HomeMy WebLinkAboutR-82-1122J-82-153
RESOLUTION NO.82�-1122
A RESOLUTION ALLOCATING THE SUM OF $124,828
FROM THE FY'83 SPECIAL PROGRAMS AND ACCOUNTS
BUDGET, CONTINGENT FUND, TO THE. DEPARTMENT OF
OFF-STREET PARKING TO FUND THE FY'82 DEFICIT
IN THE GUSMAN AND OLYMPIA BUILDING ENTERPRISE
FUND OF $6,453 AND THE BALANCE. OF $118,375 TO
REFUND ADVANCES THE DEPARTMENT OF OFF-STREET
PARKING MADE. FOR RENOVATIONS OF CITY SPACE IN
THE OLYMPIA BUILDING.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The City Manager is hereby authorized to pay
the Department of Off -Street Parking the sum of $124,828 to
fund the FY-82 deficit in the Gusman and Olympia Building
Enterprise Fund of $6,453 and the balance of S118,375 to
refund advances the Department of Off -Street Parking made for
renovations of Citv space in the Olympia Building.
Section 2. The Sum of $124,828 is hereby allocated
from tale F)''83 Special. Programs and Accounts Budget, Con-
tingent fund, to cover this payment.
PASSI.D AND ADOPTED this 9
1982.
day of DECEMBER
MAURICE A. FERRE
P1 A Y 0 R
TI
STH G. ONGIE
CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK
DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
r�
SE R. GARCIA-PEDROSA
.ITY ATTORNEY
CITY COMMISSION
MEETING 08
0 E (�j-'112
RESOLUTION am
20
TO Howard V. Gary
City Manager
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
Manohar S. Sur Director
FROM Department of Ie ent and Budget
i
DATE November 15, 1982 FILE steve/jw
SUBJECT Payment to the Department
of Off -Street Parking
REFERENCES
ENCLOSURES
It is recommended that the City Commission approve
the attached resolution allocating a sum of
$124,828 from the FY'83 Special Programs and
Accounts budget contingent fund to the Department
of Off -Street Parking. This money will be used by
said organization to fund the FY'82 deficit in the
Gusman and Olympia Building Enterprise Fund of
$6,453 and the balance of $118,375 to refund
advances the Department of Off -Street Parking made
for renovations of City space in the Olympia
Building.
The Gusman and Olympia Building Enterprise Fund is in a deficit for FY'82 in the
amount of $6,453. We believe this has occurred due to a decrease in the
utilization of Gusman Hall which seems to be the pattern for other facilities
such as the Theatre for the Performing Arts and Dade County Auditorium. Many
efforts have been made to reduce costs and increase revenues in the Olympia
Building and Gusman Hall and the Department of Off -Street Parking has been
successful in this area. By way of information, the City financed a $62,580
deficit in FY'78-'79; a $29,422 in FY'77-'78; and a $39,664 deficit in
FY'76-'77.
In addition, as a result of the repayment of a bank loan borrowed to renovate
City space in the Olympia Building for the Law Department and Office of
Management and Budget, the cash flow position became extremely tight resulting
in the need for Department funds being loaned to Gusman and Olympia for a
portion of the loan repayment. Further complicating this issue is the fact that
the ordinances governing the Off -Street Parking Department revenue bonds are
extremely restrictive regarding the utilization of parking revenues for
non -parking related matters. Therefore, it is incumbent upon the City of Miami
to fund the deficit.
The total amount advanced for renovations of City space was $349,687. To fund
these renovations, a loan in the amount of $325,000 was borrowed from the City
National Bank of Miami. This loan was negotiated at a very low interest rate of
41 4.5 percent. When the loan was repaid from Gusman and Olympia Enterprise Fund
in the amount of $175,000 principal plus $28,747 interest, the balance due was
the principal of $150,000 plus $3,375 of interest. Since the Olympia Building
cash position could not handle the entire amount due, it was decided by the
_ Off -Street Parking Board to advance funds on a no -interest basis in the amount
of $118,375. Gusman and Olympia Enterprise Fund covered the balance of $35,000
principal and interest due.
ONS
82-1122
a
This resolution has been prepared for the December 9, 1982 City Commission
meeting.
82-1122