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Home My WebLink AboutCRA-R-17-0043 Exhibit AFY 2018 PROPOSED BUDGET 7121 i2017 FY 2018 FY 2017 BUDGET OMNI TAX INCREMENT FUND BUDGET PROPOSED AMENDED VARIANCE BUDGET BUDGET REVENUES CITY OF MIAMI -TAX INCREMENT $11,065,494 $10,574,483 $491,011 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $6,749,405 $6,453,941 $295,464 CITY OF MIAMI -TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $316,848 $240,252 $76,596 MIAMI DADE COUNTY - TAX INCREMENT(2009 ADDITION EXPANDED BOUNDARIES( $193,354 $146,633 $46,721 Total TIE Revenues $18,325,101 ESTIMATE LOAN PROCEEDS (with Bank United) $25,000,000 $0 $25,000,000 TRANSFER FROM MIDTOWN CPA{Administration) $46,632 $46,632 $0 RENT INCOME - MEC $100,000 $100,000 $0 OTHER INCOME - MEC (REIMBURSEMENT FOR 2017 PROPERTY TAXES) $178,177 $178,177 $0 RENT INCOME -1401 LLC $101,481 $101,481 $0 LAND $0 $0 $0 ESTIMATE CHILDREN TRUST CONTRIBUTION $733,004 $713,820 $19,184 2017 UNADJUSTED FUND BALANCE $8,903,477 $7,779,059 $1,124,418 TOTALREVENUE $53,387,872 $26,334,478 $27,053,394 REDEVELOPMENT EXPENDITURES ACCOUNTING AND AUDIT $15,000 $15,000 $0 PROFESSIONAL SERVICES -OTHER $732,300 $354,700 $377,600 OTHER CONTRACTUAL SERVICES $371,177 $671,657 -$300,480 INTERFUND TRANSFER (Debt Service) $6,699,867 $4,249,500 $2,450,367 INTERFUND TRANSFER (Grant) $1,564,307 $1,455,033 $109,274 PURCHASE OF REAL ESTATE $7,379,363 $2,000,000 $5,379,363 OTHER CURRENT CHARGE $6413,785 $6,095,359 $318,427 OTHER GRANTS AND AIDS $25:896,113 $7,232,765 $18,663,349 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $535,231 $532,060 $3,171 FICATAXES $40,945 $40,703 $242 LIFE AND HEALTH INSURANCE $48,000 $48,000 $0 RETIREMENT CONTRIBUTION $23,950 $20,600 $3,350 FRINGE BENEFITS $19,500 $24,150 -$4,650 OTHER CONTRACTUAL SERVICE $20,000 $20,000 $0 TRAVEL AND PER DIEM $30,000 $30,000 $0 COMMUNICATIONS $0 $0 $0 UTILITY SERVICE $20,300 $20,300 $0 INSURANCE $104,166 $104,166 $0 OTHER CURRENT CHARGE $193,400 $214,272 -$20,872 SUPPLIES $5,000 $5,000 $0 OPERATING SUPPLIES $5,000 $5,000 So SUBSCRIPTION MEMBERSHIP $17,000 $17,000 $0 MACHINERYAND 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 INTERFUNDTRANSFER $17,500 $17,500 $0 Total Adm1e1.1,.d-Epmditers, $1,141,592 RESERVE FOR MIDTOWN ADM EXPENDITURES $46,632 $46,632 $0 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 $603,616 $377,135 $226,481 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $178,177 $178,177 $0 BUDGET RESERVE $2,180,943 $2,333,170 -$152,227 TOTAL FUND BALANCE $53,387,872 $26,334,4781 $27,053,394 A) 2018 TIE Revenue 2018 TIF Rev for Affordable Housing % 2018 Budget for Affordable Housing 8) 2018 TIF Revenue 2018 Administrative Expenditures 'A Administrative Exp / 2018 TIF Revenue C) 2018 Budget Reserve Total 2019 Budget % 2018 Budget Reserve / Total 2018 Budget $0 $0 $0 $18,325,101 $1,832,510 Refwtaltem9 -Other Orantend Aids 10% $18,325,101 $1,141,592 fi% $ 2,190,943 $53,387,972 4% Description Category Approval Date Reso % Amount Amount Remaining Budgeted Expended Balance A[tAuntln and Audit 1 External Auditing Services to the Administration 7/29/2016 16-0038 $15,000 $0 $15,000 OMNI CRA-Sanson, Kline, Jacomino, Tandoc & Gamarra, LLP Professional Services - Other 2 Lobbyists Administration City of Miami $35,000 $0 $35,O00 Procurement Code 3 Available for Other Professional Administration NR $118,150 $0 $118,150 Services 4 Financial Support Consultant Administration 12/14/2016 16-0064 $42,85D $28,700 $14,150 5 2018 Omni Redevelopment Plan Redevelopment NR $350,000 $0 $350,000 & FON Planning 6 Branding, Website, PR Administration NR $70,000 $O $70,000 7 Quickbuild-Protected Bike Lanes Redevelopment NR $60,Ooo $0 $60,000 Planning B Traffic Study/Design-N Miami Redevelopment NR $65,000 $0 $65,000 Ave & 14th Street Planning 9 Historic Designations Redevelopment NR $20,000 $0 $20,000 Planning Other Contractual Services 10 Horsepower Street Light Quality of Life NR $25,000 $9,029 $15,971 Maintenance 11 Available for Landscaping Service Quality of Life NR $25,000 $3,700 $21,300 12 Urban Temporary Park- Administration NR $125,000 $0 $125,000 Maintenance and Security 13 CRA Consultants Administration NR $150,000 $0 $150,000 14 Available for Other Contractual Administration NR $59,906 $0 $58,906 Services - Proposed Budget $250,000- $150,000 allocated to Other Consultants- Interest Revenue Collected on 4/19117 $41,180.52, Interest Revenue 5/18/17-$13,414,87 Subtotal I $1,159,906 $41,429 $1,118,477 Total Budget Amount (Professional Services -Legal, Accounting and Audit, Professional Services -Other and Other Contractual NR - No CRA Resolution $1,089,327 R - CRA Resolution Passed $29,150 $1,118,477 Furicling Scurre Carryover Fund Balance FY 2018 TIF Revenue $25M Loan Proceeds $15,QOp $0 $0 $35,000 $0 $Q $118,150 $o $0 $14,150 $0 $o $312,286 $37,714 $o $0 $70,000 $0 $0 $60,000 $0 $0 $65,000 $0 $0 $20,000 $0 $15,971 $0 $0 $21,300 $0 $0 $0 $125,000 $0 $150,000 $0 $0 $58,906 $0 $0 $740,763 $377,714 $0 $740,7631 77,714 $0 $1,118,477 $15,000 $732,300 $371,177 Description Category Approval Date Reso tl Amount Amount Remaining Budgeted Expended Balance InterfundTransfer Debt Service 1 2018 Transfer Out to the City of Debt Service Dec-07 2007 Global $4,249,500 $0' $4,249,500 Miami for the payment of the Agreement Port of Miami Tunnel Series 2012 2 Loan with BankUnited - Debt Service Debt Service $2,450,367 $0 $2,450,367 Estimated principal amount $25M Other Current Charges and Obligati ns 3 Estimated 2007 Global Infrastructure Dec-17 20D7 Global $6,413,785 $0 $6,413,785 Agreement Payment - Agreement Performing Art Center Purchase of Real Estate 4 Second Payment - 1367 Sank Infrastructure Jul-17 17-0020 $2,879,363 $0 $2,879,363 Building 5 Purchase of real estate Infrastructure Jun-17 17-0035 $4,500,000 $0 $4,500,000 property located at 1990 N Mlami Ave Interfund Transfer (Grant) 6 2015-2016 Policing Services - Quality of Life 10/22/2015 15-0043 $710,000 $468,797 $241,213 City of Miami 7 2017 Grant to the City of Miami Quality of Life 12/14/2016 16-0063 S500,000 $409,910 $90,090 Police Oepartment for the Expanded Police Program 8 2018 Grant to the City of Miami Quality of Life NR $500,000 $0 $500,000 Police Department for the Expanded Police Program 9 2018 Children Trust Quality of Lite Dec-07 Interlocal $733,004 $0 $733,004 Contribution Agreement Subtotal $22,936,019 $878,697 $22,057,323 Total Budget Amount (Jnterfund Transfer (Debt Service), Debt Service, Purchase of Land and Interfund Transfer (Grant) NR - No CAA Resolution $7,879,363 R - CRA Resolution Passed $14,177,959 S72,057,323 Funding Source Carryover Fund Balance Fy 2018 TIF Revenue $25M Loan Proceeds $0 $4,249,500 $0 $0 $2,450,367 $0 $0 $6,413,785 $0 $33,597 $0 $2,845,776 $0 $0 $4,500,000 $241,213 $0 $0 $90,090 $0 $0 $0 $500,000 $0 $0 $733,004 $0 $364,890 $14,346,656 $7,345,775 $364,890 $14,346,6561 $7 5,776 $22,057,323 $6,699,867 $6,413,785 $7,979,563 $1,564,307 Funrinv Snurrn Description Category Approval Date Reso# Amount Amount Remaining Canyover FY2018 $25M loan Budgeted Expended Balance Fund Balance TIF Proceeds Revenue Other Grants and Aids 1 Grant to the Perez Art Art and Culture 7/2912016 16-0039 $1,090,000 $85o,000 $150,000 $150,000 $0 $0 Museum of Miami Dade County for various community benefits to the redevelopment area. 2 1401 Rest LLC- Lessor's Job Creation 6/13/2013 13-0036 $60,000 $0 $60,000 $60,000 $0 $0 Contribution to leasehold improvements - Grease Trap and Hood System 3 Grant to Chapman House Infrastructure 12/14/2016 16-0058 $60,000 $60,000 $0 $0 $0 $0 for Fagade Improvement Program 4 Guitars Over Guns ArtanclCulture NR $185,000 $0 $165,000 $185,000 $0 $0 5 Matching funds obligation Infrastructure 3/28/2013 13.0017 $150,000 $26,214 $123,786 $123,786 $0 $0 under the Florida Inldan Navigation District Grant for Phase 2 -Miami Woman's Club Baywalk Project - CIP Project 6 DorseyLibrary - Project Infrastructure CIP $850,000 $0. $850,000 $850,000 $0 $0 Cost -CIP Project - Funds Approved derived from sale of land - Project 14th St DEV 1LC - $1,253,649- CRA R- 15- 0021 2017 Available for Affordable Housing (10%of 2017 TIF Revenues) 7 Available TIF funds for Affordable 9/1312016 16-0040 $1,041,531 $0 $1,041,531 $1,041,531 $0 $0 Affordable Housing Projects Housing - Original Amount $1,741,530.90 8 Grant to Rebuilding Affordable 12/14/2016 16.0061 $700,000 $89,642 $610,358 $610,358 $0 $0 Together Miami -Dade Inc. Housing to provide partial funding for a home improvement facade and quality life program. 2018 Available for Affordable Housing (10% of 2018 TIF Revenues) 9 Available TIF funds for Affordable 2018BLdget 16-0040 $1,832,510 $0 $1,832,510 $0 $1,932,510 0 Affordable Housing Projects Housing 10 Grant to Legido Affordable 12/14/2016 16-0062 $905,000 $351,471 $553,529 $553,529 $0 $0 Management Services, Inc Housing to provide funding for "Business Rehabilitation Grant Programs" 11 Grant to Camillus House, Quality of Life 12/14/2016 16-0059 $175,000 $175,000 $0 so $0 $0 Inc. For the "Miami Shelter Program" 12 2017 Miami Downtown Quality of Life 12/14/2016 16-0057 $50,000 $4,753 $45,247 $45,247 $01 $o Development Authority to expand the Downtown Enhancement Team (Purple Shirts) 13 2018 Miami Downtown Quality of Life NR $300,000 $0 $100,000 $0 $100,000 $0 Development Authority to expand the Downtown Enhancement Team (Purple shirts( 14 Museum Park Remediation Infrastructure CIP $175,000 $150,348 $24,657 $24,657 $0 $0 Project B-30538. CIP Project Approved funded with OMNI TIF Project Funds. 15 Execute Lease Agreement Job Creation/ G121/20i7 17-0033 5150,000 $5,700 $144,300 $144,300 $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 5 Llincoln at 175 NW 14th St. Base amount $2,850 per month with a three (3 %) percent annual I increase 16 Contribution to the City of Infrastructure 6/25/2015 15-0022 $3,750,000 $2,488,662 $1,261,338 $1,261,338 $0 $0 Miami -TRI Rail Project 5/26/2016 17 50 NW 14th Parking Lot Quality of Life NR $300,000 $0 $300,000 $0 $300,000 $0 Lining 18 School Board Parking Lot Quality of Life NR $10,000 $0 $10,000 $o $10,000 $0 Enhancements 19 Urban Gardens Quality of Life NR $400,000 $0 $400,000 $0 $400,000 $o 20 Business Improvement Quality of Life NR $49,633 $0 $49,633 so $49,633 $0 Grants 21 130 NW 14th Street Rehab Quality of Life NR $413axo $0 $400,000 $0 $400,000 $0 & Activation 22 Community Initiatives Quality of Life NR $100,000 $0 $100,000 $0 $106,000 $0 23 Affordable Housing, Real Affordabie NR $17,654,224 $0 $17,654,224 $0 $0 $17,654,224 Estate Acquisition, Other Housing Capital Improvement Projects Subtotal $30,097,899 $4,201,785 $25,896,113 $5,049,746 $3,19$i43 $17,654,224 $5,049,7461 53,192,143 $17,654,224 Total Budget Amount Other Grants and Aids NR - No CRA Resolution $19,198,857 R - CRA Resolution Passed $6,697,256 $25,B96,113 $25,896,113 OMNI j Position Executive Director -OMNI $120,000 Executive Director- Midtown {Reimbursed by Midtown CRA) $2,740 Assistant Executive Director $75,000 Chief Legal Officer $70,000 Director of Policy and Planning $57,000 Assistant to the Executive Director $43,000 Community Liaison $42,000 Intern ($10/1-1our) $20,800 Intern ($20/30 hours) $31,200 Compensated Absences $73,491 Regular Salaries $535,23I Flea taxes $40,945 $40,945 HealthlDental/Vlslon Insurance OM N I CRA Staff $48,000 Contingency $5,000 Life and Health Insurance $48,000 Retirement Contribution (401K) Executive Director $9,600 Assistant Executive Director $3,750 Assistant to the Executive Director $2,150 Community Liaison $2,100 Chief Legal Officer $3,500 Director of Policy and Planning $2,850 Retirement Contribution F $23,950 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 $1,20D 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 Fringe Benefits E319,566 ADP - Payroll Processing Fee J26 payroll periods X $150) $3,900 Janitorial Service/ Supplies $9,000 Circle Security Solutions $2,700 Comcast $2,40D OTIS Elevator Maintenance Service $2,000 Other Contractual Services $20,000 To include cost for travel out of the city for conferences and travel allowances. $30,000 Travel and Per Diem E$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) $29,000 Workers Compensation (CRA Staff) $5,000 Insurance F$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 Sale Tax - 1401 Rest LLC $8,223 Sale Tax - EUE / Screen Gems LTD, Inc MEC $0 2017 MEC Property Taxes $178,177 Other Current Charges $193,400 To include supplies necessary for use in the operation of an office, such as copy $5,000 Supplies $57000 To include other supplies not office related. Ex. Misc, Project Construction and $5,000 Operating Supplies $5,000 To include the cost of memberships to organization, Microsoft license, and $17,000 Subscription Membership F $17,000 Purchase of vehicle $1g'000 To include the cost of new computers $6,000 Machinery and Equipment $14,000 To include the expenses of placing advertisements in the newspapers or other $30,000 Advertising $30,000 Konica Minolta Copier $3,600 Rental and Leases $3,600 To include the cost of stamps or other related item. Distribution of newsletter $2,000 Postage $2,000 To include the cost associated to any uffice/truck repair. $2,000 Repair / Maintenance - outside $1,000 To include transfer of funds to the City of Miami Office of the City Clerk for $17,500 Interfund Transfer $17 500 Total FY 2018 Proposed Budget- Recurrent Expenditures $1,14I,692