SUBJECT/RECOMMENDATION:
Title
Approve the January 2021 Financial Statement for filing.
Body
SUMMARY:
Funds spent in January 2021 were $18,819
• $1,502 Holiday Lighting
• $1,466 Jolley Trolly Downtown Loop
• $47 Operating Expenditures
• $70 public meeting notice
• $3,869 Legal Fees
• $6,340 CRA Admin Fee
• $1,318 Liability Insurance
• $4,000 Annual Audit
• $207 Tax Collector Commissions
Ending Balance $567,724
Explanation of CRA funding of the DDB: Pursuant to F.S. 163.387, Community Redevelopment Agencies created pursuant to F.S. 163.356 received 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 Payment 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 0.9700 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.