WCOM NEWS

5-16-04

Miramar passes fiscal checkup

MIRAMAR--A newly released report by an independent auditor shows Miramar is in good financial shape.

The 2003 Comprehensive Annual Financial Report for the year ending Sept. 30, "says we are very healthy financially," Mayor Lori Moseley said. "The city has embarked on a plan that treats the financials of the city like a business, and because we are doing this, as we reach build-out, we will be financially stable."

Rachlin Cohen & Holtz of Miami prepared the report with information provided by the city. The report assesses whether city staff follow the policies, procedures and budget adopted by the commission.

The report showed:

Property tax revenues increased by about $4.9 million, as was budgeted.

Salary and related benefits for city employees represent 71 percent of the city's operating cost. Assistant City Manager Bob Bell said that's within normal range for local governments.

The city has an outstanding debt of about $100.9 million -- $31 million is a special assessment debt paid by developers. The remainder will be paid through taxes.

The auditor said the city should develop an accounting policy-and-procedures manual, detailing its daily operations. Bell said the Finance Department is taking all current written and non-written policies and incorporating them into a manual.

The city also is in the process of reviewing its new utility billing system to make sure reports are complete and all customers are accurately billed. The audit showed two instances out of 10 where customer accounts were not properly set up.

The 105-page report stated: "The results of our tests disclosed no instances of noncompliance that are required to be reported under the Government Auditing Standards."

(source) Sun Sentinel (Lori Sykes) 5-16-04