M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, ICMA-CM, CFM, Town Manager
Date: October 17, 2018
Re: Fiscal Year 2017-18 Budget Amendment
REQUESTTitle
A RESOLUTION OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF CUTLER BAY, FLORIDA, AMENDING RESOLUTION 17-79, WHICH ADOPTED THE BUDGET FOR THE 2017/2018 FISCAL YEAR, BY REVISING THE 2017/2018 OPERATING AND CAPITAL BUDGET AS OUTLINED IN EXHIBIT "A" ATTACHED HERETO; AUTHORIZING THE TOWN MANAGER TO DO ALL THINGS NECESSARY TO CARRY OUT THE PROVISIONS OF THIS RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE.
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BACKGROUND AND ANALYSIS
State statutes allow for amending the budget legally adopted by the Town Council up to sixty (60) days after the end of the Fiscal Year. This allows the Council to provide for items not anticipated or not fully known when the original budget was adopted. It also allows the Council to adjust balances between line items within departments or to reallocate funds among departments based on circumstances that transpired during the Fiscal Year.
The Town requires such an amendment for the 2017/2018 Fiscal Year which will need to be adopted within the "sixty (60) days after year end" time frame primarily as a result of (1) costs and expenses incurred related to Hurricane Irma which continued into Fiscal Year 2018, (2) costs and expenses related to the GOB Bond Special Election, (3) appraisal and survey costs related to a certain land acquisition target, (4) increased costs related to building permitting services due to higher than anticipated permit revenues (shared with the contractor per agreement) as well as costs for Town projects, (5) reduced capital outlay related to the Town Hall building as a result of deferral of certain improvement projects, (6) insurance proceeds and FEMA reimbursements related to certain Hurricane Irma claims, and (7) stronger than anticipated revenue receipts for certain revenue categories, primarily franchise fees, build...
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