HomeMy WebLinkAboutComposite Exhibit AComposite Exhibit A:
SEOPVV CRA Board approval of Fiscal Year 2020-2021
Budget, with all attachments thereto,
and Budget Form
Southeast Overtown/Park West
Community Redevelopment Agency
Legislation
CRA Resolution: CRA-R-20-0010
File Number: 7799 Final Action Date:8/31/2020
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENT(S), APPROVING AND ADOPTING THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY'S
PROPOSED GENERAL OPERATING AND TAX INCREMENT FUND BUDGET, IN
THE AMOUNT OF $80,658,213.00, FOR THE FISCAL YEAR COMMENCING
OCTOBER 1, 2020 AND ENDING SEPTEMBER 30, 2021 AS SET FORTH IN
EXHIBIT "A"; DIRECTING THE EXECUTIVE DIRECTOR TO TRANSMIT A COPY
OF SAID BUDGET TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency
("SEOPW CRA") is responsible for carrying out community redevelopment activities and
projects within its Redevelopment Area in accordance with the 2009 Southeast Overtown/Park
West Redevelopment Plan ("Plan"); and
WHEREAS, as a prerequisite to carrying out redevelopment activities for the fiscal year
commencing October 1, 2020 and ending September 30, 2021 ("FY 2020-2021"), it is required
that the SEOPW CRA's Board of Commissioners approve and adopt the annual General
Operating and Tax Increment Fund Budget ("Budget"), attached and incorporated as Exhibit
"A"; and
WHEREAS, pursuant to Interlocal Agreements, a copy of the SEOPW CRA's budget is
required to be transmitted to the City of Miami and Miami -Dade County; and
WHEREAS, all the expenses included in the Budget are in accordance with state law,
Interlocal Agreements, and the Plan; and
WHEREAS, the Budget contemplates an across-the-board adjustment in staff salaries
including the executive director. This adjustment does not increase the total "Regular Salaries"
budget amount authorized for the previous year; and
WHEREAS, the Board of Commissioners wish to approve and adopt the SEOPW CRA's
Budget for FY 2020-2021 as set forth in Exhibit "A", in the amount of $80,658,213.00;
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.
City of Miami Page 1 of 2 File ID: 7799 (Revision:) Printed On: 8/31/2020
File ID: 7799 Enactment Number: CRA-R-20-0010
Section 2. The Southeast Overtown/Park West Community Redevelopment Agency's
General Operating and Tax Increment Fund Budget, in the amount of $80,658,213.00, for the
fiscal year commencing October 1, 2020 and ending September 30, 2021, as set forth in Exhibit
"A", is hereby approved and adopted.
Section 3. The Executive Director is directed to transmit a copy of said 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 LEGAL SUFFICIENCY:
r Ecukive
iver, Director 8/21/2020
City of Miami Page 2 of 2 File ID: 7799 (Revision:) Printed on: 8/31/2020
Southeast Overtown/Park West
Community Redevelopment Agency
Master Report
Enactment Number: CRA-R-20-0010
819 NW 2nd Ave
3rd Floor
Miami, FL 33136
http://miamicra.com
File Number: 7799
Revision:
File Type: CRA Resolution
Status: ADOPTED
Controlling Body: Southeast
Overtown/Park West CRA
File Name: Resolution approving and adopting the General Introduced: 8/21/2020
Operating and Tax Increment Fund Budget, in the amount
Requesting Dept: Southeast Overtown/Park West CRA Final Action Date: 8/31/2020
Title: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY, WITH
ATTACHMENT(S), APPROVING AND ADOPTING THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY'S PROPOSED
GENERAL OPERATING AND TAX INCREMENT FUND BUDGET, IN THE AMOUNT OF
$80,658,213.00, FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2020 AND
ENDING SEPTEMBER 30, 2021 AS SET FORTH IN EXHIBIT "A"; DIRECTING THE
EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF SAID BUDGET TO THE CITY OF
MIAMI AND MIAMI-DADE COUNTY.
Notes:
Links:
Attachments: File # 7799 - Exhibit A (PDF)
History of Legislative File:
Revision: Acting Body:
Date: Action: Result:
Miguel A Valentin
Cornelius Shiver
Southeast Overtown/Park
West CRA
Southeast Overtown/Park
West CRA
City Clerk's Office
8/21/2020
8/21/2020
8/31/2020
8/31/2020
8/31/2020
Finance Review
Approved as to Form and Legal
Sufficiency
Meeting
ADOPTED
Rendered
Completed
Completed
Completed
Passed
Completed
City of Miami Page 1 of 1 Printed on: 8/31/2020
Exhibit "A"
SEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET
FY 2021
PROPOSED
BUDGET
FY 2020
ADOPTED
BUDGET
BUDGET
VARIANCE
REVENUES
CITY OF MIAMI - TAX INCREMENT {ORIGINAL BOUNDARIES)
518,557,982
$10,601,252
$7,956,730
MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES)
$11,292,971
$6,528,016
$4,764,955
CITY OF MIAMI -TAX INCREMENT (EXPANDED BOUNDARIES)
$1,015,970
$746,198
$269,772
MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES)
$616,657
$459,216
$157,441
CITY OF MIAMI - TAX INCREMENT (PARK WEST ADDITION)
$1,123,257
$1,111,286
$11,971
MIAMI DADE COUNTY - TAX INCREMENT (PARK WEST ADDITION)
$682,016
$684,916
-$2,900
Total 2O21 TIF Revenue $33,288,853
2021 CONTRIBUTION FROM THE CHILDREN TRUST FUND (ESTIMATE)
$998,666
$774,857
$223,809
PROCEEDS OF SALE OF BLOCK 55 (ESTIMATE)
$16,020,000
$18,000,000
-$1,980,000
2020 ESTIMATED FUND BALANCE
$30,350,693
$27,367,500
$2,983,193
TOTAL REVENUE
$80,658,212
$66,273,241
$14,384,971
REDEVELOPMENT EXPENDITURES
PROFESSIONAL SERVICES - LEGAL
$300,000
$378,801
-$78,801
ACCOUNTING AND AUDIT
$31,000
$31,000
$0
PROFESSIONAL SERVICES - OTHER
$1,584,800
$1,924,996
-$340,196
OTHER CONTRACTUAL SERVICES
$877,690
$576,872
$300,818
DEBT SERVICE PAYMENT
$4,513,375
$4,514,250
-$875
INTERFUND TRANSFER
$17,038,422
$14,411,844
$2,626,578
LAND
$0
$5,500
-$5,500
CONSTRUCTION IN PROGRESS
$1,966,224
$2,445,294
-$479,070
OTHER GRANTS AND AIDS
$50,554,996
$38,202,908
$12,352,088
TOTAL REDEVELOPMENT EXPENDITURES
$76,866,507
$62,491,465
$14,375,042
REGULAR SALARIES
$1,308,306
$1,308,306
$0
FICA TAXES
$100,086
$100,086
$0
LIFE AND HEALTH INSURANCE
$185,448
$185,000
$448
RETIREMENT CONTRIBUTION
$119,211
$107,329
$11,882
FRINGE BENEFITS
$26,699
$29,099
-$2,401
OTHER CONTRACTUAL SERVICE
$120,230
$120,230
$0
TRAVEL AND PER DIEM
$30,000
$30,000
$0
UTILITY SERVICE
$69,000
$69,000
$0
INSURANCE
$172,583
$172,583
$0
OTHER CURRENT CHARGE
$86,392
$86,392
$0
SUPPLIES
$12,000
$12,000
$0
OPERATING SUPPLIES
$12,000
$12,000
$0
SUBSCRIPTION MEMBERSHIP/TRAINING
$15,000
$15,000
$0
MACHINERY AND EQUIPMENT
$3,000
$3,000
$0
ADVERTISING
$75,000
$75,000
$0
RENTAL AND LEASES
$79,000
$79,000
$0
POSTAGE
$2,000
$2,000
$0
REPAIR/MAINTENANCE - OUTSIDE
$2,000
$2,000
$0
INTERFUND TRANSFER
$30,000
$30,000
$0
TOTAL ADMINISTRATIVE EXPENDITURES
$2,447,954
$2,438,025
$9,929
Revenue Shortfall Reserve
FY 2021 BUDGET RESERVE - ADMINISTRATION
$240,000
$240,000
$0
FY 2016 Carryover Fund Balance (Surplus)
$272,270
$272,270
$0
FY 2017 Carryover Fund Balance (Surplus)
$321,755
$321,755
$0
FY 2018 Carryover Fund Balance (Surplus)
$309,727
$309,727
$0
FY 2019 Carryover Fund Balance (Surplus)
$200,000
$200,000
$0
TOTAL REVENUE SHORTFALL RESERVE
$1,343,751
$1,343,751
$0
TOTAL FUND BALANCE
$80,658,213
$66,273,241
$14,384,971
2021 TIF Revenue
2021 Administrative Expenditures
% Administrative Exp / 2021 TIF Revenue
$0
$33,288,853
$2,447,954
7%
2021 Budget Reserve $1,343,751
Total 2021 Budget $80,658,213
% 2021 Budget Reserve / Total 2021 Budget 2%
$0
$0
1
Exhibit "A"
SEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET
FY 2021
PROPOSED
BUDGET
FY 2020
ADOPTED
BUDGET
BUDGET
VARIANCE
REVENUES
CITY OF MIAMI - TAX INCREMENT {ORIGINAL BOUNDARIES)
518,557,982
$10,601,252
$7,956,730
MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES)
$11,292,971
$6,528,016
$4,764,955
CITY OF MIAMI -TAX INCREMENT (EXPANDED BOUNDARIES)
$1,015,970
$746,198
$269,772
MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES)
$616,657
$459,216
$157,441
CITY OF MIAMI - TAX INCREMENT (PARK WEST ADDITION)
$1,123,257
$1,111,286
$11,971
MIAMI DADE COUNTY - TAX INCREMENT (PARK WEST ADDITION)
$682,016
$684,916
-$2,900
Total 2O21 TIF Revenue $33,288,853
2021 CONTRIBUTION FROM THE CHILDREN TRUST FUND (ESTIMATE)
$998,666
$774,857
$223,809
PROCEEDS OF SALE OF BLOCK 55 (ESTIMATE)
$16,020,000
$18,000,000
-$1,980,000
2020 ESTIMATED FUND BALANCE
$30,350,693
$27,367,500
$2,983,193
TOTAL REVENUE
$80,658,212
$66,273,241
$14,384,971
REDEVELOPMENT EXPENDITURES
PROFESSIONAL SERVICES - LEGAL
$300,000
$378,801
-$78,801
ACCOUNTING AND AUDIT
$31,000
$31,000
$0
PROFESSIONAL SERVICES - OTHER
$1,584,800
$1,924,996
-$340,196
OTHER CONTRACTUAL SERVICES
$877,690
$576,872
$300,818
DEBT SERVICE PAYMENT
$4,513,375
$4,514,250
-$875
INTERFUND TRANSFER
$17,038,422
$14,411,844
$2,626,578
LAND
$0
$5,500
-$5,500
CONSTRUCTION IN PROGRESS
$1,966,224
$2,445,294
-$479,070
OTHER GRANTS AND AIDS
$50,554,996
$38,202,908
$12,352,088
TOTAL REDEVELOPMENT EXPENDITURES
$76,866,507
$62,491,465
$14,375,042
REGULAR SALARIES
$1,308,306
$1,308,306
$0
FICA TAXES
$100,086
$100,086
$0
LIFE AND HEALTH INSURANCE
$185,448
$185,000
$448
RETIREMENT CONTRIBUTION
$119,211
$107,329
$11,882
FRINGE BENEFITS
$26,699
$29,099
-$2,401
OTHER CONTRACTUAL SERVICE
$120,230
$120,230
$0
TRAVEL AND PER DIEM
$30,000
$30,000
$0
UTILITY SERVICE
$69,000
$69,000
$0
INSURANCE
$172,583
$172,583
$0
OTHER CURRENT CHARGE
$86,392
$86,392
$0
SUPPLIES
$12,000
$12,000
$0
OPERATING SUPPLIES
$12,000
$12,000
$0
SUBSCRIPTION MEMBERSHIP/TRAINING
$15,000
$15,000
$0
MACHINERY AND EQUIPMENT
$3,000
$3,000
$0
ADVERTISING
$75,000
$75,000
$0
RENTAL AND LEASES
$79,000
$79,000
$0
POSTAGE
$2,000
$2,000
$0
REPAIR/MAINTENANCE - OUTSIDE
$2,000
$2,000
$0
INTERFUND TRANSFER
$30,000
$30,000
$0
TOTAL ADMINISTRATIVE EXPENDITURES
$2,447,954
$2,438,025
$9,929
Revenue Shortfall Reserve
FY 2021 BUDGET RESERVE - ADMINISTRATION
$240,000
$240,000
$0
FY 2016 Carryover Fund Balance (Surplus)
$272,270
$272,270
$0
FY 2017 Carryover Fund Balance (Surplus)
$321,755
$321,755
$0
FY 2018 Carryover Fund Balance (Surplus)
$309,727
$309,727
$0
FY 2019 Carryover Fund Balance (Surplus)
$200,000
$200,000
$0
TOTAL REVENUE SHORTFALL RESERVE
$1,343,751
$1,343,751
$0
TOTAL FUND BALANCE
$80,658,213
$66,273,241
$14,384,971
2021 TIF Revenue
2021 Administrative Expenditures
% Administrative Exp / 2021 TIF Revenue
$0
$33,288,853
$2,447,954
7%
2021 Budget Reserve $1,343,751
Total 2021 Budget $80,658,213
% 2021 Budget Reserve / Total 2021 Budget 2%
$0
$0
1