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HomeMy WebLinkAboutExhibit AMIDTOWN CRA SPECIAL REVENUE FUND BUDGET FY 2023 Proposed Budget FY2022 Adopted Budget Budget Variance Revenues ADVALOREM TAXES - CITY OF MIAMI $7,465,708 $7,131,696 $334,012 ADVALOREM TAXES - MIAMI DADE COUNTY $4,566,702 $4,340,640 $226,062 2022's CARRYOVER FUND BALANCE $15,882,606 $9,166,082 $6,716,524 TOTAL REVENUES $27,915,017 $20,638,418 $7,276,600 Expenditures INTERFUND TRANSFER (Administration - 1% out of FY 2023 TIF revenue) $120,324 $114,723 $5,601 OTHER CURRENT CHARGES AND OBLIG $27,794,693 $20,523,694 $7,270,999 TOTAL EXPENDITURES $27,915,017 $20,638,418 $7,276,600 REVENUE LESS EXPENDITURES $0 $0 $0 1 INTERFUND TRANSFER $ 120,324 Available funds for administration in fiscal year 2023, (1% of total TIF collected $12,032,411) OTHER CURRENT CHARGES AND OBLIGATIONS $ 27,794,693 Funds to be used to satisfy the annual debt obligation Incurred by the CDD relating to the construction of the Plaza and Parking Garage, 2023's TIF COMPUTATION Multiply By 95% City Operating Millage - Curront Year County Operating Millage Current Year Gross Advalorom (City) Gross Advalorom (County) City Operating Millage County Operating Millage Adjustment 3y Value Adjustment Board Divided By 1000 Multiply By 95% City Operating Millage County Operating Millage Adjustment (City) Adjustment (County) City County FY 2022.2023 FY 2022.2023 1,090,972,617 1,090,972,617 (29,281,592) (29,281,592) 1,061,691,025 1,061,691,025 1,061,691 1,061,691 1,008,606 1,008,606 7,5539 4.6202 (21,036,361) (21,035) (19,984) 7.6665 $7,618,912 (21,035,361) (21,035) (19,984) 4.6669 (163,204) $4,659,964 (93,261) 57,465,708 $4,566,702 512,032,411 2 201(1A Arnurl11zn13°n Schrdula $anil, Ann Liu 1 Nosed on laIslrlctghalth and 2014A bond tunorltlzotIon scl7cidulo'P(;, 38) FY Gnte PrinclpAi 'Pnyment lntarc3Gt nyntunt .Nav/Mny Total Pnit '• (FY . Prinlpol.+ 131Dir03It) Niny/Nov (i Y• DS Intorastl i 144. 4,::N•.ti•kiq 'L4J*+wwu.0 wMwwt.......w+...+.nw.,rJ..•.rw,,.w«.•.«.nr �--«+.n:rrvr«wnrvorhly • • , w..f«..... 11 1 2014 1,383, 711 1,383, 711 3,1`82,006 4,565,717 2,95t72117 1,512,203 3217,263 729,525 a 224,525 31,176,031 3,256,031 6,732,063 1,438,208 3 298,2,06 4,736.1413 1,338,68'1 3,338,681 1,7,37,863 1,357,45(i 3T382a45G �,739,D13 1,3.14,420 33406.4F153 4,721 d78 2 606 378 1,231,J53 3,453 053_ 4,743,006 - 2,53t3�D0G 1,246,053 3,498,188 4 711,241. 2,444,241 1.,1911,1 f10 FY201.13 51./2015 1.,63[31000 ,«. 1•t3471,006 1 2015 1,512,263 I'Y7,01/1/2 G 5016 1,705,000 a,512,263 , „.m. ... 11/1/2016 ;1,0126,031 1'1/4/2017 5/1/2017 1,780,000 1,476,031 .,.�....... h• 11/3 /2017/20'17.«�,✓.-war .ram r ... " 1' 4 38 20G V1,101D 5/;1/201.8� i»360,0000 11433200 '11/1/2018 ~'1,398,08'1 Pt 2019 5/1./20199 1,940,000 1398,681, . Ww 11/1./201<J..,�, n.. .. 1,857,456 PY/020 510020 ,..2,02 ,000 1,35.7,456_ . .� . ,» -Fa / 1 ./ 2-0-23- r-' 1,31.4,425 I,Y2021 5/1./2021. W;11157000 �� 17•91,h3 �,.., �'.11 '1/7.02'1 ....LW. mm1,291,953 PY 2022 5/1/2022 2t105,000 1,7,16,053w 1,246,05i 2,300,000 1,198,1833 1,:190,:188 M . 1:1/1/2022 PY7020 5/'1/20.28 1.1/1/2023 13Y7.02.4 5/1/2024 11/1./207,4 PY2025 5/1/2023 11/1/2025 13Y7006 5/1/2026 13./1/2026" PY2027 5/1/2027 -11.71%.621 13Y2028 13/'a/208 2,97,0 (500 807,6138 3,812,688 4,'7'71.,688 1,840,0(38 887,G88 887,63131 13Y2029 5/1/2029 3070,000 �WW 812,750 3,Of32,7•`i0 4770,43f3 170gA38 . , E31.2,"150 t312,7G0. 1,Y 2030 5/1./2030 3 280 000 734,000 mm 3,964,000 WA 77 0 1 63750 1.1/1%LOJU 734,000 781,000»� w PY2031, 6/1/2031 1,395,000 651,188 4,046,188 H f1t7f101,18if µ 1,38C�,ylfiil «.. 1.1/2/2031 (751,168 63)1,1318 I1Y2032 5/1/2032 ry 3 570 000 m T« 5Gn,125 »»«4,1d4 .125 4 7f35;113 1?:1.5,3;13 11/1/2032 504,11.5 �581,125~ w FY20na 5/1/7.033 3 '150,000 172,6231 _21,222�025 4 /f3G,7 i0 170 sG,'1 0 d,. 2,071 FY20111 5/1/2.034 3,945 000 87634438 4,32:13438 4 794,063 f34�J q69 .,..� 11/1/2034 ... 57G,408 ,. ily2(135 5/1/2035 4,1,(15,000 �.. �'� ,;1'd,3 Newµ»F�'h7,0�8'18 479(7{1S0 6 51,7,50 k lJ/1/2035 µ 77'j,i13 275,3.13 3:3(2006 5/1./2036 6,1360,000 169,000 4,52.9,000 .., 11,/1/2036 16:1,(IVU 1.G5),000 IY2037 5/1./2037 4y!if.3U�0U0 114,500 4 694,500 �I,E363,500 _.._ 79522,053 '2 876,413 2, 797,368 714 913 7 100,000 1,1413,250 3,568,250 41746,438 2,346,43ft 31,1413,50 T - 171411,250 7.%'I,fi3ODD w«» :t 091 i1'13 8,00(6,,313 4,754,5(i9 2,?.30r4iG3 1,091,fl�13 :1,0X1,5:13 »� . w w 2 0,43000.„_,- 1.,026,813 3,672,813 4263,129 �« »2{11f3 125 «1,026,613 '1,026,813 21780 000„. 9 959,000 - 799,0007±!?I ti13 ^_ 119, 1 D13 W 96D,000 . 59,000 � 47,594,89n 5:57:3,57 Muy/Nov (13ond Y.n:ar Mny/Nou 0ond font 11/1 • (Por 6unkl- Prinaipa1'i' q:; Intar0st) 0 rost•1 .. 2011 1,383,711 a,383,711 2016 4,694,269 3,059,2(59 2016 4,43,294 2,988,294 2017 1,694,238 2,914,298 2018 4,696,888 2,8'5,888« 501.9 - 4596,138 2,756,138 7.020 4,606,80:1- 2,672,8131 2023 1,6913406 2,563,906 W« 2(127�J� 0,G97,106 2,492,105 2029 4,699,37Sw 2,396,375 2; 024 4,696,500 2,296, 500 2025 4,697,fi25-2„l„3111,fi25` 2.9 0 4,098,67,5 «-2,053,5-75' 7027 ,w-4,898,000W 1,928,000 2026 4,700,37371776,875 2029 w._ 4 695,500 '1,62,900 ,.,,..,.,,WET...M.,.e«».,....�......�.,.,...».,,».... 20110 4,698,000 1,A60,000 2031 4,697,375 `1,302,376 «�«2..03 4,6913,780 1,128,250 ., 2033 - 4 695,250 «W 905,25(1 7084 4,697,i375 �� 752,875 2.088 . 4,696,625wW 550,67,"a 4,804,31i3 44nr313 __ _ 283,500 2037 4,694,500 101,e109,304' Source: Midtown Miami Community Development District Series 20'14A and 20'14B Bond Special Assessments and Tax Increment Revenue Net Series Year Series 2014A 201'IA Special Ending Debt. Service Tri/Ituvenuet�1 Assessment Lll/2014 $ 4,767,211t'1 $ 3,332,159 $ 1,435,052 I/1/2015 4,694,269 3,365,481 1,328,788 1/1/2016 4,693,294 3,399,135 1,2,94,158 1/1/2017 4,694,238 3,433,127 1,261,111 1/1/2018 4,696,888 3,467,458 1,229,429 1/1/2019 4,696,138 3,502,133 1,194,005 1/1/2020 /1,696,881 3,537,154 1,159,727 1/1/2021 41,698,906 3,572,525 1,126,381 1/1/2022 4,697,106 3,608,251 1,088,856 1/1/2023 4,696,375 3,644,333 1,052,042 1/1/2024 4,696,500 3,680,777 1,015,723 1/1./2025 4,697,625 3,717,584 980,,041 1/1/2026 4,698,625 3,754,760 943,865 1/1/2027 4,698,000 3,792,308 905,692 1./1/2028 4,700,375 3,830,231 870,144 1/1/2029 4,695,500 3,868,533 826,967 1/1/2030 4,698,000 3,907,218 790,782 1/1/2031 4,697,375 3,946,291 751,084 1/1/2,032, 4,698,250 3,985,754 1712,496 1/1/2033 4,695,250 4,025,611 669,639 1/1/2034 4,697,875 4,065.,867 632,008 1/1/2035 4,695,625 4,106,526 589,099 1/1/2036 4,698,000 4,147,591 550,409 1./1/2037 4,694.,500 4,1.89,067 505,433 Total S 12.,19_2,&05 ) W22 26 ? 2Ia,5 3J 'Point Series Total Net Scrlas 2014B 2014 Debt Special Debt Service Service Assessment $ 1,968,6690) $ 6,735,880 $ 3,403,721 1,951,725 6,645,994 3,280,513 1,957,081 6,650,375 3,251,240 1,951,163 6,645,400 3,212,273 1,953,969 6,650,856 3,183,398 1,955,288 6,651,425 3,149,292 1,955,1 19 6,652,000 3,1 14,846 1,953,463 6,652,369 3,079,843 1,950,319 6,647,425 3,039,174 1,950,581 6,646,956 3,002,623 1,949,144 6,645,644 2,964,867 1,951,8'25 6,649,500 2,931,916 1,953,250 6,651,875 2,897,115 1,951,875 6,649,875 2,857,567 1,952,625 6,653,000 2,822,769 1,950,375 6,645,875 2,777,3'I2 1,950,000 6,648,000 2,740,782 1,951,250 6,648,625 2,702,334 1,949,000 6,6417,250 2,661,496 1,953,000 6,648,250 2,622,639 1,948,125 6,646,000 2,580,133 1,954,125 6,649,750 2,543,224 1,955,625 6,653,625 2,506,034 1,952 625 6,647,.125 2,45$,Q58 S___4.6.,82 $159.,663,073 " ,X G9,783,,2510 (1) ineludes Series 2004A Bonds and Series 2014A Bonds debt serivco, (2) Assumes actual 2014 Tax Increment Revenue of $3,332,159 with '1% annual growth rate lhereatler, For illustrative purposes only, Aetual Tax Increment Revenue amount is dependent upon a number of factors, including future property values as described above under "Tax increment Revenues," (3) includes Series 2004B l3onds and Series 2014B Bonds debt serivice, Debt Service Reserve Fond Separate accounts within the Debt Service Reserve Fund will be maintained under the Indenture for the benefit of the Series 20.14 Bonds, Pursuant to the indenture, the Series 20.14A Debt Serviee Reserve Requirement means $1,000,000 and the Series 2014.B Debt Service Reserve Requirement means 50% of the maximum annual debt service of the Series 2014T3 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 201413 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 Miami Community Development District Series 2014A and 2014B Bond DEBT SERVICE RE1QUiREMY ENTS(1' The following table sets forth the approximate debt service requirements for the Series 2014 Bonds: Year Ending 2014A Bonds November 1 Prncipalt') 2014A Bonds 2014A Bonds 2014B Bonds Interest Total Principal`"' 2014E Bonds Interest 2014 S - S 1,383,711 S 1,383,711 2015 1,635,000 3,059,269 4,694,269 2016 1,705,000 2,988,294 4,693,294 2017 1,780,000 2.914,238 4.694,238 2018 1,860,000 2,836,888 4,696,888 2019 1,940,000, 2,756,138 4,696,138 2020 2,025,000 2,671,881 4,696,881 2021 2,115,000 2,583,906 4,698,906 2022 2,205,000 2,492,106 4,697,106 2023 2,300,000 2,396,375 4,696,375 2024 2,400,000 2,296,500 4,696,500 2025 2,515,000 2,182,625 4,697,625 2026 2,645,000 2,053,625 4,698,625 2027 2,780,000 1,918,000 4,698,000 2028 2,925,000 1,775,375 4,700,375 2029 3,070,000 1,625,500 4,695,500 2030 3,230,000 1,468,000 4,698,000 2031 3,395,000 1,302,375 4,697,375 2032 3,570,000 1,128,250 4,698,250 2033 3,750,000 945,250 4,695,250 2034 3,945,000 752,875 4,697,875 2035 4,145,000 550,625 4,695,625 2036 4,360,000 338,000 4,698,000 2037 4.580.000 114.500 4_694.500 Total 864.875.000 544,534 305 8109 409.305 (I) Totals may not add due to rounding. (2) Includes amortization installments_ 680,000 715,000 740,000 775,000 810,000 845,000 880,000 915,000 955,000 995,000 1,045,000 1,100,000 1,1 55,000 1,215,000 11,275,000 1,340,000 ,1,410,000 1,480,000 1,560,000 1,635,000 11,725,000 1,815,000 1.905.000 526.970.000 38 575,206 1,271,725 1,242,081 1,211,163 1,178,969 1,145,288 1,110,119 1,073,463 1,035,319 995,581 954,144 906,875 853,250 796,875 737,625 675,375 610,000 541,250 469,000 393,000 313,125 229,125 140,625 47.625 $18.506.806 Series 2014B Bonds Total Aaoeaate Debt Service 5 575 206 1,951,725 1,957,081 1,951,163 1,953,969 1,955,288 1,955,119 1,953,E 63 1,950,319 1,950,581 1,949,144 1,95 I,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 1,948,125 1,954,125 1,955,625 1.952.625 $45,476.806 $ 1,958,917 6,645,994 6.650375 6,645,400 6,650,856 6,65I L25 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 $154.886.111