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 $31,675,639 in TIF revenues, $22,352,981 in carry-forward funds from the prior year and $135,000 in other revenues.
Personal services are estimated to be $2,826,027, an increase of 16% from the previous year’s budget. Included in this category are the salaries and wages, benefits, health insurance and dental insurance for 80% of all staff except for those that only work specifically for the Beach District such as beach maintenance, code enforcement and visitor services.
Operating Expenditures are estimated to be $16,835,137. Included in this category are all the operations of the CRA including activities such as marketing/advertising, property improvement and hotel improvement programs, trolley operations, beach maintenance, capital projects maintenance and reimbursements to the general fund for policing, administration and construction management.
The Capital Outlay budget of $164,500 consists of small capital improvement project costs, and funding for motor vehicle purchases as well as beach maintenance equipment. Major Capital Improvements Projects ($27,124,331) includes projects such as undergrounding of overhead utilities, construction of a new parking garage, beach re-nourishment, lifeguard towers replacement, and dune restoration.
Staff recommends approval of the FY 2017 operating budget.
Recommended for inclusion on the agenda by:
Jorge Camejo, Executive Director
Yvette Scott-Phillip, Budget Manager