LTC 128-2025 Fiscal Year 2025 First 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
Eric Carpenter, City Manager� )7.H,,�;;;;" '1-':;;M;:;;==1-;.�-
March 24, 2025
Fiscal Year 2025 First Quarter Analysis
The purpose of this Letter to the Commission (L TC) is to provide the Mayor and City Commission with
an update on the status of the Fiscal Year (FY) 2025 operating budget as of the first quarter, which
ended December 31, 2024, and to provide projections through the end of the current fiscal year ending
September 30, 2025.
It is important to emphasize that this analysis is a projection based on actual data from the first three
(3)months of the fiscal year, as well as any additional data and information that may be available.
While these projections are not a definitive representation of trends for the remainder of the current
fiscal year, they do provide a glimpse of potential areas of opportunity and/or concern. Assumptions
for both revenues and expenditures have been made, which continue to be refined as more data and
information becomes available.
SUMMARY
As of the first quarter of the current fiscal year (FY 2025), revenue and expenditure projections for the
General Fund through September 30, 2025 reflect a projected year-end surplus of approximately $1.9
million, while the Resort Tax budget reflects a projected year-end shortfall of approximately $0.5
million.
In order to address the year-end shortfall in the Resort Tax budget projected as of the first quarter, the
Administration is recommending that the budgeted contribution from the Resort Tax budget to the
General Fund of $42.1 million in FY 2025 for tourism-related expenditures that are budgeted in the
General Fund be reduced by $0.5 million to $41.6 million for FY 2025, should these projections be
realized as of year-end.
It is also recommended that the additional combined FY 2025 surplus of approximately $1.3 million
from the Miami Beach and Normandy Shores Golf Courses' operations projected as of the first quarter
in the General Fund be set aside and transferred to fund a portion of the Miami Beach Golf Course
Renovation capital project that currently has an estimated cost totaling $9.2 million, of which $3.3
million is funded.
FY 2025 General Fund Resort Tax
Projected Surplus/(Shortfall) as of Q1 $1,960,000 ($520,000)
Recommended Year-end Adjustments/Set Asides:
Reduction in budgeted contribution from Resort Tax Fund to General Fund (520,000) 520,000 for tourism-related expenditures budgeted in the General Fund
Set aside Additional Projected FY 2025 Golf Course Surplus (Miami Beach (1,334,000) and Normandy Shores) for Miami Beach Golf Course Renovation Project
Remaining Projected Surplus/(Shortfall) as of Q1 $106,000 $-
128-2025