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610-2015 RDA-1A RESOLUTION NO. 610-2015 A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY ADOPTING AND APPROPRIATING THE FIRST AMENDMENT TO THE OPERATING BUDGET FOR THE CITY CENTER REDEVELOPMENT AREA, FOR FISCAL YEAR 2014/15. WHEREAS, the City Center Redevelopment Area Budget for Fiscal Year 2014/15 was adopted on December 4, 2014 via Resolution No. 608-2014; and WHEREAS,$4,534,864 of unanticipated fund balance from FY 2013/14 is available to fund $135,000 of prior year encumbrances from FY 2013/14 for goods or services which had been procured but not received and expended at year end and $4.399 million to be appropriated to the reserve for capital projects/debt service/contingency to cover the new debt service for the remaining items in the City Center Capital Plan, as well as for the $274.3 million in debt for the Convention Center Project. NOW,THEREFORE,BE IT DULY RESOLVED BY THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY,that the Chairperson and Members of the Miami Beach Redevelopment Agency hereby adopt and appropriate the first amendment to the operating budget for the City Center Redevelopment Area,for Fiscal Year 2014/15,as shown below. Original Adopted Budget $38,519,000 Proposed Amendment 4,534,864 Proposed Amended Budget $43,053,864 PASSED AND ADOPTED THIS 15TH DAY OF JANUARY, v� C .AI 1PSON ATTEST: ' 041\ / Ike ,p wjRAT I ►; " `; APPROVED AS TO FORM & LANGUAGE ;` • FOR EXECUTION It e W� .gip P c�. Y, ,3■ 0 1 5 City Attorney Date MIAMI BEACH REDEVELOPMENT AGENCY ITEM SUMMARY Condensed Title: A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY ADOPTING AND APPROPRIAING THE FIRST AMENDMENT TO THE OPERATING BUDGET FOR THE CITY CENTER REDEVELOPMENT AREA, FOR FISCAL YEAR 2014/15 Key Intended Outcome Supported: Ensure expenditure trends are sustainable over the long term Supporting Data(Surveys, Environmental Scan, etc.): In the 2014 Community Survey, both residents and businesses reported the following area for the City related to value for taxes paid: • Percentage of residents rating the Overall Value of City services for tax dollars paid as excellent or good (Residents: 58%; Businesses 54%) Item Summary/Recommendation: The budget for the City Center Redevelopment Area(RDA)for Fiscal Year 2014/15 was adopted on December 2, 2014 with the adoption of Resolution No. 608-2014. The preliminary year-end analysis for FY 2013/14 shows that the City Center Redevelopment Area revenues totaled $43.5 million and total expenditures were $39.0 million resulting in a $4.5 million surplus. The first amendment would allow for the funding of$135,000 of encumbrances for good and services procured,but not yet received and expended at the end of FY 2013/14. The remaining $4.399 million would be appropriated to the reserve for capital projects/debt service/contingency to cover the new debt service for the remaining items in the City Center Capital Plan, as well as for the$274.3 million in debt for the Convention Center Project. Advisory Board Recommendation: N.A. Financial Information: Source of Amount Account Funds: $4,534,864 RDA Fund 168 Financial Impact Summary:The first amendment would allow for the funding of$135,000 of encumbrances for good and services procured, but not yet received and expended at the end of FY 2013/14. The remaining $4.399 million would be appropriated to the reserve for capital projects/debt service/contingency to cover the new debt service for the remaining items in the City Center Capital Plan,as well as for the$274.3 million in debt for the Convention Center Project. City Clerk's Office Legislative Tracking: John Woodruff, ()BPI Director Sign-Offs: RDA Budget Assistant Executive Coordinator Direct Di recto (R ) hector(RDA)MIAMI BEACH AGENDA ITEM eA,„ DATE y MIAMIBEACH City of Miami Beach, 1700 Convention Center Drive,Miami Beach,Florida 33139,www.miamibeachfl.gov REDEVELOPMENT AGENCY MEMORANDUM TO: Chairperson and Members of the Miami c each Re velopment Agency FROM: Jimmy L. Morales, Executive Director l DATE: January 14, 2015 PUBLIC HEARING SUBJECT: A RESOLUTION OF THE CHAIRPER`'U•N AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY ADOPTING AND APPROPRIATING THE FIRST AMENDMENT TO THE OPERATING BUDGET FOR THE . CITY CENTER REDEVELOPMENT AREA, FOR FISCAL YEAR 2014/15. ADMINISTRATION RECOMMENDATION Adopt the Resolution. KEY INTENDED OUTCOME SUPPORTED Ensure expenditure trends are sustainable over the long term. ANALYSIS • The budget for the City Center Redevelopment Area (RDA)for Fiscal Year 2014/15 was adopted on December.2, 2014 with the adoption of.Resolution No. 608-2014. City Center Redevelopment Area revenue sources include City and County Tax Increment, Resort Tax contributions; a 1/2 mill levy set aside for the Children's Trust pursuant to an Interlocal Agreement, dated August 16, 2004 between the RDA, the City of Miami Beach and Miami-Dade County; and an estimate interest income. City Center Redevelopment Area expenses include community policing initiatives in City Center to continue to provide enhanced levels of staffing and services throughout the area, capital projects and maintenance of RDA capital projects.Administrative Expenses comprising a management fee allocated to the General Fund to pay for direct and indirect staff support for the RDA; operating expenses; a set aside for on-going planning and consulting work related to the Convention Center expansion master plan; capital renewal and replacement projects under$25,000. The City Center Redevelopment Area also annually assumes the combined debt service on the 2005 Series Bonds and the Parity Bonds accounts for approximately $8.4 Million annually. City Center also continues assuming debt service payments on the portion of the Gulf Breeze Loan used to pay for the Bass Museum expansion and renovation,and the portion of the Sunshine State Loan Program used for Lincoln Road improvements. First Amendment to the FY 2014/15 Operating Budget for City Center Redevelopment Area January 15, 2015 Page 2 of 2 The preliminary year-end analysis for FY 2013/14 shows that the City Center Redevelopment Area revenues totaled $43.5 million and total expenditures were $39.0 million resulting in a $4.5 million surplus. The first amendment would allow for the funding of$135,000 of encumbrances for good and services procured, but not yet received and expended at the end of FY 2013/14. The remaining$4.399 million would be appropriated to the reserve for capital projects/debt service/contingency to cover the new debt service for the remaining items in the City Center Capital Plan, as well as for the $274.3 million in debt for the Convention Center Project. The RDA Operating Budget including the FY 2013/14 actual revenues and expenditures and proposed amendment to the FY 2014/15 budget is attached in Exhibit A. CONCLUSION The Executive Director recommends adopting the Resolution. 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