MIDTOWN MIAMI. Community Development District. Annual Operating and Debt Service Budget. Fiscal Year Version 1 - Approved Tentative Budget:

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1 Annual Operating and Debt Service Budget Version 1 - Approved Tentative Budget: (Approved at 6/11/2012 meeting) Prepared by:

2 Table of Contents Page # OPERATING BUDGET General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Budget Narrative 3-7 Exhibit A - Allocation of Fund Balances. 8 DEBT SERVICE BUDGETS Series 2004 B Summary of Revenues, Expenditures and Changes in Fund Balances.. 9 Amortization Schedule.. 10 Budget Narrative 11 ENTERPRISE BUDGET Enterprise Fund Summary of Revenues, Expenditures and Changes in Fund Balances Budget Narrative Amortization Schedule.. 19 SUPPORTING BUDGET SCHEDULES FY Summary.. 20

3 Midtown Miami Operating Budget

4 General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Approved Tentative Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU MAY - PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2012 APR-2012 SEP-2012 FY 2012 FY 2013 REVENUES Interest - Investments $ 11 $ - $ 7 $ - $ 7 $ - Interest - Tax Collector Special Assmnts- Tax Collector 41, , ,658 9, , ,287 Special Assmnts- CDD Collected 38,306 2,012,712 1,447, ,898 2,216,319 1,624,685 Special Assmnts- Developer 1,748, Special Assmnts- Delinquent Special Assmnts- Discounts (1,204) (7,083) (6,518) - (6,518) (6,651) Other Miscellaneous Revenues TOTAL REVENUES 1,827,470 2,182,708 1,608, ,319 2,387,123 1,784,321 Administrative P/R-Board of Supervisors 7,800 9,600 2,800 5,000 7,800 12,000 FICA Taxes ProfServ-Engineering 1,526 3,000-3,000 3,000 3,000 ProfServ-Legal Services 33,417 50,000 15,263 15,263 30,526 50,000 ProfServ-Mgmt Consulting Serv 51,646 50,000 29,167 20,833 50,000 50,000 ProfServ-Special 17,476 4,508 2,630 1,878 4,508 3,753 ProfServ-Calculations &Rebates 500-5,125-5,125 - Auditing Services 7,600 7,600-7,600 7,600 7,600 Communication - Telephone Postage and Freight Insurance - Risk Management 5,874 6,461 20,940-20,940 24,081 Printing and Binding Legal Advertising Misc-Bank Charges ,145 1,200 Misc-Property Taxes Misc-Assessmnt Collection Cost 370 1,771 1,771-1,771 1,663 Office Supplies Annual District Filing Fee Total Administrative 130, ,029 80,133 55, , ,390 Field Payroll-Salaries 150, ,313 61,868 86, , ,312 Contracts-Misc Labor 7,872 10, Contracts-Fountain ,800 Contracts-Janitorial Services 340, , , , , ,880 Contracts-On-Site Management 97,078 99,991 58,328 41,663 99,991 99,991 Contracts-Other Services Contracts-Security Services 505, , , , , ,000 Contracts-Landscape 182, , ,459 73, , ,644 Contracts-Air Conditioning ,610 Contracts-Sidewalks ,400 Contracts-Pest Control ,496 Communication - Telephone 5,921 6,200 3,433 2,452 5,885 6,200 Electricity - General 66,795 70,000 33,011 33,011 66,022 65,000 Utility - Irrigation 61,475 46,000 15,052 15,052 30,104 25,000 Utility - Water 712 4,400 8,109 11,353 19,462 20,000 Annual Operating and Debt Service Budget Page 1

5 General Fund Summary of Revenues, Expenditures and Changes in Fund Balances Approved Tentative Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU MAY - PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2012 APR-2012 SEP-2012 FY 2012 FY 2013 Rentals - General 3,587 2, ,500 1,924 2,000 Lease - Copier 4,171 4,000 1,084 3,252 4,336 4,400 Insurance - Vehicle R&M-General 4,294 6,500 6,416 4,583 10,999 10,000 R&M-Air Conditioning 5,810 5,780 5,690 2,338 8,028 4,580 R&M-Buildings 3,045 2,000 2,062 1,473 3,535 5,000 R&M-Electrical 57,416 56,000 15,370 10,979 26,349 30,000 R&M-Equipment R&M-Fountain 10,090 8,500 6,988 2,000 8,988 3,676 R&M-Grounds 13,134 5,000 8,180-8,180 5,000 R&M-Irrigation 585 2,500-2,500 2,500 2,500 R&M-Pest Control 2,496 2,496 1,456 1,040 2,496 - R&M-Plant Replacement 1,226 6,000 1,710 1,221 2,931 4,000 R&M-Roads & Alleyways 4,230 5, ,000 4,390 5,000 R&M-Sidewalks 1,704 3,500-3,500 3,500 3,500 R&M-Signage 1,673 2,000 2,938-2,938 2,000 R&M-Streetlights ,800 R&M-Golf Cart 358 2, ,500 Printing and Binding Advertising Misc-Holiday Decor 22,466 23,000 25,949-25,949 27,000 Misc-Cable TV Expenses Misc-Property Taxes - 1, Misc-Radio Expense 1, Misc-Special Events 4,664 5,000 4,800-4,800 5,000 Misc-Licenses & Permits Misc-Contingency ,000 Office Supplies 1,341 1,080 1,533 1,095 2,628 3,600 Office Equipment - 2,500-2,500 2,500 2,500 Op Supplies - General 6,069 6,000 1,415 1,011 2,426 3,000 Op Supplies - Uniforms Cap Outlay - Equipment 5,848 6,000-6,000 6,000-1st Quarter Operating Reserves - 440, Total Field 1,578,977 2,045, , ,719 1,527,442 1,626,930 TOTAL 1,709,120 2,182, , ,319 1,663,175 1,784,321 Excess (deficiency) of revenues Over (under) expenditures 118, ,948 (0) 723,948 (0) OTHER FINANCING SOURCES (USES) Contribution to (Use of) Fund Balance (0) TOTAL OTHER SOURCES (USES) (0) Net change in fund balance 118, ,948 (0) 723,948 (0) FUND BALANCE, BEGINNING 298, , , ,720 1,140,668 FUND BALANCE, ENDING $ 416,720 $ 416,720 $ 1,140,668 $ (0) $ 1,140,668 $ 1,140,667 Annual Operating and Debt Service Budget Page 2

6 General Fund Budget Narrative REVENUES Special s-tax Collector The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. Special s-cdd Collected Developers Diversified Realty (DDR) and Midtown Opportunities per funding agreement, are quarterly billed a special assessment for the actual expenditures of operations and maintenance of the District. Special s-discounts Per Section , Florida Statues, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. Administrative P/R-Board of Supervisors Chapter 190 of the Florida Statutes allows for members of the Board of Supervisors to be compensated $200 per meeting at which they are in attendance. The amount for the Fiscal Year is based upon all supervisors attending all of the meetings. Professional Services-Engineering The District's engineer provides general engineering services to the District, i.e. attendance and preparation for monthly board meetings when requested, review of invoices, and other specifically requested assignments. Professional Services-Legal Services The District s Attorney, Billing, Cochran, Lyles, Mauro & Ramsey P.A., provides general legal services to the District, i.e., attendance and preparation for monthly Board meetings, review of contracts, review of agreements and resolutions, and other research as directed or requested by the Board of Supervisors and the District Manager. Professional Services-Management Consulting Services The District receives Management, Accounting and Administrative services as part of a Management Agreement with Severn Trent Environmental Services, Inc. Also included are costs for Information Technology charges to process all of the District s financial activities, i.e. accounts payable, financial statements, budgets, etc., on a main frame computer owned by Severn Trent in accordance with the management contract and the charge for rentals. The budgeted amount for the fiscal year is based on the contracted fees outlined in Exhibit "A" of the Management Agreement. Professional Services-Special Administrative costs to put the District s assessments on the Tax Roll. Auditing Services The District is required to conduct an annual audit of its financial records by an Independent Certified Public Accounting Firm. The budgeted amount for the fiscal year is based on contracted fees from an existing engagement letter, including for a moderate increase. Communication-Telephone Telephone and fax transmission expenditures. Page 3

7 General Fund Budget Narrative Administrative (continued) Postage and Freight Actual postage and/or freight used for District mailings including agenda packages, vendor checks and other correspondence. Insurance Risk Management The District's General Liability & Public Officials Liability Insurance policy is with Public Risk Insurance Agency, Inc. They specialize in providing insurance coverage to governmental agencies. The budgeted amount allows for a projected increase in the premium of 10%. Printing and Binding Copies used in the preparation of agenda packages, required mailings, and other special projects. Legal Advertising The District is required to advertise various notices for monthly Board meetings and other public hearings in a newspaper of general circulation. Miscellaneous Bank Charges Monthly bank charges that may be incurred during the year. Miscellaneous-Property Taxes This represents billing from Miami-Dade Tax Collector for property and tangible property taxes. Miscellaneous- Collection Costs The District reimburses the Miami-Dade County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 1% on the amount of special assessments collected and remitted, whichever is greater. The FY2012 budget for collection costs was based on a maximum of 1% of the anticipated assessment collections. Office Supplies Supplies used in the preparation and binding of agenda packages, required mailings, and other special projects. Annual District Filing Fee The District is required to pay an annual fee of $175 to the Department of Community Affairs. Field Payroll-Salaried Payroll paid by Developers Diversified Realty, the on-site management company, to employees of the District. This split is 65/35% between General and Enterprise Funds. Contracts-Miscellaneous Labor The District currently has a contract with Event & Office Consultants to staff an administrative assistant for the District. Page 4

8 General Fund Budget Narrative Field (continued) Contracts-Fountain The District currently has a contract with Miami Pool Tech, Inc. to maintain the fountains. Their monthly fee is $400 for fountain maintenance. Contracts-Janitorial Services The District currently has a contract with Interstate Cleaning Corporation for janitorial services for the District. This split is 90/10% between General and Enterprise Funds. Contracts-On-Site Management The District currently has a contract with Developers Diversified Realty to manage the District property. This split is 65/35% between General and Enterprise Funds. Contracts-Other Services The District currently has a contract with Visonic Systems, Inc. to provide music for the District. The monthly fee is $60. Contracts-Security Services The District currently has a contract with ABM Security Services to provide security for the District. This split is 70/30% between General and Enterprise Funds. Contracts-Landscape The District currently has a contract with Synergy Services Solutions to provide landscaping maintenance for the District property. Contracts-Air Conditioning The District currently has a contract with MG Tech for the maintenance of HVAC. The monthly amount is $ or 85% split with the Enterprise Fund. Contracts-Pest Control The District currently has a contract with Orkin Pest Control for exterminating services for the District property. Their monthly fee is $208. Communication - Telephone The District currently has telephone and fax machine connections with AT&T for the District property. The two lines are: and Electricity General The District will incur electrical usage for the District property from FPL. Five locations: 1) A/C# , 3201 N Miami Ave # House 2) A/C# , 3401 N Miami Ave # Elevator 50/50 split with Enterprise Fund 3) A/C# , 3201 N Miami Ave # House D 4) A/C# , 3201 N Miami Ave # House A 5) A/C# , 3201 N Miami Ave # House B Utility Irrigation The District will incur water usage for the District property from Miami-Dade Water & Sewer on four accounts. 1) A/C# , 3451 NE 1 st Ave # A 2) A/C# , 3101 N Miami Ave, Sprklcom Quarterly billing. Sent from DDR 3) A/C# , 3115 N Miami Ave, # B Sprklcom Page 5

9 General Fund Budget Narrative Field (continued) Utility Irrigation The District will incur water usage for the District property from Miami-Dade Water & Sewer on one account. A/C # , 3201 N Miami Ave, Fountain Monthly billing. Sent from DDR Rentals General The District will incur expenditures for rental of equipment during the year. Lease - Copier The District will reimburse DDR for a portion of the lease and usage fees on the copier during the year. Insurance Vehicle The District will insure the GEM car under Developers Diversified Realty insurance umbrella. R&M-General The District will incur general expenditures that are needed for repair & maintenance of the District area. R&M-Air Conditioning The District may incur air conditioning repairs not covered under Contracts-Air Conditioning. R&M-Buildings The District will incur required structural repairs & maintenance of the District buildings and property such as painting, locksmith services, concrete repairs, pressure washing etc. R&M-Electrical The District will incur electrical expenditures. Supplies & labor will be provided by ABW Electric and Sommer Electric Corp. R&M-Equipment The District will incur repairs of equipment such as the elevators. R&M-Fountain There are additional expenditures provided by other vendors for additional repairs such as painting and tile repairs. R&M-Grounds The District will incur expenditures for ground maintenance not covered under the landscaping contract with Synergy Services Solution. R&M-Irrigation The District will incur expenditures for irrigation repairs provided by Synergy Services Solution. R&M-Plant Replacement The District will incur expenditures for planting and replacement of trees, shrubs, etc by Synergy Services Solution. R&M-Road & Alleyways The District will incur expenditures for repairs of sinkholes and other repairs in the parking lot/roadways areas. R&M-Sidewalks The District will incur expenditures for repairs of sidewalks. Page 6

10 General Fund Budget Narrative Field (continued) R&M-Signage The District will incur expenditures for signs needed for the District property. R&M-Golf Cart The District will incur expenditures for signs needed for the District property. Printing and Binding The District will incur expenditures for field printing. Miscellaneous-Decor The District currently has a contract with CDI Enterprises for staging and storage of seasonal decorations for the District property. Miscellaneous-Cable TV Expenses The District will incur expenditures for cable expense. Miscellaneous-Property Taxes The District will incur expenditures from Miami-Dade Tax Collector for property and tangible taxes. Miscellaneous-Radio Expense The District currently has a contract with SEI Wireless Solutions, LLC for service and supplies for the District remote frequency radios. Miscellaneous-Special Events The District will incur expenditures during special events such as extra security for the overseeing of the event, equipment and supplies. Miscellaneous-Licenses & Permits The District will incur expenditure(s) for certificate of use permit required by City of Miami. Office Supplies The District will incur expenditures for the District office. This split is 90/10% between General and Enterprise Funds. Office Equipment The District will incur expenditures for office equipment. Operating Supplies - General The District will incur expenditures for cleaning and maintenance supplies. Operating Supplies - Uniforms The District will incur expenditures for maintenance uniforms for the District. Page 7

11 General Fund Exhibit "A" Allocation of Fund Balances AVAILABLE FUNDS Amount Beginning Fund Balance - $ 1,140,668 Net Change in Fund Balance - (0) Reserves - Additions - Total Funds Available (Estimated) - 9/30/2013 1,140,667 ALLOCATION OF AVAILABLE FUNDS Assigned Fund Balance Operating Reserve - First Quarter Operating Capital 446,080 (1) Subtotal 446,080 Total Allocation of Available Funds 446,080 Total Unassigned (undesignated) Cash $ 694,587 Notes (1) Represents approximately 3 months of operating expenditures Annual Operating and Debt Service Budget Page 8

12 Midtown Miami Debt Service Budget

13 Series 2004 B Debt Service Fund Summary of Revenues, Expenditures and Changes in Fund Balances Approved Tentative Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU MAY - PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2012 APR-2012 SEP-2012 FY 2012 FY 2013 REVENUES Interest - Investments $ 60,308 $ 50,000 $ 60,052 $ - $ 60,052 $ 50,000 Special Assmnts- Tax Collector 136, , ,576 20, , ,308 Special Assmnts- CDD Collected - 1,966,879 1,361,767-1,361,767 1,986,907 Special Assmnts- Developer 2,824, Special Assmnts- Delinquent Special Assmnts- Discounts (4,049) (13,623) (12,425) - (12,425) (12,852) TOTAL REVENUES 3,018,596 2,343,831 1,728,970 20,999 1,749,969 2,345,363 Administrative ProfServ-Arbitrage Rebate 1, ProfServ-Dissemination Agent ProfServ-Special 2,685 4,756 2,775 1,982 4,757 4,848 ProfServ-Trustee 3,039 3,483 2, ,233 3,233 Accounting Services Misc-Assessmnt Collection Cost 1,226 3,406 3,375-3,375 3,213 Total Administrative 9,645 12,895 8,844 3,621 12,465 12,393 Debt Service Principal Debt Retirement 405, , , , ,000 Interest Expense 1,881,750 1,855, , ,713 1,855,425 1,827,150 Total Debt Service 2,286,750 2,290, ,713 1,362,713 2,290,425 2,292,150 TOTAL 2,296,395 2,303, ,557 1,366,333 2,302,890 2,304,543 Excess (deficiency) of revenues Over (under) expenditures 722,201 40, ,414 (1,345,334) (552,921) 40,820 OTHER FINANCING SOURCES (USES) Interfund Transfer - In Operating Transfers-Out - - (680,943) - (680,943) - Contribution to (Use of) Fund Balance - 40, ,820 TOTAL OTHER SOURCES (USES) 1 40,511 (680,943) - (680,943) 40,820 Net change in fund balance 722,202 40, ,471 (1,345,334) (1,233,864) 40,820 FUND BALANCE, BEGINNING 3,270,579 3,992,781 4,035,954-4,035,954 2,802,090 FUND BALANCE, ENDING $ 3,992,781 $ 4,033,292 $ 4,147,425 $ (1,345,334) $ 2,802,090 $ 2,842,910 Annual Operating and Debt Service Budget Page 9

14 Midtown Miami SERIES 2004B Special Bonds Infrastructure Project DEBT SERVICE SCHEDULE Maturity DATE BALANCE RATE PRINCIPAL INTEREST 11/01/12 $28,110, % $0.00 $913, /01/13 $28,110, % $465, $913, $2,292, /01/13 $27,645, % $0.00 $898, /01/14 $27,645, % $495, $898, $2,291, /01/14 $27,150, % $0.00 $882, /01/15 $27,150, % $525, $882, $2,289, /01/15 $26,625, % $0.00 $865, /01/16 $26,625, % $565, $865, $2,295, /01/16 $26,060, % $0.00 $846, /01/17 $26,060, % $600, $846, $2,293, /01/17 $25,460, % $0.00 $827, /01/18 $25,460, % $640, $827, $2,294, /01/18 $24,820, % $0.00 $806, /01/19 $24,820, % $685, $806, $2,298, /01/19 $24,135, % $0.00 $784, /01/20 $24,135, % $730, $784, $2,298, /01/20 $23,405, % $0.00 $760, /01/21 $23,405, % $780, $760, $2,301, /01/21 $22,625, % $0.00 $735, /01/22 $22,625, % $830, $735, $2,300, /01/22 $21,795, % $0.00 $708, /01/23 $21,795, % $885, $708, $2,301, /01/23 $20,910, % $0.00 $679, /01/24 $20,910, % $945, $679, $2,304, /01/24 $19,965, % $0.00 $648, /01/25 $19,965, % $1,010, $648, $2,307, /01/25 $18,955, % $0.00 $616, /01/26 $18,955, % $1,080, $616, $2,312, /01/26 $17,875, % $0.00 $580, /01/27 $17,875, % $1,150, $580, $2,311, /01/27 $16,725, % $0.00 $543, /01/28 $16,725, % $1,225, $543, $2,312, /01/28 $15,500, % $0.00 $503, /01/29 $15,500, % $1,310, $503, $2,317, /01/29 $14,190, % $0.00 $461, /01/30 $14,190, % $1,395, $461, $2,317, /01/30 $12,795, % $0.00 $415, /01/31 $12,795, % $1,490, $415, $2,321, /01/31 $11,305, % $0.00 $367, /01/32 $11,305, % $1,590, $367, $2,324, /01/32 $9,715, % $0.00 $315, /01/33 $9,715, % $1,700, $315, $2,331, /01/33 $8,015, % $0.00 $260, /01/34 $8,015, % $1,810, $260, $2,330, /01/34 $6,205, % $0.00 $201, /01/35 $6,205, % $1,935, $201, $2,338, /01/35 $4,270, % $0.00 $138, /01/36 $4,270, % $2,065, $138, $2,342, /01/36 $2,205, % $0.00 $71, /01/37 $2,205, % $2,205, $71, $2,348, /02/37 $ % $0.00 $0.00 $2,276, $30,020, $44,576, $76,873, Page 10

15 Debt Service Fund Budget Narrative Interest-Investments The District earns interest income on their trust accounts with US Bank. Special s-tax Collector The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the debt service expenditures during the Fiscal Year. Special s-cdd Collected Developers Diversified Realty (DDR) and Midtown Opportunities per funding agreement, are quarterly billed a special assessment for the actual expenditures of operations and maintenance of the District and are billed semi annually a special assessment for Debt Service (B Bond) of the District. Special s-discounts Per Section , Florida Statues, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. Administrative Professional Services - Arbitrage Rebate Calculation The District has a proposal with a company who specializes to calculate the District's Arbitrage Rebate Liability on the Series of Benefit Special Bonds. The budgeted amount for the fiscal year is based on standard fees charged for this service. Professional Services - Dissemination Agent The District is required by the Securities and Exchange Commission to comply with Rule 15c2-12(b)-(5), which relates to additional reporting requirements for unrelated bond issues. The budgeted amount for the fiscal year is based on standard fees charged for this service. Professional Services-Special Administrative costs to put the District s assessments on the Tax Roll. Professional Services - Trustee The District issued this Series of 2004 B Special Bonds that are deposited with a Trustee to handle all trustee matters. The annual trustee fee is based on standard fees charged plus any out-of-pocket expenses. Miscellaneous- Collection Cost The District reimburses the Miami-Dade County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 1% on the amount of special assessments collected and remitted, whichever is greater. The FY2012 budget for collection costs was based on a maximum of 1% of the anticipated assessment collections. Principal Debt Retirement See amortization schedule. Interest Expense See amortization schedule. Page 11

16 Midtown Miami Enterprise Budget

17 Enterprise Fund Summary of Revenues, Expenses and Changes in Net Assets Approved Tentative Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU MAY - PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2012 APR-2012 SEP-2012 FY 2012 FY 2013 OPERATING REVENUES Interest - Investments $ - $ 120,000 $ - $ - $ - $ - Interlocal Agreement 1,576,072 1,580,000 1,620,360-1,620,360 1,620,000 Parking Fees 1,315, ,000 1,206, ,960 1,752,371 1,927,608 Rents or Royalties 1,749-6,000-6,000 - Special Assmnts- Tax Collector 140, , ,391 39, , ,695 Special Assmnts- CDD Collected 10,142 4,622,260 1,253,540 4,022,013 5,275,553 3,950,225 Special Assmnts- Developer 792, Special Assmnts- Delinquent Special Assmnts- Discounts (4,127) (24,560) (22,331) - (22,331) (22,308) Other Miscellaneous Revenues 7,066-1,982-1,982 - TOTAL OPERATING REVENUES 3,839,721 7,861,690 4,640,353 4,607,572 9,247,925 8,033,220 OPERATING EXPENSES Personnel and Administration ProfServ-Arbitrage Rebate 1, ProfServ-Dissemination Agent ProfServ-Special 2,756 16,236 9,471 6,765 16,236 16,899 ProfServ-Trustee 10,636 11,314 9,428 1,886 11,314 11,314 Accounting Services Auditing Services 8,760 10,000 5,000 10,000 15,000 10,000 Postage and Freight Misc-Bank Charges 5,253 4,800 4,772 3,409 8,181 8,800 Misc-Assessmnt Collection Cost 1,258 6,140 6,075-6,075 5,577 Misc-Credit Card Fees 16,318 18,000 16,513 11,795 28,308 28,000 Total Personnel and Administration 47,664 67,790 51,267 35,110 86,377 81,890 Parking Facilities Payroll-Salaries 80,913 91,706 33,313 46,638 79,951 91,707 Contracts-Fire Control 4,800 4,800 2,800 2,000 4,800 4,800 Contracts-Janitorial Services 37,874 39,320 19,105 16,166 35,271 42,320 Contracts-On-Site Management 52,273 53,841 31,407 22,434 53,841 53,841 Contracts-Parking 1,054,845 1,040, , ,460 1,310,920 1,400,000 Contracts-Security Camera - 2,500-2,500 2, Contracts-Security Services 216, , , , , ,000 Contracts-Elevator 55,900 55,900 25,933 24,571 50,504 58,970 Contracts-Air Conditioning Contracts-Pay Stations 118, ,450 69,096 49, , ,450 Communication - Telephone 12,320 13,500 7,785 5,561 13,346 13,500 Electricity - General 126, ,000 61,230 61, , ,000 Rentals - General 3,722 1,000-1,000 1,000 1,000 Lease - Copier Insurance - Property 216, , , , ,430 Insurance - General Liability 24,130 12,356-12,356 12,356 12,356 R&M-General 7,596 3,500 15,033 10,738 25,771 30,000 R&M-Air Conditioning 1,241 1, , R&M-Buildings 9,720 14, R&M-Electrical 8,850 9, ,646 2,500 R&M-Equipment 35,325 35,000 6,476 4,626 11,102 15,000 Annual Operating and Debt Service Budget Page 12

18 Enterprise Fund Summary of Revenues, Expenses and Changes in Net Assets Approved Tentative Budget ADOPTED ACTUAL PROJECTED TOTAL ANNUAL ACTUAL BUDGET THRU MAY - PROJECTED BUDGET ACCOUNT DESCRIPTION FY 2011 FY 2012 APR-2012 SEP-2012 FY 2012 FY 2013 R&M-Roads & Alleyways 3, R&M-Signage 8,851 8, ,188 1,000 R&M-Golf Cart 6,836 6,000 2,821 2,015 4,836 1,000 Misc-Cable TV Expenses Misc-Radio Expense Misc-Special Events Misc-Licenses & Permits 2,879 3,312 3,003-3,003 3,312 Misc-Contingency 600 1,000-1,000 1,000 1,000 Office Supplies Op Supplies - General 9,951 5,500 5,443 3,888 9,331 8,500 Op Supplies - Uniforms Cap Outlay - Equipment 5,848 6,000-6,000 6,000 6,000 Cap Outlay - Vehicles - 13,000-13,000 13,000 5,000 Capital Outlay - - 2,400-2,400 2,400 1st Quarter Operating Reserves - 225, Total Parking Facilities 2,107,679 2,315,600 1,056,461 1,263,312 2,319,773 2,466,430 Debt Service Accounting Services Principal Debt Retirement - 1,140,000-1,140,000 1,140,000 1,215,000 Interest Expense 4,402,800 4,338,300 2,169,150 2,169,150 4,338,300 4,269,900 Total Debt Service 4,403,795 5,478,300 2,169,150 3,309,150 5,478,300 5,484,900 TOTAL OPERATING EXPENSES 6,559,138 7,861,690 3,276,878 4,607,572 7,884,450 8,033,220 Operating income (loss) (2,719,417) - 1,363,475 (0) 1,363,475 0 OTHER FINANCING SOURCES (USES) Interfund Transfer - In , ,943 - Interest Income 120, , , ,000 Contribution to (Use of) Fund Balance TOTAL OTHER SOURCES (USES) 120, , , ,000 Change in net assets (2,598,767) - 2,187,842 (0) 2,187, ,000 TOTAL NET ASSETS, BEGINNING (8,752,054) (11,350,821) (11,350,821) - (11,350,821) (9,162,979) TOTAL NET ASSETS, ENDING $ (11,350,821) $ (11,350,821) $ (9,162,979) $ (0) $ (9,162,979) $ (9,042,979) Annual Operating and Debt Service Budget Page 13

19 Enterprise Fund Budget Narrative REVENUES Interest-Investments The District earns interest on the monthly average collected balance for their operating accounts. Interlocal Agreement When the Midtown Miami project was conceived, an interlocal agreement was approved by the City County and CRA to help pay for all or a portion of the cost of constructing the publicly available parking. In the summer of 2008, an amended ILA was approved providing for flow of funds to help defray the costs of the May 2009 and beyond Debt Service payments for the parking garage bonds. The flow of funds shall be based on the tax increment revenue received as a result of the improvements within the District boundaries less collection and administrative costs of the governmental entities. Parking Fees The District currently has a contract with AMPCO System Parking to collect revenues for the parking garages. Special s-tax Collector The District will levy a Non-Ad Valorem assessment on all the assessable property within the District in order to pay for the operating expenditures during the Fiscal Year. Special s-cdd Collected Developers Diversified Realty (DDR) and Midtown Opportunities per funding agreement, are quarterly billed a special assessment for the actual expenditures of operations and maintenance of the District and are billed semi annually a special assessment for Debt Service (A Bond) of the District. Special s-discounts Per Section , Florida Statues, discounts are allowed for early payment of assessments. The budgeted amount for the fiscal year is calculated at 4% of the anticipated Non-Ad Valorem assessments. Administrative Professional Services - Arbitrage Rebate Calculation The District has a proposal with a company who specializes to calculate the District's Arbitrage Rebate Liability on the Series of Benefit Special Bonds. The budgeted amount for the fiscal year is based on standard fees charged for this service. Professional Services - Dissemination Agent The District is required by the Securities and Exchange Commission to comply with Rule 15c2-12(b)-(5), which relates to additional reporting requirements for unrelated bond issues. The budgeted amount for the fiscal year is based on standard fees charged for this service. Professional Services-Special Administrative costs to put the District s assessments on the Tax Roll. Professional Services - Trustee The District issued this Series of 2004 A Special Bonds that are deposited with a Trustee to handle all trustee matters. The annual trustee fee is based on standard fees charged plus any out-of-pocket expenses. Auditing Services The District conducts an annual internal audit of the parking garages by the internal auditor from the headquarters of Developers Diversified Realty. Annual Operating and Debt Service Budget Page 14

20 Enterprise Fund Budget Narrative Administrative (continued) Postage and Freight Actual postage and/or freight used for sending deposit slip orders to the AMPCO System Parking offices of the District Miscellaneous Bank Charges Monthly account analysis fees by Wachovia Bank for the Enterprise bank account. Miscellaneous- Collection Costs The District reimburses the Miami-Dade County Tax Collector for her or his necessary administrative costs. Per the Florida Statutes, administrative costs shall include, but not be limited to, those costs associated with personnel, forms, supplies, data processing, computer equipment, postage, and programming. The District also compensates the Tax Collector for the actual cost of collection or 1% on the amount of special assessments collected and remitted, whichever is greater. The FY2012 budget for collection costs was based on a maximum of 1% of the anticipated assessment collections. Miscellaneous Credit Card Fees Monthly credit card fees by Wells Fargo Bank for credit card transactions at the garage pay stations. Field Payroll-Salaried Payroll paid by Developers Diversified Realty, the on-site management company, to employees of the District. This split is 65/35% between General and Enterprise Funds. Contracts-Fire Control The District currently has a contract with Electraserve, Inc for quarterly monitoring and maintenance for the North and South Blocks of the parking garages. The monthly fee is $200 for each block. Contracts-Janitorial Services The District currently has a contract with Interstate Cleaning Corporation for janitorial services for the District. This split is 90/10% between General and Enterprise Funds. Contracts-On-Site Management The District currently has a contract with Developers Diversified Realty to manage the District property. This split is 65/35% between General and Enterprise Funds. Contracts-Parking The District currently has a contract with AMPCO System Parking for the management of the parking garages. Contracts-Security Camera The District currently incurs expenditures for security camera. Contracts-Security Services The District currently has a contract with ABM Security Services to provide security for the District. This split is 70/30% between General and Enterprise Funds. Contracts-Elevator The District currently has a contract with Kone, Inc. for the maintenance of the elevators at the garages in addition to five new elevators. Monthly fee is $4, Annual Operating and Debt Service Budget Page 15

21 Enterprise Fund Budget Narrative Field (continued) Contracts-Air Conditioning The District currently has a contract with MG Tech for the maintenance of HVAC. The monthly amount is $82.50 or 15% split with the Enterprise Fund. Contracts-Pay Stations The District currently has a contract with Amano McGann, Inc. for the maintenance of the pay stations at the parking garages. Monthly fee is $9, Communication - Telephone The District currently has telephone connections with AT&T for the District property. The two lines are: and Electricity General The District will incur electrical usage for the District property from FPL. Three locations: 1) A/C# , 3401 N Miami Ave # Elevator 50/50 split with Enterprise Fund 2) A/C# , 3401 N Miami Ave # Parking 3) A/C# , 3101 N Miami Ave # Landlord 1 Rentals General The District will incur expenditures for rental of equipment during the year. Lease - Copier The District will reimburse DDR for a portion of the lease and usage fees on the copier during the year. Insurance Property The District will insure the District property under Developers Diversified Realty insurance umbrella. Insurance General Liability The District will insure the District liability insurance under Developers Diversified Realty insurance umbrella. R&M-General The District will incur general expenditures that are needed for repair & maintenance of the District area. R&M-Air Conditioning The District may incur air conditioning repairs not covered under Contracts-Air Conditioning. R&M-Buildings The District will incur required structural repairs & maintenance of the District buildings and property such as painting, locksmith services, concrete repairs, pressure washing etc. R&M-Electrical The District will incur electrical expenditures. Supplies & labor will be provided by ABW Electric and Sommer Electric Corporation. R&M-Equipment The District will incur unforeseen repairs of equipment such as the elevators and pay stations. R&M-Signage The District will incur expenditures for signs needed for the garage property. Annual Operating and Debt Service Budget Page 16

22 Enterprise Fund Budget Narrative Field (continued) R&M-Golf Cart The District will incur expenditures for the service and repairs of the District s two GEM Cars by Advantage Golf Carts, Inc. such as wheel(s) replacement/repairs, detailing and other miscellaneous services. Miscellaneous-Radio Expense The District currently has a contract with SEI Wireless Solutions, LLC for service and supplies for the District remote frequency radios. Miscellaneous-Special Events The District will incur expenditures during special events such as banners. Miscellaneous-Licenses & Permits The District will incur expenditures for permits required by the City of Miami for the operation of the elevators. Miscellaneous-Contingency The District will incur unforeseen expenditures not included in the budget. Office Supplies The District will incur expenditures for the District office. This split is 90/10% between General and Enterprise Funds. Operating Supplies - General The District will incur expenditures for parking tickets, tools and fixtures needed for the everyday operation of the garages. Operating Supplies - Uniforms The District will incur expenditures for maintenance uniforms for the District. Capital Outlay - Equipment The District will incur expenditure for Capital equipment. Annual Operating and Debt Service Budget Page 17

23 Debt Service Fund Budget Narrative Debt Service Principal Debt Retirement See amortization schedule. Interest Expense See amortization schedule. Annual Operating and Debt Service Budget Page 18

24 Midtown Miami SERIES 2004A Special and Revenue Bonds Parking Garage Project DEBT SERVICE SCHEDULE - COMBINED DATE BALANCE RATE PRINCIPAL INTEREST TOTAL 11/01/12 $69,145, $0.00 $2,134, /01/13 $69,145, $1,215, $2,134, $5,484, /01/13 $67,930, $0.00 $2,098, /01/14 $67,930, $1,285, $2,098, $5,482, /01/14 $66,645, $0.00 $2,059, /01/15 $66,645, $1,365, $2,059, $5,484, /01/15 $65,280, $0.00 $2,019, /01/16 $65,280, $1,450, $2,019, $5,488, /01/16 $63,830, $0.00 $1,975, /01/17 $63,830, $1,540, $1,975, $5,491, /01/17 $62,290, $0.00 $1,929, /01/18 $62,290, $1,635, $1,929, $5,493, /01/18 $60,655, $0.00 $1,880, /01/19 $60,655, $1,735, $1,880, $5,495, /01/19 $58,920, $0.00 $1,828, /01/20 $58,920, $1,845, $1,828, $5,501, /01/20 $57,075, $0.00 $1,772, /01/21 $57,075, $1,960, $1,772, $5,505, /01/21 $55,115, $0.00 $1,714, /01/22 $55,115, $2,080, $1,714, $5,508, /01/22 $53,035, $0.00 $1,651, /01/23 $53,035, $2,210, $1,651, $5,513, /01/23 $50,825, $0.00 $1,585, /01/24 $50,825, $2,345, $1,585, $5,515, /01/24 $48,480, $0.00 $1,515, /01/25 $48,480, $2,495, $1,515, $5,525, /01/25 $45,985, $0.00 $1,437, /01/26 $45,985, $2,655, $1,437, $5,529, /01/26 $43,330, $0.00 $1,354, /01/27 $43,330, $2,825, $1,354, $5,533, /01/27 $40,505, $0.00 $1,265, /01/28 $40,505, $3,010, $1,265, $5,541, /01/28 $37,495, $0.00 $1,171, /01/29 $37,495, $3,200, $1,171, $5,543, /01/29 $34,295, $0.00 $1,071, /01/30 $34,295, $3,410, $1,071, $5,553, /01/30 $30,885, $0.00 $965, /01/31 $30,885, $3,630, $965, $5,560, /01/31 $27,255, $0.00 $851, /01/32 $27,255, $3,865, $851, $5,568, /01/32 $23,390, $0.00 $730, /01/33 $23,390, $4,110, $730, $5,571, /01/33 $19,280, $0.00 $602, /01/34 $19,280, $4,380, $602, $5,585, /01/34 $14,900, $0.00 $465, /01/35 $14,900, $4,660, $465, $5,591, /01/35 $10,240, $0.00 $320, /01/36 $10,240, $4,960, $320, $5,600, /01/36 $5,280, $0.00 $165, /01/37 $5,280, $5,280, $165, $5,610, $73,580, $103,905, $177,485, Page 19

25 Midtown Miami Supporting Budget Schedules

26 Midtown Miami CDD Summary FY PER ERU FY 2013 FY 2012 Difference Category 2004A 2004B O&M 2004A 2004B O&M 2004A 2004B O&M Overall Increase or Decrease DDR Retail Shopping Center (square feet) $ $ $ $ $ $1, $ $ $ $ Biscayne Partners Apartments (units) $ $ $ $ $ $ $ $ $ $ Offices (square feet) $ $ $ $ $ $ $ $ $ $75.14 Mixed Use Building $ $ $ $ $ $ $ $ $ $86.03 Other Retail or Grocery (square feet) $ $ $89.26 $ $ $ $ $ $ $67.60 Restaurant, Bar, Entertainment (square feet) $ $ $ $ $ $ $ $ $ $87.24 Condominiums Over 1,750 square feet $ $ $ $ $ $ $ $ $ $ Condominiums 1,750 square feet or Less $ $ $ $ $ $ $ $ $ $80.98 $30.00 PER Unit FY 2013 FY 2012 Difference Category 2004A 2004B O&M 2004A 2004B O&M 2004A 2004B O&M Overall Increase or Decrease DDR Retail Shopping Center (square feet) $3.07 $1.82 $2.97 $3.25 $1.91 $5.24 -$0.18 -$0.09 -$2.27 -$2.53 Biscayne Partners Apartments (units) $ $ $ $ $ $ $ $ $ $51.09 Offices (square feet) $0.43 $0.25 $0.09 $0.45 $0.27 $0.11 -$0.02 -$0.01 -$0.01 -$0.05 Mixed Use Building $0.43 $0.25 $0.15 $0.45 $0.27 $0.17 -$0.02 -$0.01 -$0.02 -$0.06 Other Retail or Grocery (square feet) $0.51 $0.31 $0.07 $0.54 $0.32 $0.08 -$0.03 -$0.01 -$0.01 -$0.05 Restaurant, Bar, Entertainment (square feet) $0.86 $0.51 $0.30 $0.91 $0.53 $0.34 -$0.05 -$0.02 -$0.04 -$0.12 Condominiums Over 1,750 square feet $ $ $1, $1, $ $1, $ $ $ $ Condominiums 1,750 square feet or Less $ $ $ $ $ $ $ $ $ $80.98 Page 20