ACTION ITEM
SPONSOR: Jared Moore, Chairperson
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2020-06 CRA - FY 2021 ENCUMBRANCE CARRYOVER RESOLUTION.
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RECOMMENDATION:
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That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2020-06 CRA.
A RESOLUTION OF THE PENSACOLA COMMUNITY REDEVELOPMENT AGENCY APPROVING AND CONFIRMING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2021; PROVIDING FOR AN EFFECTIVE DATE.
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SUMMARY:
There are three Tax Increment Financing (TIF) Districts within the City of Pensacola’s Fiscal Year 2021 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.
At the beginning of each fiscal year, a supplemental budget resolution is brought to the CRA for consideration. This resolution includes appropriations for the following:
• FY 2020 encumbered purchase order balances
Appropriations are carried forward to the new fiscal year for purchase orders issued by September 30, 2020, for which final payment had not been made. Historically, the purchase order balances have been reduced by the amount of contracts payable. However, due to the timing of the November CRA Meeting, that information was not available. A separate item will be brought to the CRA at the December 7, 2020 meeting adjusting the purchase order balances by the amount of contracts payable.
• Appropriation of fund balance
The fund balance has been appropriated to cover encumbrances carried forward.
A second resolution to carry forward FY 2020 funding for not encumbered items will be brought forward for CRA’s approval on a separate resolution at the December 7, 2020 meeting. These funds will be appropriated to projects that will be completed within three years or toward the reduction of indebtedness.
PRIOR ACTION:
August 10, 2020 - The CRA approved the FY 2021 Budget on Resolution No. 2020-01 CRA.
FUNDING:
N/A
FINANCIAL IMPACT:
Adoption of the supplemental budget resolution maintains compliance as required by Florida Statutes pertaining to tax increment financing districts.
CITY ATTORNEY REVIEW: Yes
10/27/2020
STAFF CONTACT:
Kerrith Fiddler, Deputy City Administrator - Community Development
M. Helen Gibson, AICP, CRA Administrator
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2020-06 CRA
2) Supplemental Budget Explanation No. 2020-06 CRA
PRESENTATION: No end