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Home My WebLink AboutCRA-R-18-0012 ExhibitSEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET FY2018 AMENDED BUDGET FY 2018 PROPOSED BUDGET - Approved in July 2017 BUDGET VARIANCE REVENUES CITY OF MIAMI - TAX INCREMENT (ORIGINAL BOUNDARIES) $10,374,855 $10,377,451 (2,596) MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $6,515,446 $6,515,446 - CITY OF MIAMI -TAX INCREMENT (EXPANDED BOUNDARIES) $642,758 $643,508 (750) MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES) $404,683 $404,683 - CITY OF MIAMI - TAX INCREMENT (PARK WEST ADDITION) $413,185 $414,240 (1,055) MIAMI DADECOUNTY - TAX INCREMENT (PARK WEST ADDITION) $261,143 $261,143 - CONTRIBUTION FROM THE CHILDREN TRUST FUND $758,074 $758,074 - PROCEEDS OF SALE OF BLOCK 55 (ESTIMATE) $12,000,000 $0 12,000,000 2017 AUDITED FUND BALANCE $24,593,235 $26,915,529 (2,322,294) TOTAL REVENUE $55,963,379 $46,290,074 $9,673,305 REDEVELOPMENT EXPENDITURES PROFESSIONAL SERVICES - LEGAL $457,865 $512,133 (54,268) ACCOUNTING AND AUDIT $6,850 $31,000 (24,150) PROFESSIONAL SERVICES - OTHER $1,798,645 $2,161,804 (363,159) OTHER CONTRACTUAL SERVICES $550,605 $568,519 (17,914) LAND $292,984 $291,795 1,189 INTERFUND TRANSFER (Grant) $10,810,381 $11,075,084 (264,703) DEBT SERVICE PAYMENT $4,521,875 $4,521,875 - CONSTRUCTION IN PROGRESS $310,157 $296,611 13,546 OTHER GRANTS AND AIDS $34,211,691 $22,978,579 11,233,112 TOTAL REDEVELOPMENT EXPENDITURES $52,961,054 $42,437,400 $10,523,655 REGULAR SALARIES $1,308,306 $1,158,306 $150,000 FICA TAXES $100,085 $88,610 $11,475 LIFE AND HEALTH INSURANCE $173,014 $173,014 $0 RETIREMENT CONTRIBUTION $107,329 $107,329 $0 FRINGE BENEFITS $18,300 $18,300 $0 OTHER CONTRACTUAL SERVICE $92,566 $92,566 $0 TRAVEL AND PER DIEM $30,000 $30,000 $0 UTILITY SERVICE $64,401 $64,401 $0 INSURANCE $139,555 $139,555 $0 OTHER CURRENT CHARGE $59,000 $59,000 $0 SUPPLIES $12,000 $12,000 $0 OPERATING SUPPLIES $12,000 $12,000 $0 SUBSCRIPTION MEMBERSHIP/TRAINING $15,000 $15,000 $0 MACHINERY AND EQUIPMENT $3,000 $3,000 $0 ADVERTISING $35,000 $35,000 $0 RENTAL AND LEASES $67,000 $67,000 $0 POSTAGE $2,000 $2,000 $0 REPAIR/MAINTENANCE - OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $30,000 $30,000 $0 TOTAL ADMINISTRATIVE EXPENDITURES $2,270,556 $2,109,081 $161,475 Revenue Shortfall Reserve BUDGET RESERVE - ADMINISTRATION $0 $240,000 -$240,000 a) FY 2013 Carryover Fund Balance (Surplus) $0 $314,134 -$314,134 b) FY 2014 Carryover Fund Balance (Surplus) $68,874 $512,015 -$443,141 c) FY 2015 Carryover Fund Balance (Surplus) $360,593 $360,593 $0 d) FY 2016 Carryover Fund Balance (Surplus) $302,301 $316,851 -$14,550 TOTAL REVENUE SHORTFALL RESERVE $731,768 $1,743,593 ($1,011,825) TOTAL FUND BALANCE $55,963,379 $46,290,074 $9,673,305 2018 TIF Revenue 2018 Administrative Expenditures % Administrative Exp / 2018 TIF Revenue so $19,370,144 $2,270,556 12% 2018 Budget Reserve $731,768 Total 2018 Budget $55,963,379 % 2018 Budget Reserve / Total 2018 Budget 1% so ($0) 1