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Home My WebLink AboutCRA-R-12-0017 OMNI Special Rev. Budget FY 12a 7-1a Q fv,I N.i OMNI SPECIAL REVENUE FUND BUDGET FY 2012 Amended Budget OMNI Special Revenue Revenues * AD VALOREM • CITY OF MIAMI * AD VALOREM - MIAMI DADE COUNTY MISC -INTEREST CARRYOVER FUND BALANCE $2,764,458 51,760,167 $28,651,081 TOTAL REVENUES Expenditures PROFESSIONAL SERVICES - LEGAL ACCOUNTING AND AUDIT PROFESSIONAL SERVICES - OTHER OTHER CONTRACTUAL SERVICES INTERFUND TRANSFER (Administration) OTHER CURRENT CHARGES AND OBLIG INTERFUND TRANSFER (Debt Service) INTERFUND TRANSFER (Grant) CONSTRUCTION IN PROGRESS OTHER GRANTS AND AIDS BUDGET RESERVE $33,175,706 $84,871 $7,000 $112,510 5151,122 $1,033,174 52,513,119 $7,156,893 $399,754 $17,442,484 $4,174,780 $100,000 TOTAL EXPENDITURES REVENUE LESS EXPENDITURES $33,175,706 $0 * Taxable Value in the CRA District - (Attached DR-422 form) Less Bate Value(1986) lax Increment Value Divided by Multiplied by City Millage (Actual) county Water (Actual) Gross Ad Valorem - Oty of Miami Gross Ad Valorem - Miami Dade County FY 2009 Adjustment Detail (Adjustment Board) Divided by Multiplied by City Mlltage (Actual) County MlBage (Actual) FY 2010 Estimated Ad Valorem Adjustment (City of Miami) FY 2010 Estimated Ad Valorem Adjustment (Miami Dade County) Net Ad Valorem - City of Miami Net Ad Valorem • Miami Dade County 1 $817,906,417 ($246,898,822) $571,007,595 51,000 9514 7571 4.805 54,106,944 52,606,507 5184,146,760 $1,000 95% 7.674 4.8379 11,342,485,12) (846,339.43) $2,764,458 $1,760,167 Submitted into the public record in connecti n ith item W fi on 2-'i i Z! Priscilla A. Thompson City Clerk Funding Source Description Professional Services - Legal 1 External Legal Counsel Services (Holland & Knight, LLP) Category Admin Authorization 10-0002 Amount Budgeted $75,000 Amount Expended $65,130 Remaining Balance 59,871 Carryover Fund $9,871 FY 2012 TIE Revenue 2 FY 2011 Available for External Legal Counsel Services (Holland & Knight, LLP) Admin NR $75,000 S7s,ao0 $75,000 Accounting and Audit 3 FY 2011 External Audit - Sanson Kline Jacomino & Company, LLP Admin 11-0044 $11,000 $4,000 $7,000 $7,000 ProfessionalServices- Other 4 Akerman Senterfitt & Eidson PA - Lobbyist Federal Government Admin 11-0021 548,000 $48,000 548,000 5 Doug Bruce & Associates • Lobbyist Florida State Government Commencing July 2010 Admin 10-0054 $62,600 $37,937 $24,663 $24,663 6 Available for Other Professional Services Admin NR $40,852 51,005 $39,847 536,847 $3,000 Other Contractual Services 7 8 Demolition and removal of the Cafe structures at Bicentennial Park Demolition and removal of the Cafe structures at Bicentennial Park (Additional Funding) Infrast 10-0043 569,957 $10,401 $59,556 $59,556 infrast NR $51,374 $51,374 $51,374 9 Landscape Maintenance (CRA Owned Vacant Lots) Quality of Life 10-0005 512,226 $2,041 $10,185 $10,185 10 Landscape Maintenance (CRA Owned Vacant Lots) Quality of Life 11-0018 $4,452 $2,968 $1,484 $1,484 11 Horsepower Electric, Inc. - Streetlight Maintenance Quality of Life 11-0024 515,000 $1,477 $13,523 $13,523 12 Horsepower Electric, Inc. - Streetlight Maintenance (Outside Normal Scope of Work) Quality of Life NR 515,000 $15,000 515,000 Subtotal $480,461 $124,959 $355,502 $352,502 $3, 000 Total Budget Amount NR - No CRA Resolution R - CRA Resolution Passed Professional Services (Legal) Accounting and Audit Professional Services (Other) Other Contractual Services $181,221 $174,281 5355,502 $84,871 $7,000 $212,510 5151,122 $355,502 2 $352,5D2 53,000 5355,502 Submitted into the public record in connection with item *2) on .121112-. Priscilla A. Thompson City Clerk Description Category Authorization Amount Budgeted Amount Expended Remaining Balance Interfund Transfer (Administration) 1 FY 2012 MINI TIF Contribution - General Operating Fund Admin FY 2012 Budget $1,033,174 $1,033,17 Other Current Charges and Obligations 2 FY 2012 PAC Contribution Infrast lnterlocal Agreement $2,513,119 $2,513,11 tnterfund Transfer (Debt Service) 3 FY 2012 Omni/Port Tunnel Loan Payment Infrast Loan Payment (Actual) $7,156,893 $7,156,89 interfund Transfer (Grant) 4 Overtime Police Visibility Pilot Program III Quality of Life 10-0052 $500,000 $450,246 $49,75 5 Overtime Police Visibility Pilot Program IV Quality of Life 11-0064 $350,000 $350,00 $11,553,186 $450,246 $11,102,940 Total Budget Amount NR - No CRA Resolution - CRA Resolution Passed 511,102,940 $11,102,940 lnterfund Transfer (Adm) $1,033,174 Other Current Charges and Obligations $2,513,119 Interfund Transfer (Grant] $399,759 lnterfund Transfer (Debt Service) $7,156,893 e FY 2012 PACPavment Base Preliminary 2011 tax Roll Difference Multiplied by 95% 5246,898,822 $817,906.417 $571,007,595 $542,457,215 City Mlllage (estimate; 7.571 County Mi liege (estimate) 4.805 City Revenue County Revenue Total Revenue Less PAC Payment - Expires in March 2012 Net Revenue Multiplied by 35% Payment Plus Total Payment to County 52,764,458 $1,760.167 $4,524,625 $1,430,000 $3,094,625 35% 51,083,119 51.430,000 $2,513,119 $11,102,990 3 Funding Source Carryover FY 2012 Fund Balance TIF Revenue 4 $1,033,174 9 $2,513,119 3 $6,586,810 $570,083 1 $49,754 5350,000 $6,986,564 $4,.116,376 $6,986,564 $4,116,376 $11,102,940 Submitted into the public record in connection with item * on 2I z11 z-. Priscilla A. Thompson City Clerk Funding Source Description Category Authorization Amount Budgeted Amount Expended Remaining Balance Carryover FY 2012 Fund Balance TIP Revenue Construction in Progress 1 Fire Station No. 2 on North Avenue and 14th infrast 08.006S $3,500,000 $644,427 $2,855,573 $2,855,573 Street 2 14th Streetscape Corridor Project tntrast 08-0047 $6,000,000 $848,925 $5,151,075 $5,151,075 3 Omni CRA Waterline improvement Project ($5M)-Net of Grant Awarded to City Hall The Restaurant LLC, infrast 08-0049 $4,768,843 $521,339 $4,247,504 $4,247,504 4 North Bayshore Drive Improvements Infrast 07-0045 $500,000 $161,761 $338,239 $338,239 5 Bayshore Drive Project Infrast 07-0056 $4,100,000 $1,753,588 $2,346,412 S2,346,412 6 Skateboard Park Parks and Open Spaces 08-0057 $1,000,000 $25,836 $974,164 $974,164 7 8 MEC/Media & Entertainment Complex / Design Phase Museum Park Project - Expenditures Paid by the City of Miami Infrast Infrast 11-0043 NR $1,087,268 $422,249 $1,087,268 $422,249 $1,087,268 $17,000 $405,249 9 MEC/Media & Entertainment Complex Infrast FY 2011 Rent Collected (Rock Of The Ages) $20,000 $20,000 $20,000 Subtotal $21,398,360 $3,955,875 $17,442,484 $17,037,236 $405,249 $17,037,236 $405,249 Total Budget Amount $ 17,442,484 NR - No CRA Resolution R - CRA Resolution Passed $442,249 $17,000,236 $ 17,442,484 4 Submitted into the public record in connection with item e% on 2-I'21l i'Z Priscilla A. Thompson City Clerk Funding Source Description Other Grants and Aids 1 Miami Waman'sClub - 40 year recertification Category lnfrast Authorization 09-0020 Amount Budgeted $3,750,000 Amount Expended $3,745,674 Remaining Balance $4,326 Carryover Fund Balance $4,326 FY 2012 TiF Revenue 2 Trinity Church for exterior repairs and 40- year recertification lnfrast 09-0013 $1,000,000 $468,995 $531,005 $531,005 3 Matching Grant with City of Miami - Miami Woman Club Baywalk Project lnfrast 10-0034 $46,500 $46,500 $46,500 4 Museum Park Baywalk - Matching Funds FIND Grant -Total Project Cost $8,617,449 lnfrast 11-0033 $1,143,000 $1,143,000 $1,143,000 5 Environmental Remediation Bicentennial Park lnfrast 10-0046 $2,000,000 $944,380 $1,055,620 $1,055,620 6 Tunnel Facility Fee lnfrast 0-0074 7 FY 2010 Art Basel Arst and Culture 10-0095 $50,000 $6,835 $43,165 $43,165 8 FY 2012 Art Basel Arst and Culture NR $50,000 $50,000 $50,000 9 Downtown Enhancement Team - Entertainment and Media District I Job Creation 08-0036 $55,000 $52,289 $2,711 $2,711 10 Downtown Enhancement Team - Entertainment and Media District II Quality of Life 10-0011 $55,000 $55,000 $55,000 11 Overtime Police Visibility Program II Quality of Life 09-0022 $60,000 $59,583 $417 $417 12 Margaret Pace Park - Replacement of damaged playground shade structures. Parks and Open Spaces 10-0056 $60,000 $56,121 $3,879 $3,879 13 Margaret Pace Park- Exercise Equipment Parks and Open Spaces 10-0030 $66,000 $58,048 $7,952 $7,952 14 Approved FY 2010 DMP Wrap Around Program - 3/10 Job Creation 10-0012 $325,000 $129,259 $195,741 $195,741 15 Youth Employment Summer Program II Job Creation 10-0044 $120,000 $86,499 $33,501 $33,501 16 Youth Employment (add Summer Job Program 11 funds) Creation 10-0055 $120,000 $57,345 $62,655 $62,655 17 Small Stimulus Business Economic Job I Creation 09-0004 $50,000 $7,916 $42,084 $42,084 18 Small Stimulus Business Economic Job II Creation 10-0032 $50,000 $50,000 $50,000 19 NANA Program - Business Training Job Creation 10-0031 $30,000 $19,900 $10,100 $10,100 20 Film, Entertainment Media and Job Grant Creation 10-0091 $250,000 $250,000 $250,000 5 Submitted into the public record in connection ith item qj on .- 21 Priscilla A. Thompson City Clerk 21 City Hall The Restaurant (IC - Funding Source "Omni CRA Waterline Project" Infrast 11-0033 $80,798 $70,508 $10,290 $10,290 22 23 Braman Auto, Inc - Underwrite Costs associated with the installation of a 12" Water Main along NE Ind Avenue Dolphin Coin - Renovation Vacant Structure Infrast Job Creation 11-0063 11-0062 $150,359 $16,475 $150,359 $16,475 $150,359 $16,475 24 Beautification of Parking Lots around AAA/PAC Area Sidewalk Enhancement infrast 10-0090 $250,000 $250,a00 $250,000 Subtotal $9,938,132 $5,763,352 $4,174,780 $4,174,780 So Total Budget Amount NR - No CRA Resolution R - CRA Resolution Passed $50,000 $4,124,780 $4,174,780 6 $4,174,780 So $4,174,780 Submitted into the public record in connection with item' on Priscilla A. Thompson City Clerk OMNI Community Redevelopment District 0.0% Inflationary Roll Year Growth (Jan 1) FY Prel Tax Roll of Roll 2011 2012 $817,906,417 0 Estimated Total TIF PAC Annual Estimated Annual Net of Annual Payment Port Tax Tax Roll Annual Estimated Ad 35% of Tunnel Budget Roll for Next Less Base of County City County TIF City TIF Total TIF Ad Valorem Valorem TIF Loan (Shortfall) Year i„$246,898,822 I Millage Millage (Gross) (Gross) (Gross) Adjustment Adjustment Collected Payment /Surplus $817,906,417 $571,007,595 0.4805% 0.7571% $2,606,507 $4,106,944 $6,713,450 $2,188,827 $4,524,624 1 2012 2013 $817,906,417 0 $817,906,417 $571,007,595 0.4805% 0.7571% $2,606,507 $4,106,944 $6,713,450 $2,014,035 $4,699,415 $1,644,795 $3,563,760 $ (509,140) 2 2013 2014 $817,906,417 0 $817,906,417 $571,007,595 0.4805% 0.7571% $2,606,507 $4,106,944 $6,713,450 $1,678,363 $5,035,088 $1,762,281 $3,563,760 $ (290,953) Assumptions: (1) - Base Year for the two (2) year projections is FY 2012. (II) - Estimate refers to the concerns raised by the property owners at the Public Hearing Board in regards to the appealing to the assessed property value assessed in previous years. In FY 2012 the adjustment was 33% of the TIF Gross Amount Therefore, we assumed a 30% and 25% adjustment in FY 2013 and FY 2014 respectively. (III) - Estimated annual loan payment ($45M Principal- Port Tunnel Loan) at 5% interest rate over 20 years using the straight line amoritzation method is $3,563,760. (IV) - Two (2) year projection does not contemplate the annual contribution to the Museum Park's Capital Expenditure Fund of $2M, payable commencing of the date of substantial completion of the park component as agreed upon on the Global Agreement executed on December 31, 2007. SEOPW Community Redevelopment District 0.0% Inflationary Roll Year Growth (Jan 1) FY Prel Tax Roll of Roll 2011 2012 $929,997,146 0 1 2012 2013 $929,997,146 2 2013 2014 $929,997,146 Total TIF SEOPW Estimated Annual Net of Annual CRA Estimated Tax Tax Roll Annual Estimated Ad Admin/ Annual Budget Roll for Next Less Base of County City County TIF City TIF Total TIF Ad Valorem Valorem Other Loan (Shortfall) Year I $78,305,502 I Millage Millage (Gross) (Gross) (Gross) Adjustment Adjustment Redev. Payment /Surplus $929,997,146 $851,691,644 0.4805% 0.7571% $3,887,759 $6,125,750 $10,013,509 $1,915,214 $8,098,295 $929,997,146 $851,691,644 0.4805% 0.7571% $3,887,759 $6,125,750 $10,013,509 $1,915,214 $8,098,295 $2,700,000 $4,800,000 $ 598,295 $929,997,146 $851,691,644 0.4805% 0.7571% $3,887,759 $6,125,750 $10,013,509 $1,915,214 $8,098,295 $2,700,000 54,800,000 $ 598,295 Assumptions: (I) - Base Year for the two (2) year projections is FY 2012. (II) - Estimate refers to the concerns raised by the property owners at the Public Hearing Board in regards to the appealing to the assessed property value assessed in previous years. In FY 2012 the adjustment was 20% of the TIF Gross Amount. Therefore, we assumed a 20% adjustment thereafter. (III) - Estimated annual loan payment ($52M Principal for Affordable Housing Projects/Camillus House Grant/Defeasance of Gibson Park Loan) at 5.5% interest rate over 20 years as outlined in the projections issued by the PFM Is $4.8M. Submitted into the public record y iin connec ion with itemilr on i2-, Priscilla A. Thompson City Clerk 1 of 1