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)