SUBJECT/RECOMMENDATION:
Title
Approve the Downtown Community Redevelopment Agency (DTCRA) FY 2025-2026 First Quarter Budget Amendment and adopt Resolution 26-01.
Body
SUMMARY:
The Downtown CRA FY 2025-2026 First Quarter Budget Amendment reflects adjustments identified after review of first quarter expenditures, project timelines, and funding needs. The proposed amendments reallocate existing CRA funds to ensure adequate resources are available for active and priority projects.
Proposed amendments include:
• Reallocate funds in the operating budget to align with actual funds spent
• Recognize City TIF revenue (unspent in fiscal year 2024/25) transferred to projects as part of year end closing:
• Community Engagement (Project R2002): An increase of $217,844.79 to support ongoing engagement initiatives and related program costs.
• Economic Development - City (Project R2003): An increase of $500,000 to address current economic development commitments and grant-related activities.
• Infrastructure - City (Project R2005): An increase of $200,000 to support infrastructure improvements aligned with CRA redevelopment goals.
These amendments do not introduce new revenue sources but instead reallocate existing funds within the adopted CRA budget to better reflect current operational and capital project needs.