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<br /> <br />To: <br /> <br />Via: <br /> <br />From: <br /> <br />Date: <br /> <br />Re: <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33 160 <br /> <br />City Commission <br />Norman S. Edelcup, Mayor <br />Roslyn Brezin, Vice Mayor <br />Lewis J. Thaler, Commissioner <br />Gerry Goodman, Commissioner <br />Danny Iglesias, Commissioner <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />(305) 947-2150 Building Department <br />(305) 947-5107 Fax <br /> <br />A John Szerlag, City Manager <br />Hans Ottinot, City Attorney <br />Jane A. Hines, City Clerk <br /> <br />MEMORANDUM <br /> <br />The Honorable City Commission <br /> <br />A. John Szerlag, City Manager <br /> <br />Douglas M. Haag, Assistant City Manager/Finance Division <br />J)W\"-~ <br />October 18,2006 <br /> <br />Correction Re: Estimated General Fund Fund Balance as of September 30, 2006 <br /> <br />OVERVIEW: <br /> <br />Fund balance is generally defined as the difference between a fund's assets and liabilities. <br />Changes in fund balance are based on the difference between revenues and expenditures for a <br />given fiscal year. An adequate fund balance is necessary for numerous reasons, such as to <br />have funds available in case of an emergency, unexpected events, cushion economic cycles and <br />special projects. It is also used to maintain or enhance the City's financial position and <br />related bond ratings, to provide cash for operations prior to receipt of revenues and to <br />. .. . <br />mallltalll lllvestment earnlllgs. <br /> <br />The city has been fortunate in the past to maintain a high ratio of fund balance to <br />expenditures. Per the audit report ending September 30, 2005, "..,the unreserved fund balance <br />for the General Fund was $12,092,323 or, 53% of the total General Fund expenditures. <br /> <br />SUMMARY OF GENERAL FUND BUDGET UPDATES: <br /> <br />In a previous memo it was noted that the projected fund balance as of September 30, 2006 will <br />increase to approximately $12,600,000. This was inaccurate. The correct amount is <br />$10,978,837 and supporting detail information form the Adopted Budget is as follows: <br />