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07-29-08 Item 41 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 ORDINANCE NO. 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 TA I PA101 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 2" d, 2001 the City Commission changed the policy via resolution No. 14-5-=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 Af 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 2" d, 2001 the City Commission changed the policy via resolution No. 14-5-=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 Af 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 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 22nd this day of July, 2008 ATTEST: APPROVED: CITY CLERK READ AND APPROVED AS TO FORM: CITY ATTORNEY MAYOR Commission Vote: Mayor Feliu Vice Mayor Beasley: Commissioner Wiscombe: Commissioner Palmer: Commissioner Beckman: W:Wy Documents\resolutions \Ordinance Emergency Reserve Fund.beckman rev.doc 2 pZam> F>-.z N W faQ6 ZOZW WW(��'W Q Z yG��OOFx -Ydm ZOOw D OZ �=Zpp D Z zzsz - " .dm y .. N¢NO 0 ~ 0 0 - aFV'O Q ) pU OWUZZONW >-a� w Hdm�mucr�S d Q 2 2 O LL C-W O E 't dlo aa:U �V�S(7�C11Qj¢w -Nw oi 26 C) co C) z Ln ix Ln LU LU 0 M z o) 0 U LL Y NE 'CALENDAR, FROM 23 dance lesson fr6T,6:30-7:30 p. m.; Jo . ll6wec, by 'd-p. arty`W l th . in Banc- mixers and a sho W; 6:30 to 11 :of Partners for-Self 6 -Employment, p.m.S Sunday u, Y,- J ly.13"Eest of Times 3000 biscayn613W. Ste;102, 7 - *.Miami; Dance Studio, 62.55SV-' Eighth St.. free admission 305 -438 -14O7" " ;(Calle'Gdhb) Little.Havdnt;.$10I .ext. 215 p 305_269-0335.or bestoftim'esd­an Dancing with Our ri: Features a' 7 tD COURTESY Notict CITY SOUTH MIAMI, FLORIDA On Tuesday; t s By, * "July 22, 2008, beginning a 7:30 p.rh.,. ip��-Ithe' :-C'ftY�-�Co'*m'mission; rs Charnbe: , 6­30, Unset'Drive, the City Co'Unnnission will fiold -Public'Hearings to I consider the folio wing items - - AN ORDINANCE A ELATING TO THE LAND'6EVELOPME" NT CODE, AEMOVING, FROM THE LAND DEVELOPMENT C6DE SECTION 216"4.4(G)'� -'ENTITLED , JOINT USE SPACES -VIA SPECIAL PARKING PERMIT 7t',WEM O_Mwd:*-FROw,- THE LAND DEVELOPMENT ton SECTION 20-4.4(H1):E'0­- T­Lib 'METRO-` RAIL USAGE CONSIDERATION VIA SPECIAL PARKING:PERM ";:AMENDING.' SECTION 20 m7.6 ENTITLED."PARKING" INORDERTOMWFYAOIJEA* PERTAINING TO BONUSES AND PARKING REDUCTIONS IN THE -"SR(HD-OV)1' �SPECIALTY RETAIL (HOMETOWN DISTRICT 'OVERM ZONING DISTRICT;.. i.AmEhDllq SECTION 20-8.16 ENTITLED "BONUS _:-ALLOCATIONS -`:IN ORDER TO ELIMINATE PARKING REDUCTIONS AND PARKINO' . BONUSES! FOR DEVELOPMENT IN THE "TODD" TRANSIT ORIENkb'bEV.ELO PMENT DISTRICT ZONING DISTRICT. AN.-ORDINANCE CREATING SECTION. 2-47. -ENTITLED EMERGENCY E OF' 16INANC S, N RESERVES FUND,7 -OF ARTICLE V"6FY HE CITY'S C 6R, N. E ADOPTING A CASH -MANAGEMENT POLICY TMT.-REb REQUIRES LESS THAN _T nq/� nr: rwc ciinrL -+A:DE AN HEATING �VENTI=K, AND- AIR.-,C0NDlTIONINq-1QU]I M P ENT IN ORDER. TO SET -FORTH STANDARDS FOR CONTROLLING EXCESSWENOIS•LEVELS ASSOCIATED WITH AIR k-CONDITIONING COMPRESSOR EQUIPMENT AND OTHER MECHANICAL EQUIPMENTw.' AN. ORDINANCE RELATING --A - REQUEST TO AMEND-,.THE imb. DEVELOPMENT ,C'OD&2, BY -LRE _ENTITLED 'ADMIM-sTRAVE WAIVER"AP" PROVALS'. . . .... *4 AN ORDINANCE ':AMENDING :SOUTH WfAtl LANO,; 'DEVELOPMENT ENTITLED- 0 FFrSTREET -PARKI NG-REQ UIREMENTS" , IN ORDER MODIFY, - THE PROVISIONS ALLOWING ADJJACENT'O:N-`ST_R'EETT BARKING - -SPACES TO. BkIYUNTED.AS REQUIRED PARKING; _ MdDlFyINd,_THE'. DIT ON ALLOWING FDA ON STREET. PARKING, �SPACES. TO BE. C i REDITED : TO OTHER NEAR BY PR 'I �'i ES-'AND PROVIDING FOR AN ANNUAL FEE TO BE,: D ATI ASSESSED FOR COUNTING ON-STREET SPACES AS REQUIRED SPACES AN ORDINANCE-Alkl4hDING LAND ."`.DEVELOPMENT CODE: SECTION 20-5.11(E) ENTITLED " SITE - LAN -REVIEW.' APPROVALS GENERAL APPLICATION. REQUIREMENTS`:.' IN :. ORDER -,.TO' .REQUIRE - ;'THAT ARCHITECTURAL PLANS FOR ALL -.MUST, BE SIGNED NEW CONSTRUCTION AND SEALED BY A FLORIDA REGISTERED ITECT. AACH AN ORDINANCE AMENDfNG.THE SOUTH MIAMI CODE OF ORDINANCES � BY AMENDING SECTION'i'5-99 "tNVILE6 -r RESIDENTIAL ZONES; td DESIGNATE -THREtA. CONTROLLED `PARKING DDrFl6hAL:CdNTROLLED I PARKING RESIDENTIAL ZONES . It you have any inquifles on the i6d iterhsple the Planning and Zoning Department's offideat:3 ALL interested parties are Invited to attend and will be hedrd i Maria Ii Menendez, CIVIC i City Clerk Pursuant to Florida, Statutes 286.0105, the City hereby iivises the that R a pe . bi-a pp as la ny. decision made by this Board, Agency or Gommission4ith respect to "any co ned 8 ftsmiieting'or hearing, he or she will need a record of the proceedings; and that for such purpose, affected person may need to ensure that a verbatim record of the proceedings is made: Which -r&6br di ties the testimony and evidence,: -n cl u RESOI.1rJ'IiIWN-6. 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 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 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 10% of the Budget. NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA.; Section -l. A Cash Management Policy is hereby adopted to provide for a Contingency Reserves Fund balance of no less than 10% of the Budget. Section 2. This resolution shall take effect with the FY 2002/2003 Budget. PASSED AND ADOPTED this 2nd day of September, 2001. ATTEST: CITY CLERK READ AND APPROVED AS TO FORM: CITY ATTORNEY APPROVED: Additions shown by underlining and deletions shown by everstg. 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 underlining and deletions shown by everstg. Excellence, Integrity, Inclusion To: . Honorable Mayor, Vice Mayor and City Commission .� From: Charles Scurr f City Manager { REQUEST MEMORANDUM Date: October 2, 2001 Re: Agenda Item Adopting a Cash Management of I0% of FY 2002/2003 Budget A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI, FLORIDA; ADOPTING A CASH[ MANAGEMENT POLICY THAT REQUIRES 10% OF THE BUDGET TO RE 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. 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. RECOMMENDATION Approval is recommended . w RESOLUTION NO 77_96_983.1 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 CriF -al Fund; ai;r:.i 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 ofthis fund to catastrophes and other unscheduled emergencies. NOW, THEREFORE, - 13E IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF SOUTH MIAMI: Section i. That the City Commission concurs with the z�ecommendation 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 CITY CLERK READ AND APPROVED AS TO FORM: CITY ATTORNEY APPROVED: G l MAYOR COMMISSION VOTE: 5 -0 Mayor Cunningham: Vice Mayor Robaina: Commissioner Price: Commissioner Bethel: Commissioner Price: Yea Yea Yea Yea Yea 6130 Sunset Drive, South Miami, FL 33143 TO: Mayor and Commission DATE: FROM: Eddie Cox, City Managers RE: April 11, 1996 Agenda Item # _eLl Commission Meeting April 16, 1996 - Contingency Reserves Fund The attached resolution authorizes the creation of $1,000,000 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: 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 taxes haves— oa ;;i- rcollected and we were able to re- arrange our expenses to accommodate 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 Iimit, 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 Rinds 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; twill- b'rinal ID 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.