RESOLUTION 88-19431 RESOLUTION NO. 88-19431
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA, PROVIDING FOR THE FIRST AMENDMENT TO THE
ENTERPRISE FUND BUDGET FOR THE CONVENTION CENTER; MAKING
PROVISIONS FOR INCREASING THE DEPRECIATION REQUIREMENT
BY $600,000 AND TO OFFSET $629,922 IN REVENUE LOSSES
FROM THE CONVENTION CENTER DEVELOPMENT TAX BY A
CONTRIBUTION OF $1,229,922 FROM THE PROCEEDS OF RESORT
TAX COLLECTIONS.
WHEREAS, the westside of the Stephen Muss Convention Center is nearing
completion, and the budgeted depreciation requirement was under-estimated by
$600,000; and,
WHEREAS, the proceeds in the amount of $2,629,922 from the Convention
Center Development Tax was budgeted to offset the operating deficit and such
proceeds will not exceed $2,000,000 resulting in a shortfall of $629,922; and
WHEREAS, funding in the amount of $1,229,922 is available from the
proceeds of the Resort Tax collections.
BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA, that the City Commission of the City of Miami Beach hereby amends the
FY 1988/89 Enterprise Fund Budget for the Convention Center, as follows:
ADOPTED AMENDMENTS AMENDED
BUDGET INC/(DEC) BUDGET
CONVENTION CENTER
REVENUES
Rents & Leases $1,500,000 $ -0- $1,500,000
Concessions 652,500 -0- 652,500
Telephones 50,000 -0- 50,000
Bass Tickets 2,500 -0- 2,500
Subtotal $2,205,000 $ -0- $2,205,000
Resort Tax $ -0- $1,229,922 $1,229,922
Convention Center
Development Tax 2,629,922 (629,922) 2,000,000
Subtotal $2,629,922 $ 600,000 $3,229,922
TOTAL-REVENUES $4,834,922 $ 600,000 $5,434,922
APPROPRIATIONS
Personnel Services $1,829,703 $ -0- $1,829,703
Operating Expenses 2,878,219 600,000 3,478,219
Capital Outlay 127,000 -0- 127,000
TOTAL - APPROPRIATIONS $4,834,922 $ 600,000 $5,434,922
PASSED and ADOPTED this 2nd day of November 1988.
r'{
VICE MAYOR
Attest by:
K":" z •--
City Clerk
Form Approved:
City Attorney /./24
Funding oved:
Ma /gement and Budget
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f*t iINCORP IORATE,. i "VA CA TIONL A ND U. S. A. " •
11':fri\N.ti,i4-2-4.OFFICE OF THE CITY MANAGER CITY HALL
ROB W.PARKINS 1700 CONVENTION CENTER DRIVE
CITY MANAGER TELEPHONE: 673-7010
COMMISSION MEMORANDUM NO. 51/ W
DATE: November 2, 1988
4
TO: Mayor Alex Da• • i and
Members of e City Commi- i• ))
iI 1105'.--
FROM:
FROM: Rob W. Parkins // '
City Manager
A RESOLUTION PROVIDING FOR THE FIRST AMENDMENT TO THE CONVENTION
SUBJECT: CENTER ENTERPRISE FUND BUDGET FOR FY 1988/89
The attached Resolution provides for amending the Convention Center Enterprise
Fund FY 1988/89 Budget as follows:
AMENDMENTS REVENUE EXPENDITURE
INC/(DEC) INC/(DEC)
1. To provide increased funding for
the total depreciation require-
ment of the expanded Center.
i . Depreciation $600,000
2. Revenue loss from the proceeds of
the Convention Center Development
Tax.
i . Convention Center
Development Tax $(629,922)
3. To fund the increased deprecia-
tion requirements and to off-set
revenue losses from the Conven-
tion Center Development Tax.
i . Resort Tax $1,229,922
TOTALS $ 600,000 $ 600,000
ADMINISTRATION RECOMMENDATION
The Administration recommends that the City Commission adopt the attached
resolution which provides for the first amendment to the Convention Center
Enterprise Fund Budget for FY 1988/89.
RWP:PFL:me
8
AGENDA /.3,... ri C____
ITEM
DATE 1 t -2- 7
ORIGINAL
RESOLUTION NO. 88-19431
(Providing for the first amendment to the
Enterprise Fund Budget for the Convention
Center; making provisions for increasing
the depreciation requirement by $600,000
and to offset $629,922 in Revenue losses
from the Convention Ctr. Development Tax
by a contribution of $1,229,922 from the
proceeds of Resort Tax Collections)