HomeMy WebLinkAboutCRA-R-25-0047 Exhibit AEXHIBIT "A"
SEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET
FY 2026
PROPOSED
BUDGET
FY 2025
APPROVED
BUDGET
BUDGET
VARIANCE
REVENUES I I
CITY OF MIAMI - TAX INCREMENT (ORIGINAL BOUNDARIES)
$30,404,900
$26,900,684
$3,504,216
MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES)
$19,487,698
$17,261,802
$2,225,896
CITY OF MIAMI - TAX INCREMENT (EXPANDED BOUNDARIES)
$1,849,203
$1,720,577
$128,626
MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES)
$1,185,227
$1,108,226
$77,001
CITY OF MIAMI - TAX INCREMENT (PARK WEST ADDITION)
$2,364,486
$2,072,829
$291,657
MIAMI DADE COUNTY - TAX INCREMENT (PARK WEST ADDITION)
$1,515,492
$1,339,640
$175,852
Total 2026 TIF Revenue I $56,807,007
-.
_....
BOND PROCEEDS -SERIES 2025 (Par Amount $161,910,000.00 and Premlun $10,841,955.25
$173,265,830
$0
$173,265,830
2026 ESTIMATED CONTRIBUTION FROM THE CHILDREN TRUST FUND
$2,252,986
$2,017,387
$235,599
2025 ESTIMATED NON TIF FUND BALANCE
S4,027,358
$4,833,515
($806,157)
2025 ESTIMATED FUND BALANCE
$44,644,511
$43,211,618
$1,432,893
TOTAL REVENUE! I
$280,997,692
$100,466,278'8180,531,414
REDEVELOPMENT EXPENDITURES
PROFESSIONAL SERVICES - LEGAL
$600,000
$200,000
$400,000
ACCOUNTING AND AUDIT I
$45,000
$45,000
$0
PROFESSIONAL SERVICES - OTHER
$3,359,354
$768,709
$2,590,645
OTHER CONTRACTUAL SERVICES
$1,700,000
$1,500,000
$200,000
DEBT SERVICE PAYMENT
$14,207,725
$4,502,500
$9,705,225
INTERFUND TRANSFER
$7,803,168
$15,967,569
($8,164,401)
LAND I I
$2,500,000
$2,000,000
$500,000
CONSTRUCTION IN PROGRESS
$204,733
$1,641,657
($1,436,924)
$1,405,649
OTHER GRANTS AND AIDS
$65,349,255
$63,943,606
TOTAL REDEVELOPMENT EXPENDITURES
$95,769,235
$90,569,041
$5,200,194
REGULAR SALARIES (19 staff members)
$2,448,448
$2,333,188
$115,260
FICA TAXES I I
$187,306
$178,489
$8,817
LIFE AND HEALTH INSURANCE
$366,575
$270,921
$95,654
RETIREMENT CONTRIBUTION
$428,684
$428,684
$0
FRINGE BENEFITS
$55,700
$55,700
$0
OTHER CONTRACTUAL SERVICE
$625,500
$500,000
$125,500
TRAVEL AND PER DIEM
$65,000
$65,000
$0
UTILITY SERVICE
$148,000
$70,000
$78,000
INSURANCE
$710,625
$310,625
8400,000
OTHER CURRENT CHARGE
$215,000
$180,000
$35,000
SUPPLIES I
$20,000
$20,000
$0
OPERATING SUPPLIES
$10,000
$10,000
$0
SUBSCRIPTION MEMBERSHIP/TRAINING
$15,000
$15,000
$0
MACHINERY AND EQUIPMENT
$7,500
$3,000
$4,500
ADVERTISING I
$60,000
$60,000
$0
RENTAL AND LEASES
$1,257,403
$647,000
$610,403
POSTAGE I
$2,000
$2,000
$0
REPAIR/MAINTENANCE - OUTSIDE
$2,000
$2,000
$0
INTERFUND TRANSFER
$85,000
$65,000
$20,000
TOTAL ADMINISTRATIVE EXPENDITURES
$6,709,741
$5,216,607
$1,493,134
Reserve for Capital Projects ($150M)/Refinancing ($21M) /Bond Issuance
Closing Cost ($2.2M) of the Debt Series 2014 to be financed with the Bond
Issuance Series 2025
$155,737,781
$0
$155,737,781
Reserve for the Development of Affordable Housing at 60% AMI
$14,053,577
$0
$14,053,577
Reserve for Projects funded with the Non TIF Revenue Source($739K has not yet
been designated)
$4,027,358
$0
$4,027,358
Reserve for Maintenance (Operating Expenses) of the Agency's Owned Rental
Properties plus Interior Buildout (Block 45).
$2,000,000
$0
$2,000,000
Reserve for Policing Initiatives within the SEOPW CRA's Boundaries.
$2,500,000
$0
$2,500,000
TOTAL RESERVE FOR SPECIFIC PURPOSES
$178,318,716
$0
$178,318,71.6
Carryover Fund Balance (Surplus)
$0
$4,680,631
($4,680,631)
$200,000
FY 2026 BUDGET RESERVE
$200,000
$0
TOTAL REVENUE SHORTFALL: RESERVE
$200000
$4,680,631
($4,480,631)'
TOTAL FUND BALANCE I
$280,997,692
$100,466,278
$180,531,413'.
$0
2026 TIF Revenue
2026 Administrative Expenditures
% Administrative Exp / 2026 TIF Revenue
2026 Budget Reserve
$56,807,007
$6,709,741
11.81%
$200,000
Total 2026 Budget $280,997,692
% 2026 Budget Reserve / Total 2026 Budget 0.07%
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