HomeMy WebLinkAboutR-99-0395t. -
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5/28/99
RESOLUTION NO. 9 J - 3
A RESOLUTION OF THE MIAMI CITY COMMISSION
DIRECTING THE CITY MANAGER, PURSUANT TO THE
REQUEST OF THE FINANCIAL EMERGENCY OVERSIGHT
BOARD, ACCEPTING A COMMITMENT FROM THE
BAYFRONT PARK MANAGEMENT TRUST TO REDUCE ITS
BASE BUDGET REQUEST FROM THE CITY OF MIAMI IN
THE AMOUNT OF $100,000 PER YEAR FOR FIVE
CONSECUTIVE YEARS, BEGINNING WITH FY 2000
THROUGH FY 2004.
WHEREAS, Section 38-102 of the Code of the City of Miami,
Florida, as amended, provides that the Bayfront Park Management
Trust (the "Trust"), an agency and instrumentality of the City of
Miami, shall operate the (Mildred and Claude Pepper] Bayfront
Park for the purpose of ensuring maximum community utilization
and enjoyment; and
WHEREAS, the annual appropriations Ordinance for fiscal year
ending September 30, 1999, provides for an appropriation to the
Trust in the amount of $1,285,000 to accomplish its purpose; and
WHEREAS, the Trust is projected to have an operating deficit
of $492, 000 at the end of FY 1999 as a result of revenue losses
and unanticipated expenditures; and
WHEREAS, in recognition of the projected deficit, the Trust
has initiated actions to reduce its expenditures and secure
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additional revenue; and
WHEREAS, the Trust and the City Commission have agreed that
it is in the best interest of the City to continue providing
management services while the Trust implements a financial
recovery plan; and
WHEREAS, the City Commission has provided an additional
appropriation in the amount of $492,000 pursuant to Ordinance
No. 11796, which amended Annual Appropriations Ordinance
No. 11705, to offset the projected deficit; and
WHEREAS, the Financial Emergency Oversight Board has
indicated that implementation and acceptance of the outlined
procedures is a condition of its approval of Ordinance No. 11796
the mid -year amendment to the Annual Appropriations Ordinance.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The City Manager is hereby directed pursuant
to the request of the Financial Emergency Oversight Board to
accept a commitment from the Bayfront Park Management Trust to
reduce its base budget request from the City of Miami in the
amount of $100,000 per year for five consecutive years, beginning
with FY 2000 through FY 2004; and further directing the City
Manager to monitor this commitment to the City Commission and
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report annually any deviations thereto.
Section 3. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor.'-
PASSED AND ADOPTED this 8th day of June , 1999.
JOE CAROLLO, MAYOR
ft 10cordance with Miami Code Sec. 2-36, since the Mayor did not indicate approval of
hagisiation by signing it In the designated pl2ce provided, said des affective with the elapse of ten (10 s fr the legislation now
�MUMO&, same, without the Mayor exerci - g a of Com ' on action
ATTEST:
Wafter . oeman, City Clerk
WAT.TF2R ,T FrWMAW
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If the Mayor does not sign this Resolution, it shall become effective at
the end of ten calendar days from the date it was passed and adopted.
If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
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CITY OF MIAMI, FLORIDA 28
INTER -OFFICE MEMORANDUM
TO: The Honorable Mayor and Members of the DATE:
City Commission
SUBJECT:
FROM: f
REFERENCES'
City Manager ENCLOSURES:
BACKGROUND
May 28, 1999 FILE:
Bayfront Park Repayment
Proposal
The Bayfront Park Management Trust ("Trust") requested an additional appropriation in
the amount of $492,000 to cover a projected operating deficit in FY 1999. The City
Commission, as part of the Mid -Year Amended Appropriations Ordinance, approved this
request. The State Financial Oversight Board, as a condition to its approval of the Mid -
Year Appropriations Ordinance, requested a commitment from the Trust that its budget
request from the City will be reduced by $100,000 per year for the next five years. The
Trust has agreed to this request.
RECOMMENDATION
Staff recommends that the City Commission approve the attached resolution accepting
the commitment by the Trust.
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