HomeMy WebLinkAboutLegislation-DDA 09-27-11RESOLUTION NO. 31/2011
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE MIAMI
DOWNTOWN DEVELOPMENT AUTHORITY ("DDA") OF THE CITY OF
MIAMI, FLORIDA, APPROVING THE PRELIMINARY ANNUAL BUDGET OF
THE MIAMI DOWNTOWN DEVELOPMENT AUTHORITY FOR THE FISCAL
YEAR BEGINNING OCTOBER 1, 2011 AND ENDING SEPTEMBER 30, 2012,
REQUESTING .THAT THE MIAMI CITY COMMISSION ESTABLISH THE
MILLAGE TO SUPPORT THE FINANCIAL REQUIREMENTS OF THE
BUDGET; AUTHORIZING THE EXECUTIVE DIRECTOR OF THE MIAMI
DOWNTOWN DEVELOPMENT AUTHORITY TO EXPEND FUNDS FOR THE
BUDGET; DIRECTING THE EXECUTIVE DIRECTOR TO FILE A DETAILED
STATEMENT OF THE PROPOSED EXPENDITURES AND ESTIMATED
REVENUES FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2011 AND
ENDING SEPTEMBER 30, 2012 WITH THE CITY CLERK OF THE CITY OF
MIAMI AFTER ADOPTION AND ESTABLISHMENT OF THE MILLAGE BY
THE MIAMI CITY COMMISSION; AND FURTHER PROVIDING THAT A
COPY OF THIS RESOLUTION BE FILED WITH THE CITY CLERK OF THE
CITY OF MIAMI.
WHEREAS, the Miami Downtown Development Authority (DDA) of the City of Miami,
Florida has prepared a preliminary budget for the Fiscal Year beginning October 1, 2011 and
ending September 30, 2012; and
WHEREAS, the Board of Directors of the DDA has reviewed said budget, said budget
being based on the Estimated Tax Roll provided by Miami -Dade County; and
WHEREAS, the Board of Directors of the DDA finds that the proposed budget is
necessary in order to further the objectives of the Downtown Development Authority, as
authorized by. City. Ordinance.
NOW THEREFORE, be it resolved by the Board of Directors of the Miami Downtown
Development Authority of the City of Miami, Florida:
Section 1. The recitals are true and correct and are adopted by reference and
incorporated as if fully set forth in this section.
Section 2. The preliminary budget of the DDA, as submitted by the Executive
Director, is made part of this Resolution and is hereby approved and shall be known as the
"Annual Bucket of the Miami Downtown Development Authority: Fiscal Year October I, 2011
through September 30, 2012".
Section 3. The following appropriations for the Fiscal Year beginning October 1,
2011 and ending September 30, 2012 are hereby made for the purpose of financing the operation
and other legal and proper purposes of the Miami Downtown Development Authority of the City
of Miami, Florida, to wit:
Adlustedeity Reso to Approve Budget FY J 1-12. Page I of
GENERAL DR1 TOTAL
FUND FUND ALL FUNDS
Estimated Revenues
Ad Valorem Tax Levy 5,256,281 5,256,281
Other Revenue 597,500 597,500
Carryover Funds from Prior Years 2,467,254 2,467,254
Downtown Development Regional Impact
(DRJ) Funds 400,000 400,000
Total Sources 8,321,035 400,000 8,721,035
Use of Funds
Agency Operating Expenditures 1,039,858 1,039,858
Capital Improvements, Urban Design,
Transportation & Services 2,616,59] 2,616,591
Signage & Wayfinding Program 1,500,000 1,500,000
Marketing & Economic Development 2,419,586 2,419,586
Strategic Partnership &Sponsorships 495,000 495,000
Subtotal 8,071,035 8,071,035
Property Valuation Contingency 250,000 250,000
Downtown Development Regional Impact
(DR]) Expenditures 400,000 400,000
Total Uses 8,321,035 400,000 8.721,035
Section 4. The Commission of the City of Miami is requested to adopt said
preliminary budget, fo support the financial requirements of this budget.
Section 5. The Executive Director of the Miami Downtown Development Authority
is authorized to expend funds, including new salary rates, as provided in said budget, after
adoption and establishment of the treillage by the Miami City Commission, upon the first day of
the 2011-2012 Fiscal Year, October 1, 2011.
Section 6. The Executive Director of the DDA is directed to prepare and file with
the City Clerk of the City of Miami, Florida detailed statement .of the proposed expenditures and
estimated revenues for the Fiscal Year 2011-2012, which shall be entitled "Annual Budget of the
Miami Downtown Development Authority: Fiscal Year October 1, 2011 through September 30,
2012".
Section 7. A copy of this Resolution and the attachment shall be filed with the City
Clerk of the City of Miami, Florida after adoption of the millage by the City of Miami
Commission.
PASSED AND ADOPTED this 16'1i day of Se.temb
A17EST:
Madelyne S.11ttaybourn, Boar Secretary
AdjustedCily Res() to Approve' Budget FY 11.12, Page 2 of2
C s oner .4 arc D off .0'JFnnan
Alyce M. ' obertson, Executive Director