Loading...
HomeMy WebLinkAboutDDA Legislation 2RESOLUTION NO. 30/2008 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE MIAMI DOWNTOWN DEVELOPMENT AUTHORITY ("DDA") OF THE CITY OF MIAMI, FLORIDA, APPROVING THE ANNUAL BUDGET OF THE MIAMI DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2008 AND ENDING SEPTEMBER 30, 2009, REQUESTING THAT THE MIAMI CITY COMMISSION ESTABLISH THE MILLAGE TO SUPPORT THE FINANCIAL REQUIREMENTS OF THE BUDGET; AUTHORIZING THE EXECUTIVE DIRECTOR AND TREASURER OF THE DOWNTOWN DEVELOPMENT AUTHORITY TO EXPEND FUNDS UNDER THE NEW BUDGET; DIRECTING THE EXECUTIVE DIRECTOR TO FILE A DETAILED STATEMENT OF THE PROPOSED EXPENDITURES AND ESTIMATED REVENUES FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2008 AND ENDING SEPTEMBER 30, 2009 WITH THE CITY CLERK OF THE CITY OF MIAMI AFTER ADOPTION AND ESTABLISHMENT OF THE MILLAGE BY THE MIAMI CITY COMMISSION; AND FURTHER PROVIDING THAT A COPY OF THIS RESOLUTION BE FILED WITH THE CITY CLERK OF THE CITY OF MIAMI. WHEREAS, the Miami Downtown Development Authority (DDA) of the City of Miami, Florida has prepared a budget for the Fiscal Year beginning October 1, 2008 and ending September 30, 2009; and WHEREAS, the Board of Directors of the DDA has reviewed said budget, said budget being based on the Estimated Tax Roll provided by Miami -Dade County; and WHEREAS, the Board of Directors of the DDA finds that the proposed budget is necessary in order to further the objectives of the Downtown Development Authority, as authorized by City Ordinance. NOW THEREFORE, be it resolved by the Board of Directors of the Miami Downtown Development Authority of the City of Miami, Florida. Section 1. The recitals are true and correct and are adopted by reference and incorporated as if fully set forth in this section. 30.Approve Budget FY O8-09.doc, Page 1 of 3 Section 2. The budget of the DDA, as submitted by the Executive Director, is made part of this Resolution and is hereby approved as shall be known as the "Annual Budget of the Miami Downtown Development Authority: Fiscal Year October 1, 2008 through September 30, 2009". Section 3. The following appropriations for the Fiscal Year beginning October 1, 2008 and ending September 30, 2009 are hereby made for the maintenance and for the purpose of financing the operation and other legal and proper purposes of the Miami Downtown Development Authority of the City of Miami, Florida, to wit: Use of Funds AGENCY OPERATING EXPENSES $ 1,330,960 POLICY & PROGRAM DEVELOPMENT $ 530,986 CAPITAL IMPROVEMENTS, URBAN DESIGN, & TRANSPORTATION $ 697,979 ENHANCED SERVICES $ 1,164,241 MARKETING & ECONOMIC DEVELOPMENT $ 1,248,576 DOWNTOWN DRI EXPENSES $ 615,000 CONTINGENCIES $ 106,935 TOTAL REQUIRED FUNDS $ 5,694,677 Sources of Funds AD VALOREM TAX LEVY WITHIN THE DOWNTOWN DEVELOPMENT DISTRICT $ 4,222,932 CONTRIBUTIONS FROM OTHER AGENCIES $ 1,020,000 FUND BALANCE/RESERVES/NET ASSETS $ 451,745 TOTAL REVENUE FOR BUDGET $ 5,694,677 Section 4. The Commission of the City of Miami is requested to adopt said budget and establish the millage, authorized by law, to support the financial requirements of this budget. Section 5. The Executive Director and the Treasurer of the Miami Downtown Development Authority are authorized to expend funds, including new salary rates, as provided in 30.Approve Budget FY 08-09.doc, Page 2 of 3 said budget, after adoption and establishment of the millage by the Miami City Commission, upon the first day of the 2008-2009 Fiscal Year, October 1, 2008. Section 6. The Executive Director of the DDA is directed to prepare and file with the City Clerk of the City of Miami, Florida detailed statement of the proposed expenditures and estimated revenues for the Fiscal Year 2008-2009, which shall be entitled "Annual Budget of the Miami Downtown Development Authority: Fiscal Year October 1, 2008 through September 30, 2009". Section 7. A copy of this Resolution and the attachment shall be filed with the City Clerk of the City of Miami, Florida after adoption of the millage by the City of Miami Commission. PASSED AND ADOPTED this 27te day of June, anchez Aly e M. Robertson Int-rim Executive Director ST: Sandra Hernandez Secretary to the Board of the Directors 30.Approve Budget FY 08-09.doc, Page 3 of 3