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 Resolution within the Internal Service Funds in the amount of $772,000 to amend revenues and appropriations prior to the close of the Fiscal Year.
ACTION: (T-12:15 PM) Approved Resolution No. 2022-429. (Refer to minutes for full discussion.)
VOTE: 7-0. Commissioner Moskowitz was inaudible during the vote.
B. MOTION TO ADOPT supplemental budget Resolutions within the Debt Service Funds in the amount of $32,658,230 to amend revenues and appropriations prior to the close of the Fiscal Year.
ACTION: (T-12:15 PM) Approved Resolution No. 2022-430 - 432. (Refer to minutes for full discussion.)
VOTE: 7-0. Commissioner Moskowitz was inaudible during the vote.
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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 INTERNAL SERVICE AND DEBT SERVICE FUNDS.
2006B & 2016 CIVIC ARENA REFUNDING BONDS (22010) - $10,133,340 - Additional one-time Tourist Tax Revenue, collected in Fiscal Year 2022 and transferred from the Two Cent Tourist Development Tax, is recognized and transferred to the Convention Center Operating Fund ($3,875,000) and the Tourist Development Tax Capital Fund ($6,258,340) to support appropriations planned in Fiscal Year 2023.
2017A & 2020 COURTHOUSE REFUNDING BONDS (22015) - $39,850 - The transfer from Court Facility Fee Fund is reduced <$650,000> due to a decrease in revenue, the transfer from the General Fund is adjusted ($650,000), and interest revenues are recognized ($39,850) and appropriated to the reserve.
2022 CONVENTION CENTER HOTEL REVENUE BONDS (23020) - $22,485,040 - One-time funds are transferred from the Additional COVID-19 Expenses Fund ($19,293,878) and General Fund ($3,191,162) to a reserve for future interest payments due on the 2022 Convention Center Hotel Revenue Bonds in Fiscal Year 2023.
FLEET SERVICES FUND (50100) - $772,000 - Additional revenues are recognized and appropriated due to increased fuel costs ($550,000), equipment expenses ($222,000), and $45,000 is also transferred from reserves for motor pool expenses.
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.