ACTION ITEM
SPONSOR: Jewel Cannada-Wynn, Chairperson
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2019-08 CRA - FY 2019 ENCUMBRANCE CARRYOVER RESOLUTION
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RECOMMENDATION:
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That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2019-08 CRA.
A RESOLUTION OF THE PENSACOLA COMMUNITY REDEVELOPMENT AGENCY APPROVING AND CONFIRMIONG REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2020; 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 2020 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 beginning of each fiscal year a supplemental budget resolution is brought to the CRA for consideration. This resolution includes appropriations for the following:
• FY 2019 encumbered purchase order balances net of contracts payable
Appropriations are carried forward to the new fiscal year for purchase orders issued by September 30, 2019 for which final payment had not been made. However, all work completed on outstanding purchase orders by September 30th is expenses to FY 2019 as contracts payable. Encumbrances carried forward to the new fiscal year are reduced by the amount expensed to contracts payable in the previous fiscal year.
• Appropriation of fund balance
Fund balance has been appropriated to cover encumbrances carried forward.
A second resolution to carry forward FY 2019 funding for items that were not encumbered will be brought forward for CRA’s approval on a separate resolution at the December 9, 2019 meeting. These funds will be appropriated to projects that will be completed within three years or toward the reduction of indebtedness.
PRIOR ACTION:
August 5, 2019 - The Community Redevelopment Agency approved the Fiscal Year 2020 Budget on Budget Resolution No. 2019-06 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.
CITY ATTORNEY REVIEW: Yes
10/22/2019
STAFF CONTACT:
M. Helen Gibson, AICP, CRA Administrator
Richard Barker, Jr., Chief Financial Officer
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2019-08 CRA
2) Supplemental Budget Explanation No. 2019-08 CRA
PRESENTATION: No end