TO: CRA Board of Commissioners
FROM: Lori Hayward, Finance & Operations Director
THROUGH: Renée A. Jadusingh, Esq., Executive Director
DATE: February 25, 2020
Title
BUDGET AMENDMENT NO. 1, FY 2019-2020
Body
Recommended Action:
Recommendation
Approve CRA Resolution No. 20-01 adopting Budget Amendment No. 1 for FY 2019-2020.
Body
Background:
Attached please find Resolution No. 20-01 Budget Amendment No. 1 - FY 2019-2020. The following are the major budget line modifications that are being proposed in this amendment:
1. TIF- City revenue (G/L #4005) - A decrease of ($166,706) was a result of the Palm Beach County Tax Appraiser’s property valuation dated 10/8/19.
2. TIF- County revenue (G/L #4010) - An increase of $20,184 was a result of Palm Beach County Tax Appraiser’s property valuation dated 10/8/19.
3. Reimbursements- Other revenue (G/L#4750) - The budget line of $28,385 was added for reimbursements as follows:
a. Property insurance and property taxes from DBCLT for the CRA property they manage- $27,385.
b. Miscellaneous reimbursements - $1,000
4. West Atlantic Redevelopment- Project Development/Implementation (G/L#5120) - The budget line item of ($70,000) was reassigned to Carver Square Workforce Development (G/L #6621).
5. The following Projects were adjusted as follows:
a. Old School Square Campus/Park Improvements (CIP) (GL#5201) - The budget line was decreased by ($38,000) based on actual cost of the project.
b. Downtown Master Plan- NE 3rd Street/Avenue Improvements (CIP) (GL#5251) - The budget line was increased by $651,298 based on actual cost of the project.
c. SW 3rd Ct, 4th St, 6th St, 7th Ave-Reconstruction (CIP) (G/L #5351) - The budget line was decreased by ($2,400,000) based on actual cost of the project.
d. Osceola Park Neighborhood (CIP) (G/L #5510) - The budget line was decreased by ($500,000) based on actual cost of the project.
e. Other-Sidewalks-NW/SW Neighborhood (CIP) (G/L #5650) - The budget line of $95,000 wa...
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