HomeMy WebLinkAboutBack-Up DocumentMi()TOWN
COMMUNITY REDLVELOPMF1T AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Francis Suarez
And Members of the CRA Board
Erom: Pieter Bockweg,
Executive Director
BACKGROUND:
f3ubjeot:
Reic2LenC1.:::
July 25, 2917 File:
Midtown CRA Proposed
General Operating & Tax
Increment Fund Budget
for Fiscal Year 2018.
Enclonnre.3: Exhibit A-CRA Proposed Budget
It is recommended that the Board of Commissioners of the Midtown Community
Redevelopment Agency approve the attached Resolution adopting the proposed
Midtown CRA Tax Increment Fund Budget tor the Fiscal Year commencing October
1, 2017 and ending. September 30, 2018, and directing the Executive Director
to transmit copies of the Budget to the City of Miami and Miami -Dade County.
JUSTIFICATION:
The Midtown CRA is required to annually prepare a proposed budget and
transmit the budget to the City of Miami and Miami -Dade County. This
resolution fulfills that requirement.
City of Miami
Legislation
MCRA Resolution
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
File Number: 2767
Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
APPROVING AND ADOPTING THE CRA'S PROPOSED GENERAL OPERATING
BUDGET AND TAX INCREMENT FUND BUDGET FOR THE FISCAL YEAR
COMMENCING OCTOBER 1, 2017 AND ENDING SEPTEMBER 30, 2018;
DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF EACH
BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY.
WHEREAS, the Midtown Community Redevelopment Agency ("CRA") is responsible for
carrying out community redevelopment activities and projects within its Redevelopment Area;
and
WHEREAS, as a prerequisite to carrying out the redevelopment activities for Fiscal Year
2017-2018, the Board of Commissioners of the CRA must approve the proposed General
Operating Budget and Tax Increment Fund Budget for the Fiscal Year commencing October 1,
2017 and ending September 30, 2018; and
WHEREAS, pursuant to an Interlocal Agreement, as amended, which the CRA is a party
to, a copy of each budget is to be transmitted to the City of Miami and Miami -Dade County;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE MIDTOWN 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 Board of Commissioners of CRA hereby approves and adopts the
proposed General Operating Budget and Tax Increment Fund Budget for the Fiscal Year
commencing October 1, 2017 and ending September 30, 2018.
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 CORRECTNESS:
Barnaby L. Min, Deputy City Attorney 8/4/2017
City of Miami
Page 1 of 1 File ID: 2767 (Revision:) Printed On: 8/15/2017
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2018
Proposed
Budget
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$4,072,446
ADVALOREM TAXES - MIAMI DADE COUNTY
$2,555,958
TOTAL REVENUES
$6,628,404
Expenditures
INTERFUND TRANSFER (Administration -1%
out of FY 2018 TIF revenue}
$66,284
OTHER CURRENT CHARGES AND OBLIG
$6,562,120
TOTAL EXPENDITURES
$6,628,404
REVENUE LESS EXPENDITURES
-
1
INTERFUND TRANSFER $ 66,284
Available funds for administration In fiscal year 2018. {I%of total TIF collected}
OTHER CURRENT CHARGES AND OBLIGATIONS $ 6,562,120
Funds to be used for the payment of principal and interest on the bonds.
2018 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (Clay)
Gross Advalorem (County)
City Operating Millage (ESTIMATED)
County Operating Millage (ES -WATER)
Adjustment By Value Adjustment Beard
Divided By 1000
Multiply By 95%
City Operating Millage (ESTIMATED)
County Operating Millage (ESTIMATED)
Adjustment (City)
Adjustment (County)
City
FY 2017-2018
608,607,380
(29,281,592)
County
FY 2017-2018
608,607,380
(29,281,592)
579,325,788 579,32 5,788
579,326
550,359
7.4365
(2,822,743)
(2,823)
(2,682)
7.5710
579,328
550,359
4.6669
S4,092,748
(2,822,743)
(2.823)
(2,682)
4.6669
(20,302.44)
$2,568,473
(12,514.79)
$ 4,072,446 $ 2,555,958 $ 6,628,404
2