DISCUSSION ITEM
FROM: Teniade Broughton, Chairperson
SUBJECT:
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PROPOSED FY2024 CRA BUDGET PRESENTATION
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SUMMARY:
The City of Pensacola’s Fiscal Year 2024 Annual Budget includes budgets for each of the City’s three (3) Tax Incremental Financing (TIF) districts, which include the Urban Core TIF, the Eastside TIF and the Westside TIF. Budgets associated with the administration of these districts comprise the CRA budget.
TIF funds are generated through the incremental growth of taxable property values within the respective district boundaries compared to the year the TIF fund was established or reset, otherwise known as the “base year”. In accordance with Chapter 163, Part III, Florida Statutes, activities undertaken with TIF funds must be contained within the respective district’s adopted community redevelopment plan. The Community Redevelopment Agency (CRA) considers projects and activities for implementation on an annual basis through the review and approval of the annual CRA budget. The CRA budget will be submitted for CRA approval on August 14, 2023 and final Council approval on September 13, 2023.
A presentation on the proposed FY 2024 CRA budget will be provided by the City of Pensacola’s Finance Director, Amy Lovoy.
PRIOR ACTION:
None.
STAFF CONTACT:
David Forte, Deputy City Administrator
Sherry Morris, Development Services Director
Victoria D’Angelo, CRA Manager
Amy Lovoy, Finance Director
ATTACHMENTS:
1) CRA FY2024 Budget Presentation
PRESENTATION: Yes