Heat oven to 350 degrees F. Spray bottom and sides of a 9-inch cake pan with baking spray.

In a large bowl, beat cream cheese, sugar, vanilla and egg until smooth.

In a separate large bowl or bowl of a stand mixer, stir flour, sugar, cinnamon, nutmeg, baking powder, baking soda and salt until combined. Use a pastry blender, two knives or fingers to cut in butter until mixture resembles coarse crumbs. Stir in carrots and raisins, if desired.

In a separate medium bowl, whisk milk, vanilla and egg until smooth. Add to dry ingredients along with half of cream cheese mixture; stir until just combined.

Pour batter into prepared cake pan. Top with remaining cream cheese mixture. Use tip of a knife to lightly swirl cream cheese mixture into batter.

Make the streusel topping: In a small bowl, combine flour, brown sugar and cinnamon. Use a pastry cutter, two knives or fingers to cut butter into mixture until it resembles coarse crumbs. Sprinkle evenly over top of cake.

Bake 50 minutes to 1 hour until toothpick inserted in center of cake comes out clean. Transfer to a cooling rack to cool completely.

Combine ingredients for glaze, adding extra powdered sugar or milk as needed to create a smooth, drippy glaze. Drizzle over cooled cake and allow to set before slicing.