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Home My WebLink AboutCRA-R-20-0011 Exhibit A-SUBEXHIBIT A THIS DOCUMENT IS A SUBSTITUTION TO ORIGINAL. BACKUP ORIGINAL CAN BE SEEN AT END OF THIS DOCUMENT. OMNI TAX INCREMENT,FUND BUDGET FY 2021 PROPOSED BUDGET FY 2020 ADOPTED BUDGET BUDGET VARIANCE REVENUES CRY OF MIAMI -TAX INCREMENT $18,726,124 $16,975,009 $1,751,115 MIAMIDADECOUNTY- TAXINCREMENT(ORIGINALBOUNDARIES) $11,401,481 $10,465,562 $935,919 CITY OE MIAMI -TAX INCREMENT(2009 ADDITION EXPANDED BOUNDARIES) $650,015 $531,687 $118,328 MIAMI DADECOUNIY- TAX INCREMENT (2009ADDITIONEXPAND EDBOUNDARIES) $395,021 $327,756 $67,265 Total TIF Revenues $31,172,641 2020 FUND BALANCE LOAN SERIES 2018A and 2018 B (Funds held by Bank United) $11,767,372 $11,755,752 $11,620 TRANSFER FROM MIDTOWN CRA (Administration) $98,467 $88,837 $9,630 RENT INCOME $80,000 $101,481 -$21,481 2020 CHILDREN TRUST CONTRIBUTION $1,246,906 $1,132,001 $114,905 2020 ESTIMATED FUND BALANCE (It includes the $4,552,500 - Reimbursement from Loan $18,491,610 $12,667,306 $5,824,304 Series 2018A) TQTAL REVEN /E.. `. • $62,856,996 $54,045,391 $8,811,605 REDEVELQPII({ENT iXPENQITURE5. ACCOUNTING AND AUDIT $15,000 $15,000 $0 PROFESSIONAL SERVICES - OTHER $325,920 $603,384 -$277,464 OTHER CONTRACTUAL SERVICES $300,000' $638,692 •$338,692 INTERFUND TRANSFER (Debt Service) $2,814,140 $7,046,026 -$4,231,886 INTERFUND TRANSFER (Grant) $812,500 $2,501,723 -$1,689,223 OTHER CURRENT CHARGE $1,500,000 $9,905,005 -$8,405,005 OTHER GRANTS AND AIDS $35,901,708 $28,633,639 $7 268,069 MrNI' r'IRAii 1E'E$PEND LURES - REGULAR SALARIES $913,640 $842,5401 $71,100 FICA TAXES $69,893 $64,454 $5,439 LIFE AND HEALTH INSURANCE $120,000 $90,000 $30,000 RETIREMENT CONTRIBUTION $50,000 $50,000 $D FRINGE BENEFITS $54,500 $54,500 $0 OTHER CONTRACTUAL SERVICE $130,000 $90,000 $40,000 TRAVEL AND PER DIEM $30,000 $30,000 $0 UTILITY SERVICE $20,300 $20,300 $0 INSURANCE $115,000 $104,166 $10,834 OTHER CURRENT CHARGE $216,867 $199,596 $17,271 SUPPLIES $10,000 $10,000 $0 OPERATING SUPPLIES $10,000 $10,000 $0 SUBSCRIPTION MEMBERSHIP $17,000 $17,000 $0 MACHINERYAND EQUIPMENT $6,000 $24,000 -$18,000 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 $18,000 818,C00 $0 Total Administrative Eapendltures $1,111B,800 - . . • RESERVE FOR 2007 GLOBAL AGREEMENT (TUNNEL) $4,231,000 $0 $4,231,000 RESERVE FOR 2007 GLOBAL AGREEMENT (35%PAC) $10,910,424 $o $10,910,424 RESERVE FOR INTERLOCALCHILDREN'S TRUST $1,246,906 $0 $1,246,906 RESERVE FOR MIDTOWN ADM EXPENDITURES $98,467 $88,837 $9,630 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 $1,311,442 $1,280,659 $30,783 RESERVE -BILLBOARD (INCOME GENERATED) $80,322 $0 $80,322 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $209,867 $192,596 $17,271 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) $28,893 $95,702 -$G6,809 2020 BUDGET RESERVE $249,298 $1,119,471 -$870,173 2021 BUDGET RESERVE 8739.809 $0 $739,809 .tOTALEUNDDIALANC,7:':•", $62;856,996 • $54;045 391 - $8;811,605 $o $o $a The Agency's obligation with respect to Museum Park under the Globat Interlaced Agreement are the subject of ongoing discussion between the City and the Agency. The InterIocal Agreement Obligations include the amounts payable In accordance with the original terms of th Global interlocal Agreement and/or such other amount as shall be determined by the resolution of such ongoing discussions (but in no event shall exce d the amounts payable under the original terms of the Global Interlocal Agreement with respect to Museum Park.) A} B) C) 2021 TIF Revenue 2021TIF Rev for Affordable Housing % 2021 Budget for Affordable Housing $31,172,641 $3,117,264 10% 2021 TIF Revenue $31,172,641 2021 Administrative Expenditures $1,818,800 % Administrative Exp / 2021 TIF Revenue 6% Budget Reserve (2019,2020and 2021) Total 2021 Budget % 2021 Budget Reserve / Total 2021 Budget $1,018,000 $62,856,996 1.62% 7797 Exhibit A -SUB EXHIBIT A OMNI TAX INCREMENT FUND BUDGET FY 2021 PROPOSED BUDGET FY 2020 ADOPTED BUDGET BUDGET VARIANCE REVENUES CITY OFMIAMI- TAXINCREMENT $18,726,124 $16,975,009 $1,751,115 MIAMI DADE COUNTY -TAX INCREMENT (ORIGINAL BOUNDARIES) $11,401,481 $10,465,562 $935,919 CITY OF MIAMI -TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $650,015 $531,687 $118,328 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $395,021 $327,756 $67,265 Total TIF Revenues $31,172,641 - - 2020 FUND BALANCE LOAN SERIES 2018 A and 2018 8 (Funds held by Bank United) $11,767,372 $11,755,752 $11,. 0 TRANSFER FROM MIDTOWN CRA (Administration) $98,467 $88,837 $',630 RENT INCOME $80,000 $101,481 -1,481 2020 CHILDREN TRUST CONTRIBUTION $1,246,906 $1,132,001 114,905 2020 ESTIMATED FUND BALANCE (It Includes the $4,552,500 - Reimbursement from Lear. $18,491,610 $12,667,306 $5,824,304 Series 2018A) TLiTAL REVENOE • $62,85096 :: $54,045 -1 T8,811,605 _• RE$EVELOpMENTEXPENDITuRES . ACCOUNTING AND AUDIT $15,000 - 5,000 $0 PROFESSIONAL SERVICES - OTHER $325,920 .603,384 -$277,464 OTHER CONTRACTUAL SERVICES $300,000 $638,692 -$338,692 INTERFUND TRANSFER (Debt Service) $7,045,140 $7,046,026 -$886 INTEREUND TRANSFER (Grant) $2,059,4,. $2,501,723 -$442,317 OTHER CURRENT CHARGE $10,91. - 24 $9,905,005 $1,005,419 OTHER GRANTS AND AIDS $37,4, ,708 $28,633,639 $8,768,069 'ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $913,640 $842,540 $71,100 FICA TAXES $69,893 $64,454 $5,439 LIFE AND HEALTH INSURANCE $120,000 $90,000 $30,000 RETIREMENT CONTRIBUTION $50,000 $50,000 $0 FRINGE BENEFITS $54,500 $54,500 $0 OTHER CONTRACTUAL SERVICE $130,000 $90,000 $40,000 TRAVEL AND PER DIEM $30,000 $30,000 $0 UTILITY SERVICE $20,300 $20,300 $0 INSURANCE $115,000 $104,166 $10,834 OTHER CURRENT CHARGE $216,867 $199,596 $17,271 SUPPLIES $10,000 $10,000 $0 OPERATING SUPPLIES $10,000 $10,000 $0 SUBSCRIPTION MEMBERSHIP $17,000 $17,000 $0 MACHINERY AND EQUIPMENT $6,000 $24,000 -$18,000 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 $o INTERFUND TRANSFER $18,000 $18,000 SO Total Administrative EKpendltures g1,81a,9oo RESERVE FOR MIDTOWN ADM EXPENDITURES $98,467 $88,837 $9,630 RESERVE FOR SECURITY DEPOSIT - MEC $125,000 S125,000 $0 RESERVE FOR SECURITY DEPOSIT -1401 GROUP C $40,000 $40,000 $0 RESERVE FOR CAPITAL EXPENDITURES $1,311,442 51,280,659 $30,783 RESERVE -BILLBOARD (INCOME GENERAT .. $80,322 $0 $80,322 RESERVE FOR PAYMENT OF PROPERTYT' E5 - MEC $209,567 $152,596 $12,271 RESERVE FOR LOAN PROCEEDS SERIE 019 A & 3 $47,500 $47,500 $0 RESERVE FOR UNSOLICITATED PRO' iSALS $50,000 $50,000 $0 2019 BUDGET RESERVE {Budget .rplus) $28,893 $95,702 -$66,809 2020 BUDGET RESERVE $249,298 $1,119,471 -$870,173 2021. BUDGET RESERVE $739,809 $0 $739,809 TWA =1 N0 BALANCE'.. $62,856,996 $54,045,391 $13,811,605 The Agency's obllgatto Ith respect to Museum Park under the Global Interlace! Agreement are the subject of ongoing discussion between the City and the Agency. The Inter cal Agreement Obligations include the amounts payable in accordance with the original terms of the Global interlocal Agreement and/or such other aunt as shall be determined by the resolution of such ongoing discussions (but in no event shall exceed the amounts payable under the original ter of the Gfobot tnterl000! Agreement with respect to Museum Park.) A) 2021 TIF Revenue 2021 TIF Rev for Affordable Housing % 2021 Budget for Affordable Housing $31,172,641 $3,117,264 10% / B) 2021 TIF Revenue $31,172,641 2021Administrative Expenditures $1,818,800 % Administrative Exp / 2021 TIF Revenue 6% C) Budget Reserve (2019, 2020 and 2021) $1,018,000 Total 2021 Budget $62,856,996 % 2021 Budget Reserve / Total 2021 Budget 1.62% 1