Broward County Commission Regular Meeting

MOTION TO ADOPT supplemental budget Resolution Nos 2019-194 through 2019-198 within the Debt Service Funds in the amount of $6,732,000 to adjust fund balances, and to appropriate funds to reserves.

ACTION:  (T-12:15 PM)  Approved.  (Refer to minutes for full discussion.)

VOTE: 9-0.  Commissioner Geller voted in the affirmative telephonically.    
 

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.

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) - $5,835,000 - Budgeted fund balance is adjusted based on the audited amount. Funds are  transferred to the Convention Center and Visitors Bureau Fund ($4,635,000), the 2005 Loan Pool ($5,000), and additional funds are reserved per the bond covenants ($1,195,000).

2001A General Obligation Bonds (21010) - $113,000 - Budgeted fund balance is adjusted and additional funds are appropriated to reserves.

Parks & Land Preservation General Obligation Bonds (21015) - $203,000 - Budgeted fund balance is adjusted and additional funds are appropriated to reserves.

2010 Courthouse Bonds (22015) - $578,000 - Budgeted fund balance is adjusted based on the audited amount and additional funds are appropriated to reserves.

2005 Loan Pool (23020) - $3,000 - Fund balance is budgeted based on the audited amount, and funds are transferred from the Arena Bond Fund for additional debt service costs.

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