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). |