HomeMy WebLinkAbout533-2006 RDA Reso
RESOLUTION NO. 533-2006
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY ADOPTING THE FISCAL YEAR (FY) 2006/07
BUDGET FOR THE CITY CENTER CAPITAL RENEWAL AND REPLACEMENT
FUND, IN THE AMOUNT OF $468,731.
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 Capital Renewal and Replacement Fund, for FY
2004/05, in the amount of $199,679; FY 2005/06 in the amount of $341,984; 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 6,2006, the Mayor and City Commission tentatively adopted the
proposed millage of 7.374 mills which included 0.182 mills dedicated for capital renewal and
replacement that will result in an additional $468,731 to the FY 2006/07 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 FY 2006/07 as follows:
Revenues: Transfers from the FY 2006/07
City Center Redevelopment Area Operating
Budget $468,731
Expenditures: Reserves $468,731
PASSED and ADOPTED this 21 st day of September 2006.
~~. P tutk
~~'
fr" C~ma /' .
Jerry Libbin
ATTEST:
Secretary
Robert Parcher
APPROVED AS TO
FORM & LANGUAGE
~ECU;Ir.:/Q'
omey ~
~
COMMISSION ITEM SUMMARY
Condensed Title:
A resolution of the Chairman and Members of the Miami Beach Redevelopment Agency adopting the
Fiscal Year (FY) 2006/07 budget for the City Center Capital Renewal and Replacement Fund, in the
amount of $468,731.
Ke Intended Outcome Su orted:
Ensure expenditure trends are sustainable over the long term
Improve the City's overall financial Health and maintain overall bond rating
Ensure well-maintained facilities
Ensure well-maintained infrastructure
Issue:
Shall the Redevelopment Agency adopt the attached resolution which adopts the FY 2006/07 budget for
the City Center Capital Renewal and Replacement Fund?
Item Summary/Recommendation:
The Proposed FY 2006/07 City Center Budget includes 0.182 mills and provide $468,731 for Capital
Renewal and Replacement needs. Adopt the Resolution.
Advisory Board Recommendation:
I
Financial Information:
Source of
Funds:
CID
$468,731
FY 2006/07 City Center
Redevelopment Area
Operating Budget generated
by the additional millage of
0.182
Financial Impact Summary:
City Clerk's Office Legislative Tracking:
I
let
~
MIAMI BEACH
AGENDA ITEM / B
DATE 9-2/-00
lD
MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibeachR.gov
COMMISSION MEMORANDUM
FROM:
Chairman David Dermer and Members of the Miami Beach
Redevelopment Agency
Jorge M. Gonzalez, Executive Director 9-v--
September 21, 2006 () 0
TO:
DATE:
SUBJECT:
A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY ADOPTING THE FISCAL YEAR (FY) 2006/07
BUDGET FOR THE CITY CENTER CAPITAL RENEWAL AND REPLACEMENT
FUND, IN THE AMOUNT OF $468,731.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
BACKGROUND
Consistent with the proposed budget for the General Fund, the proposed budget for the
Miami Beach Redevelopment Agency includes a $468,731 appropriation dedicated for
capital renewal and replacement of City Center District assets. On September 6, 2006, the
Mayor and City Commission tentatively adopted the proposed millage rate of 7.374 mills
which included 0.182 mills dedicated to capital renewal and replacement. The additional
0.182 mills will result in an additional $468,731 to the FY 2006/07 City Center
Redevelopment Area Operating Budget. Consistent with the General Fund appropriation, the
use of the additional $468,731 is restricted to future year capital renewal and replacement
projects 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 2006/07 as follows:
Revenues: Transfers from the FY 2006/07
City Center Redevelopment Area Operating
Budget $468,731
Expenditures: Reserves $468,731
JMG:KGB:JC