SUBJECT/RECOMMENDATION:
Title
Approve the proposed budget for Fiscal Year 2025/2026 for the Clearwater Downtown Development Board.
Body
SUMMARY:
The proposed fiscal year 2025/2026 budget for the Clearwater Downtown Development Biard (DDB) totals $1,196,141. Projected property tax revenues of $475,988 reflect a $22,884 decrease from the amended FY 2024/2025 budget. The revenue total includes an allocation of $310,178 from the current unassigned fund balance.
In accordance with the Interlocal Agreement with the Clearwater Community Redevelopment Agency (CRA) , the CRA management and administrative fee will increase by 5% from the FY 2024/2025 fee.
These combined revenue sources support the following key programs and initiatives:
• Marketing $435,473
• Business Assistance Grants $249,653
• Staff and Administration $97,365
• Fixed Payments $15,675
• CRA Increment Payment $379,975
• Minimum Reserves $75,000
The DDB has previously approved $216,000 in special event grants for FY 2025/2026. Staff also recommends allocating $15,000 to continue the Grad Chalk Walk program, allowing for earlier planning and outreach. Additionally, $50,000 is proposed to launch a new Outdoor Café Program to support downtown business activation and vibrancy. This program will be brought forward at a later date for approval.
If approved, the proposed budget will be presented at September 3rd and September 17th Millage and Budget Hearings for final adoption.
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