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Y'stF� <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />r <br />y <br />4f <br />crrk of Si a"4 <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />MEMORANDUM <br />TO: Honorable Mayor and City Commissioners <br />VIA: Stan Morris, City Manager <br />FROM: Tiffany Neely, Finance Director <br />DATE: August 15, 2024 <br />RE: Approval of the Budget Amendment BA2324-03 <br />RECOMMENDATION: <br />Staff recommends adoption of this Ordinance. <br />REASONS: <br />Budget Amendment BA2324-03 is necessary to record the following budget transactions: <br />A. Record routine transfers between existing budgeted accounts to account for actual expenditure <br />needs for FY 2023-2024 including transfer of funds from Human Resources to Building for sign -on <br />bonuses. <br />B. Record revenue adjustments for interest earnings and FEMA grant revenues and adjust ARPA <br />transfers in (correction). <br />C. Adjust the fund balance carryoverfrom 9/30/2023 to 10/01/2023 perfinal audit report. <br />D. Reallocate funds from Assigned Fund Balance for Parks & Recreation Master plan (PRMP) <br />projects which were originally budgeted to include a steel storage building, 4 -post lift, air <br />compressor, wheel balancer, tire changer, containment pallet, and various racks for Fleet <br />Maintenance. These funds will now be used to purchase a large, steel building to better support <br />the Public Works Operation and the adjacent community. <br />E. Reallocate $10,000 for Community Conversation Series - the SIB entrepreneurship program was <br />originally budgeted; however, funds will be reassigned to a community conversation focusing on <br />parenting and child welfare. <br />F. Allocate funds for the implementation of new Governmental Accounting Standards Board <br />statements 87 and 96 for leases and software subscription arrangements. These expenditures are <br />accounted for differently and the information was not available during the prior budget season. <br />Item Number: 9.6 <br />90 <br />