HomeMy WebLinkAbout03-20-2024 CRA AgendaPUBLIC INPUT
The heading on Regular Meeting agendas `Public Input' provides an opportunityfor individuals
to bring NEW INFORMATION OR REQUESTS TO C1TY COUNCIL NOT OTHERWISE ON
THE PREPARED AGENDA. Individuals are asked to resolve matters with staff prior to
meetings. Individuals are asked to provide copies of materials for Council one week prior to the
meeting if they intend to refer to specific material. City Council will not debate an issue during
Public Input but may by consensus direct a Charter Officer in regard to the item if necessary or
place a requested item on a f ture agenda.
8. RECESS THE CITY COUNCIL MEETING AND CONVENE THE COMMUNITY —
REDEVELOPMENT AGENCY MEETING
A. Approval of Minutes — January 24, 2024 CRA Meeting
B. Annual Sebastian CRA Report FY 22/23 (Transmittal, Report)
9. ADJOURN THE COMMUNITY REDEVELOPMENT AGENCY MEETING AND —
RECONVENE THE CITY COUNCIL MEETING
10. CONSENT AGENDA
All items on the consent agenda are considered routine and will be enacted by one motion. There
will be no separate discussion of consent agenda items unless a member of City Council so
requests; in which event, the item will be removed and acted upon separately. If a member of the
public wishes to provide input on a consent agenda item, he/she should request a Council
Member to remove the item for discussion prior to start of the meeting or by raising his/her hand
to be recognized.
A. Approval of Minutes — February 14, 2024 Regular City Council Meeting
B. Approval of Minutes — February 28, 2024 Regular City Council Meeting
C. Annual Sebastian CRA Report FY 22/23 (Transmittal, Report)
D. Approval of Amendment to the ADS-B Tower Lease Agreement with L3Harris
Technologies (Transmittal, Amendment, Lease)
E. Alcohol Beverage Approval (Transmittal, Application, Receipt)
F. Alcohol Beverage Approval (Transmittal, Application, Receipt)
11. COMMITTEE REPORTS & APPOINTMENTS
City committee reports and Council Member regional committee reports. No public
input or action except for City committee member nominations and appointments under
this heading.
A. Natural Resources Board (Transmittal, Application, List, Advertisement)
SEBASTIAN
(ENTENNIAE (1118RATION
1914.1014
COMMUNITY REDEVELOPMENT AGENCY
1225 Main Street, Sebastian, FL 32958
The attached January 24, 2024 Community Redevelopment Agency minutes were
approved at the March 20, 2024 Community Redevelopment Agency meeting.
Chairman Ed Dodd
KV401*19
Jeanette Williams, City Clerk
Regular City Council
& CRA Meeting
January 24, 2024
Page 3
8. Mayor Dodd recessed the City Council meeting at 6:28 p.m. and convened the —
Community Redevelopment meeting.
A. Motion by Mr. Jones and SECOND by Mr. McPartlan to approve the minutes of
the December 13, 2023 CRA Meeting with a unanimous voice vote of 5-0.
24.015 B. Anurove the Design of the Sebastian Lagoon Walk Kiosks to be Placed Alone
Indian River Drive in the CRA District (Transmittal. Details)
The City Manager said the City's Signage Master Plan was approved in July 2020 that
included funding for kiosks along Indian River Drive. He said the consultant developed
the design presented to them tonight noting there will be three kiosks along Indian River
Drive. There was no public input.
MOTION by Mr. Jones and SECOND by Chairman Dodd to recommend approval of the
design to City Council passed with a unanimous voice vote of 5-0.
6:35 pm
24.016 C. ADDrove Grant Administration Services from CoastalWide LLC for the Working
Waterfront Expansion. Phase 1 (Transmittal. CSA#3. Agreement)
The City Manager said staff was seeking approval for grant administration services for
the Working Waterfront permitting, design and engineering services to expand the
existing area and provide additional dockage for commercial fishing vessels. Mayor
Dodd added that there are some aquatic commercial businesses just south of the
expansion area that will be able to use the new docks.
The Community Development Director explained this was the first step to design the
docks before they move to construction.
In response to Nicolette Mariano, owner of Treasure Coast Shellfish, the Community
Development Director confirmed that the dockage will be used for other aquaculture
businesses.
MOTION by Mr. Nunn and SECOND by Vice Chair Dixon to recommend to City
Council to approve the grant administration services from CoastalWide LLC for the
Working Waterfront Expansion passed with a unanimous voice vote of 5-0.
9. Chairman Dodd adjourned the Community Redevelopment Agency meeting and
reconvened the City Council meeting at 6:39 p.m.
10. CONSENT AGENDA
A. Approval of Minutes — January 10, 2024 Regular City Council Meeting
\ �1
lon
SEBASTIAN
CRA BOARD AGENDA TRANSMITTAL
Council Meetine Date: March 20, 2024
Aeenda Item Title: Annual Sebastian CRA Report FY 22/23
Recommendation: Recommend that City Council accept the Annual Sebastian CRA Report
2023
Backeround: Florida Statutes require the Community Redevelopment Agency to file a
report of activities to the primary government each year. The annual Sebastian Community Redevelopment
Agency report of activities for the fiscal year ending September 30, 2023 is presented to the Community
Redevelopment Agency Board of Directors for review and recommendation that City Council approve the
Report.
Following acceptance by the City Council, the report will be published on the agency's website and sent to
the taxing agencies.
If Aeenda Item Requires Expenditure of Funds:
Budgeted Amount: N/A
Total Cost: N/A
Funds to Be Utilized for Appropriation: N/A
Attachments: Sebastian CRA FY 22/23 Annual Report
Administrative Services Department Review:
City Attorney Review:/ / vV-k-�t
Procurement Division Review, if applicable: Ni'+
City Manager Authorization:
Date: )h )%aoay ,
SEBASTIAN RIVERFRONT
COMMUNITY REDEVELOPMENT AGENCY
ANNUAL REPORT
Chapter 163.371 Florida Statute
cn OF
SEBAST!tN
HOME OF PELICAN ISLAND
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2023
1225 MAIN STREET
SEBASTIAN, FLORIDA 32958
Riverfront CRA Annual Report 2023
SEBASTIAN RIVERFRONT
COMMUNITY REDEVELOPMENT AGENCY
ANNUAL REPORT
TABLE OF CONTENTS
Letter of Transmittal
List of Principal Official's
History
Exhibit I - Sebastian CRA Boundary
Accomplishments
FY 2023 Sebastian CRA Performance Activities
Table I — Performance Activities 2023
Table II — Fagade, Sign, & Landscape Grant
t
ii
I
2
3
4
4
5
Tax Increment Revenues 5
Exhibit II — Operating Millage Rates in Redevelopment Area 6
Exhibit III — Taxable Value in Redevelopment Area 7
Exhibit IV — Tax Increment Revenue 8
Financial Statements 9
Balance Sheet 9
Statement of Revenues, Expenditures, and Changes in Fund Balances 10
Budget and Actual 11
Riverfront CRA Annual Report 2023
CmOF
SEBASTLAN
HOME OF PELICAN ISLAND
March 20, 2023
Sebastian Community Redevelopment Agency Board Chairman and Members
City of Sebastian, Florida
Dear Board Members:
We are pleased to submit the Annual Activity Report of the Sebastian Community Redevelopment Agency for
the fiscal year ended September 30, 2023. In accordance with Chapter 163.371 Florida Statutes, each CRA is
required to file with its governing body on or before March 31 each year a report of its activities for the
preceding fiscal year. This report shall include a complete financial statement setting forth its assets, liabilities,
income, and operating expenses as of the end of such fiscal year. In addition to meeting this legal requirement,
the report provides additional information concerning the benefits afforded by the agency to other jurisdictions
and citizenry in general.
Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation,
including all disclosures, rests with the management of the City. We believe the data, as presented, is accurate
in all material respects, and that all disclosures necessary to enable the reader to gain an understanding of the
Sebastian CRA's operation and financial activity have been included.
Respectfully submitted,
Alix Bernard
Community Development Director/CRA Manager
City of Sebastian
Kenneth W. Killgore
Administrative Services Director
City of Sebastian
Riverfront CRA Annual Report 2023
Chairman
Vice Chairman
Board Member
Board Member
Board Member
LIST OF PRINCIPAL OFFICIALS
Community Redevelopment Board
As of
September 30, 2023
Fred Jones
Christopher Nunn
Kelly Dixon
Ed Dodd
Bob McPartlan
Riverfront CRA Annual Report 2023
History of the Sebastian Communitv Redevelopment A2encv (Sebastian CRAJ
The Sebastian Community Redevelopment Agency (Sebastian CRA) was created in 1995 by the City of Sebastian City
Council under Chapter 163, Part III of the Florida Statutes. The original Sebastian CRA includes an area generally
bounded on the north, south and east by the City limits as of 1995, and on the west by the FEC Railroad right-of-way.
The Sebastian CRA was established to ensure that the downtown and surrounding vicinity would develop with a coherent
community vision, and to encourage reinvestment throughout the CRA. The area later was expanded in 2003 to include
the Sebastian Boulevard "Triangle" area west of the FEC Railroad right-of-way, which includes industrial and
commercial land use. The total Sebastian CRA land area is approximately 398 acres (Exhibit 1). Excluding road rights -
of -way, zoning and land use covers approximately 299 acres.
The governing body of the Sebastian CRA is the Sebastian City Council. The CRA Board is comprised of five (5)
members. Under the State Statutes and the City ordinances, the Sebastian CRA has substantial powers and authority
within the Sebastian CRA area. These include the power to make and execute contracts, to acquire and dispose property,
to approve development plans, to implement a program of voluntary or compulsory rehabilitation of buildings, to
mortgage its property, to borrow and invest money, and to apply for and accept grants and contributions.
The major funding source for the Sebastian CRA is tax increment revenue. Tax increment revenue is the increase in ad
valorem tax attributed to the increase in the assessed property value over a set `base year" for the redevelopment area. The
government jurisdictions remitting tax increment revenue to the Sebastian CRA are the City of Sebastian and the Indian
River County Board of County Commissioners.
After the establishment of the Sebastian CRA in 1995, the City established the Redevelopment Trust Fund and the base
year for tax increment revenues as well as adopted the 1995 Community Redevelopment Plan. The boundary was later
expanded to include the adjacent Sebastian Boulevard "Triangle" area in 2003, establishing a new base year for this area
of the CRA. The redevelopment plan was also modified on behalf of the Sebastian CRA in 2003, unifying the 1995
Sebastian CRA boundary and the expansion area as one cohesive CRA. The Master Plan was again updated in 2010,
presenting conceptual district recommendations, potential policy amendments, and capital improvements intended to meet
the City's redevelopment goals.
Termination of Sebastian CRA (F.S.163.37551
A community redevelopment agency in existence on October 1, 2019, shall terminate on the expiration date provided in
the agency's charter on October 1, 2019, or on September 30, 2039, whichever is earlier. Unless the governing body of
the County or municipality that created the community redevelopment agency approves its continued existence by a
majority vote of the members of the governing body, the Sebastian CRA shall sunset on September 30, 2039.
Riverfront CRA Annual Report 2023 — 1
5 * m Community Redevelopment Area
C'I1-Y OF SEBASTIAN, I,
Q
.1
TOTAL
CRA LAND AREA
398 ACRES
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Riverfront CRA Annual Report 2023 — 2 —
Accomplishments of the Sebastian Community Redevelopment Aaencv (Sebastian CRA)
The Sebastian CRA is treated as a special revenue fund of the City. An independent financial audit by an external CPA
firm has been accomplished annually to be in compliance with Section 163.387(8), Florida Statutes. An annual budget is
also adopted by the Sebastian CRA Board to be in compliance with Section 189.418(3). The Sebastian CRA has
continued to move towards achievement of the goals set out in the adopted Community Redevelopment Master Plan
(2010). Since the establishment of the original Sebastian CRA in 1995, numerous projects have been accomplished.
Accomplishments are as follows:
❑ Completed Riverview Park Phase I, boat dock, landscaping, and shoreline stabilization project in 2001.
❑ Developed community redevelopment master plan in 2003.
❑ Completed Jackson Street extension, sidewalk, and street light project in 2004.
❑ Completed improvements to the Yacht Club including the finger pier project.
❑ Completed construction on the Indian River Drive/Main Street intersection project.
❑ Established a Fagade, Sign and Landscaping matching grant program.
❑ Received contribution from the Clambake Foundation and provided the balance of funding for the Flag Pole
project, which enhanced the view at the western entrance to the CRA area.
❑ Contributed $20,000 to a film production about the story of Pelican Island.
❑ Constructed information boards at Riverview Park and at the Main Street Boat Ramp Park.
❑ Updated the CRA Master Plan in 2010.
❑ Provided matching funds to the Stan Mayfield Grant that was used for the purchase of the Working Waterfront
Properties. Executed lease with Crab E. Bills for a commercial retail fish market and a retail commercial limited
food service "Eatery".
❑ Established a Sewer Connection Grant Program in 2015 to encourage septic to sewer conversions and reduce
pollution into the Indian River Lagoon. Obtained funding assistance from IRLNEP for the Septic to Sewer
assistance program in 2018 to the present.
❑ Completed roadway improvements to the Presidential Streets and Baffle Box installation for improved water
quality at the outfalls.
❑ Completed repairs to the CavCorp boat parking property.
❑ Completed a Riverfront Parking Study in 2011 resulting in the establishment of the Parking -in -lieu program for
parking within right-of-way of business district.
❑ Provided continued financial support for many events within the Riverfront District that attract many participants,
providing revenue to our local businesses since 2000 including: Pelican Island Festival, Earth Day, Clam Bake,
Shrimpfest, Concerts in the Park Series, and Fine Art Festival.
❑ Provided funding for Holiday decorations to enhance attraction to business district during holiday season.
❑ Acquired property along the Indian River shoreline for preservation as an extension of public property.
❑ Re -paved Indian River Drive and improved drainage swales and provided new enhanced pedestrian cross walks.
❑ Funded necessary repairs to the Working Waterfront historic property including: historic building repairs; new
elastic coating roof; new plumbing and dock maintenance.
❑ Funded Submerged Land Leases for continued waterfront access and riverfront activities.
❑ Completed design work on the Landscape and Signage for the Working Waterfront and CRA District.
❑ Completed conceptual park design and canopy tree preservation plan for Riverview Park that included: trees,
sidewalks, parking, and event areas.
❑ Initiated Sign Master Plan design by incorporating compatible public property identification signs throughout
Riverfront CRA District.
❑ Completed Riverview Park Sidewalks per the Park Master Plan.
❑ Continued implementation of the Sign Master Plan for the Working Waterfront and Riverfront CRA District.
❑ Completed construction of the Working Waterfront Shoreline Protection and Commercial Fishing Distribution
Center Parking Lot Improvement Plan.
❑ Completed Florida Inland Navigation District funds reporting for Fisherman's Landing Working Waterfront Park.
❑ Completed pedestrian walking trail connection from US Hwy 1 to Indian River Drive by constructing sidewalk on
N. Central Avenue as part of CDBG action plan.
❑ Continued funding of improvements to Riverfront Park including irrigation and landscape.
❑ Worked with FDOT on Complete Streets design for pending improvement project on US Hwy 1.
Riverfront CRA Annual Report 2023 — 3
FY 2023 Sebastian CRA Performance Activities
Major activities and accomplishments of the Sebastian CRA in 2023 are shown in TABLE I and described below.
❑ Provided funding for Holiday decorations to enhance attraction to business district during holiday season.
❑ Continued funding grant programs that support public private projects including: the Facade, Sign and Landscape
grant program (TABLE II).
❑ Funded Submerged Land Leases for continued waterfront access and riverfront activities.
❑ Continued implementation of the Sign Master Plan for the Working Waterfront and Riverfront CRA District.
❑ Completed Florida Inland Navigation District funds reporting for Fisherman's Landing Working Waterfront Park.
❑ Provided waterfront/streetscape maintenance & facility improvements.
❑ Continued funding of improvements to Riverfront Park including irrigation and landscape.
❑ Worked with FDOT for pending improvement project on US Hwy 1.
❑ Completed CRA Master Plan update.
TABLE I —PERFORMANCE ACTIVITIES
Sign Master Plan implementation
Working Waterfront Maintenance &
Improvements
Marketing and Events
Business Assistance Programs
Waterfront/Streetscape
Maintenance & Improvement
Submerged Land Leases
*Includes other funding sources.
ACTIVITY I CRA PLAN I ACHIEVEMENT I AMOUNT
Installation Page 21, 23, 31, 51 On -going
Maintenance Page 20, 22, 31, 51 On -going
$15,266.00*
$19,044.00
Promotion
Page 23, 51
On -going
$45,369.00
FSL Grants
Page 24, 50, 51
On -going
$46,593.00
Maintenance I Page 20, 23, 33, 37 On -going
Maintenance I Page 20, 22, 31, 51 Annual
TABLE II
Facade. Sign. & Landscape Grant
Account Summary FY 2022/2023
$109,527.00
$4,429.00
1. 1 Robin Raiff Team 1101 U.S. Highway 1 7/27/2022 $9,992.53 Under
Construction
2. 1 Suzanne Wille Studios
3. 1 District 2780, LLC
Less funds disbursed
Available Funds Remaining
1103 U.S. Highway 1
1105 U.S. Highway 1
$33,544.29
Riverfront CRA Annual Report 2023 — 4 —
7/27/2022 $12,468.55
7/27/2022 $11,083.21
Under
Construction
Under
Construction
Tax Increment Revenue
The tax increment revenue is determined annually as 95 percent of the difference between: (a) the amount of ad valorem
taxes levied each year by each taxing authority contributing to the Sebastian CRA on taxable real property contained
within the redevelopment area, exclusive of the following entities:
Florida Inland Navigation District
Indian River County Mosquito Control District
Indian River County Hospital Maintenance District
School District, and associated General Obligation Debt funded by ad valorem taxes
Indian River County Land Acquisition Bond General Obligation Debt
Emergency Services Dependent Taxing District
St. Johns River Water Management District
Sebastian Inlet Taxing District
and (b) the amount of ad valorem taxes which would have been generated by the rate at which the tax is levied each year
by the taxing authority, exclusive of the following entities:
Florida Inland Navigation District
Indian River County Mosquito Control District
Indian River County Hospital Maintenance District
School District, and associated General Obligation Debt funded by ad valorem taxes
Indian River County Land Acquisition Bond General obligation Debt
Emergency Services Dependent Taxing District
St. Johns River Water Management District
Sebastian Inlet Taxing District
upon the total of the assessed value of the taxable real property in the community redevelopment area as shown on the
assessment roll used by each taxing authority prior to March 22, 1995, the effective date of the ordinance creating the
Redevelopment Trust Fund. Indian River County Board of County Commissioners and the City of Sebastian currently
make tax increment payments into the Sebastian CRA Trust Fund.
The City's millage decreased from $5.00 per $1,000 in FY 2001 to $2.9050 per $1,000 in FY 2023. The millage for
Indian River County has been decreased from $4.1014 per $1,000 in FY 2001 to $3.5475 per $1,000 in FY 2023. Rates
from 2001 through 2023 are presented in Exhibit III below.
Riverfront CRA Annual Report 2023 � 5
Exhibit 11
Sebastian Community Redevelopement Agency
Operating Millage Rates in Redevelopment Area
Fiscal Year
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
10.0000
9.0000
8.0000
7.0000
0 6.0000
5.0000
4.0000
3.0000
1- 2.0000
1.0000
Indian
City
Total
River
of
Millage
Co un
Sebastian
Applied
4.1014
5.0000
9.1014
4.0501
4.5904
8.6405
3.8729
4.5904
8.4633
3.8377
4.5904
8.4281
3.6233
4.5904
8.2137
3.5204
3.9325
7.4529
3.1914
3.0519
6.2433
3.0202
2.9917
6.0119
3.0202
3.3456
6.3658
3.0892
3.3456
6.4348
3.0892
3.3041
6.3933
3.0892
3.3041
6.3933
3.0892
3.7166
6.8058
3.2620
3.7166
6.9786
3.3375
3.8556
7.1931
3.3602
3.8556
7.2158
3.3602
3.8000
7.1602
3.4604
3.4000
6.8604
3.4604
3.1514
6.6118
3.5475
2.9399
6.4874
3.5475
3.1514
6.6989
3.5475
3.0043
6.5518
3.5475
2.9050
6.4525
Total Tax Increment Millage Applied
Fiscal Year
Source: City of Sebastian Administrative Services Department
The initial implementation of the tax increment financing was for the Fiscal Year 2001 and its base year value was set at
the taxable value for 1994. When the CRA area was expanded, the base year value for the expanded area was set at the
taxable value for 2003. As a result, by Fiscal Year 2005, the total incremental value was $36,862,574. As compared to the
Fiscal Year 2023 total incremental value of $70,979,320, the incremental value of the redevelopment area increased by
92.6% since Fiscal Year 2005. The taxable values in redevelopment area from 2001 through 2023 are presented in Exhibit
III below.
Riverfront CRA Annual Report 2023 - 6 -
Exhibit III
Sebastian Community Redevelopement Agency
Taxable Value in Redevelopment Area
% Change in
Taxable
Base Year
Incremental
Incremental
Fiscal Year
Value
Value
Value
Value
2001
$45,834,920
$34,959,870
$10,875,050
2002
58,263,740
34,959,870
23,303,870
114.29%
2003
58,844,190
34,959,870
23,884,320
2.49%
2004
66,307,980
34,959,870
31,348,110
31.25%
2005
78,424,554
41,561,980
36,862,574
17.59%
2006
89,418,550
41,561,980
47,856,570
29.82%
2007
134,755,060
41,561,980
93,193,080
94.73%
2008
129,700,130
41,561,980
88,138,150
-5.42%
2009
127,735,740
41,561,980
86,173,760
-2.23%
2010
111,909,020
41,561,980
70,347,040
-18.37%
2011
90,533,980
41,561,980
48,972,000
-30.39%
2012
83,558,060
41,561,980
41,996,080
-14.24%
2013
82,753,350
41,561,980
41,191,370
-1.92%
2014
82,598,780
41,561,980
41,036,800
-0.38%
2015
84,939,810
41,561,980
43,377,830
5.70%
2016
91,018,390
41,561,980
49,456,410
14.01%
2017
91,875,329
41,561,980
50,313,349
1.73%
2018
97,801,122
41,561,980
56,239,142
11.78%
2019
102,731,140
41,561,980
61,169,160
8.77%
2020
106,989,123
41,561,980
65,427,143
6.96%
2021
108,269,522
41,561,980
66,707,542
1.96%
2022
111,457,189
41,561,980
69,895,209
4.78%
2023
112,541,300
41,561,980
70,979,320
1.55%
Tax Increment Values
100.0
90.0
80.0 I
O 70.0
0 60.0 I
0 50.0 — —
w 40.0 — —
0 30.0 — —
20.0 —
10.0 —
0.0
$`11° ti°°ti°°bti°°P $1)°ti°°ti°°ti°�11 f ;P rp $Z rp 1Z 11)1°�ti°titi°ti2°�P
Fiscal Year
Source: City of Sebastian Administrative Services Department
Based on the millage rates and significant increases in taxable values, the tax increment revenue has risen dramatically.
The total tax increment revenue in 2001 was $94,029. The required tax increment revenue in 2023 has increased to
$469,960. However, this is a 27.04% decrease from the highest year of 2007 when the total was $552,741. The tax
increment revenues for the redevelopment area for the Fiscal Year 2001 through 2023 are presented in Exhibit IV below.
Riverfront CRA Annual Report 2023 — 7 —
Exhibit IV
Sebastian Community Redevelopement Agency
Tax Increment Revenue
Indian
City
River
of
Fiscal Year
COun
Sebastian
2001
$42,373
$51,656
2002
89,664
101,625
2003
87,877
104,157
2004
114,289
136,705
2005
126,886
160,753
2006
160,051
178,786
2007
282,546
270,195
2008
252,885
250,499
2009
251,236
273,888
2010
206,450
223,585
2011
143,720
153,900
2012
123,248
131,821
2013
120,886
145,437
2014
127.169
144,891
2015
137,535
158,885
2016
157,874
181,150
2017
160,610
181,631
2018
184,879
181,652
2019
201,086
183,130
2020
220,498
182,732
2021
242,367
215,305
2022
192,832
192,833
2023
274,075
195,885
Total
$94,029
191,289
192,034
250,994
287,639
338,837
552,741
503,384
525,124
430,035
297,620
255,069
266,323
272,060
296,420
339,024
342,241
366,531
384,216
403,230
457,672
385,665
469,960
Note: The $192,832 in 2022 should have been $227,698. A shortage of $34,866 which was
collected in 2023, in addition to $239,209 which was the corrected required amount due for
2023.
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
Tax Increment Revenue
yo0 �p0 �00 �00 200 ryo0 boo , Lo0 ry�0 ryp1 ryb1 ryo� ryo� ryo� ? Lo' � ryo1 ryo� , Lod �0� rye' Y 2p` L1, yp` L1ryp` 19
Fiscal Year
Source: City of Sebastian Administrative Services Department
Riverfront CRA Annual Report 2023 - 8
Sebastian Community Redevelopment Agency, Florida
Balance Sheet
September 30, 2023
Unaudited
ASSETS
Cash and cash equivalents
$ 7579343
Investments
1343,158
Accounts receivable
-
Interest receivable
-
Inventory
-
Lease receivable
171,476
Prepaid items
705
Total assets
$ 9093,682
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 31326
Total liabilities 31326
Deferred inflows of resources
Deferred lease amounts 173,071
Fund balances:
Nonspendable 705
Restricted 888,580
Total fund balance 88%285
Total liabilities and fund balance $ 9099682
Riverfront CRA Annual Report 2023 � 9
Sebastian Community Redevelopment Agency, Florida
Statement of Revenues, Expenditures, and Changes in Fund Balances
For the Year Ended September 30, 2023
REVENUES:
Taxes:
Property $ 4699960
Rental income 35,701
Investment earnings 18,989
Total revenues 5249650
EXPENDITURES:
Current:
Economic environment 24%700
Total expenditures 2499700
Revenues over (under)
expenditures 274,950
OTHER FINANCING USES:
Transfers out (13,550)
Total other financing uses (13,550)
Net changes in fund
balance 261,400
Fund balance - beginning 627,885
Fund balance - ending $ 8895285
Riverfront CRA Annual Report 2023 — 10
Sebastian Community Redevelopment Agency, Florida
Schedule of Revenue, Expenditures, and Changes in Fund Balances
Budget and Actual
For the Year Ended September 30, 2023
Unaudited
Variance
Actual
with
Final
Budget Amounts
Amounts on
Budget -
a Budgetary
Positive
Original
Final
Basis
(Negative)
REVENUES:
Taxes:
Property
$ 380,580
$ 3803,580
$ 4691,960
$ 8%380
Investment earnings
71,719
7,719
18,989
113,270
Other revenue
36,000
36,000
351,701
(299)
Total revenues
4243,299
424,299
5245650
1005351
EXPENDITURES:
Current:
Economic environment
260,918
247,869
24%700
19831
Total expenditures
2%918
2475869
2499,700
1,831
Excess (deficiency) of revenues
over (under) expenditures
163,381
1763,430
274,950
98,520
OTHER FINANCING USES
Transfers in
-
-
-
-
Transfers out
(15,000)
(7%001)
(133,550)
56,451
Total other financing
(uses)
(15,000)
(7%001)
(13,550)
56,451
Net changes in fund
balances
1481,381
1069,429
2613,400
1543,971
Fund balances - beginning
6271,885
6275885
6275885
-
Fund balances - ending
$ 7761,266
$ 7345314
$ 88%285
$ 154,971
Riverfront CRA Annual Report 2023 — 11
Riverfront CRA Annual Report 2023 12