SUBJECT/RECOMMENDATION:
Title
Approve the Fiscal Year (FY) 2024-2025 Downtown Clearwater Community Redevelopment Agency Budget, adopt Resolution 24-04, and authorize the appropriate officials to execute same.
Body
SUMMARY:
The Fiscal Year 2024-2025 Downtown Community Redevelopment Agency Budget is aligned is proposed project expenditures to facilitate future redevelopment of downtown through the implementation of the Downtown Plan.
The major highlights of the FY 2024-2025 proposed preliminary budget are:
Tax Increment Revenue is $6,557,705 which is an increase of $466,206 over the $6,091,499 Amended 2023-2024 revenue, reflecting an increase in taxable value of both the original CRA area and the expanded (Downtown Gateway) CRA area.
DTCRA Funds are divided between Operating Expenditures and Project Funds. Operating Expenditures include the services, supplies and expense that occur during the fiscal year and are primarily used for conducting the DTCRA’s day to day operations as well as consulting services that will begin and end within the fiscal year.
Project Funds include Interlocal Agreements, Capital Improvements, and funding for established programs who work extends beyond one fiscal year. Project Funds carry over from year to year. This year’s budget continues the use of project funds that were established in 2020 to distinguish between City and County TIF dollars.
Operating Expenditures have increase by $123,456 from FY 23/24. This increase is to account for expenditures related to additional Professional Service Agreements. Operating Expenditures also includes the pass-through revenues, $381,027, to the Downtown Development Board (DDB).
Transfers Out designated the funding this fiscal year that will be allocated to various Project Funds. The costs for Interlocal Agreements with the City and the Clearwater Police Department are found in the General Fund and Community Policing lines for a total of $1,317,894. The remaining City TIF revenue has been allocated to Economic Development ($900,000); Infrastructure ($791,844); Housing ($410,206)
County TIF Funds, $2,779,393 for this fiscal year, are restricted to capital improvement projects, housing and land acquisition. The County TIF funds have been allocated to Housing ($2,779,393)
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