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Home My WebLink About536-2006 RDA Reso RESOLUTION NO. 536-2006 A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA), ADOPTING AN AMENDMENT TO THE OPERATING BUDGET FOR THE CITY CENTER REDEVELOPMENT AREA FOR FISCAL YEAR 2006/07, ADJUSTING THE COUNTY'S SHARE OF TAX INCREMENT TO REFLECT THE REDUCTION IN MILLAGE ADOPTED BY THE MIAMI DADE COUNTY BOARD OF COUNTY COMMISSIONERS ON SEPTEMBER 20, 2006. WHEREAS, subsequent to the RDA Board's adoption of the FY 06/07 Operating Budget for City Center on September 21,2006, the County's Office of Strategic Budget and Management (OSBM) notified the RDA that on September 20, 2006, the Board of County Commissioners (BCC) voted to reduce the County-wide millage from the County Manager's initially recommend 5.72 mills to 5.615 mills; and WHEREAS, said millage reduction will reduce the County's estimated Tax Increment payment to the RDA in December, 2006, from $14,723,257 to $14,452,835 for a difference of $270,422; and WHEREAS, the County's Office of Budget and Strategic Management (OBSM) has informed the Adm,inistration that it will not review and recommend the Budget for approval to the Board of County Commissioners, unless the numbers are amended to reflect the lower Tax Increment payment by the County; and WHEREAS, pursuant to the Interlocal Agreement between the City and the County, dated November 16, 1993, the RDA' s annual budgets are subject to review and approval by the County; and WHEREAS, the City Center Budget has been amended accordingly, reflecting a reduction in revenues, in the amount of $270,422, an increase of $266,365 in the Fund Balance Re-allocation line item in order to pick up the required difference in Revenue and a reduction of $4,057 in the County's Administrative Fee payment. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, FLORIDA, that the Chairman and Members hereby adopt an amendment to the Operating Budget for the City Center Redevelopment Area for Fiscal Year 2006/07, adjusting the County's share of tax increment to reflect the reduction in millage adopted by the Miami-Dade County Board of County Commissioners on September 20, 2006. T:\AGENDA\2006\oct11 06\Regular\RDA AMENDED BUDGET RESO 2006_07.doc PASSED and ADOPTED this 11 th day of, October ,2006 ~~. / HAIRMAN Jerry Libbin ATTEST: ." .r1wJ...~~ "SECRETARY Rol~;ed rar~he~ APPROVED AS TO FORM & LANGUAGE a FOR EXECUnON ~ 10&1" -~~ T:\AGENDA\2006\oct1106\Regular\RDA AMENDED BUDGET RESO 2006_07.doc MIAMI BEACH REDEVELOPMENT AGENCY ITEM SUMMARY Condensed Title: A resolution of the Chairman and Members of the Miami Beach Redevelopment Agency adopting an amendment to the Operating Budget for City Center for Fiscal Year 2006/07. Ke Intended Outcome Su orted: Improve the City's overall financial health and maintain overall bond rating, Issue: Should the RDA Board adopt the proposed amendment to the operating budget for City Center Redevelo ment Area for Fiscal Year 2006/07? Item Summary/Recommendation: Subsequent to the RDA Board's adoption of FY 2006/07 Operating Budget for City Center on September 21, 2006, the County's Office of Strategic Budget and Management (OSBM) informed the City that on September 20, 2006, the Board of County Commissioners (BCG) voted to reduce the County-wide millage from 5.72 mills to 5.615 mills. This action will consequently reduce the County's estimated Tax Increment payment to the RDA in December from $14,723,257 to $14,452,835, for a difference of $270,422. Pursuant to the Interlocal Agreement between the City and the County, the OSBM has asked that the RDA amend its FY 2006/07 Operating Budget to reflect this reduction in millage. The Administration recommends adopting the proposed amendment to the FY 2006/07 City Center Operating Budget in order to satisfy the County's request and to preclude any delay in receiving payment from the County for it share of the tax increment. Advisory Board Recommendation: I N.A. Financial Information: Source of Amount Account Approved Funds: 1 $46,278,286 City Center Redevelopment Area Fund CLL l 2 -~/l ,... 3 r 4 aSPI '/ Total Financial Impact Summary: Ci Clerk's Office Le islative Trackin Kent Bonde and Kathie Brooks Si n-Ofts: Redevelopment ordinator Assistant Director Executive Director lD ..... MIAMI BEACH AGENDA ITEM DATE ~B l(j-I(-O~ ~ MIAMI BEACH City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139, www.miamibElCchfl.gov REDEVELOPMENT AGENCY MEMORANDUM FROM: Chairman and Members of the Miami Beach Redevelopment Agency Jorge M. Gonzalez, Executive Director ; \--~ October 11, 2006 U TO: DATE: SUBJECT: A RESOLUTION OF THE CHAIRMAN AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY, ADOPTING AN AMENDMENT TO THE OPERATING BUDGET FOR THE CITY CENTER REDEVELOPMENT AREA FOR FISCAL YEAR 2006/07, ADJUSTING THE COUNTY'S SHARE OF TAX INCREMENT TO REFLECT THE REDUCTION IN MILLAGE ADOPTED BY THE MIAMI-DADE BOARD OF COUNTY COMMISSIONERS ON SEPTEMBER 20, 2006. ADMINISTRATION RECOMMENDATION Adopt the Resolution. ANALYSIS Subsequent to the RDA Board's adoption of the FY 06/07 Operating Budget for City Center on September 21,2006, the County's Office of Strategic Budget and Management (OSBM) notified the RDA that on September 20, 2006, the Board of County Commissioners (BCG) voted to reduce the County-wide millage from the County Manager's initially recommend 5.72 mills to 5.615 mills. This action will consequently reduce the County's estimated Tax Increment payment to the RDA in December from $14,723,257 to $14,452,835 for a difference of $270,422. Since the Interlocal Agreement between the City and the County, dated November 16, 1993, subjects the RDA' s annual budgets to review and approval by the County, the OSBM has asked that the RDA amend its FY 2006/07 Operating Budget to reflect the reduction in millage. As such, the City Center Budget has been amended to reflect a reduction in the County's TIF payment by $270,422, an increase of $266,365 in the Fund Balance Re-allocation line item in order to pick up the required difference in Revenue and a reduction of $4,057 in the County's Administrative Fee payment. Copies of the adopted and proposed amended budget sheets are included with this memorandum. It should be noted that the reduction on the expense side does not affect the appropriation of the FY 2006/07 City Center Capital Budget, that was also approved by the RDA Board at its meeting on September 21,2006. October 11, 2006 Redevelopment Agency Memorandum Amendment to the Operating Budget for City Center for FY 2006/07 Page 2 of 2 CONCLUSION The Administration recommends adopting the proposed amendment to the FY 2006/07 City Center Operating Budget in order to satisfy the request of the County's OSBM and to preclude any delay in receiving payment from the County for its share of the tax increment in December, 2006. JMGIT.H/KB/KO~ Attachment T:IAGENDA \2006\Oct11 06\RegularlAmendedRDABudgetmema2006_ 07 .dac Miami Beach Redevelopment Agency Proposed Amended Budget FY 2006/07 City Center Redevelopment Area Rev 09/21106 Revenues and Other Sources of Income Tax Increment - City @ 7.374 mills Tax Increment - County@ 5.615 mills 50% Contribution from Resort Tax 1/2 Mill Children's Trust Contribution (1) Interest Income Anchor Place Anchor Garage Use Fee (Loews) (2) Anchor Shops Lease Revenue Operating Transfers In Fund Balance Re-allocation Total Revenue Admin/Operating Expenses Management fee Advertising & promotion Postage. printing & mailing Office supplies & equipment Meetings & conferences Dues & subscriptions Audit fees Professional & related fees Miscellaneous expenses Total Admin/Operating Expenses Projects Anchor Garage Operations Anchor Garage Facility Use/Usage Fee (2) Anchor Garage Property Maintenance Anchor Shops mgt fee & related exp (3) Anchor Shops & Parking Garage Property and Sales Tax Anchor Shops & Parking Garage Reserve for Replacement Community Policing Land Acquisition Reserve Capital Projects Maintenance (4) Transfer to Capital Projects (5) Total Project Costs: Transfers, Reserves and Debt Service Payments Debt Service Cost - 96B & 98B Bonds Current Debt Service - Lincoln Rd Project (6) Current Debt Service - Bass Museum (7) Reserve for County Admin Fee (8) Reserve for CMB Admin Fee (9) Reserve for Children's Trust Contribution (10) Reserve for Millage/Capital Replacement(11) Transfer County TIF to - Debt Svc Fund Transfer County TIF to - Construction Funds Transfer to - Construction Funds Total Transfers Reserves & Debt Service Payments Total Expenditures & Transfers Excess (Deficiency): Operating Fund $18,991,324 $14,452,835 $2,978,500 $1,248,028 $1,078,396 $1,900,000 $580,000 $689,142 $0 $4,360,061 $46,278,286 Debt Service $0 $10,013,387 $0 $0 $0 $0 $0 $0 $0 $0 $10,013,387 Construction Fund $0 $4,439,448 $0 $0 $0 $0 $0 $0 $ 16,458,609 $0 $20,898,057 Construction Fund $0 Construction Fund 20,898,057 $20,898,057 Construction Fund $0 $20,898,057 $0 $0 $0 I(Highlight reflects amended line items) Note #1 1/2 Mill Children's Trust pmtto RDA per Inte~ocal Note #2 MBRI (Loews) remits an annual use fee of $580,000 to the RDA - RDA remits a Usage Fee to MBRI equal to 41.7% of first $1,390,000 in Revenues and 28% of Revenues in excess of $1,390,000 Note #3 Inclues retail management fee & related operating expenses Note #4 Separate detail for capital maintenance items from PW Note #5 Reflects appropriations for CIP & PW projects Note #6 Payment of Lincoln Road current debt service on Sunshine State Loan Note #7 Payment of Bass Museum current debt service on Guff Breeze Loan Note #8 County admin fee @ 1.5% of County's increment revenue Note #9 CMB Admin Fee @ 1.5% of City's increment revenue Note #101/2 mill Children's Trust Contribution Note #11 Reserve for Capital Replacement Program (.182 Mills) Operating Fund Debt Service 414,000 1,000 3,500 3,000 4,000 1,000 8,500 55,000 10,000 $500,000 $0 Operating Fund 670,000 722,430 76,000 45,000 590,240 1,065,472 2,664,566 4,500,000 2,314,713 Debt Service $12,648,421 $0 Operating Fund Debt Service 8,359,013 1,148,145 506,229 $216,793 284,870 1,248,028 468,731 10,013,387 4,439,448 16,458,609 $33,129,866 $10,013,387 $10,013,387 $46,278,286 Miami Beach Redevelopment Agency Adopted Budget FY 2006/07 on September 21,2006 City Center Redevelopment Area Rev 09/13106 Revenues and Other Sources of Income Tax Increment - City @ 7.374 mills Tax Increment - County@ 5.720 mills 50% Contribution from Resort Tax 1/2 Mill Children's Trust Contribution (1) Interest Income Anchor Place Anchor Garage Use Fee (Loews) (2) Anchor Shops Lease Revenue Operating Transfers In Fund Balance Re-allocation Total Revenue Admin/Operating Expenses Management fee Advertising & promotion Postage, printing & mailing Office supplies & equipment Meetings & conferences Dues & subscriptions Audit fees Professional & related fees Miscellaneous expenses Total Admin/Operating Expenses Projects Anchor Garage Operations Anchor Garage Facility Use/Usage Fee (2) Anchor Garage Property Maintenance Anchor Shops mgt fee & related exp (3) Anchor Shops & Parking Garage Property and Sales Tax Anchor Shops & Parking Garage Reserve for Replacement Community Policing Land Acquisition Reserve Capital Projects Maintenance (4) Transfer to Capital Projects (5) Total Project Costs: Transfers, Reserves and Debt Service Payments Debt Service Cost - 96B & 98B Bonds Current Debt Service - Lincoln Rd Project (6) Current Debt Service - Bass Museum (7) Reserve for County Admin Fee (8) Reserve for CMB Admin Fee (9) Reserve for Children's Trust Contribution (10) Reserve for Millage/Capital Replacement( 11) Transfer County TIF to - Debt Svc Fund Transfer County TIF to - Construction Funds Transfer to - Construction Funds Total Transfers Reserves & Debt Service Payments Total Expenditures & Transfers Excess (Deficiency): Operating Fund $18,991,324 $14,723,257 $2,978,500 $1,248,028 $1,078,396 $1,900,000 $580,000 $689,142 $0 $4,093,696 $4&,282,343 Debt Service $0 $10,013,387 $0 $0 $0 $0 $0 $0 $0 $0 $10,013,387 Construction Fund $0 $4,709,870 $0 $0 $0 $0 $0 $0 $ 16,188,187 $0 $20,898,057 Construction Fund $0 Construction Fund 20,898.057 $20,898,057 Construction Fund $0 $20,898,057 $0 Note #1 1/2 Mill Children's Trust pmtto RDA per Inte~ocal Note #2 MBRI (Loews) remits an annual use fee of $580.000 to the RDA - RDA remits a Usage Fee to MBRI equal to 41.7% of first $1,390,000 in Revenues and 28% of Revenues in excess of $1,390,000 Note #3 Inclues retail management fee & related operating expenses Note #4 Separate detail for capital maintenance items from PW Note #5 Reflects appropriations for CIP & PW projects Note #6 Payment of Lincoln Road current debt service on Sunshine State Loan Note #7 Payment of Bass Museum current debt service on GuW Breeze Loan Note #8 County admin fee @ 1.5% of County's increment revenue Note #9 CMB Admin Fee @ 1.5% of City's increment revenue Note #101/2 mill Children's Trust Contribution Note #11 Reserve for Capital Replacement Program (.182 Mills) Operating Fund Debt Service 414,000 1,000 3,500 3,000 4,000 1,000 8,500 55,000 10,000 $500,000 $0 Operating Fund 670,000 722,430 76,000 45,000 590,240 1,065,472 2,664,566 4,500,000 2,314,713 Debt Service $12,648,421 $0 Operating Fund Debt Service 8,359,013 1,148,145 506,229 220,849 284,870 1,248,028 468,731 10,013,387 4,709,870 16,188,187 $33,133,922 $4&,282,343 $10,013,387 $10,013,387 $0 $0