TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance & Operations Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: May 14, 2019
Title
BUDGET AMENDMENT NO. 2, FY 2018-2019
Body
Recommended Action:
Recommendation
Approve CRA Resolution No. 19-07 adopting Budget Amendment No. 2 for FY 2018-2019.
Body
Background:
Attached please find Resolution No. 2019-07 Budget Amendment No. 2 - FY 2018-2019. Minor adjustments to the budget are highlighted in light blue. The following items highlighted in yellow are significant modifications or new budget lines added and are being proposed in this amendment:
1. Revenue- In-Kind Rent (G/L #4255) - The budget line of $29,593 was added for the in-kind rent for the space Hatcher Construction rents from the CRA. 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 from the overall monthly payment (annual amount of $29,593), reducing the monthly rent payment to $1,500 per month over the 2-year term of the lease.
2. Proposed Funding (G/L #2833) - The budget line was reduced by $2,750,771 and the need will be determined during the FY 2019-20 budget process.
3. General Carryforward Fund (G/L#4500) - The budget line was increased $4,387,774 which reflects the final general carryforward of $11,365,186 included in the FY 17-18 audit.
4. Reimbursements - Other (G/L#4750) - The budget line of $76,635 was added for reimbursements as follows:
a. Property insurance from DBCLT for the CRA property they manage- $25,956
b. Property insurance from FMIT for FY16- 17 & FY 17-18 - $10,456
c. Property tax refunds - $10,313
d. Solid Waste Authority grant (50%) - $27,029
e. Block 60 Condominium Association audit reimbursement- $1,210
f. Miscellaneous reimbursements - $1,671
5. The following Projects were adjusted as follows:
a. Old School Square Campus/Park Improvements (CIP) ...
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