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HomeMy WebLinkAboutComposite Exhibit ACOMPOSITE EXHIBIT A 1. Portions of the Minutes of the Coconut Grove Business Improvement District ("BID") Board of Directors' Meeting of July 29, 2019 approving the proposed Fiscal Year 2019-2020 Budget, 2. BID Budget Information, and 3. BID Budget Template for Fiscal Year 2019-2020 Proposed Budget Coconut Grove Business Improvement District Board of Directors' Meeting Monday, July 29, 2019 at 2 PM 3390 Mary Street, #130 Coconut Grove, FL 33133 **Meeting minutes are not verbatim** DRAFT Board members in attendance: Commissioner Ken Russell, BID Board Chairman Lauren Carra Donna DeMichael Olaf Kohrsmeyer Art Noriega Steve Keup Michael Comras, via phone Non -board members in attendance: Abigael Mahony, Acting Executive Director Xavier Alban, City of Miami Legal Department Tonya Bravo, Juggerknot Theater Productions Commissioner Russell called the meeting to order at 2:05 PM. 1. Approval of BID Board Draft meeting minutes from June 26, 2019 Upon a properly made and seconded motion, the Board unanimously voted to approve the meeting meetings for June 26, 2019. Motion: Lauren Carra Second: Olaf Kohrsmeyer Item passed unanimously 2. Presentation by Tonya Bravo, Juggerknot Theater Tonya Bravo, Executive Director with Juggerknot Theater, presented "Miami Hotel Stories", an interactive theater experience requesting. Upon a properly made and seconded motion, the Board resolved their support for the concept and requested that BID administration work with Juggerknot Theater to understand the economics of the project, including identifying a location for the event to take place. The board requested that the administration work with Juggerknot Theater only a fully vetted budget, to be back to the board for approval. Motion: Art Noriega Second: Lauren Carra Item passed unanimously- 3. Approval of FY19-20 Budget: Upon a properly made and seconded motion, the board resolved to approve the proposed FY19-20 budget reflecting only the revenue categories for Streetscape, Security, Sanitation, Special Events, Marketing, Capital Projects, and General Administrative. The sub -categories within each of these line items will be determined by the respective Marketing and Projects Committee at a later date. Motion: Art Noriega Second: Steve Keup Item passed unanimously 4. Approval of Draft Budget Resolution to submit to City of Miami: Upon a properly made and seconded motion, the board resolved to approve and submit the budget resolution and budget attachment to the City of Miami. Motion: Art Noriega Second: Steve Keup Item passed unanimously Coconut Grove Business Improvement District Budget Template FY 2019-20 Proposed Budget FY 2015-16 Actual FY 2016-17 Actual FY 2017-18 Actual FY 2018-19 Budget FY 2018-19 Projection FY 2019-20 Proposed Difference Notes Number of Full -Time Positions 3 3 3 4 3 4 0 Are any positions funded in other budgets? No If so, how much is in this budget? N/A If so, how much is in the other budget? N/A Revenues Parking Waiver Fees $371,968 $367,437 $390,700 $378,724 $402,323 $392,573 +$13,849 Parking Surcharge $276,091 $272,000 $275,000 $280,000 $285,000 $300,000 +$20,000 Special Event Supplemental Fees $30,356 $11,501 $11,000 $2,500 $17,094 $17,000 +$14,500 Sidewalk Cafe Fees $33,751 $44,654 $45,000 $32,057 $26,560 $30,907 -$1,150 Overhead Banner Fees 57,217 $6,858 $6,000 $6,000 $5,500 $7,500 +$1,500 BID Assessment Dues $493,455 $509,428 $507,277 $494,695 $512,971 $510,000 +$15,305 Regatta Park Parking $0 $0 $21,600 $25,200 $46,370 $45,000 +$19,800 Other Income $6,145 $24,821 $0 $0 $26,575 $0 $0 Investment Income $491,578 $579,896 $190,000 $120,000 $254,678 $100,000 -520,000 Collections Deferred $0 $0 $15,000 $5,000 $0 $5,000 $0 Contribution from BID fund $400,000 $1,992,000 $3,926,457 $0 $3,840,239 Revenue Grand Total $1,710,561 $2,216,595 $3,453,577 $5,270,633 $1,577,071 $5,248,219 $63,804 Expenditures Regular Salary and Wages $238,831 $223,381 $260,000 $265,000 $235,000 $270,000 +$5,000 Fully Staffed Fringe Benefits 50 $0 50 $0 50 $0 $0 FICA Taxes $16,000 $16,832 $21,757 $21,020 $17,975 $24,435 +$3,415 Retirement Contributions $0 $0 $3,000 $3,000 $0 $0 $0 Projected employment contracts do not include retirement contribution Life and Health Insurance $20,500 $16,015 $22,000 $31,020 $20,579 $48,804 +$17,784 The increase is due to a projected 4 full time employees instead of 2 full time employees Workers' Compensation $775 $737 $737 $737 $0 $0 -$737 Professional Services - Legal $0 $0 $0 $0 $0 $0 $0 Professional Services $0 $0 $0 $0 $0 $45,000 +$45,000 Parking Waiver and Sidewalk Study Accounting and Auditing $76,500 $76,000 $76,500 $76,500 $76,500 $83,500 +$7,000 Annual bookkeeping $72,000 and Annual Audit $11,500 Other Contractual Services $308,216 $369,324 $489,700 $604,500 $532,016 $573,500 -531,000 Increase in Security and Sanitation hours/cost. This line item also includes streetscape Travel and Per Diem $2,000 $2,000 $1,000 $1,000 $200 $1,000 $0 Communications and Related Services $0 $0 $50,000 $72,000 $72,000 $0 -$72,000 The money will be allocated toward marketing & research Postage $1,000 $1,000 $1,000 $1,000 $1,000 $0 -$1,000 Utility $5,000 $5,190 $7,000 $7,000 $7,000 $7,000 $0 Rentals and Leases $38,000 $39,427 $46,403 $46,000 546,000 $49,872 +$3,872 office rent increase from $3833/m to $4156/m Repair and Maintenance Services $0 $0 $0 $0 $0 $0 $0 Printing and Binding $24,000 $25,195 $27,000 $27,000 $27,902 $0 -$27,000 Advertising and Related Costs $153,729 $228,289 $535,900 $534,000 $423,662 $629,098 +$95,098 Increase of Marketing & Advertising Office Supplies $7,000 $7,000 $6,500 $7,000 $6,500 $8,000 +$1,000 Operating Supplies $0 50 $0 $0 $0 $0 $0 Motor Fuel $0 $0 $0 $0 $0 $0 $0 Public Safety Supplies $0 $0 $0 $0 $0 50 $0 Subscriptions, Memberships, and Licenses $4,500 $4,500 $5,000 $5,000 $8,000 $7,500 +$2,500 Interfund Transfer 50 $0 $0 $0 $0 $0 $0 Capital Projects and Purchases $120,953 $509,131 $1,748,200 $3,444,856 $824,522 $3,325,824 -$119,032 Some projects were completed All Other Expenditures $324,903 $206,091 $151,880 $124,000 $116,880 $174,686 +$50,686 Special events and BID events Budget Reserve $0 $0 $0 $0 $0 $0 $0 Expenditure Grand Total $1,341,907 $1,730,112 $3,453,577 $5,270,633 $2,415,736 $5,248,219 -$19,414 Revenues Minus Expenditures Increase in revenue & decrease in $368,654 $486,483 $0 $0 -$838,665 $0 $83,218 expenses Printed: 8/13/2019 5:46 PM Page 1 of Coconut Grove Business Improvement District Proposed FY19-20 Budget Approved FY18- 19 Budget Actual as of June 30, 2019 Projected FY18-19 Totals Proposed FY19-20 Budget FY18-19 and Proposed FY19-20 Budget Variance Comments on Variance REVENUES Parking Waiver fees $378,724 $288,740 $402,323 $392,573 $13,849 Annual projected collection is $436,192 minus 10% contribution to Parking Trust Fund as per ordinance. Parking Surcharge $280,000 $285,000 $285,000 $300,000 $20,000 Revenue restricted in how the funds can be utilized Special Events supplemental fees $2,500 $17,094 $17,094 $17,000 $14,500 Increase in events occuring within the BID district Sidewalk cafe fees $32,057 $8,878 $26,560 $30,907 ($1,150) Decrease of Sidewalk cafe fees Banner fees $6,000 $5,500 $5,500 $7,500 $1,500 Increase expected due to additional booking of banners through FY19-20 BID assessments $494,695 $511,944 $512,971 $510,000 $15,305 Estimated amount to be Billed: $541K. Early payment discount at 3% of the projected 85% of the total amount, 10% of 2% of average discount and 5% of 0% discount. It also includes a 2% processing fee for Miami Dade County. With all these factors considered the estimated annual payments would be $510K Regatta Park Parking Contribution $25,200 $46,370 $46,370 $45,000 $19,800 Based on current collections Investment Income $120,000 $254,678 $254,678 $100,000 ($20,000) Based on the projected utilization of the investment fund to subsidize projects. Other Income $0 $26,575 $26,575 $0 $0 Miscellaneous income, refunds received through -out the year. Collections deferred $5,000 $0 $0 $5,000 $0 Contribution from BID Fund for marketing, projects, and operational initiatives $3,926,457 $0 $0 $3,840,239 ($86,218) The FY'20 Capital Budget includes funds for undergrounding of FPL lines, Grove wayfinding, Signage, Main Highway Sidewalk improvement, facade improvement and grant program, and improvements at Peacock Park. Total Revenue $5,270,633 $1,444,779 $1,577,071 $5,248,219 ($22,414) Approved FY18- 19 Budget Actual as of June 30, 2019 Projected FY18-19 Totals Proposed FY19-20 Budget FY18-19 and Proposed FY19-20 Budget Variance Comments on Variance EXPENSES Streetscape $248,500 $146,697 $193,332 $178,500 ($70,000) Decrease in expenses as Bayshore Median planting is completed Security $191,000 $152,885 $187,500 $205,000 $14,000 BID to procure new contract with potential increase in hours Sanitation $165,000 $134,262 $165,000 $190,000 $25,000 BID to procure new contract with potential increase in hours Special Events & BID events $144,500 $115,680 $116,880 $159,600 $15,100 Special event initiative with purpose of sponsorship of other community events: theater activation, arts festival, songwriter's festival, yoga Marketing & Advertising $606,000 $409,552 $495,662 $629,098 $23,098 Re -allocation of money away from print to other advertising options Capital Projects $3,444,856 $210,161 $874,522 $3,325,824 ($119,032) All major projects to remain funded. General & Administrative $470,777 $311,830 $432,840 $560,197 $89,420 Four full-time positions and health care (FY18-19 only allocated to 2 people for health care); new line item for Parking Waiver & Sidewalk Cafe study Total Expenditure $5,270,633 $1,481,067 $2,465,736 $5,248,219 ($22,414)