Ordinance 26-2011 Budget ORDINANCE NO. 26-2011
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 1, 2010,
PROVIDING AN EFFECTIVE DATE.
WHEREAS, it was necessary for the Town of Palm Beach to adopt budgets for the fiscal
year commencing October 1, 2010; 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, 2011; and
WHEREAS, the budget amendment is necessary to fund unanticipated costs associated
with the General Employee's Retirement Fund and the Worth Avenue Assessment Area
Improvement Fund; and
WHEREAS,the Town Council must take action to put in place an ordinance to amend
the budget.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF PALM BEACH,PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. The foregoing recitals are herby ratified and confirmed.
Section 2. The Town of Palm Beach General Employee's Retirement Fund Budget and
the Worth Avenue Assessment Area Improvement Fund Budget for the fiscal year
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Ordinance Nn.26-11
commencing October 1, 2010, is hereby amended and adopted pursuant to the attached
Exhibits "A and B ", 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
Palm Beach on first reading this 13th day of September, 2011, and for second and final reading
on this 11th day of October, 2011.
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Gail Coniglio, May or David A. Rosow, Town Council President
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Robert . Wildrick, Council President Pro Tern
Q William iamond, Town ouncil Member
a ATTEST. LRich�ar 4Kleid, Town Council Member
Susan A. Owens, Town Clerk Michael lo, To n Council Member
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Exhibit A
Town of Palm Beach, Florida
General Employee's Retirement Fund
Budget Amendment
October 1, 2010 - September 30, 2011
Adopted Amended
Budget Budget
FY2011 Change FY 2011
Revenues
Employer Contributions 3,075,384 0 3,075,384
Employee Contributions 895,000 0 895,000
Gain /Loss on Investments 200,000 0 200,000
Miscellaneous 1,000 0 1,000
Interest on Investments 100,000 0 100,000
Interfund Transfers 0 0 0
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Total Revenues 4,271,384 0 4,271,384
Expenditures
Contractual 4,300,000 1,000,000 5,300,000
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Total Expenditures 4,300,000 1,000,000 5,300,000
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Total Revenues Over /(Under) Expenses (28,616) (1,000,000) (1,028,616)
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Exhibit B
Town of Palm Beach, Florida
Worth Avenue Assessment Area Improvement Fund
Budget Amendment
October 1, 2010 ® September 30, 2011
Adopted Amended
Budget Budget
FY2011 Change FY2011
Revenues
Interest on Investments 1,000 0 1,000
Special Assessment Revenue 1,037,000 0 1,037,000
Total Revenues 1,038,000 0 1,038,000
Expenditures
Transfer to Debt Service Fund 865,163 865,163
Maintenance Costs 75,000 75,000 150,000
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Total Expenditures 940,163 75,000 1,015,163
Total Revenues Over /(Under) Expenses 97,837 (75,000) 22,837
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