agenda-for-regular-council-meeting-05-23-2022-(complete).pdf?sfvrsn=4096e08c_4

AGENDA Regular Council Meeting Monday, March 23, 2022 10:00 a.m.

Regular Council Meeting 05-23-2022 REGULAR COUNCIL MEETING MONDAY, MAY 23, 2022 10:00 AM AT VILLAGE HALL 9080 BAY DRIVE, INDIAN CREEK, FL 33154 1. CALL TO ORDER / ROLL CALL OF MEMBERS 2. PLEDGE OF ALLEGIANCE 3. PUBLIC COMMENTS: Any person wishing to address the Council, should state name, and address, prior to making the statement, for the record. 4. PRESENTATIONS: TAB 1 A. Audit Report - FY 2021 – by Andrew Fierman - Caballero, Fierman, Llerena, & Garcia, LLP B. Review of Lighting of Roadway Improvement Plan – Sean Compel, P.E. – Stantec 5. CONSENT AGENDA TAB 2 MINUTES: A. March 30, 2022 – Regular Council Meeting B. April 27, 2022 – Special Council Meeting 6. ORDINANCE TAB 3 Second Reading A. AN ORDINANCE OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, CREATING ARTICLE III, “SALTWATER FISHING,” OF CHAPTER 6, “ANIMALS,” TO PROHIBIT SALTWATER FISHING FROM VILLAGE-OWNED REAL PROPERTY; PROVIDING FOR SEVERABILITY; PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN EFFECTIVE DATE. (Ordinance 230). Public Hearing for Ordinance 230 on Second Reading. 7. RESOLUTION TAB 4 A. A RESOLUTION OF THE VILLAGE COUNCIL OF INDIAN CREEK VILLAGE, FLORIDA, APPROVING ADDITIONAL BENEFITS FOR THE INTERIM VILLAGE MANAGER; PROVIDING FOR IMPLEMENTATION AND PROVIDING FOR AN EFFECTIVE DATE. (Resolution 840)

Regular Council Meeting 05-23-2022 8. DISCUSSION ITEMS: TAB 5 A. Extend the construction Moratorium imposed by Ordinance # 229. B. Establishing a minimum elevation for new and substantially rehabilitated Seawalls. C. Rooftop Terraces 9. VILLAGE MANAGER’S REPORTS TAB 6 A. Financial Report – March 2022 10. ADJOURNMENT

TAB 1- (A) Audit Report - FY 2021

DRAFTINDIAN CREEK VILLAGE, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2021 Prepared by: THE FINANCE DEPARTMENT

DRAFTINDIAN CREEK VILLAGE, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021 Prepared by: THE FINANCE DEPARTMENT

DRAFTIndian Creek Village There is something almost magical about the Indian Creek Village story. Imagine, if you will, a group of people who at the height of the great Florida boom of the 1920s, after building islands in the middle of Biscayne Bay and connecting them with a series of bridges called the “Venetian Causeway,” moved farther north into unincorporated Dade County. Once past the Miami city limits they organized the Shoreland Company and developed a whole area of northeast Dade County centered around what would, in 1932, after the Shoreland Company went bankrupt in the great bust that followed the boom, become “the village beautiful,” Miami Shores. And then, just when you see how incredible that was in and of itself, think about the fact that their plans included a great causeway – the Grand Concourse – which would connect the Miami side with what was planned to be, in 1926, Miami Shores Island, a six-hundred-acre development that would be larger than all of the man-made islands in Biscayne Bay at the time. Then, to top it off, try to imagine that those plans also included what was to be called “the Mid-Bay Causeway,” which could come north from one of the Venetian Islands (the pilings still showing the outline of an island in Biscayne Bay, just south of the Julia Tuttle Causeway), and following a series of man-made islands, terminate at the south end of Miami Shores Island. The roadway thereon would connect with the Grand Concourse to the Miami side, as well as a bridge over to the beach side. Not surprisingly, it never came to pass. Well, most of it never came to pass, but what did become reality is today’s Indian Creek Village, a magnificent island of approximately three hundred acres south of the Broad Causeway and just west of Surfside, connected to that town by a two-lane bridge. This island – Indian Creek Village – is the direct lineal descendant of the great and grand plans of Hugh Anderson, Ellen Spears Harris and the Shoreland Company, which today is remembered for other things, but not for Miami Shores Island. The filled area – approximately three hundred acres – went into a period of quiescence for several years, but sometime during the 1930s, a small group of hardy but wealthy individuals developed the idea that they could convert the weedy and muck-covered island into an exclusive enclave. Reseeding the island, they built a red-tiled clubhouse, designed to give the appearance of an European castle. The island’s original blueprints provided for forty-one lots along the road surrounding the golf course. A two-lane bridge would connect the island to the rest of the world via a place that had first been developed by Henri Levy, builder of Normandy Isle as well as the southern part of what would become Surfside, originally known as Normandy Beach. Though the country was in the midst of the Great Depression, several wealthy (not to mention hardy!) homesteaders, including John Swift (he of the meatpacking company) and Harold Matzinger (a noted Wall Street genius), built mansions near the clubhouse. In 1939, however, word filtered onto the island that Surfside, which had been incorporated in 1935, was casting envious eyes at the island and, in fact, had been discussing the possibility of annexing the island at its council meetings. Moving swiftly, the island’s residents took advantage of a defunct state law, which, at that time, permitted any group of twenty-five or more people living relatively contiguously to form a municipality. With the assistance of Judge Julien Southerland, who would become a founder, incorporator and the first mayor of Bal Harbour Village, the island was incorporated as Indian Creek Village on May 19, 1939, the Florida Legislature having passed the appropriate enabling act approving said incorporation two days previously. Needless to say, Indian Creek Village remains both a magnificent enclave and a superbly managed and run municipality. 33154, The Story of Bal Harbour, Bay Harbor Islands, Indian Creek Village and Surfside, by Seth H. Bramson

DRAFTINDIAN CREEK VILLAGE, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT TABLE OF CONTENTS SEPTEMBER 30, 2021 PAGES I. INTRODUCTORY SECTION (Unaudited) Letter of Transmittal i-iv Certificate of Achievement for Excellence in Financial Reporting v Village Officials vi Organizational Chart vii II. FINANCIAL SECTION Independent Auditors’ Report 1-2 Management’s Discussion and Analysis (Unaudited) 3-11 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position 12 Statement of Activities 13 Fund Financial Statements: Balance Sheet - Governmental Funds 14 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Fund 15 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of the Governmental Funds to the Statement of Activities 16 Statement of Net Position – Proprietary Funds 17 Statement of Revenues, Expenses and Changes in Net Position – Proprietary Funds 18 Statement of Cash Flows – Proprietary Funds 19 Notes to Basic Financial Statements 20-29 III. REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) Budgetary Comparison Schedules General Fund 30 Forfeiture Fund 31 Building Fund 32 Note to Budgetary Comparison Schedules 33

DRAFTINDIAN CREEK VILLAGE, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT TABLE OF CONTENTS SEPTEMBER 30, 2021 PAGES IV. STATISTICAL SECTION (UNAUDITED) Net Position by Component 34 Changes in Net Position 35 Fund Balances of Governmental Funds 36 Changes in Fund Balances, Governmental Funds 37 Net Assessed Value and Estimated Actual Value of Taxable Property 38 Property Tax Rates – Direct and Overlapping Governments 39 Principal Property Taxpayers 40 Property Tax Levies and Collections 41 Ratios of Outstanding Debt by Type 42 Ratios of General Bonded Debt Outstanding 43 Direct and Overlapping Governmental Activities Debt 44 Pledged-Revenue Coverage 45 Demographic and Economic Statistics 46 Principal Employers 47 Full-Time Equivalent Village Government Employees by Function 48 Operating Indicators by Function/Program 49 Capital Asset Statistics by Function/Program 50 V. COMPLIANCE SECTION Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 51-52 Schedule of Findings and Responses 53 Management Letter in accordance with the Rules of the Auditor General of the State of Florida 54-55 Independent Accountants’ Report on Compliance Pursuant to Section 218.415 Florida Statutes 56

DRAFTINTRODUCTORY SECTION

DRAFTBERNARD KLEPACH MAYOR JAVIER HOLTZ VICE MAYOR ROBERT DIENER COUNCIL ME,WBER IRMA BRAMAN COUNCIL MEMBER IRWIN E. TAUBER COUNCIL MEJvfBER GUILLERMO OLMEDILLO I '/LLAGE MANAGER STEPHEN� HELFMAN l'ILLAGE ATTORNEY ROSEANN PRADO I '/llAGE CLERK INDIAN CREEK VILLAGE, FLORIDA May 17, 2022 To the Honorable Mayor, Members of the Village Council and Citizens of [ndian Creek Village: Florida Statutes require that all units of local government publish a complete set of financial statements presented in conformity with accepted accounting principles (GAAP) in the United States and audited in accordance with auditing standards generally accepted in the United States and in accordance with Government Auditing Standards by a firm of licensed certified public accountants. Pursuant to that requirement, we hereby issue the Annual Comprehensive Financial Report (ACFR or Report) of Indian Creek Village for the fiscal year ended September 30, 2021. This report consists of management's representation concerning the finances of Indian Creek Village. Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this Report. To provide a reasonable basis for making these representations, management of [ndian Creek Village has established a comprehensive internal framework that is designed both to protect the Village's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of Indian Creek Village's financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, Indian Creek Village's comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute, assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this Report is complete and reliable in all material respects. The firm of Caballero, Fierman, Llerena & Garcia LLP, licensed certified public accountants has audited Indian Creek Village's financial statements. The goal of the independent audit was to provide reasonable assurance that the basic financial statements of Indian Creek Village for the fiscal year ended September 30, 2021, are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified opinion that Indian Creek Village's financial statements for the fiscal year ended September 30, 2021, are fairly presented in conformity with GAAP. The independent auditors' report is presented 9080 BAY DRIVE, INDIAN CREEK VILLAGE, FLORIDA 33154-3212 VOICE 305.865.4121 FAX 305.865.2502i

DRAFTii

DRAFTiii

DRAFTINDIAN CREEK VILLAGE, FLORIDA 2020. This was the twenty-fist year that the Village received this prestigious award. To be awarded a Certificate of Achievement, the government published an easily readable and efficiently organized ACFR. This report satisfied both GAAP and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current ACFR continues to meet the Certificate of Achievement Program's requirements and are submitting it to the GFOA to determine its eligibility for another certificate. The preparation of this Report would not have been possible without the efficient and dedicated services of the entire staff of Indian Creek Village. We would like to express our appreciation to all members of all the Village staff who assisted and contributed to the preparation of this report. We would also like to express our appreciation to Caballero, Fierman, Llerena & Garcia LLP our independent auditors, for their assistance and efforts in helping the village prepare the ACFR. Appreciation is also extended to the Mayor and the Village Council for their unfailing support for maintaining the highest standards of professionalism in the management of Indian Creek Village's finances. 9080 BAY DRIVE, INDIAN CREEK VILLAGE, FLORIDA 33154-3212 VOICE 305.865.4121 FAX 305.865.2502iv

DRAFTGovernment Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Indian Creek Village Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2020 Executive Director/CEOv

DRAFTINDIAN CREEK VILLAGE, FLORIDA VILLAGE OFFICIALS SEPTEMBER 30, 2021 VILLAGE COUNCIL Bernard Klepach, Mayor Javier Holtz, Vice Mayor Irma Braman, Councilmember Robert B. Diener, Councilmember Irwin E. Tauber, Councilmember VILLAGE MANAGER Guillermo Olmedillo VILLAGE CLERK Roseann Prado VILLAGE ATTORNEY Weiss Serota Helfman Cole & Bierman, P.L. FINANCE DIRECTOR Beatrice Good, P.A. INDEPENDENT AUDITORS Caballero Fierman Llerena & Garcia, LLPvi

DRAFTINDIAN CREEK VILLAGE, FLORIDA ORGANIZATIONAL CHART SEPTEMBER 30, 2021 vii Voters Indian Creek Village Village Council Village Manager Engineer Public Safety Chief Patrol Platoon A Squad 1 Captain Officer 1 Public Service Aide 1 Reserve Officer Squad 2 Captain Officer 2 Public Service Aide 2 Reserve Officer Platoon B Squad 3 Sergeant Officer 3 Public Service Aide 3 Reserve Officer Squad 4 Sergeant Officer 4 Public Service Aide 4 Reserve Officer Investigations TFA 1 TFA 2 TFA 3 TFA 4 Code Compliance Building Official Electrical Iinspector Mechanical Inspector Plumbing Inspector Planning & Zoning Finance Village Attorney Village Clerk Deputy Clerk

DRAFTFINANCIAL SECTION

DRAFTINDEPENDENT AUDITORS’ REPORT

DRAFT1 8950 SW 74th Court I Suite 1210 I Miami, FL 33156 T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM INDEPENDENT AUDITORS’ REPORT To the Honorable Mayor, Village Council, and Village Manager Indian Creek Village, Florida Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, and each major fund of Indian Creek Village, Florida (“the Village”) as of and for the fiscal year ended September 30, 2021, and the related notes to the financial statements, which collectively comprise the Village’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in 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 financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Village’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, and each major fund of the Village, as of September 30, 2021, and the respective changes in financial position, and, where applicable, cash flows thereof for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in Note 11 to the basic financial statements, the Village reported a prior period adjustment to the opening balances of net position for the Water Utility Fund and the related Business-type activities. Our opinion is not modified with respect to this matter.

DRAFT2 8950 SW 74th Court I Suite 1210 I Miami, FL 33156 T: 305.662.7272 I F: 305.662.4266 I CFLGCPA.COM Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison schedules on pages 3-11 and 30-33, respectively, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village’s basic financial statements. The introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated May 23, 2022 on our consideration of the Village’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Village’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Village’s internal control over financial reporting and compliance. DRAFT Caballero Fierman Llerena & Garcia, LLP Miami, Florida May 23, 2022

DRAFTMANAGEMENT’S DISCUSSION AND ANALYSIS (Required Supplementary Information)

DRAFTINDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2021 3 As management of Indian Creek Village (the “Village”), we offer readers of the Village’s financial statements this narrative overview and analysis of the financial activities of the Village for the fiscal year ended September 30, 2021. F INANCIAL HIGHLIGHTS  The assets of the Village exceeded its liabilities at the close of the most recent fiscal year resulting in a net position balance of $12,710,456.  The Village’s total net position increased by $642,520. Key components of the Village’s net position and change in net position are shown in the tables in the government-wide financial analysis section.  As of the close of the current fiscal year, the Village’s governmental funds reported a combined ending fund balance of $1,484,501. A portion of the fund balance, $35,287 is non-spendable for pre-paid items, $427,543 is restricted for police forfeiture programs, $418,688 is restricted for building, and $250,000 had been committed for insurance deductibles. The remainder, $352,983 is unassigned fund balance available for spending. O VERVIEW OF THE F INANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the Village’s basic financial statements. The Village’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide Financial Statements. The government-wide financial statements provide readers with a broad overview of the Village’s finances, in a manner like a private sector business. The statement of net position presents information on all of the Village’s position and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Village is improving or deteriorating. The statement of activities presents information showing how the government’s net position changed during the most recent fiscal year. All changes in net position are reported when the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are documented in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave). Both government-wide financial statements distinguish functions of the Village that are principally sustained by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a sizable portion of their costs through user fees and charges (business type activities). The governmental activities of the Village include general government, public safety, and code enforcement. The business-type activities include water and stormwater utility operations. The government-wide financial statements include only the Village itself (known as the primary government). The government-wide financial statements are located on pages 12 and 13 of this report. Fund Financial Statements. A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The Village, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The Village has two fund categories: the governmental funds and the proprietary funds.

DRAFTINDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2021 4 O VERVIEW OF THE F INANCIAL STATEMENTS (CONTINUED ) Governmental Funds. Governmental funds are accounted for the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Village maintains three governmental funds, the general fund, a forfeiture fund, and a building fund. The Village adopts an annual appropriated budget for each of its governmental funds. A budgetary comparison schedule is included for these funds to demonstrate compliance with the budget. The basic governmental fund financial statements are located on pages 14 to 16 of this report. Proprietary Funds. The Village maintains two proprietary funds. Enterprise funds report the same functions presented as business-type activities in the government-wide financial statements. The Village uses enterprise funds to account for its Stormwater and Water Utility operations. The basic proprietary fund financial statements are located on pages 17 to 19 of this report. Notes to the Basic Financial Statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements are located on pages 20 to 29 of this report. G OVERNMENT - WIDE FINANCIAL ANALYSIS As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the Village, assets exceeded liabilities by $12,710,456 at the close of the most recent fiscal year. The portion of the Village’s net position that reflects its net investment in capital assets (e.g., land and equipment) is $10,402,743. These assets provide services to residents; consequently, these assets are not available for future spending. Our analysis of the financial statements of the Village begins below. The Statement of Net Position and the Statement of Activities report information about the Village’s activities that will help answer questions about the position of the Village. A comparative analysis is included with prior year information.

DRAFTINDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2021 5 NET POSITION Table A-1 summarizes of the Village’s Net Position. A Summary of the Changes in Net Position is presented in Table A-2. 2021 2020 2021 2020 2021 2020 Current assets 2,170,818$ 3,148,640$ 2,297,937$ 2,579,360$ 4,468,755$ 5,728,000$ Capital assets, net 9,757,089 6,771,376 737,196 208,598 10,494,285 6,979,974 Total Assets 11,927,907 9,920,016 3,035,133 2,787,958 14,963,040 12,707,974 Current liabilities 865,015 139,246 119,310 136,727 984,325 275,973 Non-current liabilities 1,268,259 376,876 - - 1,268,259 376,876 Total Liabilities 2,133,274 516,122 119,310 136,727 2,252,584 652,849 Net investment in capital assets 9,757,089 6,771,376 737,196 208,598 10,494,285 6,979,974 Restricted 427,543 1,152,752 - - 427,543 1,152,752 Unrestricted (389,999) 1,479,766 2,178,627 2,442,633 1,788,628 3,922,399 Total Net Position 9,794,633$ 9,403,894$ 2,915,823$ 2,651,231$ 12,710,456$ 12,055,125$ Table A-1 Summary of Net Position Governmental Activities Activities Business-type Total As demonstrated in Table A-1, Summary of Net Position, the Village’s current position increased throughout the year. The increase is attributable to increased property values.

DRAFTINDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2021 6 NET POSITION (CONTINUED) 2021 2020 2021 2020 2021 2020 Revenues Program revenues: Charges for services 401,513$ 148,345$ 746,381$ 753,960$ 1,147,894$ 902,305$ Operating grants and contributions 305,700 350,566 - - 305,700 350,566 General revenues: Property taxes 4,150,204 3,974,262 - - 4,150,204 3,974,262 Franchise taxes 49,290 56,395 - - 49,290 56,395 Intergovernmental 9,470 20,078 - - 9,470 20,078 Other, including interest 54,329 479,508 9,222 10,943 63,551 490,451 Total Revenues 4,970,506 5,029,154 755,603 764,903 5,726,109 5,794,057 Expenses General government 986,888 962,114 - - 986,888 962,114 Public safety 3,592,879 3,066,957 - - 3,592,879 3,066,957 Water - - 424,782 416,105 424,782 416,105 Stormwater - - 79,040 75,009 79,040 75,009 Total Expenses 4,579,767 4,029,071 503,822 491,114 5,083,589 4,520,185 Increase (decrease) in net position 390,739 1,000,083 251,781 273,789 642,520 1,273,872 Net Position - Beginning, as previously reported 9,403,894 8,403,811 2,651,231 2,377,442 12,055,125 10,781,253 Prior Period Adjustment - See Note 11 - - 12,811 - 12,811 - Net Position - Beginning, as restated 9,403,894 8,403,811 2,664,042 2,377,442 12,067,936 10,781,253 Net Position - Ending 9,794,633$ 9,403,894$ 2,915,823$ 2,651,231$ 12,710,456$ 12,055,125$ Activities Activities Total Table A-2 Summary of Changes in Net Position Governmental Business-type As illustrated by Table A-2, Changes in Net Position, the Village’s expenses during the Fiscal Year 2021 reached $5,083,435 with revenues exceeding expenses by $642,597.

DRAFTINDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2021 7 P ROGRAM REVENUES AND E XPENSES – GOVERNMENTAL ACTIVITIES

DRAFTINDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2021 8

DRAFTINDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2021 9 REVENUES BY SOURCE – G OVERNMENTAL ACTIVITIES F INANCIAL ANALYSIS OF THE GOVERNMENT ’ S FUNDS As noted earlier, the Village uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental Funds. The focus of the Village’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Village’s financing requirements. Unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. At the end of the current fiscal year, total fund balance within the general fund reflects $808,237. Fund balance includes a committed balance for insurance deductibles in the amount of $250,000, non-spendable prepaids totaling $32,116, restricted police forfeiture program revenue of $173,138 and unassigned fund balance of $352,983. The general fund is the chief operating fund of the Village. As a measure of the general fund’s liquidity, it may be useful to compare unassigned fund balance and total fund balance to total fund expenditures. Total unassigned balance currently represents 5% of total general fund expenditures.

DRAFTINDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2021 10 F INANCIAL ANALYSIS OF THE GOVERNMENT ’ S FUNDS (CONTINUED ) A summary of the general fund’s condensed balance sheet and statement of revenues, expenditures and changes in fund balance is included in Tables B-1 and B-2 for September 30, 2021, and 2020 below: 2021 2020 Total Assets 1,492,288$ 2,991,053$ Total Liabilities 684,051$ 137,490$ Fund Balance Non-spendable fund balance 32,116 57,624 Restricted fund balance 173,138 999,454 Committed fund balance 250,000 300,000 Unassigned fund balance 352,983 1,496,485 Total Fund Balance 808,237 2,853,563 Total Liabilities and Fund Balance 1,492,288$ 2,991,053$ 2021 2020 Total Revenues 4,485,028$ 4,843,899$ Total Expenditures 7,262,754 3,734,916 Excess (2,777,726) 1,108,983 Other Financing Sources Proceeds from line of credit 1,020,000 - Total Other Financing Sources 1,020,000 - Net Change in Fund Balance (1,757,726)$ 1,108,983$ Fiscal Year Table B-1 Summary of Condensed Balance Sheet Fiscal Year Table B-2 Summary of Condensed Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds. Fund balance in the general fund decreased by $1,757,726 because of Roadway Re- development Project costs funded with the use of reserves. Restricted fund balance in the forfeiture and building funds increased $101,107 and $131,726, respectively. Forfeiture proceeds collected totaled $177,530. Permit fees collected totaled $307,162.

DRAFTINDIAN CREEK VILLAGE, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2021 11 BUSINESS -T YPE ACTIVITIES The proprietary funds activities increased the Village’s net position by $251,781.  The Stormwater Utility Fund reflected operating income of $107,077 including depreciation expense in the amount of $5,895.  The Water Utility Fund reflected operating income of $135,482 including depreciation expense in the amount of $2,732. L ONG-T ERM DEBT The Village’s long-term debt liabilities relate to compensated absences and proceeds from the Village’s revolving line of credit. Total compensated absences as of September 30, 2021, were approximately $426,957 as compared to $376,879 on September 30, 2020. See Note 8 on page 27 for additional details. The outstanding amount on the revolving line of credit was $1,020,000 as of fiscal year end and was used to replenish reserve funds due to an increase in capital expenditures during fiscal year 2021. See Note 7 on page 27 for details. CAPITAL ASSETS As of September 30, 2021, the Village’s capital assets amounted to approximately $10.5 million as compared to approximately $7.0 million on September 30, 2020. Capital asset activity during the fiscal year ended September 30, 2021, included progress of the Roadway Re-development and Perimeter Security projects. See Note 6 on pages 26 and 27 for additional details. F UND BUDGETARY HIGHLIGHTS There were no budget amendments or supplemental appropriations for the fiscal year ended September 30, 2021. Total general fund budget for the fiscal year ended September 30, 2021, was $4,222,676. Actual expenditures in the general fund, including $3,536,578 related to capital projects and funded with reserve funds, amounted to $7,262,754. ECONOMIC F ACTORS AND NEXT YEAR ’ S BUDGETS AND RATES  The unemployment rate for Miami-Dade County decreased to 4.2% as of fiscal year end. This is a drop from a rate of 9.7% a year ago during the pandemic. The county rate is marginally higher than the state’s average unemployment rate of 3.9% as of September 30, 2021.  The Village does not have a central business district. It is 100% residential and recreational.  Inflationary trends regionally are comparable to national indices. These factors will be considered while preparing the 2023 fiscal year budget. REQUESTS FOR INFORMATION This financial report provides a general overview of the Village’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information may be addressed to the Office of the Village Manager, 9080 Bay Drive, Indian Creek, Florida 33154.

DRAFTBASIC FINANCIAL STATEMENTS

DRAFTGovernmental Business-type Activities Activities Total ASSETS Cash and cash equivalents 1,952,922$ 2,356,056$ 4,308,978$ Receivables 27,987 96,503 124,490 Prepaids 35,287 - 35,287 Internal balances 154,622 (154,622) - Capital assets not being depreciated 3,984,994 568,226 4,553,220 Capital assets being depreciated, net 5,772,095 168,970 5,941,065 Total assets 11,927,907 3,035,133 14,963,040 LIABILITIES Accounts payable and accrued liabilities 686,317 119,310 805,627 Noncurrent liabilities: Due within one year 178,698 - 178,698 Due in more than one year 1,268,259 - 1,268,259 Total liabilities 2,133,274 119,310 2,252,584 NET POSITION Net investment in capital assets 9,665,547 737,196 10,402,743 Restricted for: Police forfeiture programs 427,543 - 427,543 Building 418,688 - 418,688 Unrestricted (717,145) 2,178,627 1,461,482 Total net position 9,794,633$ 2,915,823$ 12,710,456$ INDIAN CREEK VILLAGE, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2021 See notes to basic financial statements 12

DRAFTCharges Operating Business- for Grants and Governmental type Functions/Programs Expenses Services Contributions Activities Activities Total Governmental activities: General government 986,888$ 401,513$ 24,056$ (561,319)$ -$ (561,319)$ Public safety 3,592,879 - 281,644 (3,311,235) - (3,311,235) Total governmental activities 4,579,767 401,513 305,700 (3,872,554) - (3,872,554) Business-type activities: Water 424,782 560,264 - - 135,482 135,482 Stormwater 79,040 186,117 - - 107,077 107,077 Total business-type activities 503,822 746,381 - - 242,559 242,559 5,083,589$ 1,147,894$ 305,700$ (3,872,554) 242,559 (3,629,995) 4,150,204 - 4,150,204 49,290 - 49,290 9,470 - 9,470 54,329 9,222 63,551 4,263,293 9,222 4,272,515 390,739 251,781 642,520 9,403,894 2,651,231 12,055,125 Prior period adjustment (Note 11) - 12,811 12,811 Net position - beginning of year, as restated 9,403,894 2,664,042 12,067,936 9,794,633$ 2,915,823$ 12,710,456$ Program Revenues Changes in Net Position INDIAN CREEK VILLAGE, FLORIDA STATEMENT OF ACTIVITIES FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021 Net (Expense) Revenue and General revenues: Ad valorem taxes Franchise fees on gross receipts Unrestricted intergovernmental revenues Other, including unrestricted interest Total general revenues Change in net position Net position - beginning of year, as previously reported Net position - end of year See notes to basic financial statements 13

DRAFTTotal Forfeiture Building Governmental General Fund Fund Funds ASSETS Cash and cash equivalents 1,266,293$ 254,940$ 431,689$ 1,952,922$ Receivables 27,987 - - 27,987 Prepaids 32,116 2,533 638 35,287 Due from other funds 165,892 - - 165,892 Total assets 1,492,288 257,473 432,327 2,182,088 LIABILITIES Accounts payable and accrued liabilities 592,509 535 1,731 594,775 Retainage Payable 91,542 - - 91,542 Due to other funds - - 11,270 11,270 Total liabilities 684,051$ 535$ 13,001$ 697,587$ FUND BALANCES Non-spendable: Prepaids 32,116$ 2,533$ 638$ 35,287$ Restricted: Police forfeiture programs 173,138 254,405 - 427,543 Building - - 418,688 418,688 Committed: Insurance deductibles 250,000 - - 250,000 Unassigned 352,983 - - 352,983 Total fund balances 808,237 256,938 419,326 1,484,501 Total liabilities and fund balances 1,492,288$ 257,473$ 432,327$ 2,182,088$ Amounts reported for governmental activities in the statement of net position are different as a result of: Capital assets used in governmental activities are not financial resources and therefore are not reported in the governmental funds: Governmental capital assets 15,073,182 Less accumulated depreciation (5,316,093) Long-term liabilities are not due and payable in the current period and therefore are not reported in the governmental funds: Line of credit (1,020,000) Compensated absences (426,957) Net position of governmental activities (Page 12) 9,794,633$ INDIAN CREEK VILLAGE, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2021 Major Funds See notes to basic financial statements 14

DRAFTTotal Forfeiture Building Governmental General Fund Fund Funds Revenues: Ad valorem taxes 4,150,204$ -$ -$ 4,150,204$ Fines and forfeitures 83,590 177,530 - 261,120 Licenses, permits and fines 2,224 - 307,162 309,386 Intergovernmental 9,470 - - 9,470 Charges for services 92,127 - - 92,127 Utility franchises 49,290 - - 49,290 Other, including interest 98,123 732 54 98,909 Total revenues 4,485,028 178,262 307,216 4,970,506 Expenditures: Current: General government 655,264 - - 655,264 Public safety 3,070,912 75,351 175,490 3,321,753 Capital outlay 3,536,578 1,804 - 3,538,382 Total expenditures 7,262,754 77,155 175,490 7,515,399 Excess (deficiency) of revenues over/under expenditures (2,777,726) 101,107 131,726 (2,544,893) Other financing sources: Proceeds from line of credit 1,020,000 - - 1,020,000 Total other financing sources 1,020,000 - - 1,020,000 Net change in fund balances (1,757,726) 101,107 131,726 (1,524,893) Fund balances, beginning of year 2,565,963 155,831 287,600 3,009,394 Fund balances, end of year 808,237$ 256,938$ 419,326$ 1,484,501$ INDIAN CREEK VILLAGE, FLORIDA STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021 Major Funds See notes to basic financial statements 15

DRAFTAmounts reported for governmental activities in the statement of activities are different as a result of: Net change in fund balance - total governmental funds (Page 15) (1,524,893)$ Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is depreciated over their estimated useful lives. Expenditures for capital outlay 3,538,382 Less current year depreciation (552,669) Net adjustment 2,985,713 The issuance of long term debt (e.g., bonds, leases) provides current financial resources to governmental funds, while the repayment of the principal of long term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Proceeds from line of credit (1,020,000) Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. Compensated absences (50,081) Change in net position of governmental activities (Page 13) 390,739$ CHANGES IN FUND BALANCES OF THE GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021 INDIAN CREEK VILLAGE, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND TO THE STATEMENT OF ACTIVITIES See notes to basic financial statements 16

DRAFTWater Stormwater Utility Utility Totals Current assets: Cash and cash equivalents 1,341,261$ 1,014,795$ 2,356,056$ Receivables 95,621 882 96,503 Total current assets 1,436,882 1,015,677 2,452,559 Noncurrent assets: Capital assets not being depreciated 116,201 452,025 568,226 Capital assets being depreciated, net 67,687 101,283 168,970 Total noncurrent assets 183,888 553,308 737,196 Total assets 1,620,770$ 1,568,985$ 3,189,755$ Current liabilities: Accounts payable and accrued liabilities 62,819$ 56,491$ 119,310$ Due to other funds 44,660 109,962 154,622 Total current liabilities 107,479 166,453 273,932 Net investment in capital assets 183,888 553,308 737,196 Unrestricted 1,329,403 849,224 2,178,627 Total net position 1,513,291$ 1,402,532$ 2,915,823$ LIABILITIES NET POSITION INDIAN CREEK VILLAGE, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUNDS SEPTEMBER 30, 2021 ASSETS Business-type Activities Enterprise Funds See notes to basic financial statements 17

DRAFTWater Stormwater Utility Utility Totals Operating revenues: Charges for services 560,264$ 186,117$ 746,381$ Total operating revenues 560,264 186,117 746,381 Operating expenses: Cost of water sales 319,861 - 319,861 Depreciation 2,732 5,895 8,627 Management fee 50,000 35,000 85,000 Repairs and maintenance 32,081 15,197 47,278 Professional fees 20,108 22,948 43,056 Total operating expenses 424,782 79,040 503,822 Operating income 135,482 107,077 242,559 Nonoperating revenues: Interest income 4,013 5,209 9,222 Change in net position 139,495 112,286 251,781 Net position - beginning of year, as previously reported 1,360,985 1,290,246 2,651,231 Prior period adjustment (Note 11) 12,811 - 12,811 Net position - beginning of year, as restated 1,373,796 1,290,246 2,664,042 Net position - end of year 1,513,291$ 1,402,532$ 2,915,823$ Enterprise Funds INDIAN CREEK VILLAGE, FLORIDA STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION PROPRIETARY FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021 Business-type Activities See notes to basic financial statements 18

DRAFTWater Stormwater Utility Utility Totals Cash flows from operating activities: Cash received from customers 569,223$ 294,994$ 864,217$ Cash payments to vendors (401,616) (67,184) (468,800) Net cash provided by operating activities 167,607 227,810 395,417 Cash flows from noncapital financing activities: Interfund loan 163 - 163 Net cash provided by noncapital financing activities 163 - 163 Cash flows from capital investing activities: Acquisition and construction of capital assets (72,389) (452,025) (524,414) Net cash used in capital investing activities (72,389) (452,025) (524,414) Cash flows from investing activities: Interest income 4,013 5,209 9,222 Net cash provided by investing activities 4,013 5,209 9,222 Net increase (decrease) in cash 99,394 (219,006) (119,612) Cash and cash equivalents - beginning 1,241,867 1,233,801 2,475,668 Cash and cash equivalents - ending 1,341,261$ 1,014,795$ 2,356,056$ Reconciliation of operating income to net Net cash provided by operating activities: Operating income 135,482$ 107,077$ 242,559$ Adjustments to reconcile operating income to net cash used in operating activities: Depreciation 2,732 5,895 8,627 Change in assets and liabilities: (Increase) decrease in: Accounts receivable 8,959 (882) 8,077 Increase (decrease) in: Accounts payable and accrued liabilities (23,378) 5,961 (17,417) Due to other funds 43,735 109,759 153,494 Total adjustments 32,125 120,733 152,858 Net cash provided by operating activities 167,607$ 227,810$ 395,417$ Business-type Activities Enterprise Funds INDIAN CREEK VILLAGE, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2021 See notes to basic financial statements 19