TO: CRA Board of Commissioners
FROM: Gina Clayton, Finance & Operations Director
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: November 18, 2024
Title
DELRAY BEACH COMMUNITY REDEVELOPMENT AGENCY BUDGET AMENDMENT NO. 1, FISCAL YEAR 2024-2025
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Recommended Action:
Recommendation
Approve Delray Beach Community Redevelopment Agency Resolution No. 2024-16 adopting Budget Amendment No. 1 for FY 2024-2025.
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Background:
Attached please find Resolution No. 2024-16 Budget Amendment No. 1 - 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 $7,874 from $21,9990,281 to 21,982,401 due to a decrease in the estimated Taxable Value.
2. TIF- County (G/L #4010) - The budget line decreased by $5,999 from $16,754,358 to $16,748,359 due to a decrease in the estimated Taxable Value.
3. Osceola Neighborhood Infrastructure Improvement (CIP) (G/L#5510) - This budget line was increased by $62,000 per an additional request by the City.
4. Northwest Neighborhood Plan (CIP) (G/L #5622) - The budget line was increased by $224,127 from $8,210,880 to $8,435,007 due to net increase from other budget adjustments and to move closer to our established funding goal for this line item.
5. 95 SW 5th Avenue Renovation- Construction (G/L #6216B) - The budget line item was decreased by $300,000 from $1,400,000 to $1,100,000 based on updated estimates towards completion of the project.
Attachment(s): Exhibit A - Resolution No. 2024-16 - Budget Amendment No. 1 FY 2024-2025; Exhibit B - FY 2024-2025 Budget Amendment No. 1
CRA Attorney Review:
N/A
Finance Review:
Prepared and reviewed by Executive Director and Finance and Operations Director.
Funding Source/Financial Impact:
N/A