Title
A Resolution amending the Fiscal Year 2019-2020 amended annual budget to recognize as revenue public safety, municipal and administrative impact fees and to appropriate such funds to put toward the New Public Safety Building and Fire House 4 construction projects; and providing an effective date
Body
Generally accepted fiscal policy dictates that the most restrictive funding sources such as bonds, grants & impact fees be utilized prior to less restrictive funding sources such as General Capital Improvement funds and proprietary system funds. Consistent with this policy, staff regularly looks to replace less restrictive funding with more restrictive funding whenever possible.
The first item in this budget amendment is a recommendation to replace General Capital Improvement funds in the New Public Safety Building with more restrictive Coral Gables Impact Fees. This will allow the redirection of the less restrictive funds to other city capital projects. The New Public Safety Building is a project that complies with the Coral Gables Impact Fee use restrictions. The project is funded by various sources including Coral Gables Municipal Bonds, Miami-Dade General Obligation Bonds, Coral Gables Impact Fees and General Capital Improvement funds.
As of April 1, 2020, staff has identified impact fee collections for Police, Municipal and Administrative improvements that are available for appropriation in the amounts of $108,358, $103,691 and $171,840, respectively. Of these amounts staff recommends appropriating Police impact fees of $100,000, Municipal impact fees of $100,000 and Administrative impact fees of $150,000 to put toward the New Public Safety Building project. This will free up $350,000 of less use restrictive General Capital Improvement fund dollars for redirection to more general capital projects in the upcoming FY21 budget.
The second item in this budget amendment is a recommendation to appropriate available Fire impact fees for the F...
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