HomeMy WebLinkAboutExhibitSoutheast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution CRA-R-18-0012
File Number: 3890 Final Action Date:3/29/2018
A RESOLUTION OF THE BOARD QF 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
AMENDED YEAR COMMENCING OCTOBER 1, 2017 AND ENDING
SEPTEMBER 30, 2018; DIRECTING THE EXECUTIVE DIRECTOR TO
TRANSMIT A COPY OF THE AMENDED BUDGET 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 2000 Southeast Overtown/Park West
Redevelopment Plan; and
WHEREAS, on January 31, 2010, pursuant to CRA Resolution CRA-R-17-0045, the
Board of Commissioners approved the proposed CRA tax increment fund, and general
operating budget.
WHEREAS, it is necessary to amend the budget to reflect the amount of tax increment
funds actually owed in January 2018 by each taxing authority that contributes to the CRA's
Redevelopment Trust; and
WHEREAS, the Board of Commissioners wish to approve and adopt the CRA's
Amended Tax Increment Fund and General Operating Budget for the Fiscal Year commencing
October 1, 2017 and ending September 30, 2018; and
WHEREAS, the Board of Commissioners wish to amend the appointment date of Mr.
Cornelius Shiver as the Executive Director of the CRA from December 1, 2017 to October 1,
2017 to coincide with the start date of Fiscal Year 2018;
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, 2017 and ending September 30, 2018 are
approved and adopted.
Section 3. The Executive Director is directed to transmit a copy of the budget to the
City of Miami and Miami -Dade County.
City of Miami
Page 1 of 2 File ID: 3890 (Revision:) Printed On: 4/2/2018
File ID: 3890
Enactment Number: CRA-R-18-0012
Section 4. The appointment date of Mr. Cornelius Shiver as the Executive Director of
the Southeast Overtown/Park West Community Redevelopment Agency is hereby amended
from December 1, 2017 to October 1, 2017 to coincide with the start date of Fiscal Year 2018.
Section 5. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND LEGAL SUFFICIENCY:
Corri-Ottus iver, Executive Director
City of Miami
Page 2 of 2 File ID: 3890 (Revision:) Printed on: 4/2/2018
SEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET
FY2018
AMENDED
BUDGET
FY 2018
PROPOSED
BUDGET-
Approved in
July 2017
BUDGET
VARIANCE
REVENUES
CITY OF MIAMI -TAX INCREMENT (ORIGINAL BOUNDARIES)
S10,374,855
$10,377,451
(2,596)
MIAMI DADE COUNTY -TAX INCREMENT. (ORIGINAL BOUNDARIES)
$6,515,446
$6,515,446
-
CITY OF MIAMI - TAX INCREMENT (EXPANDED BOUNDARIES)
$642,758
$643,508
(750}
MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES)
$404,683
$404,683
-
CITY OF MIAMI -TAX INCREMENT (PARK WESTADDITION)
$413,185
$414,240
(1,055)
MIAMI DADE COUNTY - TAX INCREMENT (PARK WEST ADDITION)
$261,143
$261,143
-
CONTRIBUTION FROM THE CHILDREN TRUST FUND
$758,074
$758,074
-
PROCEEDS OF SALE OF BLOCK 55 (ESTIMATE)
$12,000,000
$0
12,000,00E
2017 AUDITED FUND BALANCE
$24,593,23$
$26,915,529
(2,322,294)
TOTAL REVENUE
$55,963,329
$40,290,074
$9,673,305
REDEVELOPMENT EXPENDITURES
PROFESSIONAL SERVICES - LEGAL
$457,865
$512,133
(54,268)
ACCOUNTING AND AUDIT
$6,850
$31,000
(24,150)
PROFESSIONAL SERVICES -OTHER
$1,798,645
$2,161,804
(363,159)
OTHER CONTRACTUAL SERVICES
$550,605
$568,519
(17,914)
LAND
$292,984
$291,795
1,189
INTERFUNDTRANSFER (Grant)
$10,810,381
$11,075,084
(264,703)
DEBTSERVICE PAYMENT
$4,521,875
$4,521,875
-
CONSTRUCTION IN PROGRESS
$310,157
$296,611
13,546
OTHER GRANTS AND AIDS
$34,211,691
$22,978,579
11,233,112
TOTAL REDEVELOPMENT EXPENDITURES
552,961,054
.$42,437,400
$10,523,655
REGULAR SALARIES
$1,308,306
$1,158,305
$150,000
FICA TAXES
$100,085
$88,610
$11,475
LIFE AND HEALTH INSURANCE
$173,014
$173,014
$0
RETIREMENT CONTRIBUTION
$107,329
$107,329
$0
FRINGE BENEFITS
$18,300
$18,300
$0
OTHER CONTRACTUAL SERVICE
$92,566
$92,566
$0
TRAVEL AND PER DIEM
$30,000
$30,000
50
UTILITY SERVICE
$64,401
$64,401
$0
INSURANCE
$139,555
$139,555
$0
OTHER CURRENT CHARGE
$59,000
$59,000
$0
SUPPLIES
$12,000
$12,000
$0
OPERATING SUPPLIES
$12,000
$12,000
$0
SUBSCRIPTION MEMBERSH1P/TRAINING
$15,000
$15,000
$0
MACHINERY AND EQUIPMENT
$3,000
$3,000
50
ADVERTISING
$35,000
$35,000
50
RENTAL AND LEASES
567,000
$67,000
50
POSTAGE
$2,000
$2,000
$0
REPAIR/MAINTENANCE - OUTSIDE
$2,000
$2,000
$0
INTERFUND TRANSFER
$30,000
$30,000
$0
TOTAL'ADMINESTRATIVEEXPENDITURES
$2,270,556
$2,109,081
$161,475
Revenue Shortfall Reserve
BUDGET RESERVE - ADMINISTRATION
$0
$240,000
-$240,000
a) FY 2013 Carryover Fund Balance (Surplus)
$0
$314,134
-$314,134
h) FY 2014 Carryover Fund Balance (Surplus)
$68,874
$512,015
-$443,141
c} FY 2015 Carryover Fund Balance (Surplus)
$360,503
5350,593
$0
d) FY2016 Carryover Fund Balance (Surplus)
5302,301
$316,851
-$14,550
TOTAL REVENUE SHORTFALL RESERVE -
$731,758
$1,743,593
(51,011,825)
TOTAL FUND BALANCE
$55,063,370
$46,290,074
$0,673,3135
2018 TI F Revenue
2018 Administrative Expenditures
% Administrative Epp / 2018 TIF Revenue
$0
519,370,144
$2,270,556
12%
2018 Budget Reserve $731,768
Total 2018 Budget $55,963,379
%2018 Budget Reserve / Tota12018 Budget 1%
$0
($0)
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