HomeMy WebLinkAboutSEOPW-CRA-2002-11-25-Discussion Item 2010� H�1%401
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MEMORANDUM
DATE: November 25, 2002
TO: Honorable Arthur E. Teele, Chairman
Honorable Johnny L. Winton, Vice Chairman and
Members of the Board of Directors of the
Community Redevelopment Agency
FROM: Annette Lewis, Acting Executive Director "..
SUBJECT: CRA Year-end Budget Status
For the year ending September 30, 2002 the CRA encountered many fiscal challenges;
namely the completion and issuance of audits for two fiscal years. The consequence of
not having audits and related reports by March 31st of the subsequent year severely
affected the organization. As a result of not having the early establishment of beginning
balances- or 'rollover' amounts - it affected our ability to properly determine available
funding, outside of TIF proceeds, for the fiscal year in review. Additionally the City's
audit and budget process, in the past, ignored the needs of the CRA despite the fact that
City's Finance and Budget Departments are fiduciaries for the CRA.
In regards to the City's appropriation ordinance, which stipulates that the agency shall
not exceed its annual appropriation(s), the CRA has not exceeded its annual
appropriation in any of its project accounts. The balances below, although preliminary,
have been adjusted to reflect reimbursements/reclassifications already posted from the
initial - 'soft closing' of the fiscal year end. An attached sheet identifies those entries
along with others that are pending approvals from CIP and Community Development
departments. Below is a summary of the status of appropriations vs. expenditures.
Omni TIF Expended $458,213 less than its appropriation
SEOPW TIF Expended $1,540,281 less than its appropriation
SEOPW General Expended $286,514 less than its appropriation
No significant reclassifications are anticipated during the audit process. Auditors are
expected to begin fieldwork during mid- December and we expect to issue financials on
or before March 31st 2003. The significance of completing an audit by the end of the
second quarter of the fiscal year is that it enables us to make the proper adjustments to
our programs and projects as well as operating budgets.
Attachments
300 Biscayne Boulevard Way • Suite 430 • Miami, Florida 33131 e Phone (305) 579-3324 • Fax (305) 372-4646
Recap of CRA FY'02 appropriations:
OMNI
Appropriation 2,554,044.00
Expenditure 2,085,830.95
Excess/ (Deficit) 468,213.05
Adjustments/ (increase) /decrease in dei (10,000.00)
Over/(Under) after reclassification 458,213.05
SEOPW TIF
4,289,605.00
2,244,080.47
2,045,524.53
(505,243.00) 1'2
1,540,281.53
SEOPW ODeratin
2,197,594.00
2,426,322.73
(228,728.73)
515,243.10 Z
286,514.37
Adjustment details
i
$
10,000.00
Reimbursement of charges posted to SEOPW TIF vs. OMNI TIF
z $
132,115.00
Reclassification of project and grant expenditures charged to general operating account vs. TIF
2 $
49,922.00
Reimbursement of expenditures from General operating to TIF relating to Camillus House
z $
77,000.00
Correction of journal entry where general fund vs. TIF was charged
z
$
256,206.00
Reclassification of legal expenditures charged to general fund operating account vs. TIF
Notes:
Journal entries (reducing
CRA total expenditures) pending final approval -prior to posting- from CIP Admininstration & Community Development.
$
247,409.95
Reimbursement of expenditures from Bond funds made by OMNI TIF relating to Pace Park construction
$
590,955.00
Reimbursement of expenditures from Bond funds made by OMNI & SEOPW TIF for Pace Park construction
$
142,335.93
Reimbursement of expenditures from Park Impact fees made by OMNI & SEOPW TIF for Pace Park P D & E
$
62,440.00
Reimbursement of expenditures from Bond funds made by SEOPW relating to Pace Park Owner's Rep. Activities
$
95,000.00
Reimbursement of expenditures from CD made by GF operating for 9th Street Mall
$
96,745.00
Reimbursement of expenditures from CD made by GF operating for 9th Street Mall
$
102,843.97
Accrual for the balance of'Contribution from Community Development"
Preliminary (Unaudited)
OMNI TIF Budget vs. Actual
Fiscal year ended September 30, 2002
Actual Variance
Budget OMNI TIF * over/Iunder) Comments
Revenues:
Taxes Real City
1,015,786
1,015,786
Contribution -County
618,663
618,663
Interest income (net)
19,595
14,840
Carryover fund balance
900,000
-
Other
-
2,554,044
1,649,289
Expenditures:
Salaries & Wages
-
_
Interest expense
-
-
Operating
12,450
40,826
Grants/Loans
80,000
52,864
Land
-
-
Construction
805,856
572,141
Other
1,655,738
1,430,000
2,554,044
2,095,831
Transfers (In)/Out
-
(531,736)
(531,736)
(4,755) Dependent on market conditions
(900,000) Non cash -appropriated based on anticipated expenditure levels
28,376 Increased activity and reclassifications
(27,136)
(233,715)
(225,738)
(458,213)
531,736 Elimination of due to/ with SEOPW
co i �0c
I
Preliminary (Unaudited)
SEOPW TIF Budget vs. Actual
Fiscal year ended September 30, 2002
Actual
Variance
Revenues:
Budget
SEOPW TIP *
over/(under)
Comments
Taxes Real City
897,741
897,741
-
Rental property
52,880
428,387
375,507
Balance of TCOTA grant transaction
Interest
76,746
164,321
87,575
Dependent on market conditions
Sale of property
2,213,500
2,213,500
-
Contribution -County
548,451
548,451
-
Carryover fund balance
500,000
-
(500,000)
Non cash -appropriated based on anticipated expenditure levels
Parking Revenues
-
_
_
Other
287
-
(287)
4,289,605
4,252,400
(37,205)
Expenditures:
Salaries & Wages
-
-
_
Interest
57,675
57,675
-
Operating
1,160,930
1,700,971
540,041
Reclassification of expenditures from General Fund
Grants/Loans
51,000
427,493
(376,493)
Balance of TCOTA grant transaction
Land
2,420,000
359,067
(2,060,933)
Private developer acquired a site which CRA had intented to purchase
Construction
600,000
589,117
10,883
Other
-
_
_
4,289,605
3,134,323
(1,886,502)
Transfers (In)/Out
-
531,736
531,736
Elimination of due to/from with Omni
531,736
531,736
a
Revenues:
Interest
Carryover fund balance
Parking Revenues
Other
Expenditures:
Budget
7,75
1,400,00
23,35
Preliminary (Unaudited)
SEOPW General Operating Budget vs. Actual
Fiscal year ended September 30, 2002
Actual Variance
General Fund* over/(under) Comments
8 3,817 (3,941) Dependent on market conditions
0 - (1,400,000) Non cash -appropriated based on anticipated expenditure levels
6 23,356 (0)
1,431,114
27,173 (1,403,941)
Salaries & Wages 695,169 672,125
Operating 1,467,425 1,193,240
Grants/Loans 35,000 45,715.07
Other - -
2,197,594 1,911,080
Tranasfers In. 767,638 664,791
767,638 664,791
(23,044)
(274,185) Reclassification of expenditures to TIF
10,715.07 Increase in activity and timing of invoices received & processed
0
(286,514)
(102,847) Accural posted pending actual transfer in from Community Development
-102846.97
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