HomeMy WebLinkAboutDepartment of Off-Street Parking of the City of Miami - Public Financial ReportComponent Unit of the City of Miami, Florida
Fiscal Year Ended September 30, 2021
Department of Off-Street Parking
Annual Report 2021
FRONT COVER: Miami Parking Authority leads innovation for community growth through PayByPhone at
Miami-Dade parks, the no-cost Freebee downtown ride service, electric vehicle charging stations in
select garages, Revel scooters, and the Free-Flow Parking system at the Miami Marlins’ home stadium.
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From the Board Chair
In light of a full fiscal year of global
uncertainty, resulting from the linger-
ing effects of the Covid-19 pandemic,
Miami Parking Authority eagerly seized
its human capital, resources and
best-in-class services in support of the
community.
As a recognized leader in parking innovation, the Miami
Parking Authority continued to watch the demographic
and technology trend lines, some of which were accelerat-
ed by Covid-19. The Board, in strong collaboration with
the Authority’s management, made values-based
decisions that will respond to the needs of current and
future generations.
As the transformation of Miami shapes the City’s
landscape with recent technology and financial compa-
nies relocating to the urban core, the Authority’s
forward-looking vision is yielding positive results. To take
this momentum forward, the Board of Directors approved
innovative technology applications, public-private devel-
opment collaborations and transportation initiatives that
support urban mobility. All these actions are aimed at
responding to the needs of newcomers as well as the
longstanding members of the Miami community.
I want to take this opportunity to thank my colleagues on
the Board of Directors for their inspiration, expertise and
excellent governance. I appreciate their commitment to
supporting initiatives that have and will set the Authority
on a path forward toward success.
I also want to thank the chief executive officer and the
entire staff for threading a path through a turbulent year
and positioning the organization for long-term growth.
In the end, the Board’s decisions will continue to affirm
the Miami Parking Authority’s commitment to building
community and serving the public.
Jami Reyes/Chair of the Board of Directors
From the CEO
Reflecting on the past fiscal year, the challenges and
devastation reaped by the prevalence of COVID-19 on
the global community are apparent. Fortunately, with
the drive, dedication, and overarching direction of the
Board of Directors, the Miami Parking Authority was
able to forge ahead throughout this tumultuous time
exceeding its obligations to the business partners,
customers, and constituents of the city of Miami.
As the close of 2021 commemorates my first anniversary as chief execu-
tive officer, I recognize the impact COVID-19 had on the Authority and
applaud the quick and decisive action taken by staff to mitigate its effect
on business operations.
Notwithstanding the grave challenges presented during these trying
times, the MPA maintained a spirit of optimism and perseverance in the
face of adversity. The staff of the Authority swiftly adopted the business
model of the MPA to match the needs of the community members,
merchants, and business partners we serve. Their unwavering commit-
ment and arduous work ethic have allowed MPA to maintain its position
as a leader in technology adoption, economic development projects, and
urban mobility initiatives.
Their success is highlighted in the key achievements of the fiscal year
2021 below:
• MPA expanded PayByPhone technology to Miami Dade-County Park
and Marinas and maintained a 95% adoption rate across the different
channels.
• MPA designed and implemented a free flow parking system at loanDepot
Park in collaboration with the Miami Marlins. The system reduces
traffic congestion and enhances the fan experience. Further, making
loanDepot park, to the best of our knowledge, one of the few ballparks
in the U.S. to adopt this technology.
• Collaborated with PMG, the Waldorf Astoria Residences Miami developer,
to create a green community space in lot 19. This initiative is anticipated
to develop a green-space intervention to foster social interaction and a
healthier lifestyle.
• The International Parking & Mobility Institute (IPMI) awarded MPA with
the 2021 Awards of Excellence for Architectural Design for the Regatta
Harbour garage in Coconut Grove, placing it among the industry’s top
programs. The historical design of this public facility drew its inspiration
from the memorable days of Pan American Airways in Coconut Grove.
As the new fiscal year commences, we are invigorated by the transforma-
tion of the city of Miami. The Miami Parking Authority remains equipped
to meet the needs of the community by implementing initiatives that
cultivate economic vitality and social prosperity in the city of Miami.
Alejandra Argudin/Chief Executive Officer
MESSAGES
City of Miami Mayor and Commission
Francis Suarez
Mayor
Alex Diaz de la Portilla
District 1
Ken Russell
District 2
Joe Carollo
Vice Chair
District 3
Manolo Reyes
District 4
Christine King
Chair
District 5
MPA Board of Directors
Thomas B. Jelke, Ph.D.
President & CEO
t.jelke solutions
Marlon A. Hill
Of Counsel
Weiss Serota Helfman
Cole & Bierman, P.L.
Jami Reyes
Board Chair
MPA Management Team
Alejandra Argudin
Chief Executive Officer
Scott Simpson
Chief Financial Officer
Angel L. Diaz Jr.
Director of Operations
Henry Espinosa
Director of Information
Technology
Angela D. Hernandez
Director of Human Resources
Roland Galdos
Senior Executive Advisor
to the CEO
Margie Carmenates
Controller
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Larry Spring, Jr.
Chair, Finance Committee
James S. Cassel
Chairperson
Cassel Salpeter & Co. LLC
LEADERSHIP
The Miami Parking Authority (MPA), also known as the
Department of Off-Street Parking, manages and develops on-
and off-street parking in the City of Miami, Florida. It shares
responsibility with the City of Miami Police Department and
Miami-Dade County for enforcement of parking regulations.
MPA, a semi-autonomous, self-sustaining agency managed
by parking industry professionals and financed by parking
revenues, receives no taxpayer support. Funds not used by
operations are returned to the City of Miami, and all ticket
citation revenues are payable directly to Miami-Dade County.
The Authority is governed by a five-member Off-Street Park-
ing Board, which has the customary duties and powers of a
private corporation’s board. The Miami City Commission
retains authority for approval of MPA’s annual budget and
rate structure, the confirmation of appointments to the Board
and the issuance of parking revenue bonds. As a component
unit of the City of Miami, MPA’s financial statements are
incorporated as a proprietary fund into the City of Miami’s
Annual Comprehensive Financial Report.
The MPA Board and management view parking as a vital
component of the urban transportation network, overall
mobility strategy and economic development. MPA conducts
its operations according to its mission: “We will meet the
City’s parking needs while working in partnership with, and
being responsive to, our internal and external customers by
continuously and measurably improving performance and
striving for excellence in all aspects of our business.”
As of September 30, 2021, the Authority managed over
47,000 spaces, including 15 garages, 73 surface lots, eight
Miami-Dade County Parks and Marinas, two City of Miami
boat ramps, and approximately 11,900 on-street spaces.
MPA operates the facilities it owns, as well as others owned
by other government units, non-profit entities, and
public-private sector joint ventures.
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OVERVIEW
The MPA was established by the Florida State Legislature, and chartered by City ordinance in 1955, continues
to serve the City under the direction of the MPA Board of Directors for the same purposes for which it was
created. The Board of Directors oversees the management and development of convenient, safe, and affordable
parking facilities within the City of Miami. The MPA manages more than 47,000 parking spaces, including 15
parking garages, 73 surface lots, 8 Miami-Dade County Parks and Marinas, 2 City of Miami boat ramps, and
approximately 11,900 on-street spaces. In the fiscal year 2020/2021, the MPA remitted $10 million in excess
revenue to the City of Miami. Furthermore, the City of Miami received over $6.3 million from citation fines
and approximately $1.9 million from operating the James L. Knight Center Garage. The aggregate amount of
revenue generated from MPA parking and enforcement operations is approximately $18.2 million for the fiscal
year 2020/2021.
The MPA has maintained and expanded its relationship with the Public Health Trust (PHT). The MPA
provides parking management services at the Jackson Memorial main and auxiliary medical campus for
their 7,392 parking spaces. In this capacity, the MPA has strengthened its relationship with PHT by consis-
tently increasing operating revenues while decreasing expenses. The MPA had fiduciary responsibility for
approximately $6.7 million in revenue for the County’s public hospital for the fiscal year ending September
30th, 2021.
OPERATIONS
In FY21, the MPA extended its relationship with
Miami Dade County Parks to include parking man-
agement and enforcement operations at the County’s
eight parks and marinas. The MPA continues to
remove traditional meters from each site, increasing
PayByPhone utilization, which affords customers a
faster and more convenient form of payment. In fiscal
year 2021 PayByPhone completed over 539,977
phone transactions at the eight-county parks and
comparably 5,275 at the two City of Miami boat
ramps under the MPA’s management.
In light of the impact of the COVID-19 pandemic on
business operations, the Miami Parking Authority has
continued to maintain its position as the leader of
PayByPhone utilization for municipal agencies in
North America. In fiscal year 2021, the MPA has
recorded approximately 717,625 new vehicle registra-
tions and over 8 million transactions for the PayBy-
Phone Program. This activity represents approximate-
ly $33 million in parking revenues and a 95% PayBy-
Phone adoption rate across MPA facilities.
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The MPA recognizes the importance of planning and development activities in the economic growth of the City of Miami.
The MPA stands committed to its mission of providing convenient, safe, and affordable parking to the constituents of the
City of Miami. To further this goal in the fiscal year 2020/2021, the MPA commenced development projects that will
expand our parking inventory and enable us to serve our community better. These projects will also generate more jobs,
enhance curb appeal and bring community members together.
MPA’s involvement in development is demonstrated, as follows:
Our collaboration with Grand Station Partnership resulted in the 2020 occupancy of the 30-floor mixed-use facility
incorporating 300 residences, 5,000 square feet of retail space, and an addition of 350 new public parking spaces.
MPA’s partnership with Grand Station Partnership for this development project, located at 240 N. Miami Avenue, has
served as a catalyst for other area development projects, such as District 225, located directly across the street at 225 N.
Miami Avenue. These projects support and provide synergy to the nearby Miami Central Station, a mixed-use railroad
station development (Brightline) in the Government Center district of Downtown Miami.
In addition, MPA commenced several projects in 2020:
A public-private partnership with Lions Group for a mixed-use development project at 56 SW First Steet, comprising
of approximately 440 apartments, retail space, and a new Cultural Center Garage (known as Garage 2) located at 90 SW
First Street. This project will increase MPA’s existing inventory of public parking spaces in Garage 2 and will facilitate a
more efficient use of public land with “best in class services” to integrate modern parking technology systems, EV
charging stations, storage for scooters and bikes, and areas for safe ride sharing. Groundbreaking is anticipated in 2022.
A public-private partnership with the developer of the first Waldorf Astoria in South Florida involving the shared use of
MPA’s Lot 19. This project will aide in the beautification of the area in conjunction with the developer’s mixed-use
projects located at 300 and 400 Biscayne Boulevard, and will include, among other things, multi-family residential
units, commercial uses, hotel uses and other affiliated amenities.
Furthermore, the MPA continues our efforts to reduce greenhouse gas emissions and engagement with the environmental
community to shape policy and participate in efforts to mitigate the effects of climate change. To these efforts, MPA has:
Continued to replace service vehicles with electric vehicles. In FY2020-2021, we purchased five electric vehicles and
five hybrid vehicles
Applied for grant funding from the State of Florida to expand the availability of EV Charging Stations
Increased the number of EV Charging Stations in MPA garages, which now house 20 charging ports for public use
Cooperated with the City of Miami’s Department of Resilience and Public Works to develop greenhouse gas reduction
strategies
Furthermore, with a view towards environmental and sustainability initiatives, MPA continued to offer new solutions for
motorists choosing to park electric vehicles (EV). Through a partnership with Brickell Energy, ChargePoint “Level 2” dual
port charging stations that are compatible with all EVs have now been installed in seven garages, totaling 20 electric parking
spaces, which include four new Electric Vehicle Charging Stations in the Marlins Park.
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PLANNING & DEVELOPMENT
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The success of the Miami Parking Authority is contingent upon its
ability to continuously adapt to changing business environment
via varied information technology initiatives. The MPA pursues
strategic objectives aimed at positioning the Authority for
long-term success through the achievement of strategic goals. In
FY21, the MPA’s Information Technology Department piloted
numerous technologies to solidify its position as a leader in
technology implementation in the parking industry.
These projects include but are not limited to curbside management
initiatives, free flow parking adoption, IT infrastructure defense
software, and E-commerce parking product expansions. The
implementation of such technology has aided in MPA’s capabilities
to capture and operationalize data to make “data-driven” business
decisions to improve the operational efficiency of the Authority.
2020/2021 Accomplishments
• The MPA deployed Dock 365 contract management system to
enhance our contract management capabilities. Dock 365 virtually
manages MPA contracts, including but not limited to contract
expiration dates, requirements adherence, and revisions/
amendments.
• To strengthen our internal network, the MPA deployed Threat
Locker security software on MPA devices system-wide to miti-
gate system vulnerabilities that may be exploited by malicious
software.
• To enhance the customer experience at Marlins Park, the MPA,
in collaboration with the Miami Marlins, designed and imple-
mented a free flow parking system at the Marlins Stadium. The
free flow parking system reduces traffic congestion, increases
parking and stadium revenues, and enhances the customer expe-
rience for game attendees. The implementation of free-flow
parking resulted in a financial saving of over $300,000. Fur-
thermore, the system decreased ingress and egress traffic by
approximately 60% in the fiscal year 2021.
• The MPA expanded E-commerce parking products to include
Airport, Hotel, and Cruise parking to provide long-term parking
options to visitors and residents of the City of Miami.
• Further, MPA leadership engaged with industry leaders at the
Co-Motion C-Lab and Open-Mobility Foundation to craft curb
policies and exchange best practices on manging micro-mobility.
INFORMATION TECHNOLOGY
The MPA continues to encounter the challenges presented
by the onset of COVID-19 in the fiscal year 2020. The
Human Resource (HR) team remains vigilant in identifying
innovative and unique ways to address labor shortages,
foster talent development, and maintain business continuity
during this tumultuous period. The HR team is a pivotal
component of the implementation of COVID-19 recovery
strategies that govern human capital management and
illuminate a past forward on our journey back to normal
business operations.
In the fiscal year 2021, the Human Resource team under-
stood, as recovery effort commenced, that significant
challenges remained on the horizon for personal management
with a workforce of over 150 full-time and part-time employ-
ees. The HR team quickly adapted previous COVID-19 strate-
gies and protocols to meet the business environment’s new
customer and human capital demands while maintaining a
culture of health awareness, open communication, and
cross-functional collaboration amongst operational depart-
ments to reprioritize organizational priorities.
2020/2021 Highlights
To support the continued growth and sustainability of the
Miami Parking Authority during the 2021 fiscal year, the HR
team implemented the following strategic initiatives:
Employee Engagement remained a focal point of the
Human Resource team initiatives during this turbulent
period. To facilitate cross-functional collaboration between
the internal and external stakeholders, the HR team quickly
sourced and procured software to host virtual meetings,
transitioned office meeting spaces to comply with COVID-19
protocols and held monthly town hall meetings to keep MPA
personal abreast of the changes to current office policy and
answers questions from frontline staff members. Further-
more, the HR team cultivated a culture of teamwork by
continuing to offer holiday luncheons in “to-go boxes” and
virtual. The Human Resources Department is proud of its
accomplishments in FY20 and its dedication to MPA and the
community. Taking the lead in reimagining the organization,
developing strategies, addressing wellbeing and work-life,
administering HR systems, and facilitating reentry to the office
were all critical and unique contributions of our HR team.
Retention and Recruitment strategies were implemented
to address the labor shortage presented by the prevalence of
the COVID-19 pandemic. In the fiscal year 2021, the MPA
suffered an increased number of employee resignations and
fewer viable applicants for open positions. To address this
concern, the HR team, in collaboration with MPA marketing
professionals, jumped into action swiftly revamping the
retention and recruitment strategies of the Miami Parking
Authority. The HR team leveraged social media channels to
advertise job postings, revised job descriptions and imple-
mented an employee referral program.
Health and Wellness initiatives remained the centerpiece
of the Human Resource activities throughout FY21. The HR
team continued to offer different amenities and implement
policies aimed at maintaining the health and wellness of
MPA employees. In FY21, the Human Resource department
conducted an employee health fair, Biomatrix screening,
and offered Flu shots at the main MPA offices. Additionally,
the MPA provided onsite COVID-19 vaccination to employ-
ees during their scheduled shifts to mitigate the spread of
the virus.
Safety Training of MPA personal was integral to the success
of the operations department delivering uninterrupted service
to the patrons of the City of Miami. In the fiscal year 2021, the
MPA designated an in-house training manager to oversee the
safety training program for field personal. The training man-
ager scheduled and conducted training on proper lifting
techniques, workplace hazards, and defensive driving.
Furthermore, the training manager oversaw the safety
committee and spearheaded numerous initiatives to reduce
the incidence of preventable employee accidents in the work-
place. In FY21, the MPA exhibited a significant reduction in
claims due to the arduous work of the training manager,
safety committee, and HR professionals of the MPA.
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HUMAN RESOURCES
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COVID-19 continues to disrupt the traditional business environment in the City of Miami. In response, the MPA
continues to strategically implement the following COVID-19 recovery strategies to stimulate the economic
growth of the City of Miami merchants by offering subsidized parking rates, extending parking citation forgive-
ness courtesy, and sponsorship of the citywide sidewalk cafe program in collaboration with the City of Miami,
Wynwood, and Coconut Grove Bids. The following initiatives are a testament to MPAs commitment to the recovery
of the City of Miami from the effects of the COVID-19 pandemic on residents, businesses, and merchants:
• In May 2021, the MPA officially ended the “Welcome Back Miami” campaign; however, in lieu of returning MPA
facilities to pre-covid parking rates, the MPA continued to implement a tiered rate structure to ease the financial
burden of customers and residents parking in MPA facilities. The tiered rate structure provides customers a
subsidized flat rate for the first four and twenty-four hours of parking in MPA garages, each representing a 25%
discount from the pre-covid rate fee in each segment.
• In support of local merchants, the MPA continues to designate free food pick-up and delivery zones through-
out the City of Miami. In partnership with the Coconut Grove and Wynwood Business Improvement Districts,
the MPA continues to set aside 46 parking spaces in front of restaurants as food pick-up and delivery zones. The
Miami Parking Authority has donated $500,820 in-kind parking spaces to help the Miami food industry as it
continues to recover from the impact of the COVID-19 pandemic.
• Furthermore, the MPA, in partnership with the City of Miami, continues to support the parklet sidewalk
cafe program. The MPA provided 92 in-kind parking spaces for sidewalk cafes usage equating to approxi-
mately $1,009,366 for the fiscal year 2021 to help the recovery efforts of the food industry.
• In FY21, the MPA continued to offer on-street patrons the annual Holiday Citation Program. The Holiday
Citation provides an additional grace period for expired meters before issuing citations for “failure to pay.” The
program aims to provide MPA patrons who visit the City of Miami for shopping, dining, etc. to receive an addi
tional hour parking courtesy during the holiday season. This initiative increases the amount of money spent at
local businesses during this time of need. It represents a significant investment in increasing the economic activi-
ty throughout the City of Miami.
COVID-19 PANDEMICSTRATEGIES
The Miami Parking Authority’s mission is premised on establishing and maintaining a relationship with the
constituents of the City of Miami. The MPA strives to foster a heightened level of engagement with residents,
merchants, and visitors by participating and sponsoring community programs within the City of Miami.
Participation in community events strengthens MPA’s reputation in the community and provides a channel
for the MPA to receive pertinent feedback that was utilized to support the MPA in the execution of its
mission statement. Despite the limitations imposed on community event involvement in the fiscal year
2021, the MPA participated in the following community programs and events throughout the year:
• The MPA sponsored the following programs and activities in the City of Miami: Dade Heritage Trust,
125 Year Miami, Social Work Sponsorship, Urban Land Institute, Habitat for Humanity, WoW (Trail-
blazer), and Camillus House. Furthermore, the MPA donated school supplies and in-kind parking spaces
to the Chapman Partnership, Children’s Trust Family Expo, and Lotus house projects.
• The MPA continued its public-information campaign to update citizens about its role in parking manage-
ment, any new programs being offered, and its support and financial contributions to the City. It has been
MPA’s mission to reach out to all the communities we serve. To this end, MPA collaborates with the
English-, Spanish- and Creole-language media to communicate information to the public by engagin with
the Greater Miami Chamber of Commerce, Greater Miami Convention and Visitor Bureau, and Invest
magazine via ad sponsorships.
COMMUNITY INVOLVEMENT
• In October 2020, the MPA launched the “We Are
Where You Dine” campaign to provide economic
support to local merchants in the City of Miami.
The MPA, in partnership with Pay by Phone and
City of Miami commissioners offices, strategically
identified small enterprises that were impacted
by the prevalence of COVID-19. The MPA pro-
cured over $1,000 in gift cards from the estab-
lishments included in the campaign to stimulate
economic growth and give back to the City of
Miami. The MPA randomly selected a Pay by
Phone customer from a weekly raffle and provid-
ed a $25 gift card to a local merchant from each
of the commissioner’s districts on a daily basis for
four months. This initiative represented over
$1,000 dollars in donations to the local food
industry in the City of Miami.
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The Government Finance Officers Association of the United
States and Canada (GFOA) has given an Award for
Outstanding Achievement in Popular Annual Financial
Reporting to the Miami Parking Authority for its Popular
Annual Financial Report for the fiscal year ended September
30, 2020. The Award for Outstanding Achievement in Popu-
lar Annual Financial Reporting is a prestigious national
award recognizing conformance with the highest standards
for preparing state and local government popular reports.
In order to receive an Award for Outstanding Achievement in
Popular Annual Financial Reporting, a government unit must
publish a Popular Annual Financial Report, whose contents
conform to program standards for creativity, presentation,
understandability and reader appeal.
An Award for Outstanding Achievement in Popular Annual
Financial Reporting is valid for a period of one year only. We
believe our current report continues to conform to the Popu-
lar Annual Financial Reporting requirements, and we are
submitting it to the GFOA.
Financial Statements
The following is a condensed presentation of the Authority’s Annual Comprehensive Financial Report (ACFR) for
the fiscal year ended September 30, 2021, completed in February 2022. As a condensed report, the presentation of
the financial information does not conform to generally accepted accounting principles and related reporting
standards. However, this simplified version of the financial data does utilize the same basis of accounting as the
ACFR for presenting information.
Our ACFR is a detailed financial report audited by independent auditors. This was accomplished in the current
year by RSM US LLP, independent certified public accountants. The ACFR fully conforms to generally accepted
accounting principles. For a more detailed summary of the Authority’s financial statements, a copy of the ACFR
may be viewed and downloaded by accessing the Authority’s website at www.miamiparking.com.
THE AWARD
Where the money comes from
Major sources include charges for parking services, management fees and administrative fees. The Authority does not receive any
taxpayer support or revenues from parking enforcement management. The Authority’s traffic management enforcement efforts gener-
ated approximately $6.3 million in parking fine revenues for the City and $7.9 million for Miami-Dade County for a total of $14.2
million. Total revenues for fiscal year 2021 were $47.3 million, an increase from prior year’s revenue of 28%. Parking revenues for
fiscal year 2021 were $44.8 million, an increase of $10.4 million or 30% from 2020. The increase in parking revenue reflects the
broader economic recovery from the effects of the COVID-19 pandemic. As a result, the Authority had a significant increase in patrons
parking in its on-street parking spaces and parking lots during the year ended September 30, 2021 as compared to the prior year.
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REVENUE
TOTAL REVENUES BY FISCAL YEAR
34,000
32,000
30,000
28,000
26,000
24,000
22,000
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
DO
L
L
A
R
S
I
N
T
H
O
U
S
A
N
D
S
Parking Lots On-Street Facilities Off-Street Facilities Management & Administrative Fees Investment Earnings &Other
2017201820192020
Parking Lots
On-Street Facilities
Off-Street Facilities
Management & Admin Fees
Investment Earnings & Other
Total
REVENUE* (for the years ended September 30)
* Statement of Revenues, Expenditures & Changes in Net Position
2017
$8,136,278
17,208,835
5,028,186
1,329,670
918,699
$32,621,668
2018
$8,935,500
18,413,148
4,975,018
1,331,130
590,052
$34,244,848
2019
$9,659,113
30,508,540
5,365,086
1,556,665
2,938,500
$50,027,904
2020
$6,444,256
24,111,377
3,830,061
1,389,408
1,207,534
$36,982,636
2021
$7,474,705
33,862,447
3,474,080
1,489,630
1,035,940
$47,336,802
2021
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Where the money goes
The Authority made a significant contribution to the City of Miami during fiscal year 2021 amounting to $10.0 million as compared
to $3.0 million in the previous year. The contribution amount increased due to the significant improvement in parking revenues.
Salaries, wages and benefits decreased by 9% mainly due to the payment of COVID-19 related wages (in addition to regular wages)
to front-line employees and severance payments made for two employees in the prior year. Property rentals and assessments
increased by 36% in the current year due to higher revenue share expense in the current year associated with increased parking
revenues for lots managed by the Authority. Other operating expenses also increased by 27% due primarily to increased credit card
fees paid by the Authority as a result of the increase in patrons using pay-by-phone as a method of payment.
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EXPENDITURES
EXPENDITURES* (for the years ended September 30)
Salaries, Wages & Fringe Benefits
Security
Property Rentals & Assessments
Repairs & Maintenance
Insurance
Legal & Professional
Utilities
Printing & Supplies
Depreciation & Amortization
Excess Revenue Distribution
to City of Miami
Interest Expense
Other
Total
* Statement of Revenues, Expenditures & Changes in Net Position
$7,475,084
977,815
2,549,193
1,731,395
585,572
1,020,888
593,730
212,847
2,673,315
7,700,000
3,320,418
2,503,605
$31,343,862
2017
$7,543,801
826,131
2,422,686
1,827,835
557,369
1,229,813
469,803
279,014
2,664,234
7,792,377
3,234,685
2,969,026
$31,816,774
2018
$9,193,938
854,558
2,323,517
1,804,111
489,380
1,375,681
458,744
285,593
2,984,371
14,066,657
3,190,385
3,553,849
$40,580,784
2019
$10,144,682
1,313,729
1,682,149
1,952,057
753,976
1,246,403
492,693
400,363
3,281,422
3,000,000
2,434,759
2,820,234
$29,522,467
2020
$9,221,515
1,439,276
2,291,930
1,664,999
859,645
1,051,845
595,564
346,819
3,940,112
10,000,000
1,681,481
3,587,816
$36,681,002
2021
TOTAL EXPENDITURES (for the year ended September 30, 2021)
Interest Expense 5%
27% Excess RevenueDistribution toCity of Miami
2% Insurance3% Legal & Professional2% UtilitiesDepreciation & Amortization 11%1% Printing & Supplies
Other 10%
25% Salaries, Wages & Fringe Benefits
4% Security
6% Property Rentals & Assessments
4% Repairs & Maintenance
At September 30, 2021, current and other assets increased by 40% as compared to prior year due to an increase in cash and cash
equivalents during the year. The Authority’s cash and cash equivalents increased by $17,531,000, the majority of which is due to
an increase in parking revenues during the year. Current and other liabilities increased by 37% at the end of fiscal year 2021 as
compared to the prior year primarily due to an increase in monies owed to the City for excess revenue distributions payable to the
City at year end as compared to prior year.
STATEMENT OF NET POSITION (for the years ended September 30)
Assets
Current and Other Assets
Capital Assets, Net
Total Assets
Deferred Outflow of Resources
Deferred Loss on Debt Refunding
Deferred Outflow of Resources Related to Pension
Deferred Outflow of Resources Related to OPEB
Total Deferred Outflow of Resources
Total Assets & Deferred Outflow
of Resources
Liabilities
Current and Other Liabilities
Long-Term Debt
- Due within One Year
- Due in More than One Year
Total Liabilities
Deferred Inflow of Resources
Deferred Inflow of Resources Related to Pension
Deferred Inflow of Resources Related to OPEB
Total Deferred Inflow of Resources
Net Position
Net Investment in Capital Assets
Restricted for Capital Projects
Restricted for Debt Service
Restricted for Pension Benefits
Unrestricted
Total Net Position
2017
$47,750,488
51,264,449
99,014,937
1,052,337
982,141
-
2,034,478
101,049,415
7,815,290
1,735,000
63,901,830
73,452,120
-
-
-
(7,625,228)
12,147,594
1,586,482
469,482
21,488,447
$27,597,295
2018
$47,392,770
54,223,894
101,616,664
1,004,684
1,084,399
28,304
2,117,387
103,734,051
9,356,132
1,820,000
62,111,407
73,287,539
780,309
16,399
796,708
(3,017,248)
12,147,594
1,682,936
1,152,952
17,683,570
$29,649,804
2019
$48,523,703
62,991,381
111,515,084
957,031
2,430,753
21,209
3,408,993
114,924,077
13,417,644
1,910,000
59,480,985
74,808,629
992,246
26,278
1,018,524
7,516,729
12,147,594
1,733,930
47,751
17,650,920
$39,096,924
2020
$45,467,099
69,200,590
114,667,689
2,087,147
2,140,167
29,940
4,257,254
118,924,943
10,701,679
1,450,000
58,326,503
70,478,182
488,700
152,507
641,207
15,684,012
12,147,594
1,944,680
-
18,029,268
$47,805,554
NET POSITION
2021
$63,809,704
65,576,818
129,386,522
1,826,254
1,791,236
35,771
3,653,261
133,039,783
14,669,205
1,845,000
55,625,690
72,139,895
729,461
127,406
856,867
14,082,072
12,147,594
2,252,768
-
31,560,587
$60,043,021
40 NW 3rd Street
Miami, Florida 33128
305-373-6789
miamiparking.com