Item C16
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: October 18,2006
Division: Budget and Finance
Bulk Item: Yes l..
No
Department: OMB
Staff Contact Person: Salvatore R. Zappulla
AGENDA ITEM WORDING: Approval to advertise a Budget Amendment for Fund 404 Key
West International Airport.
ITEM BACKGROUND: The Fiscal year 2006 Operations & Maintenance Budget (0 & M) budget
needs to be amended in order to bring in more revenues in order to be in compliance with the Bond
Covenant to transfer PFC revenues from prior applications, and so the budgeted transfer for the cost
allocation can be made.
PREVIOUS RELEVANT BOCC ACTION:
NONE
CONTRACT/AGREEMENT CHANGES:
NONE
STAFF RECOMMENDATIONS:
Approval
TOTAL COST:
N/A
BUDGETED: Yes
No
COST TO COUNTY:
N/A
SOURCE OF FUNDS: Unrestricted Fund Bal
REVENUE PRODUCING: Yes
No
AMOUNT PER MONTH Year
APPROVED BY: County Atty _ OMB/Purchasing _ Risk Management
DIVISION DIRECTOR APPROVAL:
DOCUMENTATION:
Included
Not Required
DISPOSITION:
AGENDA ITEM #
OKl!~ErY ~O~[~3~~E
(305) 294,4641
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BOARD OF COUNTY COMMISSIONERS
Mayor Charles "Sonny" McCoy, District 3
Mayor Pro Tern Dixie M. Spehar, District 1
George Neugent, District 2
Mario Di Gennaro, District 4
Glenn Patton, District 5
October 3, 2006
To: Thomas J. Willi
From: Salvatore R. Zappulla
Subject: Airport Fund Budget Amendment
MEMORANDUM
The purpose of this memorandum is to explain the need to formally amend the Airport's Budget, (Fund 404).
As a result of issuing the Variable Rate Demand Obligations, (V.R.D.O.'s), on July 19th 2006, there are
various requirements as per section (4.05) of the Bond Resolution that requires funding from the Airport
Operations and Maintenance Fund Revenues, to the Key West Airport Debt Service Fund (Fund 405).
While some of these transfers have taken place as per the Bond Resolution, such as the funding of the
Renewal and Replacement fund for the final three months 01'2006 (July through September), and the funding
of the Reserve Account, which is to be funded monthly with any excess of revenues over expenditures from
airport operations, there will not be enough funds left in (Fund 404) to process the transfer of Passenger
Facility Charges from prior applications of projects that are completed or near completion, $1,145,139, or
make the transfer for the cost allocation of $220,383 to the General Fund.
The Budget amendment will bring additional revenues into the fund by appropriating the Cash Balance
portion of Reserves, which is really the un-appropriated portion of the unrestricted Fund Balance of the Key
West International Airport. (See Attached)
NOTICE OF SUPPLEMENTAL
BUDGET HEARING
Pursuant to the provisions of Section 129.03, Florida Statutes, notice is hereby given that a Public Hearing will be held
by the Board of County Commissioners of Monroe County, Florida, on November 15th, 2006 at the hour of 5:01 P.M.
at the Key Largo Public Library, 101485 Overseas Hwy, MM 101.485 (ocean), Key Largo, Florida 33037, for the
purpose of receiving any comments on the proposed supplemental Budget Amendment for the fiscal year beginning
October 1,2005, and ending September 30,2006 for the Key West Airport Fund, Fund 404.
Revenues: Current Budget I nc./(Dec.) Revised Budget
404344101SK Fees & Leases 2,850,000.00 381,915.00 3,231,915.00
404 344102SK Passenger Facility Charge 1,000,000.00 (990,000.00) 10,000.00
404 344103SK Airport Parking 230,000.00 0.00 230,000.00
404 354003SK Fines Parking Violations 10,000.00 (5,000.00) 5,000.00
404 361005GI Interest Earnings 80,000.00 25,432.00 105,432.00
404 366001 CT Contri butions 147,701.86 3,970.00 151,671.86
404 369001 GM Miscellaneous Revenue 0.00 6,653.00 6,653.00
404 369002GM Misc Commissions 0.00 2,984.00 2,984.00
404 331xxxxx Federal Grants Transportation 13,528,013.52 0.00 13,528,013.52
404 334xxxxx State Grants Transportation 2,4 77 ,518.63 0.00 2,4 77 ,518.63
404 381001 GT Transfers in Fund 001 187,500.00 0.00 187,500.00
404 381304GT Transfers in Fund 304 1,000,000.00 0.00 1,000,000.00
404 389001 Less 5% FL Statute (208,500.00) 28,702.00 (179,798.00)
404 389002 Fund Balance Forward 2,590,561.00 0.00 2,590,561.00
Total Revenue 23,892,795.01 (545,344.00) 23,347,451.01
Expenditures:
404 23518 Vehicle Replacement 7,524.00 (7,524.00) 0.00
404 63001 KWIA O&M 3,151,854.00 360,620.00 3,512,4 7 4.00
404 63002 KWIA R&R 874.00 (874.00) 0.00
404 63003 KWIA Passenger Facility 412,840.51 0.00 412,840.51
404 630xxxxx Various State & Federal Grant 16,772,713.13 0.00 16,772,713.13
404 85536 Reserves 404 1,179,109.00 (1,179,109.00) 0.00
404 86505 Budgeted Transfers 1,367,880.37 1,281,543.00 2,649,423.37
22,892,795.01 454,656.00 23,347,451.01
0.00