R-1074-03 RESOLUTION No: 1074— 3
A RESOLUTION OF THE MIAMI SHORES VILLAGE COUNCIL, CREATING BUDGET AMENDMENT
#1 TO THE FY 2003-2004 OPERATING BUDGETS TOTALLING $456,057, REAPPROPRIATING$42,398
FROM THE GENERAL RESERVED FUND BALANCE; $17,814 FROM THE SPECIAL REVENUE
(GRANTS) RESERVED FUND BALANCE; $122,186 FROM CAPITAL PROJECTS RESERVED FUND
BALANCE; $40,470 FROM THE GO BOND RESERVED FUND BALANCE; AND, $190,884 FROM THE
ENTERPRISE FUND RESERVED RETAINED EARNINGS ACCOUNTS TO FUND OUTSTANDING
FINANCIAL OBLIGATIONS INCURRED PRIOR TO SEPTEMBER 30, 2003;AND,APPROPRIATING
$42,305 FROM GENERAL FUND UNRESERVED FUND BALANCE FOR UNANTICIPATED
RETIREMENT CONTRIBUTIONS.
WHEREAS,the Village has adopted an annual operating budget for all funds and departments for the fiscal
year which began on October 1,2003;and,
WHEREAS, generally accepted accounting principles require that all financial obligations incurred in a
prior fiscal year be reported as a fund reserve in the Village's Reserved Equity Accounts;and,
WHEREAS, re-appropriation of those fund balances and associated items are required to accurately report
and present the current year's operating accounts during FY 2003-2004.
WHEREAS,the employers' contribution to the Police Retirement System is actuarially determined;and,
WHEREAS, the a ctuarially-calculated contribution requirement for FY 2004 came in at $42,305 greater
than the$125,000 included in the Adopted FY 2003-04 Budget,requiring the additional funds.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE VILLAGE COUNCIL OF MIAMI
SHORES VILLAGE,FLORIDA:
1. That this resolution creates Budget Amendment#1 to the FY 2003-2004 Operating Budgets, re-
appropriating $42,398, $17,814, $122,186, $40,470, $63,233, and $127,651 from the Reserved
General Fund Balance, Reserved Special Revenue-Grant Fund Balance, Reserved Capital Projects
Fund Balance; Reserved GO Bond Proceeds Fund, and Enterprise Reserved Retained Earnings
Accounts respectively (as reported on the attached and incorporated schedule of outstanding
encumbrances as of 09/30/2003).
2. That this resolution also appropriates $42,305 from the General Fund Unreserved Fund Balance
account to fund the additional Police Pension Fund mandatory actuarial contribution for the fiscal
year.
3. That this resolution shall become effective and shall be retroactively implemented to October 1,
2003 upon its adoption.
PASSED and ADOPTED this 2nd day of December,2003.
ATTEST:
C Jim Mc oy,M or
."? X,
Barbara A.Estep,CMC
Village Clerk
APPROVED AS TO FORM:
Richard Sarafan,Village AtAney