Approve $30.12M amended budget for Bayfront Park Management Trust

AGENDA ITEM COVER PAGE File ID: #17645 Resolution Sponsored by: Commissioner Miguel Gabela A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING AND ADOPTING THE AMENDED BUDGET OF THE BAYFRONT PARK MANAGEMENT TRUST, ATTACHED AND INCORPORATED AS EXHIBIT “A”, IN THE AMOUNT OF THIRTY MILLION, ONE HUNDRED TWENTY-THREE THOUSAND, SEVEN HUNDRED AND FIFTY-TWO DOLLARS ($30,123,752.00) FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2024, AND ENDING SEPTEMBER 30, 2025. City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com City of Miami Legislation Resolution File Number: 17645 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING AND ADOPTING THE AMENDED BUDGET OF THE BAYFRONT PARK MANAGEMENT TRUST, ATTACHED AND INCORPORATED AS EXHIBIT “A”, IN THE AMOUNT OF THIRTY MILLION, ONE HUNDRED TWENTY-THREE THOUSAND, SEVEN HUNDRED AND FIFTY-TWO DOLLARS ($30,123,752.00) FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2024, AND ENDING SEPTEMBER 30, 2025. WHEREAS, the Bayfront Park Management Trust ("Trust") is a limited agency and instrumentality of the City of Miami (" City") created pursuant to Ordinance No. 10348 adopted November 19, 1987, as subsequently amended from time to time; and WHEREAS, the Trust is responsible for directing, operating, managing, and maintaining all aspects of Mildred and Claude Pepper Bayfront Park and Maurice A. Ferre Park collectively, “Parks”); and WHEREAS Section 38-109 of the Code of the City of Miami, Florida, as amended, provides that the Trust shall submit its annual budget for the management, operation, maintenance, and capital expenditures of the Parks to the City Commission for approval; and WHEREAS, pursuant to Resolution No. R-24-0322, adopted September 7, 2024, the City Commission approved the Trust’s annual budget for the Fiscal Year commencing October 1, 2024, through September 30, 2025, for a total amount of twenty-nine million, nine hundred fifty thousand, eleven dollars and twenty cents ($29,950,011.20); and WHEREAS, the Trust received unanticipated revenues in an amount equal to one hundred seventy-three thousand, seven hundred forty-one dollars ($173,741.00), which amount is inclusive of Grants and Special Event Sponsorships; and WHEREAS, the Trust wishes to adjust the budget to authorize the acceptance of such unanticipated revenues; and WHEREAS, the Trust annually hosts the Bayfront Park Independence Day Celebration, which takes place on July 4, 2025 (“Event”); and WHEREAS, pursuant to Trust Resolution on May 12, 2025, the governing body of the Trust reviewed and approved the proposed increase to the cost allocated to the Event for a new total amount not to exceed four hundred thousand dollars ($400,000.00), and directed the Trust's Interim Executive Director to bring an item to City Commission approving a budget amendment to account for the increased expenditure; and WHEREAS, the Trust accordingly wishes to further adjust the budget to authorize the expenditure of one million, seven hundred eighty-two thousand, five hundred dollars ($1,782,500.00) for Sponsored Events and Entertainment; and WHEREAS, the budget is further adjusted to provide for an expenditure for contingency reserves in an amount equal to one million, eight hundred sixty-three thousand, seven hundred forty-one dollars ($1,863,741.00);

NOW, THEREFORE,

BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The Trust's Fiscal Year 2024-2025 Amended Budget, in the amount of thirty million, one hundred twenty-three thousand, seven hundred and fifty-two dollars ($30,123,752.00), attached and incorporated herein as Exhibit “A”, for the Fiscal Year commencing October 1, 2024, and ending September 30, 2025, is approved and adopted. Section 3. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.1 APPROVED AS TO FORM AND CORRECTNESS: 1 If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission.