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HomeMy WebLinkAbout03262008CRA Agendacm~ ~E~AST~~~ HOME OF PELICAN ISLAND COMMUNITY REDEVELOPMENT AGENCY (CRA) (CITY COUNCIL) AGENDA WEDNESDAY, MARCH 26, 2008 - 6:00 pm CITY COUNCIL CHAMBERS 1225 MAIN ST, SEBASTIAN, FL Call to Order 2. Pledge of Allegiance 3. ROLL CALL 4, APPROVAL OF MINUTES ~-s A. 3/12/08 Meeting 5. NEW BUSINESS A. Presentation of Annual Sebastian CRA Report for Forwarding to City Council ~-2s (Clerk Transmittal, FS 163.356(3)(c), Ad Copy, Annual Report) 6. ADJOURN Any person who decides to appeal any decision made by the CRA will need a record of the proceedings and may need to ensure that a verbatim record of the proceedings is made, which record includes the testimony and evidence upon which the appeal is to be heard. (286.0105 F. S.) In compliance with the Americans with Disabilities Act (ADA), anyone who needs a special accommodation for this meeting should contact the City's ADA coordinator at 589-5330 at least 48 hours in advance of Phis meeting. atv~~ ~~ HOME OF PELICAN ISLAND COMMUNITY REDEVELOPMENT AGENCY (CRA) (CITY COUNCIL) MINUTES WEDNESDAY, MARCH 12, 2008 - 6:00 pm CITY COUNCIL CHAMBERS 1225 MAIN ST, SEBASTIAN, FL 2. 3 4. 5. Mayor Coy called the CRA Meeting to order at 6:02 p.m. The Pledge of Allegiance was recited. ROLL CALL City Council Present: Mayor Andrea Coy Vice-Mayor Sal Neglia Council Member AI Paternoster Council Member Dale Simchick Council Member Eugene Wolff Staff Present City Manager, AI Minner City Attorney, Rich Stringer City Clerk, Sally Maio Deputy City Clerk, Jeanette Williams Growth Management Director, Rebecca Grohall Airport Director, Joseph Griffin APPROVAL OF MINUTES A. 1/23/08 Meeting ~RPFS Mayor Coy inquired whether members of Council had received the minutes under separate cover. MOTION by Mr. Neglia and SECOND by Mr. Paternoster to approve the 1/23/08 minutes carried on a voice vote of 5-0. BUSINESS A. FACADE & LANDSCAPE GRANT The Growth Management Director briefly presented the recommendation as set out in the agenda packet. pRpFt CRA Meeting March 12, 2008 Page Two Cindy Falco-DiCorrado said she had been told that she was not part of the CRA District and asked what its boundaries are. The City Manager said the boundary was the railroad tracks east to the river and to the north and south limits and the triangle going west on CR512. Discussion took place on the historic district and whether Ms. Falco-DiCorrado's property was within the district. Damien Gilliams, 1623 US 1, addressed City Council on the backup documents which indicate he has not paid his taxes, citing receipts in his possession tonight that show he has paid them. He said he would like to be included in the grant so that he could utilize the funds to assist in paying off some of his taxes. He also cited he had wanted to sell one of his units to a chiropractor and was told by the Growth Management Department that he did not have sufficient parking for that type of use, and then discovered that the chiropractor had purchased another unit in the building. He said he was told that the City Attorney and City Manager were reviewing the issue and asked why he had not received a call. Mr. Gilliams provided backup to the City Clerk relative to his input regarding the chiropractor issue and requested they be copied to Council. (see attached) Joe Scozzari asked if he could address the Council on a matter not related to this agenda item and Mayor Coy said he could not address it under this matter. Mr. Neglia asked for clarification of the requirement to have all taxes paid, if another party can pay the taxes, and if the grant monies be used to pay past due taxes. The Growth Management Director clarified payment of taxes is one of three grant requirements and she did check with the Tax Collector's office around 4 p.m. and there were still outstanding property taxes due for 2006 and 2007 by Mr. Gilliams. She also said the grant monies are designed to help improve properties. Mr. Paternoster asked about the zero amounts reimbursed to date for Buena Vista Eyeland and Sebastian Oaks Plaza which has been going on for some time. The Growth Management Director said Buena Vista Eyeland did manage to get their sign up this past Monday and the Sebastian Oaks Plaza has been actively trying to put up a new sign. Mr. Paternoster pointed out that Sebastian Oaks money cannot be used for anyone else, and he asked how long applicants can go when there are others that may be able to use that money and suggested Sebastian Oaks could re-apply. Mr. Paternoster asked if anyone actually applied for facade or landscaping monies and the Growth Management Director said Dr. Fodor did apply for landscaping at the same time as his sign application but had not completed his site plan at that point. She also said if Council agrees to have another cycle she is planning a full court press to inform the community of the program. Ms. Simchick said the check for the new sign was from the Sebastian Executive Building, Inc. corporation. The Growth Management Director explained that eight of the Executive ~; ~RaFr CRA Meeting March 12, 2008 Page Three Building Owners are current on their taxes and they asked that checks go to each individual owner rather than as a corporation. Ms. Grohall was excused to obtain a copy of the application requirements. Mayor Coy explained this building did apply a while ago but was dismissed because several individuals did not meet the requirements and she was contacted by Ms. O'Rourke who asked that the unit owners who complied not be penalized. Ms. Grohall read from the program requirements and distributed a document that showed that Mr. Gilliams was delinquent in his property taxes. (see attached) Mayor Coy asked how many pending program applications there are and Ms. Grohall said only the two before them at this time. Ms. Simchick cited a page distributed by the Growth Management Director indicating no prior taxes due on the property valued at $121,990 and Mr. Gilliams has until March 31St to pay 2008 taxes. Ms. Grohall responded that is correct and Ms. Simchick said she would be in favor of that one site being reimbursed. Ms. Grohall said Mr. Gilliams has been two years in arrears on his local business tax requirements and he came in late today to pay his local business tax by check. Mayor Coy noted the check has not cleared or been posted to our accounts and at the time of this application he was in arrears for two years. Mr. Gilliams said something from his seat and the Mayor gave him a warning. Mr. Wolff asked the Growth Management Director who the facade committee members were, and she said it was herself, Beth Mitchell, City Manager and AI Paternoster. He asked about the appeal process and the Keg Shack's awning. She said Council would be the appellate body. Mr. Wolff asked how the Keg Shack awning detracts from the Florida vernacular design. The Growth Management Director explained it did not match the color of the building and it breaks up the roof line of the structure which does not match the goals of the overlay district. In response to Mr. Wolff's inquiry regarding the requirement of current tax payments, the Growth Management Director noted the CRA had approved the grant program provisions in 2006. He wondered why, if the taxes are allowed by law to be paid by tax certificate, we would penalize someone with the grant. The City Manager said individuals are penalized if they do not pay taxes, the law is set up to give two chances to pay, then your property is pulled and it is his opinion that you don't want to encourage non-payment of taxes to receive government money. CRA Meeting March 12, 2008 Page Four ~y , QRAFS Mr. Wolff said an exception may be made for the one unit that is up-to-date and down the road the tax requirement might be looked at. Mr. Neglia said anyone delinquent in taxes should not even apply or we need to change our way of giving these grants out. Mr. Paternoster asked how many facade committee meetings have been held since inception and she said there were three. He asked how many he was invited to and she said probably one. He said he wanted it on the record that he was never invited. The City Manager stated for the record that there was not a council appointee for the first meeting, then there have been two meetings that he was not invited to. Mr. Paternoster stated for the record that whatever decisions have been made by the committee, he has not been a part of the committee to make those decisions and the Growth Management Director apologized to him for that. Ms. Simchick cited circle page three stating the chart should reflect each unit and would consider approving one out of the three units owned by Mr. Gilliams. The City Attorney advised the motion should include "suspension of the rules" or amend what was adopted in 2006 which state the "property owner shall not be delinquent in taxes." Sebastian Executive Plaza MOTION by Mr. Neglia with a SECOND by Mayor Coy to approve Executive Plaza as recommended by staff. Ms. Simchick offered for discussion that one Parcel Identification Number be reimbursed upon clearing of Mr. Gilliams' check for the local business tax. Mayor Coy stated for the record that at time of application situations existed and it should be based on time of application not on last minute attempt to rectify and she will accept application as it was provided on the date of application. Mr. Wolff asked how did we get to the situation of reimbursing individuals. The Growth Management Director explained she was approached by the condo association who asked to be treated as individuals. Mayor Coy gave Mr. Gilliams his second warning. The City Attorney advised that he would not recommend paying out to individuals but rather apro-rata of 80% of units are current and then let the association divvy it up. Mr. Neglia amended his motion to make the check out pro-rata amount of $4000 to the Sebastian Executive Building, Inc. and Mayor Coy agreed with the amendment. CRA Meeting March 12, 2008 Page Five p2AFT Result of the roll call vote was as follows: Ayes: Neglia, Paternoster, Simchick, Wolff, Coy Nayes: None Passed 5-0 Keg Shack MOTION by Ms. Simchick and SECOND by Mr. Neglia, to award the Keg Shack as stated by staff for $5,005. Result of the roll call vote was as follow: Ayes: Paternoster, Simchick, Wolff, Coy, Neglia Nayes: None Passed 5-0 New Funding Cycle MOTION by Mr. Paternoster and SECOND by Mr. Neglia to reopen a funding cycle, put time constraints on grants, and notify Mr. Paternoster of the committee meetings. The City Attorney advised there is a 12 month time limit and extensions were granted last year. The City Manager stated he would report back to Council on extensions granted to previous applicants but the time limit is for 12 months from the time the grant is awarded and a six month extension may be requested. Mr. Paternoster withdrew his original motion. MOTION by Ms. Simchick and SECOND by Mr. Paternoster to reopen the funding cycle under the current rules. Result on the roll call vote was as follows: Ayes: Simchick, Wolff, Coy, Neglia, Paternoster Nayes: None Passed 5-0 The City Attorney advised that the committee only makes recommendation and the members can override the recommendation and the appeal would be certiorari action to the circuit court. The City Attorney said there are provisions in the law if you have delinquent taxes you cannot plat land so the law treats it as not being current with your taxes. ~J CRA Meeting March 12, 2008 Page Six 5. NEW BUSINESS o~~Ft Joe Scozzari, said this Council is the laughing stock, Ms. Simchick went through hard lengths to get property acquired for the turtle who doesn't pay taxes and people are struggling but Council is not willing to spend money to help people. He asked if Sebastian is survival of the fittest. Mayor Coy began to close the meeting and Ms. Simchick pointed out that there is no time limit for CRA meetings and she wanted to give other people an opportunity to speak. It was noted there is no "public input" agenda item on CRA agendas. On MOTION by Ms. Simchick and SECOND by Mr. Paternoster to add public input on the agenda passed on voice vote of 4-1. (Neglia -Nay) Damien Gilliams said he was appalled that the Mayor would say she wants to help the community, he came to show that he had paid the taxes, asked why we were cutting checks to individuals, noting the applicant is on the paperwork. He said if Growth Management Department was doing their job they would see there are code violations on the property. He said the Mayor was wrong and did not follow the rules and it will come back to bite her. 7. Being no further business, Mayor Coy announced that we will take a ten minute break before the regular Council meeting and then adjourned the meeting at 7:06 p.m. Approved at the March 26th, 2008 CRA meeting. Andrea B. Coy, Mayor ATTEST. Sally A. Maio, MMC -City Clerk \` cm or ~,--' HOME OF PELICAN ISLAND City of Sebastian 1225 Main Street Sebastian, Florida 32958 Agenda No: ~ ~, ~~ Annual Seb stian CRA Report for the Fis I Ye nding September 30, 20 ~ Department Origin: City CI rk for City ~' Manager ity ngr ~... Date Submitted: 3/19/08 _. `~' City Attorney ~ For Agenda of: 3/26/08 CRA and City Council Meetings Exhibits: FS 163.356(3)(c), Ad copy, Annual Sebastian CRA Report SUMMARY STATEMENT Section 163.356 (3)(c), FS, requires the Community Redevelopment Agency to file a report of activities to the primary government by March 31 of each year and publish in the newspaper notice of availability of the report. The annual Sebastian Community Redevelopment Agency report of activities for the fiscal year ending September 30, 2007 required by 163.356(3)(c) FS was prepared by the Finance Director and is attached for your review. The Annual report will be formally presented for acceptance by the City Council following presentation of the City's Comprehensive Annual Financial Report at the Regular City Council meeting at 7 pm. Upon receipt of the Annual Sebastian CRA Report by the City Council, the City Clerk will publish in the newspaper availability of the report. RECOMMENDED ACTION FOR CRA: Accept the Annual Sebastian CRA Report and forward it to City Council. FOR COUNCIL: Accept the Annual Sebastian CRA Report . Notice of availability of the report is scheduled to run on Thursday, March 28, 2008. blank ~Q~ ~ C (c) The governing body of the county or municipality shall designate a chair and vice chair from among the commissioners. An agency may employ an executive director, technical experts, and such other agents and employees, permanent and temporary, as it requires, and determine their qualifications, duties, and compensation. For such legal service as it requires, an agency may employ or retain its own counsel and legal staff. An agency authorized to transact business and exercise powers under this art shalt file with the governing body, on or _ e ore March 31 of each year, a report of its activities for the ~recedin fi__~_'scal year, which __ _ -_ report shall include a complete financial statement setting forth its assets, liabilities,. income,. ,.w, _.. _ _ __._~_______ aerating expenses as of the_end of such fist. at year. At the time of filin t, he report the. agency s a publish in a newspaper of e ..aL.cite~Qlation_in the community a notice to the e act t at such report has been iced with the county or municipality and that the reportt is available for ins action during business hou_ rs in the office of the clerk of the aty or county commission and in the office o t e agency. PUBLIC NOTICE IN ACCORDANCE WITH FS 163.356 CITY OF SEBASTIAN INDIAN RIVER COUNTY, FLORIDA The Sebastian Community Redevelopment Agency submitted its 2007 Annual Report to the City Council on March 26~', 2008 in accordance with FS 163.356 and it is available for review in the Office of City Clerk and on the City website www. cityofsebastian . org . The City's 2007 Comprehensive Audited Financial Report (CAFR) was presented to City Council on March 26`h, 2008 and includes a separate section relative to the Community Redevelopment Trust Fund. It is available on the City website under the Finance Department. By Sally A. Maio, MMC City Clerk display ad to run March 27th, 2008 ~, blank page, !0 SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY ANNUAL REPORT Under Chapter 163.356(3)(C) C~TI' OF ~ ~ ~..~ HOME. OF PELICAN ISLAND FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2007 1225 MAIN STREET SEBASTIAN, FLORIDA 32958 ~I ~ lar~ k pa~e~ iz TABLE OF CONTENTS Letter of Transmittal i List of Principal Official ii History 1 Exhibit I -Sebastian CRA Boundary 2 FY 2006 Sebastian CRA Activities 3 Exhibit II -Operating Millage Rates in Redevelopment Area 4 Exhibit III -Taxable Value in Redevelopment Area 5 Exhibit IV -Tax Increment Revenue 6 Financial Statements 7 13 ~~lank gage l~ CITY OF S~S~'~-N HOME OF PELICAN ISLAND 1225 MAIN STREET • SEBASTIAN, FLORIDA 32958 TELEPHONE: (772) 589-5330 • FAX (772) 589-5570 March 18, 2008 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, 2007. Section 163.356(8)(C), Florida Statutes, requires each CRA to file with its governing body, on or before March 31 each year, a report of its activities for the proceeding fiscal year, which 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. ~~~~~s- Kenneth W. Killgore Finance Director i5~ City Manager LIST OF PRINCIPAL OFFICIALS September 30, 2007 Chairman Board Member Board Member Board Member Board Member Andrea Coy Sal Neglia Al Paternoster Dale I. Simchick Eugene Wolff History of the Sebastian Community Redevelopment Agency (Sebastian CRA) 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 east of the FEC Railroad right-of--way to the eastern City limits. 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. The total Sebastian CRA area is 299 acres excluding road rights-of--way (Exhibit 1). The governing body of the Sebastian CRA is the Sebastian City Council. The 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 value over a `base year" for various jurisdictions in the redevelopment area. The 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, and the redevelopment plan was also modified by the Iler Planning Group on behalf of the Sebastian CRA. The 2003 plan basically unifies the 1995 Sebastian CRA boundary and the expansion area as one cohesive CRA, and presents conceptual district recommendations, potential policy amendments, and capital improvements intended to meet the City's redevelopment goals. Since the establishment of the original Sebastian CRA in 1995, numerous projects have been accomplished. Accomplishments are as follows: 0 Provided annual funding support to festivities such as Riverfront Christmas decorations, Clam Bake festival, fine art festival, concert in the park, and Pelican Island celebration since the year 2000. 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 Initiated design work for the Indian River Drive/Main Street project. Established a Facade, Sign and Landscaping matching grant program. 1 i ~, T ___~~ City of Sebastian CRA ~~ I~ F'Y 2007 Sebastian CRA Activities 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). Major accomplishments of the Sebastian CRA in 2007 include: ^ Purchased a portable bandstand in November 2006 for riverfront festivities. ^ Provided funding for concert in the park events and the fine art festival. ^ Provided funding for Holiday decorations. ^ Awarded five grants for the facade, sign, and landscape grant program to help business, in the Sebastian CRA district, to improve the aesthetics of their properties and buildings. o Awarded bids for design and construction of the Main Street/Indian River Drive intersection improvement project. 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. 3 I4 The actual implementation of the tax increment financing was delayed until FY 2001. The City's millage rate has been decreased from $5.00 per $1,000 in FY 2001 to $3.0519 per $1,000 in FY 2007. The millage for Indian River County has been decreased from $4.1014 per $1,000 in FY 2001 to $3.5204 per $1,000 in FY 2006. The millage rates from 2001 through 2006 are presented in Exhibit II below. Exhibit II Sebastian Community Redevelopemnt Agency Operating Millage Rates in Redevelopment Area Indian City River of Total Fiscal Year County Sebastian Milla eg Rate 2001 4.1014 5.0000 9.1014 2002 4.0501 4.5904 8.6405 2003 3.8729 4.5904 8.4633 2004 3.8377 4.5904 8.4281 2005 3.6233 4.5904 8.2137 2006 3.5204 3.9325 7.4529 2007 3.1914 3.0519 6.2433 Total Tax Increment Millage Rate 10.0000 8.0000 - m a~ `~ 6.0000 - ~ 4.0000 - 0 ~ 2.0000 - - 0.0000 -~- T - -~-- 2001 2002 2003 2004 2005 2006 2007 II Fiscal Year I ~ Source: City of Sebastian Finance Department 2.v 4 The taxable value of real property in the redevelopment area has risen significantly during the same period. In 2001 the total taxable value of the redevelopment area was $45.8 million. Compare to 2007 total taxable value of $134.8 million, the taxable value of the redevelopment area has increased by 194%. The taxable values in redevelopment area from 2001 through 2007 are presented in Exhibit III below. Exhibit III Sebastian Community Redevelopemnt 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 (1) 78,424,554 41,561,980 36,862,574 17.59% 2006 (1) 89,418,550 41,561,980 47,856,570 29.82% 2007 (1) 134,755,060 41,561,980 93,193,080 94.73% Taxable Value 100.0 ~ 80.0 ~ 60.0 i ~. o ~ 40.0 0 20.0 - _ 0.0 - n 2001 2002 2003 2004 2005 (1) 2006 (1) 2007 (1) Fiscal Year (1) The taxable and base year values include the triangle area, which was added in the redevelopment area in 2003. Source: City of Sebastian Finance Department 5 Z~ Based on the millage rates and the significant increases in taxable values, the tax increment revenue has risen dramatically during the same period. In 2001, the total tax increment revenue was $94,029. In 2007, the tax increment revenue has increased to $552,741. The tax increment revenues for the redevelopment area for the Fiscal Year 2001 through 2007 are presented in Exhibit IV below. Exhibit IV Sebastian Community Redevelopemnt Agency Tax Increment Revenue Indian City River of Fiscal Year County Sebastian Total 2001 $42,373 $51,656 $94,029 2002 89,664 101,625 191,289 2003 87,877 104,157 192,034 2004 114,289 136,705 250,994 2005 (1) 126,886 160,753 287,639 2006 (1) 160,051 178,786 338,837 2007 (1) 282,546 270,195 552,741 Tax Increment Revenue $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2001 2002 2003 2004 2005 (1) 2006 (1) 2007 (1) Fiscal Year (1) The revenues include the tnangle area, which was added in the redevelopment area in 2003. Source: City of Sebastian Finance Department ZZ 6 Financial Statements The Sebastian CRA is considered a blended component unit of the City and therefore it is included in the City's annual financial audit. In order to meet the requirement of Section 163.387(8), Florida Statutes, which requires the CRA to provide for annual audit of the redevelopment trust fund, the Sebastian CRA has been treated as a major fund of the City. The financial statements included herein are unaudited statements of the Sebastian CRA. Audited statements are included in the City's Comprehensive Annual Financial Report (CAFR) for the fiscal year ending September 30, 2007 and maybe obtained in the City Clerk's office 1225 Main Street, Sebastian, Florida or online at http://www/cityofsebastian.org. 7 (2 3 Sebastian Community Redevelopment Agency, Florida Balance Sheet September 30, 2007 Unaudited ASSETS Cash and cash equivalents Investments Interest receivable Total assets LIABILITIES AND FUND BALANCE Liabilities: Accounts payable Total liabilities Fund balances: Reserved for: Encumbrance Unreserved: Undesignated Total fund balance Total liabilities and fund balance zy a $ 20,009 336,726 2,331 $ 359,066 $ 3,101 3,101 106,249 249,716 355.965 $ 359,066 Sebastian Community Redevelopment Agency, Florida Statement of Revenues, Expenditures, and Changes in Fund Balances For the dear Ended September 30, 2007 Unaudited REVENUES: Taxes: Property $ 552,741 Investment earnings 33,209 Other revenue 100 Total revenues 586,050 EXPENDITURES: Current: Economic environment 80,279 Capital outlay 609,822 Total expenditures 690,101 Excess (deficiency) of revenues over (under) expenditures (104,051) Fund balance -beginning 675,417 Fund balance -ending $ 571,366 9 C~ 5; Sebastian Community Redevelopment Agency, Florida Schedule of Revenue, Expenditures, and Changes in Fund Balances Budget and Actual For the Year Ended September 30, 2007 Unaudited REVENUES: Taxes: Property Investment earnings Other revenue Total revenues EXPENDITURES: Current: Economic environment Capital outlay Total expenditures Excess (deficiency) of revenues over (under) expenditures OTHER FINANCING USES Transfers out Net changes in fund balances Fund balances -beginning Fund balances -ending Explanation of differences: Actual Variance with Budget Amounts .Amounts on Final Budget - a Budgetary Positive Original Final Basis (Negative) $ 593,329 $ 593,329 $ 552,741 $ (40,588) 24,000 24,000 33,209 9,209 - - 100 100 617,329 617,329 586,050 (31,279) 132,844 159,086 80,279 78,807 95,256 716,072 620,815 95,257 228,100 875,158 701,094 174,064 389,229 (257,829) (115,044) (215,401) (215,401) 389,229 (473,230) (330,445) 675,417 675,417 675,417 $ 1,064,646 $ 202,187 $ 344,972 Encumbrances for professional services contracted but not completed is reported in the year the service is contracted for budgetary purposes, but are reported in the year the services are received for GAAP purposes. Current year encumbrances 106,249 Current year encumbrances (95,256) Amount reported as ending fund balance in the statement of revenues, expenditures and changes in fund balance $ 355,965 Zl~ 1Q 142,785 142,785 $ 142,785