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File #: 2019 -07 CRA    Version: Name:
Type: CRA Resolution Status: Passed
File created: 8/13/2019 In control: Community Redevelopment Agency
On agenda: 9/9/2019 Final action: 9/9/2019
Enactment date: Enactment #:
Title: SUPPLEMENTAL BUDGET RESOLUTION NO. 2019-07 CRA - AMENDING THE FISCAL YEAR 2019 BUDGET
Attachments: 1. Supplemental Budget Resolution No. 2019-07 CRA, 2. Supplemental Budget Explanation No. 2019-07 CRA

ACTION ITEM

 

SPONSOR:                         Jewel Cannada-Wynn, Chairperson

 

SUBJECT:

 

title

SUPPLEMENTAL BUDGET RESOLUTION NO. 2019-07 CRA - AMENDING THE FISCAL YEAR 2019 BUDGET                     

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RECOMMENDATION:

 

recommendation

That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2019-07 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 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 neighborhoods included within the respective plans.

 

In order to be compliant with Florida Statutes, the CRA is required to approval all budget resolutions involving any TIF District.

 

The attached Supplemental Budget Resolution adjusts the Allocated Overhead/(Cost Recovery) based on the most recent Full Cost Allocation Study. 

 

 

PRIOR ACTION:                     

 

August 6, 2018 - Approval of Fiscal Year 2019 Budget Resolution No. 2018-01 CRA

 

November 5, 2018 - Approval of Encumbrance Carryover Budget Resolution No. 2018-05 CRA

 

November 5, 2018 - Approval of Non-Encumbered Carryover Budget Resolution No. 2018-06 CRA

 

December 10, 2019 - Approval of Non-Encumbered Carryover Budget Resolution No. 2018-09 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

 8/14/2019

   

STAFF CONTACT:

 

M. Helen Gibson, AICP, CRA Administrator

Richard Barker, Jr., Chief Financial Officer

 

ATTACHMENTS:

 

1)                     Supplemental Budget Resolution No. 2019-07 CRA

2)                     Supplemental Budget Explanation No. 2019-07 CRA

 

PRESENTATION:     No   end