HomeMy WebLinkAboutPre-LegislationA RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY ("CRA"), WITH ATTACHMENT(S),
ACCEPTING AND APPROVING 2020 PROPOSED BUDGET OF THE MIDTOWN
COMMUNITY REDEVELOPMENT AGENCY, ATTACHED AND INCORPORATED
AS EXHIBIT "A", IN THE AMOUNT OF $8,883,704, FOR THE FISCAL YEAR
COMMENCING OCTOBER 1, 2019 AND ENDING SEPTEMBER 30, 2020;
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
2018-2019, the Board of Commissioners of the CRA must approve the proposed Tax Increment
budget for the fiscal year commencing October 1, 2019 ending September 30, 2020.
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 COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
approved by reference and incorporated as if fully set forth in this Section.
Section 2. The Board of Commissioners of CRA hereby approves and adopts the 2020
proposed budget for the fiscal year commencing October 1, 2019 ending September 30, 2020
respectively.
Section 3. The Executive Director is directed to transmit a copy of each 2020
proposed 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:
Victoria Mendez, City Attorney
MIDTOWN CRA SPECIAL REVENUE FUND BUDGET
FY 2020
Proposed
Budget
FY 2019
Proposed
Budget
Budget
Variance
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$5,494,758
$4,221,173
$1,273,585
ADVALOREM TAXES - MIAMI DADE COUNTY
$3,388,946
$2,597,084
$791,862
TOTAL REVENUES
$8,883,704
$6,818,257
$2,065,447
Expenditures
INTERFUND TRANSFER (Administration - 1% out
of FY 2020 TIF revenue)
$88,837
$68,183
$20,654
OTHER CURRENT CHARGES AND OBLIG
$8,794,867
$6,750,074
$2,044,793
TOTAL EXPENDITURES
$8,883,704
$6,818,257
$2,065,447
REVENUE LESS EXPENDITURES
1
INTERFUND TRANSFER $ 88,837
Available funds for administration in fiscal year 2020. (1% of total TIF collected)
OTHER CURRENT CHARGES AND OBLIGATIONS $ 8,794,867
Funds to be used for the payment of principal and interest on the bonds.
2020 TIF COMPUTATION
Multiply By 95%
City Operating Millage - Current Year
County Operating Millage - Current Year
Gross Advalorem (City)
Gross Advalorem (County)
City Operating Millage
County Operating Millage
Adjustment By Value Adjustment Board
Divided By 1000
Multiply By 95%
City Operating Millage
County Operating Millage
Adjustment (City)
Adjustment (County)
City
FY 2019-2020
795,441,747
(29,281,592)
County
FY 2019-2020
795,441,747
(29,281,592)
766,160,155 766,160,155
766,160
727,852
7.5665
(1,774,406)
(1,774)
(1,686)
7.4365
766,160
727,852
4.6669
$5,507,293
(1,774,406)
(1,774)
(1,686)
4.6669
(12,536)
$3,396,813
(7,867)
$ 5,494,758 $ 3,388,946 $ 8,883,704
2