TO: Chair and Members of the Board
FROM: Kim Vazquez, Interim Executive Director
DATE: July 11, 2017
Title
PRESENTATION AND DISCUSSION ON THE PROPOSED FY2018 BUDGET
BACKGROUND: A presentation will be made on the proposed draft CRA budget for FY 2018 for input and discussion by the Board. A breakdown of the preliminary budget is provided below.
FY 2018 Proposed Budget Summary
Estimated Tax Increment Revenue (TIR)
City of Margate (Proposed Millage Rate 6.5183) $ 2,895,945
Broward County (Based on LY Millage Rate of 5.4474) $ 2,420,167
North Broward Hospital District (Based on LY Millage Rate 1.3462) $ 598,089
Total TIR $ 5,914,201
Other Revenue
Property Management $ 689,000
Interest Income $ 22,500
Other Misc Revenue $ 6,500
Total Other Revenue $ 718,000
Total Revenue $ 6,632,201
Anticipated Carryforward of Fund Balance $14,691,666
Transfer to Sinking Fund/Capital Projects $ 3,162,303
Total of all Revenue $24,486,170
Proposed Operation Expenditures (Fund 140)
City Administrative Cost Allocation $ 774,483
General Operating Expense $ 64,000
Property Management/Maintenance $1,011,330
Consultants and Design Services $ 310,000
Marketing/Special Events $ 282,000
CRA Grant Programs $ 250,000
Transfer to Sinking Fund/Capital Projects $ 3,162,303
Operations Contingency $ 758,085
Total Operation Expenditures $6,612,201
Debt Service Repayment (Fund 240)
Revenue Refunding Bond Series 2012 (tax exempt) $ 417,384
Revenue Refunding Bond Series 2012 (taxable) $1,494,919
Total Debt Service Expenditures $1,912,303
Proposed Capital Expenditures (Fund 340/341)
CRA Office $ 57,946
Stormwater Improvements $ 550,000
Amphitheater (Design) $ 102,800
Community Center $ 5,922,750
Waterfront Promenade/Boat Launch $ 931,653
Parking Garage $ 1,928,501
Public Plaza, Fountains, Amenities $ 350,000
Utility/Infrastructure Contingency $ 60,000
David Park $ 350,000
Public Art Program $ 50,000
Neighborhood Identification Signs $ 35,000
Wayfinding Signage $ 400,000
Coconut Creek Parkway $ 20,000
Winfield Blvd Improvements $ 450,000
Sports Complex $ 1,950,000
Colonial Drive Pedestrian/Beautification $ 150,000
Property Acquisition $ 600,000
CIP Project Contingency $ 887,716
Bank Fees $ 300
Total Expenditure Capital Projects $14,796,666
Debt Service Escrow (Fund 241) $ 962,000
Contingency (Fund 341) $ 203,000
Total $1,165,000
Total Expenditures $24,486,170
RECOMMENDATION: Discussion and provide direction.
FISCAL IMPACT: The total of the estimated budget for FY 2018 is $24,486,170.
CONTACT PERSON: Kim Vazquez, Interim Executive Director