LTC 457-2019 FY 2019 Third Quarter Analysis MIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC# 457-2019 LETTER TO COMMISSION
TO: Mayor Dan Gelber and Members of the City Commission
FROM: Jimmy L. Morales, City Manage 4
.4).A..0-d2A.
DATE: August 14, 2019
SUBJECT: FY 2019 Third Quarter Analysis
SUMMARY
The purpose of this Letter to Commission (LTC) is to provide the Mayor and City Commission
with the status of the FY 2019 operating budget to actual revenues and expenses incurred for
the third quarter ending June 30, 2019, with projections through fiscal year-end September 30,
2019. The City's Charter requires that "the City Manager shall make public a quarterly report
showing the actual expenditures during the quarter just ended against one quarter of the
proposed annual expenditures set forth in the budget."
A summary of the preliminary General Fund revenues and expenditures as of June 30, 2019
with projections through September 30, 2019 reflects a year-end surplus of $7.9 million, or
2.2%, which is an increase over the $3.3 million surplus projected as of the second quarter of
the fiscal year.
Based on the preliminary General Fund revenues and expenditures as of June 30, 2019 with
projections through September 30, 2019, the Administration recommends that the projected
year-end surplus be utilized as follows:
(1) $2.7 million to fund "one-time" expenditure enhancements recommended for funding as
part of the proposed FY 2020 General Fund budget in accordance with Resolution 2006-
26341;
(2) Fund encumbered and unencumbered carryforward requests from FY 2019 to FY 2020
due to timing for goods/services that have either not been procured at year-end or
projects that have not been expended; and
(3) Any excess set aside to achieve the City's additional General Fund reserve targets.
It is important to note that this is a preliminary projection based on experience over the course
of the first nine months of the current fiscal year; therefore, certain assumptions for both
revenues and expenditures have been made, which will be adjusted for when year-end numbers
are available in November.
All General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds are
projected to be at or below their current FY 2019 amended budgets as of year-end with
revenues projected to be equivalent to or in excess of expenditures unless otherwise noted in
the following projections.
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 2 of 16
BACKGROUND
The first nine months of the fiscal year provide a clearer indication of the experience for the
remainder of the fiscal year as compared to the projections for previous quarters. It should be
noted that this analysis is still, however, a preliminary projection that will be updated after year-
end numbers are available in November. Therefore, certain assumptions for both revenues and
expenditures have been made, which will be adjusted for when year-end numbers are available.
The FY 2019 budgets for the General Fund, Enterprise Funds, Internal Service Funds, and
Special Revenue Funds were adopted by the Mayor and City Commission on September 26,
2018, through Resolution No. 2018-30512.
The First Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and
Special Revenue Funds budgets for FY 2019 was adopted by the Mayor and City Commission
on November 14, 2018, as amended, through Resolution No. 2018-30608.
The First Amendment recognized a preliminary FY 2018 year-end surplus of approximately
$12.8 million in the General Fund to be allocated for the following:
1) $1.4 million to be carried forward into FY 2019 to fund goods and/or services that were
procured, but not received in FY 2018 due to timing issues between fiscal years;
2) $2.8 million to be carried forward into FY 2019 for projects that were originally budgeted
in FY 2018, but not completed due to timing issues between fiscal years;
3) $1.1 million to be set-aside to fund "one-time" expenditures adopted in the FY 2019
General Fund budget in accordance with Resolution No. 2006-26341;
4) $5.1 million to be set-aside to achieve the City's goal of maintaining an additional 6
percent (%) contingency reserve in the General Fund;
5) $935,000 to be carried forward into FY 2019 for additional one-time expenditures;
6) $729,000 to be set-aside as General Fund contingency in the FY 2019 operating budget
for funding of temporary storm water pumps; and
7) $729,000 to be carried forward and transferred to the Pay-As-You-Go Capital Fund to
provide for additional funding capacity of capital projects during FY 2019.
In addition, the First Amendment appropriated $2.3 million of encumbrances in the Enterprise
Funds, $157,000 of encumbrances in the Internal Service Funds, and $1.5 million of
encumbrances in the Special Revenue Funds for goods and/or services procured in FY 2018,
but not yet received and expended, which were carried over to the respective FY 2019
operating budgets.
Similarly, $2.2 million, $1.5 million, and $1.6 million was appropriated in the Enterprise, Internal
Service, and Special Revenue Funds, respectively, for projects carried forward from FY 2018 to
FY 2019 that were budgeted, but not completed during FY 2018.
Lastly, the First Amendment included the realignment of the Emergency Management
Department's budget to the Fire Department, as part of a reorganization of operations and
functions of the department. This realignment resulted in the Department of Emergency
Management becoming a division of the Fire Department.
The Second Amendment to the FY 2019 operating budget adopted by the City Commission on
April 10, 2019 through Resolution 2019-30791 appropriated funding in the amount of $175,000
for two new positions and two existing positions transitioning from project management of the
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 3 of 16
Miami Beach Convention Center campus project in the City Manager's Office to provide
program management of the $439 million General Obligation (G.O.) Bond Program approved by
the City of Miami Beach voters on November 6, 2018. The costs of program management of the
G.O. Bond program (4 positions) will be charged back to the capital projects funded by the
voter-approved G.O. Bond.
The Second Amendment also appropriated funding in the amounts of $51,000 and $46,000 for
two positions in the Procurement and Property Management Departments to implement the
voter-approved G.O. Bond projects through the realignment of savings projected in the current
year amended budgets to preserve flexibility in workload and not increase the overhead costs to
the G.O. Bond projects.
The ensuing third quarter projections include the projected FY 2019 impact of the labor
agreement reached between the City and the Communications Workers of America (CWA) for
the period of October 1, 2016 to September 30, 2018, which was ratified by the CWA on
November 9, 2018 and subsequently adopted by the City Commission through Resolution 2018-
30614. In accordance with this agreement, the parties agreed to 1 percent, 2 percent, and 1
percent cost of living adjustments to be made commencing the first full pay period after October
1St of 2018, 2019, and 2020, respectively.
Further, it is important to note that as of August 7, 2019, all five of the City's collective
bargaining agreements expired. With the exception of the new agreements ratified by the City
Commission with the International Association of Fire Fighters (IAFF) on May 8, 2019 through
Resolution 2019-30831, the Government Supervisors Association of Florida (GSAF) on July 17,
2019 through Resolution 2019-30909, and the Fraternal Order of Police (FOP) on July 31, 2019
through Resolution 2019-30935, the terms of the remaining collective bargaining agreements
have not been finalized. Therefore, these third quarter projections do not include the projected
FY 2019 impacts of the collective bargaining agreements yet to be ratified between the City and
the Communications Workers of America (CWA), as well as the American Federation of State,
County and Municipal Employees (AFSCME).
Lastly, as a result of the 2019 Estimated Taxable Values and 2019 Certified Taxable Values
provided by the Miami-Dade County Property Appraiser and preparation for fiscal year-end, the
Administration enacted a hiring freeze as of June 6, 2019, as well as a freeze on City-funded
travel and non-essential and non-construction expenditures, which is anticipated to result in
additional one-time savings realized at fiscal year-end. The year-end numbers available in
November will be updated to reflect any year-end savings realized from this citywide freeze,
which is proposed to be utilized for funding of one-time expenditure enhancements
recommended by the Administration for FY 2020.
GENERAL FUND
Year-end operating revenues and expenditures projected through September 30, 2019 provide
an estimate of any year-end surpluses or gaps as of this point in time. Further, while actual
revenues and expenses presented are as of June 30, 2019, these projections have incorporated
more recent information available.
General Fund Third Quarter Status
An analysis of the actual nine-month operating revenues and expenses for the period October
1, 2018 through June 30, 2019 reveals an operating budget surplus of $62.5 million. While the
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 4 of 16
actual surplus as of June 30, 2019 may seem unusual when compared to the projection for the
current fiscal year ending September 30, 2019, it should be noted that the City receives a larger
percentage of its ad valorem property taxes during the earlier months of the fiscal year. Ad
valorem property tax revenues represent approximately 52.8% of total budgeted revenues
adopted in FY 2019 and 60.9% of actual revenues collected during the first nine months of the
current fiscal year.
As of June 30, 2019, total revenues collected were approximately 85.3% of the current FY 2019
amended budget, or $300.8 million. Conversely, expenditures were approximately 67.5% of the
current FY 2019 amended budget, or $238.2 million. It is important to note that there are often
delays in expenditures until the close-out of the fiscal year.
FY 2019 Budget
3/4 of Amended Actuals as of Variance from 3/4
General Fund Adopted Budget Amended Budget Budget 06/30/19
Amended Budget
Over/(Under)
Revenues $ 345,645,000 $ 352,757,000 $ 264,567,750"$ 300,779,899 $ 36,212,149
Expenditures $ 345,645,000 $ 352,757,000 $ 264,567,750 $ 238,234,228 $ (26,333,522)
Excess of Revenues Over/(Under)Expenditures $ 62,545,671
General Fund Year-End Projections
A summary of the preliminary General Fund revenues and expenditures as of June 30, 2019
with projections through September 30, 2019 reflects a year-end surplus of $7.9 million, or
2.2%, which is an increase over the $3.3 million surplus projected as of the second quarter of
the fiscal year. This is a preliminary projection based on experience over the course of the first
nine months of the current fiscal year; therefore, certain assumptions for both revenues and
expenditures have been made, which will be adjusted for when year-end numbers are available
in November.
Based on the preliminary General Fund revenues and expenditures as of June 30, 2019 with
projections through September 30, 2019, the Administration recommends that the projected
year-end surplus be utilized as follows:
(1) $2.7 million to fund "one-time" expenditure enhancements recommended for funding as
part of the proposed FY 2020 General Fund budget in accordance with Resolution 2006-
26341;
(2) Fund encumbered and unencumbered carryforward requests from FY 2019 to FY 2020
due to timing for goods/services that have either not been procured at year-end or
projects that have not been expended; and
(3) Any excess set aside to achieve the City's additional reserve targets in the General
Fund.
FY 2018/19 Budget
General Fund Adopted Budget Amended Budget Projected Difference %Over/(Under)
Revenues $ 345,645,000"$ 352,757,000 $ 353,878,000 $ 1,121,000 0.3%
Expenditures $ 345,645,000 $ 352,757,000 $ 345,985,000 $ (6,772,000) -1.9%
Excess of Revenues Over/(Under)Expenditures $ 7,893,000 2.2%
General Fund Operating Revenues
Property tax collections for FY 2019 are being projected at approximately 95.5% of total
property taxes assessed, which is slightly higher than the original adopted budget that allowed
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 5 of 16
for discounts and a level of adjustment for appeals consistent with historical levels. The realized
impact of these appeals and adjustments for the FY 2019 budget were provided by the Miami-
Dade County Property Appraiser in July 2019 when the City's certified property values were
received.
As of June 30, 2019, actual revenues collected were approximately 85.3% of the current FY
2019 amended budget, or $300.8 million. As of June 30, 2019, revenues through fiscal year-end
September 30, 2019 are projected to be approximately $353.9 million, which is 0.3%, or $1.1
million, above the current FY 2019 amended budget.
As in prior years, significant variances to budget in excess of 10.0%, or $300,000, by revenue
category are explained below:
Ad Valorem Taxes — Collections are projected at 0.5%, or $862,000, above the current
amended budget, which was originally budgeted at 95.0% of total property taxes assessed,
based on current revenues trending higher than budget. It is important to note that in the
last three fiscal years, ad valorem property tax collections have trended slightly below the
95.0% level of total assessed property taxes budgeted due to the levels of appeals and
adjustments.
Other Taxes — This category includes franchise and utility taxes on electricity, gas, fuel,
cable-television and telephones. Collections are projected to be 5.3%, or $1.3 million,
below the current amended budget due to usage rates, particularly those for electricity,
trending lower than budget.
Licenses and Permits — This category includes business tax receipts, licenses/
building/special use permits, and sidewalk café fee revenues and is projected to be above
the current amended budget by 4.1%, or $1.3 million, primarily due to revenues collected
from business tax receipts, right-of way permits, and fire inspections, as well as planning
and fire plans review activities trending higher than budget. These revenues are, however,
projected to be partially offset by a decrease in building permit revenues due to a reduction
in the number of building permits issued, the recently implemented private provider
discounts, and diminishing job size valuations that directly impact permit revenues.
Rents and Leases — This category includes revenues from various rentals and leases
realized from City owned properties. Projected FY 2019 collections are 6.3%, or $370,000,
above the current amended budget primarily due to revenues from several of the City's
current leases trending higher than budget that are based on a percentage of gross sales
among other things.
Miscellaneous — This category includes revenue from various categories such as
concessions, reimbursements, and miscellaneous revenue categories like beach access
fees, advertising, and sale of city property. Projected FY 2019 collections are 3.2%, or
$460,000, above the current amended budget primarily due to the City receiving a one-time
refund from Florida Power and Light (FPL) in the amount of approximately $431,000 as
further detailed in the Letter-to-Commission dated May 10, 2019 (LTC 284-2019).
For a detail of General Fund revenues by category, refer to the attached Schedule A.
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 6 of 16
General Fund Operating Expenditures
As of June 30, 2019, actual General Fund expenses were approximately 67.5%, or $238.2
million, of the current FY 2019 amended budget. As of June 30, 2019, expenditures through
fiscal year-end September 30, 2019 are projected to be $346.0 million, which is approximately
$6.8 million, or 1.9%, below the current FY 2019 amended budget. These projections are based
on an analysis of the first nine months of the fiscal year and also incorporate any additional
information available. As previously mentioned, these projections do not include the projected
FY 2019 impacts of the collective bargaining agreements yet to be ratified by the City
Commission. These projections do, however, incorporate anticipated savings resulting from the
hiring and travel freeze that was declared by the Administration effective June 6, 2019 in an
effort to identify year-end savings to achieve a balanced budget in the upcoming fiscal year due
to diminishing increases in property values.
A comparison of actual expenses and projected expenditures to budget, by General Fund
department as of June 30, 2019, is provided in the attached Schedule A. As in prior years,
departments projected to exceed budget, or with significant variances to budget in excess of
10.0%, or$300,000, are explained below:
Building — The department is projected to be 10.9%, or $1.7 million, below the current
amended budget due to a slowdown in the number of building permits being issued. As a
result of this, savings of $711,000 are projected in operating expenditures driven primarily
by a decline in the need for outside inspection and engineering services of $680,000. The
department is also projected to have savings of$951,000 in personnel services costs due to
numerous vacancies, as well as a previous reorganization of positions to better align the
current staffing needs of the department with current operational needs.
Building
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended %Over/(Under)
Budget Variance
Expenditures $ 15,250,000 $ 13,588,000 $ (1,662,000) -10.9%
Capital Improvement Projects (CIP) — The department is projected to be 6.9%, or
$360,000, below the current amended budget primarily due to savings of $331,000 in
personnel services expenditures resulting from several vacancies in budgeted positions
realized throughout the year.
Capital Improvement Projects(CIP)
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended %Over/(Under)
Budget Variance
Expenditures $ 5,227,000 $ 4,867,000 $ (360,000)' -6.9%
Code Compliance — The department is projected to be 6.6%, or $418,000, below the
current amended budget primarily due to savings of $503,000 in personnel services
expenditures resulting from several vacancies in budgeted positions realized throughout
the year, which are projected to be partially offset by an increase in operating expenditures
of$85,000 due to the mid-year relocation of the Code Compliance Department in FY 2019.
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 7 of 16
Code Compliance
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended %Over/(Under)
Budget Variance
Expenditures $ 6,353,000 $ 5,935,000 $ (418,000) -6.6%
Parks and Recreation - The department is projected to be 1.1%, or $447,000, below the
current amended budget due to savings in personnel services expenditures resulting from
vacancies of full-time and part-time budgeted positions realized throughout the fiscal year as
well as additional savings from receipt of a Children's Trust grant for after-school and
summer camp programming.
Parks and Recreation
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended %Over/(Under)
Budget Variance
Expenditures $ 39,076,000 $ 38,629,000 $ (447,000) -1.1%
Police - The department is projected to be 0.5%, or $546,000, above the current amended
budget due to increased usage of sworn Police overtime to maintain required minimum
patrol staffing and police visibility citywide. In addition, changes in the deployment of
resources during the extended Spring Break period this year, un-reimbursable overtime
related to the Florida Department of Transportation (FDOT) MacArthur Causeway project,
and deployment of personnel related to Hurricane Michael have resulted in the department
incurring additional unbudgeted overtime costs. This projected overage in overtime is
anticipated to be partially offset by projected savings in other budgeted personnel service
and operating expenditures. We will continue to monitor the department's expenditures over
the remainder of the fiscal year and amend the department's budget at year-end, if
necessary, through the realignment of savings realized in other existing funds.
Police
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended %Over/(Under)
Budget Variance
-
Expenditures $ 112,708,000 $ 113,254,000 $ 546,000 0.5%
Public Works - The department is projected to be below the current amended budget by
3.3%, or $511,000, resulting from savings in personnel services expenditures due to
numerous budgeted full-time vacancies within the department, which includes Engineering,
Streets and Street Lighting, and Greenspace Management.
Public Works
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended %Over/(Under)
Budget Variance
Expenditures $ 15,349,000 $ 14,838,000 $ (511,000) -3.3%
Citywide Accounts (Net of Transfers) - The Citywide Accounts, net of transfers, are
projected to be below the current amended budget by 9.2%, or $1.7 million, primarily due to
savings realized in debt service originally budgeted in the amount of $1.2 million for
replacement of the City's public safety radio system that was approved for funding from the
voter-approved G.O. Bond Program instead. In addition, year-end savings of $507,000 are
projected for accumulated leave settlements and other miscellaneous expenditures based
on current year trends. If realized at year-end, the savings can be realigned within the
General Fund to address any department overages that may be realized at year-end.
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 8 of 16
Citywide Accounts
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended %Over/(Under)
Budget Variance
Expenditures $ 18,589,000 $ 16,885,000 $ (1,704,000) -9.2%
ENTERPRISE FUNDS
The City accounts for those goods and services provided by a particular department to external
users for which a fee is charged as Enterprise Funds. The City's Sanitation, Sewer, Storm
Water, Water, Parking, and Convention Center operations comprise this category of Proprietary
Funds.
An analysis of actual nine-month operating expenses for the period October 1, 2018 through
June 30, 2019, reveals that all Enterprise Funds have expenses less than three quarters of their
current FY 2019 amended budgets, which is, however, not representative of typical trends for a
full fiscal year as there is often a lag in processing of expenditures, particularly those billed by
outside entities for services provided to the City.
ENTERPRISE FUNDS
Sanitation Sewer Storm Water Water Parking Convention
Center
FY 2019 Adopted Budget 22,392,000 50,679,000 29,390,000 34,555,000 53,609,000 19,374,000
Budget Amendment-11/14/18 155,000 1,643,000 384,000 1,635,000 456,000 321,000
Budget Amendment-04/10/19 0 0 0 0 0 0
FY 2019 Amended Budget 22,547,000 52,322,000 29,774,000 36,190,000 54,065,000 19,695,000
3/4 Adopted Budget 16,794,000 38,009,250 22,042,500 25,916,250 40,206,750 14,530,500
3/4 Amended Budget 16,910,250 39,241,500 22,330,500 27,142,500 40,548,750 14,771,250
Revenues as of 06/30/19 13,610,190 38,488,663 22,547,910 26,347,931 37,700,111 6,487,939
Expenditures as of 06/30/19 14,812,241 31,456,863 15,892,187 20,731,408 32,249,318 4,043,667
Expenditures Above/(Below)3/4 Amended Budget (2,098,009) (7,784,637) (6,438,313) (6,411,092) (8,299,432) (10,727,583)
%Variance -9.3% -14.9% -21.6% -17.7% -15.4% -54.5%
Year-end operating revenue and expenditure projections through September 30, 2019 provide a
more realistic indication of any anticipated year-end surpluses or gaps as of this point in time. In
addition, while the actual revenues and expenses presented above are as of June 30, 2019, the
year-end projections incorporate more recent information available. The following projections do
not include the projected FY 2019 impacts of the pending collective bargaining agreements yet
to be ratified by the City Commission which impact all Enterprise Funds except for Convention
Center operations.
As reflected below, revenues for all Enterprise Funds are projected to be equivalent to or in
excess of expenditures as of year-end. It is, however, important to note that as part of the FY
2019 operating budget, the City's policy of "not utilizing one-time, non-recurring revenue to
subsidize recurring personnel, operating, and maintenance costs" was waived for the Sanitation
Department, as set forth by Resolution 2018-30512, appropriating $2.8 million of prior year fund
balance from the Sanitation Fund for recurring expenditures in FY 2019. Of the $2.8 million
necessary to be appropriated from prior year fund balance in the Sanitation Fund, $1.9 million
was attributed to the limitation in the Resort Tax Fund's capacity to fund the full $3.7 million to
be transferred to the Sanitation Fund for services provided in the City's tourism-related areas.
The projections below for the Sanitation Fund include the use of approximately $1.6 million of
prior year fund balance from the Sanitation Fund to fund recurring costs projected in FY 2019.
As part of the proposed FY 2020 budget, the Administration has recommended a combination of
expenditure reductions/efficiencies and revenue enhancements to address the Sanitation
Fund's operating gap.
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 9of16
ENTERPRISE FUNDS
Sanitation Sewer Stone Water Water Paddng Convention
Center
FY 2019 Adopted Budget 22,392,000 50,679,000 29,390,000 34,555,000 53,609,000 19,374,000
Budget Amendment-11/14/18 155,000 1,643,000 384,000 1,635,000 456,000 321,000
Budget Amendment-04/10/19 0 0 0 0 0 0
FY 2019 Amended Budget 22,547,000 52,322,000 29,774,000 36,190,000 54,065,000 19,695,000
FY 2019 Projections
Charges for Services 19,938,000 47,613,000 30,650,000 35,269,000 48,539,000 6,921,000
Other 1,861,000 4,709,000 3,000 1,242,000 3,965,000 11,694,000
FY 2019 Revenue Projections 21,799,000 52,322,000 30,653,000 36,511,000 52,504000 18,615000_
$Over/(Under)Amended Budget (748,000) 0 879,000 321,000 (1,561,000) (1,080,000)
Over/(Under)Amended Budget -3.3% 0.0% 3.0% 0.9% -2.9% -5.5
FY 2019 Expenditure Projections 21,799,000 52,322,000 29,774,000 36,190,000 52,504,000 18,615,000
$Over/(Under)Amended Budget (748,000) 0 0 0 (1,561,000) (1,080,000)
Over/(Under)Amended Budget -3.3% 0.0% 0.0% 0.0% -2.9% -5.5%
Excess of Revenues Over/(Under)Expenditures 0 0 879,000 321,000 0 0
Departments projected to exceed budget, or with significant variances to budget in excess of
10.0%, or$300,000, are explained below:
Sanitation — Expenditures in this fund are projected to be 3.3%, or $748,000, below the
current FY 2019 amended budget, primarily due to projected savings in personnel costs of
$1.1 million resulting from numerous full-time vacancies budgeted. These projected
personnel cost savings are, however, being partially offset by the need for additional
temporary staffing of $389,000 that the department anticipates will be necessary to
supplement staffing shortages resulting from the full-time vacancies currently within the
department.
Parking — Expenditures in this fund are projected to be 2.9%, or $1.6 million, below the
current FY 2019 amended budget, primarily due to projected savings in personnel costs of
$756,000 resulting from current position vacancies within the department and $386,000 in
projected savings from operating expenditures. Additional savings are also projected due to
a decrease in the amount available to be set-aside for capital renewal and replacement of
existing Parking Department assets in the amount of approximately $419,000. This
decrease is directly attributed to the ongoing diminished demand and usage of on-street
and off-street parking adversely impacted by private on-demand ride booking services.
Convention Center — Expenditures in this fund are projected to be 5.5%, or $1.1 million,
below the current amended budget, primarily due to the loss of various shows and events,
including the Home Show, South Florida Boat Show, and Condo and HOA Expo, as
reported by Spectra, the company currently contracted by the City for management of the
Miami Beach Convention Center. The projected reduction in FY 2019 revenues resulting
from the loss of these shows is being offset by the projected $5.1 million Convention
Development Tax (CDT) bonus to be received from Miami-Dade County for FY 2019
resulting in additional funding anticipated to be set-aside for future renewal and
replacement of existing capital assets for the newly renovated Convention Center.
INTERNAL SERVICE FUNDS
The City accounts for goods and services provided by one department to other departments
citywide on a cost reimbursement basis as Internal Service Funds. Central Services, Fleet
Management, Information Technology, Property Management, Risk Management (Self
Insurance), and Medical and Dental comprise this category of Proprietary Funds.
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 10 of 16
An analysis of actual nine-month operating revenues and expenses for the period October 1,
2018 through June 30, 2019, reveals that all Internal Service Funds, with the exception of Fleet
Management, have expenses less than three quarters of their current FY 2019 amended
budgets primarily due to expenditures that are typically incurred later in the fiscal year. The
Fleet Management Fund, however, has expenses that are more than three quarters of its
current FY 2019 amended budget due to fuel, repairs, and maintenance costs incurred during
the first nine months of the fiscal year for the City's current fleet of vehicles, machinery, and
equipment.
INTERNAL SERVICE FUNDS
Central Services Fleet Inforation Property Risk Management Medical&Dental 1
Management TechnologymManagement Insurance
FY 2019 Adopted Budget 1,101,000 '1 492,000 16,614,000 9.733,000 19.460,000 37,938,000
Budget Amendment-11/14/18 12,000 40,000 110,000 316,000 1.166,000 0
Budget Amendment-04/10/19 0 0 0 0 0 0
FY 2019 Amended Budget 1,113,000 11,532,000 16,724,000 10,049,000 20,626,000 37,938,000
3/4 Adopted Budget 825,750 8,619,000 12,460,500 7,299,750 14,595,000 28,453,500
3/4 Amended Budget 834,750 8,649,000 12,543,000 7,536,750 15,469,500 28,453,500
Revenues as of 06/30/19 814,798 8,301,714 12,078,800 7,288,245 14,970,036 26,526,274
Expenditures as of 06/30/19 794,833 9,709,221 11,260,201 5,587,632 8,248,574 23,012,840
Expenditures Above/(Below)3/4 Amended Budget (39,917) 1,060,221 (1,282,799) (1,949,118) (7,220,926) (5,440,661)
%Variance -3.6% 9.2% -7.7% -19.4% -35.0% -14.3%
Year-end operating revenue and expenditure projections through September 30, 2019 provide a
more realistic indication of any anticipated year-end surpluses or gaps as of this point in time.
Further, while the actual revenues and expenses presented above are as of June 30, 2019, the
year-end projections incorporate additional information available. As previously mentioned, the
following projections do not include the projected FY 2019 impacts of the pending collective
bargaining agreements yet to be ratified by the City Commission which predominately impact
Central Services, Fleet Management, and Property Management. Since Internal Service Funds
function on a cost reimbursement basis though, should any Internal Service Fund Department
exceed its amended budget at year-end, the overage will be charged back to all applicable
departments as such.
As reflected below, revenues for all Internal Service Funds are projected to be equivalent to
expenditures as of year-end.
INTERNAL SERVICE FUNDS
Central Services Fleet Information Property Risk Management Medical&a Dental
Management Technology Management Insurance
FY2019 Adopted Budget 1,101,000 11,492,000 16,614,000 9,733,000 19,460,000 37,938,000
Budget Amendment-11/14/18 12,000 40,000 110,000 316,000 1,166,000 0
Budget Amendment-04/10/19 0 0 0 0 0 0
FY 2019 Amended Budget 1,113,000 11,532,000 16,724,000 10,049,000 20,626,000 37,938,000
FY 2019 Projections
Charges for Services 1,059,000 11,120,000 15,862,000 9,657,000 18,430,000 0
Other 52,000 382,000 589,000 113,000 2,196,000 35,398,000
FY 2019 Revenue Projections 1,111,000 11,502,000 16,451,000 9,770,000 20,626,000 35,398,000
$Oved(Under)Amended Budget (2,000) (30,000) (273,000) (279,000) 0 (2,540,000)
%Over/(Under)Amended Budget -0.2% -0.3% -1.6% -2.8% 0.0% -6.7%
FY 2019 Expenditure Projections 1,111,000 11,502,000 16,451,000 9,770,000 20,626,000 35,398,000
$Over/(Under)Amended Budget (2,000) (30,000) (273,000) (279,000) 0 (2,540,000)
%Over/(Under)Amended Budget -0.2% -0.3% -1.6% -2.8% 0.0% -6.7%
Excess of Revenues Over/(Under)Expenditures 0 0 0 0 0 0
Departments projected to exceed budget, or with significant variances to budget in excess of
$300,000, or 10 percent, are explained below:
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 11 of 16
Medical and Dental — Expenditures in this fund are projected to be 6.7%, or $2.5 million,
below the current FY 2019 amended budget due to medical claims continuing to trend lower
than originally budgeted in FY 2019 based on current claims experience and adjusted
actuarial forecasts as of the end of the third quarter of FY 2019. It is important to note that
despite the better-than-anticipated claims experience realized during the first nine months of
the year, claims can fluctuate significantly throughout the year; therefore, trends will
continue to be monitored in the coming months and future projections adjusted accordingly.
SPECIAL REVENUE FUNDS
Special Revenue Funds consist of revenues and expenditures which are legally restricted or
committed for specific purposes other than debt service and/or capital projects. Special
Revenue Funds include Resort Tax, as well as 7th Street Garage Operations, 5th & Alton Garage
Operations, the Tourism and Hospitality Scholarship Program, Tree Preservation and
Commemorative Tree Trust Program, Waste Hauler and Sustainability Contributions, Education
Compact Fund, Red Light Camera Program, Emergency 911 Fund, Residential Housing
Program, Information and Communications Technology Fund, People's Transportation Plan
(PTP) Fund, Miami Beach Cultural Arts Council, Police Unclaimed Property and Crash Report
Sales Funds, Police Confiscation Trust Funds (Federal and State), Police Training and School
Resources Fund, and the Adopt-a-Bench Program.
An analysis of nine-month operating revenues and expenses for the period of October 1, 2018
through June 30, 2019, reveals that all Special Revenue Funds, with the exception of the Police
Training and School Resources Fund and the 5th & Alton Garage Fund, have expenses less
than three quarters of their current FY 2019 amended budget, mainly due to expenditures that
are generally incurred later in the fiscal year. The Police Training and School Resources Fund
and the 5th & Alton Garage Fund have expenses that are more than three quarters of their
current amended budgets as of June 30, 2019 due to one-time expenses, such as equipment
purchases and insurance, which were incurred during the first nine months of the fiscal year.
While the actuals incurred for these particular funds through June 30, 2019 are in excess of
three quarters of their respective FY 2019 amended budgets, this is not generally representative
of the trend for the full fiscal year.
Special Revenue Funds projected to exceed budget, or with significant variances to budget in
excess of 10.0%, or$300,000, are explained below:
Red-Light Camera — This fund is projected to be 40.3%, or $531,000, below the current
amended budget due to delays in the installation of an additional five red light cameras
originally anticipated to be installed and fully operational by January 2019, as well as
revenues generated from the existing red-light cameras trending lower than budgeted.
Red Light Camera
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended %Oner/(Under)
Budget Variance
Expenditures $ 1,316,000 $ 785,000 $ (531,000) -40.3%
Commemorative Tree Trust Fund — This fund is projected to be 70.0%, or $7,000, below
the current amended budget due to a significant decline in the anticipated number of
contributions and donations to be received for the Commemorative Tree Program. The
Commemorative Tree Program was established in 2016 and provides residents and visitors
with a unique way of commemorating a special event, memory, or loved one that will
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 12 of 16
contribute to the enhancement of the City's urban forest. As a result of the decline in
contributions and donations, projected year-end expenditures have been adjusted
accordingly since expenditures are directly correlated with the donations and contributions
received.
Commemorative Tree Trust
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended %Over/(Under)
Budget Variance
-
Expenditures $ 10,000 $ 3,000 $ (7,000) -70.0%
Adopt-A-Bench Program - This fund is projected to be 100.0%, or $60,000, below the
current amended budget due to a significant decline in the number of anticipated
contributions to be received for the Adopt-A-Bench Program. This program was established
to provide individuals and/or entities with the opportunity to commemorate or honor family,
friends, or special events by adopting a new or existing bench in a City park. As a result of
the anticipated decline in contributions, projected year-end expenditures have been adjusted
accordingly since expenditures are associated with contributions received.
Adopt-A-Bench
FY 2019 FY 2019 Projected vs
Amended Budget Projected Amended % Over/(Under)
Budget Variance
Expenditures $ 60,000 $ 0 $ (60,000) -100.0%
RESORT TAX FUND
The City's Resort Tax Fund is primarily supported by taxes collected pursuant to Chapter 67-
930 (Section 6) of the Laws of Florida, as amended, and Section 5.03 of the City of Miami
Beach Charter, as amended. This legislation authorizes the use of Resort Taxes for the
promotion of the tourism industry, which includes, but is not restricted to the following: publicity,
advertising, news bureau, promotional events, convention bureau activities, capital
improvements and the maintenance of all physical assets in connection therewith; and for the
payment of the reasonable and necessary expenses of collecting, handling, and processing of
said tax.
Typically, the City has considered the following services as "Services Related to the Promotion
of Tourism":
• Police Officers serving entertainment areas
• A portion of Fire Rescue services from Fire Stations 1 and 2
• Ocean Rescue services
• Sidewalk pressure cleaning in South, Middle, and North Beach visitor areas
• South Beach sanitation services
• Enhanced Code Compliance/Enforcement provided to respond to evening entertainment
area violations and staffing of special events
• Other Code Compliance/Enforcement activities in tourism and visitor related
facilities/areas
• Tourism and Cultural Development Department operations and the Cultural Arts Council
• Museums and Theatres (Garden Center, Bass Museum, Colony, and Byron Carlyle
Theatres)
• Golf courses (net of revenues)
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 13 of 16
• Memorial Day and other high impact period costs
• Homeless services
• July 4th, Visitor Center funding, Holiday Lighting, Festival of the Arts, Jewish Museum,
MDPL, Orange Bowl, Monuments, etc.
These allowable uses have led to increased tourism-related activities, such as special events
including Art Basel, the Air and Sea Show, and various concerts.
Total two percent Resort Tax revenues as of June 30, 2019 with projections through September
30, 2019 are projected to be 2.1%, or $1.3 million, above the current FY 2019 amended budget.
This is primarily attributed to two percent collections trending higher than budget, which was
originally adopted assuming a conservative 1.0% increase over projected FY 2018 collections.
In addition, miscellaneous revenues which are comprised of interest income, registration fees,
and other miscellaneous revenues, are also trending higher than budget.
Total two percent Resort Tax expenditures as of year-end are projected to be 0.2%, or
$110,000, above the current FY 2019 amended budget resulting primarily from an increase in
the projected contribution to the Miami Beach Visitor and Convention Authority (VCA), which is
based on a percentage of total two percent collections per the legislated formula, as well as the
projected increase in the base fee contribution to the Greater Miami Beach Visitors and
Convention Bureau (GMCVB), which is required to be adjusted "following the conclusion of the
first contract year and each contract year thereafter, up or down, based on the overall
percentage increase or reduction of the prior year collections" as per Section 4.01(c) of the
current agreement. In addition, projected year-end Resort Tax expenditures include the
maximum allowable annual incentive fee of up to $1.95 million that may be paid to the GMCVB
in accordance with its ability to achieve the agreed upon performance objectives as set forth in
the agreement.
The proceeds of the one percent bed tax commencing FY 2019, as adopted by the City
Commission through Resolution 2018-30512, are to be utilized as follows: 60% allocated for
Transportation initiatives in tourist-related areas; 10% allocated equally among North Beach,
Middle Beach and South Beach for capital projects that enhance Miami Beach's tourist related
areas; and 10% allocated to various arts and cultural programs.
One percent Resort Tax operating revenues as of year-end are projected to be 0.1%, or$8,000,
below the current FY 2019 amended budget. Simultaneously, since transfers for Transportation
initiatives in tourism-related areas, North, Middle, and South Beach Quality of Life (QOL)
projects, and various arts and cultural programs are directly based on the proceeds of the one
percent tax collected, one percent Resort Tax expenditures as of year-end are equally projected
to be 0.1%, or $8,000, below the current FY 2019 amended budget.
Lastly, the proceeds of the additional one percent bed tax levied solely for the purposes of
expanding, enlarging, renovating, and/or improving the Miami Beach Convention Center,
including debt service related thereto, as well as providing Capital Renewal and Replacement
funding for the Miami Beach Convention Center, is projected to be 0.1%, or $8,000, below the
current FY 2019 amended budget as of year-end. Since the proceeds of the additional one
percent bed tax must first provide for the payment of debt service and any excess, based on
proceeds collected, be set-aside for Capital Renewal and Replacement funding for the newly
renovated Miami Beach Convention Center, additional one percent bed tax expenditures as of
year-end are also projected to be 0.1%, or$8,000, below the current FY 2019 amended budget.
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 14 of 16
Overall, combined Resort Tax revenues as of year-end are projected to be 1.4%, or$1.3 million,
above the current FY 2019 amended budget, while expenditures are projected to be 0.1%, or
$94,000, above the current FY 2019 amended budget as of year-end resulting in a projected
year-end surplus of $1.2 million. This is a preliminary projection based on experience over the
course of the first nine months of the current fiscal year; therefore, certain assumptions for both
revenues and expenditures have been made, which will be adjusted for when year-end numbers
are available in November.
Based on the year-end Resort Tax surplus projected as of September 30, 2019, the
Administration recommends that the year-end surplus be utilized as follows up to the amount
projected to be available when the year-end numbers are finalized in November:
(1) $1.9 million to fund "one-time" expenditure enhancements recommended for funding as
part of the proposed FY 2020 Resort Tax budget in accordance with Resolution 2006-
26341;
(2) Fund encumbered and unencumbered carryforward requests from FY 2019 to FY 2020
due to timing for goods/services that have either not been procured at year-end or
projects that have not been expended; and
(3) Any excess set aside to achieve the City's additional reserve targets as amended by the
City Commission through Resolution 2019-30664 on January 16, 2019.
RESORT TAX FUND
FY 2019 FY 2019 %Actual of FY 2019 Over/(Under) %Ove r/(U n de r)
Adopted Amended Actuals as of Amended Year End Amended Amended
Budget Budget 08/30/2019 Budget Projections Budget Budget
Revenues
2%Resort Tax 59,628,000 59,628,000 44,285,669 74.3% 60,096,000 468,000 0.8%
Mscellaneous Revenues 343,000 343,000 934,156 272.3% 1,188,000 845,000 246.4%
Transfer h from Fund Balance 651,000 1,101,000 0 0.0% 1,101,000 0 0.0%
1%Resort Tax(QOL) 14,421,000 14,421,000 10,867,923 75.4% 14,413,000 (8,000) -0.1%
Additional 1%for Convention Center 14,421,000 14.421,000 10,867,923 75.4% 14,413,000 (8,000) -0.1%
Total Revenues 89,464,000 89,914,000 66,955,672 74.5%_ 91,211,000 1,297,000 1.4%
Expenditures
General Fund Contribution 35,836,000 35.836,000 26,877,000 75.0% 35,836,000 0 0.0%
Sanitation Fund Contribution 1,812,000 1,812,000 1,359,000 75.0% 1,812,000 0 0.0%
Contribution toGMCVB 6,651,000 6,651,000 5,033,941 75.7% 6,984,000 333,000 5.0%
Contribution to VCA 2,862,000 2,862,000 1,890,161 66.0% 2,882,000 20,000 0.7%
Contribution to Mt.Sinai 1,000,000 1,000,000 0 0.0% 1,000,000 0 0.0%
Other Operating/Other Uses 12,261,000 12,711,000 8,428,813 66.3% 12,468,000 (243,000) -1.9%
Marketing 200,000 200,000 48,831 24.4% 200,000 0 0.0%
Transfer to NB,M3,SB Capital,Transp,and Arts(QOL) 14,421,000 14,421,000 10,867,923 75.4% 14,413,000 (8,000) -0.1%
Addfl 1%Cons.Center Debt Service&Cap.Ren&Rept. 14,421,000 14,421,000 4,495,127 31.2%, 14,413,000 (8,000) -0.1%
Total Expenditures 89,464,000 89,914,000 59,000,798 65.6% 90,008,000 94,000 0.1%
Excess of Revenues Overl(Under)Expenditures 0 0 7,954,873 1,203,000
CONCLUSION
This analysis of budget to actual operating revenues and expenses as of June 30, 2019, with
projections through September 30, 2019, provides the status of the current FY 2019 amended
budget for the first nine months of the fiscal year. While the first nine months of the fiscal year
does not provide a definitive indication of experience for the remainder of the fiscal year, it does
provide further clarity in proactively identifying any potential issues.
A summary of the preliminary General Fund revenues and expenditures as of June 30, 2019
with proiections through September 30, 2019 reflects a year-end surplus of $7.9 million, or
2.2%, which is an increase over the $3.3 million surplus projected as of the second quarter of
the fiscal year.
Based on the preliminary General Fund revenues and expenditures as of June 30, 2019 with
projections through September 30, 2019, the Administration recommends that the projected
Letter to Commission (LTC)—FY 2019 Third Quarter Analysis
Page 15 of 16
General Fund year-end surplus be utilized as follows:
(1) $2.7 million to fund "one-time" expenditure enhancements recommended for funding as
part of the proposed FY 2020 General Fund budget in accordance with Resolution 2006-
26341;
(2) Fund encumbered and unencumbered carryforward requests from FY 2019 to FY 2020
due to timing for goods/services that have either not been procured at year-end or
projects that have not been expended; and
(3) Any excess set aside to achieve the City's additional reserve targets in the General
Fund.
It is important to note that this is a preliminary projection based on experience over the course
of the first nine months of the current fiscal year; therefore, certain assumptions for both
revenues and expenditures have been made that will be adjusted when year-end numbers are
available in November.
The General Fund, as well as all Enterprise Funds, Internal Service Funds, and Special
Revenue Funds, with the exception of the Resort Tax Fund previously detailed, are projected to
be at or below their current FY 2019 amended budgets as of year-end with revenues projected
to be equivalent to or in excess of expenditures.
JLM/JW/TOS
Letter to Commission (LTC)-FY 2019 Third Quarter Analysis
Page 16 of 16
SCHEDULE A
CITY OF MIAMI BEACH
FY 2019 GENERAL FUND
3RD QUARTER
1
FY 2019 FY 2019 %Actual of FY 2019 Over/(Under) 1%Overl(Unde
Aetuala as of
Adopted Amended Amended Year End Amended Amends
0813012019
Budget Budget Budget Projections Budget Bu
REVENUES
Ad Valorem Taxes 173020,000 173020,000 179,730,856 100.4%: 179,882,000 862,000 0.5%
As Valorem Taxes-Pay-As-You-Go Capital 2,400,000 2,400,000 2,400,000 100.0%i 2,400,000 0 0.0%
Ad Valorem Taxes-Capital Renewal&Replacement 748,000 748,000 748,000 100.0%' 7483000 0.0%
Ad Valorem Taxes-Normandy Shores 165,000 165,000 165,000 100.0% 165,000 0 0.0%
Other Taxes 25,262,000 25,262,000 14,923,877 59.1% 23921,000 (1,341,000) -5.3%
Licenses and Permits 31,394,000 31,769,000 26,409,522 83.1% 33,073,000 1,304,000 4.1%
Intergovernmental 12,115,000 12,115,000 8,180,255 67.5% 11,834,000 (281,000) -2.3%
Charges for Services 12,503,000 12,503,000 10,122,491 81.0% 12,633,000 130,000 1.0%
Fines and Forfeitures 1,860,000 1,860,000 1,199,706 64.5% 1,639,000 (221,000) -11.9%
Interest 3,617,000 3,617,000 3,389,406 93.7% 3,726,000 109,000 3.0%
Rents and Leases 5,899,000 5,899,000 5,063,001 1.0% 6,269,000 370,000 63%
Mscellaneous 14,176,000 14,351,000 6,875,688 47.9% 14,811,000 460,000 32%
Other-Resort Tax Contribution 35,836,000 35,836,000 26,877,000 75.0% 35,836,0000 0.0%
Other-Non-Operating Revenues 19,577,000 19,577,000 14,695,097 75.1% 19,589,000 12,000 0.1%
Fund Balance/Retained Earnings 1,073,000 1,073.000 0 0.0% 790,000 (283,000) -26,4%
Prior Year-End Surplus Carryover 0 6,562,000 i 0 0.0% 6,562,000 0 0.0%
TOTAL REVENUES 345,6450000352,757,000) 300,779,899 I 85.3% 353,878,000 1,121,0001 0.3%
EXPENDITURES
Building 15,243,000 15,250,000 9,617,955 63.1% 13.588,000 (1,662000)! -10.9%
Capital Improvement Projects 5,227,000 5,227,000 3,390,449 64.9% 4367,000 (360,000) -6.9%
City Attomey 5,818,000 6,124,000 4,090,245 66.8% 5,845,000 (279,000) -4.6%
City Clerk 1,755,000 1,765,000 1,200,560 68.0% 1,741,000 (24,000) -1.4%
City Manager 4,129300 4,304,000 3,142,687 73.0% 4,178,000 (126,000) -2.9%
Code Compliance 6,215,000 6,353,000 4,099,159 64.5% 5,935,000 (418,000) -6.6%
Communications 2,339,000 2,589,000 1,689,040 65.2% 2,544,000 (45,000) -1.7%
Emergency Management 1,513,0000 0 - 0 0 -
Environment&Sustainability 1,462,000 1,492,000 846,952 56.8% 1,455,000 (37,000) -2.5%
Finance 6,714,000 6,933,000 4,595,729 66.3% 6,788,000 (145,000) -2.1%
Fire 87,551,000 89,625,000 65,357,300 72.9% 89,462,000 (163,000) -0.2%
Housing&Comm Services 3,624,000 3700,000 2,116,672 57.2% 3,518,000 (182,000) -4.9%
Human Resources/Labor Relations 3,003,000 3,105,000 1,987,164 64.0% 2,959,000 (146,000) -4.7%
Mayor and Commission 2,416,000 2,416,000 1,641.548 67.9% 2,298,000 (118,000) 4.9%
Internal Audit 832,000 1,100,000 425,281 38.7% 1,036,000 (64,000) -5.8%
Office of Budget&Performance Improv 1,875,000 1,880,000 1319,469 702% 1,836,000 (44,000) -2.3%
Office of Inspector General 484,000 484,000 0 0.0% 201,000 (283,000) -58.5%
Org Development&Pert hitiatives 893,000 1359,000 542,876 51.3% 983,000 (76,000) -7.2%
Parks and Recreation 38,680,000 39,076,000 26,070,029 66.7% 38,629,000 (447,000) -1.1%
Planning 4,686,000 5,513,000 3,463,259 62.8% 5,492,000 (21,000) -0.4%
Police 112,094,000 112,708,000 82,224312 730% 113,254,000 546,000 0.5%
Procurement 2,550,000 2,743,000 1,783,170' 65.0% 2,558,000 (185,000) -6.7%
Public Works 15,176,000 15,349.000 9,462,906 61.7% 14,838,000 (511,000) -3.3%
Tourism,Culture,&Economic Development 5,373,000 5,373,000 3,198,216 59.5% 5,095,000 (278,000) -5.2%
Citywide Accounts&Operating Contingency 12,292,000 14,159,000 5,968,649 42.2% 12,455,000 (1,704,000) -12.0%
Citywide-Normandy Shores 253,000 253,000 0 0.0% 253,000 0 0.0%
Citywide-Transfers-hfo&Comm Technology Fund 300,000 300,000 0 0.0% 300,0000 0.0%
Citywide-Transfers-Pay-As-You Go Capital Fund 2,400,000 3,129,000 0 0.0% 3,129,0000 0.0%
Citywide-Transfers-Capital Renewal&Replacement 748,000 748,000 0, 0.0% 748,000 0 0.0%
TOTAL EXPENDITURES 345,645,000 352,757,000 238,234,228 67.5% 345,985,000 (6,772,0001' -1.9%
EXCESS OF REVENUES OVER/(UNDER)EXPENDITURES 0 0 62,545,671, 7,893,000