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Home My WebLink AboutCRA-R-24-0055 Exhibit AExhibit "A" SEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET FY 2025 PROPOSED BUDGET FY 2024 PROPOSED BUDGET BUDGET VARIANCE REVENUES CITY OF MIAMI - TAX INCREMENT (ORIGINAL BOUNDARIES) $26,900,684 $25,078,551 $1,822,133 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $17,261,802 $15,183,020 $2,078,782 CITY OF MIAMI - TAX INCREMENT (EXPANDED BOUNDARIES) $1,720,577 $1,796,294 ($75,717) MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES) $1,10'8,226 $1,087,565 $20,661 CITY OF MIAMI - TAX INCREMENT (PARK WEST ADDITION) $2,072,829 $2,860,199 ($787,370) MIAMI DADE COUNTY - TAX INCREMENT (PARK WEST ADDITION) $1,339,640 $1,731,732 ($392,092) Total 2025 TIF Revenuo $50,403,758 2024 ESTIMATED CONTRIBUTION FROM THE CHILDREN TRUST FUND $2,017,387 $1,824,080 $193,307 2024 ESTIMATED NON TIF FUND BALANCE $4,833,515 $0 $4,833,515 2024 ESTIMATED FUND BALANCE $43,211,618 $57,127,599 ($13,915,981) TOTAL REVENUE $100,466,278 $106,689,040 ;($6,222,762) REDEVELOPMENT EXPENDITURES PROFESSIONAL SERVICES - LEGAL $200,000 $217,725 ($17,725) ACCOUNTING AND AUDIT $45,000 $35,000 $10,000 PROFESSIONAL SERVICES - OTHER $768,709 $645,263 $123,446 OTHER CONTRACTUAL SERVICES $1,500,000 $1,021,242 $478,758 DEBT SERVICE PAYMENT $4,502,500 $4,508,000 ($5,500) INTERFUND TRANSFER $15,967,569 $21,978,434 ($6,010,865) LAND $2,000,000 $16,435,000 ($14,435,000) CONSTRUCTION IN PROGRESS $1,641,657 $1,019,181 $622,476 OTHER GRANTS AND AIDS $63,943,606 $54,683,645 $9,259,961 TOTAL REDEVELOPMENT EXPENDITURES $90,569,041 $100,543,491 'I ($9,974,450) REGULAR SALARIES (19 staff members) $2,333,188 $1,902,158 $431,030 FICA TAXES $178,489 $145,515 $32,974 LIFE AND HEALTH INSURANCE $270,921 $245,921 $25,000 RETIREMENT CONTRIBUTION $428,684 $387,177 $41,507 FRINGE BENEFITS $55,700 $50,800 $4,900 OTHER CONTRACTUAL SERVICE $500,000 $120,230 $379,770 TRAVEL AND PER DIEM $65,000 $45,000 $20,000 UTILITY SERVICE $70,000 $69,000 $1,000 INSURANCE $310,625 $170,538 $140,087 OTHER CURRENT CHARGE $180,000 $87,579 $92,421 SUPPLIES $20,000 $20,000 $0 OPERATING SUPPLIES $10,000 $10,000 $0 SUBSCRIPTION M EMBERSHIP/TRAINING $15,000 $15,000 $0 MACHINERY AND EQUIPMENT $3,000 $3,000 $0 ADVERTISING $60,000 $45,000 $15,000 RENTAL AND LEASES $647,000 $79,000 $568,000 POSTAGE $2,000 $2,000 $0 REPAIR/MAINTENANCE - OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $65,000 $65,000 $0 TOTAL ADMINISTRATIVE EXPENDITURES $5,216,607 $3,464,918 $1,751,689 Revenue Shortfall Reserve FY 2016 Carryover Fund Balance (Surplus) $240,000 $240,000 $0 FY 2017 Carryover Fund Balance (Surplus) $272,270 $272,270 $0 FY 2018 Carryover Fund Balance (Surplus) $321,755 $321,755 $0 FY 2019 Carryover Fund Balance (Surplus) $309,727 $309,727 $0 FY 2023 Carryover Fund Balance (Surplus) $748,087 $748,087 $0 FY 2024 Carryover Fund Balance (Surplus) $788,792 $788,792 $0 FY 2025 BUDGET RESERVE $2,000,000 $0 $2,000,000 TOTAL REVENUE SHORTFALL RESERVE ) $4,680,631 $2,680,631 $2,000,000 TOTAL FUND BALANCE ) $100,466,278 $106,689,040 ($6,222,762) $0 2025 TIF Revenue $50,403,758 2025 Administrative Expenditures $5,216,607 • Administrative Exp / 2025 TIF Revenue 10.35% 2025 Budget Reserve $4,680,631 Total 2025 Budget $100,466,278 • 2025 Budget Reserve / Total 2025 Budget 5% $0 $0