ACTION ITEM
SPONSOR: P.C. Wu, Chairperson
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2018-09 CRA - FY 2019 NON-ENCUMBERED CARRYOVER BUDGET RESOLUTION
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RECOMMENDATION:
recommendation
That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2018-09 CRA.
A RESOLUTION OF THE PENSACOLA COMMUNITY REDEVELOPMENT AGENCY APPROVING AND CONFIRMING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2019; 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 2019 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 November 5, 2018 CRA meeting, the CRA adopted an unencumbered carryover budget resolution. The attached supplemental budget resolution addresses items that were not addressed in the November resolution.
In the November 5, 2018 non-encumbered carryover resolution, estimated unexpended appropriations were carried forward to the new fiscal year. Final carryover amounts have been determined and additional balances remaining for the Eastside TIF Fund, Westside TIF Fund and CRA Series 2017 Project Fund are being carried forward.
PRIOR ACTION:
August 6, 2018 - The Community Redevelopment Agency approved the Fiscal Year 2019 Budget on Budget Resolution No. 2018-01 CRA.
November 5, 2018 - Approval of an Encumbrance Carryover Budget Resolution on Supplemental Budget Resolution No. 2018-05 CRA.
November 5, 2018 - Approval of a Non-Encumbered Carryover Budget Resolution on Supplemental Budget Resolution No. 2018-06 CRA.
FUNDING:
N/A
FINANCIAL IMPACT:
Adoption of the budget resolution maintains compliance as required by Florida Statutes pertaining to tax increment financing districts.
CITY ATTORNEY REVIEW: Yes
11/29/2018
STAFF CONTACT:
M. Helen Gibson, AICP, CRA Administrator
Richard Barker, Jr., Chief Financial Officer
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2018-09 CRA
2) Supplemental Budget Explanation No. 2018-09 CRA
PRESENTATION: No end