HomeMy WebLinkAboutCRA-R-08-0015 cover memo (2)SEOPW & Omni Boards of Commissioners Special Meeting
April 10, 2008
Item # 1
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To: Board Chair Michelle Spence -Jones
and Members of the CRA Board
From: James H. Villacorta '/-'
Executive Director -
Date: April 8, 2008 File: 08-00197
Subject: Approving CRAs' Amended
Budgets for FY 2008
References:
Enclosures: Supporting Documentation;
Legislation
BACKGROUND:
The attached Joint Resolution approves and adopts the amended Tax Increment Fund and General
Operating budgets of the Southeast Overtown/Park West and Omni Redevelopment District
Community Redevelopment Agencies ("CRAs") for the fiscal year commencing October 1, 2007 and
ending September 30, 2008.
JUSTIFICATION:
On July 30, 2007, the CRAs' Boards of Commissioners, by Resolution Nos. CRA-R-07-0024 and
CRA-R-07-0025, approved and adopted the Tax Increment Fund and General Operating budgets for
FY 2008 based on estimates of tax increment funds to be received on January 1, 2008 and estimated
timing for capital project expenditures. These budgets have been amended to reflect the amount of
tax increment funds actually received on January 1, 2008, the actual timing of project expenditures,
salary savings, and remittance to Miami -Dade County in accordance with the First Amendment to the
Omni Interlocal Cooperation Agreement, dated December 31, 2007. Summaries of the changes
reflected in the amended budgets are attached.
JHV/pk
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