Broward County Commission Regular Meeting
Director's Name: Norman Foster
Department: Office of Management and Budget
Information
Requested Action
title
MOTION TO ADOPT supplemental budget Resolution No. 2020-454 within the Debt Service Funds in the amount of <$8,086,670> to amend revenues and appropriations prior to the close of the Fiscal Year.
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Why Action is Necessary
Supplemental budgets are required whenever existing revenue sources are increased or decreased, resulting in a change in the total appropriations of a fund.
What Action Accomplishes
The primary purpose of this supplemental budget is to make year-end adjustments to facilitate the year-end closing process.
Is this Action Goal Related
No
Previous Action Taken
None
Summary Explanation/Background
Staff presents three supplemental budgets per year to the Board. The third supplemental budget is for the purpose of making year-end adjustments to various revenues and appropriations.
THE OFFICE OF MANAGEMENT AND BUDGET RECOMMENDS APPROVAL OF THE FOLLOWING YEAR-END ACTIONS WITHIN THE DEBT SERVICE FUNDS.
2006B & 2016 CIVIC ARENA REFUNDING BONDS (22010) - <$8,086,670> - Budgeted transfer from the Two Cent Tourist Tax Revenue Fund is reduced based on our Fiscal Year 20 forecast and the transfer to the Convention Center and Visitors Bureau fund is reduced accordingly.
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.