HomeMy WebLinkAbout516-2005 RDA Reso
RESOLUTION NO. 516-2005
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE
MIAMI BEACH REDEVELOPMENT AGENCY ADOPTING THE
FISCAL YEAR (FY) 2005/06 BUDGET FOR THE CITY CENTER
CAPITAL RENEWAL AND REPLACEMENT FUND, IN THE
AMOUNT OF $341,984.
WHEREAS, the Chairman and Members of the Miami Beach Redevelopment
Agency adopted Resolution No. 485-2004 on September 28, 2004 establishing a capital
renewal and replacement reserve to provide a dedicated source of funding for capital
renewal and replacement projects that extend the useful life of City Center Redevelopment
District assets including the initial annual transfer from the City Center RDA Fund to the
City Center Renewal and Replacement Fund, for Fiscal Year 2004/05, in the amount of
$199,679; and
WHEREAS, the City has a significant infrastructure investment in the City Center
District and annual capital renewal and replacement needs compete for resources with
other needs with the result that capital renewal and replacement needs may be deferred;
and
WHEREAS, bond rating agencies, (Fitch, Moody's, and Standard & Poor's) view
capital renewal and replacement policies as a significant criteria in assessing a
government's credit worthiness; and
WHEREAS, on September 8 2005, the Chairman and Members of the Miami Beach
Redevelopment Agency tentatively adopted the proposed millage rate of 7.481 mills which
included 0.182 mills dedicated for capital renewal and replacement that will result in an
additional $341,984 to the FY 2005/06 City Center Redevelopment Area Operating Budget.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND
MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY that the Board hereby
adopts the Budget for the City Center Capital Renewal and Replacement Fund for Fiscal
Year 2005/06 as follows:
Revenues: Transfers from the FY 2005/06 City Center
Redevelo ment Area 0 eratin Bud et
Ex enditures: Reserves
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APPROVED
FORM & LANGUAGE
& FOR CUTION
$341,984
$341,984
PASSED AND ADOPTED THIS 21st DAY OF Se te
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SECRETARY
Robert Parcher
David Dermer
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Condensed Title:
CITY OF MIAMI BEACH
COMMISSION ITEM SUMMARY
m
A Resolution of the Chairman and Members of the Miami Beach Redevelopment Agency adopting the
Fiscal Year (FY) 2005/06 budget for the City Center Capital Renewal And Replacement Fund, in the
amount of $341,984.
Issue:
Shall the Redevelopment Agency adopt the attached resolution which adopts the budget for the City Center
Capital Renewal And Replacement Fund?
Item Summary/Recommendation:
I Adopt the Resolution.
Advisory Board Recommendation:
I
Financial Information:
Amount to be expended:
Source of
Funds:
IFin~t
Si n-Ofts:
Approved
FY 2005/06 City Center
Redevelopment Area Operating
Budget generated by the additional
milia e of 0.182
AGENDA ITEM 35
DATE q-2./-0S
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\ci.miami-beach.fl.us
REDEVELOPMENT AGENCY MEMORANDUM
FROM:
Chairman David Dermer and Members
of the Miami Beach Redevelopment Agency
Jorge M. Gonzalez), ~
Executive Director .v- 0
A RESOLUTIO OF THE CHAIRMAN AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY ADOPTING THE FISCAL YEAR (FY)
2005/06 BUDGET FOR THE CITY CENTER CAPITAL RENEWAL AND
REPLACEMENT FUND, IN THE AMOUNT OF $341,984.
DATE: September 21,2005
TO:
SUBJECT:
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
ANAL YSIS
Consistent with the proposed budget for the General Fund, the proposed budget for the
Miami Beach Redevelopment Agency includes a $341,984 appropriation dedicated for
capital renewal and replacement of City Center District assets. On September 8 2005, the
Mayor and City Commission tentatively adopted the proposed millage rate of 7.481 mills
which included 0.182 mills dedicated for capital renewal and replacement. The additional
0.182 mills will result in an additional $341,984 to the FY 2005/06 City Center
Redevelopment Area Operating Budget. Consistent with the General Fund appropriation,
the use of the additional $341,984 is restricted to future year capital renewal and
replacement proje,cts that extend the useful life of the assets within the City Center District
and transferred to the City Center Capital Renewal and Replacement Fund.
The Administration recommends adoption of the budget for the City Center Capital
Renewal and Replacement Fund for FY 2005/06 as follows:
Revenues :Transfers from the FY 2005/06
City Center Redevelopment Area Operating
Bud et
Ex enditures: Reserves
$341,984
$341,984
JMG