TO: CRA Board of Commissioners
FROM: Gina Clayton, Finance and Operations Director
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: May 30, 2024
Title
DELRAY BEACH COMMUNITY REDEVELOPMENT AGENCY BUDGET AMENDMENT NO. 2, FISCAL YEAR 2023-2024
Body
Recommended Action:
Recommendation
Approve Delray Beach Community Redevelopment Agency Resolution No. 2024-05 adopting Budget Amendment No. 2 for FY 2023-2024.
Body
Background:
Attached please find Resolution No.2024-05 Budget Amendment No. 2 - FY 2023-2024. The items highlighted in yellow are modifications that are being proposed in this amendment. The following are significant modifications included in the proposed amendment:
1. TIF- City revenue (G/L #4005) - A decrease of ($159,840) was a result of Palm Beach County Tax Appraiser’s property valuation dated 3/28/2024.
2. TIF- County revenue (G/L #4010) - A decrease of ($113,075) was a result of Palm Beach County Tax Appraiser’s property valuation dated 3/28/2024.
3. Disparity Study (G/L #5623) - The budget line was increased by $50,000 per additional funding request from the City of Delray Beach.
4. 95 SW 5th Ave Renovation/Construction (G/L#6516B) - The budget line was decreased by ($225,095), because of updated estimated costs of completing the project.
5. Property Insurance (G/L#6310) - The budget line was increased by $197,180 because of increased insurance premiums from original estimates and property acquisitions.
6. CRA Grant Programs (G/L 7313) - The budget line was decreased by ($300,000) to offset the reduction in TIF revenues for fiscal year 2023-2024.
Attachment(s): Exhibit A - Resolution No. 2024-05 FY 2023-2024 Budget Amendment No. 2, Exhibit B - FY 2023-2024 Budget Amendment No. 2
CRA Attorney Review:
N/A
Finance Review:
N/A
Funding Source/Financial Impact:
N/A