The URL can be used to link to this page

Home My WebLink AboutCRA-R-18-0022 ExhibitFY 2018 AMENDED BUDGET 4/13/2018 OMNI TAX INCREMENT FUND BUDGET FY 2018 AMENDED BUDGET FY 2018 PROPOSED BUDGET BUDGET VARIANCE REVENUES CITY OF MIAMI -TAX INCREMENT $10,735,670 $11,065,494 -$329,824 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $6,749,406 $6,749,405 $1 CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $312,667 $316,848 -$4,181 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $193,354 $193,354 $0 Total TIF Revenues $17,991,097 ESTIMATE LOAN PROCEEDS (with Bank United) ($2.5M out of $10M is deemed eligible for a reimbursement to the OMNI CRA for the purchase of Bank Building) $10,000,000 $25,000,000 -$15,000,000 TRANSFER FROM MIDTOWN CRA (Administration) $64,282 $46,632 $17,650 RENT INCOME - MEC $100,000 $100,000 $0 OTHER INCOME - MEC (REIMBURSEMENT FOR 2017 PROPERTY TAXES) $177,257 $178,177 -$920 RENT INCOME -1401 LLC $101,481 $101,481 $0 FITH AMENDMENT TO MAX MIAMI ECONOMIC INCENTIVE AGREEMENT $1,537,802 $0 $1,537,802 2018 CHILDREN TRUST CONTRIBUTION $735,572 $733,004 $2,568 2017 ADJUSTED FUND BALANCE $3,555,164 58,903,477 -$5,348,313 TOTAL REVENUE $34,262,655 $53,387,872 -$19,125,217 REDEVELOPMENT EXPENDITURES ACCOUNTING AND AUDIT $15,000 $15,000 $0 PROFESSIONAL SERVICES - OTHER $650,417 $732,300 -$81,883 OTHER CONTRACTUAL SERVICES $475,884 $371,177 $104,707 INTERFUND TRANSFER (Debt Service) $6,699,867 $6,699,867 $0 INTERFUND TRANSFER (Grant) $1,334,695 $1,286,597 $48,098 PURCHASE OF REAL ESTATE $0 $7,379,363 -57,379,363 OTHER CURRENT CHARGE $6,296,884 $6,413,785 -$116,901 OTHER GRANTS AND AIDS $15,926,030 525,440,819 -$9,514,789 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $580,231 $535,231 $45,000 FICA TAXES $44,388 $40,945 $3,443 LIFE AND HEALTH INSURANCE $48,000 $48,000 $0 RETIREMENT CONTRIBUTION $26,200 $23,950 $2,250 FRINGE BENEFITS $19,500 $19,500 $0 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 $0 INSURANCE $104,166 $104,166 $0 OTHER CURRENT CHARGE $193,400 $193,400 $0 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 $3,600 $3,600 $0 POSTAGE $2,000 $2,000 $0 REPAIR/MAINTENANCE- OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $17,500 $17,500 $0 Total Admintstretive Expenditures $1,192,285 RESERVE FOR MIDTOWN ADM EXPENDITURES $64,282 $46,632 $17,650 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 $685,113 $603,616 $81,497 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $177,257 $178,177 -$920 BUDGET RESERVE $579,942 $2,913,947 -$2,334,005 TOTAL FUND BALANCE $34,262,655 $53,387,872 -$19,125,217 A) B) C) 2018 TIF Revenue 2018 TIF Rev for Affordable Housing % 2018 Budget for Affordable Housing So $0 $0 $17,991,097 $1,799,110 Refer to item 4 - Other Grant and Aids 10% 2018 TIF Revenue $17,991,097 2018 Administrative Expenditures $1,192,285 % Administrative Exp / 2018 TIF Revenue 7% 2018 Budget Reserve $579,942 Total 2018 Budget $34,262,655 % 2018 Budget Reserve / Total 2018 Budget 2% 1 Description Category Approval Date Reso 6 Amount Budgeted Amount Expended Remaining Balance Accounting and Audit 1 External Auditing Services to the OMNI CRA - Sanson, Kline, Jacomino, Tandoc & Gamarra, LLP Administration 7/29/2016 16-0038 $15,000 $0 $15,000 Professional Services - Other 2 Available for Other Professional Services Financial Support Consultant Jul 2017-Jul 2018 2018 Omni Redevelopment Plan & FON 3 4 Administration NR Administration 12/14/2016 16-0064 5 Branding, Website, PR Redevelopment NR Planning Administration NR $118,150 $42,800 $350,000 $75,533 $0 $0 $42,617 $42,800 $350,000 $70,000 $0 $70,000 6 Quickbuild-Protected Bike Lanes Redevelopment NR Planning $60,000 $0 $60,000 7 Traffic Study/Design-N Miami Ave & 14th Street Redevelopment NR Planning $65,000 $0 $65,000 8 Historic Designations Redevelopment NR Planning $20,000 $0 $20,000 Other Contractual Services 9 Horsepower Street Light Maintenance Quality of Life NR $25,000 $5,880 $19,120 10 Available for Landscaping Service Quality of Life NR $25,000 $0 $25,000 11 2018 Urban Temporary Park - Maintenance and Security Administration NR $79,631 $0 $79,631 12 CRA Consultants Administration NR $150,000 $10,000 $140,000 13 Available for Other Contractual Services Administration NR $212,133 $0 $212,133 Subtotal $1,232,714 $91,413 $1,141,301 Total Budget Amount (Professional Services - Legal, Accounting and Audit, Professional Services - Other and Other Contractual NR - No CRA Resolution R - CRA Resolution Passed $1,083,501 $57,800 $1,141,301 Funding Source Carryover Fund Balance FY 2018 TIF Revenue $3,747 $11,253 $42,617 $0 50 $42,800 $0 $350,000 $0 $70,000 $0 $60,000 $0 $65,000 $0 $20,000 $19,120 $0 $25,000 $0 S0 $79,631 $0 $140,000 $0 $212,133 $90,434 $1,050,817 S90,484 $1,050,817 $1,141,301 $15,000 $650,417 $475,884 2 Description Category Approval Date Reso Amount Budgeted Amount 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 $10M Debt Service Dec-07 2007 Global Agreement $4,249,500 50 54,249,500 Debt Service Debt Service $2,450,367 $0 $2,450,367 Oth er Current Charges and Obligatio ns 3 Estimated 2007 Global Agreement Payment - Performing Art Center Infrastructure Dec-07 2007 Global Agreement $6,296,884 $0 $6,296,884 Purchase of Real Estate 4 Reimbursement to OMNI CRA for the purchase of 1367 Bank Building Infrastructure Jul-17 17-0020 $4,508,613 $4,508,613 50 Interfund Transfer (Grant) 5 6 7 2015-2016 Policing Services - City of Miami 2018 Grant to the City of Miami Police Department for the Expanded Police Program 2018 Children Trust Contribution Quality of Life 10/22/2015 15-0043 $710,000 $619,211 $90,789 Quality of Life 18-0005 $500,000 so $500,000 Quality of Life Dec-07 Interlocal Agreement $743,906 SO $743,906 Subtotal $19,459,270 $5,127,824 $14,331,446 Total Budget Amount (Interfund Transfer (Debt Service), Debt Service, Purchase of Land and Interfund Transfer (Grant) NR - No CRA Resolution $0 R - CRA Resolution Passed $14,331,446 $14,331,446 Funding Source Carryover Fund Balance FY 2018 T1F Revenue 50 $4,249,500 $0 $2,450,367 $0 $6,296,884 $0 $0 S90,789 So 50 $500,000 $743,906 $0 $834,695 $13,496,751 $834,695 $13,496,751 $14,331,446 $6,699,867 $6,296,884 $o S1,334,695 Description Category Approval Date Reso it Amount Budgeted Amount Expended Remaining Balance Carryover Fund Balance FY 2018 TIF Revenue Other Grants and Aids 1 1401 Rest LLC - 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 2 Matching funds obligation under the Florida Inldan Navigation District Grant for Phase 2 - Miami Woman's Club Baywaik Project - CIP Project Infrastructure 3/28/2013 13-0017 $150,000 $26,214 $123,786 $123,786 $0 3 Dorsey Library - Project Cost - CIP Project- Funds derived from sale of land - 14th St DEV LLC - $1,253,649 - CRA R -15- 0021 Infrastructure CIP Approved Project $850,000 $30,393 $819,607 $819,607 $0 4 16 Corner LLC Affordable Housing Projects Affordable Housing 1/17/2018 18-0008 $3,800,000 $0 $3,800,000 $2,000,890 $1,799,110 5 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 $197,477 $502,523 $502,523 $0 6 2018 Grant to Rebuilding Together Miami -Dade Inc. to provide partial funding for a home improvement facade and quality life program. Affordable Housing NR $600,000 $0 $600,000 $571,336 $28,664 7 Available funds for Affordable Housing Projects Rehabilitation Affordable Housing NR $503,744 $0 $503,744 $503,744 $0 8 Grant to Legido Management Services, Inc to provide funding for "Business Rehabilitation Grant Programs" Affordable Housing 12/14/2016 16-0062 $905,000 $427,810 $477,190 $477,190 $0 9 2018 Grant to Camillus House, Inc. for the "Miami Shelter Program" Quality of Life NR $175,000 $0 $175,000 $175,000 $0 10 2017 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Life 12/14/2016 16-0057 $50,000 $27,855 $22,145 $22,145 $0 11 2018 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Life 1/17/2018 18-0007 $100,000 $0 $100,000 $100,000 $0 12 2018 Available for Business Improvements and Assistance Grant Program Job Creation / Quality of Life NR $500,000 $0 $500,000 $500,000 $0 13 Museum Park Remediation 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 14 Execute Lease Agreement with a Five (5) year initial term with two (2) one (1) year options to renew between the CRA and Revran S Llincoln at 175 NW 14th St . Base amount $2,850 per month with a three (3 %) percent annual increase Job Creation / Quality of Life 6/21/2017 17-0033 $150,000 $31,920 $118,080 $118,080 $0 15 Contribution to the City of Miami - TRI Rail Project Infrastructure 6/25/2015 5/26/2016 15-0022 $3,750,000 $2,698,202 $1,051,798 $1,051,798 $0 4 16 Open Space Initiative Quality of Life NR $700,000 $0 $700,000 $700,000 $D 17 130 NW 14th Street Rehab & Activation (Morgans) Quality of Life 1/17/2018 NR Deferred Item $400,000 $0 $400,000 $400,000 $0 18 Streetscape Improvement Quality of Life NR $500,000 $0 $500,000 $76,530 $423,470 19 Bank Rehabilitation Project Infrastructure NR $5,447,500 $0 55,447,500 $5,447,500 $0 Subtotal $19,516,244 $3,590,214 $15,926,030 $13,674,786 $2,251,244 $13,674,786 $2,251,244 Total Budget Amount Other Grants and Aids NR - No CRA Resolution R - CRA Resolution Passed 58,326,244 $7,599,786 $15,926,030 S15,926,030 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 Fica 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 $120,000 $2,740 $90,000 $90,000 $60,000 $50,000 $42,000 $20,800 $31,200 $73,491 $580,231 $44,388 I $44,388I $48,000 $5,000 $48,000 $9,600 $4,500 $2,500 $2,100 $4,500 $3,000 $26,200 $3,600 $6,000 $2,400 $1,200 $2,400 $1,500 $1,200 $1,200 $19,500 ADP - Payroll Processing Fee (26 payroll periods X $150) $3,900 Janitorial Service / Supplies $9,000 Circle Security Solutions $2,700 Comcast $2,400 OTIS Elevator Maintenance Service $2,000 Other Contractual Services $20,000 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/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 $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 $193,400 $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 Administrative Budget $5,000 $5,000 $17,000 $17,000 $18,000 $6,000 $24,000 $30,000 $30,000 $3,600 $3,600 $2,000 $2,000 I $2,000 $2,000 $17,500 $17,5001 $1,192,285 7