GENERAL FUND
The unrestricted General Fund Balance at the beginning of FY 2016-17 was $4,553,946. During the year, Council approved the transfer of $1,399,523 from Fund Balance for: additional funding of legal fees and litigation reserve ($624,000), beautification projects ($200,000), parks improvements ($162,300), employee retention ($100,000), educational travel and media training ($58,300), other miscellaneous projects ($133,480), and an unassigned surplus ($121,443).
Additionally, Council approved a temporary transfer of $1,500,000 from Fund Balance to the Disaster Fund to cover Hurricane Irma related expenses until such amount is recovered from the Federal Emergency Management Agency (FEMA).
It is estimated that Hurricane Irma related expenses will total approximately $3.8M. We expect FEMA to reimburse approximately 78% of that amount, which leaves an expense to the General Fund of $836,000 due to expenses not reimbursable by FEMA. As such, staff is proposing to transfer $836,000 from the General Fund Balance to the Disaster Fund where expenses are recorded. It is noteworthy that staff obtaininedan authorization of $1.5M, however,only $836,000 is required to satisfy our expenditures for Hurricane Irma. For accounting purposes, a receivable from FEMA was recorded and corresponding transactions are reflected in this Amendment accordingly.
At the end of FY 2016-17, operations are estimated to result in a net surplus of approximately $1,175,296 of which staff is recommending to reserve $629,854 in General Fund fund balance. From the available amount of $545,442, Council approved $500,000 for carryforward at the adoption of the FY 2017-18 Budget for litigation/settlement reserve. Staff is now proposing to bring over $45,442 into FY 2017-18 Budget for projects/programs that commenced but not completed in the prior year: These include:
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$15,000 for annual leave cash-out as part of the employee retention program
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$20,442 for upgrade to the PBX Cisco System (phones), and
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$10,000 in donations for the Youth Activity Task Force programs.
This will leave a General Fund Balance of $2,948,277, as summarized in the analysis below. It should be noted that of the total amount, 15% of the Adopted General Fund Budget or $2,528,730 is required as a minimum reserve.
DISASTER FUND
As previously mentioned, Hurricane Irma related expenses is estimated at $3.8M. Federal disaster assistance has been made available from FEMA, and it is expected that the Town will be reimbursed approximately 78% or $2,964,000. The remaining $836,000 is not expected to be reimbursed, and these expenses will therefore be covered by the General Fund.
In FY 2017 expenses totaled $1,750,987, and $2,049,013 in expenditures is estimated for FY 2018. The Disaster Fund was created to capture all response and recovery costs associated with a major disaster, and the revenues or grants to reimburse these costs. Accordingly, this amendment budgets for the revenues from the General Fund ($836,000) and FEMA ($1,213,013), and the associated expenses including debris removal and monitoring ($1,834,653), emergency protective measures ($54,744), roads and bridges ($13,295), building/facilities repairs ($46,510) and parks repairs ($99,811). The total FY 2017-18 Budget for the Disaster Fund is $2,049,013.
SPECIAL REVENUE FUND
People's Transportation Plan (PTP 80%) – LED Light Conversion Program - $116,720 – At the end of FY 2017, the conversion of approximately 915 Town-owned street lights from HPS to LED was approximately 70% complete. This amendment carries forward the remaining funds from the prior year to complete the installation of the LED street lights, and increases the PTP 80% total budget from $1,408,781 to $1,525,501. The project is expected to be completed by the end of March 2018.
CAPITAL PROJECTS FUND
At the beginning of FY 2016-17, the Capital Projects Fund had $2,617,135 allocated to fund capital improvements throughout the Town. During the year, the Fund received $3,298,617 in inter-governmental revenues, grants, and inter-fund transfers to fund additional capital improvements. Approximately $2,811,300 was spent on completing budgeted projects. These completed projects include Miami Lakes Optimist Clubhouse, Canine Cove, Canal Bank Stabilization Phase 1, Hutchinson Roadway and Drainage Improvement, NW 64th Avenue milling and resurfacing, Beautification Project (FDOT) at NW 154th Street and the Palmetto, IT infrastructure upgrades throughout the Parks, and other parks improvements. The remaining $3,104,430 is earmarked for the projects that were budgeted but not completed in FY 2017, and therefore available for carryforward to be re-budgeted in FY 2018.
The FY 2017-18 Adopted Budget, however, assumed a carry-forward amount of $2,633,574 for those projects that were not completed in FY 2017, including the generator and enclosure at Town Hall ($144,135); park facilities improvements ($255,000); Par 3 Park ($150,000); Lake Sarah roadway and drainage improvement ($1,563,739); the underpass bridges project ($330,000); and Safe Routes to School ($190,700). This budget amendment now adjusts the carry-forward amount for the difference of $470,855 and re-appropriates the remaining balances for these projects. In addition, due to timing, $1,084,590 in revenues that were not received in the prior year are also re-budgeted to offset the project expense. These projects are listed in the chart below and detailed in Exhibit A attachment. The amendment increases the FY 2017-18 Capital Projects Fund Budget from $7,931,640 to $9,487,085.
IMPACT FEES FUND
Parks Impact Fees – In FY 2017, the Town anticipated receiving approximately $1.7M in Parks Impact Fees revenues from the Lennar Project development. Actual revenues received in FY 2017 was $1,020,716, approximately $664,621 less than projected due to the timing of permit processing. The carryover fund balance to FY 2018 was therefore overstated by $664,621. This amendment adjusts the FY 2017-18 Budget carryover fund balance from $957,735 to $293,114, and budgets for the balance of the revenues from the Lennar Project ($664,621).
STORMWATER UTILITY FUND
Stormwater Master Plan Update - $30,345 - The FY 2017-18 Budget contains an appropriation of $30,000 to update the Stormwater Master Plan to include reflect several completed stormwater projects that have enhanced and improved the Town's stormwater system, as well as assess areas of the Town for stormwater programming and priorities. A work order was recently awarded in an amount not to exceed $60,345 for the Master Plan update, and therefore additional funds are required for this expense.
At the end of FY17, the Stormwater Utility Fund operations resulted in a net surplus of approximately $465,685, available for carryforward to the current year. The FY18 Budget, however, assumes a carryforward amount of $288,148. This amendment proposes to adjust the carryforward amount for the additional $177,537 so that funds are made available for the Master Plan Update ($30,345), and the difference to the reserve line item ($147,192) for future stormwater project needs. This amendment increases the Stormwater Utility Fund from $1,420,148 to $1,597,685.
DONATIONS - $10,850
During the year, unanticipated donations are received from individuals and the business community to fund specific events and enhance certain activities and programs. This budget amendment increases the General Fund by recognizing the donations received to date, and appropriates said funds for expenditure. Donations totaling $10,850 were received from sponsors for the following: Elderly Affairs Committee events including Senior Social ($1,500), Senior Games ($1,000), Senior Field Trip ($500), Meet and Eat ($500) and Community Forum ($500); Youth Activity Task Force event Halloween Haunted House ($3,850), Cultural Affairs Committee event Hispanic Heritage ($500), and Veteran's Day Parade ($2,500).