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
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Dat.
CITY OF MIAMI BEACH
COMMISSION ITEM SUMMARY
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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/~