HomeMy WebLinkAboutR-86-0996J-86-1048
12/4/86
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I
KI
RESOLUTION NO.
86-9961
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
APPROVE PAYMENT IN THE AMOUNT OF SEVENTEEN
THOUSAND ONE HUNDRED AND SIXTY-SEVEN DOLLARS
($17,167) TO SHARPTON, BRUNSON AND COMPANY,
P.A. FOR ITS SERVICES RENDERED IN CONNECTION
WITH THE LOAN PORTFOLIO AUDIT OF MIAMI
CAPITAL DEVELOPMENT, INC. AS OF JUNE 30,
1986; FURTHER AUTHORIZING THAT SAID FUNDS BE
ALLOCATED FROM TWELFTH (12TH) YEAR COMMUNITY
DEVELOPMENT BLOCK GRANT FUNDS PREVIOUSLY
APPROPRIATED FOR FISCAL YEAR 1986-87
ADMINISTRATIVE EXPENSES.
WHEREAS, the City Commission is desirous of maintain its
neighborhood revitalization efforts in the community target
areas; and
WHEREAS, on July 24, 1986, the City Commission passed Motion
No. 86-683 authorizing and directing the City Manager to obtain
the services of an independent outside auditor to conduct an
audit of Miami Capital Development, Inc.'s loan portfolio, intake
and disbursement process; and
WHEREAS, the aforementioned audit has been completed,
reviewed by the City Administration and responded to by the Board
of Director's and staff of Miami Capital Development, Inc.; and
WHEREAS, Miami Capital Development Inc. has already expended
thirty -thousand dollars ($30,000) of its proposed Twelfth (12th)
Year administrative budget; and
WHEREAS, in accordance with Article 4.3 of Agreement dated
November 6, 1985 between the City of Miami and Miami Capital
Development, Inc., payment in the amount of seventeen thousand
one hundred and sixty-seven dollars ($17,167) for said audit will
also be taken from Miami Capital's Twelfth (12th) year proposed
administrative budget of one hundred and twenty thousand dollars
($120,000); and
CITY COMMISSION
MEETING OF
DEC lI im
^I A
WHEREAS, seventy-two thousand eiqht hundred and thirty-three
dollars ($72,833) will be remaining ($120,000 - $30,000 - $17,167
= $72,833) in the Corporation's allocated administrative budget
amount;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to
satisfy the bill of debit in the amount of seventeen thousand one
hundred and sixty-seven dollars ($17,167) to Sharpton, Brunson
and company, P.A., for services rendered in connection with the
examination of Miami Capital Development, Inc.'s loan portfolio
as of June 30, 1986; said authorization being subject to both the
City and the latter firm's acknowledgment that an exit conference
has been held.
Section 2. Funds for said purpose are to be drawn down
against Miami Capital's proposed Twelfth (12th) Year Community
Development administrative budget, appropriated at a level of one
hundred and twenty thousand dollars ($120,000).
PASSED AND ADOPTED this llth day of cember 86.
XAVIER L. SUAR , MAYOR
ATTE
M TTY HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
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ROBERT F. LARK
CHIEF DEPUTY CITY ATTORNEY
APPROVAOTOFORM AND CORRECTNESS:
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CITY ATTORNEY
RFC:bss:M290
867-99G
11
CITY OF MIAM1, FLORIDA
11 20
INTER -OFFICE MEMORANDUM
TO: The Honorable Mayor and Members
of the City Commission
FROM:
Cesar H. Odio
City Manager
RECOMMENDATION:
DATE: DEC -.519�
FILE,
SUBJECT: Resolution authorizing
the City Manager to
approve payment
REFERENCES:
ENCLOSURES:
It is respectively recommended that the City Commission adopt the
attached resolution authorizing the release of payment to
Sharpton, Brunson and Company, P.A., in substantially the form
attached hereto, per Article 4.3 of the agreement between Miami
Capital Development, Inc. and the City of Miami for the
professional services of said Corporation in the implementation
of a revolving loan fund program, in accordance with the terms
and conditions as set forth therein.
BACKGROUND:
The Department of Community Development has analyzed the need to
execute the attached resolution authorizing and approving
expenditures incurred by Miami Capital Development, Inc. as it
related to its recent loan portfolio audit performed by Sharpton,
Brunson and Company, P.A., Certified Public Accountants. The
proposed resolution allows Community Development to pay for said
services from funds appropriated in the Twelfth (12th) year
Community Development Block Grant Fund to Miami Capital
Development, Inc. for its administrative cost.
On July 24, 1986, the City Commission passed Motion No. 86-638
authorizing and directing the City Manager to obtain the services
of an independent outside auditor to conduct an audit of the
Miami Capital Development, Inc. loan portfolio, intake, and
disbursement process.
The aforementioned motion further stipulated that only thirty
thousand dollars ($30,000) be allocated for Miami Capital
Development, Inc. administrative operations for a period of three
(3) months or until the above -cited audit was complete.
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The Honorable Mayor and Members
of the City Commission
Page 2
The contract agreement dated November 6, 1985 between the City of
Miami and Miami Capital Development, Inc. was automatically
renewed in accordance with Article 1.3 of said agreement. As a
result, thirty thousand dollars ($30,000) of the one hundred and
twenty thousand dollars ($120,000) appropriated for Miami Capital
Development, Inc. has been expended on the first three (3) months
of administrative cost. Thereby reducing Miami Capital's
proposed Twelfth (12th) Year administrative budget to ninety
thousand dollars ($90,000), ($120,000 - $30,000 = $90,000)
As a result of Motion 86-638, the audit of Miami Capital
Development, Inc.'s loan portfolio has been completed, reviewed
by City administration and staff as well as responded to by Miami
Capital's Board of Directors and staff.
In addition, the cost of services rendered in connection with the
examination of Miami Capital Development, Inc.'s loan portfolio
as of June 30, 1986, totals seventeen thousand one hundred and
sixty-seven dollars ($17,167). This payment due, in accordance
with Article 4.3 of the agreement between the City of Miami and
Miami Capital Development, Inc., will be drawn against Miami
Capital Development, Inc.'s Twelfth (12th) Year proposed
administrative allocation, thereby leaving seventy-two thousand
eight hundred and thirty-three dollars ($72,833) available for
administrative cost during the fiscal period ($90,000 - $17,167 =
$72,833).
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