ACTION ITEM
SPONSOR: Delarian Wiggins, Chairperson
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2021-09 CRA - FINAL AMENDMENT TO THE FISCAL YEAR 2021 BUDGET
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RECOMMENDATION:
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That the Community Redevelopment Agency adopt Supplemental Budget Resolution NO. 2021-09 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 contained 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.
According to Florida Statute §166.241, the governing body of a municipality may, within up to 60 days following the end of the fiscal year, amend a budget for that year. The attached resolution includes final CRA budget adjustments for Fiscal Year 2021 that require action by the CRA.
Adjustments have been made to various revenue accounts within the three CRA Funds based on the actual amounts received.
Revenues from Interest Income were more than anticipated in the CRA Debt Service Fund and will be placed into Debt Service Reserves (Fund Balance).
Interest Income in the CRA Series 2017 and 2019 Project Funds has been recognized and has been offset with an increase in Capital Outlay.
PRIOR ACTION:
August 10, 2020 - The Community Redevelopment Agency approved the Fiscal Year 2021 Budget on Budget Resolution No. 2020-01 CRA.
November 9, 2020 - The Community Redevelopment Agency approved an Encumbrance Carryover Budget Resolution on Supplemental Budget Resolution No. 2020-06 CRA.
December 7, 2020 - The Community Redevelopment Agency approved a Contracts Payable Budget Resolution on Supplemental Budget Resolution No. 2020-07 CRA.
December 7, 2020 - The Community Redevelopment Agency approved a Non-Encumbered Carryover Budget Resolution on Supplemental Budget Resolution No. 2020-08 CRA.
October 11, 2021 - The Community Redevelopment Agency approved Supplemental Budget Resolution No. 2021-06 CRA amending the Fiscal Year 2021 Budget.
FUNDING:
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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: Choose an item.
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STAFF CONTACT:
David Forte, Deputy City Administrator - Community Development
M. Helen Gibson, AICP, CRA Administrator
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2021-09 CRA
2) Supplemental Budget Explanation No. 2021-09 CRA
PRESENTATION: No end