LTC 319-2018 BUDGET ADVISORY COMMITTEE MOTIONMIAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC # 319-2018
LET ER TO COMMISSION
TO: Mayor Dan Gelber and Members the City commission
FROM: Jimmy L. Morales, City Manager
DATE: June 6, 2018
SUBJECT: BUDGET ADVISORY COMMITTEE MOTION
The purpose of this Letter to Commission (LTC) is to inform the Mayor and City Commission
of a motion passed by the Budget Advisory Committee at their June 5, 2018, meeting.
The Budget Advisory Committee (BAC) approved a motion recommending that the City
increase its capital funding over time to better align the Capital Budget with the
depreciation cost of its assets. Historically the City has not set aside sufficient amounts for
renewal and replacement of its general assets, while increasing operating expenses and
lowering millage rates. This has led to deterioration of City assets including roads,
building infrastructure, and vehicles. It is especially important that a sinking fund be
established to fund future replacement of short lived assets funded by the proposed GO
bond.
Attachment
J LM/JDV/TOS
Ciiy of Miami Beach
Budget Advisory Committee
Meeting of June 5, 2018
Members Present: Marc Gidney, Brian Harris, Joseph Landesman, Carl Linder,
Ronald Starkman, Krista Yoder-Latortue, Steve Zuckerman.
Members Absent: Jonathan Beloff, Susan Rosenthal, Krista Yoder-Latortue
Motion made by: Marc Gidney
Motion Second by: Steve Zuckerman
Motion Text:
The Budget Advisory Committee (BAC) approved a motion recommending that the City
increase its capital funding over time to better align the Capital Budget with the
depreciation cost of its assets. Historically the City has not set aside sufficient amounts for
renewal and replacement of its general assets, while increasing operating expenses and
lowering millage rates. This has led to deterioration of City assets including roads,
building infrastructure, and vehicles. It is especially important that a sinking fund be
established to fund future replacement of short lived assets funded by the proposed GO
bond.
Motion Passage: Vote 6-0-3