FY 2025 Annual Comprehensive Financial Report (ACFR)

415, Florida Statues 118 Independent Auditors' Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by the Uniform Guidance 119-121 Schedule of Expenditures of Federal Awards 122 Notes to Schedule of Expenditures of Federal Awards 123 Schedule of Findings and Questioned Costs 124 Impact Fee Affidavit 125 INTRODUCTORY SECTION i April 30, 2026 To the Honorable Mayor, Members of the City Council and Citizens of the City of Doral: The Government Finance Officers Association (GFOA) recommends that all units of local government publish, within six months of the close of each fiscal year, a complete set of financial statements presented in conformity with Generally 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 recommendation, we hereby issue the Annual Comprehensive Financial Report (Annual Report) of the City of Doral (the City) for the fiscal year ended September 30, 2025. This report consists of management's representation concerning the finances of the City. 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 the City has established a comprehensive internal control framework that is designed both to protect the City's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City's financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the City'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 financial report is complete and reliable in all material respects. The firm of Garcia, Espinosa, Miyares, Rodriguez, Trueba & Co. LLP, licensed certified public accountants, has audited the City's financial statements. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City for the fiscal year that ended September 30, 2025, 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 the City's financial statements for the fiscal year ended September 30, 2025, are fairly presented in conformity with GAAP. The independent auditor's report is presented as the first component of the financial section of this report. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the report of the independent certified public accountants. The remainder of the letter provides an overview of the City government as well as local economic conditions and prospects for the future. ii Profile of the Government The City of Doral, incorporated in 2003, is located in northwestern Miami-Dade County, Florida approximately 10 miles west of Miami, Florida. The City occupies a land area of 15 square miles bordered on the west by the Ronald Reagan Turnpike, to the north by the Town of Medley, to the east by the Palmetto Expressway and to the south by the City of Sweetwater. The City serves a population of approximately 88,474. The City receives tax levies on real and personal property located inside its boundaries. The City has operated under the Mayor-Council-Manager form of government since incorporation. Policy making and legislative authority are vested in a governing council consisting of the Mayor and four Council members. The Council is responsible, among other things, for adopting ordinances and resolutions, adopting the annual budget, appointing the City Manager, City Attorney, and City Clerk. The City Manager is responsible for carrying out the policies and directives of the Council, for overseeing the daily operations of the government, and for appointing the heads of various departments. The City offers a wide range of services, including police protection, public works maintenance, a full- service building department, planning and zoning, parks and recreation, and stormwater services. Educational services are provided through the County School System. Miami-Dade County provides for Libraries and Fire & Rescue Service. The annual budget serves as a foundation for the City's financial planning and control. All departments of the City are required to submit requests for appropriations to the City Manager in a line-item based format. These requests are the foundation for developing a proposed budget. The City Manager will review and present this proposed budget to the Council for review. The Council is required to hold public hearings on the proposed budget and to adopt a final budget no later than September 30th, the close of the City's fiscal year. The appropriated budget is prepared, both by fund and department for the purpose of meeting Florida Statutes. No department may legally expend in excess of the amount appropriated for that department within an individual fund. The City Manager in conjunction with the Finance Director and Department Directors, shall have the authority to make intradepartmental budget amendments that reallocate appropriations amongst a department’s line-item appropriations, not to exceed $15,000, provided that the total appropriations to the department may not be changed. Consequently, the legal level of budgetary control lies at the object level. Transfers between departments and funds require the approval of City Council. The City Council may approve supplemental appropriations through an Ordinance. Budget to actual comparisons are provided in this report for the General Fund, Transportation Fund, Park Impact Fee Fund, Police Impact Fee Fund, People’s Transportation Plan Fund, Development Services Technology Fee Fund, Building Fund, Public Arts Program Fund, American Rescue Plan Act Fund, Debt Service Fund, Capital Improvement Fund, Capital Asset Reserve Fund, Park General Obligation Bond, Series 2019, Vehicle Replacement Fund, Park General Obligation Bond, Series 2021, Stormwater Fund, Pension Fund and Other Post-Employment Benefit Fund for which an appropriated annual budget has been adopted. These reports are presented in the required supplemental information and combining financial statements sections of this report. iii Economic Condition and Outlook In fiscal year 2025 the City of Doral continued to experience increases in construction and new investments, which have helped maintain the City tax base. The City’s revenues over the last six months have been on target with projections. The City's tax base remained fairly stable with the final valuation estimated at $19.956 billion for this fiscal year. The preliminary taxable values for the following fiscal year ending September 30, 2025 are estimated at $21.008 billion. The City’s regional economic base remains diversified, comprised of wholesale and retail trade, construction, light manufacturing, and tourism. Located in the center of a hemispheric market and easily accessible to South and Central America, and the Caribbean, Doral's strategic location and international commerce infrastructure make it the ideal location for international trade. Airport The City’s proximity to the Miami International Airport (MIA) provides a great venue for increased activity in the industries dealing in international trade. In 2024 based on U.S airport rankings MIA ranked number two (2) in international passengers and number one (1) in international freight. In 2024, MIA served 55.9 million passengers, with 25.2 million being international passengers. MIA also shipped 3.04 million tons of international cargo, being the third busiest airport in the world for international freight. Public/Private Development Ventures The City has a continuing collaboration with its local schools. Our Parks and Recreation Department have joint use agreements with various local schools to allow them the use of our park’s facilities for athletic competitions and practices. In turn, the schools allow the City the use of their facilities for events. The City’s fiscal year 2025 budget makes available grants of $6,000 per school in support of the Parent Teacher Association and/or Parent Teacher Student Associations of our local schools, in addition to providing each school with up to $1,500 in supplies. Also, in support of local businesses and non-profit agencies the City’s fiscal year 2025 budget makes available $50,000 of funds for a façade improvements program and $25,000 for non-profit community-based organizations to plan, develop, and implement sustainable projects that serve the needs of the Doral Community. Long-Term Financial Planning and Relevant Financial Policies In order to meet the service demands of residents and visitors, the City continues to address the long- term planning necessary to fund the capital projects essential to the creation, improvement, enhancement, and preservation of public facilities and infrastructure. Through a clear and consistent policy of smart growth, we continue to enhance the community by providing residents with the amenities they need, while avoiding the indiscriminate building of undesirable developments. The Public Works Department continues to pursue its infrastructure growth plan by completing several projects that include stormwater improvements, construction of roadways, sidewalks and roadway repairs. The Parks and Recreation Department has several capital projects underway funded by a general obligation bond issuance. Maintaining Adequate Fund Balances The City follows GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions which requires that governmental fund financial statements present fund balances based on classifications that comprise a hierarchy that is based primarily on the extent to which the City is bound iv to honor constraints on the specific purposes for which amounts in the respective governmental funds can be spent. The City’s most significant fund balance classifications include: Restricted: This classification includes amounts that can be used only for specific purposes as determined by legislation, external regulations, or laws of other government. Effective September 30, 2025, the City has $14.3 million restricted to Bond Debt Service Fund, People’s Transportation Plan Fund, Law Enforcement Trust Fund, Building Fund, and American Rescue Plan Act Fund. Committed: This classification includes amounts that can only be used for a specific purpose as determined by City Council. Ordinances and resolutions approved by Council are the highest level of decision-making authority for the City. Once adopted, the limitation imposed by an ordinance or resolution remains in effect until another ordinance or resolution removes or revises the limitation. As of September 30, 2025, the City has $47.1 million of committed funds for Park, Police, Transportation, Building Technology, Public Arts and Capital Improvements, along with Infrastructure, Vehicle Replacement and General Obligation Bonds. Assigned: This classification includes amounts that are constrained by the City’s intent to be used for specific purposes but are neither restricted nor committed. Intent is established by the City Council who has the authority to assign, modify or rescind amounts to be used for specific purposes. This is delegated to the City Manager by the Council. This balance includes (a) all remaining amounts that are reported in governmental funds (other than the General Fund) that are not classified as nonspendable, restricted, or committed, and (b) amounts in the General Fund that are intended to be used for a specific purpose. Specific amounts that are not restricted or committed in a special revenue or capital projects fund are assigned for the purpose in accordance with the nature of their fund type. Assignment within the General Fund conveys that the intended use of those amounts is for specific purpose that is narrower than the general purpose of the City itself. Unassigned: This classification includes the residual fund balance for the General Fund and represents fund balance that has not been assigned to other funds and that has not been restricted, committed or assigned to specific purposes within the General Fund. At September 30, 2025 the City has $69.5 million in unassigned funds. As approved by a City Ordinance the unassigned fund balance of the City shall not be less than 15% of the approved budget for the fiscal year. Awards and Acknowledgements The Government Finance Officers Association awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Doral for its Annual Comprehensive Financial Report for the fiscal year ended September 30, 2024. This was the twenty-first year that the City submitted and received this prestigious award. In order to be awarded a Certificate of Achievement, the City published an easily readable and efficiently organized annual report. 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 annual report 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 City received the GFOA’s Award for Outstanding Achievement in Popular Annual Financial Reporting (PAFR) for the fiscal year ended September 30, 2024. The City has received this award for ten consecutive years. The PAFR is designed to provide a user-friendly presentation of the City’s financial position and derives its information from the City’s Annual Comprehensive Financial Report. v We would like to acknowledge the excellent participation and professional contributions of the staff members of the Finance Department in the preparation of this report. We also extend our appreciation to the independent accounting firm Garcia, Espinosa, Miyares, Rodriguez, Trueba & Co. LLP for their professional service. We also express our appreciation to all departments who provided assistance and support. We wish to thank the Mayor and the City Council for their unfailing support in maintaining the highest standards of professionalism in the management of the City of Doral's finances. Respectfully submitted, Zeida Sardiñas City Manager Fernando Casamayor Assistant City Manager/ Chief Financial Officer Solangel D. Perez Finance Director Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to City of Doral Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2024 Executive Director/CEO vi Office of the City Manager Deputy City Manager Public Affairs Procurement & Asset Management Finance Planning & Zoning Parks & Recreation Information Technology Police Public Works Assistant City Manager / Chief Financial Officer Capital Improvement Division Human Resources Code Compliance Building Office of the City Clerk Office of the City Attorney Residents of the City of Doral Mayor & City Council CITY OF DORAL, FLORIDA ORGANIZATIONAL CHART SEPTEMBER 30, 2025 vii viii CITY OF DORAL, FLORIDA CITY OFFICIALS SEPTEMBER 30, 2025 CITY COUNCIL Christi Fraga, Mayor Digna Cabral, Vice Mayor Rafael Pineyro Maureen Porras Nicole Reinoso CITY MANAGER Zeida Sardiñas CITY CLERK Connie Diaz, MMC CITY ATTORNEY Gastesi, Lopez & Mestre, PLLC FINANCE DIRECTOR Solangel D. Perez CITY AUDITORS Garcia, Espinosa, Miyares, Rodriguez, Trueba & Co. LLP Certified Public Accountants & Advisors FINANCIAL SECTION INDEPENDENT AUDITORS’ REPORT GARCIA, ESPINOSA, MIYARES, RODRIGUEZ, TRUEBA & CO. LLP CERTIFIED PUBLIC ACCOUNTANTS & ADVISORS 2600 Douglas Road, Suite 800 Coral Gables, FL 33134 | P 305 529 5440 | F 305 529 5441 | www.gemrtcpa.com INDEPENDENT AUDITORS’ REPORT Honorable Mayor, City Council and City Manager City of Doral, Florida Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Doral, 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 City’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, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of September 30, 2025, and the respective changes in financial position and, where applicable, cash flows 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 Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City, 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 City’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. 2 Auditors’ 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 auditors’ 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 City’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 City’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, budgetary comparison information, pension schedules, and the OPEB schedule on pages 4-13, 69-70, 71-77, and 78, respectively, 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. 3 Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual nonmajor fund financial statements and schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements and the schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors’ report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated April 30, 2026, on our consideration of the City’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 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 City’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 City’s internal control over financial reporting and compliance. Coral Gables, Florida April 30, 2026 MANAGEMENT’S DISCUSSION AND ANALYSIS (Required Supplementary Information) CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 4 As management of the City of Doral (the “City’), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended September 30, 2025. Readers are encouraged to consider the information presented here in conjunction with additional information that is furnished in the letter of transmittal. Financial Highlights • The assets and deferred outflows of the City exceeded its liabilities and deferred inflows at the close of the most recent fiscal year by $424.4 million (net position). Of this amount, $307.8 million is the net investment in capital assets, $4.7 million dollars is restricted for public safety related uses, $7 million is restricted for transportation related uses, $222 thousand is restricted for community outreach, and $2.4 million is restricted for debt service. $102.3 million (unrestricted net position) may be used to meet the City’s ongoing obligations to citizens and creditors. • The City’s total net position increased by $24 million from $400 million in FY 2024 to $424.4 million in FY 2025. The increase is attributable to an overall increase of $21 million in governmental activities and an increase of $2.4 million in business-type activities. • At the close of the current fiscal year, the City’s governmental funds reported an ending fund balance of $131.9 million. Of this amount, $69.5 million is available for spending at the government’s discretion (unassigned fund balance). • Committed funds of $47.1 million are to be used as follows: $13.2 million for Transportation Improvements, $739 thousand for Development Services Technology, $2.7 million for Public Arts projects, $4.3 million for Park Impact fee, $794 thousand for Police Impact fee, $1 million for Capital Improvement Projects, $4.8 million for Capital Asset Reserve, $372 thousand for vehicle replacements, and $85 thousand for General Obligation Bonds. • Funds of $874 thousand are for prepaid items and $14.3 million have been restricted for use as follows: $4.7 million for Public Safety, $7 million restricted for Transportation, $222 thousand for community outreach, and $2.4 million for debt service. • At the end of the current fiscal year, unassigned fund balance for the general fund was $70 million or 1.23% of total general fund expenditures. Overview of the Financial Statements This discussion and analysis are intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements are comprised of three components: • Government-wide financial statements, which provide both long-term and short-term information about the City’s overall financial status. • Fund financial statements that focus on individual parts of the City government, reporting the City’s operations in more detail than the government-wide statements. • Notes to the basic financial statements that explain some of the information in the financial statements and provide more detailed data. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private sector business. CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 5 The statement of net position presents information on all of the City’s assets, deferred outflows, liabilities and deferred inflows, with the difference between the 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 City is improving or deteriorating. The statement of activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position 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 periods (e.g., uncollected taxes and earned but unused vacation leave). Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business type activities). The governmental activities of the City include general government, police, public works and physical environment, planning, zoning and code enforcement, building, and parks and recreation. The business-type activities of the City include stormwater operations. The government-wide financial statements include only the City itself (known as the primary government) and can be found on pages 14 and 15 of this report. Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The City has two fund categories, the governmental funds and a proprietary fund. Governmental funds. 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, governmental fund financial statement 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 balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains several individual funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and the changes in fund balances for the general fund and the general obligation bond series 2021 fund which are considered to be the major funds. Data from the other governmental funds are combined into a single, aggregate presentation. Individual fund data for each of the non-major governmental funds is provided in the form of combining statements elsewhere in this report. The City adopts an annual appropriated budget for the General fund, the Transportation fund, the Park Impact Fee fund, Police Impact Fee fund, People’s Transportation fund, Development Services Technology Fee fund, Building fund, Public Arts Program fund, American Rescue Plan Act fund, Bond Debt Service fund, Capital Improvement fund, Capital Asset Reserve fund, General Obligation Bond funds, and Vehicle Replacement fund. A budgetary comparison statement and budget versus actual schedules have been provided for these funds to demonstrate compliance with this budget. The governmental fund financial statements can be found on pages 16 to 19 of this report. CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 6 Proprietary Funds. The City maintains one type of proprietary fund. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its stormwater. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the Stormwater Fund can be found on pages 20 to 22 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 can be found on pages 25 to 68 of this report. The combining statements referred to earlier in connection with non-major governmental funds are presented immediately following the required supplementary information. Combining and individual fund statements and schedules can be found beginning on page 79 of this report. Government-wide Financial Analysis Our comparative analysis of the financial statements of the City begins below. The Statement of Net Position and the Statement of Activities report information about the City’s activities that will help answer questions about the financial position of the City. The table below presents a summary of net position as of September 30, 2025 and 2024, derived from the government-wide statement of Net Position: Table A-1 - Summary of net position 2025 2024 2025 2024 2025 2024 Change Assets: Current assets 144,725,561 $ 188,147,637 $ 19,750,208 $ 17,135,250 $ 164,475,769 $ 205,282,887 $ (40,807,118) $ Capital assets 418,073,357 373,693,385 35,211,837 35,832,558 453,285,194 409,525,943 43,759,251 Total assets 562,798,918 561,841,022 54,962,045 52,967,808 617,760,963 614,808,830 2,952,133 Deffered Outflows of Resources: Deffered outflows on Derivative Instrument 30,319 66,517 - - 30,319 66,517 (36,198) Pension 11,248,333 12,348,847 - - 11,248,333 12,348,847 (1,100,514) Loss on Refunding - - - - - - - Other post employment benefit 144,123 188,839 - - 144,123 188,839 (44,716) Total deferred outflows on refunding 11,422,775 12,604,203 - - 11,422,775 12,604,203 (1,181,428) Liabilities Current liabilities 15,622,633 31,154,395 972,742 814,125 16,595,375 31,968,520 (15,373,145) Long-term liabilities 177,986,839 187,118,519 1,829,092 2,391,841 179,815,931 189,510,360 (9,694,429) Total liabilities 193,609,472 218,272,914 2,801,834 3,205,966 196,411,306 221,478,880 (25,067,574) Deferred Inflows of Resources: Deferred Inflows on Pension 6,680,274 3,705,732 - - 6,680,274 3,705,732 2,974,542 Business License Tax 599,054 551,616 - - 599,054 551,616 47,438 Deferred gain on refunding 43,801 65,702 - - 43,801 65,702 (21,901) Other post employment benefit 1,059,037 1,361,442 - - 1,059,037 1,361,442 (302,405) Total deferred inflows of resources 8,382,166 5,684,492 - - 8,382,166 5,684,492 2,697,674 Net Position: Net investment in capital assets 275,366,235 228,864,457 32,410,003 32,674,717 307,776,238 261,539,174 46,237,064 Restricted 14,319,056 13,350,253 - - 14,319,056 13,350,253 968,803 Unrestricted 82,544,764 108,273,109 19,750,208 17,087,125 102,294,972 125,360,234 (23,065,262) Total net position 372,230,055 $ 350,487,819 $ 52,160,211 $ 49,761,842 $ 424,390,266 $ 400,249,661 $ 24,140,605 $ Governmental Activities Business-Type Activities Total CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 7 As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the City, assets and deferred outflows exceeded liabilities and deferred inflows by $424 million at the close of the most recent fiscal year. The largest portion of the City’s net position, $275.4 million or 74%, reflects the net investment in capital assets (e.g., land, building, infrastructure, and equipment). The city uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of the related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The next largest portion of the City’s net position is unrestricted (resources available for spending), it represents $82.5 million or 22% of the total net position. Restricted contains resources that are subject to external restrictions on how they can be spent, which is $14.3 million or 4% of total net position. At the end of the current fiscal year, the City of Doral reports an increase in the net position of $24.1 million, attributable to an increase in total assets of $3 million, an increase in deferred outflows of $2.7 million, offset by a decrease in total liabilities of $25 million. Capital assets from ongoing construction projects increased by $43.8 million. Deferred outflows of pension resources increased by $3 million mainly attributable to changes in pension assumptions. The net decrease in long-term liabilities is $9.7 million. The table below presents a summary of changes in net position for the years ended September 30, 2025, and 2024, as derived from the government-wide Statement of Activities: Table A-2 - Summary of changes in net position 2025 2024 2025 2024 2025 2024 Change Program Revenues: Charges for services 19,774,597 $ 15,028,751 $ 4,161,983 $ 4,100,497 $ 23,936,580 $ 19,129,248 $ 4,807,332 $ Operating grants & contributions 6,447,715 6,486,049 - - 6,447,715 6,486,049 (38,334) Capital grants and contributions 17,621 10,000 138,755 122,688 156,376 132,688 23,688 General Revenues: Property taxes 42,430,628 38,717,188 - - 42,430,628 38,717,188 3,713,440 Utility taxes 14,286,688 13,352,931 - - 14,286,688 13,352,931 933,757 Franchise fees 11,279,405 10,557,590 - - 11,279,405 10,557,590 721,815 Communication service tax 4,764,363 4,258,042 - - 4,764,363 4,258,042 506,321 Intergovernmental (Unrestricted) 17,067,985 16,731,895 - - 17,067,985 16,731,895 336,090 Investment earnings 5,270,743 9,076,110 475,138 688,385 5,745,881 9,764,495 (4,018,614) Miscellaneous 864,023 1,598,674 - - 864,023 1,598,674 (734,651) Transfers - 41,664 - (41,664) - - - Loss on Sale of Capital Asset - - - - - - - Total revenues 122,203,768 115,858,894 4,775,876 4,869,906 126,979,644 120,728,800 6,250,844 Expenses: General government 21,728,639 20,760,065 - - 21,728,639 20,760,065 968,574 Building 4,871,007 5,096,181 - - 4,871,007 5,096,181 (225,174) Police 35,624,451 32,595,153 - - 35,624,451 32,595,153 3,029,298 Planning, zoning & code enforcement 2,693,228 2,783,573 - - 2,693,228 2,783,573 (90,345) Public works & physical environment 14,867,103 13,274,417 - - 14,867,103 13,274,417 1,592,686 Parks and recreation 15,764,169 11,299,228 - - 15,764,169 11,299,228 4,464,941 Interest of long-term debt 4,912,935 4,889,089 - - 4,912,935 4,889,089 23,846 Stormwater utility - - 2,377,507 2,561,285 2,377,507 2,561,285 (183,778) Parking - - - 6,970 - 6,970 (6,970) Total expenses 100,461,532 90,697,706 2,377,507 2,568,255 102,839,039 93,265,961 9,573,078 Change in net position 21,742,236 25,161,188 2,398,369 2,301,651 24,140,605 27,462,839 (3,322,234) Net position-beginning 350,487,819 325,326,631 49,761,842 47,460,191 400,249,661 372,786,822 27,462,839 Net position-ending 372,230,055 $ 350,487,819 $ 52,160,211 $ 49,761,842 $ 424,390,266 $ 400,249,661 $ 24,140,605 $ Governmental Activities Business-Type Activities Total CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 8 Over time, increases and decreases in total net position measure whether the City’s financial position is improving or deteriorating. The City’s total net position increased by $24 million during this current fiscal year. A decrease of $3.3 million over the $27.5 million reported in 2024. The net position in Governmental Activities rose by $21.7 million in 2025. This is a decrease of $3.4 million when compared to the change in the net position of 2024. Key elements in the change in net position for governmental activities are as follows: • Property tax revenues rose by 9.59% or $3.7 million over the prior year. This increase is attributable to the increase in assessed values and new construction in the prior fiscal year. For fiscal year 2025 the City’s ad valorem millage rate remained unchanged. • Investment earnings decreased by $3.8 million compared to the prior year. The increase in investment earnings is reflective of the market’s performance during the current fiscal year. Please refer to note III of the financial statements for additional information on the City’s investments holdings. • Utility taxes increased by $933 thousand or 6.9% over prior year primarily due to an increase in population of approximately 12,000 residents, which has led to a higher demand for utility service. • The net position in Business-Type Activities increased by $2.4 million in 2025. This is an increase of $96 thousand when compared to the change in net position of 2024. Overall, revenues continue to exceed expenditures. The chart below presents general revenues of $96 million for the year ending September 30, 2025, as derived from the government-wide Statement of Activities: General Revenues: Revenues by Source – Governmental Activities • The governmental activities total revenues increased by $1.6 million. This is attributable to an increase in property taxes, communication service tax, utility taxes, and franchise fees. CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 9 The charts below present the program revenues of $19.8 million and program expenditures of $100.5 million for the year ended September 30, 2025, as derived from the government-wide Statement of Activities: Program Revenues and Expenses – Governmental Activities During fiscal year 2025 the City experienced an increase in program revenues of $4.7 million over the prior year. • The City reported an increase in Building program revenues of about $1.4 million, mainly attributed to the introduction of a streamlined fee structure that is based on a percentage of the project cost. • The City experienced an increase in Parks & Recreation programs by approximately $918 thousand. The increase is attributable to the completion and grand re-opening of Doral Central Park. CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 10 Total governmental program expenses totaled $100.5 million, an increase of $9.8 million from the prior year. The increase is attributable to the following: • Police program expenses comprise 35% of total program expenses. The increase of $3 million in Police program expenses during the fiscal year is primarily attributable to increases in personnel and operating expenditures. • Parks and Recreation expenses increased by $4.5 million or 15% during fiscal year 2025. The increase is attributable to increases in operating expenditures due to the completion and grand re-opening of Doral Central Park. Financial Analysis of the Government’s Funds As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental funds. The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. In particular, 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. The general fund is the chief operating fund of the City. 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. Unassigned fund balance represents 63% of total general fund expenditures. At the end of the current fiscal year, the fund balance of the general fund was $86.4 million; of this amount $70.4 million constitutes unassigned fund balance, which is available for spending at the City’s discretion; $15 million is assigned for various projects such as, park improvements, installation of license plate readers, and other projects. During the fiscal year, the total fund balance in the general fund decreased by $14.6 million compared to the previous year. This reduction was primarily due to the acquisition of 9.48 acres. The land purchase aligns with the city’s strategic plan, which aims to develop it into a revenue-generating asset. Additionally, the total fund balance General Government, $21,704,055 Building, $6,467,560 Interest on Long-Term Debt, $4,912,935 Parks & Recreation, $15,764,169 Public Works & Physical Environment, $14,867,103 Police, $35,624,451 Planning, Zoning and Code Enforcement, $2,693,228 PROGRAM EXPENSES CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 11 in the general obligation bond series 2021 fund decreased by $15 million from the prior year, largely driven by progress on construction projects funded by the general obligation bond. A comparative summary of the governmental fund’s condensed balance sheet and statement of revenues, expenditures and changes in fund balances is presented in Table B-1 and B-2 for September 30, 2025 and 2024 respectively. Table B-1 Summary of condensed Balance Sheet Table B-2 Summary of condensed statement of revenues, expenditures, and changes in fund balance September 30, 2025 September 30, 2024 Total Assets $152,888,060 $189,592,347 Total Liabilities $19,792,847 $24,566,816 Deferred Inflows of Resources $1,235,546 $1,154,975 Nonspendable Fund Balance $890,138 $656,709 Restricted Fund Balance $14,319,056 $14,073,764 Committed Fund Balance $47,112,846 $61,112,455 Assigned $0 $13,038,656 Unassigned Fund Balance $69,537,627 $74,988,972 Total Liabilities, Deferred Inflow of Resources, and Fund Balance $152,888,060 $189,592,347 September 30, 2025 September 30, 2024 Total Revenues $123,867,188 $117,186,785 Total Expenditures $157,264,383 $156,411,377 Excess of Revenues over Expenditures ($33,397,195) ($33,002,642) CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 12 Governmental activities. Total revenues of $123.9 million did not exceed expenditures of $157.3 million by $33.4 million. When compared to the prior year, we have an increase in revenues of $6.7 million. This was attributable to the effect of revenue sources such as franchise fees, property taxes and intergovernmental revenues. Expenditures increased by $853 thousand as compared to the prior year. The increase was attributable to the continuation of capital expenditures associated with various projects included in the General Obligation Bond Series 2021. General Fund Budgetary Highlights The original budget was amended by the City Council during 2025 to cover encumbrance carryovers from the prior fiscal year for expenditures not previously appropriated in the budget. In addition, the budget subsequently amended to fund projects which were not considered during the FY 2025 budget process. The budgetary comparison schedule on page 60 of the Annual Comprehensive Financial Report (“ACFR”) provides variances between the final amended budget and the actual revenues and expenditures. Actual expenditures in the police, public works, parks and recreation departments were significantly less than budgeted. This was as a result of committed construction and other projects that were encumbered but not initiated and/or completed. The notes to the budgetary comparison schedule can be found on page 70 of the ACFR. Capital Assets As of September 30, 2025, the City’s capital assets for governmental activities, net of accumulated depreciation is $418 million. The capital assets for business-type activities, net of accumulated depreciation, is $35.2 million. The total increase in capital assets was due to: • Land acquisition and Public Works improvements of streets • Information Technology upgrades and improvements to the City’s systems • Park improvements and construction • Additions to the City’s fleet of vehicles Further details may be found on page 44-45 on the capital assets section of the notes to basic financial statements. Long-Term Debt Excluding compensated absences, the City’s debt for Governmental Activities totaled $179.4 million as of September 30, 2025. This represents a decrease of $9.8 million over last year’s total debt of $189.1 million. The decrease is primarily attributable to the general obligation bond (net pension liability). A detailed schedule of the debt activity can be found on pages 45-51 of the notes to the financial statements. Economic Factors and Next Year’s Budget and Rates The State of Florida, by constitution, does not have a state personal income tax and therefore, the State operates primarily using sales, gasoline and corporate income taxes. Local governments (cities, counties, and school boards) primarily rely on property and a limited array of permitted other taxes (sales, telecommunication, gasoline, utilities services, etc.) and fees (franchise, building permits, occupational license, etc.) for their governmental activities. There are a limited number of state-shared revenues and recurring and non-recurring (one-time) grants from both the state and federal governments. For certain governmental activities (building inspections, recreational programs, etc.) the user pays a related fee or charge associated with the service. • The unemployment rate for the City of Doral is 2.3% for Fiscal Year 2025. This compares favorably to the state’s average unemployment rate of 3.9%. • Inflationary trends in the region compare favorably to national indices. These factors were considered in preparing the City’s budget for the 2025 fiscal year. CITY OF DORAL, FLORIDA MANAGEMENT’S DISCUSSION AND ANALYSIS SEPTEMBER 30, 2025 13 In fiscal year 2025, unassigned fund balance in the general fund increased to $70 million. The fiscal year 2025 General Fund budget required the use of fund balance to fund capital improvements and did not include an increase to the ad valorem millage rate. The overall budget was prepared to meet Council’s strategic priorities and reflect the administration’s commitment to sound financial and operational practices, meeting the needs and expectations for exceptional services of our growing community. Council, by motion, may make supplemental appropriations during the year. Major Initiatives At a municipal election duly held in the City on November 6, 2018, voters approved by majority the issuance by the City of general obligation bonds in a principal amount not exceeding $150 million, maturing in not less than 30 years, bearing interest not exceeding the maximum interest rates and payable for ad valorem taxes. The use of the bond funds will be for the health, safety and welfare of the residents of the City and the protection of natural areas, parks recreational facilities with safety features, including and not limited to, green spaces, community centers, cultural amenities, aquatic facility, playgrounds, sport fields and approximately 5 miles of walking/cycling trails. To date the City has issued general obligation bonds in the amount of $150 million. In Fiscal Year 2025, the city acquired approximately 9.48 acres of vacant land with the strategic intention of utilizing it as a revenue-generating asset. This purchase reflects a forward-thinking approach to fostering economic growth and financial sustainability within the community. Potential uses for this land could include commercial development, leasing opportunities, or other ventures that align with the city's broader economic objectives. By transforming this vacant property into a productive asset, the city aims to create long-term value while potentially enhancing local infrastructure and services. Requests for Information This financial report is designed to provide a general overview of the City’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 should be addressed to the Finance Department, 8401 N.W. 53rd Terrace, Doral, Florida 33166. BASIC FINANCIAL STATEMENTS CITY OF DORAL, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2025 Governmental Activities Business-Type Activities Total ASSETS Cash and cash equivalents 50,269,184 $ 2,893,675 $ 53,162,859 $ Investments 87,838,985 10,022,633 97,861,618 Dividend and interest receivable 704,029 82,313 786,342 Accounts receivable - net 11,183,307 369,650 11,552,957 Internal balances (6,160,082) 6,160,082 - Inventory 16,356 - 16,356 Prepaid items 873,782 221,855 1,095,637 Capital assets not being depreciated 278,885,193 953,048 279,838,241 Capital assets being depreciated, net 139,188,164 34,258,789 173,446,953 Total assets 562,798,918 54,962,045 617,760,963 DEFERRED OUTFLOWS OF RESOURCES Derivative instrument 30,319 - 30,319 Pension 11,248,333 - 11,248,333 Other post employment benefit 144,123 - 144,123 Total deferred outflows of resources 11,422,775 - 11,422,775 LIABILITIES Accounts payable and accrued liabilities 8,684,497 409,543 9,094,040 Accrued interest 27,194 - 27,194 Escrow deposits 1,770,851 - 1,770,851 Derivative instrument - swap liabilities 30,319 - 30,319 Noncurrent liabilities: Due within one year 5,109,772 563,199 5,672,971 Due in more than one year 177,986,839 1,829,092 179,815,931 Total liabilities 193,609,472 2,801,834 196,411,306 DEFERRED INFLOWS OF RESOURCES Business license tax 599,054 - 599,054 Deferred gain on refunding 43,801 - 43,801 Pension 6,680,274 - 6,680,274 Other post employment benefit 1,059,037 - 1,059,037 Total deferred inflows of resources 8,382,166 - 8,382,166 NET POSITION Net investment in capital assets 275,366,235 32,410,003 307,776,238 Restricted for: Debt service 2,436,179 - 2,436,179 Community outreach 222,394 - 222,394 Public safety 4,702,267 - 4,702,267 Transportation 6,958,216 - 6,958,216 Unrestricted 82,544,764 19,750,208 102,294,972 Total net position 372,230,055 $ 52,160,211 $ 424,390,266 $ See notes to basic financial statements 14 CITY OF DORAL, FLORIDA STATEMENT OF ACTIVITIES FISCAL YEAR ENDED SEPTEMBER 30, 2025 Functions/Programs Expenses Charges for Services Operating Grants and Contributions Capital Grants and Contributions Governmental Activities Business-Type Activities Total Governmental activities: General government 21,728,639 $ 47,976 $ 3,592,772 $ - $ (18,087,891) $ - $ (18,087,891) $ Police 35,624,451 3,793,255 1,837,322 - (29,993,874) - (29,993,874) Building 4,871,007 6,584,464 - - 1,713,457 - 1,713,457 Planning, zoning and code enforcement 2,693,228 2,079,564 - - (613,664) - (613,664) Public works and physical environment 14,867,103 4,482,779 17,621 17,621 (10,349,082) - (10,349,082) Parks and recreation 15,764,169 2,786,559 1,000,000 - (11,977,610) - (11,977,610) Interest on long-term debt 4,912,935 - - - (4,912,935) - (4,912,935) Total governmental activities 100,461,532 19,774,597 6,447,715 17,621 (74,221,599) - (74,221,599) Business-type activities: Stormwater 2,377,507 4,161,983 - 138,755 - 1,923,231 1,923,231 Total business-type activities 2,377,507 $ 4,161,983 $ - $ 138,755 $ - $ 1,923,231 $ 1,923,231 $ General revenues: Property taxes 42,430,628 $ - $ 42,430,628 $ Utility taxes 14,286,688 - 14,286,688 Franchise fees, based on gross receipts 11,279,405 - 11,279,405 Communication service tax 4,764,363 - 4,764,363 Intergovernmental (unrestricted) 17,067,985 - 17,067,985 Investment income (unrestricted) 5,270,743 475,138 5,745,881 Miscellaneous 864,023 - 864,023 Total general revenues 95,963,835 475,138 96,438,973 Change in net position 21,742,236 2,398,369 24,140,605 Net position, beginning 350,487,819 49,761,842 400,249,661 Net position, ending 372,230,055 $ 52,160,211 $ 424,390,266 $ Program Revenue Net Revenue (Expense) and Changes in Net Position See notes to basic financial statements 15 CITY OF DORAL, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2025 General Obligation Bond, Series 2021 Other Nonmajor Governmental Funds Cash and cash equivalents 12,341,906 $ 5,991,506 $ 31,935,772 $ 50,269,184 $ Investments 75,000,847 - 12,838,138 87,838,985 Dividend and interest receivable 599,033 1,523 103,473 704,029 Receivables 8,659,582 - 1,348,725 10,008,307 Due from other funds 3,177,417 - - 3,177,417 Inventories 16,356 - - 16,356 Prepaid items 873,782 - - 873,782 Total assets 100,668,923 $ 5,993,029 $ 46,226,108 $ 152,888,060 $ Accounts payable and accrued liabilities 5,853,900 $ 1,200,059 $ 1,630,538 $ 8,684,497 $ Escrow deposits 1,576,648 - 194,203 1,770,851 Due to other funds 6,160,082 825,913 2,351,504 9,337,499 Total liabilities 13,590,630 2,025,972 4,176,245 19,792,847 Business license tax 599,054 - - 599,054 Unavailable revenue 95,385 - 541,107 636,492 Total deferred inflows of resources 694,439 - 541,107 1,235,546 Nonspendable 890,138 - - 890,138 Restricted - - 14,319,056 14,319,056 Committed 15,083,285 3,967,057 28,062,504 47,112,846 Unassigned 70,410,431 - (872,804) 69,537,627 Total fund balances 86,383,854 3,967,057 41,508,756 131,859,667 Total liabilities, deferred inflows of resources, and fund balances 100,668,923 $ 5,993,029 $ 46,226,108 $ 152,888,060 $ Major Funds FUND BALANCES General Fund Total Governmental Funds LIABILITIES DEFERRED INFLOWS OF RESOURCES ASSETS See notes to basic financial statements 16 CITY OF DORAL, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2025 Fund balances - total government funds (Page 16) 131,859,667 $ 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 578,006,605 Less accumulated depreciation (159,933,248) 418,073,357 Other assets are not available to pay for current period expenditures and therefore are either not recognized as a receivable or are deferred in the funds. Settlement agreement receivable 1,175,000 Deferred inflows/outflows of resources in the statement of net position will be recognized in future periods. Deferred outflows related to OPEB 144,123 Deferred inflows related to OPEB (1,059,037) Deferred outflows related to pension 11,248,333 Deferred inflows related to pension (6,680,274) Deferred outflows related to derivative instrument 30,319 Deferred inflows related to gain on refunding (43,801) 3,639,663 Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported in the governmental funds. Notes payable (806,094) Bonds payable (122,491,090) Premiums on debt (18,797,792) Subscriptions payable (1,274,488) Accrued interest payable (27,194) OPEB liability (1,348,823) Net pension liability (34,633,581) Derivative instrument (30,319) Compensated absences (3,744,743) (183,154,124) Revenue collected outside of the period of availability is not available to pay for current period expenditures and therefore is a deferred inflow in the funds. 636,492 Net position of governmental activities (Page 14) 372,230,055 $ See notes to basic financial statements 17 CITY OF DORAL, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FISCAL YEAR ENDED SEPTEMBER 30, 2025 General Fund General Obligation Bond, Series 2021 Other Nonmajor Governmental Funds Total Governmental Funds Revenues: Property taxes 33,145,092 $ - $ 9,285,536 $ 42,430,628 $ Utility taxes 14,266,643 - - 14,266,643 Franchise fees 11,279,405 - - 11,279,405 Intergovernmental revenues 10,394,381 - 6,660,516 17,054,897 Licenses, permits and fines 3,010,908 - 5,840,999 8,851,907 Impact fees - - 3,113,454 3,113,454 Communication service tax 4,764,363 - - 4,764,363 Charges for services 8,830,764 - 575,025 9,405,789 Grants, contributions and donations 2,854,943 - 3,610,393 6,465,336 Investment and interest income 3,797,220 333,391 1,140,132 5,270,743 Miscellaneous 809,266 - 154,757 964,023 Total revenues 93,152,985 333,391 30,380,812 123,867,188 Expenditures: Current: General government 24,479,865 - - 24,479,865 Police 35,330,186 - 33,039 35,363,225 Public works 7,226,976 - 4,842,501 12,069,477 Parks and recreation 12,572,955 421,266 47,449 13,041,670 Building - - 6,662,107 6,662,107 Planning and zoning 1,116,855 - - 1,116,855 Code enforcement 1,552,708 - - 1,552,708 Capital outlay 26,915,421 15,005,364 11,219,607 53,140,392 Debt service: Principal 1,952,950 - 2,830,000 4,782,950 Interest 305,503 - 4,749,631 5,055,134 Total expenditures 111,453,419 15,426,630 30,384,334 157,264,383 Excess (deficiency) of revenues over (under) expenditures (18,300,434) (15,093,239) (3,522) (33,397,195) Other financing sources (uses) Issuance of debt 1,386,306 - - 1,386,306 Transfers in 3,989,138 - 1,327,200 5,316,338 Transfers out (1,727,200) - (3,589,138) (5,316,338) Total other financing sources (uses) 3,648,244 - (2,261,938) 1,386,306 Net change in fund balances (14,652,190) (15,093,239) (2,265,460) (32,010,889) Fund balances - beginning 101,036,044 19,060,296 43,774,216 163,870,556 Fund balances - ending 86,383,854 $ 3,967,057 $ 41,508,756 $ 131,859,667 $ Major Funds See notes to basic financial statements 18 CITY OF DORAL, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FISCAL YEAR ENDED SEPTEMBER 30, 2025 Net change in fund balances - total governmental funds (Page 18) (32,010,889) $ Amounts reported for governmental activities in the statement of activities are different because: 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. 53,140,392 (8,760,420) 44,379,972 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. Issuance of debt (1,386,306) Bond principal payments 4,270,621 Note principal payments 147,855 Subscriptions payments 358,877 QNIP bond payments 110,905 3,501,952 Under the modified accrual basis of accounting used in the governmental funds, revenues are not recognized until funds are measurable and available to finance current expenditures. In the statement of activities, however, which is presented on the accrual basis, revenues are reported when earned. 33,132 Certain changes related to pension and other post employment benefits (OPEB) assets and liabilities are not reported in the net change in the governmental funds. Change in deferred outflows of resources relating to pension (1,100,514) Change in deferred outflows of resources relating to OPEB (44,716) Change in deferred inflows of resources relating to pensions (2,974,542) Change in deferred inflows of resources relating to OPEB 302,405 Change in deferred inflows of resources related to gain on refunding 21,901 (3,795,466) 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. Change in compensated absences (316,759) (85,150) 5,961,576 (25,201) 3,700,000 399,069 9,633,535 Change in net position of governmental activities (Page 15) 21,742,236 $ Premium on bond issuance, net of amortization Net adjustment Change in accrued interest payable Change in OPEB liability Change in net pension liability Net adjustment Settlement agreement, net Net adjustment Less current year depreciation Expenditures for capital outlays Net adjustment See notes to basic financial statements 19 CITY OF DORAL, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUND SEPTEMBER 30, 2025 Business-Type Activities Enterprise Fund Major Fund Stormwater Fund ASSETS Current assets: Cash and cash equivalents 2,893,675 $ Investments 10,022,633 Dividend and interest receivable 82,313 Accounts receivable, net 369,650 Due from other funds 6,160,082 Prepaids 221,855 Total current assets 19,750,208 Noncurrent assets: Capital assets: Capital assets not being depreciated 953,048 Capital assets being depreciated, net 34,258,789 Total noncurrent assets 35,211,837 Total assets 54,962,045 LIABILITIES Current liabilities: Accounts payable and accrued liabilities 409,543 Current portion of long-term debt 563,199 Total current liabilities 972,742 Noncurrent liabilities: Long-term debt 1,829,092 Total noncurrent liabilities 1,829,092 Total liabilities 2,801,834 NET POSITION Net investment in capital assets 32,410,003 Restricted for stormwater and drainage 19,750,208 Total net position 52,160,211 $ See notes to basic financial statements 20 CITY OF DORAL, FLORIDA STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUND FISCAL YEAR ENDED SEPTEMBER 30, 2025 Business-Type Activities Enterprise Fund Major Fund Stormwater Fund Operating revenues Stormwater fees 4,161,983 $ Total operating revenues 4,161,983 Operating expenses Operating, administrative and maintenance 932,325 Depreciation 1,271,077 Total operating expenses 2,203,402 Operating income 1,958,581 Non-operating revenues (expenses) Investment earnings 475,138 Interest expense (174,105) Total non-operating revenues (expenses) 301,033 Income before contributions 2,259,614 Capital contributions 138,755 Change in net position 2,398,369 Net position, beginning 49,761,842 Net position, ending 52,160,211 $ See notes to basic financial statements 21 CITY OF DORAL, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUND FISCAL YEAR ENDED SEPTEMBER 30, 2025 Business-Type Activities Enterprise Fund Major Fund Stormwater Cash flows from operating activities: Cash received from customers (1,123,492) $ Cash paid to suppliers and vendors (398,438) Cash paid to employees (218,912) Net cash (used in) operating activities (1,740,842) Cash flows from non-capital financing activities - Cash flows from capital and related financing activities: Acquisition and construction of capital assets (736,043) Capital contributions 138,755 Principal paid on debt (536,049) Interest paid capital debt (174,105) Net cash (used in) capital and related financing activities (1,307,442) Cash flows from investing activities: Purchase of investment securities (8,383,069) Proceeds from sale and maturities of investment securities 7,844,557 Interest on investments 433,829 Net cash (used in) investing activities (104,683) Net decrease in cash and cash equivalents (3,152,967) Cash and cash equivalents, October 1 6,046,642 Cash and cash equivalents, September 30 2,893,675 $ Reconciliation of operating income to net cash provided by operating activities: Operating income 1,958,581 $ Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation 1,271,077 Change in assets and liabilities: Decrease in accounts receivable 869,117 Decrease in interest receivable 5,490 Decrease in prepaids 97,371 (Increase) in due from other funds (6,160,082) Increase in accounts payable and accrued liabilities 217,604 Total adjustments (3,699,423) Net cash provided by operating activities (1,740,842) $ Noncash investing, capital and financing activities: Change in fair value of investments 41,309 $ Capital related liabilities 409,543 $ See notes to basic financial statements 22 CITY OF DORAL, FLORIDA STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUND - ELECTED OFFICIALS' RETIREMENT FUND SEPTEMBER 30, 2025 ASSETS Current assets: Cash and cash equivalents 42,031 $ Investments at fair value: Mutual equity funds 327,941 Mutual bond funds 426,343 Total investments 754,284 Total assets 796,315 LIABILITIES Current liabilities: Accounts payable and accrued liabilities 73,895 Total liabilities 73,895 NET POSITION Restricted for pension benefits 722,420 $ See notes to basic financial statements 23 CITY OF DORAL, FLORIDA STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUND - ELECTED OFFICIALS' RETIREMENT FUND FISCAL YEAR ENDED SEPTEMBER 30, 2025 Additions Investment earnings: Net appreciation in fair value of investments 46,670 $ Interest and dividends 22,596 Net investment earnings 69,266 Total additions 69,266 Deductions - Change in net position 69,266 Net position, restricted for pension benefits, beginning 653,154 Net position, restricted for pension benefits, ending 722,420 $ See notes to basic financial statements 24 NOTES TO BASIC FINANCIAL STATEMENTS CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 25 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Financial Reporting Entity The City of Doral, Florida (the “City”), located in Miami-Dade County is a political subdivision of the State of Florida. The City was incorporated on June 24, 2003, pursuant to Ordinance 03-88 adopted by the Miami- Dade Board of County Commissioners. The City operates under a Mayor-Council-Manager form of government. In addition to the general government function, the City provides its residents with public safety (police), community development (building, zoning and planning functions), parks and recreation, and public works. The City does not provide educational, fire or hospital facilities; those services are provided by the Miami-Dade County School Board and Miami-Dade County, respectively. As required by generally accepted accounting principles, these basic financial statements present the reporting entity of the City. Component units are legally separate entities for which the government is considered to be financially accountable and for which the nature and significance of their relationship with the primary government are such that exclusion would cause the City’s combined financial statements to be misleading or incomplete. The primary government is considered financially accountable if it appoints a voting majority of an organization’s governing body and 1) it is able to impose its will on the organization or 2) there is a potential for the organization to provide specific financial benefit to or impose specific financial burden on the Board. Additionally, the primary government is required to consider other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity financial statements to be misleading or incomplete. Based upon the application of these criteria, there were no organizations which met the criteria described above. The financial statements of the City 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. The more significant of the City’s accounting policies are described below. 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 of the activities of the City. For the most part, the effect of interfund activity has been removed from those statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services, or privileges by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds and proprietary funds. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. All remaining non-major governmental funds are aggregated and reported as other governmental or other proprietary funds. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 26 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Measurement Focus, Basis of Accounting, and Basis of Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements 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 considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City considers receivables collected within 60 days after year-end to be available and recognizes them as revenues of the current year. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, are recorded only when payment is due. Property taxes, franchise taxes, other taxes, licenses, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Revenues for expenditures driven grants are recognized when the qualifying expenditures are incurred. All other revenue items are considered to be measurable and available only when cash is received by the City. The City reports the following major governmental funds: General Fund – This fund is the City’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. General Obligation Bond, Series 2021 Fund – This fund accounts for all bond proceeds, and revenues generated from the General Obligation Bond, Series 2021 proceeds and expenditures for related capital projects. The City reports the following major proprietary fund: Stormwater Fund – This fund accounts for the maintenance of and construction of the City’s stormwater system. Additionally, the City reports the following fiduciary fund type: Pension Fund – This fund accounts for the activities of the retirement plan for the Elected Officials’ Retirement Plan, which accumulates resources for pension benefits to those qualified officials. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 27 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. Measurement Focus, Basis of Accounting, and Basis of Presentation (Continued) The financial statements of the City have been prepared in accordance with generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the standard setting body for governmental accounting and financial reporting. The financial statements of the City follow the guidance of GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance contained in Pre-November 30, 1989 FASB and AICPA Pronouncements for both the government wide and proprietary fund financial statements. As a general rule the effect of interfund activity has been eliminated for the government-wide financial statements. Interfund services provided and used are not eliminated in the process of consolidation. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, and 2) operating grants and contributions, and 3) capital grants and contributions. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the stormwater fund is charges to customers. Operating expenses for the enterprise funds include the cost of services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. When both restricted and unrestricted resources are available for use, it is City policy to use restricted resources first, and then unrestricted resources as needed. D. Deposits and Investments The City’s cash and cash equivalents, for purposes of the statement of cash flows, includes cash on hand, demand deposits, money market funds, and short-term investments with original maturities of three months or less from the date of acquisition. The City maintains a cash pool that is available for use by all funds. Interest earned on pooled cash is allocated to each of the funds, based on the funds average equity balance on a monthly basis. Investment holdings consist of United States Government Securities, United States Government Agencies Asset Backed/Collateralized Mortgage Obligation (CMO) and Mortgage-Backed Securities, Federal Instrumentalities, Federal Instrumentalities Mortgage-Backed Securities (MBS), Municipal Obligations, Corporate Notes, and Registered Investment Companies (Mutual Funds), which are reported at fair value and are based on significant observable inputs. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 28 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) D. Deposits and Investments (Continued)

415, Florida Statutes, limits the types of investments that the City can invest in unless specifically authorized in the City’s investment policy. The City has a formal investment policy that allows for the following investments: Florida PRIME, FL Palm, United States Government Securities, United States Government Agencies (includes CMO and MBS), Federal Instrumentalities, Supranationals, Non-Negotiable Certificate of Deposit and Saving Accounts, Money Market Funds, Fixed Income Mutual Funds and Exchange Traded Funds, Repurchase Agreements, Commercial Paper, Bankers’ Acceptances, State and/or Local Government Taxable and/or Tax-exempt Debt, Intergovernmental Investment Pools, Corporate Obligations or Corporate Notes, Agency Mortgage-Backed Securities (includes CMO), and Asset Backed Securities. E. Interfund Receivables and Payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to/from other funds”. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as “internal balances”. F. Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both government-wide and fund financial statements using the consumption method. Amounts reported in the governmental funds are offset by an equal nonspendable classification of fund balance in the fund financial statements. This is an indication that these components of current assets do not constitute available spending resources. G. Property Taxes Property values are assessed as of January 1 of each year, at which times taxes become an enforceable lien on the property. Tax bills are mailed for the City by Miami Dade County on or about October 1 of each year and are payable with discounts of up to 4% offered for early payment. Taxes become delinquent on April 1 of the year following the year of assessment and State Law provides for enforcements of collection of property taxes by seizure of the personal property or by the sales of interest-bearing tax certificates to satisfy unpaid property taxes. Assessed values are established by Miami-Dade County Property Appraiser. In November 1992, a Florida constitutional amendment was approved by the voters, which provides for limiting the increase in homestead property valuations for ad valorem tax purposes to a maximum of 3% annually and also provides for reassessment of market values upon changes in ownership. The County bills and collects all property taxes and remits them to the City. State statutes permit municipalities to levy property taxes at a rate of up to 10 mills ($10 per $1,000 of assessed taxable valuation). The tax levy of the City is established by the City Council and the Miami-Dade County Property Appraiser incorporates the City’s millage into the total tax levy, which includes the County and the County School Board tax requirements. The millage rate assessed by the City for the fiscal year ended September 30, 2025 was 1.7166 mills ($1.7166 per $1,000 of taxable assessed valuation). The millage rate assessed by the City for the General Obligation Bond issuance was 0.4810 mills ($0.4810 per $1,000 of taxable assessed valuation). CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 29 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) H. Restricted Assets Proceeds from the local option gas taxes, transportation taxes, and impact fees are classified as restricted since these resources may only be used for specific purposes (ex., road and transportation, public safety, recreation). I. Capital Assets Capital assets which include land, construction in progress, infrastructure, buildings, public domain and system infrastructure, vehicles, and furniture, fixtures and equipment are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. Capital assets are defined by the City as assets with an initial, individual cost of $2,500 or more and an estimated useful life in excess of one year. Purchased or constructed assets are recorded at historical cost or estimated historical cost. Donated capital assets are recorded at acquisition value at the date of donation. Major outlays for capital assets and improvements are capitalized as projects are constructed. The costs of normal maintenance and repairs that do not add value to the asset or materially extend its useful life are not capitalized. Capital assets of the City are depreciated using the straight-line method over the following estimated useful lives: Assets Years Building 50 Infrastructure 40-50 Public domain and system infrastructure 20-25 Furniture, fixtures and equipment 3-10 Vehicles 5 J. Leases Leases are defined as the right to use an underlying asset. At the commencement of a lease, the City initially measures the lease liability at the present value of fixed payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of the lease payments made. The intangible right-to-use lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. The lease term includes the noncancelable period of the lease. The City calculates the amortization of the discount on the lease liability and reports that amount as outflows of resources. The City uses an incremental borrowing rate for leases that do not have implicit interest rates. Incremental borrowing rates are estimated rates the City would be charged for borrowing the lease payment amounts during the lease term. Payments are allocated first to accrued interest liability and then to the lease liability. Variable lease payments based on the usage of the underlying assets are not included in the lease liability calculations but are recognized as outflows of resources in the period in which the obligation was incurred. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 30 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) K. Subscription-Based Information Technology Arrangements Subscription-based information technology arrangements (“SBITA”) assets are defined by the general government as the right to use vendor-provided information technology (“IT”) with access to vendors’ IT assets. The City recognizes a subscription liability and an intangible subscription right-to-use asset at the beginning of the subscription term that has a term exceeding one year. A SBITA asset is measured based on the net present value of subscription payments expected to be made during the subscription term, using the incremental borrowing rate, and is amortized using the straight-line method over the shorter of the subscription term or the useful life of the underlying IT assets. Remeasurement of a subscription liability occurs when there is a change in the contract term and/or other changes that are likely to have a significant impact on the subscription liability. SBITA assets are reported within capital assets and SBITA liabilities are reported with long-term debt on the statement of net position. L. Deferred Outflows/Inflows of Resources In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditures) until then. Currently, the City reports a derivative instrument, deferred outflows of resources related to other post employment benefits (OPEB), and deferred outflows of resources related to pension benefits in this category. The derivative instrument represents the corresponding deferred outflow of resources to offset all swap liabilities on the statement of net position. The balance of all cumulative changes in fair value of all swap liabilities as of September 30, 2025 is $30,319. The deferred outflows on pensions arise from differences between projected and actual earnings on pension plan investments and are amortized to pension expense using a systematic and rational method over a closed five year period, and also include differences between expected and actual experience with regard to economic or demographic factors that are amortized over the average expected remaining service lives of all employees that are provided with pensions through the pension plan. Employer contributions to pension plans made subsequent to the measurement date are also deferred and reduce net pension liability in the subsequent year. In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, of deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The City has several items that are required to be reported in this category: (1) deferred inflow of resources from pensions, (2) deferred inflows of resources from OPEB, (3) deferred gain on refunding, (4) unavailable revenue, and (5) business license taxes. Deferred inflows on pensions are recorded when investment return on pension plan assets exceeds actuarial assumptions and are amortized using a systematic and rational method over a closed five-year period. Deferred inflows on pensions and OPEB also include the difference between expected and actual experience with regard to economic or demographic factors and changes of assumptions or other inputs. These are amortized over the average expected remaining service lives of all employees that are provided with pensions through the pension plan. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 31 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) L. Deferred Outflows/Inflows of Resources (Continued) A deferred gain on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. Unavailable revenue arises only under a modified accrual basis of accounting and is reported only in the governmental funds balance sheet. These amounts are deferred and recognized as an inflow of resources in the period the revenues become available. The item referred to as Business license taxes, arises from business license taxes collected to fund operations of the subsequent fiscal year. These amounts are deferred as an inflow of resources in the period that the amounts become available. Net position is the residual of all other elements presented in a statement of financial position. It is the difference between (a) assets plus deferred outflow of resources and (b) liabilities and deferred inflows of resources. M. Unearned Revenues Resources that do not meet revenue recognition requirements (not earned), such as grants, are classified as liabilities and recorded as unearned revenue in the government-wide and the fund financial statements. N. Inventories Inventories are valued at cost using the first-in/first-out (FIFO) method. The costs of inventories are recorded as expenditures when consumed rather than when purchased. O. Compensated Absences It is the City’s policy to permit full-time employees to accumulate limited amounts of earned vacation and sick leave or PTO. Upon separation from service, employees receive payment for a portion of unused vacation time and PTO subject to length of service and contract classification. Additionally, during September of each year the City allows employees to “sell” their accumulated earned vacation, PTO, and sick leave to the City. All vacation pay is accrued when incurred in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only if they have matured, for example, as a result of employee resignations and retirements. The general fund is used to liquidate such amounts. P. Postemployment Benefits Other Than Pension (OPEB) Pursuant to

0801, Florida Statutes, the City is mandated to permit participation in the health insurance program by retirees and their eligible dependents at a cost to the retiree that is no greater than the cost at which coverage is available for active employees. Retirees are required to pay 100% of the premium rates where premiums are determined based upon blended rates used for active employees and retirees. These premium rates were adjusted to reflect differing utilization rates by age and gender and the impact of the Medicare program on claim costs. The blended rates provide an implicit subsidy for retirees because, on an actuarial basis, their current and future claims are expected to result in higher costs to the plan on average than those of active employees. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 32 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) P. Postemployment Benefits Other Than Pension (OPEB) (Continued) The City currently provides these benefits in accordance with the vesting and retirement of the City. The City is financing the post employee benefits on a pay-as-you go basis. As determined by an actuarial valuation, the City records the total OPEB liability in its government-wide financial statements. For governmental activities, the total other postemployment benefit liability typically will be liquated by the General Fund. The OPEB plan does not issue separate financial statements. Q. Long-Term Obligations In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities, or proprietary fund type statement of net position. For proprietary fund types, bonds payable are reported net of the applicable bond premium or discount. For governmental activities, the total other postemployment benefit liability and the net pension liability will be liquidated by the General Fund. In the fund financial statements, governmental fund types recognize bond premiums and discounts during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received and payment of debt principal, are reported as debt service expenditures. R. Net Position Total equity as of September 30, 2025 is classified into three components of net position: Net investment in capital assets – This category consists of capital assets (including restricted capital assets), net of accumulated depreciation and reduced by any outstanding balances of bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, and improvements of those assets. Restricted net position – This category consists of net position restricted in their use by (1) external groups such as grantors, creditors or laws and regulations of other governments; or (2) law, through constitutional provisions or enabling legislation. Unrestricted net position – This category includes all of the remaining net position that do not meet the definition of the other two categories. S. Fund Balance As of September 30, 2025, fund balances of the governmental funds are classified as follows: Non-spendable – Amounts that cannot be spent either because they are in non-spendable form or because they are legally or contractually required to be maintained intact. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 33 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) S. Fund Balance (Continued) Restricted – Amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation or because of constraints that are externally imposed by creditors, grantors, contributors, or the laws or regulations of other governments. Committed – Amounts that can be used only for specific purposes determined by a formal action of the City Council. Ordinances and resolutions approved by the City Council are the highest level of decision- making authority for the City. Commitments may be established, modified, or rescinded only through ordinances or resolutions approved by the City Council. Ordinances and resolutions are equally binding. Assigned – Amounts that are constrained by the City’s intent to be used for specific purposes but are neither restricted nor committed. Intent is established by the City Council who has the authority to assign, modify or rescind amounts to be used for specific purposes. This is delegated to the City Manager by the Council. This balance includes (a) all remaining amounts that are reported in governmental funds (other than the General Fund) that are not classified as nonspendable, restricted, or committed, and (b) amounts in the General Fund that are intended to be used for a specific purpose. Specific amounts that are not restricted or committed in a special revenue or capital projects fund are assigned for the purposes in accordance with the nature of their fund type. Assignment within the General Fund conveys that the intended use of those amounts is for a specific purpose that is narrower than the general purpose of the City itself. Unassigned – This fund balance is the residual classification for the General Fund. It is also used to report negative fund balances in other governmental funds. General General Obligation Bond, Series 2021 Other Governmental Funds Total Governmental Funds Fund Balances: Nonspendable: Prepaids 890,138 $ - $ - $ 890,138 $ Restricted: Transportation - - 6,958,216 6,958,216 Community outreach - - 222,394 222,394 Building funds - - 4,288,215 4,288,215 Police - - 414,052 414,052 Debt service - - 2,436,179 2,436,179 Committed: Road improvements - - 13,174,869 13,174,869 Public arts program - - 2,725,327 2,725,327 Parks and recreation facilities - 3,967,057 4,404,613 8,371,670 Police - - 794,188 794,188 Capital improvement projects 3,764,017 - 1,081,634 4,845,651 Infrastructure improvements - - 4,770,162 4,770,162 Vehicle replacements - - 372,540 372,540 Technology enhancements - - 739,171 739,171 Subsequent year's budget 11,319,268 - - 11,319,268 Assigned - - - - Unassigned 70,410,431 - (872,804) 69,537,627 Total Fund Balances 86,383,854 $ 3,967,057 $ 41,508,756 $ 131,859,667 $ CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 34 I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) S. Fund Balance (Continued) General General Obligation Bond, Series 2021 Other Governmental Funds Total Governmental Funds Fund Balances: Nonspendable 890,138 $ - $ - $ 890,138 $ Restricted - - 14,319,056 14,319,056 Committed 15,083,285 3,967,057 28,062,504 47,112,846 Assigned - - - - Unassigned 70,410,431 - (872,804) 69,537,627 Total Fund Balances 86,383,854 $ 3,967,057 $ 41,508,756 $ 131,859,667 $ T. Minimum Level of Unassigned Fund Balance Policy The City has a formal minimum fund balance policy for the General Fund. The policy requires that the unassigned fund balance at fiscal year-end be equal to not less than 15% of operating expenditures and transfers out budgeted for the General Fund in the subsequent year. The City considers restricted amounts to be spent first when both restricted and unrestricted fund balance is available unless there are legal documents/contracts that prohibit doing this, such as in grant agreements requiring dollar for dollar spending. Additionally, when expenditures are incurred for which committed, assigned, or unassigned fund balances are available, the City considers amounts to have been first expended out of committed funds then assigned funds and lastly unassigned funds. U. Net Position Flow Assumption The City at times will fund outlays for a particular purpose from both restricted and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide financial statements, a flow assumption must be made about the order in which resources are considered to be applied. It is the City’s policy to consider restricted net position to have been depleted before unrestricted net position is applied. V. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets, liabilities, disclosures of contingent liabilities, revenues and expenditures/expenses reported in the financial statements and accompanying notes. These estimates include assessing the collectability of receivables, OPEB table, and the useful lives of capital assets. Although these estimates as well as all estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 35 J. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) W. Implementation of New Accounting Pronouncements In June 2022, GASB issued Statement No. 101, Compensated Absences. The primary objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. This objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023. The City adopted GASB 101 effective October 1, 2024. The implementation did not have a significant impact on the financial statements for the fiscal year ended September 30, 2025. II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY By its nature as a local government unit, the City is subject to various federal, state, and local laws and contractual regulations. The City has no material violations of finance-related legal and contractual obligations. A. Fund Accounting Requirements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like any other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance related requirements, bond covenants, and segregation for management purposes. B. Revenue Restrictions The City has various restrictions placed over certain revenue sources from federal, state, or local requirements. The primary revenue sources include: Revenue Sources Legal Restrictions of Use Gas Tax Roads, sidewalks, streets Impact Fees Park and police construction, development, and roadway improvements Building Department revenues Building permitting and inspection activities Police Forfeitures Law enforcement Federal, State and Local grants Grant specific projects or programs For the fiscal year ended September 30, 2025 the City complied, in all material respects, with these revenue restrictions. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 36 II. STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY (Continued) C. Excess of Expenditures Over Appropriations The City’s legal level of budgetary control is at the object level. During the year ended September 30, 2025, there were several line-item expenditures that exceeded appropriations; however, none of the City’s budgeted funds had expenditures exceeding appropriations. The expenditures for the various funds were funded with revenues received in the current year and funding available from prior years. Line-item expenditures that exceeded appropriations were predominantly related to year-end reclassification adjustments for financial statement purposes. A separate budgetary report was prepared to demonstrate compliance with the budget at the line-item level and can be found on the City’s website through the following link; Annual Financial Reports - City of Doral. The budgetary comparison schedules and budget to actual schedules included within this report are presented at the department level. D. Deficit Fund Balance The City’s Emergency Grant Fund is reporting a deficit in fund balance of $872,804 which was caused by expenditures incurred as related to Hurricane Irma and the COVID-19 pandemic which were subsidized by the General Fund. The City is expecting to utilize other funding to recover the costs incurred. Any remaining fund balance not covered by awarding agencies are expected to be supplemented by the General Fund. III. DEPOSITS AND INVESTMENTS Cash and Cash Equivalents and Investment Portfolio The City has a formally adopted comprehensive investment policy pursuant to

415, Florida Statutes that establishes permitted investments, asset allocation limits and issuer limits, and maturity limits to protect the City’s cash and investment assets. Cash and Cash Equivalents On September 30, 2025, the carrying amount of the City’s book balance for deposits held with financial institutions totaled $53,162,859 and the bank balance was $54,317,095. The difference is due to outstanding disbursements and deposits in transit. The City’s cash deposits are held by a bank that qualifies as a public depository under the Florida Security for Public Deposits Act as required by Chapter 280, Florida Statutes and money market funds permitted under the City’s formal investment policy. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 37 III. DEPOSITS AND INVESTMENTS (Continued) Investment Portfolio As of September 30, 2025, the City’s cash and investments consisted of the following: Security Type Reported Value Weighted Average Maturity Fixed income: Asset-Backed Securities 20,693,287 $ 3.64 Corporate Notes 36,634,180 2.11 Federal Agency Collateralized Mortgage Obligations 278,961 36.74 Federal Agency Commercial Mortgage-Backed Securities 7,843,031 1.68 Federal Agency Mortgage-Backed Securities 520,197 8.92 U.S. Treasury 31,891,962 2.12 Total fixed income 97,861,618 Cash and cash equivalents: Cash 30,379,198 N/A FL PALM Portfolio 21,839,085 0.022 Money market fund 944,576 0.003 * Total cash and cash equivalents 53,162,859 Total 151,024,477 $ * The cash balance money market fund is an overnight investment vehicle. The City is able to withdraw the funds same day or next business day; as such the duration is 0.003 years.

415, Florida Statutes, limits the types of investments that the City can invest in unless specifically authorized in the City’s investment policy. The City has a formal investment policy that allows for the following investments: the United States Government Securities, United States Government Agencies (includes CMO and MBS), Federal Agency Bond/Note, Supranational, Corporates, Municipals, Agency Mortgage Backed Securities (includes CMO), Asset Backed Securities, Non-Negotiable Certificate of Deposit and Saving Accounts, Commercial Paper, Bankers’ Acceptances, Repurchase Agreements, Money Market funds (MMFs), Fixed-Income Mutual Funds and Exchange Traded Funds (ETFs), Intergovernmental Pools (LGIPs), and FL PALM. The Florida Public Assets for Liquidity Management (FL PALM) is a common law trust created in 2010 under the laws of the State of Florida and is designed to meet the cash management and short-term investment needs of school districts, political subdivisions of the State or instrumentalities of political subdivisions of the State. FL PALM offers a fully liquid, variable rate investment option known as FL PALM Portfolio and a fixed rate fixed-term investment known as the FL PALM Term Portfolio. The Florida School Boards Association and the Florida Association of District School Superintendents sponsor the FL PALM, and its investment objective is to provide investors with the highest possible investment yield, while maintaining liquidity and preserving capital. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 38 III. DEPOSITS AND INVESTMENTS (Continued) Investment Portfolio (Continued) The FL PALM Portfolio provides daily liquidity and allows unlimited investments and redemptions. The minimum investment is $10,000. The FL PALM Portfolio is an external investment pool and is not registered with the Securities and Exchange Commission (SEC). The investment in the FL PALM Portfolio is reported at amortized cost in accordance with GASB Statement No. 79, Accounting and Financial Reporting for Certain Investments and for External Investment Pools (GASB 79). The investment in the FL PALM Portfolio is not insured by the FDIC or any other governmental agency. As of September 30, 2025, there were no redemption fees or maximum transaction amounts, or any other requirements that serve to limit a participant’s daily access to 100% of their account value. However, the Trustee of the FL PALM Portfolio can suspend the right of withdrawal or postpone the date of payment if the Trustee determines that there is an emergency. The FL PALM Portfolio is rated AAAm by Standard & Poor’s. Interest Rate Risk To the extent possible, an attempt will be made to match investment maturities with known cash needs and anticipated cash flow requirements. Investments of current operating funds shall have maturities of no longer than twenty-four (24) months. The maximum average duration of the short-term portfolio is one (1) year. Investments of reserves and other non-operating funds (“core funds”) shall have a term appropriate to the need for funds, but in no event shall exceed five and one-half (5.50) years from date of settlement. The maturities of the underlying securities of a repurchase agreement will follow the requirements of the Securities Industry and Financial Markets Association (SIFMA) Master Repurchase Agreement. The City utilizes “weighted average duration” as a measurement of interest rate risk and as of September 30, 2025, the investments had a weighted average duration of 2.53 years. Information about the sensitivity of the fair values of the Plan’s investments to market interest rate fluctuations is provided by the following table that shows the distribution of the City’s investments by maturity at September 30, 2025: Security Type Total Less than 1 Year 1-5 Years 6-10 Years More than 10 Years Asset-Backed Security 20,693,287 $ - $ 20,693,287 $ - $ - $ Corporate Notes 36,634,180 1,804,338 34,829,842 - - Federal Agency Collateralized Mortgage Obligations 278,961 - - - 278,961 Federal Agency Commercial Mortgage-Backed Security 7,843,031 1,348,934 6,494,097 - - Federal Agency Mortgage-Backed Security 520,197 - - 386,365 133,832 U.S. Treasury 31,891,962 - 31,891,962 - - FL PALM Portfolio 21,839,085 21,839,085 - - - Money Market Fund 944,576 944,576 - - - Total 120,645,279 $ 25,936,933 $ 93,909,188 $ 386,365 $ 412,793 $ CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 39 III. DEPOSITS AND INVESTMENTS (Continued) Interest Rate Risk (Continued) For federal agency collateralized mortgage obligations, federal collateralized mortgage-backed securities, asset-backed securities, and corporate notes, actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Embedded prepayment options cause these investments to be highly sensitive to changes in interest rates. Prepayments of underlying assets reduce the total interest payments to be received. Generally, when interest rates fall, obliges tend to prepay mortgages, thus eliminating the stream of interest payments that would have been received under the original amortization schedule. The resulting reduction in cash flow diminishes the fair value of the obligation. Credit Risk The City’s investment policy permits for investments in the following investments which are limited to credit quality ratings from nationally recognized rating agencies as follows: Sector Minimum Ratings Requirement U.S. Treasury GNMA Other U.S. Government Guaranteed (e.g. AID, GTC) Federal Agency/GSE: FNMA, FHLMC, FHLB, FFCB Federal Agency/GSE other than those above Supranationals (A-1/P-1, AAA-/Aaa, or equivalent) Corporates (A-1/P-1, A-/A3 or equivalent) Municipals (SP-1/MIG 1, A-/A3, or equivalent) Agency Mortgage-Backed Securities (MBS) N/A Asset-Backed Securities (ABS) (A-1+/P-1, AAA/Aaa, or equivalent) Non-Negotiable Certificate of Deposit and Savings Accounts None, if fully collateralized Commercial Paper (CP) Bankers’ Acceptances (BAs) (A-1/P-1, or equivalent) If the counterparty is a Federal Reserve Bank, no rating is required Money Market Funds (MMFs) (AAAm/Aaa-mf, or equivalent) Fixed-Income Mutual Funds & ETFs Highest Fund Quality and Volatility Rating Categories by all NRSROs, if rated (AAAm/AAAf, S1, or equivalent) Florida Local Government Surplus Funds Trust Funds (“Florida Prime”) Highest Fund Rating by all NRSROs who rate the fund (AAAm/Aaa-mf, or equivalent) Intergovernmental Pools (LGIPs) N/A N/A Repurchase Agreements (Repo or RP) N/A (A-1/P-1, or equivalent) CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 40 III. DEPOSITS AND INVESTMENTS (Continued) Credit Risk (Continued) As of September 30, 2025, the City had the following credit quality: Standard Portfolio & Poor's Asset Security Type Rating Allocation U.S. Treasury AA+ 26.43% Federal Agency Mortgage-Backed Security AA+ 0.43% Federal Agency Commercial Mortgage-Backed Security AA+ 6.50% Federal Agency Collateralized Mortgage Obligations AA+ 0.23% Corporate Notes AA+ 2.88% Corporate Notes AAA 0.53% Corporate Notes AA- 6.01% Corporate Notes A 7.14% Corporate Notes A- 5.02% Corporate Notes A+ 8.48% Corporate Notes AA 0.31% Asset-Backed Securities AAA 10.56% Asset-Backed Securities NR 6.60% Money Market Funds AAAm 0.78% FL PALM Portfolio AAAm 18.10% Total 100.00% Custodial Credit Risk Securities, with the exception of certificates of deposits, shall be held with a third-party custodian; and all securities purchased by, and all collateral obtained by, the City should be properly designated as an asset of the City. The securities must be held in an account separate and apart from the assets of the financial institution. A third party custodian is defined as any bank depository chartered by the Federal Government, the State of Florida, or any other state or territory of the United States which has a branch or principal place of business in the State of Florida as defined in

12, Florida Statutes, or by a national association organized and existing under the laws of the United States which is authorized to accept and execute trusts and which is doing business in the State of Florida. Certificates of deposits will be placed in the provider’s safekeeping department for the term of the deposit. Investments in external investment pools and in open- end mutual funds are not exposed to custodial credit risk because their existence is not evidenced by securities that exist in physical or book entry form. As such, the City’s investments in FL PALM are not exposed to custodial credit risk. As of September 30, 2025, the City’s investment portfolio was held with a third-party custodian as required by the City’s investment policy. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 41 III. DEPOSITS AND INVESTMENTS (Continued) Concentration of Credit Risk The City’s investment policy has established asset allocation and issuer limits on the following investments which are designed to reduce concentration of credit risk of the City’s investment portfolio. Sector Sector Maximum (%) Per Issuer Maximum (%) U.S. Treasury 100% GNMA 40% Other U.S. Government Guaranteed (e.g. AID, GTC) 10% Federal Agency/GSE: FNMA, FHLMC, FHLB, FFCB Federal Agency/GSE other than those above Supranationals where U.S. is a shareholder and voting member Corporates 50% 5% Municipals 25% 5% Agency Mortgage-Backed Securities (MBS) 25% 40% Asset-Backed Securities (ABS) 30% 5% Non-Negotiable Certificate of Deposit and Savings Accounts 50% 25% Commercial Paper (CP) 50% 5% Bankers’ Acceptances (BAs) 10% 5% Repurchase Agreements (Repo or RP) 40% 20% Money Market Funds (MMFs) 50% 25% Fixed-Income Mutual Funds & ETFs Intergovernmental Pools (LGIPs) 75% 50% Florida Local Government Surplus Funds Trust Funds (“Florida Prime”) 25% N/A 20% 10% 100% 75% 40% 10% 25% 10% As of September 30, 2025, the following issuers represented 5% or more of the City’s investment portfolio: Issuer Fair Value Portfolio Asset Allocation United States Treasury 31,891,962 $ 26.43% FL PALM 21,839,085 18.10% Federal Home Loan Mortgage Corp 6,851,212 5.68% Foreign Currency Risk The City investment policy does not allow for investments in foreign currency therefore the City has no exposure to foreign currency risk. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 42 III. DEPOSITS AND INVESTMENTS (Continued) Fair Value Measurements The City categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. The City has the following fair value measurements as of September 30, 2025: Security Type Fair Value Sept. 30, 2025 Level 1 Level 2 Level 3 Asset-Backed Securities 20,693,287 $ - $ 20,693,287 $ - $ Corporate Notes 36,634,180 - 36,634,180 - Federal Agency Collateralized Mortgage Obligations 278,961 - 278,961 - Federal Agency Commercial Mortgage-Backed Securities 7,843,031 - 7,843,031 - Federal Agency Mortgage-Backed Securities 520,197 - 520,197 - U.S. Treasury 31,891,962 - 31,891,962 - 97,861,618 $ - $ 97,861,618 $ - $ Investments measured at Net Asset Value (NAV)* amortized cost: FL PALM 21,839,085 Money market funds 944,576 Total 120,645,279 $ Derivative Instruments Derivative Liabilities (30,319) $ - $ (30,319) $ - $ Fair Value Measurements Using Debt and equity securities classified in Level 1 are valued using prices quoted in active markets for those securities. Debt and equity securities classified in Level 2 are valued as follows:  U.S. Government Obligations and Corporate Notes are valued by obtaining feeds continuously from a number of live data sources including active market makers and inter-dealer brokers. Sources are reviewed on the basis of their historical accuracy for individual issues and maturity ranges.  Mortgage-Backed Securities are valued by incoming market data enriched to derive spread, yield, and/or price date as appropriate, enabling known data points to be extrapolated for application across a range of related securities.  Collateralized Mortgage Obligations are valued by obtaining available trades, covers, bids, offers and price talk for similar obligations. Evaluation of tranches are based on interpretation of accepted modeling, trading, and pricing conventions.  Municipal Obligations are valued based on internal yield curves adjusted throughout the day based on trades and other pertinent market information.  Derivative instruments classified in Level 2 are valued using a risk adjusted valuation/income approach, which uses the discounted cash flow method to discount the amounts of market expected future cash flows to a single present value, using a rate of return that takes into account the relative risk of cash flows and time value of money. The risk adjusted amount is applied to the nonperformance risk free valuation to get the fair value. See Note IX for additional details. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 43 III. DEPOSITS AND INVESTMENTS (Continued) Fair Value Measurements (Continued)  Investments measured at net asset value (“NAV”) per share (or its equivalent) is based on S&P Global Ratings’ analysis of portfolio’s credit quality, investment policies, market price exposure, and management. To meet its investment objectives, the fund invests its assets in high-quality securities such as U.S. Treasury obligations, U.S. government and agency obligations, commercial paper, corporate notes and bonds, certificates of deposit, negotiable bank deposit notes, banker’s acceptances, municipal obligations, floating/variable rate obligations, FDIC-insured certificates of deposits, other money-market funds, and repurchase agreements. The weighted average maturity to reset (WAM®) of the pool is managed at 60 days or less to help provide liquidity for redemptions and to limit market exposure. Securities classified as Level 3 have limited trade information, these securities are priced using the last trade price or estimated using recent trade prices. IV. RECEIVABLES Receivables as of September 30, 2025 are as follows: Intergovernmental Franchise Fees & Utility Taxes Grants Other Total General Fund 1,282,318 $ 4,664,722 $ 1,840,243 $ 872,299 $ 8,659,582 $ Stormwater Fund 244,650 - 125,000 - 369,650 Non-Major Funds 1,348,725 - - - 1,348,725 2,875,693 $ 4,664,722 $ 1,965,243 $ 872,299 $ 10,377,957 $ V. INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS Interfund balances at September 30, 2025 were as follows: Interfund Receivable Interfund Payable General Fund 3,177,417 $ 6,160,082 $ Stormwater Fund 6,160,082 - Non-major governmental funds - 3,177,417 9,337,499 $ 9,337,499 $ The outstanding balances between funds result mainly from the time lag between the dates that (1) interfund goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system, and (3) payments between funds are made. Interfund transfers for the year ended September 30, 2025 were as follows: Transfers In Transfers Out General Fund 3,989,138 $ 1,727,200 $ Non-major governmental funds 1,327,200 3,589,138 5,316,338 $ 5,316,338 $ CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 44 V. INTERFUND RECEIVABLES, PAYABLES AND TRANSFERS (Continued) Transfers are used to: (1) move revenues from the fund that is required to collect them to the fund that is required or allowed to expend them; (2) move receipts restricted to or allowed for debt service from the funds collecting the receipts to the debt service fund as debt service payments become due; and (3) use unrestricted revenues collected in the General Fund to finance various programs accounted for in other funds in accordance with budgetary authorizations. VI. CAPITAL ASSETS Capital assets activity for the fiscal year ended September 30, 2025 was as follows: Beginning Additions Deletions Transfers Ending Governmental activities Capital assets not being depreciated: Land 79,970,764 $ 17,200,000 $ - $ - $ 97,170,764 $ Construction in progress - infrastructure and buildings 165,882,303 24,068,377 - (4,118,125) 185,832,555 Total capital assets not being depreciated 245,853,067 41,268,377 - (4,118,125) 283,003,319 Capital assets being depreciated: Buildings 83,290,406 87,337 - - 83,377,743 Infrastructure 146,105,274 2,079,557 - 4,114,025 152,298,856 Public domain and system infrastructure 7,193,940 - - - 7,193,940 Furniture, fixtures and equipment 24,186,686 3,796,113 - 4,100 27,986,899 Vehicles 16,386,134 5,371,343 - - 21,757,477 Intangible right-to-use software agreements 1,850,706 537,665 - 2,388,371 Total capital assets being depreciated 279,013,146 11,872,015 - 4,118,125 295,003,286 Less accumulated depreciation for: Buildings (14,148,869) (1,677,306) - - (15,826,175) Infrastructure (96,501,288) (3,524,776) - - (100,026,064) Public domain and system infrastructure (5,693,185) (359,697) - - (6,052,882) Furniture, fixtures and equipment (21,838,804) (1,011,457) - - (22,850,261) Vehicles (12,270,502) (1,792,051) - - (14,062,553) Intangible right-to-use software agreements (720,180) (395,133) - (1,115,313) Total accumulated depreciation (151,172,828) (8,760,420) - - (159,933,248) Total capital assets being depreciated, net 127,840,318 3,111,595 - 4,118,125 135,070,038 Governmental activities capital assets, net 373,693,385 $ 44,379,972 $ - $ - $ 418,073,357 $ Business-type activities Capital assets not being depreciated: Infrastructure assets - construction in progress 585,548 $ 367,500 $ - $ - $ 953,048 $ Capital assets being depreciated: Infrastructure assets - stormwater improvements 45,670,468 282,856 - - 45,953,324 Furniture, fixtures and equipment 182,269 - - - 182,269 Vehicles 69,681 - - - 69,681 Vehicles - leased 520,000 - - - 520,000 Total capital assets being depreciated 46,442,418 282,856 - - 46,725,274 Less accumulated depreciation for: Infrastructure assets - stormwater improvements (10,894,995) (1,144,511) - - (12,039,506) Furniture, fixtures and equipment (135,399) (22,566) - - (157,965) Vehicles (69,681) - - - (69,681) Vehicles - leased (95,333) (104,000) - - (199,333) Total accumulated depreciation (11,195,408) (1,271,077) - - (12,466,485) Total capital assets being depreciated, net 35,247,010 (988,221) - - 34,258,789 Business-type activities capital assets, net 35,832,558 $ (620,721) $ - $ - $ 35,211,837 $ CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 45 VI. CAPITAL ASSETS (Continued) Depreciation expense charged to functions/programs of the City are as follows: Governmental activities: General government 736,402 $ Police 2,103,256 Public works 2,774,500 Parks and recreation 3,084,514 Building 49,156 Planning, zoning and code enforcement 12,592 Total depreciation expense - governmental activities 8,760,420 $ Business-type activities: Stormwater 1,271,077 $ VII. LONG-TERM DEBT GENERAL OBLIGATION BONDS General Obligation Bonds, Series 2019 On April 10, 2019, the City issued $45,100,000 of General Obligation Bonds. The bonds were issued to finance the construction and improvement of parks and recreational facilities with safety features, including, but not limited to green spaces, community centers, cultural amenities, aquatic facility, playgrounds, sports fields and approximately five miles of walking/cycling trails; and paying certain costs and expenses relating to the issuance of the bonds. The bonds bear interest at a rate between 3% and 5%, and is payable semiannually on January 1 and July 1, commencing on January 1, 2020. The bonds are secured by ad-valorem tax revenues. An event of default is failure to make a payment of principal or interest due on the bond. In the event of default, the owners of not less than 25% of the aggregate principal amount of the Series 2019 Bonds outstanding may, by suit or other proceedings, protect and enforce any and all rights of the bondholders under the laws of the State of Florida. Arbitrage refers to the profit earned by investing tax-exempt bond funds in higher yielding investments. Under federal arbitrage regulations, an issuer of tax-exempt bonds is allowed to earn this profit for a certain period of time during the construction period of the related project. Once this time period has expired, the profit realized on any recurring bond proceeds is subject to rebate to the federal government. These federal arbitrage regulations apply to all of tax-exempt issues. As of September 30, 2025, the City is not subject to the rebate provisions of the arbitrage regulations on its Series 2019 General Obligation Bonds. Debt service requirements to maturity for the fiscal year ended September 30, 2025 are summarized as follows: Principal Interest Total 2026 1,135,000 $ 1,305,331 $ 2,440,331 $ 2027 1,190,000 1,248,581 2,438,581 2028 1,250,000 1,189,081 2,439,081 2029 1,310,000 1,126,581 2,436,581 2030 1,375,000 1,061,081 2,436,081 2031-2035 7,530,000 4,660,556 12,190,556 2036-2040 8,730,000 3,461,156 12,191,156 2041-2045 10,140,000 2,045,937 12,185,937 2046-2048 6,885,000 434,688 7,319,688 Total 39,545,000 $ 16,532,993 $ 56,077,993 $ CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 46 VII. LONG-TERM DEBT (Continued) GENERAL OBLIGATION BONDS (Continued) General Obligation Bonds, Series 2021 On May 19, 2021, the City issued $86,145,000 of General Obligation Bonds. The bonds were issued to finance the construction and improvement of parks and recreational facilities with safety features, including, but not limited to green spaces, community centers, cultural amenities, aquatic facility, playgrounds, sports fields and approximately five miles of walking/cycling trails; and paying certain costs and expenses relating to the issuance of the bonds. The bonds bear interest at a 5% rate, and is payable semiannually on January 1 and July 1, commencing on January 1, 2022. The bonds are secured by ad-valorem tax revenues. An event of default is failure to make a payment of principal or interest due on the bond. In the event of default, the owners of not less than 25% of the aggregate principal amount of the Series 2021 Bonds outstanding may, by suit or other proceedings, protect and enforce any and all rights of the bondholders under the laws of the State of Florida. Arbitrage refers to the profit earned by investing tax-exempt bond funds in higher yielding investments. Under federal arbitrage regulations, an issuer of tax-exempt bonds is allowed to earn this profit for a certain period of time during the construction period of the related project. Once this time period has expired, the profit realized on any recurring bond proceeds is subject to rebate to the federal government. These federal arbitrage regulations apply to all of tax-exempt issues. As of September 30, 2025, the City is not subject to the rebate provisions of the arbitrage regulations on its Series 2021 General Obligation Bonds. Debt service requirements to maturity for the fiscal year ended September 30, 2025 are summarized as follows: Principal Interest Total 2026 1,840,000 $ 3,302,800 $ 5,142,800 $ 2027 1,930,000 3,210,800 5,140,800 2028 2,025,000 3,114,300 5,139,300 2029 2,130,000 3,013,050 5,143,050 2030 2,235,000 2,906,550 5,141,550 2031-2035 12,710,000 12,997,200 25,707,200 2036-2040 15,460,000 10,243,600 25,703,600 2041-2045 18,810,000 6,894,200 25,704,200 2046-2048 22,890,000 2,818,800 25,708,800 Total 80,030,000 $ 48,501,300 $ 128,531,300 $ REVENUE BONDS Capital Improvement Bonds Payable: On May 4, 2006 the City issued $21,250,000 of Capital Improvement Revenue Bonds, Series 2006A (tax-exempt bonds) for $10,000,000 and Series 2006B (taxable bonds) for $11,250,000. The Bonds were issued to finance the acquisition of land for City parks and for improvements to Doral Park and Doral Meadows Park, including financing, architectural, engineering, environmental, legal and planning costs. In January of 2007, the City refunded these bonds with Capital Improvement Revenue Refunding Bonds Series 2007A for $10 million (tax-exempt) and 2007B for $1.25 million (taxable) bonds. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 47 VII. LONG-TERM DEBT (Continued) Capital Improvement Revenue Bond Series 2006A (Reissuance): This facility is a bank qualified tax-exempt bond in the amount of $10 million. This bond bears interest on the outstanding principal at a variable rate equal to 65% of 3-month SOFR plus .45%. Principal and interest payments are due quarterly through the maturity of the bonds in April 1, 2027. On April 21, 2006, the City entered into a master swap agreement to make the effective interest rate on the outstanding balance of the bonds to be a fixed 4.24%. The details of the swap transactions are discussed below. As a result of changes to the Internal Revenue Code that became effective as of January 1, 2018, the Series 2006A Bonds became subject to a corporate tax rate adjustment which triggered a provision of the financing documents related to the loan, providing for an automatic adjustment to the interest rate. The purchaser of the bonds waived the corporate tax rate adjustment (“adjustment waiver”). The adjustment waiver caused the prior Series 2006A Bonds to be treated as retired and reissued in May 2018 for federal tax purposes. In May 2018 the Bonds were reissued with no proceeds being received in connection with the issuance, and the outstanding principal balance and maturity date remained the same. All applicable fees were waived and the interest rate and swap agreement on the loan remained the same. Capital Improvement Revenue Bond Series 2007A (Reissuance): This facility is a bank qualified tax exempt bond that was issued for the purpose of refunding, on a tax-exempt basis, $10,000,000 of the City’s Capital Improvement Revenue Bonds, Series 2006B (taxable). This bond bears interest on the outstanding principal at a variable rate equal to 65% of 3-month SOFR plus .45%. Principal and interest payments are due quarterly through the maturity of the bonds in April 1, 2027. On April 27, 2006, the City entered into a master swap agreement to make the effective interest rate on the outstanding balance of the bonds to be a fixed 4.27%. The details of the swap transactions are discussed below. As a result of changes to the Internal Revenue Code that became effective as of January 1, 2018, the Series 2007A Bonds became subject to a corporate tax rate adjustment which triggered a provision of the financing documents related to the loan, providing for an automatic adjustment to the interest rate. The purchaser of the bonds waived the corporate tax rate adjustment (“adjustment waiver”). The adjustment waiver caused the prior Series 2007A Bonds to be treated as retired and reissued in May 2018 for federal tax purposes. In May 2018 the Bonds were reissued with no proceeds being received in connection with the issuance, and the outstanding principal balance and maturity date remained the same. All applicable fees were waived and the interest rate and swap agreement on the loan remained the same. Capital Improvement Revenue Bond Series 2007B: This facility is a bank qualified taxable bond that was issued for the purpose of refunding, on a taxable basis, $1,250,000 of the City’s Capital Improvement Revenue Bonds, Series 2006B (taxable). This bond bears interest on the outstanding principal at a variable rate equal to 65% of 3-month SOFR plus .45%. Principal and interest payments are due quarterly through the maturity of the bonds in April 1, 2027. The bonds are all secured by non ad-valorem tax revenues. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 48 VII. LONG-TERM DEBT (Continued) Debt service requirements to maturity for the fiscal year ended September 30, 2025 are summarized as follows: Series 2006A Principal Interest Total 2026 702,226 $ 41,877 $ 744,103 $ 2027 546,453 11,625 558,078 Total 1,248,679 $ 53,502 $ 1,302,181 $ Series 2007A Principal Interest Total 2026 703,762 $ 42,272 $ 746,034 $ 2027 547,788 11,737 559,525 Total 1,251,550 $ 54,009 $ 1,305,559 $ Series 2007B Principal Interest Total 2026 98,485 $ 8,216 $ 106,701 $ 2027 77,731 2,296 80,027 Total 176,216 $ 10,512 $ 186,728 $ Stormwater Utility Revenue Bonds The City is required to pay the County its pro rata share for the Stormwater Utility Revenue Bonds, Series 1999 and 2004 issued prior to the City’s incorporation. On September 16, 2013 the Miami-Dade County Stormwater Utility Revenue Refunding Bonds, Series 2013, refunded all of the outstanding Stormwater Utility Revenue Bonds, Series 1999 and Series 2004, except for the Stormwater Utility Revenue Bonds, Series 2004, maturing on April 1, 2014 and April 1, 2015. As a result of this, the County adjusted the City’s required payment schedule. This resulted in a reduction in the amount of interest to be paid over the remaining life and an increase in the amount of principal to be paid. This resulted in a cash flow savings of approximately $35,000 per year over the life of the new payment plan to the County. As a result of the increase in principal to be paid, during 2014 the City reported a deferred loss on refunding of $576,213 in the statement of net position which is being amortized to interest expense over the remaining life of the debt. As of September 30, 2025, there is no remaining balance for the deferred loss on refunding. Debt service requirements to maturity for the fiscal year ended September 30, 2025 are summarized as follows: Principal Interest Total 2026 473,285 $ 101,986 $ 575,271 $ 2027 496,720 78,322 575,042 2028 521,992 54,405 576,397 2029 547,723 27,386 575,109 Total 2,039,720 $ 262,099 $ 2,301,819 $ CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 49 VII. LONG-TERM DEBT (Continued) Quality Neighborhood Improvement Program (QNIP Bonds) As a condition of incorporation, the City agreed to pay the County its pro rata share for the Public Service Tax Revenue Bonds, Series 1999 and 2002 (the QNIP Bonds) issued prior to the City’s incorporation. The City agreed that, until the bonds have been paid or provision made for their payment pursuant to the ordinance enacted by the County, the County shall have the right to receive and apply to debt service on the bonds all of the public service taxes, as defined, collected on behalf of the City with respect to bonds outstanding at the time of the municipal incorporation. During the fiscal year ended September 30, 2012, the County refinanced the Public Service Tax Revenue Bonds, Series 1999 and 2002 with the Public Service Tax Refunding Bonds (UMSA), Series 2011. During the fiscal year ended September 30, 2021, the County refinanced the Series 2011 bond with the Public Service Tax Refunding Bonds (UMSA), Series 2021. The new bond bears interest of 5.00% and are due in annual installments ranging from $110,905 to $289,460 through September 2027. The new issue will reduce debt service payments for the City by $131,500 with an economic gain of $107,838. The payment for the fiscal year ended September 30, 2025 was $110,905 and the balance of the remaining principal payments range from $116,850 to $122,795. Debt service requirements to maturity for the fiscal year ended September 30, 2025 are summarized as follows: Principal Interest Total 2026 116,850 $ 11,982 $ 128,832 $ 2027 122,795 6,140 128,935 Total 239,645 $ 18,122 $ 257,767 $ NOTE PAYABLE On March 11, 2020, the City Council issued a note payable to purchase tasers, in the amount of $516,006. This note payable bears interest on the outstanding principal balance at a rate of 1.75%. Principal and interest payments were to be due annually through maturity of the note payable on October 1, 2024. During 2025, the note payable, which had a remaining principal balance of $105,037, was repaid. On January 15, 2025, the City Council approved the City to enter into a note payable agreement to purchase tasers, in the amount of $848,642. This note payable bears interest on the outstanding principal balance at a rate of 7.75%. Principal and interest payments are due annually through maturity of the note payable on September 1, 2029. Debt service requirements to maturity for the fiscal year ended September 30, 2025 are summarized as follows: Principal Interest Total 2026 174,145 $ 64,644 $ 238,789 $ 2027 192,397 46,392 238,789 2028 210,650 28,140 238,789 2029 228,902 9,887 238,789 Total 806,094 $ 149,063 $ 955,157 $ CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 50 VII. LONG-TERM DEBT (Continued) SUBSCRIPTIONS The various desktop and server software subscription arrangement is a five-year agreement, initiated in fiscal year 2023 with an annual payment of $314,137. There are no options to extend the 2023 arrangement or purchase the software. The City has imputed an interest rate of 6.25% to determine the present value of the intangible right-to-use asset and SBITA liability. The online live chat software arrangement is a two-year agreement, initiated in fiscal year 2023 with an annual payment of $14,687. There are no options to extend the 2023 arrangement or purchase the software. The City has imputed an interest rate of 8.25% to determine the present value of the intangible right-to-use asset and SBITA liability. The video and data collaboration software arrangement is a five-year agreement, initiated in fiscal year 2025 with annual payments ranging from $99,000 to $146,016. There are no options to extend the 2025 arrangement or purchase the software. The City has imputed an interest rate of 8% to determine the present value of the intangible right-to-use asset and SBITA liability. The combined future subscription payments under SBITA agreements are as follows: Principal Interest Total 2026 339,304 $ 87,332 $ 426,636 $ 2027 384,366 64,771 449,137 2029 415,646 38,891 454,537 2029 135,173 10,845 146,017 Total 1,274,488 $ 201,839 $ 1,476,327 $ LEASE During the fiscal year ended September 30, 2024, the City entered into a lease for one (1) stormwater vacuum truck. Total lease and related assets are valued at $520,000 at an imputed interest rate of 4.36% and require monthly payments amounting to $104,803. The latest maturity of the leases is November 2028. Debt service requirements to maturity for the fiscal year ended September 30, 2025 are summarized as follows: Principal Interest Total 2026 89,463 $ 15,340 $ 104,803 $ 2027 93,361 11,442 104,803 2028 97,428 7,375 104,803 2029 72,319 3,131 75,450 Total 352,571 $ 37,288 $ 389,859 $ CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 51 VII. LONG-TERM DEBT (Continued) Long-term debt activity for the fiscal year ended September 30, 2025 was as follows: Due Within Beginning Additions Reductions Ending One Year Capital Improvement Revenue Bonds: Series 2006A 1,921,903 $ - $ 673,224 $ 1,248,679 $ 702,226 $ Series 2007A 1,926,046 - 674,496 1,251,550 703,762 Series 2007B 269,117 - 92,901 176,216 98,485 Total Bonds 4,117,066 - 1,440,621 2,676,445 1,504,473 General Obligation Bonds: Series 2019 40,625,000 - 1,080,000 39,545,000 1,135,000 Plus: premium on bonds issued 1,585,436 - 69,946 1,515,490 - Series 2021 81,780,000 - 1,750,000 80,030,000 1,840,000 Plus: premium on bonds issued 17,611,425 - 329,123 17,282,302 - Total Bonds 141,601,861 - 3,229,069 138,372,792 2,975,000 Other Liabilities: QNIP bonds 350,550 - 110,905 239,645 116,850 OPEB liability 1,263,673 85,150 - 1,348,823 - Notes payable 105,307 848,642 147,855 806,094 174,145 Subscriptions 1,095,700 537,665 358,877 1,274,488 339,304 Compensated absences 3,427,984 4,009,972 3,693,213 3,744,743 250,000 Net pension liability 40,595,157 4,440,398 10,401,974 34,633,581 - Total Other Liabilities 46,838,371 9,921,827 14,712,824 42,047,374 880,299 Total Governmental Activities Long-Term Liabilities 192,557,298 $ 9,921,827 $ 19,382,514 $ 183,096,611 $ 5,359,772 $ Stormwater Utility Revenue Bonds 2,490,490 $ - $ 450,770 $ 2,039,720 $ 473,285 $ Leases 437,850 - 85,279 352,571 89,914 Total Governmental Activities Long-Term Liabilities 2,928,340 $ - $ 536,049 $ 2,392,291 $ 563,199 $ Governmental Activities Business-Type Activities VIII. INTEREST RATE SWAPS GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments (GASB 53) addresses the recognition, measurement, and disclosure of information regarding derivative instruments entered into by state and local governments. In accordance with the standard, all derivatives are reported on the statement of net position at fair value, and all hedges must be tested for effectiveness to qualify for hedge accounting. The tests are outlined in GASB 53. Depending on the test results, the changes in fair value are either reported on the statement of net position as a deferral, or in the statement of activities as investment revenue or loss. An independent party was engaged to perform the valuations and required tests on the swaps. Using the Consistent Critical Terms method of effectiveness testing, the City’s swaps qualify for hedge accounting under GASB 53, therefore all cumulative changes in fair value as of September 30, 2025, all swap liabilities, are offset by a corresponding deferred outflow of resources on the statement of net position. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 52 VIII. INTEREST RATE SWAPS (Continued) Both pay-fixed swap transactions are associated with variable debt. Combining a pay-fixed receive-variable rate swap with variable debt results in what is termed “synthetic” fixed rate debt. It is called synthetic because the economics are similar to fixed rate debt, but another instrument is involved unlike regular fixed rate debt. The fair values of the swaps take into consideration the prevailing interest rate environment and the specific terms and conditions of each swap. The following tables provides a summary of the basic terms of the swap agreements as of September 30, 2025: Associated Bonds Initial Notional Current Notional Effective Date Maturity Date Rate Paid Rate Received Fair Value Bank Conterparty Counterparty Ratings Moody's/S&P/Fitch Series 2006 A 10,000,000 1,248,678 5/4/2006 4/1/2027 4.24% 65% of 3-Month SOFR + 0.58% ($14,955) Regions Bank Baa1/A-/A- Series 2007 A 10,000,000 1,251,550 1/16/2007 4/1/2027 4.27% 65% of 3-Month SOFR + 0.58% ($15,364) Regions Bank Baa1/A-/A- ($30,319) Series 2006 A and Series 2007 A Interest Rate Swaps Objectives of the Interest Rate Swaps: To reduce its interest rate risk, the City entered into an interest rate swap effective May 4, 2006 in connection with its $10,000,000 Series 2006 A Bonds, and another swap effective January 16, 2007 in connection with its $10,000,000 Series 2007 A Bonds. The intention of the swaps is to effectively change the City’s variable interest rate on the bonds to a synthetic fixed rate of 4.24% and 4.27% respectively. Terms: The bonds and the related swap agreements mature on April 1, 2027, and the swap’s notional amounts of $10 million matches the $10 million variable-rate bonds. The notional amounts of the swap and the principal amounts of the associated debt begin to decline at the same amounts. The City pays the counterparty a fixed payment of 4.24% and 4.27% and receives a variable payment computed at 65% of the 3- month Secured Overnight Financing Rate (SOFR) plus 0.58%, just like the underlying variable rate bonds. Fair Value: Long-term interest rates have declined since the execution of the swaps and as of September 30, 2025 the swaps had a fair value of $14,955 and $15,364 for the Series 2006 A and Series 2007 A swaps respectively. The fair market value of the swap was calculated using the zero-coupon method and included nonperformance risk. The zero-coupon method calculates the future net settlement payments required by the swap, assuming that the current forward rates implied by the yield curve correctly anticipate future spot interest rates. These payments are then discounted using the spot rates implied by the current yield curve, which take into account the relative risk of cash flows and time value of money, for hypothetical zero-coupon bonds due on the date of each future net settlement on the swap. For each swap, the nonperformance risk was computed as the total cost of the transactions required to hedge the default exposure. Default probabilities were derived from observable inputs that fall into Level 2 of the GASB Statement No. 72 fair value hierarchy. A risk adjusted amount is calculated using the income approach, which uses the discounted cash flow method to discount the amounts of market expected future cash flows to a single present value, using a rate of return that takes into account the relative risk of cash flows and time value of money. The difference between the nonperformance risk free valuation and risk adjusted valuation is the transaction’s risk adjusted amount. This risk adjusted amount is applied to the nonperformance risk free valuation to get the fair value under GASB 72. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 53 VIII. INTEREST RATE SWAPS (Continued) Credit Risk: As of September 30, 2025, the City was not exposed to credit risk because the swaps had a negative fair value. However, should interest rates change and the fair value of the swap become positive, the City would be exposed to credit risk in the amount of the derivative’s fair value if there was an early termination. The swap counterparty was rated Baa1 by Moody’s, A- by Standard & Poor’s, and A- by Fitch as of September 30, 2025. Basis Risk: The basis risk is the difference between the interest paid on the variable rate bonds and the floating amount received from the interest rate swap. There is no basis risk on the swaps. Termination Risk: The City or the counterparty may terminate the swap if the other party fails to perform under the terms of the contract. The counterparty does not have an option to terminate the transactions and is expected to perform through their maturity. If either swap were terminated, the variable-rate bonds would no longer carry a synthetic fixed interest rate. If either swap were terminated and at the time of termination the swap has a negative fair value, the City would be liable to the counterparty for a payment equal to the swap’s fair value. IX. EMPLOYEE RETIREMENT PLANS Elected Officials Retirement Plan The City maintains a defined benefit single-employer pension plan, the Elected Officials Retirement Plan (the “Plan”), which covers the mayor and city council members. Plan Description and Benefits Provided The Plan is a single-employer defined benefit pension plan that covers the mayor and City Council members. The Plan was established on February 10, 2021 by the City Council. The administration of the retirement system is vested in an administrative committee which is made up of three members. Plan amendments must be authorized by the City Council. The Plan provides retirement benefits until death to Plan members and beneficiaries. The Plan does not issue a separate financial report. Any elected official, who has served two full terms of office or for a period of eight years and who has reached the retirement age and no longer serves as an elected official in the City, and applies for benefits, shall be entitled during the remainder of their life to an annual pension benefit equal to fifty percent (50%) of the elected official’s compensation. The compensation shall equal the average of the last three years of compensation of their term of office. Upon vesting and each year of service as an elected officer thereafter, the retirement benefit shall increase by twelve and one-half percent (12.5%) for each additional year of service to a maximum of one hundred percent (100%) of the highest compensation. A vested elected official that no longer serves as an elected official in the City who has served for eight years and has reached the retirement age and no longer serves as an elected official in the City shall be entitled during the remainder of their life to a credit towards the health insurance premium equal to a payment by the City totaling fifty percent (50%) of the cost of the health benefits for themselves and their immediate families from the City under one of the plans offered to employees. Upon the death of the beneficiary, the health benefits shall continue to be paid for on behalf of the family for ten additional years. Upon vesting and each year of service as an elected officer thereafter, the contribution towards the health insurance premium shall increase by twelve and one-half percent (12%) for each year of service to a maximum of one hundred percent (100%) of the cost of the health insurance premium. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 54 IX. EMPLOYEE RETIREMENT PLANS (Continued) Elected Officials Retirement Plan (Continued) Funding Requirement Plan members shall not be required to make any contributions to the retirement system. The City shall make all required contributions as determined by the actuary for the retirement plan. The actual contribution from the City for active members were actuarially determined using the actuarial valuation as of October 1, 2025 for the fiscal year ended September 30, 2025. The contribution consisted of $0 on September 30, 2025. Plan membership At September 30, 2025, membership consisted of: Inactive plan members or beneficiaries currently receiving benefits 5 Inactive plan members entitled to but not yet receiving benefits 1 Active plan members 5 Total 11 Net Pension Liability The City’s net pension liability was measured as of September 30, 2025. The total pension liability used to calculate the net pension liability was determined as of the date. The components of the net pension liability at September 30, 2025, were as follows. Total pension liability 3,951,009 $ Plan fiduciary net position (722,420) Net pension liability 3,228,589 $ Plan fiduciary net position as a percentage of the total pension liability 18.28% Significant Actuarial Assumptions The total pension liability was determined by an actuarial valuation as of September 30, 2025, using the following actuarial assumptions: Salary increases 2%, including inflation Investment rate of return 5%, net of pension plan investment expense, including inflation Mortality Public 2010 General Mortality Tables with generational projection by Scale MP-2021 CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 55 IX. EMPLOYEE RETIREMENT PLANS (Continued) Elected Officials Retirement Plan (Continued) Discount Rate A single discount rate of 5% was used to measure the total pension liability. This single discount rate was based on the expected rate of return on pension plan investments of 5%. The projection of cash flows used to determine this single discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the determined contribution rates. Based on these assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments 5% was applied to all periods of projected benefit payments to determine the total pension liability. Changes in Net Pension Liability (A) (B) (A-B) Total Pension Liability Plan Fiduciary Net Position Net Pension Liability Balance as of September 30, 2024 4,369,169 $ 653,154 $ 3,716,015 $ Changes for the Year: Service Cost 79,584 - 79,584 Interest 218,458 - 218,458 Difference between expected and actual experience (716,202) - (716,202) Net investment income - 74,683 (74,683) Administrative expenses - (5,417) 5,417 Net Changes (418,160) 69,266 (487,426) Balance as of September 30, 2025 3,951,009 $ 722,420 $ 3,228,589 $ Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption The following presents the Plan’s net pension liability, calculated using a single discount rate of 5%, as well as what the plan’s net pension liability would be if it were calculated using a single discount rate that is 1- percentage-pont lower or 1-percentage-point higher: 1% Current 1% Decrease Discount Rate Increase (4.00%) (5.00%) (6.00%) 3,817,072 $ 3,228,589 $ 2,755,395 $ City's net pension liability Pension Expense and Deferred Outflows/(Inflows) of Resources For the year ended September 30, 2025, the City will recognize pension expense of $159,026. On September 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to the Plan from the following sources: CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 56 IX. EMPLOYEE RETIREMENT PLANS (Continued) Elected Officials Retirement Plan (Continued) Pension Expense and Deferred Outflows/(Inflows) of Resources (Continued) Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual experience 169,707 $ 513,845 $ Net difference between projected and actual earnings on pension plan investments - 155,506 Total 169,707 $ 669,351 $ Amounts reported as deferred outflows of resources and deferred inflows of resources related to the Plan will be recognized in pension expense as follows: Deferred Year Ending Outflows/(Inflows) September 30, of Resources 2026 (111,866) $ 2027 (122,988) 2028 (113,298) 2029 (151,492) Total (499,644) $ Florida Retirement System Plan The City’s sworn employees are eligible to participate in the Florida Retirement System (FRS). As provided by Chapters 121 and 112, Florida Statutes, the FRS provides two cost sharing, multiple-employer defined benefit pension plans administered by the Florida Department of Management Services, Division of Retirement, including the Pension Plan and the Retiree Health Insurance Subsidy (HIS Plan). Under

4501, Florida Statutes, the FRS also provides a defined contribution plan (Investment Plan) alternative to the Pension Plan, which is administered by the State Board of Administration (SBA). As a general rule, membership in the FRS is compulsory for all employees working in a regularly established position for a state agency, county government, district school board, state university, community college, or a participating city or special district within the State of Florida. The FRS provides retirement and disability benefits, annual cost- of-living adjustments, and death benefits to plan members and beneficiaries. The Florida Legislature establishes and may amend the contribution requirements and benefit terms of all FRS plans. The plan administrator for the FRS prepares and publishes its own stand-alone annual comprehensive financial report, including financial statements and required supplementary information. Copies of this report can be obtained from the Department of Management Services, Division of Retirement, Bureau of Research and Member Communications or at the Division’s website. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 57 IX. EMPLOYEE RETIREMENT PLANS (Continued) Pension Plan Plan Description and Benefits Provided The Pension Plan is a multiple-employer cost sharing defined benefit pension plan. All budgeted sworn City employees are eligible to participate in the Pension Plan. The City's covered payroll for the 161 employees covered by FRS for the year ended September 30, 2025 was $16,701,784. The 2011 Florida Legislative session passed Senate Bill 2100, making substantive changes to the FRS. The bill was signed into law effective July 1, 2011. The bill requires all FRS Investment and Pension Plan members to make 3% employee contributions on a pretax basis. Employees who are in the Deferred Retirement Option Program (DROP) are not required to pay employee contributions. The bill changed the annual interest rate of the DROP from 6.5% to 1.3% per year. Furthermore, the bill eliminated the cost-of-living adjustment (COLA) on FRS services earned on or after July 1, 2011. However, a reduced COLA will be calculated if a member’s retirement or DROP participation date is effective on or after August 1, 2011. Employees enrolled in the Plan prior to July 1, 2011, vest at six years of creditable service and employees enrolled in the Plan on or after July 1, 2011, vest at eight years of creditable service. All vested members enrolled prior to July 1, 2011 are eligible for normal retirement benefits at age 62 or at any age after 30 years of service (except for members classified as special risk who are eligible for normal retirement benefits at age 55 or at any age after 25 years of service). All members enrolled in the Plan on or after July 1, 2011, once vested, are eligible for normal retirement benefits at age 65 or any time after 33 years of creditable service (except for members classified as special risk who are eligible for normal retirement benefits at age 60 or at any age after 30 years of service). Members of the Plan may include up to 4 years of credit for military service toward creditable service. The Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member retires before his or her normal retirement date. The Plan provides retirement, disability, death benefits, and annual cost-of-living adjustments to eligible participants. Contributions and Funding Policy The City required contribution rates are established by the Florida Legislature. Employees within 5 years of retirement may elect to participate in the DROP. The City contribution rates from October 1, 2024 through June 30, 2025, and from July 1, 2025 through September 30, 2025, were 21.13% and 22.02%, respectively, of salaries for participants of the DROP. During 2025 the City had four (4) employees participating in this program. Effective July 1, 2011 employees are required to contribute 3% of salaries to the Pension Plan. Sworn employees who have retired under the FRS and are no longer eligible for the “special risk” retirement rate will receive regular class rate contributions from the City. The employer contribution for regular employees and special risk members applicable to the last three fiscal years are as follows: Employer Contribution Rates Regular Employees Special Risk Members Effective 7/1/23 11.51% 30.61% Effective 7/1/24 11.57% 30.73% Effective 7/1/25 11.97% 33.13% CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 58 IX. EMPLOYEE RETIREMENT PLANS (Continued) Pension Plan (Continued) Contributions and Funding Policy (Continued) The City’s contribution to the Pension Plan for the last three years were as follows: 2025 2024 2023 Employer contribution 5,466,754 $ 5,273,483 $ 4,437,849 $ Percentage contributed 100% 100% 100% Pension Liabilities, Pension Expense, and Deferred Outflows/Inflows of Resources Related to Pensions At September 30, 2025, the City reported a liability of $26,228,156 for its proportionate share of the Pension Plan’s net pension liability. The net pension liability was measured as of June 30, 2025, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2025. The City’s proportion of the net pension liability was based on a projection of the City’s long-term share of contributions to the Pension Plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2025, the City’s proportion was approximately 0.085%, which was an increase of approximately 0.011% from its proportion measured as of June 30, 2024. For the year ended September 30, 2025, the City recognized pension expense of $3,538,421 as attributed to the Pension Plan. At September 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to the Pension Plan from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Differences between expected and actual experience 2,801,443 $ - $ Changes of assumptions 3,045,770 - Net difference between projected and actual earnings on pension plan investments - 4,379,055 Changes in proportion and differences between City contributions and proportionate share of contributions 3,012,102 348,164 City contributions subsequent to the measurement date 1,606,946 - 10,466,261 $ 4,727,219 $ The $1,606,946 reported as deferred outflows of resources related to the Pension Plan resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the subsequent fiscal year period. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the Pension Plan will be recognized in pension expense as follows: CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 59 IX. EMPLOYEE RETIREMENT PLANS (Continued) Pension Plan (Continued) Pension Liabilities, Pension Expense, and Deferred Outflows/Inflows of Resources Related to Pensions (Cont.) Deferred Outflows / Fiscal Year End (Inflows), net 2026 4,866,818 $ 2027 196,994 2028 (358,054) 2029 (573,662) Total 4,132,096 $ Actuarial Assumptions The total pension liability in the June 30, 2025 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.40% Salary increases 3.50% average, including inflation Investment rate of return 6.70%, net of pension plan investment expense Mortality rates were based on the PUB-2010 base table, with adjustments for mortality improvements based on Scale MP-2021. The actuarial assumptions used to determine the total pension liability as of June 30, 2025 were based on the results of an actuarial experience study for the period July 1, 2018 - June 30, 2023. The 6.70% rate of return assumption used in the June 30, 2025 calculations was deemed reasonable and appropriate by the actuary per Actuarial Standard of Practice Number 27 (ASOP 27). The long-term expected rate of return on Pension Plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. Each asset class assumption is based on a consistent set of underlying assumptions. These assumptions are not based on historical returns, but instead are based on a forward-looking capital market economic model. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Compound Annual Annual Target Arithmetic (Geometric) Asset Class Allocation Return Return Cash 1% 3.2% 3.2% Fixed income 29% 5.5% 5.4% Global equity 45% 8.5% 6.9% Real estate (property) 12% 8.4% 7.1% Private equity 11% 12.4% 8.8% Strategic investments 2% 6.5% 6.1% Total 100% CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 60 IX. EMPLOYEE RETIREMENT PLANS (Continued) Pension Plan (Continued) Discount Rate The discount rate used to measure the total pension liability was 6.70%. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that employer contributions from participating employers will be made at contractually required rates, actuarially determined. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive plan members. Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected rate of return. Sensitivity of the City’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the City’s proportionate share of the net pension liability calculated using the discount rate of 6.70%, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is one percentage-point lower (5.70%) or one percentage-point higher (7.70%) than the current rate: 1% Current 1% Decrease Discount Rate Increase (5.70%) (6.70%) (7.70%) 51,472,352 $ 26,228,156 $ 5,063,788 $ City's proportionate share of the net pension liability Pension Plan Fiduciary Net Position Detailed information about the Pension Plan’s fiduciary net position is available in the separately issued Florida Retirement System Pension Plan and Other State Administered Systems Annual Comprehensive Financial Report. HIS Plan Plan Description and Benefits Provided The HIS Plan is a multiple-employer cost-sharing defined benefit pension plan established under

363, Florida Statutes, and may be amended by the Florida Legislature at any time. The benefit is a monthly payment to assist retirees of State-administered retirement systems in paying their health insurance costs and is administered by the Florida Department of Management Services, Division of Retirement. For the fiscal year ended September 30, 2025, eligible retirees and beneficiaries received a monthly HIS payment of $5 for each year of creditable service completed at the time of retirement, with a minimum HIS payment of $30 and a maximum HIS payment of $150 per month. To be eligible to receive these benefits, a retiree under a State-administered retirement system must provide proof of health insurance coverage, which may include Medicare. CITY OF DORAL, FLORIDA NOTES TO BASIC FINANCIAL STATEMENTS September 30, 2025 61 IX. EMPLOYEE RETIREMENT PLANS (Continued) HIS Plan (Continued) Contributions and Funding Policy The HIS Plan is funded by required contributions from FRS participating employers as set b