HomeMy WebLinkAboutO-12353J-03-126
03/27/03
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ORDINANCE NO.
AN ORDINANCE OF THE MIAMI CITY COMMISSION
AMENDING CHAPTER 18, ARTICLE IX/DIVISION 2
OF THE CODE OF THE CITY OF MIAMI, FLORIDA,
AS AMENDED, ENTITLED "FINANCIAL INTEGRITY
PRINCIPLES" TO REVISE THE DUE DATES FOR THE
MULTI-YEAR FINANCIAL PLAN AND THE MULTI-YEAR
CAPITAL IMPROVEMENT PLAN; CONTAINING A
REPEALER PROVISION, A SEVERABILITY CLAUSE
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City recognizes it has made improvements in
its financial position through adherence to financial "best
practices"; and
WHEREAS, the City has formalized a series of financial
principles, many of which are currently utilized by the City,
which will serve as the basis for governing the City's finances
in the future; and
WHEREAS, the City desires to revise the due dates for the
Multi -Year Financial Plan and the Multi -Year Capital Improvement
Plan contained in Chapter 18, Article IX/Division 2 of the Code
12353
of the City of Miami, Florida, as amended, entitled "Financial
Integrity Principles" except for the Year 2003;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to
this
Ordinance are
adopted by reference and
incorporated
as if
fully set forth in
this Section.
Section 2. Chapter 18, Article IX/Division 2 of the
Code of the City of Miami, Florida, as amended, entitled
"Financial Integrity Principles," is amended in the following
particulars:!/
"Chapter 18
FINANCE
ARTICLE IX. FINANCIAL POLICIES
DIVISION 2. FINANCIAL INTEGRITY PRINCIPLES
Sec. 18-542. The Financial Integrity Principles.
�i Words and/or figures stricken through shall be deleted.
Underscored words and/or figures shall be added. The remaining
provisions are now in effect and remain unchanged. Asterisks
indicate omitted and unchanged material.
Page 2 of 5 12353
The following Financial Integrity Principles are
adopted:
7. Multi -Year Financial Plan. The City
Commission shall annually adopt a Five Year
Financial Plan by March 31 of each year,
except for Year 2003, which shall be adopted
by September 30, reflecting as the base
year, the current year's budget. Such plan
will include cost estimates of all current
City operations and pension obligations,
anticipated increases in operations, debt
service payments, reserves to maintain the
City's officially adopted levels and
estimated recurring and non-recurring
revenues. This Plan will be prepared by
fund and reflect forecasted surpluses or
deficits and potential budget balancing
initiatives, where appropriate.
8. Multi -Year Capital Improvement Plan - The
City Commission shall annually adopt a
Capital Improvement Plan ("CIF") by
March 31St of each year, except for Year
2003, which shall be adopted by October 31St
The CIP shall address cost estimates for all
necessary infrastructure improvements needed
to support City services, including
information technology, with an adequate
repair and replacement ("R&R") component.
Funded, partially funded and unfunded
projects shall be clearly delineated. The
CIP shall be detailed for the current Fiscal
Year and for five additional years and, if
practicable, additional required
improvements aggregated for two additional
five-year periods. To the extent feasible,
department heads shall be required to submit
independent needs assessments for their
departments for use in preparing the CIP.
The CIP will be detailed by fund, include
recommended project prioritization rankings,
identified revenue sources, planned
financing options and unfunded projects.
The CIP shall include estimates of the
Page 3 of 5
operational impacts produced for the
operation of the capital improvements upon
their completion. The CIP shall include a
component reflecting all on-going approved
capital projects of the City, the date
funded, amount budgeted, amount spent since
the start date, remaining budget, fiscal
impact of known changes to financial
assumptions underlying the project,
estimated expenditures by fiscal year for
the project and estimated completion date.
Approved projects, with circumstances that
arise which change the funding requirements
of the project, shall be addressed in the
CIP annually.
Section 3. All ordinances or parts of ordinances
insofar as they are inconsistent or in conflict with the
provisions of this Ordinance are repealed.
Section 4. If any section, part of section, paragraph,
clause, phrase or word of this Ordinance is declared invalid,
the remaining provisions of this Ordinance shall not be
affected.
Page 4 of 5 12353
Section 5. This Ordinance shall become effective after final
reading and adoption thereof.�l
PASSED ON FIRST READING BY TITLE ONLY this 27th day of
March , 2003.
PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE
ONLY this 10th day of April , 2003.
ATTEST:
PRI CILLA A. THOMPSON
CITY CLERK
APPROVEI�S/T2/FORM...X�D CORRECTNESS :t/1
001
ClorY ATTORNEY
W1405:tr:AS:BSS
7EL A. DIAZ, MAYOR
a/ This Ordinance shall become effective as specified herein unless
vetoed by the Mayor within ten days from the date it was passed
and adopted. If the Mayor vetoes this Ordinance, it shall become
effective immediately upon override of the veto by the City
Commission or upon the effective date stated herein, whichever is
later.
Page 5 of 512353
Second Reading Ordinance
INTER -OFFICE MEMORANDUM
15
TO: DATE: `� _ ^ ,y�� FILE
The Honorable Mayor and Members AM G 2107
of the City Commission SUBJECT:
C Amendment to Financial
Integrity Principles
FROM: Joe AmOla REFERENCES:
City Manager
ENCLOSURES:
RECOMMENDATION
It is respectfully requested that the City Commission approve the attached amendment
ordinance to revise the due dates for the Multi -Year Financial Plan and the Multi -Year
Capital Improvement Plan contained in Chapter 18, Article IX/Division 2 of the Code of the
City of Miami, Florida, as amended, entitled "Financial Integrity Principles".
BACKGROUND
In 2002, the City Commission revised Chapter 18, Article IX/Division 2 of the Code of the
City of Miami, Florida, as amended, entitled "Financial Integrity Principles" to establish
March 31 of each year as the due date for the adoption of the Five Year Financial and the
Capital Improvement Plans ("the Plans").
The Administration desires to change the due date for the Five Year Financial Plan to
September 30th of each year and the Capital Improvement Plan to October 31st. The change
will be for one year only and will allow for the Five Year Financial Plan to be presented to
the City Commission as part of the annual Budget Package and will allow a more complete
financial forecast that will include new initiatives and priorities currently being developed by
the Mayor, Commissioners and Administration. The Capital Improvement Plan will be
presented on the heels of the annual budgetary process which establishes revenue levels for
the new fiscal year. The adopted revenue levels will undoubtedly affect available revenues
for capital improvements. The date of October 31 st will also result in more comprehensive
Plans containing City Commission priorities as determined at budget workshops held during
the budget process.
Fiscal Impact: None
Attachments
JA:JEP:ps
1235