Laserfiche WebLink
Preview Page 1 of 2 <br /> ttiNY is, <br /> So..-------..-fi. City of Sunny Isles Beach <br /> 0-,-- * 18070 Collins Avenue <br /> I" ` s Sunny Isles Beach,Florida 33160 <br /> . `-,,. f <br /> A `°s1- F a4.- 4r (305)947-0606 City Hall <br /> c1T}OF SOH hl'" (305)949-3113 Fax <br /> MEMORANDUM <br /> TO: The Honorable Mayor and City Commission <br /> FROM: Minal Shah, Assistant City Manager-Finance <br /> DATE: 8/21/2012 <br /> RE: Budget Amendment <br /> RECOMMENDATION: <br /> Staff is recommending City Commission approve the Fiscal Year 2011/2012 budget <br /> amendment. <br /> REASONS: <br /> General Fund (10) <br /> A. To account for the Advance Refunding of the 2002C Bond. The outstanding principal <br /> balance was $11,510,000 as of April 20, 2012 (closing date). The City borrowed $10M to <br /> defease this debt. As a result, the City had an additional cash outflow of$2,240,060 of <br /> which $297,075 (5/1/12 interest payment) was already budgeted for. <br /> B. Based on preliminary projections, Utility Tax-Electricity is expected to come in at <br /> $2.1 million. <br /> C. Based on the attendance of the After School Program, revenues are anticipated to <br /> come in at $145,000. In addition, additional staff hours were required to support the <br /> attendance. As such, salaries are increasing by $75,000. <br /> D. To account for the separation agreement for the City Manager, the addition of the <br /> Executive Assistant to the City Manager and the Intern, of which some of the increase <br /> will be offset by the Professional Services account. <br /> E. As a result of the additional 3 towers that were added in June, there is a need for <br /> additional staffing (3,920 hours). <br /> F. Additional Costs related to publishing and delivering of the Architectural Book. <br /> G. To fund the donation to FIU's Music Program. <br /> H. To fund a temporary electrician that was hired on staff to address many electrical <br /> projects that needed immediate attention. <br /> I. To account for the purchase of 3 vehicles; one for Pelican Community Center Park, one <br /> Agenda Item 24 I\ <br /> http://sibagenda.sibfl.net/agenda/Preview.aspx?ItemID=848&MeetingID=1 <br /> Date S- (, <br />