LTC 251-2024 Budget Advisory Committee MotionM IA M I BEACH
OFFICE OF THE CITY MANAGER
LTC# 251-2024 LETTER TO COMMISSION
TO:
FROM:
DATE:
SUBJECT:
Honorable Mayor Steven Meiner and Members of the City Commission
Rafael E. Granado, City Clerk ~
June 20, 2024
Budget Advisory Committee Motion
The purpose of this Letter to Commission is to inform the Mayor and City Commission of the
following motion, which was passed by the Budget Advisory Committee (BAC) at its meeting
on June 18, 2024.
Motion:
The BAC strongly urges the Mayor and City Commission to accept the Administration's
recommendations which will be presented at the June 21, 2024 Finance and Economic
Resiliency Committee's FY 2025 Budget Workshop; specifically with respect to the following
strategies:
Dedicated CRR Millage Adjustment
✓Realign the required Voted Debt Service millage rate reduction in FY 2025 of 0.0268
mills to the dedicated CRR millage rate (total combined City millage will remain
flat) □Approximately $1.3 million increase in Capital Renewal and Replacement
(CRR) funding in FY 2025 for critical unfunded projects
General Fund Interest Income for Capital Projects
✓Allocate 25% of the total projected FY 2025 interest income in the General Fund for
one-time capital expenditures □Approximately $2.0 million increase in Pay As You Go (PAYGO) funding in FY
2025 for critical unfunded projects
In addition, the BAC urges the Mayor and City Commission to consider an even more
aggressive approach toward increasing funding for capital expenditures in the FY 2025 and
future year budgets.
Motion made by: Dr. Curtis Slipman
Motion second by: Jack Benveniste
Motion passed: 6-0-3 (David Grieser, Mojdeh Khaghan and William Roedy attended virtually)
REG/TOS