2002-25011 Reso
RESOLUTION NO. 2002-25011
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA,
APPROPRIATING THE' AMOUNT OF $2,027,295 FOR
FUNDS REQUIRED TO OPERATE THE 7TH STREET AND
COLLINS AVENUE PARKING GARAGE FOR FISCAL YEAR
2002-2003, AND ALSO REPAY THE PROPORTIONATE
SHARE OF THE GULF BREEZE LOAN POOL DEBT
SERVICE.
WHEREAS, the public parking garage located at 7th Street and Collins Avenue is
currently in operation: and
WHEREAS, an appropriation offunds for the Fiscal Year 2002-2003 budget, in the
amount of $907,115 is necessary to pay for the operating expenses of the Garage: and
WHEREAS, an appropriation of funds in the amount of$714,000 is also necessary
to repay the proportionate share of the Gulf Breeze Loan Pool debt service which was
used, in part, to fund the construction of the Garage; and
WHEREAS, surplus revenues of $406, 180 will be deposited in the Special Revenue
Fund to assure proper preventive maintenance, and the structural integrity of the Garage.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City
Commission appropriate the amount of $2,027,295 for funds required to operate the 7th
Street and Collins Avenue Parking Garage for Fiscal year 2002-2003 and also to repay the
proportionate share of the Gulf Breeze Loan Pool debt service.
PASSED AND ADOPTED this 26th day of September, 2002.
r;::r r~
CITY CLERK
N'fIIIOIf!!D M 10
FORM&I.ANGUMJI
F:\P/NG\$MAMJ/MlCOMM2002\September 25\Comm Resa 7th Street Garage Budget.doc a FOR EXECUTION
~
....
CITY OF MIAMI BEACH
COMMISSION ITEM SUMMARY
m
"""liii5F"
Condensed Title:
Appropriate the amount of $2,027,295 for funds required to operate the 7th Street and Collins Avenue Parking
Garage for Fiscal Year 2002-2003, and also to repay the proportionate share of the Gulf Breeze Loan Pool
Debt Service.
Issue:
Should the City approve and appropriate $2,027,295 to operate the 7th Street and Collins Avenue Parking
Garage for Fiscal Year 2002-2003?
Item Summary/Recommendation:
The Parking Department is responsible for the collection of the revenues, that will be used to pay operating
expenses and debt service.
The operating budget in the amount of $2,027,295 is required to cover the operating expenses in the
amount of $907,115, debt service in the amount of $714,000 and reserve for replacement in the amount of
$406,180. The Administration recommends approval of the resolution.
ADOPT THE RESOLUTION.
Advisory Board Recommendation:
Endorsed by the Transportation and Parking Committee.
Financial Information:
Amount to be expended:
$2,027,295
D
Finance Dept.
]'xi:0:'
7th Street and Collins Avenue
Parking Garage Fund 142.
Source of
Funds:
$2,027,295
AGENDA ITEM
DATE
R7H
f-2.'-o 2..
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
www.cLmiami-beach.f1.us
COMMISSION MEMORANDUM
To:
Mayor David Dermer and
Members of the City Commission
Date: September 26, 2002
From:
Jorge M. Gonzalez ~
City Manager O' U
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, APPROPRIATING THE AMOUNT OF $2,027,295 FOR
FUNDS REQUIRED TO OPERATE THE 7TH STREET AND COLLINS AVENUE
PARKING GARAGE FOR FISCAL YEAR 2002-2003, AND ALSO REPAY THE
PROPORTIONATE SHARE OF THE GULF BREEZE LOAN POOL DEBT
SERVICE.
Subject:
ADMINISTRATION RECOMMENDATION
Adopt the resolution.
FUNDING
The funding for the construction of the ]lh Street and Collins Avenue garage was accomplished by
utilizing the Gulf Breeze Municipal Loan Pool. The revenues collected will be used to pay
operating expenses and repay the debt service on the proportionate share of the loan. Surplus
revenues will be deposited in the Special Revenue Fund for the 7th Street Garage to ensure
proper preventive maintenance and structural integrity.
ANALYSIS
The Parking Department is responsible for the collection of the revenues which will be used to pay
operating expenses and debt service (Attached is a breakdown of projected expenses for Fiscal
Year 2002-2003 for the 7th Street Garage). The operating budget in the amount of $2,027,295 is
required to cover operating expenses in the amount of $907,115, debt service in the amount of
$714,000 and reserve for replacement in the amount of $406, 180. In the event of any shortfall in
projected revenues for the 7th Street Garage, the difference shall be made up by funds from
excess parking revenues.
CONCLUSION
In conclusion, the Administration recommends that the Mayor and City Commission appropriate
the amount of $2,027,295 for funds required to operate the 7th Street and Collins Avenue Parking
Garage for Fiscal Year 2002-2003, and also repay the proportionate share of the Gulf Breeze
Loan Pool Debt Service.
JMG/CMC/GUgf/(
F:IPINGISALLISAULICOMMRESOISMARTCON-CME.doc
CITY OF MIAMI BEACH
PARKING DEPT.
7TH STREET & COLLINS AVENUE
BUDGET. FY 02103
ACCOUNT
NUMBER BUDGET
REVENUE 142-8000-344404 $2 027295
TOTAL REVENUE '. $2,027,295
OPERATING EXPENSES 142.6976.
TEMPORARY LABOR 000311 $0
MEDICARE 000165 $0
F.f.C.A. 000166 $0
PROFESSIONAL SERVICES 000312 $604,598
ELECTRICITY 000314 $35,000
TELEPHONE 000316 $0
WATER 000317 $22,000
SEWER CHARGES 000318 $735
SANITATION FEES 000319 $10,500
ADMINISTRATION FEES 000322 $60,819
PRINTING 000324 $10,500
CONTRACT MAINTENANCE 000325 $99,478
ADVERTISING 000327 $0
STORM WATER 000329 $2,205
OFFICE SUPPLIES 000341 $315
.. ~EPAIRlMAINTENANCE 000342 $57,435
OTHER OPERATING EXPENSES 000343 $3,530
LOCAL MILEAGE REIMBURSEMENT 000364 $0
DISCOUNTS EARNED 000398 $0
INTERNAL SERVICE. CENTER 000501 $0
INTERNAL SERVICE. COMMUNICATIONS . 000504 $0
FURNITURE & FIXTURES 000671 $0
MACHfNERY/EQUIPMENT 000674 SO
TOTAL OPERATING EXPENSES $907,115
NON OPERATING EXPENSES
RESERVE FOR REPLACEMENT 000999 $406 180
DEBT SERVICE
REDEMBT L T INTEREST ' f 000720 S714 000
TOTAL NONOPERATING EXPENSES $714,000
TOTAL FOR DEPARTMENT $2,027,295