ACTION ITEM
SPONSOR: Teniade Broughton, Chairperson
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2022-05 CRA - FY 2023 ENCUMBRANCE CARRYOVER RESOLUTION
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RECOMMENDATION:
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That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2022-05 CRA.
A RESOLUTION OF THE PENSACOLA COMMUNITY REDEVELOPMENT AGENCY APPROVING AND CONFIRMING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2023; 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 2023 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 2022 encumbered purchase order balances net of contracts payable
Appropriations are carried forward to the new fiscal year for purchase orders issued by September 30, 2022, for which final payment had not been made. However, all work completed on outstanding purchase orders by September 30th is expensed to FY 2022 as contracts payable. Encumbrances carried forward to the new fiscal year are reduced by the amount expensed to contracts payable in the previous fiscal year.
• Appropriation of fund balance
The fund balance has been appropriated to cover encumbrances carried forward.
A second resolution to carry forward FY 2022 funding for not encumbered items will be brought forward for CRA’s approval on a separate resolution. These funds will be appropriated to projects that will be completed in future years or toward the reduction of indebtedness.
PRIOR ACTION:
August 15, 2022 - The CRA approved the FY 2023 Budget on Resolution No. 2022-04 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.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
11/30/2022
STAFF CONTACT:
David Forte, Deputy City Administrator - Community Development
Sherry Morris, Development Services Director
Victoria D’Angelo, CRA Assistant Manager
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2022-05 CRA
2) Supplemental Budget Resolution No. 2022-05 CRA
PRESENTATION: No end