Reso 2010-1566 - Laserfiche WebLink

Home Browse Search

Preview Page 2 of3 increased the beginning fund balance and increased the transfer out to the Land Bank Fund. Based on preliminary projections of the General Fund, the fund can transfer out to the Land Bank fund only $7,500,000. As such, a downward adjustment of $850,000 is needed to both accounts. Capital Im~rovement Projects (CIP) Fund (20) The CIP Fund amendments are for the planned completion of several projects and the transfer of Land Bank Funds: G. Sunny Isles Boulevard Street Improvements ($12,500) - This project was originally budgeted for $100,000, but an additional $12,500 is needed to complete the scope of the project. H. Atlantic Avenue ($71,000) - This increase is due to the additional work required relating to FP&L damages. The City is seeking to recover some of the damages. I. Skate Park ($194,000) - This increase is to account for the contract amendment, which was approved by Resolution 2010-1543 for $192,878.55. J. Transfer Out-Land Bank Fund ($317,870)- This increase is to transfer accumulated restricted proceeds to the Land Bank Fund. The $595,370 in budget amendments will be balanced with the defunding of existing projects that have been completed or where the scope of the project has changed. 2010 Ca~ital Projects Fund (35) K. This budget amendment is necessary to establish the fund to record the Capital Improvement Revenue Bonds, Series 2010 $15 million in proceeds and the expenditures from these proceeds. The expenditures will be budgeted as follows: $15,000 for Bond Issuance Costs and $14,985,000 for Fund Balance Reserves. Land Bank Fund (~ The Land Bank Fund amendments consist ofa total downward adjustment of$532,135. L. The first quarter's budget amendment involved budgeting $8,350,000 in the Fund Balance- Reappropriated when the amount should have been balanced to the "Transfers In from the General Fund" account to offset the "Transfers Out to the Land Bank" fund in the General Fund. This quarter's requested budget amendment will correct this. In addition, the amount of $8,350,000 will be decreased to $7,500,000 to reflect the amount transferred from the general fund. M. Transfer In-Capital Improvement Project Fund ($317,870)- This increase is for receipt of accumulated restricted proceeds from the Capital Improvement Project Fund. The net impact on the budget of the proposed Second Quarter amendments is summarized below. Fund Original Budget Current Budget Proposed Budget Change from Current Budget to http://sibagenda.sibfl.netfagenda/Preview .aspx?I temID=254&MeetingID=0&MeetingDate... 5/13/2010