ACTION ITEM
SPONSOR: Jewel Cannada-Wynn, Chairperson
SUBJECT:
title
SUPPLEMENTAL BUDGET RESOLUTION NO. 2019-09 CRA - FINAL AMENDMENT TO THE FISCAL YEAR 2019 BUDGET
end
RECOMMENDATION:
recommendation
That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2019-09 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.
end
body
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.
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 2019 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. A reduction of $300,000 from the Transfer from the Urban Core Redevelopment Trust Fund to the Community Redevelopment Agency Fund is being made to provide increased funding to the CRA Debt Service Fund in order to fund debt reserves. This will not affect any currently budgeted projects in the CRA Fund.
Revenues from Interest Income and the Federal Direct Payment Subsidy were more than anticipated in the CRA Debt Service Fund. In July 2019, the Redevelopment Bonds Series 2009B was refunded and a partial payment was received from the IRS to assist with the payment. Also, as previously mentioned, the Transfer In From the Urban Core TIF Fund was increased by $300,000. In total additional revenue in the amount of $638,101 will be placed into Debt Service Reserves (Fund Balance).
Interest Income in the CRA Series 2017 Project Fund has been recognized and has been offset with an increase in Capital Outlay.
Interest Income in the CRA Series 2019 Project Fund has been recognized and has been placed into Fund Balance. Additionally, Bond Proceeds have been reduced to reflect the actual amount.
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, 2018 - Approval of Non-Encumbered Carryover Budget Resolution No. 2018-09 CRA
September 9, 2019 - Approval of Supplemental Budget Resolution No. 2019-07 CRA Amending the Fiscal Year 2019 Budget.
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
10/31/2019
STAFF CONTACT:
M. Helen Gibson, AICP, CRA Administrator
Richard Barker, Jr., Chief Financial Officer
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2019-09 CRA
2) Supplemental Budget Explanation No. 2019-09 CRA
PRESENTATION: No end