Res No 234-10-13268RESOLUTION NO. 234 -10 -13268
A Resolution of the Mayor and City Commission of the City of South
Miami, Florida, relating to budget; authorizing a transfer of $1,821.05
from account No. 001.1410.513.7110, Debt Service- Principal,
settlements to account No. 001 - 1410 -513 -7210, Debt Service - Interest;
providing and effective date.
WHEREAS, it is requested that the budget for Debt Service - Interest be increased
by $1,821.05 from account No.001.1410.513.7110, Debt Service - Principal; and,
WHEREAS, it is essential to provide sufficient funds for Debt Service - Interest
account to satisfy the difference of the interest payment of the multi -space parking
stations for Fiscal Year 2011; and,
WHEREAS, the Mayor and City Commission desire to transfer sufficient funds
from account No.001.1410.513.7110, Debt Service- Principal, with a current balance of
$129,500, settlements to account No. 001 - 1410 -513 -7210, Debt Service- Interest, with a
current balance of $5,500 .
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA;
Section I. The Mayor and City Commission approve the transfer of $1,821.05
from account No. 001.1410.513.7110, Debt Service - Principal, with a current balance of
$129,500, settlements to account No. 001.1410.513.7210, Debt Service- Interest, with a
current balance of $5,500.
Section 2. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this 1 st day of November 2010
ATTEST:
CITE
CITY CLERK
READ A, PPROVED AS T FORM:
CITY ATTORNEY
PP •
i / _j
MAYIOR
COMMISSION VOTE:
Mayor Stoddard:
Vice Mayor Newman:
Commissioner Beasley:
Commissioner Palmer:
Commissioner Harris:
_A -0
Yea
Yea
opt of room
Yea
Yea
To:
Via:
From:
Date:
South Miami
NI•AmericaCtty
CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER - OFFICE MEMORANDUM 2001
The Honorable Mayor & Members of the City Commission
Hector Mirabile, PhD
Alfredo Riverol, Chief Financial Office
October 21, 2010 A a Item No.:
A Resolution of the Mayor and City Commission of the City of South
Miami, Florida, relating to budget; authorizing a transfer of $1,821.05
Subject- from account No. 001.1410.513.7110, Debt Service - Principal, settlements
to account No. 001 -1410 -513 -7210, Debt Service- Interest; providing and
effective date.
It is essential to provide sufficient funds for Debt Service - Interest "account to satisfy
Background: the difference of the interest payment of the multi -space parking stations for Fiscal
Year 2011.
Transfer Amount: $1,821.05
Transfer From: 001.1410.513.7110 Debt Service- Principal; with a current balance of $129,500.
Transfer To: 001.1410.513.7210 Debt Service - Interest; with a current balance of $5,500.
SunTrust Equipment Finance and Leasing Corporation
300 E.7oppa Road
Suite 700
Towson, MD 21286
Phone 410.307.6705
Lawanna.getton@suntrust.com
�
SUN 'RUST'"
.October 14, 2010
Lisette Rivera
City of South Miami, FL
6130 Sunset Drive
South Miami, FL 33143
Dear Ms. Rivera:
Lawanna S. Gatton
Assistant Vice President
SunTrust Equipment Finance & Leasing Corp. is pleased to provide the following proposal to finance the acquisition
of the Parking Meters by the City of South Miami, FL.
Lessee:
Type of Financing:
Equipment:
Financing Amount:
Lease Term:
Interest Rate:
Payment Mode/Amt:
City of South Miami, FL
Tax Exempt Lease Purchase
Park and Pay Meters
$420,000.00
Five (5) years
2.066%
Monthly — arrears
The interest rate is firm for a funding by November 12, 2010, if this proposal is selected by October 14, 2010,
subject to final approval by the Board. If the financing is not selected and closed within the above described
timeframe, the interest rate will be subject to indexation based on the five (5) year swap rate. A $100 documentation
fee will be waived at closing. This fee can be capitalized into the financing amount if desired by the Lessee. If an
escrow account is established utilizing our new Escrow Agreement, a set up fee of up to $250.00 will be assessed.
This fee can be paid from interest earnings on the escrow account. The financing is subject to final credit approval
by the Credit/Investment Committee of SunTrust Bank and approval of the lease documents in SunTrust Leasing
Corporation's sole discretion, Should you have any questions, feel free to contact me.
Very truly yours,
Lawanna.S. Gatton
Vice President
Proposal for Equipment Financing
Page 2 of 3
Interest Rafe:. 2.06607. (Monthly)
Payment
Payment
Payment
Principal
Interest
Principal
Number
Date
Amount
Componen
Component
Balance
10/30/10
0
0
0
420,000.00
1
11/30/10
7,373.79
6,650.69
723.10
413,349.31
2
12/30/10
7,373.79
6,662.14
711.65
406,687.16
3
1/30/11
7,373.79
6.673.61
700.18
400,013.55
4
2/28/11
7,373.79
6,685.10
688.69
393,328.44
0 , 0
5
3/30/11
7,373,79
6,696.61
677.18
386,631.83
6
4/30111
7,373,79
6,708.14
665.65
379,923.69
7
5130/11
7,373.79
6,719.69
654.10
373,203.99 (
.6 b 5 0 - 6
8
6/30/11
7,373.79
6,731.26
642.53
366,472.73
6 . ; !,
9
7/30/11
7,373.79
6,742,85
630.94
359,729,88
'
10
8/30117
7,373.79
6,754.46
619.33
352,975.42
6 ' a 7 3 " U 1
11
9/30/11
7,373.79
6,766.09
607.70
346,209.34
6 ,. 63 5 . 1 n
12
10/30/11
7,37179
6,777.74
596.05
339,431.60
13
11/30/11
7,373.79
6,789.41
584.38
332,642.19 j
G 1
14
12/30/11
7,373.79
6,801.09
572.70
325,841.10
6
6 `% 7 0 8 " ' h
15
1/30112
7,373.79
6,812.80
560,99
319,028,30
Q.
6 ,, 7 1 9 .. 6 c;
16
2/29/12
7,373.79
6,824.53
549,26
312,203.76
17
3/30/12
7,373.79
6,836.28
537.51
305,367.48 ;
6 ? - ,?
18
4/30/12
7,373.79
6,848.05
525.74
298,519.43
`�'
%
19
5/30/12
7,373.79
6,859.84
513.95
291,659.59
6 ^ 7 7 �4 _; 5
20
6/30112
7,373,79
6,871.65
502.14
284,787.93
21
7/30/12
7,373.79
6,883.48
490.31
277,904.45
P
6 " 7 6 ' � 0! '
22
8/30112
7,373.79
6,895.33
478.46
271,009,72
` 7
5 % 7 0 ' 6 '
23
9/30/12
7,373.79
6,907.21
466.58
264,101.91
24
10/30/12
7,373.79
6,979.10
454.69
257,182,81
25
11/30/12
7,373.79
6,931.01
442.78
250,251.80
0 > 0
26
12/30/12
7,373.79
6,942.94
430,85
243,308.86
27
1/30/13
7,373,79
6,954.90
418.89
2361353.96
7 23 » 1 n,
28
2/28/13
7,373,79
6,966,87
406.92
229,387,10
29
3/30/13
7,373.79
6,978.86
394,93
222,468.23
1 i 7 ° 6 5
30
4/30/13
7,373,79
6,990.88
382.91
215,417.35
7 "i 0 " 1 9
31
5/30/13
7,373.79
7,002.92
370.87
208,414.44
6 83 - 6 9
32
6130/13
7,373.79
7,014.97
358.82
20099.46
33
7/30/13
7,373,79
7,027.05
346.74
194,372.41
-{y,,
0 ^ 7 1 5
34
8/30113
7,373.79
7,039.15
334.64
187,333.27
br'
6 6 5 65
35
9/30/13
7,373.79
7,051,27
322.52
180,282.00
6 5 14 10
36
10/30/13
7,373.79
7,063.41
310.38
173,218.59
37
11/30/13
7,373.79
7,075.57
298.22
166,143.03
6 1, 2 ° 5 5
38
12/30/13
7,373.79
7,087,75
286.04
159,055.28
'f
6 30 ° 9 <<
39
1/30/14
7,373,79
7,099.95
273.84
151,955.33
•' I cj 3 3
3
41
40
2/28/14
7,373.79
7,712.18
261.67
144,843.15
l"i
6 1
3130/14
7,373.79
7,124.42
249.37
137,718.73
(®
% .- ,.
`
42
4/30/14
7,373.79
7,136.69
237.10
130,582.05
d
7 s 32 1 ; ° 0 5
43
5/30/14
7,373.79
7,148.97
224.82
123,433.07
44
6/30/14
7,373.79
7,161.28
212.51
116,271.79
45
7/30/14
7,373.79
7,173.61
200.18
109,098.18
0 v
46
8/30/14
7,373.79
7,185.96
187.83
101,912.22
47
9/30/14
7,373.79
7,198.33
175.46
94,713.89
48
10/30/14
7,373.79
7,210.73
163.06
87,503.16
FINANCE DEPARTMENT BUDGET FY 2011
CITY OF SOUTH MIAMI PROPOSED FY 2011 BUDGET 13
ACCT
ACTUAL BUDGET
ESTIMATE
CM RECOM
NO
ACCOUNT CLASSIFICATION
2008 -2009 2009 -2010
2009 -2010
2010-2011
1210
SALARIES - REGULAR
402,864
404,921
348,712
341,698
1310
SALARIES - PART TIME
21,250
27,092
22,653
26,988
2110
F.I.C.A,
31,342
33,049
28,348
28,204
2210
PENSION PLAN CONTRIBUTION
0
0
0
53,647
2310
GROUP HEALTH INSURANCE
29,447
30,231
30,231
31,309
2410
WORKER'S COMPENSATION
0
0
0
2,028
TOTAL PERSONNEL SERVICES
484,903
495,293
429,944
483,874
3100
PROFESSIONAL SERVICES
0
0
0
10,000
3210
AUDITOR'S FEE
0
0
0
55,500
3450
CONTRACTUAL SERVICES
209,990
210,000
211,310
215,000
4070
TRAVEL & CONFERENCE
865
1,200
1,200
1,200
4080
EDUCATION
2,509
2,248
2,248
2,126
xann
wtn,a�rcn,nntrr., rnluoMFNT
-3
100
0
0
0
0
0
7,030
0
0
0
1,740
0
0
0
400
129'iSUC'O'C .�
7 5 'I U° u; µ..!RAMS
0
0
0
35,000
> 7 CI 4^ 3 6 s. "E
0
0
0
1,668
11,797
11,930
11,982
2,668
0^ C
0
0
0
288
(( ?NS
1,558
1,610
1,820
1,760
5 D O D C :' ENSES
226,716
227,088
228,561
334,380
7.321 J5
�i 2 7 O 5' - .1 IN VALUE
270
500
350
0
4,889
10,000
10,000
636,570
TOTAL CAPITAL OUTLAY
5,159
10,500
10,350
636,570
7110
DEBT SERVICE- PRINCIPAL
0
0
0
129,500
7210
DEBT SERVICE- INTEREST
0
0
0
15,500
TOTAL DEBT SERVICE
0
0
0
135,000
TOTAL FINANCE
716,778
732,881
668,855
1,589,824
ook --1t-�- --7110
-7ol 10
CITY OF SOUTH MIAMI PROPOSED FY 2011 BUDGET 13
City of South Miami
Budget Transfer Request
To: City Manager
From: Finance
Date: 10121/2010
1 HEREBY REQUEST THE TRANSFER OF FUNDS FOR THE REASON SPECIFIED BELOW:
Transferred From:
Transferred To:
Fund /Department Object Coda I Object Title Amount
001.1410.513.7110 7110 Debt Service- Principal $ 1,821,05
001.1410.513.7210 7210 Debt Servive-Interest $ 1,821.05
Department Head Signature:
Date:
DATE: DATE:
FINANCE DEPT. CITY MANAGER
FUNDS AVAILABLE:
FUNDS NOT AVAILABLE:
APPROVED:
DISAPPROVED:
FINANCE DEPARTMENT CITY MANAGER