Ord. No. 23-08-1958ORDINANCE NO. 23-08-1958
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF SOUTH MIAMI, FLORIDA, CREATING SECTION
2 -47 ENTITLED "EMERGENCY RESERVES FUND," OF
ARTICLE V OF THE CITY'S CODE OF ORDINANCES,
ADOPTING A CASH MANAGEMENT POLICY THAT REQUIRES
NO LESS THAN 10% OF THE BUDGET TO BE MAINTAINED AT
ALL TIMES BY THE CITY AS EMERGENCY RESERVES FUND
TO BE USED SOLELY FOR CATASTROPHES OR OTHER
UNSCHEDULED EMERGENCIES; PROVIDING FOR
CODIFICATION; AND PROVIDING FOR SEVERABILITY,
ORDINANCE IN CONFLICT, AND AN EFFECTIVE DATE.
WHEREAS, When the City's Comprehensive Financial Report was issued for
FY 1994/95, the Auditors, Sharpton, Brunson & Company recommended the creation of
a Contingency Reserves Fund to be funded from the cash carryover balance in the
General Fund; and
WHEREAS, at that time, City Administration reviewed the Auditor's
recommendation and considered it to be feasible and beneficial to the City's financial
stability; and
WHEREAS, the Contingency Reserves Fund was created by resolution No. 77-
96 -9831 with a balance of $1,000,000.00 to be maintained at all times and adopted a
policy that would restrict the use of this fund to catastrophes and other unscheduled
emergencies; and
WHEREAS, on September 2nd, 2001 the City Commission changed the policy
via resolution No. 145 -01 -11293 to provide for a Contingency Reserves Fund of no less
than 10% of the budget; and
WHEREAS, the Mayor and City Commission desire to adopt the policy as an
ordinance to be codified and hereby referred to as "Emergency Reserve Fund."
WHEREAS, Section 2 -47 entitled "Emergency Reserve Fund" under Article V
of the City's Code of Ordinances is being created.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA:
SECTION 1. The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this Ordinance
1
Ord. No. 23 -08 -1958
upon adoption hereof.
SECTION 2. That a Cash Management Policy is hereby adopted by ordinance,
to be codified to provide for a reserves fund balance of no less than 10% of the budget,
and hereby to be referred to as "Emergency Reserves Fund."
SECTION 3. Use of the Emergency Reserves Fund shall be with consent of the
City Commission for catastrophes and other unscheduled emergencies.
SECTION 4. This ordinance shall be effective immediately after the adoption
hereof.
PASSED AND ADOPTED 29`h this day of Jam, 2008
ATTEST:
ITY CLERK
1St Reading: 6/10/08
2nd Reading: 7/29/08
READ AND APPROVED AS TO FORM:
CITY EY
Commission Vote:
5 -0
Mayor Feliu
Yea
Vice Mayor Beasley:
Yea
Commissioner Wiscombe:
Yea
Commissioner Palmer:
Yea
Commissioner Beckman:
Yea
WAIy DocumentAresolutions \Ordinance Emergency Reserve Fund.beclunan rev.doc
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iI G9T1� OF SO@@TH 6N8�6�i, FL ®E�1 ®A , .
. On Tuesday July 22 2008, beginning at. 7:30 pm m the -Gdy Commission �;'
Chambers 6730'Suriset Drive; the City Cormission wtll Holtl putibe Hearings to {
' consider the following demsi -'� '
AN ORDINANCE RELATING TO THE LAND DEVELOPMENT CODE (REMOVING'..
FROM THE'LAND- .DEVELOPMENT CODE,SECTION 20.4d(Gj ENTITLED;'.
"JOINT USE SPACES'VIA SPECIAL PARKING PERMIT", REMOVING Ef {OM�-
THE LAND DEVELOPMENTBODE SECTION 20 -44(H) ENmTL6D METRO - I-
RAIL USAGE CONSIDERATION VIA SPECIAL PARKING PERMIT;;,AMENDING'
SECTION 20- 1.6EMITLED." PARKING "INORDERTO MODIFYRE6ULATIDNS: -
OTHER MECHANICAL EI
AN. ORDINANCE- REU
DEVELOPMENT "OODE
"' _ - "ADMIMSTRATIVEWAN
_ � � `AN bRDINANCG AMEN
ENTITLED OFF STREE
THE PROVISIONS ALLO i
TO BE COUNTED AS,R
ALLOWING, FOR ON -S
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OWN DISTRICT OVERLAY) ZOMING DISTRICT;' .
1A ENTITLED. "BONUS ALLOCATIONS IN
KING REDUCTIONS AND PARKING BONUSES'
"TODD" TRANSIT ORIENTED DEVELOPMENT
ai SECTION 2- 47.:,ENTITLE6 .EMERGENCY. I
,LE V OF THE CITY'S CODE OF ORDINANCES I ,
NIENT POLICY THAT REQUIRES NO; LESS THAN II
D :r
AN ORDINANCE AMENDING ,LAND DEVELOPMENT CODE SECTION -.-
20- 5. ITL
tq(E) ENTED . "'SITE `PLAN 'REVIEW APPROVALS- GENERAL
APPLICATION;, REDUIREMENTS" IN ORDER TO REQUIRE THAT
ARCHITECTURAL PLANS FOR ALL NEW CONSTRUCTION'M LIST -BE SIGNED "
,,AND SEALED BY FLORIDA REGISTEREDARCHRECT. = AN ORDINANCE AMENDINGTHE SOUTH MIAMI CODE OE ORDINANCES
BY ;AMENDING SECTION,15 -99 ENTTTLED(CONTROLLED PARKING
RESIDENTIAL ZONES, TO DESIGNATE'THREE ADDITIONAL.' OhITROLLED
PARKING RESIDENrTIAL ZONES:
,If you have any biRt iries on the above Items please contact the Planning and Zoning
Department's office at:305- 663 -6326.
ALL interested parties are invited to attend and will be beard.
°Maria M. Menen6eir CIVIC -
. ; Cityglerk
Wrsuant to Men tlaBtaNtes286 070$,,the city hereby advuses the pub
he bad 9 a Person deiitlee to appeal any
decision made by Uus Board, Agency or Commiaelon WO respect to any matter consiamed at its meeting or
hearing, he or she will need a record of thejurruedln0s, and that (or such puryose, affected person may fend:
. toensurethri.
RESOI.YPT b,N'Nd. 145 -01 -11293
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF SOUTH MIAMI, FLORIDA; ADOPTING A CASH MANAGEMENT
POLICY THAT REQUIRES NO LESS THAN 10% OF THE BUDGET TO BE
MAINTAINED AT ALL TIMES BY THE CITY AS CONTINGENCY
RESERVES FUND TO BE USED SOLELY FOR CATASTROPHES OR
OTHER UNSCHEDULED EMERGENCIES; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, when the City's Comprehensive Financial Report was issued for FY
I994/95, the Auditors, Sharpton, Brunson & Company recommended the creation of a
Contingency Reserves Fund to be funded from the cash carryover balance in the General Fund;
and
WHEREAS, at that time City Administration reviewed the Auditor's recommendation
and considered it to be feasible and beneficial to the City's financial stability, and
WHEREAS, the Contingency Reserves Fund was created with a balance of
$1,000,000.00 to be maintained at all times and adopted .a policy that would restrict the use of
this fund to catastrophes and other unscheduled emergencies.
WHEREAS, the Mayor and City Commission desire to change the policy to provide for a
Contingency Reserves Fund of no less than I0% of the Budget.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA;
Section.I. A Cash Management Policy is hereby adopted to provide for a
Contingency Reserves Fund balance of no less than 10% of the Budget.
Section 1 This resolution shall take effect with the FY 2002/2003 Budget.
PASSED AND ADOPTED this 2nd day of September 2001.
ATTEST:
CITY CLERK-44
READ AND APPROVED AS TO FORM:
CITY ATTORNEY
APPROVED:
MAYOR
Commission Vote:
4 -0
Mayor Robaina:
Yea
Vice Mayor Feliu:
Yea
Commissioner Wiscombe: Not present
Commissioner Bethel: Yea
Commissioner Russell:
Yea
Additions shown by underlinine and deletions shown by everstriking.
Excellence, Infegrify, Fnelusion
MEMORA NDUM
To: . Honorable Mayor, Vice Mayor Date: October 2, 2001
and City Commission
.r
From: Charles Scurr//
City Manager if y
7ap4
Re: Agenda Item
Adopting a Cash Management of 10% of
FY 2002/2003 Budget
BACKGROUND AND ANALYSIS
The attached resolution sponsored by Mayor Robaina adopts a Cash Management Policy that
requires 10% of the budget to be maintained at all times by the City as Contingency Reserve
Fund, starting with FY 2002/2003 Budget.
In 1996, the City Commission by Resolution No. 77 -96 -9831, adopted a Cash Management
Policy requiring $1,000,000.00 be maintained at all times. The fund served to
1. Contingency to be used only in the event of a catastrophe, such as a hurricane; and
- 2. Reserves for settlement of lawsuits in the event the claim is above the City's excess
insurance coverage limit; and
3. Supplement to the budget for, operations during the first three months of the fiscal year
when tax payments are received slowly.
Approval is recommended
RESOLUTION No 77- 96_9831
A RESOLUTION OF THE MAYOR. AND CITY COMMISSION OF
THE CITY OF SOUTH MIAMI,FLORIDA, ADOPTING A CASH
MANAGEMENT POLICY THAT REQUIRES $1,000,000.00 BE
MAINTAINED AT ALL TIMES BY THE CITY AS
CONTINGENCY RESERVES FUND TO BE USED SOLELY FOR
CATASTROPHES OR OTHER UNSCHEDULED EMERGENCIES.
WHEREAS, the City Auditors, Sharpton, Brunson & Co.,
has completed the audit of the City financial transactions
for 1994/95 fiscal year, and issued the Comprehensive Annual
Financial Report for the same year; and
WHEREAS, as part of . their responsibilities for
recommending improvements to our accounting control and
evaluating the financial soundness of the City, the Auditors
have recommended the creation of Contingency Reserves Fund
to be funded from the cash carryover balance in the
Fun.-4; a ,�.
WHEREAS, the City Administration has -reviewed the
Auditors' recommendations, and considers it to be feasible
and beneficial to the City financial stability; and
WHEREAS, the City Manager 'is recommending the creation
of Contingency Reserves Fund with a balance of $1,000,000.00
to be maintained at all times and adoption of policy that
will restrict the use of this fund to catastrophes and other
unscheduled emergencies.
NOW, THEREFORE, BE IT RESOLVED BY THE 14AYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI;
Section I. That the City Commission concurs with the
recommendation of the City Manager to create a Contingency
Reserves Fund, and adopts a policy that will restrict its
use, to catastrophes and unscheduled emergencies.
Section 2. That the funding for creation of the
reserve fund be taken from the General Fund cash carryover
balance.
Section 3. That this resolution shall take effect
immediately upon approval.
PASSED AND ADOPTED this '16th day of April 1996.
ATTEST
'� CU
CITY CLERK /
CITY ATTORNEY
MAYOR
COMMISSION VOTE: 5 -0
Mayor Cunningham:
Vice Mayor Robaina:
Commissioner Price:
Commissioner Bethel:
Commissioner Price:
Yea
Yea
Yea
Yea
Yea
CITY 00'8'0' I`il-i MIAMI
6931) Sunset Drive, South mlami, FL 33143
TO Mayor and Commission / DATE: April 11, 1996
FROM: Eddie Cox, City Manager ¢ RE: Agenda Item 14—
Commission Meeting
April 16, 1996 _
Contingency Reserves Fund
The attached resolution authorizes the creation of S1,000,000 Contingency Reserve Fund, and
adopts a policy of maintaining the same amount at all times by the City, as recommended by the
City Auditors, Sharpton, Brunson and Company in the 1994/95 fiscal year Comprehensive Annual
Financial Report.
This fund will serve as:
1. Contingency to be used only in the event of a catastrophe, such as a hurricane, when
emergencies develop and unexpected expenses are incurred by the City. For example,
during the immediate two month -period after Hurricane Andrew, the City hurricane
related expenses totaled almost $600,000. Fortunately, this two month -period was in
August and September, long after the ad- valorem tries haveall iaY- collected and we
were able to re- arrange our expenses to accornmodate the unexpected situation.
Although, the Federal Government eventually reimbursed part of these expenses, the
City had to pay almost $1,000,000 by itself before the first check was received from
FEMA. This was a situation that could have been worst for us had the hurricane hit
our City as hard as it did the City of Homestead.
2. Reserves for settlement of lawsuits in the event the claim is above our excess
insurance coverage limit, which is currently $1,000,000 a year, The City may be
involved in one or two EEOC or Automobile Accident claims which might exceed this
limit and require use of city funds to settle. If this happens, as things stand right now,
it will definitely cause financial strain on the City and result in borrowing funds from
the bank at higher interest rate in order to meet our day -to -day operations or impose
higher property taxes on our taxpayers to alleviate the problem.
3. , Supplement to the budget for operations during the first three months of the fiscal year
When tax payments are received slowly, and in most cases expenses are higher than
revenue collections.
From the audit report, we have determined our cash carryover at the beginning of the 1995196
fiscal year to be $1,491,399. Of this amount, $566,887 was approved by the City Commission to
be used in the current fiscal year. This leaves a balance of $924,512. At the current rate of
spending, it is tentatively projected that we will under- expend the budget by enough to reach the
$1,000,000 goal and transfer the remainder to supplement next year's budget.
In my opinion, approval of this resolution;cvill b'riilg financial stability to the City and allow us the
Opportunity to firmly determine the amount of cash reserve that should be used to balance each
year's budget because any unused appropriation, or surplus generated from sound fiscal
management in any given year will not be transferred to the Contingency Reserves Fund, but the
budget.
I strongly recommend approval.