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Home My WebLink AboutExhibit SUBAlvarez, Valentin J Subject: Wynwood Bid budget Attachments: Revised Wynwood BID Budget FY'17 as of 09 14 2016.x1s; ATT00001.txt -----Original Message ----- From: tcuritoreC@wynwoodbid.com[mailto:tcuritore(@wvnwoodbid.com] Sent: Wednesday, September 14, 2016 3:43 PM To: Rose, Christopher; Medina, Anna; Arcia, Miriam; Ruiz, Joseph A.; Jackson, Robin Jones; Tom Curitore Subject: Wynwood Bid budget File No 16-011331 Substituted Item - Wynwood Business Improvement District Budget FY'17 �U Original May Be INCOME Seen At The End, , Income Approved Actual Oct/15 Projected Jun/16 to Total Actual + Proposed Comments FY16 Budget -May /16 Sep/16 projected 2016 FY'17 Budget The expected collections is 95% of to the amount billed net of 2% in regards to BID Assessments 1 discounts and penalties ($832K billed -$16K net discounts/penalties) X 95% $708,564 $682,080 $60,000 $742,080 $775,658 expected collections. Based on previous trends, the BID expects to collect next fiscal $30,000 from the Deferred Collections fiscal year 2016 (Oct/15-Jan/16). $15,000 of the deferred Folios from fiscal year $58,000 $33,710 $3,000 1 $36,710 $50,000 1 2014-2015 and $5K from 2013-2014. City of Miami Contribution $0 $0 $0 $0 $247,500 Total Income $766,564 $715,790 $63,000 $778,790 $1,073,158 EXPENSES Projectedt/15 Expenses Approved Actual Qc Jun/16 to Total Actual + Proposed Comments FY'16 Budget -May /16 Sep/16 Projected 2016 FY'17 Budget Streetscape $5,160 L$1-,900 Sidewalk Maintenance, Mulching & Weeding throughout the BID Area $1,900 $0 $22,588 The BID projects approximately 7500 Hours to be used (625 Hours a month). The Security City of Miami Police increased their rate from $32/$33 an hour to $36/$37. In addition the BID must pay the City of Miami the Surcharge which is calculated at $4 $300,000 $199,107 $90,000 $289,107 $498,330 per hour of each Off -Duty Officer. Sanitation $34,000 $34,529 $17,000 $51,529 $115,170 The BID Projects to spend 240 Hours a month on extra sanitation workers plus Sanitation Supplies (including uniforms) Marketing & Visitors Guides, Replacement Banners, web site and Maintenance ($100K) and Advertising $100,000 $74,317 $18,000 $92,317 $135,000 other Various Publications ($35K) Executive Director and one sanitation employee ($150K), Economic Development G & A =$281,582 Director ($70K) with Office Support, Office Rent ($23K), Insurance ($9k), office $194,840 $72,000 $266,840 $302,070 supplies, utilities. Bookkeeping and annual audit ($45K). TOTAL EXPENSES Total Expenses $720,742 $504,693 $197,000 $701,693 $1,073,158 NET OPERATING INCOME Net Operating Net $45,822 $211,097 -$134,000 $77,097 $0 IF Incom File No 16-011331 Wynwood Business Improvement District Budget FY'17 �- Oct -16 Nov -16 Dec -16 Jan -17 Feb -17 Mar -17 Apr -17 May -17 Jun -17 Jul -17 _11 Aug -17 Sep -17 TOTAL BID Assessments $8 011 $6,130 $163,183 $163,183 $0 $130,546 $173,058 $65,273 $16,318 $16,31811 $16,318 $16,318 $775,658 Deferred Collections $5,000 $10,000 $15,000 $10,000 $5,000 $2,50011 $2,500 $0 $0 $0 $0 $0 $50,000 Total Income $14,011 $161130 $178,183 $173,18311 $5,000 $133,046 $175,558 $65,273 $16,318 $16,318 $16,318 $16,318 $825,658 EXPENSES Expenses Oct -16 Nov -16 Dec -16 11 Jan-17Feb-17 Mar -17 Apr -17 May -17 Jun -17 Jul -17 Aug -17 Sep -17 TOTAL Streetscape $1,882 $1,882 $1,882 $1,882 11 $1,882 1 $1,882 1 $1,882 $1,882 $1,882 $1,882 $1,882 $1,882 $22,588 Security $41,528 $41,528 $41,528 $41,528 $41,528 $41,528 $41,528 $41,528 $41,528 $41,528 $41,528 $41,528 $498,330 Sanitation $9,598 $9,598 $9,598 $9,598 $9,598 $9,598 $9,598 $9,598 $9,598 $9,598 $9,598 $9,598 $115,170 Marketing & Advertising $11,250 $11,250 $11,250 $11,250 $11,250 $11,250 $11,250 $11,250 $11,250 $11,250 $11,250 $11,250 $135,000 --]G & A $25,173 $25,173 $25,173 $25,173 $25,173 $25,173 $25,173 $25,173 $25,173 $25,173 $25,173 $25,173 $302,070 Total Expenses $89,430 $89,430 $89,430 $89,430 $89,430 $89,430 $89,430 $89,430 $89,430 $89,430 $89,430 $89,430 $1,073,158 Net Operating Income -$75,419 473,299 $88,753 $83,753 -$84,430 $43,617 $86,128 -$24,157 -$73,112 -$73,112E-$73,11211 -$73,11211 -$247,500 Wynwood Business Improvement District Budaet FY'17 FY17 BID ASSESSMENTS The expected collections is 95% of to the amount billed net of 2% in regards to discounts and penalties ($832K billed -$16K net discounts/penalties) X 95% expected collections. Based on previous trends, the BID expects to collect next fiscal $30,000 from the fiscal year 2016 (Oct/15-Jan/16). $15,000 of the deferred Folios from fiscal year 2014-2015 and $5K from 2013-2014. FY 2017 Current Year Assessment Revenue TOTAL TOTAL BILLED $815,915 Oct -16 Nov -16 Dec -16 Jan -17 Feb -17 Mar -17 Apr -17 May -17 Jun -17 Jul -17 Aug -17 Sep -17 Amount $9,011 $6,130 $163,183 $163,183 $0 $130,546 $173,058 $65,273 $16,318 $16,318 $16,318 $16,318 $775,658 Percentage of Total Collected 1% 1% 20% 20% 0% 16% 21% 8% 1 2% 1 2% 1 2% 1 2% 95% FY17 BID ASSESSMENTS The expected collections is 95% of to the amount billed net of 2% in regards to discounts and penalties ($832K billed -$16K net discounts/penalties) X 95% expected collections. Based on previous trends, the BID expects to collect next fiscal $30,000 from the fiscal year 2016 (Oct/15-Jan/16). $15,000 of the deferred Folios from fiscal year 2014-2015 and $5K from 2013-2014. Wynwood Business Improvement District Budget FY'17 Wynwood Business Improvement District �'ca�w. a'�earna Budget FY'17 Wynwood Business Improvement District Budget FY'17 Sanitation Comments Sanitation Contractors $109,170 The BID Projects to spend 240 Hours a month on extra sanitation workers Sanitation Supplies (including uniforms) $6,000 Based on Previous Year Trends for Sanitation Supplies Total $115,170 Wynwood Business Improvement District Budget FY'17 Wynwood Business Improvement District Budget FYI 7 G&A Expense Amount Comments Staff Salaries $150,000 Tom's Salary & Benefits ($117,000) & 1 Sanitation Employee ($33,000) Licenses Fees & Dues $500 Annual Registration Fees, etc. Office Utilities $2,400 Comcast Phone & Internet Office Equipment & Supplies $1,500 Based on Current Year trend of expenses Office Rent $23,488 Based on Increase starting Jan/2017 Insurance $9,182 Premium Increased FY'16, based on that trend [Total $187,070 Proffesional Services Expense Amount Comments Professional Services $70,000 Economic Development Director ($70K) with Office Support Bookkeeping $36,000 Based on Agreement in place through 2017-2018 Annual Audit $9,000 Based on FY'16 Fees for Previous Audite Total $115,000 G&A & Proffesional Services Grand Total $302,070 ISUBSTITUTED. I Wynwood Business Improvement District City of Miami Budget Template z Printed: 8/4/2016 9:01 AM Page 1 of 1 77 71 BID Assessments Collections Deferred Surplus Funds $676,011 $0 $369,789 $708,564 $58,000 $0 $742,080 $36,710 $0 $775,-658 $50,000 + 67,094, Revenue Grand Total $0 $0 $1,045,800 $766,564 $778,790 $825,658 0 Expenditures, Regular Salary and Wages Fringe Benefits $130,000 $152,000 $153,000-$2, $150 00 FICA Taxes Retirement Contributions Life and Health Insurance Workers' Compensation Professional Services - Legal ProfessionalServices $100,000 $99,450 $ 00 xg� 11 $106,000 E. +$6,550 Accounting and Auditing other Contractual Services Travel and Per Diem $266,000 - $300,000 j $289,107 $9,000 $300,000 +$9,000 $0 Communications and Related Services Postage 1;01 U t1illy Rentals and Leases Repair and Maintenance Services $22,000$2,400 ;4411-112 $24,658 $23,488 +$2,400 $736 Printing and Binding Advertising and Related Costs Office Supplies 02afating Supplies $200,000 $19,o $100,000 $720 $92,317 $3,246 $135,000 $1,500 - +$35,001) +$780 Motor Fuel Public Safety Supplies Subscriptions, Memberships, and Licenses Interfund Transfer Capital Projects and Purchases All Other Expenditures Budget Reserve $172,000 $45,820 182'1165 $97,682 +$51,862 J, A Printed: 8/4/2016 9:01 AM Page 1 of 1 Wynwood Business Improvement District Budget FY'17 ISUBSTITUTED. INCOME Projected Income Approved Actual Oct/15 Jun/16 to Total Actual + Proposed Comments FY'16 Budget -May /16 Sep/16 Projected 2016 FY'17 Budget The expected collections is 95% of to the amount billed of 2% in regards to BID Assessments is discounts and penalties ($832K billed -$16K net dis nts/peflalties) X 95% et Xdnt,1'1 $708,564 $682,080 $60,000 $775,658 expected collection exp - P!" Based on previous trends, the BID expects ollect next fiscal $30,000 from the 'from Deferred Collections fiscal year 2016 (Oct/15-Jan/16). $/15, of the deferred Folios from fiscal year $58,000 $33,710 $3,000 $36,710 $50,000 2014-2015 a 5K 2'013-2014, Reserve $0 $0$0 Total Incon $63, . 000 E$7780,790 EXPENSES [ExpensesFY'16 Approved Actual Oct/15 Projected Jun/16 to Total Actual+ Proposed Comments Budget -May /16 Se /16 Projected 2016 FY'17 Budgeto loor Streetscape Z22 Sidewalk Maintenance, Mulching& Weeding throughout the BID Area $5,160 $1,900 $0 $1,900 000 The BID projects approximately 7500 Hours to be used (625 Hours a month). The City of Miami Police increased their rate from $321$33 an hour to $36/$37. In Security Z. addition the BID must pay the City of Miami the Surcharge which is calculated at $4 $300,000 $199,107 $90,000 $289,107 $300,000 per hour of each Off -Duty Officer. The BID Projects to spend 240 Hours a month on extra sanitation workers Plus Sanitation $34,000 $34,529 Z'000 $51,529 $66,000 Sanitation Supplies (including uniforms) Marketing & $100,000 $74,312.-ol 000" $18,000 $ 9 =2,3 17 $135,000 11 Visitors Guides, Replacement Banners, web site and Maintenance ($100K) and other Various Publications ($35K) fi Advertising Executive Director and one sanitation employee ($150K), Economic Development G&A 1 Director ($70K) with Office Support, Office Rent ($23K), Insurance ($9k), office $281,582�194,840 $72,000 $266,840 $302,070 supplies, utilities. Bookkeeping and annual audit ($45K). TOTAL EXPENSES Expenses 20,742 $504,693 $197,040 �$701,693 11 $825,070 ITotal NET OPERATING INCOME Net Opewlirng 00-- �,O97 L-$134,0 $77,097-- $588 locome Wynwood Business Improvement District ISUBSTITUTED. BuFY'17 I I 11 Oct -16 Nov -16 Dec -16 Jan -17 Feb -17 Mar -17 Apr -17 May -17 Jun -17 Jui-17 Aug -17 Sep -17 T i Assessments $9 011 $6,130 $163 183 ��BID $163,183 $0 $130,5461$173,0581 $65,2731 $16,318 515,318 $16,318 $16,318 $775,058 Deferred Collections $5,000 $10;000 $15,000 $10,000 $5,000 $2,500 $2,500 $0 $0 $0 $0 $50,000 Total income $14,011 L�� $1&,130 $178,183 $173,183 $5,000 $133,046 $175,558 $65,273 $16,318 $16 318 $15,31 $1&,318 $825,558 EXPENSES sExpenses Qct -16 Nov -16 Dee -16 ][;Jan -;17] Feb -17 Mar -17 Apr- May -17 Jun -17 441 Aug -17 11 Sep -17 TOTAL fiStreetscape $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,83 $1,833 $1,833 $1,833 $22,000 I5ecurity $25,000 11 $25,000 $25,000 $25,000 $25,000 $25„00Q $25,000 $25,000 5,000 $25,000 $25,000 11 $25,000 $340,000 ESanitation $5,500 11 $5,500 1 $5,500 $5,500 $5,500 $5,500 $5,500 $ OQ $S,SOQ $5,500 $5,500 $5,500 $66,000 Marketing & Advertising $11,250 $11,250 $11,250 $11,250 1 $11,250 11 $11,250 $11, $11,25Q $11,250 $12,250 F11,2501 $11,250 $135,000 G & A $25,173 $25,173 $25,173 $25,173 $25,173 1 $25,173 25,173 $25,173 $25,173 $25,173 $25,173 $25,173 $302,070 f Tota( Expenses $68,756 $68,756 568,756 $58,756 $68,756 W,756 $58,756 $68,756 $68,756 $68,756 1$68,7561$68,756 $825,070 Net Operating income $104,427 -$54,745 -$52,625 $103,427 3,756 $64,291 $106,802 -$3,483 -$52,438 -$52,438 $52,438 -$52,438 $588 Wynwood Business Improvement District ISUBSTITUTED. I Wynwood Business Improvement District SUBSTITUTED. Budget FY'l7 I Security Amount Comments The BID projects approximately 7500 Hours to he used (625 Hourw1a month). The City of Miami Police Off -Duty Services $270,000 Police increased their rate from $32/$33 aU. ur to $36/$37 Surcharge $30,000 101, Surcharge is calculated at $4 per hour rA each Off -Duty Officer i Wynwood Business Improvement District ISUBSTITUTED. Budget FY'17 ---- Wynwood Business Improvement District ISUBSTITUTE®. Budget FY'17 :7 Ma kefing & Adverstising Expense Amount Cm'4"n ni Marketing $100,000 Visitors Guides, Replacement Banners, web site Maintenance Advertising $35,000 Various Publications Wynwood Business Improvement District Budget FY'17 SUBSTITUTED 9 pli G&A Expense Amount Comments Staff Salaries $150,000 Tom's Salary & Benefits ($117,000) & 1 Sani ion Employee ($33,000) Licenses Fees & Dues $500 Annual Registrat' Fees, etc, Office Utilities $2,400 Comcas one & Internet Office Equipment & Supplies $1,500 Based o urrent Year trend of expenses Office Rent $23,488 ased on Increase starting Jan/2017 Insurance $9,282 Premium Increased FY'16, based on that trend Total $187,070 ifesional Services Expense aunt Comments_ Professional Services $70,000 Economic Development Director ($70K) with Office Support Bookkeeping $36,000 Based on Agreement in place through 2017-2018 Annual Audit /00"$9,000 Based on FY '16 Fees for Previous Audite Total $115,O00 G&A & Proffeslr� Services Grand Total $302,070