LTC 227-2025 Fiscal Year 2025 Second Quarter AnalysisMIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC #227-2025 LETTER TO COMMISSION
TO:
FROM:
DATE:
SUBJECT:
Honorable Mayor Steven Meiner and Members of the City Commission
Eric Carpenter, City Manager��
June 2, 2025
Fiscal Year 2025 Second 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 second quarter, which
ended March 31, 2025, 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 preliminary projection based on actual data for the
first six (6) months of the current 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 an initial glimpse of potential areas of opportunity and/or
concern. Assumptions have been made for both revenues and expenditures that will continuously be
refined as more data and information becomes available.
SUMMARY
As of the second 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
$6.2 million, which is an increase of $4.3 million over the surplus of $1.9 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 $0.3 million, which is a decrease of approximately $0.2 million compared to
the $0.5 million shortfall projected as of the first quarter of the current fiscal year.
To address the year-end shortfall in the Resort Tax budget projected as of the second 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 $0.3 million to approximately $41.8 million for FY 2025.
It is also recommended that the additional combined FY 2025 surplus of approximately $1.2 million
from the Miami Beach and Normandy Shores Golf Courses' operations projected as of the second
quarter in the General Fund be set aside and transferred to the Capital Pay-As-You-Go (PayGo) Fund
to fund a portion of the Miami Beach Golf Course Renovation project that currently has an estimated
cost totaling $9.2 million, of which $3.3 million has been funded as of the current fiscal year.
FY 2025 General Fund Resort Tax
Projected Surplus/{Shortfall) as of Q2 $6,230,000 ($360,000)
Recommended Year-end Adjustments/Set Asides:
Reduction in budgeted contribution from Resort Tax Fund to General Fund (360,000) 360,000 for tourism-related expenditures budgeted in the General Fund
Set aside Additional Projected FY 2025 Golf Course Surplus (Miami Beach (1,180,000) and Normandy Shores) for Miami Beach Golf Course Renovation Project
Remaining Projected Surplus/(Shortfall) as of Q2 $4,690,000 $-