SUBJECT/RECOMMENDATION:
Title
Approve the Downtown Development Board annual operating budget for Fiscal Year 2026-27 and adopt Resolution 26-02.
Body
SUMMARY:
On August 3, 2026, staff presented to the Downtown Development Board (DDB) a proposed fiscal year 2026/2027 budget that totals $1,513,438. Projected property tax revenues of $523,809 reflect an increase of $14,181 from the amended FY 2025/2026 budget. The revenue total includes an allocation of $567,915 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 2025/2026 fee.
These combined revenue sources support the following key programs and initiatives:
• Staff and Admin $6,500
• Fixed Payments $15,675
• Marketing $602,369
o This includes special events grants that have been approved for funding
• Business Assistance $195,000
• Future Downtown Initiatives $192,797
The DDB has previously approved $216,000 in special event funding for FY 2026/27. Staff recommends allocating $150,000 to continue the DDB Micro Grant Program. Allocating $15,000 for the roll out of the new DDB Logo and Brand.