084
Franchise Fees 668,020 625,015
Property Taxes 6,640,045 3,536,480
Intergovernmental 732,196 718,366
Licenses and Permits 246,533 308,676
Charges for Services 97,664 50,057
Impact Fees 382,713 1,100, 000
Donations 21,343
Other 18,000 63,889
Interest 288,978 121,676
FEMA 1,165,864
Hurricane Loss Grant Revenue 240,000 552,749
Grants 25,305 50,000
Gain on Sale of Investments 83.197
Total Revenue $10,607,882 $9,610,196
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VILLAGE OF KEY BISCAYNE
EXPENDITURES (Budgetary Basis)
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Function
General Government
Public Works
Economic Development
Community Development
Parks and Recreation
Public Safety
Hurricane
Dept Service
Non Departmental
Capital Outlay
Total Expenditures
FY 1994
$620,784
609,932
126,460
403,097
272,158
3,918,351
255,106
227,105
12,758,815*
$19,191,808
FY 1993
$495,454
185,257
36,952
406,055
240,794
2,790,379
1,251,264
421,619
237,513
$6,065,287
* Includes purchase of land for the Village Green Park, $9 238 318
Fiduciary Funds
Fiduciary Funds are Trust and Agency Funds established for the purpose of accounting
for assets held in a trustee capacity or as an agent for individuals pnvate organizations
and other government As of September 30 1994 the following were recorded as
Fiduciary Funds
Trust and Agency Funds
A section 401 A money purchase plan is offered by the Village for its employees and was
created in accordance with Internal Revenue Code Section 401 The plan managed by
independent plan administrators permits employees to defer a portion of their salary until
future years The 401 A fund had $546 269 94 in investments for the fiscal year ended
September 30 1994
In addition to the 401 A plan employees may contribute to a section 457 plan Employee
investments in the section 457 plan as of September 30 1994 were $134 817 46
Cash Manazement
The Village had two cash management vehicles in this fiscal year and an investment
MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROLGH RESPONSIBLE GOVERNMENT
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account or money market account in the Key Biscayne Bank under an agreement which
provides for overnight investments of both the investment account and the operating
account
In addition the Village has an investment account with the Florida Local Government
Trust Fund administered by the State Board of Administration which as of September 30
1994 had a balance of $5 121 802 This has been the primary cash management vehicle
for surplus funds
Risk Management
The Village is insured with the Florida Municipal Insurance Trust for liability and
property coverage and with the Florida Municipal Self Insurance Fund for Workers
Compensation coverage The liability limit under the policy is $5 000 000
Enterprise Funds
Enterprise Funds are established to finance and account for the acquisition operation and
maintenance of facilities and services and the cost of providing these goods and services
on a continuing basis is financed through the collection of charges from users
For the 1993-94 Fiscal Year the Village Council established a budget for the Stormwater
Management Utility Fund The Village is in the process of having the engmeenng firm
of Williams Hatfield and Stoner design and prepare plans for the Stormwater
Management System
General Fixed Assets
The General Fixed Assets of the Village are those assets used in the performance of
general governmental functions In accordance with generally accepted accounting
principles for local governments the Village does not record depreciation on general fixed
assets not does it record roads bridges curbs and gutters streets and sidewalks drainage
systems and similar assets that are immovable and of value only to the Village Assets
are recorded at cost except donations which are recorded at fair market value at the date
of receipt As of September 30 1994 the general fixed assets acquired amount to
$11 484 601 Major additions for FY 1993 94 are land for the Village Green park
$9 238 318 public safety equipment and vehicles $1 566 578 and the public safety
complex $554 291
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VILLAGE OF KEY BISCAYNE
Independent Audit
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Provisions in the Florida Statues and the Village Charter require an annual audit of the
books of account financial records and transactions of all administrative departments of
the Village by independent Certified Public Accountants This requirement has been
complied with and the auditor's report have been included in this report
CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE
IN FINANCIAL REPORTING
The Government Finance Officers Association of the United States and Canada (GFOA)
awards a Certificate of Achievement for Excellence in Financial Reporting The
Certificate of Achievement is the highest form of recognition for excellence in state and
local government financial reporting In order to be awarded a Certificate of
Achievement a government unit must publish an easily readable and efficiently organized
Comprehensive Annual Financial Report whose contents conforms to program standards
Such reports must satisfy both generally accepted accounting principles and applicable
legal requirements The fiscal 1992 and the fiscal 1993 reports received the Certificate
copies of which are included in this report
AWARD FOR DISTINGUISHED BUDGET PRESENTATION
The Government Finance Officers Associate of the United States and Canada (GFOA)
also presented an award for Distinguished Budget Presentation to the Village of Key
Biscayne for its annual budget for the fiscal year beginning October 1 1993
In order to receive this award a governmental unit must publish a budget document that
meets program criteria as a policy document as an operations guide as a financial plan
and as a communications device
The award is valid for a period of one year only We believe our current budget
continues to conform to program requirements and have submitted it to GFOA to
determine its eligibility for another award
ACKNOWLEDGEMENTS
The preparation of this report could not have been accomplished without the efficient and
dedicated services of the staff of the Village
MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT
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We express our appreciation to all members of the staff who assisted and contributed to
the preparation of this report A special vote of thanks and appreciation is also extended
to the firm Rachhn and Cohen for their professional approach and high standards in
conduct of their independent audit of the Village's financial records and transactions
Respectfully submitted
CSK/JN/yg
P
C Samuel Kissinge
Village Manager
C Tettafra69,12--
Jdck Neustadt
Director of Finance and
Administrative Services
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Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
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Village of Key Biscayne,
Florida
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
September 30, 1993
A Certificate of Achievement for Excellence in Financial
Reporting is presented by the Government Finance Officers
Association of the United States and Canada to
government units and public employee retirement
systems whose comprehensive annual financial
reports (CAFRs) achieve the highest
standards in government accounting
and financial reporting
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President
yo A, apc.„
Executive Director
VILLAGE OF KEY BISCAYNE, FLORIDA
ORGANIZATION CHART
VOTER
VILLAGE
COUNCIL
LOCAL
PLANNING
AGENCY
VILLAGE
CLERK
SPECIAL
MASTERS
VILLAGE
MANAGER
ADMIN
ASSISTANT
VILLAGE
ATTORNEY
DEPARTMENT
OF ECONOMIC
DEVELOPMENT
DEPARTMENT DEPARTMENT
OF FINANCE OF BUILDING
AND ADMIN ZONING AND
SERVICES PLANNING
BUSINESS
--PROMOTION
TOURISM
FINANCE/
ACCOUNTING
EMPLOYEE
BENEFITS
BUILDING
PLANNING
ZONING
DEPARTMENT
OF EMERGENCY
SERVICES
CODE
ENFORCEMENT
FIRE
RESCUE
SERVICES
POLICE
DEPARTMENT
OF
RECREATION
SPECIAL
EVENTS
DEPARTMENT
OF PUBLIC
WORKS
SPORTS
ATELECTICS
PROGRAMS/
TOURS
Adopted by Ordinance 93-6 on April 27 1993
Amended by Ordinance 93 20 on November 23 1993
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VILLAGE
ENGINEER
CONTRACT
ADMIN
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FINANCIAL SECTION
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INDEPENDENT AUDITOR'S REPORT
asssi
RACHLIN COHEN & HOLTZ
CERTIFIED PLBLIC ACCOUNTANTS & CONSULTANTS
A PARTNERSHIP INCLUDING PROFESSIONAL ASSOCIATIONS
Independent Auditor s Report
Honorable Mayor Village Council and Village Manager
Village of Key Biscayne Florida
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We have audited the general purpose financial statements of the Village of Key Biscayne Flonda as of
September 30 1994 and for the year then ended as listed in the table of contents These general purpose
financial statements are the responsibility of the Village s management. Our responsibility is to express
an opinion on these general purpose financial statements based on our audit
We conducted our audit in accordance with generally accepted auditing standards and Government Auditing
Standards issued by the Comptroller General of the United States Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the general purpose financial statements
are free of matenal misstatement An audit includes exammmg on a test basis evidence supporting the
amounts and disclosures in the financial statements An audit also includes assessing the accounting principles
used and significant estimates made by management as well as evaluating the overall fmancial statement
presentation We believe that our audit provides a reasonable basis for our opinion
In our opinion the general purpose financial statements referred to above present fairly in all matenal
respects the financial position of the Village of Key Biscayne Florida, at September 30 1994 and the
results of its operations and cash flows of its enterpnse fund for the year then ended in conformity with
generally accepted accounting principles
Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements
taken as a whole The combining and individual fund and account group financial statements and schedules
for the year ended September 30 1994 as listed in the table of contents are presented for purposes of additional
analysis and are not a required part of the general purpose financial statements of the Village of Key Biscayne
Flonda Such information has been subjected to auditing procedures applied in the audit of the general
purpose financial statements and in our opinion is fairly presented in all matenal respects in relation to
the general purpose financial statements taken as a whole
The information shown in the statistical section as listed in the table of contents has not been subjected
to the auditmg procedures applied in the audit of the general purpose financial statements and accordingly
we express no opinion thereon
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Coral Gables Flonda
February ? 1995
1320 Sdurh Dixie Hwy
Penthouse
Coral Gables Florida 3146
Dade (305) 667 0412
B award (30 ) 764 7/17
Fax ( 05) 665 7456
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100 South Bisc yne Blvd
Suite 1201
Miami Florida 33131
Dade (305) 377 4228
Fax (305) 377 8331
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700 Southeast Third Ave
Suite 300
Ft. Lauderdale Florida 3316
Broward (300) 764 7717
Dade (305) 667 0412
Fax (305) 764 7835
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Ft. Lauderdale Florida 33301
Broward (300) 525 1040
Fax (305) 020 2004
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GENERAL PURPOSE
FINANCIAL STATEMENTS
(COMBINED STATEMENTS - OVERVIEW)
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Assets and Other Debits
Cash and Cash Equivalents
Investments At Market
Loan Receivable
Due From FEMA
Due From Other Funds
Prepaid Costs
Restricted Assets Cash
Construction in Progress
Accounts Receivable
General Fixed Assets
Amount to be provided for
General Long term Debt
Total Assets and Other Debits
Liabilities, Fund Balance and Other Credits
Llabrhues
Accounts Payable and Accrued Expenses
w Due to Other Funds
Bonds Payable
Deferred FEMA Revenue
Deferred Rent
Deferred Benefits Payable
Note Payable FEMA
Compensated Absences Payable
Interest Payable
'1 otal Liabilities
VILLAGE OF KEY BISCAYNE, FLORIDA
Combined Balance Sheet
All Fund Types and Account Groups
September 30 1994
(With Comparative Totals for September 30 1993)
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Governmental Proprietary Fiduciary Totals
Fund Type Fund Type Fund Type Account Groups (Memorandum Only)
General General
General Enterprise Agency Fixed Assets Long Term Debt 1994 1993
$5 727 073 $ $
671 487
10 600
82 658
150 000
5 877
96 020
$6,061,628
$451 494
106 309
4 650
60,000
622.453
333 754
11 484 601
10,426111
$333,754 $682,087 $11,484601 $10,426j11
L50 000
682 087
150000 682,087
$
$ 5 727 073
671 487
10 600
82 658
150 000
5 877
333 754
96 020
11 484 601
10 426 111
$28,98881
$4 435 374
184 136
91 515
115 410
403 794
1 100 000
480 229
1 8
$ $ 451 494 $ 907 829
150000 115410
9 200 000 9 200 000
106 309 106 309
4 650 9 690
682 087 184 136
1 000 000 1 000 000 1 000 000
226111 226111
60,000
10.426,III 11,880.651 2,323,374
Fund Balance and Other Credits
Investment in General Fixed Assets 11 484 601 11 484 601 480 229
Fund balance
Reserved for Supplemental Fire Aid 100 000 100 000
Reserved for Future Debt Service 1 060 364 1060 364 1 000000
Reserved for Encumbrances 27 319 27 319 165 565
Reserved For Beach Improvements 21 724 21 724 20 945
Reserved for Beautification of Crandon Blvd 188 463 188 463 1 100 000
Reserved for Recreation Facilities 1 323 133 1323 133
Reserved for Grant Audits 541 024 541 024 541 024
Designated for Police/Fire Equipment and
Building 318 967 318 967 367 416
Designated for Stomiwater Construction Project 1 500 000 1500000
Designated for Community Grants Maintenance
and Improvements 278,000 278 000
Total Reserved and Designated 3.358994 3.358,994 4,7/5,179
Unreserved Undesignated 80,181 80,181 711,905
Retained Earnings 183754 183,754
Total Fund Balance and Other Credits 5 439 175 183754 11.484.601 17.107,530 5,487,084
Total Liabilities Fund Balance and Other
Credits $6,061,628 $333,754 $682,087 $11,484,601 $10,426.111 $28,988,181 $7,810,458
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See accompanying notes to financial statements
VILLAGE OF KEY BISCAYNE, FLORIDA
Statement of Revenues Expenditures and Changes in Fund Balance General Fund
Fiscal Year Ended September 30 1994
(With Comparative Totals for Fiscal Year Ended September 30 1993)
1994 1993
Revenues
Utility Taxes $ 1,268 428 $1 212 084
Franchise Fees 668 020 625 015
Property Taxes 6 640 045 3 536 480
Intergovernmental 732 196 718,366
Licenses and Permits 246,533 308 676
Charges for Services 97 664 50 057
Impact Fees 382 713 1 100 000
Donations 21,343
Other 18 000 63,889
Interest 288 978 12),676
FEMA 1 165,864
Grants 265 305 602 749
Gam on Sale of Investments 83.997
Total Revenues 10,607.882 9.610.196
Expenditures
Current
General Government 620 784 495 454
Public Works 609 932 185 257
Economic Development 126 460 36 952
Building, Planning & Zoning 403 097 406 055
Parks and Recreation 272 158 240 794
Public Safety 3 918 351 2 742 172
Hurricane 1 251 264
Non Departmental 227 105 421 619
Capital Outlay 12 758 815 120 155
Debt Service
Interest 255 106
Total Expenditures 19.191.808 5,899,722
Excess (Deficiency) of Revenues Over Expenditures (8 583 926) 3 710 474
Other Fmancmg Sources (Uses)
Bond Proceeds
Loan Proceeds from FEMA
Transfer out
Total Other Financing Sources
Excess Revenues and Other Financing Sources Over
Expenditures and Other Financing Uses
Fund Balance Begmnmg of Year
Fund Balance End of Year
9 200 000
(325,671)
8.874.329
1,000 000
1.000.000
290403 4 710 474
5.148.772 438.298
$5,439,175 $5.148.772
See accompanying notes to financial statements
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VILLAGE OF KEY BISCAYNE, FLORIDA
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Statement of Revenues and Expenditures Budget and Actual
Fiscal Year Ended September 30 1994
Revenues
Utility Taxes
Franchise Fees
Property Taxes
Intergovernmental
Licenses and Permits
Charges for Services
Impact Fees
Donations
Other
Interest
FEMA
Grants
Total Revenues
Expenditures
Current
General Government
Public Works
Economic Development
Community Development
Parks and Recreation
Public Safety
Non Departmental
Capital Outlay
Debt Service
Interest
Total Expenditures
Deficiency of Revenues Over Expenditures
Other Financing Sources (Uses)
Supplemental Appropriation
Bond Proceeds
Transfer Out
Total Other Financing Sources
Excess of Revenues and Other Financing Sources
Over Expenditures and Other Financmg Uses
General Fund
Budgetary Variance
Basis Favorable
Budget Actual (Unfavorable)
$ 1 183 000 $ 1 268 428 $ 85 428
625 000 668 020 43 020
6 578 768 6 640 045 61 277
650 998 732 196 81 198
250 990 246 533 (4 457)
55 999 97 664 41 665
382 715 382 713 (2)
1000 (1 000)
18 000 18 000
100 000 288 978 188 978
11 265,305 265,294
9,828,481 10,607,882 779 401
713 172
553 973
155 308
501 217
301 063
4 395 372
536 177
3 985 199
195,000
620 783
609 933
126 460
403 097
342 690
3 923 534
206 736
12 565 223
92 389
(55 960)
28 848
98 120
(41 627)
471 838
329 441
(8 580 024)
255,106 (60,106)
11,336,481 19.053,562 (7,717,081)
(1 508,000) (8.445,680) (6,937,680)
1 508 000
1 508 000
9 200 000
(325,671)
8,874,329
(1 508 000)
9 200 000
(325.671)
7,366,329
$ $ 428 649 $ 428,649
rm-
See accompanying notes to financial statements
5
VILLAGE OF KEY BISCAYNE, FLORIDA
Stormwater Utility System
Statement of Revenue Expenses and Changes in Retained Earnings
Fiscal Year Ended September 30 1994
(With Comparative Totals for Fiscal Year Ended September 30 1993)
Operating Revenue
Operating Expenses
Engineering Costs
Operating Loss Before Transfers
Transfers In
Net Income (Loss)
Retained Earnings (Deficit) Beginning of Year
Retained Earnings (Deficit) End of Year
1994
$
325.671
325 671
(141,917)
$183,754
See accompanying notes to financial statements
6
1993
$
141,917
(141 917)
(141 917)
$(141,917)
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VILLAGE OF KEY BISCAYNE, FLORIDA
Stormwater Utility System
Statement of Cash Flows
Fiscal Year Ended September 30 1994
(With Comparative Totals for Fiscal Year Ended September 30 1993)
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Operating Loss
1994
$
Adjustments to Reconcile Operating Loss
to Net Cash Provided by Operating Activities
Increase (Decrease) in Accounts Payable (26 507)
Increase in Due to General Fund 34,590
Total Adjustments 8,083
Net Cash Provided by Operating Activities 8,083
Cash Flows from Non Capital Financing Activities
Operating Transfers In 325,671
Cash Flows from Capital and Related Financing Activities
Construction in Progress
(333,754)
1993
Net Increase in Cash
Cash Beginning of Year
Cash End of Year $ $
See accompanying notes to financial statements
7
$(141,917)
26 507
115.410
141,917
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NOTES TO FINANCIAL STATEMENTS
VILLAGE OF KEY BISCAYNE, FLORIDA
Notes to Financial Statements
Fiscal Year Ended September 30 1994
A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This summary of the Village of Key Biscayne s significant accounting policies is presented to assist
the reader in interpreting the general purpose financial statements and other data in this report The
policies are considered essential and should be read m conjunction with the accompanying general
purpose financial statements
The accounting policies of the Village of Key Biscayne conform to Generally Accepted Accounting
Principles ( GAAP ) as applied to governmental units This report the accounting systems and
classification of accounts conform to standards of the Governmental Accounting Standards Board
( GASB ) which is the accepted standard setting body for establishing governmental accounting and
financial reporting principles
1 Financial Reporting Entity
The Village of Key Biscayne ( Village ) located m Dade County is a political subdivision of
the State of Flonda
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The Village which was mcorporated m 1991 operates under a Council Manager form of government
Under the initial government six council members and the Mayor were elected by the voters
The Village held municipal elections for fiscal year 1993 Effective for fiscal year 1995 each
council member will serve a four year term (limited to two consecutive terms) The Mayor will
hold office for a two year term (limited to two consecutive terms) The Vice Mayor is appointed
by the council and Mayor for a one year term Dunng the absence or incapacity of the Mayor
the Vice -Mayor shall have all the powers authority duties and responsibilities of the Mayor
The Mayor serves as chairperson of public meetmgs and executes certain documents authorized
by charter ordinance or resolution In addition to the general government function the Village
provides its residents with public works public safety (police and fire) parks and recreation
and budding zoning and planning functions The Village does not provide educational or hospital
facilities Those services are provided by the Dade County School Board and Metropolitan Dade
County respectively
The reporting entity for the accompanying financial statements consist of the funds and account
groups required to account for those financial activities which are related to the Village and are
controlled by or dependent upon the Village s legislative body the Village Council Control
by or dependence on the Village is determmed by one or more of the following financial
mterdependency governing authonty designation of management, ability to significantly influence
operations and accountability for fiscal matters
VILLAGE OF KEY BISCAYNE FLORIDA
Notes to Financial Statements (Continued)
Fiscal Year Ended September 30 1994
A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
2 Basis of Presentation - Fund Accounting
The Village s accounting systems are organized and operated on the basis of funds and account
groups which are the basic fiscal and accounting entitles in governmental accounting A fund
is a separate accounting entity with a self -balancing set of accounts An account group is a financial
reporting device designed to provide accountability for certain assets and liabilities that are not
recorded m the funds because they do not directly affect net expendable available financial resources
The funds and account groups are classified as follows
GOVERNMENTAL FUND TYPE
The GENERAL FUND is the general operating fund of the City It is used to account for
all financial resources except those that are required to be accounted for in specific funds
Resources are generated primarily from property taxes local utilities service taxes and franchise
fees Expenditures are incurred to provide public safety general government, recreation building
planning and zoning and public works services
PROPRIETARY FUND TYPE
The ENTERPRISE FUND is used to account for operations that are financed and operated
in a manner similar to private business enterprises where the intent of the governing body
is that the costs (including depreciation) of providing goods or services to the general public
on a continuing basis be financed or recovered primarily through users charges The Village s
enterprise operation consist solely of a stormwater utility system
FIDUCIARY FUND TYPES
The AGENCY FUNDS are used to account for assets that the Village maintains on behalf
of others as their agent
ACCOUNT GROUPS
ACCOUNT GROUPS are used to establish accountmg control and accountability over the Village s
general fixed assets and long term obligations Accordingly the Village maintains a General
Fixed Asset Account Group and a General Long Term Debt Account Group
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VILLAGE OF KEY BISCAYNE, FLORIDA
Notes to Financial Statements (Continued)
Fiscal Year Ended September 30 1994
A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
3 Financial Statement Measurement Focus
GOVERNMENTAL FUND TYPE
GENERAL FUND
This fund is used to account for the Village s expendable financial resources and related current
liabilities Measurement focus is upon financial flow and financial position (sources uses and
balances of resources) rather than upon net income determmation Only current assets and
current liabilities are included on its balance sheet with fund balance representing available
spendable resources Basic financial statements necessary to fairly present financial position
and operating results for this fund are the Balance Sheet and the Statement of Revenue
Expenditures and Changes in Fund Balance
PROPRIETARY FUND TYPE
ENTERPRISE FUND
This fund is used to account for the Village s stormwater utility system Financial activity
is reported in essentially the same manner as in commercial accounting where net income and
capital maintenance are measured All assets and liabilities (whether current or noncurrent)
are included in the financial statements Major outlays for capital assets and improvements
are capitalized as projects are constructed
Measurement focus is upon determination of net income financial position and cash flows
The basic financial statements required for this fund are the Balance Sheet, the Statement of
Revenue Expenses and Changes in Retained Earnings and the Statement of Cash Flows
FIDUCIARY FUND TYPE
AGENCY FUNDS
These funds are custodial in nature (assets equal liabilities) and do not involve measurement
of results of operations
GENERAL FIXED ASSETS ACCOUNT GROUP
Fixed assets used in governmental fund type operations are accounted for in the General Fixed
Assets Account Group rather than in the governmental funds General fixed assets purchased
are initially reported as expenditures in the general find and are capitalized at historical cost
or estimated cost if actual historical cost is not available in the general fixed assets account
group except for certain infrastructure improvements which mclude streets alleys sidewalks
drainage and lighting systems Depreciation is not required and has not been provided on general
fixed assets
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VILLAGE OF KEY BISCAYNE, FLORIDA
Notes to Financial Statements (Continued)
Fiscal Year Ended September 30 1994
A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
3 Financial Statement Measurement Focus (Continued)
LONG TERM DEBT ACCOUNT GROUP
Noncurrent liabilities that are expected to be financed from governmental funds are excluded
from governmental fund financial statements because of the spending measurement focus of
such funds Net current assets of governmental funds are not affected by such liabilities therefore
these long term amounts are accounted for and reported as liabilities m the General Long Term
Debt Account Group The s long term liabilittes that are reported in this manner consist
of a note payable to FEMA bonds payable held by Northern Trust Bank and accrued compensated
absences of Village employees
4 Basis of Accounting
The basis of accounting refers to the timing when revenues and expenditures are recognized in
the accounts and reported in the financial statements
GOVERNMENTAL AND AGENCY FUND TYPES
These funds use the modified accrual basis of accounting Under the modified accrual basis
of accounting revenues are recorded when susceptible to accrual i e when both measurable
and available Available means collectible within the current period or soon enough thereafter
to be used to pay liabilities of the current period
Generally revenues are recognized when earned except for certain revenue sources which are
not susceptible to accrual Revenues in the following categories are considered susceptible
to accrual because they are both measurable and available to finance expenditures of the current
period
Property Taxes
Intergovernmental Revenues and Grants
Interest Earned
The following revenues are not considered susceptible to accrual in the governmental fund
because they are not both measurable and available to fmance expenditures of the current period
Licenses and Permits
Utility Taxes
Franchise Fees
The Village reports deferred revenues in its balance sheet Deferred revenues arise when a
potential revenue does not meet both the measurable and available criteria for recognition
m the current period In subsequent periods when both revenue recognition criteria are met
the liability for deferred revenue is removed from the balance sheet and revenue is recognized
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VILLAGE OF KEY BISCAYNE FLORIDA
Notes to Fmancial Statements (Continued)
Fiscal Year Ended September 30 1994
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A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
4 Basis of Accounting (Continued)
GOVERNMENTAL AND AGENCY FUND TYPES (Continued)
Expenditures are generally recognized when the related liability is incurred Exceptions to
this rule are 1) long term portion of accumulated unpaid vacation and sick pay worker s
compensation and capital leases are not recognized in the general fund since the amount to
be liquidated from available spendable resources is recorded in the General Long Term Debt
Account Group 2) pnncipal and interest on general long term debt which is recorded as an
expenditure on its due date
PROPRIETARY FUND TYPE
The Enterprise Fund is accounted for using the accrual basis of accountmg Revenues are
recognized when earned and expenses are recognized when incurred
5 Budgets and Budgetary Accounting
The Village is legally required to adopt an annual budget for its General Fund Budgets are controlled
at the fund level The Village Manager is authorized to transfer budgeted amounts within the
departments within any fund Budgets can be amended during the fiscal year by Council adoption
of the proposed amendments The budget is prepared on a basis consistent with generally accepted
accounting principles There was one supplemental budgetary appropriation totalling $1 508 000
in the current fiscal year
6 Encumbrances
Encumbrances are recorded at the time a purchase order or other commitment is entered into
Encumbrances outstanding at year end if any represent the estimated amount of expenditures
to result if unperformed purchase orders and other commitments at year end are completed
Appropriations lapse at year end however the Village generally intends to honor purchase order
and other commitments in process As a result, encumbrances outstanding at year end are reported
as reservations of fund balance since they do not constitute expenditures or liabilities As of
September 30 1994 the following reconciles expenditures reported on a GAAP basis versus
budgetary basis
Excess Revenue over Expenditures (Budgetary Basis)
Prior Year Encumbrances
Current Year Encumbrances
Excess Revenue over Expenditures (GAAP Basis)
$428 649
(165 565)
27319
$290,403
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VILLAGE OF KEY BISCAYNE, FLORIDA
Notes to Financial Statements (Continued)
Fiscal Year Ended September 30 1994
A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contmued)
7 Deposits and Investments
The Village s cash and cash equivalents are considered to be cash on hand and short term mvestments
with original maturities of three months or less from the date of acquisition
Village administration is authorized to invest in those mstruments authorized by the Florida Statutes
8 Compensated Absences
Accumulated unpaid vacation and sick leave is accounted for using the modified accrual basis
of accounting Only those amounts estimated to be liquidated with expendable available financial
resources are accrued at year end with the balance of the accumulated unpaid vacation and sick
leave in the General Long Term Debt Account Group
9 Reserves and Designations
Fund balances are reserved to indicate that a portion of fund balance/retained earnmgs is not available
for appropriation or is legally segregated for a specific future use The description of each reserve
indicates the purpose for which each was intended
Designated fund balances indicates that a portion of fund equity has been segregated based on
tentative plans of the Village Such plans or intent are subject to change
Unreserved undesignated fund balance is the portion of fluid equity available for any lawful use
10 Comparative Data/Reclassifications
Certain amounts in the September 30 1993 columns have been reclassified to conform to September
30 1994 presentation
Comparative total data for the prior year has been presented in selected sections of the financial
statements to provide an understanding of changes in Village s financial position and operations
11 Memorandum Only - Total Columns
Total columns on the various statements which are captioned Memorandum Only aggregate
the columnar amounts presented by fund type and accountgroup and are presented only to facilitate
financial analysis Data in these columns do not present financial position or results of operations
in conformity with generally accepted accounting principles, neither is such data comparable to
a consolidation Interfund eliminations have not been made in the aggregation of this data
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VILLAGE OF KEY BISCAYNE, FLORIDA
Notes to Financial Statements (Continued)
Fiscal Year Ended September 30 1994
B DEPOSITS AND INVESTMENTS
At September 30 1994 the Village maintained deposits with book balances of $5 727 073 The total
balance per bank was $341 363 and the balance of deposits held at the State Board of Administration
was $5 736 430
In addition to insurance provided by the Federal Depository Insurance Corporation ('FDIC") all deposits
are held in banking institutions approved by the State Treasurer of the State of Florida to hold public
Rinds Under Florida Statutes Chapter 280 FlorzdaSecurztyforPubbcDepositsAct the State Treasurer
requires all Florida qualified public depositories to deposit with the Treasurer or another banking institution
eligible collateral equal to 50% to 125% of the average daily balance for each month of all public
deposits in excess of any applicable deposit insurance held The percentage of eligible collateral (generally
in the form of U S Government and agency securities state or local government debt, or corporate
r. bonds) to public deposits is dependent upon the depository s financial history and its compliance with
Chapter 280 In the event of a failure of a qualified public depository the remaining public depositories
would be responsible for covering any resulting losses Accordingly all amounts reported as cash
deposits are deemed as insured and are therefore not subject to classification by credit risk category
under the provisions of GASB Statement N° 3
Included in the agency funds are investments which are stated at market value and are held by the
ICMA Retirement Trust At September 30 1994 the carrying value and market value of these investments
was $682 087
C PROPERTY TAXES
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Property values are assessed on a county wide basis by the Metropolitan Dade County Property Appraiser
as of January 1 the lien date of each year Taxable value of property within the Village is certified
by the Property Appraiser and the Village levies a tax millage rate upon the taxable value which will
provide revenue required for the fiscal year beginning October 1
Property taxes levied each October 1 by the Village and all other taxing authorities within the County
are centrally billed and collected by Dade County with remittances to the Village of their proportionate
share of collected taxes Taxes for the fiscal year beginning October 1 are billed in the month of
November subject to a 1% per month discount for the period November through February and are
due no later than March 31 On April 1 unpaid amounts become delinquent with interest and penalties
added thereafter Beginning June 1 tax certificates representing delmquent tax with interest and penalties
are sold by Dade County with remittance to the Village for its share of those receipts
15
VILLAGE OF KEY BISCAYNE, FLORIDA
Notes to Financial Statements (Continued)
Fiscal Year Ended September 30 1994
D FIXED ASSETS
The following is a summary of changes in general fixed assets account group during the year
Land
Buildings
Improvements Other Than
Buildings
Equipment
Furniture and Fixtures
Total
Balance Balance
October 1 September 30
1993 Additions Deletions 1994
436 438
43,791
5480.229
$ 9,238 317 $ $ 9 238 317
554,291 554 291
26 608
1 184 837
4,135
$11,008,188
3 816
$3 816
Depreciation is not required and has not been provided on general fixed assets
The following is a summary of proprietary fund type fixed assets at September 30 1994
Stormwater Utility System
Construction in Progress $333,754
E GENERAL LONG TERM DEBT
Changes in general long term debt during the year are summarized as follows
Balance Balance
October 1 September 30
1993 Additions Deletions 1994
26 608
1 617 459
47,926
511.484,601
Loan from FEMA $1 000 000 $ $ $ 1 000 000
Bonds Payable 9,200 000 9 200 000
Compensated Absences Payable 226,111 226,111
$1,000,000 $9,426111 $ $10,246,111
The Village obtamed a $1 000 000 loan on June 7 1993 form the Federal Emergency Management
Agency ('FEMA ) at a rate of 5 68% per year The principal and interest, less amounts that may
be canceled pursuant to Section 417 of the Stafford Disaster Relief and Emergency Assistance Act
are due on June 7 1998 unless extended at the sole discretion of the lender
During the fiscal year ended September 30 1994 the Village issued land acquisition revenue bonds
of $9 200 000 the proceeds of which were used for the acquisition of the Village Green property
The Village has pledged public service tax revenues to secure payment of the principal and interest
on the bonds The bonds are due in annual prmcipal installments ranging from $755 000 in fiscal
1995 to $1 105 000 in fiscal 2004 Interest accrues at 4 36% per annum
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VILLAGE OF KEY BISCAYNE, FLORIDA
Notes to Financial Statements (Continued)
Fiscal Year Ended September 30 1994
E GENERAL LONG TERM DEBT (Continued)
The annual requirements to amortize the bonds as of September 30 1994 are as follows
Fiscal Year Endmg September 30
Principal
Interest Total
1995 $755 000 $ 384 661 $ 1139 661
1996 785 000 351 089 1 136 089
1997 820 000 316 100 1 136 100
1998 855 000 279 585 1 134 585
1999 895 000 241 435 1 136 435
2000 2004 5 090 000 573.340 5.663.340
$9,200,000 $2 146 210 $11,346,210
F LITIGATION, COMMITMENTS AND CONTINGENCIES
Litigation
The Village is involved in several lawsuits incidental to its operations the outcome of which in
the opinion of management, should not have amatenal effect on the financial position of the Village
Commitments
1 The Village is obligated under a non cancelable operating lease for office space for a penod
of three years commencing March 1 1992 Rent expense was $43 000 for fiscal year 1994
The following is the commitment under the lease
Fiscal Year 1995 $18 000
2 In August 1992 the Village entered into an mterlocal agreement with Metropolitan Dade County
in order to 1) delmeate the responsibilities for service levels and costs of municipal services
to be provided to the Village by the County for the fiscal year 1992 transition year and for
future fiscal years and 2) outline the general terms of future lease agreements between the
County and the Village concerning specified capital assets
Contingent Liability
Federal Programs in which the Village participates were audited m accordance with the provisions
of U S Office of Management and Budget Circular A 128 Uniform Requirements for Grants to
State and Local Government Pursuant to the provisions ofCircular A 128 certain major and non major
programs were tested for compliance with applicable grant requirements While no matters of
noncompliance were disclosed by audit the Federal Government may subject grant programs to
additional compliance tests which may result in disallowed expenditures In the opinion of management,
future disallowances of current grant expenditures if any would not have a matenal effect on the
Village s financial statements
17
VILLAGE OF KEY BISCAYNE, FLORIDA
Notes to Financial Statements (Continued)
Fiscal Year Ended September 30 1994
F DEFERRED COMPENSATION PLAN
The Village of Key Biscayne established a deferred compensation plan in fiscal year 1993 The plan
is voluntary and the Village does not contribute Employees may elect to defer up to 25% of their
annual income not to exceed $7 500 annually Deferred compensation deposits are made into the
employees' accounts through payroll deductions before income taxes are withheld Contributions by
the employees for the fiscal year ended September 30 1994 were $117 785
It is the opinion of the Village that the Village has no liability for losses under the plan but does
have the duty of due care that would be required of an ordinary prudent investor The plan assets
are the property of the Village subject onlyto the claims of the Village s general creditors Participant
rights under the plan are equal to those of general creditors in an amount equal to the fair market
value of the deferred account of the participants
G DEFINED CONTRIBUTION PLAN
The Village of Key Biscayne is a single employer that contributes to the Village of Key Biscayne
Money Purchase Plan which is a defined contribution pension plan The plan currently covers all
full time employees of the Village Under this plan the Village contributes 11% and the employee
contributes 6% Employer contributions for fiscal year ended September 30 1994 were $283 490
while the employee contributions were $152 895
A defined contribution pension plan provides pension benefits in return for services rendered provides
an individual account for each participant and specifies how contributions to the individual s account
are to be determined instead of specifying the amount of benefits the individual is to receive
Under a defined contribution pension plan the benefits a participant s account will receive depends
solely on the amount contributed to the participant s account the returns earned on investments on
those contributions, and forfeitures of other participants benefits that may be allocated to such participant s
account
The Village s total payroll and covered payroll for fiscal year 1994 is $2 880 202
The Money Purchase Plan held no securities of the Village or other related parties during the year
or as of the close of the fiscal year
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FUND AND ACCOUNT GROUPS
STATEMENTS AND SCHEDULES
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GENERAL FUND
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• The General Fund is the principal fund of
the Village and is used to account for resourc-
es traditionally associated with governments
which are not required to be accounted for
in another fund
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GOVERNMENTAL FUND TYPE
• GENERAL FUND
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VILLAGE OF KEY BISCAYNE, FLORIDA
General Fund
Balance Sheet
September 30 1994
(With Comparative Totals for September 30 1993)
CAW
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Assets
Cash and Cash Equivalents
Accounts Receivable
Due from FEMA
Due from Other Funds
Deposits and Prepaid Costs
Restricted Asset Cash
Total Assets
Liabilities and Fund Balance
$5 727 073 4 435 374
96 020
82 658 91 515
150 000 115 410
5 877 403 794
1.100.000
$6.061628 $6,146,093
Liabilities
Accounts payable and accrued expenses $ 451 494 $ 881 322
Interest payable 60 000
Deferred FEMA revenue 106 309 106 309
Deferred rent 4 650 9.690
622,453 997.321
Fund Balance
Reserved for supplemental fire aid 100 000
Reserved for future debt service 1 060 364 1 000 000
Reserved for encumbrances 27 319 165 565
Reserved for beach improvements 21 724 20 945
Reserved for beautification of Crandon Blvd I88 463 1 100 000
Reserved for recreation facilities 1 323 133 1 100 000
Reserved for grant audits 541 024 541 024
Designated for police/fire equipment and building 318 967 367 416
Designated for stormwater construction project 1 500 000
Designated for community grants maintenance and improvements 278.000
Total Reserved and Designated 5.358,994 4,294,950
Unreserved Undesignated 80,181 853.822
Total Fund Balance 5,439,175 5,148,772
Total Liabilities and Fund Balance $6,061,628 $6,146,093
19
VILLAGE OF KEY BISCAYNE, FLORIDA
General Fund
Schedule of Revenues and Expenditures
(Budgetary Basis)
Budget and Actual
Fiscal Year Ended September 30 1994
Budget
Budgetary Variance
Basis Favorable
Actual (Unfavorable)
Revenues
Utility Taxes $1.183,000 $ 1,268,428 $ 85,428
Franchise Fees 625,000 668.020 43.020
Property Taxes 6.578,768 6,640,045 61277
Intergovernmental
State Shared Revenue 650,998 732.196 81,198
Licenses and Permits
Occupational Licenses 25 000 31 365 6 365
Building Permits 225 000 215 168 (9,832)
Other 990 (990)
250.990 246 533 (4,457)
Charges for Services 55.999 97 664 41.665
Other
Donations 1 000 (1 000)
Miscellaneous 18 000 18,000
1000 18.000 17,000
Interest 100.000 288,978 188.978
Impact Fees 382.715 382.713 (2)
Grant Revenue
Hurricane loss grant revenue 240 000 240 000
Miscellaneous grants 11 25.305 25,294
11 265,305 265.294
Total Revenue $9,828,481 $10.607.882 $779,401
20
VILLAGE OF KEY BISCAYNE FLORIDA
General Fund
Schedule of Revenues and Expenditures Budget and Actual (Continued)
Fiscal Year Ended September 30 1994
Budget
Budgetary Variance
Basis Favorable
Actual (Unfavorable)
Expenditures
General Government
Elected officials $ 15 000 $ 11 019 $ 3 981
Administration 308 395 292 275 16 120
Village clerk 126 777 125 904 873
Village attorney 263 000 191.585 71,415
Total General Government 713,172 620,783 92,389
Public Works 553,973 609 933 (55 960)
i r-,
Economic Development 155,308 126,460 28,848
'. Buildings Planning & Zoning 501,217 403,097 98.120
L. Parks and Recreation 301,063 342,690 (41,627)
7 Public Safety 4,395,372 3 923,534 471,838
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Non Departmental 536,177 206,736 329,441
Capital Outlay
Public Works
Parks and Recreation
Public Safety
Non Departmental
i Debt Service
Interest
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29 999
303 000
608 000
3,044,200
3.985.199
195.000
172 074 (142 075)
9 259 232 (8 956 232)
530 005 77 995
2,603,912 440,288
12,565,223 (8,580,024)
255,106 (60.106)
Total Expenditures $11,336 481 $19,053.562 $7,717,081
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FIDUCIARY FUND TYPE
• AGENCY FUNDS
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AGENCY FUNDS
• These Funds are used to account for assets held
for employees in accordance with the provisions
of Internal Revenue Code Sections 401 and 457
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VILLAGE OF KEY BISCAYNE, FLORIDA
Agency Funds
Combining Balance Sheet
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September 30 1994
(With Comparative Totals for September 30 1993)
Deferred Defined
Compensation Contribution
Plan Plan 1994 1993
Assets
Investments at market $135 817
Loan Receivable
Liabilities
Deferred benefits payable
$135,817
$535 670
10,600
$546 270
$671 487
10 600
$682,087
$184 136
$184,136
$135,817 $546,270 $682 087 $184,136
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Assets
Investments at market
Liabilities
VILLAGE OF KEY BISCAYNE, FLORIDA
Deferred Compensation Plan
Statement of Changes in Assets and Liabilities
Fiscal Year Ended September 30 1994
Balance Balance
October 1 September 30
1993 Additions Deletions 1994
$25,647 $118,494 $8324 $135,817
Deferred benefits payable $25,647 $118,494 $8,324 $135,817
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VILLAGE OF KEY BISCAYNE FLORIDA
Defined Contribution Plan
Statement of Changes in Assets and Liabilities
Fiscal Year Ended September 30 1994
Balance Balance
October 1 September 30
1993 Additions Deletions 1994
Assets
Investments at market $158 489 $436 385 $59 204 $535 670
Loan receivable 10,600 10,600
Total Assets $158,489 $446 985 $ 59,204 $546,270
Liabilities
Deferred benefits payable
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$158,489 $446,985 $59,204 $546,270
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GENERAL FIXED ASSETS
ACCOUNT GROUP
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• To account for fixed assets used for general
government purposes
VILLAGE OF KEY BISCAYNE FLORIDA
Schedule of General Fixed Assets
by Source
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September 30 1994
(With Comparative Totals for September 30 1993)
1994 1993
General Fixed Assets
Land $9 238 317 $
Buildings 554 291
Improvements other than buildings 26 608
Furniture and fixtures 47 926 43 791
Equipment 1,617,459 436,438
Total General Fixed Assets $11,484,601 $480229
Investment m General Fixed Assets by Source
General Fund
$11,484,601 $480229
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VILLAGE OF KEY BISCAYNE, FLORIDA
Schedule of General Fixed Assets by Function and Activity
September 30 1994
Improvements Furniture
Other Than and
Land Buildings Buildings Fixtures Equipment Total
General Government $ $ $11 299 $39 635 $ 50 881 $ 101 815
Parks and Recreation 9,238 317 9 072 9 247 389
Public Safety 554 291 6,237 8291 1,566,578 2,135,397
$9,238,317 8554,291 $26608 847.926 $1,617;459 $11,484,601
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VILLAGE OF KEY BISCAYNE, FLORIDA
Schedule of Changes in General Fixed Assets
by Function and Activity
Fiscal Year Ended September 30 1994
Balance Balance
October 1 September 30
1993 Additions Deletions 1994
General Government $ 65 261 $ 36 778 $ 224 $ 101 815
Parks and Recreation 9 247 389 9 247 389
Public Safety 414,968 1,724,021 3,592 2.135.397
$480.229 $11,008,188 $3,816 $11,484,601
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GENERAL LONG-TERM DEBT
ACCOUNT GROUP
• To account for the Village's long-term
obligations
461182.
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VILLAGE OF KEY BISCAYNE, FLORIDA
Schedule of General Long Term Debt
September 30 1994
{
Amount to be Provided for Payment
of General Long Term Debt
General Long Term Debt Payable
Bonds payable
Loan from FEMA
Compensated absences payable
Total General Long Term Debt Payable
$10,426,111
9,200 000
1 000 000
226,111
$10,426,111
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Statistical Section
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VILLAGE OF KEY BISCAYNE, FLORIDA
General Government Expenditures by Function
(Budgetary Basis)
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Fiscal General Public Parks & Public
Year Government Safety Recreation Works
Total
1992 $1468 000'» $ 13 511 $ 11 779 $ 86 580 $ 1 579 870
1993 2 848 857(2) 2 790 379 240 794 185 257 6 065 287
1994 4 126 094(') 4 453 539 9 601 922(6) 782 007 19 053 562
(1) Includes $783 280 Hurricane Andrew Expenses to 9/30/92
(2) Includes $1 251 264 Hurricane related expenses 10/01/92 through 9/30/93
(3) General government includes economic development, building planning and zonmg, debt service capital
outlay and non departmental expenditures
(4) Includes acquisition of land for $9 238 317 for the Village Green a park
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VILLAGE OF KEY BISCAYNE, FLORIDA
General Government Revenues by Source
Foal Property Fees and Utility Franchise
Year Taxes (1) Licenses Intergovernmental Taxes Fees Other Interest Total
1992 $ $ 15 766 $ 934 018 $ 979 236 $151 392 $ 23 276 $ 4 480 $2 018 168
1993 3 536 480 1 458 733 2 485 979 1 212 084 625 815 169 429 121676 9 610196
1994 6 640 045 629246 997501 1 268 428 668 020 115 664 288 978 10 607 882
a) The Village imposed property taxes for the first time for the 1992 93 fiscal year
Note General Fund Only
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VILLAGE OF KEY BISCAYNE FLORIDA
Property Tax Levies and Collections
Fiscal Year 1993 and 1994
Tax Fiscal Assessed Tax Total Percent
Year (l) Year Value Levy Collected (2) Collected
1992 1993 1 617 141 088 3 687 082 3 536 480 95 9
1993 1994 1 550 057 130 6 925 094 6 640 045 95 9
Assessments as of January 1 of the year listed bills mailed in October of that year taxes become delinquent
at the end of April of the subsequent year Initial property tax levy by the Village October 1992
Collections reflect timely payment discounts of up to 4% and other adjustments
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VILLAGE OF KEY BISCAYNE, FLORIDA
Assessed Value of Taxable Property
Net Assessed
Fiscal Real Personal Property
Year Property Property Value
1992 $1 601 826 518 $15 314 570 $1 617 141 088
1993 1 533 711468 16 345 662 1 550 057 130
1994 1 715 626 471 26 295 113 1 741 921 584
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VILLAGE OF KEY BISCAYNE, FLORIDA
Property Value Construction and Bank Deposits
IPERA
Residential Commercial (000s)
Omitted
Total Total
Fiscal Permits N2 of Ns of of Bank
Year Issued Units Valuation Units Valuation Construction Deposits(1)
1992(2) 35 25 $ 638 48., 10 $ 401 058 $ 1 039 541 $20 282 998
1993 1 737 1 633 26 822 424 104 4 383 673 31,206 097 18 146 647
1994 2 205 2 081 25 410 312 124 45 567 390 70 977 702 17 524 140
SOURCE (1) Federal Reserve Bank Atlanta, GA Information is for Metropolitan Dade County which the Village
of Key Biscayne is a part of Information is not available for the Village of Key Biscayne alone
(2) Village began issuing permits on September 1 1992
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VILLAGE OF KEY BISCAYNE, FLORIDA
Utilities Service Tax Revenue By Source
Fiscal Fuel
Year Electricity Telecommunications Gas Oil Water Total
1992 $676 919 $157 887 $35 552 $3 548 $105 830 $ 979 736
1993 857 002 199 308 24 184 4 708 126 882 1 212 084
1994 888 752 202 702 26 925 4 331 145 719 1 268 429
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VILLAGE OF KEY BISCAYNE, FLORIDA
Franchise Revenue By Source
440
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Fiscal
Year
Electricity
Cable
Television Telephone Total
1992 $112 658 $38 734
1993 570 605 39 821
1994 603 638 43 877
15 389
20 505
$151 392
625 815
668 020
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VILLAGE OF KEY BISCAYNE, FLORIDA
Interest Revenue by Source
Fiscal General
Year Fund
Total
1992 $ 4 480 $ 4 480
1993 121 676 121 676
1994 288 978 288 978
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VILLAGE OF KEY BISCAYNE, FLORIDA
Principal Taxpayers
September 30 1994
Taxpayer
% of Total
Taxable Assessed
Valuation Valuation
Key Biscayne Hotel and Villas $ 40 549 101 2 33%
Royal Biscayne (Sheraton) 31 320 721 1 8
Biscayne Beach Hotel Association (Sonesta) 14 198 168 87
Finivest Investment Et Al (Key Colony) 8 457 630 54
Femway Builders Inc (Gallena Mall) 5 345 884 54
Picpan Inc 4 965 846 31
Red Dragon s Sands (301 Ocean Drive) 4 950 537 29
Key Biscayne Shopping Center 4 370 420 28
Florida Power & Light 4 326 394 25
Ridobil Inc 4,284,223 25
$122,777,924 717%
Source Dade County Property Appraisers Office
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VILLAGE OF KEY BISCAYNE FLORIDA
0
Demographic Statistics
POPULATION
Estimates of Population by Age
UNDER 18 YEARS 18 TO 64 YEARS 65 YEARS OR OLDER
YEAR NUMBER PERCENT NUMBER PERCENT NUMBER PERCENT TOTAL
1990 1 646 19 5 684 64 1 524 17 8 854
Estimates of Population by Race
ANGLO BLACK HISPANIC TOTAL
1990 5 028 36 3 790 8 854
INCOME
Per Capita Income
ANGLO BLACK HISPANIC AVERAGE PER CAPITA
1990 $44 615 $24 577 $28 341 $37 629
UNEMPLOYMENT RATES**(Percent)
1983 1984 1984 1986 1987 1988 1989 1990 1991 1992 1993 1994
Dade County 98 78 75 67 58 53 63 70 88 100 77 79
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Village of Key Biscayne
* SOURCE Bureau of Census Income Division
**SOURCE State Department of Labor
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VILLAGE OF KEY BISCAYNE, FLORIDA
Miscellaneous Statistical Data
September 30 1994
Date of Incorporation 1991
Form of Government Council Manager
Area 1 2 Square Miles
Miles of Streets 20 2 Lmear Miles
Fire Protection
Number of Stations 1
Police Protection
Number of Stations
Education
Elementary
Attendance Centers 1
Number of Students 456
Number of Teachers 31
Dade County Water & Sewer Authonty
Number of Customers
Average Daily Consumption
1 740
2 500 000 gallons
Sewers
Number of Customers 807
Fire Hydrants 122
Building Permits Issued 2 205
Recreation and Culture
Number of Parks 2
Number of Libranes 1 (Operated by Dade County)
Number of Tennis Centers 1
Number of Recreational Centers 1
Employees
Full Time
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Supplementary Auditor's Reports Section
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RACHLIN COHEN & HOLTZ
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A PARTNERSHIP INCLUDING PROFESSIONAL ASSOCIATIONS
1"
Independent Auditor s Report on Internal Control Structure
in Accordance With Government Auditing Standards
Honorable Mayor and Village Council
Village of Key Biscayne Florida
We have audited the general purpose financial statements of the Village of Key Biscayne Florida as of
and for the year ended September 30 1994 and have issued our report thereon dated February 2 1995
ld
We conducted our audit in accordance with generally accepted auditing standards and GovernmentAudztrng
Standards issued by the Comptroller General of the United States Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the general purpose financial statements
are free of material misstatement
In planning and performing our audit of the general purpose financial statements of the Village of Key
Biscayne Florida for the year ended September 30 1994 we considered its internal control structure in
order to determme our auditing procedures for the purpose of expressing our opinion on the financial statements
and not to provide assurance on the internal control structure
ssesi
x
The management of the Village of Key Biscayne Florida is responsible for establishing and maintaining
an internal control structure In fulfilling this responsibility estimates and judgments by management are
required to assessthe expected benefits and related costs of internal control structure policies and procedures
The objectives of an internal control structure are to provide management with reasonable but not absolute
assurance that assets are safeguarded against loss from unauthorized use or disposition and that transactions
are executed in accordance with management s authorization and recorded properly to permit the preparation
of financial statements in accordance with generally accepted accounting principles Because of inherent
limitations in any internal control structure errors or irregularities may nevertheless occur and not be detected
Also projection of any evaluation of the structure to future periods is subject to the risk that procedures
may become inadequate because of changes in conditions or that the effectiveness ofthe design and operation
of policies and procedures may deteriorate
1320 South Dixie Hwy
Penthouse
Coral Gables Florida 33146
Dade (30s) 667 0412
Broward (305) 764 7717
Fax (305) 665 7456
100 South Biscayne Blvd
Suite 1201
Miami Flonda 33131
Dade (305) 377 4228
Fax (30n) 377 8331
700 Southeast Third Ave
Suite 300
Ft. Lauderdale Florida 33316
Broward (305) 764 7717
Dade (305) 667 0412
F x (305) 764 7835
51h East Las Olas Blvd
Suite 950
Ft Lauderdale Florida 33301
Broward (305) 525 1040
Fax (305) 52s 2004
Math f mm I to IA
M mb f h Am I utu IC of d P bl A
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t IC f dP bl A
th gh h w Id
d th Pn C mp
ntants
Pram Se n
To the Honorable Mayor and
Village Council
Village of Key Biscayne Florida
Page Two
b
For the purpose of this report, we have classified the significant internal control structure policies and procedures
in the following categories
General Ledger
Cash Receipts and Disbursements
Accounts Payable and Related Expenditures
Fixed Assets
Revenues and Receivables
Budget
Payroll and Personnel
For all of the internal control structure categories listed above we obtained an understanding of the design
of relevant policies and procedures and whether they have been placed in operation and we assessed control
risk
Our consideration of the internal control structure would not necessarily disclose all matters in the internal
control structure that might be material weaknesses under standards established by the American Institute
of Certified Public Accountants A material weakness is a condition in which the design or operation of
one or more of the internal control structure elements does not reduce to a relatively low level the risk
that errors and irregularities in amounts that would be material in relation to the general purpose financial
statements being audited may occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions We noted no matters involving the internal control structure
and its operations that we consider to be material weaknesses as defined above
However we noted other matters that were reported to management in a separate letter accompanying this
report
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This report is mtended for the information of the Mayor Village Council and Village Management. However
this report is a matter of public record and its distnbution is not limited
adia,44,f4
Coral Gables Florida
February 2 1995
46
RACHLIN COHEN Sc HOLTZ
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A PARTNERSHIP INCLUDING PROFESSIONAL ASSOCIATIONS
7
Independent Auditor s Report on Compliance in Accordance with
Government Auditing Standards
Honorable Mayor and Village Council
Village of Key Biscayne Florida
n
E
We have audited the general purpose financial statements of the Village of Key Biscayne Florida (the "Village)
as of and for the year ended September 30 1994 and have issued our report thereon dated February 2
1995
We conducted our audit in accordance with generally accepted auditing standards and GovernmentAudztzng
Standards issued by the Comptroller General of the United States Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement
Compliance with laws regulations contracts and state grants and aids appropriations applicable to the Village
is the responsibility of the Village s management As part of obtaining reasonable assurance about whether
the general purpose financial statements are free of material misstatement we performed tests of the Village s
compliance with certain provisions of laws regulations contracts and state grants and aids appropriations
However the objective of our audit of the general purpose financial statements was not to provide an opinion
on overall compliance with such provisions Accordingly we do not express such an opinion
The results of our tests indicate that, with respect to the items tested, the Village complied, m all material
respects with the provisions referred to in the preceding paragraph. With respect to items not tested nothing
came to our attention that caused us to believe that the Village had not complied in all material respects
with those provisions
This report is mtended for the information of the Mayor Village Council Village Management, and grantor
agencies However this report is a matter of public record and its distribution is not limited
aa, //lot
Coral Gables Florida
February 2 1995
1320 South Dixie Hwy
Penthouse
Coral Gables Florida 33146
Dade ( Oa) 667 0412
Broward (305) 764 7717
Fax (305) 665 7456
100 South Biscayne Blvd
Suite 1201
Miami Flonda 33131
Dade (305) 377 4928
Fax (305) 377 8331
700 Southeast Th d Ave
Suite 300
Ft Lauderdale Florida 33316
Broward (305) 764 7717
Dade (305) 667 0412
Fax (305) 764 783s
515 East Las Olas Blvd
Suite 950
Ft Lauderdale Florida 33301
Broward (305) 525 1040
Fax (305) 525 2004
M mb fS
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es' gg��yJtt Tic p p l n h gh
to D Ytitdnrf SEC Pran S t d h P
d I an f C rtf d P bl Acco
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Comp Pa S u
RACHLIN COHEN & HOLTZ
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
A PARTNERSHIP INCLUDING PROFESSIONAL ASSOCIATIONS
Management Letter
Honorable Mayor and Village Council
Village of Key Biscayne Florida
We have audited the general purpose financial statements of the Village of Key Biscayne Florida (the Village )
as of and for the year ended September 30 1994 and have issued a report thereon dated February 2 1995
We conducted our audit in accordance with generally accepted auditmg standards and Government Auditing
Standards issued by the Comptroller General of the United States Those standards required that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement
C
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In connection with our audit of the general purpose financial statements of the Village for the year ended
September30 1994 we report the following in accordance with Chapter 10 550 Rules of the Auditor General
Local Governmental Entity Audits which requires that this report specifically address but not be limited
to the matters outlined in Rule 10 554(1xf)
1 No irregularities were reported in the preceding annual financial audit
2 The Village has implemented recommendations made in the preceding annual financial audit report
3 The Village during fiscal year 1994 was not in a state of financial emergency as defined by Florida
Statute Section 218 503 (1)
4 Recommendations to improve the Village s present financial management and accounting procedures
are accompanying this report
5 During the course of our audit, nothing came to our attention that caused us to believe that the Village
a Was in violation of any laws rules or regulations
b Made any illegal or improper expenditures
c Had improper or inadequate accounting procedures other than those noted in our report of
recommendations to improve the Village s administrative and accounting controls
d Failed to record financial transactions which could have a matenal effect on the Village s general
purpose financial statements
e Had other inaccuracies, irregularities shortages and defalcations
1320 South Dixie Hwy
Penthouse
Coral Gables Florida 33146
Dade (30a) 667 0412
Broward (305) 764 7717
Fax (305) 665 7456
100 South Biscayne Blvd
Sane 1201
Miami Florida 33131
Dade ( 05) 377 4228
Fax (305) 377 8331
700 Southeast Third Ave
Suite 300
Ft. Lauderdale Florida o16
Broward (305) 764 7717
480 d (30 ) 667 0412
Fax (305) 764 7835
515 East L s Olas Blvd
Suite 950
Ft Lauderdale Florida 33301
Broward (305) n25 1040
F x (30 ) 525 2004
M mb f S mm t I t man I A I w h fP pn p l
M mb f ih Am In fC d P bl A tant D f SEC P cv S
M mb f th Fl nd In acute f Con f dP bi A co
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C trpan
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Coral Gables Florida
February 2 1995
To the Honorable Mayor and
Village Council
Village of Key Biscayne Florida
Page Two
Our audit was not directed primarily toward obtaining knowledge toward all possible impropneties and
accordingly our study was limited as descnbed in the second paragraph of this report
6 The financial report for the year ended September 30 1994 has been filed with the Department of
Banking and Finance pursuant to Section 218 32 Flonda Statutes and is in agreement with the audited
financial statements of the same period
This report is intended for the information of the Mayor Village Council Village Management, and the
Auditor General of the State of Flonda However this report is a matter of public record and its distribution
is not limited
49
VILLAGE OF KEY BISCAYNE, FLORIDA
Schedule of State Financial Assistance
Fiscal Year Ended September 30 1994
State Program Revenue
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Hurricane Andrew Recovery and
Rebuilding Trust Fund
(94 EO 2F 11 23 02 025 026)
$240,000
Note The grant agreement provided for the reimbursement of lost revenue due to Hurricane Andrew
therefore there are no related expenditures
50
VILLAGE OF KEY BISCAYNE, FLORIDA
Recommendation to Improve the Village s
Administrative and Accounting Controls
Fiscal Year Ended September 30 1994
Compensated Absences
The recordkeepmg function for compensated absences (vacation and sick leave) are handled by their respective
departments (general employees, police and fire) The recordkeepmg for the general employees was inadequate
as there was no wntten authorization for used vacation and sick leave time We recommend that the Village
require wntten authorization for vacation and sick leave tune We also recommend the Village review the
recordkeepmg function of the police and/or fire departments and adopt similar procedures
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