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Home My WebLink AboutR-11-01-CRA BudgetCITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY RESOLUTION NO. 11 -01 A RESOLUTION OF THE CITY OF SEBASTIAN COMMUNITY REDEVELOPMENT AGENCY (CRA) ADOPTING A BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2011 AND ENDING SEPTEMBER 30, 2012; 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, 2011 and ending September 30, 2012; and WHEREAS, the budget includes the estimated expenditures necessary to carry out the functions of the CRA for the Fiscal Year beginning October 1, 2011, and ending September 30, 2012; 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, 2011 and ending September 30, 2012. 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, 2011, and ending September 30, 2012 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, 2011, 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, 2011, and to the extent of any unexpended balances, whether or not encumbered, outstanding in projects or programs as of the end of business on September 30, 2011 and all such balances shall be appropriated to the corresponding accounts in the same funds in which they were outstanding as of September 30, 2011; 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, 2011, 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, 2011, and prior to October 1, 2012, 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, 2011. The foregoing Resolution was moved for adoption by CRA Board member The motion was seconded by CRA Board member and, upon being put into a vote, the vote was as follows: Jim Hill, Chairman Don Wright Andrea B. Coy Richard H. Gillmor Eugene Wolff The CRA Chairman thereupon declared this Resolution duly passed and adopted this 28nd day of September, 2011 By: ATT i Sally A. Mai a 1V'1MC City Clerk CITY OF SEBASTIAN, FLORIDA Jim Hill, Chairman Approved as to form and legality for the reliance by the City of Sebastian only; Robert Ginsburg, City Atrrney EXHIBIT "A" RESOLUTION NO. 11 -01 12011/2012 ANNUAL BUDGET 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. A transfer is made to General Fund to offset the additional costs of providing enhanced maintenance of parks and medians within this area. COMMUNITY REDEVELOPMENT AGENCY REVENUES Code: 140010 Account Number Description FY07 /08 Actual FY08 /09 Actual FY09 /10 Actual Amended FY 10/11 Budget FY10 /11 Projected FY 11/12 Adopted Budget TAXES 338200 Tax Increment Revenue - Sebastian 250,499 273,888 223,426 155,427 153,900 133,975 338200 Tax Increment Revenue - Indian River Cty 252,885 251,236 206,304 143,515 143,720 125,091 • r r r r r TOTAL TAXES 503,384 525,124 429,730 298,942 297,620 259,066 MISCELLANEOUS REVENUE r 361100 Interest Income 5,454 288 1,924 440 4,000 4,000 • • 361105 SBA Interest Earnings 5,436 1,702 1,131 1,000 650 650 • 369900 Other Miscellaneous Revenue 75 0 3,781 0 0 0 r r r TOTAL MISCELLANEOUS REVENUE 10,965 1,990 6,836 1,440 4,650 4,650 NON - REVENUE SOURCES r r 381330 Transfer from Capital Project Fund 330 0 668,590 0 0 0 0 • 389991 Fund Balance Carried Forward 339,562 0 2,858,920 110,345 183,657 22,306 r r r r r • TOTAL NON - REVENUE SOURCES 339,562 668,590 2,858,920 110,345 183,657 22,306 r ► r ► r TOTAL RIVERFRONT REDEVELOPMENT 853,911 1,195,704 3,295,486 410,727 485,927 286,022 Page 1 of 2 EXHIBIT "A" RESOLUTION NO. 11 -01 12011/2012 ANNUAL BUDGET COMMUNITY REDEVELOPMENT AGENCY EXPENDITURES Code: 140051 Account Number Description r FY07 /08 r Actual • FY08 /09 • Actual FY09 /10 Actual Amended FY10 /11 Budget FY10 /11 Projected r FY 11/12 Adopted Budget OPERATING EXPENDITURES 533100 Professional Services 18,400 9,425 25,149 7,000 7,000 7,000 '533201 Admin Svcs Provided by the GF 12,826 13,202 13,202 12,584 12,584 13,202 533400 Other Contractual Services 0 63,200 16,140 15,000 15,600 • 16,600 534120 Postage 0 35 0 0 0 0 534315 Public Lighting 13,743 14,728 15,186 14,850 15,500 15,500 534320 Water and Sewer 0 297 730 0 1,000 1,000 534400 Rents and Leases 0 0 3,326 0 0 0 534686 R&M -Park Facilities 0 3,849 888 2,500 2,500 2,500 534699 Other Capital Projects Maintenance Expense 0 0 3,541 0 12,600 11,982 534830 Special Events Expense 26,798 37,184 34,395 36,468 36,468 36,468 534920 Legal Ads 1,469 0 755 100 100 100 535200 Departmental Supplies 962 1,892 0 1,000 1,000 1,000 535410 Dues & Memberships 870 670 670 • 1,225 670 670 TOTAL OPERATING EXPENDITURES r 75,068 r 144,482 r 113,982 r 90,727 • 105,022 • 106,022 CAPITAL OUTLAY AND PROJECTS 606100 Land 0 0 2,308,392 0 0 0 606200 Buildings 0 0 784,000 0 0 0 606310 Improvements Other Than Building 0 0 4,024 0 0 0 606990 Infrastructure - Engineering 106,249 0 0 0 0 0 TOTAL CAPITAL OUTLAY AND PROJECTS • 106,249 • 0 • 3,096,416 • 0 r 0 • 0 GRANTS AND AIDS 820100 Facade /Sign Improvement Program 38,033 22,988 15,370 30,000 30,000 20,000 • r r r • TOTAL GRANTS AND AIDS 38,033 22,988 15,370 30,000 30,000 20,000 NON - OPERATING 909100 Interfund Trfr to General Fund 001 0 60,000 60,000 60,000 60,000 60,000 909132 Interfund Trfr to CIP Fund 320 15,000 0 9,829 230,000 • 277,405 0 909133 Interfund Trfr to CIP Fund 330 619,561 0 (1 11) 0 13,500 • 100,000 909990 Unappropriated 0 968,234 0 0 0 0 TOTAL NON - OPERATING • 634,561 r 1,028,234 • 69,718 • 290,000 350,905 160,000 r • • r • • TOTAL RIVERFRONT REDEVELOPMENT 853,911 1,195,704 3,295,486 410,727 485,927 286,022 Page 2 of 2