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