Miami-Dade Legislative Item
File Number: 161594
   Clerk's Official Copy   

File Number: 161594 File Type: Resolution Status: Adopted
Version: 0 Reference: R-432-16 Control: Board of County Commissioners
File Name: $10 MILLION OR TEN PERCENT IN GENERAL FUND REVENUES Introduced: 6/29/2016
Requester: NONE Cost: Final Action: 5/17/2016
Agenda Date: 5/17/2016 Agenda Item Number: 11A25
Notes: THIS IS FINAL VERSION AS ADOPTED; ALSO SEE 160539 Title: RESOLUTION ESTABLISHING COUNTY POLICY THAT 10 PERCENT OF PROJECTED INCREASES IN GENERAL FUND REVENUES, AS DEFINED IN THIS RESOLUTION, SHALL BE ALLOCATED EACH YEAR UP TO A CAP OF $10 MILLION FOR THE PURPOSE OF DEPOSITING ADDITIONAL FUNDING IN THE AFFORDABLE HOUSING TRUST FUND, SUBJECT TO ANNUAL APPROPRIATION, AND DIRECTING THE COUNTY MAYOR TO INCLUDE THIS ALLOCATION IN FUTURE PROPOSED ANNUAL BUDGETS AND PROVIDING FOR A REVOLVING LOAN TRUST FUND [SEE ORIGINAL ITEM UNDER FILE NO. 160539]
Indexes: AFFORDABLE HOUSING
  TRUST FUND
Sponsors: Xavier L. Suarez, Co-Prime Sponsor
  Daniella Levine Cava, Co-Prime Sponsor
  Barbara J. Jordan, Co-Sponsor
  Jean Monestime, Co-Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

County Attorney 6/29/2016 Assigned Cynthia Johnson-Stacks 7/14/2016

Board of County Commissioners 5/17/2016 11A25 Amended Adopted as amended P
REPORT: Chairman Monestime introduced the foregoing proposed resolution into the record. Commissioner Sosa inquired whether the entire County would benefit from this policy that would deposit General Fund dollars into the Affordable Housing Trust Fund (AHTF). She offered an amendment to provide that the funding be equally divided among the 13 Commission Districts and the Mayor’s Office. Commissioner Jordan asked that the foregoing resolution be amended to provide that the $10 million be used as a revolving loan fund for deposit into the AHTF. She explained this would allow the funds to rotate among districts and it would replenish itself. Commissioner Sosa expressed concern with the funds not being equally distributed among the districts, being that they were generated from property tax revenues. Miami-Dade Mayor Carlos Gimenez indicated this issue should be discussed as a policy matter during development of the budget. He advised of staff’s inability to anticipate the amount of revenue in the General Fund this early in the year and reminded everyone that approximately $50 million per year was generated from the Housing Agency for affordable and workforce housing. Commissioner Sosa spoke in favor of the Board’s abiding by the Grand Jury’s recommendation that Community Redevelopment Agencies fund more affordable housing projects, as reflected in Commissioner Levine Cava’s Item 11A7 (Legislative File 160913) on today’s (5/17) agenda. Discussion ensued among Commission members addressing concerns with whether adequate funding in the General Fund to accommodate this request and proper allocation of the funds throughout the County. Commissioner Edmonson proffered a friendly amendment to reflect ten percent of the additional increase in revenue, instead of $10 million. Commissioner Suarez rephrased Commissioner Edmonson’s amendment to state 10 percent of the additional increase or $10 million, whichever is lower. Commissioner Jordan said she saw this as the Commission setting a priority for the Mayor’s consideration during budget preparation. Pointing out that the General Fund revenue was widely used to support housing throughout the country, Commissioner Jordan recommended the $10 million or 10 percent be placed in a revolving loan fund within the AHTF, which enabled it to replenish itself. In response to Commissioner Levine Cava’s question whether the funds would be deposited into the AHTF every year, Commissioner Suarez stated this policy was designed to be a permanent, yearly allocation. Responding to Commissioner Edmonson’s concern with yearly deposits accumulating over time and possibly depleting the General Fund, Commissioner Suarez explained the deposit would never amount to more than 10 percent of the increase in property tax revenues. Commissioner Suarez declined Commissioner Sosa’s request for District 6 to be excluded from the foregoing proposed policy and agreed to conduct town hall meetings in that district to discuss the purpose of this issue. Mayor Gimenez explained an increase in tax rolls would initiate a Cost of Living Adjustment (COLA) to County employees under the five unions, which would increase costs to the County. He noted he understood the Board’s desire to allocate funds to affordable and workforce housing; however, he reiterated comments regarding his inability to establish an amount at this time. Commissioner Suarez offered the following amendment: “…such projected increase in General Fund Revenues shall be determined by calculating the amount of funding that exceeds the amount necessary to maintain the current level of services, after accounting for projected increases and costs...” Chairman Monestime and Commissioner Jordan requested to be listed as co-sponsors to the foregoing proposed resolution. There being no further questions or comments, the Board voted to adopt the foregoing resolution as amended, as read into the record, by Assistant County Attorney Cynthia Johnson-Stacks, as follows: To replace the title with the following language: “Resolution establishing County Policy that a percentage of projected increases in General Revenue Funds, as defined in this resolution, shall be allocated each year up to a cap of $10 million, for the purpose of depositing additional funding in the Affordable Housing Trust Fund, subject to annual appropriation, and directing the County Mayor to include this allocation in future proposed annual budgets and providing for a revolving loan trust fund.” On handwritten page 4, second line of the eighth WHEREAS clause, to delete the words occurring after the phrase “…general fund revenue…;” On handwritten page 4, to delete the last WHEREAS clause in its entirety; On handwritten page 5, to delete Section 2 in its entirety and insert a new Section 2 containing the following language: “…Establishes as a policy of this Board that a percentage of the projected increase in general fund revenues shall be allocated to the Affordable Housing Trust Fund, up to a cap of $10 million, subject to annual appropriation by the Board. Such projected increase in general fund revenues shall be determined by calculating the amount of funding that exceeds the amount necessary to maintain the current level of services after accounting for projected increases in costs…” Assistant County Attorney Cynthia Johnson-Stacks stated the Board of Directors governing the Trust Fund would establish the rules of the revolving loan trust fund.

Legislative Text


TITLE
RESOLUTION ESTABLISHING COUNTY POLICY THAT 10 PERCENT OF PROJECTED INCREASES IN GENERAL FUND REVENUES, AS DEFINED IN THIS RESOLUTION, SHALL BE ALLOCATED EACH YEAR UP TO A CAP OF $10 MILLION FOR THE PURPOSE OF DEPOSITING ADDITIONAL FUNDING IN THE AFFORDABLE HOUSING TRUST FUND, SUBJECT TO ANNUAL APPROPRIATION, AND DIRECTING THE COUNTY MAYOR TO INCLUDE THIS ALLOCATION IN FUTURE PROPOSED ANNUAL BUDGETS AND PROVIDING FOR A REVOLVING LOAN TRUST FUND [SEE ORIGINAL ITEM UNDER FILE NO. 160539]

BODY
WHEREAS, this Board has enacted Ordinance No. 07-15, which is codified at Article VIII, Sections 17-129 et seq. of the Code of Miami-Dade County (the �Code�), establishing the Affordable Housing Trust Fund of Miami-Dade County, Florida (the �Trust Fund�); and
WHEREAS, the purpose of the Trust Fund is (1) to establish a permanent, renewable source of revenue to meet, in part, the housing needs of the residents of Miami-Dade County (County); (2) to foster a housing supply accessible to a range of incomes in developments assisted by the Trust Fund; and (3) to disperse affordable housing units throughout the County; and
WHEREAS, the Code provides that �monies deposited in the Trust that are used to construct, acquire, rehabilitate or subsidize affordable housing and/or to assist other governmental entities, private organizations or individuals in the construction, acquisition, rehabilitation, reimbursement of County advanced funds, location or subsidy of affordable housing shall, whenever feasible, be disbursed in a manner to assure that the housing supply created with these monies is accessible to a range of family whose incomes do not exceed the U.S. Department of Housing and Urban Development's published standards for moderate income households, adjusted for family size;� and
WHEREAS, the Trust Fund currently has $1,828,014.90 deposited in it; and
WHEREAS, when the Trust Fund was created, it was contemplated that the main source of deposits to the Trust Fund would be monetary contributions made by developers seeking incentives from the County, such as density bonuses, in lieu of building workforce housing under the County�s Workforce Housing Development Program; and
WHEREAS, since the creation of the Trust Fund, six developers have made such monetary contributions; and
WHEREAS, the current funds deposited into the Trust Fund are insufficient to significantly assist in increasing the supply of affordable housing in Miami-Dade County; and
WHEREAS, the Board recently adopted Resolution No. R-138-16 requiring 25 percent of the proceeds of sale of certain County-owned land to be deposited into Trust Fund; and
WHEREAS, additional means are needed to increase funds deposited into the Trust Fund; and
WHEREAS, the Board has re-affirmed the County�s mission of creating, maintaining and preserving affordable housing, in the 2015-2016 County Budget; and
WHEREAS, such a vital and necessary part of the County�s mission should be supported by countywide, general fund revenues, excluding revenues from gas taxes, occupational licenses, intergovernmental revenues, charges for services and interest income, (General Fund Revenues),
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board:
Section 1. Incorporates and approves the above recitals.
Section 2. Establishes as the policy of the Board that 10 percent of the projected increase in general fund revenues or $10 million dollars, whichever amount is lower, shall be allocated each year to the Affordable Housing Trust Fund, up to a cap of $10 million, subject to annual appropriation by the Board. Such projected increase in general fund revenues shall be determined by calculating the amount of funding that exceeds the amount necessary to maintain the current level of services after accounting for projected increases in costs. Such funds shall be deposited into the Affordable Housing Trust Fund for the purposes of the Affordable Housing Trust Fund Board funding a revolving loan fund and establishing the rules for the revolving loan trust fund.
Section 3. Directs the County Mayor to include this allocation to the Affordable Housing Trust Fund in future proposed annual budgets.



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