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Home My WebLink AboutCRA-R-07-0011 Back-up• • SUMMARY OF AMENDED SEOPW TAX INCREMENT FUND BUDGET FOR FISCAL YEAR 2007 Total TIF revenues received in January 2007 were $74,958 less than estimated in July 2006. In addition, certain budgeted and appropriated capital expenditures, including the emergency repairs to the roof at Greater Bethel A.M.E. Church, the Overtown Crime Reduction initiative and a portion of the N.W. 3'C Avenue Business Corridor Streetscape project, were expedited and completed in FY 2006 rather than in FY 2007. The changes are summarized below: FY 2007 Amendments Fund: Heading: SEOPW Special Revenue FY 2007 Budget Revenues FY 2007 Approved Budget Amount CRA Board on July 31, 2006: $14,392,723 Proposed Amendment Decrease Total Revenues: ($301,372) FY 2007 Amended Budget Amount: $14,091,351 The decrease of funding was adjusted as follows; Decrease TIF Contribution from Miami Dade County Decrease Gain/Loss investment Decrease Carryover Fund Balance from SEOPW $ 74,958 111 $ 226,528 $ 301,372 • SUMMARY OF AMENDED OMNI TAX INCREMENT FUND BUDGET FOR FISCAL YEAR 2007 Total TIF revenues received in January 2007 were $155,181 Tess than estimated in July 2006. In addition, certain budgeted and appropriated capital expenditures, most significantly those connected with the Performing Arts Center Super Block Project, were expended in FY 2006 rather than in FY 2007 as the project was fast - tracked to completion. The changes are summarized below: FY 2007 Amendments Fund: Heading: Omni Special Revenue FY 2007 Budget Revenues FY 2007 Approved Budget Amount CRA Board on July 31, 2006: $25,036,466 Proposed Amendment Decrease Total Revenues: ($3,561,180) FY 2007 Amended Budget Amount: $21,475,28,6 The decrease of funding was adjusted as follows; Decrease Tax Increment Fund (TIF) Contribution from Miami Dade County $ 155,181 Decrease Carryover Fund Balance from Omni $ 3,405,999 $ 3,561,180 • • SUMMARY OF AMENDED GENERAL OPERATING BUDGET FOR FISCAL YEAR 2007 The CRAs Boards of Commissioners adopted a general operating budget for FY 2007 on July 31, 2006 based on the best information available at the time. This amendment is necessary to correctly reflect an increase in the carryover fund balance resulting from savings in salary expense. The changes are summarized below: FY 2007 Amendments Fund: Heading: SEOPW General Operating FY 2007 Budget Revenues FY 2007 Approved Budget Amount CRA Board on July 31, 2006: $1,841,561 Proposed Amendment Increase Total Revenues: $81,000 FY 2007 Amended Budget Amount: $1,922 561 The increase of funding was adjusted as follows: Increase Carryover Fund Balance from SEOPW General Operating $ 81,000 $ 81,000 • Community Redevelopment Agency - Consoiidated Budget Fiscal Year 2007 CRA FY'O7 BUDGET CONSOLIDATED CRA (SEOPW,OMNI AND GENERAL OPERATING) BUDGETS Revenues 01. TAXES 100 CURRENT AD VALOREM TAXES 001 TAXES REAL CURRENT- CITY OF MIAMI V3 INTERGOVERNMENTAL REVENUE 377 ECONOMIC ENVIRONMENT 074 STATE OF FLORIDA REVENUE 310 CONTR FROM OTHER GOVTS-COUNTY 383 OTHER PAYMENTS FROM LOCAL UNIT 235 OFF-STREET PARKING 04 CHARGES FOR SERVICES 438 HOUSING 264 PROPERTY SALE 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 379 INTEREST INCOME -OTHER 749 GAIN/LOSS INVESTMENTS 607 RENT AND ROYALTIES 070 RENTAL PROPERTIES 08 NON -REVENUES 801 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO 244 CARRYOVER FUND BALANCE 807 OTHER NON -REVENUES 990 OTHER NON -OPERATING 905 MAJOR DESC. NOT FOUND 193 CONTRIBUTION FROM GN.FD. 09 INTERNAL SERVICE FUNDS 905 CONTRIBUTION FROM OTHER FUNDS 356 CONTRIBUTION FROM TRUST AND AG TOTAL REVENUES Expenditures • 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 001 SALARIES - CLASS 006 EARNED TIME OFF 010 SALARIES - UNCLASSIFIED 010 SALARIES - UNCLASSIFIED 013 SALARIES TEMPORARY 200 FRINGE BENEFITS -FIXED 100 SOCIAL SECURITY CONTRIB 080 EXPENSE ALLOWANCE 083 CAR ALLOWANCE 110 RETIREMENT CONTRIB. 130 GROUP INSURANCE CONTRIB. Special Revenue SEOPW FY 2007 2,995,835 2,485,388 10,000 1,500 6,800,000 2,100, 000 14,392,723 Special Revenue OMNI FY 2007 6,221.593 5,443,893 20,000 1,500 13,349,480 General OPERATING j Consolidated FY 2007 1 FY 2007 9,217,428 7,929,281 30,000 3,000 419,000 1 20,568,480 2,100,000 22,561 1 22,561 1,400,000 - ** 25,036,466 1,841,561 1 39,870,750 48,150 48,150 117,700 117,700 413,020 413,020 449,400 449,400 96,835 96,835 19,260 19,260 12,840 12,840 64,200 64,200 53,500 53,500 48,150 48,150 1 Community Redevelopment Agency - Consoildated Budget Fiscal Year 2007 • • CONSOLIDATED CRA (SEOPW,OMNI AND GENERAL OPERATING) BUDGETS 150 WORKER'S COMPENSATION 160 UNEMPLOYMENT COMPENSATION 170 SEVERANCE PAY 180 TUITION REIMBURSEMENT 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCTG 602 INTEREST EXPENSE 280 PROFESSIONAL SERVICES - ACCTG 287 ADVERTISING 410 TRAVEL AND PER DIEM - TRAINING 420 TRAVEL AND PER DIEM - OTHER 470 ENTERTAINMENT 495 PARKING EXPENSE 533 POSTAGE 540 UTILITY SERVICES 560 UTILITY SERVICES - WATER 610 RENT OF EQUIPMENT - OUTSIDE 620 RENT BUILDINGS 635 RENT OTHERS 710 FOOD 715 MOTOR FUEL 400 OPERATING EXPENSES -VARIABLE 220 PROFESSIONAL SERVICES - APPRAI 250 PROFESSIONAL SERVICES - LEGAL 270 PROFESSIONAL SERVICES - OTHER 340 OTHER CONTRACTUAL SERVICES - O 230 PROFESSIONAL SERVICES - ARCHIT 250 PROFESSIONAL SERVICES - LEGAL 289 SPECIAL SERVICES - MISCELLANEO 330 TAXES 340 OTHER CONTRACTUAL SERVICES - O 510 COMMUNICATIONS SERV. TELEPH. 0 534 DELIVERY SERVICES 650 INSURANCE - LIABILITY 670 REPAIR/MAINTENANCE - OUTSIDE 680 PRINTING/BINDING - OUTSIDE 690 PROMOTIONAL ACTIVITIES 700 OFFICE SUPPLIES 722 MISCELLANEOUS SUPPLIES 760 BOOKS PUBLICATIONS MEMBERSHIPS 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND 860 CONSTRUCTION IN PROGRESS 861 CONSTRUCTION IN PROGRESS 810 LAND 840 EQUIPMENT - NEW 841 OFFICE FURNITURE - NEW 843 EQUIPMENT LEASE -PURCHASED Special Revenue SEOPW FY 2007 45,000 272,686 722,938 367,779 6,037,665 Special Revenue OMNI FY 2007 25,000 48,675 461,237 12,966,108 General OPERATING FY 2007 5,350 64,200 6,420 6,070 30,074 48,150 171,615 14,552 856 14,001 10,700 1,605 16,050 2,140 6,420 1,070 1,284 1,605 Consolidated FY 2007 5,350 70,000 64,200 6,420 6,070 30,074 48,150 171,615 14,552 856 321,361 1,184,175 381,780 10,700 1,605 16,050 2,140 6,420 1,070 1,284 19,003,773 1,605 2 Community Redevelopment Agency - Consolidated Budget Fiscal Year 2007 • CONSOLIDATED CRA (SEOPW,OMNI AND GENERAL OPERATING) BUDGETS Special Revenue SEOPW FY 2007 Special Revenue OMNI FY 2007 General OPERATING FY 2007 Consolidated FY 2007 860 CONSTRUCTION IN PROGRESS 880 CAPITAL LEASES 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 90 NON -OPERATING 2,633,935 5,292,625 7,926,560 600 TRANSFERS TO OTHER FUNDS 700 PRIOR YEAR'S APPROPRIATION 901 PERSONAL SERVICES 903 MATERIALS AND SUPPLIES 10,700 10,700 905 INTERGOVERNMENTAL CHARGES 1,430,000 1,430,000 951 CONTRUTRANSFER TO DEBT SERVIC 410,000 410,000 956 CONTRIBUTION TO SPECIAL REVENU 42,500 40,660 83,160 950 CONTRIBUTION TO GRAL FUND 700,000 700,000 ** 960 CONTRIBUTION TO TRUST & AGENCY 996 BUDGET RESERVE 997 BUDGET RESERVE - LAND SALE 3,202,720 4,070,321 64,984 7,338,025 TOTAL EXPENDITURES 14,392,723 25,036,466 1,841,561 39,870,750 REVENUE LESS EXPENDITURES _ • - - NOTE: lnterfund Transfers were not recognized either as additional revenue or additional expense** 3