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HomeMy WebLinkAboutMCRA-R-12-0003 04-26-12 Legislation with AttachmentCity of Miami Legislation CRA Resolution City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 12-00406 Final Action Date: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S), APPROVING AND ADOPTING THE CRA'S SECOND AMENDED SPECIAL REVENUE FUND BUDGET AND GENERAL OPERATING BUDGET FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2011 AND ENDING SEPTEMBER 30, 2012; FURTHER DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMITA COPY OF THE AMENDED BUDGETS TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY. WHEREAS, the Board of Commissioners of the Midtown Community Redevelopment Agency, by Resolution No. MCRA-R-11-0006, passed and adopted on July 28, 2011, approved and adopted the CRA's Special Revenue Fund Budget and General Operating Budget for the fiscal year commencing October 1, 2011 and ending September 30, 2012; and WHEREAS, the Board of Commissioners, by Resolution No. MCRA-R-12-0001, passed and adopted on February 27, 2012, approved and adopted the Amended Special Revenue Fund Budget and General Operating Budget for Fiscal Year 2012 based the amount of tax increment funds actually received; and WHEREAS, it is necessary to amend the budget as per the Interlocal Cooperation Agreement, dated June 30, 2005, the Second Amended Special Revenue Fund Budget and General Operating Budget for Fiscal Year 2012, reflects the correction requested by Miami Dade County. The funds that were listed under line item "Other Grants and Aids", has been removed and allocated to the line item for "Administration"; and WHEREAS, the Board of Commissioners wishes to approve and adopt the CRA's Second Amended Special Revenue Fund Budget and General Operating Budget for the fiscal year commencing October 1, 2011 and ending September 30, 2012; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated herein as if fully set forth in this Section. Section 2. The CRA's Second Amended Special Revenue Fund Budget and General Operating Budget for the fiscal year commencing October 1, 2011 and ending September 30, 2012, as attached, is approved and adopted. Section 3. The Executive Director is directed to transmit a copy of the amended budgets to the City of Miami and Miami -Dade County. Ciry of Miami Page 1 of 2 File Id: 12-00406 (Version: 1) Printed On: 9/18/2012 File Number. 12-00406 Section 4. This resolution shall become effective immediately upon its adoption. APPROVED AS TO FORM AND CORRECTNESS: JULIE O. BRU GENERAL COUNSEL City of Miami Page 2 of 2 File Id: 12-00406 (Version: 1) Printed On: 4/18/2012 MIDTOWN SPECIAL REVENUE FUND BUDGET FY 2012 Amended Budget - MIDTOWN Special Revenue Revenues * AD VALOREM - CITY OF MIAMI $1,001,196 * AD VALOREM - MIAMI DADE COUNTY $635,531 MISC -INTEREST CARRYOVER FUND BALANCE TOTAL REVENUES $1,636,727 Expenditures PROFESSIONAL SERVICES - LEGAL $0 ACCOUNTING AND AUDIT $3,000 PROFESSIONAL SERVICES - OTHER $0 OTHER CONTRACTUAL SERVICES $0 INTERFUND TRANSFER (Administration) $13,367 INTERFUND TRANSFER (Grant) $0 OTHER CURRENT CHARGES AND OBLIG $1,620,360. INTERFUND TRANSFER (Debt Service) $0. CONSTRUCTION IN PROGRESS $0 OTHER GRANTS AND AIDS $0: BUDGET RESERVE $0 TOTAL EXPENDITURES $1,636,727 REVENUE LESS EXPENDITURES $D * Taxable Value in the.CRA District - (DR.422) LessBase. Vaiue.(2004) Tax increment Value Divided'by Multiplied by City Millage.(estimate) County Kline (estimate) Gross Ad 'Valorem -City of Miami Gross Ad Valorem - Miami Dade County FY 2010 Estimated Ad Valorem Value Adjustment Divided by MUItlplied.by City Miliage (estimate) County Millage (estimate) FY 2010 Estimated Ad Valorem Adjustment (City of Miami) FY 2010Estimated Ad Valorem Adjustment (Miami Dade County) Net Ad Valorem - City of Miami Net Ad Valorem - Miami Dade County 1 $172,216,084 ($29,281,592) $142,934,432 51,000 95% 7.571 4.805 $1,028,049 5652,460 $3,683,437 $1,000 95% 7.674 4.8379 (26,853.36) (16,929.09) $1,001,196 $635,531