Broward County Commission Regular Meeting

MOTION TO ADOPT supplemental budget Resolution Nos. 2018-150 through 2018-153 within the Debt Service Funds in the amount of $1,657,000 to adjust fund balances and other budgeted revenues, and to appropriate funds to reserves and other commitments.

ACTION:  (T-3:08 PM)  Approved.  (Refer to minutes for full discussion.)
 
VOTE: 9-0.

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 adjust the budgeted fund balance in order to correspond to the audited fund balance for each fund. This budget amendment also includes a number of proposed appropriations to address issues that have arisen since the adoption of the Fiscal Year 2018 budget.

Staff presents three supplemental budgets per year to the Board. The purpose of the second supplemental budget is primarily to adjust the budgeted fund balance to correspond to the audited amounts. In general, additional fund balance is appropriated to the reserve or debt service commitments.

1996/2006/2016 Arena Bonds (22010) - $1,069,000 - Budgeted fund balance is adjusted based on the audited amount. Funds are appropriated for additional debt service costs ($4,500) and the remaining funds are reserved per the bond covenants ($1,064,500).

2001A General Obligation Bonds (21010) - $172,000 - Budgeted fund balance is adjusted and additional funds are appropriated to reserves.

Parks & Land Preservation General Obligation Bonds (21015) - $356,000 - Budgeted fund balance is adjusted and additional funds are appropriated to reserves.

2010 Courthouse Bonds (22015) - $60,000 - Budgeted fund balance is adjusted based on the audited amount. Funds are appropriated for additional debt service costs ($3,100) and the remaining funds are appropriated to reserves ($56,900).

Norman Foster, Director, Office of Management and Budget, (954) 357-6345