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2002-24763 Reso RESOLUTION NO. 2002-24763 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPRO- PRIA TING AN ADDITIONAL $1,473,800 TO THE RESERVE FOR CONTINGENCIES IN THE GENERAL FUND (11% EMERGENCY RESERVE) FROM THE UNDESIGNA TED FUND BALANCE OF THE GENERAL FUND. WHEREAS, the Mayor and City Commission adopted Resolution No. 96-22014 on June 5, 1996, establishing a Reserve for Contingencies of $10 million in the General Fund; and WHEREAS, said Resolution provided for said Reserve to be adjusted annually, to equal 11 % of the current General Fund Operating Budget; and WHEREAS, said Resolution provides for the appropriation of an additional $1,473,800 which will bring the said Reserve to $15,662,687 (includes $108,887 from the sale of the City owned property located at 1749 Jefferson Avenue, Resolution No. 99-23396 adopted on November 17, 1999), which is 11% of the Fiscal Year 2001/02 General Fund Operating Budget. NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that an additional $1,473,800 of the balance in the Undesignated Fund Balance in the General Fund of the City be appropriated into the Reserve for Contingencies in 1he General Fund (11% Emergency Reserve). PASSED AND ADOPTED THIS 20th DAY OF February 2002. Mayor Attest: Jlr/'wAt P ~ City Clerk APPROVED Jt.S TO FORM & LANGUAGE & FOR EXECUllON 140,~ ~~i-o'" Dat. CITY OF MIAMI BEACH COMMISSION ITEM SUMMARY m ~ Condensed Title: Resolution appropriating an additional $1,473,800 to the Reserve for Contingencies in the General Fund (11 % Emergency Reserve) from the Undesignated Fund Balance of the General Fund. . Issue: The Reserve for Contingencies must remain at 11 % of the General Fund Operating Budget for the current fiscal year. The approval of this resolution will accomplish this goal. Item Summary/Recommendation: I Adopt the Resolution Advisory Board Recommendation: IN/A Financial Information: Amount to be expended: IFi~J Undesignated Fund Balance of the General Fund Source of Funds: Sign-Offs: AGENDA ITEM R7 c.. DATE 2" 2/x)'L CITY OF MIAMI BEACH CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139 http:\\ci.miami-beach.f1.us COMMISSION MEMORANDUM TO: Mayor David Dermer and Members of the City Commission DATE: February 20,2002 FROM: Jorge M. Gonzalez ,~ City Manager 0" - 0 SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROPRIATING AN ADDITIONAL $1,473,800 TO THE RESERVE FOR CONTINGENCIES IN THE GENERAL FUND (11 % EMERGENCY RESERVE) FROM THE UNDESIGNA TED FUND BALANCE OF THE GENERAL FUND. ADMINISTRATION RECOMMENDATION Adopt the Resolution. ANALYSIS On June 5, 1996, the City Commission adopted Resolution No. 96-22014 which appropriated $10 million into a reserve for contingencies in the General Fund. This resolution called for this reserve to remain at 11 % of the General Fund Operating Budget for the current fiscal year. The current reserve for contingencies is $14,188,887 which includes $108,887 from the sale of the City owned property located at 1749 Jefferson Avenue (Resolution No. 99-23396 adopted on November 17,1999). As the City's General Fund Operating Budget totals $141,398,183 for the 2001/02 fiscal year, the 11 % reserve should now be $15,662,687 (including the $108,887 mentioned above). The additional appropriation of $1 ,473,800 in this resolution will bring the reserve to the required amount of $15,662,687. In accordance with the resolution adopted by the City Commission on June 5, 1996, this action is required to maintain the reserve for contingencies at the required level. JM~W/~