Ordinance 2024-610 - Laserfiche WebLink

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c,rr OF SUN Pao City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Fl. 33160 305.947.0606 sibfl.net MEMORANDUM Larisa Svechin, Mayor Alex Lama, Vice Mayor Jerry Joseph, Commissioner Fabiola Stuyvesant, Commissioner Jeniffer Viscarra, Commissioner Stan Morris, Cify Manager Mauricio Betancur, City Clerk TO: Honorable Mayor, Vice mayor and Commissioners FROM: Stan Morris, City Manager DATE: February 15, 2024 RE: Additional Information Requested on Items from the February 2024 Agenda As a follow-up to our agenda workshop on Tuesday, 2/12/24, please see the requested additional information below. Item 7A — Budget Amendment The unaudited fund balance increase of $13M over the projected amount seems extraordinary this year alone primarily due to the reclassification of eligible General Fund expenditures to the ABPA fund. As you may recall, in March and April of 2023 you approved a budget amendment that reclassified the ARPA funds into a separate account as recommended by our auditors. At the end of last fiscal year, the eligible expenses for each department were transferred to the general fund thus creating an increase in fund balance for this item alone of $4,560,000. An additional $7.1 M was due to unspent encumbrances that are also being carried forward. Combined, the difference of these leaves a true fund balance increase of $1.4M which is comparable to the past several years. The balance of the increase is due to fees greater than anticipated for services such as recreation programming, off-duty fees, parking and permit fees and higher than anticipated revenues from interest earnings and revenue sharing. The city historically has been fiscally prudent in estimating revenues and expenditures to never end with a deficit. This is a responsible and customary form of budgeting. Page 1 of 7 35