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File #: 2021 -06 CRA    Version: 1 Name:
Type: CRA Resolution Status: Passed
File created: 9/28/2021 In control: Community Redevelopment Agency
On agenda: 10/11/2021 Final action: 10/11/2021
Enactment date: Enactment #:
Title: SUPPLEMENTAL BUDGET RESOLUTION NO. 2021-06 CRA - AMENDING THE FISCAL YEAR 2021 BUDGET
Sponsors: Delarian Wiggins
Attachments: 1. Supplemental Budget Resolution No. 2021-06 CRA, 2. Supplemental Budget Explanation No. 2021-06 CRA

ACTION ITEM

 

SPONSOR:                         Delarian Wiggins, Chairperson

 

SUBJECT:

 

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SUPPLEMENTAL BUDGET RESOLUTION NO. 2021-06 CRA - AMENDING THE FISCAL YEAR 2021 BUDGET                     

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RECOMMENDATION:

 

recommendation

That the Community Redevelopment Agency adopt Supplemental Budget Resolution No. 2021-06 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 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 approve 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.  Additionally, adjustments have been made to various revenue accounts within the three CRA Funds based on the actual amounts received. 

 

An additional Supplemental Budget Resolution will be brought back in November to make final revisions to the FY 2021 Budget for the CRA Funds.

 

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 - The Community Redevelopment Agency approved an Encumbrance Carryover Budget Resolution on Supplemental Budget Resolution No. 2020-06 CRA.

 

December 7, 2020 - The Community Redevelopment Agency approved a Contracts Payable Budget Resolution on Supplemental Budget Resolution No. 2020-07 CRA.

 

December 7, 2020 - The Community Redevelopment Agency approved a Non-Encumbered Carryover Budget Resolution on Supplemental Budget Resolution No. 2020-08 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:    Choose an item.

 Click here to enter a date.

   

STAFF CONTACT:

 

David Forte, Deputy City Administrator - Community Development

M. Helen Gibson, AICP, CRA Administrator

Amy Lovoy, Finance Director

 

ATTACHMENTS:

 

1)                     Supplemental Budget Resolution No. 2021-06 CRA

2)                     Supplemental Budget Explanation No. 2021-06 CRA

 

PRESENTATION:     No   end