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Home My WebLink AboutR-08-01-CRA BudgetCITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY RESOLUTION NO. 08-01 A RESOLUTION OF THE CITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY (CRA) ADOPTING A BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2008 AND ENDING SEPTEMBER 30, 2009; 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, 2008 and ending September 30, 2009; and WHEREAS, the budget includes the estimated expenditures necessary to carry out the functions of the CRA for the Fiscal Year beginning October 1, 2008, and ending September 30, 2009; 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 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, 2008 and ending September 31, 2009. 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, 2008, and ending September 30, 2009 from all sources, including tax increment funding, 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, 2008, 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, 2008, and to the extent of any unexpended balances, whether or not encumbered, outstanding in projects as of the end of business on September 30, 2008 and all such balances shall be appropriated to the corresponding accounts in the same funds in which they were outstanding as of September 30, 2008; 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, 2008, 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, 2008, and prior to October 1, 2009, 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, 2008. The foregoing Resolution was moved for adoption by CRA Board member Neglia The motion was seconded by CRA Board member Simchick 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 aye The CRA Chairman thereupon declared this Resolution duly passed and adopted this 17th day of September, 2008 By: CITY OF SEBASTIAN, FLORIDA Andrea Coy, ATTF~S'P' _, ~ 4 ~~~ ~~ ~~ Sally A. Ma' , MMC City Clerk Approved as to form and legality for the reliance by the City of Sebastian on Ric tringer, rty ttorney ATTACHMENT TO CRA RESOLUTION NO 08-01 EXHIBIT "A" 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. All revenues and expenditures related to the City's Community Redevelopment Agency are included in this fund. In FY 2008-2009, a transfer will be made to General Fund to offset the additional costs of providing enhanced maintenance of parks and medians within this area. COMMUNITY REDEVELOPMENT AGENCY REVENUES C'~rle~ 14(101(1 Account Number Description FY 04/05 Actual FY 05/06 Actual FY 06/07 Actual Amended FY 07/08 Budget FY 07/08 Projected FY 08/09 Adopted Budget TAXES 338200 Tax Increment Revenue -Sebastian 160,753 178,786 282,546 256,482 250,499 275,436 338200 Tax Increment Revenue -Indian River Cty 126,886 160,051 270,195 256,541 252,885 252,656 TOTAL TAXES 287,639 338,837 552,741 513,023 503,384 528,092 MISCELLANEOUS REVENUE 361100 Interest Income 8,747 28,500 33,210 24,000 20,000 26,000 TOTAL MISCELLANEOUS REVENUE 8,747 28,500 33,210 24,000 20,000 26,000 NON-REVENUE SOURCES 381320 Transfer from Capital Project Fund 21,598 0 0 0 0 0 389991 Fund Balance Carried Forward 0 0 0 669,538 0 0 TOTAL NON-REVENUE SOURCES 21,598 0 0 669,538 0 0 TOTAL RIVERFRONT REDEVELOPMENT 317,984 367,337 585,951 1,206,561 523,384 554,092 COMMUNITY REDEVELOPMENT AGENCY EXPENDITURES Code: 140051 Account Number Description OPERATING EXPENDITURES FY 04/05 Actual FY 05/06 Actual FY 06/07 Actual Amended FY 07/08 Budget FY 07/08 Projected FY 08/09 Adopted Budget 533100 Professional Services 5,000 14,492 5,000 8,500 18,400 10,000 533120 Consultants 0 0 0 5,000 0 0 533201 Admin Svcs Provided by the GF 7,203 9,086 36,575 12,826 12,826 12,584 533400 Other Contractual Services 0 0 3,000 0 0 20,000 534120 Postage 24 0 0 50 0 0 534315 Public Lighting 8,453 13,053 14,023 13,500 13,500 14,850 534830 Special Events Expense 10,953 31,505 18,160 33,666 33,666 33,666 534920 Legal Ads 0 71 78 0 1,372 100 535200 Departmental Supplies 100 0 1,188 750 914 1,000 535410 Dues & Memberships 395 395 695 695 870 900 TOTAL OPERATING EXPENDITURES 32,128 68,602 78,719 74,987 81,548 93,100 CAPITAL OUTLAY AND PROJECTS 606100 Land 0 0 394,999 0 0 0 606310 Improvements Other Than Building 0 0 1,500 0 0 0 606400 Equipment 0 0 99,524 0 0 0 606900 Infrastructure -Yacht Club 0 0 29,207 0 0 0 606900 Infrastructure -Indian River Drive 0 0 84,592 106,249 106,249 0 TOTAL CAPITAL OUTLAY AND PROJECTS 0 0 609,822 106,249 106,249 0 GRANTS AND AIDS 820100 Facade/Sign Improvement Program 0 0 1,560 30,000 30,000 30,000 TOTAL GRANTS AND AIDS 0 0 1,560 30,000 30,000 30,000 NON-OPERATING 909100 Interfund Trfr to General Fund 001 0 0 0 0 0 60,000 909133 Interfund Trfr to CIP Fund 330 0 0 215,401 619,561 619,561 0 909990 Unappropriated 0 0 0 0 0 370,992 TOTAL NON-OPERATING 0 0 215,401 619,561 619,561 430,992 TOTAL RIVERFRONT REDEVELOPMENT :32,128 68,602 905,502 830,797 837,358 554,092