HomeMy WebLinkAboutMemo - SEOPW CRA 02-22-17SEOPW Board of Commissioners Meeting
February 27, 2017
SOUTHEAST OVERTOWN/PARK WEST
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Keon Hardemon Date: February 22, 2017 File: 1853
From: Clarence E. Woods,
Executive Director
Subject: Resolution Approving the CRA's FY
2016-2017 Amended Budget.
Enclosures: Exhibit A
BACKGROUND:
It is recommended that the Board of Commissioners of the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") adopt the attached Resolution approving and adopting the amended Tax
Increment Fund and General Operating Budget of the CRA for the fiscal year commencing October 1,
2016 ending September 30, 2017.
JUSTIFICATION:
On July 25, 2016, the CRA's Board of Commissioners, by Resolution No. CRA-R-16-0029 approved and
adopted the Tax Increment Fund and General Operating Budget for FY 2016-2017 based on estimates of
tax increment funds expected to be received in early January 2017. The Budget has been amended to
reflect the amount of tax increment funds actually received in January 2017 from each taxing authority
that contributes to the CRA's Redevelopment Trust Fund.
Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution CRA-R-17-0008
File Number: 1853
Final Action Date: 2/27/2017
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA"),
WITH ATTACHMENT(S), APPROVING AND ADOPTING THE CRA'S TAX
INCREMENT FUND AND GENERAL OPERATING BUDGET, FOR THE FISCAL
YEAR COMMENCING OCTOBER 1, 2016 AND ENDING SEPTEMBER 30, 2017;
DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE
AMENDED BUDGETS TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("CRA") is a community redevelopment agency created pursuant to Chapter 163, Florida
Statutes, and is responsible for carrying out community redevelopment activities and projects
within its Redevelopment Area in accordance with the 2009 Southeast Overtown/Park West
Redevelopment Plan; and
WHEREAS, it is necessary to amend the budgets to reflect the amount of tax increment
funds actually owed in January 2017 by each taxing authority that contributes to the CRA's
Redevelopment Trust; and
WHEREAS, the Board of Commissioners wishes to approve and adopt the CRA's
Amended Tax Increment Fund and General Operating Budget for the Fiscal Year commencing
October 1, 2016 and ending September 30, 2017;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The attached Amended Tax Increment Fund and General Operating Budget
for the Fiscal Year commencing October 1, 2016 and ending September 30, 2017 are approved
and adopted.
Section 3. The Executive Director is directed to transmit a copy of each budget to the
City of Miami and Miami -Dade County.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
City &Miami Page 1 of 2 File ID: 1853 (Revision:) Printed On: 3/612017
File ID: 1853
Enactment Number: CRA-R-17-0008
Reties adus igi, Sfaff i nsel g. 2/22/2017
City of Miami Page 2 of 2 File 0: 1853 (Revision:) Printed on: 3/6/2017
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REVENUES
CITY OFMIAMI - TAX INCREMENT (ORIGINAL BOUNDARIES)
MIAMIDAI5ECOUNTY - TAX INCREMENT (ORIGINAL 'BOUNDARIES)
CITY OF MIAMI-TAX INCREMENT (EXPANDED BOUNDARIES)
MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES)
grit op M1AMvMI -TAX INCREMENT (PARK WEST ADDITIQN)
MIAMIDADE COUNTY. -TAX INCREMENT (PARK WEST ADDITION)
20,17CONTRIBUTION' FROM THE CHILDREN TRUSTFUND
GRANTFROM EDA (FEDERAL GOVERNMENT).
2016 AUDITED FUND BALANCE
$10,525,607
$6,424,109
$483,646
$295,185
$363,83.7
$222,061
$763,293
Sgp
$29,550,417
$10,527,913
$6,424,109
$483,761
$295,Lss
$364,043
.$222,061
$0
$0
$32,689,517
-$2,306
$0
4115
$d
-$206
$0
$763,293
$30,000
-$3,139,100
*laU .
EracCaP,TE1VT E
ft7.40 to=
0 S']D06 84
ASINESDA
f _
; -
nENDITlOWA e
: - - at
PROFESSIONAL.SERVICES-LEGAL
$245,561
$319,996
-$74,435
ACCOUNTING AND. AUDIT
$200
$31,200
$31,000
PROFE551ONALSERVICES-OTHER
OTHER CONTRACTUAL SERVICES
.
$2,786,731
$385,130
$3,036,834
$390,000
$250,1i73
$4,870
LAND
51,316,794
$1,653;794
-$337,000
INTERFUNi1TRANSFER (Giant)
$1,855,789
$2;325;297
-$469,508
DEBT SERVICE PAYMENT
$11,450,659
$11,450,659
$0
CONSIRiJCTICN IN PROGRESS
$327,630
$175,984
$150,646
OTHER GRANTS AND AIDS
$26,889,825.
$28;171,988
-$1,282,163.
REGULAR SALARIES
$1,083,346
$1,083,806
$O
FICATAXES
$82;873
$82,873
$0
LIFE:ANDHEALTH INSURANCE.
$173,014
$173,014
SO
RETIREMEi`4TCONTRIBUTION
$102,479
$102,079
$0
FRINGE BENEFITS
$19,300
$113,300
$O
OTHER CONTRACTUAL SERVICE
$92,566
$92,566
$0
TRAVELA[+1DPERDIEM
$30,000
53D,000
$0
COMMUNICATIONS
$O
$0
$O
UTILITY SERVICE
$64,401
$64,401
$a
INSURANCE
$139,555
$139,355
$O.
OTHER - CURRENT CHARt3E
$59,000
559,00E
SO
SUPPLIES.
$12,000
$12,000
$0
OPERATING SUPPLIES
$12,000
$12,000
$0
SUBSCRIPTION MEMBERSHIP/TRAINING
$15,000
515,00E
$0
MACHINERY.00 ECtUIPM6NT
$3;000
$3,000
$O
ADVERTISING
$35 000
$35,000
$o
RENTAL AM) LEASES
$67,000
-$67,opo
$O
POSTAGE
$2;004
52,00E
$0
REPAIR/MAINTENANCE, OUTSIDE
$2,000
$2000
.$0
INTERFUNOTRANSFER
$30;000
,$30,040
$0
FY2417BUDGET RESERVE -ADMINISTRATION
$240,000
$240,000
$O
MIDGET RE$ER VE - bTHER (Revenue Shoil/Wl Reserve)
$O
a) FY 2013 Carryover Fund Balance (Surplus)
$314,134
$314,134
$O
br`f 2014 Carryover Furld. Balance (Surplus}
• $51:2,015
$512,015
$O
c)FY..2015 Carryover FurGdBalance (5urplus)
-$3E0,593
$360,593
$O
TN- _'•, t
$31 Oi1fi 589
-$2,r198;4M
rQT`ILT.OtiatWi - - - .:
W4
$q.8;7o8,15fi
S0
2017 TV Revenue $18,314,445
2017 Administrative Expenditures $2,023,094
% Admiriistrative Exp / 2017 TIP Revenue 11%
2017 Budget Reserve $1,426,742
Total 2017 Budget $413,708,165
% 2017 Budget Reserve / Total 2017 Budget 9%
$0
SO
EXHIBIT "A"