GLOSSARY OF TERMS
PROGRAM
Tranche
A portion or part of the overall $159 million Miami Beach G.O. Bond Program investment. This program consists of two tranches, that span across a six-year time period.
Sub-Project
An element of one of the main 21 approved G.O. Bond projects that is budgeted and therefore tracked as an individual line item with its own scope of work and implementation timeline.
Grant
Some of the projects that will be funded by the G.O. Bond for Arts & Culture will require the City to enter into grant agreements with the recipient cultural institutions.
ACTIVITY
Future
A status, indicating that the project and/or sub-project is not scheduled to start in the current Tranche, but is programmed to become Active in a later Tranche.
Pending
A status, indicating that the project and/or sub-project is scheduled to start in the current Tranche, but has not yet entered an Active Phase. However, activity is forthcoming.
Active
A status, indicating that the project or sub-project is currently engaged in one of the following three phases: Planning, Design or Construction.
Planning
An active phase, indicating that the project and/or sub-project is currently engaged in the process of strategic planning and feasibility assessment.
Design
An active phase, indicating that the project and/or sub-project is currently engaged in the process of conceptual and technical design.
Permitting/Bidding
An active phase, indicating that the project and/or sub-project is currently engaged in the permitting and/or bidding process.
Construction
An active phase, indicating that the project and/or sub-project is currently engaged in the process of physical construction and/or installation work.
Complete
A status, indicating that the scope of work for the project and/or sub-project has been fully executed with all Planning, Design and Construction efforts finished. Still, projects complete might still have final close-out payments pending.
Closed
A status, indicating that the project and/or sub-project has been fully executed with no remaining punch list items or payments.
FUNDS
Spent
The amount of funds that has been paid-out and recorded in the city’s budget system.
Encumbered
The funds that have been committed via purchase order/contract, by a city department, that will be paid out as a Project expenditure.
Available
The funds that remain in the budget as unspent and unencumbered.
Future
The funds that are not allocated to be spent in the current Tranche but is in the overall Program budget and will be spent in a later Tranche.