SUBJECT/RECOMMENDATION:
Title
Approve the July 2024 Financial Statement for filing.
Body
SUMMARY:
Funds spent in the month of July 2024 were $7,256.75
• Holiday Lighting Storage $227
• CRA Mgt & Admin Fee $7,029.75
Ending Balance is $713,958.17
As of September 4, 2024, the DDB has allocated $480,000.00 to their Special Events Grant Line. Has paid out $194,147.73 and has a current balance of $255,852.27
As of September 4, 2024, the DDB has allocated $25,000 to their Business Assistance Grants and has a remaining balance of $25,000.
As of September 4, 2024, the DDB has allocated $20,000 to their Policy and Project Work Grant and has a remaining balance of $20,000.
Explanation of CRA funding of the DDB: Pursuant to F.S. 163.387, Community Redevelopment Agencies created pursuant to F.S. 163.365 received tax increment revenues from each taxing authority, pays the city of Clearwater’s CRA the required tax increment revenues. This payment is reflected in the DDB’s monthly financial report as the “CRA Increment Payment” in the Fixed Payment category.
Pursuant to the Interlocal Agreement between the CRA and the DDB that’s adopted annually in September, the CRA returns the tax increment payment to the DDB. This revenue is reflected on the DDB’s monthly financial report as “CRA Interlocal Agreement Revenue.” Eventually, the payment to the CRA and the revenue from the CRA will net zero.
The DDB also collects Ad Valorem Property Taxes of 0.9700 mills. This is the amount of property taxes the DDB levies on properties within its district, which has no relationship to the above transaction between the CRA and the DDB.