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RESOLUTION NO. V V no w
A RESOLUTION AUTHORIZING CASH TRANSFER IN AN
AMOUNT NOT TO EXCEED NINE MILLION DOLLARS AS
NEEDED BY THE GENERAL FUND FROM THE CAPITAL
IMPROVEMENT FUND DURING THE MONTH OF DECEMBER,
1980, TO COVER CASH DEFICIT CREATED BY LATE
COLLECTION OF REAL ESTATE TAXES, TO BE REPAID
IN JANUARY, 1981.
WHEREAS, the City of Miami has collected the majority of its Real
Estate taxes by December 31st in past years; and
WHEREAS, Dade County mailed the 1980 tax bills a month late due to
administrative changes required by the TRIM bill and changes in Homestead
Exemption amounts; and
WHEREAS, the City of Miami does not expect to collect significant
amounts of its taxes until January, 1981; and
WHEREAS, the Capital Improvement Fund will have available in the months
of December and January $9,000,000 in cash;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The Finance Director is hereby authorized to transfer up to
$9,000,000 in cash from the Capital Improvement Fund to the General Fund as
needed during the month of December, 1980.
Section ?. Such funds to be repaid to the Capital Improvement Fund as
Real Estate taxes are received in January, 1981, and as General Fund cash flow
requirements will allow.
PASSED AND ADOPTED this 17 day of December , 1981.
ATTEST:
Ralph G. Ongie, City Clerk
Prepared And Approved By:
Assistant City Attorney
Approved As To Form and Correctness;
George F. Knox, Jr., City Attorney
Maurice A. Ferre
M A Y 0 R
MICRO FILHI %,:'] ('(4h I_ TED
MAGAZINE (; _ 3 s- of
CITY COMMISSION
MEETING OF
D E C 1 7 1g?n
RESOWTIC!, NC..................�..
REWRKS:........................-
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IN"YER.v1=FICc= AEMOR.n"•J1--)l.JN1 - --- ` --
Richard L. Fosmoen December 16, 1980_
City Manager Agenda Item
"•1
Carlos E. Garcia
Acting Director of Fi ce7:7-
+o
It is recommended that the attached
Resolution be passed authorizing short- N
term cash transfers from the Capital - -
Impravement Fund to the General Fund y
in an amount not to exceed $9,000,000,
during the month of December, 1980. -=
Dade Countv sent the 1980 Real Estate taxes a month late due to the°
administrative requirements of the TRI?i bill and changes in the Home-
stead Exemption amounts.
Normally, the City collects significant amounts in ad valorem taxes
by December 31st. These collections will not materialize until January,
1981.
This transfer will prevent the General Fund from getting in a cash de-
ficiency position.
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