HomeMy WebLinkAboutBack-Up DocumentsMIDTOWN
COMMUNITY REDEVELOPMENT AGENCY
INTER -OFFICE MEMORANDUM
To: Board Chair Francis Suarez Date: July 25, 2017 File:
And Members of the CRA Board
Sub)ec1-.: Midtown CRA amended
General Operating & Tax
Increment Fund Budget
for Fiscal Year 2017.
From: Pieter Bockweg, References:
Executive Director
enclosures: Exhibit A -CRA Amended Budget
BACKGROUND:
It is recommended that the Board of Commissioners of the Midtown Community
Redevelopment Agency approve the attached Resolution adapting the amended
Midtown CRA Tax Increment Fund Budget for the Fiscal Year commencing October
1, 2016 and ending September 30, 2017, and directing the. Executive Director
to transmit copies of the Budget to the City of Miami and Miami -Dade County.
JUSTIFICATION:
The Midtown CRA is required to annually prepare a proposed budget and
transmit the budget to the City of Miami and Miami -Dade County.' This
resolution fulfills that requirement.
City of Miami
Legislation
MCRA Resolution
File Number: 2769
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE MIDTOWN
COMMUNITY REDEVLEOPMENT AGENCY ("MIDTOWN CRA"), WITH
ATTACHMENT(S), ACCEPTING AND ADOPTING THE MIDTOWN CRA'S
AMENDED BUDGET FOR THE FISCAL YEAR COMMENCING OCTOBER 1,
2016 AND ENDING SEPTEMBER 30, 2017; FURTHER DIRECTING THE
EXECUTIVE DIRECTOR TO TRANSMIT A COPY OF THE AMENDED BUDGET
TO THE CITY OF MIAMI AND MIAMI-DADE COUNTY.
WHEREAS, the Board of Commissioners of the Midtown Community Redevelopment
Agency ("Midtown CRA"), by Resolution No. MCRA -R-16-0002 passed and adopted on
September 8, 2016, approved and adopted the Midtown CRA's Special Revenue Fund Budget
for the fiscal year commencing October 1, 2016 and ending September 30, 2017; and
WHEREAS, it is necessary to amend the budget to reflect the actual tax increment funds
received in the 2016-2017 Fiscal Year; and
WHEREAS, the Board of Commissioners wishes to approve and adopt the Midtown
CRA's amended Budget for the fiscal year commencing October 1, 2016 and ending September
30, 2017;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE MIDTOWN COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
adopted by reference and incorporated herein as if fully set forth in this Section.
Section 2. The Board of Commissioners of the Midtown CRA hereby approve and
adopt the amended Midtown CRA's General Operating Budget and Tax Increment Fund Budget
for the Fiscal Year commencing October 1, 2016 and ending September 30, 2017.
Section 3. The Executive Director is directed to transmit a copy of each amended
budget to the City of Miami and Miami -Dade County.
Section 4. This Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
Barnaby L. Min, Deputy City Attorney
8/4/2017
City of Miami Page 1 of 1 File ID: 2769 (Revision:) Printed On: 811512017
FY 2017
MIDTOWN CRASPECIAL REVENUE FUND BUDGET
Amended
Budget
Revenues
ADVALOREM TAXES - CITY OF MIAMI
$3,193,873
ADVALOREM TAXES - MIAMI DADE COUNTY
$1,949,322
TOTAL REVENUES
$5,143,195
Expenditures
INTERFUND TRANSFER (Administration -1%
$51,432
out of FY 2018 TIF revenue)
OTHER CURRENT CHARGES AND OBLIG
$5,081,763
TOTAL EXPENDITURES
$5,143,195
REVENUE LESS EXPENDITURES
-
INTERFUND TRANSFER $ 51,432
Available funds for administration in fiscal year 2017. (1% of total TIF collected)
OTHER CURRENT CHARGES AND OBLIGATIONS $ 5,091,763
Funds to be used for the payment of principal and interest on the bonds.