SUBJECT/RECOMMENDATION:
Title
Request approval of the April 2023 Financial Statement for filing
Body
SUMMARY:
Funds spent in the month of April 2023 were $47,869.50
• Florida Penguin Productions $208
• Market Marie $6,277.50
• Hard 2 Guard $10,031.48
• Ivy & Edward reimbursement of $126.89
• Hispanic Outreach Center $3,522.17
• Holiday Extravaganza $350
• Pinellas Girl Gang $8,315.68
• Florida Best Productions $6.25
• Holiday Lighting $198.
• Jolley Trolley $10,233
• Operating Expenditures $1.30
• Public Meeting Notice $165.63
• CRA Mgt & Admin Fee $6,792
Ending Balance of $611,092.56
As of May 19, 2023, the DDB has allocated $456,136.99 to their Marketing Category. The DDB has paid $243,457.37 and has an unpaid balance of $212,679.62. There is $54,073.01 remaining unallocated to the Marketing Line.
As of May 19, 2023, the DDB has allocated $10,000 to the Business Assistance Category. The DDB has paid $31,489.48 and has an unpaid balance of $62,976.52. There is $90,000 remaining unallocated to the Business Assistance Category.
As of May 19, 2023, the DDB has allocated $00 to the Policy and Project Work Category. The DDB has paid $00 and has an unallocated balance of $22,049
Explanation of CRA funding of the DDB: Pursuant to F.S. 163.387, Community Redevelopment Agencies created pursuant to F.S. 163.365 received tax increment revenues from each taxing authority, pays the city of Clearwater’s CRA the required tax increment revenues. This payment is reflected in the DDB’s monthly financial report as the “CRA Increment Payment” in the Fixed Payment category.
Pursuant to the Interlocal Agreement between the CRA and the DDB that’s adopted annually in September, the CRA returns the tax increment payment to the DDB. This revenue is reflected on the DDB’s monthly financial report as “CRA Interlocal Agreement Revenue.” Eventually, the payment to the CRA and the revenue from the CRA will net zero.
The DDB also collects Ad Valorem Property Taxes of 0.9700 mills. This is the amount of property taxes the DDB levies on properties within its district, which has no relationship to the above transaction between the CRA and the DDB.