HomeMy WebLinkAboutReso 2023-3560RESOLUTION NO. 2023 - 356nO
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH,
FLORIDA, APPROVING THE ASSIGNMENT OF SIX MILLION TWO HUNDRED
SIXTY-SEVEN THOUSAND FOUR HUNDRED DOLLARS AND NO CENTS
($6,267,400.00) TO THE FUND BALANCE - ASSIGNED LINE CLASSIFIED FOR
PROJECTS RELATED TO THE PARKS AND RECREATION MASTER PLAN;
AUTHORIZING THE CITY MANAGER AND FINANCE DIRECTOR TO DO ALL THINGS
NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, in 2009, the Governmental Accounting Standards Board ("GASB") issued
Statement No. 54, which aims to enhance the understanding and transparency of fund balance
reporting and establishes an organized system for fund balance classifications based on the
extent to which a government is bound by rules and restrictions; and
WHEREAS, one of the fund balance classifications established by GASB Statement No.
54 is "assigned," which designates resources that are intended to be used for specific purposes,
but do not meet the criteria to be classified as "restricted" or "committed"; and
WHEREAS, the creation of a Parks and Recreation Master Plan ("PRMP") Account within
the fund balance - assigned line category, will allow for a more transparent and clearly defined
allocation of financial resources for specified projects as recommended by the PRMP; and
WHEREAS, the City Commission wishes to approve the assignment of Six Million Two
Hundred Sixty -Seven Thousand Four Hundred Dollars and Zero Cents ($6,267,400.00) to the
fund balance - assigned line classified for projects related to the PRMP.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY
ISLES BEACH, FLORIDA, AS FOLLOWS:
Section 1. Approval of Assignment. The City Commission hereby approves the assignment
of Six Million Two Hundred Sixty -Seven Thousand Four Hundred Dollars and Zero Cents
($6,267,400.00) to the fund balance - assigned line classified for projects related to the Parks
and Recreation Master Plan.
Section 2. Authorization of City Manager and Finance Director. The City Manager and
Finance Director are hereby authorized to do all things necessary to effectuate this Resolution.
Section 3. Effective Date. This Resolution will become effective upon adoption.
PASSED AND ADOPTED this 21St day of September --2 3.
Larisa Svech/n, Mayor
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ATTEST:
Mauricio
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY:
Lit)
ain E. Boileau, for Nabors, Giblin &
Nickerson, P.A., City Attorney
Moved by: Z� Seconded by: i;)�
Vote:
Mayor Svechin
Vice Mayor Joseph
Commissioner Lama
Commissioner Stuyvesant
Commissioner Viscarra
✓
(Yes)
(No)
(Yes)
(No)
(Yes)
(No)
(Yes)
(No)
(Yes)
(No)
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City of Sunny Isles Beach
18070 Collins Avenue
Sunny Isles Beach, Florida 33160
(305) 947-0606 City Hall
(305)949-3113 Fax
MEMORANDUM
TO: Honorable Mayor and City Commissioners
VIA: Stan Morris, City Manager
FROM: Tiffany D. Neely, Finance Director
DATE: September 21, 2023
RE: Assign Expenditures to Fund Balance - Assigned for PRMP Projects
RECOMMENDATION:
Staff recommends approval of the Resolution.
REASONS:
During the July 19th budget workshop, the Commission discussed and agreed to setting aside amounts
that were originally requested in the tentative 2023-2024 budget for certain public works and parks
and recreation initiatives which could be directly affected by the completion of the Parks and
Recreation Master Plan (PRMP). An assigned fund balance account for PRMP projects has bee
created for this purpose in the fiscal 2023-2024 budget. This resolution will assign $6,267,400 to the
assigned fund balance account for PRMP projects for the following expenditures:
General Fund - $2,617,400
1. Fleet Maintenance capital outlay - $262,400 (001-5-5392-464XXX-00000)
2. Lehman Causeway basketball fencing - $50,000 (001-6-5720-464150-00000)
3. Heritage Park playground equipment - $750,000 (001-6-5720-464150-00000)
4. Town Center Park playground equipment - $850,000 (001-6-5720-464150-00000)
5. Gateway Park artificial turf - $500,000 (001-6-5720-464150-15000)
6. Pelican Community Park closed campus for NSE/SIB K-8 - $205,000 (001-6-5720-464150-60000)
Capital Projects Fund - $3,650,000
1. City wide Parks Improvements - $1,500,000 (300-6-5720-465000-99014)
2. Intracoastal Sports Park - $2,000,000 (300-6-5720-465000-40005)
3. The Spot Improvements - $150,000 (300-5-5390-465000-29000)
Item Number: 10.13
446