SUBJECT/RECOMMENDATION:
Title
Request adoption of the November 2020 Financial Statement for filing
Body
SUMMARY:
Funds spent in November 2020 was $23,004.12
• $147 Holiday Lighting
• $1,465.50 Jolley Trolley Loop
• $5,500 SIM Center Tampa Bay
• $6,250 DCMA
• $70.00 Public Meeting Notice
• $6,340.41 CRA Mgt & Admin Fee
• $1,000 Annual Audit
• $2,231.21 Property Appraiser Fee
Ending Balance $712,573.43
Explanation of CRA funding of the DDB: Pursuant to F.S.163.387, Community Redevelopment Agencies created pursuant to F.S. 163.356 receives tax increment revenues from each taxing authority. The DDB, as a separate taxing authority, pays the city of Clearwater’s CRA the required tax increment revenues. This payment is reflected on the DDB’s monthly financial report as the “CRA Increment Payment” in the Fixed Payments category.
Pursuant to the Interlocal Agreement between the CRA and the DDB that is 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 to zero.
The DDB also collects Ad Valorem Property Taxes of .9700 mills. This is the amount of property taxes that the DDB levies on the properties within the DDB district and is not related to the above transactions between the CRA and the DDB