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Home My WebLink AboutItem #40 - First Reading Ordinance_ ~. .~ ~ ~'" ~." . -f t -~ _. ;-, .~ T H 1_I i i j ~1 ~ t_ A b1 ~- E F' ."~ `` ~' , t~ ''? # + ~"~ _ ~s `; Gt'1'r Ct MI11M~. P~op~n~ INi~~~t-Oi~FICh lWEMQRANDUM u __._._ a_~____.~...~, ~:., o,-fiE December 1~, 198 ~~~r • N~Lty i!#,r~i City clerk s~~wJrct. Firth Reading CfrdinanCe + Nnvhmber Jd~ 199 ~- - ~ ._ cnc~-a 61EfEkFNCES Y txge t,• ~' rnanc~e2 C ty At for ey en~.esvnts -_ __ py - ~ • - ~.•.... 1~ Attached Eind approved vr~inance which was adopted on First Reading by the city Commission at its November 30, 1,989 meeting. Picric he advised that when the roll ca11 Vote was Laken, it wag. aprare±ntly uncleratooct that before seenna and Final heading, the ° administration would undertake to determine the proper method of ensuring comp]iance with the intent of the Commission and with the ~tse of proper and 'accepted accounting methods. s ~xhe attached reflects the perceived intent of the C.~mmission any ghottid be xevicwed carefully by the administration to determine what changes are necessary, if any, before .this t~rciinanee is pre9entPd for further city Commission consideration. ROn/fl/P334 ENCL. .. C4': May~~r Xavier L. 4uarez Vice-M3yor Miller J. Dawkins Or. Miriam 1~lonso, Commissioner Commissioner Victor H. DeYurre Commisgiane1• d. G. Plummer, Jr, Ceaar H. Odio, City Manager -_ ~ Carios t3axcia, Director, t'inance Department Manohar $ur•ana, Director, Budget Department - Rafael 4. t')faz~ Assistant City Attorney - __. , - ___ ~.' ',: _ ~ ., .,. _ i ' t'~'1 ~-g~-1118 2~j3U/89 r~ahir~ANCa NO. - AN OAbINANCE E5TAHL1 SNINc; THE C30Ah OF T'Hir y i+i~ACAi CITY COMMISSION AF MAINTAYNiNG THE SL*P`fEMt3RR 3b, 1989 t~UNb BALANCE OF Tt#E t~~t~L1tAL FIND IN AN AMOt1NT tAHICH COULD NOT BE t,ESS TNAtY $ 6 , 000 ~ 400 dt1T COULD BE MORE ~?t;Ptri~1D?NG ON THE i°'iNAG ACCOuNTiNG tSTA•rEMBNT FOR FISCAL YEAR ENDING SEPTEMBER 30~ 1989 ANb Rt;QUYRING THAT A SEPARATE ACCOUNT 8B _ USTA9t,ISHED IN I~PRiCH SAID FUND BALANCC IS TO _ BB DEPOSITED ALONG WITH ANY INTEREST EARNED DY TH'~ FUNDS IN THE ACCOUNTS FURTHER INCitEASING FUTURE YP:RR ENDING FUND BALANCES IN THE ACCOUNT BY A MINIMUM t)F' $l X000,000 PER _ FISCAL YEAR FOR THE NEXT FOUR YEAR3i 1giTH THE MINIMUM BALANCE IN THt* ACCOUNT INCREA4ING TO A MINIMUM OF $IO,OOO,000 BX 7'HE END OF SUCH TERM; FURTHER INSTRUCTING THE CITY MANAGER TO TAKE THE NECE33ARY ACTIONS TO ACRttSVC dAID GOAL; FURTHER PROVIDINQ~ THAT THE SAxD Mttt~~E9 _ IN SA?D ACCOUNT SNALt. NOT BE THE SU8JEC1' OF APPRQPRTATIONS UNLESS THERE I3 A FAVORABY,E VOTE OF 4/STHS OF THE CITY COMMISSION= CONTAINING A REPEALER PROVISAON AND A SEVERABILITY CLAUSf:. Wtit:xt;Ati, it is in the best lnt.E1'eSL of the City of Miami Co ma i nr.A i n ~,ruc4ent f inanei si poi ici es that r+i ll ensure adequate _ r~gerve° for. unfc~reseer~blc events; end hINF.RF.AS~ Che bond ratin~I adenaies look favorably at tEund halanCra of the General Fund in the range of Sd o! tote] General ' Fun~1 Fxi.~ndt tuc-eR !n any given yec-rj anc3 s ,: - _. next fbu,• fiscal yEars in arcthr to attain a fund bdltsnce t-t S10~086,0~b~ tiGW+ THEREFORE, BE i7" ORpAINF.o KY THE COMM159ION Off' ~'itL Ct~`Y - nit M?AMtr Fi,tSittbl-: Sect ion 1 - `i'he reel ta'ls end findings cohtained in the Ft:c~smhle to this ordinance ace hereby adopted by relerenc~ - thpreta end LnaorporateA herein es it fully set farrttt in thih 9eCtiph. pert fen 2. The City Manager is hereby ir,sttucted tm establish a a~eparat.e account -~c~ achieve the City C4mmission'a 9ga1 of attaining a mintmum fund balance in the afiount o£ $10,000,000 by ensuring that Yor the next four fiscal yet~rs the balance in saiA account shall inccease by a minimum amount of - Sl,ct00,000 per fisoai year and that the interest earned by the funds in the aCCOURt remain oR dc!po9it therein,. - Section 3. 1~ny funds in the account t4 be estabilahed - shat 1 only be appropriatrrd capon a favorable ve,te of Eaur--fifths - of 1.h~ ~i ty C'ammi scion. - Section 4. All ordinances ar .parts of ordinances in -} cant:lict Herewith insofar as they are in conflict with the, ~s _~ ~,rovi9lons of this Ordinance are hereby repealed. - Section 5. If any section, part of this sectl.on, ~~~ -~, paragraph, clausQ, phrase or ward of this ordinance ig decxe-xed. -~ - invalid, the remaining provisions of this Ordinance shall riot be - attrcced. Sect ion 6. Thi.:3 Ordinance shall become eff+~Ct~ve thirty t3U~ days after f1na1 retailing and adoption hereol. PASSFt) oN F1R5T REAQtNG sY TITLE dNGY this 30th d8y taf = November, 1989. ~` ........_....r ~~_ 1 PASS£n AND A1108TEp ON SBCOND AND FxNAL READING !!Y T1Tt:,C OtiGX ~ _,,,..__ de,y of ._...___~__.._. ~ t f, i __~__ ~ 1989. ,` _, _ ~ ~: _, x ~: J~ - ti S L r- XAV I GR L. SUAti~~ , ft ---.. , ~,- MATTY 'f31RJ~i.~ ~ ~~~X C~~RK ~-x ;~ =~~. _ ~ ~~ 4 = _,~ 3 ~~~r~AkF~t~ ANn APtROVEh ~Y: ,r ~,,~/~ RAFAr:[, niAQ r IASSIS7'ARt'I' C1`~`Y A~"I'nFiNEY ~, . ,.._ . Api'ROVF:b A5 Tn l~4RM At~b COt'tRRCTNE53t 1 .IO ~t;^"f:. FERN NOR2 Ct Y ATTOftNBY ttOn/f 1/M57S ~ ~~ J-B~~-i148 11/0/89 ORDINANCE NO. AN ORDINANCE ESTABLISHING THE GOAL OF THE MIAMI CITY COMMISSION OF MAINTAINING THE SEPTEMBER 30, 1989 FUND BALANCE OF THE GENERAL FUND IN AN AMOUNT WHICH COULD NOT BE LESS THAN $6,000,000 BUT COULD BE MORE DEPENDING ON THE FINAL ACCOUNTING STATEMENfi FOR FISCAL YEAR ENDING SEPTEMBER 30, 1989 AND REQUIRING THAT A SEPARATE ACCOUNT BE ESTABLISHED IN WHICH SAID FUND BALANCE I5 TO BE DEPOSITED ALONG WITH ANY INTEREST EARNED BY THE FUNDS IN THE ACCOUNT; FURTHER INCREASING FUTURE YEAR ENDING FUND BALANCES IN THE ACCOUNT BY A MINIMUM OF $1,000,000 PER FISCAL YEAR FOR THE NEXT FOUR YEARS, WITH THE MINIMUM BALANCE IN THE ACCOUNT INCREASING TO A MINIMUM OF $10,000,000 BY THE END OF SUCH TERM; FURTHER INSTRUCTING THE CITY MANAGER TO • TAKE THE NECESSARY ACTIONS TO ACHIEVE SAID GOAL; FURTHER PROVIDING THAT THE SAID MONIES IN SAID ACCOUNT SHALL NOT BE THE SUBJECT OF APPROPRIATIONS UNLESS THERE IS A FAVORABLE VOTE OF 4/STHS OF THE CITY COMMISSION; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE. WHEREAS, it is in the best i rest of the City of Miami to maintain. prudent fi an is polici s that will ensure adequate reserve fo un ores ea a even ; and EREAS he rating agencies look favorably at fund balan s the eneral Fund in the range of 58 of total Ge l Fund a penditures in any given year= and /r REAS,the "fu b ance" of he a ~al Fu s `e amount of excess reven es an fin ci ur a ollver expenditures - . and .other financing u s cum mat in previous fiscal yegrsx and ~. r WHEREAS, .this ordi ance establishes the goal' o~f 'the ' City ~' ~- Commi$sion t4 increase future year ending fund balances ' fn~ tte ~ ~. ~~~ General Fund by a minimum of $1,000,000 per fiscal year for the ~_ .. ~ .,~