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SUMMARY OF
AMENDED SEOPW TAX INCREMENT FUND BUDGET
FOR FISCAL YEAR 2008
Total TIF revenues received in January 2008 were $160,513 higher than estimated in July 2007. In addition,
total revenues in the amount of $530,408, are budgeted in relation to the closing of condominium units by
Bayview during FY 2008. The SEOPW CRA is entitled to the 7% of the gross purchase price of each
condominium unit sold by Bayview. Furthermore, the carryover fund balance was increased due to the fact that
expenditures contemplated to be expended in FY 2007, were not expended as intended originally.
FY 2008 Amendments
Fund:
Heading:
FY 2008
Approved Budget Amount
CRA Board on July 30, 2007:
Proposed Amendment
Increased Total Revenues:
FY 2008
Amended Budget Amount:
The Increase of funding was adjusted as follows:
Increase TIF Contribution from City of Miami
Increase Other Non -Operating
Increase Carryover Fund Balance from SEOPW
SEOPW Special Revenue
FY 2008 Budget Revenues
$16, 1 88,927
$1,953,566
$18,142,493
$ 160,513
$ 530,408
$ 1,262,594
$ 1,953,566
SUMMARY OF
AMENDED OMNI TAX INCREMENT FUND BUDGET
FOR FISCAL YEAR 2008
Total TIF revenues received in January 2008 were $394,812 higher than estimated in July 2007. Furthermore,
the carryover fund balance was increased due to the fact that expenditures contemplated to be expended in FY
2007, were not expended as intended originally.
FY 2008 Amendments
Fund:
Heading:
FY 2008
Approved Budget Amount
CRA Board on July 30, 2007:
Proposed Amendment
Increased Total Revenues:
FY 2008
Amended Budget Amount:
The increase of funding was adjusted as follows:
Increase TIF Contribution from City of Miami
Increase Carryover Fund Balance from Omni
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Omni Special Revenue
FY 2008 Budget Revenues
$27,098,099
$3,759,167
$30,857,266
$ 394,812
$3,364,249
$3,759,167
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SUMMARY OF
AMENDED GENERAL OPERATING BUDGET
FOR FISCAL YEAR 2008
The CRAs Boards of Commissioners adopted a general operating budget for FY 2008 on July 30, 2007 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 2008 Amendments
Fund:
Heading:
SEOPW General Operating
FY 2008 Budget Revenues
FY 2008
Approved Budget Amount
CRA Board on July 30, 2008: $1,827,354
Proposed Amendment
Increase Total Revenues: $220,667
FY 2008
Amended Budget Amount: $2,048,021
The increase of funding was adjusted as follows:
Increase Carryover Fund Balance from SEOPW General Operating
$ 220,667
$ 220,667