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HomeMy WebLinkAboutCRA-2026-001-024_-_CRA_FY_2025_Audit_Report_-_Adopted_-_PdfRESOLUTION NO. CRA-2026-001-024 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI GARDENS, FLORIDA, GARDENS 2025 YEAR MIAMI THE ACCEPTING FISCAL COMMUNITY REDEVELOPMENT AGENCY AUDIT REPORT; PROVIDING FOR ADOPTION OF REPRESENTATIONS; PROVIDING AN EFFECTIVE DATE. WHEREAS, 163.371(8), Community all Statute with accordance in State Redevelopment Agencies are required to undergo an annual audit conducted by an independent certified public accountant or accounting firm, and WHEREAS, this FY2025 Audit Report has been certified by the external auditor, Anthony Brunson, P.A., and WHEREAS, the Board accepts the Fiscal Year 2025 Miami Gardens Community Redevelopment Agency Audit Report, NOW COMMUNITY THEREFORE, BE IT RESOLVED BY THE REDEVELOPMENT AGENCY OF THE CITY OF MIAMI GARDENS, AS FOLLOWS: Section 1. ADOPTION OF REPRESENTATIONS: The foregoing Whereas paragraphs are hereby ratified and confirmed as being true, and the same are hereby made a specific part of this Resolution. Section 2. DESIGNATION: The Community Redevelopment Agency of the City of Miami Gardens hereby accepts the Fiscal Year 2025 Miami Gardens Community Redevelopment Agency Audit Report. Section 3. EFFECTIVE DATE: This Resolution shall take effect immediately upon its final passage. PASSED AND ADOPTED BY THE COMMUNITY REDEVELOPMENT AGENCY BOARD OF THE CITY OF MIAMI GARDENS AT ITS REGULAR MEETING HELD ON MAY 27, 2026. ________________________________ RODNEY HARRIS, CHAIR ATTEST: ________________________________ MARIO BATAILLE, MMC, CITY CLERK CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 PREPARED BY: SONJA KNIGHTON DICKENS, CITY ATTORNEY SPONSORED BY: CAMERON BENSON, CITY MANAGER Moved by: Board Member Powell Seconded by: Board Member Wilson VOTE: 5-0 Chair Harris Yes Vice Chair Stephens, III Absent Board Member Baskin Yes Board Member Leon Absent Board Member Powell Yes Board Member Wilson Yes Board Member Julien Yes Page 2 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 Prepared by: THE FINANCE DEPARTMENT Page 3 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2025 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR’S REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS Government-wide Financial Statements: Statement of Net Position 10 Statement of Activities 11 Fund Financial Statements: Balance Sheet – Governmental Fund 12 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 12 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Fund 13 Reconciliation of the Statement of Revenues, Expenses and Changes in Fund Balances of Governmental Funds to the Statement of Activities 13 Notes to Basic Financial Statements 14 REQUIRED SUPPLEMENTARY INFORMATION (OTHER THAN MD&A) Budgetary Comparison Schedule 17 Note to Budgetary Comparison Schedule 18 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 19 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida 21 Independent Accountants’ Report on Compliance with the Requirements of Section 218.415 Florida Statutes 24 Independent Accountants’ Report On Compliance with the Requirements of Section 163.387(6) and 163.387(7) Florida Statutes 25 Page 4 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Page 5 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 Miramar Office 3350 SW 148th Ave. | Suite 110 Miramar, FL 33027 (954) 874-1721 North Miami Office 1801 NE 123rd Street | Suite 314 North Miami, FL 33181 (786) 743-7108 info@abcpasolutions.com 1 INDEPENDENT AUDITOR’S REPORT To the Board of Directors Miami Gardens Community Redevelopment Agency Miami Gardens, Florida Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities and each major fund of the Miami Gardens Community Redevelopment Agency (the CRA), a component unit of the City of Miami Gardens, Florida (the City), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the CRA’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the CRA as of September 30, 2025, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions 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. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the CRA and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for 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. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the CRA’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Page 6 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 2 Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with generally accepted auditing standards and Government Auditing Standards, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit 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 CRA’s internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the CRA’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information as listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, 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. Page 7 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 3 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated April 16, 2026 on our consideration of the CRA’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 CRA’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 CRA’s internal control over financial reporting and compliance. North Miami, Florida April 16, 2025 Page 8 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MANAGEMENT’S DISCUSSION AND ANALYSIS (MD&A) Page 9 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) MANAGEMENT’S DISCUSSION AND ANALYSIS 4 The Management’s Discussion and Analysis (MD&A) of the Miami Gardens Community Redevelopment Agency (the “CRA”) is designed to provide an objective and easy to read analysis of the financial activities based on currently known facts, decisions, and conditions. The MD&A provides a broad overview and short and long-term analyses of the CRA’s activities based on information presented in the financial statements. Specifically, this information is designed to assist the reader in focusing on significant financial issues, provide an overview of the CRA’s financial activity and identify changes in the CRA’s financial position and its ability to address the next year’s challenges. Finally, the MD&A will identify any material deviations from the approved budget. The CRA was created on September 12, 2018, in accordance with Chapter 163.356, Florida Statutes, and City Resolution No. 2018-163-3577 to eliminate blight and slum conditions within the NW 27th Avenue community redevelopment area of the agency pursuant to the redevelopment plans of the CRA for new residential and commercial activity of Miami Gardens area. The City has entered into an interlocal agreement with Miami-Dade County approving the deposit of tax increments in the CRA account. The CRA, whose board members are the same as the City Council’s, provides services that exclusively benefit the City. The CRA is fiscally dependent on the City; the City Council approves the CRA’s budget, and must approve any debt issuance. The CRA is an independent entity and a blended component unit of the City. The CRA has presented its financial statements in accordance with the reporting model required by Governmental Accounting Standards Board Statement (“GASB”) No. 34, Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments. The information contained in this MD&A is only a component of the entire financial statement report. Readers should take time to read and evaluate all sections of the report, including the footnotes and required supplementary information provided. FINANCIAL HIGHLIGHTS • For fiscal year 2025, the CRA’s revenues totaled $3,106,386. OVERVIEW OF THE FINANCIAL STATEMENTS The CRA’s basic financial statements are comprised of three components: • Government-wide financial statements • Fund financial statements • Notes to the basic financial statements. In addition, the CRA’s report includes required supplementary information to the basic financial statements. The CRA includes the planned development of the Miami Gardens Performing Arts Center (PAC). This state-of-the-art facility is poised to become a signature cultural landmark within the City’s emerging downtown district. The PAC will host a variety of programming including:  Concerts and live performances  Theatrical and cultural arts productions  Educational and youth programs  Community engagement events Page 10 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) MANAGEMENT’S DISCUSSION AND ANALYSIS 5 The Performing Arts Center is envisioned to be more than just a venue, it will be a catalyst for creative expression and cultural exchange, while also contributing to the City’s economic vitality by attracting visitors, supporting local businesses, and generating new employment opportunities. Ultimately, it reflects the City’s commitment to building a dynamic and inclusive community for all residents. Government-wide Financial Statements The government-wide financial statements provide readers with a broad overview of the CRA’s finances, in a manner comparable to a private-sector business. In addition, the government-wide statements are prepared using the accrual basis of accounting. The Statement of Net Position presents all information on the CRA’s assets 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 CRA is improving or deteriorating. The Statement of Activities presents information showing how the CRA’s net position changed during the fiscal year. All changes in revenues are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal years. The government-wide financial statements present functions of the CRA that are principally supported by tax increment financing (governmental activities). The governmental activities of the CRA include general government activities and redevelopment projects. Thus, the CRA has no business-type activities. The government-wide financial statements are found beginning on page 10 of this report. Fund Financial Statements The governmental fund financial statements provide readers with an overview of each fund and its related function in a traditional format. A fund is a grouping of related accounts that maintain control over resources segregated for specific activities or objectives. The CRA, like other state and local governments, uses fund accounting to ensure and demonstrate legal compliance with finance-related legal requirements. The CRA utilizes one governmental fund for the fiscal year ended September 30, 2025; the Special Revenue Fund, which accounts for all activities of the CRA. Governmental funds - are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, the governmental funds 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. Since the focus of governmental funds is narrower than 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 comparing, readers may better understand the long-term impact of the CRA’s near term financing decisions. The “Balance Sheet – Governmental Funds” and “Statement of Revenues, Expenditures, and Changes in Fund Balance – Governmental Funds” provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. Page 11 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) MANAGEMENT’S DISCUSSION AND ANALYSIS 6 Budgetary comparison schedules, which constitute Required Supplementary Information pursuant to the Governmental Accounting Standards Board (“GASB”), are provided to demonstrate compliance with the budget. The basic governmental funds financial statements can be found beginning on page 12 of this report. The reconciliations between the governmental funds and governmental activities are found at the bottom of each statement. Notes to the Financial Statements The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and the fund financial statements. These notes to the financial statements can be found beginning on page 14 of this report. In addition to the basic financial statements and accompanying notes, this report also presents required supplementary information concerning the CRA’s budget to actual results for the Special Revenue Fund for fiscal year 2025. The required supplementary information can be found on page 17 of this report. GOVERNMENT-WIDE FINANCIAL ANALYSIS As previously noted, net position may serve, over time, as a useful indicator of a government’s financial position. At the close of fiscal year 2025 the CRA had assets totaling $8,250,527 and had minimal liabilities. The cash balance represented 97% of the CRA’s total assets. Year Ended September 30, Change 2025 2024 $ % Assets Current assets $ 7,979,580 $ 6,229,489 $ 1,750,091 28% Capital assets 270,947 - 270,947 100% Total assets 8,250,527 6,229,489 2,021,038 32% Liabilities Current liabilities 65,725 271 65,454 24153% Total liabilities 65,725 271 65,454 24153% Net position $ 8,184,802 $ 6,229,218 $ 1,955,584 32% Page 12 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) MANAGEMENT’S DISCUSSION AND ANALYSIS 7 In 2025, the $3,048,936 tax increment revenues refunded to taxing authorities comprised both the Miami Dade County $1,601,199 and the City $1,447,737. The CRA’s net position increased by 31%. For FY 2025 CRA revenue totaled $3,106,386 and expenses totaled $1,150,802 resulting in $1,955,584 increase in net position. Year Ended September 30, Change 2025 2024 $ % Revenues Tax increment revenues $ 3,048,936 $ 2,843,251 $ 205,685 7% Interest 57,450 110,696 (53,246) (48%) Total revenues 3,106,386 2,953,947 152,439 5% Expenses Economic and physical development 1,150,802 438,252 712,550 163% Total expenses 1,150,802 438,252 712,550 163% Increase/(decrease in net position) 1,955,584 2,515,695 (560,111) Net position, beginning 6,229,218 3,713,523 2,515,695 68% Net position, ending $ 8,184,802 $ 6,229,218 $ 1,955,584 31% FINANCIAL ANALYSIS OF THE CRA’S FUNDS The focus of the CRA’s governmental funds is to provide information on near-term inflows, outflows and balances of expendable resources.Such information is useful in assessing the CRA’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 fiscal year 2025, the CRA’s governmental fund reported an ending fund balance of $7,913,855. Page 13 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) MANAGEMENT’S DISCUSSION AND ANALYSIS 8 GENERAL BUDGETARY HIGHLIGHTS The following information is presented to assist the reader in comparing the original/final budget (adopted) and the actual results. Budgeted Amounts Actual Amounts Variance with Final Budget Positive (Negative) Original Final Revenues: Tax increment revenues $ 8,844,746 $ 8,844,746 $ 3,048,936 $ (5,795,810) Interest 100,000 100,000 57,450 (42,550) Total revenues 8,944,746 8,944,746 3,106,386 (5,838,360) Expenditures: Economic and physical development 8,944,746 8,944,746 1,150,802 7,793,944 Capital outlay - - 270,947 (270,947) Total expenditures 8,944,746 8,944,746 1,421,749 7,522,997 Net change in fund balance - - 1,684,637 1,684,637 Fund balance, beginning 6,229,218 Fund balance, ending $ 7,913,855 The budgeted revenue in the amount of $8,944,746 had a variance of $(5,838,360) due to interest of $57,450 received and reappropriated fund balance of $5,795,810. Expenditures The net positive variance is $7,522,997 for “Total expenditures” is due to unspent funds. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets As of September 30, 2025 the CRA’s investment in capital assets totaled $270,947. Long-term Debt The CRA had no debt for fiscal year ended September 30, 2025. Page 14 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) MANAGEMENT’S DISCUSSION AND ANALYSIS 9 ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES The CRA Board approved the 2025-2026 budget in the amount of $1,747,793. Tax increment revenue projections were based upon actual values from the County’s Property Appraiser’s Office and the City of Miami Gardens. The Tax Increment Financing (TIF) increase was attributable to an increase in property valuations within the CRA’s district. The CRA anticipates further TIF revenue growth in the coming years as perennial increases in property values continue and future redevelopment projects break ground. REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the CRA’s finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to City of Miami Gardens, Lisa Fuentes, CFO, 18605 NW 27th Avenue, Miami Gardens, Florida 33056. Page 15 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 BASIC FINANCIAL STATEMENTS Page 16 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) STATEMENT OF NET POSITION SEPTEMBER 30, 2025 10 Governmental Activities ASSETS Current assets: Cash and equity in pooled cash $ 7,979,580 Capital assets not being depreciated 270,947 Total capital assets 270,947 Total assets 8,250,527 LIABILITIES Current liabilities: Accounts payable 65,725 Total liabilities 65,725 NET POSITION Investment in capital assets 270,947 Restricted for: Community Development 7,913,855 Total net position $ 8,184,802 See accompanying notes. Page 17 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) STATEMENT OF ACTIVITIES SEPTEMBER 30, 2025 11 Program Revenue Net (Expense) Revenue and Changes in Net Position Expenses Charges for Services Community Redevelopment Agency Economic and physical development $ 1,150,802 $ - $ 1,150,802 Total $ 1,150,802 $ - $ 1,150,802 General revenues: Tax increment revenue $ 3,048,936 Interest 57,450 Total General Revenues 3,106,386 Change in net position 1,955,584 Net position, beginning 6,229,218 Net position, ending $ 8,184,802 See accompanying notes. Page 18 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) BALANCE SHEET – GOVERNMENTAL FUNDS SEPTEMBER 30, 2025 12 Special Revenue Fund Assets Pooled cash $ 7,979,580 Total assets $ 7,979,580 Liabilities & Fund Balance Liabilities: Accounts payable $ 65,725 Total liabilities 65,725 Fund Balances: Restricted 7,913,855 Total fund balances 7,913,855 Total liabilities & fund balances $ 7,979,580 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position Total fund balance - governmental fund (above) $ 7,913,855 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. 270,947 Net position of governmental activities (page 11) $ 8,184,802 See accompanying notes. Page 19 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES — GOVERNMENTAL FUNDS SEPTEMBER 30, 2025 13 Special Revenue Fund Revenues Tax increment revenue $ 3,048,936 Interest 57,450 Total revenues 3,106,386 Expenses Economic and physical development 1,150,802 Capital outlay: Economic and physical development 270,947 Total expenditures 1,421,749 Excess (deficiency) of revenues over expenditures 1,684,637 Net change in fund balances 1,684,637 Fund balance, beginning 6,229,218 Fund balance, ending $ 7,913,855 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Net change in fund balances - governmental funds (above) $ 1,684,637 Capital outlays, reported as expenditures in governmental funds, are shown as capital assets in the statement of net position. 270,947 Change in net position of governmental activities (page 11) $ 1,955,584 See accompanying notes. Page 20 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 NOTES TO FINANCIAL STATEMENTS Page 21 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 14 NOTE 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies of the Miami Gardens Community Redevelopment Agency (the “CRA”) is presented to assist the reader in interpreting the basic financial statements. The policies are considered essential and should therefore be read in conjunction with the basic financial statements. The financial statements of the CRA have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the CRA’s accounting policies are described below. A. Financial Reporting Entity The CRA was created on September 12, 2018, in accordance with Chapter 163.356, Florida Statutes, and City Resolution No. 2018-163-3577 to eliminate blight and slum conditions within the NW 27th Avenue community redevelopment area of the agency pursuant to the redevelopment plans of the CRA for new residential and commercial activity of Miami Gardens area. The City has entered into an interlocal agreement with Miami-Dade County approving the deposit of tax increments in the CRA account. The CRA, whose board members are the same as the City Council’s, provides services that exclusively benefit the City. The CRA is fiscally dependent on the City because the City Council approves the CRA’s budget, and must approve any debt issuance. fortoolgovernmentalacommon(“CRA”)AgenciesRedevelopmentCommunity are redevelopment in the State of Florida and operate on a budget generated by an increase in property taxes within the area. Once a CRA is established, a percentage of the increase in real property taxes goes to the CRA. This tax increment is used to finance the redevelopment projects outlined in the Community Redevelopment Plan. Thus, the principal mission of the CRA is the preservation or enlargement of the community redevelopment area’s tax base from which taxing authorities receive that orrehabilitationthestimulateinitiativesrevenuesoutcarrytotaxpublic redevelopment of the community redevelopment area. Pursuant to the standards promulgated by GASB Statement No. 14, The Financial Reporting Entity, and GASB Statement No. 39, Determining Whether Certain Organizations are Component Units, the CRA is considered a blended component unit of the City. The CRA has therefore been reported in the City’s basic financial statements, as required. The Board of the CRA is comprised of the members of the City Council and the Mayor. Page 22 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 15 NOTE 1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all the CRA activities. The CRA does not have any business- type activities. The Statement of Activities demonstrates the degree to which the direct expenses of a given function is offset by program revenues. Direct Expenses are those that are clearly identifiable with a specific function. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds. C. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The government-wide financial statements The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements are met. Expenses are recorded when liabilities are incurred. Governmental fund financial statements Governmental fund financial statements (i.e., balance sheet and statement of revenues, expenditures, and changes in fund balances) are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are available when they are collectable within the current period or soon enough thereafter to pay liabilities of the current period. Revenues susceptible to accrual are property taxes, interest on investments, and intergovernmental revenues. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. The CRA reports one governmental fund, the Special Revenue Fund which accounts for the activities of the CRA. Page 23 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) NOTES TO THE BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2025 16 NOTE 2.CASH DEPOSITS All deposits of the CRA are placed in a bank that qualifies as a public depository pursuant to the provisions of the Florida Security or Public Deposits Act. Every qualified public depository is required by this law to deposit with the State Treasurer eligible collateral equal to, or more than, an amount to be determined by the State Treasurer. The State Treasurer is required to ensure that all funds are entirely collateralized throughout the fiscal year. NOTE 3.CAPITAL ASSETS Capital asset activity as of September 30, 2025, was as follows. Governmental activities Balance October 1, 2024 Additions Balance September 30, 2025 Capital assets not being depreciated - $ 270,947 $ 270,947 Total Capital assets not being depreciated - $ 270,947 $ 270,947 NOTE 4.RELATED PARTY TRANSACTIONS As of September 30, 2025, the CRA had no outstanding amounts due to the City of Miami Gardens for reimbursement of expenditures. NOTE 5.TAX INCREMENT REVENUE The primary source of revenues is tax increment funds received through the City and the County. This revenue is computed by multiplying the operating tax rate for the City and the County by the increased value of property located within the boundaries of the redevelopment area of the Agency, over the base property value, less five percent (administrative fee). Both the City and the County are required to annually fund this amount without regard to tax collections or other obligations. NOTE 6.SUBSEQUENT EVENTS Management has evaluated subsequent events through April 16, 2026, the date which the financial statements were available for issue. Page 24 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 REQUIRED SUPPLEMENTARY INFORMATION Page 25 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULE - UNAUDITED FISCAL YEAR ENDED SEPTEMBER 30, 2025 17 The following information is presented to assist the reader in comparing the original/final budget (adopted) and the actual results. Budgeted Amounts Actual Amounts Variance with Final Budget Positive (Negative) Original Final Revenues: Tax increment revenues $ 8,844,746 $ 8,844,746 $ 3,048,936 $ (5,795,810) Interest 100,000 100,000 57,450 (42,550) Total revenues 8,944,746 8,944,746 3,106,386 (5,838,360) Expenditures: Economic and physical development 8,944,746 8,944,746 1,150,802 7,793,944 Capital outlay - - 270,947 (270,947) Total expenditures 8,944,746 8,944,746 1,421,749 7,522,997 Net change in fund balance - - 1,684,637 1,684,637 Fund balance, beginning 6,229,218 Fund balance, ending $ 7,913,855 Page 26 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 MIAMI GARDENS COMMUNITY REDEVELOPMENT AGENCY (A Component Unit of the City of Miami Gardens, Florida) REQUIRED SUPPLEMENTARY INFORMATION NOTE TO BUDGETARY COMPARISON SCHEDULE - UNAUDITED FISCAL YEAR ENDED SEPTEMBER 30, 2025 18 NOTE 1 – BUDGETS AND BUDGETARY ACCOUNTING Budgets for the CRA fund are adopted on a basis consistent with generally accepted accounting principles (“GAAP”). Pursuant to the By-Law of Miami Gardens Community Redevelopment Agency, as adopted on September 12, 2018, the Executive Director must prepare an annual budget and work program for approval by the Board for each fiscal year, and such other budgets as the Board may determine. The CRA is not authorized to expend any monies other than those authorized in the budget. The CRA budget is adopted by the City of Miami Gardens Community Redevelopment Agency Board. The Board follows these procedures in establishing the budgetary data reflected in the financial statements: 1. The Executive Director submits to the Board a proposed operating budget for the ensuing fiscal year. The operating budget includes appropriations and the means of financing them with an explanation regarding each expenditure that is not of a routine nature. 2. A public hearing is conducted to obtain taxpayer comments. 3. Prior to October 1, the budget is legally enacted through passage of a resolution. 4. The level of control at which expenditures may not exceed budget is at the fund level. The Board approves these levels by annual resolution. The Executive Director is authorized to transfer budgeted amounts within the fund; any revisions that alter the total expenditures of the fund must be approved by the Board. 5. The Board, by motion, may make supplemental appropriations for the year up to the amount of revenues in excess of those estimated. During fiscal year ended September 30, 2025 no supplemental appropriation was required for Board approval. 6. The Executive Director is authorized to revise the adopted budget when new debt is issued, or grants received that were not included in the originally adopted budget. 7. Formal budgetary integration is employed as a management control device for the general fund. 8. The budget for the CRA fund is adopted on a basis consistent with generally accepted accounting principles (GAAP). 9. Unencumbered appropriations lapse at fiscal year-end. Unencumbered amounts are re-appropriated in the following year’s budget as allowed in the Florida Statute 163.387 (7). Page 27 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 COMPLIANCE SECTION Page 28 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 Miramar Office 3350 SW 148th Ave. | Suite 110 Miramar, FL 33027 (954) 874-1721 North Miami Office 1801 NE 123rd Street | Suite 314 North Miami, FL 33181 (786) 743-7108 info@abcpasolutions.com 19 INDEPENDENT AUDITOR’S 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 To the Board of Directors Miami Gardens Community Redevelopment Agency Miami Gardens, Florida We have audited, in accordance with the 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, the financial statements of the governmental activities and each major fund information of the Miami Gardens Community Redevelopment Agency (the CRA), a component unit of the City of Miami Gardens, Florida, (the City), as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the CRA’s basic financial statements and have issued our report thereon dated April 16, 2026 . Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the CRA’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the CRA’s internal control. Accordingly, we do not express an opinion on the effectiveness of CRA’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Page 29 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 20 Compliance and Other Matters As part of obtaining reasonable assurance about whether the CRA’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. North Miami, Florida April 16, 2026 Page 30 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 Miramar Office 3350 SW 148th Ave. | Suite 110 Miramar, FL 33027 (954) 874-1721 North Miami Office 1801 NE 123rd Street | Suite 314 North Miami, FL 33181 (786) 743-7108 info@abcpasolutions.com 21 MANAGEMENT LETTER IN ACCORDANCE WITH THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA To the Board of Directors Miami Gardens Community Redevelopment Agency Miami Gardens, Florida Report on the Financial Statements We have audited the financial statements of the Miami Gardens Community Redevelopment Agency (the CRA), a component unit of the City of Miami Gardens, Florida (the City), as of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated April 16, 2026. Auditor’s Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General. Other Reporting Requirements We have issued our Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards and Independent Accountant’s Report(s) on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General Disclosures in those reports and schedule, which are dated April 16, 2026, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding financial audit report. There were no such findings identified. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. The pertinent details of the CRA are disclosed in the notes to the financial statements. Page 31 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 22 Financial Condition and Management Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the Agency has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the CRA did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the Agency. It is management’s responsibility to monitor the CRA’s financial condition, and our financial condition assessment was based in part on representations made by management and review of financial information provided by same. Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to suchany havenotdid weaudit, ourwith connectionInmanagement. financialimprove recommendations. Property Assessed Clean Energy (PACE) Programs As required by Section 10.554(1)(i)6, Rules of the Auditor General, the CRA did not operate a PACE program authorized pursuant to Section 163.081 or Section 163.082 Florida Statutes, within the CRA geographical boundaries during the fiscal year ended September 30, 2025. Special District Component Units Section 10.554(1)(i)5. c., Rules of the Auditor General, requires, if appropriate, that we communicate the failure of a special district that is a component unit of a county, municipality, or special district, to provide the financial information necessary for proper reporting of the component unit within the audited financial statements of the county, municipality, or special district in accordance with Section 218.39(3)(b), Florida Statutes. In connection with our audit, we did not note any special district component units that failed to provide the necessary information for proper reporting in accordance with Section 218.39(3)(b), Florida Statutes. Specific Information As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Miami Gardens Community Redevelopment Agency reported: a. The total number of district employees compensated in the last pay period of the district’s fiscal year as - None. b. The total number of independent contractors to whom nonemployee compensation was paid in the last month of the district’s fiscal year as - None. c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as – None. d. All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as - None. Page 32 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 23 e. There is one construction project with a total cost of at least $65,000 approved by the district that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such project as  Performing Arts Center $5,238,908 f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the district amends a final adopted budget under Section 189.016(6), Florida Statutes. The budget variance detail of the CRA is disclosed in the financial Statements Required Supplementary Information. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies, pass-through entities, the City, members of the City Council and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. North Miami, Florida April 16, 2026 Page 33 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 Miramar Office 3350 SW 148th Ave. | Suite 110 Miramar, FL 33027 (954) 874-1721 North Miami Office 1801 NE 123rd Street | Suite 314 North Miami, FL 33181 (786) 743-7108 info@abcpasolutions.com 24 INDEPENDENT ACCOUNTANTS’ REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 218.415 FLORIDA STATUTES To the Board of Directors Miami Gardens Community Redevelopment Agency Miami Gardens, Florida We have examined the Miami Gardens Community Redevelopment Agency (the CRA), a component unit of the City of Miami Gardens, Florida (the City) compliance with the requirements of Section 218.415, Florida Statutes (the Specified Requirements) during the period ended September 30, 2025. Management is responsible for the CRA’s compliance with the specified requirements. Our responsibility is to express an opinion on the CRA’s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the CRA complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the CRA complied with the specified requirements. The nature, timing, and extent of the procedures materialofriskstheofassessmentan including judgment, ourondepend selected noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the CRA’s compliance with specified requirements. In our opinion, the CRA complied, in all material respects with the Specified Requirements during the period of October 1, 2024 to September 30, 2025. This report is intended solely for the information and use of Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, the Honorable Mayor, Members of the City Council and officials of the CRA, and is not intended to be and should not be used by anyone other than these specified parties. North Miami, Florida April 16, 2026 Page 34 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2 Miramar Office 3350 SW 148th Ave. | Suite 110 Miramar, FL 33027 (954) 874-1721 North Miami Office 1801 NE 123rd Street | Suite 314 North Miami, FL 33181 (786) 743-7108 info@abcpasolutions.com 25 INDEPENDENT ACCOUNTANTS’ REPORT ON COMPLIANCE WITH THE REQUIREMENTS OF SECTION 163.387(6) and 163.387(7) FLORIDA STATUTES To the Board of Directors Miami Gardens Community Redevelopment Agency Miami Gardens, Florida We have examined the Miami Gardens Community Redevelopment Agency (the CRA), a component unit of the City of Miami Gardens, Florida (the City) compliance with the requirements of Section 163.387(6) and 163.387(7), Florida Statutes, Redevelopment Trust Fund during the period ended September 30, 2025. Management is responsible for the CRA’s compliance with the specified requirements. Our responsibility is to express an opinion on the CRA’s compliance with the specified requirements based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the CRA complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the CRA complied with the specified requirements. The nature, timing, and extent of the procedures materialofriskstheofassessmentan including judgment, ourondepend selected noncompliance, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion. Our examination does not provide a legal determination on the CRA’s compliance with specified requirements. In our opinion, the CRA complied, in all material respects, with the Specified Requirements during the period of October 1, 2024 to September 30, 2025. This report is intended solely for the information and use of Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, the Honorable Mayor, Members of the City Council and officials of the CRA and is not intended to be and should not be used by anyone other than these specified parties. North Miami, Florida April 16, 2026 Page 35 of 35CRA-2026-001-024 Docusign Envelope ID: 0C7D02F6-E826-8F6A-80D5-70314C3DC0E2