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Atlanta BeltLine Budget Briefing · PDF file 2019-10-04 · Atlanta BeltLine TAD FY 17 Budget FY 16A Budget FY17 Increment Available for Redevelopment Cash Available at 6/30/16 $...

Aug 05, 2020

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  • 5/6/2016 Atlanta BeltLine // © 2016 Page 1

    // Atlanta BeltLine Budget Briefing

    Fiscal Year 2017 // May, 2016

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 2

    • Atlanta BeltLine Budget Structure

    • Budget Overview  TAD Forecast / Cash Projection  DRAFT FY17 Budget: Revenue / Expense - Summary  DRAFT FY17 Budget: Revenue / Expense - Detail

    • Project Summary  Parks & Trails: Planning, Design & Construction  Transit & Transportation: Planning, Design & Construction

    • Q & A

    // Agenda

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 3

    // ABI Budget Structure

    TAD

    FTA / FHWA

    GDOT / ARC

    NEA / IA

    ABI

    DEBT SERVICE

    PILOT FEES

    PROJECTS

    G & A

    ABLP / COA

    Revenue Budget Expense

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 4

    // ABI Budget Overview

    Fiscal Year 2017 // May, 2016

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 5

    // Atlanta BeltLine TAD Trend

    $18,590,207

    $21,858,428 $21,654,149

    $27,533,568 $27,538,933

    $-

    $5,000,000

    $10,000,000

    $15,000,000

    $20,000,000

    $25,000,000

    $30,000,000

    FY14 - Actual FY15 - Actual FY16 - Estimate FY16 - Forecast FY17 - Budget

    TAD Increment Trend

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 6

    // ABI / TAD Budget: FY17 Cash Projection

    Atlanta BeltLine TAD FY 17 Budget FY 16A Budget FY17 Increment Available for Redevelopment

    Cash Available at 6/30/16 7,000,000$ 2,000,000$ Budgeted funds for Transit Environmental work: Atl BL EAST Budgeted funds for Transit Environmental work: Atl BL WEST Budgeted funds remaining for Construction from FY15: Various Excess FY 16 TAD Increment - (351,492) Other Adjustments - - Tax Appeal Refunds Differential for FY 14, FY 15 - - Projected COO Contingency not used: FY 15 - - Chester Funds - - Proceeds from Real Estate Transactions - 1,539,846

    Beginning Cash Available at 6/30/16 7,000,000$ 3,188,354$

    Sources Tax Increment Forecast 27,538,933$ 28,305,641$

    Total Cash Available for FY17 34,538,933$ 31,493,995$

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 7

    // ABI / TAD Budget: FY17 Cash Projection

    Total Cash Available for FY17 34,538,933$ 31,493,995$

    Uses Tax appeals refunds due for TY15/16 -$ -$ Debt Service on Atlanta BeltLine TAD Bonds (7,524,750) (7,495,881) Debt Service on Bank Loan (2,291,325) (2,151,479) APS PILOT Payment (projected) (1,500,000) (0) APS Legal Fees (projected) - (600,000) Fulton County PILOT Payment (1,350,000) (1,350,000) COA Reimbursement: 3rd Amended IGA (1,500,000) (6,000,000) IA PCR Direct/Indirect TAD Group (incl URFA) (486,264) (486,264) EPA Revolving Loan Fund (25,500) (25,500) Atlanta BeltLine TAD Other (50,000) (50,000) Interest Payment on consortium loan (222,000) (222,000)

    Total Uses for FY17 (14,949,839) (18,381,124)

    Net Available for FY17 Redevelopment 19,589,094$ 13,112,871$

    Less: Year-End Cash Balance Forward Amount (2,200,000)$ (2,000,000)$

    Net Available for FY17 Redevelopment 17,389,094$ 11,112,871$

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 8

    // Atlanta Beltline TAD Budget

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 9

    // ABI Revenue

    Account Description FY17 Budget FY 16 Budget

    PROJECTED REVENUES

    1 TAD Increment Available for Redevelopment 17,389,094$ 11,112,871$ 2 Atlanta BeltLine Partnership (ABLP) [incl SLAF] 28,665,755$ 25,158,568$ 3 City of Atlanta (COA) 700,000$ 7,185,680$ 4 Invest Atlanta - Eastside TAD Grant 41,080$ 188,270$ 5 Invest Atlanta - Westside TAD Grant 619,920$ 366,720$ 6 Invest Atlanta - REBA Grant 424,000$ 358,718$ 7 Federal Transit Adminstration (FTA) 2,168,000$ 900,500$ 8 Federal Highway Administration (FHWA) 5,738,222$ 2,730,066$ 9 TIGER V 11,160,622$ 12,664,346$

    10 Environmental Protection Agency (EPA) 108,506$ 160,000$ 11 Ponce City Market (Jamestown Development) 60,000$ 175,080$ 12 National Endowment for the Arts (NEA) 95,826$ 175,000$ 13 Annie E. Casey Foundation 40,000$ 24,750$ 14 Developer Contribution 400,000$ 580,000$ 15 Lease Income 298,394$ 301,900$ 16 Transfer Development Rights (TDRs), OLCS 815,000$ -$ 17 Other -$ -$ 18 Non-Cash Revenue: Cap Int, Amort, Depreciation 210,000$ 210,000$ 19 Other/Grant/Sponsorships 10,000$ 10,000$

    TOTAL PROJECTED REVENUES 68,944,420$ 62,302,469$

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 10

    // ABI Revenue

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 11

    // ABI Expense - Summary

    PROJECTED EXPENSES

    Administrative and Operating Expenses: FY17 Budget FY 16 Budget 1 Salaries & Benefits (40 FT) 5,753,258$ 5,348,922$ 2 Lease 363,060$ -$

    3 Interest Expense 60,000$ 72,000$ 4 Other Operating Expenses 884,465$ 843,496$

    TOTAL PROJECTED ADMIN & OPERATING EXP 7,060,783$ 6,264,418$

    Program Expenses: 5 Parks & Trails (Planning, Design & Construction) 27,199,451$ 23,952,248$ 6 Transit & Transportation (P, D and C) 7,067,000$ 8,779,583$ 7 Real Estate Asset Management 24,704,526$ 20,757,200$ 8 Community Planning & Engagement 325,000$ 86,000$ 9 Government Affairs 143,000$ 141,600$

    10 Economic Development 30,000$ 387,000$ 11 Affordable Housing Development 676,000$ 526,500$ 12 Communications & Media Relations 170,820$ 173,320$ 13 Legal 843,000$ 583,600$ 14 Finance 334,840$ 261,000$ 15 Operations 150,000$ 150,000$ 16 Corporate Development 30,000$ 30,000$

    TOTAL PROJECTED PROGRAM EXPENSES 61,673,637$ 55,828,051$

    FY17 ABI PROJECTED BUDGET 68,734,420$ 62,092,469$

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 12

    // ABI Expense

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 13

    // ABI Expense: Admin Detail

    PROJECTED EXPENSES $ %

    Administrative and Operating Expenses: FY17 Budget FY16 Budget $ % 1 Salaries & Benefits 5,753,258$ 5,348,922$ 404,336$ 7.6%

    Funds 40 FT positions, Health Benefits, Retirement Benefits 2 Lease 363,060$ -$ 363,060 N/A

    Perm Lease began 7/1/15. Payments begin 7/1/16, following 12 month rent abatement. -

    3 Interest Expense 60,000$ 72,000$ (12,000) -16.7% Interest on Line of Credit

    4 Other Operating Expenses 884,465$ 843,496$ 40,969 4.9% Includes: Fellows, Audit Fees, IT Costs, Insurance, Copiers, Telephone, Data Lines, Conferences, Travel, Office Supplies, Repair/Maintenance

    TOTAL PROJECTED ADMIN & OPERATING EXP 7,060,783$ 6,264,418$ 796,365$ 12.7%

    VARIANCE

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 14

    // ABI Expense: Admin Detail - Salaries

    Account # Account Description Total 5000-400-00/01-4000 Salaries 4,091,395$ 5010-400-00/01-4000 Mobile Communications 35,100$ 5020-400-00/01-4000 EE Costs (Background Checks) 4,800$ 5050-400-00/01-4000 Health Insurance (+20% vs FY16 budget on per ee basis) 884,303$ 5060-400-00/01-4000 Parking 39,420$ 5070-400-00/01-4000 Medicare (1.45%) 59,325$ 5070-400-00/01-4000 SUTA (2.8% of 1st $9.5K)+Experience Factor 25,205$ 5080-400-00/01-4000 401A Contributions 613,709$ 5090-400-00-4000 Wellness -$

    5,753,258$

    2017 FISCAL YEAR

    SALARIES & BENEFITS SUBTOTAL

  • 5/6/2016 Atlanta BeltLine // © 2016 Page 15

    // ABI Expense: Admin Detail - Lease, Interest Expense

    Account # Account Description Total

    6800-400-00-4000 Lease / Rent 363,060$

    Perm Lease began 7/1/15