Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency (“CRA”) Adopting A Budget For The Beach District Of The CRA And Making Appropriations For The Fiscal Year 2025.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
This resolution seeks approval for the Fiscal Year 2025 Operating Budget for the Hollywood Community Redevelopment Agency (CRA) Beach District.
For Fiscal Year 2025 the projected taxable value for the Beach District of the Hollywood Community Redevelopment Agency is $4,669,167,850 and represents a 10.57% increase above the previous year’s taxable value. Based on the increment value, the TIF revenues for FY 2025 is projected at $52,730,403 and represents an increase of 12.15% above the prior year’s revenue. Other sources of revenue include an estimated carry forward balance of $33,887,966 and other revenues of $160,000, bringing the total Operating Budget for the Beach CRA to $86,778,369.
Fiscal Impact:
Sufficient revenues have been projected to support the anticipated operating expenditures in Fiscal Year 2025, which includes $13,876,422 in refunds to the three taxing authorities.
Recommended for inclusion on the agenda by:
Jorge Camejo, Executive Director