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Home My WebLink AboutCRA-R-24-0054 Exhibit AExhibit A 1th Budget Update 8/12/2024 OMNI TAX INCREMENT FUND BUDGET .. FY 2025 PROPOSED BUDGET FY 2024 ADOPTED T BUDGET BUDGET VARIANCE REVENUES CITY OF MIAMI- TAX INCREMENT $23,653,239 $21,570,698 $2,082,541 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $15,160,791 $13,184,684 $1,976,107 CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $1,592,823 $1,402,595 $190,228 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $1,023,902 $857,378 $166,524 Total TIF Revenues $41,430,754 TRANSFER FROM MIDTOWN CRA (Administration) $139,181 $134,363 $4,818 RENT INCOME MEC ($8,333/Month) $100,000 $100,000 $0 2025's ESTIMATED CHILDREN TRUST CONTRIBUTION $1,601,953 $1,434,138 $167,815 2024's FUND BALANCE (NON TIF REVENUE SOURCES -FUNDS DERIVE FROM RENT COLLECTIONS) $1,980,073 $0 $1,980,073 2024's ESTIMATED FUND BALANCE $28,398,446 $24,015,373 $4,383,073 TOTAL REVENUE' ' $73,650,407 -$62,699,229 -$10,951,178 REDEVELOPMENT EXPENDITURES'. ACCOUNTING AND AUDIT $30,000 $26,700 $3,300 PROFESSIONAL SERVICES - OTHER (Available funds for consulting agreements for specific period of time) $700,000 $500,920 $199,080 OTHER CONTRACTUAL SERVICES (Available funds for service agreements for limited time frame to be provided on as needed basis) $700,000 $711,097 ($11,097) INTERFUND TRANSFER (Debt Service) $2,813,062 $2,817,239 ($4,177) INTERFUND TRANSFER (Grant) $812,500 $812,500 $0 LAND $5,000,000 $0 $5,000,000 CONSTRUCTION IN PROGRESS $1,519,628 $0 $1,519,628 OTHER GRANTS AND AIDS $27,498,885 $22,641,072 $4,857,813 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $1,415,220 $886,800 $528,420 FICA TAXES $108,264 $67,840 $40,424 LIFE AND HEALTH INSURANCE $110,000 $80,000 $30,000 RETIREMENT CONTRIBUTION $195,000 $50,000 $145,000 FRINGE BENEFITS $4,800 $4,800 $0 OTHER CONTRACTUAL SERVICE $140,000 $140,000 $0 TRAVEL AND PER DIEM $50,000 $30,000 $20,000 UTILITY SERVICE $20,300 $20,300 $0 INSURANCE $430,000 $219,518 $210,482 OTHER CURRENT CHARGE $259,378 $249,378 $10,000 SUPPLIES $7,000 $7,000 $0 OPERATING SUPPLIES $10,000 $10,000 $0 SUBSCRIPTION MEMBERSHIP $10,000 $10,000 $0 MACHINERY AND EQUIPMENT $60,000 $25,000 $35,000 ADVERTISING $15,000 $15,000 $0 RENTAL AND LEASES $3,600 $3,600 $0 POSTAGE $2,000 $2,000 $0 REPAIR/MAINTENANCE- OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $60,000 $60,000 $0 Total Administrative Expenditures $2,902,563 2025's RESERVE FOR 2007 GLOBAL AGREEMENT (TUNNEL) $3,992,662 $4,084,633 ($91,971) 2025's RESERVE FOR 2007 GLOBAL AGREEMENT (35 % PAC) $14,500,764 $12,955,374 $1,545,390 2025's RESERVE FOR INTERLOCAL CHILDREN'S TRUST $1,601,953 $1,434,138 $167,815 PAYMENT TO CITY OF MIAMI FOR MAURICE FERRE PARK $2,000,000 $5,000,000 ($3,000,000) Total Reserve for Obligations with Other Government 522,095,379 Agencies RESERVE FOR MIDTOWN ADM EXPENDITURES $139,181 $134,363 $4,818 RESERVE FOR SECURITY DEPOSIT- MEC $125,000 $125,000 $0 RESERVE FOR SECURITY DEPOSIT - 1401 GROUP LLC $40,000 $40,000 $0 RESERVE FOR CAPITAL EXPENDITURES (Fonds collected $1,980,073) $1,980,073 $1,988,410 ($8,337) RESERVE- BILLBOARD (RENT COLLECTED) $284,273 $284,273 $0 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $234,378 $234,378 $0 RESERVE FOR UNSOLICITATED PROPOSALS $25,000 $25,000 $0 Total Reserve for Other $2,827,906 2019 BUDGET RESERVE $28,893 $28,893 $0 2020 BUDGET RESERVE $406,671 $406,671 $0 2021 BUDGET RESERVE $532,471 $532,471 $0 2022 BUDGET RESERVE $654,760 $654,760 $0 2023 BUDGET RESERVE $3,108,217 $3,108,217 $0 2024 BUDGET RESERVE $1,764,101 $2,269,883 ($505,782) 2025 BUDGET RESERVE $255,372 $0 $255,372 Total Revenue Shortfall Reserve $6,750,485 TOTAL FUND BALANCE -. - $73,650A07 $62,699,228 :''$10,951,178 A) B) C) 2025 TIF Revenue 2025 TIF Rev for Affordable Housing % 2025 Budget for Affordable Housing $o $41,430,754 $4,143,075 10% 2025 TIF Revenue $41,430,754 2025 Administrative Expenditures $2,902,563 %Administrative Exp / 2025 TIF Revenue 7% Budget Reserve (2019-2025) $6,750,485 Total 2025 Budget $73,650,407 % 2025 Budget Reserve / Total 2025 Budget 9% so $o