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Home My WebLink AboutCRA-R-20-0010 Exhibit AExhibit "A" SEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET FY 2021 PROPOSED BUDGET FY 2020 ADOPTED BUDGET BUDGET VARIANCE REVENUES CITY OF MIAMI - TAX INCREMENT {ORIGINAL BOUNDARIES) 518,557,982 $10,601,252 $7,956,730 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $11,292,971 $6,528,016 $4,764,955 CITY OF MIAMI -TAX INCREMENT (EXPANDED BOUNDARIES) $1,015,970 $746,198 $269,772 MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES) $616,657 $459,216 $157,441 CITY OF MIAMI - TAX INCREMENT (PARK WEST ADDITION) $1,123,257 $1,111,286 $11,971 MIAMI DADE COUNTY - TAX INCREMENT (PARK WEST ADDITION) $682,016 $684,916 -$2,900 Total 2O21 TIF Revenue $33,288,853 2021 CONTRIBUTION FROM THE CHILDREN TRUST FUND (ESTIMATE) $998,666 $774,857 $223,809 PROCEEDS OF SALE OF BLOCK 55 (ESTIMATE) $16,020,000 $18,000,000 -$1,980,000 2020 ESTIMATED FUND BALANCE $30,350,693 $27,367,500 $2,983,193 TOTAL REVENUE $80,658,212 $66,273,241 $14,384,971 REDEVELOPMENT EXPENDITURES PROFESSIONAL SERVICES - LEGAL $300,000 $378,801 -$78,801 ACCOUNTING AND AUDIT $31,000 $31,000 $0 PROFESSIONAL SERVICES - OTHER $1,584,800 $1,924,996 -$340,196 OTHER CONTRACTUAL SERVICES $877,690 $576,872 $300,818 DEBT SERVICE PAYMENT $4,513,375 $4,514,250 -$875 INTERFUND TRANSFER $17,038,422 $14,411,844 $2,626,578 LAND $0 $5,500 -$5,500 CONSTRUCTION IN PROGRESS $1,966,224 $2,445,294 -$479,070 OTHER GRANTS AND AIDS $50,554,996 $38,202,908 $12,352,088 TOTAL REDEVELOPMENT EXPENDITURES $76,866,507 $62,491,465 $14,375,042 REGULAR SALARIES $1,308,306 $1,308,306 $0 FICA TAXES $100,086 $100,086 $0 LIFE AND HEALTH INSURANCE $185,448 $185,000 $448 RETIREMENT CONTRIBUTION $119,211 $107,329 $11,882 FRINGE BENEFITS $26,699 $29,099 -$2,401 OTHER CONTRACTUAL SERVICE $120,230 $120,230 $0 TRAVEL AND PER DIEM $30,000 $30,000 $0 UTILITY SERVICE $69,000 $69,000 $0 INSURANCE $172,583 $172,583 $0 OTHER CURRENT CHARGE $86,392 $86,392 $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 $75,000 $75,000 $0 RENTAL AND LEASES $79,000 $79,000 $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 $2,447,954 $2,438,025 $9,929 Revenue Shortfall Reserve FY 2021 BUDGET RESERVE - ADMINISTRATION $240,000 $240,000 $0 FY 2016 Carryover Fund Balance (Surplus) $272,270 $272,270 $0 FY 2017 Carryover Fund Balance (Surplus) $321,755 $321,755 $0 FY 2018 Carryover Fund Balance (Surplus) $309,727 $309,727 $0 FY 2019 Carryover Fund Balance (Surplus) $200,000 $200,000 $0 TOTAL REVENUE SHORTFALL RESERVE $1,343,751 $1,343,751 $0 TOTAL FUND BALANCE $80,658,213 $66,273,241 $14,384,971 2021 TIF Revenue 2021 Administrative Expenditures % Administrative Exp / 2021 TIF Revenue $0 $33,288,853 $2,447,954 7% 2021 Budget Reserve $1,343,751 Total 2021 Budget $80,658,213 % 2021 Budget Reserve / Total 2021 Budget 2% $0 $0 1