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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 <br /> <br />DATE: <br /> <br />1/19/2012 <br /> <br />RE: <br /> <br />FY 2011/2012 Budget Amendment-Capital Projects Funds <br /> <br />RECOMMENDATION: <br /> <br />Staff is recommending City Commission approve the Fiscal Year 2011/2012 budget <br />amendment for proposed capital projects, <br /> <br />REASONS: <br /> <br />Capital Improvement Projects Fund (20) <br /> <br />A, To expand the scope of the Collins A venue West Streetscape Project to include <br />landscaping, The current capital projects budget only includes pavers, ($750,000) <br />B, To fund an agreement for permitting services for the Emergency Bridge, ($563,000) <br />C. To fund the first distribution ($400,000) of the K-8 School Expansion which will <br />occur in April 2012, The remaining $3.6 million will be funded during the next fiscal <br />year budget process, <br />D, To account for the Transfer In from the General Fund for the FY 2010/2011 surplus, <br /> <br />2010 Capital Projects Fund <br /> <br />E, To develop a park for the newly acquired parcel of land which will become part of the <br />Intracoastal Park system, ($310,000). <br /> <br />2011 Capital Projects Fund <br /> <br />F. To create a new fund as a result of the City's issuance of $10 million Capital <br />Improvement Revenue and Revenue Refunding Bond, Series 2011 which refunded the <br />2001A Florida Municipal Loan Council Revenue Bonds for $7,697,362,17, This amount <br />includes principal, interest, redemption premium, refunding bond counsel fees, agent fees <br /> <br />Agenda Item <br /> <br />qA <br />(-13-l;0 <br /> <br />http://sibagenda.sibfl,net/ agenda/Preview ,aspx?I temlD=6 8 3 &MeetingI <br />Date <br />