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<br />Summary Minutes: Regular City Commission Meeting March 15,2007 <br /> <br />City of Sunny Isles Beach, Florida <br /> <br />Reform; Add-Ons included Items lOJ - purchase airline tickets for the Havazalot-Netanya <br />Dance Troupe, and 1 OK- rental agreement for a portable restroom in Town Center Park. <br /> <br />Action: Mayor Edelcup noted the above changes. <br /> <br />Commissioner Iglesias moved and Commissioner Brezin seconded a motion to approve the <br />above changes to the agenda. The motion was approved by a voice vote of 5-0 in favor. <br /> <br />5. SPECIAL PRESENT A TIONS <br /> <br />SA. Presentation of the City of Sunny Isles Beach Audit Report for Fiscal Year 2005/2006. <br />Action: [City Clerk's Note: Correction to page 6 of report and a RevisedAudit Report was <br />distributed prior to the meeting.} Dwayne Mathews, Audit Supervisor from Rachlin Cohen <br />& Holtz noted that our City Auditor, Gerry Chioca is out sick tonight. Mr. Mathews <br />presented the City of Sunny Isles Beach Audit Report for Fiscal Year 2005/2006, and said <br />that the City is in very good financial shape, and he thanked Finance Director Jean Watson, <br />Assistant Finance Director Linda Dosal and Assistant City Manager/Finance Douglas Haag <br />for all their hard work. <br /> <br />City Manager Szerlag stated that the City is a financially sound organization, our assets <br />exceeds our liabilities, our fund balances are healthy and absent any major property tax <br />revision beyond our control that would have an adverse affect on our income stream, we are <br />postured for a very prosperous future. <br /> <br />Mayor Edelcup noted that in the report our unrestricted surplus is just over $ll Million <br />Dollars and that is approximately the same as the prior year, and that speaks well because <br />during the year we acquired some land, the Park on the northern end of the City where we <br />dipped into that surplus and we were able to replenish it by the end of the year so that we <br />wound up with an undiminished surplus. He said on page 12 of the Report, there is an item <br />that is called "Compensated Absences" of$l ,234,350.00, and he would like for discussion, <br />and he doesn't need to have an answer today, have the Auditors and the City Manager confer <br />as to whether or not it would be in the better interest of the City to take from the <br />"Unrestricted Cash and Surplus" that we have, the $1.2 Million and set it up as a restriction <br />and incrementally adjust that from year to year so that if and when the time comes that is <br />actually called upon to be paid out, there will be funds there to pay it out and not have to <br />scurry around and borrow those funds at some future date. He said it may make sense on a <br />more conservative fiscally sound basis to actually accrue and set aside funds to cover that <br />expenditure. Mr. Mathews said he will get back to the Mayor on that as well as involve <br />Gerry Chioca with the City Manager so everybody can confer. <br /> <br />Commissioner Brezin clarified that what Mayor Edelcup is asking for would be a reserved <br />fund that we could use where we will be using part of these monies and set it aside as a <br />reserve fund to be used if we need it, so if anything arises we won't be in a position where <br />we wouldn't be able to access that money and have to borrow, this way we will have the <br />money in place. Mayor Edelcup said that is correct, what we have done now is accrue the <br />liability but we have not set aside the funds to actually pay it, and he is suggesting that since <br />we do have the funds, which is right now in the unrestricted surplus, that we consider <br /> <br />2 <br />