98-22654 RESO
RESOLUTION NO. 98-22654
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, ACCEPTING
THE RECOMMENDATION OF THE CITY MANAGER AND
APPROPRIATING $514,000 TO THE RESERVE FOR
CONTINGENCIES IN THE GENERAL FUND FROM THE
UNAPPROPRIATED FUND BALANCE OF THE GENERAL
FUND.
WHEREAS, the Mayor and City Commission adopted Resolution No. 96-22014 on
June 5, 1996 establishing a Reserve for Contingencies of $10 million in the General Fund;
and
WHEREAS, said Resolution provided for said Reserve to be adjusted annually to
equal 11 % of the current General Fund Budget; and
WHEREAS, said Resolution provides for the appropriation of an additional $514,000
which will bring the said Reserve to $11,379,000 which is 11 % of the fiscal 1997/98
General Fund Budget.
NOW THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that $514,000 of the balance
in the Unappropriated Fund Balance in the General Fund of the City be appropriated into
the Reserve for Contingencies in said General Fund.
PASSED AND ADOPTED THIS 4th DAY OF February 1997.
#//4
Mayor
Attest:
'li
J~6k t f/ clvlik-
City Clerk
APPROVED AS TO
FORM & lANGUAGE
& FOR EXECUTION
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City Attornev
\Iv'{~i
Date
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\cLmiami-beach.f1.us
COMMISSION MEMORANDUM NO.
Co(o-9g
TO:
Mayor Neisen O. Kasdin and
Members of the City Commission
DATE: February 4,1998
FROM: Sergio Rodriguez
City Manager
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SUBJECT: A Resolution of the Mayor and City Commission, Appropriating $514,000 to the
Reserve for Contingencies in the General Fund from the Unappropriated Fund
Balance of the General Fund.
Administrative Recommendation
The Administration recommends that the Mayor and City Commission approve the resolution
appropriating an additional $514,000 to the Contingency reserve in the General Fund.
Backeround
On June 5, 1996, the City Commission adopted Resolution No. 96-22014 which appropriated $10
million into a reserve for contingencies in the General Fund. This resolution called for this reserve
to remain at 11 % of the General Fund Budget for the current fiscal year. The current reserve for
contingencies is $10, 865,000. As the City's General Fund Budget totals $103,442,514 for the
1997/98 fiscal year, the 11 % reserve should now be $11,379,000. The additional appropriation of
$514,000 in this resolution will bring the reserve to the required amount of$II,379,000.
Analysis
In accordance with the resolution adopted by the City Commission on June 5, 1996, this action is
required to maintain the reserve for contingencies at the required level.
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