96-21902 RESO
RESOLUTION NO.
96-21902
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA AUTHORIZING THE
ESTABLISHMENT OF A SPECIAL FUND, IN THE AMOUNT OF
$964,362.00, FOR FUNDS REQUIRED TO OPERATE THE 7TH
STREET AND COLLINS AVENUE PARKING GARAGE, FOR THE
PERIOD FROM MARCH THROUGH SEPTEMBER, 1996.
WHEREAS, the public parking garage located at 7th Street and Collins Avenue has been
completed and is currently operating; and
WHEREAS, the fiscal year 1995-1996 budget is necessary to pay the operating expenses
of the garage; and
WHEREAS, the appropriation of funds is also necessary to repay the proportionate share
of the Gulf Breeze Loan Pool debt service.
NOW, THEREFORE, BE IT DULY RESOLVED THAT THE MAYOR AND
CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, hereby appropriate
a special fund, in the amount of $964,362.00, for funds required to operate the 7th Street and
Collins Avenue Parking Garage for the period from March through September, 1996.
PASSED and ADOPTED this ~
March
ATTEST:
~oW ~taAt4-.
CITY CLERK
FORM APPROVED
LEGAL DEPT.
By 11' I/f~'--
Date 1- I ~._96 _._.
CITY OF
MIAMI BEACH
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CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI8EACH FLORIDA33139
COMMISSION MEMORANDUM NO. ,\ '7-. - qlo
TO:
Mayor Seymour Gelber and
Members of the City Commission
DATE: March'" 1996
FROM:
Jose Garcia-pedrosal
City Manager
A RESOLUTION ES BLISHING A FUND TO PROVIDE THE FISCAL
YEAR 1995-1996 PRO-RATA BUDGET OF THE 7TH STREET GARAGE
AND APPROPRIATING $964,362.00 FOR SAID PURPOSE.
SUBJECT:
ADMINISTRATION RECOMMENDATION:
Adopt the resolution.
BACKGROUND:
The funding for the construction of the 7th Street and Collins Avenue garage was accomplished
by utilization of 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
March - September 1996
Revenues
Contribution from Parking Department
Miscellaneous
$624,960
260,652
78.750
Total Operating Revenue
$964.362
AGENDA ITEM
C-l A
3-Io-q~ -
DATE
Operating Expenses
Advertising
Cashiers
Cleaning
Electricity
Elevator Service Contract
Fire Alarm Contract
Irrigation Cost
Landscape Maintenance
Office Supplies
Printing
Repair/Maintenance
Revenue Control Equipment/Service Contract
Sanitation Fees
Security
Security Camera/Service Contract
Telephone
Water & Sewer
Management Fees
$ 3,500
81,760
66,500
40,950
1,750
875
1,400
1,575
1,400
15,000
5,950
N/C Warranty
10,500
168,630
1,750
2,100
7,000
17.000
Total Operating Expenses
427.640
Net Operating Income
$276,070
Capital Expenses
Furniture & Fixtures
$ 2.000
Total Capital Expenses
$ 2.000
Nonoperating Expenses
Amortization (P &1)
$534.722
Total Nonoperating Expenses
$534.722
Total Expenses
$964.362
CONCLUSION:
The operating budget in the amount of $964,362.00 is required to cover the operating expenses
for the 7th Street and Collins Avenue parking garage for the period March through September,
1996. In the event of any short fall, the difference shall be made up by funds from excess meter
parking revenues.