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Home My WebLink AboutCRA-R-23-0041 Exhibit AEXHIBIT "A" 5th Budget Update 9/25/2023 OMNI TAX INCREMENT FUND BUDGET FY 2024 PROPOSED BUDGET .... FY 2023 ADOPTED BUDGET BUDGET VARIANCE' REVENUES CITY OF MIAMI - TAX INCREMENT $21,570,698 $18,777,937 $2,792,761 MIAMI DADE COUNTY -TAX INCREMENT (ORIGINAL BOUNDARIES) $13,184,684 $11,488,327 $1,696,357 CITY OF MIAMI - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $1,402,595 $1,174,451 $228,144 MIAMI DADE COUNTY - TAX INCREMENT (2009 ADDITION EXPANDED BOUNDARIES) $857,378 $718,388 $138,990 Total TIF Revenues $37,015,355 FUND BALANCE LOAN SERIES 2018 A and 2018 B (Funds held by Bank United) $0 $9,840,547 ($9,840,547) TRANSFER FROM MIDTOWN CRA (Administration) $134,363 $120,324 $14,039 RENT INCOME Fire House Market ($14,400/month)(Rent abated due to repairs)/MEC ($8,333/Month) $100,000 $172,800 ($72,800) 2024 CHILDREN TRUST CONTRIBUTION $1,434,138 $1,256,759 $177,379 2023 ESTIMATED FUND BALANCE $24,015,373 $36,911,034 ($12,895,661) TOTAL REVENUE' . " i $62,699,229 $80,460,567 ($17,761338) REDEVELOPMENT EXPENDITURES ACCOUNTING AND AUDIT $26,700 $26,700 $0 PROFESSIONAL SERVICES - OTHER (Available funds for consulting agreements for specific period of time) $500,920 $425,920 $75,000 OTHER CONTRACTUAL SERVICES (Available funds for service agreements for limited time frame to be provlded on as needed basis) $711,097 $637,987 $73,110 INTERFUND TRANSFER (Debt Service) $2,817,239 $2,817,970 ($731) INTERFUND TRANSFER (Grant) $812,500 $812,500 $0 OTHER CURRENT CHARGE $0 $0 $0 OTHER GRANTS AND AIDS $22,641,072 $38,499,833 ($15,858,761), ADMINISTRATIVE EXPENDITURES REGULAR SALARIES $886,800 $930,000 ($43,200) FICA TAXES $67,840 $71,145 ($3,305) LIFE AND HEALTH INSURANCE $80,000 $130,000 ($50,000) RETIREMENT CONTRIBUTION $50,000 $50,000 $0 FRINGE BENEFITS $4,800 $13,200 ($8,400) 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 $219,518 $115,000 $104,518 OTHER CURRENT CHARGE $249,378 $234,763 $14,615 SUPPLIES $7,000 $10,000 ($3,000) OPERATING SUPPLIES $10,000 $10,000 $0 SUBSCRIPTION MEMBERSHIP $10,000 $17,000 ($7,000) MACHINERY AND EQUIPMENT $25,000 $25,000 $0 ADVERTISING $15,000 $30,000 ($15,000) RENTAL AND LEASES $3,600 $3,600 $0 POSTAGE $2,000 $2,000 $0 REPAIR/MAINTENANCE- OUTSIDE $2,000 $2,000 $0 INTERFUND TRANSFER $60,000 $18,000 $42,000 Total Administrative Expenditures $1,883,237 RESERVE FOR 2007 GLOBAL AGREEMENT (TUNNEL) $4,084,633 $4,084,633 $0 2024's RESERVE FOR 2007 GLOBAL AGREEMENT (35 % PAC) $12,955,374 $22,017,322 ($9,061,948) 2024's RESERVE FOR INTERLOCAL CHILDREN'STRUST $1,434,138 $1,256,759 $177,379 PAYMENT TO CITY OF MIAMI FOR MAURICE FERRE PARK $5,000,000 $2,000,000 $3,000,000 Total Reserve for Obligations with Other Government $23,474,146 Agencies RESERVE FOR MIDTOWN ADM EXPENDITURES $134,363 $120,324 $14,039 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 $1,888,410ph. s2024,MEC rent $100,000) $1,988,410 $1,864,032 $124,378 RESERVE -BILLBOARD (RENT COLLECTED) $284,273 $284,273 $0 RESERVE FOR PAYMENT OF PROPERTY TAXES - MEC $234,378 $227,763 $6,615 RESERVE FOR UNSOLICITATED PROPOSALS $25,000 $25,000 $0 Total Reserve for Other $2,831,424 2019 BUDGET RESERVE $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 $654,760 $0 2023 BUDGET RESERVE $3,108,217 $1,719,748 $1,388,469 2024 BUDGET RESERVE $2,269,883 $0 $2,269,883 Total Revenue Shortfall Reserve $7,000,895 TOTAL FUND BALANCE $62,699229 $8 460,567 ($17,761,3338) A) B) C) 2024 TIF Revenue 2024 TIF Rev for Affordable Housing % 2024 Budget for Affordable Housing 0 $37,015,355 $3,701,536 10% 2024 TIF Revenue $37,015,355 2024 Administrative Expenditures $1,883,237 Administrative Exp / 2024 TIF Revenue 5% Budget Reserve (2019, 2020, 2021, 2023 and 2024) $7,000,895 Total 2024 Budget $62,699,229 2024 Budget Reserve / Total 2024 Budget 11% 0 0 Funding Source Description Category Reso#: Budgeted Amount Expended Amount . Remaining -., </Balance Carryover Fund Balance; TIF Revenue Accounting and Audit" 1 2023's External Auditing Services to the OMNI CRA - Sanson, Kline, Jacomino, Tandoc & Gamerra, LLP Administration 16-0038 $26,700 $0 $26,700- $0 $26,700 Pi'0 6$i0fral,Senidcesxother 2 Financial Consultant Other Professional Services 16-0064 $75,000 $0 $75,000 _ $0 $75,000 3 Available funds for Other Professional Services Other Professional Services NR $425,920 $0 $425,920 $425,920 $0 -Othe1' 3 Coktraftual S6rolces Available funds for Other Contractual Services Other Professional Services NR $711,097 $0 $711,097 $711,097 $0 -. - SWtbtal 'r - $1,2,3I3,717 $0 ''$,2f8,71.7 I' $f>12mil/ $14700' $1,13.SUd7 .. $.O17B4 Total Budget Amount (Professional Services - Legal, Accounting and Audit, Professional Services - Other and Other Contractual Services) $1,238,717 $26,700 $500,920 $711,097 2 Funding Source Description Category ;Approval Date Reso R . Budgeted;: <'- Amount Expended- Amount Remaining Balance Carryover Fund Balance 7IF Revenue.- Interfund Transfer )Debt Service) 1 2023 Loan Payment BankUnited - Principal Amount $25M Debt Service Debt Service $2,817,239 $0 $2,817,239 $0 $2,817,239 Intetfnnd TruRufet (Grant) 2 2024 TIP Payment to MAX Miami LLC, Quality of Life 18.0004 $812,500 $0 $812,500 $0 $812,500 Subtotal $3,629,739 $0 $3,629,739 . $0 . $3,629,739 so Total Budget Amount )Interfund Transfer (Debt Service), Debt Service, Purchase of Land and Interfund Transfer (Grant) $3,629,739 $3,629,739 $2,817,239 $812,500 3 Description Category Approval Date Reso9 '. Amount ';.Budgeted : Amount--- Expended Remaining: Balance Carryover Fund Balance TIF Revenue.. Other Grants end Aids 1 Dorsey Library - Project Cost - CIP Project - Funds derived from sale of land - 14th St OEV LLC - $1,253,649 - CR4-11-15-0021 Infrastructure 9/19/2017 CIP Project 9.17.0418 $850,000 $743,214 $106,786 $106,786 $0 2 2023 Miami Downtown Development Authority to expand the Downtown Enhancement Team (Purple Shirts) Quality of Life and Job Creation 4/27/2023 23-0011 $310,000 $189,753 $120,247 $120,247 $0 3 Museum Park Remediation Project 8.30538. CIP Protect funded with OMNI TIF Funds. Infrastructure 4/19/2017 17.0022 $175,000 $150,343 $24,657 $24,657 $0 ri'afd 4 '-:� '."9 Reserve for Affordable Housing derNed from TIF Revenue ($3,215,910- FY2023 and $3,723,682 - FY 2024) F 27#th Fsf.Yi Affordable Housing - Unrestricted Funds .-^t y"-'''F' , 57/, I;: 9/13/2016 160040 gyp $6,917,446 $0 $6,917,446 $3,215,910 $3,701,536 4-1 ii Mixed -use development project located 123 NW 14th St • CAPROCK `'^• 011z1 " Affordable Housing • 'F "L4.KEWI 10/22/2021 rtv. �u 21-0037 $1,300,000 ¢ 'LI"=b'k $325,000 'aZ $975,000 $975,000 $0 5 - Bank Restoratlon-Total Project Cost $6,339,898.04 (Phase 1 and 2) - :: Historic Preservation zR 6/3/2021 . ,:i -, 21.0031 $5.8M plus contlgency up to 20% Phase 1 .:, E $3,432,746 $3,432,746 tails 42SE1 $0 E.3: .v. i ; $0 3iATi q ill $0 5.1 Shoring of the Citizens Rank Building located at 1367 North Miami. Funds derived from Loan Series 2018 A ($4,405,620) - MASS Construction Corp. The shoring project $2,907,150.40 - Phase 2 Infrastructure 6/3/2021 21.0031 $5.8M plus contlgency up to 20% Phase II $2,947,254 $2,852,590 $94,664 $94,664 $0 6 16 C.zs o of rLLCAffordable Housing Protect Affordable Housing 2/22/2018 C 18.0008 / 18-0026 (MT Zion Developments • Developer Selected) $3,800,000 YTy "-,��i'•.�s !t*,„„i �' 53,319,665 $480,335 $480,335 ... $0 '. l A .7C, ;(,�!?: 7 Miami Homes for All Inc. Affordable 10/22/y471 71-0038 8150.000 SO S150.000 5150A00 SO 8 Deobllgated funds on 10/13/2022 Unrestricted 10/12/2022 22-0040 $4,195,500 $0 $4,195,500 $4,195,500 $0 9 Funds to be deobligzted Unrestricted N/A Carryover $1,977,961 $0 $1,977,961 $1 977,961 $0 10 2023's Available for Other Grants and Aids Unrestricted N/A Carryover $4,209,224 $0 $4,209,224 $4,209,224 $0 11 2024's Available for Other Grants and Aids Unrestricted N/A 2024's Budget $3,389,253 $0 $3,389,253 $0 $3,389,253 3u01o8o1 - $33,$64,383 $11,013,313: $22,641,072 315,550,283 $7,090,789 Tot I Budget Amount Other Grants and Alds $22 641,072 4 Rental and Leases Travel and Per Dlem OMNI (Position' 1. Executive Director - OMNI $230,000 Executive Assistant to the Executive Director $100,000 Senior Protect Manager $90,000 Receptionist $56,000 Community Liaison $72,000 Legal Intern $37,000 Purple Shirt Staff 23,400 Purple Shirt Staff 23,400 Contingency Compensated Absences Regular Salaries Flca taxes Health/Dental/Vlslon Insurance Available funds for Health/ Dental/Vlslon/ Life Insurance Life and Health Insurance Executive Director (20% Employer's Contribution) Available funds for Retirement Contribution Retirement Contribution Car Allowance Executive Director - OMNI $175,000 $80,000 $886,800 1 $67,840 $67,8401 $80,000 $80,000 $46,000 $15,900 $50 0001 $3,600 Cell Phone Allowance Executive Director - OMNI $1,200 Fringe Benefits I $4,800I Available funds for Other Contractual Services $140,000 Other Contractual Services I $140,0001 To Include cost for travel out of the city for conferences and travel allowances. $30,000 $30,000 I FPL- Fire House Kam! Water and Sewer Contingency Utility Service Property Insurance/General/Liability Insurance (CRA Owned Properties) Workers Compensation (CRA Staff) Insurance To include the cost of food associated to CRA Meetings/Ribbon Cutting Ceremonies. To Include the cost of miscellaneous supplies. 2024 MEC Property Taxes (Estimated) Other Current Charges $10,800 $3,500 $6,000 $20,300 I $209,518 $10,000 $219,518 1 $10,000 $5,000 $234,378 $249,378 I To Include supplies necessary for use In the operation of an office, such as copy paper for the $7,000 Supplies To Include other supplies not office related. Ex. Misc. Project Construction and Site Signage Operating Supplies To include the cost of memberships to organization, Microsoft license, and Florida Redevelopment Association. Subscription Membership $7,000I $10,000 $10,000 I $10,000 $10,000I To Include the cost of new vehicle $25,000 Machinery and Equipment 1 $25,000I To Include the expenses of placing advertisements in the newspapers or other publications. $15,000 Advertising 1 $15,000I Konica Minolta Copier $3,600 $3,600 I To include the cost of stamps or other related Item. Distribution of newsletter in the CRA $2,000 area. Ex. Mailing services and FedEx. Postage To Include the cost associated to any office/truck repair. $2,000 1 $2,000 5 Repair / Maintenance - Outside To include transfer of funds to the City of Mlaml Office of the City Clerk for services to be rendered as Clerk of the Board. Interfund Transfer Total FY 2024 Administrative Budget $2,000 $60,000 $oo,000 J $1,883,237 6