2005 0922 Special City Commission Meeting - Budget

Home Browse Search

Summary Minutes: Special City Commission Meeting September 22, 2005 Second Budget Hearing Sunny Isles Beach, Florida and did an analysis and if the Commission decides, and we are within budgeted numbers, we will be able to open that fifth lifeguard stand during the course ofthe Fiscal Year. He said the other changes were to go through what we spent and what was left in each ofthose other accounts which Finance Director Jean Watson will go through. Finance Director Jean Watson circulated a separate handout that showed the activity of the various funds. She said that it contained the activity from October 1, 2004 through August 31, 2005 on impact and other fees that are normally listed with just the fund balances in the budget book. She noted that it was requested at the last hearing to break it down from what the balance was on 10/1/04 of each revenue account, and she went through each fund. City Manager Russo noted that the Parks and Recreation Impact Fees Revenue Fund with a balance of$1.9 Million would be used for the Active Park Project, as well as FY 2006/07. Ms. Watson noted that the TDR funds are for general capital, it is not specific in its choice and the balance in 10/1/04 was $163,000, and the expenses were $1,498,339.00, of that amount she said she invested $1 Million. She noted that she took $500,000 from that account for the Alamo land. City Manager Russo said to reflect the $8.5 Million that is designated for the school. Mayor Edelcup said that or to show the amount expended was the $498,000 and not mention the million so you don't have to add it back and we just know it is invested. He said that part of that projected revenue is for 2006 would also be interest on the $1 Million. City Manager Russo said to separate that out and under the TDRs we should show $8.5 Million as encumbered for the School District. Mayor Edelcup said where the projected revenues of $7.9 Million we probably also should have a line that says encumbered for School District. City Manager Russo said that we looking to do more of a score card than a financial statement where the bottom number would be the unencumbered balance. Mayor Edelcup said basically it is the unencumbered balance or what is available for undesignated at this point to be spent. He said the $2.3 Million is going to get used for Parks and Recreation and it should show that it is earmarked for that. Ms. Watson said that the Commission should get a quarterly report on where we stand because if you are just looking at the list you are looking at real dollars and projected dollars. Mayor Ede1cup suggested having a budget column and have an actual column that you can show at the end ofthe first three months and we can track it. He said it is not a formal accounting document, it is just a guide to help us keep tract of what we have, and Ms. Watson agreed. Ms. Watson said Public Parking started out with $500,000 and expended $600,000, income $1.91 Million. Mayor Edelcup asked where that money went and Ms. Watson said that $500,000 went to the Alamo land that we bought, she said she took a piece from everybody to mix it. She said the Bonus Parking, the beginning was $62,000, expended $300,000, income $1.6 Million, and are projected to get $3.37 Million next year. Ms. Watson said Beach Enhancement is being looked into to see if we can use it for the Parks. City Attorney Ottinot said that he is currently looking into the Code that specifies that certain funds to be used for specific purposes related to that development project. Mayor 2