653-2020 RDA RESOLUTION NO. 653-2020
A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF
THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING
THE FINAL OPERATING BUDGETS FOR THE CITY CENTER
REDEVELOPMENT AREA, THE ANCHOR SHOPS AND
PARKING GARAGE, AND THE PENNSYLVANIA AVENUE
SHOPS AND PARKING GARAGE FOR FISCAL YEAR 2021.
WHEREAS, on November 16, 1993, Miami-Dade County ("County") and the City
approved and entered into an Interlocal Agreement, by which the County delegated to the City
certain redevelopment powers, including but not limited to the creation of the City Center
Redevelopment Area and implementation of the City Center Redevelopment Plan; and
WHEREAS, the First Amendment to the Interlocal Agreement, approved by the County,
through Resolution No. R-889-03, and approved by the City, through Resolution No. 2003-25241,
delegated to the City the power to develop and implement community policing initiatives; and
WHEREAS, the Second Amendment to the Interlocal Agreement, approved by the
County, through Resolution No. R-958-04, and approved by the City, through Resolution No.
2004-25560, allowed the City Center Redevelopment Agency(RDA)to refund certain bonds and
provided for an annual fee of one and one-half percent to be paid to the County and City annually
to defray administrative costs after debt service and all other obligations related to the bonds or
future indebtedness was satisfied for the fiscal year; and
WHEREAS, the Third Amendment to the Interlocal Agreement, approved by the County,
through Resolution No. R-1110-14, and approved by the City, through Resolution No. 2014-
28835, among other things, required that the use of tax increment revenues to fund the RDA's
expenses for administration, community policing, and capital projects maintenance shall not
exceed the prior fiscal year's distribution for such expenses, adjusted by the lesser of the Miami
Urban Area CPI, or 3%, annually to be calculated using the Miami Fort Lauderdale All Urban
Consumers CPI from July to June for the prior year; and
WHEREAS, the Fourth Amendment to the Interlocal Agreement, approved by the County,
through Resolution No. R-644-18, and approved by the City, through Resolution No. 2018-30288,
provided for the following: 1) added expenditures to the authorized expenditures of the RDA; 2)
allowed the RDA to reimburse the City $6,914,221 for construction delays and damages to the
Convention Center renovation and expansion project resulting from Hurricane Irma in Fiscal Year
(FY) 2018; 3) allocated additional funding in an amount up to $20.0 million to fund the Lincoln
Road project, previously authorized as part of the Third Amendment, for a total project amount of
up to $40.0 million for the Lincoln Road project; 4) distributes to both the County and the City,
beginning in FY 2018, and continuing through FY 2023, an annual reimbursement based on each
entity's proportionate share of expenditures for administration, community policing, and capital
projects maintenance; 5) requires that both the County and the City set aside $1.5 million of the
annual reimbursement for beach renourishment that can be utilized to leverage State or Federal
funding for beach renourishment projects; and 6)utilizes any excess revenues, after the foregoing
distributions, for the early prepayment of debt, as originally stipulated in the Third Amendment to
the Interlocal Agreement; and
WHEREAS, the City Center RDA budget has been prepared to coincide with the overall
City budget process; and
WHEREAS, the City Center RDA budget reflects anticipated project costs in addition to
operating and debt service costs for FY 2021; and
WHEREAS, the budgets for the Anchor Shops and Garage and the Pennsylvania Avenue
Shops and Garage have been included as separate schedules to the City Center RDA budget,
reflecting projected revenues and operating expenditures for FY 2021; and
WHEREAS, the Executive Director of the Miami Beach Redevelopment Agency
recommends approval of the FY 2021 operating budgets for the City Center RDA, the Anchor
Shops and Parking Garage, and the Pennsylvania Avenue Shops and Parking Garage.
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 the final operating budgets
for the City Center Redevelopment Area, the Anchor Shops and Parking Garage, and the
Pennsylvania Avenue Shops and Parking Garage for FY 2021 as outlined below and further
detailed in the attached Exhibit"A."
City Center Redevelopment Area $70,141,000
Anchor Garage Parking Operations 2,475,000
Anchor Garage Retail Operations 1,302,000
Pennsylvania Avenue Garage Parking Operations 920,000
Pennsylvania Avenue Garage Retail Operations 323,000
PASSED AND ADOPTED this 29th day of September, 2020.
ATTEST:
i��[o,PoRaYED = Dan Gelber, Chairperson
746i I(1 251-2-0
Rafael E. Granad , ecretary
APPROVED AS TO
FORM &. LAI J ,URGE
iZ 'Zd
General Counsel RK)
Redevelopment Agency -RDA 2.
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: September 29, 2020
SUBJECT:A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI
BEACH REDEVELOPMENT AGENCY,ADOPTING THE FINAL OPERATING
BUDGETS FOR THE CITY CENTER REDEVELOPMENT AREA, THE
ANCHOR SHOPS AND PARKING GARAGE, AND THE PENNSYLVANIA
AVENUE SHOPS AND PARKING GARAGE FOR FISCAL YEAR 2021.
RECOMMENDATION
See attached Memorandum
Applicable Area
Citywide
Is this a "Residents Right Does this item utilize G.O.
to Know" item, pursuant to Bond Funds?
City Code Section 2-14?
Yes No
Strategic Connection
Organizational Innovation- Ensure strong fiscal stewardship.
Legislative Tracking
Office of Management and Budget
ATTACHMENTS:
Description
❑ Memo- RDA Operating Budget
Page 262 of 281
MIAMI BEACH
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 Beach Redevelopment Agency
FROM: Jimmy L. Morales, Executive Director
DATE: September 29, 2020
SUBJECT: A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH
REDEVELOPMENT AGENCY,ADOPTING THE FINAL OPERATING BUDGETS FOR
THE CITY CENTER REDEVELOPMENT AREA,THE ANCHOR SHOPS AND PARKING
GARAGE, AND THE PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE
FOR FISCAL YEAR 2021
ADMINISTRATION RECOMMENDATION
The Administration recommends that the Chairperson and members of the Miami Beach
Redevelopment Agency adopt the attached Resolution which establishes the final budgets for the
City Center Redevelopment Area (RDA), the Anchor Shops and Parking Garage, and the
Pennsylvania Avenue Shops and Parking Garage for Fiscal Year(FY) 2021.
BACKGROUND
On January 26,1993, Miami-Dade County adopted Resolution No. R-14-93, which, among other
things,found the area of Miami Beach bounded on the east by the Atlantic Ocean,on the north by
24th Street, on the west by West Avenue, and on the south by 14th Lane to be a "blighted area"
within the meaning of Part Ill of Chapter 163, Florida Statutes, and delegated to the City of Miami
Beach, pursuant to Section 163.410, Florida Statutes, certain powers conferred upon the County
Commission as the governing body of Dade County by Part Ill of Chapter 163, Florida Statutes,with
regard to the Redevelopment Area,so that the City Commission,either directly or through its duly
designated community redevelopment agency, could exercise such powers.
On November 16, 1993, the County and the City approved and entered into an Interlocal
Agreement,by which the County delegated to the City certain redevelopment powers,including but
not limited to the creation of the Redevelopment Area and implementation of the Redevelopment
Plan.
The First Amendment to the Interlocal Agreement, approved by the Miami-Dade Board of County
Commissioners,through Resolution No. R-889-03,and approved by the City Commission,through
Resolution No.2003-25241,delegated to the City the power to develop and implement community
policing initiatives.
The Second Amendment to the Interlocal Agreement, approved by the Miami-Dade Board of
County Commissioners, through Resolution No. R-958-04, and approved by the City, through
Resolution No. 2004-25560, allowed the Redevelopment Agency to refund certain bonds and
provided for an annual fee of one and one-half percent to be paid to the County and City annually to
Page 263 of 281
Redevelopment Agency Memorandum
FY 2021 City Center Operating Budget
September 29, 2020
Page 2 of 5
defray administrative costs after debt service and all other obligations related to the bonds or future
indebtedness was satisfied for the fiscal year.
The Third Amendment to the Interlocal Agreement, approved by the Miami-Dade Board of County
Commissioners,through Resolution No.R-1110-14,and approved by the City Commission,through
Resolution No.2014-28835,among other things,allowed the Miami Beach Redevelopment Agency
to issue$430 million in bonds to refund existing debt and partially fund the Miami Beach Convention
Center expansion and renovation project; required that the use of tax increment revenues to fund
the Miami Beach Redevelopment Agency's expenses for administration, community policing, and
capital projects maintenance would not exceed the prior fiscal year's distribution for such expenses,
adjusted by the lesser of the Miami Urban Area CPI or 3% annually to be calculated using the
Miami Fort Lauderdale All Urban Consumers CPI from July to June for the prior year;and stipulated
that any remaining funding would be used to retire debt early.
The Fourth Amendment to the Interlocal Agreement,approved by the Miami-Dade Board of County
Commissioners,through Resolution No.R-644-18,and approved by the City Commission,through
Resolution No. 2018-30288, provided for the following:
1. Added certain expenditures to the authorized expenditures of the City Center RDA.
2. Allowed the RDA to reimburse the City$6,914,221 for construction delays and damages to
the Convention Center renovation and expansion project resulting from Hurricane Irma.
3. Included proposed funding in an amount up to $20.0 million to fund the Lincoln Road
project, previously authorized as part of the Third Amendment,for a total project amount of
up to$40.0 million for the Lincoln Road project.
4. Distributed to both the County and the City, beginning in FY 2018 and continuing until FY
2023, a reimbursement based on each entity's proportionate share of previous year
expenses for administration,community policing,and capital maintenance,and required that
both set aside$1.5 million of the annual reimbursement for beach renourishment that could
be utilized to leverage State or Federal funding for beach renourishment projects.
5. Utilized any excess revenues, after the foregoing distributions,for the early prepayment of
debt, as originally stipulated in the Third Amendment to the Interlocal Agreement.
The FY 2021 budget for the City Center Redevelopment Area(RDA)has been prepared to coincide
with the overall City budget process and is being presented to assist in providing a comprehensive
overview of the City Center Redevelopment Area as set forth in the attached Exhibit A.
ANALYSIS
City Center Revenues
Based on the 2020 Certification of Taxable Value provided by the Miami-Dade Property Appraiser's
Office on July 1, 2020, the certified value of property in City Center decreased by approximately
0.9%, or$54.0 million, compared to the 2019 Certification of Taxable Value of$6.3 billion to$6.2
billion.The City portion of the tax increment totals$32.2 million and the County's portion of the tax
increment totals $26.2 million. However, as in previous years, the City has received
correspondence from the County advising of the finalization of the tax roll for the prior year,which in
the case of 2018, reflects a decrease from the preliminary valuation for the same year and will result
Page 264 of 281
Redevelopment Agency Memorandum
FY 2021 City Center Operating Budget
September 29, 2020
Page3of5
in a corresponding adjustment/reduction of TIF revenues totaling a combined $1.9 million for FY
2021.
Additional sources of revenue include an estimated $894,000 in interest income and the use of
$12.8 million of prior year excess RDA Trust Fund revenues in accordance with the 4th Amendment
to the RDA Interlocal Agreement to be allocated as follows for FY 2021:
1. $5.7 million reimbursement to Miami-Dade County for year four (FY 2021) of six of the
annual reimbursement equal to the County's proportionate share of prior year
administration,community policing,and capital projects maintenance expenses incurred in
the prior year
2. $4.4 million contribution to the City's General Fund
3. $1.5 million to be set aside for Beach Renourishment
4. $1.2 million contribution to the City's Fleet Management Fund for replacement of General
Fund vehicles in FY 2021 with cash instead of debt financing
City Center Expenditures
Project-related expenditures account for approximately $12.1 million, which include $5.2 million
allocated for community policing initiatives in City Center to continue to provide enhanced levels of
staffing and services throughout the area,and$6.9 million for maintenance of City Center projects.
There is no additional funding for ongoing and/or planned capital projects in City Center in the FY
2021 budget due to the extension of the RDA for the recent renovation and expansion of the Miami
Beach Convention Center.
Administrative expenditures account for$731,000,which include a management fee of$537,000
allocated to the General Fund for direct and indirect staff support; $21,000 for annual audit fees;
and $173,000 for internal services expenditures.
The budget also includes$21.7 million in debt service payments to cover annual debt service costs
related to the Convention Center bonds issued in 2015, as well as $18.6 million set aside for
additional debt service coverage. Funds set aside for additional debt service over and above the
annual debt service payment can be used to finance any potential shortfalls in the City Center RDA
or pay down the Convention Center bonds early, but not prior to FY 2024.
Other expenditures include those items that, pursuant to the existing Bond Covenants,may only be
expended once the annual debt service obligations have been met. These include a $3.2 million
transfer to the Miami Beach Convention Center Fund for FY 2021; $380,000 for the County's
administration fee, which is equivalent to 1.5% of the County's respective FY 2021 TIF payment;
and$467,000 for the City's administration fee,which is equivalent to 1.5% of the City's respective
FY 2021 TIF payment.
Redevelopment Area Shops and Garages
The revenues and expenditures associated with operations of the City Center Redevelopment Area
Shops and Garages are presented as separate schedules in order to eliminate any perception that
proceeds from the facilities' operations are pooled with Tax Increment Financing and other City
Center Trust Fund revenues.
Page 265 of 281
Redevelopment Agency Memorandum
FY 2021 City Center Operating Budget
September 29, 2020
Page 4 of 5
Anchor Shops and Parking Garage
Garage revenues and expenditures at the Anchor Garage are projected at approximately $2.5
million for FY 2021. Revenues from operations are primarily derived from attended parking, monthly
permits,and valet parking revenues of$2.2 million,combined.An additional$275,000 is projected
in interest income for FY 2021. Operating expenditures, which include a contractual revenue-
sharing obligation with the Loews, General Fund administrative fees, capital renewal and
replacement projects under$25,000,and a budgeted transfer to the Pennsylvania Avenue Garage
Fund, are approximately$2.5 million.
Shops revenues and expenditures at the Anchor Shops are projected at approximately$1.3 million •
for FY 2021. Revenues from operations are primarily derived from retail leasing and maintenance
revenues of $1.1 million. An additional $211,000 is projected in interest income for FY 2021.
Operating expenditures,which include General Fund administrative fees and a budgeted transfer to
the Pennsylvania Avenue Shops, are $627,000, resulting in a projected transfer to reserves of
$675,000 for FY 2021.
It is important to note that the Anchor Garage and Shops funds are not constrained by the
stipulations of the City Center RDA Interlocal Agreement.
Pennsylvania Avenue Shops and Garage
In consideration of the fact that the Pennsylvania Avenue Garage and Shops was built by the RDA
on City-owned property, operation of the facility has been structured in the form of a ground lease
between the City and the RDA, providing terms for both the garage and shops operations. The
garage operations include base rent and an administrative fee, consistent with that of the Anchor
Garage,Parking's operational fee,and revenue sharing between the City and the City Center RDA.
The retail operations include a retail lease rate based on 2010 retail market cap rates. The retail
operations also include revenue sharing between the City and the City Center RDA.
Overall,the facility is anticipated to generate approximately$590,000 of operating revenues in FY
2021, primarily from parking operations, since the retail component of the facility, which is
approximately 7,655 square feet of ground floor retail, has been leased to the Visitor's Center of the
Miami Beach Chamber of Commerce that was displaced due to the renovation of the Miami Beach
Convention Center and Moonlighter Fablab, Inc.that is a non-profit organization that serves as a
Science,Technology, Engineering,Arts and Math (STEAM) education center, co-working space,
and digital fabrication lab.
As a result, the facility is anticipated to operate at a loss in FY 2021;therefore, transfers from the
Anchor Garage and Shops Funds of$295,000 and $321,000, respectively, are budgeted in FY
• 2021 to subsidize the operations of the Pennsylvania Avenue Garage and Shops.Overall,FY 2021
expenditures for the facility are budgeted at approximately $1.2 million and are comprised of
$920,000 in direct operating costs for the garage and $323,000 in retail-related operations.
Similar to the Anchor Garage and Shops,the Pennsylvania Avenue Garage and Shops funds are
not constrained by the stipulations of the City Center RDA Interlocal agreement.
Page 266 of 281
Redevelopment Agency Memorandum
FY 2021 City Center Operating Budget
September 29, 2020
Page 5of5
CONCLUSION
The FY 2021 City Center Redevelopment Area budget is$70.1 million.The Anchor Parking Garage
and Retail Shops budgets are $3.8 million, and the Pennsylvania Avenue Parking Garage and
Retail Shops budget are $1.2 million.
In order to address the existing and future obligations of the City Center Redevelopment Area, it is
recommended that the Redevelopment Agency adopt the attached Resolution, which establishes
the final budgets for the City Center Redevelopment Area (RDA), the Anchor Shops and Parking
Garage, and the Pennsylvania Avenue Shops and Parking Garage for FY 2021.
Attachment A—FY 2021 RDA Operating Budget(Exhibit A)
JLM/JW/TOS
Page 267 of 281
EXHIBIT A
Miami Beach Redevelopment Agency
City Center Redevelopment Area
Operating Budget
FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 Prop to
Revenues and Other Sources of Income Actuals Actuals Adopted Proposed FY 2020 Adop
Tax Increment-City 29,410,189 31,024,868 32,468,000 32,174,000 (294,000)
Proj Adjustment to City Increment (1,912,241) (1,725,556) (1,266,000) (1,064,000) 202,000
Tax Increment-County 23,985,462 25,253,296 26,429,000 26,190,000 (239,000)
Proj Adjustment to County Increment (1,563,133) (1,410,530) (1,053,000) (867,000) 186,000
Interest Income 855,648 1,193,108 461,000 894,000 433,000
Fund Balance/Retained Earnings 18,463,619 14,087,488 12,662,000 12,814,000 152,000
Other Income/Adjustments: 822,399 40,817 0 0 0
TOTAL REVENUES $ 70,061,942 $ 68,463,491 $ 69,701,000 $ 70,141,000 $ 440,000
Admin/Operating Expenditures
Management Fee 390,000 422,000 602,000 537,000 (65,000)
Audit fees (179,900) 20,700 24,000 21,000 (3,000)
Professional&Related fees 6,133 0 0 0 0
Repairs and Maintenance 10,434 87,036 0 0 0
Internal Services 154,000 155,000 147,000 173,000 26,000
Total Admin/Operating Expenditures $ 380,667 $ 684,736 $ 773,000 $ 731,000 $ (42,000)
Project Expenditures
Community Policing:
Police 4,453,401 4,481,000 4,866,000 5,030,000 164,000
Code Compliance 146,963 146,876 216,500 208,500 (8,000)
Capital Projects Maintenance:
Property Mgmt 1,460,801 1,652,141 1,492,000 1,667,000 175,000
Sanitation 4,121,812 4,240,071 4,241,000 3,994,000 (247,000)
Greenspace 645,318 704,806 779,500 799,500 20,000
Parks Maintenance 416,596 341,139 446,000 474,000 28,000
Total Project Expenditures $ 11,244,892 $ 11,566,032 $ 12,041,000 $ 12,173,000 $ 132,000
Reserves,Debt Service and Other Obligations
Debt Service Cost 21,665,092 21,671,823 21,686,000 21,709,000 23,000
Reserve for County Admin Fee 336,335 357,641 381,000 380,000 (1,000)
Reserve for CMB Contribution 412,469 439,490 469,000 467,000 (2,000)
Reserve for Children's Trust Contribution 0 0 0 0 0
Reserve for County Reimbursement:
Transfer to County Reimbursement 3,697,398 3,721,768 4,181,000 4,248,000 67,000
Transfer to County Beach Renourishment Fund 1,500,000 1,500,000 1,500,000 1,500,000 0
Reserve for City Reimbursement:
Transfer to General Fund 1,079,000 4,400,000 4,414,000 4,414,000 0
Transfer to PAYGO Capital Fund 3,773,000 872,000 0 0 0
Transfer to Beach Renourishment Fund 1,500,000 1,500,000 1,500,000 1,500,000 0
Transfer for RDA Capital Fund 6,914,221 20,000,000 0 0 0
Transfer to Fleet Management Fund 0 0 1,067,000 1,152,000 85,000
Transfer to Convention Center 1,000,000 1,750,000 2,500,000 3,250,000 750,000
Set-aside for Debt Payoff 16,558,868 0 19,189,000 18,617,000 (572,000)
Total Reserves,Debt,&Other Obligations $ 58,436,383 $ 56,212,722 $ 56,887,000 $ 57,237,000 $ 350,000
TOTAL EXPENDITURES AND OBLIGATIONS $ 70,061,942 $ 68,463,491 $ 69,701,000 $ 70,141,000 $ 440,000
SURPLUS/(GAP) $ 0 $ 0 $ 0 $ 0 $ 0
Page 268 of 281
EXHIBIT A
Anchor Shops and Anchor Garage Operating Budget
Anchor Parking Garage FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 Prop to
Revenues: Actuals Actuals Adopted Proposed FY 2020 Adop
Valet Parking 313,881 334,534 313,000 255,000 (58,000)
Monthly Permits 565,337 579,660 564,000 379,000 (185,000)
Attended Parking 2,645,486 2,342,077 2,457,000 1,566,000 (891,000)
Interest Income 189,088 282,928 235,000 275,000 40,000
Misc./Other (2,742) (15,997) 0 0 0
TOTAL REVENUES $ 3,711,050 $ 3,523,202 $ 3,569,000 $ 2,475,000 $ (1,094,000)
Expenditures:
Operating Expenditures 3,138,347 2,443,216 2,918,000 1,786,000 (1,132,000)
Transfer Out to Penn Garage 110,000 0 68,000 295,000 227,000
Internal Services 351,000 308,000 170,000 384,000 214,000
Capital 16,746 0 0 10,000 10,000
Contingency/Reserve 0 0 413,000 0 (413,000)
TOTAL EXPENDITURES $ 3,616,094 $ 2,751,216 $ 3,569,000 $ 2,475,000 $ (1,094,000)
Revenues Less Expenditures $ 94,956 $ 771,986 $ 0 $ 0 $ 0
Anchor Shops FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 Prop to
Revenues: Actuals Actuals Adopted Proposed FY 2020 Adop
Retail Leasing 1,101,352 1,013,861 1,101,000 957,000 (144,000)
Capital&Maintenance 148,509 144,993 148,000 134,000 (14,000)
Interest Earned 119,213 202,607 173,000 211,000 38,000
Miscellaneous 54 81 0 0 0
TOTAL REVENUES $ 1,369,127 $ 1,361,542 $ 1,422,000 $ 1,302,000 $ (120,000)
Expenditures:
Operating Expenditures 73,027 75,196 222,000 219,000 (3,000)
Transfer Out to Penn Shops 490,000 334,000 297,000 321,000 24,000
Internal Services 30,000 31,000 80,000 87,000 7,000
Contingency/Reserve 0 0 823,000 675,000 (148,000)
TOTAL EXPENDITURES $ 593,027 $ 440,196 $ 1,422,000 $ 1,302,000 $ (120,000)
Revenues Less Expenditures $ 776,100 $ 921,346 $ 0 $ 0 $ 0
COMBINED REVENUES-EXPENDITURES $ 871,055 $ 1,693,332 $ 0 $ 0 $ 0
Page 269 of 281
EXHIBIT A
Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Operating Budget
Pennsylvania Parking Garage FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 Prop to
Revenues: Actuals Actuals Adopted Proposed FY 2020 Adop
Transient 494,304 554,995 541,000 401,000 (140,000)
Monthly 330,070 315,133 288,000 189,000 (99,000)
Miscellaneous 347 1,400 0 0 0
Interest Income 23,037 29,721 23,000 35,000 12,000
Transfer In from RDA(Anchor Garage) 110,000 0 68,000 295,000 227,000
TOTAL REVENUES $ 957,758 $ 901,249 $ 920,000 $ 920,000 $ 0
Expenditures:
Operating Expenditures 1,014,753 963,766 861,000 779,000 (82,000)
Internal Services 98,000 9,000 59,000 141,000 82,000
Capital 0 0 0 0 0
TOTAL EXPENDITURES $ 1,112,753 $ 972,766 $ 920,000 $ 920,000 $ 0
Revenues Less Expenditures $ (154,995) $ (71,517) $ 0 $ 0 $ 0
Pennsylvania Shops FY 2018 FY 2019 FY 2020 FY 2021 FY 2021 Prop to
Revenues: Actuals Actuals Adopted Proposed FY 2020 Adop
Retail Leasing 1 1 0 0 0
Capital&Maintenance 0 0 24,000 0 (24,000)
Interest Earned 1,472 1,602 1,000 2,000 1,000
Transfers In from RDA(Anchor Shops) 490,000 334,000 297,000 321,000 24,000
TOTAL REVENUES $ 491,473 $ 335,603 $ 322,000 $ 323,000 $ 1,000
Expenditures:
Operating Expenditures 353,438 337,999 322,000 322,000 0
Internal Services 0 0 0 1,000 1,000
TOTAL EXPENDITURES $ 353,438 $ 337,999 $ 322,000 $ 323,000 $ 1,000
Revenues Less Expenditures $ 138,035 $ (2,395) $ 0 $ 0 $ 0
COMBINED REVENUES-EXPENDITURES $ (16,960) $ (73,912) $ 0 $ 0 $ 0
Page 270 of 281