2007 0917 Special City Commission Meeting - Budget

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Summary Minutes: Special City Commission Meeting September 17,2007 First Budget Hearing Sunny Isles Beach, Florida said yes, it stays where the funds are and the funds are in the Capital Projects Funds, and we will probably be transferring the $5 Million Dollars from General to Capital during the month of October. Mayor EdeIcup said counter wise, the $12 Million Dollars General Reserve interest on that can be used for O&M because that is in the O&M account, not in the Capital account. Vice Mayor Thaler asked approximately what rates were used, and Assistant City Manager Haag said approximately 4.5%, rates are starting to drop a little bit so we are being a little bit more conservative in our estimates. Assistant City Manager Haag said the last thing he wanted to point out is at the end of20 1 0- 2011, after we net out all of our projects, our projected revenues, we are still showing an anticipated surplus in the Capital Projects, and in this case, injust the Capital Projects Fund of about $5.5 Million Dollars. Mayor Edelcup said and that is without any 200912010 or 2010/2011 transfers from the General Fund, and Assistant City Manager Haag said that is correct, as we went further out it became a little more conservative as far as projecting those transfers. Mayor Edelcup said that it could be as much as $10 Million Dollars higher, a half a million each year in those final two years, so it could be 15. Assistant City Manager Haag said one of the other things we will have some discussions and present some business cases a little bit later on in the upcoming fiscal year is in regards to the Stormwater Fund. We have a number of fairly large projects that involve stormwater drainage and in the past we have anticipated funding those out of Capital Projects Fund, but realistically those should come out of the Storm water Fund, so one of the things we will be presenting a business case for in the upcoming months is in regards to possibly increasing the rates in the Stormwater Fund and then having the Stormwater Fund rightfully bear the full expense of those projects that are stormwater plated, thus freeing up additional funds. Commissioner Brezin said so then you feel that you will not have to do any transfers, you have enough in that Stormwater Fund to cover the projected work, and Assistant City Manager Haag said not presently, between the Stormwater Fund and the Capital Projects Funds we have enough, but there isn't enough just in Stormwater to cover all the projects. Commissioner Brezin said then that you would access it through the Capital Improvements, and Assistant City Manager Haag said the Capital Projects Fund would loan the Stormwater Fund the money until Storm water can pay it back which may take a few years but that is permitted. Mayor Edelcup said that the Stormwater Fund generates revenue every year. Commissioner Goodman said he noticed that there is $25,000.00 for a beachwalk, what kind of beachwalk are we talking about, and City Manager Szerlag said that could be our share that is seaward of Samson Oceanfront Park, where the Da Vinci Corporation has asked and he agreed, to have a dune system placed there for excess sand and part of that dune system would incorporate a seashell hard walkway. He said he doesn't think there will be any cost but he heard before there is no cost and often times there is. Mayor Edelcup said this isn't really a beachwalk, it isjust an area in front of Samson Oceanfront Park. Vice Mayor Thaler said this is really in case of a cost that Da Vinci has assured us that there would be no cost. Commissioner Goodman asked about the budget of $250,000.00 for l74th Street Landscaping, in Addendum 2 on the top of page 5, it is part of2007/2008, and his question is, you don't go in order. City Manager Szerlag said this is not in a chronological sequence, 5