LTC 436-2019 FY 2020 BUDGET DEVELOPMENT PROCESS UPDATE MIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC# 436-2019 LETTER TO COMMISSION
TO: Mayor Dan Gelber and Members of e City a, mission
FROM: Jimmy L. Morales, City Manager l
DATE: August 5, 2019
SUBJECT: FY 2020 BUDGET DEVELOPMENT PROCESS UPDATE
The purpose of this Letter to Commission (LTC) is to provide an update regarding the FY 2020
budget development process. At the first public hearing on September 11th, Administration will
present a balanced FY 2020 budget that closes a preliminary $4.4 million gap through
efficiencies and administrative reductions that avoid major cuts to public facing programs and
services. The City Commission will finalize and adopt the FY 2020 budget at the second public
hearing on September 25th
The two budget public hearings in September are the culmination of a robust budget process
that started during the Spring and featured an all-day budget planning workshop with the City
Commission on May 21St and three half-day budget workshops with the full Commission on
June 14th, July 19th, and July 26th. I am proud to share that this year's budget process
incorporated feedback from the 2019 Community Survey, built on the second year of program
budgeting (activity-based costing), and included the first use of an innovative zero-based
budgeting exercise.
Other accomplishments demonstrating the financial strength of the City of Miami Beach include
outstanding credit ratings received from S&P (AA+) and Moody's (Aa2), as well as our recently
announced FEMA Class 5 Community Rating Score. In addition, the City recently updated its
Investment Policy and was one of only two municipalities in the State of Florida to have their
Investment Policy assigned a AAAf/S1 rating by Standard & Poor's and was one of only 208
applicants to be approved in the last 10 years by the Association of Public Treasurers of the
USA and Canada.
Please note that the Proposed FY 2020 operating and capital budget documents will be
distributed approximately one week in advance of the first public hearing on September 11th to
facilitate briefings and Commission input.
If you have any questions regarding the FY 2020 budget process, please feel free to contact
John Woodruff, Chief Financial Officer.
JLM/JW