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Home My WebLink AboutResolution_21-20_8/13/2020RESOLUTION 21-20 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA, AUTHORIZING ESTABLISHMENT OF A BUILDING FUND; AUTHORIZING A BUDGET AMENDMENT TO TRANSFER CERTAIN MONIES INTO THE NEWLY CREATED BUILDING FUND; AMENDING AND DECREASING THE FISCAL YEAR 2019/2020 GENERAL FUND #001 BUDGET AS SPECIFIED IN THE ATTACHED "EXHIBIT A;" PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. WHEREAS, the Village maintains within its General Fund separate revenue and expenditure line items representing the operations of its Building Department; and WHEREAS, the Governmental Accounting Standards Board (GASB) allows the use of special revenue funds to account for specific revenue sources that are restricted or committed to expenditures for specified purposes other than debt service or capital projects; and WHEREAS, the revenues generated by the Building Department are restricted as to use pursuant to Section 553.80, Florida Statutes, and therefore meet the above established criteria and may be accounted for in a special revenue fund; and WHEREAS, the Fiscal Year 2019/2020 General Fund Budget currently includes restricted Building Department revenues and associated expenditures; and WHEREAS, staff is requesting the establishment of a special revenue Building Fund, retroactive to October 1, 2019, so that beginning balances at October 1, 2019 can be transferred from the General Fund to the newly created Building Fund; and all revenues and expenditures for Fiscal Year 2019/20 can be accounted for in the new fund; and WHEREAS, the Village Council finds that accounting for the operations of the Building Department within a separate special revenue fund will provide greater financial transparency to its residents and to the users of the Village's financial statements. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS: Section 1: The appropriate officers of the Village are hereby authorized and directed to take all necessary and appropriate steps to establish a Special Revenue Fund entitled "Building Fund" to account for the fees, fines, investment earnings and related expenditures of the Building Department; Section 2: Resolution 21-20, amending the Fiscal Year 2019/2020 General Fund and Building Fund budgets are hereby adopted in accordance with the attached "Exhibit A"; Section 3: This Resolution shall become effective immediately upon passage. EXHIBIT A - FY2019/2020 BUDGET - PAGE 1 FUND 001 - REVENUES------ -- ----- General Property Taxes ORIGINAL BUDGET AMENDED BUDGET (DECREASE)I REVISED BUDGET 7,482,400 7,482,400 7,482,400 1,454,900 1,454,900 1,454,900 93,000 93,000 93,000 460,000 460,000 460,000 737,100 737,100 (737,100) - 888,300 888,300 l 888,300 172,000 172,000 172,000 725,450 725,450 725,450 1,162,900 1,162,900 1,162,900 76,050 76,050 76,050 16,000 16,000 -} 16,000 115,000 115,000 115,000 221,600 221,600 221,600 EXPLANATION OF CHANGE Sales & Use Taxes Local Business Taxes Franchise fees - gross receipt Building Permits Reduce Building Department revenue Intergovernmental Revenue Chgs for Sery - Gen Gov Intragovernmental Revenue Chgs for Sery - Public Safety Charges for Services - Recr. Fines & Forfeitures Unrestricted Investment Earnings Rents & Royalties Impact Fees 1,000 1,000 (20,000) 1,000 Other Financing Sources 15,000 177,930 157,930 Reduce appropriation of fund balance Operating Transfers Miscellaneous Revenues - ---------------------- 49,750 - ---------------------- 49,750 195,378 -------- ---------- - 195,378 49,750 Reimbursement for indirect costs --------------- -- ------ --------- - --- - Contributions & Donations TOTAL REVENUES ------------ -- 5,000- $ 13,675,450 ------- -- -- - 5_000 -- -- - --- 5,000- - -------------------- - $ 13,838,380 $ (561,722) $ 13,276,658 INCREASE AMENDED BUDGET DECREASE - __ ______ _ REVISED BUDGET 68,050 ( ) 68,050 286,100 286,100 386,750 386,750 EXPLANATION OF CHANGE EX ------ - -D--- -_ EXPENDITURES ORIGINAL BUDGET �- _ _ _ _ _________ _ __ _ 100 --Council _ - 68,050 110 - Manager 286,100 111- Human Resources 386,750 120 - Village Clerk 370,150 425,400 370,150 I 425,400 180,000 163,800 306,000 219,400 370,150 130-Finance 140 - Legal 5:0 -Comprehensive Planning 160 - General Government 161 - IT 425,400 180,000 180,000 163,800 163,800 299,200 306,000 219,400 219,400 175 - Police Department 3,394,230 3,473,424 3,473,424 180 - Building & Zoning 181 Code Compliance 192 - Fire Control 210 - Public Works 231- Leisure Services 680,750 716,791 (716,791) - 93,750 Reduce Bldg Dept expenses 93,750 93,750 4,293,886 1,405,400 686,950 4,263,150 4,293,886 1,408,500 1,405,400 686,950 690,650 700 - Debt Service 456,120 475,029 475,029 900 - Interfund Transfers 127,100 127,100 - 127,100 950 - Other Nonoperating 162,350 160,400 155,069 315,469 Adjust allocation to fund balance TOTAL EXPENDITURES $ 13,675,450 $ 13,838,380 $ (561,722) $ 13,276,658 EXHIBIT A - FY2O19/2O2O BUDGET - PAGE 2 FUND 101 - REVENUES ORIGINAL BUDGET ------------------------------------------------------------------ AMENDED BUDGET ---------------------- -rlarcR� (DECREASE)! REVISED BUDGETi EXPLANATION OF CHANGE Building Permits 508,000 508,000 Estimated Building Dept Revenues Other Financing Sources Miscellaneous Revenues Other Reserves/Contingency - ----------------------------------------------- 404 169 --------- ----'------------------ 404,169 Usage of fund balance reserves TOTAL REVENUES $ $ $ 912,169 ---------- $ 912,169 INCREASE FUND 101 - EXPEN------------- --OR-1GI ORIGINAL BUDGET AMENDED BUDGET ------------- ---- -(DECREASE)' - REVISED BUDGET --------------------- EXPLANATION OF CHANGE ---------------------------------------------- 180 - Building & Zoning 0 716,791 716,791 Transfer department FY20 budget 900 - Interfund Transfers 0 195,378 195,378 Reimburse indirect costs to Gen. Fund 950 - Other Nonoperating ---------------------- _ ------------------------------------------- TOTAL EXPENDITURES $ - $ - $ 912,169 ---------------------- $ 912,169 RESOLUTION Date 21-20 8/13/2020 Motion Council Member Frank D'Ambra Second Vice -Mayor Kyle Stone FOR AGAINST ABSENT CONFLICT Mayor Abigail Brennan ❑ ❑ ❑ Vice -Mayor Kyle Stone ❑x ❑ ❑ ❑ Council Member Laurie Brandon x❑ ❑ ❑ ❑ Council Member Frank D'Ambra ❑x ❑ ❑ ❑ Council Member Bruce Prince ❑x ❑ ❑ ❑ The Mayor thereupon declared the Resolution duly passed and adopted. MAYOR OF TEQUESTA: ATTEST: Lori McWilliams, MMC Village Clerk