SUBJECT/RECOMMENDATION:
Title
Approve the Downtown Development Board Annual Operating Budget for fiscal year 2024/25 and adopt Resolution 24-05 on second reading.
Body
SUMMARY:
In accordance with Chapter 200 of the Florida Statutes, which defines requirements for the “Determination of Millage” and the rules governing “Truth In Millage” (TRIM) compliance, the Downtown Development Board (DDB), must hold two public hearing to adopt a final millage rate and budget for the new fiscal year.
The DDB approved a preliminary budget at the August 12, 2024, meeting that outlined the proposed estimates of revenues and expenditures for the 2024/25 fiscal year.
Expenditures are divided into two major categories variable and fixed. Variable expenses account or the Downtown Development Board grants and activities. Fixed expenses include costs that the Downtown Development Board must incur to remain operational.
The proposed budget identifies $118,584 in Administration and Fixed costs and $799,408 in Variable Expenses. Staff has recommended allocating $425,000 of unassigned fund from FY 23/24.
Resolution 24-05 was approved on First Reading at the September 4, 2024, Downtown Development Board Meeting.