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File #: 18-0277 CRA    Version: 1 Name:
Type: CRA Report Status: Agenda Ready
File created: 3/6/2019 In control: Community Redevelopment Agency
On agenda: 3/12/2019 Final action:
Title: CRA FINANCIAL REPORT - DECEMBER 2018
Attachments: 1. Agenda Cover Report, 2. Exhibit A- CRA Financial Statements December 2018
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TO:                                           CRA Board of Commissioners

FROM:                       Lori Hayward, Finance and Operations Director

THROUGH:                      Jeff Costello, CRA Executive Director

DATE:                      March 12, 2019

 

Title

CRA FINANCIAL REPORT - DECEMBER 2018

 

Body

Recommended Action:

Recommendation

Receive and File.

 

Body

Background:

Attached are the December 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 December:

1.                     Tax Increment Financing-TIF-City of Delray Beach (G/L #4005) - Fiscal year 2018-2019 TIF revenue in the amount of $13,061,154 was received from the City of Delray Beach.

 

2.                     Tax Increment Financing - TIF- Palm Beach County (G/L #4010) - Fiscal year 2018-2019 TIF revenue in the amount of $9,236,945 was received from Palm Beach County.

 

3.                     CRA Administration Sources-City National LOC (G/L #4400) - A final draw of $1,950,000 was made from the CRA’s Line of Credit with City National Bank.

 

4.                     CRA Administration Sources- Reimbursement-Other (G/L #4750) - Reimbursements that total $24,611 included:

                     FMIT reimbursement for FY 2016-2017 insurance premium- $10,135

                     DBCLT reimbursement to the CRA for property insurance for Palm Manor and the SW 12th Avenue Duplexes- $13,934

                     Property tax reimbursement- $542

 

5.                     Redevelopment Sites-Maintenance (G/L #6303) - Payments totaling $36,869 were made to the following vendors for maintenance services:

                     Sod Unlimited, Inc. - $28,571

                     From Green to Greener, Inc. - $2,230

                     Island Air Conditioning - $230

                     Waste Management Inc.- $231

                     Carson Fence- $547

                     Raymond Graves & Sons Construction- $4,500

                     Hulett Environmental Services, Inc.- $450

                     Miscellaneous - $110

 

6.                      Redevelopment Sites-Property Insurance (G/L #6310) - A second payment for fiscal year 2018-2019 in the amount of $26,154 was made to Florida Municipal Insurance Trust.

 

7.                     Debt Service-City-US1 Corridor Improvements (G/L #8606)- A loan payment in the amount of $210,075 was made to the City of Delray Beach.

 

 

Attachment(s): Exhibit A - December 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