LTC 396-2022 Fiscal Year 2022 Third Quarter Analysis396-2022
MIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC NO.
LETTER TO COMMISSION
TO:
FROM:
DATE:
Honorable Mayor Dan Gelber and Members of the City Commission
Alina T. Hudak, City Mana~
September 21, 2022 L,
SUBJECT: Fiscal Year 2022 Third Quarter Analysis
The purpose of this Letter to Commission (L TC) is to provide the Mayor and City Commission
with the status of the Fiscal Year (FY) 2022 operating budget to actual revenues and expenses
as of the third quarter ending June 30, 2022, with projections through fiscal year-end September
30, 2022, as set forth in the City's Charter which specifies that "the City Manager shall make
public a quarterly report showing the actual expenditures during the quarter just ended against
one quarter of the proposed annual expenditures set forth in the budget."
It is important to note that certain assumptions for both revenues and expenditures have been
made in these projections that will continue to be refined and adjusted as additional data and
information becomes available.
SUMMARY
The FY 2022 budget was adopted to assume a cautiously optimistic rebound in revenues due to
the impact of COVID-19 on the City's operations. Based on revenues in the General Fund and
Resort Tax Fund trending higher than originally anticipated as of the third quarter of FY 2022,
revenues and expenditures as of June 30, 2022, with projections through September 30, 2022,
reflect a projected year-end surplus of $19 .9 million in the General Fund and $19.8 million in the
Resort Tax Fund, which is an increase from the surplus projected as of the second quarter of FY
2022 of $13.5 million and $15.3 million in the General Fund and Resort Tax Fund, respectively.
Based on the preliminary General Fund revenues and expenditures as of June 30, 2022, with
projections through September 30, 2022, it is estimated that the General Fund year-end surplus
will be $19.9 million . As recommended by the Administration and accepted by the City
Commission at the September 14, 2022 City Commission meeting, this projected year-end
surplus is proposed to be set aside and/or allocated as follows:
1) $7. 7 million towards the General Fund Reserve policy target amount of 3 months, or 25%,
adopted by Resolution No. 2019-30954
2) $7.6 million to fund anticipated Capital Project gaps
3) $1.3 million to fund a 2% Cost of Living Adjustment (COLA) proposed in FY 2022 for all
employees, effective April 2022
4) $1.7 .,million to fund the proposed repayment of furloughs that were taken by employees
during FY 2020 and FY 2021 due to the impact of COVID-19 on the City's operations
5) $1 .6 million to fund the one-time expenditure enhancements recommended for FY 2023
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 2 of 17
Similarly, based on the preliminary Resort Tax revenues and expenditures as of June 30, 2022,
with projections through September 30, 2022, it is estimated that the Resort Tax year-end surplus
will be $19.8 million. As recommended by the Administration and accepted by the City
Commission at the September 14, 2022 City Commission meeting, this projected year-end
surplus is proposed to be set aside and/or allocated as follows :
1) $5.4 million towards the Resort Tax Reserve policy target amount of 6 months, or 50%,
adopted by Resolution No. 2019-30664
2) $3.2 million for FY 2023 Spring Break Programming, as discussed and proposed during
the development of the FY 2023 budget
3) $10.4 million to fund anticipated Capital Project gaps
4) $0 .8 million to fund the one-time expenditure enhancements recommended for FY 2023
USE OF RESERVES
Should the General Fund items summarized above be approved, as recommended by the City
Administration, the projected FY 2022 General Fund reserve would total approximately $90.2
million, or 25.5%, which equals approximately 3.1 months of reserves based on the adopted FY
2022 General Fund budget of $354.1 million. The current reserve policy for the General Fund is
a required 2 months, with a goal of 3 months, which totals $88.5 million based on the current
adopted FY 2022 General Fund budget of $354 .1 million.
GENERAL FUND Q 1 Q 2 Q3
Reserve Reserve Reserve
Reserve as of 9/30/2021 $87.5 million $94.8 million $94.8 million
FY 2022 Budget Amendments (1 st and 2nd Operating Amendments) ($9 .9 million) ($9 .9 million) ($9.9 million)
72nd Street Project Contribution ($3.5 million) ($3 .5 million) ($3 .5 million )
Additional FEMA Reimbursement for Hurricane Irma $1.0 million $1.2 million $1 .2 million
Additional General Fund Revenues Projected as of Q1/Q2/Q3 $5.1 million $15.8 million $22 .1 million
Parking Contribution for 500 Alton Road Project ($0 .6 million) ($0 .6 million) ($0.6 million)
Parking Contribution for Ocean Terrace Project ($0 .3 million) ($0 .3 million) ($0.3 million)
Matrix Staffing Report Recommendations (3 Positions in Police) ($0 .2 mil lion) ($0 .2 million) ($0.2 million)
Additional Police Positions (2 New Positions+ 1 Reclassification) ($0 .2 million) ($0 .2 million) ($0.2 million)
Resilient Florida Funding Grant Match ($0.1 million) ($0 .1 million) ($0.1 million)
Housing Relocation from 555 Building to 1701 Meridian ($0.3 million) ($0 .3 million)
Lighting on Meridian Avenue in Flamingo Park District ($0 .2 million) ($0.2 million)
Municipal Prosecution Program ($0 .2 million) ($0 .2 million)
Justice Advocate Program ($0 .1 million) ($0 .1 million)
Diversity Program ($0 .1 million) ($0 .1 million)
Set Aside/Allocation for Anticipated Capital Project Gaps ($7 .6 million) ($7.6 million)
Proposed COLA (2% Recurring effective April 2022) ($1.3 million)
Proposed Furlough Repayment ($1 .7 million)
Proposed One-Time Enhancements Recommended for FY 2023 ($1.6 million)
Projected FY 2022 Reserve $78.8 million $88.5 million $90.2 million
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
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For Resort Tax, if the items summarized above are approved, as recommended by the City
Administration, the projected Resort Tax reserve would total approximately $28.5 million, or
49.8%, which equals approximately 6 months of reserves based on the adopted FY 2022 2%
Resort Tax Fund budget of $57.2 million. The current reserve policy for the 2% Resort Tax Fund
is a minimum of 3 months, with a goal of 6 months, which totals $28.6 million based on the current
adopted FY 2022 2% Resort Tax Fund budget of $57.2 million.
2% RESORT TAX FUND R Q 1 R Q
2 R 0 3
eserve eserve eserve
Reserve as of 9/30/2021 $29.9 million $29.9 million $29.9 million
FY 2022 Budget Amendments (Pt and 2nd Operating Amendments) ($0.9 million) ($0 .9 million) ($0.9 million)
72nd Street Project Contribution ($5 .9 million) ($5 .9 million) ($5 .9 million)
Additional Resort Tax Revenues Projected as of Q1/Q2/Q3 $6 .5 million $19 .1 million $23.6 million
Washington Avenue Milling and Resurfacing Project ($1 .6 million) ($1 .6 million) ($1.6 million)
Additional Police High Impact -Spring Break ($0.7 million) ($0 .7 million) ($0.7 million)
Ocean Drive Reconfiguration ($0 .6 million) ($0.6 million) ($0.6 million)
Holiday Lighting Expansion in North Beach ($0.3 million) ($0.3 million) ($0.3 million)
SOBE WFF Cash Sponsorship for City Services ($0.2 million) ($0.2 million) ($0.2 million)
Washington Avenue Restriping ($0.1 million) ($0 .1 million) ($0 .1 million)
Miami Beach Live -Spring Break ($0.1 million) ($0.1 million) ($0.1 million)
FTX Sponsorship ($0.2 million) ($0.2 million)
Set Aside for FY 2023 Spring Break Programming ($3 .2 million) ($3.2 million)
Set Aside/Allocation for Anticipated Capital Project Gaps ($6.6 million) ($10.4 million)
Proposed One-Time Enhancements Recommended for FY 2023 ($0.8 million)
Projected FY 2022 Reserve $26.0 million $28.6 million $28.5 million
All General Fund, Enterprise Funds, Internal Services Funds, and Special Revenue Funds
budgets are projected to be at or below their current FY 2022 amended budgets as of year-end
with revenues projected to be equivalent to or in excess of expenditures, except for the
Convention Center Enterprise Fund, as well as the Red Light Camera, 5th & Alton Garage,
Normandy Shores, and Biscayne Point and Biscayne Beach Special Taxing Districts Special
Revenue Funds that are detailed further in this analysis.
AMERICAN RESCUE PLAN ACT FUNDS
The American Rescue Plan Act of 2021 (ARPA) is an emergency legislative package intended to
"fund vaccinations, provide direct relief to families bearing the brunt of the COVID-19 crisis, and
support struggling communities." The bill provides a total of $1.9 trillion to governments and other
entities such as hospitals, public schools, and universities to promote recovery from the COVID-
19 pandemic.
Signed into law by President Biden on March 11, 2021, the bill allocated $350 billion in fiscal
recovery funds to State, Local, Tribal, and Territorial (SL TT) Governments, of which $45.6 billion
was allocated for metropolitan cities, such as the City of Miami Beach, to:
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 4 of 17
• Respond to the COVID-19 public health emergency or its negative economic impacts
including (but not limited to): assistance to households, small businesses, and nonprofits,
or aid to impacted industries such as tourism, travel, and hospitality
• Provide premium pay to eligible State workers, or grants to eligible employers with
employees that perform essential work during the COVID-19 public health emergency
• Provide government services to compensate for the reduction in revenue in the community
due to the pandemic (budget shortfalls)
• Make necessary investments in water, sewer, or broadband infrastructure
The City of Miami Beach received an allocation of approximately $23.6 million in one-time federal
dollars to address the revenue shortfalls attributed to COVID-19, which the City Commission
approved to be used to balance the projected shortfall attributed to COVID-19 in the FY 2022
budget approved on September 30, 2021, through Resolution No . 2021-31872 . To date, the City's
full allocation of approximately $23 .6 million has been received.
ANALYSIS
Similar to the balancing plans that the City Administration implemented for FY 2020 and FY 2021
due to the impact of COVID-19 on the City's operations, the FY 2022 budgets included
assumptions based on the expectation of conservative economic activity with gradual growth
thereafter. The keys to balancing the budgets for FY 2022 were: (1) reducing non-essential costs
as much as possible; (2) allocating ARPA funds received by the City totaling $23.6 million from
the federal government to mitigate the projected ongoing revenue loss attributed to COVID-19;
and (3) judiciously using the City's reserves to make up the difference.
GENERAL FUND
Third Quarter Status
An analysis of the actual nine-month operating revenues and expenses for the period October 1,
2021 through June 30, 2022 reveals an operating budget surplus of $84.5 million . While the actual
surplus as of June 30, 2022 may seem unusual when compared to the projection for the current
fiscal year ending September 30, 2022, it should be noted that the City receives a large
percentage of its annual ad valorem property tax revenues during the early months of the fiscal
year. Ad valorem property tax revenues represent approximately 56.4% of total budgeted
revenues adopted for FY 2022 and 59.5% of actual revenues collected during the first nine months
of FY 2022.
As of June 30, 2022, total revenues collected were approximately 88.4% of the current FY 2022
amended budget, or $323. 7 million. Conversely, expenditures were approximately 65.3% of the
current FY 2022 amended budget, or $239.2 million. It is important to note that there are often
delays in expenditures until the close of the fiscal year.
FY 2022 Budget
3/4 of Amended Actuals as of Variance from 3/4
General Fund Adopted Budget Amended Budget Budget 06/30/22 Amended Budget
O1.€r I (Under)
Rel.€nues $ 354,106 ,000 $ 366 ,276 ,000 $ 274 ,707,000 $ 323 ,742,437 $ 49,035,437
E x penditures $ 354,106 ,000 $ 366 ,276 ,000 $ 274 ,707 ,000 $ 239 ,213 ,788 $ (35,493 ,212)
Excess of Revenues Over/(Under) Expenditures $ 84,528,649
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 5 of 17
Year-End Projections
Year-end operating revenues and expenditures projected through September 30, 2022 provide a
more realistic indication of any estimated year-end surpluses or shortfalls as of this point in time.
While actual revenues and expenses reflected in this analysis are as of June 30, 2022, these
projections incorporate more current information that may be available . In addition, these
projections assume the use of $23.6 million in American Rescue Plan Act (ARPA) funds allocated
and received by the City from the federal government.
A summary of the preliminary General Fund revenues and expenditures as of June 30, 2022, with
projections through September 30, 2022, reflects a projected year-end surplus of $19.9 million,
which is an increase of $6.4 million from the $13.5 million surplus projected as of the second
quarter of the fiscal year, which the City Administration is recommending be set aside and/or
allocated as follows:
FY 2022 Budget
General Fund Adopted Budget Amended Budget Projected Difference % O-..er I (Under)
Re-..enues $ 354 ,106,000 $ 366 ,276 ,000 $ 380 ,760,000 $ 14,484,000 4.0%
Expenditures $ 354 ,106,000 $ 366,276 ,000 $ 360 ,903,000 $ (5 ,373 ,000) -1 .5%
Excess of Revenues Over/(Under) Expenditures $ 19,857,000 5.4%
1) $7.7 million towards the General Fund Reserve policy target amount of 3 months , or 25%,
adopted by Resolution No. 2019-30954
2) $7.6 million to fund anticipated Capital Project gaps
3) $1.3 million to fund a 2% Cost of Living Adjustment (COLA) proposed in FY 2022 for all
employees, effective April 2022
4) $1.7 million to fund the proposed repayment of furloughs that were taken by employees
during FY 2020 and FY 2021 due to the impact of COVID-19 on the City's operations
5) $1.6 million to fund the one-time expenditure enhancements recommended for FY 2023
Operating Revenues
Property tax collections for FY 2022 are being projected at 95.0% of total property taxes assessed,
which is consistent with the original adopted budget thus allowing for discounts and a level of
adjustment for appeals that is consistent with historical levels . The impact of these appeals and
adjustments realized for FY 2022 were received in July 2022 when the City received its certified
property values from the Miami-Dade County Property Appraiser for the upcoming fiscal year.
As of June 30, 2022, actual operating revenues collected were approximately 88.4% of the current
amended budget, or $323. 7 million, with operating revenues through fiscal year-end September
30, 2022 projected at $380.8 million, which is approximately 4.0%, or $14 .5 million, above the
current amended budget. As previously mentioned, these projections are not only based on
experience during the first nine months of the fiscal year, but also other more current information
available, as well as the use of the approximately $23.6 million of ARPA funds allocated and
received by the City from the federal government.
Revenue categories with significant variances to budget in excess of 10.0%, or $300,000, are
further explained below:
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 6 of 17
Other Taxes -This category includes franchise taxes for gas and electric, as well as utility
taxes for telephone , electricity, and gas and is projected to be above the current amended
budget by 5.9%, or $1.4 million, primarily due to franchise and utility taxes for electricity, gas ,
and telephone trending higher than originally anticipated based on current economic activity.
Licenses and Permits -This category includes business tax receipts, licenses/special use
permits, and sidewalk cafe fee revenues and is projected to be above the current amended
budget by 33.5%, or $5 .3 million, primarily due to increased fire, planning, and public works
plans review services and permit revenues, as well as business tax receipt and sidewalk cafe
permit revenues, resulting from increased real estate , economic development, and tourism
activity. It is important to note that of the additional $5.3 million projected, $875,000 is
attributed to permit-related revenues collected earlier in the fiscal year for the 500 Alton Road
Project.
Intergovernmental -This category includes local option gas tax, motor fuel tax, sales tax
proceeds, and half-cent sales tax proceeds received from Miami-Dade County and the State
of Florida and is projected to be 15. 7%, or $1.9 million, above the current amended budget
primarily due to sales tax and half-cent sales tax collections trending higher than originally
anticipated based on current economic and tourism-related activity.
Charges for Services -This category includes revenues from activities and programs
offered by the Parks and Recreation Department such as after school and summer classes ,
as well as the operations of the Miami Beach and Normandy Shores golf courses, public
safety, passport, ambulance/rescue, and lot clearing services, and is projected to be above
the current amended budget by 17 .3%, or $2.3 million, primarily due to golf course operations
at both the Miami Beach and Normandy Shores golf courses trending higher than originally
anticipated based on current economic activity.
Interest -This category is comprised of various sources of interest income derived from the
City 's current investments and is projected to be 45.0%, or $1.4 million, above the current
amended budget due to higher than anticipated interest rates .
Rents and Leases -This category includes revenues from various rentals and leases of
City owned properties. FY 2022 collections are projected to be 12 .0%, or $755,000, above
the current amended budget primarily due to revenues from several of the City's leases,
including the Miami Beach Marina , trending higher than budgeted since revenues collected
by the City for some of its leases and rentals are based on a percentage of the tenants ' sales .
Miscellaneous -This category includes revenues from various categories such as
concessions , reimbursements , and other revenue categories including beach access fees
and advertising. Projected FY 2022 revenues are 9. 7%, or $1.4 million, above the current
amended budget primarily due to revenues from lien statement services and planning design
after hours review fees trending higher than budgeted as a result of increased real estate
and development activity.
For a detail of General Fund revenues by category, refer to the attached Exhibit A.
Operating Expenditures
As of June 30, 2022, actual expenses were approximately 65.3% of the current amended budget,
or $239.2 million, with operating expenditures through fiscal year-end September 30, 2022
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 7 of 17
projected at $360.9 million, which is approximately 1.5%, or $5.4 million, below the current
amended budget. As previously mentioned, these projections are not only based on experience
during the first nine months of the fiscal year, but also more current information available .
General Fund expenditures by department projected to exceed budget or with significant
variances to budget in excess of 10.0%, or $300,000, are further explained below:
City Attorney -The department is projected to be below the current amended budget by
5.9%, or $392,000, primarily due to projected savings in personnel services expenditures
resulting from several full-time budgeted positions that have been and/or remain vacant in the
current fiscal year that the City Attorney's Office is in the process of trying to fill with qualified
candidates based on current needs.
City Attorney
FY 2022 FY 2022 Projected vs
Amended Budget Projected Amended % O1.€r I (Under)
Budget Variance
Expenditures $ 6,603,000 $ 6,211,000 $ (392,000) -5.9%
Housing and Community Services -The department is projected to be below the current
amended budget by 10.4%, or $424,000, primarily due to projected savings in personnel
services expenditures resulting from full-time and part-time budgeted positions that have been
and/or remain vacant in the current fiscal year in the Homeless division that have been difficult
to fill due to the nature of the work involved .
Housing and Community Services
FY 2022 FY 2022 Projected vs
Amended Budget Projected Amended % O1.€r I (Under)
Budget Variance
Expenditures $ 4,075,000 $ 3,651 ,000 $ (424,000) -10.4%
Parks and Recreation -The department is projected to be 2.4%, or $945,000, below the
current amended budget primarily due to projected savings in personnel services
expenditures resulting from numerous full-time and part-time budgeted positions that have
been and/or remain vacant in the current fiscal year. The volume of candidates that are
interested and qualified has been very limited; therefore, the department has been unable to
fill some of these budgeted positions .
Parks and Recreation
FY 2022 FY 2022 Projected vs
Amended Budget Projected Amended % O1.€r I (Under)
Budget Variance
Expenditures $ 39,057,000 $ 38,112,000 $ (945,000) -2.4%
Public Works -The department is projected to be below the current amended budget by
4.5%, or $689,000, resulting from projected savings in personnel services expenditures due
to numerous budgeted full-time vacancies within the department's Engineering, Streets and
Street Lighting, and Greenspace Management divisions. The department has been attempting
to fill these budgeted positions; however, the volume of candidates who are interested and
qualified for some of these positions has been very limited . Additional savings are also
projected in operating and capital expenditures due to delays in the department receiving
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 8 of 17
parts and equipment stemming from supply chain issues.
Public Works
FY 2022 FY 2022
Amended Budget Projected
Expenditures $ 15,222,000 $ 14,533,000
Projected vs
Amended % O1.€r I (Under)
Budget Variance
$ (689,000) -4.5%
Capital Improvement Projects (CIP) -The department is projected to be 5.6%, or $329,000,
below the current amended budget primarily due to projected savings in personnel services
expenditures resulting from several budgeted full-time position vacancies that the department
has been unable to fill or is in the process of filling based on the current needs of the
department. The department has been attempting to fill these budgeted positions; however,
the volume of candidates that are interested and qualified has been very limited.
Expenditures
FY 2022
Amended Budget
$ 5,840,000 $
FY 2022
Projected
Projected vs
Amended
Budget Variance
5,511,000 $ (329,000)
% O1.€r I (Under)
-5.6%
Police -The department is projected to be 0.4%, or $440,000, below the current amended
budget primarily due to projected savings in personnel services expenditures resulting from
numerous positions (sworn and non-sworn) that the department has been unable to fill or is
in the process of filling . Additional savings are also projected in operating expenditures based
on the department's current operational needs.
Police
FY 2022 FY 2022 Projected vs
Amended Budget Projected Amended % O1.€r I (Under)
Budget Variance
Expenditures $ 124,836,000 $ 124,396,000 $ (440 ,000) -0.4%
While the above-listed General Fund departments comprise those with significant variances to
budget in excess of 10.0%, or $300,000, all other General Fund departments are projected to
have savings at year-end.
For a detail of General Fund expenditures by department, refer to the attached Exhibit A.
ENTERPRISE FUNDS
The City accounts for those goods and services provided by a particular department to external
users for which a fee is charged as Enterprise Funds . The City's Sanitation, Water, Storm Water,
Sewer, Parking, Convention Center, and Building operations comprise this category of Proprietary
Funds.
An analysis of the actual nine-month operating expenses for the period October 1, 2021 through
June 30, 2022, reveals that all Enterprise Funds have actual expenses that are less than three
quarters of their current amended budgets. It is important to note that this is not representative of
typical trends for a full fiscal year, as there is often a lag in the processing of expenditures,
particularly those billed by outside entities for services provided .
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
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NTERPRISE FUNDS
Sanitation se-r Storm water
FY 2022 Adopted Budget 22 ,170,000 52 ,916,000 31 ,911,000
Budget Amendment -10/13/21 0 0 0
Budget Amendment -11/22/21 1,1 30 ,000 2,321 ,000 1,952,000
Bud et Amendment -03 /09/22 0 0 0
FY 2022 Amended Bud et 23 ,300 ,000 55,237 ,000 33 ,863 ,000
3/4 Adopted Budget 16,627,500 39,687,000 23,933 ,250
3/4 Amended Bud et 17 ,475 ,000 41 ,427,750 25 ,397 ,250
Revenues as of 06/30/22 15,924,256 41 ,793 ,247 23,450 ,549
Ex enditures as of 06/30/22 15,941,217 34 ,790,669 16 ,063 ,254
Expenditures .Abovel(Below) 314 Amended Budget (1 ,533,783) (6 ,637 ,081) (9 ,333 ,996)
% Variance -6 .6% -12.0% -27 .6%
Water Parking Building Convention
Center
35 ,032 ,000 43,477,000 17 ,449 ,000 27 ,332 ,000
0 0 0 0
3,494 ,000 681 ,000 7,000 1,228 ,000
0 0 0 0
38 ,526 ,000 44 ,158 ,000 17,456,000 28 ,560 ,000
26,274 ,000 32 ,607 ,750 13,086 ,750 20 ,499 ,000
28 ,894,500 33 ,118 ,500 13,092 ,000 21,420 ,000
26,317,372 34,592,199 13,992,619 8,765,415
23,071,857 23,638,150 11,451 ,813 10,185,198
(5 ,822 ,643) (9,480 ,350) (1,640 ,187) (11 ,234,802 )
-15 .1% -21 .5% -9.4 % -39 .3%
Year-end operating revenue and expenditure projections through September 30, 2022 provide a
more realistic indication of any anticipated year-end surpluses or shortfalls as of this point in time.
While the actual revenues and expenses presented above are as of June 30, 2022, the year-end
projections incorporate more current information available.
Revenues for all Enterprise Funds are projected to be equivalent to or in excess of expenditures
as of year-end. In addition, all Enterprise Fund budgets are projected to be under their current
amended budgets, except for the Convention Center Fund. Enterprise Fund budgets projected to
exceed their current amended budgets or with significant variances to budget in excess of 10.0%,
or $300,000, are further explained below:
Convention Center -The Convention Center Fund budget is projected to be above the
current budget by approximately $2.0 million, or 7.1 %, primarily due to an increase in the
number of events (9) that have been or are scheduled to be held this fiscal year compared to
the 50 events originally anticipated for FY 2022 when the budget was developed, as well as
increased activity during these events. Although expenditures are projected to exceed the
current budget, revenues are projected to exceed expenditures resulting in a projected surplus
of approximately $14.6 million that would be available to be set aside for renewal and
replacement of Convention Center assets and/or future operating and other expenditure
obligations should these projections be realized at year-end. This projected surplus is
primarily attributed to a Convention Development Tax (CDT) bonus of $13.1 million anticipated
to be received by the City for FY 2022 based on increased Convention Development Tax
receipts collected by Miami-Dade County in the current fiscal year from which a portion is to
be remitted to the City in accordance with the Amended lnterlocal Cooperation Agreement
that was approved by the City Commission on November 19, 2014 through Resolution No.
2014-28836. Due to changes in the scheduling of events, the surplus projected as of the third
quarter may vary as of year-end; therefore, the Convention Center's operations will continue
to be monitored over the coming months.
Other significant variances in the Enterprise Funds to note are detailed below .
Parking -Based on the Parking Enterprise Fund's FY 2022 third quarter projections,
revenues are projected to exceed expenditures resulting in a projected surplus of
approximately $2.2 million that would be available to be set aside for future operating or other
expenditure obligations should these projections be realized at year-end. The projected
surplus is attributed to a combination of factors which include Parking revenues such as meter
revenues, permit revenues, and garage revenues trending above budget and the continued
vacancy of existing budgeted positions due to hiring challenges that the department has been
encountering . Due to the uncertainty of Parking's revenues, the surplus projected as of the
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 10 of 17
third quarter may vary as of year-end; therefore, trends will continue to be monitored in the
coming months.
Water and Sewer -Revenues for both the Water and Sewer Fund budgets are projected to
exceed their current amended budgets by $2.2 million, or 5.7%, and $2.6 million, or 4.7%,
respectively, resulting in projected surplus of $2.5 million in Water and $2 .7 million in Sewer
that would be available to be set aside for renewal and replacement of Water and Sewer
assets and/or future operating and other expenditure obligations should these projections be
realized at year-end. This is primarily due to an increase in retail users' consumption of water
and usage of sewer treatment services, which, in turn, is projected to result in an increase in
the projected costs incurred by the City for water and sewer services provided by Miami-Dade
County to the City that were offset by savings in other operating expenditures based on current
operations.
ENTERPRISE FUNDS
Sanitation Sewer Storm Water Water Parking Building Convention
Center
FY 2022 Adopted Budget 22 ,170,000 52 ,916 ,000 3 1,911 ,000 35 ,032 ,000 43,477,000 17,449,000 27,332,000
Budget Amendment -10/13/21 0 0 0 0 0 0 0
Budget Amendment -11 /22/21 1,130,000 2,321 ,000 1,952 ,000 3,494 ,000 681 ,000 7,000 1,228,000
Budget Amendment -03/09/22 0 0 0 0 0 0 0
FY 2022 Amended Budget 23,300 ,000 55 ,237 ,000 33,863,000 38 ,526,000 44 ,158,000 17,456,000 28,560 ,000
FY 2022 Projections :
Charges for Services 18,663,500 56 ,767,000 31 ,713,000 35 ,620,000 44,459 ,000 16,199,000 23,553,000
Other 4,410 ,500 1,086,000 1,862,000 5,100,000 1,725,000 1,081,000 21,665,000
FY 2022 Revenue Proiections 23 ,074 ,000 57,853,000 33 ,575,000 40,720,000 46,184,000 17,280,000 45,218,000
$ Overl(Underl Amended Budaet (226,000) 2,616,000 (288,0001 2,194,000 2,026,000 (176,000) 16,658,000
% Over/(Underl Amended Budaet -1 .0% 4 .7% -0.9% 5.7% 4.6% -1.0% 58.3%
FY 2022 Expenditure Proiections 23 ,074,000 55,161,000 33 ,575,000 38 ,250 ,000 43 ,984 ,000 17 ,280,000 30,594,000
$ Over/(Under) Amended Budget (226,000) (76,000) (288,000) (276,000) (174,000) (176,000) 2,034,000
% Overl(Under) Amended Budaet -1 .0% -0 .1% -0.9% -0.7% -0.4% -1 .0% 7.1%
Revenues Over/(Under) Expenditures 0 2,692,000 0 2,470,000 2,200,000 0 14,624,000
As additional information becomes available these projections will continue to be further refined .
INTERNAL SERVICES FUNDS
The City accounts for goods and services provided by one department to other departments
citywide on a cost reimbursement basis as Internal Services Funds . Central Services, Fleet
Management, Information Technology, Property Management, Risk Management (Self
Insurance), Medical and Dental, and the Office of the Inspector General comprise this category
of Proprietary Funds.
An analysis of the actual nine-month operating revenues and expenses for the period October 1,
2021 through June 30, 2022, reveals that all Internal Services Funds have actual expenses that
are less than three quarters of their current amended budgets, except for the Medical and Dental
Fund, due to actual medical and dental claims expenses that were incurred during the first nine
months of the fiscal year. Similar to the other category of Proprietary Funds (Enterprise Funds),
this is not representative of typical trends for a full fiscal year, as there is often a lag in processing
of expenditures, particularly those that are billed by outside entities for services provided.
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 11 of 17
NTERNAL SERVICE FUNDS
Central Fleet Information
Services Management Technology
FY 2022 Adopted Budget 1,021 ,000 16,772,000 19,121 ,000
Budget Amendm ent -10/13/21 0 0 0
Budget Amendm ent -11/22/21 20,000 3,799,000 1,636,000
Bud et Amendment -03/09/22 0 0 0
FY 2022 Amended B ud et 1,041 ,000 20,571 ,000 20,757 ,000
3/4 Adopted Budget 765,750 12,579,000 14,340,750
3/4 Amended Bud et 780,750 15,428,250 15,567,750
Revenues as of 06/30/22 757,132 8,084,827 12 ,128,301
Ex enditures as of 06/30/22 696,905 9,193,158 14 ,597,809
Expenditures Above/(Below) 3/4 Amended Budget (83,845) (6,235,092) (969,941)
% Variance -8.1% -30.3% -4.7%
OWiceof Property Risk Medical &
Inspector Dental
General Management Management Insurance
1,532,000 1 1,709,000 23,325,000 41 ,543,000
0 0 0 0
534,000 536,000 495,000 0
0 0 0 0
2 ,066,000 12,245,000 23,820,000 41 ,543,000
1,149,000 8,781,750 17,493,750 31 ,157,250
1,549,500 9,183,750 17,865,000 31 ,157,250
1,149,752 7 ,736,226 18,040,296 30,323,037
1,153,366 6 ,842,091 14,884,882 31 ,698,275
(396,134) (2,341 ,659) (2,980, 118) 541 ,025
-19.2% -19.1% -12.5% 1.3%
Year-end operating revenue and expenditure projections through September 30 , 2022 provide a
more realistic indication of any anticipated year-end surpluses or shortfalls as of this point in time.
While the actual revenues and expenses presented above are as of June 30, 2022, the year-end
projections incorporate more current information that may be available.
As reflected in the table below, revenues for all Internal Service Funds are projected to be
equivalent to or in excess of expenditures as of year-end and all Internal Service Funds are
projected to be below their current amended budgets and there are no significant variances to
budget in excess of 10.0%, or $300,000.
NTERNAL SERVICE FUNDS
Central Fleet Information Office of Property Risk Medical&
Inspector Dental Services Management Technology General Management Management Insurance
FY 2022 Adopted Budget 1,021 ,000 16,772,000 19,121,000 1,532,000 11 ,709,000 23,325,000 41 ,543,000
Budget Amendment-10/13/21 0 0 0 0 0 0 0
Budget Amendment -11/22/21 20,000 3,799,000 1,636,000 534,000 536,000 495,000 0
Budget Amendment -03/09/22 0 0 0 0 0 0 0
FY 2022 Amended Budget 1,041 ,000 20,571 ,000 20,757 ,000 2,066,000 12,245,000 23,820,000 41 ,543,000
FY 2022 Projections:
Charges for Services 1,005,000 16,129,000 16,173,000 1,532,000 10,308,600 21 ,8 16 ,000 0
Other 19,000 4,149,000 4,290,000 514,000 1,654,400 1,966,000 41,496,000
FY 2022 R evenue Projections 1,024,000 20,278,000 20,463,000 2 ,046,000 11 ,963,000 23,782,000 41,496,000
$ Over/lUnderl Amended Budaet (17,000) (293,000) (294,000) (20,000) (282,000) (38,000) (47,0001
% Over/(Under) Amended Budaet -1.6% -1.4% -1.4% -1 .0% -2 .3% ..0 .2% -0.1%
FY 2022 Expenditu re P rojection s 1,024 ,000 20,278,000 20,463,000 2,046,000 11 ,963,000 23,782,000 4 1,496,000
$ Over/lUnderl Amended Budaet (17,000) (293,000) (294,000) (20,000) (282,000) (38,000) (47,000'
% Over/(Under) Am ended Budaet -1 .6% -1.4% -1.4% -1 .0% -2.3% -0.2% -0.1%
Revenues Over/lUnderl Excenditures 0 0 0 0 0 0 0
These projections will continue to be refined as additional information becomes available.
SPECIAL REVENUE FUNDS
Special Revenue Funds consist of revenues and expenditures which are legally restricted or
committed for specific purposes, other than debt service and/or capital projects. Special Revenue
Funds include Resort Tax, as well as Transportation and People's Transportation Plan (PTP)
Fund operations, 7th Street Garage operations, 5th & Alton Garage operations, the Tourism and
Hospitality Scholarship Program, Information and Communications Technology Fund, Education
Compact Fund, Franchise Waste Haulers and Sustainability Contributions, the Residential
Housing Program, Red Light Camera Program operations, Emergency 911 Fund, Miami Beach
Cultural Arts Council, Normandy Shores and the City's three Security Guard Special Taxing
Districts (Biscayne Point, Biscayne Beach, and Allison Island), Miami City Ballet, Art in Public
Places (AIPP) operations, Tree Preservation and Commemorative Tree Trust Fund, Beachfront
Concession Initiatives Program, Beach Renourishment, Resiliency, Sustainability and Resiliency,
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 12 of 17
and Biscayne Bay Protection Trust Funds, Police Unclaimed Property and Crash Report Sales
Funds , Police Confiscation Trust Funds (Federal and State), Police Training and School
Resources Fund, the Adopt-a-Bench Program, and the Off-Duty Services Fund .
An analysis of the actual nine-month operating revenues and expenses for the period October 1,
2021 through June 30 , 2022, reveals that all Special Revenue Funds have actual expenses that
are less than three quarters of their current amended budgets, except for the 5th & Alton Garage
Fund, as a result of an increased level of operations from what was originally anticipated for FY
2022. Similar to other funds, it is important to note that the actuals incurred through June 30, 2022
are not always representative of trends for a full fiscal year.
Year-end operating revenue and expenditure projections through September 30, 2022 provide a
more realistic indication of any anticipated year-end surpluses or shortfalls as of this point in time .
While the actual revenues and expenses presented above are as of June 30, 2022, the year-end
projections incorporate more current information, if available.
As of the third quarter of FY 2022 , revenues for all Special Revenue Funds are projected to be
equivalent to or in excess of expenditures as of year-end with the exception of the Red Light
Camera Fund that is subsequently explained below. Further, all Special Revenue Funds are
projected to have savings at year-end , including some with significant variances to budget in
excess of 10.0%, or $300,000 , except for the 5th & Alton Garage Fund , Normandy Shores Fund,
and Biscayne Point and Biscayne Beach Special Taxing Districts Special Revenue Funds, which
are also further detailed below.
Red Light Camera Fund -This fund is projected to be 45 .0%, or $641,000, below the current
amended budget and expenditures are projected to be in excess of revenues by $418,000
due to delays in the deployment and installation of an additional five red light cameras that
were planned as part of the new proposed agreement, as well as revenues from the currently
existing cameras trending lower than budgeted since some cameras are or are anticipated to
be offline for various reasons. As a result, if this projection is realized at year-end, the
$418,000 shortfall in the Red Light Camera Fund will need to be transferred to and funded by
the General Fund for the current fiscal year.
Red Light Camera
FY 2022 FY 2022 Projected .s
Amended Budget Projected Amended % O-.er I (Under)
Budget Variance
Re-.enues $ 1,423,000 $ 364 ,000 $ (1 ,059 ,000) -74.4%
Expenditures $ 1,423 ,000 $ 782,000 $ (641,000) -45 .0%
Surplus/(Shortfall) $ 0 $ (418 ,000) $ (418,000)
5th & Alton Garage Fund-This fund is projected to be 22.2%, or $150 ,000, above its current
amended budget. This is primarily attributed to an increase in the level of operations taking
place at this garage from what was originally anticipated for the current fiscal year as a result
of COVID-19. Although this fund is projected to exceed the current amended budget, the
additional expenditures are projected to be offset by additional revenues from available fund
balance and the contribution from the Parking Enterprise Fund, if necessary, shou ld these
projections be realized at year-end.
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 13 of 17
5th & Alton Garage
FY 2022 FY 2022
Amended Budget Projected
Re\€nues $ 676,000 $ 826,000
Expenditures $ 676,000 $ 826,000
Surplus/(Shortfall) $ 0 $ 0
Projected 11S
Amended % O1.€r I (Under)
Budget Variance
$ 150,000 22.2%
$ 150,000 22 .2%
$ 0
Normandy Shores -The Normandy Shores budget is projected to be 4.0%, or $10,000,
above the current amended budget due to unforeseen gate repairs needed. Although this fund
is projected to exceed the current amended budget, the additional expenditures are projected
to be offset using available fund balance, if necessary, should these projections be realized
at year-end.
Normandy Shores
FY 2022 FY 2022 Projected 11S
Amended Budget Projected Amended % O1.€r / (Under)
Budget Variance
Re\€nues $ 252 ,000 $ 262,000 $ 10,000 4.0%
Expenditures $ 252,000 $ 262,000 $ 10,000 4 .0%
Surplus/(Shortfall) $ 0 $ 0 $ 0
Biscayne Point and Biscayne Beach Special Taxing Districts -The Biscayne Point and
Biscayne Beach Special Taxing Districts are projected to be 6.1%, or $14,000, and 1.7%, or
$4,000, above their current amended budgets. This is primarily attributed to increases in the
costs for utilities, as well as unforeseen repairs made in both guardhouses. Although these
funds are projected to exceed their current amended budgets, the additional expenditures are
projected to be offset using available fund balance in both funds, if necessary, should these
projections be realized at year-end.
Biscayne Point Special Taxing District
FY 2022 FY 2022 Projected vS
Amended Budget Projected Amended % O\€r I (Under)
Budget Variance
Revenues $ 229,000 $ 243,000 $ 14,000 6.1%
Expenditures $ 229 ,000 $ 243,000 $ 14,000 6 .1%
Surplus/(Shortfall) $ 0 $ 0 $ 0
Biscayne Beach Special Taxing District
FY 2022 FY 2022 Projected vS
Amended Budget Projected Amended % O\€r I (Under)
Budget Variance
Re\€nues $ 232 ,000 $ 236 ,000 $ 4,000 1.7%
Expenditures $ 232 ,000 $ 236,000 $ 4,000 1.7%
S urpl us/(Shortfall) $ 0 $ 0 $ 0
Other significant variances in the Special Revenue Funds to note are detailed below.
E-911 and PTP -While the E-911 Fund and People's Transportation Plan (PTP) Fund
projections also do not meet the previously mentioned criteria requiring a variance
explanation, it is important to note that the expenditures incurred in these funds are based
mostly on fees that are collected by voice communications services providers (wireless,
wireless prepaid, and non -wireless) and half-cent surtax revenues collected by Miami-Dade
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 14 of 17
County that are subsequently allocated and remitted to the City annually. Revenues in both
of these funds are projected to be in excess of expenditures as of year-end by $326,000 and
$683,000 in the E-911 Fund and PTP Fund, respectively. Therefore, should these additional
projected revenues be realized at year-end, it will be recommended by the City Administration
that the budgets for these funds be amended at year-end to permit for additional allowable
expenditures to be charged back accordingly from the Fire Department's General Fund
operations and Transportation's Other Special Revenue Fund operations.
E-911
FY 2022 FY 2022 Projected vS
Amended Budget Projected Amended % O1.€r I (Under)
Budget Variance
Re-..enues $ 591 ,000 $ 917 ,000 $ 326 ,000 55.2%
Expenditures $ 591,000 $ 591,000 $ 0 0.0%
Surplus/(Shortfall) $ 0 $ 326,000 $ 326,000
People's Transportation Plan (PTP)
FY 2022 FY 2022 Projected vS
Amended Budget Projected Amended % O1.€r I (Under)
Budget Variance
Re-..enues $ 3,560,000 $ 4 ,243,000 $ 683 ,000 19.2%
Expenditures $ 3 ,560 ,000 $ 3 ,560,000 $ 0 0 .0%
Surplus/(Shortfall) $ 0 $ 683 ,000 $ 683,000
RESORT TAX FUND
The City's Resort Tax Fund is primarily supported by taxes collected pursuant to Chapter 67-930
(Section 6) of the Laws of Florida, as amended, and Section 5.03 of the City of Miami Beach
Charter, as amended. This legislation authorizes the use of Resort Taxes for the promotion of the
tourism industry, which includes, but is not restricted to the following: Publicity, advertising, news
bureau, promotional events, convention bureau activities, capital improvements and the
maintenance of all physical assets in connection therewith; and for the payment of the reasonable
and necessary expenses of collecting, handling, and processing of said tax.
The Resort Tax Fund is a Special Revenue Fund that consists of three main components: (1) a
2% Resort Tax comprised of a 2% Bed Tax and 2% Food & Beverage Tax; (2) a 1 % Bed Tax for
Quality of Life (QOL) capital projects, transportation initiatives, and arts and culture; and (3) a 1 %
Bed Tax dedicated to the repayment of outstanding debt service for Resort Tax bonds issued as
part of the most recent Convention Center renovation and expansion project, as well as funding
for renewal and replacement of Convention Center assets.
2% Resort Tax
Based on the first ten months of actual collections, total two percent Resort Tax revenues for FY
2022 are projected to be 37.8%, or $22 .8 million, above the current amended budget as of year-
end, with the remaining months (August and September) in the current fiscal year projected at
5 .0% over FY 2019 collections. The projections for the remainder of the fiscal year are based on
monthly collection trends that factor in seasonality since, historically, a large percentage of the
City's resort taxes are normally collected during the winter and spring months of the year.
Total FY 2022 two percent Resort Tax expenditures are projected to be 5.0%, or $3 .0 million ,
above the current amended budget as of year-end, primarily due to an increase in the projected
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 15 of 17
contribu t ions to the Miami Beach Visitor and Convention Authority (VCA) and Greater Miami
Convention & Visitors Bureau (GMCVB) of $1.2 million and $2.4 million , respectively, since the
contributions to both the VCA and GMCVB are based on a percentage of two percent Resort Tax
collections that are projected to exceed the current amended budget for FY 2022 . The combined
increase in the projected contributions to the VCA and GMCVB of $3.6 million for FY 2022 is,
however, projected to be partially offset by savings of $272,000 in the budgeted two percent
subsidy to the 1 % Resort Tax (Convention Center) that is no longer projected to be needed since
projected 1 % Resort Tax revenues (Convention Center) are projected to exceed the required debt
service coverage for FY 2022 and $305,000 in personnel and operating-related savings attributed
primarily to several vacancies that departments are in the process of trying to fill.
1% Resort Tax (Quality of Life)
The proceeds of the one percent bed tax for quality of life, as adopted through Resolution No.
2018-30512, and continuing in FY 2022, unless otherwise amended by the City Commission, are
to be utilized as follows: 60% allocated for Transportation initiatives in tourist-related areas; 10%
allocated equally among North Beach, Middle Beach and South Beach for capital projects that
enhance Miami Beach 's tourist related areas; and 10% allocated to various arts and cultural
programs.
One percent bed tax revenues for FY 2022 are projected to be 52 .9%, or $6.4 million, above the
current amended budget as of year-end. Concurrently, since transfers for Transportation
initiatives in tourism-related areas , North, Middle , and South Beach quality of life projects, and
various arts and cultural programs that are funded by the Cultural Arts Council are based directly
on the proceeds of the one percent bed tax collected for quality of life , one percent Resort Tax
expenditures are equally projected to be 52.9%, or $6.4 million , above the current amended
budget as of year-end, of which $3.9 million is allocated to Transportation initiatives in tourism-
related areas, $1.9 million allocated to North , Middle, and South Beach quality of life projects
equally, and $643,500 allocated for various arts and cultural programs that are funded by the
Cultural Arts Council.
1% Resort Tax (Convention Center)
Lastly, the proceeds of the additional one percent bed tax levied solely for the purposes of
expanding, enlarg ing, renovating, and/or improving the Miami Beach Convention Center,
including debt service related thereto , as well as providing Capital Renewal and Replacement
funding for the Miami Beach Convention Center, is projected to be 49 .5%, or $6.2 million, above
the current amended budget as of year-end . Since the proceeds of the additional one percent bed
tax must first provide for the payment of debt service and any excess , based on proceeds, be set-
aside for Capital Renewal and Replacement funding for the newly renovated and expanded Miami
Beach Convention Center, additional one percent bed tax expenditures are also projected to be
49.5%, or $6 .2 million, above the current amended budget as of year-end.
It is important to note that the 1 % Resort Tax (Quality of Life) budget is different from the 1 %
Resort Tax (Convention Center) budget due to the impact of COVID-19 on Resort Tax revenues
and the City's cautiously optimistic rebound in revenues, which required the FY 2022 1 % Resort
Tax (Convention Center) budget to include a $272,000 subsidy from the 2% Resort Tax to fund
the required annual debt service for FY 2022 . As noted above, since the FY 2022 revenues are
projected to exceed the budget, it is anticipated that the transfer from the 2% Resort Tax will not
be necessary .
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 16 of 17
Total Resort Tax
Overall, due to actual Resort Tax collections exceeding budget for the first ten months of the fiscal
year and collections for the remaining months of the current fiscal year (August and September)
projected at 5.0% over FY 2019 collections, combined Resort Tax revenues are projected to be
41. 7%, or $35.4 million , above the current amended budget as of year-end , while expenditures
are projected to be 18.4%, or $15 .6 million, above the current amended budget resulting in a
projected surplus of $19.8 million as of year-end , which the City Administration is recommending
be set aside and/or allocated as follows:
1) $5.4 million towards the Resort Tax Reserve policy target amount of 6 months, or 50%,
adopted by Resolution No . 2019-30664
2) $3.2 million for FY 2023 Spring Break Programming, as discussed and proposed during
the development of the FY 2023 budget
3) $10.4 million to fund anticipated Capital Project gaps
4) $0.8 million to fund the one-time expenditure enhancements recommended for FY 2023
RESORT TAX FUND
FY 2022 FY 2022 Actuals as of %Actual of Over/(Under) % Over/(Underl
Pdopted Amended 06/30122 Amended Amended Amended
Budget Budget Budget Budget Budget
Revenues
2% Resort Tax 50,920,000 53,166,000 58,559,220 110.1% 75,885,000 22,719,000 42.7%
M scell aneous Revenues 368,000 368,000 286,210 77.8% 427,000 59,000 16.0%
Fund Bal ance/Retained Earnings 5,910,000 6,766,000 0 0.0% 6,766,000 0 0.0%
1% Resort Tax (QOL) 12,184,000 12,1 84,000 14,70 1,389 120.7% 18,624 ,000 6,440,000 52.9%
Additional 1% Resort Tax for Convention Cen ter 12,456,000 12,456,000 14,701,389 118.0% 18,624,000 6,168,000 49.5%
Total Revenues 81,838,000 84 ,940,000 88,248,208 103.9% 120,326,000 35 ,386,000 41 .7%
Expenditures
General Fund Contri bution 24,866,000 24,866,000 18,649,500 75.0% 24,866,000 0 0.0%
Sanitation Fund Contribution 3,040,000 3,040,000 2,280,000 75.0% 3,040,000 0 0.0%
Contribution to GM:VB 6,889,000 6,889,000 5,227,992 75.9% 9,285,000 2,396,000 34.8%
Contribution to VCA 2,445,000 2,445,000 2,436,021 99.6% 3,643,000 1,198,000 49.0%
Contribution to M . S inai 1,000,000 1,000,000 0 0.0% 1,000,000 0 0 .0%
O ther O perating/Other Uses 18,758 ,000 21,820,000 18,19 1,284 83.4% 21,243,000 (577,000) -2.6%
Marketing 200,000 240,000 96,888 40.4% 240,000 0 0.0%
Transfer to NB , M3, S B Capital, T ransp, and Arts (QOL) 12,184,000 12,184,000 14,701,389 120.7% 18,624,000 6,440,000 52.9%
Addt'I 1 % Conv. Center Debt Servce & Ca . Ren & Re I. 12,456,000 12,456,000 9,225,526 74.1% 18,624,000 6,168,000 49.5%
Total Expenditures 81 ,838,000 84,940,000 70,808,599 83.4% 100,565,000 15,625,000 18.4%
Excess of Revenues Over/ Under) Ex nditures 0 0 17,439,609 19,761 ,000 19,761,000
CONCLUSION
All General Fund, Enterprise Funds, Internal Services Funds, and Special Revenue Funds
budgets are projected to be at or below their current FY 2022 amended budgets as of year-end
with revenues projected to be equivalent to or in excess of expenditures, except for the
Convention Center Enterprise Fund, as well as the Red Light Camera, 5th & Alton Garage,
Normandy Shores, and Biscayne Point and Biscayne Beach Special Taxing Districts Special
Revenue Funds. These projected shortfalls and overages w ill be closed using a mix of sweeping
savings from other funds and use of available fund balance, if realized at year-end .
The assumptions utilized in the third quarter projections will continue to be proactively monitored
between now and the development of the year-end projections, as well as during the finalization
of the FY 2023 budgets, and any material variances will be disclosed and discussed at upcoming
Finance and Economic Resiliency Committee (FERC) and/or City Commission meetings.
ATH/JW/TOS
Letter to Commission -Fiscal Year 2022 Third Quarter Analysis
Page 17 of 17
EXHIBIT A
CITY OF MIAMI BEACH
FY 2022 GENERAL FUND
3RD QUARTER
FY 2022 FY 2022 Actuals as of Adopted Amended 06/30/22 Budget Budget
REVENUES
Ad Va lorem Taxes 196 ,201 ,000 196,201,000 189,067,100
Ad Va lorem Taxes -Pay-As-You-Go Capital 2,616,000 2,616,000 2,616,000
Ad Valorem Taxes -Capital Renewal & Replacement 815,000 815,000 815,000
Ad Valorem Taxes -Normandy Shores 252 ,000 252,000 252,000
Other Taxes 23 ,986 ,000 23,986,000 15,895,725
Licenses and Permrts 15 ,054,000 15,888,000 18 ,111,674
Intergovernmental 11 ,598,000 12,066,000 9,431,409
Charges for Services 13 ,192 ,000 13 ,192,000 13 ,535 ,313
Fines and Forfeitures 966,000 966,000 2,054 ,815
Interest 2 ,6 62 ,000 3,024,000 3,847 ,782
Rents and Leases 6 ,091 ,00 0 6 ,288,0 00 5,29 1,826
Mscellaneous 14,196,000 14,702,000 22,135,146
Other-Resort Tax Contribution 24,866,000 24,866,000 18 ,649 ,500
Other-Non-Operating Revenues 14,214,000 14 ,214 ,000 10,261,438
Fund Balance/Retained Earnings 3,797,000 13,600,000 0
American Rescue Plan Act (ARPA) Funds 23 ,600 ,000 23,600 ,000 11 ,777,709
TOT AL REVENUES 354,106,000 366,276,000 323 ,742,437
EXPENDITURES
Mayor & Commission 2,644,000 2 ,644 ,000 1,909,115
City Manager 4,858 ,000 5,078,000 3,297,945
Marketing and Communications 2,3 56,000 2,356 ,000 1,660,138
Office of Management and Budget (prev. OBPI} 1,507 ,000 1,528 ,000 986,639
Org. Dev Peformance Initiatives 1,701,000 2 ,118,000 684,579
Finance 6 ,526,000 6,537,000 4,620,694
Procurement 2,800 ,000 2 ,857,000 1,891,086
Human Resources/La ber Relations 2,926 ,000 2,954,000 2,064,370
City Clerk 1,802 ,000 1,860,000 1,239,167
City Attorney 6 ,160,000 6,603,000 4,214 ,972
Housing & Communrty Services 3,538,000 4 ,075,000 1,934,681
Planning 5 ,014,000 6 ,085,000 3,633,933
Environment & Sustainability 1,30 0 ,000 1,349,000 718,866
Tourism and Culture 3,445 ,000 3,467 ,000 2,076,019
Economic Development 1,578 ,000 1,652,000 805,093
Code Compliance 6 ,550 ,000 6,585,000 4,687 ,568
Parks & Recreation (in clud ing Golf courses) 38,632,000 39,057,000 23,34 1,168
Property Management 2,502,000 2 ,518,000 1,625,026
Public Works 15 ,001 ,000 15 ,222,000 8,609 ,1 91
Capital Improvement Projects 5 ,752 ,000 5 ,840,000 3,8 77,290
Police 121 ,2 29 ,000 124,836,000 87 ,373,426
Fire 95 ,995 ,000 97,557,000 70,705,689
Citywide (i ncl. Operating Contingency) 15,182 ,000 18 ,390,000 7,257,135
Normandy Shores 252,000 252,000 0
Capital Renewal & Replacement 815 ,000 815,000 0
Info & Comm Technology Fund 300 ,000 300,000 0
Pav-As-You-Go Caortal Fund 3,741 ,000 3,741,000 0
TOTAL EXPENDITURES 354,106,000 366,276,000 239,213,788
EXCESS REVENUES OVER/(UNDER) EXPENDITURES 0 0 84,528,649
% Actual of I Over/(Under) "' Over/(Under) Amended . Amended Amended Budget ... Budget Budget
96.4% 196,201,000 0 0 .0%
100.0% 2,616,000 0 0 .0%
100.0% 815 ,0 00 0 0 .0%
100.0% 252 ,0 00 0 0 .0%
66 .3% 25,405,000 1,419,000 5.9%
1140% 21,217,000 5 ,3 29 ,000 33.5%
78.2% 13 ,963,000 1,897,000 15 .7%
102.6% 15,479,000 2,287,000 17 .3%
212.7% 969,000 3,000 0 .3%
127 .2% 4,386 ,000 1,3 62 ,000 45.0%
1.0% 7,043 ,000 755 ,000 12 .0%
150.6% 16 ,127 ,000 1,425,000 9.7%
75.0% 24 ,866,000 0 0 .0%
72 .2% 14 ,221 ,000 7,000 0.0%
0.0% 13 ,600 ,000 0 0.0%
49.9% 23 ,600 ,000 0 0 .0%
88.4% 380,760,000 14,484,000 4 .0%
72 .2% 2,626 ,000 (18,000) -0.7%
64 .9% 4,807 ,000 (27 1,000) -5.3%
70.5% 2,339 ,000 (17,000) -0 .7%
64.6% 1,402 ,000 (126 ,000 ) -8.2%
32.3% 2,057 ,000 (61 ,000) -2 .9%
70.7% 6,392 ,000 (145 ,000 ) -2 .2%
66.2% 2,670,000 (187,000) -6.5%
69.9% 2,878 ,000 (76,000) -2 .6%
66 .6% 1,746 ,000 (114 ,000) -6.1%
63 .8% 6,211 ,000 (392,000) -5.9%
47.5% 3,65 1,000 (424,000) -10.4%
59.7% 5,839 ,000 (246 ,000) -4 .0%
53 .3% 1,300,000 (49,000) -3.6%
59.9% 3,432,000 (3 5,000) -1.0%
48.7% 1,633 ,000 (19,000) -1 .2%
71 .2% 6,425,000 (160,000) -2.4 %
59 .8% 38,112 ,000 (945,000) -2.4%
64 .5% 2,464 ,000 (54,000) -2.1%
56 .6% 14 ,533 ,000 (689,000) -4.5%
66.4% 5,511 ,0 00 (329 ,000) -5.6%
70.0% 124,396 ,0 00 (440,000) -0.4%
72.5% 97,269,000 (288 ,000) -0 .3%
39.5% 18,102,000 (288,000) -1.6%
0.0% 252,000 0 0 .0%
0.0% 815 ,000 0 0.0%
0.0% 300,000 0 0 .0%
0.0% 3,741,000 0 0 .0%
65.3% 360,903,000 (5,373,000) -1.5%
23.1% 19,857,000 19,857,000