R7B-Adopt Third Amendment To Budgets For FY 2013-14COMMISSION ITEM SUMMARY
Condensed Title:
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF MIAMI BEACH, FLORIDA,
ADOPTING THE THIRD AMENDMENT TO THE GENERAL FUND, ENTERPRISE FUND,
INTERNAL SERVICE FUND, AND SPECIAL REVENUE FUND BUDGETS FOR FISCAL YEAR
2013t14.
Ensure expenditure trends are sustainable over the long term.
Supporting Data: N/A
Item Summary/Recommendation:
The budgets for the General Fund, Enterprise Funds, lnternal Service Funds, and Special
Revenue Funds for Fiscal Year 2013/14 were approved on September 30,2013, with the adoption
of Resolutions No. 2013-28351 and No. 2013-28355. The budget for the Police Confiscation Trust
Funds for Fiscal Year 2013114 was approved on September 30, 2013, with the adoption of
Resolution No. 2013-28359.
The First Amendment to the General Fund, Enterprise Funds, lntemal Service Funds, and Special
Revenue Funds budgets tor FY 2Q13114 was approved on January 15,2014, by resolution 2014-
28469. The Second Amendment to the General Fund, Enterprise Funds, lnternal Service Funds,
and Special Revenue Funds budgets for FY 2013114 was approved on April 23, 2Q14, by
resolution 2014-28564. Section 166.241(Q@.), Florida Statutes, requires that a municipality's
budget amendment must be adopted in the same manner as the original budget.
The Third Amendment will increase funding in the Risk Management Fund for additional
windstorm insurance coverage and properly budget for third pafi dental expenses in the Dental
Health Fund.
Financia! lnformation:
Source of
Funds
I
I
Amount Account
$335,000 Risk Management Fund
$160,000 Dental Health Fund
Clerk's Office
John Woodruff, OBPI Director
(B MIAMIBHACH 498
g MIAMI BEACH
Gity of ll/tiomi Beach, 1700 Convention Cenler Drive, Miomi Beoch, Florido 33139, www.miomibeochf .gov
COMMISSION MEMORANDUM
Mayor Philip Levine and Members oflthe City Co
FRoM: Jimmy L. Morales, CitY Manager
DATE: June 11, 2014
SUBJECT: A RESOLUTION OF THE MAYOR ND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA" ADOPTING THE THIRD AMENDMENT TO THE
GENERAL FUND, ENTERPRISE FUND, INTERNAL SERVICE FUND AND
spEctAL REVENUE FUND BUDGETS FOR FISCAL YEAR (FY) 2013114
ADMIN]STRATION RECOMMENDATION
Adopt the resolution amending the FY 2013114 General Fund, Enterprise Funds, lnternal
Service Funds, and Special Revenue Funds budgets.
KEY INTENDED OUTCOME SUPPORTED
Ensure expenditure trends are sustainable over the long term.
ANALYSIS
The budgets for the General Fund, Enterprise Funds, lnternal Service Funds, and Special
RevenuJ Funds for Fiscal Year 2013114 were approved on September 30, 2013, with the
adoption of Resolutions No.2013-28351 and No.2013-28355. The budgetforthe Police
Coniiscation Trust Funds for Fiscal Year 2013114 was approved on September 30, 2013'
with the adoption of Resolution No. 2013-28359.
The First Amendment to the General Fund, Enterprise Funds, lnternal Service Funds, and
Special Revenue Funds budgets for FY 2013114 was approved on January 15,2A14'by
resolution 2014-28469. The Second Amendment to the General Fund, Enterprise Funds,
lnternal Service Funds, and Special Revenue Funds budgets for FY 2013/1 4 was approved
on April 23,2014, by resolution 201+28564. Section 166.2a1(a)(c-), Florida statutes,
requiies that a municipality's budget amendment must be adopted in the same manner as
the original budget.
The Third Amendment will increase funding in the Risk Management Fund for additional
windstorm insurance coverage and properly budget for third party dental expenses in the
Dental Health Fund.
499
Third Amendment to the FY 2013/14 General Fund, Enterprise, lnternal Sevice, and Special Revenue Funds Budgets
Page 2
Risk Manaqement Fund - Human Resources Department
The Third Amendment will increase the named windstorm insurance limit in the Risk
Management Fund by $5 million for a total of $15 million of coverage. The City of Miami
Beach purchases named windslorm insurance to help the city recover aftera named storm
event. The amount of coverage purchased by the City is partially based on the cost of this
coverage, which fluctuates in hard and soft markets and must fit within the City's budgetary
limitations. ln the last ten years, the amount of coverage purchased has ranged from $10 to
$25 million, in excess of applicable deductibles. For the last several years, the City has
purchased $10 million of coverage on total insurable values of $853 million.
ln order to meet the City's obligation under the Stafford Act and maximize eligibility for
assistance from the Federal Emergency Management Agency (FEMA) in lhe event of a
federally declared disaster, the City is required to purchase a "reasonable" amount of named
windstorm coverage. As noted in ltem R7E on the May 28,2014, Commission meeting
agenda, the State of Florida certified last year that the City's coverage was "reasonable",
however, under separate cover the City was advised to increase its named windstorm
coverage to ensure eligibility for FEMA assistance under the Stafford Act. Administration
recommends adding $5 million of additional named windstorm coverage at a cost of
$335,000 (including State of Florida surcharges) for June, 2014 to May, 2015 with additional
increases in future years. The cost of the additional coverage will be recovered by charging
the relevant City departments/funds through Risk Management internal service charges.
The $5 million increase for June,20'14 through May,2015 as well as additional
recommended annual increases is scheduled to be discussed atthe June 19,2014 Finance
and Cityrlide Projects Committee (FCWPC) meeting. Approving this amendmentwill allow
the funding to be in place, but the additional insurance will not be purchased until after the
review by the FCWPC.
Dental Health Fund - Human Resources Department
The Third Amendment will appropriate $160,000 of third party dental expenses in the Dental
Health Fund. During the FY 2013114 budget process, the revenues associated with third
party dental were budgeted accurately; however, a portion of the expenses was not properly
budgeted. The proposed amendment is a housekeeping item that will properly budget the
expenses associated with the third party dental plan in the Dental Health Fund.
CONCLUSION
The Administration recommends that the Mayor and City Commission adopt the Third
Amendment to the General Fund, Enterprise Fund, lnternal Service Fund, and Special
Revenue Fund Budgets for Fiscal Year(FY) 2013114.
JLM:JW---
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500
RESOLUTION NO.
A RESOLUTION OF THE MAYOR AND CITY
COMMTSSION OF THE CITY OF MIAMI BEACH,
FLORIDA, ADOPTING THE THIRD AMENDMENT TO
THE GENERAL FUND, ENTERPRISE FUND, INTERNAL
SERVICE FUND, AND SPEGIAL REVENUE FUND
BUDGETS FOR FTSCAL YEAR (FY) 2013114.
WHEREAS, the budgets for the General Fund, Enterprise Funds, lnternal
Service Funds, and Special Revenue Funds for Fiscal Year 2013114 were approved on
September 30, 2013, with the adoption of Resolution Nos.2013-28351 and 2013-28355;
and
WHEREAS, the First Amendment to the General Fund, Enterprise Fund, lnternal
Service Fund, and Special Revenue Fund budgets for Fiscal Year 2013114 was
approved on January 15,2014, with the adoption of Resolution No. 201428469; and
WHEREAS, the Second Amendment to the General Fund, Enterprise Fund,
lnternal Service Fund, and Special Revenue Fund budgets for Fiscal Year 2013/14 was
approved on April 23,2014, with the adoption of Resolution No. 2014-28564; and
WHEREAS, the proposed budget amendment adds additional named windstorm
insurance coverage in the Risk Management Fund and properly budgets expenses
associated with the third party dental plan in the Dental Health Fund as reflected in the
attached Exhibit "A".
NOW THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH that the Mayor and City Commission
hereby adopt the Third Amendment to the General Fund, Enterprise Fund, lnternal
Service Fund, and Special Revenue Fund Budgets for Fiscal Year (FY) 2013114 as
shown in Exhibit "A".
PASSED and ADOPTED this 11th day of June, 2014.
ATTEST:
PHILIP LEVINE, MAYOR
RAPHAEL E. GRANADO, CITY CLERK
APPROVEDASTO
FORM &LANGUAGE
&FORE)(ECUTION
v\t lt
Datecity Attorney
City Attorney Date
501
Exhibit "A"
at aoltlt4
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