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HomeMy WebLinkAboutCRA-R-07-0025 MemoSEOPW & Omni Boards of Commissioners Meeting July 30, 2007 Item # 18 SOUTHEAST OVERTOWNIPARK WEST AND OMNI COMMUNITY REDEVELOPMENT AGENCIES INTER -OFFICE MEMORANDUM To: Board Chair Michelle Spence -Jones Date: July 30, 2007 File: 07-00966 and Members of the CRA Board From: James H. Villacort Executive Director Subject: Omni CRA Proposed General Operating & Tax Increment Fund Budget for Fiscal Year 2008 References: Enclosures: Legislation BACKGROUND: It is recommended that the Board of Commissioners for the Omni Redevelopment apistrict (Omni") Community Redevelopment Agency approve and adopt the attached Resolution adopting the proposed Omni 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 Omni 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. Omni CRA-R-04-06, passed and adopted January 1, 2004, the proposed budgets for the Omni 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