ORDINANCE NO. 28-2019

AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF PALM BEACH, PALM BEACH COUNTY, FLORIDA, PROVIDING FOR AN AMENDMENT TO THE TOWN'S BUDGETS ADOPTED FOR THE FISCAL YEAR COMMENCING OCTOBER I, 2018, AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, it was ne cessary for the Town of Palm Beach to adopt budgets for the fiscal year commencing October 1, 2018; and

WHEREAS, the Town Council of the Town of Palm Beach, Florida, deems it necessary and appropriate to amend said budgets to provide appropriations adequate for the authorization of expenditures necessary for conducting Town operations for the fiscal year ending September 30, 201 9; and

WHEREAS, the budget amendment is necessary for the General Fund and Retirement Funds to fund the Unfunded Actuarial Accrued Liability increase associated with the results of the compensation and pension changes; and

WHEREAS, the budget amendment is necessary to allocate the ending reserves of the Recreation Enterprise Fund, to the Marina Enterprise Fund, Par 3 Enterprise Fund, Capital Improvement Fund, Equipment Replacement Fund and the General Fund ; and

WHEREAS, the budget amendment is necessary to allocate the remaining bond funds in the Coastal Protection Fund to the Accelerated Capital Improvement Fund to fund the remaining capital improvement projects associated with the 2013 Bond proceeds ; and

WHEREAS , said budget amendments are required to be approved by ordinance.

NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF PALM BEACH, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:

Page 1 of 2

Ordinance 28-2019

Section 1. The foregoing recitals are hereby ratified and confirmed .

Section 2. The General Fund , Capital Improvement Fund, Coastal Protection Fund, Accelerated Capital Improvement Fund, Recreation Enterprise Fund, Marina Enterprise Fund, Par

3 Enterprise Fund, Equ ipment Replacement Fund , and Retirement Fund for the fiscal year commencing October 1, 2018, is hereby amended and adopted pursuant to Exhibits "A", " B", "C", " D", "E", "F", "G", "H", and " I" attached hereto and made a part of this ordinance.

Section 3. Effective Date. This ordinance shall take effect immediately upon passage and approval as provided by law.

PASSED AND ADOPTED in a regular, adjourned session of the Town Council of the Town of the Palm Beach on first reading this 9th day of July , 2019, and for second and final reading on this 14th day of August, 2019.

( .

,,..

ATTEST:

Page 2 of 2

Ordinance 28-2019

Town of Palm Beach, Florida General Fund Revenues and Expenditures

Budget Amendment

October 1, 2018 through September 30, 2019

Exhibit A

Adopted Budget FY2019

Ordinance No. 28-2019

Amendment

Amended Budget FY2019

Revenues

Use of Undesignated Fund Balance

Total Revenues Expenditures

1,370,789 2,570,089 3,940,878

82,466,218 2,643,543 85,109,761

Total Expenditures

Revenue over/(under) Expenditures

82,466,218 2,643,543 85,109,761

$0 $0

Exhibit B

Town of Palm Beach, Florida

Pay-As-You-Go Capital Improvement Fund (307) Budget Amendment

October 1, 2018 through September 30, 2019

Revenues

lnterlocal Agreement 800,000 800,000

Total Revenues 17,990,638 4,687,612 22,678,250

Expenses

Beginning Net Assets 6,718,810 6,718,810

Ending Net Assets 2,119,024 7,910,386

Town of Palm Beach, Florida Comprehensive Coastal Management Project Fund (309)

Budget Amendment

October 1, 2018 through September 30, 2019

Exhibit C

Adopted Budget FY2019

Ordinance No. 28-2019

Amendment

Amended Budget FY2019

Revenues

Total Revenues 20,566,948 20,566,948

Expenditures

Revenues Over/(Under) Expenditures 673,550 (1,018,826) (345,276)

Beginning Fund Balance 27,916,610 27,916,610 Ending Fund Balance 28,590,160 27,571,334

Exhibit D

Town of Palm Beach, Florida

2013 Accelerated Capital Improvement Fund Revenues and Expenses (314) Budget Amendment

October 1, 2018 through September 30, 2019

Adopted Budget FY2019

Ordinance No.

28-2019

Amended Budget FY2019

Revenues

Investment Earnings

Transfer from Coastal Management Fund

150,000 150,000

1,018,826 1,018,826

Total Revenues ----150,00-0--- 1,018,82-6-

Expenses

1,168,826

Exhibit E

Town of Palm Beach, Florida

Recreation Enterprise Fund Revenues and Expenses Budget Amendment

October 1, 2018 through September 30, 2019

Revenues

Expenses

Transfer to General Fund 73,454 73,454 Total Expenses · 29,731,221 29,731,221

Revenues Over/(Under) Expenditures (29,641,091) (29,641,091)

Beginning Net Assets 29,641,091 29,641,091

Town of Palm Beach, Florida Town Marina Enterprise Fund Budget Amendment

October 1, 2018 through September 30, 2019

Exhibit F

Adopted Budget FY2019

Ordinance No. 28-2019

Amendment

Amended Budget FY2019

Revenues

Charges For Services 4,686,286 4,686,286

Miscellaneous Revenue 1,000 1,000

Transfer from Recreation Enterprise Fund

6_4,_1_48__9

6,_0_9,__61_4 1

6,_7_4_,30__3_0_

Total Revenues Expenditures

5,331,475 6,096,141 11,427,616

Town of Palm Beach, Florida Par 3 Golf Course Enterprise Fund

Budget Amendment

October 1, 2018 through September 30, 2019

Exhibit G

Adopted Budget FY2019

Ordinance No. 28-2019

Amendment

Amended Budget FY2019

Revenues

Charges for Services 2,336,650 2,336,650

Use of M&I and ERF Reserves 494,134 494,134 Transfer from Recreation Enterprise Fund 10"","_35_""",8_14 8 1_-0,'-3_5-,'_-18_4_8_

Total Revenues Expenditures

2,830,784 10,358,148 13,188,932

Beginning Fund Balance

Ending Fund Balance 1,656 10,274,451

Exhibit H

Town of Palm Beach, Florida

Equipment Replacement Fund Revenues and Expenditures Budget Amendment

October 1, 2018 through September 30, 2019

Adopted Ordinance Amended Budget No. 28-2019 Budget FY2019 Amendment FY2019

Exhibit I

Town of Palm Beach, Florida Employee's Retirement Fund Budget Amendment

October 1, 2018 - September 30, 2019

Revenues

Extraordinary Transfer from General Fun 6,860,000 2,641,699 9,501,699

Total Revenues 34,262,758 2,641,699 36,904,457

Expenditures

Contractual 19,770,659 19,770,659

Total Expenditures 19,770,659 19,770,659

Total Revenues Over/(Under) Expenses 14,492,099 2,641,699 17,133,798