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Home My WebLink AboutCRA-R-19-0028 Exhibit8/5/2019 OMNI:TAX INCREMENT FUND BUDGET FY 2020 PROPOSED BUDGET FY 2019 PROPOSED BUDGET BUDGET VARIANCE REVENUES CITY OF MIAMI - TAX INCREMENT $16,975,009 $11,525,122 $5,449,887 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $10,465,562 $7,092,694 $3,372,868 CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $531,687 $386,218 $145,469 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $327,756 $237,877 $89,879 Total TIF Revenues $28,300,014 2020 FUND BALANCE LOAN SERIES 2018 A and 2018 B (Funds held by Bank United) $11,755,752 $11,659,393 $96,359 TRANSFER FROM MIDTOWN CRA (Administration) $88,837 $64,282 $24,555 RENT INCOME - MEC $0 $100,000 -$100,000 OTHER INCOME - MEC (REIMBURSEMENT FOR 2019 PROPERTY TAXES) $0 $178,177 -$178,177 RENT INCOME - 1401 LLC $101,481 $101,481 $0 2020 CHILDREN TRUST CONTRIBUTION $1,132,001 $769,676 $362,325 2020 ESTIMATED FUND BALANCE (It Includes the $4,552,500 - Reimbursement from Loan $12,667,306 $11,793,068 $874,237 Series 2018A) TOTAL:REVENUE; $$4,045,391 $43,907,989 $10,137,402 REDEVELOPMENT EXPENDITURES ACCOUNTING AND AUDIT $15,000 $15,000 $0 PROFESSIONAL SERVICES - OTHER $603,384 $457,800 $145,584 OTHER CONTRACTUAL SERVICES $638,692 $462,660 $176,032 INTERFUNDTRANSFER (Debt Service) $7,046,026 $7,047,838 -$1,812 INTERFUND TRANSFER (Grant) $2,501,723 $1,726,104 $775,619 OTHER CURRENT CHARGE $9,905,005 $6,734,669 $3,170,336 OTHER GRANTS AND AIDS $28,633,639 $24,004,312 $4,629,327 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $842,540 $607,540 $235,000 FICA TAXES $64,454 $46,477 $17,977 LIFE AND HEALTH INSURANCE $90,000 $48,000 $42,000 RETIREMENT CONTRIBUTION $50,000 $26,200 $23,800 FRINGE BENEFITS $54,500 $54,500 $0 OTHER CONTRACTUAL SERVICE $90,000 $20,000 $70,000 TRAVEL AND PER DIEM $30,000 $30,000 $0 UTILITY SERVICE $20,300 $20,300 $0 INSURANCE $104,166 $104,166 $0 OTHER CURRENT CHARGE $199,596 $185,177 $14,419 SUPPLIES $10,000 $5,000 $5,000 OPERATING SUPPLIES $10,000 $5,000 $5,000 SUBSCRIPTION MEMBERSHIP $17,000 $17,000 $0 MACHINERY AND EQUIPMENT $24,000 $24,000 $0 ADVERTISING $30,000 $30,000 $O RENTAL AND LEASES $3,600 $3,600 $0 POSTAGE $2,000 $2,000 $0 REPAIR/MAINTENANCE - OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $18,000 $18,000 $0 Total Administrative Expenditures $1,662,157 RESERVE FOR MIDTOWN ADM EXPENDITURES $88,837 $64,282 $24,555 RESERVE FOR SECURITY DEPOSIT - MEC $125,000 $12.5,000 $0 RESERVE FOR SECURITY DEPOSIT -1401 GROUP LLC $40,000 $40,000 $0 RESERVE FOR CAPITAL EXPENDITURES $1,280,659 $1,089,1.65 $191,494 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $192,596 $177,257 $15,339 RESERVE FOR LOAN PROCEEDS SERIES 2019 A & B $47,500 $47,500 $0 RESERVE FOR UNSOLICITATED PROPOSALS $50,000 $50,000 $0 2019 BUDGET RESERVE (Budget Surplus) $95,702 $617,442 -$521,740 2020 BUDGET RESERVE $1,119,471 $0 $1,119,471 TOTAL:. FUND BALANCE $54,045,391 ; $43,907,989 - $10,137,402 The Agency's obligation with respect to Museum Park under the Global Interlocal Agreement are the sub'ect of ongoing di cussion between he City and the Agency. The Interlocal Agreement Obligations Include the amounts payable In accordance with the original terms of the Globallnterlocal Ag eement 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 Interlocal Agreement with respect to Museum Park.) A) B) C) 2020 TIF Revenue 2020 TIF Rev for Affordable Housing 2020 Budget for Affordable Housing $28,300,014 $2,830,001 10% 2020 TIF Revenue $28,300,014 2020 Administrative Expenditures $1,662,157 Administrative Exp / 2020 TIF Revenue 6% Budget Reserve (2019 and 2020) $1,215,173 Total 2020 Budget $54,045,391 2020 Budget Reserve / Total 2020 Budget 2% Description Accounting and Audit 1 2019 External Auditing Services to the OMNI CRA - Sanson, Kline, Jacomino,Tandoc & Gamarra, LLP Professional Services ` Oth'er .:: '` 2 3 4 Financial Support Consultant Jul 2017-Jul 2018 2018 Omni Redevelopment Plan & FON Branding, Webslte, PR 5 Available funds for Other Professional Services Other�OonkrattuolServiees 6 Available for Landscaping Service Quality of Life Per City's 2018-2019 Procurement Code Category ' Approval Date Reso # Administration 7/29/2016 16-0038 Administration Redevelopment Planning Administration Other Professional Services 12/14/2016 16-0064 NR NR NR Amount Budgeted $15,000 $47,800 $250,000 $70,000 $295,000 $25,000 Amount Expended so $37,120 so $22,296 so $14,340 Remaining Balance $15,000 $10,680 $250,000 $47,704 $295,000 $10,660 7 8 9 Temporary Relocation Assistance Plan to residents that are displaced. Funds derived from 2019 budget reserve Available for Other Contractual Services (R Heisenbottle Bank Building) To be reimbursed from United Bank Account) Available funds for Other Contractual Services Affordable 2/19/2019 19-0002 Housing Administration Other Professional Services NR NR $50,000 $625,994 $250,000 $1,628,794 $0 $297,961 so $371,717 $50,000 $328,032 $250,000 $1,257,076 Total Budget Amount (Professional Services - Legal, Accounting and Audit, Professional Services - Other and Other Contractual NR - No CRA Resolution/Assigned Funds R - CRA Resolution Passed / Assigned Funds $1,170,736 $86,340 $1 257 076 Fundinf Source Carryover Fund Balance FY2020 -- TIF Revenue $0 $15,000 $10,680 $0 $250,000 $o $47,704 $o $10,146 $284,854 $10,560 $0 $50,000 $0 $328,032 $0 $o $250,000 $707,222' ' $549,854 $707;222 $549,854 $1,257,076 $15,000 $603,384 $638,692 2 Description' Interfund Transfer (Debt Service) Category Approval Date Reso 6 Amount Budgeted Amount Expended Remaining Balance 1 2 2020 Transfer Out to the City of Mlaml for the payment of the Port of Miami Tunnel Series 2012 2020 Loan Payment Bank United - Principal Amount $25M Debt Service Dec-07 2007 Global Agreement $4,231,000 $o $4,231,000 Debt Service Debt Service $2,815,026 $0 $2,815,026 Oth et Current Charges and Obligati ons 3 2020 Estimated Payment (Global Agreement) - Performing Art Center Infrastructure Dec-07 2007 Global Agreement $9,905,005 so $9,905,005 fnt d T(ansfer" (Grant) 4 2015-2016 Policing Services - Clty of Miami Quality of Life 10/22/2015 15-0043 $710,000 $652,778 $57,222 5 6 2020 Available Funds for a grant to the City of Mlaml Police Department for the Expanded Police Program 2020 TIF Payment to MAX Mlaml LLC, Quality of Life NR $500,000 so $500,000 Quality of Life 18-0004 $812,500 $o $812,500 7 2020 Children Trust Contribution Quality of Life Dec-07 Interlocal Agreement $1,132,001 $0 $1,132,001 Subtotal $20,105,531 $652,778 $19,452,753 Total Budget Amount (Interfund Transfer (Debt Service), Debt Service, Purchase of Land and Interfund Transfer (Grant) NR - No CRA Resolution/Assigned Funds R - CRA Resolution Passed $0 $19,452,753 $19,452,753 Funding Source Carryover FY 2020 Reimbursement Fund Balance TIF from. Loan Series Revenue 2018A- $4,552,500 $0 $4,231,000 $0 $0 $2,815,026 $0 $0 $9,905,005 $0 $57,222 $0 $0 $0 $500,000 $0 $0 $812,500 $0 $0 $1,132,001 $0 $57,222 $19,395,531 $0. $57,222 $19,395,531 $0 $19,452,753 $7,046,026 $9,905,005 $2,501,723 3 Funding Source Description Category Approval Date Reso # Amount Budgeted Amount - Expended Remaining : - Balance '- Carryover Fund Balance FY 2020 ` - TIF Revenue Loan Series 2018 A & B Reimbursement ; from Loan Series 2018A - $4,552,500.::. Other Grants and Alds 1 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 $o 2 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, R-17-0418 $850,000 $743,214 $106,786 $106,786 $0 $0 $o 3 Grant to Rebuilding Together Miami -Dade Inc. to provide partial funding for a home Improvement facade and quality Ilfe program. Affordable Housing 12/14/2016 16-0061 $700,000 $551,281 $148,719 $148,719 $o $o $o 4 2018 Grant to Rebuilding Together Miami -Dade Inc. to provide partial funding for a home Improvement facade and quality Ilfe program. Affordable Housing 1/17/2018 18-0028 $600,000 $0 $600,000 $600,000 $0 $0 $0 5 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 $o $0 $0 6 2018 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Life 1/17/2018 18-0007 $100,000 $38,587 $61,413 $61,413 $0 $0 $0 7 2019 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Llfe NR $100,000 $28,376 $71,624 $71,624 $0 $0 $0 8 2018 Available for Business Improvements and Assistance Grant Program Job Creation / Quality of Life 18-0023 $500,000 $200,000 $300,000 $3oo,000 $o $o $0 9 2018 Business Improvement and Assistance Grant Program Job Creation / Quality of Life 18-0037 $500,000 $200,000 $30o,000 $300,000 $o $o $o 10 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 11 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 Lincoln 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 $76,453 $73,547 $73,547 $0 $0 $0 12 Contribution to the City of Miami - TRI Rail Project Infrastructure 6/25/2015 5/26/2016 15-0022 $3,750,000 $3,549,420 $200,580 $200,580 $0 $0 $0 13 Open Space Initiative Quality of Life NR $500,000 $0 $500,000 $500,000 $0 $0 $0 14 130 NW 14th Street Rehab & Activation (Morgan's) Quality of Llfe 1/17/2018 Deferred Item 18-0027 $400,000 $0 $400,000 $400,000 $0 $0 $0 15 Grant to the City of Miami for cost associated with the design of operational assessment of the 33 acres Infrastructure 2/19/2019 no action taken $50,000 $0 $50,000 $50,000 $0 $0 $o 16 Chapman Grant Historic Preservation NR $200,000 $0 $200,000 $200,000 $0 $0 - $0 4 rumps source Description Category Approval Date Reso # Amount Budgeted Amount Expended Remaining Balance Carryover Fund Balance FY 2020 TIF Revenue Loan Series 2018 A & 8 Reimbursement from Loan Series 2018A - $4,552,500 Other Grants and Aids 17 Miami Homes for All Grant Affordable NR Housing $300,000 $0 $300,000 $0 $300,000 $0 $0 18 Carryover of unused funds for Affordable Housing Projects Rehabilitation. (10% of TIF Revenue) Affordable 16-0040 Housing $503,744 $0 $503,744 $503,744 $0 $0 $0 19 2019 Reserve for Affordable Workforce Housing (10% of 2019 Total TIF $19,241,911) Affordable 16-0040 Housing $1,924,191 $0 $1,924,191 $1,924,191 $0 $0 $0 20 2020 Reserve for Affordable Workforce Housing (10% of 2020 Total TIF $28,300,014) Affordable 16-0040 Housing $2,830,001 $0 $2,830,001 $0 $2,830,001 $0 $0 21 Housing Acquisition and Development Affordable NR Housing $2,200,000 $0 $2,200,000 $2,200,000 $0 $0 $0 22 Homeownership Programs Affordable NR Housing $1,000,000 $0 $1,000,000 $0 $1,000,000 $0 $0 23 Reserve for Renovation of Bank Building (Loan Series 2018 A) Infrastructure 17-0020 ., $4,394,001 $0 $4,394,001 $0 $0 $4,394,001 $0 24 Reserve for Affordable Housing Projects (Loan Series 2018 B) Affordable NR Housing $7,361,752 $0 $7,361,752 $0 $0 $7,361,752 $0 25 Purple Shirts Quality of Life 9/12/2018 18-0036 $100,000 $0 $100,000 $100,000 $0 $0 $0 26 2020 Purple Shirts Quality of Life NR $375,000 $0 $375,000 $0 $375,000 $0 $0 27 Streetscape and Infrastructure Projects .. ................. . Quality of Life NR $400,000 $43,063 $356,937 $356,937 $0 $0 $0 28 2020 Residential Rehab Grant Program Affordable NR Housing $1,200,000 $0 $1,200,000 $0 $1,200,000 $0 $0 29 2020 Camillus House Miami Shelter Program Quality of Life NR $175,000 $0 $175,000 $175,000 $0 $0 $0 30 Acquisition of property located at 1428 NW 1st Avenue (7680 sf) Affordable 2/19/2019 19-0001 Housing $450,000 $397,726 $52,274 $52,274 $0 $0 $0 31 Capital Improvements Projects Job Creation / NR Quality of Life $1,000,000 $0 $1,000,000 $0 $1,000,000 $0 $0 32 16 Corner LLC Affordable Housing Projects Affordable 1/17/2018 18-0008 Housing $3,800,000 $2,811,231 $988,769 $0 $0 $0 $988,769 33 2020 Business Improvement and Assistance Grant Program Job Creation / NR Quality of Life $752,500 $0 $752,500 $0 $0 $0 $752,500 Subtotal $8,817,549 $28,633,639 $8,431,617 $6,705,001 $11,755,752 $1,741,269 _$37,451,189 $8,431,617 $6,705,001 $11,755,752 $1,741,2691 Total Budget Amount Other Grants and Aids NR - No CRA Resolution/Assigned Funds R - CRA Resolution Passed $9,103,021 $19,530,619 $28,633 639 $28,633,639 5 Operating Supplies Position Executive Positions Non Executive Positions Contingency Compensated Absences Regular Salaries Fica taxes Health/Dental/Vision Insurance Available funds for Health/ Dental/ Vision/ Life Insurance Life and Health Insurance Available funds for Retirement Contribution 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 Employer provided educational assistance Fringe Benefits OMNI $467,740 $229,800 $65,000 $80,000 $842,540 1 $64,454 $64,454I $90,000 I $90,000 $50,000 1 $3,600 $6,000 $2,400 $1, 200 $2,400 $1,500 $1,200 $1, 200 $35,000 $54,500 I Available funds for Other Contractual Services $90,000 Other Contractual Services I $90,000I To Include cost for travel out of the city for conferences and travel allowances. $30,000 Travel and Per Diem I $30,000I FPL - Fire House Miami Water and Sewer Contingency Utility Service $10,800 $3,500 $6,000 $20,300 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) $192,596 Other Current Charges I $199,596 To Include supplies necessary for use In the operation of an office, such as copy $10,000 Supplies I $10,000 1 To include other supplies not office related. Ex. Misc. Project Construction and $10,000 I $10,OOOI To Include the cost of memberships to organization, Microsoft license, and $17,000 Subscription Membership I $17,000 I Purchase of Vehicle $18,000 To include the cost of new computers $6,000 Machinery and Equipment I $24,000 1 To include the expenses of placing advertisements in the newspapers or other $30,000 Advertising 1 $30,000 1 Konica Minolta Copier $3,600 Rental and Leases I $3,600 6 To include the cost of stamps or other related Item. Distribution of newsletter in the CRA area. Ex. Mailing services and FedEx. Postage $2,000 $2,000 I To include the cost associated to any office/truck repair. $2,000 Repair / Maintenance - Outside $2,000 1 To Include transfer of funds to the City of Miami Office of the City Clerk for services to be rendered as Clerk of the Board. Interfund Transfer Total FY 2020 Administrative Budget $18,000 I $18,000I $1,662,157 7