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LTC 189-2024 Fiscal Year 2024 Second Quarter AnalysisMIAMI BEACH OFFICE OF THE CITY MANAGER LTC# LETTER TO COMMISSION TO: FROM: DATE: SUBJECT: Honorable Mayor Steven Meiner and Members of the City Commission Rickelle Williams, Interim City Manager f(&J May 17, 2024 Fiscal Year 2024 Second 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) 2024 operating budget as of the second quarter ending March 31, 2024 with projections through the current fiscal year ending September 30, 2024. This analysis is a preliminary projection based on actual activity during the first six (6) months of the current fiscal year, which is not an absolute indication of the experience for the remainder of the current fiscal year, but does provide an initial glance in identifying any possible areas of concern and potential opportunities. For purposes of these projections, certain assumptions have been made for both revenues and expenditures that will continue to be refined as additional data and information becomes available. SUMMARY As of the second quarter of the current fiscal year (FY 2024), revenue and expenditure projections through September 30, 2024 for the General Fund reflect a projected year-end surplus of approximately $14.3 million, which is an increase of approximately $3.9 million over the surplus of $10.4 million that was projected as of the first quarter of the current fiscal year. The Resort Tax budget reflects a projected year-end shortfall of approximately $3.0 million, which is a decrease of approximately $2.3 million compared to the $5.3 million shortfall projected as of the first quarter. To address the year-end shortfall projected in the Resort Tax budget as of the second quarter, the Administration is recommending that the contribution from the Resort Tax Fund to the General Fund of $46.1 million budgeted in FY 2024 for tourism-related expenditures budgeted in the General Fund be reduced by $3.0 million to $43.1 million for FY 2024, should these projections be realized at year- end. Similarly, the Red Light Camera Fund's budget, as of the second quarter of the current fiscal year is projected to have a shortfall of $319,000. Due to the limited availability of funding in the Red Light Camera Fund, it is recommended that this shortfall be transferred to the General Fund, should these projections be realized at year-end. In addition, it is also recommended that the combined surplus for the Miami Beach and Normandy Shores Golf Courses' operations projected for FY 2024 as of the second quarter of approximately $2.3 million in the General Fund be set aside to fund a portion of the upcoming Miami Beach Golf Course Renovation Project that is currently estimated at $9.2 million, should these projections be realized at year-end. 189-2024 Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 2 of 16 FY 2024 General Fund Resort Tax Projected Surplus/(Shortfall) as of Q2 $14,262,000 ($3,028,000) Year-end Adjustments/Set Asides: Reduction in budgeted contribution from Resort Tax Fund to General Fund (3,028,000) 3,028,000 for tourism related expenditures Transfer of Expenditures from Red Light Camera Fund to General Fund (319,000) Set aside Projected FY 2024 Golf Course Surplus (Miami Beach and (2,343,000) Normandy Shores) for Miami Beach Golf Course Renovation Project Remaining Projected Surplus/(Shortfall) as of Q2 $8,572,000 $0 After accounting for the items above, the Administration is recommending that the remaining General Fund surplus of approximately $8.6 million projected as of the second quarter of FY 2024 be set aside to fund the additional General Fund required reserve levels and targets that will be re-evaluated during the FY 2025 budget development process since the City's General Fund reserve levels and targets are adjusted annually based on the adopted General Fund operating budget. Any excess surplus realized at year-end, after fully funding the General Fund reserve levels and targets for FY 2025, is recommended to be set aside for capital project funding needs. The Adopted FY 2024-2028 Capital Improvement Plan (CIP), which was approved by the City Commission on September 27, 2023, through Resolution No. 2023-32788, reflects approximately $1_1 billion in capital project needs over the next five (5) years, of which approximately $1.0 billion is unfunded from FY 2025-2028. RESERVES The General Fund reserve as of September 30, 2023 is $106.9 million, which is the equivalent of three (3) months, or 25%, based on the adopted FY 2024 General Fund budget of $427.6 million. The current reserve policy for the General Fund is a requirement of two (2) months with a goal of three (3) months pursuant to Resolution No. 2019-30954 that was adopted by the City Commission on September 11, 2019. As of September 30, 2023, the City has achieved the 25% General Fund reserve goal. The 2% Resort Tax reserve as of September 30, 2023 is $40.1 million, which is the equivalent of six (6) months, or 50%, based on the adopted FY 2024 2% Resort Tax budget of $80.2 million. The current reserve policy for the 2% Resort Tax budget is a minimum of two (2) months with a goal of six (6) months pursuant to Resolution No. 2019-30664 that was adopted by the City Commission on January 16, 2019. As of September 30, 2023, the City has achieved the 50% Resort Tax Fund reserve goal. Additional funding requirements for these reserves will be re-evaluated during the FY 2025 budget development process, since the required reserve levels and targets are adjusted annually based on the annual operating budgets pursuant to the City's current reserve policies. ANALYSIS All General Fund, Enterprise, Internal Service, and Special Revenue Funds budgets are projected to be at or below their current amended budgets as of year-end with revenues projected to be equivalent to or in excess of expenditures, except for specific General Fund departments, the Sewer Operations and Convention Center Enterprise Funds, the Risk Management Internal Service Fund, and the Biscayne Beach Special Taxing District, Red Light Camera, and Resort Tax Special Revenue Funds budgets that are detailed further in this analysis. Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 3 of 16 GENERAL FUND First Quarter Status An analysis of actual operating revenues and expenses for the period October 1, 2023 through March 31, 2024 reflects an operating surplus of approximately $107.8 million. While the actual surplus as of March 31, 2024 may seem unusual when compared to the projection for the current fiscal year ending September 30, 2024, it should be noted that the City receives a large percentage of its annual ad valorem property tax revenues during the first several months of the fiscal year. Based on the adopted FY 2024 General Fund budget, ad valorem property tax revenues represent approximately 59.2% of total General Fund revenues budgeted and 70.1 % of actual General Fund revenues that have been collected during the first six months of the current fiscal year. As of March 31, 2024, total revenues collected in the General Fund were 70.0% of the current amended budget, or $317.2 million, primarily due to the large percentage of property tax revenues collected during the first several months of the current fiscal year. Conversely, expenditures were 47.5% of the current amended budget, or $209.4 million, since there are often delays in expenditures until the close of the fiscal year. FY 2024 Budget 1/2 of Amended Preliminary Variance from 1/2 General Fund Adopted Budget Amended Budget Budget Actuals as of Amended Budget 03/31/2024 Over / (Under) Revenues $ 427,648,000 $ 440,644,000 $ 220,322,000 $ 317,237,973 $ 96,915,973 Expenditures $ 427,648,000 $ 440,644,000 $ 220,322,000 $ 209,395,342 $ (10,926,658) Excess of Revenues Over/(Under) Expenditures] $ 107,842,632 Year-End Projections Year-end operating revenues and expenditures projected through September 30, 2024 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 March 31, 2024, these projections also incorporate more current information that may be available. A summary of the preliminary General Fund revenues and expenditures as of March 31, 2024 with projections through September 30, 2024 reflects a projected year-end surplus of approximately $14.3 million. The Administration recommends that approximately $3.0 million be used to address the year- end shortfall projected in the Resort Tax budget through a reduction in the budgeted FY 2024 contribution from the Resort Tax Fund to the General Fund for tourism related expenditures budgeted in the General Fund, $319,000 be used to address the projected year-end shortfall in the Red Light Camera Fund through a transfer of expenditures from the Red Light Camera Fund to the General Fund, and $2.3 million be set aside to fund a portion of the upcoming Miami Beach Golf Course Renovation Project based on the combined surplus of the Miami Beach and Normandy Shores Golf Courses' operations projected as of the second quarter for the current fiscal year. This would result in a remaining year-end surplus projected in the General Fund as of the second quarter of approximately $8.6 million, which is recommended to be set aside to fund any additional General Fund required reserve levels and targets that will be re-evaluated during the FY 2025 budget development process. Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 4 of 16 Any excess surplus realized at year end, after fully funding the General Fund reserve levels and targets for FY 2025, is recommended to be set aside for capital project funding needs. FY 2024 Budget General Fund Adopted Budget Amended Budget Projected Difference % Over / (Under) Revenues $ 427,648,000 $ 440,644,000 $ 452,292,000 $ 11,648,000 2.6% Expenditures $ 427,648,000 $ 440,644,000 $ 438,030,000 $ (2,614,000) -0.6% Excess of Revenues Over/(Under) Expenditures $ 14,262,000 Reduction in Contribution from Resort Tax Fund to General Fund (3,028,000) Transfer of Expenditures from Red Light Camera Fund to General Fund (319,000) Projected Surplus from Golf Courses Operations for Capital Project (2,343,000) Remaining Excess of Revenues Over/(Under) Expenditures $ 8,572,000 Operating Revenues As of March 31, 2024, actual operating revenues collected were approximately 72% of the current amended budget, or $317.2 million, with operating revenues through the fiscal year ending September 30, 2024 projected at approximately $452.3 million, which is 2.6%, or $11.6 million, above the current amended budget. Property tax collections for FY 2024 are being projected at 95% of total property taxes assessed, which is consistent with the original adopted budget and allows for discounts and a level of adjustment for appeals that is consistent with historical trends. The impact of these appeals and adjustments realized for FY 2024 will be provided by the Miami-Dade County Property Appraiser in July 2024 when the City's certified taxable values are received for the upcoming year. General Fund revenues by category projected to exceed budget or with significant variances to budget in excess of 10%, or $300,000, are further explained below: Other Taxes - This category includes revenues from franchise fees for gas and electricity, as well as utility taxes for telephone, electricity, and gas and is projected to be above the current amended budget by 13.8%, or $3.8 million, primarily due to franchise and utility taxes from electricity trending higher than originally anticipated based on current usage and economic activity. Licenses and Permits - This category includes revenues from business tax receipts, the outdoor dining concession program, and Fire, Planning, and Public Works permit services and activities and is projected to be above the current amended budget by 10.8%, or $2.3 million. This is primarily due to additional revenues from Fire, Planning, and Public Works permit review services and activities that are trending higher than anticipated from ongoing real estate and development activity in the City. Charges for Services- This category includes revenues from the operations of the Miami Beach and Normandy Shores golf courses, activities and programs offered by the Parks and Recreation Department such as after school and summer classes, and public safety, passport, ambulance/rescue, and lot clearing services, and is projected to be above the current amended budget by 3.5%, or $589,000, primarily due to increased revenues from the operations of both the Miami Beach and Normandy Shores golf courses that continue to trend higher than originally anticipated based on current economic and tourism-related activity. Fines and Forfeits - This category includes revenues from traffic fines, violations and false alarm fees, and code enforcement violations and is projected to be above the current amended budget Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 5 of 16 by 25.2%, or $381,000, primarily due to Fire department false alarm fees and fines from code enforcement violations trending higher than previous years. Interest - This category is comprised of various sources of interest income derived from the City's current investments and is projected to be 7.3%, or $455,000, above the current amended budget due to higher than anticipated interest rates and returns. Rents and Leases - This category includes revenues from various rentals and leases of City owned properties. FY 2024 revenues are projected to be 2.8%, or $214,000, above the current amended budget primarily due to revenues from several of the City's leases trending higher than budgeted since revenues collected by the City for some of its leases and agreements are based on a percentage of sales, such as the Miami Beach Marina and Smith and Wollensky. Miscellaneous - This category, among other things, includes revenues from various categories such as chargebacks to capital projects for the Office of Capital Improvement Projects' (CIP) operations, various beach concessions, and various types of reimbursements. FY 2024 revenues are projected to be 29.8%, or $4.4 million, above the current amended budget mainly due to $1.7 million received from the City's vacation of portions of Alton Court approved pursuant to Resolution No. 2022-32250, $1.0 million received from the concession agreement that was approved by the City Commission, through Resolution No. 2023-32825, with Boucher Brothers Pier Park, LLC, and $1.2 million of additional reimbursements from FEMA, the State of Florida, and Division of Emergency Management for emergency aid/services provided by the City, as well as additional revenues of $476,000 projected from the City's other various beachfront concession agreements and other miscellaneous services provided by the City such as after-hours plan review services and lien statements trending higher than previous years. For a detail of all General Fund revenues by category, refer to the attached Exhibit A. Operating Expenditures As of March 31, 2024, actual expenses were 47.5%, or $209.4 million, of the current amended budget with operating expenditures through the fiscal year ending September 30, 2024 projected at approximately $438.0 million, which is 0.6%, or $2.6 million, below the current amended budget. General Fund expenditures by department projected to exceed budget or with significant variances to budget in excess of 10%, or $300,000, are further explained below: Office of Capital Improvement Projects (CIP) -- The department is projected to be 5.6%, or $351,000, below the current amended budget primarily due to projected savings in personnel services expenditures resulting from several budgeted full-time positions 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 both interested and qualified has been very limited. Office of Capital Improvement Projects (CIP) FY 2024 FY 2024 Projected vs Amended Budget Projected Amended % Over / (Under) Budget Variance Expenditures $ 6,308,000 $ 5,957,000 $ (351,000) -5.6% Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 6 of 16 Parks & Recreation - The department is projected to be approximately 2.0%, or $970,000, below the current amended budget, primarily due to the transition of the management and operations of the Flamingo Park Tennis Center from the City's Parks and Recreation Department to Canas Tennis Academy, LLC that was finalized during the current fiscal year, pursuant to Resolution No. 2023-32597 that was adopted by the City Commission. As a result, both the revenues and expenditures associated with the operations of this facility that were part of the City's current operating budget are now the responsibility of the contractor, of which the City will receive a fee pursuant to the approved agreement. Parks & Recreation FY 2024 FY 2024 Projected vs Amended Budget Projected Amended % Over / (Under) Budget Variance Expenditures $ 47,359,000 $ 46,389,000 $ (970,000) -2.0% Public Works - The department is projected to be below the current amended budget by 3.3%, or $575,000, resulting primarily from projected savings in personnel services expenditures as a result of vacancies for budgeted full-time positions within the department's Engineering, Streets and Street Lighting, and Greenspace Management divisions, attributed to ongoing challenges in the recruitment of qualified candidates based on current departmental operating needs. Public Works FY 2024 FY 2024 Projected vs Amended Budget Projected Amended % Over / (Under) Budget Variance Expenditures $ 17,679,000 $ 17,104,000 $ (575,000) -3.3% Police - The department is projected to be 1.1 %, or $1.6 million, above the current amended budget primarily due to the projected usage of $5.2 million of unbudgeted police overtime for several unanticipated initiatives and staffing details, primarily related to enhanced high police visibility throughout the City as a result of the Israel attacks that occurred in October 2023 to ensure public safety, as well as enhanced staffing for traffic mitigation. The department currently has several sworn and non-sworn position vacancies, which have also resulted in the department relying on additional usage of overtime to maintain required minimum patrol staffing and police visibility citywide. The salary savings from these vacant positions are projected to partially offset the projected overtime overage. The Administration will continue to monitor the department's expenditures over the upcoming months, with a goal towards identifying savings to offset these unbudgeted overtime expenditures in the department's General Fund budget, and if necessary, amending the department's budget at year-end to realign projected savings from other existing General Fund department budgets to fund these unbudgeted overtime expenditures. Police FY 2024 FY 2024 Projected vs Amended Budget Projected Amended % Over / (Under) Budget Variance Expenditures $ 146,814,000 $ 148,448,000 $ 1,634,000 1.1% Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 7 of 16 While the above-listed General Fund departments comprise those projected to exceed their current amended budgets or with significant variances to budget in excess of 10.0%, or $300,000, all other departments within the General Fund are also projected to have savings at year-end that may be realigned within the General Fund to address any projected department overages noted above, should these projections be realized at year-end. For a detail of all 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, Sewer, Storm Water, Water, Parking, Building, and Convention Center operations comprise this category of Proprietary Funds. An analysis of actual six-month operating expenses for the period October 1, 2023 through March 31, 2024 reveals that all Enterprise Funds have actual expenses that are less than one half of their current amended budgets. It is important to note that this is not representative of trends for a full fiscal year, as there is often a lag in processing of expenditures, particularly those billed by outside entities for services provided. ENTERPRISE FUNDS Sanitation Sewer Storm Water Water Parking Building Convention Center FY 2024 Adopted Budget 24,789,000 64,101,000 38,463,000 44,184,000 52,993,000 18,909,000 45,678,000 FY 2024 Amended Budget 26,033,000 65,734,000 39,930,000 47,911,000 53,873,000 18,923,000 45,694,000 1/2 Adopted Budget 12,394,500 32,050,500 19,231,500 22,092,000 26,496,500 9,454,500 22,839,000 1/2 Amended Budget 13,016,500 32,867,000 19,965,000 23,955,500 26,936,500 9,461,500 22,847,000 Preliminary Revenues as of 03/31/2024 12,281,477 31,631,031 19,376,872 21,478,678 27,465,641 11,393,528 2,315,343 Preliminary Expenditures as of 03/31/2024 11,379,710 29,173,040 11,818,440 16,993,320 16,193,895 7,873,466 2,096,194 Expenditures Above/(Below) 1/2 Amended Budget (1,636,790) (3,693,960) (8,146,560) (6,962,180) (10,742,606) (1,588,034) (20,750,806) % Variance -6.3% -5.6% -20.4% -14.5% -19.9% -8.4% -45.4% Year-end operating revenue and expenditure projections through September 30, 2024 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 March 31, 2024, the year-end projections incorporate more current information that may be 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 Funds budgets are projected to be under budget, except for the Sewer and Convention Center Funds budgets that are detailed further below. Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 8 of 16 ENTERPRISE FUNDS Sanitation Sewer Storm Water Water Parking Building Convention Center FY 2024 Adopted Budget 24,789,000 64,101,000 38,463,000 44,184,000 52,993,000 18,909,000 45,678,000 FY 2024 Amended Budget 26,033,000 65,734,000 39,930,000 47,911,000 53,873,000 18,923,000 45,694,000 FY 2024 Projections: Charges for Services 22,255,500 64,910,000 37,808,000 43,743,000 48,044,000 17,977,000 28,194,000 Other 2,371,000 2,610,000 2,192,000 3,087,000 5,099,000 2,337,000 22,346,000 Use of Fund Balance/Retained Earnings 1,283,500 0 0 0 2,205,000 0 0 FY 2024 Revenue Projections 25,910,000 67,520,000 40,000,000 46,830,000 55,348,000 20,314,000 50,540,000 $ Over/(Under) Amended Budget (123,000) 1,786,000 70,000 (1,081,000) 1,475,000 1,391,000 4,846,000 % Over/(Under) Amended Budget -0.5% 2.7% 0.2% -2.3% 2.7% 7.4% 10.6% FY 2024 Expenditure Projections 25,910,000 66,239,000 39,222,000 46,155,000 53,015,000 18,289,000 48,976,000 $ Over/(Under) Amended Budget (123,000) 505,000 (708,000) (1,756,000) (858,000) (634,000) 3,282,000 % Over/(Under) Amended Budget -0.5% 0.8% -1.8% -3.7% -1.6% -3.4% 7.2% Revenues Over/(Under) Expenditures 0 1,281,000 778,000 675,000 2,333,000 2,025,000 1,564,000 Sewer Operations- Both revenues and expenditures are projected to exceed the current amended budget for the Sewer Operations Fund. Revenues are projected to be above the current amended budget by approximately $1.8 million, or 2.7%, while expenditures are projected to be above the current amended budget by $505,000, or 0.8%. This is mainly due to an increase in usage of sewer treatment services by retail customers, which, in turn, is projected to result in an increase in the projected costs incurred by the City for sanitary sewer treatment services that are provided by Miami-Dade County to the City. Should these additional revenues and expenditures be realized at year-end, the Sewer Operations Fund budget will be amended at year-end to recognize and appropriate the additional revenues collected and expenditures incurred. Convention Center - The Convention Center Fund budget is projected to be above the current amended budget by approximately $3.3 million, or 7.2%, primarily due to an increase in the number of events (85) that have been or are now currently anticipated to be held this fiscal year compared to the 43 events that were originally anticipated when the FY 2024 budget was developed last year. Although expenditures are projected to exceed the current amended budget, revenues are projected to be above the current amended budget by approximately $4.8 million, or 10.6%, resulting in a projected additional surplus of approximately $1.6 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. Due to changes in the scheduling of events, the surplus projected as of the second quarter may vary as of year-end; therefore, the Convention Center Fund's operations will continue to be monitored over the coming months. These projections will continue to be refined further as additional information becomes available. INTERNAL SERVICE FUNDS The City accounts for goods and services provided by one department to other departments on a cost reimbursement basis as Internal Service Funds. Central Services, Fleet Management, Information Technology, the Office of the Inspector General, Facilities Management, Risk Management (Self Insurance), and Medical and Dental comprise this category of Proprietary Funds. An analysis of actual six-month operating revenues and expenses for the period October 1, 2023 through March 31, 2024 reveals that all Internal Service Funds have actual expenses that are less than one half of their current amended budgets. Similar to the Enterprise Funds, this is not representative of typical trends for a full fiscal year, as there is often a lag in processing of Letter to Commission -- Fiscal Year 2024 Second Quarter Analysis Page 9 of 16 expenditures, particularly those that are billed by outside entities for services provided. INTERNAL SERVICE FUNDS Central Fleet Information Inspector Facilities Risk Medical& Dental Services Management Technology General Management Management Insurance FY 2024 Adopted Budget 1,180,000 19,952,000 19,895,000 1,724,000 12,769,000 26,740,000 49,842,000 FY 2024 Amended Budget 1,202,000 23,430,000 21,550,000 2,166,000 13,811,000 26,870,000 49,842,000 1/2 Adopted Budget 590,000 9,976,000 9,947,500 862,000 6,384,500 13,370,000 24,921,000 1/2 Amended Budget 601,000 11,715,000 10,775,000 1,083,000 6,905,500 13,435,000 24,921,000 Preliminary Revenues as of 03/31/2024 556,390 10,328,285 9,461,593 862,541 6,393,674 14,176,394 24,289,386 Preliminary Expenditures as of 03/31/2024 456,830 3,911,909 10,235,179 872,168 5,217,314 6,673,229 20,801,473 Expenditures Above/(Below) 1/2 Amended Budget (144,170) (7,803,091) (539,821) (210,832) (1,688,186) (6,761,771) ( 4, 119,527) % Variance -12.0% -33.3% -2.5% -9.7% -12.2% -25.2% -8.3% Year-end operating revenue and expenditure projections through September 30, 2024 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 March 31, 2024, the year-end projections incorporate more current information that may be available. Revenues for all Internal Service Funds are projected to be equivalent to or in excess of expenditures as of year-end. In addition, all Internal Service Funds budgets are projected to be under budget, except for the Risk Management Fund budget that is detailed further below. INTERNAL SERVICE FUNDS Central Fleet Information Inspector Facilities Risk Medical& Dental Services Management Technology General Management Management Insurance FY 2024 Adopted Budget 1,180,000 19,952,000 19,895,000 1,724,000 12,769,000 26,740,000 49,842,000 FY 2024 Amended Budget 1,202,000 23,430,000 21,550,000 2,166,000 13,811,000 26,870,000 49,842,000 FY 2024 Projections: Charges for Services 1,061,000 19,134,000 18,779,000 1,711,000 12,431,000 24,628,000 48,167,000 Other 47,000 1,041,000 418,000 14,000 351,000 2,766,000 462,000 Use of Fund Balance/Retained Earnings 8,000 3,116,000 2,036,000 353,000 908,000 46,000 0 FY 2024 Revenue Projections 1,116,000 23,291,000 21,233,000 2,078,000 13,690,000 27,440,000 48,629,000 $ Over/(Under) Amended Budget (86,000) (139,000) (317,000) (88,000) (121,000) 570,000 (1,213,000) % Over/(Under) Amended Budget -7.2% -0.6% -1.5% -4.1% -0.9% 2.1% -2.4% FY 2024 Expenditure Projections 1,116,000 23,291,000 21,233,000 2,078,000 13,690,000 27,440,000 48,629,000 $ Over/(Under) Amended Budget (86,000) (139,000) (317,000) (88,000) (121,000) 570,000 (1,213,000) % Over/(Under) Amended Budget -7.2% -0.6% -1.5% -4.1% -0.9% 2.1% -2.4% Revenues Over/(Under) Expenditures 0 0 0 0 0 0 0 Risk Management - The Risk Management Fund is projected to be 2.1 %, or $570,000, above the current amended budget primarily due to unforeseen increases in general liability and law enforcement claims and reserves for claims incurred but not reported (IBNR) that are trending higher than budget based on the latest actuarial projections as of the second quarter of the current fiscal year. Since claims do fluctuate, this trend will continue to be monitored over the coming months. If these trends continue at current levels for the remainder of the fiscal year, the overage will be addressed at year-end through the use of prior year fund balance in the Risk Management Fund. These projections will continue to be refined as additional information becomes available. Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 10 of 16 SPECIAL REVENUE FUNDS The City's 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, 7 Street Garage operations, 5" & 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 (CAC), 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, 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, and the Adopt-a-Bench and Brick Paver Programs. An analysis of actual six-month operating revenues and expenses for the period October 1, 2023 through March 31, 2024 reveals that all Special Revenue Funds have actual expenses that are less than one half of their current amended budgets, with the exception of the People's Transportation Plan (PTP) and Sanitation Waste Haulers Funds. Similar to other funds, the actuals incurred through March 31, 2024 are not typically representative of trends for a full fiscal year. Year-end operating revenue and expenditure projections through September 30, 2024 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 March 31, 2024, the year-end projections incorporate more current information that may be available. Revenues for all Special Revenue Funds are projected to be equivalent to or in excess of expenditures as of year-end and all Special Revenue Funds budgets are projected to be under budget, except for the Biscayne Beach Special Taxing District and Red Light Camera Funds further detailed below. Biscayne Beach Special Taxing District - The Biscayne Beach Special Taxing District is projected to be 2.0%, or $5,000, above the current amended budget primarily due to an unforeseen increase in the projected costs for contracted security guard services that are utilized by the District resulting from the increase in the billing rates for security officer services that was approved by the City Commission on March 13, 2024. Although this District is projected to exceed its current amended budget, the additional expenditures may be addressed using the District's available fund balance, should these projections be realized at year-end. Biscayne Beach Special Taxing District FY 2024 FY 2024 Projected vs Amended Budget Projected Amended % Over / (Under) Budget Variance Revenues $ 244,000 $ 249,000 $ 5,000 2.0% Expenditures $ 244,000 $ 249,000 $ 5,000 2.0% Surplus/(Shortfall) $ 0 $ 0 $ 0 Red Light Camera Fund - Revenues in the Police Red Light Camera Fund are projected to be 59.6%, or $724,000, below the current amended budget, while expenditures are projected to be below the current amended budget by 33.3%, or $405,000, resulting in a projected shortfall of $319,000. This is due to ongoing delays in the deployment and installation of additional red light cameras that were planned as part of the new agreement, as well as revenues from existing cameras trending lower than budgeted since some cameras are or are anticipated to be offline for Letter to Commission -- Fiscal Year 2024 Second Quarter Analysis Page 11 of 16 repairs and maintenance. As a result, if this projection is realized at year-end, it is recommended that the $319,000 shortfall be transferred to and funded by the General Fund for the current fiscal year due to limited availability of funding in the Red Light Camera Fund. Red Light Camera Fund FY 2024 FY 2024 Projected vs Amended Budget Projected Amended % Over/ (Under) Budget Variance Revenues $ 1,215,000 $ 491,000 $ (724,000) -59.6% Expenditures $ 1,215,000 $ 810,000 $ (405,000) -33.3% Surplus/(Shortfall) $ 0 $ (319,000) $ (319,000) RESORT TAX The City's Resort Tax budget 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 City services in tourism areas and enhanced City services during high impact periods, special events sponsorships, publicity, advertising, promotional events, convention bureau activities, capital improvements and the maintenance of all physical assets in connection therewith, and payment for the reasonable and necessary expenses of collecting, handling, and processing of said tax. 2% Resort Tax Based on actual collections for the current fiscal year from October 2023 to March 2024, total two percent Resort Tax revenues for FY 2024 are projected to be 3.8%, or $3.1 million, below the current amended budget as of year-end, with the remaining months conservatively projected at approximately 95.0% of FY 2023 collections since actual collections for the two quarters of the fiscal year have decreased an average of approximately 5.0% compared to prior year collections for the same period. Total FY 2024 two percent Resort Tax expenditures are projected to be 0.1 %, or $102,000, below the current amended budget as of year-end primarily due to a $459,000 decrease in the combined contributions to the Miami Beach Visitor and Convention Authority (VCA) and Greater Miami Convention & Visitors Bureau (GMCVB) that are based on a percentage of two percent Resort Tax collections projected below budget. This decrease is, however, partially offset by a projected increase in expenditures of $357,000 for additional public safety measures implemented during the City's high impact periods, such as Spring Break, that were not part of the current year budget. 1% Resort Tax (Quality of Life) The proceeds of the one percent bed tax, as adopted through Resolution No. 2018-30512, and continuing in FY 2024, unless 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. Based on actual collections for the current fiscal year from October to March, one percent bed tax revenues for FY 2024 are projected to be 6.4%, or $1.2 million, below the current amended budget as of year-end. 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 CAC are directly based on one percent bed tax collections, expenditures are equally projected to be 6.4%, or $1.2 million, below the current amended budget as of year-end, of which approximately $722,000 is allocated to Transportation initiatives in tourism-related areas, $361,000 is allocated equally to Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 12 of 16 North, Middle, and South Beach quality of life projects combined, and $120,000 is allocated to various arts and cultural programs that are funded by the CAC. 1 % Resort Tax (Convention Center) Similarly, the proceeds of the additional one percent bed tax levied solely for the purposes of expanding, enlarging, 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 are projected to be 6.4%, or $1.2 million, below 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 be set-aside for capital renewal and replacement funding for the Miami Beach Convention Center, additional one percent bed tax expenditures are also projected to be 6.4%, or $1.2 million, below the current amended budget as of year-end. Total Resort Tax Overall, due to actual Resort Tax collections for the first two quarters of the current fiscal year from October 2023 to March 2024 trending lower than prior year collections for the same period at an average of approximately 5.0% and collections for the remaining months of the current fiscal year conservatively projected at approximately 95.0% of prior year collections, combined Resort Tax revenues are projected to be 4.7%, or $5.5 million, below the current amended budget as of year-end, while expenditures are projected to be 2.1 %, or $2.5 million, below the current amended budget, resulting in a projected shortfall of approximately $3.0 million as of year-end. FY 2024 FY 2024 Preliminary % Actual of Over/(Under) % Over/(Under) Adopted Amended Actuals as of Amended Amended Amended Budget Budget 3/31/2024 Budget Budget Budget Revenues 2% Resort Tax 76,614,000 76,614,000 33,528,438 43.8% 73,440,000 (3,174,000) -4.1% Miscellaneous Revenues 1,844,000 1,844,000 1.057.,497 57.3% 1,888,000 44,000 2.4% Fund Balance/Retained Earnings/PY Surplus 1,756.000 2,844,000 0 0.0% 2,844,000 0 0.0% 1% Resort Tax (QOL) 18,810,000 18,810,000 8,245,628 43.8% 17.607,000 (1,203,000) -6.4% Additional 1% Resort Tax for Convention Center 18,810,000 18,810,000 8,245,628 43.8% 17.607.000 (1,203,000) -6.4% Total Revenues 117,834,000 118,922,000 51,077,190 43.0% 113,386,000 (5,536,000) -4.7% Expenditures General Fund Contribution 46,107.,000 46,107.,000 23,053,500 50.0% 46,107.000 0 0.0% Sanitation Fund Contribution 3,152.000 3,152.000 1,576,000 50.0% 3,152,000 0 0.0% Contribution to GMCVB 9,357.000 9,357.000 2,864,148 30.6% 9,051,000 (306.000) -3.3% Contribution to VCA 3,679.000 3,679.000 1.229.290 33.4% 3,526,000 (153,000) -4.2% Contribution to Mt. Sinai 1,000.000 1.000.000 0 0.0% 1,000,000 0 0.0% Other Operating/Other Uses 16,919,000 18,007.,000 7.,051,214 39.2% 18,364.000 357.000 2.0% Transfer to NB, MB, SB Capital, Transp, and Arts (QOL) 18,810.000 18,810,000 8,245,628 43.8% 17.607.000 (1,203,000) -6.4% Addt'I 1 % Conv. Center Debt Service & Cap. Ren & Repl. 18,810.000 18,810,000 0 0.0% 17.607,000 (1,203,000) -6.4% Total Expenditures 117,834,000 118,922,000 44,019,780 37.0% 116,414,000 (2,508,000) -2.1% Excess of Revenues Over/(Under) Expenditures 0 0 7,057,410 (3,028,000) (3,028,000) Reduction in FY 2024 Contribution from 2% Resort Tax Fund to General Fund 3,028,000 Excess of Revenues Over/ Under Ex nditures 0 As previously mentioned, should these projections be realized at year-end, it is recommended that the projected shortfall of $3.0 million be addressed through a reduction in the annual contribution from the Resort Tax budget to the General Fund for tourism eligible expenditures that are budgeted in the General Fund. For FY 2024, the budgeted contribution from the Resort Tax budget to the General Fund is $46.1 million; therefore, the contribution for FY 2024 would be decreased at year-end to $43.1 million to address the projected shortfall. Based on the most recent cost allocation study that was completed by an outside consultant in the current fiscal year using FY 2023 expenses, it was estimated that there are approximately $186.5 Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 13 of 16 million in Resort Tax eligible expenditures budgeted in the General Fund. CITY CENTER RDA The City of Miami Beach City Center Redevelopment Agency ("City Center RDA") is a blended Special Revenue Fund and separate entity whose Chairperson and Board of Directors are also the City's Mayor and City Commission. Funding, which is required to be used within the boundaries of the City Center RDA pursuant to the approved redevelopment plan and amended interlocal agreement, is mainly derived from a portion of the tax increment revenues (95%) that are levied and paid annually by Miami-Dade County and the City to the City Center RDA with respect to properties that are within the geographical boundaries of the City Center RDA. An analysis of actual six-month operating revenues and expenses for the period October 1, 2023 through March 31, 2024 reveals that the City Center RDA budget has actual expenses that are less than one half of the current amended budget. Revenues for the City Center RDA are projected to be in excess of expenditures as of year-end with expenditures projected to be at or below the current amended budget. It is important to note that in accordance with the amended interlocal agreement, any surplus/savings realized from the City Center RDA's annual operations at year-end must be set aside and used to pay off the outstanding debt that was issued in 2015 for the expansion and renovation of the Miami Beach Convention Center facility. FY 2024 FY 2024 Preliminary % Actual of Over/(Under) % Over/(Under) Adopted Amended Actuals as of Amended Amended Amended Budget Budget 03/31/2024 Budget Budget Budget Revenues Tax Increment Funds - City 31,026,000 31,026,000 31,026,462 100.0% 31,026,000 0 0.0% Tax Increment Funds - County 24,346,000 24,346,000 24,346,511 100.0% 24,346,000 0 0.0% Miscellaneous Revenues 288,000 288,000 196,408 68.2% 659,000 371,000 128.8% Fund Balance/Retained Earnings/PY Surplus 6,054,000 6,343,000 0 0.0% 6,343,000 0 0.0% Total Revenues 61,714,000 62,003,000 55,569,381 89.6% 62,374,000 371,000 0.6% Expenditures Admin/Operating Expenditures 892,000 892,000 439,500 49.3% 892,000 0 0.0% Project Expenditures 13,209,000 13,498,000 13,498,000 100.0% 13,013,000 (485,000) -3.6% Reserves, Debt Service, and Other Obligations 47,613,000 47,613,000 16,302,328 34.2% 47,613,000 0 0.0% Total Expenditures 61,714,000 62,003,000 30,239,828 48.8% 61,518,000 (485,000) -0.8% Excess of Revenues Over/(Under) Expenditures 0 0 25,329,553 856,000 856,000 While the City Center RDA Shops and Garages below are situated within the geographical boundaries of the City Center RDA, actual revenues and expenses as of March 31, 2024 with revenue and expenditure projections through September 30, 2024 are being presented separately in order to eliminate any perception that the revenues generated from these facilities and their operations are pooled with TIF revenues and other City Center RDA Trust Fund revenues. An analysis of actual six-month operating revenues and expenses for the period October 1, 2023 through March 31, 2024 reveals that the City Center RDA Shops and Garages all have actual expenses that are less than one half of the current amended budgets. Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 14 of 16 ROA GARAGES ANO SHOPS Anchor Anchor Pennsylvania Pennsylvania Collins Park Garage Shops Avenue Avenue Garage Garage Shops FY 2024 Adopted Budget 2,894,000 714,000 948,000 296,000 1,426,000 FY 2024 Amended Budget 2,967,000 769,000 948,000 327,000 1,426,000 1/2 Adopted Budget 1,447,000 357,000 474,000 148,000 713,000 1/2 Am ended Budget 1,483,500 384,500 474,000 163,500 713,000 Preliminary Revenues as of 03/31/2024 1,589,317 212,857 495,395 937 738,226 Preliminary Expenditures as of 03/31/2024 1,173,701 33,620 247,659 140,500 298,224 Expenditures Above/(Below) 1/2 Amended Budget (309,799) (350,880) (226,341) (23,000) (414,776) % Variance -10.4% -45.6% -23.9% -7.0% -29.1% Revenues for the City Center RDA Shops and Garages are all projected to be equivalent to or in excess of expenditures as of year-end and expenditures are projected to be at or below the current amended budgets. ROA GARAGES ANO SHOPS Anchor Anchor Pennsylvania Pennsylvania Collins Park Garage Shops Avenue Avenue Garage Garage Shops FY 2024 Adopted Budget 2,894,000 714,000 948,000 296,000 1,426,000 FY 2024 Amended Budget 2,967,000 769,000 948,000 327,000 1,426,000 FY 2024 Projections: Charges for Services 2,971,000 390,000 700,000 0 1,420,000 Other 187,000 190,000 129,000 299,000 37,000 Use of Fund Balance/Retained Earnings 0 12,000 104,000 24,000 0 FY 2024 Revenue Projections 3,158,000 592,000 933,000 323,000 1,457,000 $ Over/(Under) Amended Budget 191,000 (177,000) (15,000) (4,000) 31,000 % Over/(Under) Amended Budget 6.4% -23.0% -1.6% -1.2% 2.2% FY 2024 Expenditure Projections 2,777,000 592,000 933,000 323,000 1,388,000 $ Over/(Under) Amended Budget (190,000) (177,000) (15,000) (4,000) (38,000) % Over/(Under) Amended Budget -6.4% -23.0% -1.6% -1.2% -2.7% Revenues Over/(Under) Expenditures 381,000 0 0 0 69,000 NORTH BEACH CRA Similar to the City Center RDA, the North Beach Community Redevelopment Agency ("North Beach CRA") is also a blended Special Revenue Fund and separate entity whose Chairperson and Board of Directors are the City's Mayor and City Commission. Funding, which is required to be used within the boundaries of the North Beach CRA pursuant to the approved redevelopment plan and interlocal agreement, is mainly derived from a portion of the tax increment revenues (60%) that are levied and paid annually by Miami-Dade County and the City to the North Beach CRA with respect to properties that are within the geographical boundaries of the North Beach CRA. An analysis of actual six-month operating revenues and expenses for the period October 1, 2023 through March 31, 2024 reveals that the North Beach CRA budget has actual expenses that are less than one half of the current amended budget. Revenues for the North Beach CRA are projected to be in excess of expenditures as of year-end and expenditures are projected to be at or below the current year amended budget. It is important to note that in accordance with the North Beach CRA interlocal agreement, any surplus/savings realized from the North Beach CRA's operations at year-end must be utilized in accordance with the adopted North Beach CRA redevelopment plan. Letter to Commission -- Fiscal Year 2024 Second Quarter Analysis Page 15 of 16 FY 2024 FY 2024 Preliminary % Actual of Over/(Under) % Over/(Under) Adopted Amended Actuals as of Amended Amended Amended Budget Budget 03/31/2024 Budget Budget Budget Revenues Tax Increment Funds - City 1,082,000 1,082,000 1,082,837 100.1% 1,082,000 0 0.0% Tax Increment Funds - County 851,000 851,000 851,672 100.1% 851,000 0 0.0% Miscellaneous Revenues 0 0 23,872 76,000 76,000 Fund Balance/Retained Earnings/PY Surplus 0 863,000 0 0.0% 863,000 0 0.0% Total Revenues 1,933,000 2,796,000 1,958,381 70.0% 2,872,000 76,000 2.7% Expenditures Admin/Operating Expenditures 57,000 57,000 15,498 27.2% 57.,000 0 0.0% Project Expenditures 891,000 1,650,000 74,357 4.5% 1,650,000 0 0.0% Reserves, Debt Service, and Other Obligations 985,000 1,089,000 0 0.0% 1,089,000 0 0.0% Total Expenditures 1,933,000 2,796,000 89,855 3.2% 2,796,000 0 0.0% Excess of Revenues Over/(Under) Expenditures 0 0 1,868,525 76,000 76,000 CONCLUSION All General Fund, Enterprise, Internal Service, and Special Revenue Funds budgets are projected to be at or below their current FY 2024 amended budgets as of year-end with revenues projected to be equivalent to or in excess of expenditures, except for specific General Fund departments, the Sewer Operations and Convention Center Enterprise Funds, the Risk Management Internal Service Fund, and the Biscayne Beach Special Taxing District, Police Red Light Camera, and Resort Tax Special Revenue Funds, as detailed in the analysis above. Current year trends will continue to be proactively monitored between now and the development of the third quarter projections in conjunction with the FY 2025 budget development process. RW/JDG/TOS/RA Letter to Commission - Fiscal Year 2024 Second Quarter Analysis Page 16 of 16 EXHIBIT A GENERAL FUND FY2024 FY 2024 Preliminary % Actual of 1 +, Over/(Under) % Over/(Under) Adopted Ame nde d Actuals as of Amended Amended Amended Budget Budget 03/31/2024 Budget y Budget Budget REVENUES Ad Valorem Taxes 246,283,000 246,283,000 215,722,186 87.6% 246,283,000 0 0.0% Ad Valorem Taxes - Pay-As-You-Go Capital 4,436,000 4,436,000 4,436,000 100.0% 4,436,000 0 0.0% Ad Valorem Taxes -Capital Renewal & Replacement 2,170,000 2,170,000 2,170,000 100.0% 2,170,000 0 0.0% Other Taxes 27,405,000 27,405,000 12,558,240 45.8% 31,185,000 3,780,000 13.8% Licenses and Permits 20,971,000 20,971.,000 16,295,200 77.7% 23,226,000 2,255,000 10.8% Intergovernmental 14,227,000 14,227,000 5,676,659 39.9% 14,116,000 (111,000) -0.8% Charges for Services 16,892,000 16,892,000 10,884,674 64.4% 17,481,000 589,000 3.5% Fines and Forfeitures 1,511,000 1,511,000 1,155,365 76.5% 1,892,000 381,000 25.2% Interest 6,222,000 6,222,000 5,770,183 92.7% 6,677,000 455,000 7.3% Rents and Leases 7,596,000 7,596,000 3,785,204 1.0% 7,810,000 214,000 2.8% Miscellaneous 14,780,000 14,780,000 8,735,263 59.1% 19,181,000 4,401,000 29.8% Other-Resort Tax Contribution 46,107,000 46,107,000 23,053,500 50.0% 46,107,000 0 0.0% Other-Non-Operating Revenues 14,533,000 14,533,000 6,995,500 48.1% 14,533,000 0 0.0% Fund Balance/Retained Earnings/PY Surplus 4,199,000 17,195,000 0 0.0% 17,195,000 0 0.0% TOTAL REVENUES 427,648,000 440,644,000 317,237,973 72.0% 462,292,000 11,648,000 2.6% EXPENDITURES Mayor & Commission 2,879,000 3,386,000 1,354,296 40.0% 3,106,000 (280,000) -8.3% City Attorney 6,955,000 7,620,000 3,147,493 41.3% 7,575,000 (45,000) -0.6% City Clerk 2,422,000 2,529,000 975.133 38.6% 2,358,000 (171,000) -6.8% City Manager 4,411,000 4,505,000 1,973,786 43.8% 4,443,000 (62,000) -1.4% Finance 10,604,000 11,984,000 4,839,044 40.4% 11,890,000 (94,000) -0.8% Human Resources/Labor Relations 3,265,000 3,360,000 1,513,649 45.0% 3,350,000 (10,000) -0.3% Marketing and Communications 3,179,000 3,205,000 1,351,102 42.2% 3,173,000 (32,000) -1.0% Office of Management and Budget 1,747,000 1,776,000 736,063 41.4% 1,615,000 (161,000) -9.1% Procurement 3,200,000 3,266,000 1,488,336 45.6% 3,231,000 (35,000) -1.1% Code Compliance 7,360,000 7,392,000 3,345,916 45.3% 7,239,000 (153,000) -2.1% Economic Development 2,352,000 2,598,000 683,843 26.3% 2,413,000 (185,000) -7.1% Housing & Community Services 4,794,000 5,412,000 2,069,983 38.2% 5,284,000 (128,000) -2.4% Planning 5,754,000 6,238,000 2,593,376 41.6% 6,064,000 (174,000) -2.8% Tourism and Culture 3,800,000 3,800,000 1,848,189 48.6% 3,752,000 (48,000) -1.3% Capital Improvement Projects 6,179,000 6,308,000 2,792,129 44.3% 5,957,000 (351,000) -5.6% Environment & Sustainability 2,074,000 2,625,000 727,634 27.7% 2,584,000 (41,000) -1.6% Facilities and Fleet Management 4,042,000 4,225,000 1,795,714 42.5% 4,073,000 (152,000) -3.6% Parks & Recreation (including Golf courses) 46,699,000 47,359,000 20,558,357 43.4% 46,389,000 (970,000) -2.0% Public Works 16,921,000 17,679,000 7,248,821 41.0% 17,104,000 (575,000) -3.3% Fire 115,108,000 116,467,000 57,425,761 49.3% 116,447,000 (20,000) 0.0% Police 145,004,000 146,814,000 72,256,447 49.2% 148,448,000 1,634,000 1.1% Citywide (net of individual items below) 10,862,000 14,059,000 4,077,271 29.0% 13,814,000 (245,000) -1.7% General Fund Reserve 3,128,000 3,128,000 0 0.0% 3,128,000 0 0.0% Capital Renewal & Replacement 2,170,000 2,170,000 2,170,000 100.0% 2,170,000 0 0.0% Info & Comm Technology Fund 300,000 300,000 300,000 100.0% 300,000 0 0.0% Capital Reserve Fund 978,000 978,000 978,000 100.0% 978,000 0 0.0% Pay-As-You-Go Capital Fund 11,145,000 11,145,000 11,145,000 100.0% 11,145,000 0 0.0% TOTAL EXPENDITURES 427,648,000 440,644,000 209,396,342 47.6% 438,030,000 (2,614,000) -0.6% REVENUES OVER/(UNDER) EXPENDITURES 0 0 107,842,632 24.6% 14,262,000 REVENUES OVER/(UNDER) EXPENDITURES 14,262,000 Reduction in FY 2024 Contribution from 2%Resort Tax Fund to General Fund (3.028.000) Set aside of Projected Marni Beach and Normandy Shores Golf Courses Surplus for Marni Beach Golf Course Renovation Project (2,343,000) Transfer of Projected Red Light Camera Fund Expenditures to General Fund (319.000) REMAINING REVENUES OVER/(UNDER) EXPENDITURES 8,672,000