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 attached 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:
Exhibits 1, 2, and 3 include $2,478,587 of budgetary amendments within the General Fund, Special Revenue Fund, and the Debt Service Fund. The amendments primarily consist of:
• Transaction rent proceeds from the sale of the Margaritaville property is recognized in the amount of $1,391,368 and is transferred to the General Capital Outlay Fund and Major Equipment Replacement Fund for various City capital needs.
• The GOB Capital Project Fund has earned interest of approximately $625,000. A portion of the earnings ($455,000) will be used to cover project management costs of the GOB resulting in a savings to the General Fund. The savings will be used to cover several critical needs such as seawall repairs, Metro Transportation Engineering & Construction Cooperative (MTECC) participation fees, and bunker gear for new firefighters.
• Transfer of $613,879 in debt service funding from the Central Services Fund to the Debt Service Fund to properly account for debt service expenses in accordance to accounting guidelines.
Exhibits 4 through 7 include $2,679,901 of budgetary amendments within the Park Impact Fee Fund, GOB Fund, General Capital Outlay Fund, and Major Equipment Replacement Fund. The amendments primarily consist of:
• Recognition of $150,000 in park impact fee revenues to cover capital expenses related to various tree mitigation projects.
• Recognition of $625,000 in GOB interest income from the prior fiscal year and allocates a portion of the earnings to cover capital expenses related to the former Sunset Golf Course and transfers the remaining funds to the Central Services Fund for project management expenses related of the GOB.
• A clean-up of various similar capital projects within the General Capital Outlay Fund in the amount of $513,533 and transfers the funds to cover facility improvements at the David Park Tennis Center and Citywide HVAC repairs.
• Recognition of the transfer from the General Fund in the amount of $1,161,368 to the General Capital Outlay Fund for tree mitigation projects and the purchase of a pothole machine.
• Recognition of the transfer from the General Fund in the amount of $230,000 to the Major Equipment Replacement Fund for the replacement of a HVAC chiller at City Hall.
Exhibits 8 and 9 include $1,599,595 of budgetary amendments within Parking Enterprise Fund and Central Services Fund. The amendments primarily consist of:
• Rollover of unspent funds in the amount of $60,000 within the Parking Enterprise Fund for consulting services approved in the prior fiscal year.
• Within the Central Services Fund, a reallocation in the amount of $613,879 of debt service budget into an appropriate account per accounting guidelines.
• The transfer from the General Fund to the Central Services Fund in the amount of $455,000 is reduced and replaced with an allocation of interest earnings of the same amount to cover GOB project management expenses.
Recommended for inclusion on the agenda by:
Laurette Jean, Director of Budget & Performance Management
Adam Reichbach, Assistant City Manager for Finance and Administration