Item U1LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: September 16, 2009
Division: Land Authority
Bulk Item: Yes No X Contact / Phone #: Mark Rosch / 295-5180
Agenda Item Wording: Discussion of the budget for fiscal year 2010.
Item Background: The budget proposed for adoption was reviewed by the Board on July 15, 2009
and appears as Tab Y of the BOCC budget notebook. The September 16, 2009 meeting is the second
in a series of three public meetings leading up to the adoption of the final budget on September 23,
2009.
Advisory Committee Action: N/A
Previous Governing Board Action: On September 9, 2009 the Board held a public hearing to
approve the Tentative Budget.
Contract/Agreement Changes: N/A
Staff Recommendation: This meeting is an opportunity for public input. No action is required by the
Board.
Total Cost: $ Indirect Cost: $ Budgeted: Yes _ No
Cost to Land Authority: $ Source of Funds:
Approved By: Attorney
Documentation: Included: X
County Land Steward
To Follow: Not Required: _
Disposition: Agenda Item
MONROE COUNTY LAND AUTHORITY
1200 TRUMAN AVENUE, SUITE 207 • KEY WEST, FLORIDA 33040
PHONE (305) 295-5180 • FAX (305) 295-5181
MEMORANDUM
To: Land Authority Governing Board
From: Mark Rosch, Executive Director t ''
r--
Date: July 8, 2009
Subject: Draft Budget for Fiscal Year 2010
Attached please find 'the Land Authority's proposed budget for fiscal year 2010. This memo
provides a review of the budget issues for 2010.
Summary
The proposed budget for FY 2010 is $10,798,521, which corresponds to a $405,959 increase
compared to the current year. Of the total budget, $2,290,000 is anticipated from recurring
revenues. The remaining $8,508,521 is anticipated from non -recurring sources and fund
balances. Of the total budget, 97% is allocated for land acquisition and reserves, while 3% is
allocated for administrative expenses.
Within specific appropriations, $3,535,612 is available for general acquisitions within the Florida
Keys Area of Critical State Concern (a decrease of about $900,000), $3,122,507 is available for
acquisitions within the Key West ACSC (an increase of about $1.2 million), $2,772,902 is
budgeted for the ROGO Reserve (an increase of about $100,000), and $1 million is budgeted
for general reserves.
Review of Revenues
The Land Authority receives no property tax revenue and therefore the Board does not need to
adopt a millage rate for this budget. The Land Authority's two sources of recurring revenue are
collected at rates previously fixed by the Florida Legislature and by local ordinance. These
revenues consist of 1) a surcharge on admissions and camping at the State parks in
unincorporated Monroe County and 2) half of the tourist impact tax charged on lodging in the
Keys. By statute, the other half of the tourist impact tax goes to the County general -fund as a
payment in lieu of taxes and therefore does not appear in the Land Authority budget. In
addition to recurring revenues, over the years the Land Authority has also received various
grants, proceeds from -the sale of land, mortgage loan repayments, and interest income. The
amount of park surcharge revenue and tourist impact tax revenue that can be spent on
administrative expenses is limited to 10% and 5%, respectively, and is therefore supplemented
with interest income and unreserved revenue to fund operating expenses and maintain existing
staffing levels.
Year-to-date tourist impact tax revenues collected in Key West and the Florida Keys are down
6% and 15% respectively compared to this time last year, while park surcharge revenues have
increased 1 %. Although these revenues have been budgeted conservatively in the past to
provide sufficient margin for minor revenue shortfalls, the budgeted amount of Florida Keys
tourist impact tax revenue proposed for FY 2010 is reduced by 10.5% in light of this recent
data.
Review of Appropriations
With respect to appropriations, 3% of the total budget is allocated for the combination of
salaries and benefits, operating expenses, and office equipment. There is no increase
proposed for these appropriations.
The vast majority of the budget appropriations (97%) are for property acquisition and reserves.
The largest appropriation is for property in the Florida Keys Area of Critical State Concern
($3,535,612), followed by property in the Key West Area of Critical State Concern ($3,122,507),
and the ROGO Reserve ($2,772,902). This allocation of funding is in accordance with the
applicable statutes and comprehensive plan policies. By statute, the tourist impact tax collected
in the Key West Area of Critical State Concern is reserved for the purchase of property within
the same geographic area. In accordance with Policy 101.6.2 of the County Comprehensive
Plan, funding is reserved for the administrative relief provisions of the rate of growth ordinance
(ROGO). The budget also includes $500,000 reserves for contingency and end of year cash.
The funds budgeted for end of year cash include $350,000 in the Local Government Investment
Pool Fund B administered by the State of Florida, which are currently subject to significant
withdrawal restrictions. All funding not otherwise committed is budgeted in the general
appropriation for property in the Florida Keys Area of Critical State Concern.
The property acquisition policies established by the budget are very general in nature. The
Land Authority's annual Acquisition List and the Board's approval of purchase contracts provide
more detailed statements about the specific properties to be acquired.
Staff will review the budget with the Board at the July 24, 2009 budget workshop. In the
meantime, please contact the Land Authority office with any questions you may have.
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