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Home My WebLink AboutReso 2010-1566 RESOLUTION NO. 2010- -' St,!- A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING THE SECOND QUARTER BUDGET AMENDMENTS TO FISCAL YEAR 2009/2010 BUDGET: GENERAL FUND, CAPITAL IMPROVEMENT PROJECTS FUND, 2010 CAPITAL PROJECTS FUND, AND LAND BANK TRUST FUND; AUTHORIZING THE CITY MANAGER TO DO ALL THINGS NECESSARY TO EFFECTUATE THIS RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Commission has directed staff to provide for new and/or additional goods, services, and capital purchases that were not contemplated in the approved Fiscal Year 2009/2010 Budget, and to establish the 2010 Capital Projects Fund to account for the proceeds and expenditures of the $15 Million Revenue Bond; and WHEREAS, approval of these amendments, attached hereto as Exhibit "A", will ensure the City's compliance with the Fiscal Year 2009/2010 Budget. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section 1. Approval of Budget Amendments. The City Commission hereby approves the Second Quarter Budget Amendments for Fiscal Year 2009/2010 adopted Budget: General Fund, Capital Improvement Projects Fund, 2010 Capital Projects Fund, and Land Bank Trust Fund, attached hereto as Exhibit "A" Section 2. Authorization of City Manager. The City Manager is 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 20th day of May 2010. ATTEST: ~A~ Jane A. Hines, CMC, City Clerk. . R201O- Budget Amendment No BA091O-006 FY 09-10 Page 1 of2 '-., APPROVED AS TO FORM A?jjfI:IENCV: Hans Ottmot, City Attorney I Vote: 5-0 Mayor Edelcup Vice Mayor Thaler Commissioner Brezin Commissioner Goodman Commissioner Scholl Moved by: C'J')Y'NW'\\sS'\n t...l<;{1.. ~OU- Seconded by: ~IM~'~ S\nf\)~R. tR<C2IN v (Yes) ~Y es) -:7(Yes) 2..cy es) -LL(Yes) _(No) _(No) _(No) _(No) _(No) R20IO- Budget Amendment No BA09 I 0-006 FY 09-10 Page 2 of2 ~ z ~ ~~ ~~ ~~ ~~ ~~ ~z C-'~ ~C-' ~ ~ ~~ ~~ ~\J ;;;;J~ ~;;;;J ~= ~ 00 < ~ U ~ Q ~ 00 < ~ U Z ~ ~~ z~ ~~ ;;;;J;;;;J U= ~~ ~~ \JQ ~~ 0- ~ ~ .= ti~ U;;;;J <z oar- ('.1 0 0'"1 lI') 0 ~ -oO'.n o lFl lI') = r--:-.n ~ 000 00 00 0'0' lI') lI') 00 00 000 ('.1 ('.1 lI') lI') \D~ -0 oar- o r- o 0\ O'oti lI') 0\ ~~ OO~ 00 lI') ~ oar- r- O\~ 00 "" ~ r- ('.1 00 ~ ;;:J Z ~ "0> ~ ~ o ~ ~Z o Q) ;;:J <C u r. '7 a ~ Eca~ ~co~ O"Oz .....:l S ~ ~~~ 00 ~ ~oo< ;;;;J00E-c z('.1O\O ,_, ~ do, E-c -~OO >~~ ~ I I 00 ...... ...... ~ ~ z ~ U U < o ('.1 r- ('.10\D ~...... ...... 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N~ M <r) o 0 o 0 o 0 o 0 6 6 r--- r--- r---~ r---~ M M ...... ...... o 0 o 0 o 0 6 6 N N ~~ ~~ 00 <r) ~~ ~~ E--E-- ~.-; Z~ -<~ =~ ~~ ,..;j~ ,..;j~ -<~ I-< E-- ~ 0 (5 E-- I "0 ~ ~ 00 ~ ~U ~N ~<r) ~\O Z~ ~<r) ~~ ~S; Preview Page 1 of3 City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax MEMORANDUM TO: The Honorable Mayor and City Commission FROM: Minai Shah, Assistant City Manager-Finance DATE: 5120/2010 RE: Proposed Budget Amendments-Second Quarter RECOMMENDATION: Approve the attached Resolution to amend the FY 2010 Budget. REASONS: This amendment is necessary to ensure compliance with unanticipated changes to the FY 2010 Budget. General Fund (lQ} The General Fund amendments consist of a total downward adjustment of $843,480. There is an increase of $242,200 in unanticipated changes to operating expenses, including: A. Emergency lump sum cash outs of vacation leave ($46,500) B. Back-pay of retirement contribution and to account for current year adjustments ($40,000) C. Separation costs ($140,000) D. Increase in estimated budget costs for entrance canopy ($8,000) E. Police Interview Surveillance system ($7,700 net of JAG grant of $6,520) The increase in expenditures will be balanced by funds from the capital replacement expense account. F. During the first quarter of FY09/10, a budget amendment of $8,350,000 was made which http://sibagenda. sibfl.netfagenda/Preview .aspx?I temID=254&MeetingID=0&MeetingDate... 5/1312010 Preview Page 2 of3 increased the beginning fund balance and increased the transfer out to the Land Bank Fund. Based on preliminary projections of the General Fund, the fund can transfer out to the Land Bank fund only $7,500,000. As such, a downward adjustment of $850,000 is needed to both accounts. Capital Im~rovement Projects (CIP) Fund (20) The CIP Fund amendments are for the planned completion of several projects and the transfer of Land Bank Funds: G. Sunny Isles Boulevard Street Improvements ($12,500) - This project was originally budgeted for $100,000, but an additional $12,500 is needed to complete the scope of the project. H. Atlantic Avenue ($71,000) - This increase is due to the additional work required relating to FP&L damages. The City is seeking to recover some of the damages. I. Skate Park ($194,000) - This increase is to account for the contract amendment, which was approved by Resolution 2010-1543 for $192,878.55. J. Transfer Out-Land Bank Fund ($317,870)- This increase is to transfer accumulated restricted proceeds to the Land Bank Fund. The $595,370 in budget amendments will be balanced with the defunding of existing projects that have been completed or where the scope of the project has changed. 2010 Ca~ital Projects Fund (35) K. This budget amendment is necessary to establish the fund to record the Capital Improvement Revenue Bonds, Series 2010 $15 million in proceeds and the expenditures from these proceeds. The expenditures will be budgeted as follows: $15,000 for Bond Issuance Costs and $14,985,000 for Fund Balance Reserves. Land Bank Fund (~ The Land Bank Fund amendments consist ofa total downward adjustment of$532,135. L. The first quarter's budget amendment involved budgeting $8,350,000 in the Fund Balance- Reappropriated when the amount should have been balanced to the "Transfers In from the General Fund" account to offset the "Transfers Out to the Land Bank" fund in the General Fund. This quarter's requested budget amendment will correct this. In addition, the amount of $8,350,000 will be decreased to $7,500,000 to reflect the amount transferred from the general fund. M. Transfer In-Capital Improvement Project Fund ($317,870)- This increase is for receipt of accumulated restricted proceeds from the Capital Improvement Project Fund. The net impact on the budget of the proposed Second Quarter amendments is summarized below. Fund Original Budget Current Budget Proposed Budget Change from Current Budget to http://sibagenda.sibfl.netfagenda/Preview .aspx?I temID=254&MeetingID=0&MeetingDate... 5/13/2010 Preview Page 3 of3 Proposed Budqet 10 - General 27,548,977 35,898,977 35,055,497 (843,480) 20 - CIP 18,978,950 19,616,900 19,616,900 0 35 - 2010 Capital Proiects 0 0 15,000,000 15,000,000 50 - Land Bank 5,420,000 13,770,000 13,237,865 (532,135) ATTACHMENTS: . Resolution . Budget Amendment Schedules http://sibagenda. sibfl.netfagenda/Preview .aspx?I temID=254&MeetingID=0&MeetingDate... 5/13/2010