Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency (“CRA”), Amending The Annual Budget For The Beach 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-BCRA-2023-39, the CRA adopted a Budget for Fiscal Year 2024 for the Beach 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 taxable values and millage rates have been established. The CRA Beach District’s final taxable assessed value is $4,222,737,730, an increase of $529,110 from the preliminary value of $4,222,208,620.
Fiscal Impact:
Given the changes in the final assessed values, the total increment revenue to the Beach Community Redevelopment Agency will increase from $47,012,864 to $47,018,796. When adjusted for the refund to taxing authorities, this will result in a net gain of $4,371. 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