2005 0922 Special City Commission Meeting - Budget

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Summary Minutes: Special City Commission Meeting September 22, 2005 Second Budget Hearing Sunny Isles Beach, Florida Edelcup said the other thing we need to address is the future money that we are going to have to expend to pay the remaining balance to the Alamo, which fund is that going to come out of so that we can earmark the fund. He said what we are trying to come down to is what is left that has been undesignated for us to invest in some capital project if we so choose. Ms. Watson said on Beach Enhancement we started out at $1.2 Million, expended $58,000 and that most ofthat was for the new life guards, the income was $2.8 Million and projected $2.7 Million. She said nothing was expended on the Beach Trust Fund and we brought in $1.1 Million and project another $1.1 Million. Vice Mayor Thaler asked what the Beach Trust could be used for, and City Attorney Ottinot said that our Code, which is part of the bonus program, those funds are to be used for on-site amenities that are related to those projects, such as Collins A venue improvements, beach access improvements, etc. Mayor Edelcup said there is some confusion between the Beach Enhancement and Beach Trust Funds and asked if they are distinct or should we combine them. City Attorney Ottinot said that he and City Manager Russo discussed this and eventually will have to bring it to the City Commission to decide. City Manager Russo said they were created under two different times of the Zoning Code, and another way to do that is to finish the analysis of the interpretation of what you can use the funds for because if there are overlapping purposes, you can probably resolve it easier that way. Vice Mayor Thaler asked for someone to layout what each one was intended for, and City Attorney Ottinot said he would give them a report tomorrow. Mayor Edelcup said he would like to see them combined if they have similar uses. Ms. Watson said she is getting revenues on both, and Commissioner Goodman asked where the revenues were coming from and Mayor Ede1cup said from the FAR Bonuses. Commissioner Iglesias said that he thinks one was for when we were contemplating the beachwalk and the other one was just for enhancement. Mayor Ede1cup noting the Investment Funds said he is still not clear as to how much of all of these dollars that are invested in CDs or interest bearing accounts, and asked Ms. Watson to identify each one of these as to how many dollars are invested and actually earned the interest, and on the income divide it into "interest income" and "other income". Ms. Watson said that there is $4 Million invested in bonds which is not in any of these numbers, of which $1 Million is General Funds, and $3 Million is from your Capital (one from TDRs and the other two from overage). Mayor Ede1cup said that this is over and above, and Ms. Watson said yes, and noted that General Funds is $9 Million and Other Proffers is $90,000. Vice Mayor Thaler said that we will have roughly $33 Million at the end of2006. Mayor Edelcup said how much of that $33 Million is earning interest. Ms. Watson said that the investments are earning more, and the others are earning 3.45% right now. Mayor Edelcup suggested that the financial people on the Commission sit down and rework a report for information, and distribute it at the next meeting. Public Speakers: none Commissioner Brezin moved and Vice Mayor Thaler seconded a motion to approve the resolution. Resolution No. 2005-839 was adopted at 6:23 p.m. by a voice vote of 5-0 in favor. 3