SUBJECT/RECOMMENDATION:
Title
Amend the operating budget for the Community Redevelopment Agency (CRA) for fiscal year 2019-2020, approve budget amendments to the CRA Capital Improvement Projects and adopt CRA Resolutions 20-01.
Body
SUMMARY:
Revenue amendments in the operating budget reflect a net increase of $325,810. This includes the following increases to bring the budget in line with revenues received to date:
• An increase of $132,978 in County TIF revenues
• An increase of $147,767 in City TIF revenues
• An increase of $16,580 in DDB TIF revenues (offset by payment to DDB)
• An increase of $28,485 in interest earnings
Expenditure amendments in the operating budget reflect an increase of $325,810. This includes the following amendments:
• An increase in $16,580 in payments to the DDB to match revenues received
• An increase of $2,000 to training and reference to reflect actual expenditures to date
• Transfers of excess revenues to capital projects:
o $174,252 in City TIF/Interest to R2003, Economic Development-City
o $132,978 in County TIF to R2010, Housing-County
The proposed amendments to the CRA Capital Improvement Project reflect a net increase of $859,604.59. This includes the following amendments:
• The recognition of $497,974.59 in TIF revenues representing excess cash from FY18 and FY19 in project 94714, Downtown Redevelopment
• An increase of $54,400 in revenues from the DDB to fund program expenses in 94889, Placemaking Activities
• An increase of $174,252 in FY20 City TIF/Interest to R2003, Economic Development-City
• An increase of $132,978 in County TIF to R2010, Housing-County
With the passing of HS Bill 9, Pinellas County has requested new annual reports in the categories of Community Policing, Community Engagement, Economic Development, Infrastructure, Transportation, and Housing. Staff is recommending amendments to close current projects, transferring available project revenues to newly created projects are outlined in the attached CRA Capital Improvement Project Fund schedule.