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CITY OF SOUTH MIAMI
OFFICE OF THE CITY MANAGER
INTER-OFFICE MEMORANDUM
The Honorable Mayor & Members of the City Commission
2001
Hector Mirabile, PhD, City Manager
Alfredo Riverol. CPA. Cr.FA Chief Financial Officer (/eJC~ LJ
November 20, 20 I I Agenda Item No.:~
A Resolution relating to budget; authorizing a
transfer for fiscal year 2012 of $3,765 from account
No. 201-141 0-5 19-71 10, Debt Principal, settlements
to account No. 201-1410-519-7310 Debt Other Costs
It is requested that the budget for fiscal year 2012, $3,765 from
account No. 201-1410-519-7110, Debt Principal, with a current balance
of $47,996 settlements to account No. 201-1410-519-7310, Debt Other
Costs with a current balance -$3,765.
As per the agreements with the Florida League of Cities with
relation to the City's current outstanding bonds, the City is
required to pay annual additional expenses not associated with
the interest. The City for FY 2012 did not budget adequate
amount to fully fund the Debt Other Expense line item.
The required refinancing as part of the IRS settlement of the
2002a and 2006 FMLC bonds was executed late in FY 2012
budget process hence creating certain variations within the debt
service fund budget calculations requiring certain budget
adjustments in an effort to adequately fund certain budget line
items.
Account No. 201-1410-519-7110, Debt Principal, for $3,765 with a
current balance of $47,996.
Account No. 201-1410-519-7310 Debt Other Costs for $3,765 with a
current balance of -$3,765.
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RESOLUTION NO. ______ _
A Resolution relating to budget; authorizing a transfer for fiscal
year 2012 of $3,765 from account No. 201-1410-519-71 10, Debt
Principal, settlements to account No. 201-1410-519-7310 Debt
Other Costs
WHEREAS, it is requested that the budget for Debt Other Costs be increased in by
$3,765 from account No. 201-1410-519-7110, Debt Principal; and,
WHEREAS, it is essential to provide sufficient funds for Debt Other Costs to reduce
deficiencies of any particular budgeted line item.
WHEREAS, as per the agreements with the Florida League of Cities with relation to
the City's current outstanding bonds, the City is required to pay annual additional expenses not
associated with the interest. The City for FY 2012 did not budget adequate amount to fully
fund the expense.
WHEREAS, the Mayor and City Commission desires to transfer for fiscal year 2012, $3,765
from account No. 201-1410-519-7110, Debt Principal, with a current balance of $47,996 settlements to
account No. 201-1410-519-7310, Debt Other Costs with a current balance of $3,765.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA THAT;
Section I. The Mayor and City Commission approve the transfer of $3,765 from account No.
201-1410-519-7110, Debt Principal, with a current balance of $47,996 settlements to account No. 201-
1410-519-7310, Debt Other Costs with a current balance of -$3,765
Section 2. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this __ day of ____ " 2012
ATTEST:
CITY CLERK
READ AND APPROVED AS TO FORM,
LANGUAGE, LEGALITY AND
EXECUTION THEREOF:
ATTORNEY
APPROVED:
MAYOR
COMMISSION VOTE:
Mayor Stoddard:
Vice Mayor Liebman:
Commissioner Newman:
Commissioner Harris:
Commissioner Welsh: