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