Item C08BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: February 16, 2011 Division: Budget and Finance
Bulk Item: Yes X No
Department: OMB
Department Contact: Penny Kipp x4470
AGENDA ITEM WORDING: Approval to advertise a Public Hearing for a Budget Amendment
for One Cent Infrastructure Sales Tax Fund 304, 2007 Revenue Bond Fund 308, Big Coppitt
Wastewater Project Fund 310 and Affordable Housing Program Fund 100.
ITEM BACKGROUND: To align the budgets with revenues and expenditures of on -going Capital
Improvement Projects in Funds 304, 308 and 310. To align the budget with revenues and expenditures
of an on -going grant program in Fund 100.
PREVIOUS RELEVANT BOCC ACTION: On September 17, 2010, the BOCC approved the FYI 1
Operating and Capital Project Budgets. For Fund 100, on May 19, 2010, the BOCC approved the
Disaster Recovery Contract #I ODB- K4- 11- 54- 02 -K24 with the State of Florida Department of
Community Affairs for a countywide Disaster Recovery Initiative program related to 2008 storm
disasters. On January 20, 2010, the BOCC approved Resolution 019 -2010 which authorized the use of
$300,000 to be used from Fund 100 to provide working capital for Monroe County's Disaster Recovery
Initiative 2008 Tropical Storm Faye Community Development Block Grant (CDBG) program. On
October 21, 2009, the BOCC approved Resolution 384 -2009 which authorized the submission of
Disaster Recovery Initiative 2008 Tropical Storm Faye applications or requests for funding. It also
authorized the Monroe County Housing Authority to prepare the applications and administer the
program.
CONTRACT /AGREEMENT CHANGES: N/A
STAFF RECOMMENDATIONS: Approval
TOTAL COST: N/A
COST TO COUNTY: N/A
BUDGETED: Yes No
SOURCE OF FUNDS: Fund Balances
REVENUE PRODUCING: Yes _ No X AMOUNT PER MONTH Year
APPROVED BY: County Atty. _ (Purchasing Risk Management
DOCUMENTATION: Included " To Follow Not Required
DISPOSITION:
AGENDA ITEM #
Revised 8/06
C UNTY oMONROE
KEY WEST FLORIDA 33040
(305)294 -4647
Office of Budget and Management
1100 Simonton Street, Rm 2 -213
Key West, FL 33040
(305) 292 -4470 Phone
(305) 292 -4515 Fax
Date: 2/1/2011
To: Tina Boan, Budget Director
From: Penny Kipp, Sr. Budget Adminis ator
Subject: Budget Amendment Request
BOARD OF COUNTY COMMISSIONERS
Mayor Heather Carruthers, District 3
Mayor Pro Tem David Rice, District 4
Kim Wigington, District 1
George Neugent, District 2
Sylvia 3. Murphy, District 5
Tina, I'm requesting for BOCC approval to advertise a Public Hearing for a Budget Amendment on the following
Funds 304, 308, 310 and 100.
Every year, we request to amend the Capital Improvement Funds (304, 308 and 310) in order to account for actual
revenue and project expenditures from the prior year. The adopted FYI I Capital Budgets are based on Project
Management estimates of on -going Capital Projects and conservative revenue projections. I'm asking to amend those
funds based on actual FY2010 revenue collections and project expenditures.
For Fund 304, our July 2010 estimated fund balance (ending Sept. 30' was $12,715,491. This figure was used to
adopt the FYI budget. However, the unaudited final FYI fund balance should be around $21,721,397. The reason
for the current estimated fund balance to be much greater than the July estimate is based on project timing and
additional revenue collections. The FYI budgeted transfer request for the Duck Key WW project was $7.9M but the
actual transfer was $1.5M for that project. $1M was budgeted to be transferred to the Big Coppitt WW project but no
funds were transferred in FY 10 so we need to roll that budget into FY 11. We are also able to set aside more funds in
Reserves.
For Fund 308, our July 2010 estimated fund balance (ending Sept. 30` was $6,476,227. This figure was used to adopt
the FYI budget. However, I anticipate the unaudited final FYI fund balance should be around $13,585,612. The
reason for the current estimated fund balance to be much greater than the July estimate is based on project timing.
Project Management estimated to use more project funds in FYI than what actually occurred.
For Fund 310, $1M was budgeted to be transferred from Fund 304 but no funds were transferred in FYI so we need
to roll that budget into FYI 1.
For Fund 100 Affordable Housing Prgm, Resolution 019 -2010 authorized the use of $300,000 to be used to provide
working capital for the CDBG Recovery Grant Project. The FYI I budget was set up with most of the money spent in
FY 10 but that wasn't the case, only $10,000 was used.
T7 you for your assistance in this matter.