2006 0928 Regular City Commission Meeting

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Summary Minutes: Special City Commission Meeting September 28, 2006 Second Budget Hearing Sunny Isles Beach, Florida Public Speakers: none Commissioner Thaler moved and Commissioner Iglesias seconded a motion to approve the resolution. Resolution No. 2006-989 was adopted by a voice vote of 5-0 in favor. 3B. Budget Ordinance (Public Hearing) An Ordinance of the City Commission of the City of Sunny Isles Beach, Florida, Adopting an Operating and Capital Outlay Budget for the Fiscal Year Commencing October 1, 2006 through September 30,2007, Pursuant to Section 200.65, Florida Statutes (Trim Bill); Authorizing Expenditures of Funds Established by the Budget; Authorizing Encumbrances; Authorizing Issuance of Checks; Providing for Grants and Gifts; Providing for Post Audit; Providing for Severability and Providing for an Effective Date. (First Reading/Hearing 9/14/06) Action: City Clerk Hines read the title and City Manager Szerlag reported that this is our fifth budget meeting that we have had, the document itself delineates a clarity of goals as well as reorganization of management to give us a better chance of achieving those goals, and he thanked the Commission for allowing staff a little latitude to change the document to represent our finances in this fashion. He noted that a summary of the General Fund budget updates was attached that was put together by our new Assistant City Manager over Finance Division, Doug Haag. He said it is essentially a combination of changes that we had made based on our table discussions at the last meeting where we had the opportunity to look at more accurate year-end revenue projections, calibrate those which essentially also brought up our estimated contingency for the end of Fiscal Year 2006-2007, we also have an explanation on each line item in the Revenue accounts that were over $25,000 that exceeded a trend line variance of over 10% which is also included in his letter that was submitted to the Commission. Mayor Edelcup said that he had noted the surplus that we will be ending the current Fiscal Year will stand at approximately $12,600,000.001 which is about $600,000.00 greater then where it was at the end oflast year or the beginning of this year and that is after taking out the $5.5 Million from surplus to buy the Galbut Park, that fund as well as some of the special funds had accumulated enough for the $19.6 Million that we paid for the park and his question is, and he doesn't need the answer tonight, how was it able to grow by that $5.5 Million so that after we took $5.5 Million out we still have the same amount that we started the year with, the $5.5 Million had to flow in to that account this year. Assistant City Manager Doug Haag said he will get that information to him but that one ofthe areas was the property acquisition price, at least the General Fund share was about $1 Million less then projected, it came in around $4.5 Million so that helped a lot. Mayor Ede1cup asked if we I [City Clerk's Note: Per the audit report ending September 30, 2005, the unreserved fund balance for the General Fund was $12,092,323 or 53% of the total General Fund expenditures. It was noted that the projected fund balance as of September 30,2006 will increase to approximately $12,600,000. This was inaccurate. The Correct amount is $10,978,837. Attached and incorporated into these minutes is a Memorandum from Assistant City Manager Douglas M. Haag explaining this correction.] 2