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 2017; And Providing For An Effective Date.
Body
Staff Recommends: Approval of the Attached Resolution
Explanation:
The Beach District of the CRA receives funding through what is known as Tax Increment Financing. This is a unique tool available to cities and counties for redevelopment activities and is determined by the dollar value of all real property within the boundaries of the Community Redevelopment Area as of a fixed date or "base year".
For Fiscal Year 2017 the projected taxable value for the Beach District of the Hollywood Community Redevelopment Agency is $3,013,491,360 and represents a 12.73% increase above the previous year's taxable value. Based on the increment value, the revenues to be generated for FY 2017 is projected at $31,675,639 and represents an increase of 15.59% over the prior year's revenue. The total increment revenue to the Beach Hollywood Community Redevelopment Agency is generated from four (4) separate taxing authorities: Broward County, the City of Hollywood, the South Broward Hospital District and the Children's Services Council. The chart below outlines the current millage rates of each taxing district and the increment revenue that is generated.
Taxing Authorities
Millage Rate
Increment Revenue
Broward County
5.4474
$12,769,958
City of Hollywood
7.4479
$17,459,589
Hospital District*
0.1623
$300,000
Children's Svc. Council
0.4882
$1,146,092
Grand Total
$31,675,639
*Note: Revenues generated from the Hospital District are capped at $300,000.
It should be noted that throughout September the various taxing authorities will formally adopt their millage rates so the increment revenue are subject to change (may increase or decrease).
Budget Highlights:
Total budget for the Beach CRA is projected to be $54,163,620. This includes $31,675,6...
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