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File #: ID#23-1116    Version: 1 Name: FY 23/24 Budget
Type: Action Item Status: Passed
File created: 8/29/2023 In control: Community Redevelopment Agency
On agenda: 9/18/2023 Final action: 9/18/2023
Title: Approve the Fiscal Year 2023-2024 Community Redevelopment Agency Budget, adopt CRA Resolution 23-02, and authorize the appropriate officials to execute same.
Attachments: 1. CRA Budget FY23-24 Resolution, 2. FY23-24 Budget, 3. FY23-24 Budget 6yr Plan

SUBJECT/RECOMMENDATION:

Title

Approve the Fiscal Year 2023-2024 Community Redevelopment Agency Budget, adopt CRA Resolution 23-02, and authorize the appropriate officials to execute same.

 

Body

SUMMARY: 

The purpose of this item is to adopt the Fiscal Year (FY) 2023-2024 Community Redevelopment Agency (CRA) Budget.  The CRA has aligned its proposed project expenditures to facilitate future redevelopment of downtown through the implementation of the Downtown Plan. 

 

The major highlights of the FY 2023-2024 proposed preliminary budget are:

Tax Increment Revenue is $6,094,622 which is an increase of $645,664 over the $5,448,958 Amended 2022-2023 revenue, reflecting an increase in taxable value of both the original CRA area and the expanded (Downtown Gateway) CRA area.

 

CRA Funds are divided between Operating Expenditures and Project Funds. Operating Expenditures include the services, supplies and expense that occur during the fiscal year and are primarily used for conducting the CRA’s day to day operations as well as consulting services that will begin and end within the fiscal year.

 

Project Funds include Interlocal Agreements, Capital Improvements, and funding for established programs who work extends beyond one fiscal year. Project Funds carry over from year to year.  This year’s budget continues the use of project funds that were established in 2020 to distinguish between City and County TIF dollars.

 

Operating Expenditures have increase by $35,369 from FY 22/23.  This increase is to account for expenditures related to new full-time staff.  Operating Expenditures also includes the pass-through revenues, $363,012, to the Downtown Development Board (DDB).

 

Transfers Out designated the funding this fiscal year that will be allocated to various Project Funds. The costs for Interlocal Agreements with the City and the Clearwater Police Department are found in the General Fund and Community Policing lines for a total of $1,240,169.  The remaining City TIF revenue has been allocated to Community Engagement ($250,000); Economic Development ($500,000); Transportation ($100,000); Housing ($1,147,269).

 

County TIF Funds, $2,581,329 for this fiscal year, are restricted to capital improvement projects, housing and land acquisition.  The County TIF funds have been allocated to Economic Development ($250,000); Transportation ($250,000); and Housing ($2,081,329).