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717-2025 RDA RESOLUTION NO 717-2025 A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE FOURTH AMENDMENT TO THE FISCAL YEAR 2025 OPERATING BUDGETS FOR THE CITY CENTER REDEVELOPMENT AREA, THE ANCHOR SHOPS AND PARKING GARAGE, THE PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND THE COLLINS PARK PARKING GARAGE. WHEREAS, in accordance with Section 189.016, Florida Statutes, the governing body of the Miami Beach Community Redevelopment Agency, operating as a special district, is required to adopt a budget by resolution each fiscal year and may amend the budget at any time but not later than within 60 days following the end of the fiscal year; and WHEREAS, the Miami Beach Redevelopment Agency (RDA) City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for Fiscal Year (FY) 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency (the "RDA" or "City Center RDA") on September 25, 2024, through Resolution No. 695- 2024; and WHEREAS, the First Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for FY 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on November 20, 2024, through Resolution No. 704-2024; and WHEREAS, the Second Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for FY 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on March 19, 2025, through Resolution No. 707-2025; and WHEREAS, the Third Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for FY 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on May 21, 2025, through Resolution No. 709-2025; and WHEREAS, based on the preliminary FY 2025 year-end analysis for the RDA City Center Redevelopment Area operating budget and proposed realignment of funding budgeted between the various departments with funding in the RDA City Center Redevelopment Area operating budget, it is recommended that the preliminary surplus of approximately $0.5 million be set aside to retire the outstanding debt issued in 2015 for the Convention Center renovation and expansion project early, as required pursuant to the Interlocal Agreement between the City and the County; and WHEREAS, based on the preliminary year-end analysis for the FY 2025 Anchor Shops operating budget, the Administration recommends that $64,000 be carried forward and appropriated in the FY 2026 Anchor Shops operating budget for projects that were originally budgeted in FY 2025, but not completed due to project delays and timing between fiscal years. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, that following a duly noticed public hearing on November 20, 2025, the Chairperson and Members of the Miami Beach Redevelopment Agency adopt the Fourth Amendment to the City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and Collins Park Parking Garage operating budgets for FY 2025 as set forth in the attached Exhibit "A." PASSED and ADOPTED this ,1D day of /�U�rn 1✓ , 2025. Steven Meiner, Chairperson ATTEST: Rafael E. Granado, ecretary _�P'��l`�,�'�.y,,, _-�,. APF�ROVED AS TO � r` �' FORfJI&LA(�!Gl1AGE s..y� i : ; �INCQRP�RAIED.��= & FOR EXECUTION '���''�� �' ���= '�,9,�c�..�;�__ ,,,,,. )r � 1'�J��J Z� Rede�Q!c-��re;,t A����;cy Date General Counsel Exhibit "A" Miami Beach RedevelopmentAgency City Center RedevelopmentArea Opereting Budget FY 2025 4th Budget FY 2025 Amended Budget Amendment Revised Budget Revenues and Other Sources of Income Taxlncrement-City $ 35,675,000 $ 35,675,000 Proj Adjustment to City Increment $ (1,766,000) $ (1,766,000) Tax Increment-County $ 27,862,000 $ 27,862,000 ProjAdjustmenttoCountylncrement $ (1,402,000) $ (1,402,000) Interest Income $ 373,000 $ 373,000 Fund Balance/Retained Earnings $ 16,441,000 $ 16,441,000 TOTAL REVENUES $ 77,183,000 $ - $ 77,183,000 Admin/Operating Expenditures Management Fee $ 640,000 $ 640,000 Audit fees $ 32,000 $ 32,000 Internal Services $ 96,000 $ 96,000 Total Admin/Operating Expenditures $ 768,000 $ - $ 768,000 Projed Expenditures Community Policing: Police $ 5,543,000 $ (178,000) $ 5,365,000 Code Compliance $ 229,000 S 5,500 $ 234,500 Capital Projects Maintenance: Facilities Mgmt. $ 2,419,000 $ (86,000) $ 2,333,000 Sanitation $ 4,260,500 $ 673,000 $ 4,933,500 Greenspace $ 918,500 $ (212,500) $ 706,000 Parks Maintenance $ 627,000 $ (202,000) $ 425,000 Total ProjeM Expenditures $ 13,997,000 $ - S 13,997,000 Reserves,Debt Service and Other Obligations Debt Service Cost $ 20,908,000 $ 20,908,000 ReserveforCountyAdminFee $ 397,000 $ 397,000 Reserve for CMB Contribution $ 509,000 $ 509,000 Reserve for County Reimbursement: Transferto County Reimbursement $ 6,200,000 $ 6,200,000 Transfer to County Beach Renourishment Fund $ - $ - Transfer to County Construct/Operate Housing for Homeless Persons $ 10,000,000 $ 10,000,000 Reserve for City Reimbursement: Transfer to Generai Fund $ - $ - Transfer to Beach Renourishment Fund $ - $ - Transfer to Fleet Management Fund $ - $ - Transferto Convention Center $ 4,000,000 $ 4,000,000 Convention Center Hotel Grant Agreement S 12,008,000 $ 12,008,000 Set-aside for Debt Payoff $ 8,396,000 $ 8,396,000 Total Reserves,Debt Service&Other Obligations $ 62,418,000 $ - $ 62,418,000 TOTALEXPENDITURESANDOBLIGATIONS $ 77,183,000 $ - $ 77,183,000 Revenues Less Expenditures $ - $ - $ - Exhibit "A" Anchor5hops and AnchorGarage Operating Budget Anchor Parking Garege FY 2025 4th Budget FY 2025 Amended eudget Amendment Revised Budget Revenues: Valet Parking $ 314,000 $ 314,000 Monthly Permits $ 599,000 $ 599,000 Attended Parking $ 2,411,000 $ 2,411,000 Interest Income $ 185,000 $ 185,000 Misc./Other $ 1,000 $ 1,000 TOTALREVENUES $ 3,530,000 $ - $ 3,510,000 Operating Expenditures: Operating Expenditures $ 2,919,000 $ 2,919,000 Internal Services $ 499,000 $ 499,000 Contingency/Reserve $ 92,000 $ 92,000 TOTALEXPENDITURES $ 3,530,000 $ - S 3,530,000 Revenues Less Expenditures $ - $ - $ - Anchor Shops FY 2025 4th Budget FY 2025 Amended Budget Amendment Revised Budget Revenues: Retail Leasing $ 813,000 S 813,000 Capital&Maintenance $ 116,000 $ 116,000 Interest Income $ 189,000 $ 189,000 TOTAL REVENUES $ 1,118,000 $ - $ 1,118,000 Opereting Expenditures: Operating Expenditures $ 344,000 $ 344,000 Transfer0uttoPennShops $ 95,000 $ 95,000 Internal Services $ 43,000 $ 43,000 Contingency/Reserve $ 636,000 $ 636,000 TOTAL EXPENDITURES $ 1,118,000 S - S 1,118,000 Revenues Less Expenditures $ - $ - $ - COMBINED REVENUES-EXPENDITURES $ - $ - S - Exhibit "A" Pennsylvania Avenue Shops and Pennsylvania Avenue Garage Opereting Budget Pennsylvania Avenue Parking Garage FY 2025 4th Budget FY 2025 Amended eudget Amendment Revised Budget Revenues: Transient $ 566,000 $ 566,000 Monthly $ 363,000 $ 363,000 Interest Income $ 22,000 $ 22,000 Misc./Other $ 99,00p $ 99,ppp TOTALREVENUES $ 1,050,000 $ - $ 1,050,000 Operating Expenses: Operating Expenditures $ 872,000 $ 872,000 Internal Services $ 178,000 $ 178,000 TOTAL EXPENDITURES $ 1,050,000 $ - $ 1,050,000 Revenues Less Expenditures S - $ - $ - Pennsylvania Avenue Shops FY 2025 4th Budget FY 2025 Amended Budget Amendment Revised Budget Revenues: Interest Income $ 2,000 $ 2,000 Transfers In from RDA(AnchorShops) $ 95,000 $ 95,000 Misc./Other $ 195,000 $ 195,000 TOTAL REVENUES $ 292,000 $ - $ 292,000 Operating Expenses: OperatingExpenditures $ 290,000 $ 290,000 Internal Services $ 2,000 $ 2,000 TOTALEXPENDITURES $ 292,000 $ - $ 292,000 Revenues Less Expenditures $ - $ - $ - COMBINED REVENUES-EXPENDITURES $ - $ - $ - Exhibit "A" Collins Park Parking Garage Operating Budget Collins Park Parking Garage FY 2025 4th Budget FY 2025 Amended Budget Amendment Revised Budget Revenues: Transient $ 1,289,000 $ 1,289,000 Monthly $ 262,000 $ 262,000 Interest Income $ 33,000 $ 33,000 Misc./Other $ 26,000 $ 26,000 TOTAL REVENUES $ 1,610,000 $ - $ 1,630,000 Opereting Expenses: Operating Expenditures $ 1,490,000 $ 1,490,000 Internal Services $ 120,000 $ 120,000 TOTALEXPENDITURES $ 1,610,000 $ - S 1,630,000 Revenues Less Expenditures $ - $ - $ - Redevelopment Agency Items (RDA) 1 11/11 A1�111 BEA� H RDA MEMORANDUM TO: Chairperson and Members of the Miami Beach Redevelopment Agency FROM: Eric Carpenter, Executive Director DATE: November 20, 2025 TITLE: A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING THE FOURTH AMENDMENT TO THE FISCAL YEAR 2025 OPERATING BUDGETS FOR THE CITY CENTER REDEVELOPMENT AREA, THE ANCHOR SHOPS AND PARKING GARAGE, THE PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND THE COLLINS PARK PARKING GARAGE. RECOMMENDATION The Administration recommends that the Board of Directors adopt the attached Resolution. BACKGROUND/HISTORY In accordance with Section 189.016, Florida Statutes, the governing body of the Miami Beach Redevelopment Agency, operating as a special district, is required to adopt a budget by resolution each fiscal year and may amend the budget at any time but not later than within 60 days following the end of the fiscal year. The Miami Beach Redevelopment Agency (RDA) City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for Fiscal Year (FY) 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on September 25, 2024, through Resolution No. 695-2024. The First Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for FY 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on November 20, 2024, through Resolution No. 704- 2024. The Second Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for FY 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on March 19, 2025, through Resolution No. 707- 2025. The Third Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and the Collins Park Parking Garage operating budgets for FY 2025 were adopted by the Chairperson and Members of the Miami Beach Redevelopment Agency on May 21, 2025, through Resolution No. 709-2025. 47 of 103 ANALYSIS RDA City Center Redevelopment Area revenue sources for FY 2025 include City of Miami Beach (City) and Miami-Dade County (County) Tax Increment funds, interest income, and use of prior year excess RDA City Center Trust Fund revenues in accordance with the Third Amendment to the Interlocal Agreement between the City and the County. RDA City Center Redevelopment Area expenditures for FY 2025 include community policing initiatives to provide enhanced levels of staffing and services throughout the area and capital projects maintenance for repairs and maintenance of existing capital assets in the City Center Redevelopment Area. In addition, the FY 2025 budget includes administrative expenditures that are comprised of a management fee allocated to the General Fund to pay for indirect staff support provided to the RDA, annual audit fees, and chargebacks for internal service department services provided. The RDA City Center Redevelopment Area budget also includes the annual debt service related to the issuance of the 2015 Convention Center bonds that financed certain costs associated with the renovation and expansion of the Miami Beach Convention Center, as well as a grant with the Convention Center Hotel Developer and Public Finance Authority to fund the financing gap for the full construction of the Miami Beach Convention Center Hotel Project. Other line-item expenditures budgeted in FY 2025 include items that, pursuant to the existing Bond Covenants, may only be expended once the annual debt service obligations have been met. These include a transfer to the Miami Beach Convention Center Fund, Miami-Dade County's administrative fees, which are equivalent to 1.5% of its respective TIF payment, and the corresponding contribution to the City's General Fund, which is equivalent to 1.5% of the City's corresponding TIF payment. RDA CITY CENTER OPERATING BUDGET AMENDMENT The preliminary year-end analysis based on the proposed realignment of funding budgeted between the various departments with funding in the RDA City Center Redevelopment Area operating budget for FY 2025 reflects that revenues total approximately $77.7 million while total expenditures total $77.2 million resulting in a preliminary FY 2025 surplus of approximately $0.5 million. - -.. FY 2025 FY 2025 Preliminary %Pctual of i %Over1�Under) Adopted Arnended Actualsasof Amended Overl(Under) �nded Budget Budget 09/30/2025 Budget �nded Budget gudget Revenues Tax Increment Funds-City 33,909,000 33,909,000 33,909,557 100.0% 33,909,000 - 0.0% Tatt Increment Funds-County 26,460,000 26,460,000 26,460,176 100.0% 26,460,000 - 0.0% fvSscellaneousRevenues 373,000 373,000 1,315,360 352.6% 1,114,000 741,000 198.7% FundBalance/RetainedEamings/PYSurplus 6,200,000 16,441,000 - 0.0% 16,196,000 (245,000) -1.5% Total Revenues 66,942,000 77,183,000 61,685,093 79.9% 77,679,000 496,000 0.6% Expenditures P,dmin/OperatingExpenditures 768,000 768,000 767,530 99.9% 768,000 - 0.0% ProjectExpenditures 13,756,000 13,997,000 13,199,864 94.3% 13,997,000 - 0.0% Reserves,Debt Service,and Other Obligations 52,418,000 62,416,000 57,671,250 92.4% 62,401,000 (17,000) 0.0% TotalExpenditures 66,942,000 77,183,000 71,638,644 92.8% 77,166,000 (17,000) 0.0% Revenues Over/(Under)6cpenditures - - (9,953,557) 513,000 513,000 The Administration is recommending that the preliminary FY 2025 surplus of approximately $0.5 million be set aside to retire the outstanding debt issued in 2015 for the Convention Center renovation and expansion project early, as required pursuant to the Interlocal Agreement between the City and the County. 48 of 103 ANCHOR SHOPS AND PARKING GARAGE, PENNSYLVANIA AVENUE SHOPS AND PARKING GARAGE, AND COLLINS PARK PARKING GARAGE The revenues and expenditures associated with the operations of the City Center Redevelopment Area Garages and Shops are presented as separate schedules in order to eliminate any perception that the proceeds from these facilities' operations are comingled with Tax Increment Financing (TIF) and other City Center Trust Fund revenues. Anchor Shops Based on the preliminary FY 2025 year-end analysis for the Anchor Shops operating budget, the Administration recommends that $64,000 be carried forward and appropriated in the FY 2026 Anchor Shops operating budget for projects that were originally budgeted in FY 2025, but not completed in FY 2025 due to project delays and timing between fiscal years. FISCAL IMPACT STATEMENT See the information provided above Does this Ordinance require a Business Impact Estimate? (FOR ORDINANCES ONLY) If applicable, the Business Impact Estimate (BIE) was published on: See BIE at: https://www.miamibeachfl.qov/city-hall/city-clerk/meetinq-notices/ FINANCIAL INFORMATION See the information provided above CONCLUSION The Administration recommends that the Chairperson and Members of the Miami Beach Redevelopment Agency adopt the Fourth Amendment to the RDA City Center Redevelopment Area, the Anchor Shops and Parking Garage, the Pennsylvania Avenue Shops and Parking Garage, and Collins Park Parking Garage operating budgets for FY 2025 as described herein and further detailed in the attached Exhibit "A." EC/J DG/TOS/RA Applicable Area Citywide Is this a "Residents Riqht to Know" item, Is this item related to a G.O. Bond pursuant to Citv Code Section 2-17? Prolect? Yes No Was this Aqenda Item initiallv repuested by a lobbvist which, as defined in Code Sec. 2-481, includes a principal enqaqed in lobbvinq? No If so, specify the name of lobbyist(s) and principal(s): 49 of 103 Department Management and Budget Sponsor(s) Co-sponsor(s) Condensed Title Adopt 4th Amendment to City Center RDA Operating Budget for FY 2025. OMB Previous Action (For Citv Clerk Use Onlv1 50 of 103 EXHIBIT A Miami Beach Redevelopment Agency City Center Redevelopment Area Operating Budget FY 2025 4th Budget FY 2025 Amended Budget Amendment Revised Budget Revenues and Other Sources of Income Tax Increment-City $ 35,675,000 $ 35,675,000 Proj Adjustment to City Increment $ (1,766,000) $ (1,766,000) Tax Increment-County $ 27,862,000 $ 27,862,000 Proj Adjustment to County increment $ (1,402,000) $ (1,402,000) Interest Income $ 373,000 $ 373,000 Fund Balance/Retained Earnings $ 16,441,000 5 16,441,000 TOTAL REVENUES S 77,183,000 $ - $ 77,183,000 Admin/Operating Expenditures Management Fee $ 640,000 $ 640,000 Auditfees $ 32,000 $ 32,000 Internal Services $ 96,000 $ 96,000 Total Admin/Opereting Expenditures $ 768,000 $ - $ 768,000 Project Expenditures Community Policing: Police $ 5,543,000 $ (178,000) $ 5,365,000 Code Compliance $ 229,000 $ 5,500 $ 234,500 Capital Projects Maintenance: Facilities Mgmt. $ 2,419,000 $ (86,000) $ 2,333,000 Sanitation $ 4,260,500 $ 673,000 $ 4,933,500 Greenspace S 918,500 $ (212,500) $ 706,000 Parks Maintenance $ 627,000 $ (202,000) $ 425,000 Total Project Expenditures $ 13,997,000 $ - $ 13,997,000 Reserves,Debt Service and Other Obligations Debt Service Cost $ 20,908,000 $ 20,908,000 Reserve for County Admin Fee $ 397,000 $ 397,000 Reserve for CMB Contribution $ 509,000 $ 509,000 Reserve for County Reimbursement: Transfer to County Reimbursement $ 6,200,000 $ 6,200,000 Transfer to County Beach Renourishment Fund $ - $ - Transfer to County Construct/Operate Housing for Homeless Persons $ 10,000,000 $ 10,000,000 Reserve for City Reimbursement: Transfer to General Fund $ - $ - Transfer to Beach Renourishment Fund $ - $ - Transfer to Fleet Management Fund $ - $ - Transfer to Convention Center $ 4,000,000 $ 4,000,000 Convention Center Hotel Grant Agreement $ 12,008,000 $ 12,008,000 Set-aside for Debt Payoff $ 8,396,000 $ 8,396,000 Total Reserves,Debt Service&Other Obligations $ 62,418,000 $ - $ 62,418,000 TOTAL EXPENDITURES AND OBLIGATIONS S 77,183,000 S - S 77,183,000 Revenues Less Expenditures $ - $ - $ - 51 of 103 EXHIBIT A Anchor Shops and Anchor Garage Operating Budget FY 2025 4th Budget FY 2025 Anchor Parking Garage Amended Budget Amendment Revised Budget Revenues: Valet Parking $ 314,000 $ 314,000 Monthly Permits $ 599,000 $ 599,000 Attended Parking $ 2,411,000 $ 2,411,000 Interest Income $ 185,000 $ 185,000 Misc./Other $ 1,000 $ 1,000 TOTAL REVENUES $ 3,510,000 S - S 3,510.000 Opereting Expenditures: Operating Expenditures $ 2,919,000 $ 2,919,000 Internal Services $ 499,000 $ 499,000 Contingency/Reserve $ 92,000 $ 92,000 TOTAL EXPENDITURES $ 3,510,000 S - S 3,510,000 Revenues Less Expenditures $ - $ - $ - AnchorShops FY 2025 4th Budget FY 2025 Amended Budget Amendment Revised Budget Revenues: Retail Leasing $ 813,000 $ 813,000 Capital&Maintenance $ 116,000 $ 116,000 Interest Income $ 189,000 $ 189,000 TOTAL REVENUES $ 1,118,000 $ - $ 1,118,000 Opereting Expenditures: Operating Expenditures S 344,000 $ 344,000 Transfer Out to Penn Shops $ 95,000 $ 95,000 InternalServices $ 43,000 $ 43,000 Contingency/Reserve $ 636,000 $ 636,000 TOTAL EXPENDITURES S 1,118,000 $ - S 1,118,000 Revenues Less Expenditures $ - $ - $ - COMBINED REVENUES-EXPENDITURES S - S - S - 52 of 103 EXHIBIT A Pennsylvania Avenue Shops and Pennsylvania Avenue Garege Operating Budget Pennsylvania Avenue Parking Garage FY 2025 4th Budget FY 2025 Amended Budget Amendment Revised Budget Revenues: Transient $ 566,000 $ 566,000 Monthly $ 363,000 $ 363,000 Interestlncome $ 22,000 $ 22,000 Misc./Other $ 99,000 $ 99,000 TOTAL REVENUES $ 1,050,000 $ - $ 1,050,000 Operating Expenses: Operating Expenditures $ 872,000 $ 872,000 InternalServices 5 178,000 $ 178,000 TOTAL EXPENDITURES S 1,050,000 S - S 1,050.000 Revenues Less Expenditures $ - $ - $ - Pennsylvania Avenue Shops FY 2025 4th Budget FY 2025 Amended Budget Amendment Revised Budget Revenues: Interestlncome $ 2,000 $ 2,000 Transfers In from RDA(Anchor Shops) $ 95,000 $ 95,000 Misc./Other $ 195,000 $ 195,000 TOTAL REVENUES $ 292,000 $ - $ 292,000 Opereting Expenses: Operating Expenditures $ 290,000 $ 290,000 Internal Services $ 2,000 $ 2,000 TOTAL EXPENDITURES S 292,000 $ - $ 292,000 Revenues Less Expenditures $ - $ - $ - COMBINED REVENUES-EXPENDITURES $ - $ - $ - 53 of 103 EXHIBIT A Collins Park Parking Garage Operating Budget FY 2025 4th Budget FY 2025 Collins Park Parking Garage Amended Budget Amendment Revised Budget Revenues: Transient $ 1,289,000 $ 1,289,000 Monthly $ 262,000 $ 262,000 Interest Income $ 33,000 $ 33,000 Misc./Other $ 26,000 $ 26,000 TOTAL REVENUES $ 1,610,000 $ - $ 1,610,000 Operating Expenses: Operating Expenditures $ 1,490,000 $ 1,490,000 Internal Services $ 120,000 $ 120,000 TOTAL EXPENDITURES $ 1,610,000 $ - $ 1,610,000 Revenues Less Expenditures $ - $ - $ - 54 of 103