96-22160 RESO
RESOLUTION 96-22160
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE
EST ABLISHMENT OF A SPECIAL FUND, IN THE AMOUNT OF
$1,471,755.00, FOR FUNDS REQUIRED TO OPERATE THE 7TH
STREET AND COLLINS AVENUE PARKING GARAGE FOR
FISCAL YEAR 1996-1997.
WHEREAS, the public parking garage located at 7th Street and Collins Avenue has been
completed and is currently operating; and
WHEREAS, a Fiscal Year 1996-1997 budget is necessary to pay the operating expenses of
the garage; and
WHEREAS, an appropriation of funds is also necessary to repay the proportionate share of
the Gulf Breeze Loan Pool debt service which was used, in part, to fund the construction of the
garage.
\
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission herein appropriate a special fund, in the amount of$1,47l,755.00, for funds required
to operate the 7th Street and Collins Avenue Parking Garage, for Fiscal Year 1996-1997 and also
to repay the proportionate share of the Gulf Breeze Loan Pool debt service..
PASSED and ADOPTED this 9th day of
October
ATTEST:
~o~J- ~iM~
CITY CLERK
"\" ".." "-'"'1 ,?!
1\.. !, i h...i j '-,J
By~J~
r, .',3 .-!-.oh&t moo
CITY OF
MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
COMMISSION MEMORANDUM NO. ~o1-'11.o
TO:
Mayor Seymour Gelber and
Members of the City Commission
DATE:
October 9,1996
FROM:
Jose Garcia-Pedrosa Ii
City Manager .
A RESOLUTION PPROPRIA TING THE FISCAL YEAR
1996-1997 BUDGET OF THE 7TH STREET GARAGE.
SUBJECT:
ADMINISTRATION RECOMMENDATION:
Adopt the resolution.
BACKGROUND:
The funding for the construction of the 7th. Street and Collins Avenue garage was accomplished by
utilizing Gulf Breeze Municipal Loan Pool Bonds. The revenues collected will be used to pay
operating expenses and repay the debt service on the proportionate share of the bonds. The Parking
Department will be responsible for the collection of revenues which will be used to pay operating
expenses and debt services.
ANALYSIS:
OPERATING REVENUES
FISCAL YEAR 1996-1997
Revenues
Miscellaneous
$1,316,755.00
155.000.00
Total Operating Revenue
$1,471,755.00
CONCLUSION:
The operating budget in the amount of$I,471,755.00 is required to cover the operating expenses
and debt service for the 7th. Street and Collins A venue parking garage for the Fiscal Year 1996-
1997. In the event of any shortfall, the difference shall be made up by funds from excess meter
parking revenues.
JGP~JYG/JB
AGENDA ITEM
c.13
I D-C,-C}L,
DATE
Revenue
Miscellaneous Revenue
344404
344404
$885,612 $529,712.21
78,750 67,500.00
$627,049.17
78,750.00
$1,316,755
155,000
Total Revenues
705,799.17
1,471,755