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Home My WebLink AboutR-06-01-CRA Budget CITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY RESOLUTION NO. 06-01 A RESOLUTION OF THE CITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY (CRA) ADOPTING A BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2006 AND ENDING SEPTEMBER 30, 2007; MAKING FINDINGS; AUTHORIZING AMENDMENTS; PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Manager of the City of Sebastian has submitted a budget for the Sebastian Community Redevelopment Agency (CRA) for the Fiscal Year beginning October 1,2006 and ending September 30, 2007; and WHEREAS, the budget includes the estimated expenditures necessary to carry out the functions of the CRA for the Fiscal Year beginning October 1, 2006, and ending September 30,2007; and WHEREAS, the budget includes the estimated revenues to be received by the CRA during said period from all sources, including tax increment funding and any amounts carried over from prior fiscal years; 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, 2006 and ending September 31,2007. 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, 2006, and ending September 30, 2007 from all sources, including tax increment funding and any amounts carried over from prior fiscal years, equals the total of appropriations for expenditures and reserves 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; 1 (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, 2006, 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, 2006, and to the extent of any unexpended balances, whether or not encumbered, outstanding in projects as of the end of business on September 30, 2006 and all such balances shall be appropriated to the corresponding accounts in the same funds in which they were outstanding as of September 30, 2006; and the City Manager shall be authorized to expend 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, 2006, 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, 2006, and prior to October 1, 2007, in accordance with the directions of the CRA as to the appropriation and expenditure of such grants and bond proceeds as and when received. SECTION 6: 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 are subject to any restrictive statutes or ordinances, including those authorizing the issuance of any outstanding bonds. SECTION 7. This Resolution shall become effective October 1, 2006. The foregoing Resolution was moved for adoption by CRA Board member Coy The motion was seconded by CRA Board member Pat ern 0 S t e r and, upon being put into a vote, the vote was as follows: Brian Burkeen, Chairman Nathan McCollum Andrea Coy Sal Neglia Al Paternoster aye aye aye aye aye 2 The CRA Chairman thereupon declared this Resolution duly passed and adopted this 27th day of September, 2006 CITY OF SEBASTIAN, FLORIDA By: /3~(_/~ Brian Burkeen, Chairman ~rr~ 3 EXHIBIT "A" RIVERFRONT REDEVELOPMENT AGENCY (CRA) The governing body of the CRA is the Sebastian City Council. All revenues and expenditures related to the Community Redevelopment Agency are accounted for in a special revenue fund included in the City's operation as a component unit. Tax increment revenues for the Riverfront Redevelopment Agency are estimated to be $593,329. The City's General Fund and Indian River County's General fund make tax increment payments to the Riverfront Redevelopment Agency. The estimated tax increment revenues for FY 2006-07 represent an increase of $254,492 or 75% from FY 2005-2006 collections. Another source of revenue is interest earnings. COMMUNITY REDEVELOPMENT AGENCY REVENUES Code: 140010 Amended FY 06/07 Account FY 02/03 FY 03/04 FY 04/05 FY 05/06 FY 05/06 Adopted Number Description Actual Actual Actual Budget Projected Budget - - - TAXES 338200 Tax Increment Revenue - Sebastian 104,157 136,705 160,753 178,786 178,786 289,762 338200 Tax Increment Revenue - Indian River County 87,876 114,289 126,886 184,658 160,051 303,567 TOTAL TAXES 192,033 250,994 287,639 363,444 338,837 593,329 MISCELLANEOUS REVENUE 361100 Interest Income 2,029 2,737 8,747 10,000 24,000 24,000 TOTAL MISCELLANEOUS REVENUE 2,029 2,737 8,747 10,000 24,000 24,000 NON-REVENUE SOURCES 381320 Transfer from Capital Project Fund 0 0 21,598 0 0 0 389991 Fund Balance Carried Forward 0 0 0 359,164 0 669,538 TOTAL NON-REVENUE SOURCES 0 0 21,598 359,164 0 669,538 TOTAL RIVERFRONT REDEVELOPMENT 194,062 253,731 317,984 732,608 362,837 1,286,867 1 EXHIBIT "A" COMMUNITY REDEVELOPMENT AGENCY EXPENDITURES Code: 140051 Amended FY 06/07 Account FY 02/03 FY 03/04 FY 04/05 FY 05/06 FY 05/06 Adopted Number Description Actual Actual Actual Budget Projected Budget - - - OPERATING EXPENDITURES 533100 Professional Services 0 5,000 5,000 8,500 15,000 8,500 533120 Consultants 99,255 28,491 5,000 0 5,000 533201 Admin Svcs Provided by the GF 5,118 5,118 7,203 9,086 9,086 13,583 533425 Contract Mowing Services 5,000 5,000 0 0 0 0 534120 Postage 0 135 24 50 0 50 534315 Public Lighting 9,586 11,604 8,453 11,500 13,500 13,500 534700 Printing and Binding 0 205 0 0 0 534830 Special Events Expense 42,618 30,037 10,953 27,500 32,000 31,566 534920 Legal Ads 0 256 0 0 0 535200 Departmental Supplies 0 0 100 250 0 250 535310 Road Materials and Supplies 4,252 0 0 0 0 535410 Dues & Memberships 195 195 395 395 395 395 TOTAL OPERATING EXPENDITURES 166,024 86,041 32,128 62,281 69,981 72,844 CAPITAL OUTLAY AND PROJECTS 606400 Equipment - Band Shell 0 0 0 95,256 0 95,256 606XXX Fayade/Sign Improvement Program 0 0 0 30,000 0 60,000 606XXX Train Depot Moving and Rehabilitation 0 0 0 100,000 0 0 TOTAL CAPITAL OUTLAY AND PROJECTS 0 0 0 225,256 0 155,256 NON-OPERATING 909133 Interfund Trfr to CIP Fund 330 130,444 0 0 0 0 0 909991 Reserve for Sebastian Gateway Enhancement 0 0 0 90,825 0 90,825 909992 Reserve for Riverfront ParkingIY atch Club 0 0 0 96,700 0 50,000 909993 Reserve for Corridore St. Landscape 0 0 0 96,700 0 96,700 909994 Reserve for Cain House 0 0 0 76,000 0 0 909996 Reserve for Indian River Dr.IMain Street Projec 0 0 0 0 0 801,242 909990 Unappropriated 0 0 0 84,846 0 20,000 TOTAL NON-OPERATING 130,444 0 0 445,071 0 1,058,767 TOTAL RIVERFRONT REDEVELOPMENT 296,468 86,041 32,128 732,608 69,981 1,286,867 2 EXHIBIT "A" CRA Line Item Expenditures Justification Account FY 2006/07 Number Description Proposed Justification Property Appraiser programing service, Tax 533100 Professional Services $ 8,500 collector postage and service fee 533120 Consultant $ 5,000 Reserve for consultant 533201 Admin Services Provided by General Fund $ 13,583 2.5% of total tax increment revenue estimate 534120 Postage $ 50 Based on projected usage 534315 Public Lighting $ 13,500 Based on FY 2006 actual expenditures 534830 Special Events Expense $ 31,566 See breakdown below. 535200 Departmental Supplies $ 250 Based on projected usage 535410 Due & Membership $ 395 Based on actual expenditure Total $ 72,844 Special Events Expense Estimate breakdown: Concert in the Park ($500/concert) $ 5,000 Holiday Tree Display $ 13,516 Clambake Advertising $ 8,250 Vedio taping, 4th of July, Clam Bake $ 2,400 Trolly rental for festival $ 2,400 Total $ 31,566 3