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24-04
RESOLUTION NO 24-04 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CLEARWATER, FLORIDA, ADOPTING THE DOWNTOWN CRA FY 2024/2025 ANNUAL OPERATING BUDGET; PROVIDING AN EFFECTIVE DATE. WHEREAS, the Community Redevelopment Agency (CRA) annual budget requirements have been clarified and Section 189.016(3), of the Florida Statutes require that CRA's adopt their annual budgets by resolution; now, therefore, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF CLEARWATER, FLORIDA: Section 1. Adopt the FY 2024/2025 DOWNTOWN CRA Operating Budget as outlined on Exhibit A. Section 2. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this 12th day of August 2024. Bruce Recto Chairman Approved as to form: 'Gt,A l David Margolis CRA Attorney Resolution 24-04 FY 24/25 DT CRA Budget Attest: Rosemarie Call City Clerk Community Redevelopment Agency Preliminary Budget October 1, 2024- September 30, 2025 Exhibit A 2023-2024 2024-2025 Amended Preliminary Budget Budget Revenues & Transfers In Tax Increment Financing Revenues 338930 Pinellas County 2,577,489 2,779,393 381115 City of Clearwater 3,150,489 3,397,285 338935 Downtown Development Board 363,521 381,027 Total TIF Revenues 6,091,499 6,557,705 Other Revenues 361101 Interest Earnings 312,673 300,000 Transfers In 369906 Reimbursement -DDB Administration 84,357 87,309 Total Revenues & Transfers In 6,488,529 6,945,014 Expenditures & Transfers Out Operating Expenditures 530100 Professional Services 120,500 250,000 530300 Contractual Services 50,000 25,000 540300 Telephone Variable 3,000 3,950 540200 Postal Service 5,000 500 541600 Building & Maintenance Variable 2,000 2,000 542500 Postage 200 200 543100 Advertising 20,000 25,000 543200 Other Promotional Activities 5,000 - 543400 Printing & Binding 2,500 5,000 544100 Equipment Rental 5,500 5,000 547100 Uniforms 2,000 2,000 547200 Employee Expense -Travel 15,000 15,000 547300 Milage Reimbursement 3,000 3,000 548000 Other Services 3,000 1,000 550100 Office Supplies 3,000 3,000 550400 Operating Supplies 1,500 3,000 557100 Memberships and Subscriptions 6,000 6,000 557300 Training and Reference 15,000 15,000 581000 Payments to Other Agencies -DDB 363,521 381,027 Total Operating Expenditures 625,721 745,677 Transfers Out 590200 General Fund- Administrative 982,526 1,060,401 590800 Community Policing (R2001) 257,643 257,493 590800 Community Engagements (R2002) 250,000 - 590800 590800 590800 Economic Development- City (R2003) Economic Development- County (R2004) Infrastructure- City (R2005) 548,059 37,188 - 900,000 - 791,844 590800 590800 590800 Transportation- City (R2007) Transportation- County (R2008) Housing- City (R2009) 100,000 250,000 1,147,091 2,290,301 - - 410,206 2,779,393 590800 Housing- County (R2010) Total Transfers Out 5,862,808 6,199,337 Total Expenditures & Transfers Out 6,488,529 6,945,014 CRA -Projections for CIP 6 -Year Plan (FY24) County TIF 2,790,301 City TIF 3,150,103 DDB 363,915 2024-25 Estimated Budget 2025-26 Estimated Budget 2,779,393.00 21% 2,862,775.00 3,397,285.00 12% 3,499,204.00 381,027.00 8% 392,458.00 6,557,705.00 6,754,437.00 2026-27 Estimated Budget 2,948,658.00 3,604,180.00 404,232.00 2027-28 Estimated Budget 3,037,118.00 3,712,305.00 416,359.00 6,957,070.00 7,165,782.00 2028-29 Estimated Budget 3,128,232.00 3,823,674.00 428,850.00 7,380,756.00 Page 1 2029-30 Estimated Budget 3,222,079.00 3,938,384.00 441,716.00 7,602,179.00 Other Revenue: Interest 265,000 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 300,000.00 DDB Reimbursement 84,357 87,309.00 90,800.00 94,430.00 98,210.00 102,140.00 106,230.00 6,945,014.00 7,145,237.00 7,351,500.00 7,563,992.00 7,782,896.00 8,008,409.00 Growth Factors Revenue % 2025/26 3.0% 2026/27 3.0% 2027/28 3.0% 2028/29 3.0% 2029/30 3.0% Operating Expenditures: regular Operating Payment to DOB Transfers: GF Admin Community Policing Transfers to Capital (CITY) Transfers to Capital (County) Growth Factors Operating Personnel 4.0% Operating Expenses 2.0% 2024-25 Estimated Budget 364,650.00 381,027.19 1,060,401.00 257,493.00 2,102,050.00 2,779,393.00 2025-26 Estimated Budget 371,940.00 392,458.00 1,102, 820.00 267,790.00 2,147,454.00 2,862,775.00 6,945,014.19 7,145,237.00 2026-27 Estimated Budget 379,380.00 404,232.00 1,146,930.00 278,500.00 2,193,800.00 2,948,658.00 2027-28 Estimated Budget 386,970.00 416,359.00 1,192,810.00 289,640.00 2,241,095.00 3,037,118.00 7,351,500.00 7,563,992.00 2028-29 Estimated Budget 394,710.00 428,850.00 1,240,520.00 301,230.00 2,289,354.00 3,128,232.00 2028-30 Estimated Budget 402,600.00 441, 716.00 1,290,140.00 313,280.00 2,338,594.00 3,222,079.00 7,782,896.00 8,008,409.00 Capital Projects: R2001 - Community Policing R2002 - Community Engagement R2003 - Economic Development- City R2004 - Economic Development- County R2005 - Infrastructure- City R2006 - Infrastructure- County R2007 - Transportation -City R2008 - Transportation- County R2009 - Housing- City R2010 - Housing- County Page 2 % of revenue PD 25% 25% 30% 5% 0% 5% 10% 40% 60% 2024-25 Estimated Budget % of revenue 2025-26 Estimated Budget % of revenue 2026-27 Estimated Budget % of revenue 2027-28 Estimated Budget % of revenue 2028-29 Estimated Budget % of revenue 2029-30 Estimated Budget 257,493.00 PD 267,790.00 PD 278,500.00 PD 289,640 PD 301,230 PD 313,280 25% 536,864.00 25% 548,450.00 25% 560,274 25% 572,339 25% 584,649 900,000.00 25% 536,864.00 25% 548,450.00 25% 560,274 25% 572,339 25% 584,649 30% 858,833.00 30% 884,597.00 30% 911,135 30% 686,806 30% 966,624 791,844.00 5% 107,373.00 5% 109,690.00 5% 112,055 5% 114,468 5% 116,930 0% - 0% - 0% 0% - 0% 5% 107,373.00 5% 109,690.00 5% 112,055 5% 114,468 5% 116,930 10% 286,278.00 10% 294,866.00 10% 303,712 10% 228,935 10% 322,208 410,206.00 40% 858,982.00 40% 877,520.00 40% 896,438 40% 915,742 40% 935,438 2,779,393.00 60% 1,717,665.00 60% 1,769,195.00 60% 1,822,271 60% 1,373,612 60% 1,933,247 Total City: 100% 2,102,050.00 100% 2,147,456.00 100% 2,193,800.00 100% 2,241,095 100% 2,241,095 100% 2,241,095 Total County: 100% 2,779,393.00 100% 2,862,776.00 100% 2,948,658.00 100% 3,037,118 100% 3,037,118 100% 3,037,118