Broward County Commission Regular Meeting
Director's Name: Norman Foster
Department: Office of Management and Budget
Information
Requested Action
title
A. MOTION TO ADOPT supplemental budget Resolutions within the Debt Service Funds in the amount of $17,394,355, primarily to adjust fund balances and other budgeted revenues and to appropriate funds to reserves and other commitments.
ACTION: (T-11:55 AM) Approved Resolution Nos. 2025-185 through 2025-191. (Refer to minutes for full discussion.)
VOTE: 8-0. Commissioner Davis was inaudible during the vote.
B. MOTION TO ADOPT supplemental budget Resolutions within the Internal Service Funds in the amount of $19,972,500, primarily to adjust fund balances and other budgeted revenues and to appropriate funds to reserves and other commitments.
ACTION: (T-11:55 AM) Approved Resolution Nos. 2025-192 through 2025-198. (Refer to minutes for full discussion.)
VOTE: 8-0. Commissioner Davis was inaudible during the vote.
body
Why Action is Necessary
Supplemental budgets are required whenever existing revenue sources are increased or decreased, resulting in a change to the total appropriation of a fund.
What Action Accomplishes
The primary purpose of this supplemental budget is to recognize the difference between the preliminary fund balance and the current budgeted fund balance of each fund. This budget amendment also includes a number of proposed appropriations to address issues that have arisen since the adoption of the Fiscal Year 2025 budget.
Goal Related Icon(s)
☐County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None.
Summary Explanation/Background
Staff presents three supplemental budgets per year to the Board. The purpose of the second supplemental budget is primarily to reconcile the fund balances. In general, additional fund balance is appropriated to reserve or debt service/other commitments.
THE OFFICE OF MANAGEMENT AND BUDGET RECOMMENDS APPROVAL OF THE FOLLOWING SUPPLEMENTAL BUDGET ACTIONS WITHIN THE DEBT SERVICE AND INTERNAL SERVICE FUNDS.
Debt Service
2007A GENERAL OBLIGATION BONDS (21010) - $11,519 - Payments on this issuance were completed during Fiscal Year 2021. Fund balance is adjusted and a transfer to the General Capital Fund is budgeted to cover one-time capital expenditures.
PARKS/LAND PRESERVATION GENERAL OBLIGATION BONDS (21015) - $564,242 - Budgeted fund balance is adjusted, and reserves are increased accordingly.
2006B & 2016 CIVIC ARENA REFUNDING BONDS (22010) - $18,532,492 - Budgeted fund balance is adjusted, the transfer from the Two Cent Tourist Tax Revenue Fund is increased, and the bond reserve for debt service is reduced <$4,000,000> and appropriated for the defeasance and redemption of a portion of the outstanding Broward County, Florida Professional Sports Facilities Tax and Revenue Refunding Bonds, Series 2016 (Broward County Civic Center Arena Project) and the Broward County, Florida Professional Sports Facilities Tax and Revenue Refunding Bonds, Taxable Series 2006B Broward County Civic Arena Project ($10,027,302) and to pay the revolving line of credit note authorized by the Board through Agenda Item 16 of the March 11, 2025, Regular Commission Meeting ($15,000,000). As a result of the one-time revenue available from Tourist Development Taxes to pay the aforementioned debt service, the prior appropriation for various debt service costs supported by other revenues is reduced <$30,947,164> and the transfer to the Tourist Development Tax Capital Fund is increased accordingly for future capital outlay ($30,947,164). Finally, because of the Second Amended and Restated Operating Agreement by and among Broward County, Arena Operating Company Ltd., Florida Panthers Hockey Club, Ltd., and Sunrise Sports & Entertainment, LLC, for the Broward County Civic Arena, approved by the Board through Agena Item 25 of the February 11, 2025, Regular Commission Meeting, the revenue and associated less five percent amount budgeted in the Fiscal Year 2025 Adopted Budget for Arena Preferred Revenue is adjusted and the amount budgeted for debt service costs is reduced accordingly <$2,494,810>.
2010 & 2017A COURTHOUSE BONDS (22015) - $1,148,844 - Budgeted fund balance is adjusted, a transfer from the Courthouse Bond Capital Fund is increased, and appropriations for reserves ($868,142) and other debt service costs for arbitrage are increased accordingly ($280,702).
2021 TOURIST DEVELOPMENT TAX REVENUE BONDS (22025) - $13,808 - Budgeted fund balance is adjusted, and reserves are increased accordingly.
2022 CONVENTION CENTER HOTEL REVENUE BONDS (22030) - <$2,270,071> - Budgeted fund balance and projected revenue from interest earnings are adjusted, and reserves are decreased accordingly.
2018 REFUNDING NOTE (23020) - <$606,479> - Budgeted fund balance is adjusted, and operating expenses for other debt service costs are increased accordingly ($4,891). In addition, because of the Second Amended and Restated Operating Agreement by and among Broward County, Arena Operating Company Ltd., Florida Panthers Hockey Club, Ltd., and Sunrise Sports & Entertainment, LLC, for the Broward County Civic Arena, approved by the Board through Agenda Item 25 of the February 11, 2025, Regular Commission Meeting, the revenue based on payments from the Florida Panthers that was budgeted in the Fiscal Year 2025 Adopted Budget is adjusted and the amount budgeted for debt service costs is reduced accordingly <$611,370>.
Internal Service
RISK MANAGEMENT FUND (50015) - $2,633,780 - Budgeted fund balance is adjusted, and reserves are increased accordingly.
BSO SELF-INSURANCE FUND (50020) - $1,826,000 - Budgeted fund balance is adjusted, and reserves are increased accordingly.
EMPLOYEE BENEFITS FUND (50025) - $4,653,000 - Budgeted fund balance is adjusted, and funds are appropriated for the County’s Self-Insured Group Health program.
BSO WORKERS’ COMPENSATION FUND (50030) - $9,483,000 - Budgeted fund balance is adjusted, and reserves are increased accordingly.
OWNER CONTROLLED INSURANCE PROGRAM FUND (50035) - $640,000 - Budgeted fund balance is adjusted, and reserves are increased accordingly.
FLEET SERVICES FUND (50100) - $652,255 - Budgeted fund balance is adjusted, appropriations for building maintenance ($140,000), equipment maintenance ($354,640) and motor pool ($135,000) and are increased, and reserves are adjusted accordingly ($22,615).
PRINT SHOP FUND (50200) - $84,465 - Budgeted fund balance is adjusted, and appropriated to reserves for replacement equipment.
Source of Additional Information
Norman Foster, Director, Office of Management and Budget, (954) 357-6346
Fiscal Impact
Fiscal Impact/Cost Summary
The fiscal impact is detailed above in the Summary Explanation/Background section of the agenda item.