ACTION ITEM
SPONSOR: Jared Moore, Chairperson
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2020-07 CRA - CONTRACTS PAYABLE
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RECOMMENDATION:
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That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2020-07 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.
The CRA adopted Supplemental Budget Resolution No. 2020-06 CRA at the November 9, 2020 meeting, which carried forward encumbered purchase order balances. Historically, the Encumbrance Carryover Budget Resolutions have been net of contracts payable, representing work completed on outstanding purchase orders by September 30th expensed back to the prior fiscal year. Encumbrances carried forward to the new fiscal year are typically reduced by the amount expensed to contracts payable in the previous fiscal year. However, due to the timing of the November 2020 meeting, the contracts payables were not available, and the full amount of the encumbered purchase order balances were carried forward on Supplemental Budget Resolution No. 2020-06 CRA.
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 - Approval of an Encumbrance Carryover Budget Resolution on Supplemental Budget Resolution No. 2020-06 CRA.
FUNDING:
N/A
FINANCIAL IMPACT:
The budget resolution adoption maintains compliance as required by Florida Statutes pertaining to tax increment financing districts.
CITY ATTORNEY REVIEW: Yes
11/16/2020
STAFF CONTACT:
Kerrith Fiddler, Deputy City Administrator - Community Development
M. Helen Gibson, AICP, CRA Administrator
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2020-07 CRA
2) Supplemental Budget Explanation No. 2020-07 CRA
PRESENTATION: No end