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HomeMy WebLinkAboutExhibit AFY 2022 FY 2021 Budget MIDTOWN CRA SPECIAL REVENUE FUND BUDGET Proposed Adopted Varlance Budget Budget Revenues ADVALOREM TAXES - CITY OF MIAMI $7,131,696 $6,121,474 $1,010,222 ADVALOREM TAXES - MIAMI DADE COUNTY $4,340,640 $3,725,199 $615,441 2021's CARRYOVER FUND BALANCE $9,166,082 $5,432,473 $3 733,609 TOTAL REVENUES $20,638,418 $15,279,146 $5,359,272 Expenditures INTERFUNDTRANSFER (Administratlon-1%out $114,723 $98,467 $16,256 of FY 2022 TIP revenue) OTHER CURRENT CHARGES AND OBLIG $20,523,694 $15,180,679 $5,343,015 TOTAL EXPENDITURES $20,638,417 $15,279,146 $5,359,271 REVENUE LESS EXPENDITURES 1 $0 $0 $0 1 INTERFUND TRANSFER $ 114,7z3 Avallable funds for administration In fiscal year 2022, (1% of total TIF collected $11,472,335) OTHER CURRENT CHARGES AND OBLIGATIONS $ 20,523,694 Funds to be used to satisfy the annual debt obligation incurred by the CDD relating to the construction of the Plaza and Parking Garage, 2022's TIF COMPUTATION City County Multiply 6y 95% FY 2021.2022 FY 2021.2022 City operating Mlllege- Current Year 1,020,493,160 1,020,493,166 County operating Wlage - Currant Year (29,251,592) (29,281.592) Gross Advelorem (City) 991,211,574 991.211,$74 Gross Advalorom (County) 991,212 991,212 641,661 941,651 City operating Mlllaga 7.6666 County Operating Mlllage 4.0669 Adjustment By Value Adjustment Board Divided By 1000 Multiply By 95% City Operating MIIIa9e County Operating Mlllane Adjustment (City) Adjustment (County) $7,219,107 $4,394,591 (12,168,646) (12,168,648) (12,169) (12,169) (11,560) (11,660} 7.5065 4.6669 (87,472) $7,m,696 (53,951 � $4,340,640 $11,472,335 2 20 MAmorlIlZatlOnSCllvdtlI%Sornl•AmweI "1lated on I)Istrlct% schedule and 2,014A bond :tlnarl4lxntidn scll4dula'pq, 3a) ,• 1, ---".�.' ..Novf,Mscy ft+lny/�lov Princlp0t lntarnat •' (FY • May/Nov (Bullcl Yr+:Ar lY.lny/Nov ry, pate PDVMent payment Totul Pmt prinrlpnl.t (FY- p5 Bond'Yoar VIA - (Per $o.n i- nito�est) Intorast) Interost) 111/2014 1,885,1it 1,383,711 2014 J,383,711 1,383,717 >Y7O1iiSAP0.13 1,G31i 000 1,��k7r.Ob____-._ _3,1,2!(J06 4r.�aC?5,717 Z 98i7,717 NT, ,11/1f2015 1,512,Z63 1,512,265 T.�..�.. 2016 4,694,2G9 3,059,209 FY 7.01.D 5/l/LU16 -� 1,705,000 1,512,2R 3,7,17,263 4,729,525 8 02 25 1;[J1/2016 1,476,031 ',1,476,031 'L016 4,693,7,9A ,9,. 2,�8$,294 FLU.17 . 512.»0.»1.....«.�1.,80,000. .....,. 1,»4..6,0.3_1 ..__..7'n 011 4,M_..,O..G3 3U 063?1 11/1/2017 '1,488,206 1,468,206 2017 _ 4,594,2.35 2,914,234 1'Y 2U10 WPM 109,000 1,43L206 � 3,298,2,06 . .4,7366413 2,876,41S 11/1,J2D1.8 F 1,398,6R1 1,398,6Q7 201a 4,G9G,888 2,a8G,P,$8 FY 2019 �V1/2019 � LL „ 1,940,OU0 „ 1 898,fi81 VM,6131 6,717,363 2,797 m 19f1f201J 1,&57X6 1,357,451i 7019 4,6w,138 Z,756,138� PY 2020 ; 1 20Z0 Z 025,OU0 1,357,06 3,3$?. 4SG 4 739 913 2;714 913 w 13144-23 , 13iA�4.2S... ,� 2oz0 _ 4,G96,Qt3:l� 2,671,R81, rY7,021 5/1.J20?,1, 2�1:ta,00� p � 1,291,953 1 406,953 4,721,378 2,606 378 1�J1fZ021 1,281,�J53 1,2�J1.,�J53 2021 4,698,90G 2,583,90G rY2022 511J2022 2=5,UUa ?,746U 3 w 3,451„053 4,743006 2,5301206 1/172022 � 1,246,(J53 1,246,051 2022 4,097,106 Z,492,706 FY2024 2300,000 1,198,3.0 3,498,188 _..91744,241 2,444,241 _5/1/2_023 1.1/1r2U78 7198,:t80 J„198,130 2023rY 4,G9G,37:i 2,396,375 2.4 r 746,438 2 346 43_ 15/1/202a ._� Gi?b 2 4.,^ 4;696,500 _- ri ^.00 - 2,29G,500 0"1.S b0"a U00 1,09 313 , 313 ,lb4 �63 2 2 39 !,G3 11/1/2025 x,09t,319 a,091,3,13 202U h,G�)7,G25 21112,1i25 �i Z020 � _.?• r145 0[10 7 1 7 I ...... ...... - .. 7t1113,125 wrY 1 11I1J2U20 1,U26,R tT3 1 OZ6,1i13 13 ,4,IG3t125 ...w-....w...-i...�-.+r-�.w...^'..�`......--^r.+v.wrw.n...,.,,a,... 2026 h169 ,625 2,OS3,67,'i FY 2027 5/1/2027 2 780 000 959,000 9,739,000 4,765,813 1,985,813 11J1f'1on 550,000. 959,000 2027 4,G9A,000 1,91E3,OOp rY2,07,4 IV1J207,8 2,92,5 COO 8137,C,Rfi 3,912,6$13 A,771,588 1,846,688 11/1/7-026 887,688 SR7,688 202$ _ 4,700,37a 1,775,375 rY 2029 s/1/2029 3,07(),U00 812,7.W 3,02,750 4,7 438 _ 1700 438 11J1.J7.D7.9 81.2,750 812,750 20z9 A,G95,50D 1,GZ5,50U FY2010 5/1,/2030 3,2 IMI 73a,000 3,906,000 4,776,750 1,548,750 11/1 J2U30 734,000 734,OOD z03q 4,698,01)0 1,4Gii,p6[?„ sY7031 5/1/7031 3 345- 000 651,188 4,04G,181 4 7130188 3$ 1,a LO 4,liW+��.wwn.xan•u..+,.'»•-i�.u�w.•-uLy-_�v-......u.r.r.v.u.wuuuu,.urrrun. 11/11'1031 651,188 651,188 Aa»w�..+w..a....»w.w..n.�..,...ri.�...w+.•... Z031 4,00,375 1,302,V5 lly7,012 S/1.J2032 3570000 !64,1Z5 4,114,12S 47Q5313 1,27•ri,3;13 11/1JZ037 5C9,125 SG4,:125 2032 _ 4,fi9$,25rD 1,1].£S,75U FY2033 5J1/2033 3,'P'10,000 472,62y 4,222,625 1.:I.J117.03i 472,Q5 472,G25 7033 4,695,250 �045,750� rY 2024 511./2034 13,945 OOD ,376,4.18 M 4,;l2;1,438 4 794 UG3 Q49 053 11J1/2034 37G,438 37G,hi8 2084 4,G97,B75757_,1175 rY208D 112/1/2035 4,145,UC10 7./5,31,3 4,420,313 4,795750 G5'1,7aD 11f1/2035 27"x,313 ?.75,373 2035 4 FyDa,67.5 55U,GZ5 FY2.036 5/1/2036 4,360,000 169,000 4,529,000 1,804,3jj ,144,31,7 1f./1/2035 .169,000 .169,000 203E 4 69Q,OOU a34,UU0 rY2037 5J1J203.1 .�...�...�..,..._.,_.._.�.. 4,F,U1),Lo( 114,500 tl,{194,500 q,i,3C3 50U �....•._.t_....,........-...,-._,.,-.,...,. 7g l,wo) 2037 4,594,500 G4,07!;,000� �ir�,5�2f,3Qh 11U9�,40�,ii44 Source; Midtown Miami Con7munity Development district Series 2014A and 2014E Bond Special Assessments and Tax Increment Revenue Yell r Series 2014A Ending Debt Servio" TTF Revenue(z) II11/2014 $ 4,767,211t'1 $ 3,332,159 II/1/2015 4,694,269 3,365,481 11/1/2016 4,693,294 3,399,135 11/1/2017 4,694,238 3,433,127 11/1/2018 4,696,888 3,467,459 11/1/2019 4,696,133 3,502,133 11/1/2020 4,696,881 3,537,154 I t/l/2021 4,698,906 3,572,525 11/1/2022 4,697,106 3,608,251 11/112023 11,696,375 3,644,333 11/1/2024 4,696,500 3,680,777 11/1.12025 4,647,625 3,717,584 11/112026 4,698,625 3,754,760 11/112027 4,698,000 3,792,308 1.11112028 4,700,375 3,830,231 11/1/2029 11,695,500 3,868,533 11/1/2030 4,698,000 3,907,218 11/1/2031 4,697,375 3,946,291 1 [1112032 4,698,250 3,985,754 11/1/2033 4,695,250 4,025,611 11/1/2034 4,697,875 4,065,867 11/1/2035 4,695,625 4,106,526 11/1/2036 4,698,000 4,147,591 11/1/2037 4,694,500 4,189,067 -- Total $112:.797 805 .....879:874 t Series 2014A Special Assess men t $ 1,43 5,052 1,328,788 1,294,158 1,261,111 1,229,429 1,194,005 1,159,727 1,126,381 1,088,856 1,052,042 1,015,723 980,041 943,865 905,692 870,144 826,967 790,782 751,084 712,496 669,639 632,009 589,099 550,409 50�33 -- 2,212,931 Tufa] Series 'total Not Series 201413 2014 Debt SpLeiul Debt SL'ryice SSuryiGe Assessment 9 1,968,669ts> $ 6,735,880 $ 3,403,721 1,951,725 6,645,994 3,280,513 1,957,081 6,650,375 3,251,240 1,951,163 6,645,400 3,212,273 1,953,969 6,650,856 3,183,398 1,955,288 6,651,425 3,149,292 1,955,119 6,652,000 3, t 1046 1,953,463 6,652,369 3,079,843 1,950,319 6,647,425 3,039,174 11950,561 6,646,956 3,002,623 1,949,144 6,645,644 2,964,867 1,951,875 6,649,500 2,931,916 1,953,250 6,651,875 2,897,115 1,951,875 6,649,875 2,857,367 1,952,625 6,653,000 2,822,769 1,950,375 6,6115,875 2,777,342 1,950,000 6,648,000 2,740,782 1,951,250 6,648,625 2,702,334 1,949,000 6,647,250 2.661,496 1,953,000 6,648,250 2,622,639 1,948,125 6,646,000 2,590,133 1,954,125 6,649,750 2,543,224 1,955,625 6,653,625 2,506,034 _I 952,625 6,641125 2 458,058 5�.073 .-j D9A 83.200- (I) Includes Series 2004A Bonds and Series 2014A Bonds debt surivca, (2) Assumes actual Met Tax Increment Revenue of $3,332,159 with 1% annual l;rowvtb rite thereafter. Far i0listrativu purposos only, Actual Tax lacremeni Revenue mtounl is dependent upon n number of factors, !WU(ing f0ture propurty values its described above under "Tax Increment Revenues." (3) Includes Sories 2004B Bonds and Series 201413 Bonds debt surivice, Debt Service Reserve Fund Separate accounts within the Debt Service Reserve Fund will be maintained under the Indenture for the benefit of the Series 2014.Bonds. Pursuant to the Indenture, the Series 2014A Debt Service Reserve Requirement means $1,000,000 and the Series 2014B Debt Service Reserve Requirernent means 50% of the maximum annual debt service of the Series 2014B Bonds on the date of their original issuance and delivery, Amounts on deposit in the Series 2014 Debt Service Reserve Account will be used to cure any deficiency in the Interest, Principal and Sinking Fund Accounts for the Series 2014, Bonds, The maximum annual debt service for the Series 2014A .Bands is $4,700,375,00 and the maximum annual debt service for the Series 2014B Bonds is $1,957,081,25, The amount of Tax Increment Revenues received by the District from the Midtown CRA on April 3, 2014, was $3,332,159, which amount will fluctuate in future years as further described herein, The Tax Increment Revenues are used solely to pay debt service on the Series 2014A Bonds and reduces the amount of special assessments collected to pay debt service on the Series 2014A Bonds, 27 Source: Midtavin [Miami Communiy, Deve}onment District Series 2014A and 2014B Bond i DEBT SERVICE REOUIREMEllTSt13 The following table sets forth the approximate debt service requirernents for the Series 2014 Bonds_ Year Ending 2014A Bonds November 1 Frincxpa (21 Aggregaft 2014A Bonds 2014A Bonds 2014B Bonds 2014B Bonds Series 2014B Debt Interest Total I Principal'2) Interest Bonds Total Service 2014 $ - S 1,383,711 S 1,383,711 $ - $ 575,206 $ 575,206 $ 1,958,917 2015 1,635,000 3,059,269 4,694,269 680,000 1,271,725 1,951,725 6,645,994 2016 1,705,000 2,988,294 4,693,294 715,000 1,242,081 1,957,1081 6,650,375 2017 1,780,000 2,914,238 4,694,238 740,000 1,211,163 1.951,163 6,645,400 2018 1,860,000 2,836,888 4,696,888 775,000 1,178,969 1,953,969 6,650,856 2019 1,940,000 2,756,138 4,696,138 810,000 1,145,288 1-955,288 6,651,425 2020 2,025,000 2,671,881 4,696,881 845,000 1,110,119 1-955,119 6,652,000 2021 2,115,000 2,583,906 4,698,906 880,000 1,073,463 1,953,463 6,652,369 2022 2,205,000 2,492,106 4,697-106 915,000 1,035,319 1,950,319 6,647,425 2023 2,300,000 2,396,3 75 4,696,375 955,000 995,581 1,950,581 6,646,956 2024 2,400,000 2,296,500 4,696,500 995,000 954,144 1,949,14-4 6,645,644 2025 2,515,000 2,182,625 4,697,625 ;1,045,000 906,875 1,951,875 6,649,500 2026 2,645,000 2,053,625 4,698,625 11,100,000 853,250 1,953,250 6,651,875 2027 2,780,000 1,918,000 4,698,000 1,155,000 796,875 1,951,875 6,649,875 2028 2,925,000 1,775,375 4,700,375 1,2I5,000 737,625 1,952,625 6,653,000 2029 3,070,000 I,625,500 4,695,500 11,275,000 675,375 1,950,375 6,645,875 2030 3,230,000 1,46S,000 4,698,000 1,340,000 610,000 1,950,000 6,648,000 2031 3,395,000 1,302,375 4,697,375 4,410,000 541,250 1-951,250 6,648,625 2032 3,570,000 1,128,250 4,698,250 1,480,000 469,000 1-949,000 6,647,250 2033 3,750,000 945,250 4,695,250 1,560,000 393,000 1,953,000 6,648,250 2034 3,945,000 752,875 4,697,875 I,635,Q00 313,125 I,948,I25 6,646,000 2035 4,145,000 550,625 4,6957625 lil,725,000 229,125 1,954,125 6,649,750 2036 4,360,000 338,000 4,698,000 1,815,000 140,625 1,955,625 6,653,625 2037 4,580.000 114.500 4,694.500 1.905.000 47.625 1,952.625 6.647.125 Total I64.875,000 $44.534.305 5109.409.305 526.970.000 $18.506.80645.476.806 $i54.886.1I1 Totals may not add due to rounding_ includes amortization installments_ 38