HomeMy WebLinkAboutSEOPW-CRA-2001-12-11-Discussion Item 4ACITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM ITEM 4
neremher 11, 2001
TO: Chairman Teele and DATE: December 11, 2001 FILE:
Members of the CRA Board
FROM:
Annette E. Lewis
Acting Executive Di r
RECOMMENDATION
SUBJECT:
Transmittal of cumulative financials
REFERENCES:
ENCLOSURES: Resolution
It is recommended that the Board of Directors of the Community Redevelopment Agency (the
"CRA") of the Southeast Overtown Park West (the "CRA") receive the financial reports as
presented as of November 13, 2001.
BACKGROUND
As a form of prudence, the financial statements of any entity are a key element as to the fiscal
viability of the said entity. The City of Miami's Community Redevelopment Agency is subject to
standards that allow the governing body to maintain a certain level of enlightenment. This
enlightenment is necessary to the decision making process and minimizes any threat of the lack of
fiscal health.
I
Funding Source: Not Applicable
Account Number: Not Applicable
a
DISCUSSFO
�. -7
ITEM 4
SEOPW/CRA
December 11, 2001
RESOLUTION NO. SEOPW/CRA
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
COMMUNITY REDEVELOPMENT AGENCY ("CRA")
RECEIVING FINANCIAL STATEMENTS PREPARED ON A
MONTHLY BASIS AS PRESENTED BY THE CHIEF
FINANCIAL OFFICER OF THE CRA.
WHEREAS, the City of Miami approved and adopted the Southeast
Overtown/Park West Community Redevelopment Plan pursuant to Resolution Nos. 82-
755 and 85-1247 (the "Redevelopment Plan"); and
WHEREAS, the CRA is responsible for carrying out community redevelopment
activities and projects in the Southeast Qvertown/Park West Redevelopment Area (the
"Redevelopment Area") established pursuant to the Redevelopment Plan; and
WHEREAS, the CRA desires that the CRA Board be kept abreast of the financial
status of the various aspects CRA result of operations; and
WHEREAS, the CRA transmits the attached Statement of Revenues,
Expenditures and Changes in Fund Balance and Balance Sheet ("financials") transmits
cumulative financial activity for the current fiscal year
NOW, THEREFORE, DE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI,
FLORIDA: °
Section 1. The recitals and findings contained in the Preamble to this
Resolution are incorporated herein as if fully set forth in this Section.
Section 2. The Chief Financial Officer of CRA shall transmit financials on a
monthly basis to the CRA Board.
Section 3. The CRA Board stands in receipt of the said financials, which does
not necessarily constitute acceptance of the financials as presented.
Section 4. The resolution shall be effective upon its adoption.
PASSED AND ADOPTED on this 1 Ith day of December 2001.
Arthur E. Teele, Jr., Chairman
DISCUSSED
�./ ITEM 4
ATTEST:
Walter J. Foeman, City Clerk
APPROVED AS TO FORM
AND CORRECTNESS:
Alejandro Vilarello
City Attorney
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SEOPW/CRA
December 11, 2001
i
City of Miami Community Redevelopment Agency
Unaudited Combined Balance Sheet
as of
9/3/200 1 (Preliminary)
OMNI
SEOPW
Assets:
OMNI-TIF
SEOPW-TIF General Operating Redev. Pro* Community Prog. SEOPW-Redev, SEOPW-Redev.Tru:
Totals
SEOPW only
Cash, cash equivalents and investments
$ 502,911
1,281,837 590,462 1,071,663 (252,223) (5,813) (276)
3,188,560
2,685,649
Accounts receivable
-
65,000 -
65,000
65,000
Allowance for accounts receivable
-
(65,000) - -
(65,000)
(65,000)
Interest receivable
5,984
15,439 9,329 6,611
37,363
31,379
Market gain/(loss)investments
(1,870)
(3,120) - -
(4,990)
(3,120)
Prepaid expense
Restricted assets
_
Total Assets
507,025
1,294,155 599,791 1,078,274 (252,223) (5,813) (276)
3,220,932
2,713,907
Liabilities and Fund Balance
Accounts payable
Accrued liabilities
Total liabilities
Fund Balance:
Reserved for encumbrances
Undesignated
Total Liabilities and Fund Balances
507,025
1,294,155
599,791
1,078,274
(252,223)
(5,813)
(276)
3,220,933
2,713,908
507,025
1,294,155
599,791
1,078,274
(252,223)
(5,813)
(276)
3,220,933
2,713,908
507,025
1,294,155
599,791
1,078,274
(252,223)
(5,813)
(276)
3,220,933
2,713,908
City of Miami Community Redevelopment Agency
Unaudited Statement of Revenues, Expenditures and
Changes in Fund Balance
as of
9/30/2001 (Preliminary)
OMNI
SEOPW
OMNI-TIF
SEOPW-TIF General Ooeratine
Redev. Proi Community
Proc. SEOPW-Redev. SEOPW-Redev.Trust
Totals
Revenues:
Taxes $
624,295
574,104 -
-
1,198,399
Rentals
- 93,245
-
-
93,245 -�
Interest on investments
38,333
76,388 25,211
16,654
84,961
241,547
Transfer in from Community Development
114,882 771,722
184,172
1,070,776
Contribution from General Fund
- 326,071
-
326,071
Offstreet parking
_
Carryover fund balance
-
_
Contribution from other governments
393,449
344,280
-
737,729
Contribution Guaranteed Entitlement
_
_
Contribution from offstreet parking
(13,419)
-
-
(13,419)
Impact fees
_
_
_
_
Total revenue
1,056,077
1,109,654 1,202,830
200,826
84,961 -
3,654,348
Expenditures:
Salaries and benefits
29,500
- 778,782
-
- - 194
808,475
Operating
694
322,545 1,016,240
-
84,961 31,603 -
1,456,044
Land
- 18,125
-
- _
18,125
Plant, property and equipment
-
- 28,935
-
28,935
Construction in progress
42,002
61,100 263,287
(7,762)
358,627
Other
1,017,744
456,198 162,584
375,000
2,011,525
Budget reserve
_
_ _
_
- _
1,089,940
839,843 2,267,953
367,238
84,961 31,603 194
4,681,731
Other financing sources (uses): _
Operating transfers in _
Operating transfers out _
Operating transfers in from local government
F� W
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City of Miami Community Redevelopment Agency
Unaudited Statement of Revenues, Expenditures and
Changes in Fund Balance
as of
9/30/2001 (Preliminary)
OMNI SEOPW
OMNI-TIF SEOPW-TIF General Ooeratine Redev. Pro* Community Proe.
SEOPW-Redev.
SEOPW-Redev.Trust
Totals
Excess (deficiency) of revenue and other
financing sources over (under expenditures and
other financing uses
(33,863) 269,811 (1,065,124) (166,412)
(31,603)
(194)
(1,027,385)
Fund balance (deficit), beginning of year
540,888 1,024,344 1,664,915 1,244,686 (252,223)
25,790
(83)
4,248,320
Equity transfers in (out)
_ - - _
Fund balance, end ofperiod $
507,025 1,294,155 599,791 1,078,274 (252,223)
(5,813)
(276)
3,220,932
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