Broward County Commission Regular Meeting

MOTION TO ADOPT supplemental budget Resolutions within the Enterprise Funds in the amount of $6,282,644 to amend revenues and appropriations prior to the close of the Fiscal Year.

(Deferred to Tuesday, September 26, 2017.)

Supplemental budgets are required whenever existing revenue sources are increased or decreased, resulting in a change in the total appropriations of a fund.

The primary purpose of this supplemental budget is to make year-end adjustments to facilitate the year-end closing process.

No previous action taken.

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 ENTERPRISE FUNDS:

FLL CAPITAL FUND - $3,490,774 - Budgeted transfers from the Aviation Operating Fund are reduced by <$9,281,600 > in order to budget the debt service coverage reserve in the Aviation Operating Fund. Grant budgets are reduced to adjust for grants that will not be received <$4,000,000>. Budgeted appropriations are increased ($30,000) for an Airport fire truck based on the actual procurement. Budgeted transfers from the Aviation PFC Capital Fund are increased ($13,460,265) in order to reimburse for expenses incurred relating to the Terminal Modernization project. Interest earnings ($3,312,109) and principal and interest expenses <$186,978> are adjusted to match Fiscal Year 2016 budget activity. Reserves are increased ($7,647,752) as a net result of the above adjustments. 

PFC CAPITAL FUND - $2,581,481 - Budgeted grant revenue is increased ($690,250) based on an FAA reimbursement that was not budgeted. Budgeted loans issued ($238,878), passenger facility charges ($2,257,564) and interest earnings <$605,211> are adjusted to match actual collections. Budgeted bond principal ($663,754), interest expense ($104,718), and bond issuance costs ($238,878) are adjusted to match actual expenses. The budgeted bond reserve <$370,402> is adjusted due to the October, 2015 bond refunding. In addition, the Transmitter/Radio Relocation project is reduced <$2,750,000> as this is re-budgeted in Fiscal Year 2018 with a different funding source. Budgeted transfers to the Aviation FLL Capital Fund are increased ($13,460,265) in order to reimburse for expenses incurred relating to the Terminal Modernization project. Reserves are decreased <$8,765,732> as a net result of the above adjustments.

HWO CAPITAL FUND - <$91,451> - Budgeted grant funding is reduced to match actual grant awards <$92,488> and budgeted interest earnings are increased to match actual earnings received ($1,037).  Reserves are reduced accordingly <$91,451>.

SOLID WASTE FUND - $301,840 - Budgeted tipping fee revenues are increased and appropriated to contractual services based on increased tonnage ($301,840).

Norman Foster, Director, Office of Management and Budget, 954-357-6346