SUBJECT/RECOMMENDATION:
Title
Approve the Downtown Development Board Annual Operating Budget for fiscal year 2025/26 and adopt Resolution 25-03.
Body
SUMMARY:
In accordance with Chapter 200 of the Florida Statutes and the rules governing Truth in Millage (TRIM) compliance, the Downtown Development Board must hold two public hearings to adopt the budget. The adoption of this resolution and the related resolutions adopting the 2025/26 millage rate are an integral part of fulfilling these requirements.
On August 4, 2025, staff provided the Downtown Development Board with a Proposed Annual Budget that outlined and estimate of revenues and expenditures for the 2025/26 fiscal year.
Projected property tax revenues of $509,628 reflect a $10,756 increase from the amended FY 2024/2025 budget. The revenue total includes an allocation of $310,178 from the current unassigned fund balance.
These combined revenue sources support the following key programs and initiatives:
- Marketing $469,113
- Business Assistance Grants $249,653
- Staff and Administration $97,365
- Fixed Payments $15,675
- CRA Increment Payment $379,975
- Minimum Reserves per Policy $75,000
The DDB has previously approved $216,000 in special event grants for FY 2025/2026.
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.
STRATEGIC PRIORITY:
