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Home My WebLink AboutCRA-R-22-0036 Exhibit AEXHIBIT A OMNI TAX INCREMENTFUND BUDGET FY 2023 PROPOSED BUDGET FY2022 ADOPTED BUDGET ' BUDGET '- VARIANCE' REVENUES CITY OF MIAMI - TAX INCREMENT $18,777,937 $18,191,428 $586,509 MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES) $11,488,327 $11,070,284 $418,043 CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $1,174,451 $923,665 $250,786 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $718,388 $562,155 $156,233 Total TIF Revenues $32,159,103 2020 FUND BALANCE LOAN SERIES 2018 A and 2018 B (Funds held by Bank United) $9,840,547 $11,786,890 ($1,946,343) TRANSFER FROM MIDTOWN CRA (Administration) $120,324 $114,723 $5,601 RENT INCOME Fire House Market ($14,400/month) $172,800 $100,000 $72,800 2023 CHILDREN TRUST CONTRIBUTION $1,256,759 $1,150,560 $106,199 2022 ESTIMATED FUND BALANCE $36,911,034 $22,631,839 $14,279,195 TOTAL`IIEVENU ' $804460,567 $66 531 544 $13,9,29,023 REDEVELOPMENT EXPENDITURES - ACCOUNTINd AND AUDIT ' $26,700 $15,000 $11,700 PROFESSIONAL SERVICES - OTHER (Available funds for consulting agreements for specific perlod of time)' $425,920 $425,920 $0 OTHER CONTRACTUAL SERVICES (Available funds for service agreements for limited time frame to be provided on as needed basis) $637,987 $300,000 $337,987 INTERFUND TRANSFER (Debt Service) $2,817,970 $2,815,196 $2,774 INTERFUND TRANSFER (Grant) $812,500 $812,500 $0 OTHER CURRENT CHARGE $0 $0 $0 OTHER GRANTS AND AIDS $38,499,833 $38,322,960 $176,873 ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $930,000 $1,058,540 ($128,540) FICA TAXES $71,145 $77,857 ($6,712) LIFE AND HEALTH INSURANCE $130,000 $130,000 $0 RETIREMENT CONTRIBUTION $50,000 $50,000 $0 FRINGE BENEFITS $13,200 $54,500 ($41,300) OTHER CONTRACTUAL SERVICE $140,000 $140,000 $0 TRAVEL AND PER DIEM $30,000 $30,000 $0 UTILITY SERVICE $20,300 $20,300 $0 INSURANCE $115,000 $115,000 $0 OTHER CURRENT CHARGE $234,763 $236,617 ($1,854) SUPPLIES $10,000 $10,000 $0 OPERATING SUPPLIES $10,000 $10,000 $0 SUBSCRIPTION MEMBERSHIP $17,000 $17,000 $0 MACHINERY AND EQUIPMENT $25,000 $6,000 $19,000 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 $18,000 $0 Total Administrative Expenditures $1,852,008• a '_ ,.;c,^ • RESERVE FOR 2007 GLOBAL AGREEMENT (TUNNEL) $4,084,633 $4,084,633 $0 2023's RESERVE FOR 2007 GLOBAL AGREEMENT (35 % PAC) $11,255,686 $0 $11,255,686 2022's RESERVE FOR 2007 GLOBAL AGREEMENT (35 % PAC) $10,761,636 $10,761,636 $0 2023's RESERVE FOR INTERLOCAL CHILDREN'S TRUST $1,256,759 $1,150,560 $106,199 PAYMENT TO CITY OF MIAMI FOR MAURICE FERRE PARK $2,000,000 $3,000,000 ($1,000,000( Total Reserve tor Obligations with Other Governm, $29,358,714 RESERVE FOR MIDTOWN ADM EXPENDITURES $120,324 $114,724 $5,600 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 (Funds collected $2,691,232plus 2023srrre House Market Rent $172,800) $1,864,032 $1,354,349 $509,683 RESERVE -BILLBOARD (RENT COLLECTED) $284,273 $0 $284,273 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $227,763 $229,617 ($1,854) RESERVE FOR UNSOLICITATED PROPOSALS $25,000 $0 $25,000 Total Reserve for Other $2,686,392 2019 BUDGET RESERVE (Budget Surplus) $28,893 $28,893 $0 2020 BUDGET RESERVE $406,671 $406,671 $0 2021 BUDGET RESERVE $532,471 $532,471 $0 2022 BUDGET RESERVE $654,760 $0 $654,760 2023 BUDGET RESERVE $1,719,748 $0 $1,719,748 Total Unrestticrted Reserve $3,342,593 TOTAL: FUND BALANCE - 4 :' 'r $80 460,567 $66,531,544 $13,929,023 A) B) C) 2023 TIF Revenue 2023 TIF Rev for Affordable Housing 2023 Budget for Affordable Housing So $32,159,103 $3,215,910 10% 2023 TIF Revenue $32,159,103 2023 Administrative Expenditures $1,852,008 Administrative Exp / 2023 TIF Revenue 6% Budget Reserve (2019, 2020, 2021 and 2023) $3,342,543 Total 2023 Budget $80,460,567 2023 Budget Reserve / Total 2023 Budget 4.15% So So