R7C - Adopt 8th Amendment to City Fund Budgets

Resolutions - R7 C

COMMISSION MEMORANDUM

10:06 a.m. Public Hearing

RECOMMENDATION

The Administration recommends that the Mayor and City Commission adopt the attached Resolution.

BACKGROUND/HISTORY

The budgets for the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds for Fiscal Year (FY) 2025 were adopted by the Mayor and City Commission on September 25, 2024, through Resolution No. 2024-33294.

The First Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on November 20, 2024, through Resolution No. 2024-33403.

The Second Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on February 3, 2025, through Resolution No. 2025-33503.

The Third Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on February 26, 2025, through Resolution No. 2025-33550.

The Fourth Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on March 19, 2025, through Resolution No. 2025-33586.

The Fifth Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on May 21, 2025, through Resolution No. 2025-33682.

The Sixth Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on June 25, 2025, through Resolution No. 2025-33787.

The Seventh Amendment to the General Fund, Enterprise Funds, Internal Service Funds, and Special Revenue Funds budgets for FY 2025 was adopted by the Mayor and City Commission on July 23, 2025, through Resolution No. 2025-33842.

ANALYSIS

RESORT TAX FUND

2026 FIFA World Cup Sponsorship

At the July 23, 2025 City Commission meeting, the Mayor and City Commission adopted Resolution No. 2025-33847, approving a sponsorship agreement between the City and the Greater Miami Sports Commission (FIFA Host Committee) for 2026 FIFA World Cup-related events in Miami Beach. As part of the sponsorship agreement approved in substantial form by the City Commission on July 23, 2025, the City is to provide, among other things, a maximum cash sponsorship contribution in the amount of $1,250,000, of which $750,000 is to be paid within forty-five (45) days of full execution of the agreement and $500,000 is to be paid after October 1, 2025, but before November 1, 2025.

This proposed budget amendment is, therefore, to appropriate $750,000 in the FY 2025 Resort Tax budget from the City’s Resort Tax Fund reserves for the first portion of the cash sponsorship contribution stipulated in the sponsorship agreement that was approved in substantial form by the Mayor and City Commission on July 23, 2025. The second portion of the maximum cash sponsorship contribution, which is $500,000, and is to be paid after October 1, 2025, but before November 1, 2025, is recommended for funding as part of the FY 2026 Resort Tax budget.

WATER & SEWER FUND

Biscayne Beach Elementary Sewer Infrastructure Improvements

At the June 27, 2025 Special City Commission meeting, the Mayor and City Commission adopted Resolution No. 2025-33804, approving a development agreement between the City and TMG 67 Communities, LLC and Deauville Associates, LLC (Developer) for the development of the property located at 6701 Collins Avenue and 6625 Indian Creek Drive. As part of the agreement, the Developer, is to contribute $40,000 to the City for improvements to the sanitary sewer infrastructure for Biscayne Beach Elementary.

This proposed budget amendment is to appropriate $40,000 in the FY 2025 Public Works’ Sewer budget for sanitary sewer infrastructure improvements at Biscayne Beach Elementary based on the Developer’s required contribution in the development agreement that was approved by the Mayor and City Commission on June 27, 2025.

FISCAL IMPACT STATEMENT

See information provided above.

Does this Ordinance require a Business Impact Estimate? (FOR ORDINANCES ONLY)

If applicable, the Business Impact Estimate (BIE) was published on: See BIE at: https://www.miamibeachfl.gov/city-hall/city-clerk/meeting-notices/

FINANCIAL INFORMATION

See information provided above.

CONCLUSION

The City Administration recommends that the Mayor and City Commission adopt the Eighth Amendment to the General Fund, Enterprise Fund, Internal Service Fund, and Special Revenue Fund budgets for FY 2025 described herein and further detailed in the attached Exhibit “A.”

EC/JDG/TOS/RA

Applicable Area

Citywide

Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481, includes a principal engaged in lobbying? No

If so, specify the name of lobbyist(s) and principal(s):

Department

Management and Budget

Sponsor(s)

Co-sponsor(s)

Condensed Title

10:06 a.m. PH, Adopt 8th Amendment to FY 2025 Operating Budget. OMB

Previous Action (For City Clerk Use Only)