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HomeMy WebLinkAboutCity of Tamarac Ordinance O-2023-019Temp. Ord. #2537 September 26, 2023 Page 1 of 4 CITY OF TAMARAC, FLORIDA ORDINANCE NO. 0-2023- Q L' l AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, ADOPTING THE OPERATING BUDGET, REVENUES AND EXPENDITURES, THE CAPITAL BUDGET, AND THE FINANCIAL POLICIES FOR FISCAL YEAR 2024; PROVIDING FOR CONFLICTS; PROVIDING FOR SCRIVENERS ERRORS; SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Florida Statutes provide that municipalities shall have the governmental, corporate, and proprietary powers to enable them to conduct municipal government, perform municipal functions, and render municipal service, and exercise any power for municipal purposes, except when expressly prohibited by law; and WHEREAS, Article IV, Section 4.07 of the City Charter of the City of Tamarac ("City") empowers the City to adopt, amend, or repeal such ordinances and resolutions as may be required for the proper governing of the City; and WHEREAS, the City Manager of the City of Tamarac, Florida, has presented to the City Commission the proposed operating budget, revenues and expenditures and capital budget as estimated for Fiscal Year 2024, as required by Section 7.02 of the City Charter; and WHEREAS, the City Commission in duly called public meetings, reviewed the budget and, having made certain amendments thereto, approved a tentative budget on September 14, 2023; and WHEREAS, the City Commission authorized a final public hearing on September 26, 2023, at 5.05 p.m., and has caused notice of same to be published in a newspaper of general circulation in the City of Tamarac according to law; and WHEREAS, the City Commission has determined the amount of money which must be raised to conduct the affairs of the City of Tamarac for Fiscal Year 2024 so that the business of the City may be conducted on a balanced budget, and has also determined the amount necessary to be raised by ad valorem taxes upon all the property, real and personal, within the corporate limits of the City; and 13 8192049.1 Temp. Ord. #2537 September 26, 2023 Page 2 of 4 WHEREAS, the City Manager recommends the final budget for Fiscal Year 2024 be adopted; and WHEREAS, the City Commission of the City of Tamarac deems it to be in the best interest of the business owners, residents, and visitors to the City of Tamarac to to approve the budget for Fiscal Year 2024. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: Section 1: The foregoing recitals are ratified and confirmed as being true and correct, are the legislative and administrative findings of the City Commission and made a specific part of this Ordinance, all exhibits attached hereto are incorporated herein and made a specific part of this Ordinance. Section 2: The City of Tamarac, Florida operating budget, revenues and expenditures, and the Capital Budget for the Fiscal Year 2024, attached as Attachment A to this Ordinance is adopted. If at any time during the fiscal year it appears probable that the revenues available will be insufficient to meet the amount appropriated, the City Commission shall then take such further action as necessary to prevent or minimize any deficit and for that purpose it may by ordinance reduce one or more appropriations. No appropriation for debt service may be reduced or transferred, no appropriation may be reduced by any amount required by law to be appropriated or by more than the amount of the unencumbered balance thereof. Section 3: The City Manager, in accordance with Section 7.10(d) of the City Charter, is authorized to make transfers within departments, and with the approval of the City Commission, transfer funds between departments and between funds, as permitted by law. Section 4: When the City of Tamarac receives monies from any source, be it private or governmental, by grant, gift, or otherwise, to which there is attached as a condition of acceptance, or any limitation regarding the use of or expenditure of the monies received, the funds so received shall be accepted by the City Commission and incorporated and appropriated in the budget by amendment, as required by law. Section 5: Every appropriation, except an appropriation for a multi -year capital improvement or multi -year grant program, shall lapse at the close of the fiscal year to the extent that it has not been expended or encumbered. An appropriation for a multi -year capital improvement or multi -year grant program shall continue in force until the purpose for which it was made has been accomplished or abandoned; the purpose of any such appropriation shall be deemed abandoned if three (3) years pass without any disbursement from or encumbrance of the appropriation. 138192049.1 PASSED, FIRST READING this day of PASSED, SECOND READING this i,z6 day of ATTEST: IMBERL DILLON, CMC CITY CLERK Temp. Ord. #2537 September 26, 2023 Page 4 of 4 2023. 7•QZ 2023. MICHE LE J. GOMEZ,'MAYOR RECORD OF COMMISSION VOTE: 1ST Reading MAYOR GOMEZ DIST 1: V/M BOLTON DIST 2: COMM. WRIGHT JR. DIST 3: COMM. VILLALOBOS DIST 4: COMM. DANIEL u RECORD OF COMMISSION VOTE: 2ND Reading MAYOR GOMEZ DIST 1: V/M BOLTON DIST 2: COMM. WRIGHT JR. DIST 3: COMM. VILLALOBOS DIST 4: COMM. DANIEL APPROVED AS TO FORM AND LEGAL SUFFICIENCY FOR THE USE AND LIANCE OF THIS CITY OF TAMARAC ONLY. X- HA INOf CITYATTORNEY 114 This Ordinance was filed in the Office of the City Clerk on this a day of2023. 138192049.1 Temp. Ord. #2537 September 26, 2023 Page 3 of 4 Section 6: The Financial Policies, attached as Attachment B to this Ordinance is adopted. Section 7: All Ordinances or parts of Ordinances and Resolutions or parts of Resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 8: Any scrivener or typographical errors that do not affect intent may be corrected with notice to and authorization of the City Attorney and City Manager without further process. Section 9: If any provision of this Ordinance or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Ordinance that can be given affect without the invalid provision or application, and to this end the provisions of this Ordinance are declared to be severable. Section 10: This Ordinance shall become effective immediately upon its passage and adoption. The remainder of this page is left blank intentionally" 13 8192049.1 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2537 FUND Revenues Taxes Licenses & Permits Intergovernmental Revenue FY 2024 BUDGET ORDINANCE TO #2537 $ 48,935,226 4,972,060 12,035,945 Charges for Services 1,341,795 Fines & Forfeitures 537,318 Miscellaneous 1,479,268 Appropriation From Fund Balance 13,158,963 Other Sources 8,029,362 .0 ,489,937 Expenditures City Commission $ 1,285,325 City Manager 3,443,015 City Attorney 740,250 City Clerk 790,108 Financial Services 3 912 171 Human Resources 1,936,920 Community Development 2,744,102 Police 20,338,689 Public Works 11,292,276 Parks & Recreation 7,353,384 Information Technology 4,174,923 Revenues Intergovernmental Revenue $ 401,252 Emergency Service Fees 2,177,680 Fire Inspection / Safety Fees 555,746 Special Assessment 15,983,000 Interfund Transfers 6,921,736 Miscellaneous 57,645 Appropriation from Fund Balance 5,491,352 Expenditures Personal Services $ 24,371,448 Operating Expenses 2,164,225 Capital Outlay 328,500 Debt Service - Other Uses 4,522,826 Contingency 181,412 Reserves 20,000 Page 1 of 8 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2537 FUND Revenues Charges for Service Interest Income Appropriation From Fund Balance Expenditures Operating Expenses Capital Outlay Contingency FY 2024 BUDGET ORDINANCE TO #2537 $ 250,000 6,000 144,000 $ 100,000 300,000 Revenues Taxes $ 418,911 Interest Income 3,152 Appropriation From Fund Balance 1,177,598 Expenditures Other Uses $ 1,400,000 Reserve 199,661 pavanilae Intergovernmental Revenue $ - "3urtax Fund R Expenditures Capital Outlay $ Votal Surtax Fund E ` Page 2 of 8 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2537 FUND Revenues Licenses & Permits Charges for Services Fines & Forfeitures Miscellaneous Interest Income Appropriation From Fund Balance Expenditures Personal Services Operating Expenses Capital Outlay Other Uses Reserves FY 2024 BUDGET ORDINANCE TO #2537 $ 2,565,375 20,000 200,000 20,000 15,000 1,205,505 $ 2,904,680 337,455 783,745 Revenues Intergovernmental Revenue $ 497,807 Total CDBG Revenues Expenditures Personal Services $ 116,386 Operating Expenses 381,421 Revenues Grant Revenues $ 833,593 Total SHIP Revenues'` Expenditures Personal Services $ 60,730 Operating Expenses 772,863 Other Uses - Revenues Intergovernmental Revenue $ 181,040 Total Home Revenues Expenditures Personal Services $ 17,187 Operating Expenses 163,853 Page 3 of 8 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2537 FUND Revenues Miscellaneous Expenditures Personal Services Operating Expenses FY 2024 BUDGET ORDINANCE TO #2537 $ 150,000 S - 150,000 Impact Fees $ 75,000 Appropriation From Fund Balance 295,000 Expenditures Other Uses $ 370,000 Interfund Transfers S 2 544 949 Interest Income 10.050 Expenditures Debt Service $ 2,554,999 Revenues Interfund Transfers S 1,397,955 Intergovernmental Revenue - Interest Income Appropriation From Fund Balance Total Capital Equipment Fund Revenues' Expenditures Capital Outlay $ 1 397 955 Contingency Total Capital Equipment Fund Expenditu �. . Page 4 of 8 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2537 FY 2024 BUDGET ORDINANCE FUND TO #2537 Revenues Interfund Transfers $ 4013000 000 Expenditures Revenues Impact Fees $ - Interfund Transfers 5,328,917 Appropriation From Fund Balance - Expenditures Capital Outlay $ 5,328,917 Reserves - P ava id-c saxes Federal Grant State Grant Interfund Transfers Appropriation From Fund Balance °Gee►. Capitaliiprirne►t Fund Revenues Expenditures Operating Expenses Capital Outlay Revenues $ 900,000 8,479,205 $ 15,000 9,364,205 Interfund Transfer $ 3,848,224 Appropriation From Fund Balance - ToW Corridor Improvement Fund Revenues Expenditures Operating Expenses $ - Capital Outlay 3,848,224 Reserves - Total Corridor Improvement Fund Expenditures Page 5 of 8 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2537 FUND Revenues Interfund Transfers Appropriation From Fund Balance FY 2024 BUDGET ORDINANCE TO #2537 1,486,000 Expenditures Capital Outlay $ 29,000 Debt Service 1,457,000 Revenues Stormwater Drainage Fees $ 7,492,287 Investment Income & Misc Rev 39,500 Interfund Transfers 448,322 Appropriation From Net Asset 974,670 iaieiwnatr Re Expenses Personal Services $ 2,526,224 Operating Expenses 2,995,089 Capital Outlay 1,308,924 Debt Service 402,770 Other Uses 1,481,737 Contingency 90,035 Reserves 150,000 Interfund Transfers $ 1,481,737 '1`er Capital Fund Peveinu Expenses Operating Expenses $ 550,000 Capital Outlay $ 931,737 Total Stormwater Capital Fund Expenses Page 6 of 8 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2537 FY 2024 BUDGET ORDINANCE FUND TO #2537 Charges for Services $ 30,358,588 Interest Income 195,618 Miscellaneous 4,000 Appropriation From Net Asset 20,520,070 Expenses Personal Services Operating Expenses Capital Outlay Other Uses Debt Service Contingency Reserves 6 6,619,415 17,771,639 1,728,340 22, 972, 934 1,374,930 511,018 100,000 Interfund Transfers $ 22,950,000 R&R Fund Revenu 0 Expenses Capital Outlay $ 22,950,000 Revenues Charges for Services $ 3,562,187 Interfund Transfers - Interest Income 34,019 Appropriation from Fund Bal - Golf Course Fund Revenues Expenses Operating Expenses $ 2,920,630 Capital Outlay 152,000 Other Uses 500,000 Contingency 23,576 Colony West Golf Course Fund Expenses Page 7 of 8 CITY OF TAMARAC, FLORIDA ATTACHMENT A FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE #2537 FUND Revenues Charges for Services Interest Income Interfund Transfers FY 2024 BUDGET ORDINANCE TO #2537 $ 7,540,611 5,675 Expenses Operating Expenses $ 7,163,941 Contingency 382,345 Reserves - Revenues Charges for Services Interest Income Miscellaneous Appropriation from Net Assets and Revedks Expenses Personal Services Operating Expenses Other Uses Contingency Total Risk Management Fund Expenses $ 1,797,730 91,574 15,000 2,232,271 $ 621,222 3,265,353 250,000 Page 8 of 8 CITY OF TAMARAC, FLORIDA ATTACHMENT B FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE 2537 FINANCIAL MANAGEMENT POLICIES The National Advisory Council on State and Local Budgeting (NACSLB) developed a comprehensive set of recommended budget practices that has been endorsed by the Government Finance Officers Association, ICMA, academia, etc. These recommended practices provide a framework for the budget process encompassing a broad scope of governmental planning and decision -making with regard to the use of resources. NACSLB Principal 2, Element 4, "Adopt Financial Policies" addresses the need for jurisdictions to establish policies to help frame resource allocation decisions. As such, the following are five categories of recommended financial management policies developed within these guidelines with the associated measurable benchmarks for adoption by the City Commission. The five categories are Operating Management, Debt Management, Investment Management, Account Management and Financial Planning & Economic Resources and are detailed below: OPERATING MANAGEMENT Policy #1: Revenue estimates for annual budget purposes should be conservative. In this light, General Fund revenues should be budgeted in the manner delineated below. 1.1. Property taxes should be budgeted at 95% of the Property Appraiser's estimate as of July. 1.2. State shared revenues should be budgeted at 95% of the State Department of Revenue estimate. This includes the Communication Services Tax, Half -cent Sales Tax and State Revenue Sharing. 1.3. Franchise fee revenue should be budgeted at 95% of the maximum estimate prepared by Financial Services Department. 1.4. Public Service Taxes on Electric, Propane and Natural Gas should be budgeted at 95% of the maximum estimate prepared by the Financial Services Department. Policy #2: The annual budget should be maintained in such a manner as to avoid an operating fund deficit. The annual budget should show fiscal restraint. Expenditures should be managed to create a positive cash balance (surplus) in each fund at the end of the fiscal year. Policy #3: The City should maintain a prudent cash management and investment program in order to meet daily cash requirements, increase the amount available for investment, and earn the maximum rate of return on invested funds commensurate with appropriate security. The City will use the following performance benchmarks for its investment portfolio. 3.1. The Bank of America Merrill Lynch 1-3 Year US Treasury & Agency Index which is a subset of The Bank of America Merrill Lynch US Treasury & Agency Index including all securities with a remaining term to final maturity less than 3 years, will be used as a benchmark for the performance of funds designated as core funds and other non -operating funds that have a longer -term investment horizon. The index will be used as a benchmark to be compared to the portfolio's total rate of return. 3.2. The S & P rated LGIP Index/All will be used as a benchmark as compared to the portfolio's net book value rate of return for current operating funds. CITY OF TAMARAC, FLORIDA ATTACHMENT B FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE 2537 FINANCIAL MANAGEMENT POLICIES Policy #4: The City shall maintain a minimum undesignated fund balance in the General Fund equal to the greater of 16.67% or 2 months annual expenditures, including Interfund transfers out. Reserve funds shall not be used to fund recurring expenditures. Fund balances should be maintained at fiscally sound levels in all funds. Such levels are delineated below. Reserved/Designated: Economic Development Reserve The designated Economic Development Reserve shall be established with one time initial funding of $5,000,000. The designated Economic Development Reserve will function as a revolving reserve account, where as initial funding is drawn down it will only be replenished through future recovery or recapture stemming from directly related Economic Development projects or activities. Reserved/Designated: Disaster Reserve The disaster reserves are to be used in emergency situations and as a match for Federal Emergency Management Agency (FEMA) funds. Reserves shall be used to fund emergency replacements and/or damaged equipment vehicles only as categorized below: After all general fund minimum reserve balances have been met; excess undesignated reserves may be set aside to provide additional funding in any designated reserve. Water & Sewer Fund: • An operating reserve balance of three months of operating and maintenance expenses or a minimum of $5,000,000. • Any surplus revenue in excess of this operating reserve minimum balance target is utilized to pay for all or a portion of the cost of capital projects. Stormwater Fund: • A working capital reserve of 10% of annual revenues shall be budgeted in the annual budget for the then current fiscal year. This amount is not cumulative. Policy #5: The City shall maintain adequate protection from loss due to property damage or liabilities of the City. The City shall maintain a risk fund for workers' compensation and property/liability and ensure adequate resources are available to support the value of incurred but not reported (IBNR) claims. CITY OF TAMARAC, FLORIDA ATTACHMENT B FY 2024 BUDGET ATTACHMENT TO TEMPORARY ORDINANCE 2537 FINANCIAL MANAGEMENT POLICIES Policy #6: The City will not commit itself to the full extent of its taxing authority. Policy #7: The City will not fund ordinary recurring municipal services with temporary or nonrecurring revenue sources. Policy #8: The City will maintain a cost allocation process by which the General Fund is reimbursed for actual indirect costs associated with providing services to other operating funds. Policy #9: All fee schedules and user charges should be reviewed annually for adjustment to ensure that rates are equitable and cover the total cost of the service or that portion of the total cost established by policy of the Tamarac City Commission. The following framework is recommended by the administration to be applied to user fees: 9.1 Total Fee Support (100%): Enterprise Funds: • Water/Sewer • Stormwater Special Revenue Funds: • Building Fund 9.2 Moderate Fee Support (40 - 100%) General Fund: Planning Zoning 9.3 Parks & Recreation — Fees shall be established in accordance with Administrative Policy 04-03. Parks & Recreation Fees shall be adjusted annually to maintain, at a minimum, the same percentage of cost recovery as in the prior year. Policy #10: Payment in Lieu of Taxes shall be charged to the Utilities and Stormwater funds at the rate of 6% of revenue for the purpose of recovering the costs associated with administering the use of, maintenance of, and ensuring the safe use of its streets, rights -of -way and public owned properties used by the utilities and storm water funds in providing and furnishing services to its customers. Policy #11: The financial burden on the City's taxpayers must be minimized through systematic annual program reviews and evaluation aimed at improving the efficiency and effectiveness of City programs. As such, the annual budget will be based on a City-wide work program of goals, implemented by departmental goals and objectives. CITY OF TAMARAC, FLORIDA ATTACHMENT B FY 2024 BUDGET ATTACHMENTTO TEMPORARY ORDINANCE 2537 FINANCIAL MANAGEMENT POLICIES Policy #12: The City's role in social service funding should be supplemental (addressing special or unique local needs) to the basic responsibilities of regional agencies. Funding shall first be derived from those funds provided through the Community Development Block Grant ("CDBG") program. Policy #13: City management is responsible for recovery of budgeted and non -ad valorem revenues as planned for in the budget. Management shall maintain adequate billing and claiming processes in order to effectively manage their accounts receivable systems in conformance with the fiscal plan and sound business principles. Policy #14: The City will annually review the Capital Improvements Element of the Comprehensive Plan to ensure that required fiscal resources will be available to provide the public facilities needed to support the adopted level of service standards. Policy #15: The City will annually prepare a six -year asset management program. The asset management program will identify the source of funding for all projects, as well as the impact on future operating costs. Policy #16: Every appropriation, except an appropriation for capital improvement expenditures and multi -year grants, shall lapse at the close of the fiscal year to the extent that it has not been expended or encumbered. An appropriation for a capital improvement expenditure and a multi -year grant shall continue in force, i.e. not be required to be re - budgeted, until the purpose for which it was made has been accomplished or abandoned; the purpose of any such appropriation shall be deemed abandoned if three (3) years pass without any disbursement from or encumbrance of the appropriation unless extended by action of the City Commission. DEBT MANAGEMENT Policy #17: The City will issue and comply with a comprehensive debt management policy. INVESTMENT MANAGEMENT Policy #18: The City will issue and comply with a comprehensive investment management policy. ACCOUNTS MANAGEMENT AND FINANCIAL PLANNIN(: Policy #19: Accounting systems shall be maintained in order to facilitate financial reporting in conformance with generally accepted accounting principles of the United States. Policy #20: An annual financial audit shall be prepared in conformance with Florida state law. CITY OF TAMARAC, FLORIDA ATTACHMENT B 13'L►I17► � � el�� ATTACHMENT TO TEMPORARY ORDINANCE 2537 FINANCIAL MANAGEMENT POLICIES Policy #21: Financial systems shall be maintained in a manner that provides for the timely monitoring of expenditures, revenues, performance and receivablesibilling status on an ongoing basis. Policy #22: Forecasting of revenues and expenditures for major funds shall be accomplished in conjunction with the development of the annual operating budget in accordance with recommended practices of the National Advisory Council on State and Local Budgeting (NACSLB). Policy #23: The City shall annually seek the GFOA Certificate of Achievement for Excellence in Financial Reporting and the Distinguished Budget Presentation Award. ECONOMIC RESOURCES Policy #24: The City should diversify and expand its economic base in order to relieve the homeowner from the most significant share of the tax burden and to protect the community against economic downturns. This effort should include the attraction of new businesses, retaining existing businesses, enticement of new residents, and tourism. Policy #25: The City should encourage economic development initiatives that provide growth in the tax base and employment for City residents as a first priority and in the County and region as a second priority.