ACTION ITEM
SPONSOR: Jewel Cannada-Wynn, Chairperson
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2019-10 CRA - NON-ENCUMBERED CARRYOVER RESOLUTION
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RECOMMENDATION:
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That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2019-10 CRA.
A RESOLUTION OF THE PENSACOLA COMMUNITY REDEVELOMENT AGENCY APPROVING AND CONFIRMING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2020; PROVIDING FOR AN EFFECTIVE DATE.
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SUMMARY:
There are three Tax Increment Financing (TIF) Districts contained within the City of Pensacola’s Fiscal Year 2019 Annual Budget; the Urban Core TIF, the Eastside TIF and the Westside TIF. The Community Redevelopment Agency (CRA) is responsible for using the Tax Increment Financing (TIF) funds to promote growth, redevelopment and subsequent property value increases in the Redevelopment Area. TIF funds can only be used to undertake planning and construction of improvements and/or specific projects within the Redevelopment Area or neighborhood included within the respective plans.
In order to be compliant with Florida Statutes, the CRA is required to approve all budget resolutions involving any TIF District.
The attached unencumbered carryover budget resolution includes appropriations for the following:
For various reasons certain items that were budgeted in FY 2019 were not purchased or encumbered. The unexpended appropriations are carried forward to the new fiscal year so that these items can be purchased.
Balances remaining for the Community Redevelopment Agency Fund, the Eastside TIF Fund, the Westside TIF Fund, the CRA Series 2017 Capital Projects Fund and the CRA Series 2019 Capital Projects Fund are being carried forward.
On July 25, 2019 the City of Pensacola issued the Urban Core Redevelopment Refunding and Improvement Revenues Bond, Series 2019. The Series 2019 Bond was issued to refinance the cost of refunding the Redevelopment Revenue Bonds, Series 2009B as well as capital improvements to the Urban Core Community Redevelopment Area included in the Urban Core Community Redevelopment Area Plan. The adjustments included in the supplemental budget resolution will remove the debt service payments and the Federal Direct Payment Subsidy in the CRA Debt Service Fund associated with the refunded Series 2009B Bonds and budget the debt service payments associated with the Series 2019 Bond.
As outlined in the Financial Planning and Administration Policy, those amounts appropriated in budget line items for salary increases must remain as adopted unless changed by a supplemental budget resolution. The Fiscal Year 2020 Budget included a separate line item appropriation entitled “9196 - Salary Increases (Non-Union)” which was an average 2% performance based salary increase for non-union employees. Pay increases for all CRA employees were effective October 1, 2019. Included in this supplemental budget resolution is a transfer from 9196 - Salary Increases (Non-Union) to 9111 - Salaries where the expenses were charged.
PRIOR ACTION:
August 5, 2019 - The Community Redevelopment Agency approved the Fiscal Year 2020 Budget on Budget Resolution No. 2019-06 CRA
November 12, 2019 - The Community Redevelopment Agency approved an Encumbrance Carryover Budget Resolution on Supplemental Budget Resolution No. 2019-08 CRA
FUNDING:
N/A
FINANCIAL IMPACT:
Adoption of the budget resolution maintains compliance as required by Florida Statutes pertaining to tax increment financing districts.
CITY ATTORNEY REVIEW: Yes
11/26/2019
STAFF CONTACT:
M. Helen Gibson, AICP, CRA Administrator
Richard Barker, Jr., Chief Financial officer
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2019-10 CRA
2) Supplemental Budget Explanation No. 2019-10 CRA
PRESENTATION: No end