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Home My WebLink AboutCRA-R-17-0043 Exhibit AFV 2018 PROPOSED BUDGET P21 /2017 OMNI TAX INCREMENT FUND BUDGET FY 2018 PROPOSED BUDGET FY 2017 AMENDED BUDGET BUDGET VARIANCE REVENUES CITY OF MIAMI -TAX INCREMENT $11,065,494 $10,574,483 $491,011 MIAMI DADE COUNTY- TAX INCREMENT (ORIGINAL BOUNDARIES) $6,749,40$ $6,453,941 $295,464 CITY OF MIAMI -TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $316,848 $240,252 $76,596 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES( $193,354 $146,633 $46,721 Total TIF Revenues $18,325,101 ESTIMATE LOAN PROCEEDS (with Bank United) $25,000,000 $0 $25,000,000 TRANSFER FROM MIDTOWN CRA(Administration) $46,632 $46,632 $0 RENT INCOME - MEC $100,000 $100,000 $0 OTHER INCOME - MEC (REIMBURSEMENT FOR 2017 PROPERTY TAXES) $178,177 $178,177 $0 RENT INCOME -1401 LLC $101,481 $101,481 $0 LAND $0 $0 $0 ESTIMATE CHILDREN TRUST CONTRIBUTION $733,004 $713,820 $19,184 2017 UNADJUSTED FUND BALANCE $8,903,477 $7,779,059 $1,124,418 TOTAL REVENUE $53,387,872 $26,334,478 $27,053,394 REDEVELOPMENT EXPENDITURES ACCOUNTING AND AUDIT $15,000 $15,000 $0 PROFESSIONAL SERVICES - OTHER $732,300 $354,700 $377,600 OTHER CONTRACTUAL SERVICES $371,177 $671,657 -$300,480 INTERFUND TRANSFER (Debt Service) $6,699,867 S4,249,500 $2,450,367 INTERFUND TRANSFER (Grant) $1,564,307 $1,455,033 $109,274 PURCHASE OF REAL ESTATE $7,379,363 $2,000,000 $5,379,363 OTHER CURRENT CHARGE $6,413,785 $6,095,358 $318,427 OTHER GRANTS AND AIDS $25,896,113 $7,232,765 $18,663,348 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $535,231 $532,060 53,171 FICA TAXES $40,945 $40,703 $242 LIFE AND HEALTH INSURANCE $48,000 $48,000 $0 RETIREMENT CONTRIBUTION $23,950 $20,600 $3,350 FRINGE BENEFITS $19,500 $24,150 -$4,650 OTHER CONTRACTUAL SERVICE $20,000 $20,000 $0 TRAVEL AND PER DIEM $30,000 $30,000 $0 COMMUNICATIONS $0 $0 $0 UTILITY SERVICE $20,300 $20,300 50 INSURANCE $104,166 $104,166 50 OTHER CURRENT CHARGE $193,400 $214,272 -$20,872 SUPPLIES $5,000 $5,000 $0 OPERATING SUPPLIES $5,000 $5,000 $0 SUBSCRIPTION MEMBERSHIP $17,000 $17,000 $0 MACHINERY AND EQUIPMENT $24,000 $24,000 $0 ADVERTISING $30,000 $30,000 $0 RENTAL AND LEASES S3,600 $3,600 $0 POSTAGE $2,000 $2,000 $O REPAIR/MAINTENANCE - OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER S17,500 $17,500 $0 Total Administrative Expenditures $1,141,592 RESERVE FOR MIDTOWN ADM EXPENDITURES $46,632 $46,632 $0 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 $603,616 $377,135 $226,481 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $178,177 $178,177 $0 BUDGET RESERVE $2,180,943 $2,333,170 -$152,227 TOTAL FUND BALANCE 553,387,872 $26,334,478 $27,053,394 A) e) C) 2018 TIF Revenue 2018 TIF Rev for Affordable Housing % 2018 Budget for Affordable Housing $0 $0 $0 $18,325,101 $1,832,510 Refer to Item - 01herllant end Aids 10% 2018 TIF Revenue $18,325,101 2018 Administrative Expenditures $1,141,592 %Administrative Exp / 2018 TIF Revenue 6% 2018 Budget Reserve $2,180,943 Total 2018 Budget $53,387,872 % 2018 Budget Reserve / Total 2018 Budget 4% 1 Description Amounting and Audit External Auditing Services to the OMNI CRA -5anson, Kline, Jacomino, Tandac & Gamarra, LLP Professional Services -Other 2 3 4 5 Lobbyists Available for Other Professional Services Financial Support Consultant 2018 Omni Redevelopment Plan & FON Category Approval Date Reso e Administration 7/29/2016 16-0038 Administration Administration City of iVllaml Procurement Code NR 064 Redevelopment NR Planning Administration NR 6 Branding, Website, PR Amount Budgeted $15,000 $35,000 $118,150 $42,850 $350,000 Amount Expended $0 $0 $0 $28,700 $0 Remaining Balance $15,000 $35,000 $118,150 $14,150 $350,000 $70,000 $0 $70,000 7 Quickbuild-Protected Bike Lanes Redevelopment NR Planning $60,000 $0 $60,000 Traffic Study/Design-N Miami Ave & 14th Street Redevelopment NR Planning $65,000 $0 $65,000 9 Historic Designations Other Contractual 10 Horsepower Street Light Maintenance 11 12 13 Available for Landscaping Service Urban Temporary Park - Maintenance and Security CRA Consultants Redevelopment NR Planning Quality of Life Quality of Life Administration NR NR NR Administration NR $20,000 $25,000 $25,000 $125,000 $150,000 $0 $9,029 $3,700 $0 $0 $20,000 $15,971 $21,300 $125,000 $150,000 14 Available for Other Contractual Services - Proposed Budget $250,000- $150,000 allocated to Other Consultants - Interest Revenue Collected on 4/19/17 $41,180.52, Interest Revenue 5/18/17-$13,414,87 Subtotal' Administration NR $58,906 $1,159,906 $o $41,419 $58,906 $1,118,477 Total Budget Amount (Professional Services - Legal, Accounting and Audit, Professional Services - Other and Other Contractual NR - No CRA Resolution R - CRA Resolution Passed $1,089,327 $29,150 $1,118,477 Funding Source Carryover FY2018 $25M Loan Fund Balance TIF Proceeds Revenue $15,000 $0 $0 $35,000 $0 $0 $118,150 $0 $0 $14,150 $0 $0 $312,286 $37,714 $4 $0 $70,000 $0 $0 $60,000 $0 - $0 $65,000 $0 $0 $20,000 $0 $15,971 $0 $0 $21,300 $0 $0 $0 $125,000 $0 $150,000 $0 $0 $58,906 $0 $0 $740,763 $377,714 $0 $740,763 $377,714, $0 $1,118,477 $15,000 $732,300 $371,177 2 Description Category Approval Date Reso8 Amount Amount Budgeted Expended Remaining Balance Interfund Transfer (Debt Service) 1 2 2018 Transfer Out to the City of Miami for the payment of the Port of Miami Tunnel Series 2012 Loan with BankUnited - Estimated principal amount $25M Debt Service Dec-07 2007 Global Agreement $4,249,500 $0' $4,249,500 Debt Service Debt Service $2,450,367 $0 $2,450,367 Oth er Current Charges and obligati° ns 3 Estimated 2007 Global Agreement Payment - Performing Art Center Infrastructure Dec-07 2007 Global Agreement $6,413,785 $0 $6,413,785 Purchase of Real Estate 4 Second Payment - 1367 Bank Building Infrastructure Jul-17 17-0020 $2,879,363 $0 $2,879,363 5 Purchase of real estate property located at 1990 N Miami Ave Infrastructure Jun-17 17-0035 $4,500,000 $0 $4,500,000 Interfund Transfer (Grant) 6 2015-2016 Policing Services - City of Miami Quality of Life 10/22/2015 15-0043 $710,000 $468,787 $241,213 7 8 9 2017 Grant to the City of Miami Police Department for the Expanded Police Program 2018 Grant to the City of Miami Police Department for the Expanded Police Program 2018 Children Trust Contribution Quality of Life Quality of Life Quality of Life 12/14/2016 16-0063 NR Dec-07 Interlocal Agreement $500,000 $409,910 $500,000 $0 $733,004 $0 $90,090 $500,000 $733,004 Subtotal $22,936,019 $878,697 S22,057,323 Total Budget Amount Vnterfund Transfer (Debt Service), Debt Service, Purchase of Land and Interfund Transfer (Grant) NR - No CRA Resolution R - CRA Resolution Passed $7,879,363 S14,177,959 S22,057,323 Funding Source Carryover FY 2018 $25M Loan Fund Balance TIF Proceeds Revenue $0 $4,249,500 $0 $0 $2,450,367 $0 $0 $6,413,785 $0 $33,587 $0 $2,845,776 $0 $0 $4,500,000 $241,213 $0 $0 $90,090 $0 $0 $0 S500,000 $0 $0 $733,004 $0 $364,890 $14,346,656 $7,345,776 $364,890 $14,346,656 $7,345,776 $22,057,323 $6,699,867 $6,413,785 $7,379,363 $1,564,307 3 Funding Source Description Category Approval Date Peso* Amount Budgeted Amount Expended Remaining Balance Carryover Fund Balance FY2018 TIF Revenue $25M Loan Proceeds Other Grants and Aids 1 Grant to the Perez Art Museum of Miami Dade County for various community benefits to the redevelopment area. Art and Culture 7/29/2016 16-0039 _ $1,000,000 $850,000 $150,000 $150,000 $0 $0 2 1401 RestLLC- Lessor's Contribution to leasehold improvements - Grease Trap and Hood System Job Creation 6/13/2013 13-0036 $60,000 $0 $60,000 $60,000 $0 $0 3 Grant to Chapman House for Fagade Improvement Program Infrastructure 12/14/2016 16-0058 $60,000 $60,000 $0 $0 $0 $0 4 Guitars Over Guns Art and Culture NR $185,000 $0 $185,000 $185,000 $0 $0 5 Matching funds obligation under the Florida Inidan Navigation District Grant for Phase 2 - Miami Woman's Club Baywatk Project - CIP Project Infrastructure 3/28/2013 13.0017 $150,000 S26,214 $123,786 $123,786 $0 $0 6 Dorsey Library -Project Cost - CIPProject - Funds derived from sale of land - 14th St DEV LLC - $1,253,649- CRA 8- 15- 0021 Infrastructure CIP Approved Project $850,000 $0 $850,000 $850,000 $0 S0 2017 Available for Affordable Housing (10%13f 2017 TIF Revenues) 7 Available TIF funds for Affordable Housing Projects - Original Amount $1,741,530.90 Affordable Housing 9/13/2016 16-0040 $1,041,531 $0 $1,041,531 $1,041,531 $0 $0 8 Grant to Rebuilding Together Miami -Dade Inc. to provide partial funding for a home improvement facade and quality life program. Affordable Housing 12/14/2016 16-0061 $700,000 $89,642 $610,358 $610,358 $0 $0 2018 Available for Affordable Housing (10% of 2018 TIF Revenues) 9 Available TlF funds for Affordable Housing Projects Affordable Housing 2018 Budget 16-0040 $1,832,510 $0 $1,832,510 $0 $1,832,510 0 10 Grant to Legido Management Services, Inc to provide funding for "Business Rehabilitation Grant Programs" Affordable Housing 12/14/2016 16-0062 $905,000 $351,471 $553,529 $553,529 $0 $0 11 Grant to Camillus House, Inc. For the "Miami Shelter Program" Quality of Life 12/14/2016 16-0059 $175,000 $175,000 $0 $0 $0 $0 12 2017 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Life 12/14/2016 16-0057 $50,000 $4,753 $45,247 $45,247 $0 $0 13 2018 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Life NR $100,000 $0 $100,000 $0 $100,000 $0 14 Museum Park Remediation Project B-30538. CIP Project funded with OMNI TIF Funds. Infrastructure CIP Approved Project $175,000 $150,343 $24,657 $24,657 $0 $0 4 15 Execute Lease Agreement with a Five (5) year initial term with two (2) one (1) year options to renew between the CRA and Revran 5 Llincoln at 175 NW 14th St . Base amount $2,850 per month with a three (3 %) percent annual increase Job Creation/ 6/21/2017 17-0033 Quality of Life $150,000 $5,700 $144,300 $144,300 $0 $0 16 Contribution to the City of Miami - TRI Rail Project Infrastructure 6/25/2015 15-0022 5/26/2016 $3,750,000 $2,488,662 $1,261,338 $1,261,338 $0 $0 17 50 NW 14th Parking Lot Lining Quality of Life NR $300,000 $0 $300,000 $0 $300,000 $0 18 School Board Parking Lot Enhancements Quality of Life NR $10,000 $0 $10,000 $0 $10,000 $0 19 Urban Gardens Quality of Life NR $400,000 $0 $400,000 $0 $400,000 $0 20 Business Improvement Grants Quality of Life NR $49,633 $0 $49,633 $0 $49,633 $0 21 130 NW 14th Street Rehab & Activation Quality of Life NR $400,000 $0 $400,000 $0 $400,000 $0 22 Community Initiatives Quality of Life NR $100,000 $0 $100,000 $0 $100000 $0 23 Affordable Housing, Real Estate Acquisition, Other Capital Improvement Projects Affordable NR Housing $17,654,224 $0 $17,654,224 $0 $0 $17,654,224 Subtotal $30,097,898 54,201,785. $25,896,113 $5,049,746 $3,192,143 $17,654,224 $5,049,746 $3,192,143 $17,654,224 Total Budget Amount Other Grants and Aids NR - No CRA Resolution R - CRA Resolution Passed $19,198,857 $6,697,256 $25,B96,113 $25,866,113 5 OMNI Position Executive Director - OMNI Executive Director - Midtown {Reimbursed by Midtown CRA) Assistant Executive Director Chief Legal Officer Director of Policy and Planning Assistant to the Executive Director Community Liaison Intern ($10/Hour) Intern ($20/30 hours) Compensated Absences Regular Salaries Flca taxes Health/Dental/Vision Insurance OMNI CRA Staff Contingency Life and Health Insurance Retirement Contribution (401K) Executive Director Assistant Executive Director Assistant to the Executive Director Community Liaison Chief Legal Officer Director of Policy and Planning Retirement Contribution Car Allowance Executive Director - OMNI Executive Director - Midtown (Reimbursed by Midtown CRA) Chief Legal Officer Cell Phone Allowance Executive Director - OMNI Executive Director - Midtown (Reimbursed by Midtown CRA) Assistant Executive Director Chief Legal Officer Director of Policy and Planning Fringe Benefits ADP - Payroll Processing Fee {26 payroll periods X $150) Janitorial Service / Supplies Circle Security Solutions Comcast OTIS Elevator Maintenance Service Other Contractual Services To include cost for travel out of the city for conferences and travel allowances. Travel and Per Diem FPL- Fire House Miami Water and Sewer Contingency Utility Service Property Insurance/General/Liability Insurance (MEC) Property insurance/General/Liability Insurance (Fire Station No 2) Workers Compensation (CRA Staff) Insurance To include the cost of food associated to CRA Meetings/Ribbon Cutting To include the cost of miscellaneous supplies. Sale Tax - 1401 Rest LLC Sale Tax - EUE / Screen Gems LTD, Inc MEC 2017 MEC Property Taxes Other Current Charges To include supplies necessary for use in the operation of an office, such as copy Supplies $120,000 $2,740 $75,000 $70,000 $57,000 $43,000 $42,000 $20,800 $31,200 $73,491 $535,23I $40,945 $40,945 $48,000 $5,000 $48,000 $9,600 $3,750 $2,150 $2,100 $3,500 $2,850 L $23,9501 $3,600 $6,000 $2,400 $1,200 $2,400 $1,500 $1,200 $1,200 $19,5o0 $3,900 $9,000 $2,700 $2,400 $2,000 $20,000 $30,000 $30,000 $10,800 $3,500 $6,000 $20,300 $71,166 $28,000 $5,000 $104,166 $5,000 $2,000 $8,223 $0 $178,177 $193,4001 $5,000 $5, 000 6 To include other supplies not office related. Ex, Misc. Project Construction and Operating Supplies To include the cost of memberships to organization, Microsoft license, and Subscription Membership Purchase of Vehicle To include the cost of new computers Machinery and Equipment To include the expenses of placing advertisements in the newspapers or other Advertising Konica Minolta Copier Rental and Leases To include the cost of stamps or other related item. Distribution of newsletter Postage To include the cost associated to any office/truck repair, Repair / Maintenance - Outside To include transfer of Funds to the City of Miami Office of the City Clerk for Interfund Transfer Total FY 2018 Proposed Budget - Recurrent Expenditures $5,000 L $5, 000 $17,000 $17,000I $18,000 $6,000 $24,000 $30,000 $30,000 $3,600 $3,600 $2,000 $2,000 $2,000 I $2,000 I $17,500 1 $17,500I $1,141,592 7