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Home My WebLink AboutExhibit ASEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET FY 2024 PROPOSED BUDGET FY 2023 ADOPTED BUDGET BUDGET VARIANCE REVENUES CITY OF MIAMI - TAX INCREMENT (ORIGINAL BOUNDARIES) $25,078,551 $22,078,822 $2,999,729 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $15,183,020 $13,506,719 $1,676,301 CITY OF MIAMI - TAX INCREMENT (EXPANDED BOUNDARIES) $1,796,294 $1,565,969 $230,325 MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES) $1,087,565 $957,828 $129,737 CITY OF MIAMI - TAX INCREMENT (PARK WEST ADDITION) $2,860,199 $2,939,163 ($78,964) MIAMI DADE COUNTY - TAX INCREMENT (PARK WEST ADDITION) $1,731,732 $1,797,832 ($66,100) Total 2024 TIF Revenue $47,737,361 2023 ESTIMATED CONTRIBUTION FROM THE CHILDREN TRUST FUND $1,824,080 $1,640,268 $183,812 2023 ESTIMATED FUND BALANCE $57,127,599 $47,957,143 $9,170,456 TOTAL REVENUE $4050689,040 .$92;443,744 .,$14,`245,296 REDEVELOPMENT EXPENDITURES PROFESSIONAL SERVICES - LEGAL $217,725 $217,725 $0 ACCOUNTING AND AUDIT $35,000 $35,000 $0 PROFESSIONAL SERVICES - OTHER $645,263 $1,518,197 ($872,934) OTHER CONTRACTUAL SERVICES $1,021,242 $991,391 $29,851 DEBT SERVICE PAYMENT $4,508,000 $4,510,625 ($2,625) INTERFUND TRANSFER $21,978,434 $20,197,346 $1,781,088 LAND $16,435,000 $14,000,000 $2,435,000 CONSTRUCTION IN PROGRESS $1,019,181 $1,376,842 ($357,661) OTHER GRANTS AND AIDS $54,683,645 $42,675,179 $12,008,466 TOTAL REDEVELOPMENT EXPENDITURES $100,543,491 $85,522,305 . $15,021,186 REGULAR SALARIES (18 staff members) $1,902,158 $1,692,605 $209,553 FICA TAXES $145,515 $129,484 $16,031 LIFE AND HEALTH INSURANCE $245,921 $245,921 ($0) RETIREMENT CONTRIBUTION $387,177 $200,000 $187,177 FRINGE BENEFITS $50,800 $37,500 $13,300 OTHER CONTRACTUAL SERVICE $120,230 $120,230 $0 TRAVEL AND PER DIEM $45,000 $30,000 $15,000 UTILITY SERVICE $69,000 $69,000 $0 INSURANCE $170,538 $172,583 ($2,045) OTHER CURRENT CHARGE $87,579 $86,392 $1,187 SUPPLIES $20,000 $12,000 $8,000 OPERATING SUPPLIES $10,000 $12,000 ($2,000) SUBSCRIPTION MEMBERSHIP/TRAINING $15,000 $15,000 $0 MACHINERY AND EQUIPMENT $3,000 $3,000 $0 ADVERTISING $45,000 $75,000 ($30,000) RENTAL AND LEASES $79,000 $79,000 $0 POSTAGE $2,000 $2,000 $0 REPAIR/MAINTENANCE - OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $65,000 $30,000 $35,000 TOTAL ADMINISTRATIVE EXPENDITURES $3,464,918 $3,013,715 $451,203 Revenue Shortfall Reserve FY 2024 Budget Reserve (Administration) $788,792 $0 $788,792 FY 2016 Carryover Fund Balance (Surplus) $240,000 $240,000 $0 FY 2017 Carryover Fund Balance (Surplus) $272,270 $272,270 $0 FY 2018 Carryover Fund Balance (Surplus) $321,755 $321,755 $0 FY 2019 Carryover Fund Balance (Surplus) $309,727 $309,727 $0 FY 2022 Carryover Fund Balance (Surplus) $0 $0 $0 FY 2023 BUDGET RESERVE $748,088 $2,763,972 ($2,015,885) TOTAL REVENUE SHORTFALL RESERVE $2,680,632 $3,907,724 ($1,227,093) TOTAL FUND BALANCE $106,689,040 $92,443,744 $14,245,296 2024 TIF Revenue 2024 Administrative Expenditures % Administrative Exp / 2024 TIF Revenue $0 $47,737,361 $3,464,918 7% 2024 Budget Reserve $2,680,632 Total 2024 Budget $106,689,040 % 2024 Budget Reserve / Total 2024 Budget 3% $0 $0 1