HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 14-00287
Law Department
Matter ID No.
Date: 3/31/2014 Requesting Department: Office of Management and Budget
Commission Meeting Date: 4/24/2014
District Impacted: N/A
Type: /. Resolution ❑ Ordinance Emergency Ordinance ❑ Discussion Item
Subject: A resolution amending the appropriate budgets to comply with bond covenants to expend
unspent Sunshine State Loan Proceeds
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENTS, MAKING AMENDMENTS TO APPROPRIATIONS
RELATING TO THE CAPITAL FUND, THE DEBT SERVICE FUND, AND THE GENERAL FUND BUDGETS FOR THE FISCAL YEAR
ENDING SEPTEMBER 30, 2014 TO COMPLY WITH CITY COMMISSION RESOLUTION NO. 11-0228, ADOPTED MAY 26, 2011,
AND THE TAX COMPLIANCE CERTIFICATE, DATED AS OF JULY 21, 2011 FOR THE $70,645,000.00 CITY OF MIAMI, FLORIDA
SPECIAL OBLIGATION NON -AD VALOREM REVENUE REFUNDING BONDS, SERIES 2011-A.
Background Information:
This item increases budget authority to transfer out $12,938,000 in the Capital Fund, increases budget authority to
transfer out $9,823,000 in the Debt Service Fund, decreases the amount transferred from the General Fund to Debt
Service by $1,943,000, and increases budget authority to transfer out $11,766,000 in the General Fund, as required to
comply with City Commission Resolution No. 11-0228, adopted May 26, 2011, and the Tax Compliance Certificate, dated
as of July 21, 2011. The difference of $3,115,000 will remain in the Debt Service Fund for debt payments in August 2014
and February 2015. The remaining $1.172 million will be appropriated in the FY 2014-15 Budget for Capital projects as
this same fund balance will be available in the Debt Service Fund to make the payment without additional allocation.
These budget amendments will provide authorization as explained in the companion Finance and Capital Improvement
items.
Budget Impact Analysis
YES Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
none
Final Approvals
f SIGN AND DATE
CIP Bud et �4 /S/`y
If using or receiving capital funds
Grants Risk Management
Purchasing Dept. Dire
Chief City Mana