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File #: 18-0220 CRA    Version: 1 Name:
Type: CRA Discussion Status: Agenda Ready
File created: 1/8/2019 In control: Community Redevelopment Agency
On agenda: 1/15/2019 Final action:
Title: BUDGET AMENDMENT NO. 1, FY 2018-2019
Attachments: 1. Agenda Cover Report, 2. Exhibit A-Resolution No. 2019-01, 3. Exhibit B- CRA Budget Amend No. 1 FY18-19
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance & Operations Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: January 15, 2019

Title
BUDGET AMENDMENT NO. 1, FY 2018-2019

Body
Recommended Action:
Recommendation
Approve CRA Resolution No. 19-01 adopting Budget Amendment No. 1 for FY 2018-2019.

Body
Background:
Attached please find Resolution No. 19-01 Budget Amendment No. 1 - FY 2018-2019. The following are the budget line modifications that are being proposed in this amendment:

1. TIF- City revenue (G/L #4005) - A decrease of $5,849 was a result of the Palm Beach County Tax Appraiser’s property valuation dated 10/9/18.

2. TIF- County revenue (G/L #4010) - An increase of $4,948 was a result of Palm Beach County Tax Appraiser’s property valuation dated 12/3/18.

3. Proposed Financing (G/L#2833) - The line item was decreased $456,816 due to reallocation of funds included in FY 2018-2019 Budget Amendment No.1.

4. West Atlantic Redevelopment- Land Acquisition (G/L#5115) - The budget line item was decreased $1,000,000 based on the changes to the CRA’s land acquisition strategy in the West Atlantic Redevelopment Area discussed at the 10/9/18 CRA Board meeting.

5. Downtown Master Plan- SE 1st Street 2-way conversion- Signal (CIP) (G/L#5210) - The budget line item of $250,000 was added to the budget for this project as a carryforward from FY 2017-2018.

6. SW Neighborhood Plan- Village Square Elderly (GL#5306) - The balance remaining of $372,283 on the $2,700,000 loan for Village Square Elderly has been added to the budget.

7. Other- Land Acquisition (G/L#5610) - The budget line item was decreased $500,000 based on the changes to the CRA’s land acquisition strategy.

8. Economic Development- Community Resource Enhancement- A-GUIDE Funding (G/L#7376) - The budget line item was increased by $10,000 to account for the amounts awarded for A-GUIDE funding.

9. Economic Development- Incentives- Tennis Tournament Sponsorship...

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