Since Curt Ivy was the City Manager the City of Homestead has a practice of using interest income to balance the General Fund expenses.The current administration is careful with their comments about the New City Hall Fund, the use of the interest money accrued from the fund is never mentioned, the key words are the fund remains or is still intact. As if that is an accomplishment.
The original fund for a new City Hall remains intact, according to city officials.
Whether they will be able to add to it by finding available funds in next year’s budget remains a question.
City spokeswoman Begoñe Cazalis said the fund for a new City Hall is still intact.
Miami Herald reported the New City Hall Fund balance this past September was $17.3MM, the fund balance, had the interest been allowed to compound within the fund would be $19,706,773. The difference is $2.4MM.
The 2012 Fiscal Year just ended so another year's interest accrual will also have been utilized to balance the General Fund, keep that in mind also.
City Hall Fund Interest Accrual from the CAFR on record.
2008 Interest $218,108 or 1.3% of the balance page 20
2009 Interest $802,308 or 4.6% of the balance page 20
2010 Interest $602,564 or 3.4% of the balance page 20
2011 Interest $375,499 or 2.1% of the balance page 20
Total Interest 2008-2011 was $1,998,479, four year average interest rate was 2.9%
Four year average fund balance was $17,643,012.
City Hall Fund Balance from the CAFR on record.
2008 Balance $17,134,311 page 18
2009 Balance $17,512,090 page 18
2010 Balance $17,764,423 page 18
2011 Balance $18,161,225 page 18
0 comments:
Post a Comment