TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance & Operations Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: November 13, 2018
Title
BUDGET AMENDMENT NO. 2, FY 2017-2018
Body
Recommended Action:
Recommendation
Accept and file.
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Background:
Attached please find Resolution No. 18-22 Budget Amendment No. 2 - FY 2017-2018. The changes in this amendment are mostly “housekeeping” (not highlighted) for year-ending September 30, 2018. The financial changes that are needed to finalize last year’s budget (FY 2017-2018) are highlighted in yellow and light blue. Many projects have been continued into the current fiscal year (FY 2018-2019) for completion and are highlighted in light blue. This is a normal situation in the course of ongoing projects with and will be reflected in the amendment to the Interlocal Agreement (ILA) for Construction/Professional Services- Capital Improvement Program (CIP).
The final anticipated dollar expenditures have been modified. The following are the major modifications that are being proposed in this amendment:
1. TIF- City revenue (G/L #4005) - A refund of $30,504 was paid to the City of Delray Beach as a result of the Palm Beach County Tax Appraiser’s final property valuation.
2. TIF- County revenue (G/L #4010) - A refund in the amount of $21,258 was paid to Palm Beach County as a result of the Palm Beach County Tax Appraiser’s final property valuation.
3. Revenue- In-Kind Rent (G/L #4255) - Hatcher Construction build-out the space they occupy in the 700 West Atlantic Avenue building (Units 710, 712, 714) at no cost to the CRA. The cost of the build-out ($59,186) was deducted (annual amount of $29,593) from the overall monthly payment, reducing the monthly rent payment to $1,500 per month over the 2-year term of the lease.
4. Ground Lease-Prime Hotel, LLC (Fairfield Inn) (G/L #4250) - Per the lease agreement, the CRA receives an annual payment which is equal to 2% of gross room sale...
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