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Home My WebLink AboutExhibitFY 2018 PROPOSED BUDGET 7/2-02017 OMNI TAX INCREMENT FUND BUDGE' FY 2018 PROPOSED BUDGET FY 2017 AMENDED BUDGET BUDGET VARIANCE REVENUES CITY OF MIAMI -TAX INCREMENT $11,065,494 $10,574,483 $491,011 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $6,749,405 56,453,941 $295,464 CITYOF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $316,8413 $240,252 $76,596 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $193,354 $146,633 $46,721 Total TIE Revenues $18,325,101 ESTIMATE LOAN PROCEEDS (with Bank United) $25,060,000 $0 $25,000,000 TRANSFER FROM MIDTOWN CRA (Administration) $46,632 $46,632 $0 RENT INCOME - MEC 5100,000 $100,000 $0 OTHER INCOME ^ MEC (REIMBURSEMENT FOR 2017 PROPERTY TAXES) $178,177 $178,177 $0 RENT INCOME - 1401 LLC 5101,481 $101,481 $0 LAND $0 SO $0 ESTIMATE CHILDREN TRUST CONTRIBUTION $733,004 $713,820 $19,184 2017 UNADJUSTED FUND BALANCE 58,903,477 57,779,059 $1,124,418 TOTAL REVENUE $53,387.872 $26,334,478 $27,053,394 REDEVELOPMENT EXPENDITURES ACCOUNTING AND AUDIT $15,000 $15,000 $0 PROFESSIONAL SERVICES - OTHER $732,300 $354,700 $377,600 OTHER CONTRACTUAL SERVICES $371,177 $671,657 -$300,480 'ITERFUNO TRANSFER (Debt Service} $6,699,867 $4,749,500 52,450,367 INTERFUN0 TRANSFER (Grant) 51,564,307 $1,455,033 $109,274 PURCHASE OF REAL ESTATE $7,379,363 $2,000,000 55,379,353 OTHER CURRENT CHARGE $6,413,785 56,095,358 $313,427 OTHER GRANTS AND AIDS $25,896,113 $7,232,765 518,663,348 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES 5535,231 $532,060 $3,171 FICA TAXES $40,945 $40,703 $242 LIFE AND HEALTH INSURANCE $48,000 $48,000 50 RETIREMENT CONTRIBUTION $23,950 $20,600 $3,350 FRINGE BENEFITS $19,500 $24,150 -$4,650 OTHER CONTRACTUAL SERVICE $20,000 S20,000 $0 TRAVEL AND PER DIEM $30,000 $30,000 $0 COMMUNICATIONS 50 $0 $0 UTILITY SERVICE $20,300 $20,300 $0 INSURANCE $104,166 $104,166 $0 OTHER CURRENT CHARGE 5193,400 $214,272 -$20,872 SUPPLIES $5,000 $5,000 $0 OPERATING SUPPLIES $5,000 $5,000 $0 SUBSCRIPTION MEMBERSHIP $17,000 $17,000 $0 MACHINERY AND EQUIPMENT $24,000 $24,000 SO ADVERTISING $30,000 $30,000 $0 RENTAL AND LEASES $3,600 $3,600 $0 POSTAGE $2,000 $2,000 50 REPAIR/MAINTENANCE - OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $17,500 $17,500 $0 Tate AdminBinllw Expanditaras $1,141,592 RESERVE FOR MIDTOWN ADM EXPENDITURES $46,632 $46,632 $0 RESERVE FOR SECURITY DEPOSIT- MEC $125,000 $125,000 50 RESERVE FOR SECURITY DEPOSIT -1401 GROUP LLC $40,000 $40,000 $0 RESERVE FOR CAPITAL EXPENDITURES $603,616 $377,135 $226,481 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $178,177 $178,177 SO BUDGET RESERVE 52,180,943 $2,333,170 -$152,227 TOTAL FUND BALANCE $63,387,872 $26,334,478 $27,053,394 A) 8) C) 2018 TIF Revenue 2018 TIF Rev for Affordable Housing 2018 Budget for Affordable Housing So $0 SO $16,325,101 51,832,510 Refer to irem0- Ofbar Omni and Afda 10% 2018 TIF Revenue $18,325,101 2018 Administrative Expenditures $1,141,592 % Administrative Exp / 2018 TIF Revenue 6% 2018 Budget Reserve $2,180,943 Total 2018 Budget $53,387,872 % 2018 Budget Reserve / Total 2018 Budget 4% 1 Description Category Approval Date Res@ 4 Amount Budgeted Amount Expended Remaining Balance Accounting and Audit External Auditing Services to the OMNI CRA - Sans0n,. Kline, 2accmtno, Tandoc & Cramarra, LIP Administration 7/29/2016 16-0038 $15,000 50 $15,000 Professional Services - Other 2 Lobbyists 3 4 5 Available fur Other Professional Services Financial Support Consultant 2018 Omni Redevelopment Plan & FON Admirostratic Administration City of Miami Procurement Code NR Administration 12/14l2016 16-0064 Redevelopment NR Planning Administration NR 6 Branding, Webs€te, PR $35,000 $118,150 $42,850 $ 350,000 50 50 $28,700 So $35,000 $118,150 $14,150 $350,000 570,000 50 570,000 7 Qusckbuild---Protected Bike Lanes Redevelopment NR Planning $50,000 $0 $60,000 8 Traffic Study/Design-N Miami Ave & 14th Street Redevelopment NR Planning S65,000 $0 $65,000 9 Historic Designations ier Contractual services 10 Horsepower Street Light Maintenance 11 13 14 Available far Landscaping Service Urban Temporary Park - Maintenance and Security CRA Consultants Ave liable for Other Contractual Services -Proposed Budget $250,000 - $150,000 allocated to Other Consultants - Interest Revenue Collected on 4/19/17 $41,18052, Interest Revenue 5/18/17•$13,414,87 Subtotal Redevelopment NR Planryng (Waif of Cite Quality of Life Administration NR NR NR Administration NR Administration NR 520,000 $25,000 $25,000 5125,000 $150,000 $58,906 51,159,906 $0 $9,029 53,700 50 50 50 $41,429 S20,000 $15,911 $21,300 $125,000 $150,000 5s8,905 $1,114477 Total Budget Amount jProfessional Services - legal, Accounting and Audit, Professional Services - Other and Other Contractual NR - No CRA Resolution R - CRA Resolution Passed 51,089,327 529,150 $1,118,477 Funding Source Carryover iY2018 $25M Loan Fund Balance TIF Revenue Proceeds $15,060 SD $0 $35,000 $0 50 $118,150 $0 50 $14,150 $0 $0 $312,286 $37,714 $0 S0 $70,000 So So S6o,000 $o So $65,000 So So 5zo,ao0 So 515,971 SD $0 $21,300 50 SO $0 $125,000 SO $150,000 50 50 $58,906 50 $0 $740,753 $377,714 $0 $740,763 $377,714 50 $1,118,477 $15,000 5732,300 $371,177 Description Category Approval Date Reso 0 Amount Budgeted Amount Expended Remaining Balance Interfund Transfer (Debt Service) 1 2 2018 Transfer Out to the City of Miami for the payment of the Port of Miami Tunnel Series 2012 Loan with BankLinited - Estimated principal amount 525M Debt Service Dec•07 2007 Global Agreement 54,249,500 SO 54,249,500 Debt Service Debt Service 52,450,367 S0 52,450,367 Other Current Charges and 0bligatfo ns 3 Estimated 2007 Global Agreement Payment - Performing Art Center Infrastructure Dec-07 2007 Global Agreement $6,413,785 S0 $6,413,785 Purchase of Real Estate 4 Second Payment • 1367 Bank Building infrastructure let-17 27-0020 52,879,363 50 $2,879,363 5 Purchase of real estate property located at 1990 N Miami Ave Infrastructure tum17 17-0035 54,500,000 50 S4,500,0013 nterfund Transfer (Grant) 2011.2016 Policing Services - City of Miami Quality of Life 10/22/2015 15-0043 5710,000 $468,787 $241,213. 7 9 2017 Grant to the City of Miami Police Department for the Expanded Police Program 2018 Grant to the City of Miami Police Department for the Expanded Police Program 201E Children Trust Contribution Quality of life Quality of Life Quality of Life 12/14/2016 Dec-0 16-0063 NR €nterloca€ Agreement 5400,000 $500,000 $733,004 S409,910 $0 $0 $90,090 5500,000 $733,004 iu6total $22,936,019 $878,697 522,057,323 Total Budget Amount )€nterfund Transfer (Debt Service), Debt Service, Purchase of Land and Interfund Transfer (Grant) NR - No CRA Resolution R - CRA Resolution Passed $7,879,363 $14,177,959 522,057,323 Funding Source Carryover FY 2018 $25M Loan Fund Balance TIF Revenue Proceeds 50 $4,249,500 $0 $0 S2,450,367 $0 50 56,413,785 $0 S33,587 $0 62,845,776 50 S0 54,560,000 $241,213 $0 50 $90,090 5D 50 $0 $500,000 $0 $0 $733,004 50 5384,890. $14,346,656 57,345,776 $364,890 $14,346,656 $7,345,776 522,057,323 $6,699,867 $6,413,785 $7,379,363 $1,564,307 3 Fondle Source Description Category Approval Date Reso7F Amount Budgeted Amount Expended Remaining Balance Carryover Fund Balance FY'20113 TIF Revenue $25M Loan Proceeds Other Grants and Aids 1 Grant to the Perm Art Museum of Miami Dade County for various community benefits to the redevelopment area. Art and Culture 7/29/2016 16-0039 $1,000,000 $650,000 $150,000 $150,000 SO 50 2 1401 Rest LLC - Lessor's Contribution to leasehold improvements - Grease Trap and Hood System Job Creation 6/13/2013 13-0036 $60,000 $0 $60,000 $60,000 $0 $0 3 Grant toChapman House for Facade Improvement Program Infrastructure 12/14/2416 16.3058 560,000 $60,000 $0 SO $0 So 4 Guitar5 Over 0un5 Art and Culture NR 5185,000 $0 $185000 $185,000 $0 $0 5 Matching fundsobligation under the Florida Inldan Navigation District Grant For Phase 2 -Miami Woman's Club Baywalk Project - CIP Protect infrastructure 3/26/2013 13.1017 $150,000 626,214 $123,786" 5123,785 $0 SO 6 Dorsey Library - Project Cost - COP Project - Funds derived from sale of land - 14th 5t DEV 11C - $1,253,649 - CRA R -15- 0021 Infrastructure CIP Approved protect $850,000. $0 S650,000 $850,000 $0 $0. 2017 Avalable for Affordable Housing (10%of 2017 TIF Revenues) 7 Available TEF funds far Affordable Housing Projects - Original Amount 61,741,530_90 Affordable Housing 9/13/2016 16.0040 51,041,531 50 $1,041,531 S1,041,531 $O 53 8 Grant to Rebuilding Together.Miami-Dade inc. to provide partial funding for a home improvement facade and quality life program. Affordable Housing 12/14/2015 16-0061 $700,000 $89,642 $610,358 5610,368 $C $0 2018 Available for Affordab a Housing (109L o 201819F Revenues) 9 AvailableTJF funds far Affordable Housing projects Affordab€e Housing 2018 Budget 16.0040 61,832,510 $0 $1,832,510 50 $1,832,510 0 7 10 Grant to Legido Management Services, Inc to provide funding for 'Business Rehabilitation Grant Programs" Affordable Housing 12/24/2016 16.0062 5905,000 $351,471 S553,529. $553,529. $0 $0 11 Grant to Camillus House, Inc. for the "Miami Shelter Program" Quality of Life 12/14/2016 16-0059 $175000 $175,000 $0 $0 $0 $0 12 2017 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Lite 12/14/2016 16-0057 $50,000 $4,753 $45,247. $45,247 SO $0 13 2018 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Life NR $100,000 $0. $100,000 $0 $100,000 54 14 Museum Park Remediation Project 8-30538- C€P Project. funded with OMNI TIF Funds. infrastructure CIP Approved Project 5175,000 $150,343 524,657 $24,657 $0 $O 4 15 Execute Lease Agreement with a Five (5) year initial term with two (2( one ill year options to renew between the CRA and Revran S Llincoln at 175 NW 14th St . Base amount $2,850 per month with a three (3 %) percent annual Jnrma¢e lob Creation / 6/21/2017 Quality of Life 17-0033 $150,000 $5,700 $144,300 $144,300 $0 $0 16 Contribution to the City of Miami - TRI Rail Project Infrastructure 6/25/2015 5/26/2015 15-0022 $3,750,000 $2,488,662 $1,261,338 $1,261,338 $6 $300,000' $0 $0 17 50 NW 14th Parking Lot Lining Quality of Life NR 5300,000 $0 $300,000 $0 18 5choot Board Parking Lot Enhancements Quality of Life NR $16,000 $0 $10,000 $0 $10,000 $0 19 Urban Gardens Qua llty of cafe NR $406,000 $0 5400,000 $0 $400,000 50 20 Business Improvement Grants Quality of Life NR $49,633 $0 $49,633 $0 549,633 $0 21 130 NW 14th Street Rehab & Activation Quality of life NR $400,000 $0 $400,000, $0 $400,000 $0 22 Community! ni[la tives Quality of Life NR $100,000 50 $100,000 $0 S100,000 $0 23 Affordable Housing, Real Estate Acquir4ion, Other Capital Improvement Projects Affordable NR Housing $17,654,224 50 517,554,224 $0 $0 517,654,224 Subtotal $30.097,696 S4,201,7615 $25,894113 55,049,746 $9192,143 $17,654,224 $5,049,746 $3,192,143 $17,654,224 Total Budget Amount Other Grants and Alds NR - No CRA Resolution R - CRA Resolution Passed $19,198,857 $6,697,256 $25,896,113 $25,896,113 Position Executive Director - OMNI Executive Director - Midtown (Reimbursed by Midtown CRA) Assistant Executive Director Chief Legal Officer Director of Policy and Planning Assistant to the Executive Director Community Liaison Intern f$10/Hour) Intern ($20/30 hours) Compensated Absences Regular Salaries Flca taxes Health/Dental/Vision Insurance OMNI CRA Staff Contingency Life end Health insurance Retirement Contribution (401K) Executive Director Assistant Executive Director Assistant to the Executive Director Community Liaison Chief Legal 0fficer Director of Polity and Planning Retirement Contribution Car Allowance Executive Director - OMNI Executive Director - Midtown (Reimbursed by Midtown CRA) Chief Legal Officer Cell Krone Allowance Executive Director -OMN1 Executive Director - Midtown (Reimbursed by Midtown CRA) Assistant Executive Director Chief Legal Officer Director of Policy and Planning Fringe Benefits ADP • Payroll Processing Fee 126 payroll periods X $150) Janitorial Service /.Supplies Circle Security Solutions Comcast OTIS Elevator Maintenance Service Other Contractual' Services I OMNI $120,000 $2,740 $75,000 $70,000 $57,000 $43,000 $42,000 $20,800 $31,200 S73,491 E $535,23 $40,945 1 $40,9451 $48,000 $5,000 I $48,000I $9,600 $3,750 $2,150 $2,100 $3,500 $2,850 $23,950 1 $3,600 $6,000 $2,400 51,200 $2,400 $1,500 $1,200 $1, 200 $19,500 $3,900 $9,000 $2,700 $2,400 $2,000 $20,uo0 j To include cost for travel out of the dty for conferences and travel allowances. $30,000 Travel and Per Diem I $30,000I FPL- Fire House Miami Water and Sewer Contingency Utility Service $10,800 $3,500 $6,000 1 $20,300I Property insurance/General/Liability Insurance (MEC) $71,166 Property insurance/General/Liability Insurance (Fire Station No 2) $28,000 Workers Compensation (CRA Staff} $5,000 Insurance L $104,166I To include the cost of food associated to CRA Meetings/Ribbon Cutting To include the cost of miscellaneous supplies. Sale Tax - 1401 Rest LLC Sale Tax - EUE / Screen Gems LTD, Inc MEC 2017 MEC Property Taxes Other Current Charges $5,000 $2,000 $8,223 $0 $178,177 $193,400 1 To include supplies necessary for use In the operation of an office, such as copy $5,000 Supplies I $3,000I 6 To include other supplies not office related. Ex. Misc. Project Construction and Operating Supplies To include the cost of memberships to organization, Microsoft license, and Subscription Membership Purchase of Vehicle To Include the cost of new computers Machinery and Equipment To include the expenses of placing advertisements in the newspapers or other Advertising $5,000 1 $5,000 $17,000 $12,000] $18,000 $6,000 $24,0001 $30,000 f $30,000 Konica Minolta Copier $3,600 Rental and Leases 1 $3,600j To include the cost of stamps or other related Item. Distribution of newsletter Postage To include the cost associated to any office/truck repair. Repair / Maintenance - Outside To Include transfer of funds to the City of Miami Office of the City Clerk for lnterfund Transfer Total FY 2016 Proposed Budget - RecurrentExpenditures $2,000 $2 ow $2,000 $2,000 $17,500 $17,5001 $1,141,592 7 OMNI Community Redevelopment Agency City of Miami Budget Template FY 2013-14 Actual FY 2014-15 Actual FY 2015-16 Actual FY 2016-17 Budget FY 2016-17 Projection FY 2017-18 Proposed Difference Notes Revenues Ad Valorem $11,376,858 $11,723,389 $14,251,949 $17,415,309 $18,129,129 $18,325,101 +$909,792 Sale of Land $1,253,649 Estimate Loan Proceeds $25,000,000 +$25,000,000 Other Revenues $1,082,543 $1,555,027 $1,690,001 $1,140,110 $604,086 $1,159,294 +$19,184 Carryover $19,060,639 $17,842,672 $6,446,886 $7,779,059 $8,903,477 +$1,124,418 Revenue Grand Total $31,520,040 $31,121,088 $23,642,485 $26,334,478 $18,733,215 $53,387,872 $27,053,394 $0 Expenditures General Government $665,925 $656,084 $654,226 $1,139,478 $1,139,478 $1,141,592 +$2,114 Community Redevelopment $13,011,443 $24,018,118 $15,209,200 $25,195,000 $8,690,260 $52,246,280 +$27,051,280 Expenditure Grand Total $13,677,368 $24,674,202 $15,863,426 $26,334,478 $9,829,738 $53,387,872 $27,053,394 $0 Revenues Minus Expenditures $17,842,672 $6,446,886 $7,779,059 $0 $8,903,477 so so so Printed: 8/18/2017 3:51 PM Page 1 of 1