TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance & Operations Director
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: August 13, 2019
Title
PRELIMINARY FISCAL YEAR 2019-2020 CRA BUDGET UPDATE
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Recommended Action:
Recommendation
Accept and file.
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Background:
Attached please find an updated Preliminary FY 2019- 2020 Budget. The following are the major modifications subsequent to CRA Board Meeting on July 16, 2019.
1. Corey Isle Single Family Home Sales (G/L #4060) - The income budget line of $750,000 was added for the sale of 10 homes.
2. Modification were made to funds budgeted for land acquisitions. Total amount allocated is $500,000. The adjustments are as follows:
• West Atlantic- Land Acquisition (G/L #5115) - Decreased to $0.
• Other-Land Acquisitions GL#5610) - Increased from $300,000 to $500,000 as these funds can be utilized in all areas of the CRA district.
• Affordable Housing- Land Acquisition (G/L#6513) - Decreased to $0.
3. Carver Square Neighborhood Construction (G/L#6621) - The budget line was decreased from $6,000,000 to $0. CRA Staff is actively seeking alternative funding sources for this project, including grants, Corey Isle income, etc.
4. Curb Appeal Assistance Grant (G/L#7305) - The budget line was increased from $75,000 to $150,000.
5. CRA Grant Programs (G/L#7313)- Modification were made to CRA Grant Programs. Total amount allocated is $150,000. The grant programs include are Site Assistance, Business Assistance Startup, Paint-Up & Signage Assistance, and Project Consultancy & Design Services. The following grant programs removed from the budget are as follows:
• Community Sponsorship Program (G/L#7310)
• Historical Façade Assistance Grant (G/L#7312)
6. City Contractual Services- Planning, IT and Parking Management (GL#7331)- The funds ($110,000) were reassigned to City Contractual Services- IT Services (GL# 7340). An ILA for IT services will be based on actual service hours provided.
7. Innovative Policing (GL#73XX) - The funding was removed from the budget based on the Board feedback at the CRA Board Meeting on July 16, 2019.
Attachment(s): Exhibit A - Preliminary FY 2019-2020
CRA Attorney Review:
N/A
Finance Review:
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Funding Source/Financial Impact:
N/A