ACTION ITEM
SPONSOR: Teniade Broughton, Chairperson
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2023-01 CRA - NON-ENCUMBERED CARRYOVER RESOLUTION
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RECOMMENDATION:
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That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2023-01 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 contained 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.
The attached unencumbered carryover budget resolution includes appropriations for the following:
For various reasons, certain items that were budgeted in FY 2022 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.
PRIOR ACTION:
August 15, 2022 - The Community Redevelopment Agency approved the Fiscal Year 2023 Budget on Budget Resolution No. 2022-04 CRA.
December 12, 2022 - The Community Redevelopment Agency approved an encumbered carryover budget resolution on Supplemental Budget Resolution No. 2022-05 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
12/28/2022
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. 2023-01 CRA
2) Supplemental Budget Explanation No. 2023-01 CRA
PRESENTATION: No end