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Home My WebLink AboutR-07-02-CRA BudgetCITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY RESOLUTION NO. 07-02 A RESOLUTION OF THE CITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY (CRA) ADOPTING A BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2007 AND ENDING SEPTEMBER 30, 2008; MAHING 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, 2007 and ending September 30, 2008; and WHEREAS, the budget includes the estimated expenditures necessary to carry out the functions of the CRA for the Fiscal Year beginning October 1, 2007, and ending September 30, 2008; 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, 2007 and ending September 31, 2008. 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, 2007, and ending September 30, 2008 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; (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, 2007, 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, 2007, and to the extent of any unexpended balances, whether or not encumbered, outstanding in projects as of the end of business on September 30, 2007 and all such balances shall be appropriated to the corresponding accounts in the same funds in which they were outstanding as of September 30, 2007; 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, 2007, 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, 2007, and prior to October 1, 2008, 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, 2007. The foregoing Resolution was moved for adoption by CRA Board member s imchick The motion was seconded by CRA Board member Neglia and, upon being put into a vote, the vote was as follows: Andrea Coy, Chairman Sal Neglia Al Paternoster Dale I. Simchick Eugene Wolff aye aye nay aye ave The CRA Chairman thereupon declared this Resolution duly passed and adopted this 19th day of September, 2007 A E T: ,~---- Sa11y A. M o, MMC City Clerk CITY OF SEBASTIAN, FLORIDA ,f''~~ B ~ (_~ Y• Andrea Coy, C irm Approved as to form and legality for the reliance by the City of Sebastian only t , (. Rich Stringer, Ci ttorney EXHIBIT"A" EBASTIAN RIVERFRONT REDEVELOPMENT AGENCY, FLORID 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. The FY 2007-2008 tax increment revenues for the Riverfront Redevelopment Agency are estimated to be $513,023. 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 2007-08 represent a decrease of $39,718 or 7.2% from FY 2006-2007 actual collections. Another source of revenue is interest earnings. COMMUNITY REDEVELOPMENT AGENCY. REVENUES r~~lP ~ 1 annl n Account Number Description Fl'03/04 Actual FY 04/05 Actual FY 05/06 Actual Amended FY 06/07 Bu et FY 06/07 Proiected FY 07/08 Proposed Bu et TAXFS 338200 Tax Increment Revenue -Sebastian 136,705 160,753 178,786 289,762 282,546 256,482 338200 Tax Increment Revenue -Indian River County 114,289 126,886 160,051 303,567 270,195 256,541 TOTAL TAXFS 250,994 287,639 338,837 593,329 552,741 513,023 NIISCELLANEOUS REVF~IUE 361100 Interest Income 2,737 8,747 28,500 24,000 30,000 24,000 TOTAL NIISCELLANEOUS REVENUE 2,737 8,747 28,500 24,000 30,000 24,000 NON-REVENUE SOURCES 381320 Transfer from Capital Project Fund 0 21,598 0 0 0 0 389991 Fund Balance Carried Forward 0 0 0 669,538 0 187,525 TOTAL NON-REVENLJESOURCES 0 21,598 0 669,538 0 187,525 TOTAL RNERFRONT REDEVELOPNIINT 253,731 317,984 367,337 1,286,867 582,741 724,548 1 ~~~i EXHIBIT"A" SEBASTIAN RIVERFRONT REDEVELOPMENT AGENCY, FLORID COMMUNITY REDEVELOPMENT AGENCY EXPENDITURES Code: 140051 Account Number Description FY 03/04 Actual FY04/OS Actual FY 05/06 Actual Amended FY 06/07 Bu et FY 06/07 Projected FY 07/08 Proposed Bu et OPERATING EXPINDTTURES 533100 Professional Services 5,000 5,000 14,492 8,500 15,000 8,500 533120 Consultants 28,491 0 0 5,000 0 5,000 533201 Admin Svcs Provided by the GF 5,118 7,203 9,086 13,583 13,583 12,826 533400 Other Contractual Services 0 0 3,250 3,250 0 533425 Contract Mowing Services 5,000 0 0 0 0 0 534120 Postage 135 24 0 50 50 50 534315 Public Lighting 11,604 8,453 13,053 13,500 13,500 13,500 534700 Printing and Binding 205 0 0 0 0 0 534830 Special Events Expense 30,037 10,953 31,505 31,566 25,000 33,666 534920 Legal Ads 256 0 71 0 0 0 535200 Departmental Supplies 0 100 0 250 750 750 535410 Dues & Memberships 195 395 395 395 695 695 TOTAL OPERATING IXPENDTTURES 86,041 32,128 68,602 76,094 71,828 74,987 CAPITAL OUTLAYAND PROJECTS 606100 Land 0 0 0 395,000 395,000 0 606310 Improvements Other Than Building 0 0 0 1,500 1,500 0 606400 Equipment 0 0 0 99,524 99,524 0 606900 Infrastructure -Yacht Club 0 0 0 29,207 29,207 0 606900 Infrastructure -Indian River Drive Engineering 0 0 0 190,841 190,841 0 TOTAL CAPITAL OUTLAY AND PROJECTS 0 0 0 716,072 716,072 0 GRANTS AND AIDS 820100 Fagade/Sign Improvement Program 0 0 0 60,000 60,000 30,000 TOTAL GRANTS AND AIDS 0 0 0 60,000 60,000 30,000 NON-OPERATING 909133 Interfund Trfr to CIP Fund 330 0 0 0 215,401 215,401 619,561 909991 Reserve for Sebastian Crateway Enhancement 0 0 0 90,825 0 0 909993 Reserve for Comdore St. Landscape 0 0 0 96,700 0 0 909990 Unappropriated 0 0 0 31,775 0 0 TOTAL NON-OPERATING 0 0 0 434,701 215,401 619,561 TOTAL RIVERFRONT RIDEVFLOPMENT 86,041 32,128 68,602 1,286,867 1,063,301 724,548 Ii~ulrYlliWIWY EXHIBIT"A" I~IIA SEBASTIAN RIVERFRONT REDEVELOPMENT AGENCY, FLORIDA CRA Line Item l~rpenditures Justification Account Number Description 533100 Professional Services FY 2007/08 Proposed Justification $ 8,500 Property Appraiser programing service 533120 Consultant 533201 Admin Services Provided by General Fund 534120 Postage 534315 Public Lighting 534830 Special Events Expense 535200 Departmental Supplies 535410 Due & Membership Total Special E~nts FSrpense Estimate breakdown: Concert in the Park ($500/concert) Holiday Tree Display Clambake Advertising Trolly rental for festival Fine Art Festival Advertising Total 5,000 Reserve for consultant 12,826 2.5% oftotal taxincrement revenue estimate 50 Based on projected usage 13,500 Based on FY2007 projection 33,666 See breakdown below. 750 Based on projected usage 695 Based on FY 2007 actual expenditure $ 5,000 14,416 8,250 2,400 3,600 $ 33,666 3