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File #: R-CRA-2024-49    Version: 1 Name: DCRA FY25 Budget Amendment #1
Type: CRA Resolution Status: Agenda Ready
File created: 10/7/2024 In control: Regular Community Redevelopment Agency Meeting
On agenda: 11/6/2024 Final action:
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 2025; Revising Fiscal Year 2025 Revenues And Expenditures.
Attachments: 1. Reso-DCRA FY25 Budget Amendment.pdf, 2. DCRA Exhibit A.pdf, 3. DCRA Exhibit B.pdf, 4. DCRA Exhibit C.pdf, 5. R-CRA-2024-41 - FY 2025 Downtown District Budget.pdf
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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 2025; Revising Fiscal Year 2025 Revenues And Expenditures.

 

Strategic Plan Focus

Financial Management & Administration

 

 

Body

 

Staff Recommends: Approval of the attached Resolution.

 

 

Explanation:

On September 18, 2024, pursuant to Resolution No. R-CRA-2024-40, the CRA adopted a Budget for Fiscal Year 2025 for the Beach District of the CRA.  The Budget was adopted based on preliminary projections of Fiscal Year 2025 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 8, 2024, the final values and millage rates have been set.  The CRA Downtown District’s final taxable assessed value is $1,336,521,390, a decrease of $799,070 from the preliminary value of $1,337,295,460. 

 

 

Fiscal Impact:

Given the changes in the final assessed values, the total increment revenue to the Downtown Community Redevelopment Agency will decrease from $15,965,606 to $15,955,509, a loss of $10,097.    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