SUBJECT/RECOMMENDATION:
Title
Approve the Proposed Budget for Fiscal Year 2024/2025 for the Downtown Development Board.
Body
SUMMARY:
Property tax revenue has increased by $18,395 from the current fiscal year for a total of $492,993 in Fiscal Year 2024/2025. The Downtown Community Redevelopment Agency increment is $381,027 which is shared within the Downtown Development Board in accordance with the Interlocal Agreement.
Expenditures are divided into two major categories- Variable & Fixed. Variable expenses account for Downtown Development Board grants and activities. Fixed expenses include costs that the Downtown Development Board must incur to remain operational such as CRA Administration Fee, Pinellas County Commissions, Pinellas County Tax Collector, and an annual audit.
The proposed budget identifies $118,584 in Administration and Fixed costs and $799,408 in Variable Expenses. Staff is recommending allocating $452,000 of unassigned fund from FY 23/24.
• Special Event Grants $450,000
• Business Assistance Category $68,170
• Future Downtown Initiatives $281,238
• Staff and Administration $94,309
• Fixed Payments $24,275
• Reserves $75,000
The proposed budget will be considered at two Public Hearings on September 4, 2024 and September 17, 2024, at 5:01 pm, for final adoption.