LTC 378-2024 Fiscal Year 2024 Third Quarter AnalysisMIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC# 378-2024
TO:
FROM:
DATE:
SUBJECT:
LETTER TO COMMISSION
Honorable Mayor Steven Meiner and Members of the City Commission
Eric Carpenter, City Managerf?uc, �
September 3, 2024
Fiscal Year 2024 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) 2024 operating budget as of the third quarter ending June 30, 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 nine (9) months of the
current fiscal year, which is not a definitive indication of the experience for the remainder of the current
fiscal year. It does, however, provide an indication of any possible areas of concern and potential
opportunities. Certain assumptions have been made for both revenues and expenditures that will
continue to be refined as additional data and information continues to becom e available.
SUMMARY
As of the third 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 $20.8 million, which is an increase of approximately $6.5 million over the surplus of
$14.3 million that was projected as of the second quarter of the current fiscal year. The Resort Tax
budget reflects a projected year-end shortfall of approximately $1.8 million, which is a decrease of
approximately $1.2 million compared to the $3.0 million shortfall projected as of the second quarter.
To address the projected year-end shortfall in the Resort Tax budget as of the third quarter, the
Administration is recommending that the budgeted contribution from the Resort Tax Fund to the
General Fund of $46.1 million in FY 2024 for tourism-related expenditures be reduced by $1.8 million
to $44.3 million for FY 2024, should these projections be realized at year-end.
Similarly, the Red-Light Camera Fund's budget as of the third quarter, is projected to have a shortfall
of $306,000. Due to the limited availability of funding in the Red-Light Camera Fund, it is recommended
that this shortfall, if realized at year-end, also be transferred to the General Fund.
In addition, it is recommended that the combined surplus for the Miami Beach and Normandy Shores
Golf Courses' operations projected for FY 2024 as of the third quarter of approximately $3.0 million in
the General Fund be set aside and transferred to fund a portion of the upcoming Miami Beach Golf
Course Renovation Project that currently has an estimated cost totaling $9.2 million. Finally, it is
recommended that $1.0 million be set aside, for a total set aside of $2.0 million in the General Fund,
for homeless and housing initiatives that were previously allocated to the Homeless Trust.
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 2 of 16
FY 2024 General Fund Resort Tax
Projected Surplus/(Shortfall)as of Q3 $20,786,000 ($1,814,000)
Year-end Adjustments/Set Asides:
Reduction in budgeted contribution from Resort Tax Fund to General Fund (1,814,000)1,814,000fortourism-related expenditures
Set aside Projected FY 2024 Golf Course Surplus (Miami Beach and (2,965,000)Normandy Shores)for Miami Beach Golf Course Renovation Project
Transfer of Expenditures from Red Light Camera Fund to General Fund (306,000)
Additional Set aside for Homeless and Housing Initiatives (total of $2.0 (1,000,000)million previously allocated for Homeless Trust)
Remaining Projected Surplus/(Shortfall)as of Q3 $14,701,000 $0
Additional Set aside for 25%General Fund Reserve and Reserve Target (4,006,500)(based on Proposed FY 2025 Budget)
Remaining Projected Surplus/(Shortfall)as of Q3 $10,694,500 $0
After accounting for the items above,the Administration is recommending that the remaining General
Fund surplus of approximately $14.7 million projected as of the third quarter of FY 2024 be set aside
to partially fund the General Fund required reserve levels and targets that will be updated again based
on the adopted FY 2025 General Fund Budget.The projected amount currently needed to fully fund
this reserve is $7.1 million based on the proposed FY 2025 General Fund budget of $456.2 million,of
which $3.1 million is budgeted,resulting in a difference of approximately $4.0 million that is needed to
fully fund the updated General Fund required reserve levels and targets.
The remaining surplus of $10.7 million,if realized at year-end,is recommended to be set aside to
either partially fund the estimated funding gap for the Fire Station #1 project or other capital project
funding needs.The Proposed FY 2025-2029 Capital Improvement Plan reflects approximately $1.2
billion in capital project needs over the next five (5)years,of which approximately $1_1 billion is
unfunded from FY 2025-2029.
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 based on the adopted FY 2024 General Fund budget.
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
based on the adopted FY 2024 2%Resort Tax budget.
Additional funding requirements for these reserves will continue to be re-evaluated and refined as part
of the year-end process for FY 2024 and finalization of the FY 2025 budgets,since the required reserve
levels and targets are adjusted annually based on the final annual operating budgets adopted pursuant
to the City's current reserve policies.
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 3 of 16
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 the Sanitation and Convention Center Enterprise Funds,
the Risk Management Internal Service Fund,and the Red Light Camera and Resort Tax Special
Revenue Funds budgets that are detailed further in the analysis below.
GENERAL FUND
Third Quarter Status
An analysis of actual operating revenues and expenses for the period October 1,2023 through June
30,2024 reflects an operating surplus of approximately $86.1 million.While the actual surplus as of
June 30,2024 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 and there is often a
lag in processing of expenditures,particularly those that are billed by outside entities.
Based on the adopted FY 2024 General Fund budget,ad valorem property tax revenues represent
59.2%of total General Fund revenues budgeted and 65.3%of actual General Fund revenues that
have been collected during the first nine months of the current fiscal year.
As of June 30,2024,total revenues collected in the General Fund were 88.8%of the current amended
FY 2024 budget,or $391.5 million,primarily due to the large percentage of property tax revenues
collected during the first several months of the current fiscal year.Conversely,General Fund
expenditures were 69.3%of the current amended FY 2024 budget,or $305.4 million,since there are
often delays in expenditures until the close of the fiscal year.
FY 2024 Budget
3/4 of Amended Preliminary Variance from 3/4
General Fund Adopted Budget Amended Budget Budget Actuals as of Amended Budget
06/30/2024 Oer /(Under)
Revenues $427,648 ,000 $440,999,000 $330,749,250 $391,509,872 $60,760,622
Expenditures 427,648 ,000 440,999,000 330,749,250 305,429,632 (25,319,618)
Excess of Revenues Over/(Under)Expenditures $86,080,240
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 June 30,2024,these projections do
incorporate more current information that may be available.
A summary of the preliminary General Fund revenues and expenditures as of June 30,2024 with
projections through September 30,2024 reflects a projected year-end surplus of approximately $20.8
million.The Administration recommends that approximately $1.8 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,$306,000 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,$3.0 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'
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 4 of 16
operations projected as of the third quarter for the current fiscal year,and $1.0 million be set aside for
a total $2.0 million set aside for homeless and housing initiatives that was previously allocated to the
Homeless Trust.
This would result in a remaining year-end surplus projected in the General Fund as of the third quarter
of approximately $14.7 million,of which $4.0 million is recommended to be set aside to fund the
additional General Fund required reserve levels and targets totaling 25%,or three months,based on
the proposed FY 2025 General Fund budget of $456.2 million,and the remaining projected surplus of
$10.7 million to be set aside to either partially fund the estimated funding gap for the Fire Station #1
project or other capital project funding needs.
FY 2024 Budget
General Fund Adopted Budget Amended Budget Projected Difference %Over /(Under)
Revenues $427,648,000 $440,999,000 $457,909,000 $16,910,000 3.8%
Expenditures 427,648,000 440,999,000 437,123,000 (3,876,000)-0.9%
Excess of Revenues Over/(Under)Expenditures]$20,786,000
Reduction in Contribution from Resort Tax Fund to General Fund $(1,814,000)
Projected Golf Courses Surplus for Golf Course Renovation Project (2,965,000)
Transfer of Red Light Camera Fund Expenditures to General Fund (306,000)
Additional Set aside for Homeless and Housing Initiatives (1,000,000)
Remaining Excess of Revenues Over/(Under)Expenditures]$14,701,000
Gen Fund Reserve and Resene Target (based on Prop.FY 2025 Budget)(4,006,500)
Remaining Excess of Revenues Over/(Under)Expenditures]$10,694,500
Operating Revenues
As of June 30,2024,actual General Fund operating revenues collected were approximately 88.8%of
the current amended FY 2024 budget,or $391.5 million,with operating revenues through the fiscal
year ending September 30,2024 projected at approximately $457.9 million,which is 3.8%,or $16.9
million,above the current amended budget.
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:
Property Taxes -This category reflects property taxes that are levied and collected by the City
based on the operating millage rate that was adopted by the Mayor and City Commission for FY
2024 of 5.8155 mills and the City's property values for FY 2024,which is projected to be above
the current amended budget by 1.2%,or $2.9 million,based on current year trends.It is important
to note that the City's budgeted property tax revenues include a discount of 5%,as permitted per
Section 200.065,Florida Statutes,to account for early payment discounts,delinquencies,and
adjustments for appeals,etc.
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 9.6%,or $2.6 million,primarily due to franchise and utility taxes from
electricity trending higher than originally anticipated based on 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 19.2%,or $4.0 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.
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 5 of 16
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 5.6%,or $953,000,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
by 41.8%,or $631,000,primarily due to 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 32.5%,or $2.0 million,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 6.0%,or $453,000,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,Pier Park,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 24.7%,or $3.6 million,above the current amended budget mainly due to $1.7
million received from the City's vacation of portions of Alton Court that was 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 $880,000 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 June 30,2024,actual General Fund expenses were 69.3%,or $305.4 million,of the current
amended FY 2024 budget with operating expenditures through the fiscal year ending September 30,
2024 projected at approximately $437.1 million,which is 0.9%,or $3.9 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 9.9%,or
$625,000,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.
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 6 of 16
Offi ce of Capital Im provement Projects (CIP)
FY 2024 FY 2024 Projected vs
Amended Budget Projected Amended %Over /(Under)
Budget Variance
Expenditures $6,308,000 $5,683,000 $(625,000)-9.9%
Office of Management and Budget (0MB)-The department is projected to be 11.5%,or
$204,000,below the current amended budget due to savings in personnel services expenditures
projected resulting from three budgeted full-time positions that are vacant that the department has
been unable to fill and is in the process of trying to fill.The department has been attempting to fill
these budgeted positions for quite some time;however,candidates that are both interested and
qualified based on the needs of the department has been very limited as a result of the highly
competitive job market,particularly for analytical positions.Therefore,interviews will continue to
be conducted until these essential positions are filled by the department.
Offi ce of Management and Budget (0MB)
FY 2024 FY 2024 Projected vs
Amended Budget Projected Amended %Over /(Under)
Budget Variance
Expenditures $1,776,000 $1,572,000 $(204,000)-11.5%
Parks &Recreation -The department is projected to be approximately 0.8%,or $358,000,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 Mayor and 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 $47,651,000 $47,293,000 $(358,000)-0.8%
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 current year General Fund budget are also projected to have savings at year-
end that may be realigned within the General Fund.
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 operating expenses for the period October 1,2023 through June 30,2024 reveals
that all Enterprise Funds have actual expenses that are less than three quarters of their current
amended budgets.This is not representative of trends for a full fiscal year,as there is often a lag in
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 7 of 16
processing of expenditures,particularly those billed by outside entities for services provided.
ENTERPRISE FUNDS
Sanitation Sewer Storm W ater 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 26,208,000 65,734,000 39,930,000 47,911,000 53,873,000 18,923,000 45,694,000
3/4 Adopted Budget 18,591,750 48,075,750 28,847,250 33,138,000 39,744,750 14,181,750 34,258,500
3/4 Amended Budget 19,656,000 49,300,500 29,947,500 35,933,250 40,404,750 14,192,250 34,270,500
Preliminary Revenues as of 06/30/2024 18,186,626 48,702,704 29,682,547 34,132,719 41,966,784 16,920,534 11,259,400
Preliminary Expenditures as of 06/30/2024 18,037,820 43,755,261 18,920,560 26,578,638 27,609,228 12,419,801 11,468,660
Expenditures Above/(Below)3/4 Amended Budget (1,618,180)(5,545,239)(11,026,940)(9,354,612)(12,795,522)(1,772,449)(22,801,840)
%Variance -6.2%-8.4%-27.6%-19.5%-23.8%-9.4%-49.9%
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 June 30,2024,the year-end projections do
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 Funds budgets are projected to be under budget,except for the
Sanitation and Convention Center Funds budgets that are detailed further below.
ENTERPRISE FUNDS
Sanitat ion Sewe r Storm W ater 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 26,208,000 65,734,000 39,930,000 47,911,000 53,873,000 18,923,000 45,694,000
FY 2024 Projections:
Charges for Services 22,224,000 64,246,000 37,882,000 43,308,000 49,227,000 19,030,000 29,865,000
Other 2,576,000 2,416,000 2,388,000 3,903,000 6,389,000 2,535,000 22,951,000
Use of Fund Balance/Retained Earnings 1,629,000 0 0 0 2,206,000 0 0
FY 2024 Revenue Projections 26,429,000 66,662,000 40,270,000 47,211.,000 57,822,000 21,565,000 52,816.000
$Over/(Under)Ame nded Budget 221,000 928,000 340,000 (700,000)3,949,000 2,642,000 7,122,000
%Over/(Under)Amended Budget 0.8%1.4%0.9%-1.5%7.3%14.0%15.6%
FY 2024 Expenditure Projections 26,429,000 65,701,000 39,542,000 46,617,000 52,893,000 18,153,000 51,571,000
$Over/(Under)Ame nded Budget 221,000 (33,000)(388,000)(1,294,000)(980,000)(770,000)5,877,000
%Over/(Under)Amended Budget 0.8%-0.1%-1.0%-2.7%-1.8%-4.1%12.9%
Revenues Over/(Under)Expenditures 0 961,000 728,000 594,000 4,929,000 3,412,000 1,245,000
Sanitation -The Sanitation Fund budget is projected to be 0.8%,or $221,000,above the current
amended FY 2024 budget primarily due to increased personnel costs resulting from additional
cleaning services that are being provided in various areas of the City and a significant increase in
the number of special events that sanitation services are being provided for,compared to previous
years.Although expenditures are projected to exceed the current amended budget,additional
operating revenues are projected to offset the projected overage in expenditures,should these
projections be realized at year-end.
Convention Center -The Convention Center Fund budget is projected to be above the current
amended budget by approximately $5.9 million,or 12.9%,primarily due to an increase in the
number of events (90)that have or are currently anticipated to be held this fiscal year compared
to the 43 events that were anticipated when the FY 2024 budget was developed last year.Although
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 8 of 16
expenditures are projected to exceed the current amended budget,revenues are projected to be
above the current amended budget by approximately $7.1 million,or 15.6%,resulting in a
projected additional surplus of approximately $1.2 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 third quarter may vary as of year-end;
therefore,the Convention Center Fund's operations will continue to be monitored in 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 operating revenues and expenses for the period October 1,2023 through June
30,2024 reveals that all Internal Service Funds have actual expenses that are less than three quarters
of their current amended FY 2024 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 the processing of expenditures,
particularly those that are billed by outside entities for services that are provided.
INTERNAL SERVICE FUNDS
Central Fleet Information Inspector Facilities Risk Medical &
DentalServicesManagementTechnologyGeneralManagementManagementInsurance
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
3/4 Adopted Budget 885,000 14,964,000 14,921,250 1,293,000 9,576,750 20,055,000 37,381,500
3/4 Am ended Budget 901,500 17,572,500 16,162,500 1,624,500 10,358,250 20,152,500 37,381,500
Preliminary Revenues as of 06/30/2024 838,743 15,313,526 14,236,955 1,295,352 9,576,983 21,196.126 35,054,699
Preliminary Expenditures as of 06/30/2024 763,553 9,748,600 15,779,324 1,310,619 8,399,366 17,257,780 33,341,872
Expenditures Above/(Below)3/4 Amended Budget (137,947)(7,823,900)(383,176)(313,881)(1,958,884)(2,894,720)(4,039,628)
%Variance -11.5%-33.4%-1.8%-14.5%-14.2%-10.8%-8.1%
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 June 30,2024,the year-end projections do
incorporate more current information 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.
Letter to Commission --Fiscal Year 2024 Third Quarter Analysis
Page 9 of 16
INTERNAL SERVICE FUNDS
Central Fleet Information Inspector Facilities Risk Medical &
DentalServicesManagementTechnologyGeneralManagementManagementInsurance
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 19,152,000 18,779,000 1,711,000 12,405,000 24,628,000 48,007,000
Other 62,000 1,356,000 549,000 18,000 403,000 2,825,000 522,000
Use of Fund Balance/Retained Earnings 18,000 2,649,000 2,157,000 363,000 801,000 58,000 0
FY 2024 Revenue Projections 1,141,000 23,157,000 21,485,000 2,092,000 13,609,000 27,511,000 48,529,000
$Over/(Under)Amended Budget (61,000)(273,000)(65,000)(74,000)(202,000)641,000 (1,313,000)
%Over/(Under)Amended Budget -5.1%-1.2%-0.3%-3.4%-1.5%2.4%-2.6%
FY 2024 Expenditure Projections 1,141,000 23,157.000 21,485,000 2,O92.000 13,609,000 27,511,000 48,529,000
$Over/(Under)Amended Budget (61,000)(273,000)(65,000)(74,000)(202,000)641,000 (1,313,000)
%Over/(Under)Amended Budget -5.1%-1.2%-0.3%-3.4%-1.5%2.4%-2.6%
Revenues Over/(Under)Expenditures 0 0 0 0 0 0 0
Risk Management -The Risk Management Fund is projected to be 2.4%,or $641,000,above
the current amended budget primarily due to 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 third quarter of the current fiscal year.
Since claims 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 that includes
in excess of $44.0 million projected to be set aside for claims IBNR and case reserves in
accordance with the City's self-insurance obligations arising from the Governmental Accounting
Standards Board (GASB)standards and Florida law.
These projections will continue to be refined as additional information becomes available.
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 operating revenues and expenses for the period October 1,2023 through June
30,2024 reveals that all Special Revenue Funds have actual expenses that are less than three
quarters of their current amended budgets,with the exception of the People's Transportation Plan
(PTP),5&Alton Garage,Police Unclaimed Property,and Police Training Funds budgets that are
primarily due to one-time costs incurred for expenditures that were budgeted.Similar to other funds,
the actuals incurred through June 30,2024 are not generally representative of trends for a full fiscal
year.
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 10 of 16
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 June 30,2024,the year-end projections
incorporate more current information 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 Red-Light Camera Fund that is further detailed below.
Red Light Camera Fund -Revenues in the Police Red Light Camera Fund are projected to be
64.8%,or $787,000,below the current amended budget,while expenditures are projected to be
below the current amended budget by 39.6%,or $481,000,resulting in a projected shortfall of
$306,000.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 that are continuing to trend lower than budgeted since some cameras are or are
anticipated to be offline for repairs and maintenance.As a result,if this projection is realized at
year-end,it is recommended that the $306,000 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.
R ed Li ght Cam era Fund
FY 2024 FY 2024 Projected vs
Amended Budget Projected Amended %Over /(Under)
Budget Variance
Revenues $1,215,000 $428,000 $(787,000)-64.8%
Expenditures 1,215,000 734,000 (481,000)-39.6%
Surplus/(Shortfall)$0 $(306,000)$(306,000)
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 July 2024,total two percent
Resort Tax revenues for FY 2024 are projected to be 2.4%,or $2.0 million,below the current amended
budget as of year-end,with the remaining months conservatively projected at approximately 96.0%of
FY 2023 collections since actual collections for the first ten months of the fiscal year have decreased
an average of approximately 4.0%compared to prior year collections for the same period.
Total FY 2024 two percent Resort Tax expenditures are projected to be 0.2%,or $157,000,below the
current amended FY 2024 budget as of year-end due to a $405,000 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 $248,000 for additional public safety measures that were implemented during the
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 11 of 16
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 (1 %)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 July,one percent bed tax
revenues for FY 2024 are projected to be 5.4%,or $1.0 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 5.4%,
or $1.0 million,below the current amended budget as of year-end,of which approximately $607,000
is allocated to Transportation initiatives in tourism-related areas,$303,000 is allocated equally to
North,Middle,and South Beach quality of life projects combined,and $101,000 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 (1 %)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 5.4%,or $1.0 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 5.4%,or $1.0 million,below the current amended budget as of year-end.
Total Resort Tax
Overall,due to actual Resort Tax collections for the first ten months of the current fiscal year from
October 2023 to July 2024 trending lower than prior year collections for the same period at an average
of approximately 4.0%and collections for the remaining months of the current fiscal year
conservatively projected at approximately 96.0%of prior year collections,combined Resort Tax
revenues are projected to be 3.4%,or $4.0 million,below the current amended budget as of year-end,
while expenditures are projected to be 1.8%,or $2.2 million,below the current amended budget,
resulting in a projected shortfall of approximately $1.8 million as of year-end.
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 12 of 16
FY 2024 FY 2024 Preliminary %Actual of Over/(Under)%
Over/(Under)Adopted Amended Actuals as of Amended Amended AmendedBudgetBudget6/30/2024 Budget Budget Budget
Revenues
2%Resort Tax 76,614,000 76,614,000 55,460.,456 72.4%73,818,000 (2,796.000)-3.6%
Miscellaneous Revenues 1,844,000 1,844,000 1,798.996 97.6%2.669,000 825.000 44.7%
Fund Balance/Relained 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 13,765.785 73.2%17,799.000 (1,011,000)-5.4%
Additional 1 %Resort Tax for Convention Center 18,810,000 18,810,000 13,765.785 73.2%17,799,000 (1,011.000)-5.4%
Total Revenues 117,834,000 118,922,000 84,791,023 71.3%114,929,000 (3,993,000)-3.4%
Expenditures
General Fund Contribution 46,107,000 46,107.000 34,580,250 75.0%46,107,000 0 0.0%
Sanitation Fund Contribution 3,152.000 3,152.000 2,364,000 75.0%3,152.000 0 0.0%
Contribution to GMCVB 9,357.000 9,357,000 5,112,329 54.6%9,087,000 (270,000)-2.9%
Contribution to VCA 3,679.000 3,679.000 2,353,380 64.0%3,544,000 (135,000)-3.7%
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 11,801,234 65.5%18,255,000 248,000 1.4%
Transfer to NB,MB,SB Capital,Transp,and Arts (QOL)18,810,000 18,810,000 13,765,785 73.2%17.799.000 (1,011.000)-5.4%
Addt'l 1 %Con.Center Debt Service &Cap.Ren &Repl.18,810,000 18,810.000 0 0.0%17,799.000 (1.,011.000)-5.4%
Total Expenditures 117,834,000 118,922,000 69,976,978 58.8%116,743,000 (2,179,000)-1.8%
Excess of Revenues Over/(Under)Expenditures 0 0 14,814,045 (1,814,000)(1,814,000)
Reduction in FY 2024 Contribution from 2%Resort Tax Fund to General Fund 1,814,000
Excess of Revenues Over/(Under)Expenditures 0
As previously mentioned,should these projections be realized at year-end,it is recommended that the
projected shortfall of $1.8 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 $44.3
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
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 operating revenues and expenses for the period October 1,2023 through June
30,2024 reveals that the City Center RDA budget has actual expenses that are less than three
quarters 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 most recent 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 down the
outstanding debt that was issued in 2015 for the expansion and renovation of the Miami Beach
Convention Center facility.
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 13 of 16
FY 2024 FY 2024 Preliminary %Actual of Over/(Under)%
Over/(Under)Adopted Ame nded Actuals as of Amended Amended AmendedBudgetBudget06/30/2024 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 288,000 288,000 555,489 192.9%957,000 669,000 232.3%
Fund Balance/Retained Earnings/PY Surplus 6,054,000 6,343,000 0 0.0%6,275,000 (68,000)-1.1%
Total Revenues 61,714,000 62,003,000 55,928,462 90.2%62,604,000 601,000 1.0%
Expenditures
Adm in/Operating Expenditures 892,000 892,000 656,750 73.6%892,000 0 0.0%
Project Expenditures 13,209,000 13,498,000 8,732,627 64.7%12,926,000 (572,000)-4.2%
Reserves,Debt Service,and Other Obligations 47,613,000 47,613,000 17,302,328 36.3%47,545,000 (68,000)-0.1%
Total Expenditures 61,714,000 62,003,000 26,691,705 43.0%61,363,000 (640,000)-1.0%
Excess of Revenues Over/(Under)Expenditures 0 0 29,236,757 1,241,000 1,241,000
While the City Center RDA Shops and Garages below are physically located within the geographical
boundaries of the City Center RDA,actual revenues and expenses as of June 30,2024 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 operating revenues and expenses for the period October 1,2023 through June
30,2024 reveals that the City Center RDA Shops and Garages all have actual expenses that are less
than three quarters of the current amended budgets,except for the Anchor and Penn Garage budgets
that have incurred one-time costs for expenditures and projects that were budgeted in the current year.
RDA GARAGES AND SHOPS
Anchor Anchor Pennsylvania Pennsylvania Collins Park
Garage Shops Avenue Avenue GarageGarageShops
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
3/4 Adopted Budget 2,170,500 535,500 711,000 222,000 1,069,500
3/4 Amended Budget 2,225,250 576,750 711,000 245,250 1,069,500
Preliminary Revenues as of 06/30/2024 2,430,115 842,846 0 1,895 1,113,630
Preliminary Expenditures as of 06/30/2024 2,276,044 109,846 879,819 223,418 998,043
Expenditures Above/(Below)3/4 Amended Budget 50,794 (466,904)168,819 (21,832)(71,457)
%Variance 1.7%-60.7%17.8%-6.7%-5.0%
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.
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 14 of 16
RDA GARAGES AND SHOPS
Anchor Anchor Pennsylvania Pennsylvania Collins Park
Garage Shops Avenue Avenue GarageGarageShops
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 3,047,000 750,000 475,000 0 1,401,000
Other 296,000 300,000 39,000 300,000 58,000
Use of Fund Balance/Retained Earnings 0 0 422,000 23,000 0
FY 2024 Revenue Projections 3,343,000 1,050,000 936,000 323,000 1,459,000
$Over/(Under)Amended Budget 376,000 281,000 (12,000)(4,000)33,000
%Over/(Under)Amended Budget 12.7%36.5%-1.3%-1.2%2.3%
FY 2024 Expenditure Projections 2,875,000 697,000 936,000 323,000 1,413,000
$Over/(Under)Amended Budget (92,000)(72,000)(12,000)(4,000)(13,000)
%Over/(Under)Amended Budget -3.1%-9.4%-1.3%-1.2%-0.9%
Revenues Over/(Under)Expenditures 468,000 353,000 0 0 46,000
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 operating revenues and expenses for the period October 1,2023 through June
30,2024 reveals that the North Beach CRA budget has actual expenses that are less than three
quarters 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.In accordance with the
current 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.
ORTH BEACH CRA
FY 2024 FY 2024 Preliminary %Actual of Over/(Under)%
Over/(Under)Adopted Amende d Actuals as of Amende d Ame nded Ame ndedBudgetBudget06/30/2024 Budget Budget Budget
Revenues
Tax Increment Funds -City 1.082.000 1,082.000 1.082.837 100.1%1,082.000 0.0%
Tax Increment Funds -County 851.000 851.000 851.672 100.1%851.000 0.0%
Miscellaneous Revenues 0 0 48.,656 73.000 73.000
Fund Balance/Retained Earnings/PY Surplus 0 863,000 0.0%863.000 0.0%
Total Revenues 1,933,000 2,796,000 1,983,165 70.9%2,869,000 73,000 2.6%
Expenditures
Admin/Operating Expenditures 57,000 57,000 22.294 39.1%57,000 0.0%
Project Expenditures 891,000 1,650.000 159.747 9.7%1,650,000 0.0%
Reserves,Debt Service,and Other Obligations 985,000 1,089,000 0.0%1,089,000 0.0%
Total Expenditures 1,933,000 2,796,000 182,041 6.5%2,796,000 0.0%
Excess of Revenues Over/(Under)Expenditures 0 1,801,123 73,000 73,000
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 the Sanitation and Convention Center Enterprise
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 15 of 16
Fund budgets,the Risk Management Internal Service Fund budget,and the Police Red Light Camera
and Resort Tax Special Revenue Funds budgets,as previously detailed in the analysis above.
Current year trends will continue to be proactively monitored between now and the development of
the year-end projections in conjunction with finalization of the FY 2025 budgets and any material
variances will be disclosed and discussed at upcoming Finance and Economic Resiliency Committee
(FERC)and/or City Commission meetings.
EC/JDG/TOS/RA
+,6 .
Letter to Commission -Fiscal Year 2024 Third Quarter Analysis
Page 16 of 16
EXHIBIT A
GENERAL FUND
FY 20 24 FY 20 24 Prelimi nary %Actual of t Over/(Under)%Over/(Under)
Adopted Amended Actu als as of me nded Amended Amended
Budget Budget 06/30/2024 Budget Budget Budget
REVENUES
Ad Valorem T ax es 246,283,000 246,283,000 249,178,060 101.2%249,178,000 2,895,000 1.2%
Ad Valorem T axes -Pay-As -Y ou-G o C apital 4,436,000 4,436,000 4,436,000 100.0%4,436,000 0 0.0%
Ad Valorem T axes -C apital R enew al &Replacem ent 2,170,000 2,170,000 2,170,000 100.0%2,170,000 0 0.0%
O ther T axes 27,405,000 27,405.000 19,378,031 70.7%30,040,000 2,635,000 9.6%
Li censes and Perm its 20,971,000 20,971,000 20,691,369 98.7%25,004,000 4,033.000 19.2%
Intergovern m ental 14,227,000 14,227,000 9,580,213 67.3%14,186,000 (41,000)-0.3%
C harges fo r Serv ices 16,892,000 16,892,000 15,007,045 88.8%17,845,000 953,000 5.6%
Fines and Forf eitures 1,511,000 1,511,000 1,808,051 119.7%2,142,000 631,000 41.8%
Interest 6,222,000 6,222,000 7,842,079 126.0%8,243,000 2,021,000 32.5%
R e nts and Leases 7,596,000 7,596,000 6,144,104 1.0%8,049,000 453,000 6.0%
Mi scel laneous 14,780,000 14,780,000 10,201,420 69.0%18,426.000 3,646,000 24.7%
O ther-R esort T ax C ontribution 46,107,000 46,107,000 34,580,250 75.0%46,107,000 0 0.0%
O ther-No n-O perating R evenues 14,533,000 14,596,000 10,493,250 71.9%14,596.000 0 0.0%
Fund Balance/R eta ined Earn ings/PY Surplus 4,199,000 17,487,000 0 0.0%17,487.000 0 0.0%
TOTAL REVENUES 427,648,000 440,999,000 391,609,872 88 .8%467,909,000 16,910,000 3.8%
EXPENDITURES
Ma yor &C om m ission 2,879,000 3,386,000 2,073,891 61.2%3,171,000 (215,000)-6.3%
C ity A ttorn ey 6,955,000 7,620,000 5,081,566 66.7%7.602,000 (18,000)-0.2%
C ity C lerk 2,422.000 2,529,000 1,482,873 58 .6%2,435.000 (94,000)-3.7%
C ity Ma nager 4,411.,000 4,505,000 3,005,135 66.7%4,435,000 (70,000)-1.6%
Finance 10,604,000 11,984,000 7,057,387 58 .9%11,851,000 (133,000)-1.1%
H um an R eso urces/Labor R elations 3,265,000 3,360,000 2,302,066 68.5%3,335,000 (25,000)-0.7%
Ma rketing and C om m unications 3,179,000 3,205,000 2,015,333 62.9%3,162,000 (43,000)-1.3%
O ffi ce of Ma nagem ent and Budget 1,747,000 1,776.000 1,084,667 61.1%1,572,000 (204,000)-11.5%
Proc urem ent 3,200,000 3,266,000 2,340,340 71.7%3,252,000 (14,000)-0.4%
C o de C o m pliance 7,360,000 7,392,000 4,977,454 67.3%7,155,000 (237,000)-3.2%
Econom ic D evelopm ent 2,352,000 2,598,000 1,099,500 42.3%2,362,000 (236,000)-9.1%
Ho using &C o m m unity Serv ices 4,794,000 5,412,000 3,182,471 58.8%5,275,000 (137,000)-2.5%
Planning 5,754,000 6,238,000 3,892,570 62.4%6,072,000 (166,000)-2.7%
T o urism and C ulture 3,800,000 3,800,000 2,488,755 65.5%3,750,000 (50,000)-1.3%
C a pital Im provem ent Projects 6,179,000 6,308,000 4,116,430 65.3%5,683,000 (625,000)-9.9%
En vironm ent &Sus tainability 2,074,000 2,625,000 1,250,088 47.6%2,581,000 (44,000)-1.7%
Facilities and Fleet tvla nagem ent 4,042,000 4,225,000 2,524,601 59.8%4,023,000 (202,000)-4 .8%
Pa rks &R ecreation (including G olf courses)46,699,000 47,651,000 31,344,155 65.8%47,293,000 (358,000)-0.8%
Pu blic W orks 16,921,000 17,679,000 11,549,308 65.3%17,579,000 (100,000)-0.6%
Fire 115,108,000 116,467.000 84,343,940 72.4 %116,437,000 (30,000)0.0%
Po lice 145,004,000 146,877,000 106,783,825 72.7%146,607,000 (270,000)-0.2%
C ityw ide (net of individual item s bel ow )10,862,000 14,059,000 6,840,277 48 .7%13,770,000 (289,000)-2.1%
G eneral Fund R eserv e 3,128.000 3,128,000 0 0.0%3,128,000 0 0.0%
C apital R enew al &R eplacem ent 2,170,000 2,170,000 2,170,000 100.0%2,170,000 0 0.0%
Info &C o m m Technology Fund 300,000 300,000 300,000 100.0%300,000 0 0.0%
C apita l R eserve Fund 978,000 978,000 978,000 100.0%978,000 0 0.0%
Pay-As -Y ou-G o C apital Fund 11,145,000 11,145,000 11,145,000 100.0%11,145,000 0 0.0%
TOTAL EXPENDITURES 427,648,000 440,999,000 306,429,632 69.3%437,123,000 (3,876,000)-0.9%
REVENUES OVER/(UNDER)EXPENDITURES 0 0 86,080,240 19.6%20,786,000
REVENUES OVERI(UNDER)EXPENDITURES 20,786,000
Reduction in FY 2024 Contribution from 2%R esort Tax Fund to General Fund (1,814,000)
Set aside of Projected M arn i Beach and Norm andy Shores G olf Courses Surplus fo r M arn i Beach Golf Course Renovation Project (2,965,000)
Transfer of Pro jected Red Light Cam era Fund Expenditures to General Fund (306,000)
Additional Set aside fo r Hom eless and Housing Initiatives (total of S2.0 m illion)(1,000,000)
REMAINING REVENUES OVERI(UNDER)EXPENDITURES 14,701,000
G eneral Fund Reserv e and Reserv e Target (based on Propo sed FY 2025 Budget)(4,006,500)
REMAINING REVENUES OVER/(UNDER)EXPENDITURES 10,694,600