Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Amending The Fiscal Year 2022 Operating Budgets Of Various Funds As Adopted And Approved By Resolution R-2021-244; Amending The Fiscal Year 2022 Capital Improvement Plan As Adopted And Approved By Resolution R-2021-245.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the Resolution.
Explanation:
This Resolution seeks authorization to amend the Fiscal Year (FY) 2022 Operating Budget and the FY 2022 Capital Improvement Plan adopted and approved by the City Commission on September 23, 2021, pursuant to Resolutions R-2021-244 and R-2021-245 respectively.
Fiscal Impact:
Exhibit 1 include budgetary amendments within the General Fund totaling $1,554,974. The amendments consist of:
• A budget transfer in the amount of $16,856 to the General Capital Fund for the annual license fee and annual signal maintenance cost in compliance with the FEC license agreement for the Johnson Street crossing.
• A correction made to the accounting classification of the Margaritaville Transaction Rent proceeds in the amount of $1,391,368. Since the proceeds were received in FY21, a budget amendment is necessary to correctly reflect this revenue source.
• A grant match in the amount of $146,750 is transferred for the Hazard Mitigation Grant for the hardening of City Hall.
Exhibits 2-4 include $35,814,177 budgetary amendments within the Special Revenue Fund, CDBG/HOME Fund, and ILA Fund. The amendments primarily consist of:
• Exhibit 2 transfers $5,970,436 from the Special Revenue Fund to the CDBG/HOME fund per the recommendation of the Accounting Division. This exhibit also includes a budget transfer in the amount of $11,643,321 from the Special Revenue Fund to ILA Fund per the recommendation of the Accounting Division.
• Exhibit 3 recognizes the transfer of $5,970,436 from the Special Revenue Fund and allocates the funds as previously authorized. This item also includes a reallocation of $586,663 based on the needs of the division.
• Exhibit 4 recognizes the transfer of $11,643,321 from the Special Revenue Fund and allocates the funds as previously authorized.
Exhibit 5 reallocates $502,500 from the contractual services and consulting accounts within the American Rescue Plan Act Fund to address various unfunded project needs including the design costs for the new Police Headquarter radio tower and Avant-Garde sidewalk, and cost of survey for Fletcher Street wall.
Exhibits 6-8 include $4,925,691 within the Parks Impact Fee Fund, General Capital Fund, and Water and Sewer Fund. The amendments primarily consist of:
• Exhibit 6 allocates fund balance in the amount of $100,000 within the Park Impact Fee Fund for the construction of three new pickleball courts at Jefferson Park.
• Exhibit 7 recognizes the transfer of $16,856 from the General Fund licensing fees and other maintenance costs related to the FEC crossing on Johnson Street. This exhibit also combines two like FEC projects into one account and recognizes the Hazard Mitigation Grant in the amount of $440,250 (if awarded).
• Exhibit 8 reallocates $2,540,300 within the Water and Sewer Fund to address the operational needs of the department; transfer $1,750,000 to upgrade and recondition of reuse filters; and $75,000 to replace air conditioners in the electrical room.
Recommended for inclusion on the agenda by:
Laurette Jean, Director of Budget & Performance Management
Adam Reichbach, Assistant City Manager for Finance and Administration