SUBJECT/RECOMMENDATION:
Title
Approve the Downtown Development Board Annual Operating Budget for fiscal year 2026/27 and adopt Resolution 26-02
Body
SUMMARY:
In accordance with Chapter 200, Florida Statutes, and the rules governing Truth in Millage (TRIM) compliance, the Downtown Development Board must hold two public hearings to adopt its millage rate and budget. Adoption of this resolution and the related resolution establishing the millage rate for Fiscal Year 2026/2027 is an integral part of fulfilling these requirements.
On August 3, 2026, staff presented the Downtown Development Board with a proposed annual budget outlining estimated revenues and expenditures for Fiscal Year 2026/2027.
Budgeted ad valorem tax revenue of $523,809 reflects an increase of $14,181, or approximately 2.8%, over the amended Fiscal Year 2025/2026 budget of $509,628. Other operating revenues total $15,500, and the transfer from the Downtown Community Redevelopment Agency totals $406,214, resulting in current revenues and transfers of $945,523.
The proposed expenditure budget totals $1,513,438 and requires the use of $567,915 from the current fund balance. The TRIM budget summary identifies total available fund balance, reserves, and net assets of $842,915, leaving an estimated ending balance of $275,000.
The proposed budget provides funding for the following programs and expenditures:
• Marketing: $602,369
• Business Assistance: $195,000
• Staff and Administration: $101,383
• Fixed Payments: $15,675
• CRA Increment Payment: $406,214
• Future Downtown Initiatives: $192,797
The Marketing budget includes $148,000 for specifically identified Fiscal Year 2026/2027 special events, consisting of $130,000 for the Clearwater Jazz Holiday and $18,000 for Market Marie. The budget also includes $289,369 for unallocated special event grants.
In accordance with the Interlocal Agreement with the Clearwater Community Redevelopment Agency, the CRA management and administrative fee will increase by 5% from the Fiscal Year 2025/2026 amount, from $90,365 to $94,883.