TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance and Operations Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: March 12, 2019
Title
CRA FINANCIAL REPORT - DECEMBER 2018
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Recommended Action:
Recommendation
Receive and File.
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Background:
Attached are the December 2018 Financial Statements [1] Statement of Net Assets and [2] Statement of Activities with Budget vs. Actual (YTD).
Below are highlights of significant activities that occurred during the month of December:
1. Tax Increment Financing-TIF-City of Delray Beach (G/L #4005) - Fiscal year 2018-2019 TIF revenue in the amount of $13,061,154 was received from the City of Delray Beach.
2. Tax Increment Financing - TIF- Palm Beach County (G/L #4010) - Fiscal year 2018-2019 TIF revenue in the amount of $9,236,945 was received from Palm Beach County.
3. CRA Administration Sources-City National LOC (G/L #4400) - A final draw of $1,950,000 was made from the CRA’s Line of Credit with City National Bank.
4. CRA Administration Sources- Reimbursement-Other (G/L #4750) - Reimbursements that total $24,611 included:
• FMIT reimbursement for FY 2016-2017 insurance premium- $10,135
• DBCLT reimbursement to the CRA for property insurance for Palm Manor and the SW 12th Avenue Duplexes- $13,934
• Property tax reimbursement- $542
5. Redevelopment Sites-Maintenance (G/L #6303) - Payments totaling $36,869 were made to the following vendors for maintenance services:
• Sod Unlimited, Inc. - $28,571
• From Green to Greener, Inc. - $2,230
• Island Air Conditioning - $230
• Waste Management Inc.- $231
• Carson Fence- $547
• Raymond Graves & Sons Construction- $4,500
• Hulett Environmental Services, Inc.- $450
• Miscellaneous - $110
6. Redevelopment Sites-Property Insurance (G/L #6310) - A second payment for fiscal year 2018-2019 in the amount of $26,154 was made to Florida Municipal Insurance Trust.
7. Debt Service-City-US1 Corridor Improvements (G/L #8606)- A loan payment in the amount of $210,075 was made to the City of Delray Beach.
Attachment(s): Exhibit A - December 2018 Financial Statements
CRA Attorney Review:
N/A
Finance Review:
Reviewed and prepared by Lori Hayward, CRA Finance & Operation Director.
Funding Source/Financial Impact:
N/A
Timing of Request:
N/A