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Home My WebLink AboutCRA-R-18-0034 ExhibitFY 2019 PROPOSED BUDGET 8/29/2018 OMNI TAX INCREMENT FUND BUDGET FY 2019 PROPOSED BUDGET FY 2018 AMENDED BUDGET BUDGET VARIANCE REVENUES CITY OF MIAMI - TAX INCREMENT $11,525,122 $10,735,670 $789,452 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $7,092,694 $6,749,406 $343,288 CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $386,218 $312,667 $73,551 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $237,877 $193,354 $44,523 Total TIF Revenues S19,241,911 2019 FUND BALANCE LOAN SERIES 2018 A and 2018 B (Funds held by Bank United) $11,659,393 $10,000,000 $1,659,393 TRANSFER FROM MIDTOWN CRA (Administration) $64,282 $64,282 $0 RENT INCOME - MEC $100,000 $100,000 $0 OTHER INCOME - MEC (REIMBURSEMENT FOR 2019 PROPERTY TAXES) $178,177 $177,257 $920 RENT INCOME -1401 LLC $101,481 $101,481 $0 FITH AMENDMENT TO MAX MIAMI ECONOMIC INCENTIVE AGREEMENT $0 $1,537,802 -$1,537,802 2019 CHILDREN TRUST CONTRIBUTION $769,676 $735,572 $34,104 2019 ESTIMATED FUND BALANCE (It includes the $4,552,500- Reimbursement from Loan $11,793,068 $3,555,164 $8,237,904 Series 2018A) TOTAL REVENUE $43,9o7,989 $34,262,655 $9,645,333 REDEVELOPMENT EXPENDITURES ACCOUNTING AND AUDIT $15,000 $15,000 $0 PROFESSIONAL SERVICES - OTHER . $457,800 $650,417 -$192,617 OTHER CONTRACTUAL SERVICES $462,660 $475,884 -$13,224 INTERFUND TRANSFER (Debt Service) $7,047,838 $6,699,867 $347,971 INTERFU ND TRANSFER (Grant) $1,726,104 $1,334,695 $391,409 OTHER CURRENT CHARGE $6,734,669 $6,296,884 $437,785 OTHER GRANTS AND AIDS 524,004,312 $15,926,030 58,078,282 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $607,540 $580,231 $27,309 FICA TAXES $46,477 $44,388 $2,089 LIFE AND HEALTH INSURANCE $48,000 $48,000 $0 RETIREMENT CONTRIBUTION $26,200 $26,200 $0 FRINGE BENEFITS $54,500 $19,500 $35,000 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 $185,177 $193,400 -$8,223 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 52,000 $2,000 $0 INTERFUND TRANSFER $18,000 $17,500 $500 Total Administrative Expenditures S1,248,960 RESERVE FOR MIDTOWN ADM EXPENDITURES $64,282 $64,282 $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 $1,089,165 $685,113 $404,052 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $177,257 $177,257 $0 RESERVE FOR LOAN PROCEEDS SERIES 2019 A & B $47,500 $0 $47,500 RESERVE FOR UNSOLICITATED PROPOSALS $50,000 $0 $50,000 BUDGET RESERVE $617,442 $579,942 $37,500 TOTAL FUND BALANCE $43,907,989 $34,262,655 $9,645,333 $0 $0 $0 The Agency's obligation with respect to Museum Pork under the Global Interlocal Agreement are the sub'ect of ongoing discussion between the City and the Agency. The Interlocal Agreement Obligations include the amounts payable in accordance with the original terms of the Global Interlocal Agreement and/or such other amount as shall be determined by the resolution of such ongoing discussions (but in no event shall exceed the amounts payable under the original terms of the Global InterlocolAgreement with respect to Museum Park.) A) B) c) 2019 TIF Revenue 2019 TIF Rev for Affordable Housing % 2019 Budget for Affordable Housing $19,241,911 $1,924,191 10% 2019 TIF Revenue 519,241,911 2019 Administrative Expenditures $1,248,960 % Administrative Exp / 2019 TIF Revenue 6% 2019 Budget Reserve $617,442 Total 2019 Budget 543,907,989 % 2019 Budget Reserve / Total 2019 Budget 1.41% 1 Description Category Approval Date Reso S Accounting and Audit 1 2018 External Auditing Services to the OMNI CRA - Sanson, Kline, Jacomino, Tandoc & Gamarra, LLP Administration 7/29/2016 16-0038 Amount Budgeted $15,000 Amount Remaining Expended Balance $0 $15,000 Professional Services - Other 2 Financial Support Consultant Jul 2017-Jul 2018 Administration 12/14/2016 16-0064 $42,800 $0 $42,600 3 2018 Omni Redevelopment Plan & FON 4 Branding, Website, PR 5 Quickbuild-Protected Bike Lanes 6 Traffic Study/Design-N Miami Ave & 14th Street Redevelopment Planning Administration Redevelopment Planning Redevelopment Planning NR $250,000 $0 $250,000 NR $70,000 $0 $70,000 NR $60,000 $0 $60,000 NR $35,000 $0 $35,000 Other Contractual Services 7 Horsepower Street Light Maintenance 2018-2019 Quality of Life 8 Available for Landscaping Service 2018-2019 Quality of Life 9 2018 Urban Temporary Park - Maintenance and Security Administration 10 CRA Consultants (Akerman LLP, Frank Schnidman and Doug Brurel Administration 11 Available for Other Contractual Services Administration Subtotal Per City's Procurement Code 525,000 $0 $25,000 Per City's Procurement Code $25,000 $0 $25,000 Assigned Funds for the Genral Maintenance $50,000 $o $s0,000 NR 5150,000 $50,000 $100,000 NR $295,601 $32,941 $262,660 $2,028,401 $82,941 $935,460 Funding Source Carryover Fund Balance FY 2019 TIF Revenue 50 515,000 $0 $42,800 $0 $250,000 $0 $70,000 $0 $60,000 $0 $35,000 $0 $25,000 $0 $25,000 50 $50,000 $0 $100,000 $0 $262,660 $0 $935,460 $0 5935,460 Total Budget Amount (Professional Services - Legal, Accounting and Audit, Professional Services - Other and Other Contractual $935,460 NR - No CRA Resolution/Assigend Funds R - CRA Resolution Passed / Assigned Funds $777,660 $157,800 $935,460 $15,000 $457,800 $462,660 2 Description Category Approval Date Reso 0 Amount Budgeted Amount Expended Remaining Balance Interfund Transfer (Debt Service) 1 2019 Transfer Out to the City of Miami for the payment of the Port of Miami Tunnel Series 2012 Debt Service Dec-07 2007 Global Agreement $4,234,000 $D $4,234,000 2 Loan with BankUnited - Estimated principal amount $25M Debt Service Debt Service $2,813,838 $D $2,813,838 Other Current Charges and Obligations 3 2019 Estimated Payment (Global Agreement) - Performing Art Center Infrastructure Dec-07 2007 Global Agreement $6,734,669 $0 $6,734,669 Interfund Transfer (Grant) 4 2015-2016 Policing Services - City of Miami Quality of life 10/22/2015 15-0043 $710,000 $619,211 $90,789 5 2018 Grant to the City of Miami Police Department for the Expanded Police Program Quality of Life 18-0005 $500,000 $134,361 $365,639 6 2019 Grant to the City of Miami Police Department for the Expanded Police Program Quality of Life NR 5500,000 So $500,000 7 2019 Children Trust Contribution Quality of Life Dec-07 Interlocal Agreement $769,676 50 $769,676 Subtotal $16,262,183 $753,572 $15508,611 Funding Source Carryover FY 2019 Reimbursement Fund Balance TIF from Loan Series Revenue 2018A - $4,552,500 $0 $4,234,000 $0 $0 $2,813,838 $0 $0 $6,734,669 $0 $90,789 $0 $0 $365,639 $0 50 50 50 $500,000 $769,676 $0 50 $1,226,104 513,782506 5500,000 $1,226,104 $13,782,506 5500000 Total Budget Amount (Interfund Transfer (Debt Service), Debt Service, Purchase of Land and Interfund Transfer (Grant) NR - No CRA Resolution/Assigend Funds R - CRA Resolution Passed $500,000 $15,008,611 $15,508,611 $15,508,611 $7,047,838 $6,734,669 $1,726,104 3 Funding Sour Description Category Approval Date Reso It Amount Budgeted Amount Expended Remaining Balance Carryover Fund Balance FY2019 TIF Revenue Loan Series 2018 A& B Reimbursement from Loan Series 2018A - $4,552,500 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 50 $0 2 Matching funds obligation under the Florida Inldan Navigation District Grant for Phase 2 - Miami Woman's Club Baywalk Project - CIP Project Infrastructure 3/28/2013 13-0017 $150,000 $26,214 $123,786 $123,786 $0 $0 $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 5850,000 $152,722 $697,278 $646,485 $50,793 $0 $0 4 16 Corner LLC Affordable Housing Projects Affordable Housing 1/17/2018 18-0008 $3,800,000 $2,300,000 $1,500,000 $1,500,000 $0 $0 $0 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 $502,117 $197,883 $197,883 $0 $0 $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 1/17/2018 18-0028 $600,000 $0 5600,000 $600,000 $0 $o 50 7 Carryover of unsued funds for Affordable Housing Projects Rehabilitation. (10%ofTIF Revenue) Affordable Housing 16-0040 $503,744 $0 $503,744 $503,744 $0 $0 $0 8 Grant to Legido Management Services, Inc to provide funding for "Business Rehabilitation Grant Programs" Affordable Housing 12/14/2016 16-0062 $505,000 $800,386 $104,614 $104,614 $0 $0 $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 $22,145 522,145 $0 $0 $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 $13,234 $86,766 $86,766 $0 $0 $0 12 2019 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Life NR 5100,000 $0 $100,000 $0 Sioo,000 $0 50 13 2018 Available for Business Improvements and Assistance Grant Program Job Creation / Quality of Life 18-0023 5500,000 So $500,000 $500,000 $0 $0 $o 14 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 $0 $0 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 Job Creation / Quality of Life 6/21/2017 17-0033 $150,000 $46,712 $103,288 $103,288 $0 $0 $0 4 Funding Source Description Category Approval Date Reso 8 Amount Budgeted Amount Expended Remaining Balance Carryover Fund Balance FY2019 TIF Revenue Loan Series 2018 A & B Reimbursement from Loan Series 2018A - $4,552,500 Other Grants and Aids 16 Contribution to the City of Miami - TRI Rail Project Infrastructure 6/25/2015 15-0022 5/26/2016 $3,750,000 $3,143,433 $606,567 $606,567 $0 $0 $0 17 Open Space Initiative Quality of Life NR $700,000 $0 $700,000 $0 $700,000 50 $0 18 130 NW 14th Street Rehab & Activation (Morgans) Quality of Life 1/17/2018 18-0027 Deferred Item $400,000 $0 $400,000 $400,000 $0 $0 $0 19 Streetscape Improvement Quality of Life NR $1,300,000 $0 $1,300,000 $0 $500,000 $0 $800,000 20 2019 Reserve for Affordable Workforce Housing (10% of 2019 Total TIF $19,241,910) Infrastructure 16-0040 $1,924,191 $0 $1,924,191 $0 $1,924,191 $0 $0 21 Reserve for Renovation of Bank Building (Loan Series 2018 A) Infrastructure 17-0020 $4,322,500 $0 $4,322,500 $0 $0 $4,322,500 $0 22 Reserve for Affordable Housing Projects (Loan Series 2018 B) Affordable Housing NR $7,336,893 $0 $7,336,893 $0 $0 $7,336,893 $0 23 2019 Business Improvement and Assistance Grant Program Job Creation / Quality of Life NR $500,000 $0 $500,000 $0 $0 $0 $500,000 24 2019 Rebuilding Together Residential Rehab Program Job Creation / Quality of Life NR $500,000 $0 $500,000 $0 $0 $0 $500,000 25 2019 Camillus House Miami Shelter Program Quality of Life NR $175,000 $0 $175,000 $0 $0 $0 $175,000 26 Building Rehab, Historic Preservation, Capital improvement Projects Historic Preservation NR $815,000 $0 5815,000 $0 $0 $0 5815,000 27 Affordable Housing Development and Acquisition Affordable Housing NR $800,000 $0 $800,000 $0 $0 $0 $800,000 Subtotal $31,167,329 $7,163,016 521,214,312 $5,479,935 $3,274,984 $11,659,393 $3,590,000 $5,479,935 $3,274,984 $11,659,393 $3,590,0001 Total Budget Amount Other Grants and Aids NR - No CRA Resolution/Assigend Funds R - CRA Resolution Passed $13,026,893 $10,977,419 $24,004,312 $24,004,312 Position Executive Director - OMNI Executive Director - Midtown (Reimbursed by Midtown CRA) Assistant Executive Director Chief Legal Officer Assistant to the Chief Legal Officer Director of Policy and Planning Assistant to the Executive Director Intern ($10/Hour) 1099 Employee 1099 Employee Compensated Absences Regular Salaries Fica taxes OMNI ( $120,000 $2,740 $90,000 $90,000 $42,000 $60,000 $50,000 $10,400 $31,200 $31,200 $80,000 $607,540 $46,477 $46,477 Health/Dental/Vision Insurance OMNI CRA Staff $48,000 Contingency $5,000 Life and Health Insurance I $48,000I Retirement Contribution (401K) Executive Director $9,600 Assistant Executive Director $4,500 Assistant to the Executive Director $2,500 Chief Legal Officer $4,500 Director of Policy and Planning $3,000 Assistant to the Chief Legal Officer $2,100 Retirement Contribution I $26,2001 Car Allowance Executive Director - OMNI $3,600 Executive Director - Midtown (Reimbursed by Midtown CRA) $6,000 Chief Legal Officer $2,400 Cell Phone Allowance Executive Director - OMNI $1,200 Executive Director - Midtown (Reimbursed by Midtown CRA) $2,400 Assistant Executive Director $1,500 Chief Legal Officer $1,200 Director of Policy and Planning $1,200 Employer provided educational assistance $35,000 Fringe Benefits I $54,500 I 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 I 520,000 I To include cost for travel out of the city for conferences and travel allowances. $30,000 Travel and Per Diem I $30,000 I FPL - Fire House $10,800 Miami Water and Sewer $3,500 Contingency $6,000 Utility Service I $20,300 I Property Insurance/General/Liability Insurance (MEC) $71,166 Property Insurance/General/Liability Insurance (Fire Station No 2) $28,000 Workers Compensation (CRA Staff) $5,000 Insurance I $104,1661 To include the cost of food associated to CRA Meetings/Ribbon Cutting $5,000 To include the cost of miscellaneous supplies. $2,000 2019 MEC Property Taxes (Estimated) 178 177 Other Current Charges To include supplies necessary for use in the operation of an office, such as copy Supplies To include other supplies not office related. Ex. Misc. Project Construction and Operating Supplies $5,000 I $5,00o $5,000 6 To include the cost of memberships to organization, Microsoft license, and $17,000 [ Subscription Membership $17,000I Purchase of Vehicle $18,000 To include the cost of new computers $6,000 Machinery and Equipment I $24,000 To include the expenses of placing advertisements in the newspapers or other $30,000 Advertising I $30,000I Konica Minolta Copier $3,600 Rental and Leases I $3,600] To include the cost of stamps or other related item. Distribution of newsletter $2,000 Postage I $2,000I To include the cost associated to any office/truck repair. $2,000 Repair / Maintenance - Outside I $2,000 I To include transfer of funds to the City of Miami Office of the City Clerk for Interfund Transfer Total FY 2019 Administrative Budget $18,000 sis,000I $1,248,960 7