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File #: 18-0552 CRA    Version: 1 Name:
Type: CRA Report Status: Agenda Ready
File created: 2/10/2020 In control: Community Redevelopment Agency
On agenda: 2/25/2020 Final action:
Title: BUDGET AMENDMENT NO. 1, FY 2019-2020
Attachments: 1. Agenda Cover Report, 2. Exhibit A- FY 2019-2020 Budget Amendment No. 1, 3. Exhibit B - FY 2019-2020 Budget Amendment No. 1
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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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 was added for the completion of the Sidewalks in the CRA District Project.

f.                     Community Improvements & Economic Development- Alley Clearing (CIP) (G/L #7330) - The budget line was increased by $50,000 for alley clearing.

 

 

 

6.                     Downtown Master Plan- NE 3rd Street/Avenue Infrastructure Improvement Grant G/L#5252) - The budget line item of $250,000 was added for an Infrastructure Improvement Grant (watermain) with 324 Lofts, LLC and Del Park, LLC.

 

7.                     Carver Square Neighborhood- Carver Square Workforce Housing Development (G/L #6621) - The budget line was increased by $1,700,000 for a total of $2,700,000 for the construction of the Carver Square Workforce Housing development.

 

8.                     Economic Development- Incentives- Economic Development Staff (G/L#7341) - The budget line item was decreased ($62,500) as the positions remain open.

 

9.                     Economic Development- Community Resource Enhancement- A-GUIDE Funding (G/L#7376) - The budget line item was decreased by ($87,500) based on the amounts awarded for A-GUIDE funding.

 

10.                     Administration-Office Space Maintenance (G/L#8307) - The budget line item was decreased ($100,000) and reassigned to the Capital Outlay (G/L#8405)-CRA Historic Wellbrock House interior and exterior renovations.

 

11.                     Administration/Operations- Capital Outlay (G/L#8405) - The budget line item was increased $450,000 for the CRA Historic Wellbrock house interior and exterior renovations. 

 

 

 

Attachment(s): Exhibit A - Resolution No. 2020-01 - Budget Amendment No. 1 FY 2019-2020; Exhibit B - FY 2019-2020 Budget Amendment No. 1

 

CRA Attorney Review:

N/A

 

Finance Review:

N/A

 

Funding Source/Financial Impact:

N/A