Loading...
HomeMy WebLinkAboutExhibit AMIDTOWN CRA SPECIAL REVENUE FUND BUDGET FY 2022 Proposed Budget FY 2021 Adopted Budget Budget Variance Revenues ADVALOREM TAXES - CITY OF MIAMI $7,131,696 $6,121,474 $1,010,222 ADVALOREM TAXES - MIAMI DADE COUNTY $4,340,640 $3,725,199 $615,441 2021's CARRYOVER FUND BALANCE $9,166,082 $5,432,473 $3 733,609 TOTAL REVENUES $20,638,418 $15,279,146 $5,359,272 Expenditures INTERFUND TRANSFER (Administration - 1% out of FY 2022 TIE revenue} $114,723 $98,467 $16,256 OTHER CURRENT CHARGES AND OBLIG $20,523,694 $15,180,679 $5,343,015 TOTAL EXPENDITURES $20,638,417 $15,279,146 $5,359,271 REVENUE LESS EXPENDITURES $0 , $0 _ $0 1 INTERFUND TRANSFER 114,723 Available funds far adminIstratlori In fiscal year 2022, (1% of total TIF collected $11,472,335) OTHER CURRENT CHARGES AND OBLIGATIONS $ 20,523,694 Funds to be used to satisfy the annual debt obligation incurred by the Cull] relating to the construction of the Plaza and Parking Garage, 2022's TIF COMPUTATION Multiply 6y 95% City Operating Millage- Current Year County Operating Millage - Currant Year Gross Advaloreni (City) Gross Advalorent (County) Clly Operating Mlllaga County Operating Millage Adjustment 3y Value Adjustment Board Divided By 1000 Multiply By 95% City Operating Millage County Operating Mlllane Adjustment (City) Adjustment (County) City County FY 2021.2022 FY 2021-2022 1,020,493,160 1,020,493,106 (29,261,592) (29,281,592) 991,211,571 991,211,574 991,212 941,051 7.0666 $7,219,107 901,212 941,651 4,0060 1)4,394,501 (12,168, 64 8) (12,188,840) (12,169) (12,169) (11,560) (11,580) 7.5065 (67,472) $7,131,696 4.6669 (53,961) $4,340,640 $01,472,335 2 201,4AAmorltlzallonSchedule Surnl•AnntlaI "Used on DIstrlcts schedule and 7.01.4A bond amorRI4otion Schedule *Pg, 3a) FY' hate. 11 1/2414 Princlp4l 'Payment lntarnat T.otel Pmt Payne ent • 1,S80,7ii 1,388,711 Nevf,May Play/Nov (FY • (FY- OS Princlpa).t 1111Rresly Interest)• rYUna 5(1 0;18 1,5313,000 , 14�17r.000 342,006 .4,5565,717 2 930,717 11/1/2015 1,512,263 1,512,263 FY 20113 5/1/2016 1,705,000 1,512,263 3,217,263 4 729 525 3 0244525 11/1/2016 FY2017 5/1/2017 11/1/2017 1,Y 2010 5/1/2018 11/1/201 FY 201 91/2019 11/1/2019 pY2020 5 1 2020 11/1/200 FYZ021 5/1/2071 11/1/2021 FY2022 5/1/2022 1.1/1/2022 FY 2024 5/1/2023 11/1/2023 1,Y207.4 5/1(202..4 11/1,Po24 FY7025 5/1/2.025 11/1/2025 1,476,031 1,476,081 1,780,000 1,176,031 3,2.56,031 1,732,063 41952,063 1,493,200 1,43 ,206 1 860 000 1 h 4FG 3,2999,205 4 736,413 2,876,415 1,398,601 1,358,681 1,940,000 13911,681 3,338,6131 4,737,363 7,797 163 1,357,456 1,357,456 �.M25rU(10 1,357,486 3,344486 4,739,913 2,714,913 "-. 1,314,425 1,31.4,423 21:ta,000 _ 1,291,953 wM .31406,953 4,721,378 2,606 373 1,291,953 1,291,953 2 7.05 000 1,7.46,053 3 45 ),,W3 4,743,006 2,530,006 1,246,053 1,246,053 2300,000 1,193,36E1 3,498,183 4744,241 2444/241 1.,198,180 1,198,1811 2 400,000 1,148,280 3,548,250 4,746,438 2,346,438 1,14d 50 7E48,250 -- 2,1315,000 1,091,813 3,605,313 4,754 863 2 239 563 1,0917313 1,591,3113 FY 2026 5/1./2026 11(1/2020 210000 1,026,t}1 i,076,Ei671 13Q763125 211l5,125 13 FY 2027 5/1/2027µ 22780400 959,0000 3.799,003 4,765,813 1„985,813 � 1171/'1.07.7 990,000 , 959,000y FY2,07.8 5/1/2023 2,9213000 897,038 3,612,683 4,771,688 1,846,G88 ._.._...,.,..._..Cr/1/70'!� �» 8876118 8E17,6 88 .� . . , „ . FY 2029 5/2/1029 3,07{1,OOM 812,750 3,857,750 4770,438 1,700 438 11/1/2029 81.2,750 812,730 FY2033 5/1/2030 3_230000 734,000 3,904,000 4,776,750 2,546,750 11 1 2030 734,000 734,000 FY7031, 5/1/7,031 31.395,000 551,188 4,046,183 .4,780,:188 Kley/ !ov (t3c,ncl Wow Willy/NovZond Year 11/3, - • (Per 3en.1- Princlpo! I. 05Interest) In�tnrosl,)��T_` 2024 2,383,712 1,383,715. I'1. I.T.w,...w...n. .. _ 2016 4,6J4,269 8,059,209 2016 4,693,294 r�2,a8$,294 2017 4,694,235 2,914,235 2018 4,59G,8811 2,a8G,gga" ,13 7019 476968 2,71,>-613 2020 4,6'6,88:1- 2 fi11,881. 7.071 4,698,9011 2,583, 906 4,697,106 `2,497,106 11/1/1031 651,18 651,188 FY 2092 5i/1/2032 3,570,000 554,125 4,114,125 4 785 313 1,27,5,3;13 - 1:l/1/201 594,325 564,125 FY 2033 5/i/2033 3,70,000 472,62y 4,22.2,625 4 786#750 1 385 1.83 103G,750 11/1/2033 472,625 472,625 FY2021 5/1./..2034 3,945,000 376,438 4,121,438 4294,063 649003 11/1 f 2034 • 376,438 370,478 '2.055 5/1/2036 4,145,000 _ _.... 275,313 4r420,813 4,79G 75Q 05'1,750, ..d...�...r�.m.l✓-`..-.+ W �,�,NMF�•M.-a-1NA WMMI '• ••• y 11/1/2035 275,313 275,513 FY2.035 8/1/2036 4,360,000 169,000 4,9.9,000 4,801,313 441,313 21122 2023 4,696,375 2,395,375 2024 - - 17596,300 2026 2026 2027 2029 2,295,500 4,G1)7,625 2,182,62E 4,693,625 -2,05367s 4,699,000 1,919,000 4,700,375 7,77s,375 2019 4,695,500 1,62 00 20 iq � 4,698;01)0 1,4a1760W Mw.a.�.,..w,.rrw.iurn...«...e.ww.a.,w. 2031 4,697,375 1,302, i7�i 2032 4,598,2550 1,12£5,250 2033 4,695,750 � 945 250� "2051 4,997,075 .., 752,1175 11/1/2035 169,000 .169,000 FY2037 $(1/7037 4, 500,000 114,500 4,694,500 q. 863,500 _ G4,875,000 /i4,534,3°4 109,,40O,004 7.085 4,695,625 550,975 2036 4,6913,000 - 3311,,000 78 ),r0 2037 4,594,500 109,109,304 Source: Midtown Miami Community Development District Series 2014A and 2014E Bond Special Assessments and Tax Increment Revenue Year Ending Series 2014A Not Series 2014A Special Debt Soviet: TIIR Reventrelzl Assessment 1 I.1I/2014 1 I/I/2015 11/1/2016 11/I/2017 11/1/2018 11/1/2019 1 1/ 1/2020 11/1/2021 11/ 112022 11/1/2023 11/ 112024 11/1.12025 11/1 /2026 1 111 /2027 1.1/1/2028 11/1/2029 11/1/203D 1 I/11203I 1 1/1/2032 1 1/ 1 /203 3 11/1 /2034 1 1/1/2035 11/1/2036 11/1/2037 Total $ 4,767,211t1) $ 4,694,269 4,693,294 4,694,238 4,696,888 4,696,138 4,696,881 4,698,906 4,697,106 4,696,375 4,696,500 4,697,625 4,698,625 4,698,000 4,700,375 4,695,500 4,698,000 4,697,375 4,698,250 4,695,250 4,697,875 4,695,62,5 4,698,000 4,694,500 S112;792,805 3,332,159 3,365,481 3,399,135 3,43 3,127 3,467,458 3,502,133 3,537,154 3,572,525 3,608,251 3,644,333 3,680,777 3,717,584 3,754,760 3,792,308 3,830,231 3,868,533 3,907,218 3,946,291 3,985,754 4,025,611 4,065,867 4,106,526 4,147,591 4,189,067 $ 89,879,874 Series 2014B Deb Service $ 1,43 5,052 1,328,788 1,294,158 1,261,111 1,229,429 1,194,005 1,159,727 1,126,331 1,088,856 1,052,042 1,015,723 980,041 943,865 905,692 870,144 826,967 790,782 751,084 712,496 669,639 632,008 589,099 550,409 505,433 t�. -22,912,931 (1) (2) (3) Includes Series 2004A Bonds and Series 2014A Bonds debt serivice, Assumes actual 2014 Tax Increment Revenue of $3,332,159 with purposes only, Actual Tax Increment Revenue rtmounl is dependent values Its described above under "Tax Increment Revenues." Includes Series 2004B Bonds and Series 201413 Bonds debt seduce, Debt Service Reserve Fund $ 1,968,669t3> 1,951,725 1,957,081 1,951,163 1,953,969 1,955,288 1,955,119 1,953,463 1,950,319 1,950,581 1,949,144 1,951,875 1,953,250 1,951,875 1,952,625 1,950,375 1,950,000 1,951,250 1,949, 000 1,953,000 1,948, I25 1,954,125 1,955,625 1,952,625 $ 46070,269 Total Series 2014 Debt Service $ 6,735,380 6,645,994 6,650,375 6,645,400 6,650,856 6,651,425 6,652,000 6,652,369 6,647,425 6,646,956 6,645,644 6,649,500 6,651,875 6,649,875 6,653,000 6,645,875 6,648,000 6,648,625 6,647,250 6,648,250 6,646,000 6,649,750 6,653,625 6,647 125 $159,663,073 Total Not Speeial Assessment $ 3,403,721 3,280,513 3,251,240 3,212,273 3,183,398 3,149,292 3,114,846 3,079,843 3,039,174 3,002,623 2,964,867 2,931,916 2,897,115 2,857,367 2, 822,769 2,777,342 2,740,782 2,702,334 2,661,496 2,622,639 2,530,133 2,543,224 2,506,034 2,458,058 .-�. G9.783.200 '1% annual growth rate thereafter, For illustrative upon n number of factors, including future property Separate accounts within the Debt Service Reserve Fund will be maintained under the Indenture for the benefit of the Series 20.14 Bends. Pursuant to the Indenture, tho Series 2014A Debt Service Reserve Requirement means $1,000,000 and the Series 2014B Debt Service Reserve Requirement means 50% of the maximum annual debt service of the Series 2014B Bonds on the date of their original issuance and delivery, Amounts on deposit in the Series 2014 Debt Service Reserve Account will be used to cure any deficiency in the Interest, Principal and Sinking Fund Accounts for the Series 2014 Bonds, The maximum annual debt service for the Series 2014A .Bonds is $4,700,375,00 and the maximum annual debt service for the Series 2014B Bonds is $1,957,081,25. The amount of Tax Increment Revenues received by the District from the Midtown CRA on April 3, 2014, was $3,332,159, which amount will fluctuate in future years as further described herein, The Tax Increment Revenues are used solely to pay debt service on the Series 2014A Bonds and reduces the amount of special assessments collected to pay debt service on the Series 2014A Bonds, 27 Source: Midtown [ liar mi Community Deve}ailment District Series 2014A and 2014B Bond DEBT SERVICE RE IUIRENIENTSt1) The following table sets forth the approximate debt service requirements for the Series 2014 Bonds: Year Ending 2014A Bonds November 1 Principals° 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Total $ 1,635,000 1,705,000 1,780,000 1,860,000 1,940,000 2,025,000 2,115,000 2,205,000 2,300,000 2,400,000 2,515,000 2,645,000 2,780,000 2,925,000 3,070,000 3,230,000 3,395,000 3,570,000 3,750,000 3,945,000 4,145,000 4,360,000 4.580.000 $ 4.875,000 2014A Bonds Interest $ 1,383,711 3,059,269 2,988,294 2,914,238 2,836,888 2,756,138 2,671,881 2,583,906 2,492,106 2,396,375 2,296,500 2,182, 625 2,053,625 1,918,000 1,7 75,375 I,625,500 1,468,000 1,302,375 1,128,250 945,250 752,875 550,625 338,000 114_500 S44 534 305 2014A Bonds Total $ 1,383,711 4,694,269 4,693,294 4,694,238 4,696,888 4,696,138 4,696,881 4,698,906 4,697,106 4,696, 375 4,696,500 4,697,625 4,698,625 4,698,000 4,700,375 4,695,500 4,698,000 4,697,375 4,698,250 4,695,250 4,697, 875 4,695,625 4,698,000 4,694.500 $109.409,305 (1) Totals may not add due to rounding_ (2) Includes amortization installments_ 2014E Bonds Principal3 680,000 715,000 740,000 775,000 810,000 845,000 880,000 915,000 955,000 995,000 i 1,045,000 11,100,000 1,155,000 1,2I5,000 111,275,000 11,340,000 4,410,000 1,480,000 1,560,000 I,635,000 !!1,725,000 • 1,815,000 1.905.000 $26.970.000 38 2014B Bonds Series 2014B Interest Bonds Total $ 575,206 $ 575,206 1,271,725 1,951,725 1,242,081 1,957,081 1,211,163 1,951,163 1,178,969 1,953,969 1,145,288 1,955,288 1,110,119 1,955,119 1,073,463 1,953,463 1,035,319 1,950,319 995,581 1,950,581 954,144 1,949,144 906,875 1,951,875 853,250 1,953,250 796,875 1,951,875 737,625 1,952,625 675,375 1,950,375 610,000 1950,000 541,250 1,951,250 469,000 1,949,000 393,000 1,953,000 313,125 1,948,125 229,125 1,954,125 140,625 1,955,625 47,625 L952.625 $18.506,806 $45.476_806 Aggregate Debt Service $ 1,958,917 6,645,994 6,650,375 6,645,400 6,650,856 6,651,425 6,652,000 6,652,369 6,647,425 6,646,956 6,645,644 6,649,500 6,651,875 6,649,875 6,653,000 6,645,875 6,648,000 6,648,625 6,647,250 6,648,250 6,646,000 6,649,750 6,653,625 6.647.125 $154,886,11_.