SUBJECT/RECOMMENDATION:
Title
Approve the Fiscal Year 2016-17 Community Redevelopment Agency Preliminary Budget and adopt CRA Resolution 16-02.
Body
SUMMARY:
The major highlights of the Fiscal Year 2016-17 proposed preliminary budget are as follows:
Tax Increment Revenue increased by $181,425 over the Amended 2015-16 budget, reflecting an increase in taxable value of approximately 6.09% in the original CRA area, and an increase in taxable value of approximately 7.8% in the expanded (East Gateway) CRA. These compare with citywide 7.6% increase in value.
Operating expenditures have increased by $34,422 or 9.5% largely due to the increase in Information Technology charges as per City/CRA Interlocal Agreement. CRA is also including funding of $100,000 to Ruth Eckerd Hall for Blast Friday. Should the board approve funding for Blast Friday, CRA staff will bring forward at a future date the agreement with Ruth Eckerd Hall.
A new project code, Placemaking Activities, is proposed for public space improvement and activation initiatives that will benefit Downtown stakeholders. $60,000 is being allocated toward this initiative for Fiscal Year 2016-17.
Transfers Out to various projects have been designated.