2001-24327 RESO
RESOLUTION NO.
2001-24327
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, APPRO-
PRIATING AN ADDITIONAL $921,000 TO THE RESERVE
FOR CONTINGENCIES IN THE GENERAL FUND FROM
THE UNDESIGNATED 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 $921,000 which
will bring the said Reserve to $14,188,887 (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% ofthe Fiscal Year 2000/01 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 $921,000
of the balance in the Undesignated Fund Balance in the General Fund of the City be appropriated
into the Reserve for Contingencies in the General Fund.
PASSEDANDADOPTEDTHIS 18th DAYOF
April
2001.
~1t1
Mayor
Attest:
APPROVED;.s TO
FORM & lANGUAGE
& FOR EXECUTION
1d~ f~
City Clerk
114 ~dt-:- 3- 'J't-dl
City Ji4tomwIf f\\r.- Date
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\ci.miami-beach.fl.us
COMMISSION MEMORANDUM NO. ~IO - OJ
TO:
Mayor Neisen O. Kasdin and
Members of the City Commission
DATE: April 18, 2001
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
$921,000 TO THE RESERVE FOR CONTINGENCIES IN THE GENERAL
FUND FROM THE UNDESIGNATED 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 $13,267,887 which includes $108,887 from the sale ofthe 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 $127,999,616 for the 2000/01 fiscal
year, the 11% reserve should now be $14,188,887 (including the $108,887 mentioned above). The
additional appropriation of $921 ,000 in this resolution will bring the reserve to the required amount
of$14,188,887.
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.
JMGIPDW/~/@\
AGENDA ITEM
C-lJ
f'-;t--CJI
DATE