LTC 288-2020 Fiscal Year 2020 Third Quarter AnalysisM lA M IB
OFFICE OF THE CITY MANAGER
LTC# 288-2020
TO:
FROM:
DATE:
Mayor Dan Gelber and Members o
Jimm y L. Morales, City Mana ge,if ft
August 20, 2020
SUBJECT: Fiscal Year 2020 Third Quarter At ual ysis
The purpose of this Letter to Commission (L TC) is to provide the Mayor and members of the City
Commission with the status of the Fiscal Year (FY) 2020 operating budget to actual revenues and
expenses incurred for the third quarter ending June 30, 2020, with projections through fiscal year-
end September 30, 2020, as set forth in the City's Charter which specifies that "the City Manager
shall make public a quarterly report showing the actual expenditures during the quarter just ended
against one quarter of the proposed annual expenditures set forth in the budget."
Certain assumptions for both revenues and expenditures have been made in these projections,
including the projected impact of COVID-19 on the City's operations as initially presented by the
City Administration to the Finance and Economic Resiliency Committee (FERC) on April 17 and
April 24, 2020 that are continuing to be further refined and adjusted as additional information and
data becomes available. These assumptions, along with our continued efforts toward managing
the City's resources and ongoing adjustments to line item revenues and expenditures throughout
the year, will impact projections as we look ahead.
SUMMARY
The budget balancing plans for the General Fund, Resort Tax Fund, and Parking Fund presented
at the FERG meeting on April 17, 2020 projected revenue losses through the end of the fiscal
year and balanced the FY 2020 budget by emphasizing cost reductions as much as possible and
judiciously using reserves to make up the difference. The table below shows the difference in the
use of reserves between the original budget balancing plans presented to the FERG on April 17,
2020, the second quarter projections detailed in a Letter to Commission (L TC) on May 15, 2020
(L TC# 178-2020), and third quarter projections which reflect the latest updated financial
information.
General Fund $8.6 million
$2.4 million
(ne t of COVID-19 reimbursable
expenses and adjustments for
PayGo and CRR)
$2.8 million
(net of COVID-19 reimbursable
expenses and adjustments for
PayGo and CRR)
Resort Tax $5.0 million $5.1 million $5.1 million
Letter to Commission -- Fiscal Year 2020 Third Quarter Analysis
Page 2 of 16
The General Fund use of fund balance decreased from $8.6 million as presented on April 17,
2020 to the FERC to $2.8 million projected as of the end of the third quarter of FY 2020 which
reflects additional savings from: (1) the list of employees required to take 5 unpaid furlough days
by end of the fiscal year being extended to include all non-public safety union employees making
more than $50,000 and enactment of a citywide hiring freeze; (2) additional full-time positions
being furloughed until the return of normal operations; (3) additional miscellaneous savings from
cost-saving measures such as reducing all non-essential expenditures and reducing contractual
services as much as possible.
The $2.8 million projected as of the third quarter increases by $3.6 million to $6.4 million with
COVI D-19 reimbursable expenses incurred to date and to $7 .1 million with additional projected
COVID-19 food expenses of $400,000 and rent assistance of $330,000 that were approved at the
May 8, 2020 FERC meeting and City Commission on June 24, 2020 through Resolution No. 2020-
31306. Amounts for COVID-19 reimbursable expenditures are likely continue to increase as
implementation of COVID-related measures continue over the next few months and more clarity
becomes available regarding what expenses are reimbursement eligible. Finally, there is an
adjustment to reflect the savings from deferred capital projects in the Pay-As-You-Go (PayGo)
and Capital Renewal & Replacement (CRR) funds paid for from the General Fund.
The Resort Tax Fund use of fund balance, projected as of the third quarter, is still projected at
$5.1 million and the Parking Fund budget balancing plan does not propose any use of reserves
to ensure compliance with debt service coverage requirements.
All General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets
are projected to be at or below their current FY 2020 amended budgets as of year-end with
revenues projected to be equivalent to or in excess of expenditures. As noted in the second
quarter analysis, the only exceptions are the Convention Center Fund, Risk Management Fund,
and Medical and Dental Fund.
There is a $1.9 million gap in the Convention Center Fund, which is a decrease from the $3.9
million gap projected as of the second quarter, resulting from additional projected revenues from
the State of Florida for usage of the facility as an Alternate Care Facility (ACF) through the end of
the fiscal year due to the COVID-19 shutdown that will be offset using the existing $11.0 million
fund balance and would leave $9.1 million if realized at year-end. In addition, there is a $1.6
million gap in the Risk Management Fund, which is a decrease from the $2.5 million gap projected
as of the second quarter, due to unforeseen increases in rates and deductibles realized across
most lines of insurance for FY 2020 which will be closed by sweeping savings from other internal
service funds, including Property Management and IT, or offset with the use of prior year fund
balance. Lastly, there is a $199,000 gap in the Medical & Dental Insurance Fund, which is a slight
decrease from the $249,000 gap projected as of the second quarter, due to medical and pharmacy
claims trending higher than budgeted. This will continue to be monitored over the coming months.
If this claims experience continues to trend at current levels for the remainder of the fiscal year,
available fund balance may be realized to cover the projected year-end gap.
CORONA VIRUS RELIEF FUND
Miami-Dade County has received an allocation from the Coronavirus Relief Fund (CRF) under
the Coronavirus Aid, Relief, and Economic Security (CARES) Act. $100 million of that funding is
being allocated for an award program for local municipalities. Of the $100 million, $75 million is
for operational costs and $25 million for new municipal programs.
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
Page 3 of 16
Funds from this program may only be used to (1) cover costs that are necessary expenditures
incurred due to the public health emergency with respect to COVID-19, (2) were not accounted
for in the budget most recently approved as of March 27, 2020, and (3) were incurred during the
period of March 1, 2020 through December 30, 2020. The County will consider reimbursement
for COVID-19 related and incurred operating expenses, as well as certain new programs
proposed by municipalities.
The following are not eligible under the program: (1) equipment and capital expenses; (2) loss of
revenue; (3) utility payment forgiveness.
Examples of eligible costs for the $75 million program include:
• Costs to enable remote work
• FEMA cost share (the 12.5% local cost component of FEMA PA)
• Personnel costs for hours dedicated to mitigating or responding to COVID-19
• Contact tracing
• Public health
• Expenses to facilitate compliance with public health precautions
Examples of eligible costs for the $25 million program include:
• Rental and mortgage assistance programs
• Job training
• Childcare
• Small business grants for business interruption
The City of Miami Beach is in the process of executing an interlocal agreement with the County
and has submitted approximately $20 million of year-to-date expenditures for potential
reimbursement. Between now and December, an additional $1 O million of COVID-19 related costs
are estimated to be incurred that may also be eligible for reimbursement. The City will be
submitting requests for reimbursement by the end of the month and hopefully receiving funding
over the next few months. Periodic updates will be provided to the City Commission as to the
status of these funds.
Any funds received from the program would be one-time in nature and the Administration's
recommendation would be to restore all reserve amounts in the General Fund and Resort Tax
Fund that have been or will be used to balance the FY 2020 and FY 2021 budgets. Please note
that virtually all of the COVID-19 related expenses have been incurred in the General Fund and
reserves in both funds have been used to cover budget shortfalls from the economic impact of
COVID-19. Any funds over and above that amount are recommended to be put towards the
General Fund reserve goal of 3 months, or 25% of total revenue, and/or the Resort Tax reserve
goal of 6 months, or 50%.
Please note that the third quarter projection analysis does not assume receipt of any of this
funding since it is prospective, and the actual amounts of reimbursement are unknown at this
time.
BACKGROUND
The operating budgets for the General Fund, Enterprise Funds, Internal Service Funds, and
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
Page 4 of 16
Special Revenue Funds for FY 2020 were adopted by the Mayor and City Commission on
September 25, 2019, through Resolution No. 2019-31004.
The First Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special
Revenue Funds budgets for FY 2020 was adopted by the Mayor and City Commission on
November 25, 2019, through Resolution No. 2019-31081.
The Second Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and
Special Revenue Funds budgets for FY 2020 was adopted by the Mayor and City Commission
on January 15, 2020, through Resolution No. 2020-31138.
The Third Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and
Special Revenue Funds budgets for FY 2020 was adopted by the Mayor and City Commission
on February 12, 2020, through Resolution No. 2020-31178.
The Fourth Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and
Special Revenue Funds budgets for FY 2020 was adopted by the Mayor and City Commission
on May 13, 2020, through Resolution No. 2020-31268.
The Fifth Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special
Revenue Funds budgets for FY 2020 was adopted by the Mayor and City Commission on June
24, 2020, through Resolution No. 2020-31306.
On March 1, 2020, the Governor issued an Executive Order directing the Surgeon General of the
State of Florida to issue a public health emergency and in response to the pandemic outbreak of
COVID-19, the Governor declared a State of Emergency on March 9, 2020. In direct response to
the first confirmed case of COVID-19 in Miami-Dade County on March 11, 2020 the Miami-Dade
County Mayor declared a State of Emergency for Miami-Dade County. The City Manager declared
a State of Emergency in the City of Miami Beach on March 12, 2020. Subsequently, both the
County and the City issued various Emergency Orders temporarily closing public and private
facilities, including the temporary closure of all non-essential retail and commercial
establishments and identifying essential retail and commercial businesses which may remain
open. These actions have greatly limited the amount of economic activity taking place in the City
of Miami Beach and continue to result in significant impacts to the City's finances.
ANALYSIS
As a result of the COVI D-19 epidemic, the City is continuing to experience dramatic impacts to its
Resort Tax, Parking, Water & Sewer, and General Fund revenues, as the City is highly dependent
on the tourism and hospitality industry. In response, at the April 17 and April 24, 2020 FERC
meetings, the City Administration presented the potential financial impacts of COVID-19 on the
City's operations with three different scenarios (Optimistic, Likely, and Conservative), as well as
a plan for balancing the City's major funding sources (Resort Tax, Parking, and General Fund)
through the end of the fiscal year based on the "Likely" scenario which was projected with the
expectation of three months of very low economic activity and three months of slow growth.
The key to creating these plans to balance the remainder of the FY 2020 budgets was to (1)
reduce costs as much as possible to mitigate the projected revenue loss and (2) judiciously use
the City's reserves to make up the difference.
The third quarter projections include the projected savings based on the actions taken by the City
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
Page 5 of 16
Manager that were outlined in a Letter to Commission (L TC) on March 26, 2020 (L TC# 143-2020),
as well as the recommended cost reductions that were presented by the City Administration to
the FERG on April 17 and April 24, 2020, which, among other things, included the following:
• Hiring freeze (including reclassifications) and a budget freeze for all non-essential, non-
capital ( construction) expenditures
• Hold on all non-COVID-related expenditures over $5,000, requiring an additional layer of
review by a four-person oversight committee reporting to the City Manager
• Cancel all city-related travel
• Review and suspend all contractual services so that we are only maintaining what is
necessary
• Suspend labor contracts with AFSCME, CWA, and GSA to provide greater flexibility in
scheduling and assignments during this emergency
• Cease overtime for all departments except Police and Fire. If an emergency arises such
that overtime is necessary, it will require the City Manager's approval. Police and Fire have
been asked to provide plans to dramatically reduce or eliminate overtime
• Furlough of full-time, part-time, and temporary employees since, in most cases, the work
being performed by these individuals, was no longer needed as a result of the closures of
numerous City facilities (first responders from the Police and Fire Departments were not
impacted)
• City Manager, City Attorney, City Clerk and Inspector General will each take 10 unpaid
furlough days, as well as Management Team members and all other employees (except
Police and Fire) making more than $50,000 per year will each take 5 unpaid furlough days
before the end of the fiscal year
• Elected officials will forego a combination of their salaries and allowances during the
current fiscal year, which varies by elected official
• No Cost of Living Adjustments (COLA) for unclassified employees to be given for FY 2020
• Refinancing of outstanding debt
• Additional costs identified by departments tasked with reducing costs as much as possible
It is important to note that the third quarter projections for FY 2020 include the impacts of all five
collective bargaining agreements, including applicable increases in previously existing and newly
provided additional specialty pays, ratified by the City and the International Association of Fire
Fighters (IAFF) on May 8, 2019 through Resolution No. 2019-30831, the Government Supervisors
Association of Florida (GSAF) on July 17, 2019 through Resolution No. 2019-30909, the Fraternal
Order of Police (FOP) on July 31, 2019 through Resolution No. 2019-3093, the Communications
Workers of America (CWA) on October 30, 2019 through Resolution No. 3019-31070, and
American Federation of State, County, and Municipal Employees (AFSCME) on December 11,
2019 through Resolution No. 2019-31106. Of the five agreements, it is important to note that two
were ratified subsequent to the adoption of the FY 2020 budget (CWA and AFSCME).
GENERAL FUND
General Fund Third Quarter Status
An analysis of the actual nine-month operating revenues and expenses for the period October 1,
2019 through June 30, 2020 reveals an operating budget surplus of $32.6 million. While the actual
surplus as of June 30, 2020 may seem unusual when compared to the projection for the current
fiscal year ending September 30, 2020, it should be noted that the City receives a larger
percentage of its ad valorem property taxes during the earlier months of the fiscal year. Ad
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
Page 6 of 16
valorem property tax revenues represent approximately 53.6% of total budgeted revenues
adopted in FY 2020 and 61.3% of actual revenues collected during the first nine months of the
fiscal year.
As of June 30, 2020, total revenues collected were approximately 76.9% of the current FY 2020
amended budget, or $286.0 million. Conversely, expenditures were approximately 68.1 % of the
current FY 2020 amended budget, or $253.4 million. It is important to note that there are often
delays in expenditures until the close-out of the fiscal year.
/4. ¥ » ;
314 of Amended Actuals as of Variance from 3/4
General Fund Adopted Budget Amended Budget Budget 06130120 Amended Budget
Over I (Under)
Revenues $ 350,143,000 $ 372,008,000 $ 279,006,000 $ 286,027,796 $ 7,021,796
Expenditures $ 350 143 000 $ 372 008 000 $ 279 006 000 $ 253 392 057 $ (25,613,943)
e. NE#e t i Excess of Revenues Over/Under) Expenditures $ 32,635,740 ' . .
General Fund Year-End Projections
Year-end operating revenues and expenditures projected through September 30, 2020 provide a
more realistic indication of any estimated year-end surpluses or shortfalls as of this point in time.
While actual revenues and expenses are as of June 30, 2020, these projections have
incorporated more current information, including the potential ongoing impact of COVID-19 on the
City's revenues, as well as the actions taken by the City Manager that were outlined in a Letter to
Commission (L TC) on March 26, 2020 (L TC# 143-2020) and the recommended cost reductions
that were presented to the FERC on April 17 and April 24, 2020.
A summary of the preliminary General Fund revenues and expenditures as of June 30, 2020 with
projections through September 30, 2020 reflects a projected year-end gap of $2.8 million net of
reimbursable COVID-19 expenditures and adjustments made for the deferred capital projects in
the PayGo and CRR Funds. The PayGo and CRR adjustments are made to adjust for the savings
from projects deferred in those respective capital project funds instead of the General Fund. It is
important to note that the budget balancing plan represented to the FERC on April 17, 2020
estimated the use of $8.6 million General Fund Reserves in order to address the preliminary
estimated gap, and is approximately $400,000 higher than projected as of the second quarter
published in a Letter to Commission on May 15, 2020 (L TC# 178-2020).
It should be noted that this analysis is a preliminary projection based on not only the experience
during the first nine months of the fiscal year, but also the ongoing projected impact of COVID-19
on the City's operations for the remainder of the fiscal year, and is consistent with the
recommended balancing plans that were presented by the City Administration to the FERC on
April 17 and April 24, 2020. As more information becomes available over time, these projections
will continue to be refined.
MMII. ro
General Fund Adopted Budget Amended Budget Projected Difference % Over I (Under)
Revenues $ 350,143,000 $ 372,008,000 $ 343,572,000 $ (28,436,000) -7.6%
Expenditures $ 350,143,000 $ 372,008,000 $ 353,414,000 $ (18,594,000) -5.0%
Excess of Revenues Over/(Under) Expenditures; $ (9,842,000) -2.6% .. '/
Meals Program for COVlD-19 400,000
Rent Assistance for COVID-19 330 000
Excess of Revenues Over/(Under) Expenditures) $ (10,572,000) -2.8% i e
Less Reimbursable C OVID-19 expenditures to date 3,610,408
Less projected reimbursable CO\VID-19 expenditure for Meals Program 400,000
Less projected reimbursable COVID-19 expenditure for Rent Assistance 330,000
Adjustment for Pay-As-You-Go capital project deferrals 2,677,572
Adjustment for Capital Renewal and Replacement capital project deferrals 769,000
Excess of Revenues Over/(Under) Expenditures, $ (2,785,020)/ -0.7% I
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
Page 7 of 16
General Fund Operating Revenues
FY 2020 property tax collections are being projected at 95.0% of total property taxes assessed,
which is consistent with the original adopted budget allowing for discounts and a level of
adjustment for appeals that is consistent with historical levels. The impact of these appeals and
adjustments realized for the FY 2020 budget were provided by the Miami-Dade County Property
Appraiser in July 2020 when the City's certified property values were received.
As of June 30, 2020, actual operating revenues were approximately 76.9% of the current
amended budget, or $286.0 million, with operating revenues through fiscal year-end September
30, 2020 projected at $343.6 million, which is approximately 7.6%, or $28.4 million, below the
current amended budget, primarily due to the ongoing projected impact of COVID-19 on the City's
revenues.
As a result of the projected impact of COVID-19 on the City's General Fund operations, revenue
categories with significant variances to budget in excess of 10%, or $300,000, are comprised of
the following:
• Contribution from Resort Tax- $9.3 million (25.3%)
• Other Non-Operating Revenues (this is comprised of administrative fees collected from
Non-General Fund departments and the Contribution from Parking) - $8.9 million (47.8%)
• Licenses and Permits - $3.3 million (10.9%)
• Charges for Service - $3.1 million (23.2%)
• Intergovernmental Revenues - $2.7 million (22.2%)
• Interest Revenues - $1.2 million (33.5%)
• Miscellaneous Revenues - $891,000 (6.0%)
• Rents & Leases - $863,000 (14.5%)
• Fines and Forfeitures - $493,000 (28.1 %)
For a detail of General Fund revenues by category, refer to the attached Exhibit A.
General Fund Operating Expenditures
As of June 30, 2020, actual expenses were approximately 68.1 % of the current FY 2020 amended
budget, or $253.4 million, with operating expenditures through fiscal year-end September 30,
2020 projected at $353.4 million, which is approximately 5.0%, or $18.6 million, below the current
FY 2020 amended budget. As previously mentioned, these projections are not only based on
experience during the first nine months of the fiscal year, but also more current information
available, including the ongoing potential impact of COVID-19 on the City's operations.
As a result of the projected impact of COVID-19 on the City's General Fund operations, and cost-
savings measures currently in place, General Fund expenditures by department with significant
variances to budget in excess of 10%, or $300,000, are comprised of the following:
• Parks and Recreation - $3.7 million (9.5%)
• Citywide Accounts - $2.7 million (8.7%)
• Public Works- $1.7 million (10.8%)
• Police - $1.5 million (1.3%)
• Economic Development - $829,000 (32.0%)
• City Attorney- $814,000 (12.9%)
L e t t e r to C o m m is s io n - Fis c al Y e a r 2020 Third Quarter Analysis
Page 8 of 16
• Building - $805,000 (5.7%)
• Code Compliance - $737,000 (11.3%)
• Fire - $689,000 (0.8%)
• Capital Improvement Projects (CIP)- $671,000 (12.6%)
• Planning - $505,000 (8.8%)
• Finance - $492,000 (7.4%)
• Tourism and Culture - $470,000 (13.2%)
• Marketing and Communications - $434,000 (17.6%)
• City Manager's Office - $433,000 (10.0%)
• Human Resources - $372,000 (13.3%)
• Housing and Community Services- $343,000 (7.7%)
• Organizational Development Performance Initiatives (0DPI) - $332,000 (27.8%)
While the above-listed departments comprise those with significant variances to budget in excess
of 10%, or $300,000, all General Fund departments are projected to have savings at year-end.
The General Fund expenditures include approximately $3.6 million of reimbursable year-to-date
expenses related to COVID-19 as summarized in the table below.
Supplies & PPE $648,369 $453,344 $1,101,713
Other Services 104,185 208,097 312,282
Overtime 1,771,660 424,753 2,196,413
Total $2,524,214 $1,086,194 $3,610,408
Additional funding for the meals and rent assistance programs related to COVID-19 was approved
at the May 8, 2020 FERC and June 24, 2020 City Commission meetings. These projections
include $400,000 and $330,000, respectively, for these programs.
For a detail of General Fund expenditures by department, refer to the attached Exhibit A.
ENTERPRISE FUNDS
The City accounts for those goods and services provided by a particular department to external
users for which a fee is charged as Enterprise Funds. The City's Sanitation, Water, Storm Water,
Sewer, Parking, and Convention Center operations comprise this category of proprietary funds.
An analysis of the actual nine-month operating expenses for the period October 1, 2019 through
June 30, 2020, reveals that all Enterprise Funds have expenses less than three quarters of their
current FY 2020 amended budgets. As previously mentioned, this is not representative of typical
trends for a full fiscal year, as there is often a lag in processing of expenditures, particularly those
billed by outside entities for services provided.
Letter to Commission -- Fiscal Year 2020 Third Quarter Analysis
Page 9 of 16
FY 2020 Adopted Budget 22,420,000 52,415,000 31,998,000 36,915,000 55,532,000 30,002,000
Budget Am endmen t - 11/25/19 634,000 826,000 432,000 2,163,000 129,000 1,525,000
Budget Amendment - 01/15/20 o o 799,000 o o o
Budget Amendment - 02/12/20 o o o o o o
Budget Amendment - 05/13/20 o o o o o o
Bud uet Amendment - 06/24/20 o o o o o o
FY 2020 Amended Budaet 23,054.000 53,241,000 33 229 000 39,078 000 55,661 000 31.527.000
3/4 Adopted Budget 16,815,000 39,311,250 23,998,500 27,686,250 41,649,000 22,501,500
3/4 Amended Buduet 17 290.500 39 930 750 24.921 750 29.308 500 41 745.750 23,645.250
Revenues as of 06/30/20 14.774.822 35 998.147 22 821 980 24.122.624 28.301 381 8,103,730
Ex@enditures as of 06/30/20 15,423,586 33,438,001 17,992,779 18,744,062 24,931,614 3,778,295
Expenditures Above/(Below) 3/4 Amended Budget (1,866,914) (6,492,749) (6,928,971) (10,564,438) (16,814,136) (19,866,955)
% Variance -8.1% -12.2% -20.9% -27.0% -30.2% -63.0%
Year-end operating revenue and expenditure projections through September 30, 2020 provide a
more realistic indication of any anticipated year-end surpluses or shortfalls as of this point in time.
While the actual revenues and expenses presented above are as of June 30, 2020, the year-end
projections incorporate more current information, including the projected impact of COVID-19.
Revenues for all Enterprise Funds are projected to be equivalent to or in excess of expenditures
as of year-end, unless otherwise reflected in the table below and subsequently detailed further.
Sanitation - In the Sanitation Fund, the projections below include the use of approximately
$910,000 of prior year fund balance from the Sanitation Fund which is less than the $1.1
million that was previously projected as of the second quarter based on savings realized from
the various cost saving measures implemented and revenues trending slightly higher than
previously projected as of the second quarter due to the projected impact of COVID-19.
Parking - Based on the Parking Enterprise Fund's FY 2020 third quarter projections,
revenues are projected to exceed expenditures resulting in approximately $377,000 of the
approximately $6.1 million adopted to be set aside in FY 2020 should these projections be
realized at year-end. This is a difference of approximately $6.4 million from the projected $6.0
million gap projected as of the second quarter projections reflected in a Letter to Commission
on May 15, 2020 (L TC# 178-2020) and $6.9 million per the Parking Budget Balancing Plan
presented to the Finance and Economic Resiliency Committee on April 17, 2020. The
projected decrease in the use of fund balance necessary for FY 2020 is attributed to a
combination of revenue and expenditure refinements based on more current information
available, including meter, garage, and permit revenues trending higher than projected as of
the second quarter due to the potential impact of COVID-19, personnel and operating
expenditures being further refined based on year-to-date expenses, and one-time savings
from the refinancing of Parking debt further detailed in an August 6, 2020 L TC (279-2020).
Convention Center - The Convention Center Fund will require the projected use of prior year
fund balance due to the ongoing impact of COVI D-19. Various conventions, trade shows, and
events have been cancelled or rescheduled due to the shutdown resulting in a projected $1.9
million gap, which is a decrease from the $3.9 million gap projected as of the second quarter
of FY 2020. The difference of approximately $2.0 million between the second and third quarter
projections is primarily due to the additional revenues from the State of Florida for use of the
Miami Beach Convention Center as an Alternate Care Facility (ACF) for COVID-19 through
the end of the fiscal year. As a result, the projections assume no events will take place from
April through September. If realized at year-end, the projected gap of approximately $1.9
million will be offset using the existing $11.0 million fund balance, which would leave $9.1
million.
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
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FY 2020 A dopted Bud get
Budget Amendment - 11/25/19
Budget Amendment - 01/15/20
Budget A m endm ent - 02/12/20
Budget A m endm ent - 05/13/20
Bud et A m endm ent - 06/24/20
FY 2020 A m ended Bud et
22,420,000 52,415,000 31,998,000 36,915,000 55,532,000
634 ,000 826,000 432,000 2,163,000 129,000
o o 799,000 o o
o o o
o o o
o o o o o
23,054,000 53.241.000 33.229 000 39 078 000 55 661 000
30,002,000
1,525,0 00
o
o
o
o
31 527 000
FY 2020 Proje ctions:
Charges fo r Serv ices
Ot he r
18,361,000
863,000
46,680,000
3,683,000
31,444,000
76 000
32,5 98,0 00
1 763 000
27,598,000
3,8 95,000
16,095,000
7.,496.000
$Over/(Under) Amen ded Budget
% O ver/(U nder) A m ended Budget
19,224,000
(3,830,000)
-16.6 %
50,363,000
(2,878,000)
-5.4%
31,368,000
(1,861,000)
-5.6%
34,361,000
(4,717,000)
-12.1%
31.493,000
# (24,168,000)
-43.4%
23,591 000
(7,936,000)
-25.2%
$ 0veri(Under) mended Budget
% O ver/ Under A m ended Bud et
19,224 000
(3,830,000)
-16.6%
Revenues Over/Under Er n ditures
Due to the projected impact of COVID-19 on the City's revenues, as well as the actions taken by
the City Manager and recommended cost reductions presented by the City Administration to the
FERG on April 17, April 24, and May 1, 2020, all Enterprise Fund budgets are projected have
significant variances to budget in excess of 10%, or $300,000. These projections will continue to
be refined as additional information becomes available.
INTERNAL SERVICE FUNDS
The City accounts for goods and services provided by one department to other departments
citywide on a cost reimbursement basis as Internal Service Funds. Central Services, Fleet
Management, Information Technology, Property Management, Risk Management (Self
Insurance), and Medical and Dental comprise this category of proprietary funds.
An analysis of the actual nine-month operating revenues and expenses for the period October 1,
2019 through June 30, 2020, reveals that all Internal Service Funds have expenses less than
three quarters of their current FY 2020 amended budgets, primarily due to expenditures typically
incurred later in the fiscal year, except for the Information Technology Fund which is attributed to
annual maintenance expenditures incurred by the Department during the first nine months of the
fiscal year.
FY 2020 A dopted Budget 1,115,000 12,938,000 16,848,000 11,001,000 19,655,000 37,367,000
Budget A m end m ent - 11/25/19 4,000 461,000 530,000 491,000 122,000 o
Budget A m end m ent - 01/15/20 o o o o o o
Budget Am end m ent - 02/12/20
Budget Amendment - 05/13/20 o o
Bud et A m end m ent - 06/24/20 o o
FY 2020 A m end ed Bud et 1119,000 13,399,000 17,3 78,0 00 11,492,000 19,777,000 37,367,0 00
3/4 A dopted Bud get 836,250 9,703,500 12,636,000 8,250,750 14,741,250 28,025,250
3/4 Amended Bud et 839,250 10,049,250 13,033,500 8,619,000 14,832,750 28,025,250
Revenues as of 06/30/20 831,864 9,546,315 11,958,701 7,225,152 14,389,238 27,722,886
Ext en di tur es as of 06 /30/20 759,4 49 8,456,881 13,319,048 6,72 1,172 10,754,874 23,925,9 19
Expenditures A bove/(B elow ) 3/4 A m ended Budget (79,801) (1,592,369) 285,548 (1,897,828) (4,077,876) (4,099,331)
% V arianc e -7.1% -11.9% 1.6% -16.5% -20.6 % -11.0%
Year-end operating revenue and expenditure projections through September 30, 2020 provide a
more realistic indication of any anticipated year-end surpluses or shortfalls as of this point in time.
While the actual revenues and expenses presented above are as of June 30, 2020, the year-end
projections incorporate more current information, including the projected impact of COVID-19.
Letter to Commission -- Fiscal Year 2020 Third Quarter Analysis
Page 11 of 16
Revenues for all Internal Service Funds are projected to be equivalent to or in excess of
expenditures as of year-end, unless otherwise reflected in the table below and subsequently
detailed further in the variance explanations below.
FY 2020 Adopted Budget 1,115,000 12,938,000 16,848,000 11,001,000 19,655,000 37,367,000
Budget Amendment - 11/25/19 4,000 461,000 530,000 491,000 122,000 o
Budget Amendment - 01/15/20 o o o o o o
Budget Am end m ent - 02/12/20 o o o o o o
B udg et Amendment - 05/13 /2 0 o
B ud 4e t A m e ndm e nt - 06 /2 4/2 0 o
FY 2020 Amended Bud et 1119.000 13.399 000 17,378.000 11492000 19.777.000 37.367.000
993,000 12,541,000 15,949,000
24,000 191,000 1,096,000
1 017,000 12,7 32,00 0 17,045,000
(102,000) (667,000) (333,000)
-5.0% -1.9%
37,566,000
199,000
0.5%
199,000
Due to the projected impact of COVID-19 on the City's revenues, as well as the actions taken by
the City Manager and recommended cost reductions presented by the City Administration to the
FERC on April 17, April 24, and May 1, 2020, all Internal Services Funds budgets are projected
have significant variances to budget in excess of 10%, or $300,000, except for Central Services
which is projected to be under budget by $102,000, or 9.1 %, and Risk Management and Medical
and Dental, which are projected to exceed their current amended budgets as further explained
below:
Risk Management - This fund is projected to be 6.1 %, or $1.2 million, above the current
amended budget, primarily due to unforeseen increases in rates and deductibles across most
lines of insurance, including, but not limited to property, workers' compensation, and cyber
liability, as well as legal fees for general liability and worker's compensation claims trending
significantly higher than budget, which is approximately $1.2 million less than projected as of
the second quarter based on the realized increases in insurance rates and deductibles for FY
2020. Since rates and claims can fluctuate, the trend will continue to be monitored over the
coming months. If these trends continue at current levels for the remainder of the fiscal year,
the projected savings realized from other Internal Service Fund budgets may be realigned to
cover the projected year-end gap or offset with the use of prior year fund balance.
Medical and Dental -- This fund is projected to be 0.5%, or $199,000, above the current
amended budget due to medical and pharmacy claims trending higher than budget based on
current year-to-date claims experience, which includes several large claims and adjusted
actuarial forecasts resulting from this claims experience. Since claims can fluctuate
significantly throughout the year, this is a conservative projection, and the trend will continue
to be monitored over the coming months. If this claims experience continues to trend at current
levels for the remainder of the fiscal year, available fund balance may be realized to cover the
projected year-end gap.
SPECIAL REVENUE FUNDS
Special Revenue Funds consist of revenues and expenditures which are legally restricted or
committed for specific purposes other than debt service and/or capital projects. Special Revenue
Funds include Resort Tax, as well as 7" Street Garage Operations, 5" & Alton Garage
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
Page 12 of 16
Operations, Normandy Shores and Biscayne Point Taxing Districts, Tourism and Hospitality
Scholarship Program, Tree Preservation and Commemorative Tree Trust Fund, Beachfront
Concession Initiatives Program, Beach Renourishment Fund, Waste Haulers and Sustainability
Contributions, Education Compact Fund, Red Light Camera Program, Emergency 911 Fund,
Residential Housing Program, Information and Communications Technology Fund,
Transportation and People's Transportation Plan (PTP) Fund, Miami Beach Cultural Arts Council
and Art in Public Places Operations, Miami City Ballet, Police Unclaimed Property and Crash
Report Sales Funds, Police Confiscation Trust Funds (Federal and State), Police Training and
School Resources Fund, and the Adopt-a-Bench Program.
An analysis of the actual nine-month operating revenues and expenses for the period October 1,
2019 through June 30, 2020, reveals that all Special Revenue Funds, except the People's
Transportation Plan (PTP) and 5" & Alton Garage Fund have expenses less than three quarters
of their current FY 2020 amended budgets primarily due to expenditures that are typically incurred
in the latter part of the fiscal year. The People's Transportation Plan (PTP) and 5" & Alton Garage
Fund have expenses that are more than three quarters of their current FY 2020 amended budgets
due to expenses incurred during the first nine months of the fiscal year for operations,
maintenance, etc. The actuals incurred for these funds through June 30, 2020 are not
representative of typical trends for a full fiscal year.
Revenues for all Special Revenue Funds are projected to be equivalent to or in excess of
expenditures as of year-end. In addition, most Special Revenue Funds are projected to have
significant variances to budget in excess of 10%, or $300,000, due to the projected impact of
COVID-19 on the City's revenues, as well as the actions taken by the City Manager and
recommended cost reductions presented by the City Administration to the FERC on April 17, April
24, and May 1, 2020.
The only significant variance in Special Revenue Funds to note is the Transportation Fund:
Transportation - This fund is projected to be 48.1%, or $6.8 million, below the current
amended budget primarily due to the projected impact of COVID-19 on the City's Resort Tax
and Parking revenues that predominately fund the City's Transportation operations, including
trolley services that were temporarily suspended as a result of COVID-19. It is important to
note that while there is a significant variance in the expenditure budget, when comparing
revenues and expenditures, there is $2.0 million available for trolley services, which are
assumed to gradually recommence as of September 1, 2020.
Transportation
FY 2020 FY 2020 Projected vs
Amended Budget Projected Amended % Over / (Under)
Budaet Variance
Expenditures $ 14.230.000 $ 7 390,000 $ (6 840 000) -48.1%
RESORT TAX FUND
The City's Resort Tax Fund is primarily supported by taxes collected pursuant to Chapter 67-930
(Section 6) of the Laws of Florida, as amended, and Section 5.03 of the City of Miami Beach
Charter, as amended. This legislation authorizes the use of Resort Taxes for the promotion of the
tourism industry, which includes, but is not restricted to the following: Publicity, advertising, news
bureau, promotional events, convention bureau activities, capital improvements and the
maintenance of all physical assets in connection therewith; and for the payment of the reasonable
and necessary expenses of collecting, handling and processing of said tax.
Letter to Commission -- Fiscal Year 2020 Third Quarter Analysis
Page 13 of 16
Typically, the City has considered the following services as "Services Related to the Promotion of
Tourism:"
• Police Officers serving entertainment areas
• A portion of Fire Rescue services from Fire Stations 1 & 2
• Ocean Rescue services
• Sidewalk pressure cleaning in South, Middle and North Beach visitor areas
• South Beach sanitation
• Enhanced Code Compliance/Enforcement provided to respond to evening entertainment
area violations and staffing of special events
• Other Code Compliance/Enforcement activities in tourism and visitor related
facilities/areas
• Tourism and Cultural Development Department and the Cultural Arts Council
• Museums and Theatres (Garden Center, Bass Museum, Colony and Byron Carlyle
Theatres)
• Golf courses (net of revenues)
• Memorial Day and other special event costs
• Homeless services
• July 4", Visitor Center funding, Holiday Lights, Festival of the Arts, Jewish Museum,
MDPL, Orange Bowl, Monuments, etc.
These allowable uses have led to increased tourism-related activities, such as special events
including Art Basel.
The City is highly dependent on the tourism and hospitality industry. As a result, due to COVID-
19, the City is continuing to experience dramatic impacts to its Resort Tax revenues.
Total two percent Resort Tax revenues are projected to be 34.1 %, or $22.2 million, below the
current FY 2020 amended budget as of year-end due, which was originally adopted assuming a
conservative 2.0% increase over total projected FY 2019 collections.
Total two percent Resort Tax expenditures are projected to be 26.2%, or $17.1 million, below the
current FY 2020 amended budget as of year-end due to across-the-board reductions in
expenditures, as well as some expenditures that were deferred, consistent with the recommended
Resort Tax balancing plan presented by the City Administration to the FERG on April 17, 2020,
which, among other things, included reductions in the transfers to the General Fund and
Sanitation Fund.
The proceeds of the one percent bed tax, as adopted through Resolution No. 2018-30512, and
continuing in FY 2020, unless amended by the City Commission, are to be utilized as follows:
60% allocated for Transportation initiatives in tourist-related areas; 10% allocated equally among
North Beach, Middle Beach and South Beach for capital projects that enhance Miami Beach's
tourist related areas; and 10% allocated to various arts and cultural programs.
Due to the impact of COVID-19, the foregoing allocations were amended by the City Commission
on May 13, 2020 for FY 2020 only, increasing the allocation for Transportation from 60% to 70%
and decreasing the allocation for the Cultural Arts Council from 10% to 0% (the allocation to North,
Middle, and South Beach Quality of Life Capital would remain unchanged at 10% each), to provide
additional support to the City's trolley systems that would be offset by funding appropriated in the
Cultural Arts Council from prior year accumulated fund balance.
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
Page 14 of 16
One percent Resort Tax operating revenues are projected to be 35.8%, or $5.3 million, below the
amended budget as of year-end. Concurrently, since transfers for Transportation initiatives in
tourism-related areas, North, Middle, and South Beach quality of life projects, and various arts
and cultural programs are directly based on the proceeds of the one percent tax, one percent
Resort Tax expenditures are equally projected to be 35.8%, or $5.3 million, below the current
amended budget as of year-end.
Lastly, the proceeds of the additional one percent bed tax levied solely for the purposes of
expanding, enlarging, renovating, and/or improving the Miami Beach Convention Center,
including debt service related thereto, as well as providing Capital Renewal and Replacement
funding for the Miami Beach Convention Center, is projected to be 35.8%, or $5.3 million, below
the current amended budget as of year-end. Since the proceeds of the additional one percent bed
tax must first provide for the payment of debt service and any excess, based on proceeds, be set-
aside for Capital Renewal and Replacement funding for the Miami Beach Convention Center,
additional one percent bed tax expenditures are also projected to be 35.8%, or $5.3 million, below
the current amended budget as of year-end. It is important to note that due to the impact of
COVID-19 on Resort Tax collections and based on the third quarter projections, approximately
$3.0 million will need to be transferred from the two percent Resort Tax for FY 2020 debt service
coverage should these projections be realized at fiscal year-end.
Overall, due to the impact of COVID-19 on Resort Tax collections, combined Resort Tax revenues
are projected to be 34.6%, or $32.7 million, below the current amended budget as of year-end,
while expenditures are projected to be 29.2%, or $27.6 million, below the current amended budget
resulting in a projected gap of $5.1 million to be funded from Resort Tax reserves, which is
consistent with the second quarter projections published in a Letter to Commission (L TC# 172-
2020) on May 15, 2020, should these projections be realized at year-end. The Resort Tax
projections will continue to be further refined as more information and data becomes available.
It is important to note that the budget balancing plan presented to the FERG on April 17, 2020
estimated the use of approximately $5.0 million Resort Tax Reserves in order to address the
preliminary estimated gap. This updated $5.1 million gap projected is slightly higher than the
original projection presented in the plan.
Revenues
2% Resort Tax
Miscellaneous Revenues
Transfer In from Fund Balance
1% Resort Tax (Q OL )
A dditio nal 1% for Convention Cen ter
Total Revenues
Expenditures
General Fund Contribution
S an ita tio n F und C o ntri b uti on
Contrib ution to GM C VB 8
Contrib ut ion to VC A
Contrib ution to M t Sina i
O th er Operating/Other Uses
Ma rketing
Tran sfer to NB , M B , SB Capital, Transp , and A rts (0 OL )
ddt'1% Con. Center Debt Service & Ca: Ren & Re
FY 2020 FY 2020
A dopted mended
Budget Budget
61,298,000 61,296,0 00 30,393,753
937,000 93 7,0 0 0 513,279
1,942,000 2,889.000 o
14,725.000 14,725.000 8,564,315
14,725.000 14,725.000 8,564,315
93,627,000 94,574,000 48,035,663
36.757,000 36.757,000 27.567.750
2.539,000 2.539.,000 1.904,250
7,127.000 7,127.000 5,16 0,129
2,940.000 2,940.000 1,495,781
1,000.000 1,000.000 0
13,614.000 14,497.000 20,628,425
200,000 264,000 3€,611
14.725,000 14.725,000 6,564,315
o
65,359,262
(17,3 23,5 99)
49.6%
54.8%
0.0%
58.2%
56.2%
50.8%
75.0 %
75.0%
72.4%
50.9%
0.0%
142.3%,
146%
58.2%
0.0%
39,143,000
892.000
2,889.000
9.453,000
9.453,000
61,830,000 ]
(22,155,0 00)
(45,000)
o
(5,2 72.000)
5,272,000)
27,465.000
1,270.000
5.161,000
1.879,000
0
12.225,500
39.500
9,453.000
9.45 3,0 00
66,946,000 /
32,744,000/
{9,292,000)!
(1,269,000)
(1,966,000)
(1,061,000)j
:7%
(224.500)
(5.272.000)
5,272.000)/
-36.1%
-4.€%
0.0%
-35.8%
-35.8%
-34.6%
69.1%
-25.3%
-5 0.0 %
-27.6%
-36.1%
-100.0%
-15.79
-865.0%
-3 5.6 %
27,628,000¢
(5,116,000)
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
Page 15 of 16
CONCLUSION
The third quarter projections continue to validate the assumptions in the budget balancing plans
for the General Fund, Resort Tax Fund, and Parking Fund presented at the FERG meeting on
April 17, 2020, as well as the second quarter projections detailed in a Letter to Commission on
May 15, 2020 (L TC# 172-2020). The projected General Fund use of fund balance increased from
$2.4 million to $2.8 million (net of COVID-19 reimbursable expenses and adjustments for PayGo
and CRR), the Resort Tax Fund use of fund balance, which is projected at $5.1 million, is
consistent with the second quarter projections, and the Parking Fund budget balancing plan did
not propose any use of reserves to ensure compliance with debt service coverage requirements.
All General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets
are projected to be at or below their current FY 2020 amended budgets as of year-end with
revenues projected to be equivalent to or in excess of expenditures, except for the Convention
Center Fund, Risk Management Fund, and Medical and Dental Fund. These gaps will be closed
using a mix of sweeping savings from other funds and use of available fund balance.
The assumptions in the budget balancing plans and in the third quarter projections will continue
to be actively monitored between now and the development of the FY 2020 year-end projections.
Any material variances will be disclosed and discussed at upcoming Finance & Economic
Resiliency Committee meetings.
JLM/JW/TOS
Letter to Commission - Fiscal Year 2020 Third Quarter Analysis
Page 16 of 16
EXHIBIT A
CITY OF M 1AM I BEACH
FY 2020 GENERAL FUND
3RD QUARTER
FY 2020 FY 2020 Actuals as of % Actual of ' '
Adopted Budget Amended Budget 06/30/20 Amended Budget .. %
REVENUES
Ad Valorem Taxes 184,150,000 184,150,000 171,991,740 93.4% 184,150,000 o 0.0%
Ad Valorem Taxes - Pay-As-You-Go Capital 2,470,000 2,470,000 2,470,000 100.0% 2,470,000 o 0.0%
Ad Valorem Taxes - Capital Renewal & Replacem ent 769,000 769,000 769,000 100.0% 769,000 o 0.0%
Ad Valorem Taxes - Normandy Shores 174,000 174,000 174,000 100.0% 174,000 o 0.0%
Other Taxes 23,995,000 23,995,000 14,745,623 61.5% 23,908,000 (87,000) -0.4%
Licenses and Permits 30,437,000 30,525,000 23,196,115 76.0% 27,198,000 (3,327,000) -10.9%
Inter governmental 12,081,000 12,081,000 7,278,129 60.2% 9,400,000 (2,681,000) -22.2%
Charges for Services 12,522,000 13,227,000 8,316,805 62.9% 10,152,000 (3,075,000) -23.2%
Fines and Forfeitures 1,756,000 1,756,000 1,053,100 60.0% 1,263,000 (493,000) -28.1%
Interest 3,461,000 3,461,000 6,470,201 186.9% 4,619,000 1,158,000 33.5%
Rents and Leases 5,959,000 5,959,000 4,600,028 1.0% 5,096,000 (863,000) -14.5%
Miscellaneous 14,780,000 14,780,000 7,659,556 51.8% 13,889,000 (891,000) -6.0%
Other-Resort Tax Contribution 36,757,000 36,757,000 27,567,750 75.0% 27,465,000 (9,292,000) -25.3%
Other-Non-Op erating Revenues 18,454,000 18,588,000 9,735,750 52.4% 9,703,000 (8,885,000) -47.8%
Fund Balance/Retained Earnings 2,378,000 15,974,000 o 0.0% 15,974,000 o 0.0%
Prior Year-End Surplus Carryover o 7.,342.000 o 0.0% 7,342.000 o 0.0%
TOT AL REVENUES 350.143.000 372 008 000 286 027 796 76.9% 343 572.000 (28.436.000 -7.6%
EXPENDITURES
Mayor & Commission 2,500,000 2,500,000 1,693,189 67.7% 2,290,000 (210,000) -8.4%
City Manager 4,314,000 4,314,000 2,850,920 66.1% 3,881,000 (433,000) -10.0%
Marketing and Communications 2,424,000 2,460,000 1,404,163 57.1% 2,026,000 (434,000) -17.6%
Office of Managem ent and Budget (prev. OBPI) 1,963,000 2,013,000 1,415,113 70.3% 1,949,000 (64,000) -3.2%
Office of Insp ector General (incl. Internal Audit) 1,455,000 1,983,000 941,349 47.5% 1,875,000 (108,000) -5.4%
Org. Dev Peformance Initiatives 1,284,000 1,194,000 530,311 44.4% 862,000 (332,000) -27.8%
Finance 6,530,000 6,645,000 4,493,718 67.6% 6,153,000 (492,000) -7.4%
Procurement 2,726,000 2,735,000 1,823,553 66.7% 2,488,000 (247,000) -9.0%
Human Resources/Labor Relations 2,728,000 2,791,000 1,751,264 62.7% 2,419,000 (372,000) -13.3%
City Clerk 1,790,000 1,851,000 1,164,686 62.9% 1,678,000 (173,000) -9.3%
City Attorney 6,078,000 6,333,000 3,900,534 61.6% 5,519,000 (814,000) -12.9%
Housing & Comm unity Services 3,695,000 4,433,000 2,442,420 55.1% 4,090,000 (343,000) -7.7%
Building 14,085,000 14,215,000 9,706,175 68.3% 13,410,000 (805,000) -5.7%
Planning 5,510,000 5,768,000 3,131,500 54.3% 5,263,000 (505,000) -8.8%
Environment & Sustainability 1,632,000 1,761,000 1,091,209 62.0% 1,524,000 (237,000) -13.5%
Tourism & Culture 3,545,000 3,572,000 2,091,370 58.5% 3,102,000 (470,000) -13.2%
Economic Development 2,491,000 2,591,000 1,209,116 46.7% 1,762,000 (829,000) -32.0%
Code Compliance 6,488,000 6,533,000 4,283,922 65.6% 5,796,000 (737,000) -11.3%
Parks & Recreation (including Golf courses) 37,864,000 38,942,000 23,028,049 59.1% 35,241,000 (3,701,000) -9.5%
Public Works 15,391,000 15,633,000 9,549,000 61.1% 13,940,000 (1,693,000) -10.8%
Capital Improvement Projects 5,327,000 5,327,000 3,429,303 64.4% 4,656,000 (671,000) -12.6%
Police 115,174,000 116,314,000 85,024,865 73.1% 114,774,000 (1,540,000) -1.3%
Fire 90,647,000 91,247,000 66,491,633 72.9% 90,558,000 (689,000) -0.8%
Citywi de (Net of Individual Items Below). 10,227,000 12,962,000 6,203,742 47.8% 10,587,000 (2,395,000) -18.4%
Normandy Shores 267,000 267,000 o 0.0% 267,000 o 0.0%
Pay-As-You-Go Capital 2,939,000 2,939,000 o 0.0% 2,939,000 o 0.0%
Info & Comm . Tech Fund 300,000 300,000 o 0.0% o (300,000) -100.0%
Capital Renewal and Replacement Fund 769,000 769,000 o 0.0% 769,000 o 0.0%
Buildina Fund o 13.596 000 13.595.976 100.0% 13.596 000 o 0.0%
TOTAL EXPENDITURES 350,143.000 372.008 000 253.247.081 68.1% 353.414.000 (18.594.000 -5.0%
EXCESS OF REVE NUES OVER/(UN DER) EXPEN DITURES #he±±; [##i ⅈ ii 32.780.716 i i (9,842,000 ±±±hi ii ' Meals Program for CO\VI-19 o o 144,976 O.O¾ 400,000 400,000 100.0%
Rent Assistance for COVID-19 o o o O.O¾ 330,000 330,000 100.0%
EXCESS OF REVENUES OVER/IUNDERI EXPENDITURES ,, , 32.635.740 ' (10,572.000 : +
TOTAL EXPENDITURES 350,143.000 372.008 000 253.392.057 68.1% 353,414.000 (18,594,000 -5.0%%
EXCESS OF REVENUES OVER/IUNDERI EXPENDITURES 110 672 000 e '
Less Reimb ursable COVID-19 expenditures to date 3,610,408
Less projected reimburs able COVID-19 expenditure for Meals Program 400,000
Less projected reimb urs able COVID-19 expenditure for Rent Assistance 330,000
Adjustment for Pay-As-You-Go capital project deferrals 2,677,572
Adjustment for Capital Renewal and Replacement capital project deferrals 769 000
EXCESS OF REVE NUES OVERI(UNDER) EXPEN DITURES ··.• (2,785,020 '