1A-Adopt First Amendment To Budget For City Center Redevelopment AreaMIAMI 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 2014115
Kev lntended Outcome Supported:
Ensure expenditure trends are sustainable over the long term
ng Data (Surveys, Environmental Scan, etc.):
ln 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 2014115 was adopted on December 2,
2014with the adoption of Resolution No.608-2014.
The preliminary year-end analysis for FY 2013114 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 allowfor the funding of $135,000 of encumbrances for good and services procured, but not yet
received and expended at the end of FY 2013114. 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.
Financial lmpact Summary: The first amendmentwould allowfor 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.
RDA Fund 168
Clerk's Office
John Woodruff, OBPI Director
AGENDA fiEn l +
DArE 1-l9{r* MIAEAIBEACH 652
g MIAMI BEACH
City of Miomi Beoch, 'l 700 Convention Cenler Drive, Miomi Beoch, Florido 33,l39, www.miomibeochfl.gov
RE DEVELOPME NT AGENCY MEMORANDUM
TO:Chairperson and Members of the Miami peach Agency
FRoM: Jimmy L. Morales, Executive Director
DATE: January 1q,2015
REDEVELOPMENT AGENGY ADOPTING AND APPROPRIATING THE FIRST
AMENDMENT TO THE OPERATING BUDGET FOR THE CITY CENTER
REDEVELOPMENT AREA, FOR FISCAL YEAR 2014115.
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 2Q14115 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 lncrement, Resort
Tax contributions; a % mill levy set aside for the Children's Trust pursuant to an lnterlocal
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 managementfee
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.
PUBLIC HEARING
653
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 2013114 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 2013114. The remaining $4.399
million would be appropriated to the reserve for capital projects/debt service/contingency to coverthe
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 2013114 actual revenues and expenditures and proposed
amendment to the FY 2014115 budget is attached in Exhibit A.
CONCLUSION
The Executive Director recommends adopting the Resolution.
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RESOLUTION TO BE SUBMITTED
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