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Preview <br /> <br />Page 1 of2 <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />Norman S. Ede1cup, Mayor <br /> <br />DATE: <br /> <br />2/1612012 <br /> <br />RE: <br /> <br />Ordinance Establishing Emergency Reserve Funds <br /> <br />RECOMMENDATION: <br /> <br />The attached Ordinance is presented for your approval. <br /> <br />REASONS: <br /> <br />One of the major responsibilities of the City Commission is to ensure fiscal stability. For <br />several years, the City has maintained a healthy reserve fund of $1 0 Million Dollars to be <br />used for emergency purposes. <br /> <br />To protect our rainy day fund and to ensure the availability of funds for man-made or <br />natural disasters, I am proposing the attached Ordinance to codify that the City must keep <br />a minimum of $1 0 Million Dollars as a rainy day fund. <br /> <br />Under the proposed Ordinance, the $10 Million Dollars rainy day fund must be used for <br />emergency purposes only. In order to use the rainy day funds, the City Commission is <br />required to approve any use of the funds by resolution upon a super majority vote, which <br />is 4-1. <br /> <br />Please note that any reserve fund above the $10 Million Dollars minimum can be used <br />without any restriction. <br /> <br />ATTACHMENTS: <br /> <br />. <br /> <br />Ordinance Establishing Emergency Reserve Funds <br /> <br />. <br /> <br />Notice of Public Hearing <br /> <br />http://sibagenda.sibfl.net/agenda/Preview.aspx?I temID=700&MeetingID=0&MeetingDate=... 2/7/2012 <br />