Hallandale Beach Community Redevelopment Agency

Transcript Hallandale Beach Community Redevelopment Agency

Second Quarterly Financial Report Mid-Year Projection/Amended Budget

January 1 st through March 31, 2014 1

CAPITAL PROJECTS

Land Acquisition and acquisition services Wayfinding signage Computer hardware/software Ansin Blvd BF James Park Fashion Row Phase II OB Johnson Park Complete Street design DPW MOU - Capital Project Management

CAPITAL PROJECTS TOTAL PROGRAMS

Village of Gulfstream Park TIF Downpayment Assistance Sherwin Williams Paint program NIP program Hurricane Shutter program Commercial Loan program Shuttle service (4 routes) Landscaping services Police MOU- Community Involvement Unit Police MOU - Community Action Team Police MOU- Neighborhood Enhancement Team Dev Services - Planning and Zoning Code Compliance MOU NEED grant Community Partnership Grants

PROGRAMS TOTAL FY 14 Budget

$ 696,582 431,529 7,500 48,300 2,744,315 150,000 725,000 375,000 140,000

5,318,226 FY 14 Budget

900,000 425,000 8,000 500,000 100,000 656,529 247,860 70,000 326,131 310,961 632,420 51,350 275,509 203,000 200,000

4,906,760 PERSONNEL

Salaries Benefits

PERSONNEL TOTAL OPERATING

Beautification supplies Utilities and supplies Professional services & consultants Advertising, printing and postage Memberships and training Special events Miscellaneous

OPERATING TOTAL ADMIN/TRANSFERS DEBT SERVICE CRA EXPENDITURES TOTAL FY 14 Budget

$ 384,855 162,282

547,137 FY 14 Budget

32,500 27,458 397,807 40,000 41,159 10,000 18,609

567,533 236,280 1,985,000 $ 13,560,936

PROJECT #

CVR001 HPV001 RECSTD 66302 124103 124106 3541B 3451C 891701 891701

PROJECT NAME

CARVER HEIGHTS CONDO HIGHLAND PARK VILLAGE RECORDING STUDIO FOSTER ROAD IMPROVEMENT PEDESTRIAN IMPROVEMENT PROGRAM CROSSWALK UPGRADES EMMERGENCY ASISTANCE YOUTH PROGRAM ASSISTANCE STREET UPGRADE PROGRAM STREET UPGRADE PROGRAM

AMOUNTS ALREADY UNATTACHED

HPV001 VILTIF 016303 036301 HIGHLAND PARK VILLAGE VILLAGE OF GULFSTREAM TIF NIP 100% FORGIVENESS STORM SHUTTER/IMPACT WINDOWS 046302 BUILDING FAÇADE IMPROVEMENT 066302 FOSTER ROAD IMPROVEMENT 078001 REPLACE SECURITY SYSTEM 086302 096301 125001 PARKS MASTER PLAN COMMERCIAL CODE COMPL PROGRAM SIDEWALK REPAIR

FUNDS TO BE UNATTACHED RECAPTURED FUNDS

$ 2,823 101,630 500 8,590 415,610 300,000 10,000 29,250 82,433 14,570

$ 965,406

1,468 15,263 86,989 140,000 6,709 2,248 1,100 16,175 340,000 13,794

$ 623,747 TOTAL FUNDS AVAILABLE FOR REALLOCATION $ 1,589,153

Funds have been recommended for recapture for three reasons: 1) The project was completed but not properly closed and unencumbered 2) The project was completed under budget 3) The project is stalled and will be requested in a future fiscal year 3

EXPENDITURE

Personal Services Operating expenses

FY14 Budget

547,137 567,533

Q1 FY14 Actual

65,001 54,574

Q2 FY14 Actual

142,797 91,821

YTD FY14 Actual

207,799 146,395

FY14 Mid year Projection

470,000 472,000

FY14 Savings/ (Overage)

77,137 95,533 Programs Capital Admin/Transfer Debt Service 4,906,760 5,318,226 236,280 1,985,000 125,809 930,470 439,960 2,507,341 565,769 3,437,811 4,300,000 5,013,226 236,280 1,985,000 606,760 305,000 -

TOTAL HBCRA Expenditures $ 13,560,936 Personnel Services: Operating expenses: $ 1,175,855 $ 3,181,920 $ 4,357,774 $ 12,476,506 $ 1,084,430

Projected savings of $77,137 due to position vacancies (Fiscal Operations Manager position hired in 2 nd quarter of FY14 and Business Dev. Coordinator vacant February through May) YTD expenditures lagging mainly due to timing of audit fee payments. Projected savings of $95,533 is due to anticipated reduction in spending in FY14 for professional services and beautification supplies.

Programs:

YTD expenditures lagging due primarily to delay in finalizing Village of Gulfstream Park TIF payment of $900k, and transfers to City for CRA funded programs pending final reconciliation.

Capital: Debt service/Transfer:

Q1 & Q2 expenditures are mainly for BF James park and Hazard Mitigation projects.

Debt service payment and transfers are typically made in Q4 of the fiscal year.

REVENUE

Tax Increment Financing (COHB) CRA Loan Repayments and fees CRA Interest Gain on sale of property Multi-year project carry forward

TOTAL FY14 Budget

3,561,746

400,000 130,000 1,500,000 4,053,964

13,560,936 Q1 FY14 Actual

$ 3,895,346 3,542,687 116,879 12,663 -

$ 7,567,576 Q2 FY14 Actual

$ 9,202 116,036 6,579 -

$ 131,817 YTD FY14 Actual

$ 3,904,548 3,542,687 232,915 19,242 -

$ 7,699,393 FY14 Mid year Budget Projection

$ 3,904,548 3,542,687 430,000 95,000 500,000 4,053,964

$ 12,526,199 FY14 Excess/ (Shortfall)

$ (10,678) (19,059) 30,000 (35,000) (1,000,000) -

$ (1,034,737) TIF Revenues:

All TIF Revenue was received in December 2013. The 0.5% variance is due to the difference between the estimated property valuation (during budget) vs. the final property valuation.

Gain on sale of property:

Budgeted amount represents total gain anticipated on the sale of In-Fill housing properties. As a result of the delay in authorizing construction, sales of the completed units are naturally stalled. Expected sales for FY14 is $500,000 (4 properties to be sold at $125,000 each). The remaining sales are expected to be realized in FY15.

Description

Expenditure budget overage Revenue budget shortfall

TOTAL FY14 Excess/ (Shortfall)

$ 1,084,430 (1,034,737)

$ 49,693

FY14 Recaptured funds (slide 3) FY14 Expenditure Savings (slide 6)

Total funds for re-appropriation

$ 1,589,153 49,693

$ 1,638,846 Project description

Land Acquisition (605 N. Dixie Hwy., SE 1st Avenue, 412 SW 11 Street) Historic Moffit House Restoration Project Historic School House Restoration Project Drainage Improvement Project

Re-appropriated Amount

$ 875,000 125,000 65,000 45,169 SW - NW Solar Lighting Project Foster / Dixie Mixed Use Development

Grand Total $

49,730 478,947

1,638,846



Summary of projects to be allocated re-captured funds

Land Acquisition

 CRA is currently pursuing several critical locations for acquisition. Properties being considered are either in a priority corridor or deemed a blighted property.

 Historic Moffet House and School House have undergone “piecemeal” restoration. A full allocation of needed funds will ensure project completion by end of FY 14.

 Drainage improvement lowest responsible bid came in at $244,226, higher than budgeted amount. Additional funding is needed to ensure project is completed.  NW/SW Solar lighting project is being funded by MPO grant, but only for construction. Design of project was originally being done in house. With departure of previous City Engineer and Engineer II, completion of design required outside consultant.

Summary of projects-continued



Foster/Dixie Mixed Used Development

 At the March 17 th meeting, the HBCRA Board approved the financial tenets of the deal. The CRA would commit $1.7M toward the construction of the mixed-use portion, and $2.7M toward the construction of the townhomes.  The current year’s budget allocates $481,934 toward this project. Staff recommends an additional allocation to cover the portion of the $1.7M anticipated in FY 14-15. The remaining commitments are expected due in FY 15 16.