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Home My WebLink AboutExhibit A41h Budget Update 9/14/2023 OMNI TAX INCREMENT FUND BUDGET FY 2024 PROPOSED BUDGET FY 2023 ADOPTED BUDGET BUDGET VARIANCE- REVENUES CITY OF MIAMI - TAX INCREMENT $21,570,698 $18,777,937 $2,792,761 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $13,184,684 $11,488,327 $1,696,357 CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $1,402,595 $1,174,451 $228,144 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $857,378 $718,388 $138,990 Total TIF Revenues $37,015,355 FUND BALANCE LOAN SERIES 2018 A and 2018 B (Funds held by Bank United) $0 $9,840,547 ($9,840,547) TRANSFER FROM MIDTOWN CRA (Administration) $134,363 $120,324 $14,039 RENT INCOME Fire House Market ($14,400/month)(Rent abated due to repairs)/MEC ($8,333/Month) $100,000 $172,800 ($72,800) 2024 CHILDREN TRUST CONTRIBUTION $1,434,138 $1,256,759 $177,379 2023 ESTIMATED FUND BALANCE $24,015,373 $36,911,034 ($12,895,661) TOTAL REVENUE _ _ $62,699,229 $80,460,567 ($17,761,338) REDEVELOPMENT EXPENDITURES'-. ACCOUNTING AND AUDIT $26,700 $26,700 $0 PROFESSIONAL SERVICES - OTHER (Available funds for consulting agreements for specific perlod of time) $500,920 $425,920 $75,000 OTHER CONTRACTUAL SERVICES (Available funds for service agreements for limited time frame to be provided on as needed basis) $711,097 $637,987 $73,110 INTERFUND TRANSFER (Debt Service) $2,817,239 $2,817,970 ($731) INTERFUND TRANSFER (Grant) $812,500 $812,500 $0 OTHER CURRENT CHARGE $0 $0 $0 OTHER GRANTS AND AIDS $25,641,072 $38,499,833 ($12,858,761) ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $886,800 $930,000 ($43,200) FICA TAXES $67,840 $71,145 ($3,305) LIFE AND HEALTH INSURANCE $80,000 $130,000 ($50,000) RETIREMENT CONTRIBUTION $50,000 $50,000 $0 FRINGE BENEFITS $4,800 $13,200 ($8,400) OTHER CONTRACTUAL SERVICE $140,000 $140,000 $0 TRAVEL AND PER DIEM $30,000 $30,000 $0 UTILITY SERVICE $20,300 $20,300 $0 INSURANCE $219,518 $115,000 $104,518 OTHER CURRENT CHARGE $249,378 $234,763 $14,615 SUPPLIES $7,000 $10,000 ($3,000) OPERATING SUPPLIES $10,000 $10,000 $0 SUBSCRIPTION MEMBERSHIP $10,000 $17,000 ($7,000) MACHINERY AND EQUIPMENT $25,000 $25,000 $0 ADVERTISING $15,000 $30,000 ($15,000) RENTAL AND LEASES $3,600 $3,600 $0 POSTAGE $2,000 $2,000 $0 REPAIR/MAINTENANCE - OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $60,000 $18,000 $42,000 Total Administrative Expenditures $1,883,237 RESERVE FOR 2007 GLOBAL AGREEMENT (TUNNEL) $4,084,633 $4,084,633 $0 2024's RESERVE FOR 2007 GLOBAL AGREEMENT (35 % PAC) $12,955,374 $22,017,322 ($9,061,948) 2024's RESERVE FOR INTERLOCAL CHILDREN'S TRUST $1,434,138 $1,256,759 $177,379 PAYMENT TO CITY OF MIAMI FOR MAURICE FERRE PARK $2,000,000 $2,000,000 $0 Total Reserve for Obligations with Other Government $20,474,146 Agencies RESERVE FOR MIDTOWN ADM EXPENDITURES $134,363 $120,324 $14,039 RESERVE FOR SECURITY DEPOSIT - MEC $125,000 $125,000 $0 RESERVE FOR SECURITY DEPOSIT - 1401 GROUP LLC $40,000 $40,000 $0 RESERVE FOR CAPITAL EXPENDITURES (Funds collected $1,888,410Pm:2024•'sMEC rent$100,000) $1,988,410 $1,864,032 $124,378 RESERVE - BILLBOARD (RENT COLLECTED) $284,273 $284,273 $0 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $234,378 $227,763 $6,615 RESERVE FOR UNSOLICITATED PROPOSALS $25,000 $25,000 $0 Total Reserve for Other $2,831,424 2019 BUDGET RESERVE $28,893 $28,893 $0 2020 BUDGET RESERVE $406,671 $406,671 $0 2021 BUDGET RESERVE $532,471 $532,471 $0 2022 BUDGET RESERVE $654,760 $654,760 $0 2023 BUDGET RESERVE $3,108,217 $1,719,748 $1,388,469 2024 BUDGET RESERVE $2,269,883 $0 $2,269,883 Total Revenue Shortfall Reserve $7,000,895 TOTAL FUND BALANCE $62,699,229 $80,460,567 ($17,761,3$8) A) B) C) 2024 TIF Revenue 2024 TIF Rev for Affordable Housing 2024 Budget for Affordable Housing $0 $37,015,355 $3,701,536 10% 2024 TIF Revenue $37,015,355 2024 Administrative Expenditures $1,883,237 Administrative Exp / 2024 TIF Revenue 5% Budget Reserve (2019, 2020, 2021, 2023 and 2024) $7,000,895 Total 2024 Budget $62,699,229 2024 Budget Reserve / Total 2024 Budget 11% $0 $0 1 Funding Source Description ° Category Reso#:. • Budgeted Amount Expended Amount Remaining Balance ';.Carryover Fund Balance TIF Revenue Accounting and Audit - ,. .... 1 2023's External Auditing Services to the OMNI CRA - Sanson, Kline, Jacomino, Tandoc & Gamarra, LLP Administration 16-0038 $26,700 $0 $26,700 $0 $26,700 Profesxlahah$'7vkes -:Other. .. _, 2 Financial Consultant Other Professional Services 16.0064 $75,000 $0 $75,000 $0 $75,000 3 Available funds for Other Professional Services Other Professional Services NR $425,920 $0 $425,920 $425,920 $0 :Other Contractual Services _ _ 3 Available funds for Other Contractual Services Other Professional Services NR $711,097 $0 $711,097 $711,097 $0 $0,taia6 -.;$1,7$6,717 .. -. Sb . •t-$1,238,70„ ._ , $2 837,O7 $101700'. Total Budget Amount (Professional Services - Legal, Accounting and Audit, Professional Services - Other and Other Contractual Services( ,.-$1�137jQ17 $1,238,717 $26,700 $500,920 $711,097 2 Funding Source Description C- Category -^ Approval Date Reso g Budgeted '.: Amount '. Expended `° - Amount Remaining Balance- Carryover Fund Balance TIF Revenue Interfund Transfer (Debt Service) 1 2023 Loan Payment DankUnited - Principal Amount $25M Debt Service Debt Service $2,817,239 $0 $2,817,239 $0 $2,817,239 Interfund Transfer (Grant)2 2024 TIF Payment to MAX Miami LLC, Quality of Life 18.0004 $812,500 $0 $812,500 $0 $812,500 Subtotal ' $3,629,739 $0 $3,629,739 $0 $3,629,739 Total Budget Amount (Interfund Transfer (Debt Service), Debt Service, Purchase of Land and Interfund Transfer (Grant) $0 $3,629,739 $ 629,739 $2,817,239 $812,500 3 Description Category Approval Date 'Reso0 Amount Budgeted -'Amount Expanded Remaining Balance ::.Carryover: Fund Balance TIF. Revenue Other Grants and Aids. 1 Dorsey Library• Project Cost - CIP Protect - Funds derived from sale of land - 14th St DEV LLC - $1,253,649 - CRA-R-15.0021 Infrastructure 9/19/2017 CIP Project 11-17.0418 $850,000 $743,214 $106,786 $106,786 $0 2 2023 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of life and lob Creation 4/27/2023 23.0011 $310,000 $189,753 $120,247 $120,247 $0 3 Museum Park Remedlatlon Project B-30538. CIP Project funded with OMNI TIF Funds. Infrastructure 4/19/2017 17-0022 $175,000 $150,343 $24,657 $24,657 $0 asiF§'p3 fI'F 0m= t5^z0.`*Yk 4 Reserve for Affordable Housing derived from TIF Revenue ($3,215,910- FY2023 and $3,723,682 - FY 2024) Affordable Housing - Unrestricted Funds 9/13/2016 16.0040 $6,917,446 $0 $6,917,446 $3,215,910 $3,701,536 4.1 Mixed -use development project located 123 NW 14th 5t- CAPROCK Affordable Housing 10/22/2021 21.0037 $1,300,000 $325,000 $975,000 $975,000 $0 SS 7041a`se`,,,,,1:4/41 5 Bank Restoratlon-Total Project Cost $6,339,898.04 (Phase 1 and 2) Historic Preservation 6/3/2021 21-0031 $5,8M plus contlgnncy up to 20% Phase 1 $3,432,746 $3,432,746 $0 $0 $0 5-1 Shoring of the Citizens Bank Building located at 1367 North Miami. Funds derived from Loan Series 2018 A ($4,405,620) • MASS Construction Corp. The shoring project $2,907,150.40 - Phase 2 Infrastructure 6/3/2021 21.0031 $5.8M plus contlgnncy up to 20% Phase 11 $2,947,254 $2,852,590 $94,664 $94,664 $0 • 'f'�'.,. 6 16 Corner LLC Affordable Housing Project Affordable Housing 2/22/2018 18.0008/ 18.0026 (MT Zion Developments • Developer Selected) $3,800,000 $3,319,665 $480,335 $480,335 $0 ��;y��!y�� ii. LIF g ,'YAM-0.61;z7M.. 7 Miami Homes for All Inc. Affordable 10/22/2021 21.0038 5150.000 50 5150 909 $150 000 $0 8 Deobllgated funds on 10/13/2022 Unrestricted 10/12/2022 22.0040 $4,195,500 $0 $4 195,500 $4,195 500 $0 9 Funds to be deobllgated Unrestricted N/A Carryover $1,977,961 $0 $1,977,961 $1,977,961 $0 10 2023's Available for Other Grants and Aids Unrestricted N/A Carryover $4,209,224 $0 $4,209,224 $4,209,224 $0 11 2024's Available for Other Grants and Aids Unrestricted N/A 2024's Budget $6,389,253 $0 $6,389,253 $0 $6,389,253 Subtotal 336664,383 $11,013,312 525,641,072 '. $15,550,783 - $10,090,789 Tot I Budget Amount Other Grants and Aids $25,641 072 4 Ppsltton..: Executive Director - OMNI Executive Assistant to the Executive Director Senior Project Manager Receptionist Community Liaison Legal intern Purple Shirt Staff Purple Shirt Staff Contingency Compensated Absences Regular Salaries Flea taxes Health/Dental/Vision Insurance Available funds for Health/ Dental/ Vision/ Life Insurance Life and Health Insurance Executive Director (20% Employer's Contribution) Available funds for Retirement Contribution Retirement Contribution Car Allowance Executive Director - OMNI OMNI $230,000 $100,000 $90,000 $56,000 $72,000 $37,000 23,400 23,400 $175,000 $80,000 $886,800 I $67,840 $67,840 1 $80,000 $80,0001 $46,000 $15,500 $50 000 $3,600 Cell Phone Allowance Executive Director - OMNI $1,200 Fringe Benefits $4,800 I Available funds for Other Contractual Services $140,000 Other Contractual Services $140,000 To include cost for travel out of the city for conferences and travel allowances. $30,000 Travel and Per Diem FPL- Fire House Miami Water and Sewer Contingency Utility Service Property Insurance/General/Llablllty Insurance (CRA Owned Properties) Workers Compensation (CRA Staff) Insurance To Include the cost of food associated to CRA Meetings/Ribbon Cutting Ceremonies. To include the cost of miscellaneous supplies. 2024 MEC Property Taxes (Estimated) Other Current Charges $30,000 I $10,800 $3,500 $6,000 $20,300 I $209,518 $10 000 $219,518I $10,000 $5,000 $234,378 $249,3781 To Include supplies necessary for use in the operation of an office, such as copy paper for the $7,000 Supplies I $7,000I To Include other supplies not office related. Ex, Misc. Project Construction and Site Signage Operating Supplies To Include the cost of memberships to organization, Microsoft license, and Florida Redevelopment Association. Subscription Membership $10,000 $10,000I $10,000 $10,000 I To include the cost of new vehicle $25,000 Machinery and Equipment I $25,000 I To Include the expenses of placing advertisements In the newspapers or other publications. Advertising I $15,000 I $15,000 Konica Minolta Copier $3,600 Rental and Leases To Include the cost of stamps or other related Item. Distribution of newsletter in the CRA area. Ex. Mailing services and FedEx. Postage To Include the cost associated to any office/truck repair. $3,600 $2,000 $2,000 I $2,000 5 Repair / Maintenance - Outside $2,000 To Include transfer of funds to the City of Miami Office of the City Clerk for services to be $60,000 rendered as Clerk of the Board. Interfund Transfer Total FY 2024 Administrative Budget $60,000 I $1,883,237 6