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<br />Preview <br /> <br />Page 1 of2 <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />Minai Shah, Assistant City Manager-Finance <br /> <br />DATE: <br /> <br />5/19/2011 <br /> <br />RE: <br /> <br />FY 2010/2011 Proposed Budget Amendment-Semi-Annual <br /> <br />RECOMMENDATION: <br /> <br />Staff is recommending City Commission approve the Fiscal Year 2010/2011 semi-annual <br />budget amendment to ensure budgetary compliance. <br /> <br />REASONS: <br /> <br />The amendment is necessary to ensure compliance with unanticipated changes to FY <br />2010/2011 Budget. <br /> <br />General Fund (10) <br /> <br />There is an increase of $375,000 in unanticipated charges to operating expenses which is <br />offset by contingency which includes: <br /> <br />A. Separation Costs for the City Manager ($180,000) <br />B. Costs related to the Run-Off Election and the May 24, 2011 Special Election <br />($45,000) <br />C. To account for the $15,000 donation from Navarro Discount Store, which IS <br />earmarked for the Heritage Park grand opening. <br />D. To account for the award and spending of the $200,000 COPS Technology Grant <br />E. To account for property taxes paid on 215 Sunny Isles Blvd. Initially, the City <br />received full exemption on this property and, thus, did not owe property taxes. We <br />received notification in May 2011 that the exemption was reversed and payment must be <br />made for the 2010 property taxes in the amount of $76,200. As a result of the initial <br />exemption, 2011 property taxes were not budgeted. City Attorney's Office is pursuing <br />partial exemption. ($150,000) <br />F. At the end of the Fiscal Year 2009/2010 audit, the City had excess fund balance of <br />$1,950,586 which will be transferred to the Capital Improvement Projects Fund. <br /> <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?ItemID=4 7 5&MeetingID=0&MeetingDate... 5/1212011 <br />