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Home My WebLink AboutReso 2010-1623 RESOLUTION NO. 2010- 110::<3 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, RATIFYING THE APPROVAL OF BUDGET AMENDMENT NO. BA0910-007 TO FISCAL YEAR 2009/2010 BUDGET FOR MAJOR AMENDMENTS: GENERAL FUND- UNANTICIPATED OPERATING EXPENSES & NONOPERATING EXPENSES - $260,200; CIP FUND-COMPLETION OF SEVERAL PROJECTS AND TRANSFERS TO OTHER FUNDS - $6,573,290; STORMW A TER FUND -TRANSFERS FROM OTHER FUNDS - $1,970,140; STORMWATER CAPITAL FUND - TO ESTABLISH THE FUND TO RECORD THE $3.5 MILLION STORMW A TER REVENUE BONDS, SERIES 2010; LAND BANK FUND - ADJUSTMENTS TO CAPIT AL COSTS, REVENUES AND TO CLOSE THE FUND- $4,687,857; 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 and services that were not contemplated in the approved Fiscal Year 2009/20 I 0 Budget; and WHEREAS, the implementation of these new and/or additional goods and services requires certain budget amendments to the Fiscal Year 2009/20 I 0 Budget. NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: Section I. Ratify Approval of Budget Amendments. The City Commission hereby ratifies the approval of Budget Amendment No. BA0910-007, for Fiscal Year 2009/2010 adopted budget for the following Major Amendments: General Fund (10) There is an increase of $260,200 in unanticipated charges to operating expenses, including: A. Professional Consulting Services ($10,000) B. Retirement Payout ($20,000) C. Outside Legal Services ($60,000) -- Increase due to appellate litigation related to Publix and Temple B'Nai Zion. Please note that the City will be able to recover its fees against the Temple pursuant to a court order. D. Property Taxes for Calendar Year 2010 ($120,000) E. Photocopier rental agreement ($50,000) R2010- Budget Amendment No BA091 0-007 FY 09-10 Page 1 of 4 F. Debt Service Fees ($200) The increase in expenditures will be balanced by funds from Building Department's and Pelican Community Park's Temporary Staff budget and the Other Post-Employment Benefit account. Capital Improvement Proiects (CIP) Fund (20) The CIP Fund amendments are for the completion of several projects and transfers to the Stormwater Fund and the Land Bank Fund: G. Collins Avenue Streetscape ($223,000) - This increase is due to the additional scope in work. H. Atlantic Avenue ($300,000) - This increase is due to the additional scope in work. I. Land-Sunny Isles Blvd ($400,000) - This is to account for third party legal expenses incurred during the eminent domain case. J. Demolition ($54,200) - This is to account for the costs to demolish 215 Sunny Isles Blvd building. K. Collins Streetscape: 168th_1715t ($209,000) -- To account for the streetscape improvements. L. Collins Streetscape: 172nd -174th ($50,000) -- To budget for the streetscape improvements. M. Collins Streetscape: South of SIB 172nd_174th ($80,000) -- To budget for the streetscape improvements. N. 287 SIB Entrance ($19,020) -- To budget for the construction of the entrance to 287 Sunny Isles Blvd property. O. Transfer Out-Stormwater Fund ($1,275,000) -- This transfer is to write off $1,275,000 ofthe $2.5M Stormwater Loan. The $1.275M is accounted for by budgeting eligible elements of the FY 2010/2011 capital projects against the Stormwater Capital Projects Fund, which was funded by the $3.5M bond proceeds. P. Transfer Out- Land Bank Fund ($3,777,801) -- This transfer is to fund the Land Bank's deficit and to close out the Land Bank Fund. The $6,388,021 in budget amendments will be balanced with the defunding of current budgeted projects. Those defunded projects that require funding in the out years have been budgeted accordingly in the respective years. Land Bank Fund (50) The Land Bank Fund amendments consist of a total upward adjustment of $4,687,857. These amendments will close the fund in FY 09/1 O. All future related transactions will occur in the R2010- Budget Amendment No BA0910-007 FY 09-1 0 Page 2 of 4 Capital Projects Fund. Q. Transfer In-Capital Improvement Projects Fund ($3,777,806) - This transfer is from the Capital Improvement Projects Fund to cover the deficit incurred in land purchases. R. Miscellaneous Revenue ($130,051) - To budget for the return of the deposit on the 488 Sunny Isles Blvd property. S. Fund Balance-Reappropriated ($780,000) - This is to true up the actual fund balance that was reappropriated. T. Land-Other ($4,687,857) - This is to account for additional land acquisition costs. Stormwater Fund (40) The Stormwater Fund amendments consist of a total upward adjustment of $1 ,970,140. U. Transfer In-Capital Improvement Projects Fund ($1,275,000) - This is to budget for write- off of $1.275M from the $2.5M interfund loan with the Capital Improvement Projects Fund. V. Transfer In-Stormwater Capital Fund ($695,140) - This is to account for the reimbursement of engineering and design costs for the Central Island Drainage project from the $3.5M Bond Proceeds. Stormwater Capital Fund (45) The Stormwater Capital Fund amendments consist of a total upward adjustment of $3,500,000. W. Bond Proceeds ($3,500,000) - This is to budget the $3.5M Stormwater Revenue Bond. X. Central Island Drainage ($800,000) and Heritage Park ($400,000) - This is to budget for the capital project costs. Y. Bond Issuance Costs ($14,500) - This is to budget for the bond issuance costs. Z. Transfer Out-Stormwater Fund ($695,140) - This is to budget the reimbursement for design and engineering costs the Stormwater Fund incurred for the Central Island Drainage project. AA. Fund Balance Reserves ($1,590,360) - This is to budget the remaining balance of the bond proceeds. R20 I 0- Budget Amendment No BA091 0-007 FY 09-10 Page 3 of 4 The net impact on the budget of the proposed Fourth Quarter amendments is summarized below. Fund Original Current Proposed Net Budget Budget Amended Budget Budget Change 10 - General 20 - CIP 35 - 2010 C;apital Pr()jects 40 - Stormwater ~~?~-:-~~l<?-~~~.~!~! C~pital 50 - Land Bank 27,548,977 18,978,950 o 985,600 o 5,420,000 35,898,977 19,616,~OO 15,000,000 1,073,720 o 13,237,865 35,~~~,~77 1~,616,9QO 15,000,000 3,043,860 9,?QO,QOO 17,925,722 o o o 1,970,140 ~,?gQ,Qgg^ 4,687,857 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 14th day of October 2010. ~JvI A~TEST: , ~I' ~~ Jane A. Hines, CMC, City Clerk Moved by: Seconded by: ~ XHOL.l- \j to f(\~v -W~<c.2. Vote: '5-0 Mayor Edelcup Vice Mayor Thaler Commissioner Brezin Commissioner Goodman Commissioner Scholl 0Yes) ~(Yes) V(Y es) ~'Y es) _(Yes) _(No) _(No) _(No) _(No) _(No) R20 I 0- Budget Amendment No BA091 0-007 FY 09-10 Page 4 of 4 ~ z ~~ ~z ~~ z~ ~~ ~~ ~~ ~z ~~ ~~ ~ = ~E-- ~~ ~e,:, =;~ ~~ ~ OCJ < ~ U ~ ~ ~ OCJ < ~ U Z - E--E-- z~ ~~ ;;;J;;;J U~ ~E-- <~ ~e,:, e,:,~ ~;;;J o~ l::t:: ~ .~ t)~ U;;;J <z ~ ~ < z ~ U U < OCJ ~ ;;;J z ~ :> ~ t-- t-- 0\ ~ 0\ QO .n l"l o o t-- t-- 0\ 00 0\ 00 Ir\ M t-- t-- 0\ oo~ "<t Ir\ t--~ C'l 00 rilil ~ Z rilil > ~ ~ Z ~ r.. ...:l ~ rilil Z rilil ~ ...:l < E-< o E-< OMOOOOO 0000000 0000001r\ o~o~oorio 00-.:T1r\000 I""""""l __ 'I"""""'i \0... 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Cl) ~ U -< ~ U "'@~ t:O~ "'OE-< c:: -< ~~ lrlMOOO~ M'-OM'<:tlrlO ,-o,-or----O'\E-< ~~~CJ;'CJ;'00 00000..;l ~~~~~-< I I , I I E-< lrllrllrllrllrlO '<:t'<:t'<:t'<:t'<:tE-< "'0 c:: ;:l t.l... .... Cl) ~ ~ ~ Vl::: .::: ti E '" 0.... .... U.9 ~ ~ 8 ~ coj coj c:: ;:l Vi P-. ~ 0 :: ~ ~ ~ .... ;9 ~ Vl ...... .- c:: c:: 5 ~ 0 ~ u::Ct:OE-< ~~~N Preview Page 1 of 4 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: 10/14/2010 RE: Proposed Budget Amendments-Fourth Quarter RECOMMENDATION: It is recommended that the City Commission approve the Fiscal Year 2009/2010 fourth quarter budget amendment to ensure budgetary compliance. REASONS: The amendment is necessary to ensure compliance with unanticipated changes to FY 2009/2010 Budget. General Fund (lQ) There is an increase of $260,200 in unanticipated charges to operating expenses, including: A. Professional Consulting Services ($10,000) B. Retirement Payout ($20,000) C. Outside Legal Services ($60,000) - Increase due to appellate litigation related to Publix and Temple B'Nai Zion. Please note that the City will be able to recover its fee against the Temple pursuant to a court order. D. Property Taxes for Calendar Year 2010 ($120,000) E. Photocopier rental agreement ($50,000) F. Debt Service Fees ($200) The increase in expenditures will be balanced by funds from Building Department's and Pelican http://sibagenda.sibfl.netlagenda/Preview .aspx?I temID=3 60&MeetingID=0&MeetingDate... 10/8/2010 Preview Page 2 of 4 Community Park's Temporary Staff budget and the Other Post-Employment Benefit account. Qmital Improvement Projects (CIP) Fund (20) The CIP Fund amendments are for the completion of several projects and transfers to the Storrnwater Fund and the Land Bank Fund: G. Collins Avenue Streetscape ($223,000) - This increase is due to the additional scope in work. H. Atlantic A venue ($300,000) - This increase is due to the additional scope in work. I. Land-Sunny Isles Blvd ($400,000) - This is to account for third party legal expenses incurred during the eminent domain case. 1. Demolition ($54,200) - This is to account for the costs to demolish 215 Sunny Isles Blvd building. K. Collins Streetscape: 168th-171 st ($209,000) -- To account for the streetscape improvements. L. Collins Streetscape: 172nd_174th ($50,000) -- To budget for the streetscape improvements. M. Collins Streetscape: South of SIB 172nd_174th ($80,000) -- To budget for the streetscape improvements. N. 287 SIB Entrance ($19,020) -- To budget for the construction of the entrance to 287 Sunny Isles Blvd property. O. Transfer Out-Storrnwater Fund ($1,275,000) -- This transfer is to write off $1,275,000 of the $2.5M Storrnwater Loan. The $1.275M is accounted for by budgeting eligible elements of the FY 2010/2011 capital projects against the Stormwater Capital Projects Fund, which was funded by the $3.5M bond proceeds. P. Transfer Out- Land Bank Fund ($3,777,801) -- This transfer is to fund the Land Bank's deficit and to close out the Land Bank Fund. The $6,388,021 in budget amendments will be balanced with the defunding of current budgeted projects. Those defunded projects that require funding in the out years have been budgeted accordingly in the respective years. Land Bank Fund (2Q) The Land Bank Fund amendments consist of a total upward adjustment of $4,687,857. These amendments will close the fund in FY 09/1 O. All future related transactions will occur in the Capital Projects Fund. Q. Transfer In-Capital Improvement Projects Fund ($3,777,806) - This transfer is from the Capital Improvement Projects Fund to cover the deficit incurred in land purchases. R. Miscellaneous Revenue ($130,051) - To budget for the return of the deposit on the 488 Sunny http://sibagenda. sibfl.netJagendalPreview .aspx?I temID=3 60&MeetingID=0&MeetingDate... 10/8/2010 Preview Page 3 of 4 Isles Blvd property. S. Fund Balance-Reappropriated ($780,000) - This is to true up the actual fund balance that was reappropriated. T. Land-Other ($4,687,857) - This is to account for additional land acquisition costs. Stormwater Fund (40) The Stormwater Fund amendments consist of a total upward adjustment of $1 ,970,140. U. Transfer In-Capital Improvement Projects Fund ($1,275,000) - This is to budget for write-off of $1.275M from the $2.5M interfund loan with the Capital Improvement Projects Fund. V. Transfer In-Stormwater Capital Fund ($695,140) - This is to account for the reimbursement of engineering and design costs for the Central Island Drainage project from the $3.5M Bond Proceeds. Stormwater Capital Fund (45) The Stormwater Capital Fund amendments consist of a total upward adjustment of $3,500,000. W. Bond Proceeds ($3,500,000) - This is to budget the $3.5M Stormwater Revenue Bond. X. Central Island Drainage ($800,000) and Heritage Park ($400,000) - This is to budget for the capital projects costs. Y. Bond Issuance Costs ($14,500) - This is to budget for the bond issuance costs. Z. Transfer Out-Stormwater Fund ($695,140) - This is to budget the reimbursement for design and engineering costs the Stormwater Fund incurred for the Central Island Drainage project. AA. Fund Balance Reserves ($1,590,360) - This is to budget the remaining balance of the bond proceeds. The net impact on the budget of the proposed Fourth Quarter amendments is summarized below. Fund Original Current Proposed Net Budget Budget Amended Budget Budget Chanae 10 - General 27,548,977 35,898,977 35,898,977 0 20 - CIP 18,978,950 19,616,900 19,616,900 0 35 - 2010 Capital 0 15,000,000 15,000,000 0 Proiects 40 - Stormwater 985,600 1,073,720 3,043,860 1,970,140 45 - Stormwater Capital 0 0 3,500,000 3,500,000 50 - Land Bank 5,420,000 13,237,865 17,925,722 4,687,857 http://sibagenda. sibfl.net/agenda/Preview .aspx?I temID=3 60&MeetingID=0&MeetingDate... 10/8/2010 Preview Page 4 of 4 ATTACHMENTS: . Resolution . Budget Amendment http://sibagenda.sibfl.netJagenda/Preview .aspx?l temID=3 60&MeetingID=0&MeetingDate... 10/8/20 I 0