Ordinance 02-2012 Budget ORDI NO. 2-2012
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, 2011,
PROVIDING AN EFFECTIVE DATE.
WHEREAS, it was necessary for the Town of Palm Beach to adopt budgets for the fiscal
year commencing October 1, 2011; 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, 2012; and
WHEREAS, the budget amendment is necessary to transfer excess funds from the Worth
Avenue Capital Improvement Fund to the 2010B Worth Avenue Revenue Bond Debt Service
Fund for the pro -rata extraordinary mandatory redemption of the 2010B Worth Avenue Revenue
Bonds on January 1, 2012; and
WHEREAS, the Town Council must take action to put in place an ordinance to amend
the budget.
I
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 Worth Avenue Capital Improvement Fund and the 2010B Worth Avenue
Revenue Bond Budgets for the fiscal year commencing October 1, 2011, are hereby
Page 1 of 2
Ordinance Nn. 2 -2012
amended and adopted pursuant to the attached Exhibit "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 10th day of January, 2012, and for second and final reading on
this 16th day of February, 2012.
1 �
t) Zf / Gl4G /J
1. Coniglio, Mayor } David A. Rosow, Town Council President
Rqb it . 1 k, Council President Pro Tem
1 Willia,10 Diamond, Town Council Member
ATTEST: Richar M. Kleid, Town Council Member
man A. ens, �C, Town Clerk M 1ci ael . Pucillo, Tot)n Council Member
Page 2 of 2
Ordinance No. 2 -2012
Exhibit A
Town of Palm Beach, Florida
2010B Bond Debt Service Fund Revenues and Expenditures ® Fund 206
Budget Amendment
October 1, 2011 through September 30, 2012
Adopted Ordinance Amended
Budget No. 2-2012 Budget
FY2012 Amendment FY2012
...... .. ..... . . .................. .... .... ....... .... .... .. ..
Revenues
Investment Earnings 500 500
Transfer from Worth Avenue Construction Fund 0 1,485,000 1,485,000
Transfer from Worth Avenue Assessment Fund 864,300 864,300
Total Revenues 864,800 1,485,000 2,349,800
Expenditures
Debt Service Principal 300,000 1,485,000 1,785,000
Debt Service Interest 562,800 0 562,800
Bond Costs 1,500 1,500
Total Expenditures 864,300 1,485,000 2,349,300
Revenues Over/(Under) Expenditures 500 500
Beginning Fund Equity 0 0
Ending Fund Equity 500 500
Exhibit B
Town of Palm Beach, Florida
Worth Avenue Construction Project Fund ® 313
Budget Amendment
October 1, 2011 - September 30, 2012
Adopted Ordinance Amended
Budget No. 2-2012 Budget
FY2012 Amendment FY2
Revenues
Interest on Investments 2,000 0 2,000
Total Revenues 2,000 0 2,000
Expenditures
Transfer to Debt Service Fund 0 $1,485,000 1,485,000
Projects /Debt Retirement 1,784,187 (1,485,000) 299,187
Transfer to WAAF - 311 63,400 63,400
Total Expenditures 1,847,587 0 1,847,587
Total Revenues Over /(Under) Expenses (1,845,587) 0 (1,845,587)