HomeMy WebLinkAboutCRA-R-07-0024 Memo•
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SEOPW & Omni Boards of Commissioners Meeting
July 30, 2007
Item # 17
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
Date: July 30, 2007 File: 07-00930
Subject: SEOPW CRA Proposed General
Operating & Tax Increment Fund
Budget for Fiscal Year 2008
From: James H. Villacort References:
Executive Directo
Enclosures: Legislation
BACKGROUND:
It is recommended that the Board of Commissioners for the Southeast Overtown/Park West ('SEOPW")
Community Redevelopment Agency approve and adopt the attached Resolution adopting the proposed SEOPW
CRA General Operating and Tax Increment Fund Budgets for the Fiscal Year ending September 30, 2008 (FY
'08) and directing the Executive Director to transmit copies of the Budgets to the City of Miami and Miami -Dade
County. Please note that projected Tax Increment Fund (TIF) revenues are presented as provided by the City
of Miami's Department of Strategic Planning, Budgeting and Performance and will be adjusted to the actual
amounts at the time of receipt.
JUSTIFICATION:
The SEOPW CRA is required to annually prepare a proposed budget and transmit the budget to the City of
Miami and Miami -Dade County. In accordance with Resolution No. SEOPW CRA-R-04-11, passed and
adopted January 1, 2004, the proposed budgets for the SEOPW CRA are to be presented for consideration,
modification, and adoption no later than the June Board meeting. Due to the state mandated rollback of
Florida's property tax rates, reliable projections of the tax increment revenues for 2008 were unavailable in time
for June meeting.
JHV/eh