HomeMy WebLinkAboutCRA-R-26-0041 Exhibit A - SEOPW CRA BudgetExhibit "A"
SEOPW GENERAL OPERATING TAX INCREMENT FUND BUDGET
FY 2027
PROPOSED
BUDGET
FY 2026
APPROVED
BUDGET
BUDGET
VARIANCE
REVENUES I 1
CITY OF MIAMI - TAX INCREMENT (ORIGINAL BOUNDARIES)
$33,474,999
$30,404,900
$3,070,099
MIAMI DADE COUNTY - TAX INCREMENT (ORIGINAL BOUNDARIES)
$21,544,469
$19,487,698
$2,056,771
CITY OF MIAMI - TAX INCREMENT (EXPANDED BOUNDARIES)
$1,920,312
$1,849,203
$71,109
MIAMI DADE COUNTY - TAX INCREMENT (EXPANDED BOUNDARIES)
$1,236,167
$1,185,227
$50,940
CITY OF MIAMI - TAX INCREMENT (PARK WEST ADDITION)
$2,188,556
$2,364,486
($175,930)
($106,666)
MIAMI DADE COUNTY - TAX INCREMENT (PARK WEST ADDITION)
$1,408,826
$1,515,492
Total 2027 TIF Revenue I $61,773,329
BOND PROCEEDS -SERIES 2025 (Remaining Balance)
$122,471,951
$173,265,830
($50,793,879)
$234,921
2027 ESTIMATED CONTRIBUTION FROM THE CHILDREN TRUST FUND
$2,487,907
$2,252,986
2027 ESTIMATED NON TIF FUND BALANCE
$6,412,945
$4,027,358
$2,385,587
2027 ESTIMATED FUND BALANCE
$79,617,389
$44,644,512
$34,972,877
TOTAL REVENUE I
$272,763,521
$280,997,692
($8,234,171)
REDEVELOPMENT EXPENDITURES
PROFESSIONAL SERVICES - LEGAL
$600,000
$600,000
$0
ACCOUNTING AND AUDIT I
$48,000
$45,000
$3,000
PROFESSIONAL SERVICES - OTHER
$1,981,515
$3,359,354
($1,377,839)
OTHER CONTRACTUAL SERVICES
$1,607,200
$1,700,000
($92,800)
DEBT SERVICE PAYMENT
$14,208,575
$14,207,725
$850
INTERFUND TRANSFER
$8,349,496
$7,803,168
$546,328
LAND j I
$2,500,000
$2,500,000
$0
CONSTRUCTION IN PROGRESS
$727,146
$204,733
$522,413
OTHER GRANTS AND AIDS
$81,368,486
$65,349,255
$16,019,231
TOTAL REDEVELOPMENT EXPENDITURES
$111,390,419
$95,769,235
$15,621,184
REGULAR SALARIES (21 staff members)
$2,648,343
$2,448,448
$199,895
FICA TAXES I I
$202,598
$187,306
$15,292
LIFE AND HEALTH INSURANCE
$366,575
$366,575
($0)
RETIREMENT CONTRIBUTION
$550,000
$428,684
$121,316
FRINGE BENEFITS
$64 050
$55,700
$8,350
OTHER CONTRACTUAL SERVICE
$504 184
$625,500
($121,316)
$0
TRAVEL AND PER DIEM
$65,000
$65,000
UTILITY SERVICE
$60,000
$148,000
($88,000)
INSURANCE
$513,625
$710,625
($197,000)
($105,400)
$0
OTHER CURRENT CHARGE
$109 600
$215,000
$20,000
OFFICE SUPPLIES
$20,000
OPERATING SUPPLIES
$16,000
$10,000
$6,000
SUBSCRIPTION MEMBERSHIP/TRAINING
$26,000
$15,000
$11,000
MACHINERY AND EQUIPMENT
$7,500
$7,500
$0
ADVERTISING I
$60,000
$60,000
$0
RENTAL AND LEASES
$922,701
$1,257,403
($334,702)
POSTAGE 1
$500
$2,000
($1,500)
REPAIR/MAINTENANCE - OUTSIDE
$2,000
$2,000
$0
INTERFUND TRANSFER
$85,000
$85 000
$0
TOTAL ADMINISTRATIVE EXPENDITURES
$6,223,676
$6,709,741
($486,065)
($33,265,831)
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
$122,471,951
$155,737,782
Reserve for the Development of Affordable Housing at 60% AMI
$21,840,166
$14,053,577
$7,786,589
Reserve for Projects funded with the Non TIF Revenue Source)$739K has not yet
been designated)
$6,412,945
$4,027,358
$2,385,587
Reserve for Maintenance (Operating Expenses) of the Agency's Owned Rental
Properties plus Interior Buildout (Block 45).
$1,424,365
$2,000,000
($575,635)
Reserve for Policing Initiatives within the SEOPW CRA's Boundaries.
$2,500,000
$2,500,000
$0
TOTAL RESERVE FOR SPECIFIC PURPOSES
$154,649,426
$178,318,717
($23,669,291)
Carryover Fund Balance (Surplus)
$0
$0
$0
FY 2027 BUDGET RESERVE
$500,000
$200,000
$300,000
TOTAL REVENUE SHORTFALL RESERVE
$500,000
$200,000
$300,000
TOTAL FUND BALANCE ]
$272,763,521
$280,997,692
($8,234,172)
2027 TIF Revenue
2027 Administrative Expenditures
% Administrative Exp / 2027 TIF Revenue
$o
$61,773,329
$6,223,676
10.08%
2027 Budget Reserve $500,000
Total 2027 Budget $272,763,521
% 2027 Budget Reserve / Total 2027 Budget 0.18%
$0
$0
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