MIAMI-DADE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015 FINANCE DEPARTMENT EDWARD MARQUEZ BERTA RUFAT, CPA Deputy Mayor/Finance Director Controller BLANCA PADRON, CPA MARIA C. RIVERO Deputy Finance Director Assistant Controller www.miamidade.gov MIAMI-DADE COUNTY Carlos A. Gimenez Mayor BOARD OF COUNTY COMMISSIONERS Jean Monestime Chairman Esteban Bovo, Jr. Vice-Chairman Barbara J. Jordan Daniela Levine Cava District 1 District 8 Jean Monestime Dennis C. Moss District 2 District 9 Audrey M. Edmonson Senator Javier D. Souto District 3 District 10 Sally A. Heyman Juan C. Zapata District 4 District 11 Bruno A. Barreiro José “Pepe” Diaz District 5 District 12 Rebeca Sosa Esteban Bovo, Jr. District 6 District 13 Xavier L. Suarez District 7 Harvey Ruvin Clerk of the Circuit and County Courts Pedro J. Garcia Property Appraiser Abigail Price-Williams County Attorney Delivering Excellence Every Day Our Mission Delivering excellent public services that address our community’s needs and enhance our quality of life (This page left blank intentionally.) MIAMI-DADE COUNTY, FLORIDA Comprehensive Annual Financial Report For the Fiscal Year Ended September 30, 2015 TABLE OF CONTENTS INTRODUCTORY SECTION PAGE Certificate of Achievement for Excellence in Financial Reporting .................................. i Letter of Transmittal ..................................................................................................... iii Miami-Dade County Table of Organization ............................................................... xvii FINANCIAL SECTION Independent Auditors’ Report................................................................................... 1 Management’s Discussion and Analysis (Unaudited) ............................................ 5 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position .................................................................................... 27 Statement of Activities ......................................................................................... 28 Fund Financial Statements: Governmental Funds Financial Statements: Balance Sheet ...................................................................................................... 30 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position ....................................................................... 31 Statement of Revenues, Expenditures, and Changes in Fund Balances ............ 33 Reconciliation of the Change in Fund Balances of Governmental Funds to the Statement of Activities ............................................................................ 34 Proprietary Funds Financial Statements: Statement of Net Position ................................................................................... 36 Statement of Revenues, Expenses, and Changes in Fund Net Position ............ 42 Statement of Cash Flows ..................................................................................... 44 Fiduciary Fund Financial Statements: Statement of Net Position—Fiduciary Funds ....................................................... 48 Statement of Changes in Fiduciary Net Position—Pension Trust Fund .............. 49 Notes to the Financial Statements ...................................................................... 50 Required Supplementary Information: General Fund – Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual (Unaudited) ................................................... 151 Schedule of County’s Proportionate Share of the Net Pension Liability - Florida Retirement System Pension Plan ....................................................... 154 Schedule of County’s Contributions - Florida Retirement System Pension Plan ....................................................... 154 Schedule of County’s Proportionate Share of the Net Pension Liability - Health Insurance Subsidy Plan ...................................................................... 155 MIAMI-DADE COUNTY, FLORIDA Comprehensive Annual Financial Report For the Fiscal Year Ended September 30, 2015 TABLE OF CONTENTS PAGE Schedule of County’s Contributions – Health Insurance Subsidy Pension Plan ....................................................... 155 Schedule of Public Health Trust Proportionate Share of the Net Pension Liability - Florida Retirement System Pension Plan ......................... 156 Schedule of Public Health Trust Contributions - Florida Retirement System Pension Plan ....................................................... 156 Schedule of Public Health Trust Proportionate Share of the Net Pension Liability - Health Insurance Subsidy Plan................................... 157 Schedule of Public Health Trust Contributions – Health Insurance Subsidy Pension Plan ....................................................... 157 Public Health Trust Defined Benefit Retirement Plan – Schedule of Employer Contributions (Unaudited) ......................................... 158 Public Health Trust – Defined Benefit Retirement Plan Schedule of Net Position Asset (Liability) ...................................................... 158 Public Health Trust Defined Benefit Retirement Plan – Schedule of Changes in Net Pension Asset (Liability) and Related Ratios ....................................................................................... 159 Public Health Trust Defined Benefit Retirement Plan - Schedule of Investment Returns (Unaudited) .................................................................... 160 Miami-Dade County Retiree Health Plan Schedule of Funding Progress (Unaudited) ..................................................................................... 161 Notes to the Required Supplementary Information (Unaudited) ..................... 162 Combining and Individual Fund Statements and Schedules General Fund—Supplemental Statement of Revenues, Expenditures, and Changes in Fund Balances ......................................................................... 165 Nonmajor Governmental Funds: Combining Balance Sheet—Nonmajor Governmental Funds by Fund Type ... 169 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances—Nonmajor Governmental Funds by Fund Type ............................ 170 Nonmajor Special Revenue Funds: Special Revenue Funds—Nonmajor Combining Balance Sheet ...................... 174 Special Revenue Funds— Nonmajor Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 176 Special Revenue Funds—Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances—Budget and Actual ............. 178 Nonmajor Debt Service Funds: Debt Service Funds—Nonmajor Combining Balance Sheet ............................. 195 Debt Service Funds—Nonmajor Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 196 Debt Service Funds—Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances—Budget and Actual ................................... 197 MIAMI-DADE COUNTY, FLORIDA Comprehensive Annual Financial Report For the Fiscal Year Ended September 30, 2015 TABLE OF CONTENTS PAGE Nonmajor Capital Projects Funds: Nonmajor Capital Projects Funds—Combining Balance Sheet ........................ 205 Nonmajor Capital Projects Funds—Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 206 Nonmajor Permanent Funds: Nonmajor Permanent Funds—Combining Balance Sheet ................................ 209 Nonmajor Permanent Funds—Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 210 Nonmajor Permanent Funds—Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances—Budget and Actual ............. 211 Page Nonmajor Enterprise Funds: Nonmajor Enterprise Funds—Combining Statement of Net Position ................ 215 Nonmajor Enterprise Funds—Combining Statement of Revenues, Expenses, and Changes in Fund Net Position ............................................... 216 Nonmajor Enterprise Funds—Combining Statement of Cash Flows ................ 217 Fiduciary Fund Financial Statements: Agency Funds—Combining Statement of Fiduciary Assets and Liabilities ....... 221 Agency Funds—Combining Statement of Changes in Assets and Liabilities ... 222 STATISTICAL SECTION (Unaudited) Financial Trends: Changes in Net Position .................................................................................... 225 Changes in Fund Balances, Governmental Funds ............................................ 227 Program Revenues by Function/Program ......................................................... 228 Fund Balances, Governmental Funds ............................................................... 229 Net Position by Component ............................................................................... 230 Revenue Capacity: Actual Value and Assessed Value of Taxable Property .................................... 231 Direct and Overlapping Property Tax Rates ...................................................... 232 Property Tax Levies and Collections ................................................................. 234 Property Tax Levies by Component .................................................................. 234 Principal Property Tax Payers ..........................................................................