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2017-12-376 - Budget Amendment 3 MillionORDINANCE NO. 2017-12-376 AN ORDINANCE OF THE CITY OF MIAMI GARDENS, FLORIDA, AMENDING THE CITY'S BUDGET FOR THE 2016-2017 FISCAL YEAR; AUTHORIZING THE CITY MANAGER TO MAKE CERTAIN ADJUSTMENT: AUTHORIZING THE CITY MANAGER TO TAKE ALL ACTIONS NECESSARY TO IMPLEMENT THE TERMS AND CONDITIONS OF THIS ORDINANCE; PROVIDING FOR AN ADDITIONAL READING IN ACCORDANCE WITH THE CITY'S CHARTER; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, in accordance with Section 4.5 of the City of Miami Gardens Charter, the City Council adopted a Budget for Fiscal Year 2016-2017, and WHEREAS, it is appropriate to provide for certain transfers, appropriations and authorizations based upon previous and anticipated expenditures and revenues, WHEREAS, the City Council has determined that it is necessary to amend the budget to reflect these changes, NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MIAMI GARDENS, FLORIDA, AS FOLLOWS: SECTION! ADOPTION OF REPRESENTATIONS: The foregoing Whereas Clauses are hereby ratified and confirmed as being true, and the same are hereby made a specific part of this Ordinance. SECTION 2. AMENDMENT TO BUDGET: The following amounts are hereby appropriated from fund balance of the Capital Projects Fund and Special Revenue Fund (Police Impact Fees). Transfers in and out of the appropriate funds will be required, said monies appropriated will be part of the adopted annual operating budget for the fiscal year beginning October 1, 2016, and ending September 30, 2017: ORDINANCE NO. 2017-12-376 Purpose Amount Add'll Principal Payment to Series 2016 Issuance $2,700,000 Transfer to Debt Service Fund $2,700,000 Add'll Principal Payment to Series 2016 Issuance $300,000 Transferto Debt Service Fund $300,000 Transfer in from other funds $2,700,000 Transfer in from other funds $300,000 Add'll Principal Payment to Series 2016 Issuance $3,000,000 Account No. 300-00-00-389-901-00 300-12-01-512-918-21 106-00-00-389-901-00 106-19-01-S19-918-21 201-00-00-381-025-30 201-00-00-381-002-16 201-17-01-S17-710-16 Descrlptoln Re-appropriated Fund Balance Trans to Debt Service Fund Re-appropriated Fund Balance Trans to Debt Service Fund Transferin from Capitia Projects Fund Transfer in From Special Revenue Fund Principal Payment - $6.0 M loan Fund Capital Projects Fu Capital Projects Fu Special Revenue Fi Special Revenue Fi Debt Sen/ice Fun Debt Service Fun Debt Service Fun SECTIONS. INSTRUCTIONS TO THE CITY MANAGER; The City Manager shall take all actions necessary to implement the terms and conditions of this ordinance. SECTION 4. CONFLICT: All ordinances or Code provisions in conflict herewith are hereby repealed. SECTION 5. SEVERABILITY: If any section, subsection, sentence, clause, phrase or portion of this Ordinance is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portions of this Ordinance. SECTION 6. EFFECTIVE DATE: This ordinance shall take effect immediately upon its passage. PASSED on first reading this 12th day of September. 2017 PASSED AND ADOPTED on second reading this^^Ztl-fJay of SEPTEMBER, 2017. I Oliver Gilbert III, MAYOR ATTEST: ORDINANCE NO. 2017-12-376 RONETTA TAYLOR, Cl\^, CITY CLERK Reviewed by SONJA K. DICKENS, ESQ. City Attorney SPONSORED BY: Cameron D. Benson. City Manager MOVED BY: SECONDED BY:: VOTE: 7^(0 Mayor Oliver Gilbert III "^(Yes) (No) Vice Mayor Erhabor Ighodaro (Yes) (No) Councilwoman Felicia Robinson (Yesi (No) Councilwoman Lillie Odom (Yes) (No) Councilwoman Lisa Davis "Z^(Yes) (No) Councilman David Williams Jr. (Yes) (No) Councilman Rodney Harris u (Yes) (No) ORDINANCE NO. 2017-12-376 18605 NW 27 Ave Miami Gardens, Florida 33056 City of Miami Gardens Agenda Cover Memo Council Meeting Date: September 27, 2017 Item Type: (Enter X in box) Resolution Ordinance Other X 1st Reading 2nd Reading X Yes No Yes No X Yes No X Yes No Yes No Sponsor Name Cameron Benson, City Manager Department: City Manager Finance Short Title: AN ORDINANCE OF THE CITY OF MIAMI GARDENS, FLORIDA, AMENDING THE CITY’S BUDGET FOR THE 2016-2017 FISCAL YEAR; AUTHORIZING THE CITY MANAGER TO MAKE CERTAIN ADJUSTMENT; AUTHORIZING THE CITY MANAGER TO TAKE ALL ACTIONS NECESSARY TO IMPLEMENT THE TERMS AND CONDITIONS OF THIS ORDINANCE; PROVIDING FOR AN ADDITIONAL READING IN ACCORDANCE WITH THE CITY’S CHARTER; PROVIDING FOR AN EFFECTIVE DATE. Staff Summary: In September 2016, the City issued an additional $6 million financing for the completion of the City Hall and Police Headquarter building. In November 2016, the City received the settlement from URS in the amount of $3.5 million. Also, the installation of the Photovoltaic panels is close to completion and staff is not expecting to have any additional cost to the project. When the schedule debt payment for the $6 million in July 2017, the City has made an additional principal of $3 million, therefore, this will reduce the future debt service of this issuance. AGENDA ITEM I-2 FY 2016-2017 BUDGET AMENDMENT 18605 NW 27 Ave Miami Gardens, Florida 33056 Staff has to perform a transfer from the Capital Projects Fund where the settlement was recorded in the amount of $2,700,000 and $300,000 from the Special Revenue Fund (Police Impact fees) to the Debt Service Fund for this additional principal payment. A Budget Amendment Ordinance is required to perform such action. Proposed Action: Staff recommends Council to adopt the Budget Ordinance Attachment: Budget Ordinance