Title
A Resolution Of The Hollywood, Florida Community Redevelopment Agency (“CRA”), Adopting A Budget For The Downtown District Of The CRA And Making Appropriations For Fiscal Year 2027.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
This Resolution seeks approval for the Fiscal Year 2027 Operating Budget for the Hollywood Community Redevelopment Agency (“CRA”) Downtown District.
For Fiscal Year 2027 the Downtown District will operate on a non-TIF basis as agreed on via the Interlocal Agreement of October 3, 2018, between Broward County, the City of Hollywood, and the CRA. Per the terms of the Agreement, Broward County will make five (5) annual payments to CRA of $3,000,000.00 beginning on December 31, 2025.
This revenue will be utilized for expenses as permitted under Section 163.387(6) of the Florida Statutes. Other sources of revenue include investment revenue of $125,000.00 and an estimated carry forward balance of $11,920,420.00, bringing the total Operating Budget for the Downtown CRA to $15,045,420.00.
Fiscal Impact:
Sufficient revenues have been projected to support the anticipated operating expenditures in Fiscal Year 2027.
Recommended for inclusion on the agenda by:
Raelin Storey, CRA Executive Director