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CITY OF MIAMI FLORIDA
2015SUPPLEMENTAL REPORT TO BONDHOLDERS FISCAL YEAR ENDED SEPTEMBER 30, 2015
SUPPLEMENTAL REPORT TO BONDHOLDERS
FOR THE YEAR ENDED SEPTEMBER 30, 2015
PREPARED BY:
THE FINANCE DEPARTMENT
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CITY OF M IAMI , FLORIDAPRINCIPAL C ITY OFF IC IALS
SEPTEMBER 30 , 2015
MAYORTOMÁS P . REGALADO
C ITY COMMISSIONKEON HARDEMON, CHAIRMAN
KEN RUSSELL , V ICE-CHAIRMAN WIFREDO (WILLY) GORT, COMMISSIONER
FRANK CAROLLO, COMMISSIONER FRANCIS SUAREZ, COMMISSIONER
CITY MANAGER DANIEL J . ALFONSO
CITY ATTORNEY V ICTORIA MÉNDEZ
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City of Miami, Florida
Supplemental Report to Bondholders
For the Fiscal Year Ended September 30, 2015
Table of Contents
DESCRIPTION OF DEBT
General Obligation and Limited Obligation Bonds ........................................................... 1
Special Obligation and Revenue Bonds/Loans with Specific Pledge Revenues ............. 1
Covenant to Budget and Appropriate Bonds ................................................................... 2
SUMMARY INFORMATION
General Obligation and Limited Obligation Bonds ........................................................... 6
Limited Ad Valorem Tax Bonds ....................................................................................... 7
Special Obligation and Revenue Bonds/Loans with Specific Pledged Revenues ........... 8
Covenant to Budget and Appropriate Bonds ................................................................... 9
Nationally Recognized Municipal Securities Information Repositories .......................... 10
Legally Available Non-Ad Valorem Revenue ................................................................. 11
Coverage of Non-Ad Valorem Revenues ...................................................................... 12
Schedules of Principal and Interest for General Obligation Bonds ................................ 13
Schedules of Principal and Interest for Special Obligation Bonds and Loans ............... 16
Schedules of Principal and Interest for Special Obligation Bonds and Loans Less
Streets and Sidewalks and Marlins Bonds .................................................................... 22
Supporting Schedules ................................................................................................... 26
Appendix-A Glossary ………………………………………………………………………...30
DESCRIPTION OF DEBT
General Obligation Bonds and Limited Obligation Bonds
A summary of major provisions and significant debt services requirements follows: Debt service for general obligation bonds is provided for by a tax levy on non-exempt property value. The total general obligation debt outstanding is limited by the City Charter to 15% of the assessed non-exempt property value. At September 30, 2015, the statutory limitation for the City amounted to $ 5,688,688,194 providing a debt margin of approximately $ 5,485,440,500 after consideration of the $ 205,038,304 of general obligation bonds outstanding at September 30, 2015 and adjusted for the fund balance of $ 1,810,610 in the related Debt Service Fund.
Special Obligation and Revenue Bonds /Loans with Specific Pledge Revenues
The City has a redevelopment loan in the amount of $1,708,863 for the Gran Central Corporation Loan Project. The pledge for this loan is Tax Incremental revenue from the Southeast Overtown/Park West district. The City deposits with its Paying Agent from Parking Surcharge, PTT Tax and Local Option Gas Tax directly into a Bond Service account on a monthly basis an amount equal to 1/6 and 1/12 respectively for interest and principal payable for the Special Obligation Non-Ad Valorem Revenue Bond, Series 2007 and the Special Obligation Non-Ad Valorem Revenue Bond, Series 2009. Currently the outstanding principal amount is $ 69,250,000 for the Special Obligation Non-Ad Valorem Revenue Bond, Series 2007 and $ 60,150,000 for the Special Obligation Non-Ad Valorem Revenue Bond, Series 2009. The City deposits with its Paying Agent funds received from CDT Tax, Parking Surcharge, and Parking Revenue directly into a Bond Service account 5 business days before the interest and principal payments are due for the Tax-Exempt Special Obligation Parking Revenue Bonds, Series 2010-A and Taxable Special Obligation Parking Revenue Bonds, Series 2010-B. If the pledged revenues are insufficient to cover the debt payments, there is a back-up covenant to budget and appropriate. Currently the outstanding principal amount is $84,540,000 for the Tax-Exempt Special Obligation Parking Revenue Bonds, Series 2010-A and $16,830,000 the Taxable Special Obligation Parking Revenue Bonds, Series 2010-B.
1
Covenant to Budget and Appropriate Bonds/Loans
The Special Obligation Non-Ad Valorem Revenue Bonds, Series 1995 (Pension); Non-Ad Valorem Fixed Taxable Rate Refunding Revenue Bonds, Series 2009 (Pension); Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011-A; Special Obligation Non-Ad Valorem Refunding Bonds, Series 2012 (Port of Miami Tunnel Project); and Special Obligation Refunding Bonds, Series 2014 shall be payable from the Covenant Revenues and other legally available revenues of the City actually budgeted and appropriated and deposited into the funds and accounts created and established pursuant to and in the manner provided in the Covenant Ordinance and/or Resolution. Deposited into the funds and accounts created under the Covenant Ordinance and/or Resolution, Covenant Revenues are not pledged for the payment of the Covenant Debt, and Bondholders will not have a lien thereon. The City has covenanted to the extent permitted by and in accordance with applicable law and budgetary processes, to prepare, approve and appropriate in its annual budget for each fiscal year, by amendment if necessary, and deposit to the credit of the Revenue Account established pursuant to the Covenant Ordinance and/or Resolution, Covenant Revenues in an amount which together with other legally available revenues budgeted and appropriated for such purpose equal to the Debt Service Requirement with respect to the Covenant Debt, plus an amount sufficient to satisfy all other payment obligations of the City under the Covenant Ordinance and/or Resolution for the applicable fiscal year, including, without limitations, the obligations of the City to fund and cure deficiencies in any sub-accounts in the Reserve Account created under the Covenant Ordinance and/or Resolution. Such covenant and agreement on the part of the City to budget and appropriate sufficient amounts of Covenant Revenues shall be cumulative, and shall continue until such Covenant Revenues in amounts, together with any other legally available revenues budgeted and appropriated for such purposes, sufficient to make all required payments under the Covenant Ordinance and/or Resolution as and when due, including any delinquent payments, shall have been budgeted, appropriated and actually paid into the appropriate funds and accounts under the Covenant Ordinance and/or Resolution. Such covenant shall not constitute a lien, either legal or equitable, on any of the City’s Covenant Revenues or other revenues, nor shall it preclude the city from pledging in the future any of its Covenant Revenues or other revenues to other obligations, nor shall it give the Bondholders a prior claim on the Covenant Revenues. Anything herein to the contrary notwithstanding, all obligations of the City under the Covenant Ordinance and/or Resolution shall be secured only by the Covenant Revenues and other legally available revenues actually budgeted and appropriated and deposited into the funds and accounts created under the Covenant Ordinance and/or Resolution, as provided for therein. The City may not expend moneys not appropriated or moneys in excess of its current budgeted revenues. The obligation of the City to budget, appropriate and make payments under the Covenant Ordinance and/or Resolution from its Covenant Revenues is subject to the availability of the Covenant Revenues in the General Fund of the City after satisfying funding requirements for obligations having an express lien on or pledge of such revenues and after satisfying funding requirements for essential governmental services of the City. The City has not covenanted to maintain any programs or other activities, which generate Covenant Revenues. All obligations of the City under the Covenant Ordinance and/or Resolution with respect to the Covenant Debt and any Additional Bonds issued hereunder shall be secured only by the Covenant Revenues and other legally available revenues actually budgeted and appropriated and deposited into the funds and
2
accounts created under the Covenant Ordinance and/or Resolution. Nothing in the Covenant Ordinance and/or Resolution shall be deemed to create a pledge of or lien on the Covenant Revenues, the ad valorem tax revenues, or any other revenues of the City, or to permit or constitute a mortgage or lien upon any assets owned by the City. No Bondholder shall ever have the right to compel any exercise of the ad valorem taxing power of the City for any purpose, including without limitation, to pay the principal of or interest or premium, if any, on the Bonds or to make any other payment required under the Covenant Ordinance and/or Resolution or to maintain or continue any of the activities of the City which generate user charges, regulatory fees or any other Covenant Revenues, nor shall the Bonds constitute a charge, lien or encumbrance, either legal or equitable, on any property, assets or funds of the City. Since holders of the Covenant Debt are not entitled to a lien on the Covenant Revenues until such revenues are deposited into the funds and accounts created under the Covenant Ordinance and/or Resolution in favor of the holders of the Covenant Debt, the City is free to grant liens on the Covenant Revenues to secure other obligations. The exercise of remedies by the holders of other debt payable from the Covenant Revenues (whether or not so secured by a lien), including Non-Self Sufficient Debt which is not issued as Bonds under the Covenant Ordinance and/or Resolution or the holders of the other obligations of the City, including judgment creditors, may result in the payment of debt service on some obligations so secured prior to the payment of debt service on other Non-Self Sufficient Debt, including the Covenant Debt. The City has covenanted and agreed in the Covenant Ordinance and/or Resolution that for so long as any Bonds are outstanding under the Covenant Ordinance and/or Resolution, the City shall continue to deposit to the credit of the City’s General Fund those revenue sources that are deposited to the credit of the General Fund and Communication Services Tax Fund as provided in the City’s Annual Budget.
3
Limitations of Covenant to Budget and appropriate from Non-Ad Valorem Revenues
The City’s covenant to budget and appropriate funds from legally available non-ad valorem revenues in any given year is limited to 10% of the Maximum Annual Debt service on the series 2002, 2007-A, 2007-B and 2009 Bonds. Such amounts therefore would not be sufficient to ensure payment of all debt service on the Series 2002, 2007-A, 2007-B and 2009 Bonds if the amount of debt service due and not covered by the revenues available from the Limited Ad Valorem Tax exceeded such 10% amount. As described above, The City’s covenant to budget and appropriate such funds does not constitute a lien, either legal or equitable, on any of the City’s revenues. The amount of such revenues available to make payments on the Series 2002, 2007-A, 2007-B and 2009 Bonds may be effectively limited by the requirement for a balanced budget, funding requirements for essential governmental services of the City, and the inability of the City to expend revenues not appropriated or in excess of funds actually available after the use of such funds to satisfy obligations having an express lien or pledge on such funds. All of these factors may limit the availability of non-ad valorem revenues available to pay a portion of the debt service on the Series 2002, 2007-A, 2007-B and 2009 Bonds. In addition, there can be no certainty as to the outcome of any judicial proceedings to enforce the City’s obligation to appropriate such funds. Furthermore, the City is not restricted in its ability (1) to pledge such revenues for other purposes or to issue additional debt specifically secured by such revenues or by a covenant similar to that securing the 2002, 2007-A, 2007-B and 2009 Bonds or (2) to reduce or discontinue services that generate non-ad valorem revenues. All of these factors may limit the availability of non-ad valorem revenues available to pay a portion of the debt service on the Series 2002, 2007-A, 2007-B and 2009 Bonds. In addition, there can be no certainty as to the outcome of any judicial proceedings to enforce the City’s obligation to appropriate such funds.
Limitations of Limited Ad Valorem Tax Pledge The pledge of Limited Ad Valorem Tax revenues securing the Series 2002, 2007-A, 2007-B and 2009 Bonds is not identical to the unlimited pledge of such revenues securing the City’s full faith and credit general obligations bonds. While the City is obligated to increase the millage rate if required to collect tax revenues is sufficient to pay debt service on full faith and credit general obligation bonds, such into the case with the Series 2002, 2007-A, 2007-B and 2009 bonds. The Limited Ad Valorem Tax which secures the 2002, 2007-A, 2007-B and 2009 bonds may not be levied in excess of a millage rate that, when added to the millage rate needed to meet the debt service on the City’s outstanding full faith and credit general obligation bonds, exceeds 1.218 mills. In the contract with Issuer, the City has restricted its ability to incur additional full faith and credit general obligation indebtedness or voter approved bonds by covenanting to not issue such additional debt without having revenues generated by the Limited Ad Valorem Tax which will provide at least 1.0x coverage of outstanding Voter Approved Bonds, General Obligation Bonds and the proposed bonds to be issued. Based on currently available information, the City believes that the revenues derived from ad valorem taxes collected at a millage rate of up to 1.218 mills will be sufficient to pay debt service on the series 2002, 2007-A, 2007-B and 2009 Bonds as well as the currently outstanding full faith and credit general obligation debt of the City. A decline, however, in property values within the City or a decline in tax collections could create a situation where ad valorem revenues would not be sufficient to pay all such debt service. In such circumstances, (1) ad valorem tax revenues would be utilized first to pay full faith and credit general obligation debt of the City, (2) increases in revenue reflecting an increase in the millage rate would be required only to produce revenue for the payment of full faith and credit general obligation debt,
4
and (3) ad valorem tax revenues might not be available for the payment of any debt service on the Series 2002, 2007-A, 2007-B and 2009 Bonds. Factors leading to such circumstances might include local, regional or national economic downturns; natural disasters such as hurricanes or floods; judicial challenges to tax rates and collections; and the inability of the Miami-Dade County Property Appraiser to properly assess such taxes and the Miami-Dade County Tax Collector to collect such taxes efficiently.
5
Credit Paying Final
Outstanding Facility Agent Maturity
General Obligation
Refunding Bonds 2002A 1,400,000$ Moody's A2 National Bank of New York 09/01/17
S&P A+
Fitch A+
Total General Obligation Bonds 1,400,000$
City of Miami, Florida
General Obligation Bonds
Summary Information
As of September 30, 2015
Underlying Credit
Rating on the Debt
6
Credit Paying Final
Outstanding Facility Agent Maturity
Limited Ad Valorem Tax Bonds Series 2002 10,083,304$ Moody's A1 National U.S. Bank 01/01/21
S&P A
Fitch A-
Limited Ad Valorem Tax Bonds Series 2007A 102,015,000 Moody's A1 National TD Bank 01/01/22
S&P A
Fitch A-
Limited Ad Valorem Tax Bonds Series 2007B 50,000,000 Moody's A1 National TD Bank 01/01/28
S&P A
Fitch A-
Limited Ad Valorem Tax Bonds Series 2009 41,540,000 Moody's A1 N/A US Bank 01/01/29
S&P A
Fitch A-
Total Limited Ad Valorem Tax Bonds 203,638,304$
City of Miami, Florida
Limited Ad Valorem Tax Bonds
Summary Information
As of September 30, 2015
Underlying Credit
Rating on the Debt
General Obligation
7
Credit Paying Final
Outstanding Facility Agent Maturity
Special Obligation Bonds, Series 2007 69,250,000$ Moody's A2 National TD Bank 01/01/37
(Street and Sidewalk) S&P AA-
Pledged Revenues(PTT Tax 80%, Parking Surcharge 20%) Fitch A+
(Local Optional Gas Tax 100%)
Special Obligation Bonds, Series 2009 60,150,000 Moody's A2 National TD Bank 01/01/39
(Street and Sidewalk) S&P A-
Pledged Revenues(PTT Tax 80%, Parking Surcharge 20%) Fitch A+
Tax-Exempt Special Obligation 84,540,000 Moody's A2 Assured TD Bank 07/01/39
Parking Revenue Bonds, Series 2010-A S&P AA Guaranty
(Marlins Parking Garage) Fitch A
Taxable Special Obligation 16,830,000 Moody's A2 Assured TD Bank 07/01/27
Parking Revenue Bonds, Series 2010-B S&P AA Guaranty
(Marlins Parking Garage Retail) Fitch A
Gran Central Corporation Loan 1,708,863 N/A N/A N/A N/A N/A
Total Special Obligation, Revenue Bonds, and Loans 232,478,863$
Rating on the Debt
City of Miami, Florida
Special Obligation and Revenue Bonds/Loans
with Specific Pledge Revenues and (Covenant to Budget)
Summary Information
As of September 30, 2015
Underlying Credit
8
Credit Paying Final
Outstanding Facility Agent Maturity
Non-Ad Valorem Revenue Bonds 19,750,000$ Moody's Baa1 AMBAC U. S. Bank 12/01/20
Taxable Pension Series 1995 S&P NA
Fitch NA
Non-Ad Valorem Refunding Revenue Bonds 31,935,000 Moody's A2 AMBAC U. S. Bank 12/01/25
Taxable Pension Series 2009 S&P BBB-
Fitch BBB+
Special Obligation Non-Ad Valorem Revenue 70,645,000 Moody's A2 Assured Guaranty Regions Bank 02/01/31
Refunding Bonds Series 2011-A (1)
S&P AA
Fitch A
Special Obligation Non-Ad Valorem Revenue 44,725,000 Moody's A2 NA U. S. Bank 03/01/30
Refunding Bonds Series 2012 S&P NA
Port of Miami Tunnel Project Fitch A
Special Obligation Refunding Bonds 18,049,000 Moody's NA NA PNC Bank 07/01/26
Series 2014 S&P NA
Fitch NA
Total Special and Revenue Non-Ad Valorem Bonds 185,104,000$
Covenants
(1) The City may incur additional debt that is payable from all or a portion of the non-ad valorem revenues only if the total amount of "legally available"
non-ad valorem revenues for the prior Fiscal Year are:
(a) at least 2.00 times the aggregate maximum annual debt service of all debt (including all long-term financial obligations appearing on the City's
most recent audited financial statements and the debt proposed to be incurred) to be paid from non-ad valorem revenues and not other funds of
the City (collectively, "Debt"), including any Debt payable from one or several specific non-ad valorem revenue sources but only to the extent such
non-ad valorem revenues are "legally available" to pay debt service on the Bonds, currently at 2.59 times, see attached.
(b) so long as the Bonds are outstanding and if a Reserve Account Insurance Policy is in effect, at least 1.00 times the obligation of the city to
repay any costs then due and owing to the Provider of a Reserve Account insurance Policy. Surety bond is in effect for 1.0x
Rating on the Debt
City of Miami. Florida
Special and Revenue Non-Ad Valorem Bonds
Covenant to Budget and Appropriate
Summary Information
As of September 30, 2015
Underlying Credit
9
Nationally Recognized Municipal Securities Information Repositories
BLOOMBERG MUNICIPAL REPOSITORIES DPC DATA INC. P.O. Box 840 One Executive Drive Princeton, NJ 08542-0840 Fort Lee, New Jersey 07024 PH: (609) 279-3225 PH: (201) 346-0701 FAX: (609) 279-5962 FAX: (201) 947-0107 Email: Munis@ Bloomberg.com Email: [email protected] INTERACTIVE DATA STANDARD & POOR’S J J KENNY REPOSITORY ATTN: Repository 55 Water Street 100 Williams Street 45th Floor New York, NY 10038 New York, NY 10041 PH: (212) 771-6999 PH: (212) 438-4595 FAX: (212) 771-7390 (Secondary Mkt Info) FAX: (212) 438-3975 FAX: (212) 771-7391 (Primary Mkt Info) Email: [email protected] Email: [email protected]
10
2011 2012 2013 2014 2015
Revenues:
Franchise and Utility Taxes 104,277$ 102,490$ 103,975$ 106,707$ 107,114$
Licenses and Permits:
Business Licenses and Permits 7,502 14,974 14,684 30,411 31,660
Construction permits 26,463 20,681 21,110 30,452 33,342
33,965 35,656 35,794 60,863 65,002
Intergovernmental:
State and Revenue Sharing 11,430 12,367 30,311 31,370 31,572
Half-Cent Sales Tax 25,988 25,803 27,738 29,491 31,254
Fine and Forfeitures 4,674 4,808 11,459 11,407 12,629
Other 17,123 18,006 211 151 90
59,214 60,985 69,719 72,419 75,545
Charges for Services:
Engineering Services 51,004 46,326 26,909 24,896 24,861
Public Safety 27,509 23,635 12,668 14,141 12,476
Recreation 3,214 4,369 12,935 12,277 14,907
Other 3,499 17,083 52,092 41,674 50,978
85,226 91,413 104,604 92,988 103,222
Interest Income 1,915 2,419 (2,547) 3,740 4,213
Other 7,248 11,374 17,846 4,042 4,751
Component Units Operating
Transfers In (1) 12,817 4,590 440 12,278 4,846
Total Sources of Legally
Available Non-Ad
Valorem Revenues 304,663$ 308,927$ 329,831$ 353,037$ 364,693$
Essential Expenses Not Paid
with Ad Valorem Taxes (2) (52,087) (32,875) (161,980) (145,466) (143,138)
Total Legally Available Non Ad Valorem Revenue 252,577$ 276,052$ 167,851$ 207,571$ 221,555$
Source: City of Miami Finance Department
(1) Amounts include Public Service taxes, Local Option Gas Taxes and amounts from Public Works Special
Revenue Funds. Both Public Service Taxes and Local Option Gas Taxes are recurring each year although
the amounts may differ from year to year. These amounts have been reclassed from Component Units Operating
Transfers In to Franchise and Utility Taxes in 2015 to comply with GASB 54. Transfers In are net of debt service,
on other bond obligations.
(2) Total ad valorem taxes minus general fund government and public safety expenses. This amount does
include a pro rata share of the pension costs associated with the general fund and public safety expenses.
CITY OF MIAMI, FLORIDA
LEGALLY AVAILABLE NON AD VALOREM REVENUE
FOR THE YEARS ENDING SEPTEMBER 30TH
($ in thousands)
11
2011 2012 2013 2014 2015
Net Non-Ad Valorem
Funds Available to:
Pay Debt Service (1) 252,577$ 276,052$ 167,850$ 207,571$ 221,555$
Debt Service (2) 85,168$ 85,168$ 85,258$ 85,656$ 85,656$
Coverage 2.97 3.24 1.97 2.42 2.59
(1) Total sources of Non Ad Valorem Revenues minus essential expenses (General Fund Government and
Public Safety) in excess of ad valorem revenue (does include a pro rata share of the pension costs
associated with the general Fund Government and Public Safety expenses).
(2) Maximum annual debt service times 2 on bonds or other debt obligations payable from Non Ad Valorem
Revenues outstanding as of September 30, 2015.
CITY OF MIAMI, FLORIDA
COVERAGE OF NET NON-AD VALOREM REVENUES
YEAR ENDED SEPTEMBER 30TH
($ in thousands)
12
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2019
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69
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2020
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2023
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2024
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2018
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25
Fiscal Year
Ending
September 30, CDT (1)
Parking Revenues (2)
Parking Surcharge (3)
Total
2016 4,000,000$ 4,380,623$ 786,154$ 9,166,777$
2017 4,000,000 4,411,195 825,461 9,236,656
2018 4,000,000 4,411,195 825,461 9,236,656
2019 4,000,000 4,411,195 825,461 9,236,656
2020 4,000,000 4,411,195 825,461 9,236,656
2021 5,000,000 4,411,195 825,461 10,236,656
2022 5,000,000 4,454,870 866,865 10,321,735
2023 5,000,000 4,454,870 866,865 10,321,735
2024 5,000,000 4,454,870 866,865 10,321,735
2025 5,000,000 4,454,870 866,865 10,321,735
2026 6,000,000 4,454,870 866,865 11,321,735
2027 6,000,000 4,743,127 910,366 11,653,493
2028 6,000,000 4,743,127 910,366 11,653,493
2029 6,000,000 4,743,127 910,366 11,653,493
2030 6,000,000 4,743,127 910,366 11,653,493
2031 8,000,000 4,743,127 910,366 13,653,493
2032 8,000,000 5,048,853 955,963 14,004,816
2033 8,000,000 5,048,853 955,963 14,004,816
2034 8,000,000 5,048,853 955,963 14,004,816
2035 8,000,000 5,048,853 955,963 14,004,816
2036 8,000,000 5,048,853 955,963 14,004,816
2037 8,000,000 5,367,682 1,003,656 14,371,338
2038 8,000,000 5,367,682 1,003,656 14,371,338
2039 - 5,367,682 1,003,656 6,371,338
Total 139,000,000$ 113,773,894$ 21,590,397$ 274,364,291$
Source: City of Miami Finance Department
(1) Scheduled Convention Development Tax distributions as pursuant to City of Miami resolution R-09-0132
(2) 5,392 spaces (5,642 total spaces less Reserved Parking Spaces) times 81 Major League Baseball (MLB)
Home Games times specified in "PARKING REVENUES" herein.
(3) Assumed spaces times MLB Home Games as specified in Footnote (2) above times gross retail parking
rates anticipated by the Stadium Operator between an average of $15.00 to $20.00 times 15% Parking
Surcharge times 80%.
Pledged Revenues
Projected Collection of Pledged Revenues
26
Fiscal Year
Ending Total Total Total Principal
September 30, Principal Interest and Interest
2016 8,213,117$ 10,116,743$ 18,329,860$
2017 17,873,800 9,445,287 27,319,088
2018 18,368,224 8,451,916 26,820,140
2019 17,235,790 7,383,784 24,619,574
2020 16,883,502 6,348,435 23,231,936
2021 11,898,604 5,501,319 17,399,923
2022 8,356,303 4,964,275 13,320,578
2023 8,740,971 4,545,279 13,286,250
2024 9,167,670 4,100,815 13,268,485
2025 9,622,159 3,614,356 13,236,515
2026 13,254,240 2,970,171 16,224,410
2027 8,890,000 2,321,381 11,211,381
2028 9,390,000 1,815,900 11,205,900
2029 9,925,000 1,274,475 11,199,475
2030 10,490,000 701,950 11,191,950
2031 6,795,000 203,850 6,998,850
2032 - - -
2033 - - -
2034 - - -
2035 - - -
2036 - - -
2037 - - -
2038 - - -
2039 1,708,863 - 1,708,863
TOTAL 186,813,243$ 73,759,936$ 260,573,179$
Schedule of Principal and Interest
For Non-Ad Valorem Revenue Bonds
Budget and Appropriate
27
Fiscal Year Taxable Gross Administration Net
Ending Revenue Growth Rate Tax Rate Collections Fees Collections
September 30, $ % % $ $ $
2003 944,280,333 8.20% 3% 28,328,410 566,568 27,761,842
2004 1,102,877,633 16.80% 3% 33,086,329 661,727 32,424,602
2005 1,278,074,492 15.90% 3% 38,342,235 766,845 37,575,390
2006 1,410,500,066 10.30% 3% 42,315,002 846,300 41,468,702
2007 1,519,773,047 7.80% 3% 45,593,191 911,864 44,681,327
2008 1,597,469,115 5.10% 3% 47,924,073 958,481 46,965,592
2009 1,356,749,922 -13.40% 3% 41,533,161 830,663 40,702,498
2010 1,523,416,677 14.20% 3% 45,702,500 914,050 44,788,451
2011 1,756,668,584 23.10% 3% 52,700,058 1,054,001 51,646,056
2012 1,978,198,355 12.61% 3% 59,345,951 1,186,919 58,159,032
2013 2,174,117,214 9.90% 3% 65,223,516 1,304,470 63,919,046
2014 2,353,464,037 8.25% 3% 70,603,921 1,412,078 69,191,843
2015 2,568,459,592 9.14% 3% 77,053,788 1,541,076 75,512,712
Source: Miami-Dade County Finance Department
Miami-Dade County, Florida
3% Convention Development Tax
Historical- Unaudited Receipts
28
(1)
(2)
(3)
(4)
(5)
Pen
sio
nU
nfu
nd
ed
PB
O a
s
Net
Assets
Ben
efi
tA
nn
ual
Perc
en
tag
e o
f
Av
ailab
le
Ob
lig
ati
on
Perc
en
tU
nfu
nd
ed
PB
OC
ov
ere
dC
ov
ere
d P
ayro
ll
Fo
r B
en
efi
ts (1
)(P
BO
) (2
)F
un
ded
(2)-
(1)
Payro
ll(4
)/(5
)
Fis
cal Y
ear
$$
%$
$%
2003
194.8
165.1
118%
-29.7
98.9
-30%
2004
210.3
185.7
113%
-24.7
89.2
-28%
2005
231.6
195.0
119%
-36.6
91.5
-40%
2006
249.0
216.8
115%
-32.2
90.4
-36%
2007
300.2
242.9
124%
-57.3
103.6
-55%
2008
305.8
279.4
109%
-26.4
129.4
-20%
2009
296.3
290.0
102%
-6.3
122.2
-5%
2010
311.8
315.6
99%
3.8
80.2
5%
2011
310.0
303.6
102%
-6.4
82.2
-8%
2012
350.3
312.6
112%
-37.7
82.2
-46%
2013
378.7
320.0
118%
-58.7
85.2
-69%
2014
394.6
370.1
107%
-24.5
93.7
-26%
Sourc
e: C
ity
of
Mia
mi F
ire F
ighte
rs' a
nd P
olic
e O
ffic
ers
' R
etire
ment T
rust O
cto
ber
1, 2013 A
ctu
arial R
eport
pre
pare
d b
y the N
yhart
Com
pany,
Inc.
(1)
Exclu
din
g f
utu
re C
ity
min
imum
contr
ibutions.
(2)
Exclu
din
g n
ew
incre
ment, c
ontingency r
eserv
es f
or
futu
re a
ctivitie
s.
Benefits
payable
fro
m the C
OLA
accounts
are
com
pute
d in a
ccord
ance w
ith a
ctu
arially
based
form
ula
as d
efined in S
ection 4
0.2
04 o
f th
e C
ity
Code. B
enefits
are
subje
ct to
revie
ws a
nd m
odific
ation
in a
ccord
ance w
ith s
uch C
ode s
ection, w
hic
h p
rovid
es that all
oth
er
matters
regard
ing the C
OLA
accounts
shall
be d
ete
rmin
ed b
y n
egotiations b
etw
een the C
ity, F
IPO
Board
of
Tru
ste
es a
nd the b
arg
ain
ing
repre
senta
tives o
f th
e Inte
rnational A
ssocia
tion o
f F
ire F
ighte
rs (
the "
IAF
F")
and the F
rate
rnal O
rder
of
Polic
e (
the "
FO
P")
.
His
tori
cal
Fu
nd
ing
Pro
gre
ss
Co
la F
un
d
(in
$ m
illio
ns)
Cit
y o
f M
iam
i F
ire
Fig
hte
r's
an
d P
oli
ce O
ffic
ers
' R
eti
rem
en
t T
rus
t
29
Appendix A Glossary
Ad Valorem Tax:
A tax calculated “according to the value “of property. Such a tax is levied on the assessed valuation of real and tangible
personal property.
Appropriation:
A legal authorization approved by the City Commission to make expenditures and incur obligation for specific purposes.
Bond:
A written promise to pay a specific sum of money at a specified date or dates in the future, together with the periodic
interest at a specific rate.
Bondholder:
The registered owners, or their authorized representatives, of a Bond.
City:
Shall mean the City of Miami, Florida.
City Commission:
Shall mean The City Commission of the City or any successor commission, council, board or body in which the general
legislative power of the City shall be vested.
City Manager:
Shall mean the City Manager of the City or his or her designee or the officer succeeding to his or her principal functions.
Covenants:
Pledges made by an issuer in regards to the operation of a project, system, or enterprise of the issuer. Such pledges
are of interest to the bondholder as they assure that certain practices will be followed or avoided by the issuer.
Coverage:
The margin of safety or payment of debt service, reflecting the number of times by which the annual revenues, either
gross or net, exceed the annual debt service.
Debt Service Requirement:
The amount of money required to pay the principal and interest of all bonds and other debt instrument according to a
pre-determined payment schedule.
Final maturity:
The date upon which all principal and interest must be repaid.
Fitch:
Shall mean Fitch Ratings, Inc., a corporation organized and existing under the laws of the State of New York, that
provide a rating service for corporate bonds, municipal bonds, commercial paper, and other debt obligations.
30
General Obligation Bond:
Voter approve bonds used to finance a variety of capital improvement projects such as streets, buildings, and
improvements. These bonds are backed by the full faith and credit of the issuing government. The repayment of these
bonds is usually made from ad valorem taxes based on an approved debt millage rate.
Issuer:
A legal entity that develops, registers and sells securities for the purpose of financing its operations. Issuers are legally
responsible for the obligations of the issue and for reporting financial conditions, material developments and any other
operational activities as required by the regulations of their jurisdictions. The most common types of securities issued
are common and preferred stocks, bonds, notes, debentures, bills and derivatives.
Moody's Investor Service:
Shall mean Moody’s Investor Service, Inc., a corporation organized and existing under the laws of the State of Delaware
that provide a rating service for corporate bonds, municipal bonds, commercial paper, and other debt obligations.
Paying agent:
An agent of the issuer with responsibility for timely payment of principal and interest to bond holders.
Pledged revenues:
Those revenues of an entity which are designated for the repayment of debt obligations.
Rating agencies:
A nationally recognized agency that rate securities for safety of payment of principal, interest, or dividends at the
request of the issuer.
Rating category:
One of the generic rating categories of any nationally recognize security rating agency without regard to any refinement
or graduation of such rating by a numerical modifier or otherwise.
Refunding:
The retiring of a bond issue at the earliest call date or at maturity with fund from a new issue.
Reserve account:
Established by the terms of a bond issue into which money is deposited for payment of debt service in case of a shortfall
in current revenues. May take the form of a surety policy.
Resolution:
A formal expression of opinion or intention made, usually after voting, by a formal organization, a legislature, or other
group.
Revenue Bond:
A bond secured by pledge source of revenue.
Special Obligation Bonds:
A bond secured by a limited revenue source or promise to pay.
31
Standard & Poor’s:
Shall mean Standard & Poor’s Rating Service, a Division of Mcgraw-Hill Corporation Investor Service a corporation
organized and existing under the laws of the State of New York, that provide as an independent company rating
service for corporate bonds, municipal bonds, commercial paper, and other debt obligations according to risk profiles
and produces and tracks the S&P indexes.
Taxable bond:
Bonds on which the interest at the time of issuance is not intended to be excluded from the gross income of the holders
for federal tax purposes.
Tax exempt bond:
A municipal bond, the interest on which is exempt from Federal Income Tax.
Trustee:
A person or organization legally appointed to act on behalf of a beneficiary.
Underlying credit:
A rating for a debt issue on a stand-alone basis without credit enhancements.
32
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33
.
About The Cover
City of Miami Skyline
Photo Courtesy of Department of Communications and Protocol
City Of Miami, Florida
Finance Department
444 SW 2 Avenue, 6th Floor
Miami, Florida 33130
34
2015SUPPLEMENTAL REPORT TO BONDHOLDERS
FISCAL YEAR ENDED SEPTEMBER 30, 2015
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