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Home My WebLink AboutCRA-R-19-0028 Exhibit8/5/2019 FY 2020 FY 2019 I BUDGET OMNI:TAX INCREMENT FUND BUDGET PROPOSED PROPOSED VARIANCE BUDGET BUDGET REVENUES CITY OF MIAMI -TAX INCREMENT $16,975,009 $11,525,122 $5,449,887 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $10,465,562 $7,092,694 $3,372,868 CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $531,687 $386,218 $145,469 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $327,756 $237,877 $89,879 Total TIF Revenues $28,300,014 2020 FUND BALANCE LOAN SERIES 2018 A and 2018 B (Funds held by Bank United) $11,755,752 $11,659,393 $96,359 TRANSFER FROM MIDTOWN CRA (Administration) $88,837 $64,282 $24,555 RENT INCOME - MEC $0 $100,000 -$100,000 OTHER INCOME - MEC (REIMBURSEMENT FOR 2019 PROPERTY TAXES) $0 $178,177 -$178,177 RENT INCOME - 1401 LLC $101,481 $101,481 $0 2020 CHILDREN TRUST CONTRIBUTION $1,132,001 $769,676 $362,325 2020 ESTIMATED FUND BALANCE (It Includes the $4,552,500 - Reimbursement from Loan $12,667,306 $11,793,068 $874,237 Series 2018A TOTAL'AEVENUE ; $54,045 391 $43 907`989 $10,137,402 REDEVELOPMENT: EXPENDITURES ACCOUNTING AND AUDIT $15,000 $15,000 $0 PROFESSIONAL SERVICES - OTHER $603,384 $457,800 $145,584 OTHER CONTRACTUAL SERVICES $638,692 $462,660 $176,032 INTERFUND TRANSFER (Debt Service) $7,046,026 $7,047,838 -$1,812 INTERFUND TRANSFER (Grant) $2,501,723 $1,726,104 $775,619 OTHER CURRENT CHARGE $9,905,005 $6,734,669 $3,170,336 OTHER GRANTS AND AIDS $28 633 639 $24 004 312 $4,629,327 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $842,540 $607,540 $235,000 FICA TAXES $64,454 $46,477 $17,977 LIFE AND HEALTH INSURANCE $90,000 $48,000 $42,000 RETIREMENT CONTRIBUTION $50,000 $26,200 $23,800 FRINGE BENEFITS $54,500 $54,500 $0 OTHER CONTRACTUAL SERVICE $90,000 $20,000 $70,000 TRAVEL AND PER DIEM $30,000 $30,000 $0 UTILITY SERVICE $20,300 $20,300 $0 INSURANCE $104,166 $104,166 $0 OTHER CURRENT CHARGE $199,596 $185,177 $14,419 SUPPLIES $10,000 $5,000 $5,000 OPERATING SUPPLIES $10,000 $5,000 $5,000 SUBSCRIPTION MEMBERSHIP $17,000 $17,000 $0 MACHINERY AND EQUIPMENT $24,000 $24,000 $0 ADVERTISING $30,000 $30,000 $0 RENTAL AND LEASES $3,600 $3,600 $0 POSTAGE $2,000 $2,000 $0 REPAIR/MAINTENANCE - OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $18,0001 $18,000 $0 Total Administrative Expenditures $1,662,167 $88,837 $64,282 $24,555 RESERVE FOR MIDTOWN ADM EXPENDITURES RESERVE FOR SECURITY DEPOSIT - MEC $125,000 $125,000 $0 RESERVE FOR SECURITY DEPOSIT -1401 GROUP LLC $40,000 $40,000 $0 RESERVE FOR CAPITAL EXPENDITURES $1,280,659 $1,089,165 $191,494 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $192,596 $177,257 $15,339 RESERVE FOR LOAN PROCEEDS SERIES 2019 A & B $47,500 $47,500 $0 RESERVE FOR UNSOLICITATED PROPOSALS $50,000 $50,000 $0 2019 BUDGET RESERVE (Budget Surplus) $95,702 $617,442 -$521,740 2020 BUDGET RESERVE $1,119,471 $0 $1,119,471 TOTAL:.FUND BALANCE $54,045,39'L $43 907 989 $10 137 402 $v $v $v The Agency's obligation with respect to Museum Park under the Global Interlocal Agreement are the subject of ongoing discussion between the City and the Agency. The Interlocal Agreement obligations include the amounts payable In accordance with the original terms of the Global Interlocal Agreement and/or such other amount as shall be determined by the resolution of such ongoing discussions (but In no event shall exceed the amounts payable under the original terms of the Global Interlocal Agreement with respect to Museum Park.) 2020 TIF Revenue $28,300,014 2020 TIF Rev for Affordable Housing $2,830,001 2020 Budget for Affordable Housing 10% 2020 TIF Revenue $28,300,014 2020 Administrative Expenditures $1,662,157 Administrative Exp / 2020 TIF Revenue 6% Budget Reserve (2019 and 2020) $1,215,173 Total 2020 Budget $54,045,391 2020 Budget Reserve / Total 2020 Budget 2% Funclim Source Carryover Fund Balance FY2020 -- TIF Revenue $0 $15,000 $10,680 $0 $250,OCO $0 $47,7C4 $O $10,146 $284,854 $10,660 $0 $50,000 $0 $328,032 $0 $0 $250,000 707212' 549'854 70,' 2- 549'854 Total Budget Amount (Professional Services - Legal, Accounting and Audit, Professional Services - Other and Other Contractual $1,257,076 NR - No CRA Resolution/Assigned Funds $1,170,736 R - CRA Resolution Passed / Assigned Funds $86,340 $1,257, 776 $15,000 $603,384 $638,692 'Description Category Approval Date Reso p Amount Amount - - Remaining Budgeted Expended Balance Interfund Transfer Debt Service 1 2020 Transfer Out to the City Debt Service Dec-07 2007 Global $4,231,000 $0 $4,231,000 of Miami for the payment of Agreement the Port of Miami Tunnel Serles 2012 2 2020 Loan Payment Bank Debt Service Debt Service $2,815,026 $0 $2,815,026 United - Principal Amount $25M Other Current Charges and Oplf attons 3 2020 Estimated Payment Infrastructure Dec-07 2007 Global $9,905,005 $0 $9,905,005 (Global Agreement) - Agreement Performing Art Center In`forfund YrarsfeY" ((5/atif) 4 2015-2016 Policing Services - Quality of Life 10/22/2015 15-0043 $710,000 $652,778 $57,222 City of Miami 5 2020 Available Funds for a Quality of Life NR $500,000 $0 $500,000 grant to the City of Miami Pollce Department for the Expanded Police Program 6 2020 TIF Payment to MAX Quality of Life .8.0004 $812,500 $0 $812,500 Miami LLC, 7 2020 Children Trust Quality of Life Dec-07 Interlocal $1,132,001 $0 $1,132,001 Contribution Agreement Subtotal' $20,105,531 $652,778 $19,452,753 Total Budget Amount (Interfund Transfer (Debt Service), Debt Service, Purchase of Land and Interfund Transfer (Grant) NR - No CRA Resolution/Asslgned Funds $0 R - CRA Resolution Passed $19,452,753 $19,452,753 Funding Source Carryover Fund Balance FY.2020 TIF Revenue Reimbursement from. Loan Series 2018A - $4,552,500 $0 $4,231,000 $0 $0 $2,815,026 $0 $0 $9,905,005 $0 $57,222 $0 $0 $0 $500,000 $0 $0 $812,500 $0 $0 $1,132,001 $0 $57,222 $19,395,531 $0. 57222 19395531. ' 0 $19,452, 553 $7,046,026 $9,905,005 $2,501,723 Fundine Source - Description Category Approval Date Reso ff Amount Amount - Remaining : - Carryover FY 2020 ` - Loan Series Reimbursement - Budgeted Expended -Balance '- Fund Balance TIF 2018 ; from Loan Revenue A & B Series 2018A- _ - - $4,552,500. Other Grants and Aids 1 1401 RestLLC- Lessor's Job Creation 6/13/2013 13.0036 $60,000 $0 $60,000 $60,000 $0 $0 $0 Contribution to leasehold improvements - Grease Trap and Hood System 2 Dorsey Library- Project Infrastructure CIP $850,000 $743,214 $106,786 $106,786 $0 $0 $0 Cost - CIP Project - Funds Approved derived from sale of land - Project. 14th St DEV LLC - R-17-0418 $1,253,649 -CRA-R -15- 0021 3 Grant to Rebuilding Affordable 12/14/2016 16.0061 $700,000 $551,281 $148,719 $148,719 $0 $0 $0 Together Miami -Dade Inc. Housing to provide partial funding for a home Improvement facade and quality life program. 4 2018 Grant to Rebuilding Affordable 1/17/2018 18-0028 $600,000 $0 $600,000 $600,000 $0 $0 $0 Together Miami -Dade Inc, Housing to provide partial funding for a home Improvement facade and quality life program. 5 2017 Miami Downtown Quality of Life 12/14/2016 16.0057 $50,000 $27,855 $22,145 $22,145 $0 $0 $0 Development Authority to expand the Downtown Enhancement Team (Purple Shirts) 6 2018 Miami Downtown Quality of Life 1/17/2018 18-0007 $100,000 $38,587 $61,413 $61,413 $0 $0 $0 Development Authority to expand the Downtown Enhancement Team (Purple Shirts) 7 2019 Miami Downtown Quality of Life NR $100,000 $28,376 $71,624 $71,624 $0 $0 $0 Development Authority to expand the Downtown Enhancement Team (Purple Shirts) 8 2018 Available for Business Job Creation / 18-0023 $500,000 $200,000 $300,000 $300,000 $0 $0 $0 Improvements and Quallty of Life Assistance Grant Program 9 2018 Business Job Creation/ 18-0037 $500,000 $200,000 $300,000 $300,000 $0 $0 $0 Improvement and Quality of Life Assistance Grant Program 10 Museum Park Remediation Infrastructure 4/11/1011 17-0022 $175,000 $150,343 $24,657 $24,657 $0 $0 $0 Project B-30538. CIP Project funded with OMNI TIF Funds. 11 Execute Lease Agreement Job Creation/ 6/21/2017 17-0033 $150,000 $76,453 $73,547 $73,547 $0 $0 $0 with a Five (5) year initial Quality of Life term with two (2) one (1) year options to renew between the CRA and Revran S Lincoln at 175 NW 14th St. Base amount $2,850 per month with a three (3 %) percent annual 12 Contribution to the City of Infrastructure 6/25/2015 15-0022 $3,750,000 $3,549,420 $200,580 $200,580 $0 $0 $0 Miami -TRI Rail Project 5/26/2016 13 Open Space Initiative Quality of Life NR $500,000 $0 $500,000 $500,000 $0 $0 $0 14 130 NW 14th Street Rehab Quality of Life 1/17/2018 18-0027 $400,000 $0 $400,000 $400,000 $0 $0 $0 & Activation (Morgan's) Deferred Item 15 Grant to the City of Miami Infrastructure 2/19/2019 no action $50,000 $0 $50,000 $50,000 $0 $0 $0 for cost associated with the taken design of operational assessment of the 33 acres 16 Chapman Grant Historic NR $200,000 $0 $200,000 $200,000 $0 $0 - $0 Preservation mnaing oource -. Description Category Approval Date Reso # Amount Amount Remaining Carryover FY 2020 Loan Series Reimbursement Budgeted Expended Balance Fund Balance TIF 2018 from Loan Revenue A & B Series 2018A - $4,552,500 Other Grants and Aids 17 Miami Homes for All Grant Affordable NR $300,000 $0 $300,000 $0 $300,000 $0 $0 Housing 18 Carryover of unused funds Affordable 16-0040 $503,744 $0 $503,744 $503,744 $0 $0 $0 for Affordable Housing Housing Projects Rehabilitation. (10%of TIF Revenue) 19 2019 Reserve for Affordable Affordable 16-0040 $1,924,191 $0 $1,924,191 $1,924,191 $0 $0 $0 Workforce Housing (10%of Housing 2019 Total TIF $19,241,911) 20 2020 Reserve for Affordable Affordable 16.0040 $2,830,001 $0 $2,830,001 $0 $2,830,001 $0 $0 Workforce Housing (10%of Housing 2020 Total TIF $28,300,014) 21 Housing Acquisition and Affordable NR $2,200,000 $0 $2,200,000 $2,200,000 $0 $0 $0 Development Housing 22 Homeownership Programs Affordable NR $1,000,000 $0 $1,000,000 $0 $1,000,000 $0 $0 Housing 23 Reserve for Renovation of Infrastructure 17-0020 $4,394,001 $0 $4,394,001 $0 $0 $4,394,001 $0 Bank Building (Loan Series 2018 A) 24 Reserve for Affordable Affordable NR $7,361,752 $0 $7,361,752 $0 $0 $7,361,752 $0 Housing Projects (Loan Housing Series 2018 B) 25 Purple Shirts _ Quality of Life 9/12/2018 18.0036 $100,000 $0 $100,000 $100,000 $0 $0 $0 26 2020 Purple Shirts Quality of Life NR $375,000 $0 $375,000 $0 $375,000 $0 $0 27 Streetscape and Quality of Life NR $400,000 $43,063 $356,937 $356,937 $0 $0 $0 Infrastructure Projects 28 2020 Residential Rehab Affordable NR $1,200,000 $0 $1,200,000 $0 $1,200,000 $0 $0 Grant Program Housing 29 2020 Camillus House Miami Quality of Life NR $175,000 $0 $175,000 $175,000 $0 $0 $0 Shelter Program 30 Acquisition of property Affordable 2/19/2019 19.0001 $450,000 $397,726 $52,274 $52,274 $0 $0 $0 located at 1428 NW 1st Housing Avenue (7680 sf) 31 Capital Improvements Job Creation / NR $1,000,000 $0 $1,000,000 $0 $1,000,000 $0 $0 Projects Quality of Life 32 16 Corner LLC Affordable Affordable 1/17/2018 18-0008 $3,800,000 $2,811,231 $988,769 $0 $0 $0 $988,769 Housing Projects Housing 33 2020 Business Job Creation / NR $752,500 $0 $752,500 $0 $0 $0 $752,500 Improvement and Quality of Life Assistance Grant Program Subtotal 37 451 189 8 817 549 $28,633,639 $8,431,F17 $6,705 001 $11,755,752 $1,741,269 8431 617 $6,705,001 11'766 752 $1,741,269 Total Budget Amount Other Grants and Aids NR - No CRA Resolution/Assigned Funds $9,103,021 R - CRA Resolution Passed $19,530,619 28 633 639 $28,633,639 OMNI -' Position Executive Positions $467,740 Non Executive Positions $229,800 Contingency $65,000 Compensated Absences 80,000 Regular Salaries 842 540 Fica taxes 64,454 64 454 Health/Dental/Vlslon Insurance Available funds for Health/ Dental/ Vision/ Life Insurance 90 000 Life and Health Insurance 90 000 Available funds for Retirement Contribution Retirement Contribution $50 000 Car Allowance Executive Director-OMNI $3,600 Executive Director - Midtown (Reimbursed by Midtown CRA) $6,000 Chief Legal Officer $2,400 Cell Phone Allowance Executive Director - OMNI $1,200 Executive Director - Midtown (Reimbursed by Midtown CRA) $2,400 Assistant Executive Director $1,500 Chief Legal Officer $1,200 Director of Policy and Planning $1,200 Employer provided educational assistance $35,000 Fringe Benefits $54,500 Available funds for Other Contractual Services 90 000 Other Contractual Services 90 000 To Include cost for travel out of the city for conferences and travel allowances. 30 000 Travel and Per Diem 30 000 FPL- Fire House $10,800 Miami Water and Sewer $3,500 Contingency 6 000 Utility Service 20 300 Property Insurance/General/Liability Insurance (MEC) $71,166 Property Insurance/General/Liability Insurance (Fire Station No 2) $28,000 Workers Compensation (CRA Staff) 5 000 Insurance 104 166 To include the cost of food associated to CRA Meetings/Ribbon Cutting $5,000 To Include the cost of miscellaneous supplies. $2,000 2019 MEC Property Taxes (Estimated) $192,596 Other Current Charges 199 596 To Include supplies necessary for use in the operation of an office, such as copy 10,000 Supplies $10,0001 To include other supplies not office related. Ex. Misc. Project Construction and 10 000 Operating Supplies $10 000 To Include the cost of memberships to organization, Microsoft license, and 17 000 Subscription Membership 17 000 Purchase of Vehicle $18,000 To Include the cost of new computers 6 000 Machinery and Equipment 24 000 To include the expenses of placing advertisements in the newspapers or other 30,000 Advertising F$30,0001 Konica Minolta Copier 3 600 Rental and Leases 3 600 6 To include the cost of stamps or other related item. Distribution of newsletter $2,000 in the CRA area. Ex. Mailing services and FeclEx. Postage 2 000 To include the cost associated to any office/truck repair. $2,000 Repair / Maintenance - Outside $2,000 To include transfer of funds to the City of Miami Office of the City Clerk for $18,000 services to be rendered as Clerk of the Board. Interfund Transfer 18 000 Total FY 2020 Administrative Budget $1,662,157