TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance and Operations Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: October 9, 2018
Title
CRA FINANCIAL REPORT - AUGUST 2018
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Recommended Action:
Recommendation
Receive and File.
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Background:
Attached are the August 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 August:
1. Reimbursement- City (G/L #4700) - A reimbursement in the amount of $30,726 was received from the City of Delray Beach for the Economic Development positions.
2. West Atlantic Redevelopment-Land Acquisition (G/L #5115) - Payments totaling $1,413,499 were made as follows:
• Purchase of 98 NW 5th Avenue- $1,406,149
• Anderson & Carr, Inc - Addendum to market value appraisal reports for SW 600-700-800 Blocks - $500
• Parrish & Edwards, Inc - Market Value Appraisal for 24 & 28 NW 7th Avenue - $1,500
• Callaway & Price, Inc - Market Value Appraisal for 602 NW 1st Street - $500
• The BG Group, LLC - Market Value Appraisal for 15 NW 11th Avenue- $3,450
• Allied Appraisal Services, Inc. - Market value appraisal report for NW 7th Avenue- $1,400
3. Redevelopment Sites-Maintenance (G/L #6303) - Payments totaling $12,450 were made to the following vendors for maintenance services at CRA properties:
• Sod Unlimited, Inc. - $9,854
• Raymond Graeve & Sons Construction, Inc. - $2,385
• Miscellaneous - $211
4. Affordable/Workforce Housing Program-A-Guide Funding-DBCLT- (G/L #6535) - A third quarter A-GUIDE payment in the amount of $48,675 was made to DBCLT.
5. Community Improvements & Economic Development- Site Assistance Grants (G/L #7306) - Grants totaling $71,674 were made to the following:
• Ceasar Catering - $12,840
• Deelray Oasis Business Park, LLC. - $50,000
• Law Offices of Herman Stevens - $8,834
6. City Contractual Services- Planning, IT, and Parking Manager- (G/L #7331) - A third quarter payment in the amount of $27,500 was made to the City of Delray Beach.
7. City Contractual Services- Project Engineer- (G/L #7332) - A third quarter payment in the amount of $18,210 was made to the City of Delray Beach for the full-time position.
8. City Contractual Services-Housing Rehab Inspector (G/L #7333) - A third quarter payment in the amount of $11,335 was made to the City of Delray Beach for the full-time position.
9. City Contractual Services- Project Engineer- (G/L #7337) - A third quarter payment in the amount of $25,655 was made to the City of Delray Beach for the full-time position.
10. City Contractual Services- Fire Prevention & Life Safety Captain- (G/L #7338) - A third quarter payment in the amount of $46,015 was made to the City of Delray Beach for the full-time position.
11. Community Resource Enhancement-A-Guide Funding- (G/L #7376) - Third quarter A-GUIDE payments totaling $369,500 were made to the following nonprofit organizations:
• Old School Square-$225,000
• Delray Beach Public Library-$113,250
• Delray Beach Historical Society-$31,250
12. Economic Development Initiative- Arts Warehouse Incubator- (G/L #7440) - Payments totaling $136,825 were made to the following:
Warehouse Operation Expenses $126,735
• Salaries & Benefits- $12,777
• Salaries & Benefits- $107,953 (Journal entry to move salaries & benefits for Arts Warehouse staff under Arts Warehouse)
• Advertising & Communication- $29
• Program Expenses- $1,041
• Building/Facility Supplies- $2,712
• Utilities-$1,752
• Telephone/Internet- $471
Maintenance Expenses $10,089
• AC Repair - $6,050
• AC Maintenance - $2,105
• Rekey Building - $1,934
Attachment(s): Exhibit A - August 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