Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency (“CRA”), Amending The Annual Budget For The Downtown District Of The CRA For Fiscal Year 2024; Revising Fiscal Year 2024 Revenues And Expenditures.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution
Explanation:
On September 20, 2023, pursuant to Resolution No. R-CRA-2023-40, the CRA adopted a Budget for Fiscal Year 2024 for the Downtown District of the CRA. The Budget was adopted based on preliminary projections of Fiscal Year 2024 revenues and expenses and the resolution specifically set forth that the budget may be amended when final information is available and as may be otherwise advisable from time to time during the fiscal year.
Based on information received from the Broward County Property Appraiser on October 11, 2023, the final values and millage rates have been set. The CRA Downtown District’s final taxable assessed value is $1,174,185,450, an increase of $2,353,030 from the preliminary value of $1,171,832,420.
Fiscal Impact:
Given the changes in the final assessed values, the total increment revenue to the Downtown Community Redevelopment Agency will increase from $13,754,544 to $13,790,234 a gain of $35,690. As such, it is necessary to amend the annual budgeted revenues and expenditures as indicated.
Recommended for inclusion on the agenda by:
Jorge Camejo, Executive Director