TO: CRA Board of Commissioners
FROM: Gina Clayton, Finance & Operations Director
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: April 30, 2025
Title
DELRAY BEACH COMMUNITY REDEVELOPMENT AGENCY BUDGET AMENDMENT NO. 2, FISCAL YEAR 2024-2025
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Recommended Action:
Recommendation
Approve Delray Beach Community Redevelopment Agency Resolution No. 2025-08 adopting Budget Amendment No. 2 for FY 2024-2025.
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Background:
Attached please find Resolution No. 2025-08 Budget Amendment No. 2 - FY 2024-2025. The following items highlighted in yellow are the modifications that are being proposed in this amendment:
1. TIF - City of Delray Beach (G/L#4005) - The budget line decreased by $67,692 from $21,982,407 to 21,914,715 due to a decrease in the Final Taxable Value.
2. TIF- County (G/L #4010) - The budget line decreased by $51,575 from $16,748,359 to $16,696,784 due to a decrease in the Final Taxable Value.
3. Interest Income (G/L#4900) - This budget line was increased by $25,000 from $75,00 to $100,000 due to updated estimate of interest earnings.
4. ITEM FOR DISCUSSION: Crest Theatre Historic Preservation (G/L #5203) - The budget line was added to include $500,000 to provide funding for the Historic Preservation of the Crest Theatre at Old School Square.
5. SW 8th and SW 2nd Improvements (CIP) (G/L #5367) - The budget line item was added at the request of the City of Delray Beach in the amount of $211,000 to fund the removal on round abouts in the SW Neighborhood (See attached Exhibit C).
6. Land Acquisition-Other (G/L #5610) - The budget line item was decreased by $836,967 from $12,000,000 to $11,183,033 to offset the increase in other budget line-item expenses and decrease in the final tax revenues.
7. 98 NW 5th Avenue-Building Maintenance (G/L #6218) - The budget line item was increased by $25,000 from $25,000 to $50,000 due to updated estimates in the cost of maintaining the building.
8. 98 NW 5th Avenue- Utilities (GL# 6221) - The budget line item was increased by $3,500 from $5,000 to $8,500 due to updated estimates in the utility costs for the building.
9. Redevelopment Sites- Maintenance (GL #6303) - The budget line item was increased by $17,000 from $600,000 to $617,700 to include additional renovation costs for 182 NW 5th Avenue the $17,000 is offset by decrease in line it CRA Grant Program (GL #7313).
10. Redevelopment Sites - Legal (GL #6395) - The budget line item was increased by $2,500 from $7,500 to $10,000 due to updated cost estimates.
11. Grant Programs - CRA Grant Programs (GL # 7313) - The budget line item was decreased by $42,000 from $500,000 to $458,000 to allocate funds to other budget line items Redevelopment Sites- Maintenance (GL #6303) and A-GUIDE/City Funding (GL #7376) in the amounts of $17,000 and $25,000, respectively.
12. Community Resource Enhancement-A-GUIDE/City Funding (GL #7376) - The budget line item was increased by $25,000 from $902,000 to $927,000 due to the increase in approved funding to the Delray Beach Historical Society for the current fiscal year.
Attachment(s): Exhibit A - Resolution No. 2025-08; Exhibit B - FY 2024-2025 Budget Amendment No. 2
CRA Attorney Review:
N/A
Finance Review:
Prepared and reviewed by Executive Director and Finance and Operations Director.
Funding Source/Financial Impact:
N/A