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Home My WebLink AboutR-21-01 CRA BudgetCITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY RESOLUTION No. 21-01 A RESOLUTION OF THE CITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY (CRA) ADOPTING A BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2020 AND ENDING SEPTEMBER 30, 2021; MAKING FINDINGS; AUTHORIZING AMENDMENTS AND TRANSFERS; PROVIDING FOR CONFLICTS; PROVIDING FOR SCRIVENER'S ERRORS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Manager of the City of Sebastian has submitted a budget for the City of Sebastian Community Redevelopment Agency (CRA) for the Fiscal Year beginning October 1, 2020 and ending September 30, 2021; and WHEREAS, the budget includes the estimated expenditures necessary to carry out the functions of the CRA for the Fiscal Year beginning October 1, 2020, and ending September 30, 2021; and WHEREAS, the budget includes the estimated revenues to be received by the CPA during said period from all sources, including tax increment funding; and WHEREAS, the CRA has examined and carefully considered the proposed budget in a duly assembled meeting; NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BOARD OF CITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY: SECTION 1. The City of Sebastian Community Redevelopment Agency does hereby adopt, confirm and approve the budget attached hereto as Exhibit "A" as the budget for the CRA for the Fiscal Year beginning October 1, 2020 and ending September 30, 2021. SECTION 2. The governing board of the CRA does hereby find that: (a) The budget adopted has been prepared in accordance with generally accepted accounting principles; and (b) The estimated revenues to be received by the CRA during the Fiscal Year beginning October 1, 2020, and ending September 30, 2021 from all sources, including tax increment funding and reserves, equals the total of appropriations for expenditures in the budget during said period; and (c) The budget will regulate expenditures of the CRA and no expenditures or contracts for expenditures shall be made except in pursuance of budgeted appropriations; (d) The budget is adopted in accordance with Section 189.418, Florida Statutes. SECTION 3: In order to effect an orderly year-end closeout of all financial books and records for the CRA, the City of Sebastian City Manager is hereby authorized and directed to increase the corresponding line item appropriations in the budget to the extent of those purchase orders which shall have been issued prior to September 30, 2020, but shall not have been filled prior to that date, and is authorized and directed to pay all such purchase orders upon receipt of the goods or services therein specified from the funds so appropriated. The City of Sebastian City Manager is hereby further authorized and directed to increase the budget appropriations to the extent of any unexpended balances from state, federal or other grants as of the end of business on September 30, 2020, and to the extent of any unexpended balances, whether or not encumbered, outstanding in projects or programs as of the and of business on September 30, 2020 and all such balances shall be appropriated to the corresponding accounts in the same funds in which they were outstanding as of September 30, 2020; and the City Manager shall be authorized to expand such appropriations for the purposes approved by the CRA in connection with such state, federal or other grants, and projects. The City Manager shall, prior to December 31, 2020, report to the CRA all such purchase orders, grants and projects. Corresponding changes in the anticipated revenue accounts are hereby authorized. SECTION 4: The City Manager is hereby authorized and directed to maintain and amend the budget so as to reflect the anticipated revenue and the appropriation of, and expenditure of, all grant funds and bond proceeds committed to, or received by the CRA subsequent to September 30, 2020, and prior to October 1, 2021, in accordance with the directions of the CRA as to the appropriation and expenditure of such grants and bond proceeds as and when received. The City Manager shall have the authority to transfer appropriations from one line item to another line item of the budget, so long as the total appropriations shall not be increased thereby. Transactions affecting total appropriations, other than those authorized herein in other sections shall require the prior approval of the CRA. Any such transactions we subject to any restrictive statutes or ordinances, including those authorizing the issuance of any outstanding bonds. SECTION 5: CONFLICTS: All resolutions or parts of resolutions in conflict herewith are hereby repealed. SECTION 6: SCRIVENER'S ERRORS: Sections of this resolution may be renumbered or re -lettered and corrections of typographical errors which do not affect the intent may be authorized by the City Manager, or the City Manager's designee, without need of further action of City Council by filing a corrected copy of same with the City Clerk. SECTION 7: This Resolution shall become effective October 1, 2020. The foregoing Resolution was moved for adoption by CRA Board member Hill . The motion was seconded by CRA Board member Mcpartlan and, upon being put into a vote, the vote was as follows: Ed Dodd, Chairman aye Jim Hill aye Bob McPartlan aye Fred Jones ave Christopher Nunn ave The CRA Chairman thereupon declared this Resolution duly passed and adopted on this 28" day of September, 2020. ATTEST:: <I� Onette Williams, City Clerk CITY OF SEBASTI))))AN, FLORIDA By:i10 Ed Dodd, Chai rm Approved as to form and legality for the reliance by the City of Sebastian only: Manny Anon, E�""- M ` Jr_ Manny Anon, Jr., City Attorney EXHIBIT "A" to Resolution R-21-01 Page 1 of 2 CITY OF SEBASTIAN, FLORIDA 2020/2021 ANNUAL BUDGET COMMUNITY REDEVELOPMENT AGENCY City of Sebastian Community Redevelopment Agency was created by City Ordinance in 1995, pursuant to Section 163.387, Florida Statutes. The purpose of the Community Redevelopment Agency is the removal of blighted areas and the development of such areas, pursuant to the Community Redevelopment Act of 1969. COMMUNITY REDEVELOPMENT AGENCY REVENUES Code: 140010 Amended Account FY 16/17 FY 17/18 FV 18/19 FV 19/20 FY 19/20 FY 20/21 Number Description Actual Actual Actual Budeet Praiected Burl"I TAXES 338200 Tax Increment Revenue - Sebastian 181,631 181,652 183,130 182,732 182,732 208,819 338200 Tax Increment Revenue - County 160,610 184,879 201,086 235,084 220,508 235,065 TOTAL TAXES 342,241 366,532 384,216 397,816 403,240 443,894 MISCELLANEOUS REVENUE 361100 Interest Income 4,702 8,730 9,791 15,000 15,000 10,331 361105 SBA Interest Earnings 1,056 1,885 4,310 3,750 3,750 0 362100 Rents and Royalties 36,000 36,000 36,000 36,000 36,000 36,000 366000 Contributions & Donations 0 0 3,000 0 0 0 TOTAL MISCELLANEOUS REVENUE 41,758 46,615 53,101 54,750 54,750 46,331 NON -REVENUE SOURCES 381001 Transfer from General Fund 0 0 20,457 0 0 0 389991 Fund Balance Carried Famard 0 116,935 49,709 198,458 114,203 0 TOTAL NON -REVENUE SOURCES 0 116,935 70,166 198,458 114,203 0 TOTAL RIVERFRONT REDEVELOPMENT 393,999 530,082 507,484 651,024 572,193 490,215 EXHIBIT "A" to Resolution R-21-01 Page 2 of 2 CITY OF SEBASTIAN, FLORIDA 2020/2021 ANNUAL BUDGET COMMUNITY REDEVELOPMENT AGENCY EXPENDITURES Code: 140051 Amended Account FY 16/17 FY 17/18 FY 18/19 FV 1920 FY 1920 FY 20121 Number Description Actual Actual Actual Budget Projected Bud ct OPERATING EXPENDITURES 533100 Professional Services 5,000 5,000 5,000 5,000 5,000 5,000 533120 Consultants 0 0 19,705 256 256 0 533201 Admin Svcs Provided by the GF 13,202 87,740 90,372 99,076 99,076 89,725 533400 Other Contractual Services 0 37,013 192,224 166,944 160,000 88,722 534000 Travel and Per Diem 0 0 0 500 0 500 534320 Water and Sewer 0 0 365 0 0 0 534400 Rents and Leases 4,022 4,728 5,480 4,728 4,200 4,300 514699 Other Capital Maintenance Expense 6,178 18,706 35,466 20,000 10,000 20,000 534830 Special Events Expense 39,308 44,525 43,460 45,000 40,000 48,500 534920 Legal Ads 1,857 5,828 569 1,000 200 1,000 535310 Road Materials & Supplies 0 206 0 0 0 0 535410 Dues & Memberships 175 175 670 670 670 670 545450 Training and Education 0 0 0 500 395 400 535710 Non -Ad Valorem Taxes 2,067 1,990 2,928 1,350 1,396 1,400 TOTAL OPERATING EXPENDITURES 71,808 205,911 396,239 345,024 321,193 260,217 CAPITAL OUTLAY 606300 Improvements Other Than Buildings 0 0 0 133,000 133,000 0 606900 Infrastructure 0 0 0 3,000 3,000 0 TOTAL CAPITAL OUTLAY 0 0 0 136,000 136,000 0 GRANTS AND AIDS 820100 Fa9ade/Sign Improvement Program 0 34,676 0 70,000 15,000 40,000 820200 Sewer Connection Program 40,766 39,495 0 0 0 0 TOTAL GRANTS AND AIDS 40,766 74,171 0 70,000 15,000 40,000 NON -OPERATING 909101 Interfund Trfr to General Fund 001 0 0 0 0 0 0 909131 Interfund Trfr to CIP Fund 310 0 230,000 0 0 0 0 909132 Interfund Trfr to CIP Fund 320 0 0 0 0 0 45,000 909133 Interfund Trfr to CIP Fund 330 188,730 0 0 0 0 0 909363 Interfund Trfr to CIP Fund 363 0 0 111,245 100,000 100,000 0 909990 Unappropriated 82,695 0 0 0 0 144,998 TOTAL NON -OPERATING 271,425 250,000 111,245 100,000 100,000 189,998 TOTAL RIVERFRONT REDEVELOPMENT 383,999 530,082 507,484 651,024 572,193 490,215 Ma SES TIAN QSW HOME OF PELICAN ISLAND RIVERFRONT COMMUNITY REDEVELOPMENT AGENCY AGENDA TRANSMITTAL FORM COUNCIL MEETING DATE: September 28, 2020 AGENDA ITEM TITLE: Resolution No. R-21-01 Adopting the Riverfront Community Redevelopment Agency (CRA) Budget for the Fiscal Year 2020-2021 RECOMMENDATION: Move to Approve Resolution R-21-01 BACKGROUND: In accordance with Florida Statute 189.418(3), a Community Redevelopment Agency (CRA) should adopt a budget by resolution. The proposed budget for Fiscal Year 2020-2021, beginning October 1, 2020 and ending September 30, 2021, is included as EXHIBIT "A" to the Resolution for the CRA Board's consideration. The proposed budget for the CRA is $490,215. The total tax increment revenue is projected to be $443,884. The CRA budget is incorporated in the Annual Budget for the City of Sebastian as a Special Revenue Fund. IF AGENDA ITEM REQUIRES EXPENDITURE OF FUNDS: Total Cost: N/A Fund to Be Utilized for Appropriation: evi ^ I I Administrative Services Department Review:' I -v�j I Resolution R 20-01 EXHIBIT "A" - Riverfront Redevelopment Agency CRA Budget FY 2019-2020 City Purchasing Manager Review, if needed: N/A City ger th-o tion: Date: e: `T �2/ieotai